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Friday, May 30, 2008 |
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Inflation, US slowdown take a bite
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First-quarter economic growth slips
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THE government on Thursday said the country’s
first-quarter economic growth slowed, warning Filipinos of a
difficult environment this year due to rising food and oil prices.
In a briefing, the National Statistical
Coordination Board (NSCB) announced that the country’s economy, as
measured by its gross domestic product (GDP), grew at a slower pace
of 5.2 percent, its weakest since 2006. This represented a slowdown
from the revised 6.4 percent expansion in the fourth quarter last
year.
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Peso slumps to seven-month low; stocks fall
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AFTER a day’s respite, the peso on Thursday
suffered a second week of decline against the dollar due to concerns
over rising oil prices, traders said.
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BSP: Slower growth eases
inflationary pressures
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NOT everyone was disappointed by the first-quarter slowdown of the
domestic economy.
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Foreign businessmen urge
transfer of fuel procurement
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FOREIGN businessmen in the country are urging
state-run Power Sector Assets and Liabilities Management Corp.
(PSALM) to transfer National Power Corp.’s (Napocor) fuel
procurement functions to owners of privatized generating plants to
lower electricity costs.
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RP can afford small deficit, says IMF
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THE Philippines can afford a small budget deficit this year as long
as the government can sustain and raise its tax collection effort,
the International Monetary Fund (IMF) said Thursday.
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SMC eyes bigger Indochina market
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Southeast Asia’s largest food and beverage
conglomerate unveiled on Thursday its plan to enter Laos, Cambodia,
Myanmar through joint venture agreements with counterpart firms to
build and operate breweries and distilleries in these countries.
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Malaysia to lift sanction
on RP newsprint export
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Malaysia’s decision to lift the antidumping measures it has
imposed on Philippine newsprint export since 2003 bodes well for the
paper industry, Department of Trade and Industry said.
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RP firms most active in fraud detection
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Philippines has the highest number of privately held businesses (PHBs)
with specialist staff that detects and prevents fraud, according to
Grant Thornton’s International Business Report.
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Tanduay to expand,
increase stake in sugar mill
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TANDUAY Holdings Inc. told the Philippine Stock
Exchange on Thursday that its shareholders have approved its
two-year expansion program.
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UCPB posts significant
growth in consumer loans
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UNITED Coconut Planters Bank (UCPB) said it enjoyed significant
growth in consumer loans in the first four months of the year due to
strong demand for mid-range properties, car and salary loan
products.
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PNOC-EDC shuts down
Negros geothermal plant
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PHILIPPINE National Oil Co.-Energy Development Corp. (PNOC-EDC) has
shutdown the operations of its geothermal power plant in Negros
Occidental because of insufficient steam production.
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Gokongwei property firm
to build first mall in Ilocos
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THE real-estate unit of the Gokongwei group said it will venture
into the Ilocos region with its first shopping mall.
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BIZZ
FIZZ
By Rene Martel
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More grant aid from Australia
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THE Australian Government has increased its official development
assistance (ODA) to the Philippines to P4.4 billion (109.3 million
Australian dollars) for fiscal year 2008-09, an increase of nearly
nine per cent over the previous year.
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