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PRESS DIGEST - Philippine newspapers - Nov 4

Tue Nov 3, 2009 7:26pm EST

Stocks

   

MANILA, Nov 4 (Reuters) - These are the leading stories in Manila newspapers on Wednesday. Reuters has not verified these stories.

- Interior Secretary Ronaldo Puno claimed that members of the Moro Islamic Liberation Front were behind the abduction of Irish Catholic priest Michael Sinnott. (PHILIPPINE DAILY INQUIRER, THE MANILA TIMES)

- The presidential palace stood firm on its order freezing fuel prices amid calls by local and foreign business groups to lift the price cap. (PHILIPPINE DAILY INQUIRER, THE PHILIPPINE STAR, THE MANILA TIMES)

- The country's acting tax chief, Joel Tan-Torres, said he would strictly implement the controversial 5 percent tax on campaign spending to generate much needed revenues. (THE PHILIPPINE STAR)

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BUSINESS

- The Philippines will need around $70 billion to $104 billion worth of investments in the coming years to meet energy demand, which is expected to double to 79.6 million tonnes of oil equivalent by 2030, according to an Asian Development Bank report. (BUSINESSMIRROR, BUSINESSWORLD)

- Food-to-power conglomerate San Miguel Corp (SMC.PS) (SMCB.PS) may abandon its plan to acquire a majority stake in Petron Corp (PCOR.PS) due to expected losses at the oil refiner caused by the government-imposed price freeze on petroleum products. (PHILIPPINE DAILY INQUIRER)

- Australian miner Indophil Resources Ltd (IRN.AX) revised an agreement with Philippine conglomerate Alsons Consolidated Resources Inc (ACR.PS) to expedite the purchase of the latter's remaining 3.27 percent stake in the Tampakan mine in southern Mindanao. (PHILIPPINE DAILY INQUIRER)

($1 = 47.73 Philippine pesos)

(Reporting by Karen Lema; Editing by Valerie Lee)



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