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Overseas news
US stocks closed at record highs on Thursday after economic data and company earnings reports showed strong consumer spending.
Relatedly, new US jobless claims decreased by 7,000 to hit 221,000 for the week ending July 12. While this signaled steady job growth in July, some long-term unemployment was seen due to a slowdown in hiring.
Investors look at factors like consumer spending and unemployment to gauge the health of an economy and assess whether companies are poised to grow.
Local developments
The Philippine financial system’s total resources rose 6.7% year-on-year to reach P34.1 trillion as of May. The growth was driven by an increase in resources and growth in lending, deposits, earnings, and capital.
This was according to preliminary data from the Bangko Sentral ng Pilipinas (BSP). The report covers the total resources of banks and non-bank financial institutions (NBFIs).
Meanwhile, Finance Secretary Ralph Recto said the government is studying options to further regulate online gambling.
The options include higher taxes and mandatory listing on the Philippine Stock Exchange (PSE) to boost transparency and government revenue.
Additionally, the Securities and Exchange Commission (SEC) has offered 20% to 50% discounts on certain filing fees for micro, small, and medium enterprises (MSMEs) via a memorandum circular.
The discounted fees can help ease costs for small businesses. This may encourage more MSMEs to formalize their operations.
Today’s news is mostly positive, but it might be too early to tell if the upward trend will continue. Staying cautiously optimistic with your investing decisions may be the wise move for now.
