The Market Monitor Minding the Nation's Business

The government has submitted to Japan some $9 billion (P450 billion) worth of infrastructure plans for possible official development assistance (ODA) financing during the first meeting of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation held in Tokyo last week. 

The positive growth outlook credit watchdog Fitch Ratings gave the country increases the need for the approval of the Comprehensive Tax Reform Program (CTRP) pending with Congress since it will ensure that necessary funds will be available to finance governmen projects targeted to end poverty and elevate the country to a high-income economy, Finance Secretary Carlos Dominguez III said. 

Majority of top local executives expect the economy to further strengthen this year and even exceed last year’s 6.8 percent growth rate, results of the Makati Business Club (MBC) First Semester Executive Outlook Survey for 2017 showed. 

President Duterte underlined the need to curb corruption to foster national development as well as the need to attend to Mindanao’s problems as he led last Thursday the awarding of Go Negosyo’s Inspiring Filipina Entrepreneurs, which coincides with the commencement of the National Women’s Month. 

Finance ministers and central bank governors from the Association of Southeast Asian Nations (Asean) are meeting next week in Mactan island in the province of Cebu to discuss ways of fleshing out Asean’s commitments to financial integration and cooperation against the backdrop of a new wave of protectionism and other uncertainties in the global economy. 

The Department of Agriculture (DA) turned over P20 million worth of agricultural production inputs and facilities to Bicol last Friday during a dialogue attended by 600 farmers-leaders and local officials in Ligao City, Albay. 

A regional grouping of food and beverage stakeholders seeks to fast-track the harmonization of food standards, particularly nutritional labeling, in the Association of Southeast Asian Nations (Asean), saying it is key to the industry’s growth. 

The Philippines will continuously implement wealth accounting initiatives needed to sustain long-term development, the country’s chief economic planner said. 

The government should consider including farmers under coverage of the cash transfer program as a result of the lifting of restrictions on rice imports this year that will signal greater competition among foreign suppliers and rice importers, as well as a decline in domestic prices, which will likely reduce farmers’ income, state thinktank Philippine Institute for Development Studies (PIDS) said. 

By Riza Lozada  Construction materials retailer Wilcon Depot Inc., which had its initial public offer (IPO) last Friday, aims to boost sales by as much as 20 percent starting next year with an aggressive store expansion program to be funded by the P7-billion proceeds from the float, which was the largest all-domestic offering in the capital market.