MAYVELIN U. CARABALLO, TMT

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The peso briefly touched P49 to the US dollar on Wednesday, a development attributed to a stronger economy and remittance inflows. The currency hit an intra-day high of P49.96:$1 — after opening at P50.03:$1 — at the Philippine Dealing System and closed the day at P50.04:$1 — the strongest in…

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The Department of Finance (DOF) has challenged the Bureau of Local Government Finance (BLGF) to push for stronger fiscal autonomy among local government units (LGUs) and lessen their dependence on the national government in getting funds. In a statement on Wednesday, Finance Undersecretary Antonette Tiokno said the BLGF, an attached…

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Technology and innovation may make lives easier, but they pose challenges, especially for developing countries in Southeast Asia, experts said. Citing Asia-Pacific Forum 2017, held in Pasig City last month and with “Integration and Inclusiveness in a Digital Society” as its theme, state think tank Philippine Institute for Development Studies…

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The budget deficit narrowed in November as state spending grew slower than revenues, the government reported on Tuesday. The month’s P8.6-billion shortfall was lower than the P21.8-billion and P19.1-billion deficits respectively recorded in October and a year earlier, Treasury bureau data showed. Government revenues rose by 16 percent to P243.5…

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The Philippine economy likely sustained its strong growth pace in the last three months of the year, an investment bank and a private university said in a joint report, pointing to infrastructure spending as the main driver. “With the growth momentum back in [the] third quarter and a strong start…

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The government will rehabilitate the Agus-Pulangi power plants in Mindanao and construct a liquefied natural gas (LNG) facility to ensure stable power supply in the country before the Malampaya Deepwater Gas-to-Power plant’s gas reserves are used up by 2024, the Department of Finance (DoF) said on Tuesday. In a statement,…

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Credit ratings agency S&P Global Ratings has raised its 2017 Philippine growth forecast on account of a better-than-expected third quarter expansion. The economy grew by 6.9 percent in the July-September period. Results for the second quarter were also revised upwards and year-to-date growth, at 6.7 percent, has kept the country…

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A host of positive factors will likely keep foreign direct investments (FDI) flowing to the Philippines but risks will continue to stem from domestic political environment, Japan’s Nomura said. In its Asia Economic Outlook report, Nomura noted that FDI inflows were on a structural uptrend. Inflows for the first nine…

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Funding issues have held up the Mining Industry Coordinating Council’s (MICC) review of closure and suspension orders served against 26 mining operations, a senior government official said. “As usual the deadline was moved, as what had happened several times already. Again we had to deal with bureaucracy,” MICC member and…

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Money laundering remains a serious threat for the Philippines given factors such as regulatory loopholes, legal setbacks and the need for increased coordination among agencies, the country’s financial intelligence unit said. The Anti-Money Laundering Council (AMLC), in its Second National Risk Assessment (NRA) Report covering the 2015-2016 period, evaluated the…

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