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Friday, January 25, 2008 |
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World Bank slams proposal
to lift VAT on oil products
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THE leading lender to the world’s poor said
the Philippine government should resist pressure from legislators to
lift the value-added tax (VAT) on petroleum products.
The World Bank threw its weight behind
sister-institution the International Monetary Fund (IMF), saying
fuel tax reduction can compromise the government’s revenue
objectives, as the levy on oil is one of the easiest ways to raise
taxes. The IMF earlier said reinstating the VAT exemption of fuel
products is antipoor.
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Steep cut seen in BSP key interest
rate
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ALONG with other central monetary authorities
across Asia, the Bangko Sentral ng Pilipinas (BSP) is expected to
shadow the actions of the US Federal Reserve by the end of this
month after cutting its Federal funds rate in a surprise move
Tuesday night to calm global financial markets.
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Peso, stocks rise further
despite lingering US woes
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THE peso and local share prices continued their rise on Thursday
despite lingering concerns over the health of the US economy, the
Philippines’ largest export market and home to the lion’s share
of Filipinos working overseas whose remittances help fuel domestic
expansion.
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Partsmakers plan local
assembly of electric jeepney
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LOCAL auto parts makers said on Thursday that
they will manufacture electricity-run jeepneys.
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Power asset sale target doable, says
NEDA
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THE government plans to sell two geothermal
plants this year to meet the requirements of a law mandating the
sale of at least 70 percent of state assets in the power sector, the
National Economic and Development Authority (NEDA) said.
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Oil prices rebounded in Asia
after Fed Reserve rate cut
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SINGAPORE: World oil prices rebounded in Asian trade on Thursday
after plunging over continued fears for the US economy despite an
emergency interest rate cut by the Federal Reserve.
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S. Korean firms to develop
next generation chips–govt
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SEOUL: The world’s two largest memory chip manufacturers will work
together to develop next-generation semiconductors so South Korea
can stay ahead of its rivals, the government said Thursday.
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Film documents the US
sliding towards disaster
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PARK CITY, Utah: With the US national debt topping $9 trillion, and
climbing, filmmaker Patrick Creadon warns of a looming US fiscal
crisis in his “I.O.U.S.A.”
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3G phone demand seen picking up this year
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DEMAND for 3G (third-generation) technology
phones is expected to pick up this year, according to International
Data Corp. (IDC).
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Vista Land shareholders opt to
keep stake beyond IPO deadline
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THE holding firm of the Villar group announced on Thursday that
majority of its owners decided to hold on to their entire
shareholdings beyond the deadline given by the Philippine Stock
Exchange (PSE) in a separate lock-up undertaking.
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UCPB leasing arm’s profit
surges on higher demand
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THE wholly-owned leasing unit of United Coconut Planters Bank
announced on Thursday that its income surged last year on higher
revenues from new leases and loans as well as lower interest
expense.
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ABS-CBN pushes NTC to hasten
issuance of rules on digital TV
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ABS-CBN Broadcasting Corp. wants the National Telecommunications
Commission (NTC) to hasten the issuance of its digital terrestrial
television (TV) policy to resolve the network’s poor reception in
Mega Manila and Central Luzon that the company claims has been
affecting its program ratings.
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CDC Holdings eyes two-fold sales increase
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PROPERTY developer CDC Holdings, Inc. and its marketing arm
Quadrillion Sales Inc. expect to post more than two-fold sales
growth this year.
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Thrift banks’ bad loan ratio improved in Oct.
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THRIFT banks saw their bad loan ratios improve in October last year
over the previous month with the level of nonperforming loans
declining even as they raised lending amounts, the Bangko Sentral ng
Pilipinas said.
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