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Monday, April 06, 2009 |
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Due to delayed funds for North Rail
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China slaps penalties on RP
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By Darwin G Amojelar, Senior Reporter
CHINA has penalized the Philippines for the delayed use of funds ear
marked for a project that would revive the train system running from
Metro Manila to the north of the country.
A document from the National Economic and
Development Authority (NEDA) showed that the Export-Import Bank of
China penalized Manila to the tune of $2.52 million as of October
last year for the NorthRail Project Phase 1 Section 2.
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PDIC to pay more bank depositors
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STATE-RUN Philippine Deposit Insurance Corp. (PDIC) will start
paying out the claims of Legacy group bank depositors entitled to
maximum coverage.
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Banks’ bad loans rise amid slowdown
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THE bad loan ratio of universal and commercial banks edged up in
January this year as the amount of non-performing debt rose amid a
drop in total outstanding loans, the Bangko Sentral ng Pilipinas (BSP)
said.
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Stock market seen to move sideways on Lenten break
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PHILIPPINE share prices will move sideways this week due largely to
the shortened trading schedule, as the country marks the Christian
holy week, dealers said.
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IMF regains limelight under G20 plan
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WASHINGTON, D.C.: From the ashes of global prosperity the
International Monetary Fund emerged this week as the bulwark against
the economic crisis, its role and finances heavily bolstered by
world leaders.
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Asean set to discuss response to global crisis
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BANGKOK: Southeast Asian nations and key regional partners will use
a summit next week to discuss their follow-up to a G20 plan to lift
the world out of recession, Thailand’s premier said Sunday.
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Napocor to auction off fuel supply contracts
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State-owned National Power Corp. (Napocor) is set to bid out the
oil-based fuel requirements of its power plants, contracted power
producers and off-grid generating units later this month.
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Kepco-SPC group to corner ADB loan
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The loan availed by the consortium of Korea Electric Power Co. (Kepco)
and SPC Power Corp. (KSPC) from the Asian Development Bank (ADB) to
help fund its coal-fired power plant in the power starved Visayas
grid may be approved by July.
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BOI prepares ‘contingency’ list under annual incentives program
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The Board of Investments (BOI) is currently fast tracking the
guidelines of the proposed 2009 Investment Priorities Plan (IPP),
including the “contingency list” that would include firms, which
would save or give jobs.
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Finance to lobby in Senate for fiscal bill
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The Department of Finance (DOF) said it is counting on the Senate to
incorporate its proposals on granting income tax holidays (ITH) to
firms after the House of Representatives passed its own version of
the bill.
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Filipino-Chinese chamber bats for unified tax scheme
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Officials of the Federation of Filipino-Chinese Chamber of Commerce
and Industry Inc. (FFCCCI) said it has proposed to the Department of
Finance (DOF) that a “unified tax system” be implemented for
different industries.
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Customs test-runs Internet system
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The Bureau of Customs (BOC) said it was able to collect millions in
duties from the implementation of the internet-based Imports and
Assessment System (IAS) in the Batangas International Port.
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IMI eyes bourse listing this year
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Mitsubishi to increase stake in Ayala unit
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JAPAN’S largest general trading company plans to increase its
stake in Ayala Corp.’s electronics manufacturing unit, which
according to a key executive, would list at the Philippine stock
market this year.
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BSP reverses losses on interest earnings, reserves
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THE Bangko Sentral ng Pilipinas (BSP) registered a net income last
November as result of higher interest earnings from domestic
securities and international reserves.
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Globe sees single-digit growth on weak consumer use
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GLOBE Telecom Inc. sees its growth slowing to the single-digit level
this year due to the expected dip in consumer use arising from weak
remittances of overseas Filipino workers (OFW).
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Extelcom asks Appellate Court to junk Bayan unit’s plea
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EXPRESS Telecommunications Co. Inc. (Extelcom) wants the Court of
Appeals (CA) to deny the request of a Bayan Telecommunications Inc.
unit, allowing the Securities and Exchange Commission (SEC) to
intervene in litigation between the two companies.
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Microtel to open six hotels as Phinma positions
itself ahead of economic recovery
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THE local franchise holder of the US-based Microtel Inn & Suites
plans to open six more budget-hotels in the Philippines catering to
domestic tourists.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Ecological
Intelligence: Knowing Thy Green Product
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IF the strange rain-shine phenomenon has done anything at all this
summer, it has once again put the spotlight on what is known in
science and technology circles as global warming.
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