Business

The Philippines has secured a $600-million financing package from the World Bank to strengthen foundational skills in reading, literacy, and mathematics among public school students. The program, known as the Project for Learning Upgrade Support and Decentralization (PLUS-D), will be implemented by the Department of Education and is expected to benefit around 21 million learners from kindergarten to Grade 10, …

Credit activity in the country’s financial system continued to expand in February, with domestic lending growing at a slightly faster pace, according to the Bangko Sentral ng Pilipinas (BSP). Latest data showed outstanding loans from domestic banks rose 9.5 percent in February, up from 9.3 percent in January, reflecting steady credit demand across key sectors of the economy. Loans to …

State-owned Development Bank of the Philippines (DBP) has signed a ₱2-billion loan agreement with the Local Government of Kabankalan City to fund major infrastructure projects aimed at addressing long-standing flooding problems in the area. DBP President and CEO Michael O. de Jesus said the financing was approved under the bank’s Assistance for Economic and Social Development (ASENSO) Program for Local …

By DIEGO C. CAGAHASTIAN Two days before the United States and Israel released the first missiles that assassinated Iran’s supreme leader Ayatollah Ali Khameini, his top generals and family members, along with some 170 schoolgirls in an elementary school in Tehran, Filipino businessman Manny V. Pangilinan gave an interview with Bloomberg about oil and gas exploration in the disputed South …

The Philippines reported a wider trade deficit in February from a year ago as the growth of imports outpaced exports. The gap eased to its lowest level in nine months. Preliminary data from the Philippine Statistics Authority (PSA) showed that the country’s trade-in-goods deficit widened by 23.1 percent to $3.68 billion year-on-year. This reversed the decreases recorded in previous months. …

Prime Energy Resources Development B.V., the operator of the Malampaya deep water gas-to-power project, said it is on track to start producing gas by the first quarter this year following the completed drilling of one of the wells. Prime Energy said it had a successful drilling, completion, and flow test of the Camago-3 well in offshore Palawan. According to the …

Philippine Airlines is temporarily suspending flights on five more routes — two international and three domestic — as the Middle East conflict continues to rattle the aviation sector. The flag carrier announced on March 26, that it will suspend its Cebu-Guam flights starting April 16 and Cebu-Ho Chi Minh City service beginning April 19, both until further notice. The Ho …

The Philippine Economic Zone Authority (PEZA) marks its 31st anniversary with renewed optimism, highlighting its enduring role as a cornerstone of the country’s investment strategy and economic resilience. Established in 1995, PEZA has grown into one of the Philippines’ most effective investment promotion agencies, credited for attracting billions of dollars in foreign direct investments and generating millions of jobs across export-oriented industries. From its …

The Bangko Sentral ng Pilipinas (BSP) kept its policy rate at 4.25 percent following an off-cycle Monetary Board meeting on Thursday to assess the impact of the Middle East conflict on inflation and growth. BSP Governor and Monetary Board Chairperson Eli Remolona Jr. said the rare meeting was called due to the “fast-changing and uncertain environment” caused by the ongoing …

The Asian Development Bank (ADB) said it is prepared to provide rapid financial and technical support to developing member countries (DMCs) affected by the ongoing conflict in the Middle East. “ADB will deliver rapid, flexible, and scalable assistance to help countries manage immediate pressures and strengthen long-term resilience, notably fast-disbursing budget support and trade and supply chain finance to secure …