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Wednesday, May 28, 2008 |
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First-quarter external trade in deficit
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Import bill shoots up for 5th
month on costlier oil, rice
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PHILIPPINE purchases of oil as well as rice and
other cereals pushed the country’s import bill to grow by double
digits for a fifth straight month in March, the National Statistics
Office (NSO) reported Tuesday.
The NSO said imports grew 12.1 percent to $5.121
billion from $4.567 billion in the same month last year. In
February, imports were up by 21.7 percent.
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BSP poised to raise interest rates
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THE Bangko Sentral ng Pilipinas (BSP) said Tuesday that it may raise
its key interest rates should persistent high prices risk breaching
next year’s inflation target.
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Government may crank up asset sales
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THE Department of Finance said the Philippines
may double its target revenues from the government’s privatization
program this year to support higher spending and cushion the impact
of skyrocketing commodity prices.
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Manufacturing resumes contraction in March
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FACTORY output last March resumed its contraction as manufacturers
of food, tobacco, petroleum and textiles cut production due to
higher inflation and the anticipated slowdown in the domestic
economy, the National Statistics Office (NSO) reported Tuesday.
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Security Bank sees modest
growth for lending business
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SECURITY Bank Corp. (SBC) said its corporate lending business is
expected to post a modest expansion this year as the country’s
economic growth will slow down.
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Firms, govt prepay more
debts in first quarter
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LOCAL corporates and the public sector took
advantage of a strong peso in the first quarter of the year and
prepaid some of their loans, according to the Bangko Sentral ng
Pilipinas (BSP).
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PLDT eyes third cable landing station
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BAUANG, La Union: Philippine Long Distance Telephone Co. (PLDT) on
Tuesday said it plans to construct a third international submarine
cable landing station in the southern part of the country this year
to serve the rising demand for broadband bandwidth.
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PCCI says costly power
scares foreign investors
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HIGHER power costs are turning off foreign investors at a time when
they are already spooked by global economic uncertainties, the
Philippine Chamber of Commerce and Industry (PCCI) said.
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Onion growers plead for moratorium
on import of commodity
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AN association of 20 big onion growers based in Bongabong, Nueva
Ecija, appealed to Agriculture Secretary Arthur Yap to allow
importation of the commodity only from November to December this
year when local supply is anticipated to run out.
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Local stock market rises
on last-minute buying
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LOCAL share prices closed slightly higher on Tuesday on last-minute
buying but volumes remained thin amid anxiety over high crude oil
prices and inflationary pressures, dealers said.
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G7, G20 nations urged to
seek boost in oil output
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But OPEC dismisses call
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PARIS: France called on the G7 on Tuesday to press oil-producing
nations to boost their output in a bid to bring down prices that
have reached record highs and thrown a spanner in oil-fired
economies.
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Dollar subdued in Asia
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TOKYO: The dollar was narrowly mixed in subdued Asian trading on
Tuesday as players fretted about high oil prices and the state of
the US housing market, dealers said.
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LG Electronics considers
cut in handset prices
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SEOUL: South Korea’s LG Electronics said Tuesday it may have to
cut its handset prices if global leader Nokia moves first to do so.
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VIEWS
FROM A BRIT
By Mike Wootton
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Disaster relief
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The news is full of the China earthquake in Sichuan and of the
irresponsibility of the junta in Myanmar in refusing to allow
international aid to the country following the cyclone earlier this
month.
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