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Thursday, November 15, 2007 |
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Crops, fisheries drive growth
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Farm sector output
expands
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By Chino S. Leyco Researcher
DESPITE a prolonged drought, the
Philippine farm output, which accounts for a fifth of the
country’s economy, grew faster in the third quarter, the
Department of Agriculture reported Wednesday.
In a briefing, Agriculture
Secretary Arthur C. Yap said that in the July to September period
the farm sector expanded by 5.39 percent, faster than last year’s
same-period growth of 4.08 percent, as well as this year’s first
and second quarter growth of 3.3 percent and 4.09 percent,
respectively.
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Domestic air
travel soars on cheap fares, more seats
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DOMESTIC air travel in the Philippines continued to
soar at end-September as carriers offer more seat capacity and
cheaper fares.
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Financial markets
shrug off Congress bombing
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FINANCIAL markets on Wednesday largely ignored a
bombing incident at the Philippine Congress late Tuesday night, with
the peso inching up and the stock market joining an Asia-wide rally.
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US slump expected
to drag down Asia
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SINGAPORE: The US housing slump will next year drag
the world’s biggest economy into a recession that will hit growth
in Asia as well, investment bank Morgan Stanley said Wednesday.
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SMIC reports
higher profit, increases
capital expenditures for next year
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THE holding company of the Philippines’ largest
mall owner and operator announced on Wednesday that its profit for
the first nine months grew as retail revenues more than doubled.
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BIR misses
collection targets in third quarter
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THE Bureau of Internal Revenue (BIR) continued to
miss its collection targets for value-added tax (VAT), excise tax,
percentage tax, and net income tax, based on end-September data.
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Consumer spend
props up Jollibee
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Jollibee Foods Corp. (JFC) raised its profits in the
first three quarters backed by higher sales revenues it garnered
from increased consumer spending.
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First Holdings’
earnings slip on unit’s IPO
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FIRST Philippine Holdings Corp. (First Holdings) said
its net income declined in the first nine months of the year owing
to the initial public offering (IPO) of its power generation unit.
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PAL suffers loss
on high operating costs
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PHILIPPINE Airlines posted a net loss in the second
quarter ending September owing to higher aircraft maintenance and
fuel expenses, the Lucio Tan-owned carrier announced Wednesday.
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Bayan profit
drops on nonrecurring gain
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Bayan Telecommunications Inc. on Wednesday said its
net income dropped by half in the first nine months of the year from
the same period a year ago.
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Lafarge plans
shift to rice-husk energy
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LAFARGE said it will shift to rice husk as an energy
substitute to bring down its operational cost and boost production.
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ATI takes a hit
from stronger peso
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PORT operator Asian Terminal Inc. on Wednesday
reported that its net income fell for the first nine months of the
year owing to the rapid appreciation of peso.
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Airline unit
lifts JG Summit’s core profit
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JG SUMMIT HOLDINGS INC. announced on Wednesday that
its profit for the first nine months fell.
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PNOC-EC earnings
fall on lower Malampaya gain
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THE exploration arm of Philippine National Oil Co. (PNOC)
said its net income for the third quarter dipped by about a third
largely due to the decline in its share of cost recovery from the
Malampaya Project.
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Remittance
business boosts PNB’s nine-month net income
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PHILIPPINE NATIONAL BANK (PNB) said its end-September
earnings grew significantly from a year ago owing to a strong
remittance business, lower bad assets and an increase in its
liquidity position.
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BIZZFIZZ
By Rene Martel
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CCP and MBC share
Christmas spirit
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THEY sit in complimentary juxta position in a bayside
locale that is arguably the cradle of culture in the Philippines.
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