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Friday, April 04, 2008 |
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IMF calls for higher taxes,
more cuts in fiscal perks
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THE International Monetary Fund (IMF) has called
on the Philippines to raise tax rates to fund the government’s
medium-term infrastructure plan, sustain the country’s economic
growth, and stem the departure of skilled Filipinos.
In a briefing, Reza Baquir, the IMF resident
representative, said the Philippine economy, as measured by its
gross domestic product (GDP), is likely to grow 6.3 percent this
year under the envisioned fiscal reforms. This is higher than the
lender’s original forecast of six percent, and in line with the
government’s estimate of 6.3 percent to seven percent.
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Cabinet approves investment projects to
be granted tax holidays, other perks
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The cabinet members on Thursday approved the
trimmed number of investment projects qualified to enjoy tax
incentives and other perks, and indicated items up for revisions.
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Philippines’ lack of refineries seen to
promote import of ethanol products
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DESPITE a flurry of investment proposals from
various groups, the Philippines’ refining capacity may fail to
meet the mandated blending of the alternative fuel, thus raising the
prospect of importing the country’s requirements, a Department of
Energy official said.
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Dollar lending improves on strong peso
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LOANS issued by foreign currency deposit units (FCDU) of banks went
up last year as more borrowers took advantage of a strong peso, the
Bangko Sentral ng Pilipinas (BSP) said Thursday.
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Stock market dips on Fed
warning of US recession
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LOCAL share prices closed lower Thursday as investors locked in
profits after the US Federal Reserve warned of possible recession in
the world’s largest economy, dealers said.
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Power supply disruption seen to loom
as Malampaya shuts down for repair
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A POWER supply disruption looms at the Luzon grid as Shell Petroleum
Exploration Corp. (SPEX) is set to shutdown the Malampaya pipeline
to make way for possible repairs at the country’s largest natural
gas facility.
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Regulator urges minimum toll fee
for Subic-Clark Expressway
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THE Toll Regulatory Board (TRB) plans to charge
motorists a P2 per kilometer rate for the use of the
Subic-Clark-Tarlac Expressway (SCTEx).
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SMIC to build more
hypermarts, department stores this year
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THE holding company of the Philippines’
largest mall developer and operator is expanding its retail business
as it plans to build more department stores, supermarkets and
hypermarkets this year.
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Monetary Board approves
BDO-EPCI Tier 2 debt issue
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The Monetary Board has allowed Banco de Oro (BDO)-EPCI Inc. to issue
lower Tier 2 capital to finance the bank’s expansion, according to
Bangko Sentral ng Pilipinas (BSP).
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Domestic trade down nearly
a fifth in second quarter
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THE country’s total value of domestic trade in the second quarter
of last year went down by nearly a fifth, the National Statistics
Office said.
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Unilever’s new chief to focus
on international market
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The Philippine unit of Unilever is set to beef up its export
products, the company’s new chief executive officer said.
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LGU stalls Manila Water’s
project in Carmen, Cebu
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Manila Water Company Inc. (MWCI)’s proposed bulk water supply
project in Cebu remains pending as the local government has yet to
push the project forward.
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BPI readies war chest
for takeover of rival bank
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THE Philippines’ third largest bank is beefing
up its war chest for the possible acquisition of a rival as the
industry consolidates amid tighter competition.
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Sta. Lucia sells Makati
properties to finance projects
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STA. Lucia Land Inc. told the Philippine Stock Exchange on Thursday
that it sold its Makati properties to Alphaland Corp. to help
finance its projects nationwide.
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