MANILA, June 10 Asia Pulse - Highlights of today's newspapers:
MANILA BULLETIN:
- The National Economic and Development Authority has approved the changes in the logistics infrastructure assistance facility the Puerto Princesa Airport Development Project as well as the cost increase and 14-month extension of the JICA-assisted Mindanao Sustainable Settlement Area Development Project.
- Apple Inc. halved the price of its entry-level iPhone to on Monday to widen the trendy device's mass-market appeal, as global competition heats up after Palm Inc launched the Pre.
- Finally, Toyota's hybrid car Prius will have its local market debut here next week with a P2.25-million price tag.
- The Philippines has repeatedly proffered its bid for multinational oil giant Royal Dutch Shell plc to finally give the green light on its multi-billion dollar refinery expansion investment.
- The IMF and World Bank said the path to global economic recovery is rife with risks and the onus is on policymakers to avoid runaway inflation.
- The government could tap the international debt market if domestic lenders continue to seek higher yields on government debt, the national treasury said.
- BSP is closely monitoring its overnight borrowing and special deposit accounts after funds here surged almost 22 per cent in May.
MANILA TIMES:
- A Filipino household has to earn close to half a million pesos this year to remain in the middleclass, according to the National Statistical Coordinating Board (NSCB).Romulo Virola, NSCB secretary-general, said the countrys middle class is likely to have shrunk in light of the global financial crisis. The chairman of Philippine Long Distance Telephone Co. (PLDT) and Metro Pacific Investment Corp. (MPIC) said his group is open to paying cash for San Miguel Corp.s (SMC) stake in the countrys biggest electricity distributor. Standard&Poors (S&P) said it may downgrade the Philippines credit rating on the prospect of either a wider budget deficit due to weak revenues or stalled reforms, or an on-target fiscal program accomplished through spending controls.
- The Federation of Philippine Industries (FPI) said the Buy Pinoy-Buy Local campaign is gaining more support from various government departments and local government units (LGUs).
- The government failed to raise funds from the sale of five-year Treasury-bonds on Tuesday, as banks demanded higher rates for the debt paper.
- Globe Telecom Inc. has expanded its wireless broadband network to serve the rising demand for Internet.
- The low-to-middle income-housing arm of Megaworld Corp. said it has already set its five-year capital expenditure program in preparation for the countrys economic recovery.
- Biodiesel, resins and oleochemicals producer Chemrez Technologies Inc. is expanding its business abroad, which will be the companys major growth driver in the next three years.
- Sterling Bank of Asia, a member of the Tiu family-led JTKC Group, is expanding its network as it opened new branches in Metro Manila.
- Lorenzo Shipping Corp. expects flat growth this year due to weak cargo volumes caused by the economic slowdown.
- Maynilad Water Services Inc. is putting up a wastewater treatment plant in Muntinlipa City.
ASIA PULSE
10-06 1829
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