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BSP says inflation to peak soon, continues FX intervention
While in New York along with the Marcos administration’s economic team, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla tried to assure US investors that the central bank will bring back inflation to within the target range by 2024, and vowed to temper peso depreciation.
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Economic team courts US investors
President Marcos’ economic managers were pursuing more foreign investments from the US, trumpeting the country’s sound macroeconomic fundamentals, the government’s clear roadmap for economic recovery, and sustainable growth.
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Consumers turn more optimistic in Q4 — BSP survey
espite high inflation and a depreciated peso, Filipino consumers have a more favorable outlook for the last quarter of 2022 and in the next 12 months on expectation of additional income and improved employment condition, according to the latest Consumer Expectation Survey (CES) of the Bangko Sentral ng Pilipinas (BSP).
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Zobel sees more new sources of jobs
Jaime Augusto Zobel de Ayala, chairman of one of the Philippines’ leading conglomerates Ayala Corp., said the government’s continuing infrastructure roll out, tourism and digitalization are creating externalities that will become top sources of new jobs in the country.
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Tight labor market, inflation to hike pay raise further in 2023
Salary budgets for employees are projected to increase in 2023, mainly influenced by a continuation of the tight labor market and rising inflation concerns in Asia Pacific (APAC), including the Philippines, according to a report.
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DTI forecasts $110-B exports in 2023
The Department of Trade and Industry (DTI) is looking at $110-billion exports for 2023, lower than the 2022 target of $122 billion to $130 billion.
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IMF lowers PH economic growth forecast
The International Monetary Fund (IMF) has lowered its economic growth forecast for the Philippines due to unfavorable global economic condition.
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BDO, top Asian banks publish financial transition guidelines
BDO Unibank, MUFG Bank of Japan, and other leading Asian banks are advancing energy transition finance with the publication of the Asia Transition Finance Guidelines and the Asia Transition Finance Activity Report.
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Meralco fast tracks power service restoration
From over 1.2 million customers who suffered power service interruptions at the height of super typhoon Karding’s devastation, power utility giant Manila Electric Company (Meralco) announced that it already brough back the electricity services of most of its affected subscribers.
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SSI Group performance exceed pre-covid levels
Retailer SSI Group reported a 383 percent jump in net income to P491 million in the first half of the year from a P173.7 million net loss in the same period of 2021 as second quarter 2022 sales, gross profit margins and net income exceed pre-COVID levels.
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Lotilla wants NPC to borrow to plug fuel budget shortfall
To plug budget shortfall on fuel procurements, Energy Secretary Raphael P.M. Lotilla prefers that state-run National Power Corporation (NPC) will resort to borrowings despite escalating interest rate that will eventually be shouldered by consumers in their electric bills.
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Gasoline prices cut by P1.65/liter; diesel by P1.25/liter
Motorists using gasoline products will benefit more in this week’s price rollback, as the per-liter cost of this commodity will be slashed by P1.65 per liter; while diesel prices will be trimmed by P1.25 per liter.
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AirAsia voted World’s best low-cost airline for 13th year
AirAsia voted World’s best low-cost airline for 13th year