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Wednesday, June 03, 2009 |
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AS BSP ASKS GOVT TO REVIEW ACTUAL SPENDING
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NEDA seeks stimulus package for 2010 after dismal 1Q growth
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By Darwin G. Amojelar And Maricel E. Burgonio, Senior
Reporters
THE National Economic and Development Authority
(NEDA) said it will recommend another stimulus package next year to
accelerate economic growth, but this could lead to a wider the
funding gap as the government still struggles with its revenue
collection.
Socioeconomic Planning Secretary Ralph Recto
said it would recommend another stimulus package next year that
would be equivalent to about 3 percent of the country’s gross
domestic product (GDP).
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RP bond market grew fastest in region–ADB
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The sale of local currency-denominated bonds or debt papers in the
country accelerated in the first quarter of the year—which was
seen as the highest in the region—as the government implemented a
fiscal stimulus program to offset...
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Tax effort worsens in first quarter
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The Philippine government’s tax effort in the first three months
of the year worsened as taxpayers tend to remit less during an
economic crisis, the Department of Finance said.
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Positive news from US, Wall St. rally lift local stocks
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Local share prices closed 1.29-percent higher on Tuesday, lifted by
Wall Street’s rally overnight and positive news from the United
States, dealers said.
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General Motors aims for restart as Chrysler gets green light
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WASHINGTON, D.C.: General Motors (GM) moved to restart the storied
automaker with a bankruptcy court filing Monday, aiming to wipe out
debts piled up over decades and emerge as a viable competitor.
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EDC pays down yen-denominated loans
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Lopez-controlled Energy Development Corp. (EDC) has settled a
quarter of its yen-denominated loans, trimming the company’s
foreign currency exposure.
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Local pharma industry sees slower growth amid crisis
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Sales growth of pharmaceutical products in the country would slow
down this year due to the economic downturn and expiring patents,
the local pharmaceutical industry said.
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SPEX taps drillship for Northeast Palawan petroleum block
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Shell Philippines Exploration B.V. (SPEX) has announced on Tuesday
that it has engaged a Norwegian drillship to drill the petroleum
reserves in offshore Northeast Palawan.
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Locally milled flour still expensive, small bakers say
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Small bakers said locally milled flour remains more expensive than
imported ones so they would have to shift to using the latter.
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Cityland to raise additional capital through share sale
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Cityland Development Corp. said it plans to raise fresh funds
through the sale of new shares to pay off debts and finance its
capital expenditures.
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Bankard profit plummets despite higher revenues
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Bankard Inc. said its net income dropped despite higher revenues in
the first quarter, due to the absence of one-time gains last year
booked last year.
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Extelcom bucks tax, price cap on text messages
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Express Telecommunications Co. (Extelcom) on Tuesday said it is
opposing the government plan to slap tax and place a price cap on
short messaging service (SMS) because it will distort competition in
the market.
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