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Thursday, May 29, 2008 |
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No immediate impact seen on credit rating
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RP defers balanced-budget goal,
cuts growth target
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THE Philippines has put off a government plan to
balance its budget this year, the country’s economic managers said
Wednesday. Besides postponing its fiscal program, the Development
and Budget Coordinating Committee (DBCC) also cut the country’s
economic growth target in light of rising inflation and a slowdown
in its largest export market, the US.
The inter-agency body, which sets the
country’s macroeconomic goals and assumptions, cut its gross
domestic product (GDP) growth forecast this year to between 5.7
percent and 6.5 percent, from the original 6.3 percent to 7 percent.
Inflation is expected to average from 5.5 percent to 6.5 percent,
higher than the earlier 3 percent to 4 percent range. This is on
account of a higher forecast for Dubai crude, the country’s
benchmark for the commodity at between $95 and $105 per barrel, from
$80 to $90 a barrel previously.
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Meralco woes contribute
to dip in stock market
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THE stock market closed lower Wednesday, with
Manila Electric Co. (Meralco) among the day’s losers after a
tumultuous shareholders’ meeting on Tuesday appeared headed for
the local courts.
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Government sets price
for debt-default papers
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THE Philippines has set the price for its additional sale of
debt-exchange warrants, which would allow holders of government’s
foreign currency bonds—also called ROPs (Republic of the
Philippines)—to convert these financial instruments into
peso-denominated debt papers in case of default.
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Strong peso, higher rates
key to cooling inflation–DBS
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DEVELOPMENT Bank of Singapore (DBS) said Wednesday that weaker a
foreign exchange rate and higher borrowing rates may well be what
the Philippines needs to cool inflation this time.
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PLDT sees slowdown in subscriber growth
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PHILIPPINE Long Distance Telephone Co. (PLDT)
expects mobile phone subscriber growth this month to slow on weak
consumer spending because of higher food and fuel prices.
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Telco asks NTC for higher
broadband frequency
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IN a bid to compete with big hitters in high-speed Internet
connection service, a telecommunication company has asked the
National Telecommunications Commission (NTC) for a wireless
broadband frequency that will expand its coverage.
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Metrobank unit to invest
in coal-fired power plant
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Global Business Power Corp., a unit of the Metrobank group, will put
up a 246-megawatt coal-fired power plant in Panay Island in a move
to expand its operations in the Philippines, according to the Board
of Investments (BOI).
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Industry group moves to stop
VAT on power system loss
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The Federation of Philippine Industries Inc. (FPI) plans to seek
court action to stop the government from collecting value added tax
imposed on the system loss component of the consumer electricity
bills.
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Nido raises funds for expansion
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NIDO Petroleum Ltd. has raised capital for the
expansion of the drilling program in its petroleum service contract
area in offshore Palawan.Jocot de Dios, Nido president...
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Basic Energy to ink supply
deal with cassava producer
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BASIC Energy Corp. will ink a supply agreement with a cassava
development and production company in Zamboanga for its ethanol
feedstock requirements.
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SEC to fine iRemit for realignment of IPO
proceeds; firm to seek reconsideration
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THE Securities and Exchange Commission (SEC) is set to penalize
iRemit Inc. for using the proceeds of its initial public offering (IPO)
for purposes other than what the company had announced earlier.
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Sterling Bank to acquire commercial lender
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STERLING Bank of Asia plans to acquire a commercial lender to expand
its income sources.
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