PRESS DIGEST - Philippine newspapers - Jan 23

MANILA Jan 23 (Reuters) - These are the leading stories in Manila newspapers on Wednesday. Reuters has not verified these stories.

- President Gloria Macapagal Arroyo is pushing for the implementation of all government projects in the pipeline to cushion the impact of a weakening U.S. economy -- the country's main trading partner -- on the Philippines, the executive secretary said. (PHILIPPINE DAILY INQUIRER)

- The government and the communist National Democratic Front are preparing to hold exploratory talks next month in Oslo, in a bid to revive stalled peace negotiations. (MANILA STANDARD TODAY)

- Opposition lawmakers vowed to stop local chief executives from relaunching a failed effort to amend the constitution through a people's initiative. (PHILIPPINE STAR)

- Armed Forces chief General Hermogenes Esperon said the country was already "over the hump" as far as threats of destabilisation are concerned. (MALAYA)

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BUSINESS

- Local stocks fell for the seventh day on Tuesday, recording their fourth-biggest point drop on record, in step with falls in key Asian markets in a nervous sell-off sparked by fears a U.S. recession would hurt the global economy. (BUSINESSWORLD, PHILIPPINE DAILY INQUIRER, BUSINESSMIRROR)

- Cebu Air Inc, the airline owned by the JG Summit group (JGS.PS), has shelved its planned 17.4-billion pesos ($418 million) initial public offering next month due to volatile market conditions. (BUSINESSWORLD)

- A block of shares worth 6.84 billion pesos in power distributor Manila Electric Co (MER.PS) was sold via the stock market on Monday in a deal which stock analysts said involved government entities. (PHILIPPINE DAILY INQUIRER)

($1=41.595 pesos)

(Reporting by Rosemarie Francisco; Editing by Valerie Lee)