Competition watchdog approves Grab-Uber deal
THE PHILIPPINE COMPETITION COMMISSION (PCC) has cleared Grab Philippines’ (MyTaxi.PH Inc.) acquisition of the local business of Uber and Uber Systems, Inc., but will monitor for a year the former’s compliance with quality and pricing standards it had committed to.
Central bank fires off third rate hike
THE Bangko Sentral ng Pilipinas (BSP) raised rates anew yesterday in a more aggressive move as expected, to temper inflation amid signals that prices could remain elevated until next year.
Q2 GDP growth slowdown threatens full-year target
THE Philippine economy grew to its slowest pace in three years in the second quarter, leading some analysts to downgrade their forecasts despite the country remaining as one of Asia’s fastest-growing economies.
China’s state companies cementing lucrative role in South China Sea
HONG KONG/SHANGHAI -- Beijing’s giant state-owned enterprises (SOEs) are playing an increasing role in China’s build-up in the South China Sea and could seek to cement their dominant position in coming years, according to new research.
Gov’t raises $1.39B from yen debt sale
THE PHILIPPINES raised a total of ¥154.2 billion, or about $1.39 billion, as it returned to the “samurai” bond market after eight years, the Department of Finance (DoF) said in a statement on Wednesday.
PSA revises Q1 economic growth rate downwards
THE ECONOMY grew slower than previously estimated in the first quarter, the government reported ahead of the release of second-quarter gross domestic product (GDP) data today.
Philippines’ FX reserves slip in July
THE COUNTRY’s foreign exchange reserves dipped to a fresh six-year low in July as the Bangko Sentral ng Pilipinas (BSP) tapped the pool of funds to defend the local currency.
Trade gap persists, though smaller, as June imports surge, exports dip
EXTERNAL TRADE in goods likely dragged economic growth in the second quarter as sales abroad of locally made products dipped in June while imports continue to grow, based on data released by the government yesterday.
No GDP boost from flat second-quarter agriculture output
FARM OUTPUT barely grew last quarter as a drop in crops and fisheries offset increases in livestock and poultry, the Philippine Statistics Authority (PSA) reported on Wednesday, prompting economists to say that overall economic expansion in the same three months -- to be reported hours ahead of today’s monetary policy meeting that is expected to yield the year’s third consecutive interest rate hike after the PSA reported a fresh five-year-high 5.7% inflation rate on Tuesday -- could not look to the sector for any boost.
July inflation boosts rate hike odds
INFLATION surged faster than market expectations in July to clock a fresh multi-year high, the Philippine Statistics Authority (PSA) reported on Tuesday, increasing the odds of an aggressive interest rate hike from the central bank on Thursday.
Meralco bills rising for 2nd straight month
CONSUMERS will see a P0.0265 per kilowatt-hour (/kWh) hike to P10.2190/kWh in their August electricity bills, Manila Electric Co. (Meralco) said on Tuesday.
Philippine business optimism slips but still SE Asia’s second best
BUSINESS OPTIMISM in the Philippines slipped last quarter as against the year-ago level, although the country was still second-best in Southeast Asia, according to new research from Grant Thornton.