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Wednesday, July 30, 2008 |
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July inflation still
at double digits
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By Maricel E. Burgonio and Likha
C. Cuevas-Miel, Reporters
THE Bangko Sentral ng Pilipinas (BSP)
expects inflation to have remained at the double-digit level last
month as a result of higher food and oil prices and costlier
utilities.
BSP Governor Amando Tetangco Jr.
said the central bank projects inflation to have hit 11 percent to
12 percent in July from 11.4 percent in June.
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NTC to push
through with cap on voice call, text rates
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DESPITE telecom companies’ promotional offerings,
the National Telecommunications Commission (NTC) said it would not
abandon a circular imposing a cap on interconnection charges for
text and voice services.
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Philippine
industries’ first quarter revenues slow
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REVENUE growth of Philippine industries slowed in the
first quarter of the year, dragged down by weak sales from real
estate, trade and transportation and communication, the National
Statistical Coordination Board (NSCB) said.
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Peso, share prices
weaken
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THE peso and the stock market weakened on Tuesday
owing to a rebound in oil prices and a warning from the
International Monetary Fund that the US housing mess is far from
over.
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Alaska set to
absorb increase in milk costs
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ALASKA Milk Corp. said it plans to keep prices of its
milk products stable amid a weakening peso, rising inflation and the
expensive price of whole milk powder in the world market.
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Lawmaker wants
govt to scrap VAT on oil products,
step up anti-smuggling efforts
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Rather than increase the excise tax on oil, the
national government could scrap the value added tax on petroleum
products and bolster the anti-smuggling efforts of the Bureau of
Customs, said lawmaker Francis Joseph Escudero, chairman of the
Senate Committee on Ways and Means.
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Equity fund
outflows beset Asia’s emerging markets
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The International Monetary Fund said the emerging
markets’ external funding conditions are tightening as the US
mortgage crisis and higher inflation remains protracted.
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Customs confident
of hitting July goal
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The Bureau of Customs is confident it will meet its
revenue goal for this month “because of various administrative
measures, including [the] enhancement of database...
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Soaring fuel
prices clip PAL’s net income for fiscal year
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PHILIPPINE Airlines said on Tuesday that its net
income fell sharply for its fiscal year ending March this year owing
to soaring jet fuel prices.
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Marubeni power
plant shuts down
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ENERGY Development Corp. (EDC) said that one of the
geothermal power plants in Mindanao owned by Marubeni Corp. of Japan
had stopped operating.
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Aboitiz, Nenaco
to raise cargo rates
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TWO shipping companies have obtained approval from
the Maritime Industry Authority (Marina) to impose higher cargo
rates starting next month to cope with soaring fuel prices.
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Building
materials makers to open venture in Vietnam
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TWO local manufacturers of building materials will
put up production facilities in Vietnam, the Department of Trade and
Industry (DTI) said.
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Pag-IBIG sees
growth despite income drop
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STATE-RUN Home Development Mutual Fund (Pag-IBIG) saw
its net income drop last year, according to its chief executive.
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VIEWS FROM
A BRIT
By Mike Wootton
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The establishment
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“The Establishment” is a term which should be
familiar to those from the UK and USA and other Western cultures.
Often it is interpreted to mean the “ruling class”, or the upper
level of society that has most economic...
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