THE inventory of frozen pork in accredited storage facilities rose 15% year on year to 94,234.80 metric tons (MT) at the end of September, according to the National Meat Inspection Service. Imported pork accounted for 91,645.46 MT of the total, it said. Region III accounted for 27,082.81 MT of the pork in cold storage, followed […]
Tag: year
Q1 building permit approval growth slows on rising costs
APPROVED building permit applications rose 1.8% year on year in the first quarter, slowing from the 9.2% posted in the fourth quarter and the 4.7% year-earlier rate. Preliminary data from the Philippine Statistics Authority indicated that first-quarter permit approvals totaled 37,270, with the building projects covered by the permits valued at P86.78 billion with a […]
Low-cost housing target set at 1M units/year
THE Department of Human Settlements and Urban Development (DHSUD) said it hopes to augment the affordable housing stock by 1 million homes a year, including those built by the private sector. The target was set to address the housing backlog, estimated at 6.5 million homes, the department said. Secretary Jose Rizalino L. Acuzar said on […]
BanKo ramps up digitalization efforts
THE microfinance arm of Ayala-led Bank of the Philippine Islands (BPI) aims to grant more loans to self-employed micro and small business owners as its way of helping them fully recover from the Covid-19 pandemic. Some P9 billion worth of loans were released to the micro, small and medium enterprises (MSMEs) last year, marking 2021 […]
NG debt breaches P13 trillion as of end-August
The National Government’s (NG) outstanding debt rose to a record-high P13.02 trillion at the end of August, beating the previous high of P12.89 trillion in July, due to additional domestic borrowings and a weak peso. Preliminary data from the Bureau of the Treasury (BTr) showed outstanding debt increased by 1%, or P133.64 billion in real […]
PHL fiscal deficit sharply narrows in August
By Diego Gabriel C. Robles The National Government’s budget deficit sharply narrowed in August, as the growth in government revenues outpaced expenditures, the Bureau of the Treasury (BTr) reported on Friday. In a statement, the BTr said the budget gap stood at P72.04 billion in August, 40.43% lower than the P120.9 billion in the same […]
China trading partners urged to be ready for possible inflationary impact when Mainland economy reopens
CHINA’s trading partners need to prepare for the pent-up demand that has built up when Beijing decides to reopen the economy, the results of which could include additional inflationary pressures, making further monetary tightening necessary, a Citigroup economist said. “In essence, China’s dynamic Zero-COVID and periodic lockdowns, in a way, are a benign contributor to […]
Peso closes at P58.99 on signals from US Fed
THE PESO further weakened versus the dollar on Tuesday following fears of a global recession as US Federal Reserve officials remained hawkish after delivering a large rate increase last week. The local unit closed at another record-low of P58.99 against the greenback on Tuesday, losing 49 centavos from its P58.50 finish on Friday, Bankers Association […]
Gov’t securities may fetch higher rates after policy hikes
RATES of government securities (GS) on offer this week could rise amid continued monetary policy hikes from central banks in the past week and a weakened peso. The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day debt […]
BSP raises key rates to tame inflation
THE PHILIPPINE central bank raised benchmark interest rates on Thursday for a fifth time this year to rein in persistently high inflation amid a struggling peso and hawkish US Federal Reserve. The Bangko Sentral ng Pilipinas (BSP) increased its overnight borrowing rate by 50 basis points (bps) to 4.25% effective Friday, and its corresponding lending […]
Philippine Stock Exchange targets 20 initial public offerings in 2023
THE PHILIPPINE Stock Exchange (PSE) is targeting 20 new company listings in 2023, its president said on Thursday. “We (will have) 11 this year, I mean there’s no reason why we cannot target 20 next year,” PSE President and Chief Executive Officer Ramon S. Monzon said during the Road to IPO virtual event. The PSE […]
BSP expects bigger BoP, current account deficits as global demand weakens
THE PHILIPPINES’ balance of payments (BoP) deficit could end this year wider than initially expected due to darker global growth prospects that have caused weaker demand. The Bangko Sentral ng Pilipinas (BSP) announced its revised BoP projections for 2022 and 2023 approved during the Monetary Board’s meeting on Friday. The BoP gives a glimpse of […]
China’s retail, factory sectors unexpectedly perk up in August
BEIJING – China’s economy showed surprising resilience in August, with an unexpected pickup in factory output and retail sales growth shoring up the recovery from the crippling effects of COVID curbs, heatwaves and a deepening property slump. The better-than-expected figures show the world’s second-largest economy is gaining some steam, after narrowly escaping a contraction in […]
July trade deficit widens to record $5.9 billion
The demand for locally made products contracted for the first time in over a year in July while imports eased, bringing the trade deficit widening to another record, the Philippine Statistics Authority (PSA) reported on Friday. Preliminary data from the agency showed the value of outbound shipment of goods amounted to $6.212 billion in July, […]
HKTDC Hong Kong Watch & Clock Competition promotes innovation
HONG KONG, Sep 6, 2022 – (ACN Newswire via SEAPRWire.com) – The 41st HKTDC Hong Kong Watch & Clock Fair and 10th Salon de TE, organised by the Hong Kong Trade Development Council (HKTDC), Hong Kong Watch Manufacturers Association Ltd and The Federation of Hong Kong Watch Trades and Industries Ltd, will run from 7 […]
DECOMAN from Hong Kong Utilizes Technologies to Go Global, Two More Markets in the APAC Region this year
SEOUL, SOUTH KOREA, Sep 5, 2022 – (ACN Newswire via SEAPRWire.com) – HK DECOMAN Technology Limited (“DECOMAN”) is now expanding its footprint in Korea to capture the opportunities of growing demand for its services. With the Taiwan expansion begun in January, this is the second APAC market DECOMAN entered in 2022. Coworking space at the […]
TOYOTA GAZOO Racing going for gold in Greece
TOKYO, Sep 2, 2022 – (JCN Newswire via SEAPRWire.com) – The TOYOTA GAZOO Racing World Rally Team aims to return to the top step of the podium on the legendary Acropolis Rally in Greece on September 8-11, round 10 of the 2022 FIA World Rally Championship. 2022 GR YARIS Rally1 HYBRID Map Acropolis Rally Greece […]
BPI expects PHL to avoid recession with region-leading growth
THE PHILIPPINES is likely to be bypassed by the wave of recessions expected to hit developed countries and lead Southeast Asia in terms of growth this year, the Bank of the Philippine Islands (BPI) said in a report. “We don’t think there will be a recession in the Philippines,” BPI Lead Economist Emilio S. Neri, […]
Taylor Swift wins top MTV video award, announces new album
LOS ANGELES — Taylor Swift won the top honor at MTV’s annual Video Music Awards on Sunday for a 10-minute version of her 2012 breakup song “All Too Well” and made a surprise announcement of a new album coming in October. The singer thanked fans from the stage at the Prudential Center in New Jersey […]
How the Philippines’ labor productivity compares with its neighbors in the region
Labor productivity — as measured by gross domestic product (GDP) per person employed — of Filipinos inched up by 1.1% year on year to $21,550 per worker a year ago from $21,315 in 2020, data from the World Bank’s Development Indicators database showed. Among the 17 economies in East and Southeast Asia with available data, […]