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Friday, January 30, 2009 |
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FORECASTS LOWER INFLATION IN JANUARY
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BSP cuts interest rates amid slowdown
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BY Maricel E. Burgonio, Reporter
THE policy-making Monetary Board decided to reduce further its key
interest rates to boost lending activities amid a slowing economy,
the Bangko Sentral ng Pilipinas (BSP) said Thursday.
BSP Governor Amando Tetangco Jr. said the
central bank slashed its overnight borrowing and lending rates by 50
basis points to 5 percent and 7 percent, respectively.
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International Monetary Fund further cuts growth forecast
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THE International Monetary Fund (IMF) said it has downgraded its
growth projection for the world economy for this year as the
financial markets remain under stress despite the policy measures
introduced to provide additional capital and reduce credit risks.
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CB Richard Ellis says global crisis hit local property sector
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A GLUT of office space has hit the Philippines property sector as
cash-hungry foreign companies cut back on their export of
back-office operations, an international property consultant said
Thursday.
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San Miguel Brewery plans borrowing for assets purchase
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THE brewing unit of San Miguel Corp. (SMC) plans to borrow money to
finance its acquisition of the famous homegrown beer brand, among
other assets from its parent company.
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Peso, stocks fall despite GDP data
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THE peso weakened against the US dollar on Thursday on market
expectations of a further reduction in the Bangko Sentral ng
Pilipinas’ (BSP) policy rates that day, traders said.
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China confident of getting back onto fast track economic growth
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DAVOS, Switzerland: China may face “severe challenges” now
because of the economic crisis but premier Wen Jiabao and
businessmen are confident the country will soon be on the fast track
to growth.
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Fed keeps intervention options, timetable open
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WASHINGTON, D.C.: The US Federal Reserve on Wednesday stopped short
of launching a dramatic new market intervention but vowed to use
“all available tools” to revive credit and lift the economy out
of recession.
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OPEC needs oil
above $50
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DAVOS, Switzerland: The Organization of Petroleum Exporting
Countries (OPEC) members need an oil price above $50 a barrel to
make exports worthwhile, the head of the cartel said Thursday,
adding that more production cuts were possible later this year.
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Local text messages surge in Christmas
’08
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THE number of text messages sent by Filipinos grew more than doubled
during Christmas and New Year last year despite the suspension of
call and text promo as well as the economic difficulties, a
messaging firm said Thursday.
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ZED withdraws petition against telecoms regulator
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The value-added service provider of Smart Communications Inc. said
it would withdraw its petition with the Court of Appeals that
questions the National Telecommunications Commission’s (NTC) cease
and desist order (CDO) against the company.
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LRWC net income up in third quarter last year
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LEISURE and Resorts World Corp. (LRWC) announced that its net income
for the third-quarter last year grew on the back of higher profits
from First Cagayan Leisure and Resorts Corp.
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PSE expects swift REIT bill passage in Senate
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THE Philippine Stock Exchange (PSE) said it is confident that the
Senate would soon pass that would introduce Real Estate Investment
Trust (REIT) in the country.
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PSBank expects flat profit in 2008
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PHILIPPINE Savings Bank (PSBank) expects to have ended last year
with flat profits due to trading
losses arising from high inflation and interest
rates.
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Government approves Catanduanes supply deal
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THE Energy Regulatory Commission (ERC) has approved an agreement
that mini-hydro developer Sunwest Water and Electric Power Company
Inc. (SUWECO) signed with an electric utility in Catanduanes to
augment the island-province’s power supply.
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BIZZ
FIZZ
By Rene Martel
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Smart gives community
health support
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Making medical care more accessible to the poor is a challenge the
country needs to address, says Dr. Portia Marcelo, coordinator of
the Urban Community Based Health Program of the University of the
Philippines (UP) College of Medicine.
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