Business

PH economy grows by 5.7% in 1st quarter

PH economy grows by 5.7% in 1st quarter

May 9, 2024, 3:02 pm

MANILA – The Philippine economy grew by 5.7 percent in the first quarter of the year, surpassing other major economies in the region. In a briefing on Thursday, National Statistician Dennis Mapa said the economic growth during the quarter was higher than the 5.5 percent seen in the last quarter… Read More

Bargain hunting boosts stock market, peso weakens

Bargain hunting boosts stock market, peso weakens

May 8, 2024, 6:39 pm

MANILA – Bargain hunting helped the local bourse to close in the positive territory, while the peso weakened in Wednesday’s trade. The Philippine Stock Exchange index (PSEi) finished the day's trading at 6,659.18, with All Shares increasing by 0.31 percent to 3,516.57. “Last-minute buying… Read More

PH raises $2-B from issuance of dollar global bonds

PH raises $2-B from issuance of dollar global bonds

May 8, 2024, 6:38 pm

MANILA – The Philippines successfully raised USD2 billion from the issuance of the dual-tranche 10- and 25-year Securities and Exchange Commission-registered fixed-rate global bonds. In a statement on Wednesday, the Bureau of the Treasury (BTr) said the 25-year global bond would be issued under… Read More

OFWs in UAE prefer to invest in property: survey

OFWs in UAE prefer to invest in property: survey

May 8, 2024, 5:32 pm

MANILA – Majority of overseas Filipino workers (OFWs) in the United Arab Emirates prefers to invest in property, an integrated marketing communications firm’s survey showed. According to a New Perspective Media (NPM) survey of 3,200 OFW respondents in UAE, 62 percent of Filipino expats in the… Read More

PSA: Manufacturing output settles in March

PSA: Manufacturing output settles in March

May 8, 2024, 5:11 pm

MANILA – The country's manufacturing output both in volume and value declined in March this year, the Philippine Statistics Authority (PSA) said on Wednesday. Results of the latest Monthly Integrated Survey of Selected Industries showed that the value of production index (VaPI) contracted by 1.7… Read More

Recovering exports boost D&L’s Batangas plant

Recovering exports boost D&L’s Batangas plant

May 8, 2024, 5:10 pm

MANILA – D&L Industries, the country’s largest manufacturer of food ingredients and oleochemicals, has seen a sharp recovery in exports from January to March 2024 that boosted the operations of its newest production line in Batangas province. In a virtual media briefing Wednesday, D&L… Read More

March employment rate up at 96.1%, unemployment down at 3.9%

March employment rate up at 96.1%, unemployment down at 3.9%

May 8, 2024, 1:33 pm

MANILA – The country's unemployment rate in March this year was estimated at 3.9 percent, lower than the recorded 4.7 percent in March last year, National Statistician Dennis Mapa said. In a briefing on Wednesday, Mapa said the number of unemployed Filipinos during the month went down to 2… Read More

PH records $103.4B foreign reserves in April

PH records $103.4B foreign reserves in April

May 8, 2024, 8:53 am

MANILA – The Philippines' gross international reserves (GIR) settled at USD103.4 billion as of the end of April this year, the Bangko Sentral ng Pilipinas (BSP). In a statement released late Tuesday, the BSP said the GIR last month was slightly lower than the end-March GIR level of USD104.1… Read More

PH announces 1st dollar bond issuance this year

PH announces 1st dollar bond issuance this year

May 7, 2024, 9:27 pm

MANILA – The Philippines on Tuesday announced the issuance of dual-tranche benchmark-sized US dollar bonds. In a notice, the initial price guidance for the 10-year note has been set at Treasuries plus 120 basis points while the 25-year sustainability tranche price guidance was at 6.05… Read More

Oil prices up amid negotiations for Gaza ceasefire, Israeli assault

Oil prices up amid negotiations for Gaza ceasefire, Israeli assault

May 7, 2024, 9:14 pm

ISTANBUL – Oil prices rose on Tuesday amid ongoing ceasefire negotiations in Gaza and the Israeli military’s assault on the Palestinian side of the Rafah border crossing. International benchmark Brent crude traded at USD83.42 per barrel at 10:28 a.m. local time (0728GMT), an increase of 1.32… Read More

Shares fall on slightly higher inflation, peso flat

Shares fall on slightly higher inflation, peso flat

May 7, 2024, 8:32 pm

MANILA – The local stock barometer fell on Tuesday following the uptick in the inflation rate for April while the peso closed flat against the US dollar. The benchmark Philippine Stock Exchange index (PSEi) declined by 0.51 percent, or 33.91 points, to 6,618.58, while the broader All Shares… Read More

Aboitiz unit investing P7-B for Tarlac ecozone

Aboitiz unit investing P7-B for Tarlac ecozone

May 7, 2024, 8:25 pm

TARLAC CITY – Aboitiz InfraCapital (AIC) is investing PHP7 billion for the TARI Estate in this city, an economic zone development registered with the Philippine Economic Zone Authority (PEZA). In a press conference here Tuesday, LIMA Land, Inc. president and Aboitiz InfraCapital Economic… Read More

BTr awards reissued T-bonds in full

BTr awards reissued T-bonds in full

May 7, 2024, 7:53 pm

MANILA – The Bureau of the Treasury (BTr) fully awarded the reissued PHP10-billion treasury bonds (T-bonds) at an average yield of 6.825 percent on Tuesday’s auction. In a statement, the Auction Committee said the debt paper was 2.4 times oversubscribed as tenders reached PHP71.2 billion,… Read More

Bitcoin climbs above $65,000 after 2 weeks

Bitcoin climbs above $65,000 after 2 weeks

May 7, 2024, 5:04 pm

ISTANBUL – Bitcoin on Monday climbed above the USD65,000 level for the first time in more than two weeks. The last time the world's biggest cryptocurrency was above that level was recorded on April 25. After climbing above the level early Monday, Bitcoin was trading around USD64,100 as of… Read More

Alveo Land posts P12.7-B sales in Q1, sees sustained growth

Alveo Land posts P12.7-B sales in Q1, sees sustained growth

May 7, 2024, 4:52 pm

MANILA — Ayala Land's upscale property developer Alveo Land said gross take-up for the first quarter of the year hit a record-high of PHP12.7 billion, as it expects growth to continue despite the high-interest rates. In a briefing in Makati City on Tuesday, Alveo Land president Joseph… Read More

LandBank net income up 11% in Q1

LandBank net income up 11% in Q1

May 7, 2024, 4:03 pm

MANILA — State-run Land Bank of the Philippines (LandBank) said its net income rose by 11 percent in the first quarter of the year on the back of increased interest income from loans. In a statement on Tuesday, LandBank said net income during the period amounted to PHP12 billion from PHP10.8… Read More

DOF: OPEC Fund to support PH government's priority projects

DOF: OPEC Fund to support PH government's priority projects

May 7, 2024, 3:48 pm

MANILA – The OPEC Fund for International Development (OPEC Fund) will provide technical assistance to the Philippine government in addressing right-of-way (ROW) acquisition issues for the faster implementation of big-ticket infrastructure projects. In a statement on Tuesday, the Department of… Read More

US firms diversifying supply chain benefits PH: DTI

US firms diversifying supply chain benefits PH: DTI

May 7, 2024, 3:16 pm

TARLAC CITY — Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the Philippines is benefitting from the policy of the United States government urging their companies to diversify their supply chain outside China. “They (US firms) are exploring (the) Philippines as (an)… Read More

Inflation rate slightly up 3.8% in April

Inflation rate slightly up 3.8% in April

May 7, 2024, 2:02 pm

MANILA – Headline inflation settled at 3.8 percent in April this year, significantly lower than the 6.6 percent recorded in the same month last year, the Philippine Statistics Authority (PSA) said on Tuesday. The headline inflation last month was within the government's 2 to 4 percent target,… Read More

DTI chief: PH-EU FTA negotiations could be fast-tracked

DTI chief: PH-EU FTA negotiations could be fast-tracked

May 6, 2024, 8:20 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual is optimistic that the negotiations for the Philippines-European Union Free Trade Agreement (PH-EU FTA) could be fast-tracked given the speed of the previous trade deal of the country with European countries. During the… Read More