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The government incurred a fiscal deficit of P234.9 billion in the first 10 months, widening by nine percent from the P216 billion shortfall recorded in the same period last year amid the Duterte administration’s efforts to ramp up public spending, the Bureau of the Treasury reported yesterday.

The consolidated company for the food and beverage businesses of San Miguel Corp., the diversified conglomerate, will sell up to 30 percent to foreign investors to raise roughly $3 billion which could fund a war chest for future investments.

The local stock market succumbed to selling pressure yesterday, closing lower by 23.51 points, or 0.28 percent, to end at 8,265.68 while the broader All Shares gauge finished in the red at 4,846.38, down 5.30 points or 0.10 percent.


Isabella, my youngest daughter who is just 10 years old, had a choice during the long ASEAN week to either play with her cousins all day or attend the ASEAN Business and Investment Summit with her older siblings.

Doing business in the Philippines has generally been recognized for years as a strenuous activity akin to going to war, with successful newbies emerging battle-scarred, and the veterans too callous to even raise a squeak about bureaucratic red tape and ineptitude, and all forms of corruption.

You have to hand it to Generation X.  When we were growing up, we were told we could take on the world and save it from doom.  Decades later, Gen X-ers, now middle aged, but still comfy in faded blue jeans, are still doing it.

Latest Business News

Business confidence plunged to its lowest level in three years as businessmen turned less optimistic in the third quarter due to seasonal factors, the weakening of the peso against the dollar as well as the declaration of martial law in Mindanao after the Maute group laid siege to Marawi City last May.

Economic managers yesterday reiterated the government is maintaining fiscal discipline so as not to fall into a debt trap as it pursues an ambitious infrastructure spending of up to P9 trillion under the “Build Build Build” program.

Share prices were modestly up for the second session in a rowyesterday ahead of a long weekend break and in anticipation of a fruitful central bankers’ symposium that began on Thursday in Jackson Hole, Wyoming.

The Bangko Sentral ng Pilipinas and other government agencies are set to roll out major capital market reforms to deepen the local currency bond market and further liberalize the domestic foreign exchange market by 2019.

The National Economic and Development Authority yesterday assured the public there would be a strong vetting process for infrastructure projects that would involve Chinese financing.

Chinese conglomerate Xianglu Dragon Group plans to pursue investments in the Philippines despite controversies surrounding its top executive who has been tagged as a “notorious Taiwanese fugitive swindler.”

The Securities and Exchange Commission is looking into the case of DW Capital Inc. to determine if the Capital Markets Integrity Corp. can take over the brokerage company which was found to have engaged in unauthorized trading of securities.

The local poultry industry may not recover anytime soon as the confirmation of the  H5N6 bird flu strain will likely exacerbate fears among the consuming public, an agricultural group said.

Globe Telecom Inc. is borrowing $155 million from Metropolitan Bank and Trust Co. for capital expenditures this year.

The Shareholders’ Association of the Philippines will hold its 4th summit with the theme “Creating and Sustaining Value through Principled Corporate Stewardship” on Thursday, Aug. 31 from 1 p.m. to 5 p.m. at the Mayuree Ballroom, Dusit Thani Manila, Ayala Center, Makati City.


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