MANILA, Philippines – Debt prepayments by Philippine borrowers including the national government rose 35.1 percent in the first four months, resulting in the further weakening of the peso against the dollar, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Prepayments on foreign debt by public and private firms reached $2.01 billion from January to April, […]
Read MoreDue To Rising Cost of Business MANILA, Philippines – Korean manufacturing companies in the Philippines are packing up and leaving the country for Vietnam where they see lower costs and an easier way of doing business. Korean Chamber of Commerce of the Philippines president Ho Ik Lee said many Korean firms have been complaining about […]
Read MoreMANILA, Philippines – The national government incurred a fiscal deficit of P50.51 billion in July almost unchanged from the P50.67 billion recorded in the same month in 2016, the Bureau of the Treasury (BTr) reported yesterday. This brought the seven month deficit to P205 billion, up 20 percent from the P171 billion posted the same […]
Read MoreRIYADH, Aug. 22 (Xinhua) — Saudi Arabia has imposed a temporary ban on importing live birds, hatching eggs and chicks from the Philippines and Laos due to bird flu outbreaks, the Saudi Press Agency reported Tuesday. Sanad Al-Harbi, director general of the Animal Assessment Department of Saudi’s Ministry of Environment, Water and Agriculture, said the ban was […]
Read MoreMANILA — Philippine Finance Secretary Carlos Dominguez said on Tuesday the authorities were not worried about the peso’s weakness, but were monitoring the speed at which it moves against the US dollar. The peso hit an 11-year low on Friday but opened slightly firmer on Tuesday at 51.45 versus its close on Friday at 51.49. […]
Read MoreThe peso’s recent movements are consistent with monetary policies aimed at fostering sustained economic growth, the Bangko Sentral ng Pilipinas (BSP) said. “Pursuing a flexible and adaptive exchange rate policy enables the BSP to keep its interest rate policy settings squarely focused on achieving the inflation target while dampening consumption and supporting a more investment- […]
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