By Keisha B. Ta-asan THE BANGKO SENTRAL ng Pilipinas (BSP) raised its benchmark interest rate by 50 basis points (bps) on Thursday, and signaled it has room to further hike rates as it battles inflation. The Monetary Board (MB) increased the overnight reverse repurchase rate by 50 bps to 3.75%, as expected by 13 out […]
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Philippines plans 1st retail bond under Marcos
By Diego Gabriel C. Robles THE BUREAU of the Treasury (BTr) is planning to raise at least P30 billion in the first retail Treasury bond (RTB) issue under the Marcos administration. The BTr will sell at least P30 billion worth of RTBs due in 2028, and allow existing holders to exchange the debt due this […]
Retailers back move to legalize ukay-ukay importation
By Revin Mikhael D. Ochave, Reporter LOCAL RETAILERS are backing a senator’s proposal to legalize the commercial importation of secondhand garments, also known as “ukay-ukay,” as this would mean sellers will now have to pay taxes. “If they will legalize it, it should be a welcome development because that means they will be paying the […]
Metro Manila’s retail prices accelerate in April
By Ana Olivia A. Tirona, Researcher METRO MANILA’S retail price of goods in April grew at its fastest pace in three and a half years, preliminary data from the Philippine Statistics Authority (PSA) showed. The PSA on Thursday reported that the general retail price index (GRPI) rose by 3.5% in April, faster than the 2.7% […]
Smart partners with US firm Omnispace to explore space-based 5G technologies
PLDT, Inc.’s wireless arm Smart Communications, Inc. is collaborating with US-based global communications provider Omnispace to explore the capabilities of space-based fifth-generation (5G) communications using low-Earth orbit (LEO) satellites for the Philippine market. “This collaboration with Omnispace will allow our companies to work together to define use cases for the Philippine market,” Arvin L. Siena, […]
Balai ni Fruitas opens Balai Pandesal store in Cebu
BALAI NI FRUITAS, Inc. has put up its first Balai Pandesal store in Cebu, marking the bakery chain’s initial move to cover the Visayas and Mindanao region as part of its planned expansion across the country. The Balai Pandesal store in Tisa, Cebu City is the latest addition to the Fruitas group’s seven community stores […]
ACEN secures AU$100-M loan for RE projects
ACEN Corp., through its subsidiary in Australia, has secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements. “The initial green loan facility with DBS will help advance our fund-raising capacity of over AU$600 million in Australia to develop and construct existing and additional pipeline of […]
CTA upholds ruling on scrutiny of Smart documents in tax case
THE Court of Tax Appeals (CTA) affirmed its decision allowing the Makati City government to inspect Smart Communication, Inc.’s documents over its alleged P3.25-billion tax deficiencies from 2012 to 2015. In a 16-page decision on Aug. 15 and made public on Aug. 17, the CTA full court denied Smart’s petition due to lack of merit […]
BIR to pursue rightsizing
The Bureau of Internal Revenue (BIR) said that it will “rightsize” some of its offices as it ramps up its digitalization efforts, while also noting insufficiencies in the implementation of its electronic invoicing platform. “[Rightsizing] is what we will do. We will scrap and build some items in the Bureau of Internal Revenue, and introduce […]
BoP deficit hits $1.82 billion in July
The country’s balance of payments (BoP) position remained in a deficit for a fourth straight month in July, as more dollars flowed out of the country to pay for the government’s foreign debt. Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed the BoP deficit widened to $1.819 billion in July, a […]
PDP preliminary framework unveiled
The National Economic and Development Authority (NEDA) unveiled an updated preliminary framework for the Philippine Development Plan (PDP) for 2023 to 2028, focusing on human capital and income development, as well as revitalizing the major sectors of agriculture, industry, and services. “It has to be about developing and protecting the capabilities of individuals and families. […]
BSP to respond, but not match Fed rate hikes
The Philippine central bank will respond to the US Federal Reserve’s policy tightening, but does not have to match the magnitude of its rate hikes, its governor said on Friday. “We will not match them (the Fed) point by point,” said Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla, in an ambush interview with […]
Big data to expedite PHL post-pandemic recovery — ADB
Big data holds “immense promise” for expediting the region’s post-pandemic recovery, the Asian Development Bank said. According to a 2022 report on the potential of big data in Southeast Asia (SEA), there are vast amounts of information that can be used to optimize public health, education, and social protection. “Public institutions have turned to big data […]
Globe bags UN SDG Award for ‘People’ in 1st SDG Awards in the Philippines
Globe, the country’s digital solutions provider, leveraged its strength in technology to keep its 8,000 employees safe, connected, and engaged during the pandemic. With this, Globe took home the first-ever United Nations Sustainable Development Goal (UN SDG) Awards under the People Category hosted by the UN Global Compact Network Philippines (UNGCP). The Awards, which recognize […]
7 Kitchen products to make your space more comfortable and organized
If you plan to build a space for a countertop in your kitchen, this is your sign to do it because it is versatile and space-efficient. Consider these bar chairs, trays, jar canisters, mugs, mug tree holders, charger plates, and fruit baskets from Heim decors and organizational products, which Wilcon Depot exclusively offers for an […]
Jan.-April births, deaths fall
The number of registered births, deaths, and marriages fell in the first four months of the year versus the same period in 2021, preliminary data from the Philippine Statistics Authority (PSA) showed. Preliminary vital statistics data from the PSA said births registered in the January to April period this year fell 34.7% to 250,866 from […]
Indonesia president wants Tesla to make electric cars in country — Bloomberg News
JAKARTA — Indonesian President Joko Widodo has urged electric vehicle (EV) maker Tesla to manufacture its cars, as well as batteries, in the country, in comments made to Bloomberg News on Thursday. Jokowi, as the president is popularly known, said in an interview that Indonesia wants a “huge ecosystem of electric cars,” rather than simply […]
Taiwan farmers find space for solar to meet renewable energy targets
TAOYUAN — At a row of greenhouses around 50 kilometers from Taiwan’s capital Taipei, vanilla farmer Tseng Tien-fu is installing dozens of solar panels, part of the island’s plan to meet its renewable energy goals without sacrificing scarce farmland. Mr. Tseng, who exports most of his crop to Japan, is expanding his business to meet […]
Record numbers resign in France as bargaining power balance shifts — labor ministry
PARIS — More French employees than ever quit their jobs at the end of 2021 and start of 2022, as the balance of bargaining power shifts away from employers, a labor ministry study showed on Thursday. Over one million quit between October and March, the study by the ministry’s Dares research body showed, 90% of […]
OPEC chief says blame policymakers, lawmakers for oil price rises
LONDON — Policymakers, lawmakers, and insufficient oil and gas sector investments are to blame for high energy prices, not OPEC (Organization of the Petroleum Exporting Countries), the producer group’s new Secretary General Haitham Al Ghais told Reuters on Thursday. A lack of investment in the oil and gas sector following a price slump sparked by […]