MANILA, May 13 Asia Pulse - Highlights of today's newspapers:
THE MANILA TIMES:
- Yields on the benchmark Treasury bill yield fell for the second time at the government's regular auction of the securities, prompting the nation to increase the offer of bills by a fifth.
- The government has appointed auditing firm Laya, Mananghaya KPMG to undertake a due diligence of United Coconut Planters Bank (UCPB) preparatory to the extension of financial assistance to the troubled bank.
- The Bangko Sentral ng Pilipinas (BSP) is eyeing higher remittances by overseas Filipino workers (OFWs) starting this month until June owing to the end of uncertainty brought about by the conclusion of the Iraqi conflict and the usual surge of remittances during enrolment period.
- The government will cut its weekly sale of Treasury bonds and shorten the maturities of the securities in the third quarter to avoid competing with businessmen for funds, Deputy Treasurer Eduardo Mendiola said.
- The Philippine government has opened talks with Kuwaiti companies for the possible participation of Filipino companies as sub-contractors in the reconstruction of Iraq.
- The Securities and Exchange Commission (SEC) is inclined to give its approval on the proposal of the Philippine Federation of Pre-need Plan Companies Inc. (PFPPC) to establish liquidity and guarantee funds this year.
- Trade and Industry Secretary Manuel A. Roxas II yesterday criticized the Office of Muslim Affairs (OMA) over the slow certification of Filipino halal food products, causing manufacturers and exporters lost opportunities to capture a sizeable share of the $150-billion global halal market.
- Ads placed in public rides have greater recall to consumers than the traditional advertising method, a study recently conducted by Geiser Maclang Communications Inc. (GMCI) revealed.
- Ayala Corp. would likely shut down the remaining outlets of Burger King if it does not find a buyer for the fast-food restaurant, a top official of the company said in an interview.
- Telecommunications giant Philippine Long Distance Telephone (PLDT) Co. plans to expand its Internet services this year, with target revenues of P500 million by end-2003 from increased subscriber take-up of its Vibe and myDSL services.
- Yokohama Tire Philippines Inc. (YTPI), the passenger tire manufacturing and marketing unit of Yokohama Rubber Co. Ltd. of Japan, would invest some 2-billion yen (roughly P863 million) to upgrade its facilities within the Clark Special Economic Zone.
- Asia continues to lead in the global volume of fish production, according to the most recent data from the UN Food and Agriculture Organization (FAO).
- US Treasury Secretary John Snow said on Sunday the United States was suffering from a soggy economy that needs to double its growth rate, and that a lower US dollar and President George Bush's tax cut package would greatly help.
ASIA PULSE 13-05 1246
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