Business

BTr partially awards Treasury bonds

BTr partially awards Treasury bonds

June 19, 2024, 7:28 pm

MANILA – The Bureau of the Treasury (BTr) partially awarded the re-issued 20-year Treasury bond (T-bond) during Wednesday's auction. With a remaining term of 14 years and seven months, the re-issued T-bond was awarded at an average rate of 6.781 percent. The 15-year T-bond average auction yield… Read More

Fintech firm aims to grow loan portfolio to $2B in next 5 years

Fintech firm aims to grow loan portfolio to $2B in next 5 years

June 19, 2024, 6:40 pm

MANILA – Financial technology firm Salmon Group Ltd. said on Wednesday it is eyeing a significant increase in its loan portfolio in the next three to five years. "What I can share is where we want to be in three to five years. We want to have a USD2 billion loan portfolio. So that's like PHP100… Read More

PSEi drops for 6th straight week, peso weak

PSEi drops for 6th straight week, peso weak

June 19, 2024, 6:09 pm

MANILA – The local bourse slipped anew on Wednesday’s trading, now losing for six straight trading days, while the Philippine peso closed weak. The Philippine Stock Exchange index (PSEi) closed in the red territory, declining by 0.04 percent or 2.77 points to 6,366.03. Rizal Commercial Banking… Read More

Japanese firms eye expansion in PH

Japanese firms eye expansion in PH

June 19, 2024, 4:31 pm Updated on June 19, 2024, 4:57 pm

MANILA – Several Japanese companies expressed intent to expand their operations in the Philippines, Finance Secretary Ralph Recto said. Recto in a Viber message to the Philippine News Agency on Wednesday said one company is planning to spend roughly PHP46 billion for its expansion. "One company… Read More

Gov't issues EO 59 guidelines to cut red tape in key infra projects

Gov't issues EO 59 guidelines to cut red tape in key infra projects

June 18, 2024, 9:31 pm

MANILA – Government agencies on Tuesday signed and launched the implementing guidelines of Executive Order 59 that will streamline the permitting process for the country's Infrastructure Flagship Projects (IFPs). The guidelines were signed by National Economic and Development Authority (NEDA)… Read More

SSS eyes enhancing new pension scheme

SSS eyes enhancing new pension scheme

June 18, 2024, 6:55 pm

MANILA – The Social Security System (SSS) is planning to enhance the MySSS Pension Booster to allow retirees to avail of the program. "Actually, we’re trying to introduce dahil mayroon hong mga clamor na kahit pensioner na gusto pa rin kasi nga kaya daw nila pang maghulog and then it’s also… Read More

Stocks down amid reports of BSP's fewer rate cuts, peso closes flat

Stocks down amid reports of BSP's fewer rate cuts, peso closes flat

June 18, 2024, 6:15 pm

MANILA – Local shares declined on Tuesday amid reports that the Bangko Sentral ng Pilipinas (BSP) will have fewer interest rate cuts this year, while the peso closed almost flat against the dollar. The Philippine Stock Exchange index (PSEi) declined by 14.90 points to 6,368.80 while the broader… Read More

BTr fully awards Treasury bills

BTr fully awards Treasury bills

June 18, 2024, 4:37 pm

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 5.666 percent, 5.914 percent, and 6.046 percent, respectively – all lower than the prevailing secondary market rates. The… Read More

Tourism posts highest growth in 2023, contributes 8.6% to PH economy

Tourism posts highest growth in 2023, contributes 8.6% to PH economy

June 18, 2024, 3:09 pm

MANILA – The share of the tourism sector to the country's economy reached more than 8 percent last year, the Philippine Statistics Authority (PSA) said. Data released by the PSA on Tuesday showed that based on the Philippine Tourism Satellite Account, the share of Tourism Direct Gross Value… Read More

BSP: Remittances from overseas Filipinos hit US$2.86-B in April

BSP: Remittances from overseas Filipinos hit US$2.86-B in April

June 17, 2024, 11:41 am

MANILA – Personal remittances of overseas Filipinos (OFs) increased by 3.1 percent to USD2.86 billion in April this year from USD2.77 billion recorded the same month last year, according to the Bangko Sentral ng Pilipinas (BSP) on Monday. Personal remittances cover cash sent through banks and… Read More

Marcos foreign trips boost BOI pledges to P640-B from Jan-May

Marcos foreign trips boost BOI pledges to P640-B from Jan-May

June 17, 2024, 11:15 am

MANILA – The Board of Investments (BOI) registered a total of PHP640.22 billion worth of projects in the first five months of the year, attributing the figure to the investment pledges bagged by President Ferdinand R. Marcos Jr. in his official foreign missions. BOI said the investment approvals… Read More

NDC, TRB seal deals to acquire land for Skyway 3

NDC, TRB seal deals to acquire land for Skyway 3

June 16, 2024, 1:20 pm

MANILA – The National Development Company (NDC) and the Toll Regulatory Board (TRB) have signed a Memorandum of Agreement and Deeds of Absolute Sale to acquire a land in Pandacan, Manila that is affected by the Metro Manila Skyway Stage 3 Project. NDC General Manager Anton Mauricio and TRB… Read More

Stocks slip amid interest rate cut uncertainty; peso moves sideways

Stocks slip amid interest rate cut uncertainty; peso moves sideways

June 14, 2024, 6:35 pm

MANILA – The Philippine Stock Exchange index (PSEi) on Friday closed in the negative territory as investors took gains ahead of the long weekend and uncertainties over policy rate cut, while the peso ended sideways against the US dollar. "The local bourse dropped by 7.13 points (0.11 percent) to… Read More

Grab, BYD join forces on use of e-vehicles for TNVS pilot study

Grab, BYD join forces on use of e-vehicles for TNVS pilot study

June 14, 2024, 6:06 pm

MANILA – Ride-hailing and delivery service Grab Philippines (Grab) and electric vehicle (e-vehicle) manufacturer BYD on Friday announced their partnership for a pilot study that aims to test the feasibility of using e-vehicles for transport network vehicle service (TNVS). In a statement, Grab… Read More

DOE simplifies renewable energy application process

DOE simplifies renewable energy application process

June 14, 2024, 5:26 pm

MANILA – The Department of Energy (DOE) has simplified the renewable energy (RE) application process to improve the ease of doing business and meet national RE goals. In a virtual press briefing Friday, DOE Secretary Raphael Lotilla said the new guidelines allow RE developers to start permit… Read More

BSP revises BOP projections for 2024, 2025

BSP revises BOP projections for 2024, 2025

June 14, 2024, 4:13 pm

MANILA – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) recently revised the balance of payments (BOP) projections for 2024 and 2025, noting that surpluses are now expected for both years. The BOP is a summary of the economic transactions of a country with the rest of the world for… Read More

Gov't agencies meet to discuss digitalized border protection system

Gov't agencies meet to discuss digitalized border protection system

June 14, 2024, 2:42 pm

MANILA – The government is ramping up efforts to operationalize the country's digitalized border protection system to put an end to smuggling, misdeclaration, and undervaluation. In a statement on Friday, the Department of Finance (DOF) said Secretary Ralph Recto recently convened the inaugural… Read More

Economic czar wants right-of-way law to fast-track infra projects

Economic czar wants right-of-way law to fast-track infra projects

June 14, 2024, 11:10 am

MANILA – Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go emphasized the urgent need for a right-of-way law to fast-track critical infrastructure projects in the country. The Marcos administration’s economic czar told reporters on the sidelines of… Read More

IBPAP awards outstanding firms, gov’t partners

IBPAP awards outstanding firms, gov’t partners

June 14, 2024, 11:05 am

MANILA – The Information Technology and Business Process Association of the Philippines (IBPAP) has recognized outstanding companies and government partners that helped the sector grow in the past decades. IBPAP held its inaugural awarding ceremony “Solaia” in Taguig City on Thursday night… Read More

Gov't finalizing Public Financial Management Reforms Roadmap

Gov't finalizing Public Financial Management Reforms Roadmap

June 13, 2024, 7:20 pm

MANILA – The government is finalizing the Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028, which seeks to make government service delivery more efficient and effective. In a statement on Thursday, the Department of Finance said PFM Committee Principals Secretary Ralph… Read More