The Market Monitor Minding the Nation's Business

By Riza Lozada The fiscal balance for 2016 reflected the ramped-up spending of the Duterte administration in its effort to catch up with the huge underspending during the previous administration that limited the economy’s growth potential.

Trade groups cannot seem to stress enough to the government the need to start right away the construction of sev­eral international airports to replace the ageing Ninoy Aquino International Air­port (Naia) as they aired dire warnings that the current congestion at the sole in­ternational airport in Manila was a grave threat to tourism and trade.

Public support is high on the tax-reform proposals of the De­partment of Finance (DOF) pend­ing before Congress, as shown by the outcome of roadshows that trade groups held recently in a tie-up with the government.

A non-government coalition advocating tax and fiscal reforms has expressed its full support for the proposed ad­justments in automobile excise taxes as a way to help raise revenues that would fund the improvements in the country’s mass transport system. Jo-Ann Diosana of the Action for Economic Reforms (AER) has told lawmakers that the proposed increases in the automobile excise tax …

The Cabinet-level Mining In­dustry Coordinating Coun­cil (MICC) has approved the guidelines on the con­duct of an “objective, fact-finding, science-based” review of mining op­erations nationwide, starting with those ordered shuttered or suspend­ed last month by the Department of Environment and Natural Resources (DENR).

The Asean (Association of Southeast Asian Nations) Business Advisory Council (BAC) will advance frame­works on developing micro, small, and medium enter­prises (MSMEs) as well as promoting inclusive business models in the region.

Over 200 informal lenders have applied for registration before the Securities and Exchange Commission (SEC) after the gov­ernment initiated a crackdown against loan sharks engaged in “five-six” and other usurious practices.

A Filipino group in the United States has manifested its full sup­port for real change in the Philip­pines as declared by President Duterte in the war against illegal drugs, corruption and poverty. In a press statement, the newly formed group chaired by Arnedo S. Valera said the US Pi­noys for Real Change in the Phil­ippines (USPRCP) held a prayer vigil …

By Riza Lozada The government’s policy of self-suffi­ciency in rice has, since the previous administration, led to the unintended consequence of raising the price of the cereal, according to a recent study on food security released by state think tank Philippines Insti­tute for Development Study (PIDS) said.

By Riza Lozada Diversified con­glomerate Met­ro Pacific In­vestments Corp. (MPIC) reported a 17 per­cent rise in its consolidated core net income to P12.1 billion in 2016 from P10.3 billion in 2015 as a result of strong growth from all its operations.