Skip to main content

RP POSTS BOP SURPLUS ON A BAD YEAR

January to June Balance Of payments (BOP) surplus reaches $2.216 billion. This country, which has very rarely experienced BOP surplus, is still at it as of now. Let's hope that all poor countries experience this, especially at times like this.

Here are some excerpts:

- Manila's successful $750 million global bond sale this week and strong remittance inflows could push up the balance of payments surplus to $1 billion this year, the central bank said, higher than its original $700 million surfeit estimate for 2009. [ID:nMNA000302]

- The Philippines had a balance of payments surplus of $89 million in 2008, the lowest in four years, after a record $8.58 billion surplus in 2007.

- The central bank expects remittances in 2009 to match the previous year's $16.4 billion. But central bank Governor Amando Tetangco has said the bank's forecast is conservative since inflows have held up well despite the global downturn.

Continued here

Comments

Popular posts from this blog

Land Reform: Land of Bondage Land of the Free

One of the most moving speeches that I've read. During grade school, this was the most often recited elocution piece in my school. Here it is, the text of Raul Manglapus' Land of Bondage, Land of the Free. Land of Bondage, Land of the Free By Raul Manglapus And yet, ladies and gentlemen, the tao is constitutionally free! No wonder, then, that the tao being a slave has acquired the habits of a slave. No wonder that after three centuries in chains, without freedom, without hope, he should lose the erect and fearless posture of a freeman, and become the bent, misshapen, indolent, vicious, pitiful thing that he is! Who dares accuse him now? Who dares rise up in judgement against this man, reduced to this subhuman level by three centuries of oppession? Ladies and gentlemen the tao does not come here tonight to be judged -- but to judge! Hear then his accusation and his sentence: I indict the Spanish encomendero for inventing taxes impossible to pay! I indict the usurer for s...

US PRESIDENTIAL CONVOYS

A columnist for a Philippine newspaper talks about the costs and massive preparations required by the US Secret Service whenever President Bush and other (US Presidents) travel outside of Washington DC. I remember watching a CNN report that showed how big a US presidential convoy is, compared to the two vehicle transport being used by Prime Minister Tony Blair of the UK.

How's the Philippine Economy?

The papers report the following: Mutual Funds are UP: First Metro leads the pack with a yield of 18% (year-to-date)with the others, not too far behind. It simply means that an investment made at the start of the year would have already earned 18% of its original value, by now. The Philippine currency is UP: The peso is close to breaking below PhP 48 to a dollar. The Stock Market index is close to attaining an all time (Pre Asian Crisis level). What does it actually say? The continued success of the country's Mutual Funds will most probably lure more foreign (short term investments) into the country. With the american mutual funds market hitting an average of only 10% for the entire 2006, more hot money can be expected to come in. If this momentum continues, coupled with a sustained increase in OFW (overseas foreign workers) remittances, and the absence of a sharply negative occurence in all the other sectors of the economy, the US dollar will most likely continue to decline. D...