Philippine Good News

  Oil companies will increase fuel prices again this week, this time by PHP2.15 per liter for gasoline and PHP4.30 per liter for diesel. Caltex, Seaoil, and Shell will also hike kerosene prices by PHP4.85 per liter. The peso hit 53 to a dollar last week, its weakest in more than three years. On the other hand, oil prices fell on Monday amid risks of slower demand due to increasing Covid-19 cases in Beijing, as well as inflation concerns.

  Pablo Picasso's lost painting 'Reclining Woman VI' has been spotted in the home of Imelda Marcos , raising fears that the family will use their power to recover ill-gotten wealth. Marcos won a landslide in May 9 presidential election, horrifying those who survived his father's rule. The Marcos family continues to face dozens of court cases over their looted wealth on top of criminal and graft and corruption convictions certified by the Supreme Court of the Philippines.  Filipinos are excited for looting, graft and corruption to be the new normal. Truly a good news towards golden age of corruption.

As debt piled up at a faster pace than first-quarter economic growth, the Philippines' outstanding obligations as a share of gross domestic product further climbed to 63.5 percent as of March. The elevated debt-to-GDP level could put the country's investment-grade credit ratings at risk. Separate data showed that locally issued government securities climbed to a fresh record-high of P8.64 trillion as of end-April, while long-dated treasury bonds breached the P8-trillion mark for the first time to P8.01 trillion. Oxford Economics said that Marcos Jr's campaign promise to distribute more cash aid would result in expansionary fiscal policy, which could lead to bigger debts as well as budget deficits. Oxford Economics said the new administration would inherit a "very limited" fiscal space and could announce a more expansionary fiscal agenda than currently forecast. This would increase borrowing costs and weigh on the projected recovery in domestic demand. The outgoing...