Business

Power firm supplies more electricity to off-grid areas

Power firm supplies more electricity to off-grid areas

January 8, 2024, 4:39 pm

MANILA – In line with the administration’s goal of ensuring a stable supply of electricity across the country, listed power generation firm DMCI Power Corp. (DPC) supplied more electricity to off-grid areas in 2023. In a disclosure to the Philippine Stock Exchange (PSE) Monday, its parent… Read More

Diokno: PH's robust economic growth to continue in 2024

Diokno: PH's robust economic growth to continue in 2024

January 8, 2024, 4:22 pm

MANILA – Philippine economic growth is expected to remain robust this year mainly driven by private consumption and the continued implementation of structural reforms, Finance Secretary Benjamin Diokno said on Monday. "While multilateral organizations project a slower global outlook for 2024 at… Read More

Dividends from GOCCs up by 46% in 2023

Dividends from GOCCs up by 46% in 2023

January 8, 2024, 4:19 pm

MANILA – The Finance department's Privatization and Corporate Affairs Group collected a total of PHP99.98 billion in dividends from government-owned or -controlled corporations (GOCCs) last year. In a statement on Monday, the Department of Finance (DOF) said this was higher by 46 percent… Read More

House pursues programs to continue bringing down inflation

House pursues programs to continue bringing down inflation

January 7, 2024, 4:06 pm

MANILA – The reported decline in inflation meant that the intervention programs implemented by the administration of President Frerdinand Marcos Jr. in the last quarter of 2023 have yielded positive results, according to House Speaker Ferdinand Martin Romualdez on Sunday. To further bring down… Read More

DTI: Small percentage of basic goods to increase SRPs

DTI: Small percentage of basic goods to increase SRPs

January 7, 2024, 3:32 pm

MANILA – The Department of Trade and Industry (DTI) has concurred with the request of some manufacturers to increase suggested retail prices (SRPs) of products under basic necessities and prime commodities (BNPC). DTI Assistant Secretary Amanda Marie Nograles told trade reporters over the… Read More

PH surpasses Malaysia, Thailand in net foreign direct investment

PH surpasses Malaysia, Thailand in net foreign direct investment

January 7, 2024, 1:21 pm

MANILA – The Philippines has surpassed the net foreign direct investment (FDI) inflows of Malaysia and Thailand in the first three quarters of 2023, Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said. In a press chat with trade reporters Friday, Rodolfo said the… Read More

Local stock market up as inflation further eases, peso ends sideways

Local stock market up as inflation further eases, peso ends sideways

January 5, 2024, 7:30 pm

MANILA – The local stock market ended the last trading day of the week above the 6,600 level, boosted by the better-than-expected December 2023 inflation data, while the peso moved sideways. The Philippine Stock Exchange index (PSEi) and All Shares both gained, the former with 27.12 points to… Read More

BSP to impose check clearing, settlement reforms

BSP to impose check clearing, settlement reforms

January 5, 2024, 4:46 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) has issued amendments to the regulations on the return of banks’ bounced checks, and on the rollout of the Intraday Settlement Facility (ISF). The BSP issued the circular containing the amendments to the check clearing and settlement regulations… Read More

Global economic growth estimated to slow to 2.4% in 2024 - UN report

Global economic growth estimated to slow to 2.4% in 2024 - UN report

January 5, 2024, 4:38 pm

WASHINGTON – Global economic growth is projected to decline from an estimated 2.7 percent in 2023 to 2.4 percent in 2024, according to a UN report released Thursday. The World Economic Situation and Prospects report said growth is forecast to improve moderately to 2.7 percent in 2025 but will… Read More

DOE wants NGCP's system operator function stripped off

DOE wants NGCP's system operator function stripped off

January 5, 2024, 4:06 pm Updated on January 5, 2024, 5:23 pm

MANILA – Department of Energy (DOE) Secretary Raphael Lotilla on Friday reiterated the agency’s support to revisit the franchise of the National Grid Corporation of the Philippines (NGCP), following the three-day power outage in Western Visayas that started on Jan. 2. In a press conference in… Read More

Inflation falls to 22-month low in December 2023

Inflation falls to 22-month low in December 2023

January 5, 2024, 12:58 pm

MANILA – Headline inflation further eased to 3.9 percent in December last year, the lowest recorded since the 3 percent seen in February 2022. In a briefing on Friday, National Statistician Dennis Mapa said the headline inflation last month was lower than the 4.1 percent in November 2023, and… Read More

BSP developing foreign exchange intervention framework

BSP developing foreign exchange intervention framework

January 4, 2024, 8:10 pm

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said Thursday the central bank would develop this year a foreign exchange (FX) intervention framework. "We're developing a framework for intervention. We think intervention should only happen during times of stress. It's meant… Read More

PSEi breaches 6,600 mark ahead of inflation data, peso ends sideways

PSEi breaches 6,600 mark ahead of inflation data, peso ends sideways

January 4, 2024, 7:50 pm

MANILA – The Philippine Stock Exchange index (PSEi) exceeded the 6,600 level on Thursday, while the peso closed sideways ahead of the inflation report. The PSEi surged by 103.64 points to 6,602.52, with All Shares increasing by 35.52 points to 3,485.76. "The index surged above the 6,600 level… Read More

Maharlika head identifies sectors for possible investments

Maharlika head identifies sectors for possible investments

January 4, 2024, 6:14 pm

MANILA – The Maharlika Investment Corp. (MIC), which will govern the Maharlika Investment Fund (MIF), discussed the fund's capitalization and potential sectors for investment during its first board meeting on Wednesday. In a statement on Thursday, the Department of Finance (DOF) said that during… Read More

CREATE law attracts more than P1-T investments

CREATE law attracts more than P1-T investments

January 4, 2024, 4:10 pm

MANILA – More than 900 projects with total investments of PHP1.02 trillion have so far been approved under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as of end-October last year, the Department of Finance (DOF) said on Thursday. In a Facebook post, the DOF said a… Read More

Meralco procures 660-MW power supply for dry season

Meralco procures 660-MW power supply for dry season

January 4, 2024, 1:54 pm

MANILA – In preparation for higher electricity demand during the dry season, the Manila Electric Company (Meralco) has started the Competitive Selection Process (CSP) for the 660 megawatts (MW) interim power supply. Meralco said Thursday that it has opened the bidding for the 660-MW power… Read More

PH shares mirror drop in US marts as peso rebounds Wednesday

PH shares mirror drop in US marts as peso rebounds Wednesday

January 3, 2024, 7:23 pm

MANILA – After gaining on the first day of trading this year, local shares fell on Wednesday, mirroring drops in the United States’ markets, while the peso rebounded. The benchmark Philippine Stock Exchange index (PSEi) shed 55.16 points to 6,498.88 points, with the broader All Shares… Read More

Full power restoration in W. Visayas eyed Jan. 5

Full power restoration in W. Visayas eyed Jan. 5

January 3, 2024, 7:19 pm

MANILA – The Department of Energy (DOE) said on Wednesday that electricity services in Western Visayas is expected to be fully restored by Friday (Jan. 5) once the grid synchronization of power plants is completed. The DOE said the grid is waiting for the 135 megawatts load from the Palm… Read More

Bureau of the Treasury fully awards T-bonds

Bureau of the Treasury fully awards T-bonds

January 3, 2024, 4:32 pm

MANILA – The Bureau of the Treasury (BTr) on Wednesday fully awarded the new three-year Treasury bonds (T-bonds). The coupon rate was set at 6 percent. The auction was 1.8 times oversubscribed as the total submitted bids amounted to PHP53.3 billion. The BTr raised the full program of PHP30… Read More

Economist: 2023 unemployment rate could ease; more jobs up for 2024

Economist: 2023 unemployment rate could ease; more jobs up for 2024

January 3, 2024, 4:19 pm

MANILA – The country's unemployment rate during the tail-end of 2023 could further improve due to the high demand during the Christmas season and possibly more job opportunities in 2024, an economist said on Wednesday. Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said… Read More