Business
Meralco braces for higher demand during dry season, El Niño
February 26, 2024, 8:59 pm
MANILA – Manila Electric Company (Meralco) executives said the firm has been preparing for higher electricity demand amid the nearing dry season and the ongoing El Niño. In a press briefing at its headquarters in Pasig City on Monday, Meralco executive vice president and chief operating… Read More
Updating Constitution to help achieve PDP targets: NEDA
February 26, 2024, 8:58 pm
MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Monday underscored the importance of updating the economic provisions in the Constitution to attract more foreign direct investments (FDI) and help achieve the Philippine Development Plan (PDP) 2023-2028… Read More
Profit-taking snaps PSEi’s 4-day rally, peso weak
February 26, 2024, 8:42 pm
MANILA – Both the local bourse and local currency finished Monday's trading weak, with shares falling below the 6,900 mark and the peso closing at 56-level. The Philippine Stock Exchange index (PSEi) declined by 21.72 points to 6,891.49 points, putting a stop to its four-day rally. All Shares… Read More
DOF vows to secure add'l funding for Metro Manila Subway
February 26, 2024, 7:55 pm
MANILA – Finance Secretary Ralph Recto said the third tranche of the loan agreement with the Japan International Cooperation Agency (JICA) for the Metro Manila Subway is expected to be secured by March this year. "The DOF (Department of Finance) is fully committed to securing the funding for… Read More
Oil firms to slash pump prices
February 26, 2024, 5:49 pm
MANILA – Oil companies will implement price cuts on fuel products on Tuesday after big-time hikes last week. Starting 12:01 a.m., Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Unioil will slash gasoline prices by PHP0.70 per liter and diesel by PHP0.95 per liter. Caltex, Seaoil, and… Read More
Gov’t to bid out 8 areas for coal, petroleum, hydrogen exploration
February 26, 2024, 4:51 pm
MANILA – The Department of Energy (DOE) launched on Monday eight predetermined areas (PDAs) for exploration, development, and production of indigenous energy sources across the country. Four of these are in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), three of which are for… Read More
Mixed results mark T-bills auction
February 26, 2024, 3:15 pm
MANILA – Results were mixed during Monday's Treasury bills (T-bills) auction as the Bureau of the Treasury (BTr) fully awarded bids for the 91- and 364-day T-bills while partially awarding the 182-day securities. The 91-day, 182-day and 364-day T-bills fetched an average rate of 5.710 percent,… Read More
Meralco to invest P100B for sustainability projects until 2030
February 26, 2024, 5:00 am
MANILA – The country’s largest distribution utility (DU) Manila Electric Company (Meralco) is investing PHP100 billion until 2030 for its projects that will ensure energy security while addressing the challenges posed by climate change. "With sustainability deeply embedded in Meralco's… Read More
Gov’t raises PHP584-B from Retail Treasury Bond offering
February 26, 2024, 12:05 am
MANILA –The Bureau of the Treasury (BTr) raised a total of PHP584.86 billion through the issuance of the 30th tranche of Retail Treasury Bonds (RTBs). In a statement, the BTr said that of the PHP584.86 billion, PHP212.72 billion was awarded at the rate-setting auction on Feb. 13. The BTr said an… Read More
Chamber of Mines to fully implement sustainability initiative
February 25, 2024, 12:21 pm
MANILA – The Chamber of Mines of the Philippines (COMP) said its 19 member-companies will fully implement the Towards Sustainable Mining (TSM) initiative, a global environmental, social, and corporate governance performance measurement standard. In a statement over the weekend, COMP said TSM… Read More
Pascual to lead PH delegation in upcoming WTO MC13
February 24, 2024, 6:50 pm
MANILA – Department of Trade and Industry (DTI) Secretary Fred Pascual will lead the Philippine delegation in the 13th World Trade Organization (WTO) Ministerial Conference (MC13) in Abu Dhabi, United Arab Emirates on Feb. 26 to 29. Accompanying Pascual are officials from the House of… Read More
Social network firm Reddit files for initial public offering in US
February 24, 2024, 5:31 pm
ISTANBUL – US-based social network firm Reddit filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), which is a first for a social media company since 2019. "Our revenue for the years ended December 31, 2022 and 2023 was USD666.7 million and USD804.0 million,… Read More
PH index rallies on 4th day, peso weakens
February 23, 2024, 8:09 pm
MANILA – The Philippine Stock Exchange index (PSEi) continued its gains, ending the week on a four-day rally, while the peso closed weaker but did not fall to 56-level. The PSEi closed the week at 6,913.21, gaining 10.6 points, with All shares finishing higher by 6.29 points to 3,608.12 level.… Read More
1,200-MW nuclear power capacity using SMR technologies eyed in 2032
February 23, 2024, 6:52 pm
MANILA – Department of Energy (DOE) top and senior officials said the agency is targeting to get a 1,200-megawatt installed power capacity from nuclear resources using small modular reactor (SMR) technologies by 2032. This was confirmed by DOE Secretary Raphael Lotilla as well as… Read More
Over 145 million coins deposited through coin deposit machines
February 23, 2024, 6:42 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said PHP510 million worth of coins have been deposited through its coin deposit machines (CoDMs). The BSP said the amount is equivalent to 145.5 million pieces of coins from over 134,000 transactions. BSP Deputy Governor Bernadette Romulo-Puyat… Read More
ECOP urges House to carefully study probable impact of P100 wage hike
February 23, 2024, 6:22 pm
MANILA – The Employers’ Confederation of the Philippines (ECOP) on Friday appealed to the House of Representatives to be prudent when deliberating on its own version of the legislated wage hike bill. In an interview, ECOP president Sergio Ortiz-Luis Jr. urged lawmakers to heed economic… Read More
European Central Bank sees first annual loss in two decades
February 23, 2024, 5:36 pm
ISTANBUL – The European Central Bank (ECB) recorded a 1.3 billion euro (USD1.41 billion) loss in 2023, the first annual loss since 2004, according to a financial statement it released Thursday. "This loss takes into account the full release of the provision for financial risks, amounting to… Read More
100% Danish RE projects get green lane treatment anew
February 23, 2024, 3:32 pm
MANILA – Copenhagen Infrastructure New Market Fund (CI NMF) Philippines Corp., a 100-percent Danish energy company, secured another endorsement for green lane treatment from the One-Stop Action Center for Strategic Investments (OSAC-SI). The Board of Investments (BOI) on Friday said its OSAC-SI… Read More
Economist sees February inflation at 3%
February 23, 2024, 3:16 pm
MANILA – Headline inflation will likely continue to settle within the government's target but a slight pick up may be seen due to base effects and higher prices of oil, an economist said. Rizal Commercial Banking Corporation chief economist Michael Ricafort told the Philippine News Agency on… Read More
NEDA: P100 wage hike to affect inflation, growth, unemployment rate
February 22, 2024, 7:54 pm
MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday warned that the proposed PHP100 wage hike will create negative effects on inflation and economic growth, and increase unemployment rate. "Well, our position at NEDA is, it’s not the right time… Read More
