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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The Philippines is facing a fiscal crisis, President Gloria Arroyo said Monday. Arroyo is seeking political support for a $1.4 billion tax package that faces opposition in Congress.
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Afghanistan has made sufficient steps to improve its economy to qualify for debt relief.
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Philippine President Gloria Macapagal-Arroyo Thursday expressed confidence in the country&#39;s economy outlook and called all sectors not to be off the track in the major economic reforms.
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Philippine President Gloria Macapagal Arroyo Monday announced that the economic team in her new Cabinet would stay for another term as the country is striving to solve its fiscal crisis.
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Iraq cleared around $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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Philippine president Gloria Arroyo warned that her country is in the midst of a fiscal crisis. A report by economists at the University of the Philippines said the country faces economic collapse
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MANILA President Gloria Macapagal Arroyo said on Monday that the Philippines&#39; finances were in &quot;crisis&quot; and that taxes would have to be raised soon to remedy the situation.
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The Asian Development Bank (ADB) said on  Friday it had made available up to $325 million in emergency  lending for tsunami relief efforts in Indonesia, Sri Lanka and  Maldives. The Manila-based lending institution said about $175  million could be diverted from existing projects in the three  countries, while up to $150 million in new low-cost loans could  be drawn.
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Philippine shares ended marginally higher Wednesday on a technical recovery, successfully shrugging off a sluggish performance at the start of the session caused by a sell-off in Metro Pacific shares, traders said.
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GENERAL NAKAR, Philippines : Stunned residents picked their way through a wasteland of mud and rubble to leave storm-ravaged areas of the Philippines as the government said it has run out of money to pay for relief services.
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President Arroyo vowed yesterday the country will never default on its debt repayments and said she does not need any &quot;emergency powers&quot; to deal with the possible consequences of a looming &quot;fiscal crisis.
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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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The Philippines is likely to keep well within the 2004 budget and consolidated public sector deficittargets due to improved revenue flows and increased electricity tariffs, officials said Friday.
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The Philippines may have its long-term debt ratings cut by Moody&#39;s Investors Service, which cited the government&#39;s budget deficit and debt.
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Online auction site eBay said it has launched its operations in the Philippines.
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MANILA - Improved revenue flows and increased electricity tariffs are likely to help the Philippines keep well within the 2004 budget and consolidated public sector deficit targets, officials said.