Business
PH economy to get back on track after Q2 'breather': DOF
August 10, 2018, 4:20 pm
MANILA -- The Department of Finance (DOF) is still optimistic that the Philippine economy's momentum will get back on track after it “took a breather” in the second quarter of 2018. From April to June this year, the economy registered a 6 percent expansion, as measured by gross domestic… Read More
Landbank eyes lower offer price for PDSHC share holders
August 10, 2018, 3:02 pm
MANILA -- The top management of Land Bank of the Philippines (Landbank) is considering a lower purchase offer to shareholders of Philippine Dealing System Holdings Corp. (PDSHC) after it declared a PHP600 million dividend last June. In an interview, Landbank President Alex Buenaventura said they… Read More
Dominguez wants dialogue to clear ambiguities of federalism
August 10, 2018, 2:59 pm
MANILA -- Finance Secretary Carlos Dominguez III has maintained that the draft federal constitution contains ambiguous provisions on the allocation of expenditures for the would-be federated government and its federated regions, which underscores the urgency of opening more discussions on the… Read More
Peso unmoved, local stocks downed by lackluster GDP
August 9, 2018, 9:42 pm
MANILA -- The lower-than-expected growth of the Philippine economy in the second quarter of 2018, which was at a lackluster six percent, resulted in the negative close of the Philippine Stock Exchange index (PSEi) but the peso managed to stay firm. The peso ended the day at 53.09 from 53.07 a day… Read More
BSP raises inflation projection
August 9, 2018, 9:22 pm
MANILA -- The central bank’s policy-making Monetary Board (MB) on Thursday revised upwards the Bangko Sentral ng Pilipinas’ (BSP) inflation projection for 2018-19 amid rising inflation. In a briefing, BSP Deputy Governor Diwa Guinigundo said this year’s projection was raised to 4.9 percent… Read More
Rice tariffication to temper inflation
August 9, 2018, 9:18 pm
MANILA -- Liberalizing rice trade in the country can significantly temper inflation, the country’s chief economist said. “If the Senate and Congress can pass the bill on rice tariffication, for example tomorrow, that would have already an impact, very noticeable impact on food inflation… Read More
BSP hikes rates by 50bps
August 9, 2018, 8:19 pm
MANILA -- The Monetary Board (MB) on Thursday raised key interest rates by another 50 basis points, in a decision which did not surprise the market. The increase, which takes effect August 10, is widely seen as a move to stem surging inflation. This will be the third and biggest hike in key rates… Read More
PLDT poised to sell majority stake in Voyager to foreign investors
August 9, 2018, 8:08 pm
MANILA -- PLDT Chairman and Chief Executive Officer Manuel V. Pangilinan said the company has signed a non-binding term sheet for the selling of its majority stake in Voyager Innovations Inc. this week, after foreign investors expressed interest in acquiring controlling stake in the digital… Read More
Silver lining for PH economy seen amid Q2 slowdown
August 9, 2018, 7:31 pm
MANILA -- The Philippines' Gross Domestic Product (GDP) growth slowed down to only 6 percent in the second quarter of 2018 but some analysts remain optimistic about its expansion potential in the coming years. In a research note released following news of the economy’s reduced second quarter… Read More
Pernia hopeful of 7% growth in 2018
August 9, 2018, 5:53 pm
MANILA -- Socioeconomic Planning Secretary Ernesto Pernia remains hopeful about achieving at least the low-end of the 7 to 8-percent growth target range for the year with the implementation of policies towards attracting more investments, after the economy accelerated 6 percent in the second… Read More
Hyundai exec: TRAIN impact on car sales to ease
August 9, 2018, 5:22 pm
MANILA -- The official importer and distributor of Hyundai in the Philippines expects the transitory impact of the Tax Reform for Acceleration and Inclusion (TRAIN) to gradually fade and vehicle sales in the country will pick up in the coming months. On Thursday, Hyundai Asia Resources, Inc.… Read More
Shared facility in lieu of tax perks eyed for modern PUV assembly
August 9, 2018, 4:40 pm
MANILA -- The Department of Trade and Industry (DTI) is now looking at putting up a shared service facility that will manufacture common automotive parts, which in turn will support local assemblers of modern public utility vehicles (PUV). During the press conference of the 2nd Philippine Auto… Read More
Oil price hikes, policy tightening slowing PH growth: economist
August 9, 2018, 2:18 pm
MANILA -- An economist from IHS Markit on Thursday said rising world crude prices and the Bangko Sentral ng Pilipinas' (BSP) tightening of monetary policy are slowing down the country’s economic growth. IHS Markit Asia Pacific Chief Economist Rajiv Biswas made the statement, following the… Read More
PH economy expands 6% in Q2
August 9, 2018, 12:15 pm
MANILA -- The economy expanded by 6 percent in the second quarter of 2018, making the Philippines still one of the best-performing economies in Asia. In a press conference on the release of economic data Thursday, Socioeconomic Planning Secretary Ernesto Pernia said the April to June growth rate… Read More
Globe’s net income for Q2 up 16%
August 8, 2018, 9:48 pm
MANILA -- Telco giant Globe Telecom has registered a 16 percent growth on its net income for the second quarter of 2018 driven by strong demand for data services and multimedia content. The firm has reported a net income of PHP4.67 billion in the period of April to June while its consolidated… Read More
PSEi recovers, Peso little changed ahead of major data releases
August 8, 2018, 9:24 pm
MANILA -- Risk-on sentiment lifted local equities but a wait-and-see stance resulted in the sideways close of the peso on Wednesday. The Philippine Stock Exchange index (PSEi) recovered and went up 1.63 percent, or 125.61 points, to 7,851.46 points. All Shares trailed with a 1.58 percent, or 73.02… Read More
July inflation uptick still within BSP forecast: DOF exec
August 8, 2018, 8:38 pm
MANILA -- The 5.7 percent inflation uptick in July did not catch government by surprise as it was still within the forecasted range, an official of the Department of Finance said on Wednesday. “It was expected -- the Bangko Sentral ng Pilipinas issued a forecast up to 5.8. So it was within their… Read More
DTI eyes more imports, lower tariff to curb inflation
August 8, 2018, 7:26 pm
MANILA -- Trade Secretary Ramon Lopez said increasing the supply of goods through importation coupled with the lowering of tariffs on these imports, as the recipe to address rising inflation. After the National Price Coordinating Council (NPCC) led by the Department of Trade and Industry (DTI)… Read More
TDF rates up on BSP rate hike expectations
August 8, 2018, 7:19 pm
MANILA -- The rate of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) rose across-the-board Wednesday, a day before the Monetary Board (MB) meets, presumably to deliberate on a proposal to hike key rates even further. Data released by the BSP showed that rate of the seven-day… Read More
Openness to banking industry innovations needed: BSP exec
August 8, 2018, 7:12 pm
MANILA -- Technological innovations continue to shake even the banking industry, thus, the need to be open-minded and bold on how to tackle new ideas and developments in the sector. This was stressed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier in her keynote speech during… Read More