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DoF expects outstanding debts to decline to 68 percent of GDP
National Government outstanding debt, now 66 percent of gross domestic product, is declining faster than anticipated, finance department data show.
RP readies tuna sector for EC inspection
The government has embarked on a Good Manufacturing Practice-Standard Sanitation Operating Principle (GMP-SSOP) food safety practice so as to keep a $ 250-million tuna export even as the European Commission (EC) is set to conduct inspection of local fish operations.
BSP allows banks to outsource tax compliances
Banks are now allowed to outsource tax compliance services – just one of many outsourced services such as internal audit, accounting, legal counsel and compliance risk assessment without the need for prior Monetary Board approval.
New joint venture firms to produce bio-ethanol
San Carlos Bio Energy Inc., a joint venture of Bronzeoak Philippines Inc. and state-owned National Development Co., is investing P2.281 billion for the production of a bio-ethanol plant that would save the country a total of P8.65-billion worth of imported crude oil in the next ten years.
SMIC to build ferry terminal near Mall of Asia
SM Investments Corporation is building a ferry terminal in its bayside SM Central Business Park that will have mall features similar to Hong Kong’s Ocean Terminal as part of its strategy continue diversifying into the tourism industry.
Funds ready for upgrading of San Fernando Airport
The Bases Conversion Development Authority (BCDA) has the ready funds to bankroll the upgrading of the San Fernando Airport in La Union, one of the new infrastructure projects mentioned by President Gloria Macapagal Arroyo in her recent State-of-the-Nation Address.
Dollar slides on weak US growth figure
NEW YORK, July 30 (AFP) — The dollar remained on the back foot going into the weekend after data showed Friday that the US economy had grown by much less than expected in the second quarter.
Investors cautious amid ME crisis and looming oil price hike
Investors remain cautious amid the crisis in the Middle East and a possible hike in the prices of crude oil in the international market.
Business and Society
Tanauan City, less well known than Lipa and Batangas City in the province of Batangas, can be a model of a small city (population of about 120,000 in a land area of 10,716 hectares) that can optimally combine agriculture, manufacturing and services to generate hundreds of thousands of jobs in the next ten years.
Vehicle parts makers urge revival of PCP
Local parts makers have urged for the revival of People’s Car Program to perk-up the lethargic domestic industry with the assembly of brand new but affordable vehicles using locally produced auto components as they worried on the impact of the increasing inflow of completely built-up brand new imported vehicles.
PNOC junks ‘right to match’ claim of losing party in Malampaya project
State-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) has junked argument put forward by local firm Burgundy Global Exploration Corporation (BGEC) that it has the right to match the offer submitted by a previously selected investor in the Camago-Malampaya oil leg (CMOL) project.
Top US trade official and Brazil to work on relaunching WTO talks
RIO DE JANEIRO, Brazil (AP) — The United States and Brazil are looking for ways this weekend to bridge bitter divisions between rich and poor nations that led to the collapse of trade liberalization talks, Washington’s chief trade negotiator said.
Federal Reserve will need careful moves to keep US economy healthy, IMF says
WASHINGTON (AP) — The Federal Reserve, America’s central bank, has a delicate dance as it seeks to put the US economy on an even keel, the International Monetary Fund said Friday.
US economic growth slows, prices up in second quarter
WASHINGTON, July 28 (Reuters) - US economic expansion slowed abruptly in the second quarter to less than half the pace at the start of the year, while a key inflation gauge shot up at the fastest rate since 1994, the government said on Friday.
ACNielsen launches loyalty marketing unit
In a major step to enable clients to gain innovative, actionable, high-value consumer insights from retailers’ shopper information, ACNielsen, a VNU business, today announced it has formed a global loyalty marketing business unit that will provide end-to-end loyalty solutions.
IMF: US set for ‘soft landing’ but big risks remain
WASHINGTON, July 30 (AFP) — The IMF said Friday the US economy is on course for a "soft landing" but that an overvalued property market, sky-high energy prices and rising inflation could all bode ill.
P/$ rate closed at P51.56 to $ 1
The peso rate closed at P51.56 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.624.
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