Revenue collection highest in over a decade

MANILA, Philippines - Government revenues rose 13.1 percent to hit its highest level in over a decade as of November 2011 even without new taxes and big-ticket asset sales, Finance Secretary Cesar Purisima said yesterday.

The finance chief said this is higher than the P1.104 trillion raised in the same period in 2010.

Finance data showed the government raised P1.249 trillion as of end-November 2011 through its two major revenue agencies, the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).

Philippines eyes stronger growth after tough 2011

The Philippine economy slowed sharply in 2011 as it was hit by global headwinds, but momentum will likely pick up this year on the back of stronger government spending, officials said.

The economy expanded just 3.7 percent last year, National Statistical Coordination Board chief Romulo Virola announced, describing the performance as "feeble" following growth of 7.6 percent in 2010.

However growth of 3.7 percent in the final three months of 2011 was up from 3.6 percent in the previous quarter, showing the economy was at least slightly accelerating and offering hope that state pump-priming efforts were kicking in.

Why the Philippines is the World’s Top Call center country

In a nutshell, it’s all about the culture.

Historically, the Philippines has always been an occupied country. Spain ruled the islands for 333 years, followed by 45 years with the United States in 1898 with a brief period of occupation by the Japanese during World War II until it was liberated by the United States again. On July 4, 1946, the United States granted the Philippines its independence as a sovereign country. Since then, American culture has always taken a frontline in the lifestyle of the modern Filipino.

Philippines cuts interest rates to boost economy

MANILA, Philippines (AP) — The Philippines' central bank says it has cut interest rates by a quarter percentage point to boost the economy while the inflation outlook is benign and the world economy is tipping toward a further slowdown.

Central bank Gov. Amando Tetangco said the bank's Monetary Board decided on the rate cuts Thursday.

They are the first since 2009 and follow similar moves by other emerging markets to ease monetary policy.