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P3.12-B Aussie ODA to Ph

The Australian government will provide the Philippines with about AUD 85 million (roughly P3.12 billion) in official development assistance for 2017-2018. According to Australia’s Department of Foreign Affairs and Trade, bulk or 45.2 percent of Australian aid budget for the…

Espenilla named as incoming BSP chief

President Rodrigo Duterte on Monday named Nestor Espenilla Jr. as the incoming Governor of the Bangko Sentral. The announcement was made by the President during the 15th Cabinet Meeting in Malacañang. Espenilla, who served as Deputy Governor of BSP for…

Need for spending reforms stressed

An economist of ANZ raised the need for the Philippine government to implement spending reforms in line with the proposed tax reform and higher infrastructure spending. In a research note dated May 3, 2017, penned by economist Eugenia Victorino, ANZ…

Gov't debt hits P6.2T in Q1

Outstanding liabilities of the Philippine government rose to P 6.2 trillion at the end of the first quarter of 2017 from year-ago’s P5.9 trillion. Data released by the Bureau of the Treasury Friday showed that both the domestic and external…

Tax reform bill passed before Congress adjourns?

Finance Undersecretary Karl Kendrick Chua is hopeful for the passage of the tax reform bill before the House of Representatives adjourns on June 2, citing the measure’s “substantial progress.” This after the House’s Ways and Means Committee on Wednesday voted…

Japan to lend $4B for MM Subway project

Japan has committed to provide USD 4 billion for the construction of the Mega Manila Subway System, which is seen to further ease traffic congestion in Metro Manila and provide an alternative mode of transportation to commuters. Bases Conversion and…

Mfg. growth sustained at start of Q2

The Philippines has continued to record growth in its manufacturing Purchasing Managers’ Index at the start of the second quarter, the latest Nikkei Philippines Manufacturing PMI of IHS Markit reported Tuesday. In its April 2017 survey, the country’s PMI scored…

Positive credit ratings show strong economy

The monetary and fiscal chiefs of the Philippines on Tuesday said last week’s affirmation by Standard & Poor’s of its investment grade rating on the Philippines only shows the integral strength of the domestic economy. S&P, on April 28, 2017,…

Gov’t financing up 36.14%

The Philippine government’s financing in the first quarter of 2017 rose 36.14 percent to P117.4 billion. Data from the Bureau of the Treasury showed that the state financing in the first quarter this year is higher than the P86.27 billion…

AIIB funding eyed for key infra projects

The Philippine government is prioritizing the Manila-Bicol railway project and dam construction for possible funding by the China-led Asian Infrastructure Investment Bank, Finance Secretary Carlos Dominguez III said. The Department of Finance earlier said the AIIB will be co-financing with…

BSP revises rural bank merger rules

Monetary officials have allowed some flexibility on rural bank consolidation rules to ensure the sustained improvement of the sector. Under the original Implementing Rules and Regulations of the Consolidation Program for Rural Banks, there should be at least five banks…

ING Bank eyes Ph Q1 GDP at 6%-6.3%

An economist of ING Bank Manila sees a six to 6.3 percent expansion of the Philippine economy in the first quarter of 2017. This would be lower than the 6.8 percent print the economy registered in the first quarter of…

75% of E. Visayas towns short of banks

TACLOBAN CITY-- Eastern Visayas remains to be one of the underbanked regions in the country with 75 percent of towns having no bank offices, according to the Bangko Sentral. Out of 140 towns in six provinces, only 33 areas have…

Diokno highlights role of fiscal policy

Duterte's economic team presents the big-ticket projects aimed to reduce poverty and to fill the Philippine infrastructure gap at the Dutertenomics Forum II held on Tuesday at the Conrad Hotel in Pasay City.| Recently, Department of Budget and Management Secretary…

Oil earnings surge but some question skimpy investment

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NEW YORK -- Rising crude prices drove huge profits for US oil industry giants, but key figures in the sector have raised concerns about low investments in exploration and production. They warn that continued tepid oilfield investment creates the threat…
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