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 […]
Tag: year
Galunggong imports below quota as end of closed season nears
IMPORTS of round scad, known as galunggong, topped 25,000 metric tons (MT) as the closed fishing season neared its end in northern Palawan, the main fishery for the species. Imports of 25,056.27 metric tons (MT) amount to over half of the target volume during the closed season, according to the Bureau of Fisheries and Aquatic […]
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 […]
Philippines to stem ‘recessionary forces’
PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said the Philippines would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade. In a speech at the World Economic Forum’s (WEF) annual meeting in Davos, Switzerland, the president said he was bullish about the country’s economic prospects. “My belief […]
Traders told: DON’t be hasty, be patient in year of Water Rabbit
BUSINESS owners will need to be patient and less aggressive in their investments to become successful in the Year of the Water Rabbit, a Manila-based feng shui expert said. 2023 is the year of the Yin Water Rabbit. In the Chinese Zodiac sign, the yin water brings an energy that is classy, silent and slow, […]
Philippine stocks climb on upbeat economic view
PHILIPPINE STOCKS posted gains on Wednesday on positive market sentiment after the Finance chief said economic growth is expected to remain robust this year. The bellwether Philippine Stock Exchange index (PSEi) went up by 80.82 points or 1.15% to close at 7,094.86 on Wednesday, while the broader all shares index added 34.59 points or 0.94% […]
Peso rises on BoJ decision, stock market’s gains
THE PESO strengthened against the dollar on Wednesday following the Bank of Japan’s (BoJ) decision to keep rates ultra-low and amid expectations that the Philippines will be among one of the fastest-growing economies in the region this year. The local unit closed at P54.62 per dollar on Wednesday, appreciating by 20 centavos from Tuesday’s finish […]
Bureau of Customs seizures down 14% in 2022
THE BUREAU of Customs (BoC) confiscated smuggled goods worth P24.28 billion in 2022, down 14.6% year on year. Last year’s total amount is lower than the P28.43 billion worth of goods seized in 2021. In a statement on Wednesday, the agency reported that it had a total of 709 seizures last year. These included illegal […]
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 […]
NPL ratio continues to decline in November
BAD DEBTS held by Philippine banks continued to drop in November, bringing the industry’s nonperforming loan (NPL) ratio to 3.35%, with the Bangko Sentral ng Pilipinas (BSP) governor saying he does not expect a further rise this year. Based on data from the central bank, soured loans slipped by 0.9% to P408.097 billion in November […]
GDP grew by at least 7.5% in 2022, says Diokno
THE PHILIPPINE ECONOMY likely expanded by at least 7.5% in 2022, Finance Secretary Benjamin E. Diokno said on Thursday. “We expect the economy to have grown by at least 7.5% last year. Because of the expected slowdown of the global economy, the Philippine economy is forecasted to grow by around 6.5% this year — still […]
Utzurrum: IWC national convention starts with President’s Cup
Who hasn’t heard of the Inner Wheel Clubs of the Philippines? The first club, International Inner Wheel (IIW) was founded by Margaret Golding in 1924. With membership picking up, it is now the largest women’s service voluntary organization in the world, with more than 112,245 members in 104 countries worldwide. In the Philippines, the first […]
Peso climbs further vs dollar as Powell avoids policy outlook talk
THE PESO rose further against the dollar on Wednesday to post a fresh six-month high after US Federal Reserve Chair Jerome H. Powell avoided commenting on his monetary policy outlook in scheduled remarks on Tuesday and following strong data on foreign direct investments (FDI) in the Philippines. The local currency closed at P54.80 versus the […]
PSE targets 14 IPOs for 2023
THE Philippine Stock Exchange (PSE) is targeting 14 initial public offerings (IPOs) for the year, expressing its optimism for the year of the Water Rabbit. The potential listing applicants include 11 companies and real estate investment trust that will list on the main board and the remaining three are firms that are expected to debut […]
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 […]
Infrastructure spending sharply lower in October on month-on-month basis
INFRASTRUCTURE spending fell 38.3% month on month in October to P61.2 billion, according to the Department of Budget and Management (DBM). The DBM said on Tuesday that on a year-on-year basis, expenditure on infrastructure and other capital outlays rose 0.5%. The DBM said in October, disbursements fell for the Armed Forces of the Philippines Modernization […]
Eala slides one rank lower to No. 215 in WTA Ranking
ALEX Eala slightly slid down in the Women’s Tennis Association (WTA) rankings to start the year after a miss in her first event. From a career-high of No. 214 to end 2022, the Filipina sensation tripped to No. 215 as per the newest WTA bulletin to fire off 2023. Ms. Eala, 17, bowed to pal […]
PHL stocks may rise on bullish economic outlook
PHILIPPINE SHARES may climb this week amid thin trading after the holidays as investors expect a better year for corporates and the economy in 2023. The bellwether Philippine Stock Exchange index (PSEi) inched down by 0.15 point to close at 6,566.39 on Dec. 29, while the broader all shares index rose by 12.71 points or […]
Rice, pork shortages expected in 2023
By Ashley Erika O. Jose, Reporter THE PHILIPPINES will likely experience shortages of rice and pork this year, with growers impacted by high costs for key inputs as well as climate change, analysts said. “We will be in short supply of rice by more than three million metric tons this year due to the high […]
Consumption unlikely to remain resilient as inflation bites
By Luisa Maria Jacinta C. Jocson, Reporter HOUSEHOLD consumption is not likely to sustain its growth in 2023 amid rising inflation and signs of further policy tightening by the Bangko Sentral ng Pilipinas (BSP), analysts said. “The overly aggressive tightening of the BSP this year is a big headwind for growth in 2023. We also […]