MAYVELIN U. CARABALLO, TMT

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Unlocking Mindanao’s potential is key to reducing poverty and achieving more inclusive growth nationwide, the World Bank said. “Economic progress in the Philippines will depend on the success of economic development in Mindanao, as it is hard to see how the country can achieve sustained and inclusive growth without progress…

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The Finance department has ordered the Land Bank of the Philippines and the Government Service Insurance System (GSIS) to establish a loan restructuring scheme that will enable public school teachers to pay off debts to private lenders. In a statement, the Finance Secretary Carlos Dominguez 3rd this would free the…

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The World Bank has once again cut its 2017 growth forecast for the Philippines, citing delays in the implementation of the government’s “Build Build Build” program. “In 2017, the economy is projected to expand at a slightly slower pace than 2016, at 6.6 percent,” the Washington-based lender said in an…

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Headline inflation likely accelerated to 3.4 percent in September, the Finance department said, driven by higher prices of food and non-food commodities. The forecast figure — still within the 2 percent to 4 percent target for the year — is higher than the 3.1 percent registered in August and the…

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The Philippines will continue to be one of world’s major remittance recipients, the World Bank said, with inflows expected to top$30 billion this year. In the latest edition of its Migration and Development Brief, the Washington-based multilateral lender said the Philippines would be the third-biggest remittance recipient with estimated total…

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The government expects China to become the Philippines’ principal trade partner in the near future, the Finance department said. “In a couple of years, we expect China to become our most important partner in trade,” Finance Secretary Carlos Dominguez 3rd was quoted as saying at a briefing organized by the…

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Philippine cities are among those in East Asia and the Pacific that are rapidly developing but not delivering on infrastructure, jobs and services, the World Bank said. In a report titled “Expanding Opportunities for the Urban Poor” released on Tuesday, the Washington-based multilateral lender said the region had the world’s…

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Former Finance officials have urged the Senate to retain original revenue estimates for the proposed Tax Reform for Acceleration and Inclusion (Train) Act, arguing the need to fund government programs and services. The Department of Finance’s (DoF) Train proposal to lower personal income taxes in exchange for higher sales and…

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The Philippines’ manufacturing PMI remained subdued in September but was marginally better than the previous month’s record low, an IHS Markit/Nikkei survey found. Results released on Monday showed a seasonally adjusted Purchasing Managers’ Index of 50.8 for the month, up slightly from August’s 50.6. It was substantially lower compared to…

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China is ready to work with the Philippines on a second basket of infrastructure projects that was pitched for possible financing last week, the Finance department said. In a statement on Monday, the department quoted China’s Commerce Minister Zhong Shang as saying that he hoped to “reach a consensus on…

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