Trinh Nguyen News
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The Philippines, Asia’s fastest- growing economy after China, needs to do more to finally lose its decades-old tag as the “Sick Man of Asia,” according to the country’s president.
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Vietnam’s benchmark five-year bonds rose by the most in almost two years as slowing inflation bolstered speculation the central bank will cut interest rates. The dong was little changed.
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Philippine bonds rose, with the 25- year yield dropping to the lowest in at least a decade, amid speculation the central bank will add to this year’s two reductions in the rate paid on special deposit accounts.
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The Philippines is poised to join the world’s 10 fastest-growing economies this year and next as Filipinos buying goods from dresses to condominiums cushion a faltering in exports that’s hurt the rest of the region.
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China’s foreign direct investment declined for the first full year since 2009 as economic growth slowed and manufacturers relocated to markets with cheaper labor, contrasting with outbound spending that surged to a record.
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Vietnam’s inflation slowed for a fifth month in January, giving the central bank more room to cut interest rates as a deteriorating global economy dims the outlook for exports.
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Vietnam’s central bank increased its refinancing rate for the first time since May, as the nation tries to steady its currency and tame Asia’s fastest inflation.
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Philippine growth unexpectedly accelerated last quarter to the fastest pace since 2010 as government spending and investment increased, easing pressure on the central bank to cut interest rates further. Stocks rose.
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The Philippines will sell stakes in mining holdings as President Benigno Aquino seeks to nudge forward efforts to boost investment after two years in office.
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Philippine central bank Deputy Governor Diwa Guinigundo said policy makers will probably raise inflation forecasts for 2012 and 2013, signaling the bank may pause after three interest-rate cuts this year.
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