Merchandise trade
- Imports contracted by 1.8% in April to $4.3 billion from $4.4 billion last year.
Despite the drop, merchandise imports remained bigger than exports, which reached $4.1 billion for the same month.
This resulted to a trade deficit of $219 million, narrower by 56.1 percent from last year’s deficit of $499 million.
Electronics, which accounted for 42.6 percent of imports, declined by 17.3 percent to $1.8 billion from $2.2 billion a year ago.
Other imported products that recorded significant drop were cereal products, iron and steel and plastics, which contracted by 35.7 percent, 16.8 percent, and 14.2 percent, respectively.
- For the eighth consecutive time, the U.S. Federal Reserve decided to leave its key interest rate unchanged at 5.25 percent in its policy meeting held on June 28, 2007.
The decision to hold rates steady was primarily attributed to the modest improvement in inflation in the recent months. U.S. core inflation rose by just 2.0 percent year-on-year in April, its smallest in over a year.
- The government announced its plans to generate additional revenues of P105 billion through the sale of its remaining stake in PNOC-Energy Development Corporation (EDC), San Miguel Corporation (SMC), and Manila Electric Company (MER).
The proceeds would be used to help the government attain its programmed deficit for the year.
- The peso weakened against the dollar during the week, closing at P46.24 per dollar, down by 0.39 percent or 18 centavos from last week’s close of P46.06 per dollar.
The peso’s performance was limited by the strength of the dollar following the US Fed’s decision to keep its key rate steady.
- The PSEi closed the week lower at 3,665.23 points, down by 0.97% or 35.93 points from the previous week’s close of 3,701.16 points.
Among the PSEi members which posted losses in their share prices during the week were Lepanto Consolidated Mining Company “B” & “A” (LCB & LC) and Manila Mining Corporation “A” (MA) which share prices dropped by 13.89 percent, 9.68 percent, and 8.33 percent, respectively.
Despite the drop, merchandise imports remained bigger than exports, which reached $4.1 billion for the same month.
This resulted to a trade deficit of $219 million, narrower by 56.1 percent from last year’s deficit of $499 million.
Electronics, which accounted for 42.6 percent of imports, declined by 17.3 percent to $1.8 billion from $2.2 billion a year ago.
Other imported products that recorded significant drop were cereal products, iron and steel and plastics, which contracted by 35.7 percent, 16.8 percent, and 14.2 percent, respectively.
- For the eighth consecutive time, the U.S. Federal Reserve decided to leave its key interest rate unchanged at 5.25 percent in its policy meeting held on June 28, 2007.
The decision to hold rates steady was primarily attributed to the modest improvement in inflation in the recent months. U.S. core inflation rose by just 2.0 percent year-on-year in April, its smallest in over a year.
- The government announced its plans to generate additional revenues of P105 billion through the sale of its remaining stake in PNOC-Energy Development Corporation (EDC), San Miguel Corporation (SMC), and Manila Electric Company (MER).
The proceeds would be used to help the government attain its programmed deficit for the year.
- The peso weakened against the dollar during the week, closing at P46.24 per dollar, down by 0.39 percent or 18 centavos from last week’s close of P46.06 per dollar.
The peso’s performance was limited by the strength of the dollar following the US Fed’s decision to keep its key rate steady.
- The PSEi closed the week lower at 3,665.23 points, down by 0.97% or 35.93 points from the previous week’s close of 3,701.16 points.
Among the PSEi members which posted losses in their share prices during the week were Lepanto Consolidated Mining Company “B” & “A” (LCB & LC) and Manila Mining Corporation “A” (MA) which share prices dropped by 13.89 percent, 9.68 percent, and 8.33 percent, respectively.
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