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 […]
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Peso drops ahead of US CPI report
THE PESO weakened against the dollar on Tuesday as the market was cautious ahead of the release of the January US consumer price index (CPI) report overnight. The local currency closed at P54.83 versus the greenback on Tuesday, declining by seven centavos from Monday’s P54.76 finish, Bankers Association of the Philippines data showed. The peso […]
SCIB Terminates Indonesian Project
KUCHING, MALAYSIA, Feb 14, 2023 – (ACN Newswire via SEAPRWire.com) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company’s wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks […]
Travel to Japan in demand among Filipinos
SINCE it opened its borders to leisure tourists and eased its travel requirements in October 2022, Japan has been enjoying increasing arrivals from the Philippines. In 2022, there were 126,900 Filipinos who visited Japan. Specifically in the fourth quarter, Japan logged 14,775 Filipino arrivals in October; 21,700 in November and a whooping 40,000 in December. […]
Peso weakens as US inflation, rate hike bets fuel dollar’s rise
THE PESO weakened on Monday due to broad dollar strength ahead of the release of the January US consumer price index (CPI) report on Tuesday. The local currency closed at P54.76 versus the greenback on Monday, declining by 34 centavos from Friday’s P54.42 finish, Bankers Association of the Philippines data showed. The peso opened Monday’s […]
ASEAN trade show generates over P100M in sales leads for Philippine tourism industry
THE Tourism Promotions Board (TPB) said a regional trade show generated over P100 million in sales leads for 16 exhibitors from the Philippine tourism industry. The TPB, the marketing arm of the Department of Tourism (DoT), was reporting the result of Philippine participation in the ASEAN Tourism Forum. In a statement on Monday, the TPB […]
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, […]
8 Filipino trafficking victims rescued from Myanmar
EIGHT FILIPINOS have returned to the Philippines after being rescued from a trafficking scheme in Myanmar, the Department of Foreign Affairs (DFA) said on Monday. Among the eight, four males were recruited online from Dubai to supposedly work as customer support representatives in Thailand. Instead, they were brought to Myanmar and forced to scam individuals […]
Peso may drop vs dollar ahead of BSP policy review
THE PESO may weaken against the dollar this week as the market expects a big rate hike from the Bangko Sentral ng Pilipinas (BSP) after headline inflation surged in January. The local unit closed at P54.42 per dollar on Friday, strengthening by three centavos from its P54.45 finish on Thursday, data from the Bankers Association […]
Over 5K in Central Visayas receive livelihood aid from Dole
THE Department of Labor and Employment (Dole) 7 provided livelihood assistance to over 5,000 individuals in 2022, up 56 percent from the 3,618 beneficiaries it assisted in 2021. Last year’s 5,629 beneficiaries received a total of P78.8 million worth of livelihood assistance from the labor department. Cebu Province topped the list with 1,916 beneficiaries benefitting […]
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. […]
SEC removes 33 online lending platforms from Google Play Store
THE Securities and Exchange Commission (SEC) was able to remove 33 online lending platforms or OLPs from Google Play Store in its campaign against illegal lending, it said on Thursday. “These OLPs have not been reported to the SEC, in violation of SEC Memorandum Circular No. 19, Series of 2019 or the Disclosure Requirements on […]
Editorial: No to additional perks for former Presidents
The Philippines has three living former Presidents. They are Joseph Estrada, who served from 1998 until his ouster in 2001; Gloria Macapagal-Arroyo, who finished Estrada’s term until 2004 and served a full term until 2010 after winning the controversial presidential race, with the camp of her closest rival—the late action film star Fernando Poe Jr.—claiming […]
FDI net inflows drop to $793M in November
By Keisha B. Ta-asan, Reporter FOREIGN DIRECT investments (FDI) in the Philippines plummeted 43.6% in November to $793 million and 13.4% to $8.43 billion in the 11-month period, suggesting a weaker global economic outlook. FDI net inflows also fell 14.1% from the $923-million inflows in October, data released by the Bangko Sentral ng Pilipinas (BSP) […]
US says to provide $85M humanitarian aid to Turkey, Syria
WASHINGTON – The United States said on Thursday it will provide $85 million in urgent humanitarian assistance to Turkey and Syria after a massive earthquake that killed more than 20,000 people. The announcement by the US Agency for International Development (USAID) came shortly after US Secretary of State Antony Blinken spoke with Turkish Foreign Minister […]
Peso climbs further as dollar weakens amid slowdown fears
THE PESO strengthened on Thursday amid broad dollar weakness due to concerns over the health of the world’s largest economy. The local currency closed at P54.45 versus the greenback on Thursday, appreciating by 35 centavos from Wednesday’s P54.80 finish, data from the Bankers Association of the Philippines showed. The peso opened Thursday’s trading session slightly […]
PNR’s San Pablo-Calamba line resumes trips on Feb. 9
TRAIN services between San Pablo City and Calamba in Laguna resume on Feb. 9, the Philippine National Railways (PNR) announced on Wednesday. Trips along that 32.62-kilometer track were suspended to give way to the rehabilitation of bridges in the towns of Biñan and Tarapichi. The Department of Transportation, in a press release, said the first […]
Peso tumbles to P55-per-dollar level as headline inflation surges in Jan.
THE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish signals from the US Federal Reserve. The local currency closed at P55.085 versus the greenback on Tuesday, declining by 69.5 centavos from Monday’s P54.39 finish, data from the Bankers Association of the Philippines showed. The […]
Gov’t investment target from Japan trip P150B
THE PHILIPPINES is expected to obtain P150 billion in investment pledges during President Ferdinand R. Marcos, Jr.’s official visit to Japan. “We are expecting that substantial returns in terms of new projects, the value of which we currently estimate at P150 billion, and we estimate too these will generate employment for 8,000 Filipinos,” Philippine Ambassador […]
Mitsubishi Heavy Industries Achieves YoY Increases in Order Intake, Revenue, Business Profit, and Net Income in Third Quarter
TOKYO, Feb 7, 2023 – (JCN Newswire via SEAPRWire.com) – Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 19.0% year-over-year to YEN2,966.1 billion in the third quarter ended December 31, 2022. Revenue rose 11.1% to YEN2,938.0 billion year-over-year, resulting in business profit of YEN105.2 billion, a 30.3% increase from the previous fiscal […]