PRESS DIGEST - Philippine newspapers - Nov 3

MANILA Nov 3 (Reuters) - These are the leading stories in Manila newspapers on Tuesday. Reuters has not verified these stories.

- Foreign and local businessmen urged President Gloria Macapagal Arroyo to lift an order capping the prices of petroleum products, saying it will adversely affect 80 percent of the country's oil supply. (ALL PAPERS)

- The weather bureau warned residents of northern and central Luzon to brace for more rain in the next few days after a low pressure area developed into a tropical depression. (THE PHILIPPINE STAR, MANILA BULLETIN, MALAYA)

- Employment growth in top corporations in Metro Manila began showing signs of recovery in the second quarter after posting a near zero growth rate in the first three months of the year, the Bureau of Labor and Employment Statistics said. (MANILA BULLETIN)

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BUSINESS

- Food-to-power conglomerate San Miguel Corp (SMC.PS) SMCB.PS is planning to bid for the contract to manage the capacity of three National Power Corp's hydroelectric plants, an official of the Power Sector Assets and Liabilities Management Corp said. (BUSINESSWORLD, PHILIPPINE DAILY INQUIRER, MALAYA, THE PHILIPPINE STAR)

- State-run pension fund Government Service Insurance System has been buying shares of top Philippine miner Philex Mining Corp (PX.PS) to accumulate enough stocks to gain representation in the company's board of directors. (PHILIPPINE DAILY INQUIRER)

- Economists have lowered their projected average inflation inflation rate this year to 3.2 percent from 3.5 percent, falling within the government's official target of 2.5-4.5 percent, a central bank survey showed. (THE PHILIPPINE STAR)

($1 = 47.63 Philippine pesos) (Reporting by Karen Lema)