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March 28, 2017

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Business > Asia > Philippines
Philippines GDP grows 6.6 pct in Oct-Dec, 6.8 pct for year
The Philippine economy expanded at a 6.6 percent annual rate in October-December, the slowest pace of expansion for the year, though full-year annual growth clocked in at a relatively brisk 6.8 percent, officials said Thursday.
 
The Philippine Food and Drug Administration said Tuesday that it has ordered pharmaceutical giant Sanofi Pasteur Inc. to stop airing television and radio advertisements for its dengue vaccine in violation of a ban on promoting prescription or ethical drugs in mass media.
 
The Philippines became developing Asia's fastest-growing major economy in President Rodrigo Duterte's first three months in office, officials said Thursday, even as his fiery rhetoric hit the peso and stock prices.
 
Most expensive watch
This picture shows a Patek Philippe stainless steel perpetual calendar chronograph wristwatch with moon phase. The watch sold for a record US$11 million in Geneva, an auction house said Monday, Nov. 14.
 
Uncertainty over Duterte alarms foreign investors
Philippine President Rodrigo Duterte's bloody anti-drug war and his foul-mouthed outbursts in defense of the campaign have unnerved foreign investors in one of Asia's fastest-growing economies.
 
Philippines' rich-poor divide
A family rest outside their house under a bridge in Manila on Friday, Aug. 19. The Philippine economy expanded 7 percent in the second quarter, official data has shown, but President Rodrigo Duterte's new government said major changes were needed to fix one of Asia's biggest rich-poor divides.
 
Japan on Friday announced it is pouring a massive US$2.4 billion into a new railway in the Philippines aimed at easing Manila's notorious gridlock.
 
To get by
A man collects recyclable materials among floating garbage at the Manila Baywalk, washed ashore after tropical storm Nida passed through northern Philippines, on Monday, Aug. 1. Turning in such materials is not lucrative, but it is a vital source of income for millions of people living below the poverty line in the Philippines and elsewhere.
 
Economic concerns top the Filipinos' list of issues that should be dealt with immediately by the administration of President Rodrigo Duterte, who won the May 9 elections on a campaign anchored on fighting crime, drugs and corruption.
 
Philippine presidential favorite Rodrigo Duterte has flippantly brushed aside campaign trail allegations of accepting million-U.S.-dollar gifts, while his rivals have refused to disclose their backers, deepening concerns over business titans' shadowy grip on politics.
 
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