Business

IBPAP awards outstanding firms, gov’t partners

IBPAP awards outstanding firms, gov’t partners

June 14, 2024, 11:05 am

MANILA – The Information Technology and Business Process Association of the Philippines (IBPAP) has recognized outstanding companies and government partners that helped the sector grow in the past decades. IBPAP held its inaugural awarding ceremony “Solaia” in Taguig City on Thursday night… Read More

Gov't finalizing Public Financial Management Reforms Roadmap

Gov't finalizing Public Financial Management Reforms Roadmap

June 13, 2024, 7:20 pm

MANILA – The government is finalizing the Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028, which seeks to make government service delivery more efficient and effective. In a statement on Thursday, the Department of Finance said PFM Committee Principals Secretary Ralph… Read More

PSEi closes below 6,400; peso rebounds

PSEi closes below 6,400; peso rebounds

June 13, 2024, 6:57 pm

MANILA – The local bourse sustained its shedding for the third trading day, going down below the 6,400-level on Thursday, following the latest trade deficit data and the statement of the Chief Executive on inflation. The Philippine Stock Exchange index (PSEi) declined by 0.30 percent, or 19.24… Read More

Tarlac LGUs backs BCDA to convert landfill into industrial zone

Tarlac LGUs backs BCDA to convert landfill into industrial zone

June 13, 2024, 4:59 pm

MANILA – The Bases Conversion and Development Authority (BCDA) said on Thursday it has secured the support of the local government units (LGUs) in Tarlac to convert the Kalangitan sanitary landfill in Capas into an industrial zone as part of the development of the New Clark City (NCC). In a… Read More

BIR to hold more roadshows for Ease of Paying Taxes Act

BIR to hold more roadshows for Ease of Paying Taxes Act

June 13, 2024, 4:48 pm

MANILA – The Bureau of Internal Revenue (BIR) will hold more roadshows in the coming weeks to boost its Taxpayer Education drive, following the passage of the Ease of Paying Taxes (EOPT) Law, BIR Commissioner Romeo Lumagui Jr. said on Thursday. "Ito pong ginagawa po nating roadshow, ang layunin… Read More

Apple briefly overtakes Microsoft as world's most valuable company

Apple briefly overtakes Microsoft as world's most valuable company

June 13, 2024, 2:28 pm

ISTANBUL – Apple briefly overtook Microsoft as the world's most valuable company on Wednesday as its shares hit a new all-time high before retreating. The US-based technology company's stock price hit an all-time high of USD220.20 per share around 3:15 p.m. (local time). The company's market… Read More

Meralco rates up anew

Meralco rates up anew

June 13, 2024, 2:25 pm

MANILA – For the second straight month, the Manila Electric Company (Meralco) has increased its electricity price as the June rate went up by PHP0.6436 per kilowatt hour (kWh). Meralco announced Thursday that the electricity rate in June stood at PHP12.0575 per kWh from PHP11.4139 per kWh in… Read More

PH, Malaysia eye enhanced trade, investment

PH, Malaysia eye enhanced trade, investment

June 13, 2024, 2:10 pm

MANILA – Finance Secretary Ralph Recto and the Ambassador of Malaysia to the Philippines recently met to discuss how to further enhance the two countries' economic partnership even as they agreed to work together in identifying key areas where they can synergize. In a social post on Thursday,… Read More

New SSS pension scheme to boost Filipinos' financial security –Recto

New SSS pension scheme to boost Filipinos' financial security –Recto

June 12, 2024, 3:13 pm

MANILA – The newly-launched pension scheme of the Social Security System (SSS) will help boost the financial security of Filipinos, Department of Finance (DOF) Secretary and SSS Chairperson Ralph Recto said. In a statement on Wednesday, Recto said the MySSS Pension Booster, which was launched on… Read More

PH banks' assets up 12% in April

PH banks' assets up 12% in April

June 12, 2024, 2:40 pm

MANILA – The total assets of the country's banking sector rose by 12 percent as of end-April this year. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the Philippine banking sector went up to PHP25.48 trillion from PHP22.75 trillion in April last year. The… Read More

Economist: Rice tariff cut to ease inflation

Economist: Rice tariff cut to ease inflation

June 12, 2024, 11:57 am

MANILA – The rice tariff cut will help reduce headline inflation by at least 0.36 percent, an economist said. "The reduction of rice import tariff rate to 15% from 35% would mean a 20% discount on imported rice, which accounts for about 20% of total rice in the country," Rizal Commercial Banking… Read More

DTI gets backing of Bosch for Industry 4.0 Pilot Factory

DTI gets backing of Bosch for Industry 4.0 Pilot Factory

June 11, 2024, 7:26 pm

MANILA – The Department of Trade and Industry (DTI) has gained the support of another German company for its Industry 4.0 Pilot Factory. The DTI said on Tuesday that Secretary Alfredo Pascual signed a memorandum of understanding (MOU) with Bosch at the Bosch Rexroth Regional Training Center in… Read More

Peso appreciates, stocks down on Tuesday

Peso appreciates, stocks down on Tuesday

June 11, 2024, 7:06 pm

MANILA – The peso closed stronger against the dollar on Tuesday while the local stock market continued to decline, following the International Monetary Fund's lower Philippine economic growth projection for this year. The peso closed stronger against the dollar at 58.68 from the 58.79 finish on… Read More

BTr partially awards re-issued Treasury bonds

BTr partially awards re-issued Treasury bonds

June 11, 2024, 7:04 pm

MANILA – The Bureau of the Treasury (BTr) partially awarded the re-issued 10-year Treasury bond at Tuesday's auction. With a remaining term of nine years and seven months, the re-issued bond was awarded at an average rate of 6.754 percent. "The latest 10-year Treasury bond average auction yield… Read More

IMF: PH fiscal consolidation to continue over medium term

IMF: PH fiscal consolidation to continue over medium term

June 11, 2024, 6:00 pm

MANILA – The Philippines' fiscal consolidation is set to continue over the medium term but at a slower pace than initially anticipated, an official of the International Monetary Fund (IMF) said. "The latest Medium-Term Fiscal Program presents a more pro-growth fiscal stance anchored around… Read More

$2.7-B data center in Tarlac to put PH in global hyperscale map

$2.7-B data center in Tarlac to put PH in global hyperscale map

June 11, 2024, 4:56 pm

MANILA – ENDECGROUP, a Manila-based construction and engineering company, is investing USD2.7 billion (PHP158 billion) in a data center facility in Tarlac, which it said would put the Philippines in the global hyperscale map. On Tuesday, ENDECGROUP and Narra Technology Park Development Inc.… Read More

Improved supply chain sustains auto sales growth in May ’24

Improved supply chain sustains auto sales growth in May ’24

June 11, 2024, 4:32 pm

MANILA – The improvements in the global supply chain for the automotive vehicle industry have helped the local sector sustain its growth in May this year. The joint report of the Chamber of Automotive Manufacturers Association of the Philippines Inc. (CAMPI) and the Truck Manufacturers… Read More

Ilocos inflation rate slows down to 2.3% in May 

Ilocos inflation rate slows down to 2.3% in May 

June 11, 2024, 4:21 pm

MALASIQUI, Pangasinan – The inflation rate in the Ilocos Region slightly slowed down to 2.3 percent in May this year from 2.4 percent in April, according to the Philippine Statistics Authority (PSA). The decrease was influenced by the drop in the prices of food and non-alcoholic beverages… Read More

PCC begins Phase 2 review on telco tower firms’ joint venture

PCC begins Phase 2 review on telco tower firms’ joint venture

June 11, 2024, 3:50 pm

MANILA – The Philippine Competition Commission (PCC) on Tuesday said it expanded its review of the proposed joint venture of tower companies in the country to further assess if the transaction will have an anti-competitive impact in the local market..The transaction involves the acquisition of… Read More

Manila startup ecosystem now stands at $6.4B

Manila startup ecosystem now stands at $6.4B

June 11, 2024, 3:45 pm

MANILA – The country’s startup ecosystem has remained robust, according to the 2024 Global Startup Ecosystem Report (GSER). The 2024 GSER reported that Manila’s startup ecosystem, now valued at USD6.4 billion from July 1, 2021 to Dec. 31, 2023, was driven by the economic impact of exits and… Read More