MONEY sent home by overseas Filipinos reached an all-time high of US$36.14 billion. This level was 3.6 percent higher than the $34.88 billion remittance flows in 2021. “The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies,” said the Bangko Sentral ng Pilipinas. The full-year 2022 level accounted for […]
Tag: billion
Budget release rate hits 56.4% at end of Jan.
THE Department of Budget and Management (DBM) said on Wednesday that it had released P2.97 trillion or 56.4% of the 2023 budget at the end of January. According to the DBM’s Status of Allotment report, P2.298 trillion remains undistributed to agencies and local government units from the P5.268-trillion 2023 budget. The pace of fund releases […]
Stocks drop on selling pressure ahead of US CPI
PHILIPPINE SHARES declined further on Tuesday on selling pressure amid expectations of faster US consumer inflation in January. The bellwether Philippine Stock Exchange index (PSEi) declined by 47.52 points or 0.69% to 6,791.24 on Tuesday, while the broader all shares index went down by 11.31 points or 0.31% to end at 3,631.65. “Selling pressure steadily […]
BoC agenda puts digitalization front and center
THE new Bureau of Customs (BoC) commissioner said digitizing the bureau’s process is his main priority, with the aim of making governance more data-driven. “I aspire to foster a healthier trade environment, which will contribute to the expansion and economic recovery, by equipping the Bureau of Customs with better and modernized mechanisms for trade facilitation, […]
Lenders’ profits up 37.5% in 2022
THE PHILIPPINE banking industry saw its net profits jump by 37.5% in 2022, thanks to higher interest income and trading gains, according to central bank data. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed banks’ cumulative net income rose by a third to P309.003 billion last year from P224.752 billion in 2021. […]
Globe sets 5% revenue growth, allots $1.3-B capex this year
GLOBE Telecom, Inc. aims to reach a middle-single-digit or around 5% revenue growth this year as it hopes the inflation rate will ease for the rest of the year. “We can see that the mobile business remains very very strong and I would say the only wrinkle would be the growing inflation numbers,” Globe President […]
Shares fall on faster-than-expected Jan. inflation
STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas (BSP). The benchmark Philippine Stock Exchange index (PSEi) went down by 55.35 points or 0.79% to close at 6,881.26 on Tuesday, while the broader all shares index dropped by 18.93 points […]
Stocks decline on profit-taking before key data
PHILIPPINE STOCKS dropped on Monday, with the benchmark index settling below 7,000 on profit-taking as investors await the release of key economic data at home and in the United States. The bellwether Philippine Stock Exchange index (PSEi) went down by 90.77 points or 1.29% to close at 6,936.61 on Monday, while the broader all shares […]
Diokno: Maharlika-financed projects less prone to delay
By Luisa Maria Jacinta C. Jocson, Reporter PROJECTS financed by the Maharlika Investment Fund (MIF) will be at reduced risk of administrative and legal challenges, with official development assistance (ODA) also becoming harder to access, Finance Secretary Benjamin E. Diokno said. “Financing through the GAA (General Appropriations Act, or the national budget) is lengthier and […]
Robinsons Retail posts 26.7% increase in profit
ROBINSONS Retail Holdings, Inc. (RRHI) recorded a 26.7% increase in its attributable net income to P5.74 billion in 2022 from P4.53 billion the year prior. “The surge in profitability is underpinned by positive contributions from all business segments coming from category mix improvements and operating efficiencies,” the company said in a disclosure to the stock […]
Philippines eyes at least P30 billion via new retail bond offer
THE PHILIPPINES will launch next week an offer of peso-denominated retail bonds due 2028, seeking to raise P30 billion ($556.79 million) initially at a rate-setting auction on Feb. 7, the Bureau of the Treasury said. The offer includes a swap option for holders of some bonds maturing this year, it said in a notice on […]
PSEi tracks Wall Street’s rise before Fed decision
PHILIPPINE STOCKS rebounded on Wednesday, tracking Wall Street’s climb ahead of the US Federal Reserve’s policy decision and despite continued worries over elevated inflation that could slow down consumer spending. The benchmark Philippine Stock Exchange index (PSEi) surged by 242.51 points or 3.57% to close at 7,035.76 on Wednesday, while the broader all shares index […]
BoC exceeds January collection target
THE Bureau of Customs (BoC) said it surpassed its collection target for January with revenue of P65.801 billion in the Jan. 1-27 period. Collections had exceeded the target by 11% four days before the end of the month, it said in a statement. The total was also 13.2% higher than the year-earlier collection. For 2023, […]
Shares decline as market awaits Fed, US data
STOCKS dropped on Monday amid a lack of catalysts as investors await the US Federal Reserve’s policy decision and economic data releases. The benchmark Philippine Stock Exchange index (PSEi) went down by 81.19 points or 1.15% to close at 6,970.97 on Monday, while the broader all shares index lost 37.67 points or 1.01% to end […]
PSEi down on profit taking after GDP, trade data
SHARES dropped on profit taking after the release of full-year 2022 Philippine gross domestic product (GDP) and trade data. The benchmark Philippine Stock Exchange index (PSEi) went down by 38.66 points or 0.54% to close at 7,042.70 on Thursday, while the broader all shares index lost 9.87 points or 0.26% to end at 3,692.89. “The […]
PHL shares rise on oil’s drop ahead of key data
STOCKS closed higher on Wednesday as global crude oil prices eased and ahead of the release of Philippine gross domestic product (GDP) data. The Philippine Stock Exchange index (PSEi) went up by 39.86 points or 0.56% to close at 7,081.36 on Wednesday, while the broader all shares index added 16.28 points or 0.44% to end […]
PH foreign borrowings plunge to $10.3B in 2022
FOREIGN borrowings approved by the Bangko Sentral ng Pilipinas (BSP) dropped for the second straight year in 2022. The central bank disclosed that approved foreign borrowings plunged 21.4 percent to $10.32 billion last year from $13.14 billion in 2021. The decline was attributed to lower bond issuances, as well as the significant drop in program […]
PHL shares climb ahead of key economic reports
PHILIPPINE STOCKS finished higher on Monday despite being in the red for most of the session due to profit taking ahead of the release of key economic data. The bellwether Philippine Stock Exchange index (PSEi) went up by 13.06 points or 0.18% to close at 7,069.68 on Monday, while the broader all shares index added […]
Shares decline on recession fears, profit taking
SHARES dropped on Thursday on profit taking as sentiment was dampened by recession fears and Wall Street’s decline. The benchmark Philippine Stock Exchange index (PSEi) went down by 32.85 points or 0.46% to close at 7,062.01 on Thursday, while the broader all shares index inched down by 5.83 points or 0.15% to end at 3,686.68. […]
Philippine stocks climb on upbeat economic view
PHILIPPINE STOCKS posted gains on Wednesday on positive market sentiment after the Finance chief said economic growth is expected to remain robust this year. The bellwether Philippine Stock Exchange index (PSEi) went up by 80.82 points or 1.15% to close at 7,094.86 on Wednesday, while the broader all shares index added 34.59 points or 0.94% […]