Business

SEC cracks down on Silverlion investment scam

MANILA – The Securities and Exchange Commission (SEC) continues its crackdown against unauthorized investment schemes as it busted the operations of Silverlion Livestock Trading Corp. in Zamboanga City.In a joint operation on November 26, the combined forces of the SEC Zamboanga Extension... Read More

Oil slips over demand woes as China struggles with Covid protests

ANKARA – Oil prices lost almost $2 a barrel on Monday as ongoing China coronavirus restrictions and protests in several cities fueled demand concerns in the top oil importing country.International benchmark Brent crude traded at $81.33 per barrel at 10:20 a.m. local time (0720 GMT), down 2.84... Read More

Stocks index starts week up, peso ends sideways

MANILA – The local bourse’s main index started the week up amid recent positive economic data releases while the peso ended the day sideways against the United States dollar. The Philippine Stock Exchange index (PSEi) gained 1.13 percent, or 74.53 points, to 6,681.47 points. All Shares... Read More

PH logs highest sales in China’s import expo

MANILA – The country’s sales in China’s largest import expo have been increasing for the past four years despite the coronavirus disease 2019 (Covid-19) pandemic that struck in 2020.The Department of Trade and Industry (DTI) reported on Monday that the Philippines’ sales in... Read More

ING bids to further raise ESG portfolio in PH

MANILA – Dutch banking giant ING aims to further increase its sustainable financing portfolio in the Philippines as the economy continues to recover as well as to help in the government’s bid in addressing climate change. ING Country head Hans Sicat, in a reply to e-mailed questions from... Read More

Oil firms to reduce prices anew this week

MANILA – Oil companies will implement another round of rollbacks on fuel prices on Tuesday.In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil and Shell said they will slash diesel prices by PHP3.95 per liter and PHP0.85 per liter on gasoline prices.Caltex, Seaoil... Read More

BTr partially awards 6-mo, 1-yr T-bill as rates end mixed

MANILA – The Bureau of the Treasury (BTr) made a full award for the three-month Treasury bill (T-bill) on Monday but partially awarded the six-month and one-year papers as rates posted mixed results. It offered all tenors for PHP5 billion each but only the 92-day T-bill, which is a day longer... Read More

E. Visayas posts increased construction activities in Q1 2022

TACLOBAN CITY – The Philippine Statistics Authority (PSA) has reported an increase in construction activities in Eastern Visayas during the first quarter of 2022 with a growth of 5.4 percent compared to the same period in 2022.The PSA regional office said in its report released on Monday there... Read More

NGCP lifts red alert in Luzon grid

MANILA – The National Grid Corporation of the Philippines (NGCP) has lifted the red alert in Luzon grid expected to occur around 5 p.m. to 6 p.m. Monday.With this, rotational brownouts are no longer expected in Luzon.The available power capacity increased to 11,750 megawatts (MW) from 10,708... Read More

Pag-IBIG Fund home loan payments up 30% to P57.6B

MANILA – Driven by the strong collection of home loan payments in the last 10 months, Pag-IBIG Fund’s performing loans ratio climbed to 89.96 percent in October, exceeding the agency’s year-end target by 196 basis points, top executives announced Monday.From January to October,... Read More

6 power plants on outage; brownouts expected in Luzon grid

MANILA – Rotational brownouts are expected in Luzon between 5 p.m. and 6 p.m. on Monday as the National Grid Corporation of the Philippines (NGCP) declared the grid under red alert status during this period.The Luzon grid was also put under yellow alert status from 10 a.m. to 5 p.m. and from 6... Read More

Undersubscribed 28-day securities fetch higher yield: BSP

MANILA – The Bangko Sentral ng Pilipinas (BSP) partially awarded its 28-day securities after it was undersubscribed during Friday's auction. The 28-day securities offered at PHP120 billion only fetched tenders of PHP109.469 billion.But bids fetched higher interest rate of 6.0031 percent from... Read More

Stock market, peso finish strong this week

MANILA – Both the local stock market and currency ended this week's trading strong as investors are seeing progress in the policy of the Bangko Sentral ng Pilipinas (BSP) to ease inflation and the improvements in other economic data.The Philippine Stock Exchange index (PSEi) closed Friday... Read More

PEZA wants to rationalize ecozone development requirements

MANILA – The Philippine Economic Zone Authority (PEZA) wants a rationalization of requirements for economic zone development since it is the only investment promotion agency (IPA) that needs Presidential proclamation for new ecozone projects, its officer-in-charge Tereso Panga said Friday. "We... Read More

Fintech eyes 20% share in remittance servicing from US

MANILA – A financial technology firm targets to increase its share in servicing remittances of Filipinos in the United States to as much as 20 percent within three years, following a tie-up with Sy-led BDO Unibank and after getting additional seed capital. “Our goal is to go up 20... Read More

BOC-Port of Clark exceeds November collection target

CITY OF SAN FERNANDO, Pampanga – The Bureau of Customs-Port of Clark has surpassed its collection target for 11 straight months.A report from the Collection Division showed that BOC-Port of Clark exceeded its target with a collection of PHP281.10 million as early as Nov. 22 as against its goal... Read More

More US shoppers expected on Thanksgiving amid soaring inflation

ANKARA – A record number of Americans are expected to shop during the Thanksgiving weekend despite the cost of a holiday dinner is up 20 percent from last year due to soaring inflation.An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday, according... Read More

Positive sentiments lift stocks index, peso

MANILA – Indications for smaller hikes in the Federal Reserve’s key rates sustained the rise in the local bourse’s main index on Thursday, a performance mirrored by the peso.The Philippine Stock Exchange index (PSEi) gained by 0.31 percent, or 20.19 points, to 6,530.51 points.All... Read More

Oil prices dip as impending G7 price cap eases tight supply fears

ANKARA – Oil prices decreased on Thursday influenced by the impending price cap on Russian crude by G7 countries, easing tight supply fears.International benchmark Brent crude traded at $84.79 per barrel at 10:04 a.m. local time (0704 GMT), a 0.73 percent decrease from the closing price of... Read More

NEDA Board OKs new project, amends 5 ongoing projects

MANILA – The National Economic and Development Authority (NEDA) Board has approved a new project and amended five ongoing projects during its first meeting under the Marcos administration.In a Palace briefing, NEDA Secretary Arsenio Balisacan said the NEDA Board, chaired by President Ferdinand... Read More