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Philippine economic growth slows in third quarter MANILA: Typhoon damage and falling public spending slowed the Philippines' previously red-hot economy to its weakest pace in nearly three years with growth expanding 5.3 percent in the third quarter, officials said Thursday.Fierce winds and destructive floods generated by typhoons led to a 2.7 percent year-on-year contraction in farm output, Economic Planning Secretary Arsenio Balisacan said."Given this quarter's performance.... even meeting the low end of the target growth rate for the year could pose a big challenge," he told a news conference.Economic output had expanded by a red-hot 7.0 percent in the same quarter last year, before Super Typhoon Haiyan, the strongest cyclone to ever hit land and the deadliest in the Philippines' recorded history, caused huge problems.Even then, gross domestic product (GDP) growth rose 6.0 percent in the first half of 2014, making the Philippines one of Asia's top performers.This also gave the government optimism that it would achieve ...

Philippines' Q3 GDP growth at 0.4pc, weaker than forecasts MANILA: The Philippine economy grew a seasonally adjusted 0.4 percent in the third quarter from the previous three months, well below economists' forecasts, on slower growth across all sectors, the government said on Thursday. Economists polled by Reuters had forecast the economy would grow at a slower quarterly pace of 1.4 percent, after growth of 1.9 percent in the June quarter. Economic planning Secretary Arsenio Balisacan said in a media briefing it would be a ...
South Korea current account surplus expands in October SEOUL: South Korea's current account surplus in October rose to $9 billion on growing exports of ships, memory chips and steel, state data showed Thursday.The preliminary figure compared with a revised surplus of $7.4 billion in September, the central Bank of Korea said.The current account -- the broadest measure of foreign trade in goods and services -- has been in the black for two years and eight months.Exports last month amounted to $52.2 billion compared ...
Australia mulls tighter foreign property investment rules SYDNEY: An Australian parliamentary committee Thursday recommended strengthening rules on foreign investment in the country's booming housing market, calling enforcement of the current framework "severely lacking".The committee's review was commissioned this year amid concerns that local buyers were being squeezed out of the residential property market by foreign investors, particularly cashed-up Chinese."We have found that the framework itself is appropriate and strikes the right balance in terms of encouraging beneficial foreign investment in the housing ...
Thai Oct exports beat forecast in early sign of recovery BANGKOK: Thailand's exports rose for a second straight month in October, adding to evidence the trade-reliant economy is gaining a stronger footing after months of political unrest and suggesting that interest rates may not be cut soon. Southeast Asia's second-largest economy has been grappling with weak shipments and sluggish domestic activity even after a coup in May ended the turmoil.The military government, banking on infrastructure projects to help the economy, has trimmed its GDP outlook ...
EU's Juncker unveils 315 bn euro investment plan STRASBOURG: European Commission chief Jean-Claude Juncker unveiled Wednesday an eagerly awaited 315-billion-euro ($393-billion) investment plan that aims to boost the continent's flatlining economy."Europe needs a kickstart and today the Commission is providing the jump cable," former Luxembourg premier Juncker told lawmakers in the European Parliament as he announced the new fund, a cornerstone of his five-year tenure.Copyright AFP (Agence France-Presse), 2014 ...
Juncker unveils massive EU investment plan STRASBOURG: European Commission chief Jean-Claude Juncker was set to unveil an eagerly awaited 300-billion-euro investment plan in European Parliament on Wednesday, intended to boost the continent's flatlining economy.The plan is the cornerstone of Juncker's five-year agenda to jumpstart the EU's moribund economy, which has failed to grow since the financial crisis and is mired in mass unemployment and near-deflation.The new European Fund for Strategic Investment will be funded to the tune of 21 billion euros, ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln