“Friends of Mindanao is a group of foreigners and their wives/partners, based in Davao City. We meet socially in each other’s homes and in local restaurants. We also organize group trips to explore other parts of Mindanao. On the first and third Wednesday of each month we meet as a larger group to exchange . . . → Read More: Friends Of Mindanao]]> Mindanao News Articles Here

“Friends of Mindanao is a group of foreigners and their wives/partners, based in Davao City. We meet socially in each other’s homes and in local restaurants. We also organize group trips to explore other parts of Mindanao. On the first and third Wednesday of each month we meet as a larger group to exchange news and information about living in Mindanao. We also from time to time support local worthy causes. All members have an equal standing, there are no officers and no membership fees – it is purely a network of friends who meet socially.

We have just launched a new website at www.friendsofmindanao.com and would welcome people who would like to give presentations to our meetings held in Davao City. Past speakers have included attorneys, officials from the Bureau of Immigration, senior personnel from Davao City Jail, talks from experts in hydroponics, vehicle licensing experts – and so on. We do not encourage speakers who merely want to sell goods or services to our members.”

An increase in funds sent home by Filipinos working abroad reduced foreign-exchange risk and the peso has remained “broadly stable,” central bank Governor Amando Tetangco said today. Remittances climbed 8.3 percent in June . . . → Read More: Philippine four-year bonds rose]]> Philippine four-year bonds rose to a record on optimism the peso, Asia’s best-performing currency over the past month, will bolster returns for overseas investors.

An increase in funds sent home by Filipinos working abroad reduced foreign-exchange risk and the peso has remained “broadly stable,” central bank Governor Amando Tetangco said today. Remittances climbed 8.3 percent in June from a year earlier, the fastest pace of growth in five months, official data showed on Aug. 16.

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The Philippine government hopes to recover an estimated 250 billion pesos ($5.53 billion) lost yearly to tax evasion by focusing on tax cheats among the self-employed as well as collecting unpaid inheritance taxes, Finance Secretary Cesar Purisima said Wednesday.

The Philippines is striving to raise revenues to reduce it’s budget deficit without imposing new taxes. It targets to maintain for 2010 last year’s budget defict of 3.9 percent of gross domestic product and to pare it down to 2 percent by 2013.

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The issuance would comprise the first global sale of peso- denominated bonds and dollar notes that are to be offered as . . . → Read More: Oversea Bonds]]> The Philippines may sell as much as $1.5 billion of overseas bonds in the remainder of the year to fund its budget deficit, following issuance of $2.67 billion in the first quarter, TreasurerRoberto Tan said today.

The issuance would comprise the first global sale of peso- denominated bonds and dollar notes that are to be offered as part of a debt exchange, Tan said. The government aims to trim overseas sales to about $2.5 billion next year, he said.

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Unlike the preceding administration, which aimed to balance the budget before it bowed out . . . → Read More: 2% of gross domestic product]]> MANILA -(Dow Jones)- The administration of President Benigno Aquino III isn’t looking to balance the budget during its six-year term, but will keep the deficit at a manageable 2% of gross domestic product, the latest medium-term fiscal program of the government showed Monday.

Unlike the preceding administration, which aimed to balance the budget before it bowed out of office but failed to do so due to spending needed to cope with the global financial crisis, the Aquino government has a more modest fiscal goal–to keep the budget deficit under control during its six-year termRead more: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201008160157dowjonesdjonline000024&title=philippinesmedium-term-plan-doesnt-envisage-balanced-budget#ixzz0wliEPmY2

Remittances sent home by Philippine nationals overseas rose in June at the fastest pace in five months, helping sustain demand for cars, homes and mobile phones.

Money sent home from abroad increased 8.3 percent to $1.62 billion, the central bank said in a statement in Manila today. The funds, which make up about a 10th of the $160 billion economy, grew 6.5 percent in May.

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Finance Secretary Cesar Purisima said the new government was looking at a minimum size of $500 million . . . → Read More: Treasury bonds]]> The government wants to raise at least $1.1 billion from the sale of retail Treasury bonds this month and a global peso bond issue later this year to partly fund a record nominal 2010 budget gap, officials said on Wednesday.

Finance Secretary Cesar Purisima said the new government was looking at a minimum size of $500 million for the planned sale of global peso bonds before the end of the year.

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Philippines’ six-year peso bonds rose, pushing the yield to a record, after inflation held at a seven-month low in July. The peso was steady.

“Yields, already at record lows, are still dropping, primarily because of inflation and the central bank’s signal that it can delay a rate hike,” said Speedy Delfino, a fixed- income trader at Bank of Commerce in Manila.

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It took the bourse more than three hours after the close of trading to issue the correct figure for the benchmark index, after officials told investors to disregard the whooping 14 percent gain erroneously . . . → Read More: Philippine Stock Exchange]]> The Philippine Stock Exchange on Monday rolled out a new trading system that quickly plunged the market into disarray with wildly wrong data.

It took the bourse more than three hours after the close of trading to issue the correct figure for the benchmark index, after officials told investors to disregard the whooping 14 percent gain erroneously calculated by the new system

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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]]> 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 his speech today. The Philippines’ budget deficit was 196.7 billion pesos ($4.2 billion) in the first six months of the year, more than the official 178.5 billion peso target. Achieving the 325 billion peso full-year estimate will be a “challenge,” according to Budget Secretary Florencio Abad.

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The Philippine Stock Exchange said investors should “disregard” its data on the benchmarkPhilippine Stock Exchange Index after its figures showed the measure surged by a record 15 percent today.

The transfer to a new trading system caused the glitch, the exchange said in an e-mailed statement. The benchmark fell less than 0.1 percent to 3,414.03 at the noon close in Manila, the bourse said in a separate statement. The gauge climbed 15 percent to 3,937.39 earlier today while the Philippine Stock Exchange Finance Index more than tripled.

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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]]> 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 government. For June alone, a shortfall of PHP 34.6 billion was recorded.

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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]]> 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.

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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.

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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.

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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]]> 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.

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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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Southeast Asian emerging . . . → Read More: Good news on Economy]]> 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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Southeast Asian emerging markets are looking increasingly attractive to wealthy Asian investors as they grow less optimistic on prospects in Greater China, a survey showed on Thursday.

Thanks to streams of foreign investment from the West and other parts of Asia, Southeast Asia is home to some of the region’s best performing stock markets this year, shrugging off bouts of volatility which have dragged down far larger markets.

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The Philippine central bank kept its benchmark interest rate at a record low as easing inflation gives it room to protect the economy from Europe’s debt crisis.

The Philippines has refrained from joining Malaysia, India, Thailand and South Korea in raising interest rates as Asia’s policy makers balance the need to sustain growth against the threats of inflation and asset bubbles. While the country’s inflation rate fell to 3.9 percent last month, the central bank said today “upward” pressure on prices has appeared and it “stands ready” to adjust monetary policy as needed.

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The Philippine stock index will extend a 30-month high and reach a record this year after remittances accelerated and the central bank kept interest rates unchanged, the nation’s biggest foreign-owned stock broker said.

The benchmark will rise to 3,900 in 2010 as economic expansion gathers pace through next year, said Alex Pomento, a strategist at Macquarie Group Ltd.’s Manila unit. Banks and builders will beat the index as record-low borrowing costs and increased repatriation of funds from overseas Filipinos drive demand for loans and homes, he said.

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The country exported $2.55 billion of electronics in May, up 41 percent from a year earlier and accounting . . . → Read More: Electronics]]> 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 for 60.3 percent of total exports for the month, data showed.

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The Philippine may refrain from raising borrowing costs tomorrow as slowing inflation gives policy makers room to support growth amid concern Europe’s debt crisis will hurt the global economy.

The Philippines has fallen behind Malaysia, India, Taiwan and South Korea in raising interest rates as Asia’s policy makers balance the need to sustain the region’s economic recovery against the threats of inflation and asset bubbles. President Benigno Aquino, who took office June 30, plans to boost growth to as much as 8 percent in 2011 to reduce poverty.

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Indophil Resources NL, owner of a third of a $5.2 billion copper project in the Philippines, fell the most in more than eight years in Sydney trading after a local government in the Asian nation banned open-pit mining.

Indophil shares fell 44 percent to 61 cents at 1:05 p.m. Sydney time on the Australian stock exchange. That’s the most since May 6, 2002. After first reports of the ban, the stock was halted June 11, two weeks before Zijin Mining Group Co. dropped a A$545 million ($482 million), or A$1.28 a share, takeover.

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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]]> 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 to a 14% fall in the previous month.

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Philippine exports rose at a faster pace in May as the global recovery spurred demand for electronics, sustaining the nation’s economic expansion and supporting President Benigno Aquino’s efforts to boost incomes.

Asian exports rebounded this year as customers in the U.S. and Europe increased purchases of Philippine-made Texas Instruments Inc. semiconductors and South Korea-produced Hyundai Motor Co. cars. Still, Bangko Sentral ng Pilipinas may keep its benchmark interest rate at a record-low 4 percent this week to support the nation’s recovery as the European debt crisis threatens global growth, economists surveyed by Bloomberg say.

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The securities had their longest four-year bonds fell losing streak in two months after the government on July 9 widened the deficit estimate to 325 billion pesos ($7 billion), from 297.2 billion . . . → Read More: four-year bonds fell]]> Philippine ffor a third day after the government boosted its forecast for this year’s budget deficit and said it may step up debt sales.

The securities had their longest four-year bonds fell losing streak in two months after the government on July 9 widened the deficit estimate to 325 billion pesos ($7 billion), from 297.2 billion pesos, and Treasurer Roberto Tan said more debt sales may be needed. Internal Revenue Commissioner Kim Henares a day earlier said June collections were “not looking good.”

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At the Philippine Stock Exchange, the local composite index rose 48.08 points, or 1.44 percent to 3,398.16–its highest since January 15, 2008 when it closed at 3,447.29.

The broader all-shares index went up 23.85 . . . → Read More: Philippine Stock Exchange]]> Philippine share prices hit a fresh 29-month high on Thursday following the overnight rally in Wall Street that was driven by bullish earnings forecasts.

At the Philippine Stock Exchange, the local composite index rose 48.08 points, or 1.44 percent to 3,398.16–its highest since January 15, 2008 when it closed at 3,447.29.

The broader all-shares index went up 23.85 points, or 1.12 percent to 2,148, with only the mining and oil indices slipping by 0.38 percent.

Market breadth was positive as gainers beat decliners, 60 to 32, while 71 issues were unchanged. A total of 1.43 billion stocks worth P3.99 billion changed hands.

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The only groups which registered price increases were food, beverages and tobacco, according to the National Statistics Office. Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. pointed out last month’s . . . → Read More: Philippines’ inflation rate]]> Price increase in almost all commodity groups slowed down in June, causing the Philippines’ inflation rate to go down to 3.9 percent from 4.3 percent in May.

The only groups which registered price increases were food, beverages and tobacco, according to the National Statistics Office. Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. pointed out last month’s inflation rate is just slightly above the lower end of the BSP’s forecast range and almost half a percentage point lower than May.

Read more: http://www.allheadlinenews.com/articles/7019210058#ixzz0t4gZTEaC

The growth of bank lending, inclusive of reverse repurchase placements, also increased 7.7% compared to 6.2% in April, to reach . . . → Read More: inflation at a seven-month low]]> Outstanding loans of Philippine commercial banks, net of banks’ reverse repurchase placements with the central bank, grew at a faster pace of 8.1% in May, following previous month’s expansion of 6.7%, the Bangko Sentral ng Pilipinas reported Wednesday.

The growth of bank lending, inclusive of reverse repurchase placements, also increased 7.7% compared to 6.2% in April, to reach PHP 2.3 trillion. On a monthly basis, commercial banks’ lending in May moved up 1.5% for loans net of RRPs, and by 1.9% for loans inclusive of RRPs.

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The Philippine central bank isn’t in a hurry to raise borrowing costs as inflation at a seven-month low is prompting a review of its forecasts for price gains this year and next, GovernorAmando Tetangco said today.

“There does not seem to be an urgency to move given recent developments,” Tetangco said in a mobile-phone message in reply to questions from Bloomberg today. The central bank will review inflation forecasts “given the new information to see if we need to make any adjustments to policy stance,” he said.

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Its newest branch was opened recently in Tagum City. It now has 125 branches across the country.

“We are seizing opportunities to extend our reach and widen our grasp in the market . . . → Read More: SECURITY Bank Corp]]> SECURITY Bank Corp. will open five new branches outside Metro Manila during the third quarter as part of its ongoing program to expand its nationwide network.

Its newest branch was opened recently in Tagum City. It now has 125 branches across the country.

“We are seizing opportunities to extend our reach and widen our grasp in the market by making our services accessible to our customers’ growing business and varied banking needs,” said president and chief executive officer Alberto Villarosa.

The bank will open new branches in “prime” provincial areas, he said. Its newest branch in Tagum, a first-class city in the First District of Davao del Norte, complements the four other existing branches in the towns of Magsaysay, Monteverde, Panabo and Rizal.

The bank, in a statement, said the opening of a new branch in the province highlights its optimism about business opportunities in the Northern Mindanao region. This is in line with its goal to extend its presence in prime areas of economic development, it said.

Tagum is considered the fastest-rising urban city in Mindanao and its strategic location makes it a vital economic crossroad for the entire Davao region, linking Davao City to the northern city of Butuan in Agusan del Norte, to Mati in Davao Oriental, and the Surigao province.

“We are committed to be a business partner to support the rapid development of the progressive Tagum City,” Villarosa said.

William C. Sumalinog, Holcim Philippines, Inc. head for Mindanao, said demand for cement in Mindanao was down by 18% compared with the same period last year.

“Last year was an abnormal year [for the construction industry],” he . . . → Read More: Holcim Philippines, Inc]]> Demand for cement and other construction materials in Mindanao is expected to go down this year compared with last year’s.

William C. Sumalinog, Holcim Philippines, Inc. head for Mindanao, said demand for cement in Mindanao was down by 18% compared with the same period last year.

“Last year was an abnormal year [for the construction industry],” he said, as demand for construction materials was very high because of the government’s infrastructure program particularly the repair of national roads and bridges.

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Davao-based One Network Bank, owned by businessmen Victor A. Consunji and Alex V. Buenaventura, has sought Bangko Sentral ng Pilipinas (BSP) approval to consolidate with Rural Bank of New Corella of Davao del Norte.

The bank, considered the largest in the Visayas and Mindanao areas, entered into a memorandum of agreement (MOA) with RB New Corella in August last year, after its board of directors approved the acquisition. It is the fourth bank in the merged One Network Bank, which included the former Rural Bank of Panabo of Davao del Norte, Provident Rural Bank of Cotabato and Network Rural Bank of Davao del Sur.

Based on its proposal with the BSP, the bank wants to consolidate with the RB New Corella, thereby absorbing its operations since it will be renamed as One Network Bank Inc.

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Wally A. Alvarez, part owner of the firm, said the Orchid Hill Subdivision will feature 156 housing units whose prices per unit would range from P3.5 million to P4 million.

Mr. Alvarez said the project will have a commercial section . . . → Read More: Davao International Airport]]> Homegrown BDA Holiday Prime Properties, Inc. is developing 4.7-hectare residential project in front of the Davao International Airport.

Wally A. Alvarez, part owner of the firm, said the Orchid Hill Subdivision will feature 156 housing units whose prices per unit would range from P3.5 million to P4 million.

Mr. Alvarez said the project will have a commercial section since it is very near the airport and one of the big schools in the city, Jose Maria College of televangelist Apollo C. Quiboloy of the Jesus Christ the Name Above Every Name church. “We hope to maximize the use of the property because it has good location,” he said.

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The growth was led by net borrowings of both the private and public sectors. External debt refers to all . . . → Read More: More rice and more debt]]> Philippine outstanding external debt approved/registered by the central bank stood at US$55.4 billion at the end of March, up around 4.1% from the US$53.3 billion level as of end-2009, data from the Bangko Sentral ng Pilipinas showed Tuesday.

The growth was led by net borrowings of both the private and public sectors. External debt refers to all types of borrowings by Philippine residents from non-residents that were approved or registered by the BSP.

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Rice imports by the Philippines, the world’s top buyer, may surge 24 percent this year after a typhoon in 2009 cut production, government figures show.

The Philippines will import 2.47 million metric tons of rice this year, a figure comprised of both government and private sector purchases, according to Jose Cordero, an assistant administrator at the Philippines’ National Food Authority. The agency is tasked with ensuring food security through procurement of rice and buffer stocking.

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Frisco Malabanan, director of the Department of Agriculture’s national rice program, said the entire requirement to achieve self-sufficiency in rice by 2013 might even reach P15 billion.

However, the outgoing administration . . . → Read More: Rice and nurses]]> The Philippines, the world’s largest rice importer, needs to invest more than P12 billion in 2011 to boost paddy yield and minimize dependence on already-tight global supplies.

Frisco Malabanan, director of the Department of Agriculture’s national rice program, said the entire requirement to achieve self-sufficiency in rice by 2013 might even reach P15 billion.

However, the outgoing administration allocated only P3.1 billion in 2010 for the national rice program, where the flagship project is to expand the areas planted to hybrid rice.
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Business Inquirer

The falling cost of dollar borrowing for the Philippines, helped by rising remittances, may prompt President-elect Benigno Aquino to raise funds overseas to cover a record budget deficit, according to BPI Asset Management.

The CHART OF THE DAY shows the yield on the 8.375 percent dollar note due in June 2019 has dropped to a record low as cash transfers from overseas Filipinos climb. The yield on 10-year peso bonds was 7.96 percent on June 25, almost 300 basis points more than the rate on the U.S.-currency notes. The lower panel illustrates the monthly budget, with the deficit in the five months ended May exceeding the ceiling for the first half.

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The Philippine government’s plan to increase spending and revenue may boost growth and lead to higher credit ratings, Fitch Ratings said.

The government raised its 2010 spending budget for public works, salaries and debt payments to a record 1.62 trillion pesos ($35 billion) from a previous forecast of 1.58 trillion pesos, Budget Undersecretary Laura Pascua said in . . . → Read More: Fitch Ratings]]>

The Philippine government’s plan to increase spending and revenue may boost growth and lead to higher credit ratings, Fitch Ratings said.

The government raised its 2010 spending budget for public works, salaries and debt payments to a record 1.62 trillion pesos ($35 billion) from a previous forecast of 1.58 trillion pesos, Budget Undersecretary Laura Pascua said in an interview yesterday. Revenue, including gains from the sale and lease of assets, may climb to 1.32 trillion pesos compared with an earlier estimate of 1.28 trillion pesos, she said.More from  Business week

The Philippine Stock Exchange Index will probably rise a maximum 7.7 percent to 3,600 unless President-elect Benigno Aquino draws up a “clear” plan to cut the deficit, according to Steve Sevidal, . . . → Read More: Philippines’s near-record budget deficit]]> The Philippines’s near-record budget deficit may stall the longest stretch of quarterly gains in the stock market, according to the best-performing fund manager in the country.

The Philippine Stock Exchange Index will probably rise a maximum 7.7 percent to 3,600 unless President-elect Benigno Aquino draws up a “clear” plan to cut the deficit, according to Steve Sevidal, who helps manage $880 million at United Coconut Planters Bank. The government revenue shortfall widened to 162.1 billion pesos ($3.5 billion) in the five months ended May, breaching the target, data showed yesterday.

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Benigno Ricafort, chairman of the plan’s steering committee and chief executive of Clark Development Corp., said the Philippine Investment Promotion Plan, or PIPP, aims to simplify the investment process . . . → Read More: PHP657.78 billion]]> The Philippines Wednesday launched an investment- promotion masterplan that aims to increase by 2014 the government’s investment approvals to PHP657.78 billion ($14.4 billion), double that in 2009.

Benigno Ricafort, chairman of the plan’s steering committee and chief executive of Clark Development Corp., said the Philippine Investment Promotion Plan, or PIPP, aims to simplify the investment process to make the Philippines more attractive as an investment city.

He said the PIPP focuses on eight sectors–namely agro-industry, tourism, energy, mining, shipbuilding, business process outsourcing and information technology services, logistics hub, and semiconductors and electronics manafucturing–as investment priorities.

Read more: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201006230041dowjonesdjonline000006&title=philippines-unveils-plan-to-double-investment-proposals-by-2014#ixzz0rfSDXTXR

The shortfall was 30.5 billion pesos ($668 million) in May, Finance Secretary Gary Teves said in a statement in Manila today. Spending increased 21.3 percent from a year earlier after a 12.1 . . . → Read More: Budget deficit]]> The Philippines reported a budget deficit last month, relapsing from a surplus in April and causing the five-month shortfall to exceed the government’s first-half target.

The shortfall was 30.5 billion pesos ($668 million) in May, Finance Secretary Gary Teves said in a statement in Manila today. Spending increased 21.3 percent from a year earlier after a 12.1 percent gain reported previously for April, and revenue rose 5.3 percent. The five-month deficit widened to 162.1 billion pesos.

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The figure is up from 7.3 percent in January, the last month for which data were released.

The National Statistics Office said in a statement the spike was “not significant”, however it came at . . . → Read More: Philippines’ jobless rate rose]]> The Philippines’ jobless rate rose to a near four-year high of 8.0 percent in April despite the economy growing quickly, official data showed Tuesday.

The figure is up from 7.3 percent in January, the last month for which data were released.

The National Statistics Office said in a statement the spike was “not significant”, however it came at a time of strong overall economic performance.

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The economy expanded by a near three-year high of 7.3 percent in the first quarter of the 2010.

And the last time the jobless rate reached 8.0 percent was in July 2006.

The country’s economic managers will meet later today to discuss increasing the growth target from the current 2.6 percent-to-3.6 percent range. If the gross domestic product forecast is raised, “nominally, the deficit could be higher” . . . → Read More: budget deficit]]> The Philippine government’s budget deficit this year may widen amid plans to boost spending and attain faster economic growth, officials said today.

The country’s economic managers will meet later today to discuss increasing the growth target from the current 2.6 percent-to-3.6 percent range. If the gross domestic product forecast is raised, “nominally, the deficit could be higher” as the government takes advantage of rising tax revenue to boost spending, Finance Assistant Secretary Ma. Teresa Habitan said.

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