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Wednesday, June 10, 2009 |
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NSCB SAYS GLOBAL CRISIS TRIMMED MEDIAN-INCOME GROUP
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Pinoys need half-a-million pesos to stay in middle class
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By Darwin G. Amojelar, Senior Reporter
A FILIPINO household has to earn close to half a million pesos this
year to remain in the middleclass, according to the National
Statistical Coordinating Board (NSCB).Romulo Virola, NSCB
secretary-general, said the country’s middle class is likely to
have shrunk in light of the global financial crisis.
“In 2006, the middle income class may be
defined as those families with annual income ranging from P246,109
to P2,000,072. However, in 2008, a family needed an income that
ranged from P276,626 to P2,251,551 to be considered middle class.
And in 2009, you would need to earn close to half a million pesos to
be in the middle class,” the NSCB official said, citing the
results of the agency’s update of an earlier study on the matter.
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Pangilinan group open to cash buyout of San Miguel’s Meralco shareholdings
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The chairman of Philippine Long Distance Telephone Co. (PLDT) and
Metro Pacific Investment Corp. (MPIC) said his group is open to
paying cash for San Miguel Corp.’s (SMC) stake in the country’s
biggest electricity distributor.
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Standard& Poor’s may cut RP’s rating
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STANDARD&Poor’s (S&P) said it may downgrade the
Philippines’ credit rating on the prospect of either a wider
budget deficit due to weak revenues or stalled reforms, or an
on-target fiscal program accomplished through spending controls.
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‘Buy Pinoy’
campaign gains support of LGUs
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The Federation of Philippine Industries (FPI) said the “Buy Pinoy-Buy
Local” campaign is gaining more support from various government
departments and local government units (LGUs).
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Profit-taking continues to pull down local stocks
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Local share prices closed 1.17-percent lower on Tuesday as
profit-taking continued, dealers said.
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Govt fails to secure 5-year borrowing
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THE government failed to raise funds from the sale of five-year
Treasury-bonds on Tuesday, as banks demanded higher rates for the
debt paper.
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IMF bats for bank cleanup
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MONTREAL: Nations must speed up their “cleansing” of banks’
toxic assets in order to get credit flowing, or risk scuttling a
global economic recovery in 2010, IMF director Dominique
Strauss-Kahn said Monday.
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S&P sees encouraging signs for Asian economies
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SINGAPORE: Rebounding stock markets and an improving credit
situation are among the encouraging signs that the worst may be over
for Asia-Pacific economies, Standard&Poor’s said Tuesday.
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US Fed expresses confidence in capital buildup plans of lenders
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WASHINGTON, D.C.: The Federal Reserve said Monday the 10 major US
banks ordered to raise new capital following “stress tests” have
developed sufficient programs to shore up their finances.
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Globe boosts broadband biz
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Globe Telecom Inc. has expanded its wireless broadband network to
serve the rising demand for Internet.
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Empire East to launch more projects this year
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THE low-to-middle income-housing arm of Megaworld Corp. said it has
already set its five-year capital expenditure program in preparation
for the country’s economic recovery.
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ChemrezTech plans expansion overseas
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Biodiesel, resins and oleochemicals producer Chemrez Technologies
Inc. is expanding its business abroad, which will be the company’s
major growth driver in the next three years.
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Sterling Bank opens new branches in Metro Manila
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Sterling Bank of Asia, a member of the Tiu family-led JTKC Group, is
expanding its network as it opened new branches in Metro Manila.
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Lorenzo Shipping expects flat growth
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Lorenzo Shipping Corp. expects flat growth this year due to weak
cargo volumes caused by the economic slowdown.
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Maynilad to put up treatment plant in Muntinlupa
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Maynilad Water Services Inc. is putting up a wastewater treatment
plant in Muntinlipa City.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Ethical investment
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I attended a conference in Japan two weeks ago and presented a short
paper on Philippines renewable energy investment opportunities. The
aim of the conference was to introduce “ethical” investment
opportunities to a range of international investment banks.
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