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Monday, January 19, 2009 |
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Preneed firms shut down amid global crisis
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THE Securities and Exchange Commission (SEC) said three preneed
companies have shut down amid the global financial crisis.
In a notice to the public, the SEC warned that
“Legacy Consolidated Plans Inc., Scholarship Plan Philippines Inc.
and All Asia Plans Corp. have unilaterally ceased operations without
obtaining the prior approval of the commission.”
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70,000
SEC-registered companies fail to pay taxes, says Finance
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TWELVE percent of companies registered with the Securities and
Exchange Commission (SEC) don’t pay taxes, according to Finance
Secretary Margarito Teves.
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BPO sector seeks govt aid for market missions
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THE business process outsourcing (BPO) sector is asking the
government to allocate public money to help finance the industry’s
marketing missions abroad.
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BSP to expand list of unsafe, unsound banking practices
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After a string of rural lender closures, the Bangko Sentral ng
Pilipinas (BSP) will tighten its supervision, by expanding the list
of banking practices considered as unsafe and unsound.
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2008 RP dollar surplus plummets
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THE Bangko Sentral ng Pilipinas (BSP) said the country yielded a
dollar surplus in 2008 but this was way below its full-year target
mainly due to the delayed inflows of government borrowings abroad.
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Regulator says too early for SMC tender offer
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THE Securities and Exchange Commission (SEC) said San Miguel Corp.
(SMC) has no need of making a tender offer to the minority
shareholders of Petron Corp. because Southeast Asia’s largest food
and beverage conglomerate has yet to buy a majority stake in the
Philippines’ largest refiner from the Ashmore group.
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Lexus eyes local sales despite global financial crisis
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THE global economy may be in a bad shape these days, but Lexus
thinks it is a good time to rev up its presence in the Philippines.
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Manila Water to invest in Chinese wastewater project
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MANILA Water Co. Inc., announced that it plans to venture in one of
the cities of the world’s most populated country.
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Govt expects slowdown in domestic air travel
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DOMESTIC air travel will likely grow at a slower pace this year due
to the anticipated economic downturn, the Civil Aeronautics Board
(CAB) said.
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ERC sets grid’s revenue cap
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THE Energy Regulatory Commission (ERC) has approved the Philippine
power grid operator’s revenue cap for the year.
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AB Holdings to buy out MPIC in Landco Pacific
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AB Holdings Corp. (ABHC) plans to buy the majority stake of Metro
Pacific Investments Corp. (MPIC) in Landco Pacific Corp.
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PNB gets central bank nod on refinancing of existing loan
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THE Philippine National Bank (PNB) said it would refinance
outstanding loans.
In a disclosure to the Philippine Stock
Exchange, the PNB said the Bangko Sentral ng Pilipinas (BSP) allowed
the lender to redeem its P3-billion unsecured...
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TIM bags LandBank data contract
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TOTAL Information Technology (TIM) said it has secured a contract
from the Land Bank of the Philippines to expand its database, in a
bid to accommodate its rising clients.
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IPVG to acquire multimedia company
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IPVG Corp. said it would acquire a majority stake in a company
engaged in providing 3D outsourcing services.
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BEYOND
THE BUZZWORDS
By Reylito A.H. Elbo
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Giffen goods:
Distinctive and yet everywhere
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WHAT do prostitutes and rice have in common?” asks Steven Levitt
in his Freakonomics blog. Without going through an extensive
overture, he cites them as fine examples of Giffen goods—one of
economics’ most elusive subjects.
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