PARIS: The Philippines is the only emerging Asian nation with strong business cycle momentum, the OECD Development Centre said yesterday. Chinese growth was now returning to trend, meriting a “Stay the same” reading for the business cycle, after a slowdown that had weakened momentum across Asean nations. India had a “weak” business cycle reading with growth below trend in latest Asian Business Cycle Indicators report. Singapore and Malaysia were rated as stable; Indonesia and Thailand had weak ratings. The OECD said the key imminent downside risk facing Southeast Asia, China and India is the turmoil in the financial market, triggered by the prospects of tapering of quantitative easing policy in the US. It noted emerging Asian economies with large current account deficits that are more vulnerable to rapid capital outflows such as India and Indonesia bore the brunt of the turmoil. The OECD warned volatile global oil prices due to tension in the Middle East could pose a problem.
Four rebels held in Negros
BACOLOD CITY: Four suspected New People’s Army guerrillas were arrested by the military following an encounter in Guihulngan City, Negros Oriental. Jessie Abing, Thomas Isugan, Dandy Demerin, and Ricardo Ricanillo were among 20 rebels encountered by soldiers in Sitio Hinobaan in Barangay Plagatasanon at about 12.50pm, officials said. The troops were responding to reports about the presence of armed men in the village when the rebels opened fire at them, triggering a 15-minute shoot-out.
1,600 sacks of rice seized
MANILA: At least 1,600 sacks of undocumented rice were intercepted by the Philippine Coast Guard (PCG) on Sunday night. At about 11pm, the PCG and the Navy intercepted M/B Erwana, a wooden-hulled cargo vessel. The crew failed to show proper documents for the cargo. Agencies
