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Wednesday, June 24, 2009 |
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Arroyo govt’s budget deficit widens 556%
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By Maricel E. Burgonio, Senior Reporter
THE Arroyo administration’s budget deficit ballooned by more than
500 percent in the first five months of the year, as the government
spent more than it earned during the period to stave off a
recession.
In a briefing, Finance Secretary Margarito Teves
said the government’s expenditures outpaced its revenues by P11.4
billion last month, a reversal from the P7-billion surplus in the
same month last year.
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BSP says banks pass on rate cuts
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CITING lower real estate and auto loan rates, the Bangko Sentral ng
Pilipinas (BSP) said banks have begun passing on to their lending
business the monetary authorities’ cut in key interest rates.
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RP’s rank as retail center improves
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THE Philippines ranking as a destination of global retailers inched
up, according to an international consulting firm.
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Domestic trade drops in first quarter
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DOMESTIC trade flows in the Philippines dropped nearly a fifth in
the first quarter of the year from a year ago, the National
Statistics Office (NSO) said.
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PSE pushes investor’s ID
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THE Philippine Stock Exchange (PSE) president will lobby for an
investor’s ID to minimize if not eliminate insider trading.
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DTI imposes stricter standards on
motorcycle-helmet makers, importers
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The Department of Trade and Industry’s Bureau of Product Standards
(DTI-BPS) announced on Tuesday that locally manufactured and
imported motorcycle helmets and visors must follow the recently
issued mandated product certification standard.
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Petron to raise more money
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PETRON Corp. said it would push through with a plan to raise money
in the third quarter through the sale of preferred shares.
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US Fed needs exit strategy from massive stimulus
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Washington, D.C.: The US Federal Reserve needs to start planning its
exit strategy from its massive stimulus effort even though economic
recovery signs remain tentative, analysts say.
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Napocor to rebid power plants’ fuel requirements
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State-owned National Power Corp. (Napocor) will rebid the remaining
as well as the additional oil-based fuel requirements of its power
plants for the year.
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Miner Anglo American rejects Xstrata merger
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LONDON: London-based mining group Anglo American rejected a merger
bid by its Swiss rival Xstrata on Monday, snubbing a move that could
have forged the two into one of the world’s biggest miners.
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High-end property market picking up–ALI
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DEMAND for high-end real-estate projects in the domestic market is
recovering after a slump last year, the Philippines’ biggest
property developer said Tuesday.
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Benpres to acquire First Holdings’ preferred shares
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THE holding company of the Lopez family will buy half-a-million
preferred shares from it unit handling the group’s energy and
manufacturing businesses.
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Extelcom to accelerate mobile network expansion
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EXPRESS Telecommunications Co. Inc. (Extelcom) will step up its
cellular mobile telephone system (CMTS) network upgrade after it
obtained an approval from the National Telecommunications Commission
(NTC) for an additional frequency.
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PSBank posts double-digit consumer lending growth
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Philippine Savings Bank (PSBank), the thrift banking arm of the
Metrobank Group, said its consumer lending business grew by double
digits in May due to high demand for auto and housing loans amid the
low interest rate environment.
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GMA 7 asks regulator to junk rival’s digital TV plea
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GMA Network Inc. has asked the National Telecommunications
Commission (NTC) to junk the application of a small broadcast
company to offer digital terrestrial television (DTT), citing lack
of permit.
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VIEWS
FROM
A BRIT
By Mike Wootton
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The Skyway extension
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Skyway is a part of the South Luzon Expressway (SLEX), which is
reported to carry about 200,000 vehicles a day, the road being the
main link from all provinces south of Manila to the capital.
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