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Monday, April 13, 2009 |
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Rating firm expects wider budget deficit
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Moody’s sees RP slowdown
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By Maricel E. Burgonio, Senior Reporter
MOODY’S Investors Service said the Philippine economy would
grow this year but at a much slower pace than what the government
had forecast, adding weaker revenues would bloat the government’s
budget deficit.
“Moody’s projects that real gross domestic
product [GDP] growth will in 2009 slow by more than the government
presently expects—to around 2 percent versus an official forecast
of 3.7 percent to 4.7 percent,” Moody’s said in its latest
report on the Philippines.
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BSP gives green light to Psalm borrowing
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THE Bangko Sentral ng Pilipinas (BSP) has given the green light to
state-run Power Sector Assets Liabilities and Management Corp.’s
(PSALM) proposal to borrow in behalf of National Power Corp. (Napocor)
from the international debt market.
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Banks’ bad loan ratio eases in February
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THE bad loan ratio of universal and commercial banks improved in
February from the previous month, the Bangko Sentral ng Pilipinas (BSP)
said.
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Foreign donors’ dialogue set
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AMID the worst global financial crisis in decades, the Philippines
and its foreign donors are set to meet in June to discuss ways to
address slowing remittance growth, job losses in the export industry
and a widening fiscal gap.
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Auto industry cites resilience even as sales contract in first quarter
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FIRST quarter sales of local car assemblers slowed from a year ago,
according to two industry groups.
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Steel industry cuts back amid slump in demand
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PARIS: Steel is on edge and the global industry is cutting back
hard, hanging on for either a budget blast from China, new credit
for vast Middle Eastern building schemes or resurrection of the US
auto industry.
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Crisis alters outlook for MBAs
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SINGAPORE: Once every six weeks,fund manager Anthony Siwawa hops on
a plane from Botswana for a 10-hour flight to Singapore, where he is
doing a master in business administration (MBA) degree.
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Asian currencies falter vis-à-vis dollar
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HONG KONG: Asian currencies ended the week mostly lower against the
dollar as positive news from the US banking sector raised hopes that
the world’s largest economy may be turning a corner.
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Seoul offers tax perks for car industry
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SEOUL: South Korea’s government offered a tax break Sunday to
motorists who replace ageing cars with newer models, in bid to boost
sagging demand in the auto industry.
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Mobile phone spending seen easing
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THE anticipated contraction of overseas Filipino worker (OFW)
remittances could cut mobile phone spending this year and temper the
earnings of telecom companies, consulting and research firm Ovum
said.
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Interport seeks fresh funds from stockholders
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INTERPORT Resources Corp. wants to raise new money through the sale
of additional shares to finance its real-estate projects and pay
down debt.
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Land Bank secures BSP approval for capital hike
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LAND Bank of the Philippines has secured the Bangko Sentral ng
Pilipinas’ (BSP) nod for a planned capital-raising exercise.
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Eton says property demand on the rise
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LOCAL demand in the real-estate market has started to show strength
in the first quarter of the year, according to Eton Properties
Philippines Inc., citing “encouraging” sales.
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ADB cancels loan for Suez subsidiary
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THE Asian Development Bank (ADB) has canceled the
multimillion-dollar loan of Suez-Tractebel S.A., after it backed out
of the sale of the Calaca coal-fired power plant in Batangas.
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End to Napocor asset-sale set in ’09
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STATE-RUN Power Sector Assets and Liabilities Management Corp.
(PSALM) plans to complete the privatization of National Power
Corp.’s (Napocor) generating plants this year.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Biobank: Indict the
new road pests
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I THINK it’s getting worse. I’m referring to the reckless
driving of some people who claim they’re legitimate motorists
because they’re driving a Honda, Suzuki, Yamaha, or Chinese-made
motorcycle.
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