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Wednesday, April 02, 2008 |
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Cites inflation, US slowdown
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WB cuts RP growth forecast
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THE World Bank on Tuesday cut its economic
growth forecast for the Philippines, citing higher consumer prices
and the US slowdown.
In its East Asia and Pacific Update, the
Washington-based lender downgraded its Philippine gross domestic
product (GDP) forecast to 5.9 percent this year from the 6.2 percent
estimate made last November.
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Japanese executives gloomiest in years
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TOKYO: Japan’s top executives are the gloomiest in four years due
to a surging yen, high oil prices and a weaker global economy, the
central bank said Tuesday, raising fears of a looming recession.
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RP stocks end first quarter at 5-year low
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LOCAL share prices closed lower Tuesday as investors took profits
after a seven-day advance, dealers said.
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Oil import bill up on demand
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DESPITE record prices, the Philippines imported
more oil last year due to higher demand accompanying the country’s
record economic expansion, the Department of Energy said Tuesday.
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State asset sales to take
hit from risk aversion
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PHILIPPINE asset sales will take a hit from
renewed risk aversion arising from the US’ economic woes at a time
when the government requires additional resources to prime the pump
and keep the domestic economy afloat, according to pundits.
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First Holdings may refinance maturing debts
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First Philippine Holdings Corp. plans to
refinance its debts maturing next year to take advantage of
relatively lower interest rates, its CEO announced Tuesday on the
sidelines of an investors’ briefing.
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Local banks urged to upgrade financial services
system to match expansion
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The expansion of Philippine banks would need corresponding upgrade
in financial services system to maximize their revenues, a top
official of Fidelity National Information Services Inc. (FIS), a
provider of core processing for financial institution, said.
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ICTSI subsidiary to take over operation
of NCT-1 in Subic freeport
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International Container Terminal Services Inc. on Tuesday announced
that its subsidiary will take over the operation of the New
Container Terminal-1 at the Subic Bay Freeport Zone.
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Taiwanese firms seen to invest more in RP
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The Manila Economic and Cultural Office has reported that Taiwanese
firms plan to increase their investments in the Philippines and step
up recruitment for their labor pools to match their expansion
thrusts.
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Blames lower forecast on inflation
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Globe rules out double-digit
growth, cites inflation
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GLOBE Telecom Inc. on Tuesday said it would be
hard to replicate the double-digit revenue growth this year owing to
higher inflation.
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Unilever sees market share
in food, toiletries expanding
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UNILEVER Philippines Inc. plans to increase its market share in the
food and toiletries categories, the company’s top executive said
Tuesday.
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Megaworld buys Ayala Land subsidiaries
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MEGAWORLD Corp. told the Philippine Stock Exchange on Tuesday that
it bought out three units of Ayala Land Inc. (ALI) so the acquirer
can develop a property in Makati.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Numbers games
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I see that there is a lack of statistical correlation on trade and
investment between The Philippines and China. China apparently says
that it exports and invests $30 billion in the Philippines whereas
the Philippines records Chinese imports and investment at $8
billion—a significant difference.
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