Most Philippine banks are strong enough to withstand effects of the global downturn, international credit rating agency Fitch Ratings Ltd. said in a statement datelined Singapore.
This explains why the New York and London-headquartered agency kept a stable outlook on most banks’ credit ratings, even with weak macroeconomic indicators, the agency added.
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MANILA – Amid dreary forecasts made by various international and multilateral organizations, economic research group IDEA (Institute for Development and Econometric Analysts Inc.) is expecting the Philippines to escape recession this year with a 1.74% gross domestic product (GDP) growth.
According to IDEA Chairman and University of the Philippines professor Cayetano Paderanga Jr., the economy is unlikely to e
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MANILA – The Philippine government now aims to wipe out the fiscal gap by 2013.
On Friday, the inter-agency Development Budget Coordination Committee (DBCC) announced that it will propose to Congress a P1.54 trillion budget for 2010. This will translate to a budget deficit of P233.4 billion or 2.8% of GDP, at the high end of earlier indications.
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MANILA, Philippines – Many predicted a grim future for the export-dependent Philippines as the global slump hit world trade, but recent data suggest it could avoid recession as the government remains defiant.
The Philippines has talked up its resilience, while bodies such as the World Bank (WB) and International Monetary Fund (IMF) see the country economy contracting this year.
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MANILA, Philippines – The country’s foreign exchange reserves nearly hit the $40 billion level as of end July 2009, boosted by proceeds from the government’s second global bond issue last month and income from the central bank’s investments abroad, the Bangko Sentral ng Pilipinas (BSP) announced yesterday.
The end-July dollar reserves level of $39.99 billion was higher by $496 million from the end-Jun
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MANILA, Philippines – The inflation rate slowed to 0.2 percent in July, the lowest level in 22 years, as price increases in key sectors such as food and beverages continued to ease.
The National Statistics Office (NSO) reported yesterday that the latest inflation figure was sharply lower than the 12.2-percent inflation rate posted for the same month last year when the country was reeling from the high price
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MANILA, Philippines – The Arroyo administration may allot another P200 billion next year to pump-prime the economy, according to Economic Planning Secretary Ralph Recto said yesterday.
Recto, who addressed the Food Industry Summit at the Dusit Thani Hotel yesterday, said the country’s economic managers are set to discuss the possible allocation of another P200 billion for a second Economic Resiliency Plan
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17th in a series on GMA’s 9th State of the Nation Address
MANILA – Trimming public debt was one of the accomplishments President Arroyo bragged about in her 9th State of the Nation Address on Monday.
All smiles, Mrs. Arroyo claimed that the next generation will benefit from the huge reduction in public debt-to-gross domestic product (GDP) to 55% from 78%, and the cut in foreign debt to 32% from 73% und
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MANILA – Each 92.2 million Filipino now owes P46,178 in April, or P325 more than the previous month, as the country’s debt stock increased by P30.4 billion in April.
A weaker peso and an increase in domestic borrowing pushed up the government’s outstanding debt up by 0.7% at end-April from the previous month, the Bureau of Treasury said.
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MANILA – The Asian Development Bank (ADB) said Thursday that the Philippines is not going to experience economic recession this year because of the continuing growth in remittances and improving business confidence.
The Manila-based multilateral lender is set to revise its previous 2.5% growth estimate for the country but said the local economy will still post a growth, though minimal, this year. They did no
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Manny Pacquiao: Emmanuel Dapidran Pacquiao (IPA: /'pækjaʊ/; born December 17, 1978), known as Manny "Pac-Man" Pacquiao is a professional Filipino boxer. He is the former WBC li...
Jose Miguel Arroyo: Jose Miguel "Mike" Tuason Arroyo (born June 27, 1946) is the husband of Gloria Macapagal-Arroyo, the current President of the Philippines and is the current Fir...
