DBP joins UN’s Green Climate Fund

THE Development Bank of the Philippines (DBP) has been accredited to join the United Nations (UN) Green Climate Fund (GCF), making it among the banks that can provide financing for environment and climate change-related programs in developing countries.  DBP President and CEO Emmanuel G. Herbosa said in a statement Friday that the bank will be the second Philippine entity to join the international fund, created […]

Peso weakens on further Delta variant cases

The peso weakened against the dollar Friday after the government confirmed the detection in the Philippines of more cases of the highly-infectious Delta variant of COVID-19.  The peso ended at P50.235 to the dollar, against its P50.22 close Thursday, according to the Bankers Association of the Philippines’ (BAP).  The peso opened at P50.20, hitting a low of P50.25. Its intraday best was P50.15.  Dollar volume was $841.6 million, down from Thursday’s tally of $1.41 billion.  Week-on-week, the peso weakened from its P50.08 […]

Agencies told to improve budget use

The Department of Budget and Management has asked government agencies to improve their budget use and avoid underspending if they want to get their proposed budgets for next year.  “If they are not prepared to fully use the funds allotted to them, their budget proposals for next year will be affected,” Budget Secretary Wendel E. […]

Del Monte Philippines P44-B IPO OK’d

The corporate regulator has approved Del Monte Philippines, Inc.’s P44-billion initial public offering (IPO) plan in what could be the second-biggest share sale amid a coronavirus pandemic this year.  The company will get its registration order and permit to sell after complying with certain conditions, the Securities and Exchange Commission (SEC) said in a statement on Friday.  The commission at its July 15 meeting approved Del Monte’s registration statement […]

Peso rises as gov’t eases restrictions in Metro Manila

THE PESO climbed versus the greenback on Thursday as the government further eased restrictions and as the US Federal Reserve chief said the central bank will continue to support the world’s largest economy. The local unit closed at P50.22 per dollar yesterday, gaining eight centavos from its P50.30 finish on Wednesday, based on data from […]

Shares drop on COVID-19 worries, lack of leads

PHILIPPINE shares declined on Thursday amid a lack of fresh leads and as coronavirus disease 2019 (COVID-19) infections in some Asian economies surged. The Philippine Stock Exchange index (PSEi) went down by 107.48 points or 1.57% to close at 6,727.93 on Thursday, while the all shares index declined by 44.46 points or 1.05% to end […]

Court challenge looms for DENR waste-to-energy rules

ENVIRONMENT ADVOCATES filed a petition with the Supreme Court (SC) seeking to nullify the Department of Environment and Natural Resources’ (DENR) current guidelines on building waste-to-energy (WTE) facilities. Petitioners including the Ecowaste Coalition, Interfacing Development Interventions for Sustainability, and five individuals, filed the petition Thursday seeking to bar Environment Secretary Roy A. Cimatu from implementing […]

Biofuel content hike closer to 10% blend seen reducing fuel consumption by 80 million liters

THE ENERGY Department’s revised guidelines on biofuel accreditation will help the Philippines reduce its fuel consumption by 80 million liters while helping reduce greenhouse gas emissions, the foreign agriculture unit of US Department of Agriculture (USDA) said. “(We) believe the revised measure has the potential to increase the Philippines’ historical average ethanol blend rate of […]

PSA finds 3 in 10 required time off due to illness, injury

MORE THAN THREE in 10 workers and students fell sufficiently ill or suffered injury recently that required taking time off from school or work, or were otherwise hindered from performing daily activities, the Philippine Statistics Authority (PSA) said Thursday. According to the PSA’s 2020 Annual Poverty Indicators Survey (APIS), 34.6% of those five years and […]

Pet insurance inquiries surge during pandemic on heightened importance of animal companions

INQUIRIES about insurance coverage for pets have surged during the pandemic, with policies becoming available from several companies over the past two years or so, the Insurance Commission (IC) said. Commissioner Dennis B. Funa said in a statement late Wednesday that the current policies available offer reimbursement on veterinary bills for certain illnesses or accidents, […]

PHL rice inventory declines 7.5% in early May

THE RICE inventory fell 7.5% year on year to 2.58 million metric tons (MT) as measured on May 1, according to the Philippine Statistics Authority (PSA). The PSA said in a report that rice stocks held by households fell 6.2% to 1.43 million MT. Inventories held by commercial warehouses fell 4% to 918,670 MT.  Rice […]

Human rights group recommends curbs on OFW recruitment fees

A UK-BASED human rights group has recommended that the Philippines curb recruitment fees for overseas Filipino workers (OFW), saying that such measures will make the process more fair and ethical. “The Philippines has long had a reputation as being the origin country that offers the best protection for its nationals overseas, but it faces very […]

Peso retreats as Wall Street climbs on data

THE PESO weakened anew versus the greenback on Wednesday due to gains in the US stock market following data showing quicker inflation in the world’s largest economy. The local unit closed at P50.30 against the greenback on Wednesday, retreating by 30 centavos from its P50-per-dollar finish on Tuesday, data from Bankers Association of the Philippines […]

PSEi climbs on bargain hunting, positive data

PHILIPPINE shares climbed on Wednesday as investors went bargain hunting following improved remittances data and a surge in auto sales. The benchmark Philippine Stock Exchange index (PSEi) gained 40.28 points or 0.59% to close at 6,835.41 on Wednesday, while the all shares index improved by 11.72 points or 0.27% to 4,227.48. “Market went bargain hunting […]

PHL trade facilitation rating exceeds pre-pandemic score

THE PHILIPPINES’ implementation of trade facilitation measures hit 86% in 2021 from 80.7% in 2019 before the pandemic, according to a global survey conducted by the United Nations. The Philippines posted 100% scores in the transparency and formalities categories, maintaining its earlier performance, according to the United Nations Global Survey on Digital and Sustainable Trade Facilitation 2021 released […]

First 18 km of Central Luzon Link Expressway opens

THE FIRST 18-kilometer section of the 30-kilometer Central Luzon Link Expressway project will be opened to motorists Thursday, the Department of Public Works and Highways (DPWH) said. “Bukas na ang opening kaya nagpa-final inspection na ako dito. Ang bubuksan bukas ay 18 kilometers (The opening will be tomorrow, so I am conducting a final inspection. The […]

Labs upgraded with US help improve ASF response

IMPROVED LABORATORY facilities that were upgraded with US assistance have helped better contain the African Swine Fever (ASF) outbreak and the spread of other animal diseases, Agriculture Undersecretary William C. Medrano. He said laboratories have been improved or established via a threat capacity-building program supported by the US Department of Defense’s Threat Reduction Agency. “We […]