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.    […]

Manufacturing growth cools in Dec.

FACTORY PRODUCTION grew at its slowest pace in three months in December due to seasonal factors and a decline in trade performance, economists said. Preliminary results of the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) showed manufacturing, as measured by the volume of production index (VoPI), expanded by 4.8% year on […]

PHL growth seen to fall short of target this year

THE PHILIPPINE economy’s growth may fall short of the government target this year, as interest rates may continue to rise amid sticky inflation. In a note dated Feb. 8, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the bank expects the country’s gross domestic product (GDP) to grow by 5% this year, […]

Luxury resort celebrates auspicious Year of the Water Rabbit

Culture is a wonderful thing. Along the lines of cultural congruence and exchange, people’s exposure to the various world cultures make humanity rich with meaningful interactions that foster respect and empathy. These are all evident during the festivities that ring in the Chinese New Year. In the last week of January, the Chinese-Filipino community in […]

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 […]

Citi expects 2023 PHL inflation to average 5.3%

CITIGROUP, INC. (Citi) expects Philippine headline inflation to average 5.3% this year, above the central bank’s 2-4% target, with food prices remaining elevated and subject to further upside due to weather disturbances. “Our expectation for inflation this year is still pretty high at 5.3% on average, before lowering to about 3.3% next year,” Citi Economist […]

Mazda Production and Sales Results for December 2022 and for January through December 2022

TOKYO, Jan 31, 2023 – (JCN Newswire via SEAPRWire.com) – Mazda Motor Corporation’s production and sales results for December 2022 and for January through December 2022 are summarized below. I. Production 1. Domestic Production (1) December 2022Mazda’s domestic production volume in December 2022 decreased 20.2% year on year due to decreased production of passenger vehicles. […]

Philippine growth best since 1976

By Luisa Maria Jacinta C. Jocson, Reporter THE PHILIPPINES weathered record inflation and interest rate increases last year by posting the fastest economic growth since 1976 — one of the strongest in Asia amid a dreary global outlook. Economic output grew by 7.2% in the three months through December from a year earlier, according to […]

December trade gap widens; full-year deficit hits record 

THE PHILIPPINE trade deficit widened in December from the previous month after exports declined to the lowest in more than two years, while imports continued to fall for the second straight month, the Philippine Statistics Authority (PSA) said on Thursday. This brought the 2022 trade balance to a record $58.32-billion deficit, higher than the $42.23-billion […]

Risks mount for Philippines after best growth in half a century

The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge. The economy grew 7.6% in 2022, data showed Thursday, its best performance since 1976. President Ferdinand Marcos Jr. is betting the country […]

‘Hot money’ flows turn net positive in 2022

FOREIGN portolio investment funds entering the Philippines outweighed those exiting in 2022, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, representing a turnaround from the net outflow posted in 2021. Foreign portfolio investments registered with the central bank through authorized agent banks (AABs) posted a net inflow balance of $886.7 million last year, against […]

Marcos claims PHL tagged as part of Asia’s ‘VIP Club’ in WEF

PRESIDENT Ferdinand R. Marcos, Jr. at the weekend touted that global business and political leaders have tagged the Philippines as part of a so-called “VIP Club” of Asia due to its economic performance, which the government hopes would translate to more foreign investments.  The Philippines’ participation in the World Economic Forum (WEF) in Davos, Switzerland […]