PRESS DIGEST - Philippine newspapers - March 24

MANILA, March 24 (Reuters) - These are the leading stories in Manila newspapers on Monday. Reuters has not verified these stories.

- Senator Loren Legarda warned of social unrest and political instability if the price of rice continued to surge (MANILA TIMES, PHILIPPINE DAILY INQUIRER)

- The presidential palace and the two houses of Congress should come up with a common stand to protect Philippine territory through a "baseline bill" asserting the country's claim to the disputed Spratly islands, Senate Minority Leader Aquilino Pimentel said (MALAYA, PHILIPPINE DAILY INQUIRER)

- The present administration will benefit if ousted President Joseph Estrada makes another bid for the presidency in the 2010 election because it will divide the opposition, President Gloria Macapagal Arroyo's lawyer said (MANILA TIMES)

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BUSINESS

- The Department of Finance is considering increasing the tax expenditure subsidy of the National Food Administration to reduce the price of imported rice, Finance Secretary Margarito Teves said (ALL PAPERS)

- The government is considering seeking the services of an independent financial adviser to see if it should match the $550 million offer by the Ashmore Group (ASHM.L: Quote, Profile, Research, Stock Buzz) for Saudi Aramco's 40 percent stake in oil refiner Petron Corp (PCOR.PS: Quote, Profile, Research, Stock Buzz), Energy Secretary Angelo Reyes said (PHILIPPINE DAILY INQUIRER, PHILIPPINE STAR)

- The government meets with key development partners in a two-day forum to be held at Clark this week to secure financing for key infrastructure projects (BUSINESSWORLD)