The Market Monitor Minding the Nation's Business

By Jerry Maglunog Local money changers mostly accept only four currencies and gift certificates (GCs) of a popular mall chain because these are the notes that have several users. The Bangko Sentral ng Pilipinas (BSP) said the foreign-exchange shops do not violate any provision in their license in the purchase of popular gift checks.

Delegates to the Regional Social Dialogue Conference, held recently in Manila, have drawn up recommendations in pursuit of an “inclusive, stable, and sustainable Asean (Association of Southeast Asian Nations) with an inclusive, stable and sustainable Asean financial structure.”

The Philippines is not exempt from economic setbacks as a result of global difficulties, such as the Greek debt crisis, but it remains attractive to portfolio investors, as shown by the volume of foreign portfolio investments.

The National Economic and Development Authority (Neda) and the Department of Budget and Management (DBM) recently signed the National Evaluation Policy Framework that calls for the purposive conduct of independent evaluation of government programs and projects.

Tokyo—Japan scrapped the design of the Olympic stadium for the 2020 Tokyo Games because of soaring costs, and said it will reopen bidding for a new plan, in a stunning reversal that leaves the 2019 Rugby World Cup without a main venue.

Beijing—Snow won’t be a problem for Beijing and co-bidder Zhangjiakou if they are awarded the right to host the 2022 Winter Olympics, according to ski industry experts.

London—After winning titles again on Wimbledon’s grass, Novak Djokovic and Serena Williams showed they can cut a rug, too.

New York— Democratic presidential frontrunner Hillary Rodham Clinton laid out her agenda to help American workers last Monday, pledging to build a “growth and fairness economy” if elected to the White House that would boost wages that have remained stagnant since the Great Recession.

Athens, Greece—Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: its economy has taken a huge hit.

Beijing — China’s economic growth in the latest quarter held steady at 7 percent, its weakest performance since the global crisis, but better retail sales and factory output in June suggested efforts to reverse the slump might be gaining traction.