The Philippines is adopting a policy that would delay tariff cuts across the board beyond 2010 in all of the country’s trade agreements whether on a bilateral, regional or multilateral level in light of the difficulty in raising government revenues.
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Local automotive assemblers, parts makers and their workers have expressed alarm over the government’s inability to enforce laws banning the used of vehicle importation and the importation of right hand drive vehicles.
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With the astronomical rise in international contract prices (CP), Pilipinas Shell Petroleum Corporation (PSPC) raised its liquefied petroleum gas by P1.00 per kilogram on Saturday morning, adding up P11.00 to the pick-up price of the standard tank purchased by households for cooking.
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Budget Secretary Romulo L. Neri said that while government has stashed cash since expenditures were lower because of P12-billion savings in interest payments so far, it would not improve the budget.
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The country’s outstanding external debt is lower by 0.5 percent or $300 million to $56 billion as of June, according to the Bangko Sentral ng Pilipinas which approves and registers government debt.
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R/$ rate closed at P56.01 to $1
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