Business In Davao

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 . . . → Read More: Philippine four-year bonds rose

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 . . . → Read More: 2% of gross domestic product

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 . . . → Read More: Treasury bonds

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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