PHILIPPINE NEWSPAPER HIGHLIGHTS - JUNE 14, 2007.

MANILA, June 14 Asia Pulse - Highlights of today's newspapers:

MANILA TIMES:

- Companies listed at the local bourse raised two-fifths more money in the first five months this year, as cheap funds sloshed in the domestic financial market due to historic low-interest rates and record inflows of overseas Filipino worker (OFW) remittances and foreign investments. In a statement, the Philippine Stock Exchange (PSE) said equity raised by listed companies surged by 41.5 per cent to P34.8 billion (US$745 million) over the same five-month period last year. Francis Lim, PSE president, said this jump can be attributed to the bullish sentiment of investors.

- The country's tax effort is expected to improve further with the government seen balancing its budget next year, or two years ahead of the original plan.

- The Department of Finance completed weeding out a huge amount of tax credit certificates (TCCs) that remain unvali-dated, the official tasked with the program said Wednesday.

- The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) said the country's dollar reserves may exceed its forecast for this year.

- Digitel Telecommunications Philippines, Inc., the telecom unit of JG Summit Holdings, Inc. will roll out Internet broadband service in 11 areas nationwide in the second quarter of this year, the company reported to the National Telecommunications Commission.

- The Department of Agriculture will push for the revival of a bill that will reform the National Food Authority, Secretary Arthur Yap said.

- The Philippine Savings Bank has expanded its local network by acquiring the excess branches of its mother company, Metropolitan Bank and Trust Co.

- RFM Corp. will sell Treasury shares to raise capital for expansion projects, the company's top executive announced Wednesday.

MANILA BULLETIN:

- State workers are assured of getting a 10 per cent hike in basic pay in July as the Budget department will release before the end of the month the P10.3 billion needed to bankroll the pay increase.

- Equity raised by listed companies via various capital-raising activities went up by 41.5 per cent to P34.8 billion for the first five months of the year from P24.63 billion for the corresponding period last year.

- The Philippines as part of G33 nations is continuing to press the World Trade Organization (WTO) to recognize developing country safety nets for poor farmers like Special Safeguard Mechanism (SSM) as WTO completes negotiations by yearend.

ASIA PULSE 14-06 1119