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Tuesday, January 06, 2009 |
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Foreign aid commitments fall in first nine months
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THE Philippines’ foreign aid commitments in the first nine months
last year fell by more than a fifth due to declining pledges from
the three biggest international funding sources, the National
Economic and Development Authority said.
Documents from socio-economic department’s
Project Monitoring Staff showed that the country’s net Official
Development Assistance (ODA) commitments from January to September
dropped by 12 percent to $7.95 billion from the $9.002 billion
posted in the same period in 2007.
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Govt Petron sale proceeds to boost 2008 revenues
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The government said it has already received the proceeds from the
sale of the shares held by the Philippine National Oil Corp. (PNOC)
in Petron Corporation, a Finance official said.
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Local shares, peso up on first day of trading
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Local share prices rallied on the first trading day of the year but
analysts said the market would remain murky for the rest of the
week.
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Globe borrows funds for capex this year
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Globe Telecom, Inc. announced on Monday that it has borrowed money
from a foreign bank to fund the company’s capital expenditure next
year.
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Govt names SMC-Kuok project beneficiaries
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The government has identified four municipalities of Davao del Norte
as initial beneficiaries of a billion-dollar food security project
of food and beverage giant San Miguel Corporation and the Kuok Group
of Companies, an official said.
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BSP approves Citibank, HSBC outsourcing
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The Bangko Sentral ng Pilipinas (BSP) has allowed Citibank and HSBC
to outsource its human resource operation in the country to cut
costs amid the global financial crisis.
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DTI to assist laid-off workers in start-up biz
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Trade Secretary Peter Favila said the Department of Trade and
Industry (DTI) this year would focus on assisting those who might
lose their jobs here and abroad in starting their own businesses in
the country instead.
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Regulator rejects higher CURE 3G rates
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The National Telecommunications Commission (NTC) has rejected the
application of Connectivity Unlimited Resource Enterprise Inc.
(CURE) to raise 3G (third generation) service rates, citing the
agency’s memorandum circular.
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Asian stocks rally on economic recovery hopes
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TOKYO: Asian stocks rose on Monday, with Tokyo hitting the highest
level for almost two months as investors hoped that the US economy
would start to recover this year after a dire 2008.
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Exxon Mobil to start drilling in Sulu Sea by 4th quarter
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The local units of US oil giant Exxon Mobil and Malaysian firm Mitra
Energy Ltd. plan to start drilling activities in the Sulu Sea by the
fourth quarter of the year.
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NorthWind eyes second wind farm
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Renewable energy firm NorthWind Power Development Corp., the
developer of the first wind farm in the Philippines and Southeast
Asia, is setting its sights on Cagayan as the location for another
wind farm.
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Salcon to remit down payment for diesel plants
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SPC Power Corp. targets to remit the down payment for its
acquisition of recently privatized government diesel plants within
the month.
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MANAGING
FOR SOCIETY
By Benito L. Teehankee
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Goodbye to management
malpractice
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The year 2008 would be remembered for decades to come as a pivotal
one for the business environment. It was the year when accumulated
business malpractices came to a head and brought the worst economic
downturn in...
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