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MANILA, July 3 Asia Pulse - Highlights of today's newspapers:
MANILA TIMES:
- The Philippines, through state-run Power Sector Assets and Liabilities Management Corp. (Psalm) is set to draw on the performance bond posted by YNN Pacific Consortium Inc. after the winning bidder for the Masinloc coal-fired plant failed to deliver the upfront payment for the power facility on Friday.
- State-owned National Power Corp. (Napocor) saw its revenues rise in the first quarter on higher volumes.
- The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) said it hasn't ruled out an increase in interest rates this year, as it noted that demand for money continued to rise in May.
- The Department of Finance plans to endorse the removal of exporter fees as their abolition is seen to have a minimal impact on government revenues.
- The Japan Bank for International Cooperation (JBIC) has informally approved the multiyear country assistance program for the country aimed at improving the planning and implementation of Philippine projects, an official of the National Economic and Development Authority said.
Source: HighBeam Research, PHILIPPINE NEWSPAPER HIGHLIGHTS - JULY 3, 2006.