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December, 6, 2016

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Business > Asia > Philippines
The Philippine economy will more than double in the next decade as earnings from overseas workers and business outsourcing surge, a respected U.S.-based think tank said Monday.
 
Philippine exports surged at their fastest pace in more than three years in February, led by a robust manufacturing sector and growing electronics shipments, official data showed Thursday.
 
Dollar loans extended by banks in the Philippines rose by more than 20 percent at the end of last year, driven by strong demand for financing because of a booming local economy.
 
Despite the series of calamities that struck last year, the Philippines registered a 9.56 percent growth in foreign arrivals in 2013.
 
The Philippines saw a 9.56-percent jump in foreign arrivals last year despite a series of natural disasters, the government said Thursday.
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The Philippine economy should grow 7.0 percent this year and between 6.5 and 7.5 percent next year despite the devastation caused by a killer typhoon and an earthquake, the government said Tuesday.
 
The Philippine economy expanded 7 percent in the third quarter, but growth is expected to slow because of devastation from the super typhoon that hit eastern and central regions earlier this month.
 
The enactment of the Sin Tax Reform Law pushed up the prices of cigarettes made by Philip Morris Fortune Tobacco Corp. (PMFTC) -- the Philippines' largest tobacco firm -- beyond the reach of those from the lower economic strata.
 
The Philippines on Thursday completed its transformation from one of Asia's weaker economies after Moody's became the third and final ratings agency to grant the country investment-grade status.
 
China has asked Philippine President Benigno Aquino to postpone a visit next week for the opening of a trade fair, Manila said on Thursday, an unprecedented snub by Beijing as relations sour over territorial disputes in the South China Sea.
 
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