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MUFG expects stronger peso through 2023

By   /  February 2, 2023  /  Economy, Editor's Pick  /  No Comments

MUFG Global Markets Research expects the peso to continue strengthening against the dollar throughout the year with import bills less likely to weigh it down and a reduction in commodity prices. “Our constructive view on the PHP against the USD is premised on the theme of normalization, after previous imbalances the previous year,” MUFG Global […]

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ARTA to help ease permit procedures for export, import of processed food

By   /  February 2, 2023  /  Economy, Editor's Pick  /  No Comments

THE Anti-Red Tape Authority (ARTA) will help streamline the processing of permits required to export and import processed food, addressing concerns raised by a public-private trade council. In a statement on Thursday, the ARTA said among the issues that will have to be resolved are overlapping mandates of different agencies.  “The concerns and issues raised […]

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P2.6M worth of onions sold directly to consumers and institutions — DA

By   /  February 2, 2023  /  Economy, Editor's Pick  /  No Comments

ONION farmers were able to directly sell about P2.589 million worth of their harvests to consumers and institutional buyers through with assistance from government, the Department of Agriculture (DA) said on Thursday. In a statement, the DA said farmer cooperatives and associations were able to market 3,478 kilograms of red onions worth P755,455 and 5,106.38 […]

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Special rice prices fall in Metro Manila and three other areas

By   /  February 2, 2023  /  Economy, Editor's Pick  /  No Comments

THE AVERAGE retail price of the different kinds of special rice decreased in the capital region Metro Manila and three cities, but went up in three other areas in mid-January, according to the Philippine Statistics Authority (PSA). Based on preliminary data for the Jan. 15-17 period, the PSA reported that average price dropped by P1.52 […]

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Bank funders’ claim on Maharlika returns questioned in Senate

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

By Alyssa Nicole O. Tan, Reporter THE GOVERNMENT banks providing capital to the Maharlika Investment Fund (MIF) have no clear claim on the fund’s returns in the bill setting up the proposed sovereign wealth fund, a Senate committee heard. Senator Francis Joseph G. Escudero on Wednesday asked economic managers to provide specifics on how the Land Bank of the […]

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ERC reviewing secondary price cap after DoE cites potential to unlock investment

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

THE Energy Regulatory Commission (ERC) said it is reviewing the secondary price cap after the Energy department said its removal could attract more investment in energy. “The ERC is evaluating the mechanics of the secondary price cap given, on one hand, its clear mitigating impact on rates charged to consumers exposed to WESM (Wholesale Electricity […]

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Citi expects 2023 PHL inflation to average 5.3%

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

CITIGROUP, INC. (Citi) expects Philippine headline inflation to average 5.3% this year, above the central bank’s 2-4% target, with food prices remaining elevated and subject to further upside due to weather disturbances. “Our expectation for inflation this year is still pretty high at 5.3% on average, before lowering to about 3.3% next year,” Citi Economist […]

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BIR to allow more transactions via online portal in late January

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

THE Bureau of Internal Revenue (BIR) said it will allow taxpayers to conduct more transactions online late this month. Individuals will be permitted to update their information or applications through the online registration and update system (ORUS) starting Jan. 23, according to a memorandum circular. Through ORUS, taxpayers can update their registration information with regard […]

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PHL pet food demand seen rising to $434M

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

PET FOOD demand in the Philippines is expected to rise 9% in 2023 in line with growing pet ownership, the US Department of Agriculture (USDA) said. The USDA’s Foreign Agricultural Service (FAS) in Manila projected the Philippine pet food market at $434 million this year in its Global Agricultural Information Network report. “As pets became […]

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PHL to increase production of Grade-A durian after China export deal

By   /  February 1, 2023  /  Economy, Editor's Pick  /  No Comments

THE Department of Agriculture (DA) said it will expand production of export-grade durian after a supply deal was arranged with China. In a statement, the DA said 65 producers in the south are currently engaged in durian cultivation and hopes to “strengthen the production of Grade-A durian through the Bureau of Plant Industry (BPI) and […]

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