I. BANNER STORIES
Peso, stocks down: ‘Worst is not over’
By Doris Dumlao, Elizabeth Sanchez-Lacson
Philippine Daily Inquirer
First Posted 03:23:00 10/17/2008
MANILA, Philippines—The peso Thursday weakened past 48 to the dollar and the Philippine Stock Exchange index fell 5.18 percent amid growing fears of a global recession.
http://business.inquirer.net/money/topstories/view/20081017-166844/Worst-is-not-over
WB clueless on crisis fund
By Iris Gonzales and Paolo Romero
Friday, October 17, 2008
The World Bank (WB) is clueless about a reported commitment – announced on Wednesday by President Arroyo – to provide $10 billion to help Southeast Asian countries and their so-called dialogue partners Japan, China and South Korea build up a crisis fund to buy toxic debts and recapitalize banks.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101633
3. Manila Times
World stocks tumble again
Leaders seek overhaul of financial system
PARIS: Calls mounted Thursday for an overhaul of the global financial system as stocks took a new hammering, including Philippine shares, which fell 5.3 percent.
The Tokyo stock market suffered its worst loss for two decades, closing down more than 11 percent and European indices shed almost 6 percent in early deals, rallying to show losses around 3 percent later, after the Dow Jones index fell 7.8 percent. http://www.manilatimes.net/national/2008/oct/17/yehey/top_stories/20081017top1.html
4. Malaya
Gloria’s $10B bailout fund is news to WB
Palace: Oops, ’t’was IMF which gave pledge
BY JOCELYN MONTEMAYOR
PRESIDENT Arroyo left people puzzled yesterday after countries and institutions said they were unaware of a plan she announced to set up a regional fund to deal with the global financial turmoil.
Arroyo said on Wednesday the World Bank had committed to initially provide $10 billion to a fund to buy toxic debt and help banks in the region hit by the financial crisis.
http://www.malaya.com.ph/oct17/news1.htm
ASEAN crisis fund clarified
Institutions, countries unaware of plan
IMF made $ 10-B offer, not World Bank, Favila explains
By RAJU GOPALAKRISHNAN
MANILA (Reuters) — Philippines President Gloria Macapagal Arroyo left people puzzled on Thursday after countries and institutions said they were unaware of a plan she announced to set up a regional fund to deal with financial turmoil.
http://www.mb.com.ph/MAIN20081017138245.html
NO SUCH THING AS $10B ASEAN STANDBY FUND
WB, ADB, Singapore deny Gloria tall tale
By Riza Recio
10/17/2008
President Arroyo stirred up an already besieged international business yesterday as her claim on a $10 billion fund for the region amid the global financial turmoil turned out to be a hoax.
From the World Bank (WB), to the Asian Development Bank (ADB), to Association of Southeast Asian Nations (Asean) co-member Singapore, President Arroyo’s grand boast received denials and bewilderment.
http://www.tribune.net.ph/headlines/20081017hed1.html
7. Abante
GLORIA SUPALPAL!
Ni ROSE MIRANDA
Ipinahiya ng World Bank si Pangulong Gloria Macapagal-Arroyo nang itatwa nito ang pahayag ng huli kamakalawa na magkakaloob ang nasabing financial institution ng $10 bilyon na standby facility/fund para sa mga bansang miyembro ng Association of Southeast Asian Nations (ASEAN) na lulumpuhin ng krisis na dulot ng economic slowdown sa Estados Unidos.
http://www.abante.com.ph/issue/oct1708/default.htm
PINATAY PARA 'DI MAAGAW NG IBA
Ni Armida Rico
“Mabuti pang mamatay ka na lang kesa mapunta ka pa sa iba.”
Ito ang huling katagang binitiwan ng isang construction worker bago paulit-ulit na inundayan ng saksak ang kanyang misis kamakalawa ng gabi sa Parañaque City.
http://www.abante-tonite.com/issue/oct1708/news_story1.htm
9. Pilipino Star Ngayon
Pinay ipa-firing squad sa Taiwan
Ni Mer Layson
Friday, October 17, 2008
Isang overseas Filipino worker (OFW) na naman ang nahatulang mabitay sa pamamagitan ng firing squad dahil sa kasong pagpatay at pagnanakaw sa isang teaching broker sa bansang Taiwan noong nakaraang taon.
http://www.philstar.com/index.php?Bansa&p=50&type=2&sec=54&aid=2008101670
10. Journal
OIL PRICES DIVE
Crude slides below $68; local petrol firms’ P1 rollback dismays transport sector
OIL prices slumped further yesterday, with Brent crude sliding below $68 a barrel to the lowest level for more than 15 months, as slowing energy demand took its toll, traders said.
Local oil firms meanwhile announced another P1 rollback in their pump prices which the transport sector dismissed as too little to persuade them to make their own fare adjustment.
http://www.journal.com.ph/index.php?issue=2008-10-17&sec=1&aid=75935
11. Business World
Confusion over crisis fund
As WB issues denial, gov’t says $10B for ‘exploratory’ scheme from IMF
THE WORLD BANK has denied offering $10 billion for a Southeast Asian crisis fund announced by President Gloria Macapagal-Arroyo, forcing Malacañang to explain a scheme another regional partner said it did not know about.
http://www.bworldonline.com/BW101708/content.php?id=001
12. Business Mirror
Puerto Princesa bags green award
Friday, 17 October 2008 01:18
Puerto Princesa City continues to reap dividends on its environmental protection, conservation and sustainable development programs as it added another feather to its cap after bagging the prestigious Association of Southeast Asian Nations (Asean) Environmentally Sustainable Cities Award in Hanoi, Vietnam.
II. POLITICAL
Arroyo goofed: No $10B from WB
By Christian V. Esguerra, Joel Guinto
Philippine Daily Inquirer, INQUIRER.net
First Posted 03:56:00 10/17/2008
MANILA, Philippines—Malacañang Thursday admitted that President Gloria Macapagal-Arroyo made a mistake in announcing that the World Bank had committed to infuse $10 billion into her proposed regional bailout fund.
The mea culpa came after the World Bank denied committing to any such initiative to help member countries of the Association of Southeast Asian Nations (ASEAN) cope with the global financial crisis.
FOREIGN TRAVEL
PNP stops trips but 45 leaving on Friday
By Jocelyn Uy, Nikko Dizon, Allison Lopez
Philippine Daily Inquirer
First Posted 04:15:00 10/17/2008
MANILA, Philippines—With the brewing controversy over the huge travel allowance of a Philippine National Police delegation that attended a conference in Russia, PNP Director General Jesus Verzosa has ordered the suspension of all foreign trips by police officials.
QCPD: No PNP money used in Munich trip
By Nancy C. Carvajal
Philippine Daily Inquirer
First Posted 04:54:00 10/17/2008
MANILA, Philippines—Only government time, and not taxpayer money, was used in the trip of top police officials to Munich, the officer in charge of the Quezon City Police District (QCPD) said Thursday.
“All travel-related expenses, to include international airfare, meals, and accommodation, were shouldered by Rohde and Schwarz company, and no [Philippine National Police] fund was involved except for ... government time,” Senior Supt. Elmo San Diego said in a statement.
Arroyo set to veto RH bill
By Christian V. Esguerra, Gil C. Cabacungan Jr.
Philippine Daily Inquirer
First Posted 05:01:00 10/17/2008
MANILA, Philippines—Saying her faith as a Roman Catholic influenced her policy decision, President Gloria Macapagal-Arroyo virtually indicated that she was set to veto the controversial reproductive health bill currently under consideration at the House of Representatives.
De Borja says DoJ chief pre-judged him
By Dona Pazzibugan
Philippine Daily Inquirer
First Posted 05:02:00 10/17/2008
MANILA, Philippines—A businessman implicated in a bribery scandal at the Court of Appeals (CA) Thursday challenged the Department of Justice’s authority to investigate him, claiming he had already been pre-judged by Justice Secretary Raul Gonzalez.
The businessman, Francis de Borja, did not appear before a high-level DoJ (Department of Justice) committee which opened the investigation Thursday, instead choosing to file a motion questioning the legal authority of two Justice undersecretaries to participate in a preliminary investigation.
Puerto Princesa cited for green policy
Philippine Daily Inquirer
First Posted 05:21:00 10/17/2008
MANILA, Philippines—Puerto Princesa City has been selected to receive the ASEAN Environmentally Sustainable Cities Award, which are being given for the first time to give recognition to cities in the Association of Southeast Asian Nations that have “taken exemplary measures to keep their cities clean, green and liveable even as they continue to grow as centers of economic and industrial activity.”
Mining firms told: Beef up own security
By Amy R. Remo
Philippine Daily Inquirer
First Posted 05:30:00 10/17/2008
MANILA, Philippines—The Philippine government has committed to further strengthen security forces over so-called critical mining areas, as it urged companies to put up “civilian auxiliary groups” to protect their mineral tenements.
Most Pinoys want family planning education – SWS
By Helen Flores
Friday, October 17, 2008
Seventy-six percent of Filipino adults want family planning education in public schools, results of the latest Social Weather Stations (SWS) survey, released yesterday, showed.
The non-commissioned survey, conducted from Sept. 24 to 27, also found that seven out of 10 Catholics or 71 percent favor the passage of the Reproductive Health Bill.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101634
Henry Sy now RP’s richest man
Friday, October 17, 2008
The Philippines’ biggest mall operator and his family have increased their wealth by $1.4 billion despite the global financial turmoil, making them the wealthiest Filipinos this year, Forbes Asia magazine said yesterday.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101635
SC to BIR: Refund Fortune Tobacco P1 B
By Mike Frialde
Friday, October 17, 2008
The Supreme Court has affirmed its July 21, 2008 decision ordering the Bureau of Internal Revenue (BIR) to refund Fortune Tobacco, owned by magnate Lucio Tan, the amount of P1 billion in erroneously collected taxes on tobacco products.
In a resolution dated Sept. 15, 2008 but released only yesterday, the court’s second division affirmed its earlier decision and denied the motion for reconsideration filed by the Office of the Solicitor General with finality on the grounds that no substantial argument was presented to grant the reconsideration of the decision.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101636
Ping seeks probe on Moscow caper
By Christina Mendez
Friday, October 17, 2008
Sen. Panfilo Lacson claimed yesterday that newly retired police Director Eliseo dela Paz has a lot of explaining to do over the 105,000 euros or P6.9-million that was found in his possession at the departure area of a Moscow airport last Saturday.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101637
Obama, McCain get tough, personal in final debate
Friday, October 17, 2008
HEMPSTEAD, New York – John McCain repeatedly assailed Barack Obama’s character and campaign positions on taxes, abortion and more Wednesday night, hoping to transform their final presidential debate into a launching pad for a political comeback. “You didn’t tell the American people the truth,” he charged.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101638
DSWD: 10 Pinoys die every hour of tobacco-related diseases
By Helen Flores
Friday, October 17, 2008
Ten Filipinos die every hour of tobacco-related diseases, according to the Department of Social Welfare and Development (DSWD).
Social Welfare Secretary Esperanza Cabral said aside from causing health complications, smoking worsens the living conditions of disadvantaged Filipino families.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101639
Prices of diesel, gas, kerosene rolled back P1
By Ted Torres
Friday, October 17, 2008
Pilipinas Shell Petroleum Corp., Chevron/Caltex Philippines, Petron Corp., Total Philippines, Sea-Oil Petroleum, and Eastern Petroleum Corp. have reduced pump prices of diesel, gasoline and kerosene by P1 per liter yesterday.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101640
DOH sees melamine scare easing
By Eva Visperas
Friday, October 17, 2008
DAGUPAN CITY – Health Secretary Francisco Duque III sees a downtrend of the milk scare since only a few China milk products out of the more than 160 so far tested by the Bureau of Food and Drugs (BFAD) were found positive for the toxic chemical substance melamine.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101641
DTI: Prices of basic goods to drop towards Christmas
Friday, October 17, 2008
Prices of basic commodities would likely go down towards the Christmas season due to lower prices of oil in the world market, Trade Secretary Peter Favila said yesterday.
He said the Department of Trade and Industry (DTI) monitored slight reduction in the prices of basic consumer goods in recent weeks and he was given assurances by manufacturers and traders that they expect prices to go down further.
“They were saying there is a very good possibility of prices coming down as Christmas approaches,” Favila said. – Paolo Romero
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101642
Erap slams BIR over unpaid taxes
Friday, October 17, 2008
Former President Joseph Estrada slammed the Bureau of Internal Revenue (BIR) for ordering him and his wife, former senator Loi Ejercito, to pay a total of P2.9 billion in unpaid taxes.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101643
Double pay awaits seafarers in Somalia
Friday, October 17, 2008
Filipino seamen held hostage and those cruising in identified “high risk” areas off Somalia will get double compensation, the Department of Labor and Employment (DOLE) said yesterday.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101644
Fears of MILF attacks still grip Lanao
By James Mananghaya
Friday, October 17, 2008
The military is facing another challenge – to allay the fears of residents of Lanao del Norte that the Moro Islamic Liberation Front (MILF) would launch new attacks.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101645
Senate urged to concur with amnesty proclamation
Friday, October 17, 2008
President Arroyo reiterated her call for the Senate to concur with the amnesty proclamation she signed last year now that the House of Representatives has given its concurrence.
Speaking at the local peace and security assembly (LPSA) in Calapan, Mindoro yesterday, the President emphasized that the grant of amnesty to communist rebels would do a lot in bringing lasting peace to areas affected by the insurgency.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101646
Lawyer warns of whitewash in NBN probe
Friday, October 17, 2008
A complainant in four of seven criminal cases involving the $329-million national broadband network deal with Chinese ZTE Corp. has warned of a possible whitewash in the Office of the Ombudsman’s investigation.
First Gentleman Jose Miguel Arroyo is accused of graft in four of the criminal cases, while former elections chairman Benjamin Abalos faces graft charges in six.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101647
House panel vows neutrality in impeach case
By Edith Regalado
Friday, October 17, 2008
DAVAO CITY – Opposition Sen. Francis Escudero, chairman of the House committee on justice, assured the people that his committee would treat the new impeachment case against Mrs. Arroyo with “cold neutrality” to determine the guilt or innocence of the President.
http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=2008101648
Friday, October 17, 2008
Court order vs. JPEPA useless – Miriam
By Efren L. Danao Senior Reporter
The Japanese government might not be bound to obey any restraining order that the Supreme Court might issue on the implementation of the Japan-Philippine Economic Partnership Agreement (JPEPA),
Sen. Miriam Defensor-Santiago said Thursday.
Groups that had opposed the Senate concurrence in the ratification of the JPEPA had petitioned the High Court to stop the agreement, arguing that it violates the Constitution.
http://www.manilatimes.net/national/2008/oct/17/yehey/metro/20081017met1.html
European Union grants P420M to Philippines
The European Union has earmarked 6.5 million euros, or about P420 million, for the Dialogue on Governance: Strategic Projects Facility 2 that aims to identify and support models of good practice in local governance.
The first Strategic Projects Facility supported capacity-building efforts of local governments, and worked for the inclusion of poor communities in world trading opportunities. Its second phase will be more focused on generating cooperation and participation among local governance actors, with grants ranging from 200,000 euros to 500,000 euros or from P13 million to P33 million.
http://www.manilatimes.net/national/2008/oct/17/yehey/metro/20081017met2.html
To succeed, impeach bid seen needing a miracle
HOUSE minority leader Ronaldo Zamora yesterday said only a "miracle" can save the new impeachment complaint against President Arroyo from being dismissed by her allies in Congress.
Zamora said that "out of desperation," they would still try to convince congressmen from other parties to support the complaint because this is part of theircConstitutional duty of providing checks and balances.
http://www.malaya.com.ph/oct17/news6.htm
De Venecia proposes Asian financial stimulus package
PHNOM PENH, Cambodia — Pangasinan Rep. Jose C. de Venecia Jr., five-time Speaker of the Philippine House of Representatives, proposed on Wednesday the creation of a "financial stimulus package" to save Asian economies from the worsening global financial crisis and strengthen the fight against Asian poverty.
http://www.mb.com.ph/MTNN20081017138210.html
PNP shelves foreign trips; probe of Moscow mess sought
10/17/2008
The Philippine National Police (PNP) leadership has ordered the suspension of all foreign travels of police personnel pending a review of existing policies on travels outside the country.
“Effective this date, all foreign travels of PNP personnel, including those already approved, are hereby suspended pending the review of all existing policies, guidelines, procedures and rules and regulations governing travels abroad,” PNP chief Director General Jesus Verzosa said in his order following the Oct. 11 controversy involving just retired PNP comptroller Director Eliseo de la Paz who was held by Russian Customs officials for carrying 105,000 euros (around P6.9 million) which is way above the authorized 10,000 euros.
http://www.tribune.net.ph/headlines/20081017hed3.html
Impeach raps to dog GMA even after 2010 — Suplico
By Gerry Baldo
10/17/2008
While the possibility of it again being dismissed on the machinations of the administration, one of the principal proponents of the latest impeachment case against President Arroyo has vowed to keep filing the charges that they have been raising against the Chief Executive even beyond her term of office.
http://www.tribune.net.ph/nation/20081017nat1.html
Seven oil firms roll back prices by P1/liter
10/17/2008
Independent oil players were “forced” to match the rollback implemented by oil giants yesterday after the prices of crude in the would market went further down.
Flying V, Seaoil Philippines, PTT Philippines as well as Eastern Petroleum cut the prices of their gasoline, diesel and kerosene products by P1 per liter at 8 a.m. yesterday after Petron and Pilipinas Shell adjusted their prices two hours earlier.
http://www.tribune.net.ph/nation/20081017nat2.html
Ceasefire hirit ni GMA sa impeachment
(Rose Miranda/Bernard Taguinod)
Sa gitna ng kinakaharap na panibagong impeachment complaint, humirit ng political ceasefire si Pangulong Gloria Macapagal-Arroyo sa kanyang mga kritiko ngayong darating na Kapaskuhan.
Sa kanyang talumpati sa Calapan, Oriental Mindoro, sinabi nito na sa halip na magbangayan sa pulitika ay mas maganda na magkaisa at magdiwang ang lahat sa nalalapit na Holiday Season.
http://www.abante-tonite.com/issue/oct1708/news_story4.htm
