A US government-style shutdown is highly unlikely here, even while the Philippine government’s proposed 2019 national budget remains pending before Congress, with the Department of Budget and Management directing state agencies to obligate their first quarter funding requirements.
Economic managers said the Philippines’ successful bond issuances in the offshore bond markets in 2018 underscored the strong confidence of the international business community in the country’s growth narrative under President Rodrigo Duterte's watch.
International Chamber of Commerce Philippines (ICCP) founder and chairman Francis Chua said the economy faced headwinds in the early part of the year such as the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, rising world oil prices, inflation, and interest rates, and challenges in the tourism and agriculture sectors, among others.
Residential real estate prices were higher by 4.4 percent year-on-year in Q3 2018 as the Residential Real Estate Price Index (RREPI) increased to 116.5 from 111.6 for the same quarter a year ago, the Bangko Sentral ng Pilipinas (BSP) revealed in a statement over the weekend.
Investors moved cautiously across other Asian markets Friday, with Hong Kong closing up 0.1 percent, after moving between positive and negative territory throughout the day. Shanghai added 0.4 percent, in a modest end to its last trading day of the year.
Following government’s recent approval of the proposed New Manila International Airport project in Bulacan, San Miguel Corporation president Ramon S. Ang bared plans to protect and revive some 12,000 hectares of Bulacan coastline--as part of the P754 billion development of the airport.
“The DOE, in coordination with the Bureau of Customs and Bureau of Internal Revenue, is ready to implement the second tranche of excise taxes by January 1. Government devised a mechanism to closely monitor the inventories,” the DOE said in a statement on Thursday.
Limjoco said that the complete shutdown of Boracay has affected businesses in the area-- particularly the micro and small enterprises that depends on the island’s upbeat tourism sector -- while some of them are still struggling to come back to their livelihood activities.
Senate Minority Leader Franklin Drilon expressed confidence in the capability of Finance Secretary Carlos Dominguez III and the rest of the economic team to ensure the sound and efficient management of the debt incurred to fund the government’s “Build, Build, Build” infrastructure program, the Department of Finance said in a statement on Friday.
The Chinese Embassy in Manila said 2018 marked a "great milestone" in China-Philippines relations as it witnessed the historic visit of President Xi Jinping to Manila and the signing of landmark agreements between the two nations.
“This new historic mark breezing past last year’s record figure not only reaffirms but further strengthens investor confidence under the Duterte administration. We were initially expecting to at least attain our target of PHP680 billion for the year, instead we were able to more than double the PHP442 billion investments level in 2016,” Trade Secretary and BOI Chairman Ramon Lopez said.
Finance Secretary Carlos Dominguez III said agriculture will remain among the top concerns of the Duterte administration for the rest of its term to fulfill its goal of raising farm productivity and rural incomes, and avoid a repeat of the supply problems in rice and other major food items that led to the elevated inflation rate in the second half of 2018.
“All types of residential constructions, except for duplex/quadruplex and other residential, recorded a two-digit increase in number as follows: residential condominiums (80.8 percent), apartment/accessoria (29.9 percent) and single-type houses (15.3 percent),” the PSA noted.