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The Bangko Sentral ng Pilipinas said monetary authorities remain watchful of flow reversals due to potential forces that could dampen the global growth momentum and spill over to the Philippine economy.

The Association of Southeast Asian Nations has renewed for the sixth time the $2 billion in short-term foreign exchange liquidity support for member countries experiencing balance of payments difficulties.

The stock market weakened yesterday due to technical correction, pushing the main composite index 66.42 points lower at 8,420.95. The broader All Shares gauge was also lower by 36.68 points to settle at 4,913.79.


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China-led Asian Infrastructure Investment Bank is urging the government to initiate a project for the rehabilitation of Pasig River, citing numerous socioeconomic benefits such alleviating floods in Metro Manila, rise in the prices of properties built along the banks and provision of alternative modes of transportation.

Italpinas Development Corp., the listed green developer which started in Cagayan de Oro, has expanded in Luzon with its maiden project in Batangas.

The rising number of tourist arrivals in the country is creating opportunities for the Philippine residential market, a property analyst said.

The Department of Agriculture insists there is no need to import chicken anytime soon as there is enough supply and the sector is already close to recovery two months after the outbreak of the first case of bird flu in the country.

The Social Security System plans to invest as much as P30 billion to be part of the development of Clark through a joint venture arrangement with state-run firms Clark Development Corp. and the Bases Conversion Development Authority.

SL Agritech Corp., the largest producer of hybrid rice and seeds in the country, is expecting a better financial year as it sees higher income amid increase in volume and better price.

The Department of Agriculture is eyeing a measure that will grant incentives to local processors and manufacturers who will utilize the country’s agricultural materials.

Farm gate prices of palay increased by 6.34 percent, the Philippine Statistics Authority said.

In a disclosure to the Philippine Stock Exchange yesterday, Harbor Star said its wholly owned subsidiary Harbor Star Energy Corp. approved the purchase of 60 percent of Astronergy Development Gensan Inc., Astronergy Development F1 Inc. and Astronergy F2 Inc. from the major shareholders of these companies.

Listed Pryce Corp. is confident of hitting its income target this year with a seasonally strong fourth quarter and after hitting the P900-million mark in its nine-month profit.


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