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MANILA, Dec 1 Asia Pulse - Highlights of today's newspapers:
MANILA TIMES:
- The Philippine government will forgo nearly half-a- billion pesos in income taxes once the Bureau of Internal Revenue releases a regulation granting withholding tax exemption to minimum-wage earners.
- The amount of money circulating in the local financial system eased in October, but kept growing at the ceiling set by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines).
- Re-enacting this year's national budget for use next year will cut the Philippines economic growth, according to estimates made by the National Economic and Development Authority (NEDA).
- The Philippines is pushing for an oil stockpile for the entire Southeast Asian region as a measure to protect countries from sudden oil price spikes.
- Philippine Veterans Bank reported higher profits as of end-October on the strength of higher income from its lending, treasury and asset-sale activities.