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(From Asia Pulse)
MANILA, April 2 Asia Pulse - Highlights of today's newspapers:
THE MANILA TIMES:
- The Philippines may be in for another credit-rating downgrade by Standard and Poors if the national government fails to keep its budget deficit within target. A downgrade is likely if the fiscal deficit widens again, losses from the power sector complicate public finances, the banking sectors asset quality worsens, and these result in government money (being used to subsidize lenders), Ping Chew, S&P director for sovereign and international public finance ratings, said during a breakfast meeting with reporters on Thursday.
- The Asian Development Bank (ADB) is considering extending more loans to the Philippines after the government showed significant improvements in implementing its loan projects with the bank.
- The Bureau of Internal Revenue is cocksure of attaining its revenue goal in spite of a higher budget deficit forecast by the International Monetary Fund. We are very confident (of hitting our target), BIR Commissioner Guillermo Parayno said.
- The deal between the government and the Lopez-controlled Maynilad Water Services Inc. would allow the latter to increase its water rates by around P7 for every cubic meter starting June, a nongovernment research institution said on Thursday.