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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 . . . → Read More: Holcim Philippines, Inc 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 . . . → Read More: Davao International Airport 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 . . . → Read More: More rice and more debt 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 . . . → Read More: Rice and nurses 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 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, . . . → Read More: Philippines’s near-record budget deficit 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 . . . → Read More: PHP657.78 billion 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 . . . → Read More: Budget deficit 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 . . . → Read More: Philippines’ jobless rate rose 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” . . . → Read More: budget deficit |
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