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Philippine $3 billion airport project has three potential bidders A 170.6 billion pesos ($3 billion) project to modernise the main international airport in the Philippines has attracted three potential bidders, including India's GMR Group, the Philippine transportation secretary said on Wednesday. Ranked among the world's worst international gateways, the aging Ninoy Aquino International Airport (NAIA) badly needs an upgrade to end chronic flight delays, address congestion, and improve facilities. The other two possible bidders were conglomera...
Philippine $3 billion airport project has three potential bidders
Philippine $3 billion airport project has three potential bidders
Source: Reuters
6/09/2023 3:47:20 PM
India participates in 20th ASEAN-India Economic Ministers` Meeting India has participated in the 20th ASEAN-India Economic Ministers’ meeting held on August 21, 2023 in Semarang, Indonesia. The Economic Ministers or their representatives from all the 10 ASEAN countries viz. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam participated in the meeting. Democratic Republic of Timor-Leste also joined the Meeting as an observer. The Ministers reviewed the bilateral trade and investment relations between I...
India participates in 20th ASEAN-India Economic Ministers` Meeting
India participates in 20th ASEAN-India Economic Ministers` Meeting
Source: Accord Fintech
22/08/2023 3:36:16 PM
Venus Remedies surges on getting marketing approvals for oncology products across 76 countries Venus Remedies is currently trading at Rs. 261.00, up by 1.55 points or 0.60% from its previous closing of Rs. 259.45 on the BSE. The scrip opened at Rs. 264.60 and has touched a high and low of Rs. 264.60 and Rs. 261.00 respectively. So far 16697 shares were traded on the counter. The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 301.80 on 10-Jul-2023 and a 52 week low of Rs. 145.00 on 08-Feb-2023. Last one week high and low of the scrip stood at...
Venus Remedies surges on getting marketing approvals for oncology products across 76 countries
Venus Remedies surges on getting marketing approvals for oncology products across 76 countries
Source: Accord Fintech
1/08/2023 3:13:21 PM
India imposes major rice export ban, triggering inflation fears India on Thursday ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets. The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. India accounts for more than 40% of world rice exports, and low inventories with...
India imposes major rice export ban, triggering inflation fears
India imposes major rice export ban, triggering inflation fears
Source: Reuters
21/07/2023 9:42:45 AM
India, Philippines co-chair joint commission on bilateral cooperation    India and Philippines on Thursday co-chaired the 5th Joint Commission on Bilateral Cooperation (JCBC) here. During the meeting, the two sides reviewed the entire gamut of bilateral relations including political, defence, security, maritime cooperation, trade & investment, health, tourism, agriculture, financial technology, and also discussed regional and multilateral issues of mutual interest. The Indian side was led by External Affairs Minister S. Jaishankar, while ...
India, Philippines co-chair joint commission on bilateral cooperation
India, Philippines co-chair joint commission on bilateral cooperation
Source: IANS
29/06/2023 3:21:01 PM
Philippines` GDP expands 6.4% in Q1 The Philippines' economy expanded by 6.4 per cent year-on-year in the first quarter of 2023, authorities said on Thursday. Head of the Philippine Statistics Authority (PSA) Dennis Mapa said the gross domestic product (GDP) growth in the first three months was the slowest since the country started to recover from the pandemic in the second quarter of 2021, reports Xinhua news agency. Major economic sectors, such as agriculture, forestry, and fishing; industry; and services, all poste...
Philippines` GDP expands 6.4% in Q1
Philippines` GDP expands 6.4% in Q1
Source: IANS
11/05/2023 4:57:26 PM
Philippine inflation rate slows to 6.6% in April Year-on-year inflation in the Philippines slowed further to 6.6 per cent in April from 7.6 per cent in March due to lower food and transport costs, authorities said on Friday. The Philippine Statistics Authority (PSA) said that latest inflation rate brings the average rate in the first four months this year down to 7.9 per cent, reports Xinhua news agency reported. "The food basket substantially contributed to the lower inflation rate in April," PSA head Dennis Mapa told a new...
Philippine inflation rate slows to 6.6% in April
Philippine inflation rate slows to 6.6% in April
Source: IANS
5/05/2023 4:32:55 PM
Philippines` unemployment rate remained at 4.8% in February The unemployment rate in the Philippines remained at its previous month's rate of 4.8 per cent in February, official data revealed on Tuesday. Data from the Philippine Statistics Authority (PSA) showed 2.47 million Filipinos were out of work in February, higher than the 2.37 million recorded in January, reports Xinhua news agency. National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines' unemployment rate decreased from 6.4 per cent in Februar...
Philippines` unemployment rate remained at 4.8% in February
Philippines` unemployment rate remained at 4.8% in February
Source: IANS
11/04/2023 2:20:15 PM
Google to restrict personal loan apps from accessing user's contacts, photos Google has said that it is updating its Personal Loans policy, in which it will restrict personal loan applications from accessing user contacts or photos. "We're updating our Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos," Google said. "Apps that provide personal loans, or have the primary purpose of facilitating access to personal loans (i.e., lead generators or facilitators), are prohi...
Google to restrict personal loan apps from accessing user's contacts, photos
Google to restrict personal loan apps from accessing user's contacts, photos
Source: IANS
6/04/2023 5:45:17 PM
Philippine inflation rate slowed to 7.6% in March Year-on-year inflation in the Philippines slowed further to 7.6 per cent in March from 8.6 per cent in February due to the reduction of food and transportation costs, authorities said on Wednesday. Philippine Statistics Authority (PSA) data showed the inflation rate in March 2022 was lower at 4 per cent, reports Xinhua news agency. The average inflation rate for the first quarter of this year stood at 8.3 per cent. In a news conference, PSA head Dennis Mapa said the heavily-weighted ...
Philippine inflation rate slowed to 7.6% in March
Philippine inflation rate slowed to 7.6% in March
Source: IANS
5/04/2023 2:32:15 PM
Philippine central bank hikes interest rate to tame inflation The Philippine central bank on Thursday announced its decision to raise the interest rate on the overnight reverse repurchase facility by 25 basis points to 6.25 per cent effective from Friday to tame inflation. Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said the Monetary Board also raised the overnight deposit and lending rates to 5.75 per cent and 6.75 per cent, respectively, reports Xinhua news agency. "The Monetary Board's decision was based on the sum of new...
Philippine central bank hikes interest rate to tame inflation
Philippine central bank hikes interest rate to tame inflation
Source: IANS
24/03/2023 11:45:12 AM
Philippines' total external trade declined in January The Philippines' total external trade in goods fell by 2.4 per cent in January to $16.20 billion, authorities said on Tuesday. The Philippine Statistics Authority (PSA) said that of the total external trade in January, 67.7 per cent were imported goods, while the rest were exported, reports Xinhua news agency. The balance of trade amounted to $-5.74 billion dollars, indicating a trade deficit with an annual increase of 27.2 per cent, it added. In December 2022, the annual decreas...
Philippines' total external trade declined in January
Philippines' total external trade declined in January
Source: IANS
14/03/2023 5:18:04 PM
Philippines` unemployment rate rises slightly to 4.8% in January The unemployment rate in the Philippines rose to 4.8 per cent in January 2023 from 4.3 per cent in December 2022, official data revealed on Thursday. The data from Philippine Statistics Authority (PSA) showed 2.37 million Filipinos were out of work in January, higher than the 2.22 million in December 2022, reports Xinhua news agency. "The main factor that contributed to the high unemployment numbers in January was construction, with about 557,000," PSA head Dennis Mapa told a ...
Philippines` unemployment rate rises slightly to 4.8% in January
Philippines` unemployment rate rises slightly to 4.8% in January
Source: IANS
9/03/2023 4:56:52 PM
Philippines' inflation rate slows to 8.6% in February Year-on-year inflation in the Philippines slowed to 8.6 per cent in February 2023 from 8.7 per cent in January after rising for five months straight as the price increase of certain food commodities and energy eased, official figures revealed on Tuesday. The Philippine Statistics Authority (PSA) said on Tuesday that the inflation rate in February 2022 was lower at 3 per cent, reports Xinhua news agency. The average inflation rate for the first two months of this year stood at 8.6 per ce...
Philippines' inflation rate slows to 8.6% in February
Philippines' inflation rate slows to 8.6% in February
Source: IANS
7/03/2023 4:31:54 PM
How Governments are trying to ease impact of inflation Pandemic-related disruptions to global supply chains and the knock-on effects of Russia's war in Ukraine have driven up prices of energy, commodities and necessities. Here's how governments are trying to help hard-hit consumers and companies: AMERICAS: * Brazil's Senate approved raising the government spending cap, allowing the president-elect's incoming administration to fund an extension of social welfare payments for poor families. Oil giant Petrobras has cut fuel ...
How Governments are trying to ease impact of inflation
How Governments are trying to ease impact of inflation
Source: Reuters
17/12/2022 9:51:28 AM
Analysis-COP27 loss and damage fund heralds 'new dawn for climate justice' Agreement at the COP27 climate talks to set up a "loss and damage" fund marks a milestone in the long fight to get help for poor communities on the frontlines of global warming, said officials and campaigners who had pressed hard for its creation. The two-week talks in the Egyptian resort town of Sharm el-Sheikh, hampered by global geopolitical tensions, ended early on Sunday with a deal to establish a new fund to help vulnerable countries pay their rising costs of climate damage...
Analysis-COP27 loss and damage fund heralds 'new dawn for climate justice'
Analysis-COP27 loss and damage fund heralds 'new dawn for climate justice'
Source: Reuters
25/11/2022 5:24:50 PM
ASEAN summits conclude with emphasis on post-pandemic recovery, ASEAN centrality The 40th and 41st ASEAN Summits and Related Summits in Cambodia concluded on Sunday, achieving fruitful results for greater regional cooperation towards post Covid pandemic socio-economic recovery. "Within these four days, we have had a comprehensive and productive discussion on the way forward to strengthen ASEAN centrality and our value in relation with our external partners, particularly at a time when the world is facing the fast evolving complex regional and international issue,&...
ASEAN summits conclude with emphasis on post-pandemic recovery, ASEAN centrality
ASEAN summits conclude with emphasis on post-pandemic recovery, ASEAN centrality
Source: IANS
13/11/2022 3:52:22 PM
ASEAN summits kick off in Cambodia The 40th and 41st ASEAN Summits and Related Summits kicked off in the capital of Cambodia on Friday, with the main focus on continuing community-building process, post-Covid recovery, and regional and global security challenges, among others. Speaking at the opening ceremony of the summits, Cambodian Prime Minister Hun Sen urged the 10-member bloc to focus on the common goal of mutual development for peace, stability and the betterment of the region, reports Xinhua news agency. He calle...
ASEAN summits kick off in Cambodia
ASEAN summits kick off in Cambodia
Source: IANS
12/11/2022 1:56:09 PM
Southeast Asia internet economy forecast cut on economic headwinds  Southeast Asia's internet economy is expected to be worth $330 billion by 2025, though this a downgrade from a previous forecast due to economic uncertainty and more pressure on tech companies to make a profit, an industry report said on Thursday. The annual report, by Alphabet's Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company, trimmed its forecast for 2025 from $363 billion in last year's report. "Amidst global...
Southeast Asia internet economy forecast cut on economic headwinds
Southeast Asia internet economy forecast cut on economic headwinds
Source: Reuters
27/10/2022 2:27:46 PM
Analysis-India rice export curbs to end a decade of price stability India's recent curbs on rice exports could trigger a rally in global prices after more than a decade of stability, traders said, as New Delhi's protectionist move coincides with falling output in other major producers and rising global demand. Uneven monsoon rains hit rice planting in India, prompting the export restrictions in September, and floods have cut output in Pakistan even as consumption has grown in top importers such as Bangladesh and the Philippines. That's why fore...
Analysis-India rice export curbs to end a decade of price stability
Analysis-India rice export curbs to end a decade of price stability
Source: IANS
21/10/2022 2:57:19 PM
Philippine president to focus on food, energy, climate change at UN General Assembly Philippine President Ferdinand Romualdez Marcos left for New York on Sunday to participate in the 77th session of the United Nations (UN) General Assembly, with his priority focus on food security, energy and climate change. Marcos is expected to deliver the Philippines' statement on Tuesday. "I will outline our expectations of the United Nations, the role our country will play, and our contributions in strengthening the international system," he said in his departure speech....
Philippine president to focus on food, energy, climate change at UN General Assembly
Philippine president to focus on food, energy, climate change at UN General Assembly
Source: IANS
18/09/2022 11:20:05 AM
Lupin signs pact to supply five biosimilars in Philippines The pharma major announced that it has signed an exclusive license and supply agreement with DKSH to commercialize five of Alvotech's proposed biosimilars in the Philippines. DKSH is a leading partner for healthcare companies seeking to grow their business in Asia and beyond. The biosimilars planned under this agreement include are Prolia (denosumab), Xgeva (denosumab), Simponi (golimumab), and Eylea (aflibercept) as well as two undisclosed proposed biosimilars for immunology and oncology...
Lupin signs pact to supply five biosimilars in Philippines
Lupin signs pact to supply five biosimilars in Philippines
Source: Dion Global Services Ltd.
7/09/2022 2:52:09 PM
Philippines' Megawide, Indian partner selling airport project for $440 million  Philippines' Megawide Construction Corp and its Indian partner are selling their shares in an airport developer and operator, in a deal worth 25 billion pesos ($439.8 million), Megawide said in a disclosure on Friday. Megawide and partner GMR Airports International will sell their interests in Mactan Cebu International Airport in central Philippines to the infrastructure arm of conglomerate Aboitiz Equity Ventures Inc, by issuing shares and exchangeable notes. ($1 = 56.84 Phil...
Philippines' Megawide, Indian partner selling airport project for $440 million
Philippines' Megawide, Indian partner selling airport project for $440 million
Source: Reuters
2/09/2022 10:16:45 AM
Philippine inflation accelerates to 6.4% in July, highest since Oct 2018 Year-on-year inflation in the Philippines accelerated to 6.4 per cent in July, the highest since October 2018, the Philippine Statistics Authority (PSA) said on Friday. PSA head Dennis Mapa told reporters that the July inflation was mainly due to higher prices in food and non-alcoholic beverages and transport, reports Xinhua news agency. He added that the country's average inflation in the first seven months this year stood at 4.7 per cent. Mapa said the primary source of the upw...
Philippine inflation accelerates to 6.4% in July, highest since Oct 2018
Philippine inflation accelerates to 6.4% in July, highest since Oct 2018
Source: IANS
6/08/2022 11:48:13 AM
6 more countries join ASEAN`s Treaty of Amity and Cooperation Six more countries signed the instrument of accession to the Treaty of Amity and Cooperation in Southeast Asia (TAC) here on Wednesday, bringing the number of state parties to the treaty of ASEAN to 49. Representatives from Denmark, Greece, the Netherlands, Oman, Qatar and the United Arab Emirates inked the instrument of accession to the treaty on the sidelines of the 55th ASEAN Foreign Ministers' Meeting (55th AMM) in Phnom Penh in the presence of ASEAN foreign ministers, Xinhua news ...
6 more countries join ASEAN`s Treaty of Amity and Cooperation
6 more countries join ASEAN`s Treaty of Amity and Cooperation
Source: IANS
3/08/2022 5:27:30 PM
Emerging Asian equities see first monthly inflows in seven months Emerging Asian equities ex-China saw monthly foreign inflows in July, after six months of capital withdrawals, as investors bet that the size of U.S. interest rate hikes would ease, and that a recent drop in commodity prices would temper surging inflation. Riskier assets were bolstered after the U.S. Federal Reserve's comments that "at some point" it would be appropriate to slow down its policy tightening. Data from stock exchanges in South Korea, India, Taiwan, the Philip...
Emerging Asian equities see first monthly inflows in seven months
Emerging Asian equities see first monthly inflows in seven months
Source: Reuters
3/08/2022 4:28:13 PM
Philippines lowers GDP growth target for 2022 The Philippine government's economic team has lowered gross domestic product (GDP) target for 2022 to 6.5 to 7.5 per cent from 7 to 8 per cent due to "recent external and domestic developments". "This growth will be sustained and expanded to 6.5 per cent to 8 per cent in 2023 to 2028," Xinhua news agency quoted the interagency Development Budget Coordination Committee headed by newly appointed Finance Secretary Benjamin Diokno, as saying. The increase in househol...
Philippines lowers GDP growth target for 2022
Philippines lowers GDP growth target for 2022
Source: IANS
9/07/2022 10:07:39 AM
Philippine central bank hikes interest rate to 2.5% The Philippine central bank on Thursday decided to hike the interest rate on the overnight reverse repurchase facility by 25 basis points to 2.5 per cent effective Friday to curb inflation. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the Monetary Board also decided to raise the interest rates on the overnight deposit and lending facilities to 2.0 per cent and 3.0 per cent, respectively, reports Xinhua news agency. "The Monetary Board noted that upside risks cont...
Philippine central bank hikes interest rate to 2.5%
Philippine central bank hikes interest rate to 2.5%
Source: IANS
23/06/2022 5:10:15 PM
Philippine peso remains stable as Asia recovers from Covid The Philippine peso continued to be one of the most stable currencies in Asia as the region is recovering from the Covid-19 pandemic, the country's Department of Finance (DOF) said on Sunday. DOF chief economist Gil Beltran said the peso depreciated by 5.39 per cent in 2021, ending the year at 50.77 pesos to the US dollar, reports Xinhua news agency. "It is ranked the eighth among 11 Asian currencies, in terms of strength, in one of the most open and fastest recovering economie...
Philippine peso remains stable as Asia recovers from Covid
Philippine peso remains stable as Asia recovers from Covid
Source: IANS
12/06/2022 3:18:53 PM
Starlink satellite Internet gets approval in 3 more countries Tech billionaire Elon Musk's Starlink, the satellite Internet division of his rocket company SpaceX, has received the green light in the Philippines, Nigeria and Mozambique. In a statement on Friday, the National Telecommunications Commission (NTC) said it has approved the registration of Starlink Internet Services Philippines Inc. as a value-added service (VAS) provider, reports CNN Philippines. "Starlink's VAS registration now allows the company to directly access satelli...
Starlink satellite Internet gets approval in 3 more countries
Starlink satellite Internet gets approval in 3 more countries
Source: IANS
29/05/2022 2:11:57 PM
Global tourism industry to create nearly 126mn jobs in 10 yrs The global tourism industry is expected to create almost 126 million jobs worldwide within 10 years, the World Travel and Tourism Council (WTTC) said in a report released on Thursday in the Philippine capital. The WTTC's latest Economic Impact Report (EIR) says the travel and tourism sector will be a driving force of the global economic recovery from the Covid-19 pandemic, reports Xinhua news agency. The report forecasts that the travel and tourism sector's GDP will grow at an a...
Global tourism industry to create nearly 126mn jobs in 10 yrs
Global tourism industry to create nearly 126mn jobs in 10 yrs
Source: IANS
21/04/2022 5:01:40 PM
Philippines inflation steadies at 3% in February Year-on-year headline inflation in the Philippines remained at 3 per cent in February, mainly due to hikes in the cost of non-food household, the Philippine Statistics Authority (PSA) said on Friday. In an online briefing, PSA head Dennis Mapa said that inflation for food decelerated to 1.1 per cent last month, while non-food inflation increased to 4.1 per cent primarily due to rising oil prices, reports Xinhua news agency. Specifically, electricity, gas, and other fuels for household i...
Philippines inflation steadies at 3% in February
Philippines inflation steadies at 3% in February
Source: IANS
4/03/2022 2:52:16 PM
Philippines to acquire missile system from India for $375 million MANILA  - The Philippines has finalised a deal to acquire a shore-based anti-ship missile system from India for nearly $375 million to beef up its navy, the Southeast Asian nation's defence minister said. The Philippines is in the late stages of a five-year, 300 billion pesos ($5.85 billion) project to modernise its military's outdated hardware that includes warships from World War Two and helicopters used by the United States in the Vietnam War. Under the deal negotiated w...
Philippines to acquire missile system from India for $375 million
Philippines to acquire missile system from India for $375 million
Source: Reuters
15/01/2022 11:33:30 AM
World Bank offers $600mn loan to boost Philippines' recovery The World Bank on Saturday approved a $600 million loan to support the Philippine government's reform programme to position the Southeast Asian country for a competitive and resilient economic recovery. The World Bank said the loan will support ongoing government reforms for promoting private investment, reducing the cost of doing business, and expanding broadband services to encourage investments in information and communications technology, reports Xinhua news agency. According to...
World Bank offers $600mn loan to boost Philippines' recovery
World Bank offers $600mn loan to boost Philippines' recovery
Source: IANS
12/12/2021 9:54:56 AM
AstraZeneca woes grow as Australia, Philippines, African Union curb COVID shots Australia and the Philippines limited use of AstraZeneca's COVID-19 vaccine on Thursday, while the Africa Union dropped plans to buy the shot, dealing further blows to the company's hopes to deliver a vaccine for the world. The vaccine - developed with Oxford University and considered a frontrunner in the global vaccine race - has been plagued by safety concerns and supply problems since Phase III trial results were published in December, with Indonesia the latest country forced to...
AstraZeneca woes grow as Australia, Philippines, African Union curb COVID shots
AstraZeneca woes grow as Australia, Philippines, African Union curb COVID shots
Source: Reuters
9/04/2021 10:24:56 AM
Philippines to expand curbs to provinces near Manila The Philippines will expand Covid-19 restrictions to four provinces near the capital Manila as confirmed cases were increasing in the country, presidential spokesperson Harry Roque said. The provinces of Bulacan, Cavite, Laguna, and Rizal, along with the national capital region will be placed under stricter restrictions to curb the surge, Xinhua news agency reported. The new restrictions will be effective from Monday till April 4, Roque said in a televised press conference on Sunday. ...
Philippines to expand curbs to provinces near Manila
Philippines to expand curbs to provinces near Manila
Source: IANS
22/03/2021 10:27:43 AM