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PHILIPPINE NEWSPAPER HIGHLIGHTS - AUG 1, 2007.

AsiaPulse News

| August 01, 2007 | COPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MANILA, Aug 1 Asia Pulse - Highlights of today's newspapers:

MANILA TIMES:

- Consumers should brace for higher electricity bills in the coming months, as the price of energy sold at the country's spot market has been shooting up in recent sessions, according to market operator, the Philippine Electricity Market Corp. (PEMC). "Basically what happened in the past few days is that it took out the coal, so we started clearing oil - so Malaya, Limay - were clearing. So the prices went up to almost P10 (US$0.22) or more than P10 for that period," Lasse Matti A. Holopainen, PEMC president, said.

- The growth of the country's money supply further eased last June, according to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines).

- The International Monetary Fund expects the Philippine economy to grow slightly below the government target this year.

- The government recorded a smaller debt in May compared to the borrowings made the month before due to net redemptions and repayments as well as the continuous appreciation of the peso.

- Revenues earned from lending and fee-based businesses enabled the Bank of the Philippine Islands to post higher profits in the first semester.

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