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Friday, October 10, 2008 |
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Remittances to fall – IMF |
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Recession unlikely in emerging economies
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The International Monetary Fund (IMF) said remittance inflows to the
Philippines are likely to decline because of a slowdown in advanced
economies.
“Economies like the Philippines and also in
Central America, the Caribbean, perhaps in emerging Europe as well,
will be affected by slowing inflows from remittances, in a similar
way to slowing demand for their export goods,” Charles Collyns,
the IMF deputy director, said recently in a transcript from a press
conference in the US.
Collyns, though, assured that the emerging
economies would not suffer the major downturns and even recessions
that happened during previous global business cycles.
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O T H E R R E P O R T S
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JPEPA ratification to boost exports P1.4B
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The Senate concurred Wednesday night with the ratification of the
Japan-Philippine Economic Partnership Agreement (JPEPA) by a vote of
16-4 before going on a month-long recess.
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PROTECTIONISM RECIPE FOR DISASTER
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The Asian Development Bank (ADB) warned that protectionism to stave
off recession or economic collapse as a result of the global
financial crisis would be “a recipe for disaster” for many parts
of the world, especially in Asia.
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Asian nations should brace for worse – Aussie minister
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All of Asia—that is, including the Philippines—remains in peril
because of the US financial crunch that triggered a freefall of
stocks worldwide, the Australian Foreign Minister said Thursday.
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Unioil cuts prices; oil on downtrend
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Independent oil player Unioil was poised to roll back P2 a liter
from diesel and kerosene, its spokesman said Thursday, when world
oil prices continued on a downward trend.
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Apostol resigns, eyes Union Bank board – Ermita
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Executive Secretary Eduardo Ermita confirmed Thursday that Sergio
Apostol, chief presidential legal counsel, had resigned and would
join the private sector before he runs for a congressional seat in
Leyte in 2010.
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‘Better days ahead,’ says Democratic bet Obama
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INDIANAPOLIS, Indiana: Barack Obama promised Americans on Thursday
“better days ahead” despite another day of carnage on Wall
Street and global markets, rising job losses and dark clouds of
economic doom.
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Fall in milk demand opens opportunities
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As a result of the worldwide scare from melamine in China-made milk
products, local milk producers might lower their prices by about 10
percent to 20 percent, the government said Thursday.
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Ayala Corp. says it may buy AIG’s Philamlife in disclosure
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Top conglomerate Ayala Corp. said Thursday it may bid for the
Philippine unit of troubled US firm American Insurance Group (AIG).
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