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Wednesday, August 26, 2009

Philippine imports contract for a ninth straight month

 
By Darwin G. Amojelar Senior, Reporter
 
PHILIPPINE imports contracted for a ninth consecutive month in June, but eased up a bit due to a slight recovery in purchases of electronic products from abroad, the government reported Tuesday.

The National Statistics Office (NSO) said merchandise imports in June fell 22.8 percent to $4.11 billion from $5.32 billion in the same period last year. In May, imports contracted by 24.3 percent.

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Manufacturing decline slows down

FACTORY output in June continued to tumble, but at a slower pace as manufacturers’ production capacity improved, the National Statistics Office (NSO) said.

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BSP sees higher dollar surplus this year

THE Bangko Sentral ng Pilipinas (BSP) is raising its forecast for the country’s dollar surplus this year, citing sustained remittance and capital inflows.

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No substitute for reliability

IN business, every minute counts. Time, as the saying goes, is gold. To succeed in business, it is important to always have your eye on the clock and remember that it is not just your deadlines that matter, but those of your clients and partners too.

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RP debt to swell next year

THE Philippines’ debt stock would swell next year as the government may have to borrow more from domestic lenders to prop up a weakening economy, data from the Department of Finance showed.

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Japan Inc. wary of ‘Robin Hood’ economics

TOKYO: After decades of cozy ties between government and big business in Japan, a new era beckons for the world’s number two economy as voters turn to an opposition promising to tackle a widening wealth gap.

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Obama to reappoint Bernanke as Fed chairman

OAK BLUFFS, Massachusetts: US President Barack Obama will announce Tuesday a second term for Ben Bernanke as Federal Reserve chairman, following months of joint combat against the financial crisis.

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Digital marketing on the rise despite economic crisis

A GROUP of Internet and mobile marketers on Tuesday forecast a rosy outlook on the digital advertising industry despite the global economic crisis. Arthur Policarpio, president of Internet and Mobile Marketing Association of the Philippines (PMAP) said spending on digital marketing has been growing.

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CNG producer pushes regulation 

PEGGING indigenous natural gas prices to world oil movements is preventing the development of compressed natural gas (CNG) fuel for the transport sector, an industry official said.

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ATR KimEng reorganizes asset management business

ATR KimEng Financial Corp. said its subsidiary will reorganize its asset management businesses and increase its capital to fund new initiatives.

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Binalot plans expansion in Visayas, Mindanao

LOCAL fast-food chain Binalot Fiesta Foods, Inc. plans to expand its fran­chising business outside Luzon as the demand from the office workers grows.

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Taiwanese retailers eye more Filipino food

Taiwanese food importers and leading retailers are eyeing to purchase more Filipino food, the Manila Economic and Cultural Office (MECO) said.

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RCBC launches debit card for MRT

The Rizal Commercial Banking Corp. (RCBC) has launched a new debit card product for MRT train riders as part of the cashless ticketing plan of the government.

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BDO completes GE Money Bank acquisition

Banco De Oro Unibank, Inc. (BDO) said it has completed the acquisition of GE Money Bank (GE Money).

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VIEWS FROM A BRIT
By Mike Wootton

Remittances

With about 12 million overseas workers the Philippines qualifies as a case study in mobility of labor. Of course it is not only the Philippines that exports skilled labor all over the world—the value of remittances in 2008 included the...

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