No recession but economy gloomy
From bad to worse. That's how the Philippine economy will fare in 2009 as the effects of the global financial crisis become more pronounced, experts say. By worse, they mean a negative spiral of low consumer spending and dwindling demand that will eventually lead to more production cuts and job layoffs, and then greater poverty. In other parts of the world, the country's major trading partners have already succumbed to the financial crisis and slipped into recession.
Arroyo tells RP to batten down for stormy 2009
Philippine President Gloria Arroyo on Wednesday urged the country to pull together to weather ongoing economic "storms" from a global financial crisis that has likely stifled its growth. "The year 2008 was tumultuous for the world due to the global economic recession that, thankfully, has not become a crisis in the Philippines," she said in a written New Year's message to the nation. However, looking ahead to 2009 she stressed that the difficulties were not over. "I hope that we can all work together as a global community to weather these storms," she said.
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Philippine Blacklisted as tax haven
Organization of Economic Cooperation and Development (OECD) has listed the Philippines in the list of “uncooperative tax havens”, other countries named are Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness. [Read more] Read More →
Sony Cuts PlayStation 2 Price by 25 Percent
Sony is cutting the price of its PlayStation 2 console by almost 25 percent in both Europe and North America, the company said Tuesday. The console, which has just begun its tenth year on retail shelves, will cost €100 (US$133) and US$100 from Wednesday. It previously cost €130 and US$130. Sony has sold more than 136 million of the consoles since it first launched on March 4, 2000, in Japan.... [Read more]
World Bank predicts 4% dip in remittances
World Bank said remittances by overseas Filipino workers (OFWs) are likely to post a modest drop this year because of job lay offs, as it cited a larger basis for the projected remittances that included non-cash flows. Dilip Ratha, the banka’s lead economist for Migration and Remittance Team, said remittances could drop by 4 percent this year from its estimate of $18 billion in total remittances... [Read more]
Globe launches WiMax service
Globe Telecom launches it’s WiMax (worldwide interoperability for microwave access) service, it will be the first in the Philippines. WiMax is a standards-based technology designed to enable the deployment of wireless broadband access as a cost-efficient alternative to cable and wired broadband DSL. This new technology also aims to improve reach since it can cover distances greater than those covered... [Read more]
Investors dump PLDT, Meralco stocks
Stock market investors on Monday dumped shares Of Philippine Long Distance Telephone Co. (PLDT), dragging down the market index by 4.7 percent, on concerns that the country’s most valuable company may jack up debts or even tighten future cash dividends with its bold entry into power retailer Manila Electric Co. (Meralco). Also on Monday, Moody’s Investors Service revised the status of PLDT’s... [Read more]
Manila’s Banco de Oro raises $62 mln Tier 2 debt
Banco de Oro Unibank (BDO) (BDO.PS), the Philippines’ biggest bank, said on Monday it had raised 3 billion pesos ($62 million) from an offer of unsecured subordinated debt eligible as lower Tier 2 capital. With the offer, the bank completed its one-year capital raising programme, acquiring a total of 13 billion pesos in fresh funds via tier 2 notes aimed at funding its expansion. BDO, the country’s... [Read more]
December inflation falls to 9-month low of 8%
The nationwide inflation rate fell to its lowest level in nine months at eight percent in December due largely to the sharp drop in fuel prices, the National Statistics Office (NSO) reported yesterday. As a result of the softening in prices, monetary officials said they intend to seek opportunities for policy easing this year. “As inflation risks, particularly from food and fuel prices continue the... [Read more]
Peso expected to weaken further in 2009
The peso, which has fallen 13 percent against the dollar this year, is widely expected to decline further in 2009 due to the impact a worsening global economic downturn will have on foreign investments, exports and overseas remittances. The peso ended this year at 47.52 to the dollar, 6.24 weaker than at end-2007, eroding a 19-percent gain it posted last year. Even though the United States is in the... [Read more]
