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MANILA, Philippines — Muling sumadsad ang palitan ng Philippine Peso sa US Dollar matapos itong maitala sa P57 ngayong Martes — kaonting kembot na lang mula sa all-time low exchange rate noong 2022.
CTS Global [CTS 0.71 unch; 5% avgVol] [link] posted a FY23 net income of P23 million, down 56% from the P52 million it reported in FY22. CTS said that its total revenues increased 18% to P103.7 million, driven by interest income from its low-yield government bonds. CTS booked P0.5 million in combined trading revenue from its global and local trading desks, down 98% from the P32.5 it earned the previous year. Domestically, CTS earned P20.6 million in income, down 20% from the previous year’s P25.9 million. Internationally, CTS lost P20.1 million, down 404% from the previous year’s P6.6 million. CTS blamed its poor trading performance on the “broad equity weakness” that resulted from “the US Fed’s stance to keep interest rates higher for longer to combat inflation and among other various events that introduced uncertainty into the markets.” CTS also noted “elevated geopolitical tensions”, “erratic adjustments to interest rates across major economies”, and “persistent volatility in commodity prices” as drivers of the “tumultuous conditions” that made trading operations difficult.
The heat lately has been impossible to ignore. El Niño looms over the Philippines. It brings with it a host of extreme weather events, such as drought drastically decreasing rainfall by up to 60 percent and scorching heat waves that are projected to persist across the entire archipelago until May 2024. We are all witnesses to its terrible inescapable effects. Sweltering heat surpassing 42 degrees Celsius in certain places, for instance, has suspended classes across 5,000 Philippine schools in April 2024’s first week, interrupting the education of our 3.6 million students. Cebu City declared a state of water crisis. Government agencies state that water rationing in Metro Manila is not yet needed as supplies remain sufficient for now, but nonetheless forewarn it may be on our horizon. If we fail to formulate sustainable solutions and bungle implementation, then we necessarily compromise Philippine economic, energy, food and water security.
WASHINGTON: The recent uptick in US inflation has weakened the case for the Federal Reserve to start cutting interest rates, a senior Fed policymaker told AFP on Thursday.
SENTIMENT among consumers and companies went opposite ways in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported on Friday, slightly improving — albeit still negative — for the former but turning less upbeat for the latter.
Senator Imee Marcos is ready and willing to go to war -- the war against hunger and skyrocketing prices of basic commodities.
HONG KONG, China — Asian markets fell Friday as traders struggled to build on Wall Street's positive lead, with hopes for a June interest rate cut fading, while earnings season gets underway in the United States amid optimism for companies' profit outlooks.
The Bangko Sentral ng Pilipinas (BSP) [link] elected to keep interest rates steady after the PSA inflation data for March showed that inflation quickened here to 3.7% (increased for the third straight month). In its statement, the BSP said that the “risks to the inflation outlook remain tilted to the upside”, but noted that while these risks have “raised inflation expectations”, those expectations are “broadly anchored.”