[Blueboard] Newsbriefs 14 July Afternoon

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Thu Jul 14 17:04:34 PHT 2005


*Newsbrief **July 14, 2005** Afternoon
Simbahang Lingkod ng Bayan*

* Arroyo appoints Neri budget secretary (abs-cbnnews.com)**
*
"President Arroyo appointed her economic planning secretary Romulo Neri 
as budget secretary on Thursday, as she began rebuilding her economic 
team after mass resignations."

"Neri replaces Emilia Boncodin, who resigned along with a group of other 
ministers last week and then called on Arroyo to quit over allegations 
of electoral fraud that have sparked the worst crisis in her four-year 
presidency."

*World oil prices fall below $60 as **US** storm concerns ease* *(inq7.net)*

"SINGAPORE -- Oil prices dropped below 60 dollars a barrel in Asian 
trade Thursday as concerns eased over US production in the Gulf of 
Mexico being disrupted by the latest tropical storm, dealers said."
 

*Arroyo survived from Wednesday's Big Rally (inq7.net)**
 *

"PRESIDENT Gloria Macapagal-Arroyo has weathered the storm after a 
tumultuous week which began with damaging cabinet defections and ended 
with a mass rally calling for her resignation over a political scandal, 
analysts said Thursday."

"Various opposition groups mustered their forces to bring an estimated 
30,000-40,000 onto the streets of Manila's Makati financial district on 
Wednesday--but this was short of the 50,000 they had originally promised."

"Government supporters were organizing a pro-Arroyo rally of their own 
on Saturday even as security forces braced for an even bigger 
anti-Arroyo protest when she makes her annual speech to Congress on July 
25."

*Favila appointed head of DTI (inq7.net)*

"PETER Favila has been appointed head of the Department of Trade and 
Industry while National Economic and Development Authority head Romulo 
Neri has been appointed budget chief, President Gloria Macapagal-Arroyo 
announced Thursday."

"Augusto "Tito" Santos, Neri's deputy, will replace him at NEDA, Arroyo 
added in an address aired on television.  Zamzamin Ampatuan has also 
been appointed head of the National Anti-Poverty Commission."

*Shares close higher after peaceful anti-Arroyo rally (inq7.net)**
 *

"Astro del Castillo, managing director at First Grade Holdings, said 
some investors might have started taking positions ahead of the second 
quarter earnings season."

"We can expect a good set of corporate results for the second quarter, 
which I believe was still immune to the political crisis," he said.

"But if this crisis drags on, it will definitely create a major dent on 
corporate earnings."

"Analysts said investors would remain cautious given concerns stemming 
from the international rating agencies' negative outlook on the 
country's credit ratings and the delayed implementation of the new 
value-added tax (VAT) law."

"Newly appointed Finance Secretary Margarito Teves said they would look 
at other options to boost government revenues, if the government fails 
to convince the Supreme Court to immediately lift the suspension order 
on VAT.  He said Wednesday he is eyeing the participation of city, 
provincial and municipal treasurers to augment the government's campaign 
to improve revenue collection."

"We will look for other options to cover the 4.5-5.0 billion pesos in 
monthly revenue losses (resulting from the VAT suspension)," Teves said 
in a television interview ahead of Thursday's court hearing on the 
legality of the tax measure."

*Lawmakers continue to bicker over Charter change (abs-cbnnews.com)*

"The proposed Charter change will be on top of the priority agenda of 
the House of Representatives when it resumes session on July 25, the 
majority leader, Prospero Nograles of Davao City, said Wednesday."

"Nograles, chair of the House Committee on Rules,  believes that 
"amending the 1987 Constitution will face a smooth sailing now that 
President Arroyo and the country's major political parties are 
supporting constitutional reforms through a constituent assembly."

*Pinoys in **San Francisco** rally vs Arroyo (abs-cbnews.com)**

*

"Filipino-Americans in San Francisco, California, on Tuesday (Wednesday 
in Manila) staged a protest rally against President Arroyo, ABS-CBN 
North America News Bureau reported.  Thirty (30) activists belonging to 
the US chapter of the left-wing Bayan Muna protested outside the 
Philippine consulate at about the same time that a similar demonstration 
was being held in Makati Wednesday afternoon."

*Peso - Dollar Exchange Rate *closed today at *Php 56.124* per dollar 
for July 14, 2005, 4:00 pm. *(bsp.gov.ph)*   Phisix earned *25 points* 
higher, ends at *1,879.46 (ANC)*

 

 

 

 

 

 

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