Business

BSP term deposit facility rates rise anew

MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) inched up anew on Wednesday and the facility attracted lower bids, thus the partial awards.Central bank data showed that the average rate of the seven-day facility rose to 4.9569 percent and the... Read More

Supply of basic goods in Paeng-stricken areas stable

MANILA – The Department of Trade and Industry (DTI) said supply of basic commodities in areas hit by Severe Tropical Storm Paeng remains stable.In a statement Wednesday, DTI Secretary Alfredo Pascual said the agency is closely coordinating with manufacturers and retailers of basic necessities... Read More

Focus on Fed's guidance, scaling back future rate hikes: Expert

ANKARA – All focus is on the Federal Reserve's two-day key meeting that will be concluded Wednesday.Investors await to see if the central bank will signal to take its foot off the throttle on future rate hikes."The key will be what if any guidance policymakers will provide in the Federal Open... Read More

Power in Meralco franchise areas fully restored

MANILA – The Manila Electric Company (Meralco) reported it has fully restored power in its franchise areas Wednesday morning following the onslaught of Severe Tropical Storm (STS) Paeng last weekend.“As of 1100H on 02 November 2022, Meralco has restored all affected facilities by STS... Read More

PH factories continue to improve in October

MANILA – The condition of the domestic manufacturing sector improved in October 2022, according to the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) report on Wednesday.S&P Global recorded a softer growth for Philippine factories last month at 52.6 from... Read More

BSP defaces 519.93MT unfit, mutilated coins

MANILA — Around 519.93 metric tons of unfit, demonetized, mutilated, and counterfeit coins have been defaced from October 2021 until September 2022, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.The BSP said the process was done by altering the surfaces of the coins using a machine... Read More

Planned BSP-Fed repo deal to boost PH’s forex reserves: economist

MANILA — The country’s United States dollar reserves are expected to get a boost from the planned repurchase agreement between the Bangko Sentral ng Pilipinas (BSP) and the Federal Reserve.Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine... Read More

Moody’s Analytics eyes PH October inflation at 7.4%

MANILA — Moody’s Analytics forecasts the country’s inflation rate to accelerate to 7.4 percent this October, faster than the previous month’s 6.9 percent.The inflation forecast is included in its economic preview for the week covering Oct. 31 to Nov. 4.In a reply to questions... Read More

DTI closely monitoring price freeze in state of calamity areas

MANILA – The Department of Trade and Industry (DTI) is reminding business establishments in areas declared under state of calamity following the onslaught of Severe Tropical Storm Paeng that there should be no increases in prices of basic necessities.Under the Republic Act 7581, or the Price... Read More

Oil firms set to implement another minimal rollback Tuesday

MANILA — Oil firms will implement price rollback on petroleum products by less than PHP1 per liter starting Nov. 1.In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said they will slash gasoline prices by PHP0.25 per liter and PHP0.60 per liter on... Read More

Bank lending up, domestic liquidity slows in September

MANILA — Bank lending of universal and commercial banks (U/KBs) posted higher expansion but domestic liquidity grew at a slower rate in September 2022.Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that U/KBs’ outstanding loans, excluding those placed in the... Read More

BSP eyes October inflation between 7.1%-7.9%

MANILA – An increase in the minimum public transportation fare and higher domestic pump prices, among others, are expected to push domestic inflation rate in October 2022 to between 7.1 to 7.9 percent.In a statement on Monday, the Bangko Sentral ng Pilipinas (BSP) said depreciation of the peso... Read More

Watch out for PH core inflation, 2nd-round effects: IMF exec

MANILA – Core inflation and second-round effects are major economic factors to watch out for in the Philippines, an executive of the International Monetary Fund (IMF) said.In a hybrid briefing on Friday for the release of the lender’s Regional Economic Outlook (REO), Shanaka Peiris,... Read More

Metrobank lists P23.7-B 1.5-year bond

MANILA – Metropolitan Bank & Trust Co. (Metrobank) listed at the Philippine Dealings and Exchange Corp. (PDEx) on Friday its PHP23.7 billion 1.5-year fixed rate bond, which has a coupon rate of 5 percent.In a press release, the bank said it raised the issue size from the PHP10 billion... Read More

PH peso improves to P57-level but stock gauge slips

MANILA – The Philippine peso gained against the US dollar ahead of the long weekend holiday but the local equity market’s main index finished down after rallying for most part of the week.The local currency appreciated to PHP57.97 from its PHP58.22 close on Thursday, which an economist... Read More

Energy firms told to deliver projects on time

MANILA – The Department of Energy (DOE) on Friday urged companies to complete their generation and transmission projects on time to ensure adequate supply and delivery of power to consumers.During the Virtual Energy Investment Forum, DOE Director Irma Exconde said delays in the completion of... Read More

DOE readies amendments to Renewable Energy Act

MANILA – Department of Energy (DOE) Secretary Rapahel Lotilla on Friday said the agency is preparing the amendments to the implementing rules and regulations (IRR) of the Renewable Energy Act of 2008 to allow 100 percent foreign equity on renewable energy projects.During the Virtual Energy... Read More

PAL targets net zero carbon emission by 2050

MANILA-- Flag carrier Philippine Airlines (PAL) announced Friday it is eyeing to achieve net zero carbon emission by 2050.The airline is investing in an all-out carbon reduction program as part of a multi-year commitment to combat climate change.This initiative, PAL said, "comes at a crucial time... Read More

Economists cite gains, add'l measures for PH credit rating

MANILA – Fitch Ratings' affirmation of its investment-grade rating on the Philippines is seen to attract foreign investments even as economists cited the need for more fiscal measures.On Thursday, Fitch Ratingsretained the country's“BBB” rating with negative outlook as it sees... Read More

Drop in debt-to-GDP ratio seen to encourage foreign investments

MANILA – An economist considers the decline in the share of government debt to the domestic output as a bright spot in fiscal management and may help lift investors’ sentiment and encourage more investments into the country.On Thursday, the Bangko Sentral ng Pilipinas (BSP) reported the... Read More