Business

Hot money outflows hit $76 million in January

Hot money outflows hit $76 million in January

March 1, 2024, 1:16 pm

MANILA – Foreign portfolio investments or hot money registered with the Bangko Sentral ng Pilipinas (BSP) through authorized banks recorded net outflows of USD76 million in January this year. Data released by the BSP late Thursday showed that this resulted from the USD1.3-billion gross outflows… Read More

PXP remains on the lookout for energy exploration in PH

PXP remains on the lookout for energy exploration in PH

February 29, 2024, 11:01 pm

MANILA – Listed upstream oil and gas company PXP Energy Corp. remains interested in exploration activities for new sources of energy in the country. “PXP will assess and study other projects in the Philippines,” it disclosed to the Philippine Stocks Exchange on Thursday. It said the company… Read More

37% of consumers see PH going cashless by 2030

37% of consumers see PH going cashless by 2030

February 29, 2024, 9:07 pm

MANILA – One in three consumers, or 37 percent of the surveyed respondents, believes that the majority of Filipinos could be using cashless payment by 2030 as consumers become more comfortable in using mobile wallets and cards. The Annual Visa Consumer Payment Attitudes Study reported on… Read More

Meralco to help achieve DOE’s 2032 nuclear power target

Meralco to help achieve DOE’s 2032 nuclear power target

February 29, 2024, 8:30 pm Updated on March 1, 2024, 3:25 pm

MANILA – The Manila Electric Company (Meralco) has expressed its support to the government’s 2032 nuclear power target by installing 1,200 megawatts capacity using small modular reactor technologies. Meralco executive vice president and chief operating officer Ronnie Aperocho said in an… Read More

Budget deficit down in 2023

Budget deficit down in 2023

February 29, 2024, 8:15 pm

MANILA – The national government's budget deficit went down by 6.32 percent to PHP1.51 trillion last year from PHP1.61 trillion in 2022. "The narrower fiscal gap for the year was attributed to the 7.86% increase in revenue collection, surpassing the 3.42% growth in government spending," the… Read More

Fil-Chinese biz chamber favors pay hikes thru regional boards

Fil-Chinese biz chamber favors pay hikes thru regional boards

February 29, 2024, 8:00 pm

MANILA – Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) president Cecilio Pedro said Thursday they favor salary adjustments through the regional wage boards over a legislated pay increase. Pedro said in a press conference in Makati City that policymakers should… Read More

Stocks up, peso moves sideways

Stocks up, peso moves sideways

February 29, 2024, 7:54 pm

MANILA – The local stock market continued to recover while the peso moved sideways on Thursday. The Philippine Stock Exchange index (PSEi) went up by 0.99 percent, closing at 6,944.71, while All Shares likewise rose 0.48 percent to 3,609.06. Most of the sectoral gauges closed in the green –… Read More

PH top food ingredients, oleochemical producer to expand export market

PH top food ingredients, oleochemical producer to expand export market

February 29, 2024, 4:54 pm

MANILA – The country’s top manufacturer of food ingredients and oleochemicals is eyeing to expand its export market as it sees market volatility easing this year.  In a virtual press briefing Thursday, D&L president and chief executive officer Alvin Lao said the listed firm plans to tap… Read More

Puregold to hold monthly discount promo on basic goods

Puregold to hold monthly discount promo on basic goods

February 29, 2024, 3:35 pm

MANILA – Supermarket chain operator Puregold Price Club, Inc. will hold a discount promotion every first day of the month to soften the effects of increasing prices of basic goods on Filipino consumers.  On Friday, Puregold will launch its “Hakot Every1” to offer discounts on basic… Read More

Apple investing significantly to 'break new ground' in generative AI

Apple investing significantly to 'break new ground' in generative AI

February 29, 2024, 3:03 pm

ISTANBUL – Apple is investing significantly in generative artificial intelligence (AI) and will "break new ground" in this area, CEO Tim Cook said Wednesday. "Later this year, I look forward to sharing with you the ways we will break new ground in generative AI, another technology we believe… Read More

BSP forecasts February 2024 inflation between 2.8% and 3.6%

BSP forecasts February 2024 inflation between 2.8% and 3.6%

February 29, 2024, 2:19 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) projects February 2024 inflation to remain within the government's target range. In a statement on Thursday, the BSP said headline inflation will likely settle within the range of 2.8 to 3.6 percent. "Continued price increases for key food items,… Read More

DTI eyes establishing vape certification facilities

DTI eyes establishing vape certification facilities

February 29, 2024, 1:29 pm

MANILA – The Department of Trade and Industry (DTI) is planning to establish vape certification facilities in the country as part of the government's heightened enforcement operations against illegal vape products. In a statement on Thursday, the Trade department said Secretary Alfredo Pascual… Read More

PSEi recovers, peso weakens further

PSEi recovers, peso weakens further

February 28, 2024, 9:15 pm

MANILA – A wait-and-see stance for the release of the US’ January 2024 consumption expenditure data allowed the local bourse’s main index to take a breather but the peso weakened anew on Wednesday. The Philippine Stock Exchange index (PSEi) rose by 0.23 percent to 6,876.52 points and the… Read More

Filinvest Land posts record 30% growth in profit for 2023

Filinvest Land posts record 30% growth in profit for 2023

February 28, 2024, 8:48 pm

MANILA – Filinvest Land, Inc. (FLI) reported a net income attributable to equity holders of the parent totaling PHP3.77 billion based on its audited financial statements, posting a record 30-percent increase compared to the previous year. FLI's total consolidated revenues and other income rose… Read More

DA exec pushes more funding for bamboo dev't program

DA exec pushes more funding for bamboo dev't program

February 28, 2024, 5:49 pm

MANILA – The Department of Agriculture (DA) is urging national agencies involved in advancing the government’s bamboo industry development program to commit funds to the effort to move it forward. In an interview on Wednesday, Agriculture Undersecretary Deogracias Victor Savellano said the… Read More

BTr lists record-high 5-year retail treasury bonds

BTr lists record-high 5-year retail treasury bonds

February 28, 2024, 5:44 pm

MANILA – The Bureau of the Treasury (BTr) on Wednesday listed before the Philippine Dealing and Exchange Board its five-year retail treasury bonds (RTB) due on Feb. 28, 2029, which registered a record volume of PHP584.86 billion. The debt paper has a coupon rate of 6.25 per year and is 19 times… Read More

Survey sees increasing demand for Pinoys with overseas experience

Survey sees increasing demand for Pinoys with overseas experience

February 28, 2024, 4:43 pm

MANILA – Companies in the Philippines are interested in hiring Filipino professionals with overseas experience for key leadership positions, according to the latest local salary survey by the global specialist recruitment firm Robert Walters. According to the results of the 2024 Salary Survey… Read More

Toyota recalls 280K vehicles in US over unexpected movement concerns

Toyota recalls 280K vehicles in US over unexpected movement concerns

February 28, 2024, 3:39 pm

ISTANBUL – Japanese multinational automaker Toyota is recalling 280,663 vehicles in the US amid concerns over unexpected movement. "Certain parts of the transmission may not immediately disengage when the vehicle is shifted to the neutral position," US' National Highway Traffic Safety… Read More

SEC suspends sign-up of 2.3K firms in Bicol

SEC suspends sign-up of 2.3K firms in Bicol

February 28, 2024, 3:14 pm

LEGAZPI CITY – The Securities and Exchange Commission (SEC) suspended more than 2,000 corporations in Bicol for failing to submit their annual reports. In an interview on Wednesday, Arlyn Joy Alarcon, SEC-Bicol information officer, said based on the suspension order from their company… Read More

Meralco secures 400-MW interim power supply requirement

Meralco secures 400-MW interim power supply requirement

February 27, 2024, 9:53 pm

MANILA – The Manila Electric Company (Meralco) on Tuesday announced that it secured a 400-megawatt interim power supply requirement following a successful Competitive Selective Process (CSP). Meralco awarded the 400-MW Interim Power Supply Agreement (IPSA) to Limay Power, Inc. as it offered a… Read More