Business

Big-time price hike for gasoline, diesel

Big-time price hike for gasoline, diesel

January 29, 2024, 6:30 pm

MANILA – Motorists will have to brace for a big-time price hike on gasoline and diesel products starting 12:01 a.m. Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, Shell and Unioil said they will increase gasoline prices by PHP2.80 per liter and PHP1.30 per… Read More

PSEi sheds ahead of GDP report, peso moves sideways

PSEi sheds ahead of GDP report, peso moves sideways

January 29, 2024, 6:00 pm

MANILA – The Philippine Stock Exchange index (PSEi) closed in the negative territory at the start of the week, while the peso moved sideways. The benchmark PSEi ended the day at 6,630.68, with the broader All Shares also shedding 20.90 points at 3,487.71. “The local bourse took some gains from… Read More

Government raises P15 billion from Treasury bills auction

Government raises P15 billion from Treasury bills auction

January 29, 2024, 5:25 pm

MANILA – The government raised a planned PHP15 billion from the Treasury bills (T-bills) auction, the Bureau of the Treasury (BTr) said. The BTr fully awarded bids for T-bills during Monday's auction. The 90-, 182-, and 364-day T-bills fetched average rates of 5.398 percent, 5.810 percent, and… Read More

Green lane investments reach PHP1.2T

Green lane investments reach PHP1.2T

January 29, 2024, 5:23 pm

MANILA – The Board of Investments (BOI) said Monday that its One-Stop Action Center for Strategic Investments (OSAC-SI) has granted green lane endorsements for PHP1.196 trillion worth of projects. “Since the approval of EO (Executive Order) 18 in February 2023, OSAC-SI has endorsed a total of… Read More

Palawan consumers' group seeks gov't takeover of power coop

Palawan consumers' group seeks gov't takeover of power coop

January 29, 2024, 4:38 pm

PUERTO PRINCESA, Palawan – A consumers’ group in this province is urging the National Electrification Administration (NEA) to assume management control over the Palawan Electric Cooperative (PALECO), citing its alleged inability to provide dependable and affordable electricity. The Palawan… Read More

NEDA chief projects Q4 economic improvement

NEDA chief projects Q4 economic improvement

January 28, 2024, 5:55 pm

MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan is confident that the fourth quarter of 2023 will be an improvement of the 5.9 percent expansion posted during the third quarter. "I haven’t seen the numbers but [I] hope it will be good, because our… Read More

Recto to discuss 'tweaked' priority tax measures with senators

Recto to discuss 'tweaked' priority tax measures with senators

January 28, 2024, 3:43 pm

MANILA – Finance Secretary Ralph Recto said he will soon discuss with members of the Senate the refined priority tax measures of the Department of Finance (DOF). In an interview on the sidelines of the annual reception for the banking community held in Manila over the weekend, Recto said some of… Read More

Rate cut possible within the year, says BSP guv

Rate cut possible within the year, says BSP guv

January 28, 2024, 2:47 pm

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. is optimistic that rate cut is possible by the latter part of the year. "Oo naman. Within the year, oo (Yes. Within the year, yes) but maybe [the] first semester is too soon. But we’ll see with the numbers," Remolona told… Read More

DOE: Commercial operation of reserve market to stabilize grid

DOE: Commercial operation of reserve market to stabilize grid

January 26, 2024, 8:10 pm

MANILA – The Department of Energy (DOE) announced on Friday the reserve market is now in full commercial operation and could help in ensuring system stability. In a statement, the DOE said all power generation companies can now offer and sell ancillary services to the National Grid Corporation… Read More

Upbeat US economic data boost PSEi, peso

Upbeat US economic data boost PSEi, peso

January 26, 2024, 7:30 pm

MANILA – The higher-than-expected fourth quarter growth of the United States economy and its markets overnight boosted the performance of the Philippine Stock Exchange index (PSEi) on Friday. The PSEi closed the week strong, increasing by 12.59 points to 6,686.09, with All Shares inching up 0.42… Read More

BSP: Banks maintain credit standards in Q4 2023

BSP: Banks maintain credit standards in Q4 2023

January 26, 2024, 5:20 pm

MANILA – Most banks maintained their credit standards in the fourth quarter of 2023, the Bangko Sentral ng Pilipinas (BSP) said. Results of the Senior Bank Loan Officers' Survey (SLOS) released on Friday showed that most of the respondent banks kept their credit standards generally unchanged for… Read More

Recto pushes for passage of refined DOF priority tax measures

Recto pushes for passage of refined DOF priority tax measures

January 26, 2024, 3:01 pm

MANILA – Finance Secretary Ralph Recto said the passage of the refined Department of Finance (DOF) priority tax measures will increase the share of revenues to almost 17 percent of the country's gross domestic product (GDP) by 2028. “In my first week as Secretary of Finance, we have worked to… Read More

Trade deficit narrows in December

Trade deficit narrows in December

January 26, 2024, 1:45 pm

MANILA – The country's trade deficit went down by 11 percent in December last year, the Philippine Statistics Authority (PSA) said. Preliminary data released on Friday showed that the balance of trade in goods or the difference between the value of exports and imports posted a deficit of USD4… Read More

Stocks down on profit-taking, peso depreciates on Thursday

Stocks down on profit-taking, peso depreciates on Thursday

January 25, 2024, 8:30 pm

MANILA – The local stock market ended the day in the red as investors took profits while the peso depreciated on Thursday.  The Philippine Stock Exchange index shed 6.46 points, closing at 6,673.50. All Shares, likewise, declined by 3.25 points to 3,508.19. "This Thursday, the local market… Read More

PBBM’s call for energy efficiency to save gov’t P2-B: DOE

PBBM’s call for energy efficiency to save gov’t P2-B: DOE

January 25, 2024, 7:30 pm

MANILA – The Department of Energy (DOE) on Thursday said Administrative Order (AO) 15 signed this month by President Ferdinand R. Marcos Jr. which aims to accelerate energy efficiency and conservation efforts in all public offices will save the government PHP2 billion. “The accelerated… Read More

Gov’t eyes 10K housing units in Clark under 4PH Program

Gov’t eyes 10K housing units in Clark under 4PH Program

January 25, 2024, 7:10 pm

MANILA – An initial 10,000 units under the Pambansang Pabahay para sa Pilipino (4PH) Program will be built in Clark, Bases Conversion and Development Authority (BCDA) President and Chief Executive Officer Joshua Bingcang said. “We are about to finalize a deal with Department of [Human… Read More

Hot money outflows hit $205 million in December 2023

Hot money outflows hit $205 million in December 2023

January 25, 2024, 7:05 pm

MANILA – Foreign portfolio investments or hot money registered with the central bank through authorized agent banks recorded net outflows of USD205 million in December last year. Data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed that this resulted from the USD1.3 billion… Read More

BOI green lanes Malaysia’s P150-B telco tower investments

BOI green lanes Malaysia’s P150-B telco tower investments

January 25, 2024, 6:31 pm

MANILA – The Board of Investments (BOI) on Thursday said it has awarded the Certificate of Green Lane Endorsement to EDOTCO Towers, Inc.’s PHP150 billion telecommunication infrastructure investments. EDOTCO, a wholly-owned subsidiary of Kuala Lumpur-based EDOTCO Group Sdn. Bhd, is eyeing to… Read More

Hyundai Q4 net up 29%, eyes 4%-5% sales growth this 2024

Hyundai Q4 net up 29%, eyes 4%-5% sales growth this 2024

January 25, 2024, 5:04 pm

SEOUL – South Korea's Hyundai Motor Co. on Thursday set a 4 percent to 5 percent sales growth target for this year, after it posted a 29 percent on-year jump in the fourth quarter on high-end models. Net profit for the three months ending Dec. 31 rose to 2.2 trillion won (USD1.6 billion) from… Read More

LandBank backs Iloilo market vendors with QR payments

LandBank backs Iloilo market vendors with QR payments

January 25, 2024, 3:45 pm

MANILA – State-owned Land Bank of the Philippines (LandBank) recently equipped Iloilo City’s public market store owners with the capacity to accept digital payments as part of the government's commitment to make cashless transactions more accessible. In a statement on Thursday, LandBank said… Read More