Business
Gold extends record rally on Monday
April 8, 2024, 8:40 pm
WORLD CAPITALS – Gold prices extended their record rally on Monday as spot gold increased by 0.3 percent, reaching USD2,335.73 per ounce, as of 0646 GMT, after hitting a record high of USD2,353.79 earlier in the session. According to Reuters, US gold futures gained 0.4 percent to USD2,354.50.… Read More
PSEi drops on shortened trading this week, peso nearly flat
April 8, 2024, 8:36 pm
MANILA – The local stock barometer declined for the fifth consecutive trading day on Monday, while the peso closed nearly flat. The Philippine Stock Exchange index (PSEi) slipped 0.06 percent, or 4.39 points, to 6,741.07, while All Shares increased 0.12 percent, or 4.41 points, to… Read More
BSP maintains policy rates
April 8, 2024, 7:33 pm
MANILA – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) kept policy rates steady for the fourth consecutive meeting, noting that while inflation is expected to remain within target, the latest inflation path "has shifted slightly higher." In a briefing, BSP Governor Eli Remolona Jr.… Read More
Mixed results mark Monday's Treasury auction
April 8, 2024, 6:08 pm
MANILA – Results were mixed during Monday's auction as the Bureau of the Treasury (BTr) fully awarded bills for Treasury bills (T-bills) while partially awarding the re-issued 10-year Treasury bonds (T-bonds). The 90-, 181-, and 364-day T-bills fetched average rates of 5.772 percent, 5.885… Read More
Meralco rates down by nearly P1/kWh in April
April 8, 2024, 5:40 pm
MANILA – The Manila Electric Company (Meralco) announced Monday that electricity rates in its franchise areas declined by nearly PHP1 per kilowatt hour (kWh) in April 2024. Meralco spokesperson and head of corporate communications Joe Zaldarriaga said in a press briefing in Pasay City that the… Read More
AMRO: PH to grow by over 6% in 2024 and 2025
April 8, 2024, 4:57 pm
MANILA – The Philippines is projected to grow by over 6 percent this year and in 2025, making the country one of the fastest growing economies in the region, the ASEAN+3 Macroeconomic Research Office (AMRO) said. In its ASEAN+3 Regional Economic Outlook 2024 report released on Monday, AMRO… Read More
BIR raids 3 Cavite warehouses, confiscates P5.4-B illicit cigarettes
April 8, 2024, 1:43 pm
MANILA – The Bureau of Internal Revenue (BIR) said it conducted a large-scale raid in three warehouses of illicit cigarettes in Indang and Dasmariñas, Cavite last March 21. In a statement on Monday, the BIR said the total tax liability is estimated at PHP5.4 billion, making the operation one of… Read More
More than P1/liter oil price hike set on April 9
April 8, 2024, 1:15 pm
MANILA – A hefty oil price hike will greet motorists and consumers on Tuesday (April 9). Oil firms are expected to implement a PHP1.10 per liter increase for gasoline, a PHP1.55 per liter increment for diesel, and a PHP1.40 per liter hike for kerosene. As of this writing, only Cleanfuel, Seaoil,… Read More
Gross international reserves up to $104-B in March
April 7, 2024, 1:49 pm
MANILA – The country's gross international reserves (GIR) went up to USD104 billion as of end-March this year, data from the Bangko Sentral ng Pilipinas (BSP) showed. Preliminary data showed that the GIR level was higher than the USD102 billion month-on-month, according to the report released… Read More
Iloilo City eyes more baseload plants to meet growing power demand
April 7, 2024, 1:14 pm
ILOILO CITY – This city needs more reliable sources of power to meet the increasing power demand that would support the local economic growth, Mayor Jerry Treñas said. During a recent courtesy visit of Manila-based reporters, Treñas urged power generation companies to look into investing in… Read More
PH needs 53GW by 2040 under higher RE portfolio standard
April 7, 2024, 11:40 am
ILOILO CITY – The country would need 52.83 gigawatts of renewable energy (RE) capacity by 2040 after the Department of Energy (DOE) hiked the renewable portfolio standard (RPS) to 2.52 percent, an energy official said. During the Philippine Electric Power Industry Forum 2024 at the Iloilo… Read More
DTI announces second shipment of PH mangoes to Australia
April 6, 2024, 2:21 pm
MANILA – The Department of Trade and Industry (DTI) on Saturday disclosed that Fastboxph would dispatch another batch of Philippine mangoes to Australia this month. The move further highlights the trade relations between the two nations, according to Trade Secretary Frederico Pascual. In a press… Read More
PetroWind begins commissioning of Nabas-2 wind power
April 5, 2024, 6:56 pm
MANILA – Yuchengco-led PetroWind Energy Inc. (PWEI) announced Friday that it started the commissioning of clean energy from the Nabas 2 Wind Power Project on April 4. The exporting of power from the wind energy farm to the grid followed the approval of the Independent Energy Market Operator of… Read More
PBBM to launch Cebu-Negros-Panay backbone project on Apr. 8
April 5, 2024, 6:50 pm
ILOILO CITY – President Ferdinand Marcos Jr. is set to inaugurate the Cebu-Negros-Panay Backbone Project Stage 3 (CNP3) will be inaugurated on April 8, Iloilo City Mayor Jerry Treñas said on Friday. During the Philippine Electric Power Industry Forum 2024 at the Iloilo Convention Center,Treñas… Read More
PSEi, peso weaken on higher inflation
April 5, 2024, 6:41 pm
MANILA – Both the local bourse and the currency dropped on Friday following the higher inflation rate in March 2024 as reported by the Philippine Statistics Authority (PSA). The Philippine Stock Exchange index (PSEi) continued its losses for four consecutive days dropping below the 6,800-mark to… Read More
Unemployment rate to remain at 3-4% level in 2024
April 5, 2024, 6:10 pm
MANILA – The country's unemployment rate will likely continue to remain at the 4-percent level in the coming months, an economist said on Friday. Rizal Commercial Banking Corporation chief economist Michael Ricafort said so far, economic indicators as well as better corporate sales and earnings… Read More
Fed chair needs 'more evidence' to begin lowering rates
April 5, 2024, 4:07 pm
ISTANBUL – US Federal Reserve Chairman Jerome Powell said he needs to see "more evidence" before the central bank starts to lower interest rates. "Over the past year, inflation has come down significantly but is still running above the Federal Open Market Committee's (FOMC) 2 percent goal," he… Read More
Gov't strengthens measures to tame upward price pressures
April 5, 2024, 1:03 pm
MANILA – The government will strengthen measures to tame upward price measures amid the El Niño and La Niña challenges, the National Economic and Development Authority (NEDA) said. NEDA issued the statement after the Philippine Statistics Authority (PSA) reported on Friday that headline… Read More
PSEi down for 3 straight days; peso bounces back
April 4, 2024, 6:42 pm
MANILA – The local stock barometer dropped for three consecutive days, while the peso gained strength in Thursday’s trade. The Philippine Stock Exchange index (PSEi) fell 0.76 percent to 6,827.06, while All Shares declined by 0.25 percent to 3,580.32. Rizal Commercial Banking Corp. (RCBC)… Read More
SSS to roll out calamity loan for OFWs affected by Taiwan earthquake
April 4, 2024, 6:17 pm
MANILA – The Social Security System (SSS) is planning to offer a calamity loan assistance program for overseas Filipino worker (OFW) members recently affected by the earthquake in Taiwan. In a press briefing at the SSS office in Quezon City, SSS president and chief executive officer Rolando… Read More
