DBM studies prospect of reenacted 2019 budget
THE DEPARTMENT of Budget and Management (DBM) has raised the possibility of having a reenacted budget for 2019 in order to break the impasse with lawmakers on a new spending plan that will allocate funds only for projects or tasks that can be completed within next year.
BSP eases rules for bank fund raising via bonds
BANKS can now raise fresh capital via corporate bonds with greater ease starting this month, as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas (BSP).
May FDI data bare continued investor confidence
FOREIGN DIRECT INVESTMENT (FDI) net inflows to the Philippines more than doubled in May from a year ago to a seven-month high, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
Competition watchdog approves Grab-Uber deal
THE PHILIPPINE COMPETITION COMMISSION (PCC) has cleared Grab Philippines’ (MyTaxi.PH Inc.) acquisition of the local business of Uber and Uber Systems, Inc., but will monitor for a year the former’s compliance with quality and pricing standards it had committed to.
Central bank fires off third rate hike
THE Bangko Sentral ng Pilipinas (BSP) raised rates anew yesterday in a more aggressive move as expected, to temper inflation amid signals that prices could remain elevated until next year.
Q2 GDP growth slowdown threatens full-year target
THE Philippine economy grew to its slowest pace in three years in the second quarter, leading some analysts to downgrade their forecasts despite the country remaining as one of Asia’s fastest-growing economies.
China’s state companies cementing lucrative role in South China Sea
HONG KONG/SHANGHAI -- Beijing’s giant state-owned enterprises (SOEs) are playing an increasing role in China’s build-up in the South China Sea and could seek to cement their dominant position in coming years, according to new research.
Gov’t raises $1.39B from yen debt sale
THE PHILIPPINES raised a total of ¥154.2 billion, or about $1.39 billion, as it returned to the “samurai” bond market after eight years, the Department of Finance (DoF) said in a statement on Wednesday.
PSA revises Q1 economic growth rate downwards
THE ECONOMY grew slower than previously estimated in the first quarter, the government reported ahead of the release of second-quarter gross domestic product (GDP) data today.
Philippines’ FX reserves slip in July
THE COUNTRY’s foreign exchange reserves dipped to a fresh six-year low in July as the Bangko Sentral ng Pilipinas (BSP) tapped the pool of funds to defend the local currency.
Trade gap persists, though smaller, as June imports surge, exports dip
EXTERNAL TRADE in goods likely dragged economic growth in the second quarter as sales abroad of locally made products dipped in June while imports continue to grow, based on data released by the government yesterday.
No GDP boost from flat second-quarter agriculture output
FARM OUTPUT barely grew last quarter as a drop in crops and fisheries offset increases in livestock and poultry, the Philippine Statistics Authority (PSA) reported on Wednesday, prompting economists to say that overall economic expansion in the same three months -- to be reported hours ahead of today’s monetary policy meeting that is expected to yield the year’s third consecutive interest rate hike after the PSA reported a fresh five-year-high 5.7% inflation rate on Tuesday -- could not look to the sector for any boost.