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Friday, August 15, 2008 |
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Taps VAT for spending spree
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Government ramps up infra,
social services outlay
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THE Arroyo administration is ramping up spending
for infrastructure and social services this year by releasing more
of the value-added tax (VAT) collections for the purpose, the
Department of Finance said.
Finance data showed that the Department of
Budget and Management (DBM) has programmed to release P40 billion
for social services and infrastructure projects from the expected
P100-billion revenues arising from the Reform VAT Law.
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Investment pledges double in 1st half
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INVESTMENT pledges made before the
Philippines’ two main incentive-giving agencies doubled in the
first six months of the year, according to the Department of Trade
and Industry (DTI).
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Foreigners exit RP markets
amid risk aversion
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FOREIGNERS pulled their money out of Philippine markets in the first
seven months this year amid lingering risk aversion.
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High inflation trims Jollibee’s serving
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HIGH inflation bit into the first-half profit of
the Philippines’ largest fast-food chain.
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Peso nears 45 to a dollar
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THE peso slid further on Thursday, even as local share prices inched
up on consolidation.
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Higher sales, space rentals
boost Filinvest Land profit
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FILINVEST Land Inc. said its earnings jumped in the first six months
of the year on the back of higher sales and mall and office space
rentals.
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Diversification of parent
offsets McDonald’s slowdown
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WHILE its fast-food chain rival succumbed to price pressures, the
local operator of McDonald’s announced late Wednesday that group
earnings rose on the back of its strong real-estate business.
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SM group grows despite economic gloom
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SM Investments Corp. (SMIC) said Thursday that
its first-half profit rose by double-digits on higher mall rentals
and retail sales.
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PNB sustains profit growth
as it expands core business
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Philippine National Bank has sustained its growth in the first half
of the year as it expanded its lending business despite adverse
financial market conditions that halted the profit momentum of most
banks.
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Metrobank registers double-digit
drop in net income
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Metropolitan Bank and Trust Corp. suffered double-digit drop in net
income in the first half of the year due to continued decline in
trading and foreign exchange gains.
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GMA 7 posts slow gains Jan. to June
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GMA Network Inc. announced that its net income grew at slower pace
in the first half of the year owing to weak performance of its
subsidiaries.
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LandBank loans to priority
sectors higher in first half
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THE LandBank of the Philippines extended more than half of its total
loan portfolio to its priority sectors from January to June, Gilda
Pico, the bank president and chief executive, said Thursday.
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Weak peso bloats Digitel
net loss in 1st semester
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Net loss of Digital Telecommunications Philippines Inc. went up by
almost six-fold in the first half of the year owing to weak peso,
the company reported Thursday.
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ABS-CBN reports faster earnings growth than last
year on strong advertising sales
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ABS-CBN Broadcasting Corp. on Thursday said net profit might have
grown faster this year than a year ago, boosted by strong
advertising sales from smaller advertisers and the aggressive
competition among personal health care firms.
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