The Market Monitor Minding the Nation's Business

By Luis Leoncio The Philippines’ financial sector has a lot of catching up to do to improve its competitiveness and be on a par with the leading members of the Association of Southeast Asian Nations (Asean), according to state think tank Philippine Institute for Development Studies (PIDS).

The Autonomous Region in Muslim Mindanao (ARMM) which groups Basilan, Lanao del Sur, Tawi-Tawi, Sulu and Maguindanao, has the smallest bank representation in the country, according to Bankers Association of the Philippines (BAP) President Lorenzo Tan.

State-owned Development Bank of the Philippines (DBP) was awarded the prestigious Karlsruhe Sustainable Finance Award for its success in water and forest financing projects at the 2015 Global Sustainable Finance Conference held in Karlsruhe, Germany, on June 11 and 12.

Indianapolis—When Pacers forward Damjan Rudez returned to the Basketball Without Borders (BWB) camp earlier this month, there were some noticeable changes. The long, gangly European kids he competed with and against in 2003 had been replaced by bigger, stronger and more polished teenagers.

Rio de Janeiro — Returning to the Olympics is one step for rugby. But grabbing the limelight is a bigger jump, particularly in countries like Brazil, where the sport has little following.

Washington—The United States claimed progress on Wednesday with China on currency issues and toward negotiating a code of conduct for cyberspace after two days of high-level talks that underscored sharp differences, but paved the way for a visit by China’s leader in the fall.

Brussels — Crucial talks between Greece and its international creditors ended without result early Thursday, casting fresh doubt over the country’s future in the euro single currency and piling new pressure on negotiators to reach a deal later in the day.

Canberra, Australia—Australia announced on Wednesday it will become a founding member of a Chinese-led Asian regional bank and its sixth-largest shareholder. Joining the Asian Infrastructure Investment Bank (AIIB) presented Australia with great opportunities to work with its neighbors and largest export market, China, to drive economic growth and jobs, Foreign Minister Julie Bishop and Treasurer Joe Hockey said in a …

By Alvin I. Dacanay Several Philippine entertainment personalities, including Tony-winning actress and The Voice of the Philippines coach Lea Salonga, have joined the growing chorus of international celebrities who are elated by the United States Supreme Court’s declaration last Friday that same-sex marriage is constitutional and, therefore, legal in all of that country’s 50 states.

Below is The Association Press’ collection of celebrity responses to the United States Supreme Court’s decision that same-sex couples have a right to marry anywhere in the country: “Love is bigger than anything we can say.”—Diana Ross, via Twitter. “What a great decision the Supreme Court came to today. It’s a wonderful day to celebrate. It’s extraordinary. I couldn’t be …