Maniolas

Police officers stand beside bodies of victims after an explosion at a night market that has left at least 10 people dead and wounded several others in Davao city, Philippines late Friday, Sept. 2, 2016. AP Photo/Manman Dejeto   MANILA, Philippines – Domestic concerns, primarily the explosion in Davao, as well as the tiff between President Duterte and US President Barack Obama have started to spook investors, analysts said yesterday. The benchmark Philippine Stock Exchange index (PSEi) plunged 100.08 points to close at 7,619.10, while the broader All Shares index retreated 51.49 points to close at 4,542.35. The rest of the counters followed the same track except for the mining and oil, which managed to stay afloat with a 13.41-point increase at 10,695.52. Analysts said domestic concerns have started to weigh on sentiment and in the long term could further spook investors. In a report yesterday, for instance, Moody’s warned that if recent events lead to prolonged uncertainty around security or economic policy, such a development would eventually dampen business confidence and, consequently, economic outcomes. On Sept. 2, a bomb detonated in a night market in Davao City, the largest municipality in the southern region of Mindanao. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Following the incident, President Duterte declared a “state of lawlessness” nationwide, paving the way for heightened security measures, including the stepped-up deployment of soldiers and policemen in key areas. Moody’s said the near-term sovereign credit impact of these developments is limited as we do Read More …

BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. File photo MANILA, Philippines – The country’s foreign exchange reserves continued to strengthen, hitting a new  all-time high of $85.9 billion in end-August, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. The GIR is the sum of all foreign exchange flowing into the country. The reserves serve as buffer to ensure  the Philippines would not run out of foreign exchange it could use to pay for imported goods and services, or maturing obligations in case of external shocks. If it deems necessary, the BSP buys dollars from the foreign exchange market to prevent sharp depreciation of the peso. It can also sell to avoid sharp appreciation of the local currency. Tetangco attributed the increase to the national government’s net foreign currency deposits as well as income from the central banks foreign exchange operations and investments abroad. Data showed earnings from the BSP’s investments abroad inched up  0.88 percent to $73.94 billion in August from $73.29 billion in July. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, the BSP chief said the increase was partially offset by payments made by the national government for its maturing foreign exchange obligations as well as Read More …

MANILA, Philippines – The Philippines has reiterated its commitment to return to Bangladesh money illegally channeled to the local financial system last February. While underscoring the “100-percent support” of the entire government, Finance Secretary Carlos Dominguez told Bangladesh Ambassador John Gomes legal processes should be followed in the return of the $81 million stolen from Bangladesh last February. The two met in Makati City recently, together with representatives from the central bank, the Anti-Money Laundering Council (AMLC) and the departments of Foreign Affairs and Justice. “We want to assure you that the Philippine government, including all its instrumentalities,… are 100 percent behind you, that we want to assure you that we will do everything that we can to assist you,” Dominguez was quoted as saying in a statement. “We have, however, a legal system that has to be respected and this system has to be followed so that whatever claim you are awarded, nobody can challenge that in the future,” he added. For now, the government is focused on securing the $15 million surrendered in two batches by casino operator Kim Wong, who was part of a web of personalities where the money passed through. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wong gave up the money to the Bangko Sentral ng Pilipinas (BSP), which is keeping it while awaiting a court ruling that will award the money to the government. A petition has already been filed by the DOJ before the Manila Regional Trial Court, while the Read More …

A LOCAL auto parts maker group wants the government to lay down clearly the policy that would allow it to benefit from the so-called Comprehensive Automotive Resurgence Strategy (CARS) Program.