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Tuesday, July 03, 2007 |
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BIR chief moves to assure investors |
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Benchmark rates
rise
on slipping tax collections |
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By Angelo S. Samonte Reporter
BENCHMARK interest rates rose at
Monday’ auction, with the 91-day Treasury bill rate, which banks
use in pricing their loans, posting its highest increase on investor
worries about the Philippines’ fiscal condition amid slipping tax
collections.
The rate for the 91-day T-bill
jumped to 3.477 percent from 2.996 percent during the last auction
on May 23, or a 48.1 basis points increase. Investors were willing
to buy as much as P3.1 billion of the debt papers, tripling the P1.5
billion on offer. The Bureau of Treasury sold all the P1.5 billion
worth of IOUs on sale.
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Telecom to grow
more than a tenth in 5 years
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THE Philippine telecommunications
industry is projected to grow more than a tenth in the next five
years, boosted by text services and aggressive price drops and
promotions, the International Data Corp. (IDC) said.
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Power rates to go
down next month
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The cost of electricity is set to
go down in July with the entry of the wet season and as state-owned
National Power Corp. (Napocor) starts recovery of deferred cost
adjustments.
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ADB warns of
another Asian financial crisis
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THE Asian Development Bank (ADB)
said the effects of the Asian financial crisis of a decade ago
remains despite the recovery as most economies.
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Two-cornered fight
for North Harbor deal
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STATE-RUN Philippine Ports
Authority (PPA) announced Monday that the battle for the long-term
operations of North Harbor in Manila is down to two, after the
agency’s special bids and awards committee approved...
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BSP says it has
flexibility to keep rates steady
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The Bangko Sentral ng Pilipinas
said it has the flexibility to keep interest rates steady, citing
the special deposit account measure, low inflation and US Fed’s
decision to maintain rates as main drivers.
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Metrobank cuts
auto loan rate
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METROPOLITAN Bank and Trust Co.
cut its auto loan rate, a bank official said.
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IPVG buys contact
center
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IPVG Corp. disclosed to the
Philippine Stock Exchange on Monday that its business process
outsourcing (BPO) arm bought a contact center firm.
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Filinvest acquires
sugar mill of PSHC
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FILINVEST Development Corp. (FDC)
said it has acquired a sugar mill owned by Pacific Sugar Holdings
Corp. (PSHC).
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BIZZFIZZ
By Rene Martel
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DOT breaks
million arrivals barrier in QI
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IT seems that the hard work and
many air-miles put in by Tourism Secretary Joseph “Ace” Durano
and his DOT team to lure visitors to taste the myriad delights that
the Philippines has to offer is beginning to reap rich dividends.
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