Economic conditions
At the 2005 World Summit-High Level Plenary Meeting of the 60th Session of the UN General Assembly, Philippine President Gloria Macapagal-Arroyo urged the international community to address four pressing global challenges: poverty, terrorism, debt, and soaring oil prices. She proposed a 50% conversion of debt for the Millennium Development Goals
Economic conditions
Philippine House Speaker Jose de Venecia has received backing from the Inter-Parliamentary Union (IPU) for his proposal to ease the debt burden on some 100 middle-income developing nations. The IPU plans to discuss De Venecia's debt-for-equity idea at its next executive council meeting in Geneva, Switzerland, this October.
Economic conditions
The Philippine government has called on its citizens to come together to reverse a dire forecast by the Asian Development Bank (ADB) and the United Nations (UN), which states that the country is unlikely to meet the United Nations Millennium Development Goals (MDGs) by 2015. The ADB and UN report,
Economic conditions
Finance ministers from the 21-member Asia-Pacific Economic Cooperation (APEC) forum gathered on South Korea's resort island of Jeju to discuss potential risks to the global economy, including high oil prices, a real estate bubble in the United States, and growing elderly populations in many societies. The meeting comes
Economic conditions
As South Korea's property market continues to soar, the financial watchdog has introduced new regulations to curb excessive mortgage lending. The Financial Supervisory Commission has drawn up a set of rules that require local lenders to apply stricter lending criteria and check borrowers' income profiles. The plan,
Economic conditions
The Chinese national legislature is deliberating on a draft amendment to the personal income tax law, which would raise the tax collection starting line from 800 yuan to 1,500 yuan, exempting at least a tenth of current taxpayers from paying tax and benefiting the rest with higher net earnings.
Economic conditions
The Asian Development Bank (ADB) is extending technical assistance to the Philippines to boost its institutional capacity in fighting money laundering. This effort is part of a broader initiative to support the country's anti-money laundering (AML) regime, with a focus on identifying vulnerabilities, bottlenecks, and obstacles to effective
Economic conditions
A new report by MasterCard International suggests that China's growth story is not just driven by exports, but by a strong domestic consumption market. The report, which surveyed residents in eight cities, found that domestic private consumption has contributed an average of 46.5% to the nation'
Economic conditions
Taiwan's Vice Premier Wu Rong-i stressed the importance of upgrading the country's manpower quality to achieve continued economic growth. Attending a seminar on industrial talent nurturing in central Taiwan, Wu emphasized the need for talent nurturing to be aligned with industry needs, otherwise it would result
Economic conditions
The Philippines will eventually lose its appeal to foreign direct investors if it fails to address its challenges in providing a skilled workforce and improving productivity, former Finance Secretary Roberto de Ocampo warned. De Ocampo emphasized the importance of recognizing the country's declining competitiveness and taking proactive steps
Economic conditions
The Australian Industrial Relations Commission's ruling granting part-time employment rights and extended parental leave to 1.6 million workers has sparked controversy over the government's planned workplace reform laws. Prime Minister John Howard has downplayed the move, stating that the commission's decision is in
Economic conditions
Thailand and Japan have reached a free trade agreement in principle, with both countries agreeing to reduce tariffs on various goods. The agreement, reached after years of negotiation, is expected to boost bilateral trade, which reached $36 billion last year and $20.5 billion in the first half of this
