PRESS DIGEST - Philippine newspapers - June 3

MANILA, June 3 (Reuters) - These are the leading stories in Manila newspapers on Tuesday. Reuters has not verified these stories.

- Oil firms have warned that fuel prices could go up as often as twice a week at 1-2 pesos per litre to allow them to recover costs from rising world prices (MANILA STANDARD TODAY, PHILIPPINE DAILY INQUIRER)

- Two senators have called for an end to the Senate investigation into the controversial national broadband project because they said they could not wait for any possible testimony from former House of Representatives Speaker Joe de Venecia (PHILIPPINE DAILY INQUIRER)

- The administration Lakas party has begun to consider senatorial candidates for the 2010 elections, while Vice-President Noli de Castro is strongly tipped to be its presidential candidate (MANILA TIMES)

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BUSINESS

- The central bank's foreign exchange stock outside its foreign reserves fell to $9.03 billion at end-April from $11.33 billion at end-March as it sold dollars to slow the depreciation of the peso (PHILIPPINE DAILY INQUIRER)

- The central bank is likely to raise interest rates before prices peak in the third quarter to stem peso depreciation, analysts said (BUSINESSWORLD)

- The Bureau of Internal Revenue expects lower collections from large taxpayers this year, about 402.57 billion pesos against 429.85 billion last year (MANILA TIMES)

($1 = 43.5 pesos)

(Reporting by Karen Lema)