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Finance: Public sector to post deficit in ’09
The Finance Department sees the country’s public sector incurring a deficit this year instead of a surplus due to a wider budget shortfall.

Ashmore pays P25.7B for stake in Petron
MANILA, Philippines -- The Department of Finance confirmed Monday that the London-based Ashmore Group had paid P25.7 billion for the purchase of the government's 40-percent stake in Petron Corp.

Govt rejects income tax exemptions for PDIC
The Department of Finance (DOF) rejected a proposal that intended to give tax exemptions to the state-led deposit insurer.

Pension increase sought to boost economic activity
MANILA, Philippines - State-controlled pension funds were asked to hike allotments for their beneficiaries, a move that could help expand the economy by boosting consumer spending.

RP moves to secure grant from MCC
IN AN effort to secure a grant from Millennium Challenge Corporation (MCC), the Philippines has fine-tuned six compact proposals for submission to the MCC Transaction Team prior to the MCC peer review process.

Foreign aid commitments fall in first nine months
THE Philippines’ foreign aid commitments in the first nine months last year fell by more than a fifth due to declining pledges from the three biggest international funding sources, the National Economic and Development Authority said.

RP to take another shot at US grant
Despite being rejected by the Millennium Challenge Corp. (MCC) to gain financial assistance last December due to prevelance of corruption in government, a ranking Cabinet official yesterday maintained that the Philippines is still qualified to receive additional grants from the US-based government aid agency.