Oil mixed over growing global economic growth uncertainties

ANKARA – Oil prices were mixed on Tuesday as negative global economic growth forecasts raised demand concerns, while a buyout deal of the defunct Silicon Valley Bank (SVB) allayed investor concerns about the United States banking system.International benchmark Brent crude traded at $77.65 per... Read More

PH stocks up on acquisition of collapsed SVB; peso slips

MANILA – News about an investor buying deposits and loans of collapsed Silicon Valley Bank (SVB) lifted sentiments, resulting in the recovery of the local bourse’s main index on Tuesday, but the peso ended weaker.The Philippine Stock Exchange index (PSEi) rose by 0.12 percent, or 8.12... Read More

Diokno: Landbank-DBP merger to save gov't P5-B annually

MANILA – The proposed merger of the state-owned Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) is expected to result in savings of about PHP5 billion annually for the government. “For the projected operating cost savings due to the merger, (it)... Read More

BTr fully awards 7-year T-bond after rates fall

MANILA – The average rate of the seven-year Treasury bond (T-bond) fell on Tuesday, resulting in the full award of the debt paper at PHP25 billion. The rate of the securities slipped to 6.162 percent from 6.796 percent when it was last auctioned in January this year. Bids reached PHP46.9... Read More

MPIC invests P2-B in renewable energy firm

MANILA – Manny V. Pangilinan’s Metro Pacific Investments Corp. (MPIC) is investing in the Leviste family’s renewable energy (RE) firm SP New Energy Corp. (SPNEC), which aims to be the largest RE company in the country.In a disclosure to the Philippine Stock Exchange Tuesday, MPIC... Read More

T-bill rates up anew

MANILA – The Bureau of the Treasury (BTr) partially awarded both the 91- and 182-day Treasury bills (T-bills) on Monday but fully awarded the 364-day tenor following the upticks of the debt papers’ rates.It offered all tenors PHP5 billion each but awarded PHP1.428 billion worth of... Read More

Fitch Solutions eyes last BSP rate hike for 2023 in May

MANILA – With inflation expected to remain elevated in most of 2023, Fitch Solutions Country Risk and Industry Research forecasts another 25 basis points hike in the central bank’s key rates in May, seen as the last for the year. Last week, the Bangko Sentral ng Pilipinas’ (BSP)... Read More

PSEi slips ahead of economic data releases; peso almost flat

MANILA – The local bourse’s main index started the week in the negative territory ahead of the release of several major economic data releases both here and in the United States, while the peso finished the day sideways against the US dollar. The Philippine Stock Exchange index (PSEi)... Read More

India eyes stronger business presence in Ilocos Norte

LAOAG CITY – Officials of leading business companies in India visited the province of Ilocos Norte on Monday to establish linkages with the local government and business partners here.Dileep Tiwari, the managing director of Biocare Life Sciences Inc., said in an interview that they are looking... Read More

Oil prices down for 3 straight weeks

MANILA – Oil companies will implement another price rollback on March 28, bringing fuel prices down for three straight weeks.Starting 12:01 a.m. Tuesday, Caltex, Cleanfuel, Jetti, Phoenix Petroleum, Petro Gazz, Seaoil, Shell and Unioil will reduce gasoline prices by PHP0.85 per liter and... Read More

IMF: China will account for one-third of global growth in 2023

ANKARA–China is projected to give a significant boost to the world economy, accounting for about a third of global growth in 2023, the managing director of the International Monetary Fund said on Sunday.“The robust rebound means China is set to account for around one third of global... Read More

Australian gov’t to help PH lure infra investments

MANILA – The Australian government, through the Partnerships for Infrastructure (P4I) program, will help the Philippines to attract investments in key infrastructure projects. At the launching of the P4I in Pasay City Friday, Australian Ambassador to the Philippines Hae Kyong Yu PSM said the... Read More

BSP to cut RRR once inflation on sustainable downward path

MANILA – Any adjustment in banks’ reserve requirement ratio (RRR) will be done once domestic inflation rate is on sustainable downward path, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said. In an interview with journalists on Friday, Medalla said cutting the RRR now will... Read More

Medalla: BSP to focus on addressing inflation as peso stabilizes

MANILA – With the peso now stabilizing against the United States dollar, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said Friday they can now focus in further addressing the elevated inflation rate, which is expected to return to within-target levels by October 2023. In his... Read More

Expert: Fed's move to hike rates 'disappointing'

ISTANBUL -- The United States Federal Reserve raising interest rates once again despite the banking crisis is "disappointing," according to the chief economist at Moody's Analytics."The quarter percentage point rate hike won't be what breaks things, but it shows the Fed's willingness to take that... Read More

Biz groups: Spend con-con budget to priority projects

MANILA – Several business groups said Friday the government can shift the budget for the proposed constitutional convention (con-con) to priority projects and measures that will address the current challenges of Filipinos. In a joint statement, the Filipina CEO Circle, the Financial Executive... Read More

PH stocks up on Fed rate hike; peso almost flat

MANILA – Local shares mostly rallied on Friday after the 25 basis points increase in the Federal Reserve’s key rates on Thursday while the peso ended the week sideways against the United States dollar.The Philippine Stock Exchange index (PSEi) rose by 1.01 percent, or 65.81 points, to... Read More

Romualdez asks Filipino-Chinese community to help in job creation

MANILA – Speaker Ferdinand Martin G. Romualdez on Friday urged the Filipino-Chinese business community to help the government and Congress in creating more jobs so Filipinos would not have to go abroad for employment opportunities.“We hope we can count on the support of the federation in... Read More

BSP 28-day securities rate up, post undersubscription

MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bills registered undersubscription on Friday and its rate rose a day after the central bank again hiked its key rates. Data released by the central bank showed that the average rate of the debt paper rose to 6.7650 percent from... Read More

Innovation pushed to boost agri logistics, lower food prices

MANILA – Local food producers are proposing innovative ways to improve the overall system of transporting produce from the farm to the consumer to reduce the retail prices of agricultural goods.Speaking at the Philippine Chamber of Agriculture and Food, Inc. (PCAFI) press briefing Wednesday,... Read More