
Cambodia's export up 14% during January-April period
PHNOM PENH: Cambodia exported products worth US$9.13 billion in the first four months of 2025, a year-on-year increase of 14 per cent, said an official report released on Saturday (May 10).
Main exported items included garments, footwear, travel goods, bicycles, car tires, solar panels, and potential agricultural produce such as rice, rubber, cassava, bananas, mangoes, and longans, said the report of the General Department of Customs and Excise.
The top five export destinations for the South-East Asian nation are the United States, Vietnam, Japan, China, and Canada, the report added.
Meanwhile, the kingdom recorded a total import of 10.36 billion dollars during the January-April period this year, a rise of 19.7 per cent year-on-year, the report said.
Key imported goods included petroleum, raw materials for garment, footwear and travel goods, vehicles, machinery, electronic appliances, and consuming products, among others, it added.
Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the Regional Comprehensive Economic Partnership (RCEP) agreement and the Cambodia-China Free Trade Agreement (CCFTA) had injected momentum into the country's trade growth.
"Both trade deals have served as a catalyst for our long-term and sustainable trade growth," he told Xinhua.
"They are also a magnet to attract more foreign investors to Cambodia." - Xinhua
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The Star
an hour ago
- The Star
Indonesia's 2026 budget ripe with politics, thinner on strategy
JAKARTA: A lack of satisfying answers on how to reach growth goals set forth in the freshly unveiled 2026 state budget has led economists to conclude that the fiscal document is based more on political ambition rather than on technocratic calculation. Centre of Economic and Law Studies (CELIOS) executive director Bhima Yudhistira Adhinegara told The Jakarta Post on Saturday (Aug 16) that the targets set in the budget plan 'overshoot and require strenuous effort' to attain. 'It's ripe with political aspects to fulfill the populist programmes as opposed to being based on technocratic calculation, which includes fiscal discipline,' said Bhima. One of the targets highlighted by Bhima was for gross domestic product (GDP) growth to accelerate to 5.4 per cent, which he doubted the country would attain due to external pressure, sluggish global commodity markets and a lack of domestic driving forces. The last time Indonesia registered such strong GDP growth in a full year was in 2013 with 5.56 per cent, and it has mostly hovered around the five percent mark since. In 2022, a full-year growth rate of 5.31 percent did get close to next year's target, but that was largely attributed to a base effect, because it followed unusually slow growth in 2021, when the national economy was still suffering from the coronavirus pandemic shock. The government's 5.2 per cent GDP growth target for 2025 already assumes a significant speed-up in the second half, after year-on-year (yoy) rates of 4.87 per cent and 5.12 per cent, respectively, in quarters one and two, yet even from that level another big step-up would be needed to reach 5.6 per cent next year. Institute for Development of Economics and Finance (Indef) economist Eko Listiyanto, likewise, said the budget draft was 'a political document' that served the purpose of exerting optimism 'by setting higher targets'; it was not solely technocratic in nature. He said in a press briefing on Saturday that attaining the growth target 'is not easy, but the opportunity is still there', before mentioning a range of thorough overhauls that could place the target within reach. Priority would have to be given to creating jobs and 'fixing' people's spending power that have been weakening over the past years, said Eko. Moreover, the government would need to 'optimise' the export market, encourage investment and make the bureaucracy more effective. Asked about the course to reach the growth target in a press conference on Friday, Finance Minister Sri Mulyani Indrawati answered: 'We will look for sources of economic growth.' She only mentioned 'improving the business climate' to attract more investment as one of the sources and suggested pursuing that effort by rewarding regional governments with incentives if they made their jurisdiction more attractive for investors. There was a similar lack of illustrated strategy regarding the ambitious state revenue target, which has been set at Rp 3.14 quadrillion (US$194 billion), or 9.8 per cent more than the latest projection of Rp 2.86 quadrillion for this year. To realise that income next year, Sri Mulyani revealed that tax revenue would need to grow by 13.5 per cent yoy, which was 'rather high and ambitious'. Nevertheless, she insisted the target was achievable, given the budget's GDP growth and inflation assumptions of 5.4 and 2.5 per cent, respectively, a combination that would bring the tax buoyancy to between seven to nine per cent. Tax buoyancy is an indicator that connects the GDP growth with tax revenue that arrives at a conclusion whether the tax is buoyant or not. Tax is considered buoyant when the revenue increases proportionately to or more than the economic growth. With the seven to nine per cent buoyancy, Sri Mulyani said the government's 'extra effort' could be focused on pursuing another five per cent, which could be achieved through various means: 'We still see room for improvement.' The senior economist stressed that there would be no regulatory changes to pursue the ambitious tax collection. The path the government planned to pursue instead was 'a focus on internal reform', such as by fixing flaws in the Coretax system. In search of increased revenue, the government is also eying the shadow economy and illegal activity overlooked in tax collection in the past. President Prabowo Subianto said in a state budget address on Friday that the government had taken control of 3.1 million hectares of illegal oil palm plantations. Neither the President nor Sri Mulyani explained how this would reshape the revenue collection, but the latter said without elaborating that it 'created a new database'. Syafruddin Karimi, an economist from Andalas University, wrote in an analysis on Saturday that 'an excessively high tax target is a double-edged sword' that reflected the government's optimism in the national tax base but might result in spending cuts should realisation fall short of expectations. 'History reveals that overestimation of tax [income] frequently plays out with realisation falling short. Under those circumstances, the state budget no longer is a countercyclical tool but merely an administrative instrument that follows the economic tide,' said Syafruddin. - The Jakarta Post/ANN


The Star
2 hours ago
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HSBC Malaysia sets new benchmark for affluent banking
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Zhang said that the launch of HSBC Premier is a reflection of HSBC's commitment to international and affluent banking, connecting its customers to a growth of opportunities. In the wealth segment, HSBC Premier offers award-winning wealth management services with both local and global expertise, giving customers access to over 350 diverse investment solutions, including Unit Trusts, Bonds/Sukuk, Structured Investment Products and protection plans. On the health front, HSBC Premier provides exclusive healthcare and wellness privileges at renowned private hospitals and facilities nationwide. Members can enjoy up to 30% off selected health screening packages and recovery services, with 30% discounts at Sunway Medical Centre Damansara and 20% discounts at other Sunway Medical Centres. Additionally, HSBC Premier Elite customers are entitled to a complimentary Elite Signature health screening package at any Sunway Medical Centre. Special postnatal care offers are also available through Sunway Sanctuary, including 20% off postnatal care packages, on top of complimentary gifts. HSBC Premier Elite customers can enjoy an extra touch of indulgence with a complimentary third night when they book a two-night stay at Signature One Suite, Sunway Sanctuary. Elevating travel Data from Mastercard's World and World Elite portfolios in Malaysia show that affluent cardholders prioritise spending on travel and accommodation. HSBC's Premier Mastercard credit cards tap into this trend, offering benefits that elevate these premium travel experiences while strengthening the bank's foothold in the affluent segment. HSBC Premier customers who hold an HSBC Premier World Mastercard credit card can enjoy accelerated rewards of up to 15x Reward Points for every RM1 spent abroad, provided they meet Premier eligibility criteria. 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It's about how wealth management is changing, and we're seeing customers manage their wealth with more intent,' said Zhang. HSBC Malaysia international wealth and premier banking country head Linda Yip added that, amid the rapid growth of Malaysia's affluent segment, affluent customers now seek holistic solutions that help them accelerate their wealth while prioritising their health and wellbeing. Yip noted that this year's 25-year milestone for HSBC's premier banking in Malaysia is more than just a number—it reflects its commitment to continue developing the premier experience to the next level and meet customer's evolving needs. 'Malaysia is witnessing rapid growth in its affluent segment, and with that growth comes evolving needs. 'Achieving a balance of these needs allows them to grow, protect, enjoy and preserve their wealth for generations,' said Yip. She added that affluent customers are focused on diversifying their hard-earned wealth to preserve their lifestyle today and protect it for future generations. 'At HSBC, our aspiration is to be the international bank of choice for affluent customers, supporting their holistic wealth management needs. 'We are taking this a step further with our all-new Premier services that offer solutions that go beyond banking,' Yip explained. To celebrate the launch of the enhanced HSBC Premier, new HSBC Premier and Premier Elite customers can enjoy an attractive 4.28% p.a. on six-month Time/Term Deposit/-i placements, along with reward points to help redeem flight tickets even faster. Those who choose to invest or insure with HSBC can unlock even greater returns — up to 10.88% p.a. on their Time/Term Deposit/-i placements. Interested customers may visit for more information and terms and conditions.


The Star
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Philippine flood control works get ‘fraud audit'
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Marcos Jr. regarding the implementation of these projects, particularly in the Province of Bulacan, a fraud audit is an immediate and unequivocal necessity,' Cordoba said. He directed supervising auditors or audit team leaders in DPWH district engineering offices in Central Luzon to submit all relevant documents in their hands to the Fraud Audit Office. He also ordered them to 'ensure [their] availability to assist the fraud audit teams at any time during the audit.' The memorandum, made public during the weekend, came days after Marcos inspected a botched P96.4-million dike rehabilitation project in Calumpit, Bulacan, on Aug. 15. The COA's action also follows the administration's ongoing investigation of all 9,855 flood control projects implemented by the DPWH since 2022. Earlier last week, the President unveiled a database of these projects through the 'Sumbong sa Pangulo' online portal, which allows the public to submit reports on the status of flood mitigation measures in their areas. One of the most significant findings so far is that 15 of the 2,409 accredited contractors bagged P100 billion worth of big-ticket projects, equivalent to 18 per cent of the entire budget since Marcos took office. An Inquirer analysis also revealed that one of these top contractors, the MG Samidan Construction and Development Corp., had a paid-up capital of only P250,000 but bagged P5 billion worth of flood-control deals in the past three years. According to the National Adaptation Plan of the Philippines 2023-2025, the most flood-prone areas in the country are Pampanga, Nueva Ecija, Pangasinan, Tarlac, Bulacan, Metro Manila, Maguindanao, North Cotabato, Oriental Mindoro and Ilocos Norte. The document also showed that Bulacan topped the list of provinces with the most flood control projects at 668, followed by Cebu (414), Isabela (341), Pangasinan (313), and Pampanga (292). Completing the top 10 are Albay (273), Leyte (262), Tarlac (258), Camarines Sur (252), and Ilocos Norte (224). Meanwhile, former Senate President Franklin Drilon on Sunday said that independent agencies, and not Congress, should take the lead in investigating the projects. In an interview with radio dzBB, Drilon said he doubts whether Congress can credibly investigate the multi-billion flood-control deals. 'The [COA] and the Ombudsman should take the lead,' he said. 'The COA's function is to exact accountability, while the Ombudsman is the agency that files anti-graft cases.' 'For me, without casting aspersions, what's difficult is that people won't believe the result of [a congressional] investigation, because these are the same people, right? Because whatever you say, the congressmen and the senators…they are the ones who place [budget] insertions, then they will also be the one to investigate?' he said. Flood control has emerged as one of the fastest-growing items in the national budget. The allocation stands at P346.6 billion under the 2025 General Appropriations Act and P224.8 billion in 2024, or roughly P590 billion in just two years. Under the recently-submitted 2026 National Expenditures Program, the allocation for flood control projects is P275 billion, Drilon said. By comparison, the allocation for flood control projects in 2016—the last year of the Aquino administration—was P64.2 billion, according to the former Senate leader, who previously chaired the Senate committee on finance. 'The current budget is about five times higher than that figure,' he noted. Drilon also called for the abolition of district engineers in the DPWH, saying their functions only duplicate those of regional directors. 'The truth is, the district engineer ignores the regional director. The usual excuse — this is the money of a congressman, this is the money of a senator. This means they should no longer interfere,' he said. Last week, Baguio City Mayor Benjamin Magalong also underscored the importance of creating an independent body to probe flood-control projects. 'What is important here is the creation of an investigating body [because] it cannot be Congress who would investigate. What even is the use of the words 'You should be ashamed?,'' Magalong said. 'The message of the President was directed to those in Congress, meaning the anomalies he saw were inside the Congress. So, what is their moral ascendency to conduct an investigation?' - Philippine Daily Inquirer/ANN