Business
BSP eyes February 2019 inflation between 3.7-4.5%
February 28, 2019, 9:56 pm
MANILA -- Higher domestic oil prices as well as higher electricity rates are seen as the primary drivers of inflation in February 2019, which the Bangko Sentral ng Pilipinas (BSP) forecasts to range between 3.7-4.5 percent. In a statement Thursday, the BSP said its Department of Economic Research… Read More
Petron to hike LPG prices Friday
February 28, 2019, 9:40 pm
MANILA -- Petron Corp. announced that it will implement another increase in the prices of its liquefied petroleum gas (LPG) products effective Friday amid rising contract prices in the world market. In an advisory, the company said a PHP2.90-per-kg. increase will be implemented for cooking gas to… Read More
GCash, CIMB partner for mobile savings wallet
February 28, 2019, 9:37 pm
MANILA -- Mobile wallet provider GCash and CIMB, which have all-digital banking operations in the Philippines, joined hands to provide the first-ever mobile savings wallet in the country, GSave. In a briefing Thursday, Mynt head of Savings Kim Aimei Seng said GSave offers a higher interest rate of… Read More
Foreign investment pledges hit P179-B in 2018
February 28, 2019, 7:31 pm
MANILA -- Approved foreign investment (FI) commitments surged 69.3 percent to PHP179 billion in 2018 from PHP105.7 billion the previous year, as the country’s strong economic fundamentals continued to attract investors from beyond Philippine shores. The Philippine Statistics Authority (PSA) on… Read More
Peso posts new high; PSEi down on negative corporate reports
February 28, 2019, 6:54 pm
MANILA -- Optimism that the ongoing US-China trade negotiations would bear fruit boosted the Philippine peso on Thursday but the main equities index fell due to uninspiring developments in the corporate front. The peso ended the day at 51.7 to the dollar, better than its 51.91 close a day ago and… Read More
TDF rates mixed, all tenors oversubscribed
February 28, 2019, 1:33 pm
MANILA -- The rates of Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) registered mixed results after Wednesday's auction, but all tenors ended up oversubscribed. Data released by the central bank showed that rate of the seven-day facility fell to 5.1027 percent from 5.1248… Read More
DA gets P5-B to cushion impact of rice import liberalization
February 28, 2019, 1:18 pm
MANILA — Budget Secretary Benjamin E. Diokno said that PHP5 billion has already been released under the 2018 national budget to protect farmers from the possible adverse effects of the lifting of the Minimum Access Volume (MAV) on rice. Last December 2018, a Special Allotment Release Order… Read More
Peso up, PSEi slips on Fed's key rate outlook
February 27, 2019, 9:42 pm
MANILA -- The Philippine peso ended Wednesday at its nine-month high against the US dollar but the benchmark for local share prices slipped partly due to wait-and-see stance statement from Federal Reserve chair Jerome Powell. The peso ended the day at 51.91 from 52.025 a day ago, which Bank of the… Read More
Gaming, outsourcing to drive office space demand in 2019
February 27, 2019, 9:01 pm
MANILA -- The country’s office property market will continue to benefit from the presence of Philippine offshore gaming and outsourcing sector (POGO), real estate service firm KMC Savills said on Wednesday. “I think the POGO phenomenon is here to stay. The POGOs are able to make an incredible… Read More
Fuel marking to start in March
February 27, 2019, 8:48 pm
MANILA - - About 15.2 billion liters of imported and locally-produced gasoline, diesel and kerosene will be subjected to fuel marking this year. Of the total, the Bureau of the Customs (BOC) will mark some 6.8 billion liters of imported fuel while the Bureau of Internal Revenue (BIR) will be in… Read More
Manila Water posts P6.5-B net income in 2018
February 27, 2019, 8:21 pm
MANILA -- Manila Water continued on its path to growth in 2018, posting net income increase of six percent from the previous year to reach PHP6.5 billion. This was largely driven by the steady performance of the Manila Concession, bolstered by the approval of its positive tariff adjustment and… Read More
S&P Global puts PH in better BICRA group
February 27, 2019, 8:04 pm
MANILA -- S&P Global has transferred the Banking Industry Country Risk Assessment (BICRA) of the Philippines to group “5” from group “6” following the amendment of the Bangko Sentral ng Pilipinas (BSP) Charter. In a report, the credit rater said it believes that the amendment of the… Read More
UBS sees PH GDP hitting 7% next year
February 27, 2019, 7:39 pm
MANILA -- Investment bank UBS expects the Philippine economic growth to remain above 6 percent this year and will likely hit 7 percent in 2020, as the country benefits from supply chain relocation resulting from trade issues between China and the United States. Citing result of UBS Evidence Lab… Read More
PAL announces 78th anniversary promo sale
February 27, 2019, 6:44 pm
MANILA -- As part of its 78th anniversary in March, flag carrier Philippine Airlines (PAL) announced Wednesday a sale seat promo, which would be applicable for booking dates from March 1-10, with travel periods from March 16 to December 31. "This is our biggest seat sale promo," PAL executives… Read More
Avida eyes P12.9-B sales from Makati project
February 26, 2019, 8:47 pm
MANILA -- Avida Land, the mid-range brand of property giant Ayala Land Inc., targets to book PHP12.9 billion from the sales of units in its three-tower residential condominium development in Makati City, banking on upbeat consumer spending propelling housing demand. “There is still a big demand… Read More
Local markets rise on US-China trade talks' positive direction
February 26, 2019, 8:29 pm
MANILA -- Optimism over the path being taken by US-China trade negotiations boosted the peso, which finished strong at the 51-level to a greenback, as well as the Philippine Stock Exchange index (PSEi) Tuesday. The local unit finished the day at 52.025 from 52.065 Friday last week. There was no… Read More
BTr sells P113.8-B RTB in rate setting auction
February 26, 2019, 7:16 pm
MANILA -- The Bureau of the Treasury (BTr) on Tuesday raised PHP113.772 billion from the year's first rate setting auction of five-year Retail Treasury Bonds (RTBs). Coupon rate rose to 6.25 percent from the 4.625 percent it fetched during the same tenor's last auction in November 2017. Initially,… Read More
2 DOF offices get ISO recertification
February 26, 2019, 6:43 pm
MANILA -- Two offices of the Department of Finance (DOF) tasked to provide frontline services to the public have been recertified by the International Organization for Standardization (ISO) in meeting the criteria for quality assurance and consistency and efficiency of services. Finance… Read More
'Continuity' of work seen amid BSP leadership change
February 26, 2019, 6:12 pm
MANILA -- Malacañang on Tuesday said it expects continuity of the work in the Bangko Sentral ng Pilipinas (BSP) amid the leadership change following the demise of its governor Nestor Espenilla Jr. "I suppose it’s the same, it’s the continuity of the work done by the previous governor,"… Read More
Moody's hails Rice Tariffication Act, BSP Charter amendment
February 25, 2019, 8:11 pm
MANILA – Moody’s Investors Service considers both the rice tarrification law and the amendment in the Bangko Sentral ng Pilipinas (BSP) Charter as "plusses" that will further strengthen the central bank’s capacity. The two measures were among those signed into law by President Rodrigo R.… Read More
