US budget deficit blasts past $1 trillion in August

WASHINGTON - The US budget gap soared past $1 trillion with a month still to go in the fiscal year -- the first time it has surpassed that level since 2009, the Treasury reported Thursday.

One standout item in the government books was the surge in tariffs collected compared to last year -- something President Donald Trump has long touted as proof he is winning the trade war with China, even though the duties are paid by American companies.

The US deficit in the 11 months through August topped $1 trillion, 19 percent higher than the same period of the previous year, as spending increased by more than double the rate of income, according to the monthly report. The US fiscal year used for budgeting ends September 30.

Customs duties going into government coffers surged 73 percent to $66 billion, however Trump has imposed a new round of tariffs on Chinese goods that are set to hit on September 1.

Total revenues were up 3 percent in the fiscal year-to-date, at over $3 trillion, but total outlays increased seven percent compared to a year ago, passing $4.15 trillion.

source: news.abs-cbn.com

BPOs cautious on expansion due to Trump

MANILA - Some American companies have delayed expansion plans in the Philippines due to caution over the economic policies of US President Donald Trump, the head of a recruitment website said Wednesday.

Expansion projects in Dumaguete, Cebu and Davao have been pushed back to the middle of the year, from the first quarter, said Philip Gioca, country manager of Jobstreet.com.

"They have a wait and see attitude. They are very cautious and still awaiting directions in the American government," Gioca said.

Trump, who assumed office in January, has signalled a more protectionist US, threatening the outsourcing industry, though his recent moves have largely centered on bringing manufacturing jobs back home.

Despite uncertainty over Trump, Jobstreet.com data showed a 20-percent increase in job demand from the BPO sector.

BPO and small and medium enterprises, both expanding in the provinces, have fueled job demand, data showed.

Nearly half, or 44 percent of postings on Jobstreet.com in 2016 are in the provinces, up 16 percent over two years. These are mostly in Cebu, Davao, Iloilo, Bacolod, Pampanga and Batangas.

The government's infrastructure push is helping transform sleepy towns into investment hubs, Gioca said.

"Employees' preference is also always working within their locale," he said.

source: news.abs-cbn.com

BPOs unlikely to leave PH due to Trump: Megaworld

MANILA – US President Donald Trump’s tough rhetoric is unlikely to drive American companies to shut their outsourced operations in the Philippines, a property developer said Tuesday.

Labor costs in the Philippines are equivalent to about a fifth of wages in the US. Filipino call center agents are also more adept at handling irate customers, said Megaworld Corp. senior vice president Kevin Tan.

Trump’s most recent pronouncements were geared towards manufacturing, Tan told ANC.

“On the BPO side, I have to say first and foremost, it is going to be a quite a challenge for them to actually bring it back,” Tan said, referring to jobs outsourced by US firms.

Tan said Trump would risk driving inflation and making American companies less competitive if he insists on bringing jobs back to the US.

source: news.abs-cbn.com

Clinton tells workers she'll stand up to cheating China

PHILADELPHIA - A day after losing Wisconsin, White House hopeful Hillary Clinton unleashed a blistering critique of China while campaigning Wednesday in blue-collar Pennsylvania, warning the Asian giant must ''toe the line'' if she becomes president.

The eastern US state, where organized labor is an influential force, hosts its presidential primaries on April 26.

"China illegally dumps cheap products in our markets, steals our trade secrets, plays games with their currency, gives unfair advantages to state-owned-enterprises and discriminates against American companies," she said.

"We will throw the book at China for their illegal actions."

Clinton's remarks, delivered to a state AFL-CIO union convention in Philadelphia, were among her most forceful campaign trail comments about Beijing.

Her rival for the Democratic nomination, Senator Bernie Sanders, addresses the gathering Thursday.

Clinton, seeking to regain her footing in the nomination race after losing six of the last seven state contests, pointed to her experience as secretary of state as a measure of her ability to influence Beijing.

"I've gone toe to toe with China's top leaders on some of the toughest issues we face, from cyber attacks to human rights to climate change to trade and more," she said.

"I know how they operate, and they know if I'm president, they're going to have to toe the line, because we're going to once and for all get fair treatment, or they're not going to get access to our markets."

At one point she refered to China as "the biggest abuser of global trade."

Clinton defeated Barack Obama in Pennsylvania in their 2008 primary battle, thanks to support from union Democrats, and she aims to repeat her victory in three weeks' time.

But she will need to reassure workers who have criticized her late opposition to the trans-Pacific trade deal recently signed by President Barack Obama. Sanders has steadfastly opposed the agreement from Day One.

"My message to every worker in Pennsylvania, every worker across America is this: I will stand with you, I will have your back and I will stop dead in its tracks any trade deal that hurts America," Clinton said.

She also criticized Sanders, insisting that "in a number of important areas, he doesn't have a plan at all."

Clinton leads Sanders by 52.7 percent to 35 percent in a RealClearPolitics poll average, although the latest poll, released by Quinnipiac University on Tuesday, puts Clinton just six points ahead.

She is well ahead in the nominations race, but she has suffered stinging defeats for two weeks.

A win in the New York primary April 19 is seen as crucial for her preventing Sanders from snatching the nomination.

But the self-described democratic socialist from Vermont is popular with the rank and file.

"I don't think she's a bad person, and if she wins the nomination I'll vote for her," said Don Long, 39, a union telecommunications worker.

But considering "somebody who is as solidly behind organized labor as Bernie Sanders is," Long added, "you got to go with Bernie Sanders."

source: www.abs-cbnnews.com