PH economy seen to grow 5.8% in 2023;
PH seeks $69M loan from WB for civil service;
Hot money investors withdraw $698.01M in September;
Card spending up 39% in H1
PH seeks $69M loan from WB for civil service;
Hot money investors withdraw $698.01M in September;
Card spending up 39% in H1
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NewsTranscript
00:00 Credit card spending in the country increased by 39 percent, a business association says.
00:05 This and other stories in tonight's Business News Wrap-Up by Soojin Kim.
00:11 The First Metro Investment Corporation and the University of Asia and the Pacific project
00:16 the economy of the Philippines to grow this year by 5.8 percent from the previous 5.5
00:21 percent.
00:22 This is lower than the government's target of 67 percent.
00:25 Meanwhile, third-quarter GDP growth is forecast to average 5 percent.
00:30 The Philippines is aiming to secure a $69 million loan from the World Bank to modernize
00:35 the country's civil service as well as a centralized human resource management and payroll system
00:40 for the national government.
00:41 World Bank says the Marcos administration wants to improve the quality of human resource
00:45 management in government offices.
00:48 Foreign investments otherwise known as "hot money" portfolio in the amount of $698.01
00:53 million were withdrawn by investors for profit in September.
00:58 Data from the Banco Central ng Pilipinas showed the highly speculative "hot money" recorded
01:02 a net outflow of $386.79 million in September.
01:07 The Credit Card Association of the Philippines says card spending increased by 39 percent
01:12 to P853 billion in the first half of 2023.
01:16 CCAP Chair Magdalena Sortida added as of end June, the industry generated P619 billion
01:23 worth of credit card receivables.
01:25 Soojin Kim, for The Nation.