Business

Meralco opens bidding for 400MW power supply

Meralco opens bidding for 400MW power supply

June 21, 2024, 7:19 pm

MANILA – The Manila Electric Company (Meralco) has initiated the Competitive Selection Process (CSP) for 400 megawatts (MW) of power supply to meet the increasing energy demand starting next year. This follows the Department of Energy’s (DOE) issuance of a Certificate of Conformity to… Read More

Stocks down on foreign net selling, peso closes flat

Stocks down on foreign net selling, peso closes flat

June 21, 2024, 6:08 pm

MANILA – The local stock market ended the last trading day of the week in the negative territory due to net foreign selling, while the peso closed almost flat. The Philippine Stock Exchange index (PSEi) dropped 186.08 points to 6,158.48, while the broader All Shares also fell 65.11 points to… Read More

Economist: BSP likely to maintain policy rates next week

Economist: BSP likely to maintain policy rates next week

June 21, 2024, 4:20 pm

MANILA – The Bangko Sentral ng Pilipinas' (BSP) Monetary Board will likely keep policy rates unchanged during its meeting next week, an economist said. In a Viber message on Friday, Rizal Commercial Banking Corporation chief economist Michael Ricafort said the BSP will likely match the United… Read More

Recto urges Japanese firms to invest in PH

Recto urges Japanese firms to invest in PH

June 21, 2024, 2:20 pm

MANILA – Finance Secretary Ralph Recto urged Japanese investors to invest in the Philippines and assured them that ongoing amendments to the country’s fiscal incentives system will address their key concerns. "To begin with, the Philippines is booming and has all the makings of a tiger… Read More

PSEi down on investors’ wait-and-see mode, peso almost flat

PSEi down on investors’ wait-and-see mode, peso almost flat

June 20, 2024, 7:44 pm

MANILA – The local stock barometer continued to decline for the seventh straight day as investors remained on a wait-and-see mode, while the peso closed sideways. The benchmark Philippine Stock Exchange index (PSEi) finished the day decreasing by 0.34 percent to 6,344.56, while the broader All… Read More

BIR: Tax liability of seized cigarettes, vape reaches P7.2-B

BIR: Tax liability of seized cigarettes, vape reaches P7.2-B

June 20, 2024, 7:20 pm

MANILA – The total tax liability from the confiscated illicit cigarettes and vape products this year has already amounted to more than PHP7 billion, the Bureau of Internal Revenue (BIR) said. "Ito pong nahuli natin ngayong taon pa lang na ito ay marami-rami na ‘no. Sa sigarilyo, mahigit… Read More

P2.32-T investments endorsed for green lane treatment

P2.32-T investments endorsed for green lane treatment

June 20, 2024, 3:51 pm

MANILA – The Board of Investments (BOI) One-Stop Action Center for Strategic Investments (OSAC-SI) has issued green lane certificates to 74 projects with total capital amounting to around PHP2.321 trillion as of Thursday. Data provided by the BOI to trade reporters showed that the majority, or… Read More

BIR allows use of remaining ORs until fully consumed

BIR allows use of remaining ORs until fully consumed

June 20, 2024, 3:35 pm

MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. has ordered the bureau to allow the use of the remaining official receipts until they are fully consumed, instead of only until Dec. 31, 2024. In a statement on Thursday, the BIR said the pronouncement is included in… Read More

PH records $2-B balance of payments surplus in May

PH records $2-B balance of payments surplus in May

June 20, 2024, 10:03 am

MANILA – The country's balance of payments (BOP) posted a surplus in May this year, a reversal from the deficit recorded in the same month last year. Data released by the Bangko Sentral ng Pilipinas (BSP) Wednesday showed that the BOP position last month recorded a surplus of USD2 billion, a… Read More

PCCI urges gov’t to look at power subsidy as key to lure investors

PCCI urges gov’t to look at power subsidy as key to lure investors

June 19, 2024, 7:30 pm

MANILA – The Philippine Chamber of Commerce and Industry (PCCI) has urged the government to consider power subsidy as a key policy to attract investments into the country. During its Power Summit 2024 in Makati City Wednesday, PCCI president Enunina Mangio said reliable energy supply and… Read More

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