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Thursday, April 02, 2009 |
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Public infra cost overruns shoot up in 2008
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By Darwin g. Amojelar, Senior Reporter
TWENTY-NINE ongoing projects funded by foreign donors exceeded their
spending limits by nearly a third last year due to excessive bids
and costlier raw materials, the National
Economic and Development Authority (NEDA) said.
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Energy admits impotence amid resurgent fuel prices
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THE Department of Energy (DOE) admitted it was impotent amid
resurgent fuel prices.
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Govt borrowings surge at end-February
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THE Philippines contracted more fresh debt in the first two months
of the year, as the government cranked up spending to cushion the
country from the adverse impact of a global slowdown.
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Higher deficit seen to push up rates
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A HIGHER budget deficit will push up interest rates this year,
according to Philippine Equity Partners Inc. (PEPI).
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Remittances help trim joblessness–BSP
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REMITTANCES of overseas Filipino workers (OFW) may have kept the
country’s labor force—and by extension the
unemployed—manageable, the Bangko Sentral ng Pilipinas (BSP) said.
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Stock market continues decline amid profit-taking
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PHILIPPINE shares dipped lower Wednesday as investors took quick
profits from the local market’s rebound earlier in the day,
dealers said.
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Deflation threatens to exacerbate recession–IMF
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MADRID: Deflation poses a risk in Europe and the United States and
could exacerbate the recession and complicate recovery, the head of
the International Monetary Fund said in an interview published
Wednesday.
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Pagcor City to push through despite Macau, Vegas rout
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While other gaming capitals like las Vegas and Macau suffer drops in
revenues and investments, the Philippine government said it would
still push through with its “Pagcor City,” project dubbed as the
Bagong Nayong Pilipino Entertainment City that will rise along
Manila Bay.
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Aboitiz group cuts stake in transport subsidiary
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KGLI-NM, a joint venture between shipping firm Negros Holdings and
Dutch company, Management Corp. and KGL Investment BV., will acquire
more than a third of the country’s largest shipping company.
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Inter-agency body seizedsteel bars
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A joint public-private monitoring team has recently seized millions
of pesos worth of uncertified steel angle bars in Batangas and
Cavite, the Federation of Philippine Industries (FPI) said.
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San Miguel buys out Japanese partner
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SOUTHEAST Asia’s largest food and beverage conglomerate announced
on Wednesday that it is into a Japanese company that manufactures
paper containers.
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Govt awards last batch of energy deals
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The Department of Energy (DOE) Wednesday awarded the last of the
energy exploration and development contracts bid out by the
government three years ago.
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Cancellations hit Ayala Land
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THE Philippines’ biggest real-estate developer announced Wednesday
that cancellations increased last year amid the global financial
crunch.
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P&G offers new value packaging for detergents
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THE Philippine unit of consumer goods manufacturing giant Procter
& Gamble is launching a new line of value packaging for its
laundry brands, which the company said would help consumers save up
amid the ongoing economic crunch.
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StarTek to expand maiden Philippine operation
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STARTEK is expanding its Philippine operations to service new voice
accounts in its Makati City facility, the US firm’s first location
outside North America.
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Cebu Pacific passenger traffic rises in first quarter
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CEBU Pacifc on Wednesday said the number of local and foreign
passengers that it carried grew nearly a third in the first quarter
of the year despite the economic slowdown.
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PAL seeks to dismiss Radio Law-violation case
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PHILIPPINE Airlines (PAL) has asked the National Telecommunications
Commission (NTC) to dismiss the two administrative cases filed by
the regulator for illegal purchase of aircraft and operation of
communication and navigational equipment.
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Sun Life profit up in 2008
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THE life insurance arm of Sun Life Financial Philippines said it
registered a higher net income last year on the back of stable
premium revenues and a resilient investment income.
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