Business

The Asian Development Bank (ADB) downgraded its Philippine economic growth forecast to 3.8 percent this year. In its Asian Development Outlook (ADO) report for July 2026 published last Wednesday night, July 8, the Manila-based multilateral lender sharply cut its 2026 gross domestic product (GDP) growth projection for its host country from 4.4 percent previously. The latest forecast is within the …

The Philippine National Oil Co. (PNOC) and the Maharlika Investment Corp. (MIC) signed a memorandum of understanding (MOU) to explore the development of a storage tank farm project in Bataan. In a statement on Thursday, the MIC said this is part of government efforts to have a strategic petroleum storage initiative by 2028. The agreement was signed by Franz Josef …

The Energy Regulatory Commission (ERC) said last week that it is completing the inspection of the assets and facilities of the Manila Electric Company (Meralco) before deciding on the electric utility’s petition to raise its average distribution charge by September this year. According to ERC Chairperson and CEO Francis Saturnino Juan, the agency has already started the evaluation and informal …

The Philippines’ gross international reserves (GIR) rose to a three-month high of USD104.8 billion as of end-June, boosted by higher government foreign currency deposits and investment earnings, the Bangko Sentral ng Pilipinas (BSP) said. Preliminary data released by the BSP showed that the country’s foreign exchange reserves increased from the previous month, marking the highest level since the USD106.6 billion …

Bank lending and domestic liquidity expanded at a faster pace in May, signaling stronger credit activity and improving economic momentum as earlier policy rate cuts by the Bangko Sentral ng Pilipinas (BSP) continued to gain traction. Preliminary BSP data released Tuesday night showed that loans extended by universal and commercial banks grew by 12.1 percent in May, quicker than the …

Metropolitan Bank & Trust Co. (Metrobank) has launched a new digital financial literacy campaign designed to help Filipinos make smarter financial decisions and protect themselves from online scams, debt traps, and misleading financial advice. In a news release on Wednesday, Metrobank introduced “Earnest,” a digital financial guide and avatar that delivers practical and easy-to-understand content on personal finance, fraud prevention, …

State-owned Land Bank of the Philippines (LandBank) started eliminating fees for all online fund transfers on July 7, allowing retail clients to send money for free through its Mobile Banking App (MBA) and iAccess via InstaPay and PESONet. In a statement, LandBank said the zero-fee policy also covers clients of Overseas Filipino Bank (OFBank), enabling Filipinos abroad to transfer funds …

Philippine National Bank (PNB) earned two major honors at the Asian Banking & Finance Awards 2026, recognizing the bank’s efforts to strengthen its retail banking business and expand financial inclusion through digital innovation. The Lucio Tan-led bank was named Domestic Retail Bank of the Year – Philippines under the Retail Banking Awards and Financial Inclusion Initiative of the Year – …

Factories all over the country expanded their productive activities last June amid stronger output and new orders, S&P Global said last week. S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) inched up to 50.9 in June from 50.8 in May, signaling a second consecutive month of modest improvement in operating conditions across the country’s goods-producing sector. A PMI reading above …

Private businessmen and bidders are not interested in the plan of the Philippines and the United States (US) State Department to develop a ₱2.5-billion information and communications technology (ICT) infrastructure in New Clark City, Capas, Tarlac. The IT hub and microchip processing plant are at the heart of the US-sponsored Pax Silica project to rationalize its supply chains of important …