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Friday, April 17, 2009 |
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BSP cuts key rates anew as govt slashes growth forecast
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By Maricel E. Burgonio, Senior Reporter
The Bangko Sentral ng Pilipinas (BSP) has cut its key policy rates
anew on Thursday as it expects inflation to remain favorable until
next year. In a briefing, BSP Governor Amando M. Tetangco, Jr. said
the Monetary Board—the policy making body of the BSP—reduced its
key policy rates by 25 basis points to bring down the cost of credit
amid the economic slowdown.
The central bank’s overnight borrowing or
reverse repurchase (RRP) rate was reduced to 4.50 percent, the
lowest RRP since 2002.
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NG debt climbs in January
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The Philippine government’s outstanding obligations widened in
January from a year ago on the back of higher foreign loans, the
Bureau of Treasury (BTR) said Thursday.
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Remittances to contract despite Feb. results–UBS
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The growth in the funds sent home by overseas Filipinos is expected
to contract by year-end despite the registered improvement in
remittances in February, a global investment bank said.
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JG Summit incurs net loss in 2008
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THE holding firm of the Gokongwei group announced on Thursday that
it suffered a net loss last year due to foreign exchange translation
and mark-to-market losses.
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Stocks up on Wall St. rally
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Local shares closed 2.09 percent higher Thursday due to the upturn
on Wall Street and on expectations that the central bank will cut
key interest rates later, dealers said.
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PSE adds AP, GMA to key index
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THE Philippine Stock Exchange (PSE) said Thursday that GMA Network
Inc. and Aboitiz Power Corp will be joining the 30-company composite
index while Petron Corp. and Union Bank of the Philippines will be
dropped.
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ICTSI defers expansion as global trade volume drops
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INTERNATIONAL Container Terminal Services Inc. has put off its
expansion plans in the next two to three years as international
trade volume is expected to drop due to the global economic
crisis.”
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Vista Land sees more cancellations this year
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Vista Land and Lifescapes Inc. said Thursday that it sees higher
cancellations of home orders is this year as the global economic
crisis takes a toll on consumer spending.
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Aboitiz Power to double capacity in two years
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Aboitiz Power Corp. (AP) expects to double its power generating
capacity in two years on the back of acquisitions of state-owned
plants and the construction of new ones.
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Meralco signs deal with Montalban Methane Power
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Giant utility Manila Electric Co. (Meralco) announced on Thursday
that it has signed a power supply contract with renewable energy
producer Montalban Methane Power Corp. (MMPC).
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BIZZ
FIZZ
By Rene Martel
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Smart helps community
service go high-tech
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Everyone is into social networking these days. But more than just
finding old friends and making new acquaintances, popular sites like
Friendster, Multiply and Facebook can also be venues for calling
people to action during emergencies.
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