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Thomson Financial News
PRESS DIGEST - Philippine newspapers - Oct 7
10.06.08, 9:57 PM ET



MANILA, Oct 7 (Reuters) - These are the leading stories in Manila newspapers on Tuesday. Reuters has not verified these stories.

- Trade Secretary Peter Favila said he will ask the Chinese government to help Filipino businessmen recover losses from importing China-made milk products that were later banned for melamine contamination. (PHILIPPINE DAILY INQUIRER, MANILA STANDARD TODAY, BUSINESSWORLD)

- Convicted murderer Claudio Teehankee Jr. has been released from jail after serving 14 years for a 1991 triple crime, including the gruesome murder of a 16-year old girl, after President Gloria Macapagal Arroyo granted him executive clemency. (PHILIPPINE DAILY INQUIRER, THE PHILIPPINE STAR)

- President Gloria Macapagal's economic adviser, Joey Salceda, proposed the creation of a $30 billion regional stabilisation fund to provide region-wide protection against possible fallout from the U.S. financial crisis. (THE PHILIPPINE STAR)

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BUSINESS

- Electronics industry officials called for increased government support amid a global economic downturn, even as they forecast a modest recovery next year due to demand from markets other than the United States. (BUSINESSWORLD)

- The Department of Trade and Industry said it has ordered cement manufacturers and flour millers to open their books to determine if they should be charged with profiteering for their recent price increases. (THE PHILIPPINE STAR, MANILA STANDARD TODAY)

- The Department of Finance expects the Bureau of Internal Revenue to exceed its collection goal, contrary to the agency's claim that it will incur a 44 billion ($927 million) pesos shortfall this year. (MANILA STANDARD TODAY, PHILIPPINE DAILY INQUIRER, THE MANILA TIMES)

($1 = 47.43 Philippine pesos)

(Reporting by Karen Lema)

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