Business

Economist eyes 50 bps hike in BSP rates next week

MANILA – An economist has raised the possibility of a 50 basis points (bps) increase in the Bangko Sentral ng Pilipinas (BSP) key rates next week following the 75 basis points increase in the Federal Reserve’s rates on Wednesday.The BSP’s policy-making Monetary Board (MB) will have... Read More

Duterte adviser urges continued support for MSMEs

MANILA – Presidential Adviser for Entrepreneurship and Go Negosyo founder Joey Concepcion has urged the next administration to continue the support for micro, small and medium enterprises (MSMEs).In a statement Thursday, Concepcion said he met with President-elect Ferdinand... Read More

Holding firm investing P25-B for renewable energy projects

MANILA – Listed holding company Vivant Corp. has allotted PHP25 billion in capital expenditures (capex) for renewable energy projects from 2023 to 2026.In its virtual annual stockholders’ meeting Thursday, Vivant chief executive officer Arlo Sarmiento said this capex will be spent to... Read More

US Fed raises interest rates by 75 bp, biggest hike in 28 years

ANKARA – The US Federal Reserve on Wednesday raised its benchmark interest rate by 75 basis points, marking its biggest rate hike in 28 years.The Federal Open Market Committee (FOMC) said in a statement that it decided to raise the target range for the federal funds rate to 1.5 percent to 1.75... Read More

BOI approves P119-M chicken farm to augment local supply

MANILA – The Board of Investments (BOI) has approved the PHP118.5-million chicken farm project of RCB Poultry Farm in South Cotabato that will augment the chicken supply in the region.In a statement Thursday, the BOI said the project can produce 3.36 million kilograms of broiler chicken... Read More

Stocks index, peso slip ahead of Fed rate decision

MANILA – Investors’ wait-and-see stance on the Federal Reserve’s policy rate decision, which is widely expected to be a hike, resulted in the negative close of the main equities index and the peso on Wednesday.The Philippine Stock Exchange index (PSEi) shed 2.40 percent, or 155.11... Read More

TDF rates up anew ahead of expected central bank rate hikes

MANILA – Expectations for additional hikes in the central banks’ key rates resulted in another rise in the term deposit facility’s (TDF) interest rates on Wednesday.Data released by the Bangko Sentral ng Pilipinas (BSP) showed that average rate of the seven-day TDF, which is among... Read More

Auto industry records 3 straight months of double-digit growth

MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported that local automotive vehicle assemblers recorded three consecutive months of double-digit growth in May.Joint report of CAMPI and TMA on Wednesday said the... Read More

Tax perks still key factor for investing in PH: IT-BPM group

MANILA – The IT and Business Process Association of the Philippine (IBPAP), the umbrella organization of information technology (IT) and business process management companies in the country, has underscored the importance of maintaining fiscal incentives in attracting investments from the... Read More

Kinetic energy storage firm expands capacity in PH

MANILA – Amber Kinetics will complete its second manufacturing plant of kinetic energy storage system (KESS) here by the end of this year, expanding its production capacity by more than double.In a media briefing Wednesday, Amber Kinetics Philippines director for business development Roberto... Read More

SEC hunts down Decentra investment scam

MANILA – The Securities and Exchange Commission (SEC) has taken down another investment scam promising fast and guaranteed returns from cryptocurrencies in an entrapment operation that resulted in the arrest of 19 individuals.In a joint operation on June 11, the combined forces of the SEC... Read More

Bargain hunting lifts PH stocks index; peso ends sideways

MANILA – The local stock barometer recovered on Tuesday due to bargain hunting, while the peso finished the day sideways against the US dollar.The Philippine Stock Exchange index (PSEi) increased by 0.12 percent, or 7.52 points, to 6,474.53 points.All Shares fell by 0.11 percent, or 3.88... Read More

Legazpi posts higher tax collection under Mandanas Ruling

LEGAZPI CITY – Legazpi City has received a hefty amount of PHP278.3 million in National Tax Allotment (NTA, formerly IRA) in the first three months of 2022, or an increase of 36.86-percent compared to the amount received in 2021 under the old Internal Revenue Allotment (IRA), the City... Read More

7-year T-bond rate rises

MANILA – The rate of the seven-year Treasury bond (T-bond) rose on Tuesday, thus the partial award by the Bureau of the Treasury’s (BTr) auction committee.The average rate of the debt paper increased to 6.740 percent from 6.428 percent previously.The BTr offered the debt paper for PHP35... Read More

Fitch cuts 2022 growth forecast for global economy

ANKARA – Global ratings agency Fitch Ratings on Monday cut its world gross domestic product (GDP) growth forecast to 2.9 percent for 2022.Fitch said in its latest report that global inflation pressures continue to intensify amid the Russia-Ukraine war, with increasingly adverse implications... Read More

Pillars of US-led economic framework aligned with PH policies

MANILA – The Department of Trade and Industry (DTI) has reaffirmed its support for the Indo-Pacific Economic Framework (IPEF), an initiative of the United States to boost its economic engagement with Indo-Pacific countries, as the country participated in a ministerial meeting in Paris,... Read More

PH tax reform gains seen even during pandemic: DOF exec

MANILA – Structural reforms during the Duterte administration have allowed the government to keep tax and revenue effort levels remaining at improved levels during the pandemic, a ranking Department of Finance (DOF) official said.In a virtual briefing hosted by the Integrated Development... Read More

Not yet time to lift alert level system: OCTA

MANILA – The OCTA Research Group said on Tuesday it is not yet time for the country to lift the alert level system, as the coronavirus disease 2019 (Covid-19) remains a pandemic.In a media forum, OCTA research fellow Ranjit Rye said the Philippines, like any other countries in the world, has... Read More

Support for startups sought to aid in economic recovery

MANILA – Bolstering support for local startups is expected to help the country in its recovery from impacts of coronavirus disease 2019 (Covid-19) pandemic, according to QBO Innovation Hub co-founder Katrina Chan.In a webinar Tuesday, Chan said the current pandemic has proven the resiliency of... Read More

Diokno eyes firmer PH banking system asset quality

MANILA – Asset quality of the Philippine banking system is seen to strengthen further as market conditions improve, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Monday.In a virtual briefing, Diokno said total assets of the universal and commercial banks (U/KBs) rose by... Read More