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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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Inflation pushes factory output to slowest growth in June
As inflationary pressures mount further, the growth of the local manufacturing sector in June moved at its slowest expansion in almost a year, the latest survey from S&P Global showed.
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Diesel prices down P0.60/liter; gasoline up P0.75/liter
Filipino consumers can gain partial financial relief in their budgets this week, as the price of diesel will be trimmed by P0.60 per liter; and kerosene products will be on downtrend by P0.75 per liter.
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ASEAN Audit Regulators to raise the bar for audit quality
The ASEAN Audit Regulators Group (AARG) has reaffirmed its commitment to raising the bar for audit quality amid the challenges faced by the region today.
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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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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.
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BALAI H1 profit exceeds full year 2021 earnings
Balai ni Fruitas Inc. (BALAI) reported that its profits for the first half of 2022 already exceed full-year 2021 levels as it continued to benefit from economies of scale and improved store performance.