Fed cuts rates anew, further reduction uncertain
The Federal Reserve lowered its benchmark interest rate Wednesday for the second time this year, aiming to support economic growth and hiring even as inflation remains elevated. But Fed Chairman Jerome Powell cautioned that another cut at the central bank meeting in December is far from certain.
DENR moves to contain molasses spill in Negros Oriental
The Department of Environment and Natural Resources (DENR) has assured the public that a coordinated response is underway following the collapse of a containment lagoon at Universal Robina Corp.’s (URC) Bais Distillery in Negros Oriental, which released molasses wastewater into Bais Bay within the Tañon Strait Protected Seascape.
BSP keeps dovish stance despite peso weakness
The local currency the peso briefly sank to a record low this week, reflecting sustained weakness in the local currency as the Bangko Sentral ng Pilipinas (BSP) maintains a growth-focused stance. The peso fell to ₱59.13 per U.S. dollar on Tuesday before rebounding to ₱58.72 on Wednesday—its strongest in three months—after remarks from BSP Governor Eli Remolona tempered market concerns.
PCC OKs Raslag-Verdant JV for Mindoro wind and battery project
The Philippine Competition Commission (PCC) has approved Raslag Corp.’s joint venture with Singapore-based Verdant Philippines Alpha Pte. Ltd. for a renewable energy project in Mindoro.
ADB, PH in talks for power grid upgrade loan
The Asian Development Bank (ADB) confirmed it is in discussions with the Philippine government for a possible loan to enhance the country’s power transmission network.
