Business

Diesel prices up, kerosene down

Diesel prices up, kerosene down

December 18, 2023, 7:08 pm

MANILA – Oil companies will adjust pump prices of petroleum products starting Dec. 19. In separate announcements on Monday, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil and Shell announced a PHP0.10 per liter increase for diesel. However, Caltex, Seaoil and Shell will reduce kerosene prices by… Read More

Stocks flat, peso weakens

Stocks flat, peso weakens

December 18, 2023, 7:07 pm

MANILA – The local stock barometer closed almost flat while the peso depreciated on Monday. The Philippine Stock Exchange index (PSEi) shed 2.94 points to close at 6,475.50. All Shares gained 6.59 points to close at 3,416.14. "Philippine shares finished the session flat, as stocks consolidated… Read More

US agency's resumption of grant 'vote of confidence' in Marcos admin

US agency's resumption of grant 'vote of confidence' in Marcos admin

December 17, 2023, 6:05 pm

MANILA – Department of Finance (DOF) Secretary Benjamin Diokno has welcomed the United States Millennium Challenge Corporation’s (MCC) decision to re-engage with the Philippines through the development of threshold programs that will support policy and institutional reforms towards economic… Read More

PH-Korea deal looms on Bataan nuclear plant feasibility study

PH-Korea deal looms on Bataan nuclear plant feasibility study

December 17, 2023, 5:02 pm

MANILA – The Department of Energy (DOE) is mulling a memorandum of understanding (MOU) with Korea Hydro and Nuclear Power Co., Ltd. (KHNP) that will pave the way for the conduct of a feasibility study on the Bataan Nuclear Power Plant (BNPP). DOE Undersecretary Sharon Garin told the Philippine… Read More

IMF: PH to grow 5.3% in 2023

IMF: PH to grow 5.3% in 2023

December 17, 2023, 4:48 pm

MANILA – The International Monetary Fund (IMF) expects the country's gross domestic product (GDP) to grow faster in the second half of the year and further accelerate in 2024.  "Real GDP growth is expected to bounce back in the second half of 2023 and reach 6 percent in 2024, supported by an… Read More

Privatization and Management Office remits PHP1.2B to nat’l treasury

Privatization and Management Office remits PHP1.2B to nat’l treasury

December 17, 2023, 2:54 pm

MANILA – The Privatization and Management Office (PMO) has remitted Php1.210 billion to the Bureau of the Treasury, the Department of Finance (DOF) said. The amount exceeded the target by 84.6 percent and also surpassed the performance from 2018 to 2021, DOF data showed. "Their target is PHP500… Read More

DBCC revises 2024 forecast, proposes P6.12-T budget in 2025

DBCC revises 2024 forecast, proposes P6.12-T budget in 2025

December 15, 2023, 8:45 pm

MANILA – The Development Budget Coordination Committee (DBCC) has kept the gross domestic product (GDP) growth outlook for this year and revised downward its growth forecast. In a statement Friday, the DBCC said it maintained the growth projection of 6 percent to 7 percent this year after the… Read More

BSP sees easing of surplus in 2024

BSP sees easing of surplus in 2024

December 15, 2023, 8:31 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) projected that the country’s balance of payments (BOP) for 2023 and 2024 will post surpluses but will be narrower next year. In a statement Friday, the central bank forecast that the country’s surplus as of the fourth quarter of 2023 is seen to… Read More

Pursue economic goals amid stable pump prices: oil exec

Pursue economic goals amid stable pump prices: oil exec

December 15, 2023, 8:10 pm

MANILA – A local oil executive on Friday said relatively low prices of petroleum products in the country present a good opportunity for the government to focus on food security goals and for private businesses to pursue expansion targets. In an interview, Eastern Petroleum chairperson Fernando… Read More

ADB, PH sign 2 loan deals

ADB, PH sign 2 loan deals

December 15, 2023, 3:23 pm

MANILA – The Philippine government, through the Department of Finance (DOF), and the Asian Development Bank (ADB) signed on Friday the first tranche of the financing for the Bataan-Cavite Interlink Bridge (BCIB) and the Infrastructure Preparation and Innovation Facility-Second Additional… Read More

109 PPP projects worth PHP2.4-T in the pipeline

109 PPP projects worth PHP2.4-T in the pipeline

December 15, 2023, 2:35 pm

MANILA -- The Public-Private Partnership (PPP) Center has 109 projects in the pipeline for undertaking between the government and private sectors that can boost the Marcos administration’s Build Better More infrastructure program, its Deputy Executive Director Eleazar Ricote said.  In a press… Read More

British commerce chamber in PH bares wish list to gov’t for 2024

British commerce chamber in PH bares wish list to gov’t for 2024

December 14, 2023, 8:50 pm

MANILA – The British Chamber of Commerce of the Philippines (BCCP) has listed its requests to the Marcos administration for 2024 that aim to attract more foreign investments, especially those coming from the United Kingdom (UK). On top of its wish list, BCCP executive director Chris Nelson said… Read More

Bakers, retailers: Noche Buena food prices to remain stable

Bakers, retailers: Noche Buena food prices to remain stable

December 14, 2023, 8:26 pm

MANILA – Prices of highly-in-demand food products are expected to remain stable throughout the Christmas season despite upward price movements in certain imported items and upticks in manufacturers' operational expenses. In an interview on Thursday, Lucito Chavez, president of the Asosasyon ng… Read More

PSEi, peso close strong on dovish Fed outlook

PSEi, peso close strong on dovish Fed outlook

December 14, 2023, 7:55 pm

MANILA – The local index and the Philippine peso finished the day strong on Thursday following the dovish outlook of the United States’ central bank. “This Thursday, the local market rose by 154.74 points (2.47 percent) to 6,410.48 as investors cheered the Federal Reserve’s dovish outlook… Read More

DOE braces for El Niño's impact on power

DOE braces for El Niño's impact on power

December 14, 2023, 6:44 pm

MANILA – Department of Energy (DOE) Secretary Raphael Lotilla said Thursday there is an adequate power supply next year despite the weather bureau forecast that El Niño will likely extend up to second quarter of 2024. In a press briefing in Taguig City, Lotilla said even with sufficient power… Read More

BSP maintains policy rates

BSP maintains policy rates

December 14, 2023, 6:41 pm

MANILA – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) kept the policy rates unchanged on Thursday. "After its meeting on monetary policy today, the Monetary Board decided to keep the BSP’s Target Reverse Repurchase (RRP) Rate unchanged at 6.50 percent. Accordingly, the interest… Read More

NDC eyes investing P31-B in 18 projects

NDC eyes investing P31-B in 18 projects

December 14, 2023, 2:47 pm

MANILA – The National Development Company (NDC), the investment arm of the Department of Trade and Industry (DTI), is evaluating 18 projects to invest into. NDC General Manager Anton Mauricio said Thursday that the state-owned enterprise is eyeing to invest around PHP30.72 billion for these… Read More

PTTC, food firm partner to help retirees engage in entrepreneurship

PTTC, food firm partner to help retirees engage in entrepreneurship

December 13, 2023, 8:30 pm

MANILA – The Philippine Trade Training Center (PTTC) of the Department of Trade and Industry (DTI) and listed food manufacturing company Monde Nissin Corp. have partnered to equip the firm’s retirees with entrepreneurial skills that will help them transition into their careers. On Wednesday,… Read More

PSEi sheds, peso weakens to P56-level Wednesday

PSEi sheds, peso weakens to P56-level Wednesday

December 13, 2023, 8:09 pm

MANILA – Both the local shares and currency finished the day with losses. The benchmark Philippine Stock Exchange index (PSEi) shed 36.65 points at 6,255.74, with All Shares also down by 14.32 points at 3,339.14. All counters closed in the red territory except for Services, which inched up by… Read More

Romblon seen sustaining economic growth momentum

Romblon seen sustaining economic growth momentum

December 13, 2023, 5:28 pm

ROMBLON, Romblon – The provincial economy is expected to have sustained its growth momentum in 2023, if its performance last year gives any indication, according to the Philippine Statistics Authority (PSA). In an interview on Wednesday, Jonny Solis, chief statistical specialist at PSA Romblon,… Read More