Money
PH to hit upper middle income status later than 2025 —World Bank
The Philippines will likely graduate to upper-middle income economy status later than the government’s target of hitting it by 2025, according to a senior economist at the World Bank. “We do expect that the Philippines at its current growth rates is expected to cross the threshold in the next few years… it could be in the next, say, two to three years,” World Bank senior economist for the Philippines Ralph Van Doorn told reporters at a press...
MoneyBSP intervenes when peso is ‘under stress’ — Remolona
The Bangko Sentral ng Pilipinas (BSP) said Tuesday it intervenes in the foreign exchange market when the Philippine peso is “under stress” amid the local currency’s recent decline to a 19-month low. The peso, on Monday, closed at P58.68:$1, its weakest showing since November 3, 2022 when it finished at P58.80:$1. Since the beginning of the year, the peso has shed over 5% of its value against the US dollar. “When do we intervene? We don't...
MoneyNEDA OKs rice duty rate reduction, says P29/kilo targeted for poor
The National Economic and Development Authority (NEDA) on Tuesday approved the reduction of rice's duty rate to 15% for both in-quota and out-quota rates until 2028, Secretary Arsenio Balisacan said on Tuesday. ''This decision aims to lower the price of rice further and make it more affordable," Balisacan said at a press conference in Malacañang, noting that rice has contributed about two percentage points or over 50 percent to the headline...
MoneyManila Water, Maynilad announce water service interruptions
Select customers of Manila Water Company Inc. and Maynilad Water Services Inc. will experience service interruptions this week, as the concessionaires are set to undertake maintenance activities. In an advisory, Manila Water said it will implement several activities starting Monday, June 3, which would impact services in several areas: Maynilad also implement water service interruptions starting Saturday, June 1, 2024. Emergency water service...
MoneyDTI issues show cause order vs. Dali over alleged sanitary issues
The Department of Trade and Industry (DTI) has issued a show cause order against store Dali Everyday Grocery due to alleged sanitary issues and non-compliance with business regulations. Assistant Secretary Amanda Nograles said the DTI had issued the show cause order to Dali on May 29, 2024, which covers 13 instances of complaints by Malayang Konsyumer, a consumer group protecting buyers' rights. Nograles disclosed that DTI also sought the help...
MoneyAgri truckers toll rebate comes into effect on Saturday
Agricultural truckers accredited by the Department of Agriculture (DA) will be eligible for toll rebates starting Saturday, June 1, 2024. The Agri-Trucks Toll Rebate Program covers users of North Luzon Expressway (NLEX), South Luzon Expressway (SLEX), Muntinlupa-Cavite Expressway (MCX), Subic-Clark Expressway (SCTEX), and Manila-Cavite Toll Expressway (CAVITEX). The program is seen to benefit 200 to 300 farm product-carrying trucks traversing...
MoneyFirst Gen energizing seven new power plants by end of 2024
Lopez-led renewable energy firm First Gen Corporation on Friday announced it is bringing to commercial operations seven new power generation facilities by the end of the year. In his message at the company’s annual stockholders meeting in Makati City, First Gen president and chief operating officer Francis Giles Puno said First Gen’s subsidiary, Energy Development Corporation (EDC), is investing about P30 billion “to build 83 megawatts (MW) of...
MoneyRecto expects stable food prices as farm trucks get toll rebate
Finance Secretary Ralph Recto is expecting a more stable and affordable food prices as farm trucks will soon get rebates in recent toll hikes. “This measure will prevent the second round effects of toll rate increases on food inflation and ensure that we keep food prices stable and affordable for our consumers,” Recto said in a statement on Thursday. Last week, the Toll Regulatory Board along with the Department of Finance, the Department of...
MoneyGasoline price seen to roll back; diesel, kerosene may increase next week
Motorists should expect mixed movements in pump prices in the coming week based on the oil trading in the past four days. Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the following are the estimated adjustments in fuel prices next week: Gasoline - Rollback of P0.60 to P0.90 per liter Diesel - Increase of P0.40 to P0.60 per liter Kerosene - Increase of P0.75 to P0.90 per liter Romero cited expectations on...
MoneyNLEX toll rates to go up starting June 4
Motorists using the North Luzon Expressway (NLEX) should expect higher toll rates next month as the Toll Regulatory Board (TRB) approved the implementation of the second tranche of toll adjustments for the expressway. In a statement, NLEX Corp. said the TRB authorized the implementation of the second tranche of its approved 2018 and 2020 consolidated petitions for periodic toll adjustments effective June 4, 2024. Under the new toll fee matrix,...
MoneyRecto sees 20% drop in rice prices by September
Rice prices in the Philippines are expected to go down by as much as 20% in September due to an expected increase in production and the possible reduction in tariffs, Finance Secretary Ralph Recto said Tuesday. Speaking before a panel at the Philippine Economic Briefing, Recto said rice prices could go down starting in the third quarter. Market prices currently range from P45 to P66 per kilogram for local commercial rice and from P49 to P65 per...
MoneyGasoline, diesel, kerosene prices up Tuesday
Motorists will have to pay more for fuel products this week, as firms are set to hike pump prices to mark the second straight week of increases for both diesel and kerosene. In separate advisories, Chevron Philippines Inc. (Caltex) and Shell Pilipinas Corp. said they will increase prices per liter of both gasoline and diesel by P0.40, and kerosene by P0.30. Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they...
MoneyPAREX ‘technically’ still on the table -TRB
Conglomerate San Miguel Corporation (SMC) had yet to officially terminate its contract with the government to build the P95-billion Pasig River Expressway (PAREX), according to the Toll Regulatory Board (TRB). “Technically, it is still on the table because they have not given the confirmation that they are terminating the contract or the project,” TRB Executive Director Alvin Carullo told reporters in a chance interview. In March, SMC top honcho...
MoneyMaynilad inks P10B loan deal with Metrobank
West Zone concessionaire Maynilad Water Services Inc. has signed a loan deal with the Metropolitan Bank and Trust Company to bankroll its capital requirements for this year. In a statement, Maynilad said it tapped Metrobank for a P10 billion loan to boost its financial muscle in funding its water service improvement projects for 2024. The loan facility will mature in 10 years or 2034, the water concessionaire said. The additional funding will be...
MoneyFuel price hike seen next week
Motorists should buckle up as fuel pump prices might go up for another round in the coming week. Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the price per liter of gasoline may go up by P0.45 to P0.65. Diesel prices, meanwhile, may increase by P0.35 to P0.55 per liter while kerosene prices are seen to go up by P0.45 to P0.60 per liter. Romero said Friday’s trading...
MoneyBOI, ERC ink pact to facilitate power investments, concerns
The Board of Investments (BOI) and the Energy Regulatory Commission (ERC) have signed an agreement to facilitate investments and power-related concerns among electric power industry investors. In a news release on Thursday, the BOI said the memorandum of agreement (MOA) with the ERC was signed on May 20, 2024. Under the MOA, both BOI and ERC will collaborate on addressing issues in the electric power industry as well as concerns from the BOI’s...
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