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Thursday, September 18, 2008 |
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BSP assures: Banks in good position, no reason to panic
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Local banks with exposure of structured products in Lehman Brothers
are expected to post lower profitability this year, but Bangko
Sentral Governor Amando Tetangco Jr. assured the depositors there is
no reason to panic.
Bangko Sentral’s survey showed that the
banks’ total exposure to Lehman amounts to P15 billion to P25
billion, or 0.3 percent to 0.4 percent of the banking industry’s
total assets.
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Govt posts surplus amid high spending in Aug.
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The national government managed to post a modest budget surplus in
August this year on the back of Customs’ higher tax collection,
Finance Secretary Margarito Teves announced Tuesday.
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Risk of high inflation stays despite oil price dips
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The Bangko Sentral ng Pilipinas said the risk of high inflation
remains despite declining world oil prices.
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Federal Reserve maintains base lending rate at
2.0 percent despite financial turmoil
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WASHINGTON: The Federal Reserve on Tuesday held its base lending
rate at 2 percent, saying the US economy is likely to achieve
“moderate” growth over time despite the current financial
turmoil.
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Oil rebounds in Asia, financial markets on edge
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SINGAPORE: Oil prices rebounded by $3 in Asia on Wednesday, after
recent heavy losses, and global financial turmoil is likely to keep
trading volatile, dealers said.
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Philippine shares prices close higher on Wall Street gains
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Philippine share prices closed 1.5 percent higher Wednesday, helped
by Wall Street gains and investors picking up local stocks after an
11-percent slide over the past six days, dealers said.
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RP infrastructure program calls for huge funding–Recto
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THE government’s strategic measure to minimize the impact of the
global economic slowdown on the country includes spending trillions
of pesos to finance infrastructure projects up to the end of
President Gloria Arroyo’s term.
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Huge capital eyed for energy infra
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The government would need a huge capital in the next six years to
minimize the country’s dependence on imported oil through the
development of the country’s indigenous resources, Energy
Secretary Angelo Reyes said at the Philippine economic briefing.
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PLDT unit invests in Bermuda-based firm to expand network
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A unit of Philippine Long Distance Telephone Co. (PLDT) on Wednesday
said it had invested in a Bermuda-based company engaged in satellite
business to expand its network capacity requirements.
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Non-electric power firm secures license as electricity supplier
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The Energy Regulatory Commission has awarded a license to Premier
Energy Resources Corp. (PERC) to be a retail electricity supplier
upon implementation of open access and retail competition in the
power sector.
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Yakal oil drilling activities yield encouraging results
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Two Aussie firms exploring for petroleum reserves off the coast of
Palawan reported encouraging signs in their drilling activities.
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PAL set to offer cheaper fares
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DESPITE soaring jet fuel prices, Philippine Airlines on Wednesday
said it would offer cheaper fares to attract more passengers to fly
in the region as the airline carrier add more flight frequencies.
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BPO firm launches home-agent service offering
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One of the world’s leading provider of complex business process
outsourcing (BPO) solutions eTelecare, has launched home-agent
service offering for its US delivery centers.
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Unprecedented rescue loan for AIG to avert contagion
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WASHINGTON: In a move aimed at averting a new global economic shock,
the US Federal Reserve agreed an unprecedented $85-billion rescue
loan for American International Group (AIG).
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Asian stocks lose steam after cheering AIG rescue
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TOKYO: A rally on Asian stock markets triggered by a massive US
rescue plan for insurance giant American International Group (AIG)
lost steam Wednesday as worries crept back over the US financial
crisis, brokers said.
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Bank of Japan says economy to stay sluggish
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TOKYO: The Bank of Japan said Wednesday that it expected the
world’s second largest economy to remain sluggish for now amid
market turmoil as it kept interest rates at a low 0.50 percent.
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