Business & Economy

Metro traffic costs P140B a year, dwarfs corruption losses

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MANILA -- The Red Advocates, a newly-formed multisectoral group of concerned citizens advocating “Respect Equals Discipline” on Philippine roads said the country loses a whopping P140 billion annually due to traffic in Metro Manila alone, a figure that dwarfs the amounts lost via the controversial pork barrel scam.

Read more: Metro traffic costs P140B a year, dwarfs corruption losses

Korea Eximbank earmarks $500M for programs in PH

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The Export-Import Bank of Korea (Korea Eximbank), a state credit agency providing concessional loans and assistance to governments, is earmarking some $500 million in official development assistance (ODA) to the Philippines from 2014 to 2017.

Read more: Korea Eximbank earmarks $500M for programs in PH

Sound fundamentals buoyed PHL economy – Bangko Sentral chief

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MANILA -- Sound macroeconomic fundamentals were the keys that allowed the Philippine economy to grow by 7 percent in the third quarter - the fastest in Asia after China - and 7.4 percent in the first nine months of the year, Bangko Sentral ng Pilipinas said Thursday.

Read more: Sound fundamentals buoyed PHL economy – Bangko Sentral chief

ADB: Rebuilding in Yolanda-hit areas a ‘massive challenge’

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The Asian Development Bank (ADB) will likely increase its significant aid to the Philippines, citing the “massive challenge” the government faces in rebuilding areas destroyed by Supertyphoon ‘‘Yolanda’’.

Read more: ADB: Rebuilding in Yolanda-hit areas a ‘massive challenge’

Exports projected to grow 7-8%

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MANILA -- Total exports are seen to grow by seven to eight percent this year from a year  ago, supported by the performance of non-electronic products and  services, a trade official said.   

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PH grew 7% in Q3, says Moody’s

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Moody’s Analytics estimates that the Philippine economy grew by 7 percent in the third quarter due to robust local demand.

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Bali summit may be last chance for WTO Trade deal

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Bali, Indonesia – Top trade officials began talks Tuesday that will either produce an eleventh hour deal that could boost the global economy by $1 trillion or possibly spell the end of the World Trade Organization’s relevance as a forum for negotiations.

Read more: Bali summit may be last chance for WTO Trade deal

Bidding for LRT-1 deferred anew

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The transportation department has moved the bid submissions for the Light Rail Transit Line Cavite extension deal to the second quarter of 2014 from the previous first quarter target in an effort to draw more bidders.

Read more: Bidding for LRT-1 deferred anew

Philips gearing up for ‘positive’ 2014

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Philips Electronics and Lighting Inc. Philippines expects positive growth for the company this year and in 2014, boosted largely by the strong local demand for its lighting solutions.

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Single bank account for gov’t launched

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The Bureau of the Treasury on Monday launched the Treasury Single Account (TSA), a scheme wherein the government will have one bank account for all its line agencies.

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