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 is beefing up spending on high-tech weapons and upgrading combat readiness as it throws its military weight behind territorial claims that have stirred tensions with Japan and Southeast Asian neighbors.
The Philippine central bank is set to introduce a residential property-price index in the first half of the year as it intensifies monitoring of asset-bubble risks, Deputy Governor Diwa Guinigundo said.
Ayala Land Inc. will develop tourism complexes and hospitals as one of the Philippines’ biggest builders expands beyond housing, malls and offices to boost profit that rose to a record. Shares rose to a four-month high.
Malaysia Prime Minister Najib Razak is seeking a security hotline with the Philippines, a year after clashes between authorities and Filipino Muslims claiming sovereignty over Sabah state led to the death of at least 62 people.
The Philippines summoned China’s envoy in Manila to protest the use of water cannons on Jan. 27 to drive Filipino fishing boats from a disputed shoal in the South China Sea, calling it an act of harassment.