Category Archives: Philippines News

Government to Borrow P889.72-B in 2018

The government plans to borrow P889.72 billion next year, 22.3% more than the revised P727.64-billion program for 2017. It will retain an 80:20 borrowing mix in favor of domestic sources. The administration is looking at a wider deficit ceiling equivalent to 3% of GDP annually starting 2017, as it plans to drastically raise spending, particularly on infrastructure. The borrowing schedule, however, does not factor in yet the plan to issue panda bonds that Finance Secretary Carlos Dominguez want to issue within the… Continue reading

Philippines, US Conduct Joint Naval Exercises in Visayas

Another round of joint military activities with the United States has been conducted in the central Philippines. The maritime exercise would focus on humanitarian assistance and disaster relief. Still, this is considered significant given President Rodrigo Duterte’s repeated threats that exercises with the US would be cancelled. He has since backtracked after admitting that the military already has a rapport with US troops and that the… Continue reading

Government Defers Unsolicited Airport Project Proposals

The government plans to develop Sangley Point in Cavite (an old US Air Force base just south of Metro Manila) into an airport for smaller planes in order to decongest the main airport. Four multi-billion unsolicited proposals from the private sector will be deferred in the meantime, with the Department of Transportation claiming that the government has the funds to undertake the project… Continue reading

Balance of Payments Forecast for 2017 Revised Downwards

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) has revised the balance of payments assumption for 2017 to a deficit of $500 million from the original target of a surplus of $1 billion due to uneven global economic growth and volatile financial markets. Latest data show a deficit of $78 million in the first four months of the year. The country incurred a deficit of $420 million last year, missing the $500 million surplus target and a complete turn around from the surplus of $2.62 billion in 2015. The BSP… Continue reading

Philippine Foreign Debt Down 4.9% in First Quarter of 2017

External debt stood at $73.8 billion in the first quarter, lower by 4.9% when compared to the same quarter last year. The decline was due to net principal repayments by public and private sectors, audit adjustments from the previous period, and downward foreign exchange revaluation adjustments. Impact, however, was offset by an increase in non-residents’ investments in Philippine debt papers issued offshore amounting to $126… Continue reading

Maritime Patrol with Malaysia and Indonesia Finally Launched

The Philippines, Malaysia, and Indonesia also finally launched its Trilateral Maritime Patrol that was agreed upon in May last year. The patrol would keep an eye on terrorist and other lawless activities in the sea between the three countries. Members of the Maute Group were also reported to be planning to flee to Kalimantan, which led to Indonesia’s deployment of fighter jets in order to trap the terrorists…. Continue reading

Military Keeping Eye on Tawi-Tawi for Possible Entry of Islamic Militants

Authorities have tightened security controls in Tawi-tawi province in Mindanao. This came after reports that Islamic militants, particularly from Malaysia and Indonesia, were planning to link up with the ISIS-linked terror groups holed up in Marawi by entering through the country’s southernmost point. Military authorities have ordered local officials to report the presence of foreigners in the area, warning that a failure to do so… Continue reading