From being a debtor, the Philippines now has a creditor position with the International Monetary Fund (IMF), having contributed $250 million through the Fund’s financial transaction plan (FTP).
UPDATES on Philippine economic developments have been presented to debt watchers as the government pursues its bid to secure the country an investment grade credit rating.
Shang Properties, the real estate development arm of Malaysia-based conglomerate Kuok Group in the Philippines, is spending more than P35.5 billion to develop luxury high-rise residential buildings in Ortigas and Makati and an ultra-deluxe Shangri-La Hotel in Bonifacio Global City.
PROPERTY DEVELOPER Ayala Land, Inc. has moved to reduce foreign participation in the company by restructuring its capital in light of a stricter interpretation of equity limits.
New York-based think-tank Global Source Partners believes that the Philippines would achieve another credit rating upgrade within the year on the back of the country’s strong macroeconomic fundamentals as well as improving fiscal position.
