Business

Energy Secretary Sharon Garin has assured the timely implementation of eight new petroleum service contracts (PSCs) recently approved by President Ferdinand R. Marcos Jr., covering exploration areas across the Sulu Sea, Cagayan, Cebu, Northwest Palawan, East Palawan, and Central Luzon. The Department of Energy (DOE) said the contracts were awarded through a transparent and competitive selection process under the Philippine …

The number of employed Filipinos rose to 50.1 million in August 2025, up from 46.05 million in July, according to the latest Labor Force Survey released by the Philippine Statistics Authority. National Statistician Dennis Mapa said the employment rate stood at 96.1 percent, with the services sector accounting for 61.5 percent of total jobs, followed by agriculture (20.4 percent) and …

Spain-based firms are set to assist in developing a food and cold chain logistics hub inside the Aurora Pacific Economic Zone and Freeport Authority (APECO) in Casiguran, Aurora. APECO president and CEO Gil Taway said the project, which will cover five to 10 hectares, was among the key topics discussed with Spanish engineering firm IDOM Consulting, Engineering, Architecture S.A.U., and …

The construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) dropped by 0.2 percent in September, slightly slower than the 0.5 percent decline recorded in August, the Philippine Statistics Authority (PSA) reported recently. The PSA said the slower decrease was mainly due to higher prices in the heavily weighted index of concrete products, which rose by 0.2 …

The oversupply of residential condominium units, partly caused by the exit of Philippine Offshore Gaming Operators (POGOs), has dampened gains from rental properties, according to Leechiu Property Consultants. Roy Golez, the firm’s director for research and consultancy, said the sharpest drop in rental rates compared to pre-pandemic levels was recorded in the Manila Bay area, which covers Parañaque and Pasay …

The Bangko Sentral ng Pilipinas (BSP) reduced policy rates by another 25 basis points on Thursday, citing a benign inflation outlook but weaker economic growth prospects. The latest adjustment brings the BSP’s Target Reverse Repurchase (RRP) rate to 4.75 percent, with the overnight deposit and lending facility rates now at 4.25 percent and 5.25 percent, respectively. The central bank has …

The Land Bank of the Philippines (LandBank) has introduced a new lending program aimed at empowering micro, small, and medium enterprises (MSMEs) with affordable financing options and capacity-building support. Called the Innovative Financing Thrust Towards Inclusive National Growth thru Micro, Small, and Medium Enterprises (LIFTING MSMEs) Lending Program, the initiative enables borrowers to fund working capital, business expansion, equipment upgrades, …

An economist has partly attributed the surge in foreign direct investments (FDIs) in July 2025 to the implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. Signed into law on November 11, 2024, CREATE MORE seeks to attract more investors to establish operations in the Philippines by offering incentives …

The World Bank has maintained its Philippine economic growth projections for 2025 and 2026, citing strong domestic demand and structural reforms that continue to support expansion. In its October East Asia and Pacific Economic Update, the World Bank forecast the Philippine economy to grow by 5.3 percent in 2025 and 5.4 percent in 2026, outpacing growth expectations for China, Indonesia, Malaysia, and Thailand. The …

The Government Service Insurance System (GSIS) has upgraded its Ginhawa Max Loan Buyout program to help members free themselves from high-interest loans and predatory lenders. GSIS President and General Manager Arnulfo “Wick” Veloso said the enhanced program enables government workers to consolidate and buy out expensive loans with GSIS, offering lower rates and more flexible terms. “The Ginhawa Max Loan …