Another stocks sell off

Persistent bad economic news plus statements from the heads of the IMF and WB that the US economy is inching closer to a “danger zone” sparked another sell off in the US and European stocks the past 2 days or more. source: http://www.cnbc.com/id/44629921 Note that 3 of the top 14 biggest losses in Dow Jones [...]

International Reserves inching towards $80 B

The gross international reserves (GIR) of the Philippine central bank has grown by almost $5 B from July to August 2011. It is possible that the GIR might reach $80 B by the end of this month or next month. source: BSP, SPEI/International Reserves  The bulk of such reserves though, are in the form of [...]

Philippine Exports, July 2011 by country

The National Statistics Office released the July 2011 Philippine exports data last week. There are some surprising data: 1. Despite the damage to the Japan economy as a result of the big earthquake + tsunami last March, Japan’s imports from the Philippines has increased by almost $1 billion from Jan-July 2010 to Jan-July 2011. 2. [...]

Unemployed + Underemployed is 26.2%

  The National Statistics Office released last week its 3rd quarter, July 2011 Labor Force Survey. The results are not good. Unemployment rate + underemployment rate in July 2011 was 26.2 percent of labor force, while it was only 24.9 percent in July 2010. Philippines    July 2011 1/       July 2010          Population 15 years and [...]

Gold rush and Philippine mining

Gold prices almost breached the $1,900 per troy ounce late last month as the uncertainty over the US debt limit hike bill was on-going. Philippine mining will surely benefit from this continuing “gold rush”. We would like to see more transparent and more accountable system of mining via well-registered mining companies, local or foreign. Environmental [...]

On PLDT-Digitel merger

The government, through the National Telecommunications Commission (NTC), will soon rule whether it will not stop the planned merger of PLDT/Smart and Digital/Sun cellular with the former as the surviving entity. Even big businesses also need extra resources, perhaps the Gokongwei group sold out so it can have more money for its real estate and [...]

Skyway over Edsa

There is a proposal from the DPWH to build a 22-kilometers long, 6-lanes skyway along EDSSA, from Roxas Blvd to Balintawak. This would effectively connect two tollways, the Cavite Coastal Road and North Luzon Expressway (NLEx). If this project will push through, it will have plenty of positive effect on business and the economy. DPWH [...]

Greece’s debt default fears

European and Asian stock markets yesterday suffered serious declines because of new fears that Greece, despite being given some Euros 200 B (US$ 272 B) of bail out money (actual + promised), will ultimately default on its debt payment. Among the first to be hit were big French banks which hold billions of dollars of [...]