Business

Universal, commercial banks' growth supports PH financing needs

MANILA – Universal and commercial banks (U/KBs) in the Philippines sustained their growth and continued to support the country’s financing requirements, according to the Bangko Sentral ng Pilipinas (BSP).“Key U/KB performance indicators showed a steady rise in assets, loans, and... Read More

PSEi slips anew as US inflation surges; peso nearly flat

MANILA – The local bourse finished lower at the start of the week on Monday after another surge in the United States' inflation rate last May, while the peso closed sideways although at the 53-level against the US dollar.The Philippine Stock Exchange index (PSEi) shed 0.97 percent or 63.03... Read More

Oil prices drop as China's Covid-19 measures cue lower demand

ANKARA – Oil prices decreased on Monday after new mass testing and partial lockdown measures in parts of China signaled lower fuel demand.International benchmark Brent crude was trading at USD120 per barrel at 0705GMT for a 1.65 percent decrease after closing the previous session at USD122.01... Read More

Over 1M rice farmers receive P8.2-B aid via DBP, Landbank: DA

MANILA – The Land Bank of the Philippines (Landbank) and the Development of the Philippines (DBP) have facilitated the distribution of over PHP8.2 billion for the PHP5,000 in direct and unconditional cash aid each to over 1 million qualified small palay farmers from 2019 to 2021, according to... Read More

DTI chief doubts NCR reverting back to Alert Level 2

MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez doubts that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases will revert Metro Manila to Alert Level 2 amid the increasing coronavirus disease 2019 (Covid-19) cases in the National Capital... Read More

Big-time oil price hike again this week

MANILA – Oil companies will implement another big-time price increase on petroleum products this week.Starting Tuesday morning, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell will increase gasoline prices by PHP2.15 per liter and PHP4.30 per liter on diesel.Caltex, Seaoil, and Shell... Read More

BCDA remittances to BTr rise to P7.38-B in 2022

MANILA – The Bases Conversion and Development (BCDA) reported on Monday that the state-owned corporation’s remittance to the National Treasury rose to PHP7.38 billion this year.In a statement, BCDA said this year’s remittance is 60.8 percent higher than the PHP4.59 billion... Read More

SEC maintains highest COA audit mark for 4th straight year

MANILA – The Securities and Exchange Commission (SEC) has received an “unmodified opinion” from the Commission on Audit (COA) for the fourth consecutive year, a testament to the commission’s transparent and sound management of public funds.In an independent auditor’s... Read More

BSP 28-day securities rate rises anew

MANILA – Expectations for more hikes in central banks’ key policy rates again resulted in the hike in the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities.BSP data show that average rate of the debt paper increased to 2.6566 percent during the auction on Friday from 2.5351... Read More

Cebu mall operators, retailers brace for higher consumer traffic

CEBU CITY – Metro Cebu is projected to benefit from the retail sector’s recovery being the largest metropolitan hub outside Metro Manila, as mall operators here brace for "revenge" shopping, a property consultancy firm said on Friday.Colliers International said the expansion of its... Read More

PH stocks index falls anew, peso closes at 53-level vs. US dollar

MANILA – Risk-off sentiments continue to worry investors resulting to net foreign selling and another negative close of the Philippines’ main equities gauge and the weakening of the local currency to the 53-level against the greenback.The Philippine Stock Exchange index (PSEi) shed 3.38... Read More

ATMs in NCR should be polymer-ready by end-'22: BSP exec

MANILA – Banks in the National Capital Region (NCR) should have their automated teller machines (ATMs) fully capable to service polymer notes by end-2022 while those in areas outside NCR by June 20, 2023.The Bangko Sentral ng Pilipinas (BSP) started issuing the PHP1,000 polymer banknotes last... Read More

BOI cleared from COA report on ‘undistributed’ PPE

MANILA – The Board of Investments (BOI) reported the agency is already cleared from the Commission on Audit (COA) report that it has undistributed personal protective equipment (PPE) donated by China’s Panhua Group as of end-2021.In a press conference on Friday, Trade Undersecretary and... Read More

3 Israeli firms to create over 1K jobs in PH

MANILA – At least 1,100 jobs will be created in the Philippines as three Israeli companies have expressed their interest to expand their operations in the country.Economic Attaché and Head of the Economic Mission of the Israel Embassy Tomer Heyvi said Friday software development company... Read More

JEC to develop roadmap on boosting PH, Israel economic ties

MANILA – The Philippines and Israel will craft a roadmap to boost trade and investment relations between the two countries through their new Joint Economic Commission (JEC).Israel Ambassador to the Philippines Ilan Fluss said in an interview Friday the first JEC meeting between the two... Read More

Stocks slip anew, peso keeps footing vs. US dollar

MANILA – Risk-off sentiments resulted in the negative close of the main equities index but the peso remained firm against the US dollar on Thursday.The Philippine Stock Exchange index (PSEi) shed by 0.16 percent, or 11.03 points, to 6,758.59 points.All Shares went down by 0.12 percent, or 4.18... Read More

Pawnshop loans rise further due to pandemic

MANILA – Loans provided by pawnshops increased year-on-year by PHP4 billion in 2021 as more people needed immediate fund augmentation during the pandemic.In a virtual briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Financial Supervision Department 9 Director Dindo Santos said their... Read More

PH exports in April sustained growth at 6%

MANILA – Philippine merchandise exports grew by 6 percent in April, with a value reaching USD6.1 billion, based on preliminary data from the Philippine Statistics Authority (PSA).Of the USD348 million additional exports in April 2022, coconut products contributed USD164 million or 47 percent... Read More

BSP to use economy-related news in policy formulation

MANILA – The Bangko Sentral ng Pilipinas (BSP) is set to utilize sentiments on the macroeconomic front through news articles to further strengthen its economic policy formulation.In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said the News Sentiment Index (NSI) is part of the... Read More

ADB approves financing for South Commuter Railway Project

MANILA – The Asian Development Bank (ADB) has approved up to $4.3 billion to help finance the construction of nearly 55 kilometers (km) of modern suburban railway line connecting Metro Manila with the city of Calamba.The investment in the South Commuter Railway Project, which is part of the... Read More