Business

GSIS chief eyes high dividends on ACEN investment

MANILA–Government Service Insurance System (GSIS) president and chief executive officer Wick Veloso is confident that the state pension fund's investment in ACEN's Energy Transition Mechanism (ETM) will yield high dividends.Veloso said on Monday that the partnership with Ayala-led ACEN will... Read More

Oil prices decline as China maintains zero-Covid policy

ANKARA – Oil prices fell on Monday as a result of Chinese health officials' statements about the country's intention to maintain its zero-Covid policy, fueling demand concerns from the world's largest oil importer.International benchmark Brent crude traded at $97.57 per barrel at 09:24 a.m.... Read More

Bank launches unified QR link to help small firms

MANILA – Asia United Bank (AUB) launched on Monday its Unified Card QR Link, which allows the bank’s PayMate users to accept Mastercard and Visa payments using only one quick response (QR) code which is expected to be a big boost to micro and small businesses.In a virtual briefing, AUB... Read More

PH stocks up, peso sideways ahead of economic report releases

MANILA – The local stock barometer started the week’s trading up ahead of some economic releases from the United States while the peso finished the day sideways against the US dollar. The Philippine Stock Exchange index (PSEi) gained by 1.78 percent, or 110.05 points, to 6,295.58 points.... Read More

Big-time hike on gasoline, minimal rollback for diesel, kerosene

MANILA – Oil companies will implement price adjustments on petroleum products starting Tuesday.In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix, Seaoil, Shell, and Unioil said they will increase gasoline prices by PHP1.40 per liter and will decrease diesel prices by... Read More

BTr partially awards T-bills

MANILA – The rate of Treasury bills (T-bills) rose on Monday but the auction committee partially awarded the debt papers across-the-board. The average rate of the 91-day securities rose to 4.350 percent, the 182-day’s to 4.800 percent, and the 364-day’s to 5.000 percent. These were... Read More

Trade deficit in September narrows to USD4.8-B

MANILA – The Philippine Statistics Authority (PSA) on Friday reported that the country’s trade deficit in September this year has slowed down to USD4.82 billion from USD6.02 billion in August.This developed as the country exported more in September and imported less in the same month... Read More

BSP's 28-day bill rate up anew

MANILA – The average rate of the Bangko Sentral ng Pilipinas' (BSP) 28-day securities rose again on Friday but demand remained strong.Data released by the central bank showed that the average rate of the securities inched up to 5.4328 percent from 5.2174 percent during the auction on October... Read More

Metrobank posts 45% jump in Q3 net income

MANILA – Growth in loans and interest income boosted Metropolitan Bank & Trust Company’s (Metrobank) net income in the third quarter of 2022 to PHP23.4 billion, up 45 percent year on year.The bank said Thursday its earnings from July to September rose by 77 percent annually to PHP7.8... Read More

Inflation likely to decelerate in 2023: BSP

MANILA – The Bangko Sentral ng Pilipinas on Friday said the elevated inflation rate has seen to persist towards the end of the year due to upside risks but will likely decelerate in 2023.“Inflation is projected to remain elevated for the rest of 2022 but will likely decelerate in 2023... Read More

October inflation climbs to 7.7%

MANILA – The country’s inflation rate further increased to 7.7 percent in October, almost a 1 percent jump from 6.9 recorded in September, the Philippine Statistics Authority (PSA) said Friday.It was the highest inflation rate since December 2008.The PSA, however, said the rate of price... Read More

New fiscal measures vs. rise in debt needed: economist

MANILA — New fiscal reform measures are needed to help address the rise in government liabilities, the recent of which are mostly due to pandemic-related financing, an economist said.On Thursday, the Bureau of the Treasury (BTr) reported the rise in the national government’s outstanding... Read More

PH stocks index, peso weaken after fresh Fed rate hike

MANILA – Another 75 percent rise in the Federal Reserve’s key rates and indications for more rate hikes in the coming months weakened both the local bourse’s main index and the peso on Thursday.The Philippine Stock Exchange index (PSEi) shed by 0.81 percent, or 50.13 points, to... Read More

US Fed implements 4th consecutive 0.75-point hike

WASHINGTON – The United States Federal Reserve on Wednesday implemented the fourth consecutive three-quarter point interest rate hike amid the worst inflation in four decades.The Fed raised its short-term borrowing rate by 0.75 percentage point to the highest level since January 2008.The Fed... Read More

Transparent key rate path direction benefits peso, inflation

MANILA – Stability of the Philippine peso, along with the actual inflation and inflation expectations, are expected to remain given the transparency by monetary authorities vis-à-vis their rate hike moves.After the two-day meeting of its Federal Open Market Committee (FOMC) on Nov. 2,... Read More

Alternergy partners with Exeter for hydro project

MANILA – Renewable energy firm Alternergy is partnering with Exeter Portofino Holdings for the former’s run-of-river hydropower project in Lamut and Asipulo in Ifugao.In a statement Thursday, Alternergy said it signed an investment framework agreement with Exeter as co-partner for the... Read More

SMC power unit eyes battery storage project sites for forestation

MANILA – Bolstering its climate action initiatives, San Miguel Corporation (SMC) power subsidiary SMC Global Power Holdings Corp. (SMCGP) reported the successful planting and growing of over five million new trees and mangroves from 2019 to date under its multi-year, nationwide forestation and... Read More

BSP to follow Fed’s 75 bps hike this month

MANILA – The Bangko Sentral ng Pilipinas (BSP) is set to increase its key rates by 75 basis points on Nov. 17 to ensure interest rate differential following the same decision by the Federal Reserve on its own rates on Thursday.In a Viber message to reporters, BSP Governor Felipe Medalla said... Read More

PSEi starts shortened trading week higher, peso down

MANILA – The local stock barometer started the shortened trading week higher ahead of the announcement of the Federal Reserve’s rate decision but the peso weakened to a United States dollar.The Philippine Stock Exchange index (PSEi) jumped by 0.86 percent, or 52.81 points, to 6,206.24... Read More

BTr rejects bids for T-bills, 3-year T-bond

MANILA – Expectations for additional hikes in the Federal Reserve's key rates made investors demand for higher yields for government securities, resulting in full rejection of all the bids during an auction on Wednesday.Had the Bureau of the Treasury (BTr) fully accepted tenders for the 91-day... Read More