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RP firms face man-made, natural crises

MANILA - Just when they thought that they were saddled enough by the effects of the economic crisis, a number of Philippine firms had to endure the impact of natural calamities on their day-to-day operations. Utility companies, banks, airlines, and hotels, among many others, bore the brunt of tropical storm “Ondoy” (international code name Ketsana) and typhoon “Pepeng” (international code name Parma) in the past weeks. As these storms caused a halt on normal operations, these companies incurr...

Consumers more upbeat in Q3: BSP survey

MANILA - Local consumer confidence improved in the 3 months ending September as the economy begins to show signs of recovery from the global crisis. The overall consumer confidence index (CI) for the third quarter increased slightly to -31.9% from -34.2% recorded in the previous quarter, data from the central bank's Consumer Expectations Survey (CES) showed. From July to September 2008, the CI was at -52.8%. The index reflects the difference between the percentage of respondents with positi...

RP exports fall 25.4% in July

MANILA - After posting its lowest annual contraction since November 2008, Philippine merchandise exports slipped by more than a quarter in July. Data from the National Statistics Office showed that export earnings fell 25.4% to $3.312 billion in July from $4.437 billion recorded in the same period last year. Compared to June's export earnings of $3.406 billion, the latest figure is lower by 2.8%. In June, the country's exports fell 24.8%, the lowest annual drop since November last year. Since...

IMF warns of risk of abrupt exit

The International Monetary Fund (IMF) has warned member-countries of the dangers of pulling the plug too soon on stimulus packages that the Philippines, for instance, adopted in response to the global economic downturn. The warning aired by IMF managing director Dominique Strauss-Kahn in Berlin on Friday was especially significant for the Philippines, whose proposed capital outlay for 2010 was reduced by P15 billion. Kahn said global growth, and by extension prospects of growth for emerging m...

RP debt to increase by P234-B next year

MANILA - The country's debt stock is expected to increase by up to P234 billion next year as the government eyes more borrowings to help boost economic output. According to the Finance Department, the Philippines' outstanding debt may hit P4.723 trillion or 56.7% of gross domestic product (GDP) in 2010 from the projected P4.489 trillion or 57.6% of GDP this year. Next year's debt estimate is higher than the earlier target of P4.698 billion or 56.3% of GDP. The higher debt is an offshoot ...