PRESS DIGEST - Philippine newspapers - Oct 9

MANILA, Oct 9 (Reuters) - These are the leading stories in Manila newspapers on Thursday. Reuters has not verified these stories.

- Six companies announced a 1 peso ($0.02) cut in fuel prices, a day after they were threatened by the Department of Energy with a state audit and Congress warned they would be levied a windfall tax. (THE PHILIPPINE STAR, MANILA BULLETIN, THE MANILA TIMES, BUSINESSWORLD)

- The Philippine Senate has ratified the Japan-Philippines Economic Partnership Agreement with two-thirds of the senators approving the controversial pact. (THE PHILIPPINE STAR)

- The Supreme Court declared that the island resort of Boracay belongs to the state, and the current residents cannot claim ownership of parcels of land based on years of occupation. (THE PHILIPPINE STAR, MANILA STANDARD TODAY, MALAYA, BUSINESSWORLD)

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BUSINESS

- Philippine share prices tumbled to 26-month lows as shockwaves from falling markets across the globe triggered massive sell-offs. (THE PHILIPPINE STAR, PHILIPPINE DAILY INQUIRER, MALAYA)

- The International Monetary Fund revised downward its 2008 ecnomic growth forecast for the Philippines to 4.4 percent from 5.2 percent, adding that the U.S. financial turmoil would further dampen economic activities in the Philippines. (THE MANILA TIMES, MANILA STANDARD TODAY)

- State-pension fund Government Service Insurance System said it is interested in acquiring Philippine American Life and General Insurance Co (Philamlife), the local unit of American International Group (AIG) (AIG.N), if the offer price is right. (THE PHILIPPINE STAR)

($1 = 47.75 Philippine pesos)

(Reporting by Karen Lema)