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Monday, June 23, 2008 |
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IMF cuts Manila’s
economic growth forecasti
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By Maricel E. Burgonio Reporter
THE International Monetary Fund (IMF)
cuts its economic growth forecast for the Philippines this year on
the back of slowing external demand and softening consumption.
In a statement, the world’s
lender-of-last-resort said the Philippines’ gross domestic product
(GDP) is likely to grow 5.2 percent this year, or lower than its
earlier projection of 5.8 percent.
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Stock market to
take cue from developments in US
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LOCAL share prices will continue following the lead
of the US stock market this week amid continued concern about oil
prices and the state of the US economy, a dealer told AFP on Friday.
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World Bank
dangling loan for subsidies
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THE World Bank is dangling before the Philippines a
loan aimed at supporting the government’s cash subsidies to the
poor.
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Customs oil import
data faulty –Finance
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THE Department of Finance admitted that the Bureau of
Customs’ (BOCs’) import data are inconsistent with that of other
agencies.
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RP trails
neighbors on real estate index
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THE Philippines trails its Southeast Asian neighbors
as an attractive destination for global real estate developers, an
international consulting firm said.
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Inflation takes
toll on LRT 1 South Extension Project
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HIGH inflation is taking its toll on the proposed
extension of country’s first light rail transit (LRT 1),
according to an official of the Light Rail Transit Authority (LRTA).
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DBP, LandBank may
fund LRT north leg
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TWO state-run banks are prepared to fund the
inter-connection project for two light rail transits (LRT) ending at
North Avenue in Quezon City and Monumento in Caloocan City, the
Department of Finance said.
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BOI eyes steel
manufacturing investor
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The Board of Investments is expecting multi-billion
dollar investments in steel manufacturing and in the iron ore mining
industry, the agency’s top official said.
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THE Bangko Sentral
ng Pilipinas (BSP)
will require tighter security in banks
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BSP Gov. Amando M. Tetangco Jr. said the central bank
is drafting new guidelines on minimum security requirements which
will be adopted based on the lenders’ nature of operations, size
and location.
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Life plans boost
May pre-need sales
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LIFE plans helped life sales of pre- need companies
by double-digits last month, the Securities and Exchange Commission
(SEC) said on Friday.
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Eton bags tax
perks for low-cost housing
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Eton Properties Philippines Inc, a property company
owned by Lucio Tan, has been granted tax perks and other incentives
by the Board of Investments (BOI), for its two low-cost housing
projects in Metro Manila.
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LRWC in games
tie-up
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LEISURE and Resorts World Corp. (LRWC) disclosed to
the Philippine Stock Exchange that it has tied up with a foreign
firm to acquire a new company that will be engaged in land-based
sports book operations.
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Energy dept
delays Visayas WESM
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DESPITE the growing clamor from industry
stakeholders, the Department of Energy has yet to give the go-signal
for the start of the operations of the Wholesale Electricity Spot
Market (WESM) in the Visayas.
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