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Philippines: Economy seen growing 6.7% this year

MANILA, Philippines — RAM Rating Services Berhad of Malaysia expects a 6.7 percent economic growth for the Philippines this year. The economic growth forecast of the Kuala Lumpur-based debt watcher is lower than the 6.9 percent expansion registered last year but well within the 6.5 to 7.5 percent target set by the Cabinet-level Development Budget […]

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Philippines: Government borrows 56% more in 7 months

MANILA, Philippines — The national government borrowed P519.97 billion from both domestic and foreign lenders in the first seven months, a sharp 55.7 percent from P334.03 billion in the same period last year, data from the Bureau of the Treasury (BTr) showed. For July, however, the government’s gross borrowings declined 52.4 percent to P14.21 billion […]

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Philippines: Business prods govt on unsolicited proposals

The government shouldn’t insist on spearheading infrastructure development at the expense of unsolicited proposals, a businessman behind two long-delayed projects said. “Unsolicited proposal is provided by law. You cannot just say ‘we are not interested in that, we’ll do ODA (official development assistance) or we’ll do solicited’,” Penson & Co. President and CEO Ricardo Penson […]

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Philippines: ING: Peso likely to stay at P51:$1 level

Continued remittance inflows and a better-than-expected current account position could keep the Philippine peso in P51:$1 territory for the rest of year, ING Bank said on Monday. “The second-quarter current account report and July remittance growth support our guarded optimism for USD/PHP,” the bank said in a market report. The second quarter’s small current account […]

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