Jobs, hot money as Dutertenomics dawns on Philippines


Posted at Dec 25 2016 09:17 AM | Updated as of Dec 29 2016 12:15 AM

The weary worker's search for that fat paycheck is the main concern of Filipinos, as President Rodrigo Duterte races the fastest-growing economies in an increasingly populist world.

We follow the money with the most read and most important business stories of 2016

1. Jobs in a booming economy

A story on the top 10 schools employers look to when hiring fresh graduates was the year's most-read business story. There was also strong interest in the highest-paying jobs for Filipinos overseas and 30,000 job openings at Royal Caribbean Cruises

Photo by Jonathan Cellona, ABS-CBN News

2. Cebu Pacific boss flies PAL

Cebu Pacific President Lance Gokongwei caused a stir on social media when he took a flight of rival Philippine Airlines to Davao, blending into the crowd in a light blue shirt and khaki pants. The only son of taipan John Gokongwei explained he simply took the flight nearest to his appointment.

Photo : ABS-CBN News

3. Strong start for Dutertenomics

The economy sustained 7-percent growth rates under President Rodrigo Duterte, who assumed office in June, and the poverty rate has gone down to roughly 20 percent of the population.

Photo : ABS-CBN News

4. Philippines in 'dirty money' spotlight

Unidentified hackers shifted $81 million from impoverished Bangladesh's foreign reserves kept in New York to the Rizal Commercial Banking Corp. The trail went cold in casinos, exposing the vulnerabilities of local banking laws to money-laundering.

Photo by Noel Celis, AFP

5. Precious loose change

The central bank said nearly 25 billion coin pieces worth P28 billion that are circulating in the system should be more than enough for canteen and small grocery owners to give their customers exact change.

6. Confusion at BPI

Bank of the Philippine Islands depositors were jolted on what was supposed to be a quiet holiday with news that they needed to update their accounts or risk losing access. The uproar prompted the lender to adjust the deadline.

7. PhilWeb 'struck by lightning'

Gaming cafe operator PhilWeb Corp.'s fortunes unraveled as soon as Duterte assumed office with the promise to stop online gambling and singled out its chairman, Roberto Ongpin, as an "oligarch" who must be destroyed. The company is betting on a resurgence under its new boss, Gregorio "Greggy" Araneta III.

Photo by Dante Dennis Diosina Jr., NPPA

8. Gina Lopez whips miners in line

Mining shares tanked the day after Duterte appointed green crusader Gina Lopez as environment secretary. She promptly embarked on an industry-wide inspection of compliance with safety standards, which has cited at least 20 mines for violations and possible suspension.

Photo by Gigie Cruz, ABS-CBN News

9. Weak peso: the double-edged sword

The peso touched the P50 per dollar level in late November on worries over US president-elect Donald Trump and policy tightening by the Federal Reserve. The government is not worried. Finance Secretary Carlos Dominguez said a weak peso would increase the value of dollar remittances from overseas Filipinos and boost consumption even as it would make imports and foreign debt more expensive.

Photo by Romeo Gacad, AFP

10. Tax justice for the middle class

President Rodrigo Duterte has asked Congress to lower personal income tax rates for the middle class, among the highest in Asia, to 25 percent from 32 percent. The "ultra-rich," on the other hand, will be taxed higher, up to 35 percent.

Photo by Jonathan Cellona, ABS-CBN News