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Friday, February 06, 2009 |
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GDP growth forecast revised as remittances, exports
decline
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BSP rate cuts not enough–S&P
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By Maricel E. Burgonio, Reporter
Credit rating firm Standard and Poor’s Rating Inc. (S&P) said
that the central bank’s rate cuts are not enough to stave off a
steep decline in economic growth, leading it to downgrade its
economic growth forecast for the Philippines this year.
In a report, S&P said the Bangko Sentral ng
Pilipinas (BSP) will continue to support growth by further cuts in
key policy rates as inflation eases “but it will fail to fully
offset the impact of slowing external demand and declining
remittances” this year due to job lay-offs.
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Local auto industry to avoid job cuts
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The local automotive industry would try not to shed jobs, officials
said, even as some car companies here are already implementing some
“efficiency measures” to cut down on costs amid the global
downturn.
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Manila Water, Maynilad rates to increase
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Water rates in Metro Manila are set to increase after the
Metropolitan Waterworks and Sewerage System (MWSS) allowed its
concessionaires to adjust their inflation and foreign currency
exchange charges.
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Govt grants more tax perks to firms
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The Board of Investments (BOI) on Wednesday granted tax incentives
and other perks to a power-generation venture and a low-cost mass
housing project which have a combined investments of about P162
million.
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Local shares close higher as January inflation eases
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Local share prices closed 2.4 percent higher on Thursday due to
favorable news on inflation and positive sentiment on key stocks,
dealers said.
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Oil firms double biodiesel content at local pumps
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Starting today, the country’s biofuel program will come into full
swing with the mandated doubling of biodiesel and the start of
ethanol blend at the pumps Under Republic Act 9367, or Biofuels Act
of 2006, oil companies are required to...
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Phil Ratings assigns highest rating to SMB
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Philippine Rating Services Corp. (PhilRatings) has assigned its
highest rating to San Miguel Brewery Inc.’s proposed debt paper
sale to local investors during the first quarter of the year.
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PLDT subscriber base grows further despite difficulties
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DESPITE the challenging economic environment last year, Philippine
Long Distance Telephone Co., (PLDT) said its subscriber base
expanded at a faster pace.
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BIZZ
FIZZ
By Rene Martel
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Fashionable solution to boost
employment
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ALWAYS stylishly attired, Sen. Loren Legarda believes that providing
more support to the local textile, fabrics and fashion industry is
the way forward to enable it to enter the global market and provide
more income and employment to the people.
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