Japanese-owned Toshiba Information Equipment Philippines Inc. (TIP) is doubling its capacity for its hard disk drives from the present production volume of 1 million units a month to 2 million units a month to respond to an improving exports demand.
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The World Bank (WB) has approved a US$18.99 million loan for the second land administration and management project (LAMP II) to help reduce poverty, promote social stability and stimulate economic growth by improving the country’s land administration system and securing land tenure rights.
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National Labor Relations Commission (NLRC) Officer-in-Charge Raul T. Aquino took strong measures yesterday to expedite the resolution of labor disputes, improve the relations between labor and capital and contribute, in the process, to the success of President Gloria Macapagal Arroyo’s economic recovery program.
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Local meat processors and traders can now import meat and meat products from Canada following the lifting on the temporary ban on meat importation from that country.
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The current business sentiment of Japanese companies operating in 12 countries in the East Asian region including the Philippines has declined in May.
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Five international financial institutions UBS, Citibank NA, Goldman Sachs, ABN AMRO and Deutsche Bank will organize the planned road shows in Europe and in the United States this June, National Treasurer Omar Cruz said yesterday.
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The peso rate closed lower at P54.55 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.52 the previous day. The weighted average rate depreciated to P54.537 from P54.489. Total volume amounted to $276.14 million.
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The National Economic and Development Authority (NEDA) is expected to convene shortly to authorize the Department of Transportation and Communication (DoTC) to proceed with the Swiss Challenge process for the $1.2-billion MRT-7 project.
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Current critical issues affecting the country’s forest-based industry will be tackled in the Philippine Forestry Development Forum, sponsored by the Philippine Wood Producers Association, the Department of Environment and Natural Resources, Asian Development Bank, UPLB College of Forestry and Natural Resources and the Society of Filipino Foresters, Inc.
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Financially-strained Manila Electric Company (Meralco) is seeking P0.1476 per kilowatt hour (kWh) hike in its distribution charge in a new application filed with the Energy Regulatory Commission.
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Micro-enterprises are ubiquitous throughout the country. About 99 percent of the businesses in the country are considered micro, small, and medium-scale, 90percent of which belonging to the micro-enterprise sector. Though their contribution in the economy is significant, and their effect on the economic growth is profound, micro-businesses exhibit a unique fiscal problem, particularly in accessing financing.
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International credit rating Standard and Poor’s said yesterday it would keep the Philippines’s sovereign credit ratings unchanged for the time being despite the government’s improved fiscal outlook.
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Cold to the idea of securitization as a financial instrument, the government will leave it to the banks to securitize foreign exchange flows and existing assets then sell these securities in the domestic market.
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WASHINGTON, June 1 (Reuters)—Paul Wolfowitz became World Bank president on Wednesday and said his agenda would focus on Africa, tackling corruption and making poor countries feel less sidelined in the bank’s decisions.
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MONTREAL, June 1 (Reuters) — Asian Development Bank President Haruhiko Kuroda said on Tuesday that high oil prices and global imbalances pose the two biggest risks to Asian growth but he still expects growth to remain over 6 percent.
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WASHINGTON, June 1 (Reuters)—The US Supreme Court on Tuesday overturned the conviction of one-time "Big Five" accounting firm Arthur Andersen, which was ruined after being found guilty of destroying documents related to Enron Corp. as the energy company crumbled.
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NEW YORK, June 1 (Reuters) — Insurer American International Group Inc., which is being sued by US regulators over an accounting scandal, said on Tuesday it had overstated net income for the past five years by $3.9 billion, or 10 percent.
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The administration yesterday announced it is drafting an omnibus forestry policy aimed at integrating existing forestry policies into a single enhanced policy amid strong clamor from both foreign and local stakeholders that a clear government policy is more important than tax and fiscal incentives in promoting a sustainable forest development.
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Ausphil Tollways Corporation, proponent of the P7.8-billion (stage 1) Northeast Luzon Expressway (NELE), yesterday said that its project is compliant with the international treaty on the conservation of wetlands.
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SINGAPORE, June 2 (Reuters) — Oil prices hovered near a five-week high on Thursday after surging 5 percent on growing worries that US refiners’ focus on meeting summer gasoline demand could worsen a winter supply crunch.
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The Subic-Clark economic growth corridor will soon be transformed into Asia’s next commercial and tourism hub in Asia, according to Patrick C. Gregorio, Tourism Director General of the Subic-Clark Alliance Development (SCAD) Corp., the new corporate entity that will handle the development of the Central Luzon boom area.
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The National Government expects to reduce its budget deficit to P89 billion or 1.5 percent of gross domestic product next year lower than originally projected of P160 billion, sources from the Development Budget Coordination Council said.
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The peso rate closed lower at P54.59 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.55 the previous day. The weighted average rate depreciated to P54.616 from P54.537. Total volume amounted to $309 million.
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