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Thursday, February 19, 2009 |
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IMF cuts RP growth forecast, warns of fiscal blowout
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By Maricel E. Burgonio, Reporter
THE Philippines is likely to incur a bigger budget deficit for this
year than what the government has programmed due to weak revenue
collection and high expenditures, the International Monetary Fund (IMF)
said Wednesday.
Dennis Botman, IMF resident representative, said
the government’s fiscal gap, excluding proceeds from the sale of
state assets, would widen to P150 billion, or 2 percent of gross
domestic product (GDP). This is higher than the government
assumption of P102 billion, or 1.2 percent of GDP.
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Transport fare cut seen to temper inflation
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THE planned reduction in transport fares will further damp inflation
this year, according to the Bangko Sentral ng Pilipinas (BSP).
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Bank lending slows amid ample funds
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BANK lending slowed in December owing to lower demand for credit
from the manufacturing and mining sectors, as well as households.
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Investor skepticism keeps stock market in doldrums
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PHILIPPINE share prices closed slightly lower on Wednesday as
investors remained skeptical of the effect the US stimulus package
will have on reviving the world economy, dealers said.
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SMC to expand food biz
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SAN Miguel Corp. (SMC) will invest P9.93 billion in its food
business to help create jobs in the Philippines, the company said
Wednesday in a joint statement with the government.
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PNOC-AFC, cooperative tie up for biofuels venture
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STATE-OWNED Philippine National Oil Co.-Alternative Fuels Corp. (PNOC-AFC)
has inked an off-take agreement for the supply of jatropha curacas
seeds with a farmers’ cooperative in Quezon province.
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US-China tensions intensify amid global financial meltdown
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WASHINGTON: Tensions between the United States and China are set to
increase during the current financial turmoil but any trade war can
adversely impact the two key drivers of global growth and the rest
of the world, experts warn.
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Taiwan joins club of recession economies
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TAIPEI: Taiwan plunged into recession as the economy contracted a
record 8.36 percent in the three months to December due to the
global economic meltdown, the government said Wednesday.
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Spanish economy slumps
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MADRID: Spain officially entered recession last year when the
economy shrank 1.0 percent in the fourth quarter, it’s second
consecutive contraction, official data showed Wednesday.
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Greenspan backs bank buyouts
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NEW YORK: The US government may have to temporarily nationalize the
country’s banks until the sector is reformed, the former chairman
of the US Federal Reserve, Alan Greenspan, has said.
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Thai rice exports plunge
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BANGKOK: Thai rice exports fell 38 percent in January after a
booming year, an industry group said Wednesday, as the world’s top
seller of the grain suffered from the global financial crisis.
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Oil prices falter on demand outlook
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LONDON: Oil prices faltered on Wednesday as traders worried about
the weak global economy and the outlook for energy demand, analysts
said.
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Globe to enter pay TV
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GLOBE Telecom said it plans to venture into pay television (TV)
through a partnership with two small broadcasting firms.
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SMB to sell bonds this month
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THE brewing unit of Southeast Asia’s largest food and beverage
conglomerate said it will sell debt papers to domestic investors
this month to fund its acquisitions.
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Congress orders NTC to audit telcos’ frequencies
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The House committee on information communications technology has
ordered the National Telecommunications Commission (NTC) to audit
unused frequencies allocated to telecommunication companies amid
allegations of hoarding of this limited resource.
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PEP signs deal with UK-based fund
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Premiere Entertainment Philippines, Inc. (PEP) announced on
Wednesday that it signed an investment agreement with UK-based
equity investors for its future expansion.
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AP raises money for Tiwi-MakBan
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Aboitiz Power Corp. (AP) announced on Wednesday that it raised the
upfront payment needed to acquire the Tiwi-MakBan geothermal power
facilities that the government privatized in July last year.
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Eton launches commercial center projects in Metro Manila
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THE real estate unit of airline and tobacco tycoon Lucio Tan marked
its entry into the commercial center business with the launch of
four projects in Metro Manila on Wednesday.
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Sterling Bank extends banking hours
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The Sterling Bank of Asia said it will extend its banking hours to
seize opportunities seen in an underserved market amid difficult
times.
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