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Monday May 12, 3:20 PMPhilippine Newspaper Highlights - May 12, 2008$all $ph $hltMANILA, May 12 Asia Pulse - Highlights of today's newspapers: MANILA BULLETIN: - P5.5-B Cebu Pacific fleet expansion granted tax perks Gokongwei-owned Cebu Air Inc. (CEB), owner of the countrys second biggest airline Cebu Pacific, is investing P5.52 billion to expand its existing fleet with an additional 14 brand new aircraft as it aggressively widens its presence in both the domestic and international routes. - Meralco transparent by law Lopez family patriarch Oscar Lopez issued a statement taking exception to the governments claim that all they want from Manila Electric Company is transparency. - BSP recasts key 2008 assumptions Because of persistent market volatility the Bangko Sentral ng Pilipinas (BSP) has recast its exchange rate, exports/imports and inflation assumptions this year. - Retail sales slowdown anticipated Retail sales are expected to reverse to a negative five percent growth this year erasing the industrys 7-10 percent gain last year as consumers scrimp to stay more liquid in light of the surging prices in fuel and commodity items. - NDC pushes Cavite-SLEX toll road The National Development Co. (NDC) will finally implement the proposed toll road project that will link Daang Hari in Bacoor, Cavite and South Luzon Expressway on a build-operate-transfer scheme. MANILA TIMES: - The Manila Electric Co. (Meralco) and the Government Service Insurance System (GSIS) will face off in what Sen. Miriam Defensor Santiago had billed as The Clash of the Titans as the Joint Congressional Power Commission (PowerCom) starts its inquiry today into the high power rates prevailing in the country. - Philippine economic growth in the first three months of the year will match the record attained in the same period last year, the Department of Finance said. - After infrastructure, agriculture and telecommunications, China wants to establish a presence in the Philippine banking industry. - Local share prices will likely rise further this week following a technical rally that began last week, dealers said on Friday. - The Bangko Sentral ng Pilipinas (BSP) expects capital inflows to return to emerging economies like the Philippines as the global credit crunch eases. - The Department of Finance ordered the suspension of a Bureau of Internal Revenue (BIR) circular imposing new taxes on insurance companies after receiving several complaints from industry players. - Cebu Air Inc. has bagged tax incentives and other perks from the Board of Investments (BOI) for the companys plan to acquire brand new aircraft in the next two years. - Sultan Mining & Energy Development Corp. said it is cashing in on the rising cost of bunker fuel, which has created a new market for coal among manufacturers in Mindanao such as tuna canneries, paper and textile firms. - A company planning a multi-billion peso investment in the power sector has secured tax incentives and other perks from the Board of Investments (BOI). - Maynilad Water Services Inc. is set to sign agreements with foreign technical partners to improve its water-loss reduction program and find new sources of water for its customers in south Metro Manila. - Philippine National Oil Co.-Energy Development Corp. (EDC) plans to put up wind power projects across the country, one of the companys directors said. - Amid rising food prices, people in Metro Manila prefer a telecom service provider that offers cheaper rates and a wide coverage network, according to a survey. - SM Prime Holdings Inc. and state-run Light Rail Transit Authority (LRTA) are finalizing an agreement for the construction of an additional station for the Light Rail Transit Line 1 (LRT 1) North Extension project in Quezon City. - GSIS Family Savings Bank plans to acquire a medium-sized lender to expand its operation in the medium term. ASIA PULSE |
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