PRESS DIGEST - Philippine newspapers - Oct 22

MANILA, Oct 22 (Reuters) - These are the leading stories in Manila newspapers on Wednesday. Reuters has not verified these stories.

- President Gloria Macapagal Arroyo will still push for a regional standby fund for the Association of Southeast Asian region (ASEAN) in light of the global financial meltdown when she meets the region's leaders at the Asia-Europe Meeting in Beijing this week, Press Secretary Jesus Dureza said. (MALAYA, PHILIPPINE DAILY INQUIRER)

- The Senate is preparing to summon former Agriculture Undersecretary Jocelyn Bolante to a new public inquiry into the alleged misuse of a multi-million peso fertiliser fund. (PHILIPPINE DAILY INQUIRER)

- The Moro Islamic Liberation Front (MILF) is considering dissolving its peace negotiating panel after a territorial deal reached with the government was nullified by the Supreme Court. (BUSINESSWORLD, THE PHILIPPINE STAR)

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BUSINESS

- Philippine Airlines is slashing its fuel surcharge by as much as $20 for international round-trip flights, and 400 pesos ($8.3) on domestic round-trip flights starting Nov. 3, amid a dramatic drop in jet fuel prices. (MANILA STANDARD TODAY, THE MANILA TIMES)

- Locally managed mutual funds have been pummelled by the global financial crisis, with those of Philam Asset Management Inc and the Government Service Insurance System (GSIS) being among the hardest hit, a report by the Investment Company Association of the Philippines showed. (PHILIPPINE DAILY INQUIRER)

- The National Economic Development Authority (NEDA) has approved a 1.7 billion pesos credit facility for environment friendly and clean energy projects in the country. (MANILA STANDARD TODAY, PHILIPPINE STAR, BUSINESSWORLD)

($1 = 48.28 pesos)

(Reporting by Karen Lema; Editing by Valerie Lee)