HEADLINE INFLATION picked up for a third straight month in April amid higher food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday. Read the full story.   ..read more

THIS YEAR promises to be a whopper for elective government, with billions of people — or more than 40% of the world’s population — able to vote in an election. But nearly five months into 2024, some government officials are quietly wondering why the looming risk of artificial intelligence (AI) hasn’t, apparently, played out. Even as voters in Indonesia and Pakistan have gone to the polls, they are seeing little evidence of viral deepfakes skewing an electoral outcome, according to a recent article in Politico, which cited “national security officials, tech company executives and outside watchd ..read more

By Luisa Maria Jacinta C. Jocson, Reporter HEADLINE INFLATION picked up for a third straight month in April amid higher food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday. While the annual rise was below market expectations, it supports the Bangko Sentral ng Pilipinas’ (BSP) decision to maintain its hawkish pause, analysts said. The pickup also “underscores the need for vigilance,” the National Economic and Development Authority said in a statement. The consumer price index (CPI) quickened to 3.8% year on year in April from 3.7% in March, preliminary data ..read more

PHILIPPINE Business Bank’s (PBB) net income rose by 4.63% to P511.47 million in the first quarter, driven by robust interest income. Return on assets and return on equity stood at 1.35% and 11.23%, according to a copy of its financial statement. Net interest income rose by 1.63% to P1.62 billion, while net interest margin was at 4.48%. The bank’s core income hit P782.5 million, and profit before tax was P679.8 million, PBB said in a separate statement. “The bank’s fee-based income growth of 62.4% played a significant role in boosting PBB’s overall revenue,” PBB Chief Operating Officer Cynthia ..read more

THE PHILIPPINE government is readying a benchmark-sized issuance of dual-tranche dollar bonds, which would be its first global bond offering for this year. The country is looking to issue 10- and 25-year dollar bonds, based on a report by Reuters. Benchmark-sized issues are typically worth at least $500 million. The 10-year papers will be initially priced at US Treasuries plus 120 basis points (bps), while the 25-year sustainability bonds will be priced at the 6.05% area, according to a term sheet seen by Reuters. Final pricing was expected overnight. The bonds will be senior unsecured notes a ..read more

TWO COMMITTEES at the House of Representatives on Tuesday approved the proposed amendments to the Rice Tariffication Law of 2019. The House committees on Agriculture and Food and Ways and Means on Tuesday in separate hearings okayed the amendments, with several measures on the amendments set to be consolidated into a substitute bill. The unnumbered substitute bill will have to go through the Appropriations Committee before being deliberated in the plenary, Quezon Rep. Wilfrido Mark M. Enverga, who chairs the Agriculture Committee, told reporters on the sidelines of their panel hearing. The ap ..read more

By Sheldeen Joy Talavera, Reporter SP New Energy Corp. (SPNEC) said around five foreign investors are keen on investing in Terra Solar Philippines, Inc., which is building a P200-billion solar project. “About five have expressed interest,”  SPNEC President and Chief Executive Officer Manuel V. Pangilinan told reporters on Tuesday. “They’re now talking to several foreign investors. Nothing definite yet,” he added. He said that SPNEC can sell up to 40% to foreign investors, but it will only accept two investors, each with a 20% stake. Asked about the valuation, he said that there are alread ..read more

UPSCALE property developer Alveo Land Corp. said it recorded P12.7 billion worth of reservation sales for the first quarter (q1) following recent project launches. “This is a 17% increase from the highest first-quarter sales rate of Alveo Land in 2019 at P10.8 billion,”  Alveo Land President Joseph Carmichael Z. Jugo said during a media briefing on Tuesday. Alveo Land’s first-quarter 2024 figure is also up by 41.1% compared with the P9 billion worth of reservation sales posted last year. The residential condominium segment took up P7.5 billion in reservation sales, followed by residential ..read more

EAST WEST Banking Corp. (EastWest Bank) booked a net income of P1.7 billion in the first quarter, spurred by consumer lending expansion and digital initiatives. This translated to a return on equity of 10%, the lender said in a statement. It did not provide a financial statement and comparative figures. EastWest Bank posted a net income of P1.6 billion in the first quarter of last year, based on an old statement separately sent by the bank. Net interest income grew by 34% to P8.2 billion, it said. “This growth is largely attributed to the bank’s strategic emphasis on refined consumer lending s ..read more

ANG-LED Petron Corp. reported a 16% increase in its net income to P3.93 billion for the first quarter (Q1), mainly attributed to growth in its local and Malaysian operations. The company’s consolidated revenues rose by 21% to P227.64 billion driven by the strong volume growth, Petron said in a statement on Tuesday. “We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda,” Petron President and Chief Executive Officer Ramon S. Ang said. “We are pleased to start the new year on a strong note, an ..read more