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Tuesday, October 07, 2008 |
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Forecasts higher third-quarter growth
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Bangko Sentral
decides
to keep interest rates steady
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By Maricel E. Burgonio, Reporter
CITING the prospect of lower
inflation ahead, the Bangko Sentral ng Pilipinas (BSP) on Monday
decided to keep its interest rates steady, adding this would support
economic growth going forward. The BSP had been raising rates since
June after price increases accelerated to multi-year records over
the past several months. With the freeze, its overnight borrowing
and lending rates still stand at 6 percent and 8 percent,
respectively.
BSP Governor Amando Tetangco Jr.
said the central bank’s policy-making Monetary Board decided to
maintain rates due to the improving inflation outlook as oil and
food prices eased, while evidence of second-round effects in terms
of additional wage and transport fare adjustments receded.
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Nearly half of
Asian employers
plan to freeze salary increases–survey
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NEARLY half of employers in Asia plan to slow down on
pay increases in the event of further economic decline, according to
a survey conducted by Watson Wyatt Worldwide.
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Soured residential
property loans rising
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SOURED bank loans for home purchases picked up while
lending for commercial purposes declined in the first six months
this year, according to the Bangko Sentral ng Pilipinas (BSP).
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Peso, stocks fall
as crisis in Europe deepens
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THE peso and the local bourse joined financial
markets across Asia that weakened as the US financial crisis claims
more casualties in Europe.
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Banks’ bad loans
continue to shrink
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THE bad loans of universal and commercial banks eased
further in July as a percentage of their total loan portfolio,
according to the Bangko Sentral ng Pilipinas (BSP).
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BIR, Finance still
at odds over target
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THE Bureau and Internal Revenue (BIR) and the
Department of Finance are clashing over the attainability of this
year’s collection target.
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Govt to renew
talks with Russia on oil supply
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The government plans to revive talks with
petroleum-rich Russia in a bid to diversify the country’s sources
of oil, which mainly comes from the Middle East.
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Metro Pacific
poised to buy out remaining shareholders of FPII
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Metro Pacific Investments Corp. has offered to buy
the remaining common shares of First Philippine Infrastructure Inc.
(FPII) held by the public, the firm disclosed to the Philippine
Stock Exchange on Monday.
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Atlas copper mines
to process ores
after Phase 1 rehabof Toledo Mines
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Atlas Consolidated Mining and Development Corp. told
the Philippine Stock Exchange on Monday that its subsidiary Carmen
Copper Corp. would be processing ores after completing first phase
of the rehabilitation work...
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Metrobank boosts
capital position
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METROPOLITAN Bank & Trust Company, the
country’s largest bank, has successfully raised its capital
through the issuance of the lower tier 2 peso-denominated notes.
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PNOC formalizes
offer to divest Petron stake
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State-owned Philippine National Oil Co. has formally
notified oil refiner Petron Corp. of its plan to privatize its
remaining shares in the company.
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Elizaldes’
Manila Broadcasting acquires 96.3 Wrock
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Manila Broadcasting Co. announced on Monday that it
is acquiring an FM station owned by ACWS-United Broadcasting Network
Inc. and Exodus Broadcasting Co.
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MANAGING
FOR SOCIETY
By Benito L. Teehankee
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Responsible
management education, Part I
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Some observers believe that the corporate social
responsibility movement is making progress. Others are more cynical
and think that CSR is nothing but an elaborate PR mechanism for big
business.
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