Business

The Bangko Sentral ng Pilipinas (BSP) reduced its benchmark interest rate by another 25 basis points on Thursday, bringing the reverse repurchase rate to 5 percent. Rates on the overnight deposit and lending facilities were likewise lowered to 4.5 percent and 5.5 percent, respectively. The BSP has now cut policy rates by a cumulative 150 basis points since last year. …

The national government’s budget deficit eased in July as revenue growth outpaced spending, the Bureau of the Treasury (BTr) reported Thursday. The shortfall dropped 34.42 percent to P18.9 billion from P28.8 billion a year earlier, as total revenues rose 3.26 percent to P472.3 billion, driven mainly by higher tax collections. The Bureau of Internal Revenue (BIR) collected P335 billion, up …

The Department of Education (DepEd), Technical Education and Skills Development Authority (TESDA), and Commission on Higher Education (CHED) are now working closely together to address underemployment and the jobs-skills mismatch affecting Filipino learners. During the recent launch of Unilab Education (UniEd), the education pillar of the Unilab Group, DepEd Secretary Sonny Angara, TESDA Secretary Kiko Benitez, and CHED Chairperson Dr. …

The Philippines’ balance of payments (BoP) position slipped into a US$167-million deficit in July, reversing the surpluses of ₱226 million a month earlier and ₱62 million in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported. BSP Deputy Governor Lyn Javier said the shortfall was mainly due to the national government’s drawdowns on its foreign currency deposits …

The Department of Migrant Workers (DMW) announced a major reform package on Friday to strengthen the protection of overseas Filipino domestic workers, highlighted by a wage hike from $400 to $500 a month. Migrant Workers Secretary Hans Leo Cacdac said the new pay floor, which takes effect 60 days from issuance, was finalized after six months of consultations and will …

The Bangko Sentral ng Pilipinas (BSP) has introduced a web-based credit scoring system that will make it easier for small and medium enterprises (SMEs) to access financing. Developed with the Japan International Cooperation Agency, the Credit Risk Database Philippines (CRDPh) System generates credit scores and default probabilities using anonymized financial and non-financial data from participating financial institutions (FIs). “It aims to …

The entry of more pharmaceutical players setting up hubs in the Philippines is expected to boost the country’s goal of becoming a regional center for research, digital health, and manufacturing, a new report said Friday. Market analyst BMI, a unit of Fitch Solutions, said the planned establishment of the first Pharma Innovation Hub, alongside the existing operations of Merck Business …

The Securities and Exchange Commission (SEC) has slapped Villar Land Holdings Corp. and 11 of its top officers with a total fine of ₱12 million for failing to submit audited financial reports for 2024 and the first quarter of 2025. In an order issued on August 18 and released Thursday, the SEC’s Markets and Securities Regulation Department said the penalty …

The government is set to launch a digital net metering application platform next month to make it easier for households to join the program and cut their electricity costs, the Department of Energy (DOE) announced last week. DOE Assistant Secretary Mylene Capongcol said President Ferdinand R. Marcos Jr. has ordered the streamlining of net metering processes, with a goal of …

Major Japanese manufacturers, including Toshiba Corp. and Fujitsu Ltd., are moving their headquarters functions away from central Tokyo as remote work reduces the need for large city offices and companies seek closer integration of research, manufacturing, and corporate planning. Toshiba, which had been based in Tokyo’s Shibaura district for about 40 years, has transferred its executive office and corporate planning …