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Wednesday, June 25, 2008 |
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After BOI extended grant of tax perks
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Trade warned about sham housing
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THE Department of Finance has cautioned the
Board of Investments (BOI) against approving tax and other
incentives for sham mass-housing projects.
A Finance department official said the BOI
should desist from granting tax incentives to condominium projects
as this result in more government revenues lost.
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ANALYSIS
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Property firms review expansion
plans amid slowdown
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SOARING prices of food and oil, accompanied by
rising interest rates and a slowing economy are pushing real-estate
developers to scale back their expansion plans, putting a brake on
what has so far been one of the hottest property sectors in Asia.
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Govt principal payments drop in May
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THE government’s principal payments last month on its
multi-trillion-peso debt declined year-on-year, the Bureau of
Treasury data showed Tuesday.
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Hikes in BSP rates seen until next year
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UNION Bank of Switzerland (UBS) said the Bangko
Sentral ng Pilipinas (BSP) will increase its key policy rates well
into next year to assure price stability.
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VECO pays TransCo in full for divested assets
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The National Transmission Corp. (TransCo) has divested a portion of
its sub-transmission assets in Cebu to Visayan Electric Company Inc.
(VECO), the largest private utility in Southern Philippines.
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Suweco’s hydro-power projects
in Catanduanes set to proceed
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The Department of Energy signed three new operating contracts with
Sunwest Water and Electric Power Company Inc. (Suweco) for the
development of three mini-hydro electric power plants in Catanduanes.
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PNB eyes moderate profit
growth, cites integration cost
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The Philippine National Bank projects profit growth this year would
be moderate due to the cost of the bank’s integration with Allied
Banking Corp.
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World Bank prods Philippines
to tap more loan assistance
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AFTER announcing its readiness to finance the Philippine
government’s cash-transfer program, the World Bank is now
encouraging the country to further tap its facility to address the
problem of tight and costly commodities.
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Rent-free locations in Subic offered
to Taiwanese high-tech firms
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The Subic Bay Metropolitan Authority (SBMA) will now offer rent-free
locations to Taiwanese companies engaged in high-technology
ventures.
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Sultan Mining pushes back
maiden share offering
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Sultan Mining and Energy Development Corp. will push back its maiden
share offering slated this month to allow it “to complete and
present its interim operating results as of the first half of 2008
to prospective investors,” according to its underwriter.
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ISM to raise funds via stock
rights offer for IT venture
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ISM Communications Corp., a listed company controlled by former
trade and industry minister Roberto Ongpin, said its board approved
Monday the raising of funds through a stock rights offer for its
venture in information technology-related business.
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Bayan rolls out mobile phone
service within its network
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Bayan Telecommunications Inc. has rolled out its mobile phone
service to meet the May deadline set by the National
Telecommunications Commission for the extension of the company’s
license, the regulator announced Tuesday.
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PhilNaRe may close deal with
strategic investor this year
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The National Reinsurance Corp. of the Philippines announced it would
take in a strategic investor that would help the company expand its
capital base and enter the regional reinsurance market.
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VIEWS
FROM A BRIT
By Mike Wootton
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Could be hard times
ahead
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If with the rising costs of living you find yourself in a position in
which you cannot afford to pay for the necessities of life—shelter
and food; and you are in an environment in which everything has to
be paid for (preferably in advance and with a security deposit),
then what are you to do?
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