Business & Economy
Stay informed about the changing landscape of the business world with The Thaiger Philippines. Our Business & Economy page provides comprehensive and up-to-date information on critical business and economic news and trends to empower readers to make sound financial decisions. Discover the ins and outs of the vibrant economy within the Philippines, and keep track of business updates, market news, financial tips, and more.
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Philippines soars to second position in Southeast Asia in digital trade facilitation
Triumphing in the field of digital and sustainable trade facilitation, the Philippines has risen to the second position among Southeast Asian nations, based on the 2023 United Nations Global Survey. This announcement was made on Tuesday by the Bureau of Customs (BoC), celebrating the country’s jump from third place in the 2021 rankings. The bureau welcomed this accolade as a…
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Infrastructure development plan in the Philippines to generate 3 million job opportunities
Vast opportunities are on the horizon for an estimated 3 million workers needed to realise the colossal infrastructure development plans under the governance of President Ferdinand Marcos Jr. This was the significant announcement from the Department of Public Works and Highways (DPWH) yesterday. During a sectoral meeting with the President focusing on the Department of Labor and Employment’s (DoLE) Philippine…
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Philippines pondering relaxing foreign land ownership limits for business growth
A top official from the Chamber of Real Estate and Builders’ Associations Inc. (Creba), known as Alejandro Mañalac, has suggested that The Philippines might consider relaxing restrictions on foreign ownership of land in limited areas, provided such a move would stimulate business activity and job creation. Speaking at a forum organised by The Manila Times on Thursday, the Creba international…
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Tobacco smuggling on the rise: Customs seizes P1.8 billion worth
In a recent report, the Bureau of Customs (BoC) revealed an increase in the confiscation of cigarettes and tobacco products, with totals for the year already exceeding those of the previous one. The value of seized items reached P1.8 billion (US$32 million) by end-July, outpacing the 2022 haul of P1.1 billion (US$19 million), signifying a 67.3% rise despite only being…
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US job market shows resilience with hiring numbers doubling predictions
The United States private sector witnessed a slowdown in hiring activities in July. However, the number of hires in the US job market was almost double what was anticipated by analysts. This information was provided by ADP, a reputable payroll firm, this Wednesday, indicating fortitude in the employment market. Despite the Federal Reserve’s expeditious series of interest rate hikes since…
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Flourishing Diageo reveals 15% hike in annual net worth despite sales dip
In recent business updates, Diageo, the colossal drinks manufacturer famed for its production of Guinness, Smirnoff and Johnnie Walker has announced a 15% rise in its annual net profit. The increase in profit is attributed to augmenting the price tags on goods to counterbalance the slump in sales fuelled by escalating costs of raw materials and wages amidst rampant inflation.…
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Twitter vs. Researchers: Hate speech lawsuit sparks free speech debate
In a dramatic turn of events, X, previously acknowledged as Twitter, has initiated legal proceedings against a collective of researchers. The cause of the quarrel was the researchers’ exploration, which allegedly displayed an escalation in hate speech on X’s digital platform. The legal documents also declare how these accusations led to an unprecedented loss in advertising revenue, costing the company…
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Pfizer remains optimistic about sales rebound despite Covid-19 setback
Despite the recent setback of Covid-19 vaccine and treatment sales that impacted an second-quarter of Pfizer earnings, both the pharmaceutical giant and industry analysts remain optimistic about a potential rebound in the latter half of 2023. In the quarter gone by, Pfizer reported no US domestic sales of its treatment, Paxlovid, as the company transitions from government contracts to commercial…
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Starbucks in China bolsters quarterly earnings bounce back
Record earnings reported by Starbucks for its fiscal third quarter as the China division experiences a strong revival. Results proved a mixed bag for the 13-week stretch ending on July 2. Profits exceeded Wall Street predictions; however, both revenue and same-store sales fell short of targets as customer traffic in North America experienced a slowdown. Findings released shed light on…
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Digitalisation surge by Philippine Bank of the Islands enhances customer experience
A leading financial institution in the Philippines, the Bank of the Philippine Islands (BPI), led by Ayala, is taking measures to boost its digitalisation capabilities to offer its clientele an enhanced and secured range of products. The ongoing dedication towards empowering its growing customer base was illuminated by the BPI President, Jose Teodoro Limcaoco, during the bank’s 172nd-anniversary celebrations that…