PRESIDENT Arroyo keynotes the Midyear Philippine Economic Briefing, billed “The Philippines: Addressing Challenges, Staying the Course,” on Wednesday at the Rizal Ballroom of the Makati Shangri-La Hotel. In photo below, the economic managers are all in attendance, (from left) Energy Secretary Angelo Reyes, Socioeconomic Planning Secretary Ralph Recto, Budget Secretary Rolando Andaya, Finance Secretary Margarito Teves, Bangko Sentral Governor Amando Tetangco Jr., Trade Secretary Peter Favila and Agriculture Secretary Arthur Yap. --OPS, RHOY COBILLA

‘Brace for meltdown’s impact’

HOLD on to your jobs, hatch a compromise in collective-bargaining agreement talks and brace for the impact of a financial crisis spawned in the Philippines’ largest trading partner, the United States.

‘Reforms to blunt adverse effects of US downturn’

PRESIDENT Arroyo on Wednesday admitted that the Philippines is not spared by the economic downturn spilling over from the United States’ financial turmoil, but she remains resolute the country is able to weather the crisis due to a reformed tax system.

In AIG’s shadow, RP insurers stable: Teves

PHILIPPINE insurers are adequately capitalized and were seen on Wednesday to survive the aftermath of the funding woes of American International Group (AIG), the world’s largest insurer, Finance Secretary Margarito Teves said.

RCBC allocates P980-M buffer fund for Lehman

YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) on Wednesday announced it is allocating P980 million to cover its exposure to Lehman Brothers.

AIG rescue fails to ease concerns

SHANGHAI—Asian financial stocks fell Wednesday, countering gains by the region’s chipmakers, as a US bailout of American International Group Inc. failed to ease concerns that credit-related losses will cause more financial failures.

Mild recovery in the markets

THE US government’s bailout of American International Group (AIG) brought a slight recovery to the local stock market on Wednesday, with the benchmark Philippine Stock Exchange index (PSEi) moving up by 35.28 points or 1.46 percent at the end of Wednesday’s trading.

Goldman Sachs slashes its oil forecast on financial turmoil

KUALA LUMPUR—Goldman Sachs Group Inc. slashed its forecast for crude oil prices in New York, saying the market has “overshot to the downside’’ because of concern the global credit crisis may lead to weaker demand.

Crude rebounds from a 2-day decline on AIG rescue plan

SINGAPORE—Crude oil rebounded from its biggest two-day decline in almost four years after the Federal Reserve agreed to rescue American International Group Inc. AIG lowering the risk of a further economic slowdown in the US.

Favila’s chirpy outlook: We’re a safer haven for investors

TRADE Secretary Peter Favila believes the current financial upheavals in the US will make the Philippines more attractive to investors who are looking for “safer havens” to put their money in.

Mindanao’s diverse exports a cushion

DAVAO CITY—The Mindanao Business Council (MinBC) assured businessmen of that southern island their region is one of those economies to be least affected by the decimation of the United States’ most storied financial and investment banks, amid fears that this would affect other countries with large exposures in them.

Smart must pay local franchise tax, says court

UNLIKE Globe Telecom Inc., Smart Communications Inc. should pay the local franchise tax. This was the ruling of the Supreme Court (SC) in the case of Smart, a top mobile-phone service provider. The firm sued the Davao City government before the High Tribunal in efforts to be exempted from the tax imposed on it by the city.

Activists push graphic-tobacco-warning bill

THE failure of the government to pass the picture-based cigarette health warning bill in time for the September 4 deadline of the World Health Organization-sponsored Framework Convention on Tobacco Control (FCTC), of which the Philippines is a signatory, has not dampened the spirit of local advocates of more effective control of the worldwide tobacco epidemic.

DFA seeks realty-buy fund

FOREIGN Affairs Secretary Alberto Romulo on Wednesday asked Congress to allow the increase to 25 percent—from the current 10 percent—of the portion of the consular income fund that may be used for the government’s investments in property for chanceries and ambassador’s residences abroad. Specifically, the goal is to invest in real estate in European countries like France, Germany and Belgium.

GMA to attend UN general assembly

PRESIDENT Arroyo is proceeding with her New York trip to attend the 63rd United Nations General Assembly (GA), Malacañang announced Thursday, after it earlier said that she is postponing the trip.

ENVIROMENTAL groups express their appeal to legislators to pass the law mandating picture-based health warnings in cigarette packs in a press conference in Quezon City. --NONOY LACZA