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The headquarters of the Bank of the Philippine Islands (BPI) in Makati City. (Photo: Alvin I. Dacanay)

Congress, BSP to probe BPI on 2-day tech glitch

By Riza Lozada  A computer glitch that lasted for two days had resulted in huge problems for the Ayala Group’s banking arm, Bank of the Philippine Islands (BPI), including a possible congressional probe. 

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Sec. Benjamin Diokno

A third of P3.77-T budget for 2018 alloted to infra

By Luis Leoncio  Economic managers bared over the weekend a P3.767-trillion budget for next year, which is equivalent to 21.6 percent of the country’s gross domestic product (GDP) and represents a 12.4-percent increase from the P3.350-trillion allocation this year. 

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EU Ambassador Franz Jessen.

No pause in EU financial help as new aid deal eyed

Despite President Duterte’s decision to reject European Union (EU) grants and aid with conditions involving governance, the EU continues to offer financial assistance to the country. 

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Socioeconomic Planning Secretary and concurrent National Economic and Development Authority Director-General Ernesto
M.Pernia in a photo taken after his appointment to the Neda. He and the other economic managers of the administration,
and Vice President Leni Robredo, are opposed to the proposed two-year land conversion ban and a plan to raise the minimum
wage by P125 a day across the board. They believe the former would have adverse effects on the economy, including
the agriculture sector, while the latter would impact adversely on economic growth, employment and inflation.

Asian, European sales fuel robust growth in exports receipts, government data shows

Merchandise export receipts in April increased 12.1 percent year on year to $4.8 billion from $4.28 billion, data from the Philippine Statistics Authority (PSA) showed. 

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Reorient development indicators—FDC

Budget watchdog Freedom from Debt Coalition (FDC) said President Duterte and his economic managers are resorting to the previous administrations’ economic growth mantra of using “capacity to pay” as a measure of debt sustainability and economic soundness. 

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Investment pledges up 25% to P174.5B—BOI

The value of registered investments for the first five months of the year grew 25 percent compared with the same period in 2016, or from P137.3 billion to P174.5 billion, Trade Secretary and Board of Investments (BOI) Chairman Ramon Lopez said.

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President Duterte and Chinese President Xi Jinping greet well-wishers prior to their bilateral meetings at the Great Hall of the People in Beijing on October 20, 2016.

China, Philippines mark 42 years of diplomatic relations

China and the Philippines celebrated its 42nd year of diplomatic ties last June 9 which showed the close neighbors, separated only by a strip of water and sharing both blood and cultural connections, have strong bonds despite some irritants. 

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Swiss Ambassador Andrea Reichlin (seated, middle) asked the Philippine-Swiss Business Council of the Philippine Chamber of Commerce and Industry to help facilitate ratification. Seated (from left) are PCCI Chairman and Ambassador Benedicto V. Yujuico, Reichlin, and Trade Undersecretary Nora K. Terrado. Standing (from left) are Melanie Zoref of the Swiss embassy, council board members Luis Mendez (chairman) and Annie Mascenon (vice chairman), and Benjamin Los Baños.

Switzerland prods Philippines to ratify Euro trade pact

Switzerland has urged the Philippines to ratify the free trade agreement (FTA) with European Free Trade Association (Efta) to make the deal enforceable. 

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Members of the Filipino-Chinese community in Baguio, together with city officials, release a dove and balloons as they celebrate the 16th Philippine-China Friendship Day at the Botanical Garden. The event was highlighted by gift-sharing. PNA

Group marks friendship day with gift giving drive

The Filipino-Chinese community in Baguio City celebrated the friendship day of both nations last June 9 with a gift-giving activity and the donation of the development at the Fil-Chi Friendship Park of the Botanical Garden. 

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Policemen cordon off the streets surrounding Resorts World Manila in Pasay City after a still-unidentified lone gunman fired warning shots and set casino tables on fire inside the luxury hotel-and-casino complex on June 2, 2017. At least 38 people were found dead, including the gunman, whose body was found burned inside a room on the fifth floor of the Maxim hotel after he apparently committed suicide. (Photo: PNA)

Martial law, RWM attack won’t hurt economy—experts

By Riza Lozada  Economic experts do not see the martial-law declaration in Mindanao and the Resorts World Manila (RWM) tragedy to have a lingering effect on the economy, as the National Economic and Development Authority (Neda) maintained its projected growth forecasts for this year and next, given the Philippines’ strong economic fundamentals. 

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