Business

OFW cash remittances up by 3.8% in September

MANILA – Money sent home by overseas Filipino workers (OFWs) rose by 3.8 percent year-on-year in September 2022 to USD2.84 billion, with the Bangko Sentral ng Pilipinas (BSP) citing robust growth both from land-based and sea-based workers. In the first three quarters of this year, total cash... Read More

BTr fully awards 12-year T-bond amid higher yield

MANILA – The rate of 12-year Treasury bond (T-bond) auctioned by the Bureau of the Treasury (BTr) on Tuesday surpassed secondary rates but was fully awarded. The average rate of the debt paper stood at 8.168 percent, which National Treasurer Rosalia de Leon said is higher than in the... Read More

Oil prices down on stronger dollar, China Covid surge uncertainty

ANKARA – Oil prices settled lower Monday on a stronger United States dollar and uncertainty over a sharp rise in coronavirus cases in China over the weekend.US benchmark West Texas Intermediate (WTI) crude futures fell more than 3 percent to below $86 a barrel Monday compared with their daily... Read More

SEC OKs real estate trust IPO

MANILA – The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of a real estate investment trust sponsored by S.I. Power Corporation (SIPCOR) and Camotes Island Power Generation Corporation (CAMPCOR). In its Nov. 10 meeting, the commission en... Read More

PEZA, PHILEA upbeat on PH competitiveness in developing ecozones

MANILA – The Philippine Economic Zone Authority (PEZA) and Philippine Ecozones Associations (PHILEA) are confident of the country’s competitiveness in developing more economic zones as the former hosted on Nov. 9 a consultative meeting on the plans, updates, and key concerns on ecozone... Read More

Adherence to int’l pacts to help resumption of EU-PH FTA talks

MANILA – It will be easier for the Philippines and the European Union (EU) to resume negotiations for a free trade agreement (FTA) if the country will ensure its adherence to the 27 international conventions, the Head of the Delegation of the EU to the Philippines said Monday.In his keynote... Read More

PH eyes direct imports of unprocessed Cambodian rice paddy

MANILA – Cambodian businessmen are urged to directly export its rice paddy to the Philippines and process it here to enhance trade and investment between the two Southeast Asian countries, Go Negosyo founder Joey Concepcion said on Monday.Concepcion, who is the chair of the ASEAN Business... Read More

T-bill rates up anew

MANILA – The rate of Treasury bills (T-bills) rose on Monday, with demand still high for the three- and six-month papers but the one-year paper was undersubscribed. The average rate of the 91-day paper rose to 4.464 percent, the 182-day’s to 4.838 percent, and the 364-day’s to... Read More

Peso ends sideways, PSEi rallies on positive earnings reports

MANILA – Positive corporate earnings reports contributed to another rise of the local bourse’s main index on Monday and this also buoyed the local currency, which finished the day sideways against the United States dollar. The Philippine Stock Exchange index (PSEi) gained by 1.08... Read More

Upgraded AANZFTA seen to usher post-pandemic recovery in PH

MANILA – With the substantial conclusion of negotiations to enhance the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) during the ASEAN Summit in Phnom Penh, Cambodia last week, the Department of Trade and Industry (DTI) is optimistic that the upgraded trade deal will usher... Read More

Moody's Analytics forecasts 75 bps hike in BSP rates this week

MANILA – Moody’s Analytics forecasts a 75 basis points jump in the Bangko Sentral ng Pilipinas (BSP) key rates this Thursday, in line with the earlier statement by BSP Governor Felipe Medalla. “Bangko Sentral ng Pilipinas is expected to raise the overnight borrowing rate by 75... Read More

Diesel prices down; gasoline, kerosene to rise Nov. 15

MANILA – Oil companies will be implementing another round of price adjustments on petroleum prices starting Tuesday.In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will increase gasoline prices by PHP0.90 per liter, and will slash diesel prices by... Read More

APEC Economic Leaders’ Week kicks off in Thailand

BANGKOK – The Asia-Pacific Economic Cooperation (APEC) Forum Week opens in the Thai capital of Bangkok on Monday.From Nov. 14 to 19, the Queen Sirikit National Convention Center will host meetings of senior APEC officials, ministerial meetings, plenary sessions, exhibitions and a number of... Read More

PH stock index, peso finish week up

MANILA –The local bourse’s main index recovered on Friday after the slower-than-projected inflation rate in the US in October 2022 and the peso improved towards the 57-level.After several days of decline, the Philippine Stock Exchange index (PSEi) rose by 1.93 percent, or 119.20 points,... Read More

Fitch Solutions revises 2022 GDP projection for PH

MANILA – Fitch Solutions Country Risk and Industry Research Friday revised its 2022 gross domestic product (GDP) projection for the Philippines following the higher-than-expected output in the third quarter.Fitch estimated a 7.4 percent output for the domestic economy this year, higher than... Read More

BSP's accommodative stance helps entice FDIs

MANILA – An economist remains optimistic about the recovery of foreign direct investments (FDIs) to the Philippines due in part to the accommodative policy stance of the central bank and the passage of more fiscal reform measures.The Bangko Sentral ng Pilipinas (BSP) on Thursday reported a... Read More

Stocks, peso slip despite higher-than-expected Q3 GDP

MANILA – The higher-than-expected growth of the Philippine economy in the third quarter of 2022 at 7.6 percent failed to boost the local bourse’s main index and the peso on Thursday as investors awaited the release of the United States October 2022 inflation report.The Philippine Stock... Read More

Gov’t vows policies to ensure food security, stable prices

MANILA – Socioeconomic Planning Secretary Arsenio Balisacan has reiterated that the government’s top priority is food security while guarding Filipinos from faster increases in prices of goods and services due to external risks and impacts of the recent calamities.Filipinos still face... Read More

Global economic growth seen to slow to 2.4% in 2023: KIEP

SEJONG – The global economy is expected to grow at a slower than expected clip of 2.4 percent next year, a state-run economic think tank said Thursday, citing the aftermath of aggressive monetary tightening in major economies and lingering geopolitical risks.The growth outlook marks a drop... Read More

Economist eyes GDP breaching gov't target

MANILA – The higher-than-expected expansion of the domestic economy in the third quarter of 2022, at 7.6 percent year-on-year, provides a boost for a possible breach of the government’s gross domestic product (GDP) assumption for the year.In a report on Thursday, Rizal Commercial Banking... Read More