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PRESS DIGEST - Philippine newspapers - May 5

Mon May 4, 2009 8:33pm EDT

Stocks

   

MANILA, May 5 (Reuters) - These are the leading stories in Manila newspapers on Tuesday. Reuters has not verified these stories.

- Egypt will back the Philippines' bid to acquire observer status in the influential Organization of Islamic Conference, the presidential palace said. (PHILIPPINE DAILY INQUIRER, THE PHILIPPINE STAR, MALAYA)

- The Commission on Elections will soon decide on a petition of boxing superstar Manny Pacquiao to accredit as a political party the People's Champ Movement which he and supporters formed last September. (MALAYA, PHILIPPINE DAILY INQUIRER)

- The Department of Agriculture has lifted the importation ban on pork and pork products, except those coming from Canada, on the basis of findings that the H1N1 virus is not foodborne. (MANILA STANDARD TODAY, THE MANILA TIMES)

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BUSINESS

- Philippine banks reported a 34.1 percent decline in net income in 2008 amid the global financial turmoil, the Philippine central bank said. (BUSINESSMIRROR, THE PHILIPPINE STAR)

- Election spending is expected to boost the country's domestic output as measured by the gross domestic product by 0.5 percentage point next year, a finance official said. (PHILIPPINE DAILY INQUIRER)

- Food and beverage giant San Miguel Corp (SMC.PS) is looking to acquire a controlling interest in the 15-billion pesos ($312 million) Tarlac-La Union Expressway project, an official of one of the project proponents said. (THE PHILIPPINE STAR)

($1 = 48.12 Philippine pesos)

(Reporting by Karen Lema)



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