The top-performing Philippine stock fund in the past five years has doubled holdings of consumer companies as record remittances boost the spending power of shoppers in Southeast Asia’s fastest-growing economy.
China set a 7.5 percent target for economic growth in 2014, a pace that may make it more difficult to achieve the leadership’s goals of curbing credit risks and stemming the pollution choking the nation’s biggest cities.
U.S. Secretary of State John Kerry pledged $25 million in additional aid to the Philippines as the mounting cost of reconstruction in typhoon-damaged areas threatens the Southeast Asian nation’s budget-deficit goal.
The Philippine peso traded near a three-year low on speculation improving U.S. data will prompt the Federal Reserve to cut stimulus, while the Asian nation’s planning chief said the currency’s decline benefits the economy.
As Chinese President Xi Jinping promises the nation’s biggest market opening in two decades, the reality for some of the most successful foreign companies in the country is a raft of probes and laws that curb their operations.