Philippines Report

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Strong demand pulls down T-bill rates

Strong demand pulls down T-bill rates

Treasury bill rates declined across-the-board on Monday amid strong demand for short-dated debt and expectations that monetary authorities will keep the policy rate at a record-low 2 percent. The Bureau of the Treasury sold all P15 billion of the IOUs [...]

September 21, 2021 Business
Generation rates down by 0.07 centavos for Sept-Oct bill

Generation rates down by 0.07 centavos for Sept-Oct bill

The generation rates in the Visayan Electric franchise area will be 0.07 centavos lower for the September-October billing period. President and chief operating officer Raul Lucero said the slight drop in the generation rates for the current billing period was [...]

September 17, 2021 Business
Businesses urge Pag-IBIG to lift penalties on late remittances

Businesses urge Pag-IBIG to lift penalties on late remittances

Three of the country’s leading business groups have urged the Home Development Mutual Fund (Pag-IBIG) to offer penalty condonation on unsettled obligations in light of the ongoing pandemic. In a letter to Pag-IBIG chief executive officer Acmad Rizaldy Moti, the [...]

September 15, 2021 Business
Political tensions cloud PH recovery—Fitch Solutions

Political tensions cloud PH recovery—Fitch Solutions

The infighting within the the ruling party, Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban), may disrupt the government’s policymaking at the height of a pandemic-induced crisis, Fitch Solutions said. In a commentary published by Fitch Solutions on Monday, Sept. 13, the [...]

September 14, 2021 Business
Stocks recover previous day's losses

Stocks recover previous day’s losses

The local stock market regained the previous day’s losses amid guarded optimism over the COVID situation. The main index rose 46.49 points or 0.67 percent to close at 6,970.51 with gains led by the Services and Mining and Oil counters [...]

September 11, 2021 Business
Sy heirs retain top spot in Philippines’ 50 richest list

Sy heirs retain top spot in Philippines’ 50 richest list

The Sy siblings dominated Forbes Magazine’s latest list of 50 richest people in the Philippines, with the country’s tycoons defying pandemic headwinds after seeing their collective wealth rise 30% to $79 billion this year. The heirs of late retail magnate [...]

September 10, 2021 Business
Inflation breaches gov't target anew to hit over 2-year high

Inflation breaches gov’t target anew to hit over 2-year high

Consumer price growth resumed its uptick to accelerate beyond government expectations anew in August on higher utility costs and pricier food items. Inflation, as measured by the consumer price index, went up 4.9% year-on-year in August, faster than 4% on-year [...]

September 7, 2021 Business
Bank lending posts softer slump, but new lockdowns may derail recovery

Bank lending posts softer slump, but new lockdowns may derail recovery

Bank lending continued to contract in July, albeit at a milder pace, but the recent return to harsh lockdowns may reverse some gains. Excluding lending to each other, outstanding loans of big banks fell 0.7% year-on-year in July to P9.12 [...]

September 1, 2021 Business
YouTube suspends payments to Brazilian accounts

YouTube suspends payments to Brazilian accounts

YouTube said on Thursday it had suspended payments to content producers from 14 channels accused of spreading fake news about next year’s election by the country’s federal electoral court, the TSE. Most of the channels offer regular full-throated support to [...]

August 27, 2021 Business
US indices hit records as traders bet Covid surge will end

US indices hit records as traders bet Covid surge will end

US indices hit records again in Wednesday’s session as investors renewed their faith that the current Covid-19 surge will end, though trading was subdued elsewhere in the world. The S&P 500 poked above 4,500 for the first time, closing just below [...]

August 26, 2021 Business