Philippines OK with Obama cancellation

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Obama visit the PhilippinesThe Philippine governments said Wednesday that they understood President Barack Obama’s decision to cancel upcoming visits to their countries. The White House announced earlier in the day that Obama was calling off stops in Malaysia and the Philippines on his long-planned trip to Asia because of the partial government shutdown.

BSP seeks add’l P150-B capital

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Bangko Sentral ng PilipinasMANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) is asking for an additional capital of P150 billion to better perform its functions in promoting monetary and price stability. The additional capital, payable in three years until 2017, is under the BSP’s proposed amendments to its charter, central bank deputy governor Vicente S. Aquino told a forum on Saturday. “The scale and complexity of the responsibilities of the BSP have been magnified by the growth of the Philippine economy and the expansion of its financial system,

Cebu Pacific eyes more Phl hubs

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Cebu Air IncMANILA, Philippines - Budget airline Cebu Air Inc., the operator of the Cebu Pacific brand, is looking at increasing the number of its hubs in the Philippines to cope with increasing demand for air travel in and out of the country. Cebu Pacific president Lance Gokongwei said the low-cost carrier is set to establish more hubs in the Philippines as it is in the middle of a $4-billion refleeting program covering the acquisition of 49 new Airbus aircraft over the next nine years.