PRESS DIGEST - Philippine newspapers - Oct 3

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

- Philippine banks are in much better position to withstand a global financial storm and are in no need of a lifeline similar to the state-funded bailout schemes for troubled financial institutions in the United States and Europe, government officials said. (PHILIPPINE DAILY INQUIRER)

- A target of military manhunt for two months, Ameril Umbra Kato of the Moro Islamic Liberation Front has appeared on video-sharing website YouTube taunting his pursuers for failing to find him. (PHILIPPINE DAILY INQUIRER, MALAYA)

- The Commission on Elections will need an additional 21 billion pesos ($447 million) next year to prepare for the 2010 automated polls, its chairman said. (THE PHILIPPINE STAR, BUSINESSWORLD)

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BUSINESS

- The Department of Finance said it would ask all government financial institutions (GFIs) to disclose the level of their exposure to troubled U.S. companies to ensure their financial status remain sound. (PHILIPPINE DAILY INQUIRER, THE PHILIPPINE STAR, MANILA STANDARD TODAY, THE MANILA TIMES)

- Fastfood giant Jollibee Foods Corp (JFC.PS) said it had completed the purchase of Beijing-based restaurant Hongzhuangyuan for $55.5 million after securing the approval of China's Ministry of Commerce. (ALL PAPERS)

- President Gloria Macapagal Arroyo's economic managers said no new taxes would be imposed despite fears of reduced government revenues brought about by slower economic growth. (THE PHILIPPINE STAR)

($1 = 47.0 Philippine pesos)

(Reporting by Karen Lema)