by Klaus Doring
I am back from my latest trip to Lake Sebu and Sarangani, safe and sound. While browsing in the Internet I found again a lot of positive news regarding my second home, the Philippines. Indeed, while the rest of the world is sitting on the fence looking at the onslaught of various economic crises around the globe, the Philippines seems to be the exception that proves the rule.
When it comes to franchising, the Philippine Franchise Association remains optimistic about the future of this sector in the country. I agree, because everywhere we see signs of growth and development in the sector. It seems like the economy is spoiling the consumers: catering to their every whim by making all their needs available and within reach. Of course, here exceptions might prove the rule from time to time.
The Philippine stock market closed with 3,394.56 points while I was writing this piece. On the other side, one learns that the national government may borrow more this year after the Aquino administration decided to widen its budget deficit target to a record 325 billion pesos, or 3.9 percent of the gross domestic product. The government may sell more peso-denominated bonds equal to the size of the additional shortfall.
Sure, the peso is currently an attractive option for investors regarding the general weakness of the dollar and the euro.
Amazing: monetary authorities believe that the Philippines is ripe for a credit rating upgrade from international agencies after economic managers under the new administration revised the country’s macroeconomic and fiscal targets for this and next year. Departure mood, hope and optimism – year. Good to feel it after a long period of uncertainty.
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For the second straight year, Banco de Oro Unibank, Inc. was named the Top Commercial Bank in Overseas Filipinos Remittances for 2009 by the BSP. Major resources of remittances were, among others, the US, UK, Saudi Arabia, Japan, Italy and Germany. I also enjoy the excellent and unique BDO-service having an account there since more then 20 years ago. Monthly pension remittances have been credited always on time. Congratulations!
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In an effort to offer greater protection to investors and depositors in the European Union, the EU executive has proposed a major increase in the guaranteed payout for bank account holders if their bank collapses. I strongly agree with it.
French financial inspectors have cleared Labor Minister Eric Woerth of helping France’s richest woman to avoid paying tax. Meanwhile, President Sarkozy is to appear on television to try to quell a political funding scandal. I still remember fellow columnist Alex Roldan’s last week’s column ending with the sentence: “Tax cheaters, go to hell!”
Email me: doringklaus@gmail.com or visit one of my websites www.germanexpatinthephilippines.blogspot.com or follow me in FACEBOOK.
