Peso dips as investors await next move of US Federal Reserve
By Paolo G. Montecillo
The peso closed weaker again on Tuesday in another day of weak trading as investors stayed in the sidelines ahead of the US Federal Reserve meeting this week.
The peso closed weaker again on Tuesday in another day of weak trading as investors stayed in the sidelines ahead of the US Federal Reserve meeting this week.
The Philippine government is planning to issue inflation-linked peso bonds to fund part of its deficit this year, taking advantage of the slow rise in consumer prices to secure cheap funding.
The local stock barometer surged sharply Tuesday, retesting the 6,500 level although in thin trade, as the recent depreciation of the peso was seen boosting local consumer spending and corporate profits.
Solving Mindanao’s power crisis and pursuing projects to bolster the local tourism sector should be the Aquino administration’s top priorities if it hopes to achieve “inclusive” economic growth in the Philippine countryside.
Philippine record labels scored a legal victory against piracy when the Intellectual Property Office of the Philippines (IPOPHL) slapped a 72-hour temporary restraining order on www.Kat.ph, which users can access to download music for free.
Grandway Group Ltd., the joint venture company of listed Basic Energy Corp. and Petrosolve Sdn Bhd of Malaysia, recently secured another regulatory approval, firming up its investment in Indonesia.
State-run regulator Philippine Amusement and Gaming Corp. (Pagcor) eyes the completion by the second quarter next year of an IT infrastructure upgrade that will link all its casinos in the country.
THE booming gaming business in Metro Manila might be all about getting the newest and flashiest local or overseas performers but it appears that players at Philippine Amusement and Gaming Corp.’s (Pagcor) provincial casinos prefer a blast from the past. And their preferred star is none other than “jukebox king” Victor Wood, a romantic balladeer who hit it big in the 1970s while the country was under the martial law regime of the Marcos administration.
Middle-income countries (MIC) like Brazil and Mexico have enjoyed relative success in reducing their respective poverty levels. Now, Philippine policymakers are looking to these countries to make sure that the local poor will not be left behind as the economy grows.
While global markets are getting jittery over the US Federal Reserve’s current monetary policy—the unwinding of its aggressive bond-buying program that may take longer than expected—the Philippines’ strong economic fundamentals will continue to buoy local assets, said an economist of Bank of the Philippine Islands.
The freight division of Emirates, a Dubai-based airline, is set to increase the cargo capacity of its Philippine route following the completion of the initial phase of Clark International Airport’s expansion next quarter.
Energy Development Corp. (EDC) on Tuesday said that its shareholders, its joint venture partner and related units have signed on to four projects in Peru and Chile.
