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Saturday, July 05, 2008 |
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High inflation-induced fiscal
gains temporary, says S&P
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STANDARD & Poor’s Ratings Services
(S&P) said the Philippines is likely to end the year with a
budget deficit amounting to one percent of the domestic economy.
Agost Benard, S&P analyst, said the
government may end up with a budget deficit of that is one percent
of gross domestic product (GDP), or equivalent to P75 billion. This
is in line with the finance department’s estimate for this year.
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Chinese financial aid to RP doubles
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THE National Economic and Development Authority (NEDA) said the People’s Republic of China’s financial aid to
the Philippines doubled last year, as the world’s fastest growing
economy offered easy loans.
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Psalm cleared of price manipulation
charges, ERC reaffirms
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THE Energy Regulatory Commission (ERC)
reaffirmed its decision clearing state-run Power Sector Assets and
Liabilities Management Corp. (Psalm) of charges of manipulating
prices at the spot market for electricity.
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ADB, Philippines set talks on
boosting country’s growth
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AN ASIAN Development Bank (ADB) team will meet with Philippine
economic managers to discuss ways to boost economic growth, the
Department of Finance announced on the same day the government said
inflation shot up to a 14-year high.
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Lapu-Lapu, Davao most
competitive, survey shows
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KEY cities in the southern part of the
Philippines have topped a recent survey of the most competitive
places to live in, work and operate a business.
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Fitch maintains stable outlook on RP banks
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FITCH Ratings Inc. maintained its stable outlook
for Philippine banks due to the improvement in their financial
profile despite the expected weaker performance in lending and
profits.
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SMC, URC to keep Moody’s
stable outlook ratings
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MOODY’S Investors’ Service will keep its credit ratings for two
Philippine food and beverage manufacturers in the near term amid
slowing economic growth and soaring inflation worldwide.
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Seaoil extends prepaid fuel card promotion
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SEAOIL Philippines Inc. is extending its prepaid fuel card promo in
light of the positive response it received from the public.
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GSIS offers emergency
loans for typhoon victims
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STATE-RUN Government Service Insurance System (GSIS) has approved
the grant of emergency loans to members in areas heavily hit by
recent typhoons.
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Citibank launches
SMS-based credit charge service
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THE local unit of Citibank NA has introduced the Philippines’
first text messaging-based credit charging service with the launch
of its Citi Mobile.
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Emerging Asia hard-pressed
to contain inflation—ADB
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TOKYO: Asia’s emerging economies are “highly vulnerable” to
skyrocketing oil prices, making inflation the number one concern for
policymakers, the head of the Asian Development Bank (ADB) said
Friday.
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Biofuels behind food price hikes:
leaked World Bank report
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LONDON: Biofuels have caused world food prices to increase by 75
percent, according to the findings of an unpublished World Bank
report published in The Guardian newspaper on Friday.
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US economy loses jobs
for sixth straight month
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WASHINGTON: The world’s biggest economy lost jobs for a sixth
straight month in June as US employers shed 62,000 non-farm jobs
amid a lingering slowdown, a Labor department report showed
Thursday.
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LEARNING
& INNOVATION
By Moje Ramos-Aquino, FPM
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A world of difference
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There are several highlights in my recent trip to the USA and
Canada. One is a visit to the Banff National Park and Lake Louise to
view the spectacularly beautiful Canadian Rockies with my KGO
Sorority Sis Florence Zablan-Josue and her hubby Oyie.
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