GDP growth to miss goal, but not ‘bad’
PHILIPPINE economic growth will likely fall short of the government’s 7-8% target until next year, due to a sustained slowdown in exports and weak manufacturing, even as strong capital formation should help gross domestic product (GDP) expand in line with potentials, economists of the Ateneo de Manila University said in a briefing on Thursday.
Central bank sets Sept. 30 deadline for foreign borrowing plans
THE BANGKO SENTRAL ng Pilipinas (BSP) has given the government and businesses until next month to submit their offshore borrowing plans for 2019.
Spending surge boosts budget gap
THE GOVERNMENT’s fiscal deficit grew in July and in the first seven months, as spending increased faster than revenues, the Bureau of the Treasury (BTr) said on Wednesday.
Banks’ bad debts grow slightly as of end-June
BAD DEBTS held by big banks increased slightly as of end-June, even as they accounted for a smaller share of total loans amid a growing portfolio, according to latest available central bank data.
Malaysia shelving $22-B China-backed projects
BEIJING -- Malaysia will shelve three China-backed projects worth a total $22 billion until the debt-laden Southeast Asian nation can afford to pay for them, Prime Minister Mahathir Mohamad said Tuesday during a visit to Beijing.
Credit raters caution against watering down tax reforms
THE CURRENT FORM of the second tax reform package, as approved by a House of Representatives committee earlier this month, risks slowing momentum of progress in state revenues and infrastructure spending, senior executives of Fitch Ratings and Moody’s Investors Service warned.
Expectations of another interest rate hike mount
A FOURTH successive tightening move may be announced by the central bank next month, a global bank said, as it sees inflation topping six percent until September.
Copper’s weakness a worrying signal for global growth
LONDON -- The plunge in the price of copper by more than 20% since the beginning of June has worried analysts who see it as a bad signal for the global economy.
External payments gap narrows in July
DOLLARS outflows continued to outpace inflows in July, the central bank reported on Monday, even as it noted that the resulting balance of payments gap was smaller than the preceding month’s and year-ago shortfalls.
ADB approves $300-M PPP loan
THE ASIAN Development Bank (ADB) has approved a $300-million loan for the Philippines, seeking to promote the development of public-private partnership (PPP) projects.
Big firms hard-pressed amid rising interest rates
BIG BUSINESSES in the Philippines could have a hard time coping with rising interest rates, an economic research group said, as this would mean higher costs and a growing debt stock.
Credit Suisse sees Asia wealth race shifting from offshore hubs
SINGAPORE/HONG KONG -- After years of racing to accumulate assets in the key offshore centers of Singapore and Hong Kong, the challenge for wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.