Money News Roundup: Weak Peso Leads To Increased Debt, ADB Sees Economic Growth In the Future3 min read
“Wake me up when September ends,” sang rock band Green Day. We’re now on the second month of the -ber months and drawing closer to the end of the year. October, we’re so #woke for you!
Is it time for Christmas shopping yet? Are you in the market for a new car? How about some insight on where to put your money?
Once again, we compiled the hottest news in the finance and automobile sectors to help you become wiser and wealthier before the year ends.
Samsung reopens its BGC concept store
If you’re not hyped up over the iPhone 8, then maybe Samsung’s shiny new toys are the ones for you. In line with the release of the Galaxy Note 8, Samsung has reopened its Galaxy Studio in BGC. The Galaxy Studio is an interactive space that highlights the powerful specs of Samsung’s devices such as flagship phones the Galaxy Note 8 and S8, and its top-of-the-line peripherals and accessories.
So, if you’re in the market for a new phone and you fancy the South Korean brand, swing by 7th Avenue at the Bonifacio Global City and experience Samsung’s devices firsthand. The studio will be there till March 2018.
SSS to hike member contributions
One year after President Rodrigo Duterte green-lit the P1,000 hike on members’ pension, the Social Security System (SSS) said it will push through the contribution increase next year. SSS president and CEO Emmanuel Dooc said that it will raise its collection to coincide with the tax reform, which is expected to take effect next year. The hike will extend the pension fund up to 2051 from 2042, Dooc said.
Source: Philippine Star
DOTr breaks ground on MRT-LRT common station
Last Saturday, Department of Transport (DOTr) Secretary Arthur Tugade led the groundbreaking ceremony on the site where a common station will interconnect lines 1 and 2 of the Light Rail Transit, Metro Rail Transit line 3, the upcoming MRT line 7, and the proposed Mega Manila Subway. The structure will be built between SM North EDSA and Trinoma in Quezon City. The owners of the said shopping malls, the SM Group and the Ayala Group, are stakeholders of the project along with Metro Pacific Investments Corporation and San Miguel Corporation. The P2.8-billion common station is expected to be completed on 2019.
Source: The Philippine Star
Weak peso led to P6.43 trillion debt record
The Philippine peso has reached its all-time low in 11 years. This raised the country’s outstanding national debt to P6.43 trillion at August’s end. With the year-on-year rate up to 7.6 percent, the country’s debt went up from last year’s P5.98 trillion. The Bureau of Treasury revealed that aside from the bearish local currency, other factors that caused the increase in debt include domestic net issuance and external borrowing.
Source: The Philippine Daily Inquirer
ADB maintains PH rating, says no signs of slowdown in sight
The Asian Development Bank retained its previous projections for the Philippine economy, saying growth rate stays at 6.5 percent in 2017 and 6.7 percent in 2018. According to the multilateral lender, the government’s focus on massive infrastructure programs as well as its determination to implement tax reform will continue its growth momentum through the next year.
In addition, the lender assured the public that the economy overheating is unlikely with the slow inflation at 3.5 percent by year end and 3.7 percent next year.
First batch of Civic Type R units arrives in the country
Were you one of the lucky (and filthy rich) ones who reserved a Honda Civic Type R earlier this year? According to Honda Cars Philippines, the lucky 100 people who paid for Honda’s much awaited car can visit their dealership sometime this month to get their hands on the Type R. Once the deliveries have been made, Honda Philippines will hold an exclusive event for the 100 owners next year to celebrate the success of Type R’s release in the Philippines.
Source: Top Gear
Isuzu Philippines unveiled Euro 4-compliant D-Max and MU-X variants
On its 20th anniversary in the country, Isuzu Philippines revealed newly upgraded version of its units, including the MU-X and the D-Max. Aside from new features like auto-leveling headlights, 8-inch navigation system, and more USB ports, Isuzu’s heavy-duty cars will also come with a Euro 4 engine, promising maximum performance, cleaner emissions, and better fuel economy. However, Isuzu Philippines said that the upgrade also comes with a slight price bump, which will be revealed later.
Source: Top Gear