Business In Davao

Philippine bonds fell before President Benigno Aquino makes his first speech to Congress after the media reported him as saying his government has some revelations about the former administration that may “shock.”

Aquino, whose team took office on June 30, said he’d uncovered at least five “anomalies” from President Gloria Arroyo’s government, which he may reveal in . . . → Read More: Missing Billions

Philippines’ budget deficit for the first six months of the year exceeded the government’s target by more than a third, reports said on Wednesday citing the Department of Finance.

The country recorded a budget shortfall of PHP 196.7 billion in the first half of the year, considerably higher than the PHP 145.2 billion deficit targeted by the . . . → Read More: Philippines’ budget deficit

The International Monetary Fund has raised its 2011 growth forecast for the Philippineeconomy, saying the Asian country had emerged relatively unscathed from the global financial downturn.

Reports quoted the head of an IMF staff mission to the country as saying the economy is likely to grow 4.5% next year. This is higher than the previous growth forecast . . . → Read More: International Monetary Fund

Philippines balance of payment surplus increased in June from the previous month.

The balance of payments surplus totaled US$502 million in June, up from US$388 million surplus in the previous month, the central bank said on Monday. A year earlier, the balance of payments surplus amounted to US$73 million.

More . . . → Read More: Balance of payments

Building permits granted for housing construction in thePhilippines rose 20.3% year-on-year in the March quarter to 23,586, figures released by the National Statistics Office show.

At the same time, permits for non-residential building constructions went down by 28.8% to 2,978. Permits for additions, alterations and repairs to buildings dropped 1.9% annually to 3,428.

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The Philippines’ shipments of electronics, its dominant export, could still grow by 25 to 30 percent this year but there were signs of softer demand due to faltering global growth, the head of an industry group said on Tuesday.

The country exported $2.55 billion of electronics in May, up 41 percent from a year earlier and accounting . . . → Read More: Electronics

Philippines’ merchandise exports increased at a faster pace in May, a latest report for the National Statistical Office showed on Tuesday.

Merchandise exports increased 37.3% year-on-year to US$4.24 billion in May, faster than 28.2% in the previous month. Exports increased for the seventh consecutive month. A year earlier, exports decreased 26.9%. Month-on-month, merchandise exports climbed 17.9%, compared . . . → Read More: Merchandise exports increased