SC 76 operator finds prospective oil, gas deposits in Palawan

MANILA – The Department of Energy (DOE) bared Thursday that Israeli firm Ratio Petroleum, the operator of Service Contract (SC) 76, has found prospective oil and gas deposits in the north part of East Palawan Basin as a result of its exploration within the block.“Ratio Petroleum, the... Read More

DTI lures Japanese firms to expand operations in PH

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has encouraged Japanese companies to further invest and expand their operations in the Philippines.This, as Pascual accompanied President Ferdinand R. Marcos Jr. in his official working visit to Japan, where they met 11... Read More

Disney to layoff 7,000 workers

ISTANBUL – The Walt Disney Company announced Wednesday that it is cutting 7,000 jobs, or 3.2 percent of its workforce, as the company reorganizes amid economic uncertainty.The US-based multinational entertainment conglomerate said the laying off would save the company around US$5.5 billion in... Read More

Interest rates may go higher for longer than expected

ISTANBUL – United States Federal Reserve Governor Christopher Waller said Wednesday that interest rates may go higher for longer than expected as the central bank continues to fight inflation."Inflation remains quite elevated, and so more needs to be done," he said at the 2023 Arkansas State... Read More

C. Luzon inflation rate rises further to 9.8% in January

CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon continued to escalate to 9.8 percent in January 2023 from 9.0 in December 2022, based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office III (PSA-RSSO III).This is the highest... Read More

Gov't, biz urged to implement budget tagging on SDG initiatives

MANILA – Public and private sectors are encouraged to implement budget tagging on their initiatives related to Sustainable Development Goals (SDGs) to monitor the country's investments in achieving the SDG targets.During the Partners’ Event and Knowledge Café of the Joint Program... Read More

DTI identifies 4 key areas to curb inflation

MANILA – The Department of Trade and Industry (DTI) has identified four key areas which policies and programs should be intensified to curb the rising inflation.In a statement Wednesday, DTI said it will focus on monitoring consumer prices, improving the country’s logistics and supply... Read More

Stocks, peso recover after Powell speech on inflation

MANILA – The local bourse’s main index recovered on Wednesday after Federal Reserve Chair Jerome Powell noted the decelerating United States consumer price index (CPI), while the peso gained to a greenback.The Philippine Stock Exchange index (PSEi) rose by 0.61 percent, or 41.82 points,... Read More

BSP’s term deposit facility rates up

MANILA – The rates of both the seven- and 14-day term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday.Data released by the central bank showed that average rate of the one-week TDF increased to 6.3480 percent and that of the two-week facility to 6.3654... Read More

BOC-Port of Subic exceeds January collection target by P170M

SUBIC BAY FREEPORT – The Bureau of Customs-Port of Subic has made a good start this year as it recorded a PHP3.98 billion revenue collection in January, exceeding its target by 4.46 percent.In her report, Port of Subic District Collector Maritess Martin said on Wednesday that the Port of Subic... Read More

PH dollar reserves seen to improve

MANILA – An economist forecasts continued increase in the country’s dollar reserves, which improved to USD99.72 billion last January compared to the previous month’s level.Data released by the Bangko Sentral ng Pilipinas (BSP) Tuesday night showed that the January 2023 gross... Read More

December 2022 unemployment rate lowest in over 17 years

MANILA – The Philippine Statistics Authority (PSA) reported Wednesday that the country’s unemployment rate stood at 4.3 percent in December 2022.PSA Undersecretary Dennis Mapa said unemployment rate in December 2022 is the second lowest since April 2005, only behind the November 2022... Read More

BIR's P2.6-T collection goal achievable: authorities

MANILA – Finance authorities are optimistic about the achievement of the Bureau of Internal Revenue’s (BIR) PHP2.6 trillion revenues this year given the continued recovery of the domestic economy.In an interview after the BIR’s Tax Campaign kickoff at the Philippine International... Read More

BTr awards P162.18-B retail treasury bond

MANILA – The Bureau of the Treasury (BTr) awarded PHP162.18 billion worth of 5.5-year retail treasury bond (RTB), more than five times the PHP30-billion offer, due to strong demand during the rate-setting auction on Tuesday. The coupon rate of the debt paper is at 6.125 percent while the... Read More

Pampanga quarry income hits record-high P88.29M in Jan

CITY OF SAN FERNANDO, Pampanga – The provincial government of Pampanga collected some PHP88.29 million from its quarry industry in January this year, the highest it has recorded.The total revenues from sand and gravel are now at PHP2.056 billion since July 2019.Governor Dennis Pineda... Read More

Oil up over China's demand outlook, supply worries

IZMIR – Oil prices rose on Tuesday on sustained expectations of recovering demand in the world's largest oil importer, China, as well as supply concerns following two major earthquakes in Türkiye.International benchmark Brent crude traded at $82.14 per barrel at 09:48 a.m. local time... Read More

Stocks, peso end lower as January inflation hits 8.7%

MANILA – The local bourse’s main index declined anew on Tuesday partly due to acceleration in domestic inflation rate to 14-year high of 8.7 percent last January, and this performance was mirrored by the peso. The Philippine Stock Exchange index (PSEi) shed 0.80 percent, or 55.35... Read More

BOI okays inclusion of supply chain support in SIPP

MANILA – The Philippine Economic Zone Authority (PEZA) and the Board of Investments (BOI) have finally resolved the classification of ecozone logistics service enterprises (ELSEs) as “export enterprises” that could benefit from the perks under the Strategic Investment Priority Plan... Read More

Lucena's 'tinapa' top seller in DTI's 'Kalakal' store

LUCENA CITY – This city's One Town, One Product (OTOP), the gourmet "tinapa" or smoked fish is the top-selling product at the Kalakal-Quezon shop located at the Grand Central Terminal here.The store, a project of the Department of Trade and Industry (DTI) in the province, opened last week.In... Read More

Diokno eyes inflation to decelerate starting Q1

MANILA – The country’s inflation rate surged further to a fresh 14-year high of 8.7 percent in January, exceeding expectations and its likely peak in December 2022 but Finance Secretary Benjamin Diokno targets deceleration starting this quarter partly due to declining oil... Read More