The Philippine peso again closed to its fresh 11-year low to a US dollar Friday but Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said strong macroeconomic fundamentals will continue to support the local currency.
The Philippine economy grew at a sizzling pace in the second quarter, topping expectations as a government-led construction boom and an extended rebound in the farm sector took some of the sting off a peso currency wallowing at 11-year lows.
Americans' debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.
The Investment Coordination Committee (ICC)-Cabinet Committee has approved six new big-ticket projects worth a combined P57.494 billion that are meant to, among others, improve road networks and mobilize financial resources for local government units (LGUs) in Mindanao and help ease traffic congestion in Metro Manila.
President Duterte wants Congress to appropriate P4.2 billion in the 2018 budget so the Bureau of Customs could hire more than 3,000 personnel—or double its current workforce—next year, Senate President Pro Tempore Ralph Recto said Sunday. He supports that request, but party-list solon John Bertiz says the "reform-resistant" bureau's job would be better bidded out to the private sector.
The Executive is open to using its proposed tax hike on sugar-sweetened beverages (SSB) as a bargaining chip just to get the Senate nod for the House-approved scheme to impose an additional P6 excise tax on gasoline and diesel, a key plank of the tax reform package eyed for passage by yearend. Three ex-DOH secretaries, meanwhile, want adjustments in tobacco and liquor taxes included.
The chairman of the House of Representatives’ appropriations committee warned the Department of Information and Communications Technology to scale up its spending or risk cuts as its budget is diverted to fund free tertiary education.
As a consequence of the closure of the runway at the Mactan-Cebu International Airport from 2:30 to 8:30 am on August 11, 2017 (Friday), leading Philippine carrier Cebu Pacific said certain Cebu Pacific and Cebgo flights will be affected.
Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, saw its net income increase by 2% to P1.18 billion in the first half of the year from P1.16 billion posted a year ago, mainly driven by an 18% annual growth to P6.06 billion in core income.
For the Chinese developer Country Garden Pacificview, the city of the future would have residents from different parts of the world, plants covering the surfaces of buildings, and a multi-layer mobility system where pedestrians and cyclists own the main roads, and cars are relegated to underground.
Century Pacific Food, Inc. (CNPF), the Philippines’ largest canned food company, saw its consolidated net income grow by 8% year-on-year to P1.47 billion for the first six months ending June 2017. Sustained double-digit growth in the company's branded consumer food business and a strong recovery in its original equipment manufacturer (OEM) export segment were seen as drivers of such rise in net income.