BusinessMirror January 1, 2016

Page 1

media partner of the year

United nations

2015 environmental Media Award leadership award 2008

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

Monday 2014 Vol.1,102016 No. 40 Friday,18,January Vol. 11 No. 85

n n

Over 9 million Filipinos need new jobs in 2016

O

By Cai U. Ordinario

ver 9 million Filipinos are either jobless or looking for better employment opportunities at the start of 2016, based on the latest employment data released by the Philippine Statistics Authority (PSA).

INSIDE

marco lobregat

Based on preliminary data from the report, titled Annual Labor and Employment Status, the PSA indicated that 2.6 million Filipinos are unemployed by the end of 2015. Apart from the unemployed, PSA data also showed that there are 7.18 million Filipinos who are considered underemployed at the start of the new year. “The underemployed persons or those employed persons who express the desire to have additional hours of work in their present job or to have additional job, or to have a new job with Continued on A2

P25.00 nationwide | 4 sections 20 pages | 7 days a week

PALACE VERIFYING MODE OF PAYING $196-MILLION ENTRY FEE FOR AIIB By Butch Fernandez

D

ue to the holiday break, Malacañang took time to verify with the Department of Finance (DOF) and the Department of Budget and Management (DBM) on the matter of financing the country’s participation in the China-led Asian Infrastructure Investment Bank (AIIB). Asked on Thursday if the government provided funding in the budget bill for 2016 President Aquino signed into law last week to cover the AIIB entry fee, Palace officials were unsure whether a separate funding or a supplemental budget was needed to cover See “AIIB,” A2

Now in the Philippines BusinessMirror

life

b2-1

elmo bound for bigger things

show

b2-2 Philippine Ambassador to the People’s Republic of China Erlinda F. Basilio signs the Articles of Agreement of the Asian Infrastructure Investment Bank, making the Philippines the 57th founding member of the newly created lending institution. See story above right. Department of Finance Photo

The world economy’s winners and losers in 2015

W

hen the final numbers are tallied, 2015 will probably count as another disappointing year for global growth. The muted performance came even as central banks continued to pump in liquidity, oil prices plunged again and inflation was moderate. It was also a year of divergent performers. While tumbling commodity prices took the shine off big emerging markets Russia and Brazil, other emerging economies, like India and Vietnam, surprised on the upside. In

the developed world, robust US jobs growth prompted the Federal Reserve to tighten monetary policy for the first time since 2006, while the gloom around neighboring Canada deepened. With the year drawing to a close, here’s a look at some of the winners and losers:

Mixed performance

In advanced economies, smaller European nations were among the best performers. Ireland’s economy grew

PESO exchange rates n US 47.1660

by 7 percent in the third quarter— faster than China—and well ahead of the euro area’s 1.6-percent growth in the same period. By contrast, the picture was more subdued in Finland. The northernmost euro member, which was among the most vocal critics of Greece during its crisis bailout negotiations, is suffering as key industries like paper making and consumer electronics struggle. Weak export demand from Russia is also hurting. In the emerging-market world,

clear standouts included Vietnam, Tanzania and, wait for it, China. Even after a $5-trillion stock-market rout and what’s tipped to be the slowest growth in 25 years, China’s overall gross domestic product growth (GDP) remains relatively robust compared to its peers. India’s economy also expanded faster than expected in the third quarter when GDP rose 7.4 percent from a year earlier, after a 7-percent expansion in the previous quarter. Continued on A2

n japan 0.3920 n UK 70.1783 n HK 6.0857 n CHINA 7.2697 n singapore 33.5176 n australia 34.2652 n EU 51.7411 n SAUDI arabia 12.5766

Source: BSP (29 December 2015)


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.