MANILA, Philippines — Thousands of local jobs have been lost since late last year and hundreds more are set to follow in the coming months as the number of Korean manufacturing companies leaving the Philippines for Vietnam continues to rise. In an interview, Korean Chamber of Commerce of the Philippines president Ho Ik Lee told The […]
Read MoreMANILA, Philippines — Foreign investments approved by the country’s seven investment promotion agencies (IPA) fell 54.9 percent in the second quarter, the Philippine Statistics Authority reported over the weekend. Investment pledges cleared by the IPA in the second quarter amounted to P18.2 billion, down from P40.4 billion in the same period last year. These cover […]
Read MoreMANILA, Philippines — The country’s external debt slipped 6.7 percent in the first half due to the weakening of the peso and other regional currencies against the dollar, the Bangko Sentral ng Pilipinas reported over the weekend. BSP officer-in-charge Diwa Guinigundo said external debt stood at $72.5 billion in end-June, $5.2 billion lower than the […]
Read MoreThe peso fell back into P51:$1 territory on Thursday on the likelihood of a fresh US Federal Reserve rate hike. “The peso depreciated today as an upbeat US report on producer prices keeps open the possibility of another US rate hike this year,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said. “Developments […]
Read MoreMANILA, Philippines — The country’s trade deficit fell 30.37 percent in July as the double-digit growth in exports offset the decrease in imports, the Philippine Statistics Authority (PSA) reported yesterday. Total external trade in goods in July 2016 reached 12.22 billion, up 2.2. percent from $11.95 billion in July 2016. Total exports rose 10.4 percent […]
Read MoreMANILA, Philippines — Businesses in the Philippines are still largely unenthusiastic on the benefits of membership in the Association of Southeast Asian Nations (ASEAN), according to a study by the Philippine Institute for Development Studies (PIDS). The results of the study titled “What does the ASEAN mean to ASEAN peoples?” showed the business sector in […]
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