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Inflation may have peaked in June – BSP
The Bangko Sentral ng Pilipinas (BSP) indicated that inflation may have peaked already in June at 6.1 percent as it projected that the July inflation could hit the midpoint of 5.6-6.4 percent in July.
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Bank lending hits 3-year high
Big banks’ outstanding loans expanded to a three-year high of 12 percent year-on-year in June as borrowers took out more loans for real estate activities, information and communication sector, and manufacturing, indicating support for economic recovery.
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Duterte borrows P1 T in final 6 months
Former President Duterte borrowed P1 trillion in his final six months in Malacañang.
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DOE to prioritize nationwide household electrification
The new leadership at the Department of Energy (DOE) will prioritize fulfillment of 100-percent electrification target on all households nationwide, a goal that the Duterte administration had failed to deliver.
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UnionBank acquisition of Citi consumer banking a done deal
Aboitiz-led UnionBank of the Philippines (UnionBank) said it completed Monday, Aug. 1, its P45.3 billion acquisition of Citi Philippines consumer banking business in the country.
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Stocks flat after weak start
The local stock market kicked off August by managing to end flat after recovering from a drop earlier in the day.
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SMC’s energy unit incurs P15-B losses on surging fuel costs
SMC Global Power Holdings Corporation (SMCGP), the power investment arm of San Miguel Corporation, logged colossal losses of P15 billion on the electricity generation operation of its power plants due to surging fuel prices in the world market and is now batting for rate hikes so it can partly recover costs via its power supply agreements (PSAs) with Manila Electric Company (Meralco).
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Gokongweis’ GoTyme Bank gets full digital license
Gokongwei-owned GoTyme Bank announced the Bangko Sentral ng Pilipinas (BSP) has granted it a Certificate of Authority to fully operate as a digital bank.
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BSP to cut reserves ratio in Dec.
The Bangko Sentral ng Pilipinas (BSP) will likely reduce banks’ reserve requirement ratio (RRR) in December, not earlier, according to BSP Governor Felipe M. Medalla.
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Short-term yields post mixed results
Philippine benchmark interest rates for six-month and one-year loans rose, while the yield for three-month papers dropped.
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SM Prime profits grow to P14 B amid reopening
SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, reported a 21 percent growth in consolidated net income to P14.1 billion in the first half of 2022 from the P11.6 billion earned in the same period last year.
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Local, foreign business mourn on the passing of FVR
Local and foreign business groups expressed sorrow over the passing of Former President Fidel V. Ramos, whom they remembered as instrumental in the opening of the domestic economy and bringing in resurgence in business optimism in his inspiring leadership.
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Petron doubles net income to P7.7B in H1
Leading oil firm Petron Corporation has doubled its consolidated net income from both Philippine and Malaysian operations to P7.7 billion in the first half of this year from a leaner P3.87 billion in the same period last year.