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 of 4%. The economy is seen growing 6% this year.
Philippine four-year bonds rose, snapping a three-day drop, after a government pledge to meet this year’s budget-deficit target damped concern debt sales will be stepped up. The peso weakened.
President Benigno Aquino’s three-week-old administration is sticking to its 325 billion peso ($7 billion) budget-deficit ceiling this year even and will push revenue agencies to bolster collection, Treasurer Roberto Tan said today. The six-month deficit widened to 196.7 billion pesos, exceeding a forecast of 178.5 billion pesos made by the last government, a report showed.
PHILIPPINE Business Bank (PBB) opened its first branch in Davao City on July 16 with a promise to offer “business solutions” to small, medium, and large businesses operating in the city.
The newest bank to open in the city is located on Gov. Sales street.
