Business

PH firm gets US funding to develop up to 3GW wind power

MANILA – The Philippines’ bid to increase the share of renewable energy among its sources got a boost following the awarding of a grant by the US government to a local firm to develop up to three-gigawatt wind power capacity.In a briefing on Saturday, US Secretary of State Antony J.... Read More

APEC region's growth to slow down amid uncertainties, crisis

JAKARTA – Economic growth in the Asia-Pacific Economic Cooperation (APEC) region is expected to slow down this year amid soaring inflation, a protracted war in Ukraine, and heightened uncertainties, according to a new report by the APEC Policy Support Unit.On top of that, the continuing impact... Read More

PSEi ends rally on rebalancing, peso gains

MANILA – The main equities index ended its rally on Friday after the rebalancing in the local bourse and ahead of the release of the US jobs report but the peso gained against the greenback.After a three-day rally, the Philippine Stock Exchange index (PSEi) lost 1.20 percent, or 77.61 points,... Read More

BSP's 28-day securities rate up on latest rate hike

MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities rose on Friday, which was traced to the impact of the latest hike in the central bank’s key policy rates.Data released by the BSP showed that the average rate of the debt paper inched up to 3.6439 percent... Read More

Gov’t to ensure food security, cut transport costs amid inflation

MANILA – The government is committed to ensuring food security and affordability, and reducing transport and logistics costs to arrest the rise of inflation and protect the Filipino consumers, the National Economic and Development Authority (NEDA) said. The Philippine Statistics Authority... Read More

BSP vows to fight broadening price pressures

MANILA – Broadening price pressures due partly to higher oil prices continue to accelerate domestic inflation rate but the Bangko Sentral ng Pilipinas (BSP) committed its readiness to do necessary policy actions to ensure price stability.This, after the Philippine Statistics Authority (PSA)... Read More

Stocks, peso rise ahead of inflation report

MANILA – The main stocks index sustained its rally on Thursday, a day before the release of the July 2022 domestic inflation rate, while the peso recovered against the greenback.The Philippine Stock Exchange index (PSEi) rose by 0.82 percent, or 53.03 points, to 6,483.11 points.All Shares... Read More

Oil volatile on rising US stocks, supply uncertainty

ANKARA – Oil prices fluctuated in early trade on Wednesday over an expected rise in US crude oil inventories in the world’s largest oil-consuming country and supply uncertainties ahead of a much-expected meeting of the OPEC+ group.International benchmark Brent crude was trading at... Read More

Diokno banks on mining for sustained economic recovery, expansion

MANILA – Finance Secretary Benjamin Diokno said the mining industry is a potential source of sustained economic growth as he underscored the benefit of mobilizing investments for mine development.“The mining industry holds the greatest potential to be a key driver in our economic... Read More

TDF rates rise anew ahead of inflation, GDP reports

MANILA – Demand for shorter tenor term deposit facility (TDF) was evident in the auction on Wednesday but the rate of both the seven- and 14-day facilities rose, which was attributed to the wait-and-see stance for major economic reports.The Bangko Sentral ng Pilipinas (BSP) data show that the... Read More

P1-B dev’t project to generate jobs in Naga City

NAGA CITY – A PHP1-billion mixed-use real estate development project of one of the country’s largest developers, will rise along Roxas Avenue in Barangay Triangulo, Naga City.Mayor Nelson Legacion, in an interview on Wednesday, said the Filinvest Land Incorporated project goes along with... Read More

US securities regulator charges individuals over pyramid scheme

MANILA – The US Securities and Exchange Commission (SEC) has charged the founders and promoters of the fraudulent pyramid scheme operated by Forsage, following an investigation conducted with the assistance of the SEC Philippines.In a statement issued Aug. 1, the US SEC said it charged 11... Read More

PH stocks up on bargain hunting; peso slips anew

MANILA – Bargain hunting again boosted the local stock barometer on Wednesday partly on worries on US-China relations following US House Speaker Nancy Pelosi’s visit to Taiwan, while the peso weakened against the greenback.The Philippine Stock Exchange index (PSEi) rose by 1.07 percent,... Read More

Weaker peso offsets impact of high inflation on consumer spending

MANILA – The peso’s weakness is expected to counter the impact of higher domestic inflation rate as the former can boost consumer’s spending power, especially those of overseas Filipino workers’ (OFWs) beneficiaries.According to the July 2022 issue of The Market Call, the... Read More

SSS expands contribution payment thru mobile app, online channels

MANILA – The state-run Social Security System (SSS) said Wednesday members could now pay their contributions through its mobile and other online channels.In a statement, SSS president and CEO Michael Regino said individual members – self-employed, voluntary, non-working spouses, and... Read More

Targeted cash transfer subsidy to mitigate inflation impact: NEDA

MANILA – The release of targeted subsidies to the most vulnerable Filipino families will help cushion the impact of elevated prices of oil and other commodities, the National Economic and Development Authority (NEDA) said.The Department of Budget and Management (DBM) approved the release of... Read More

Non-performing consumer loans put more pressure on PH banks

MANILA – Non-performing loans (NPLs) that were extended to small companies are putting more pressure on Philippine banks compared to those extended to large companies, a report by the Fitch Ratings said.In a report that assessed the impact of interest rate hikes in Asia Pacific banks, which... Read More

Oil extends losses from weak industrial data

ANKARA – Oil prices continued losses on Tuesday over weaker-than-expected industrial data from big economies, raising global recession concerns.International benchmark Brent crude was trading at USD99.14 per barrel at 9:47 a.m. local time (0647 GMT) for a 0.89 percent decrease after the... Read More

3.5-year T-bond rate slips

MANILA – The rate of 3.5-year Treasury bond (T-bond) declined on Tuesday, which an economist said is in line with latest developments on government security yields both here and in the US.The average rate of the debt paper slipped to 5.153 percent from 5.908 percent previously.The Bureau of... Read More

PH stocks up on bargain hunting, peso slips

MANILA – The main equities index recovered on Tuesday on bargain hunting after sliding for several days but the peso weakened against the US dollar.The Philippine Stock Exchange index (PSEi) improved by 0.80 percent, or 50.27 points, to 6,362.30 points.All Shares followed with a jump of 0.55... Read More