PRESS DIGEST - Philippine newspapers - Aug 11

MANILA, Aug 11 (Reuters) - These are the leading stories in Manila newspapers on Tuesday. Reuters has not verified these stories.

- The government has agreed to free a top rebel leader and another detainee, and pledged not to arrest two others in an effort to revive long-stalled peace talks with the communist-led National Democratic Front aimed at ending a 40-year old rebellion, presidential peace process adviser Avelino Razon said. (PHILIPPINE DAILY INQUIRER)

- Senator Benigno "Noynoy" Aquino III said he was not inclined to seek higher office in 2010 but did not rule out the possibility he would change his mind. (PHILIPPINE DAILY INQUIRER, MANILA STANDARD TODAY)

- President Gloria Macapagal Arroyo said she has not used her position for personal profit and denied manipulating her statements of assets, liabilities and net worth that showed her net worth doubling in the last eight years. (THE PHILIPPINE STAR)

********

BUSINESS

- San Miguel Group (SMC.PS) is open to the possibility of entering into partnerships with both the Ayala Group (AC.PS) and Metro Pacific Investments Corp (MPI.PS)-DMCI Holdings Inc (SMC.PS) for the construction of the 50 billion pesos ($1.05 billion) Laiban Dam project. (THE PHILIPPINE STAR)

- National Treasurer Roberto Tan ruled out a third foray into the global bond market this year despite uncertainties it could meet its 2009 this year's budget deficit target of 250 billion pesos. (ALL PAPERS)

- London-based Ashmore Group is offering to sell back to the government the 40 percent stake in Petron Corp (PCOR.PS) that was privatised last year, said Petron chief executive officer Ramon Ang, who is also president of San Miguel Corp. (THE MANILA BULLETIN, PHILIPPINE DAILY INQUIRER)

($1 = 47.70 Philippine pesos)

(Reporting by Karen Lema; Editing by Valerie Lee)