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Wednesday, January 28, 2009 |
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Govt forecasts first-quarter contraction
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By Darwin G. Amojelar, Reporter
THE Philippine economy may have contracted in the first quarter of
the year, according to the National Statistical Coordination Board
(NSCB), citing the negative growth of its composite leading economic
index (LEI).
The agency said the LEI continues its downward
streak in the first quarter of the year, to negative 0.075 from
positive 0.210 in the fourth quarter last year, signifying a
deceleration in the domestic economy.
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State insurer runs to Bangko Sentral for funds
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STATE-RUN Philippine Deposit Insurance Corp. (PDIC) said it will
borrow money from the Bangko Sentral ng Pilipinas (BSP) to service
deposit claims of recently closed rural banks, adding its resort to
the regulator is aimed at preventing the depletion of its insurance
fund.
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Bakeries take a hit from LPG supply
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BAKERIES have warned of a disruption in the production of the
Filipino’s breakfast staple—the pan de sal—amid tight supply
of cooking gas.
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Philippine stocks, peso close higher
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Local share prices closed higher on Tuesday while the peso
strengthened against the US dollar as most Asian markets were closed
to celebrate the Chinese New Year, dealers said.
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Consumer group seeks full disclosure of oil firms’ inventory, shipment value
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THE Department of Energy should make public the inventory and value
of shipments of oil firms to help protect consumer interest in the
wake of the fluctuations in pump prices, a lobby group said.
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Insurance firms ordered to raise capital
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AMID the preneed industry’s debacle, the Insurance Commission (IC)
has asked life and non-life insurance companies to increase their
paid-up capital until the end of the month to help boost public
confidence among insurers.
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Local businessmen see financing still available
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Despite the global credit crunch, many local businessmen are still
cautiously optimistic that financing would remain accessible and
available to them, an international business report said.
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SBMA exports slightly higher in 2008
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Total exports churned out by manufacturing firms operating within
the Subic Bay Freeport Zone posted slight growth last year, the
Subic Bay Metropolitan Authority (SBMA) said.
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BSP sees improvement in lenders’ asset quality
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The banking industry is expected to improve its asset quality on the
back of continued growth on deposit base and slower uptick in bad
loans ratio amid the global financial crisis, the Bangko Sentral ng
Pilipinas (BSP) said on Tuesday.
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SC found central bank liable for Banco Filipino closure
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THE Supreme Court (SC) has found the Bangko Sentral ng Pilipinas
(BSP) accountable for the excesses committed by its predecessor, the
Central Bank of the Philippines (CB), as successor-in-interest, in connection with the
closure of Banco Filipino Savings and Mortgage Bank in 1985.
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Smart raises share in Piltel revenues to recover costs
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SMART Communications Inc. has increased its share in the revenues of
affiliate Pilipino Telephone Corp. (Piltel) to recover costs arising
from changed market conditions.
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Losing 3G applicant bucks planned new bidding round
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MULTIMEDIA Telephony Inc. (MTI) is bucking the government’s plan
to bid the remaining 3G (third generation) frequency, citing an
increase in service rates.
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New Pacific Plans owner gets federation board seat
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AFTER acquiring Yuchengco group’s ailing Pacific Plans Inc.,
businessman Noel Oñate was elected into the board of the Philippine
Federation of Pre-need Plan Companies on Tuesday.
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VIEWS
FROM A BRIT
By Mike Wootton
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A dearth of
employment opportunities
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The outstanding faults of the economic society in which we live are
its failure to provide for full employment and its arbitrary and
inequitable distribution of wealth and incomes.”
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