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Monday, January 08, 2007

 

Expansion projects removed from IPP

 By Likha C. Cuevas and Angelo S. Samonte, Reporters

A TURF war is reigniting between the finance and trade departments given government efforts to reorganize a program aimed at attracting investments to the Philippines through the promise of tax and other perks.

The reorganization forms part of the government’s campaign to rein in its fiscal deficit and balance the budget come 2008. The two departments had been at loggerheads over a bill pending before the Senate that seeks to reduce the types and amount of perks awarded investors.

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O T H E R   R E P O R T S

 

DESPITE its recent strength, the peso is seen to depreciate against the dollar in the run up to the May midterm election.

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THE Philippines plans to raise its privatization target this year on the back of the higher-than-expected proceeds from the sale of state assets last year.

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MORE banks have committed to sell their bad assets under a scheme that grants them tax and other perks for such a sale, the Bangko Sentral ng Pilipinas (BSP) said.

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MEGAWORLD Corp. is in talks with Deutsche Bank AG for an affordable financing program similar to a scheme the property developer earlier signed with Security Banking Corp.

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CARMEN Copper Corp. has secured tax and other incentives for its plan to reopen a Cebu mining facility previously operated by parent Atlas Mining Consolidated and Development Corp.

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BEYOND THE BUZZWORDS
By Reylito A.H. Elbo

THE lost sock reappears after its match has been thrown. This I found out with Bonnie, my ex-girlfriend. That’s how I learned my lesson—don’t do 5S good housekeeping without the lead housekeeper.

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VIRTUAL BUSINESS
By Tony Lopez

SAN Miguel Corp. will sell its entire 65-percent stake in the local Coca-Cola Bottlers Co. of the Philippines Inc. (CCBPI) to the Coca-Cola Co. of Atlanta, Georgia.

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