The Market Monitor Minding the Nation's Business

The BDO Foundation was recognized at the recent Asia Responsible Entrepreneurship Awards (AREA) 2017 for its outstanding and exemplary achievements in social and responsible entrepreneurship.

As part of its celebration of its 10th anniversary, Sterling Bank of Asia, one of the leading thrift banks in the Philippines, recently partnered with the Department of Education (DepEd) and took part in the 2017 Brigada Eskwela program by helping refurbish selected schools in Luzon, the Visayas, and Mindanao in time for the start of the school year.

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. 

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. 

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. 

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. 

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. 

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.

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. 

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