Business

DBP net income in first 9 months soars to P5.35B

MANILA – State-owned Development Bank of the Philippines (DBP) has posted a net income of PHP5.35 billion in the first nine months of 2022, showing significant growth of 177 percent from the PHP1.93 billion recorded during the same period last year as the Bank intensified its lending... Read More

PH stocks slip, peso almost flat on Fed, BSP’s rate hikes

MANILA – Following the 50 basis points hike in the Federal Reserve’s key rates on Thursday (Manila time), the local main equities index slipped on Thursday but the peso kept its footing.The Philippine Stock Exchange index (PSEi) shed 0.73 percent, or 48.27 points, to 6,566.80 points.All... Read More

BSP hikes key rates by 50 basis points

MANILA — Further acceleration of domestic inflation rate to a 14-year high last November played a big role in the 50 basis points increase of the Bangko Sentral ng Pilipinas (BSP) key rates on Thursday, a day after the Federal Reserve announced the same hike.Effective Dec. 16, the BSP’s... Read More

Meralco signs 300-MW emergency power supply deal with GNPower

MANILA – The Manila Electric Co. (Meralco) announced Thursday that it signed an emergency power supply agreement (EPSA) with the Aboitiz-led GNPower Dinginin, Ltd. to partially replace the 670-megawatt (MW) PSA with San Miguel Corp.’s South Premiere Power Corp. (SPPC).“Meralco... Read More

DTI rolls out cheaper noche buena goods in Kadiwa ng Pasko stores

MANILA – The Department of Trade and Industry (DTI) is rolling out Kadiwa ng Pasko (KnP) stores in four regions nationwide that offer more affordable noche buena products in time for the holiday season.In the National Capital Region (NCR), KnP stores are open until Dec. 16 at Parañaque... Read More

Remittances seen to grow amid higher inflation

MANILA – The impact of the elevated inflation rate, along with improved diplomatic relations between the Philippines and host countries, are expected to further lift remittance growth, an economist said.Data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed a 3.5 percent... Read More

Fed to avoid triggering recession but hawkish remarks expected

ISTANBUL – The Federal Reserve will try to avoid triggering a recession but hawkish remarks are expected from the Federal Open Market Committee (FOMC) and the bank's president, according to a leading economist.The United States central bank has raised its benchmark interest rate by 375 basis... Read More

BSP term deposit facility rates up anew

MANILA – Rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) continued to increase on expectations for another hike in the central bank’s key policy rates this week.The average rate of the seven-day facility inched up to 6.1395 percent from 5.9346 percent... Read More

PH stocks index, peso rise as US inflation eases

MANILA – The main equities index recovered on Wednesday following the easing of the United States inflation rate last November while the peso gained against the US dollar.The Philippine Stock Exchange index (PSEi) gained by 0.50 percent, or 32.69 points, to 6,615.07 points.All Shares followed... Read More

ADB hikes 2022 growth forecast for PH, cuts 2023 projection

MANILA –The Asian Development Bank (ADB) hiked its 2022 growth forecast for the Philippines to 7.4 percent following the higher-than-expected output in the first three quarters of this year, but slashed its 2023 projections.The Manila-based lender revised its 2022 growth forecasts from the... Read More

PH needs to boost investments to hit 6%-7% GDP target in 2023

MANILA – Attracting more investments will be crucial for the country to sustain its economic growth and hit a gross domestic product (GDP) target of 6 to 7 percent next year, Bank of the Philippine Islands (BPI) lead economist Emilio Neri Jr. said in a briefing Wednesday.Neri said the share of... Read More

Vehicle sales log double digit growth for 9 straight months

MANILA – The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported another double-digit growth for vehicle sales in November, the ninth consecutive month that local vehicle assemblers recorded double-digit growth in volume.A... Read More

OPEC keeps world oil demand growth unchanged for 2023

ANKARA – The Organization of Petroleum Exporting Countries (OPEC) maintained global oil demand growth for 2023, highlighting United States oil demand, which is expected to exceed 2019 levels.According to OPEC's most recent monthly oil market report published Tuesday, oil demand will grow by... Read More

DOE eyes allowing hybrid, e-vehicles to use bus, bike lanes

MANILA –Department of Energy (DOE) Undersecretary Felix William Fuentebella said the government is eyeing to allow hybrid and electric vehicles (EV) to use bus lanes and bike lanes in major thoroughfares like EDSA to promote the use of EVs.During the Energy Investment Forum at Sheraton Manila... Read More

PH stocks index ended sideways, peso slips

MANILA –Foreign selling resulted in another flat close for the local bourse’s main index on Tuesday but the peso depreciated against the US dollar.The Philippine Stock Exchange index (PSEi) ended in the red after slipping by 0.04 percent, or 2.82 points, to 6,582.38 points.All Shares... Read More

Advocate vies for firm public-private sector drive vs. smuggling

MANILA –Some PHP250 billion worth of state revenues is lost due to smuggling, thus, an advocate is calling on the private and the public sectors to have a common stand against the illicit trade.In a briefing on Tuesday, businessman and FIGHT Illicit Trade (FIGHT IT) Chair Dr. Jesus Arranza... Read More

PH trade deficit eased to $3.3-B in Oct. ‘22

MANILA –The Philippine Statistics Authority (PSA) reported Tuesday that the balance of trade in October this year incurred a deficit of USD3.31 billion.The country’s trade deficit in October, however, slowed down both month-on-month and year-on-year basis by 31 percent and 13.5 percent,... Read More

Dow jumps over 500 points ahead of key inflation figure

ISTANBUL–The Dow Jones Industrial Average soared more than 500 points to close higher Monday, a day before the release of key inflation figures that are closely watched by the Federal Reserve.The blue-chip index jumped 528.58 points, or 1.58 percent, to finish at 34,005.04. It lost 2.8 percent... Read More

PEZA approves P57-B pledges at end-Nov ‘22

MANILA –The Philippine Economic Zone Authority (PEZA) reported that it approved PHP57.05 billion worth of investment pledges from January to November this year.PEZA officer-in-charge deputy director general for administration and finance Aleem Siddiqui Guiapal said these pledges came from 181... Read More

Brokerage firm sees sustained recovery for real estate sector

MANILA – Officials of a real estate brokerage firm in the country is optimistic of the continued growth of domestic real state sector given the reopening of the economy and the private sector’s low debt level.In a virtual briefing on Monday, Leechu Property Consultants (LPC) chief... Read More