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FX risk low for PH banks – Moody’s
The Philippine banking system has low foreign exchange (FX) risks due to minimal exposure in US dollars, according to credit rating agency Moody’s Investors Service.
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Economic team revises 2023 growth downward
President Marcos’ economic team narrowed its growth outlook for next year given the global headwinds, the Development Budget Coordination Committee (DBCC) said.
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Business, think tanks reject planned Maharlika Wealth Fund
Various business and think tank groups have strongly opposed the planned Maharlika Wealth Fund (MWF), a Philippine government version of a Sovereign Wealth Fund (SWF), stating the proposal under House Bill 6398 will not amount to wealth creation but instead puts at risk peoples’ pension money in a fund filled with “infirmities”.
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Gasoline prices cut by P1.95/liter; diesel by P1.90/liter
Motorists can feast on another round of lower pump prices this week, as the price of gasoline prices had been reduced by P1.95 per liter; while diesel prices were cut by P1.90 per liter.
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Gov’t sells P25B of reissued bonds
The Bureau of the Treasury made a full-award on Tuesday, Dec. 6, after the benchmark interest rate on debt falling due in almost 12-years settled within the secondary market levels.
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World Bank raises 2022 growth outlook for PH
The World Bank raised its gross domestic product (GDP) outlook for the Philippines to 7.2 percent this year from an earlier projection of 6.5 percent in September.
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Inflation will ease in the next months – BSP
The Bangko Sentral ng Pilipinas (BSP) said on Tuesday, Dec. 6, that inflation will slow down in the next months due to several factors including negative base effects.
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TDK PH secures FIRB’s tax incentives
The Fiscal Incentives Review Board (FIRB), chaired by the Department of Finance, has approved the tax incentive application of TDK Philippines Corp. (TPC).
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ADB to upgrade 17 TESDA institutions
The Asian Development Bank (ADB) said it will fund the upgrade and modernize the Philippines’ technical and vocational education and training (TVET) system to make it more responsive to new labor demands.
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Meralco to seek fuel allocation for SMC’s Ilijan plant offer
The ball has been tossed into the court of power utility giant Manila Electric Company (Meralco) to secure gas fuel allocation for the offer of San Miguel Corporation to have its 1,200-megawatt Ilijan gas-fired power facility utilized to augment power supply, primarily for the Luzon grid.
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Globe fires up 26 new cell sites
Globe Telecom Inc. fired up 26 new Long Term Evolution (LTE)-capable cell sites in Oriental Mindoro and Marinduque through stronger partnerships with local cooperatives, the telco disclosed Tuesday, December 6.
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Inflation soars to 14-year high at 8% in Nov.
Consumer prices accelerated further to 8 percent in November, hitting a fresh 14-year high on the back of sustained rise in food costs, the Philippine Statistics Authority (PSA) reported.