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 […]
Tag: rate
Tariff Commission receives petition to lower tariffs on natural gypsum to zero
KNAUF GYPSUM Philippines, Inc. is seeking zero tariffs on imports of natural gypsum, an input used in the manufacture of construction materials, the Tariff Commission (TC) said. According to a notice dated Feb. 10 posted on the TC website, the company sought the reduction of the most favored nation (MFN) tariff rate on natural gypsum […]
Shares drop in cautious trade before BSP, US CPI
STOCKS declined on Monday as investors remained cautious ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting and the release of US inflation data this week. The benchmark Philippine Stock Exchange index (PSEi) went down by 38.03 points or 0.55% to close at 6,838.76 on Monday, while the broader all shares index shed 10.21 […]
Shares drop on profit taking, rate hike worries
LOCAL STOCKS declined on Thursday on profit taking and fears that the central bank will deliver a big rate hike next week following faster-than-expected inflation in January. The benchmark Philippine Stock Exchange index (PSEi) went down by 80.29 points or 1.16% to close at 6,842.79 on Thursday, while the broader all shares index dropped by […]
Employment numbers don’t reflect job-market dropouts — think tank
By John Victor D. Ordoñez, Reporter THE decline in the 2022 jobless rate masks the number of workers who have stopped seeking formal employment, IBON Foundation said. “Reported unemployment doesn’t count jobless Filipinos who may have dropped out of the labor force after a long time of seeking but not finding work,” the think tank’s Executive […]
Analysts’ January 2023 inflation rate estimates
HEADLINE INFLATION likely cooled in January as weaker demand, the peso’s appreciation against the US dollar, and slower growth in food prices offset the rise in utility rates and pump prices. Read the full story.
Agencies’ budget utilization rate rises to 98% in 2022
THE cash utilization rate posted by government agencies hit 98% at the end of December, the Department of Budget and Management (DBM) said. In a report on Tuesday, the DBM said the National Government, local governments and state-owned firms used 98% of the P4.42 trillion in funding allocated to them based on the year-end tally […]
OCTA says Philippines at low risk from coronavirus
By Kyle Aristophere T. Atienza, Reporter THE PHILIPPINES remains at low risk from the coronavirus, pandemic monitoring group OCTA Research Group said on Monday, even as it cited a decline in the country’s RT-PCR testing output. “With low RT-PCR testing, we won’t be seeing huge numbers like in 2021 and early 2022,” OCTA fellow Fredegusto […]
BSP approves 3% cap on credit card rate
THE Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from two percent to three percent per month. Meanwhile, the existing ceiling on the monthly add-on rate that credit […]
Metro Manila’s COVID positivity rate declining, says OCTA
CORONAVIRUS infections in Manila and nearby cities have declined, according to the OCTA Research Group. The seven-day positivity rate in Metro Manila, which accounted for 31.5% of the country’s economic output last year, had fallen to 3.7% from 5.8% as of Jan. 14, OCTA said in a report on Tuesday. Low positivity rates were also […]
Bank of Korea raises interest rates, hints they will now be steady
SEOUL — South Korea’s central bank raised its policy interest rate by 25 basis points on Friday, as expected, but bond yields plunged in response to comments suggesting its 1-1/2-year rate-hike campaign had ended. The benchmark 10-year treasury bond yield dived as much as 14.3 basis points to 3.270%, its lowest since late August and […]
BSP chief hopes to cut rates in 2024
By Keisha B. Ta-asan, Reporter THE BANGKO SENTRAL ng Pilipinas (BSP) may cut key benchmark rates in 2024, as well as lower the reserve requirements for banks in the first half of 2023, its chief said on Thursday. “Now hopefully by 2024, when pent-up demand is gone, then monetary policy hopefully at that time will […]
Local shares decline on inflation, rate hike bets
SHARES dropped on Wednesday ahead of release of December US consumer inflation data and expectations of rate hikes from both the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) in their first meetings of the year. The bellwether Philippine Stock Exchange index (PSEi) went down by 47.35 points or 0.7% to close at […]
Regulator orders PhilHealth to detail impact of rate hike freeze
THE regulator for state-owned firms has ordered the Philippine Health Insurance Corp. (PhilHealth) to submit an analysis of how a hike suspension will affect its financial standing and operations. The Governance Commission for GOCCs (GCG), which oversees government-owned and -controlled corporations (GOCCs), “strives to ensure that the GOCC sector, in this case PhilHealth, is fully […]
ERC cites rate reviews, CSP revision as 2023 priorities
THE Energy Regulatory Commission (ERC) said its 2023 priorities are reviewing distribution utility (DU) and transmission rates, as well as revising the guidelines for the competitive selection process (CSP). ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said in a Viber message on Thursday that the ERC will work to mitigate expected rate increase […]
Solon calls for suspension of SSS, PAG-IBIG rate hike after PhilHealth
AN OPPOSITION lawmaker on Tuesday called on Malacañang to suspend the scheduled contribution rate hikes for the private sector pension fund and the shelter financing fund, following the deferment of health insurance contribution increase. House Deputy Minority Leader Rep. France L. Castro said the Social Security System (SSS) and the Home Development Mutual Fund or […]
BSP projects December inflation to hit 7.8% to 8.6%
THE Bangko Sentral ng Pilipinas (BSP) on Thursday said it projects inflation in December to hit within the range of 7.8 to 8.6 percent. The central bank said higher electricity rates, an uptick in the prices of agricultural commodities, elevated prices of meat, fish products, and LPG may push the inflation rate higher. “Meanwhile, the […]
Metro Manila’s COVID-19 positivity rate falling, according to OCTA
THE WEEKLY coronavirus disease 2019 (COVID-19) positivity rate in the capital region Metro Manila has been decreasing, according to pandemic monitoring group OCTA. The positivity rate in Metro Manila, which accounted for 31.5% of the country’s economic output last year, fell to 11.6% as of Dec. 23 from 14.3% as of Dec. 16, OCTA fellow […]
BSP raises rates by 50 bps, signals more tightening
THE BANGKO SENTRAL ng Pilipinas (BSP) on Thursday raised its benchmark interest rate to its highest in 14 years, and signaled more tightening albeit at a slower pace. The Monetary Board (MB) increased its overnight borrowing rate by 50 basis points (bps) to 5.5%, as predicted by 13 of 15 analysts in a BusinessWorld poll […]
Stocks fall as Fed chief hints at more rate hikes
SHARES closed lower on Thursday after the US Federal Reserve chief said more rate hikes are needed to rein in elevated inflation. The bellwether Philippine Stock Exchange index (PSEi) lost 48.27 points or 0.73% to close at 6,566.80 on Thursday, while the broader all shares index declined by 18.68 points or 0.54% to 3,430.89. “Share […]