PRESS DIGEST - Philippine newspapers - Dec 27

MANILA, Dec 27 (Reuters) - These are the leading stories in Manila newspapers on Thursday. Reuters has not verified these stories.

- President Gloria Macapagal Arroyo sacked Bureau of Corrections director Ricardo Dapat and ordered the investigation of other prison officials following the flight of convicted child rapist Romeso Jalosjos to his hometown. (ALL PAPERS)

- President Arroyo may be reorganising the cabinet, as she starts a year-end review of cabinet secretaries' performance, a senior government official said. (THE MANILA TIMES, THE PHILIPPINE STAR, BUSINESSWORLD)

- Executive Secretary Eduardo Ermita dismissed threats reportedly from the Communist Party of the Philippines to launch more attacks next year, saying the group was just making noises to show that it was still a force to reckon with. (MALAYA)

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BUSINESS

- About 28.5 billion pesos ($690 million) worth of agriculture and infrastructure projects were approved by the National Economic Development Authority Board for funding through official development assistance. (PHILIPPINE DAILY INQUIRER, BUSINESSWORLD)

- The Philippine central bank reported that credit card receivables in the third quarter reached 106 billion pesos, up 22.6 percent from a year ago, with past due accounts also rising. (THE PHILIPPINE STAR)

- Conglomerate First Philippine Holdings Corp (FPH.PS) may team up with a foreign entity to bid for the government's stake in power distributor Manila Electric Co. MERB.PS, its president said. (THE PHILIPPINE STAR)

($1=41.28)

(Reporting by Karen Lema)