The Market Monitor Minding the Nation's Business

Sluggish economic growth in the Asia-Pa­cific region in 2016 is a key risk for banks in the region, credit watch­dog Standard and Poor’s Ratings Services (S&P) said in a report.

By Jerry Maglunog Big banks, particularly universal banks (unibanks), have a natural edge over smaller banks when it comes to lending opportunities particularly on big-ticket projects, a Bangko Sentral ng Pilipinas (BSP) official said.

Labor Secretary Rosa­linda Dimapilis-Baldoz yesterday ordered Labor Undersecretary Ciriaco A. Lagunzad III and Overseas Workers Welfare Admin­istration (Owwa) Director Albert Valenciano to leave immediately for Saudi Arabia and assist Philippine Over­seas Labor Office (POLO) officials in Riyadh and Jeddah in negotiating for the salaries and benefits, as well as for the release and exit, if necessary, of overseas Filipino workers …

The Department of Public Works and Highways (DPWH) in Region 1 said the construction of the third phase of the more than P600 million-four lane Laoag bypass road is now at 97 percent and will be completed in two years.

The Department of Budget and Management (DBM) has released P11.8 billion to the National Irrigation Administration (NIA) for the expansion of irrigation across the country, as well as the P500-million Quick Response Fund (QFR).

Board of Investments (BOI) Managing Head Dr. Ceferino Rodolfo told the visiting South Korean delegation in the country that the Philippine economy is ripe for foreign investments.

The Mindanao Develop­ment Authority (MinDA), the US Agency for Interna­tional Development (Usaid) and the Asian Develop­ment Bank (ADB) signed an agreement that will spur development in Mindanao, particularly in the South Central Mindanao Corri­dor (SCMC).

Tabuk City, Kalinga—It’s all systems go for the groundbreaking of two World Bank (WB) fund­ed farm-to-market road (FMR) projects amount­ing to P298 million in the province of Kalinga under the Philippine Ru­ral Development Project (PRDP).

By Riza Lozada Enterprise application software provider SAP volunteered 74,500 service hours in over 36 countries for social engagement and leadership development for 2015, said Scott Russel, interim president and managing director for SAP Southeast Asia.

The country must continue to invest in renewable energy to achieve the global commitment signed at the 2015 Paris Climate Conference (COP21) to reduce global greenhouse gas emission in which the country is a signatory, Repower Energy Development Corp., (REDC) Chief Executive Officer Dexter Tiu said ahead of the celebration of the World Sustainable Energy Days.