AEC Feed

THE Duterte administration will spend a record 890.9 billion pesos (Bt665.5 billion) on vital infrastructure next year in line with plans to further hike expenditures to up to 7 per cent of gross domestic product within the next six years, Budget Secretary Benjamin E Diokno said.
The Department of Budget and Management (DBM) will submit for President Duterte’s approval the proposed 3.35-trillion-peso 2017 national budget, a record-high amount over a 10th bigger than this year’s 3.002 trillion, Diokno told reporters.
Next year’s expenditures on infrastructure will account for 5.2 per cent of GDP, Diokno said, adding that the Duterte administration will focus on “pure” infrastructure on top of capital outlays.
In the 2016 budget, 762.5 billion pesos was allocated for capital outlays, of which 631.9 billion would be spent on infrastructure.
Diokno said more money will be infused into projects for the construction of new as well as improvement of airports, seaports, major roads and bridges, farm-to-market roads, as well as post-harvest facilities.
To rollout infrastructure projects faster, Diokno said the Duterte administration will order non-stop or 24-hours-a-day, seven-days-a-week construction work on most urban-based projects, citing huge economic costs brought about by delays.
Asked how the new administration will address the slow absorptive capacity of government agencies when it comes to spending their budgets, which was among the reasons blamed for the underspending on public goods and services during the past few years, Diokno said the President “will not tolerate incompetence”.
“If you cannot perform, you’re out … We will not tolerate delays,” the budget chief said. – Philippine Daily Inquirer

Temasek invests undisclosed amount in Edinburgh’s pureLiFi
Singapore state investor Temasek Holdings [TEM.UL] has invested in pureLiFi, a company working on providing high-speed Internet access through light, the technology firm said.
Edinburgh-based pureLiFi said in a statement the funding would support development and commercialisation of LiFi, which uses visible light instead of radio frequencies to deliver high-speed wireless data.
It did not specify the value of Temasek’s investment and Temasek declined to comment on the amount. The company has raised more than US$10 million (Bt349 million) to date.
Temasek is increasing its investments in the technology sector and trimming financials after the value of its portfolio slumped $17.9 billion in the past year, the most since 2009. – Reuters

Retail sales up 3% in May as cars come to the rescue again
A 35.9-per-cent year on year jump in car sales drove Singapore’s retail sales into the black for May. May’s overall retail takings rose 3 per cent – but excluding motor vehicles, sales were down 3.3 per cent, figures released yesterday by the Department of Statistics showed.
The total retail sales value in May was estimated at S$3.7 billion (Bt96.1 billion), higher than the $3.6 billion in May 2015.
Apart from motor vehicles, only two other retail segments enjoyed a year on year rise in sales – Medical Goods & Toiletries (1.9 per cent) and Furniture & Household Equipment (3.1 per cent).
On a seasonally adjusted basis, retail turnover increased 1.4 per cent in May over the previous month. Excluding motor |vehicles, they rose 2.3 per cent.

Brunei’s exports down 1.41 per cent in May
Nearly 40 per cent of the country’s exports went to Japan. Other key export markets include India, which accounted for 15.7 per cent of market share, Malaysia 10.7 per cent and China, nine per cent.
Brunei's exports for the month of May slid to BN$505.1 million (US$369.53 million), down 1.41 per cent compared with the previous month’s BN$512.3 million (US$375 million), the Department of Economic Planning and Development (JPKE) said yesterday.
In its latest International Merchandise Trade Statistics (IMTS) report, JPKE said May’s oil exports rose by 17.81 per cent to BN$219 million, from BN$185.9 million recorded in the previous month. Exports of liquefied natural gas, however, declined by more than 20 per cent to BN$222.9 million.
Oil and gas account for about 90 per cent of the sultanate’s total exports.
Brunei also exported machinery and transport equipment worth BN$29.6 million and chemicals worth BN$17.5 million. – The Brunei Times