[Blueboard] Newsbriefs 15 August Afternoon

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Mon Aug 15 15:50:38 PHT 2005

Newsbriefs 15 August Afternoon
Simbahang Lingkod ng Bayan

Senga vows reforms in AFP (abs-cbnnews.com)

Generoso Senga, a general who commanded troops fighting Moro rebels in 
Mindanao, took over on Monday as the military's eighth chief of staff in 
less than five years.

Senga, speaking at the ceremony marking his appointment, vowed to push 
through with efforts to reorganize and streamline the Armed Forces of the 
Philippines (AFP).

"The AFP's transformation at this point is not so much the modernization 
of equipment and arms to match those of more advanced countries. We cannot 
afford it anyway," he said at the turnover ceremony at Camp Aguinaldo.

"The transformation that we need today is in changing the way we, soldiers 
and leaders, think about the challenges and opportunities presented to us 
by the program for reform."

Arroyo urges AFP to remain neutral (philstar.com)

President Arroyo on Monday urged for continued nonpartisanship in the 
Armed Forces of the Philippines (AFP) after backing the presidency during 
the worst political crisis faced by her administration. 

Mrs. Arroyo, who is facing possible impeachment before Congress, urged the 
country's military to remain neutral on political issues. 

"Gusto kong pasalamatan ang Sandatahang Lakas para sa matagumpay na 
pagbabantay sa ating demokrasya lalong lalo na nitong mga nakaraang buwan 
(I want to thank the AFP for successfully guarding our democracy 
especially during the past few months)," Mrs. Arroyo said during turnover 
ceremonies in Camp Aguinaldo. 

Lt. Gen. Generoso Senga, the new AFP chief of staff, also rallied soldiers 
behind the AFP mandate to be apolitical amid controversies hounding the 
Arroyo administration. 

Gov't to implement eVAT law despite high oil prices--Teves  (philstar.com)

FINANCE Secretary Margarito Teves said the government remains committed to 
implementing the new expanded value-added tax (eVAT) law once the Supreme 
Court lifts its freeze order against the crucial revenue measure.

Teves said "we need the eVAT to achieve fiscal consolidation and avoid a 
budgetary crisis that will bring more hardships to our people, 
particularly the poor."

His statement followed a Philippine Daily Inquirer report, which said that 
President Gloria Macapagal-Arroyo has been advised to defer the 
implementation of the new eVAT law to mitigate the impact of record-high 
oil prices.

It quoted an economic adviser of Arroyo, Albay Congressman Joey Salceda, 
as saying that once the court freeze order was lifted "the administration 
will exhaust means to legally postpone the effects of the VAT reform law 
until global oil prices ease to 50 dollars per barrel."

Crude oil reached a new record high as the New York contract for light 
sweet crude for delivery in September closed Friday at 66.86 dollars a 
barrel, up 1.06 dollars from Thursday's close, after hitting 67 dollars at 
one point.

Stocks down 32 pts, peso at 55.788:$ midday (abs-cbnnews.com)

The Phisix kicked off the trading week in the red with the main index 
dropping 32.11 points to close at 2,005.99, ANC reported Monday. Traders 
said profit-taking following last week's gains accounted for the change. 
Mark Alan Canizares, senior investment analyst at Citisec-online.com said 
most of the corporate earnings results were already out, prompting 
investors to cash in on their gains. 

The market was expecting a higher selling price, which fuelled buying in 
the stock last week, traders said.
Over at the currency market, the peso averaged 55.788 against the 
greenback in early trading, weaker than last week's 55.645 close due to 
weaker regional currencies.
Traders said record high oil prices were tempering demand for Asian 
currencies. They noted, however, that the US dollar's gains against Asian 
currencies were limited by the June US trade deficit figure, which was the 
third largest in history.

US$ trades between P55.69 and P55.835; stocks down early (abs-cbnnews.com) 

The peso was trading between 55.69 and 55.835 against the US dollar in 
early trading Monday, weaker than last week's close at 55.645:$. At the 
stock market, the Phisix was down by 33.42 points at 2,004.68 due to 
profit-taking following last week's gains. 

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