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MANILA, June 2 Asia Pulse - Highlights of today's newspapers:
THE MANILA TIMES:
- Perhaps Ambassador Kojiro Takano should have apologized not for what he said that, among others, Japanese investors were not necessarily satisfied with conditions in the Philippines but for not having said it earlier.
- Foreign investors in the Philippines are becoming increasingly restless over the slow pace of reforms urgently needed to improve the country's difficult business climate and check eroding competitiveness.
- With the decision of the Energy Regulatory Commission (ERC) to increase the Manila Electric Companys unbundling rate by 8.76 centavos per kilowatt-hour (kWh), the utility firm is now confident that it would get a better support from its creditors.
- The total amount of cash and near-cash items in the local financial system grew by a slower pace of 2.83 per cent last April, based on data released by the Bangko Sentral ng Pilipinas (BSP).
- The Bangko Sentral ng Pilipinas would impose sanctions on Philippine National Bank (PNB) should it fail to meet targets set in its rehabilitation plan.
Source: HighBeam Research, PHILIPPINE NEWSPAPER HIGHLIGHTS - JUNE 2, 2003.