Business

BPI pioneers consumer loans for 'green solutions'

BPI pioneers consumer loans for 'green solutions'

February 5, 2024, 5:36 pm

MANILA – The Bank of the Philippine Islands (BPI) is pioneering the country's consumer loan for "green" purchases. The bank launched on Monday BPI Green Solutions providing solar mortgage, eco-build financing and electric vehicle (EV) financing. In line with the Marcos administration's… Read More

LandBank's loans to agri dev’t record double-digit growth in '23

LandBank's loans to agri dev’t record double-digit growth in '23

February 5, 2024, 3:39 pm

MANILA – State-owned Land Bank of the Philippines (LandBank) said loans to agriculture and rural development recorded double-digit growth in 2023. In a statement Monday, LandBank said outstanding loans to the entire agricultural value chain amounted to PHP755.1 billion as of end-December 2023,… Read More

Oil prices up for 5th straight week

Oil prices up for 5th straight week

February 5, 2024, 3:03 pm

MANILA – Oil firms would hike pump prices for a fifth consecutive week. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will increase gasoline prices by PHP0.75 per liter and higher increment for diesel prices at PHP1.50 per liter Caltex, Seaoil, and… Read More

US aid agency, PH start talks on strengthening governance 

US aid agency, PH start talks on strengthening governance 

February 5, 2024, 2:55 am

MANILA – The United States’ foreign assistance agency Millennium Challenge Corporation (MCC) has started talks with Philippine officials for the threshold program. MCC Chief Executive Officer Alice Albright said she met with Department of Finance (DOF) Secretary Ralph Recto last Feb. 1, more… Read More

Local shares exceed 6,700, peso back to 55-level

Local shares exceed 6,700, peso back to 55-level

February 2, 2024, 7:20 pm

MANILA – The Philippine Stock Exchange index (PSEi) rebounded on Friday reaching the 6,700-mark, while the local currency returned to 55-level. The PSEi closed this week’s trading higher by 84.24 points at 6,707.25, with All Shares also going up by 30.79 points at 3,516.82. All sectoral… Read More

PH to debut at Singapore Airshow

PH to debut at Singapore Airshow

February 2, 2024, 7:14 pm

MANILA – The Philippines will host its pavilion at the 2024 Singapore Airshow, the country’s first participation in the premier exhibition for the aviation industry. Supported by the European Chamber of Commerce of the Philippines (ECCP) in cooperation with the Department of Transportation… Read More

Clark airport wants to double passenger volume to 4M in 2024

Clark airport wants to double passenger volume to 4M in 2024

February 2, 2024, 6:25 pm

MANILA – The Clark International Airport Corp. (CIAC) targets to double the passenger volume at the Clark International Airport this year to 4 million, its president and chief executive officer Arrey Perez said Friday. In a press briefing for the Philippines’ debut at the 2024 Singapore… Read More

Alternergy wind projects to source turbines from Chinese supplier

Alternergy wind projects to source turbines from Chinese supplier

February 2, 2024, 5:04 am

MANILA – Pioneering renewable energy (RE) firm Alternergy Holdings Corp. will source turbines for its Alabat and Tanay wind power projects from China-based Envision Energy. In a statement, Alternergy said it awarded the turbine supply contract to Envision on Thursday for the Alabat and Tanay… Read More

Methane emission reduction, low-hanging energy cooperation for PH, US

Methane emission reduction, low-hanging energy cooperation for PH, US

February 1, 2024, 9:04 pm

MANILA – Aside from engaging with the Philippines for its clean energy transition, a United States official said cutting down methane emissions is a low-hanging fruit for both countries in energy cooperation. In a virtual press briefing with reporters from Philippines, Vietnam and South Korea on… Read More

Gov't raising P100M for bamboo dev't, promotion in 2024

Gov't raising P100M for bamboo dev't, promotion in 2024

February 1, 2024, 8:31 pm

MANILA – The Philippine government targets to spend over PHP100 million on developing the capabilities of the domestic bamboo industry and promoting Filipino innovations in bamboo architecture despite budgetary constraints. In an interview on Thursday, Department of Agriculture (DA)… Read More

Greenhills revamp eyed after landing on US 'notorious markets' list

Greenhills revamp eyed after landing on US 'notorious markets' list

February 1, 2024, 8:08 pm

MANILA – The Intellectual Property Office of the Philippines (IPOPHL) has vowed to work harder and closely cooperate with stakeholders to remove Greenhills Shopping Center from the United States Trade Representative (USTR) Notorious Markets report. Part of its initiatives is to “overhaul”… Read More

New York Community Bancorp shares dive 37% with net loss

New York Community Bancorp shares dive 37% with net loss

February 1, 2024, 7:42 pm

ISTANBUL – New York Community Bancorp saw its stock price plummet 37.67 percent on Wednesday due to a net loss in the final quarter of 2023. Net loss available to common stockholders was USD260 million in the fourth quarter of last year, compared to net income available to common stockholders of… Read More

DTI chief confident PH to rise anew as Asia’s tiger economy

DTI chief confident PH to rise anew as Asia’s tiger economy

February 1, 2024, 7:17 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual is confident that the Philippines will re-emerge as a tiger economy in Asia supported by government programs to boost economic activities. Pascual made the assurance Thursday at the business luncheon of Italian Chamber of… Read More

NDC eyes innovation hub in provinces, overseas

NDC eyes innovation hub in provinces, overseas

February 1, 2024, 6:45 pm

MANILA – The National Development Company (NDC) aims to expand its Philippine Innovation Hub this year by putting up offices across and outside the country. NDC General Manager Anton Mauricio said at the 26th General Meeting of the Rotary Club of Manila at the Manila Polo Club Thursday that this… Read More

PSEi drops on Powell’s speech, peso strong

PSEi drops on Powell’s speech, peso strong

February 1, 2024, 6:32 pm

MANILA – Philippine shares closed weak on Thursday after the statement of United States Federal Reserve Chair Jerome Powell that policy easing in March is unlikely. The benchmark Philippine Stock Exchange index (PSEi) fell 23.43 points to 6,623.01, with the broader All Shares, likewise,… Read More

Rebound in investments seen to back PH GDP in 2024

Rebound in investments seen to back PH GDP in 2024

February 1, 2024, 4:37 pm

MANILA – Fitch Solutions unit BMI has seen a rebound in investments that will continue in 2024, supporting the Philippine gross domestic product (GDP) growth for the year. In a commentary released to the media Thursday, BMI said the 11.2-percent growth in investment in the fourth quarter (Q4) of… Read More

Landbank's net income hits record-high in 2023

Landbank's net income hits record-high in 2023

February 1, 2024, 3:40 pm

MANILA – State-owned Land Bank of the Philippines (Landbank) said its net income hit an all-time high of PHP40.3 billion last year on the back of strong revenues from loans and investments, and prudent cost management. In a statement on Thursday, Landbank said its net income in 2023 also… Read More

NEDA outlines initiatives for PDP implementation

NEDA outlines initiatives for PDP implementation

February 1, 2024, 3:05 pm

MANILA – The National Economic and Development Authority (NEDA) cited on Thursday several initiatives that should be pursued in the second year of the Philippine Development Plan's (PDP) rollout. In a statement, the NEDA said these include enhancing tax administration and enacting… Read More

February opens with LPG price hike

February opens with LPG price hike

February 1, 2024, 2:05 pm

MANILA – Prices of liquefied petroleum gas (LPG) slightly increased by less than a peso at the start of February. Petron LPG increased prices by PHP0.95 per kilogram while Solane-branded LPGs were priced higher by PHP0.91 per kilogram. Regasco also hiked its prices but at a lower rate of PHP0.70… Read More

BOK chief cites need to keep restrictive monetary policy for long time

BOK chief cites need to keep restrictive monetary policy for long time

February 1, 2024, 1:53 pm

SEOUL – Bank of Korea (BOK) Gov. Rhee Chang-yong on Thursday said monetary policy needs to stay restrictive for a long time, reaffirming the central bank's commitment to bringing inflation down. He said BOK's "tightening stance needs to be maintained for a sufficiently long time, checking the… Read More