Update 1: Philippines Able to Service Its Debt
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The Philippines is able to service its debt, the government said Tuesday, as officials scrambled to reassure jittery investors a day after the president rattled the markets by saying the country was in the throes of a fiscal crisis.
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President Arroyo acknowledged for the first time yesterday that the Philippines is in a &quot;fiscal crisis&quot; and urged the public to prepare for &quot;pain,&quot; as economists warned of debt default within three years.
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MANILA When President Gloria Macapagal Arroyo declared this week that the Philippines was &quot;already in the midst of a fiscal crisis,&quot; many thought she was just stating the obvious.
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Iraq cleared around &#36;81 million in debt it owed the International Monetary Fund late last week, fund sources said on Monday, opening the way for the first aid to flow from the global lender to Iraq.
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PARIS, Jan 17 (IPS) - The richer nations have made much of the freeze  they have offered on debt repayments from tsunami-hit countries,  but many of the affected countries do not seem to want this  concession.
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Get INQ7 breaking news on your Smart mobile phone in the Philippines. Send INQ7 BREAKING to 386. THE WORLD BANK said the Philippines&#39; continuing fiscal weaknesses pose a major threat to the sustainability of its economic growth.
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The Philippine economy rose 6.3 percent year-on-year in the third quarter, higher than the market expectations, the government said Monday.
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Filipinos working overseas sent a record $12.8bn (Â£6.5bn) home in 2006, their country's central bank has said.
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Manila - The Philippines was in the midst of a fiscal crisis and the public should be prepared to make sacrifices, President Gloria Arroyo said yesterday.
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The Philippine economy maintained its solid growth in the first nine months of the year as gross domestic product (GDP) expanded by 6.5 percent, well on track of the governmentâs full-year target.
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His comments, which followed the formal presentation of Argentina's offer to restructure a record $100bn ( 75bn, 53bn) in defaulted sovereign debt, mark the first time the government has stated what ...
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International momentum was building in support of debt relief for tsunami-hit nations on Wednesday after Japan backed the idea despite Australian concerns a debt freeze might not benefit those most in need.
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The Philippine economy grew by more than 6 percent in the third quarter of this year, sustaining strong growth boosted by surprisingly robust agricultural production and other factors, officials said Monday.
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The Philippines needs about 50 billion pesos ($1.01 billion) to rebuild villages and farms destroyed after four typhoons crashed into the country in the past three months, a Cabinet official said on Monday.
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MANILA (Dow Jones)--Election-related spending and a resilient services sector spurred the Philippine economy to grow more strongly than expected in the
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MANILA - President Gloria Macapagal-Arroyo said Monday her current economic managers will retain their cabinet posts, her spokesman said, even as she acknowledged the country is in a fiscal crisis that she said is being remedied.
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MANILA -- Philippine President Arroyo vowed Tuesday the country will never default on its debt repayments, as she found herself embroiled in a public row with key economic advisers following her declaration that Manila was in a &quot;fiscal crisis&quot;.