Philippine Bonds Drop on Concerns Deficit to Widen: World's Biggest Mover

(Bloomberg) -- Philippine 10-year bonds declined,
the biggest fluctuation of any government debt market today, on
concern the nation will miss its revenue target.

Yields rose to the highest in eight months after the
Philippine Star reported that the government may fail to meet
the goal by 25 billion pesos ($543 million) this year, citing
estimates from the Development Budget Coordination Committee, an
inter-agency group that sets economic targets.


Read more at Bloomberg Bonds News

NYC business taxes top Los Angeles by 70 pct -study

(Reuters) - For the third year in a row, the city's budget surplus will
top $3.5 billion, and Mayor Michael Bloomberg should deepen his
current tax-cut plan to make the city more competitive, the
Citizens Budget Commission urged in its new report.




New York City businesses pay the state and city an average
tax rate of 7.5 percent. Houston ranks second on this list of
comparable cities with a much lower rate of 5.2 percent,
followed by Boston at 5.1 percent, the CBC said.


Read more at Reuters.com Bonds News

Philippine Government Bonds Rise on Growth, Inflation Outlook; Peso Falls

(Bloomberg) -- Philippine bonds rose after the
government said the economy may grow faster than expected this
year as an appreciating peso cuts interest payments on the its
debt, freeing up capital for spending.

A 6.3 percent gain in the peso this year may save 23.8
billion pesos ($515.7 million) in interest, Budget Secretary
Rolando Andaya said in an interview in Manila.


Read more at Bloomberg Bonds News