US economy expands 2.1% in Q2, below estimates

ISTANBUL – The US economy expanded by 2.1 percent in the second quarter of 2023, less than market estimates, the Commerce Department's second reading released on Wednesday showed.Market expectation for the figure is an expansion of 2.4 percent in gross domestic product (GDP), same as the first... Read More

BIR records 100% resolution, compliance rates in '8888 Center'

MANILA – The Bureau of Internal Revenue (BIR) achieved 100 percent resolution and 100 percent compliance rates in handling complaints from January to June 2023.This is based on the report from the Office of the President’s 8888 Citizens’ Complaint Center (8888 CCC).“The BIR... Read More

Bakers' group: Prices of subsidized bread to remain unchanged

MANILA – Retail prices of subsidized bread, known to consumers as “Pinoy Tasty” and “Pinoy Pandesal” will remain unchanged despite rising costs of raw materials and other operational expenses, according to officers of the Assosasyon ng Panaderong Pilipino (APP).In an... Read More

Peso strengthens, stocks fall amid MSCI rebalancing

MANILA – The local stock barometer dropped on Thursday as investors followed the movement of the latest Morgan Stanley Capital International (MSCI) rebalancing while the peso strengthened.The Philippine Stock Exchange index (PSEi) lost 120.04 points to 6,175.25, with all shares also down by... Read More

France’s Schneider Electric green lights add’l investment in PH

MANILA – The Department of Trade and Industry (DTI) on Thursday said French energy management and automation firm Schneider Electric will be scaling up its logistics hub in the Philippines.In a statement, the DTI said Schneider Electric’s top management has green lighted its expansion... Read More

BSP forecasts 4.8% to 5.6% inflation in August

MANILA – Higher prices of rice and other agricultural products, upticks in fuel prices, train fares and toll rates, and peso depreciation are expected to bring the August inflation rate to between 4.8 percent and 5.6 percent.In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP)... Read More

AboitizPower to convert all DU vehicles into EV by 2040

MANILA – Aboitiz Power Corp. on Thursday launched its electric vehicle (EV) fleet transformation program, wherein the power firm targets to transform 100 percent of its distribution utilities’ (DUs) vehicles into EV by 2040.At the launch of the EV fleet transformation program in Quezon... Read More

Budget deficit eases in July

MANILA – The national government’s (NG) budget deficit declined by 45 percent despite higher spending in July this year, the Bureau of the Treasury (BTr) on Thursday reported.The BTr said budget deficit declined in July to PHP47.8 billion from PHP86.8 billion shortfall in budget a year... Read More

PH, Iraqi biz groups forge partnership

MANILA – Business groups from the Philippines and Iraq have signed a memorandum of understanding (MOU) to promote cooperation between the countries’ private sectors.The MOU between the Pampanga Chamber of Commerce and Industry Inc. (PamCham) and the Federation of Iraqi Chambers of... Read More

Japanese firms told: Gov’t reforms improve biz climate in PH

MANILA – The Department of Finance (DOF) on Monday said Secretary Benjamin Diokno has told Japanese businesses that the government is implementing reforms that will improve the business climate in the Philippines.Diokno made the statement at the Philippine Investment Opportunities Forum on... Read More

Biz leaders: Amplified inflation forecasts cause undue concerns

MANILA – The leaders of three influential business organizations on Wednesday said forecasts of a renewed inflation spike in August and succeeding months are largely unfounded, and can only cause undue public concern.In an interview, Fernando Martinez, chairman of the Independent Philippine... Read More

BTr awards reissued T-bonds in full

MANILA – The Bureau of the Treasury (BTr) on Wednesday said its auction committee has fully awarded the reissued 10-year Treasury bonds (T-bonds).The reissued T-bonds offered at PHP30 billion was oversubscribed at PHP54.54 billion.“The reissued bonds fetched an average rate of 6.220... Read More

BCDA seeks Senate’s support to bill for charter amendments

MANILA – The Bases Conversion and Development Authority (BCDA) has urged the Senate to support the bill amending the state-owned firm’s charter that will further unlock its potential in contributing to the national coffers.In a statement Wednesday, BCDA president and chief executive... Read More

TDF rates down, preference still on 7-day facility

MANILA – Preference for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) remained on Wednesday but rates of both the seven- and 14-day facilities fell. The BSP kept the offer volume for the one-week TDF at PHP160 billion but tenders reached PHP170.616... Read More

Bitcoin jumps 7% as US court rules in favor of Grayscale ETF

ISTANBUL – Bitcoin jumped more than 7 percent on Tuesday after a US court ruled in favor of cryptocurrency investment firm Grayscale's exchange-traded fund (ETF).Bitcoin price climbed to as high as USD28,040 at 1:10 p.m. EDT for a 7.3 percent daily gain after closing the previous day at... Read More

BTr issues Maharlika implementing rules and regulations

MANILA – The Bureau of the Treasury (BTr) issued the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act of 2023 on Aug. 28, the Department of Finance (DOF) said on Tuesday.In a statement, the DOF said the IRR shall take effect on Sept. 12.The IRR was issued... Read More

Bargain hunting lifts PH shares, peso weakens

MANILA – Local shares rebounded to 6,200-mark on Tuesday's trading while the peso depreciated. The Philippine Stock Exchange index (PSEi) closed at 6,225.00, gaining 64.39 points, while all shares also rose by 22.22 points to 3,354.62. Philstocks Financial Inc. research associate Claire Alviar... Read More

Nickel industry pushes for streamlining of permitting process

MANILA – The Philippines has the capacity to supply over 40 million tons of nickel ore to the global market but changes must be made in the permitting process to accelerate growth of the mining industry, a top official of the Philippine Nickel Industry Association (PNIA) said on Tuesday."We... Read More

BTr fully awards T-bills

MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills).The 91-, 182-, and 364-day T-bills fetched average rates of 5.573 percent, 5.993 percent and 6.297 percent, respectively, all lower than the prevailing secondary market rates.The auction was... Read More

BIR collection up by 12% in January to July

MANILA – The Bureau of Internal Revenue (BIR) on Tuesday reported that collections in January to July this year increased by 12.21 percent.In a statement, the BIR said total gross collection during the period amounted to PHP1.49 trillion (net of tax refund), up by PHP162.40 billion than the... Read More