THE American Chamber of Commerce of the Philippines (AmCham) said it is counting on the Department of Trade and Industry (DTI) to more regularly publish its updated suggested retail price (SRP) bulletins, following the latest edition issued on Feb. 8. “We have a good working relationship with them (the DTI), so I am certain they […]
Tag: prices
Asia stocks head for second weekly loss as Fed rate worries flare
TOKYO – Asia-Pacific stocks fell on Friday, slumping toward a second weekly loss as investors fretted about the potential for further Federal Reserve tightening and the effect on the US economy. US short-term Treasury yields held near a one-month high, helping the dollar tick up against major peers, after Richmond Fed President Thomas Barkin overnight […]
House leader orders committee probe, charges vs onion ‘hoarders’
THE HOUSE Speaker on Sunday directed the agriculture and food committee to conduct a probe and possibly recommend the filing of charges against alleged “unscrupulous traders and hoarders of onion and garlic.” “Your days are numbered,” Speaker Ferdinand Martin G. Romualdez said in a statement, calling the suspected hoarding activities an act of economic sabotage. […]
Shell profit doubles to record as war drives up energy costs
GLOBAL energy giant Shell said Thursday, Feb. 2, 2023, that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia’s invasion of Ukraine. London-based Shell Plc posted adjusted earnings of US$39.9 billion for 2022 in its financial results for the final three months of the year. […]
Groups renew lobby vs rice import liberalization
GROUPS on Tuesday renewed calls to repeal the Rice Tariffication Law passed in 2019, saying it has not brought down the retail price of the staple and failed to deliver on the supposed development support for local farmers. Watch group Bantay Bigas and the farmers’ organization Amihan National Federation of Peasant Women led a petition […]
Bantayan growers raise egg prices
POULTRY owners in Bantayan Island have increased the prices of their eggs due to the increase in prices of feeds they purchased from Cebu City. Alan Pastoril, president of the Bantayan Island Layer and Hog Raiser Association Inc. (BILHRA), told SunStar Cebu Wednesday, Jan. 25, 2023, that this is the main reason they imposed another […]
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 […]
DA to meet egg producers, traders to discuss price hike
PRESIDENT FERDINAND R. Marcos Jr. has ordered a Department of Agriculture (DA) official to meet with producers and traders to determine the reason behind the spiraling prices of chicken eggs despite a reported sufficient supply, according to Malacañang. “We determined that the increase in the price of eggs is not commensurate with the increase in […]
Senators say onion prices disproportionate to size of domestic shortfall
THE high price of onions is disproportionate to the small shortfall in domestic production, which could have easily been addressed by well-timed imports, Senators said. Senator Cynthia A. Villar, who chairs the Senate committee on Agriculture and Food, cited data from the Philippine Statistics Authority pointing to a 2021 onion surplus if domestic production and […]
Farmers group slams Marcos’ importation plan
A FARMERS group denounced the government’s importation plan for agricultural goods, saying the entry of onions, rice, and sugar from other countries to increase supply has not been effective in bringing down prices. “Importation is a solution for the lazy,” the Kilusang Mambubukid ng Pilipinas (KMP) said in Filipino in a statement on Monday as […]
REITs seen saddled by hybrid work, POGO exit
By Justine Irish D. Tabile, Reporter REAL estate investment trusts (REITs) are expected to benefit from the further reopening of the economy, but their growth could be tempered by flexible work arrangements and the departure of Philippine offshore gaming operators (POGO), analysts said. “The economic reopening narrative would still be the important consideration for the […]
New SRP bulletin still due for release this month
AN updated list of suggested retail prices (SRP) for manufactured goods remains due for release later this month, Trade Secretary Alfredo E. Pascual said. Mr. Pascual said his department’s Consumer Protection Group (CPG) is still reviewing the proposed price hikes of basic necessities and prime commodities (BNPCs) and the updates to be made to the […]
Onion importers given until Jan. 27 to land their shipments
ONION importers cleared to ship in 21,060 metric tons (MT) of the produce have been given until Jan. 27 to bring in their cargoes in order not to unduly interfere with market conditions during the domestic onion harvest, the Department of Agriculture (DA) said. According to a letter to the Bureau of Plant Industry (BPI) […]
Housing prices jump in Q3
By Luisa Maria Jacinta C. Jocson, Reporter HOUSING PRICES nationwide posted a faster annual growth in the third quarter, driven by sustained demand for condominium units, particularly in the Philippine capital region. The Bangko Sentral ng Pilipinas (BSP) said the Residential Real Estate Price Index (RREPI) rose 6.5% year on year in the third quarter. […]
Slammed for inaction on onion price hike, DA points to LGUs
A MEMBER of the Cebu City Council has criticized the Department of Agriculture (DA) for its unclear actions toward the high prices of onions in the market. Councilor Pastor “Jun” Alcover Jr., chairman of the committee on agriculture, trade, commerce and entrepreneurship, urged the DA and Department of Trade and Industry to intensify its price […]
Farmers say supply not the issue in high agri prices
PRICES of agricultural commodities will continue to rise next year if the government fails to address the gap between farmgate and retail prices, farmers’ associations said. “I think we will continue to have both supply and marketing problems next year,” Raul Q. Montemayor, chairman of the Federation of Free Farmers, said in a Viber message […]
Peso slumps as oil prices rise on demand hopes
THE PESO weakened against the dollar on Tuesday due to rising oil prices following China’s easing of its coronavirus disease 2019 (COVID-19) restrictions. The local currency closed at P55.90 versus the greenback, slumping by 75 centavos from Friday’s P55.15 close, data from the Bankers Association of the Philippines showed. The peso opened the session at […]
Gasoline, kerosene prices expected to go up this week
FUEL companies have announced another round of oil pump price hikes starting Tuesday, Dec. 27. This marks the second straight week of increases for gasoline and kerosene. In its fuel forecast for Dec. 27, 2022 to Jan. 2, 2023, Unioil Philippines noted that while diesel chould go down by P0.50 to P0.60 per liter, gasoline […]
RCBC projects 2023 inflation average at 4.5-5.5%
RIZAL Commercial Banking Corp. (RCBC) said average inflation is expected to slow to 4.5% to 5.5% in 2023 as oil prices ease, with the lower end of his forecast in line with the government’s official projection of 4.5%. In an email, the bank’s Chief Economist Michael L. Ricafort said he sees inflation in the first quarter averaging […]
NCR retail prices surge by 6% in October
Retail price growth in Metro Manila hit a near 14-year high in October amid surging basic commodity prices fueled by a second-round base effect of domestic inflation, the Philippine Statistics Authority (PSA) reported on Friday. Retail price growth in the National Capital Region, as reported in the general retail price index (GRPI), grew by 6% […]