Business

Hike in BSP rates seen in Q4 2017, 2018

MANILA -- The research unit of Fitch Group forecasts a 25 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates each in the last quarter of 2017 and in 2018, citing that low interest rate environment is not in line with the domestic economy’s robust growth.Last Sept.... Read More

IT-BPO group cites PH as outsourcing hub

MANILA -- The Information Technology and Business Process Association of the Philippines (IBPAP) has cited enabling conditions in the country that makes it a competitive destination for outsourcing services.In a press conference Wednesday, IBPAP Board of Trustees chairman Lito Tayag said the IT-BPO... Read More

PSEi recovers, PHP closes at 51-level vs USD

MANILA-- Philippines’ main stock index ended its three-day slide Wednesday and the peso remained firm after it finished the day at 51-level to a greenback even with continued risk aversion.The Philippine Stock Exchange index (PSEi) recovered and gained 0.63 percent, or 51.78 points, to... Read More

BSP slashes offering for 28-day facility in next week's auction

MANILA -- Continued undersubscription in the Bangko Sentral ng Pilipinas (BSP) 28-day Term Deposit Facility (TDF) made central bank officials cut anew the offering volume for this tenor.Data released by the central bank Wednesday showed that the BSP will offer PHP100 billion under its longer-tenor... Read More

Stronger PH-Taiwan tie-up on aquaculture seen

MANILA -- An official of the Taiwan External Trade Development Council (TAITRA) expressed optimism about a greater tie-up with the Philippines following a trade meeting among industry players on aquaculture at the Manila Hotel Wednesday.The Taiwan Aquaculture Trade Meeting was participated in by 10... Read More

Bullish economy expected to boost PH real estate market

MANILA – The Philippine real estate market is expected to sustain its growth momentum on the back of the country’s bullish economy and strong investor confidence, according to a global real estate consultancy.Rick Santos, Chairman and Chief Executive Officer of Santos Knight Frank Inc.,... Read More

Hong Kong is 6th most competitive economy: WEF

HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) has been ranked as the sixth most competitive economy in the world, according to the latest World Economic Forum (WEF) Global Competitiveness Index.Hong Kong has climbed three spots from last year.According to the index released on... Read More

MDP to drive Zambo economic growth

ZAMBOANGA CITY -- The City Planning and Development Office (CPDO) has drafted a Master Development Plan (MDP) that seeks to establish growth areas outside this city’s main business district.Rodrigo Sicat, CPDO chief, on Wednesday said they have already submitted “the final draft of the... Read More

PH pushes to keep EU GSP+, FTA talks

MANILA -- Philippine government officials have pushed dialogue on the expansion of the European Union Generalised Scheme of Preferences Plus (EU GSP+) for the country to further strengthen trade relations with the EU through free trade agreement (FTA).Department of Trade and Industry (DTI) Secretary... Read More

Consumers told to be ‘smart spenders’ amid hike in food prices

KORONADAL CITY -- The Department of Trade and Industry (DTI) here advised consumers to be “smart spenders” in the wake of the recent increases in the prices of some food products, especially canned goods.Elbert Capecio, officer-in-charge of DTI-South Cotabato provincial office, said... Read More

PH, Japan affirm to fast-track implementation of infra projects

TOKYO --In line with their mutually approved “Fast and Sure” principle, top Philippine and Japanese officials agreed here Monday to further streamline their respective approval processes and introduce new measures to put in the fast lane the implementation of big-ticket infrastructure... Read More

PH up one spot in WEF Global Competitiveness Report

MANILA -- The Philippines has improved its ranking in the World Economic Forum (WEF) Global Competitiveness Report 2017-2018, placing 56th out of 137 economies in the latest report released Wednesday.The country’s ranking inched up from rank 57 in last year’s WEF report.It was noted that... Read More

PSEi, peso weaken Tuesday

MANILA -- Risk aversion due to geopolitical concerns overseas, among others, continue to negatively affect Philippines’ equities market and the peso Tuesday.The Philippine Stock Exchange index (PSEi) shed anew and lost 0.91 percent, or 74.59 points, to 8,170.14 points.Most of the other indices... Read More

Group says beverage tax to drop micro biz sales to 60%

MANILA -- The Federation of Philippine Industries (FPI) said that the proposed sugar-sweetened beverages (SSB) tax under the Tax Reform for Acceleration and Inclusion (TRAIN) bill will result to drop of sales of micro enterprises by 40 to 60 percent.Aside from consumers who will shoulder the SSB... Read More

NFA debunks misconception on rice

PUERTO PRINCESA CITY, Palawan --Officials of the National Food Authority (NFA) in Palawan on Tuesday morning answered continuing claims that their rice is of poor quality, yellowish in color, and foul-smelling.“That perception is what we want to change. Perception game is difficult where those... Read More

France, PH to enhance food prod’n output, resilience

MANILA --France and the Philippines will collaborate on improving respective food production and its resilience to climate change.Among the collaboration's activities will be research as well as sharing of latest information and best practices for achieving such goal, noted Department of Agriculture... Read More

Gardenia to build P1-B plant in Misamis Oriental

MANILA -- Gardenia Bakeries Philippines announced Tuesday that it will set up a PHP1-billion bread manufacturing plant in Misamis Oriental province.Gardenia president Simplicio Umali Jr. said the manufacturing facility will be built on a 2.5-hectare property at the PHIVIDEC Industrial Estate in... Read More

ADB maintains PH growth forecast for 2017, 2018

MANILA -- The Asian Development Bank (ADB) has maintained growth forecast for the Philippines for this year and 2018, on the back of the government’s aggressive infrastructure push and implementation of tax reform.In an update to its flagship annual economic publication, Asian Development... Read More

BDO urges clients to get EMV chip-enabled ATM cards

MANILA -- An official of Sy-led BDO Unibank Inc. is urging the bank’s clients who have not availed of the EMV chip-enabled automated teller machine (ATM) card to get their new cards.In a statement, BDO executive vice president and transaction banking head Edwin G. Reyes said: “making the... Read More

Economist keeps BSP rate hike forecast in Q4 '17

MANILA --An economist of ING Bank Manila is keeping his forecast of a 25 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates in the last quarter of 2017 amid the Monetary Board’s (MB) decision to maintain rates last week.To date, the rate of the central bank’s... Read More