Business
BIR exempts additional medicines from VAT
March 7, 2024, 4:14 pm
MANILA – The Bureau of Internal Revenue (BIR) said 20 additional medicines for cancer, hypertension and mental illness are now exempted from value-added tax (VAT). In a statement on Thursday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 34-2024 last March 5… Read More
PH needs $337-B clean energy investments by 2040
March 7, 2024, 3:44 pm
MANILA – A study of the Organisation for Economic Co-operation and Development (OECD) has revealed that the Philippines would need investments amounting to USD337 billion by 2040 to achieve clean energy goals. On Thursday, OECD and the Department of Energy (DOE) launched the Clean Energy Finance… Read More
US firms urged to invest in Clark ahead of Raimondo's PH trade mission
March 7, 2024, 3:06 pm
MANILA – The Bases Conversion and Development Authority (BCDA) Thursday said its top officials have met with United States-based companies ahead of the trade mission of US Secretary of Commerce Gina Riamondo here next week. The BCDA said its Chairman Delfin Lorenzana and its President and chief… Read More
PH manufacturing output grows in January
March 7, 2024, 2:56 pm
MANILA – The country's manufacturing sector output continued to grow in January this year, data from the Philippine Statistics Authority (PSA) showed. Results of the latest Monthly Integrated Survey of Selected Industries showed that the volume of production index (VoPI) grew by 1.9 percent in… Read More
PH digital banks sign up 8.7M deposit accounts
March 7, 2024, 2:30 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said 8.7 million deposit accounts have already been signed up with digital banks. BSP Director Melchor Plabasan said in a press chat Wednesday these deposit accounts were registered with six digital banks operating in the country, which represent 7… Read More
MPIC eyes another double-digit growth in 2024
March 6, 2024, 9:23 pm
MANILA – Magnate Manuel V. Pangilinan eyes 2024 as another banner year for Metro Pacific Investments Corp. (MPIC), reflecting the firm’s business confidence for the year. In a press conference at MPIC’s headquarters in Pasig City Wednesday, Pangilinan said the company targets for another… Read More
Instant cross-border digital remittance in ASEAN online by July 2026
March 6, 2024, 8:29 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan said Wednesday an instant cross-border digital remittance in Southeast Asia will be online by July 2026. In a press chat, Tangonan said central banks in the region target the… Read More
Japan Credit Rating Agency affirms PH credit rating
March 6, 2024, 7:06 pm
MANILA – The Japan Credit Rating Agency, Ltd. (JCR) on Wednesday kept the Philippines’ investment-grade credit rating of “A-” with a stable outlook. "The ratings mainly reflect the country’s high and sustained economic growth supported by solid domestic demand, a low-level external debt,… Read More
Stocks decline below 7,000-level, peso strengthens
March 6, 2024, 7:02 pm
MANILA – The local stock market dropped to 7,000 level, while the peso strengthened on mid-week's trading. The Philippine Stock Exchange index (PSEi) declined by 0.39 percent to 6,878.54. All Shares also went down by 0.46 percent to 3,587.59. "The local bourse dropped by 26.92 points (0.39%) to… Read More
PH to hit first $40-B ITBPM revenue in 2024
March 6, 2024, 5:45 pm
MANILA – The Information Technology and Business Process Association of the Philippines (IBPAP) is eyeing to hit its first USD40 billion revenue this 2024. IBPAP president and chief executive officer Jack Madrid said the IT and business process management (ITBPM) industry targets to grow 7… Read More
BSP raises term deposit facility volume offering
March 6, 2024, 5:35 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Wednesday raised the term deposit facility (TDF) volume to PHP270 billion. In a statement, BSP Deputy Governor Francisco Dakila Jr. said the allocation mix for the seven-day tenor was adjusted to PHP150 billion from PHP120 billion. The 14-day… Read More
DOF pushes for rationalization of mining fiscal regime
March 6, 2024, 4:15 pm
MANILA – The Department of Finance (DOF) said it is pushing for a simplified mining fiscal regime. In a statement on Wednesday, the DOF said the revised proposal for the Rationalization of the Mining Fiscal Regime proposes to impose a four-tier, margin-based royalty ranging from 1.5 percent to 5… Read More
Too soon to cut rates, BSP chief says
March 6, 2024, 1:34 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said it is too early to cut key rates even if fresh inflation data remains within the government target and the forecast of the central bank. In a press chat Wednesday, Remolona said the 3.4-percent inflation in February 2024… Read More
Ex-DTI chief Jose 'Joecon' Concepcion passes away at 92
March 6, 2024, 1:29 pm
MANILA – Jose ‘Joecon’ Concepcion Jr., founder of election watchdog National Movement for Free Elections (NAMFREL) and former Secretary of Trade and Industry, passed away on Wednesday. Concepcion, a former Chairman of the Board of RFM Corporation, was the epitome of the… Read More
PH seen achieving upper-middle income economy status in 7 years
March 5, 2024, 9:40 pm
MANILA – The Philippines can achieve upper-middle income economy status by the start of the next decade, given unimpeded economic reforms and sustained fiscal policy support, according to leaders in the business sector and the academe. They were reacting to a study released by Australia-based… Read More
NEDA eyes inclusion of e-motorcycles, hybrid vehicles in EO 12
March 5, 2024, 8:19 pm
MANILA – The National Economic and Development Authority (NEDA) and other relevant agencies have initiated discussions on the potential expansion of Executive Order (EO) 12 series of 2023 to cover e-motorcycles and hybrid vehicles. EO 12, which became effective on Feb. 20 last year, temporarily… Read More
PH, Australia antitrust bodies solidify partnership
March 5, 2024, 7:01 pm
MANILA – The antitrust bodies of the Philippines and Australia have strengthened their cooperation on advocacy and enforcement following the signing of a Memorandum of Understanding (MOU) in Canberra. In a statement Tuesday, the Philippine Competition Commission (PCC) said Chairperson Michael… Read More
Shares decline after release of inflation data, peso ends sideways
March 5, 2024, 6:34 pm
MANILA – Local shares declined on Tuesday following the inflation report for February 2024, while the peso closed sideways. The Philippine Stock Exchange index (PSEi) ended the day down by 0.67 percent at 6,905.46, with All Shares also declining by 0.41 percent to 3,604.27 level. Philstocks… Read More
BTr fully awards reissued Treasury bonds
March 5, 2024, 5:59 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the reissued seven-year Treasury bonds (T-bonds) during Tuesday's auction. With a remaining term of six years and 10 months, the reissued bond fetched an average rate of 6.27 percent. "The 7-year Treasury bond average auction yield at 6.27%… Read More
Decathlon sees PH as emerging market
March 5, 2024, 3:55 pm
MANILA – Global sports brand Decathlon has seen the Philippines as an emerging market for sports wearable and equipment. France-based Decathlon is expanding in the Philippines with the opening of its newest store in Cebu last March 1. This is the retail sports brand’s first store opening in… Read More
