I. BANNER STORIES
Peso, stocks down: ‘Worst is not over’
By Doris Dumlao, Elizabeth Sanchez-Lacson
Philippine Daily Inquirer
First Posted 03:23:00 10/17/2008
MANILA, Philippines—The peso Thursday weakened past 48 to the dollar and the Philippine Stock Exchange index fell 5.18 percent amid growing fears of a global recession.
WB clueless on crisis fund
By Iris Gonzales and Paolo Romero
Friday, October 17, 2008
The World Bank (WB) is clueless about a reported commitment – announced on Wednesday by President Arroyo – to provide $10 billion to help Southeast Asian countries and their so-called dialogue partners Japan, China and South Korea build up a crisis fund to buy toxic debts and recapitalize banks.
3. Manila Times
World stocks tumble again
Leaders seek overhaul of financial system
PARIS: Calls mounted Thursday for an overhaul of the global financial system as stocks took a new hammering, including Philippine shares, which fell 5.3 percent.
The Tokyo stock market suffered its worst loss for two decades, closing down more than 11 percent and European indices shed almost 6 percent in early deals, rallying to show losses around 3 percent later, after the Dow Jones index fell 7.8 percent. http://www.manilatimes.net/national/2008/oct/17/yehey/top_stories/20081017top1.html
Gloria’s $10B bailout fund is news to WB
Palace: Oops, ’t’was IMF which gave pledge
BY JOCELYN MONTEMAYOR
PRESIDENT Arroyo left people puzzled yesterday after countries and institutions said they were unaware of a plan she announced to set up a regional fund to deal with the global financial turmoil.
Arroyo said on Wednesday the World Bank had committed to initially provide $10 billion to a fund to buy toxic debt and help banks in the region hit by the financial crisis.
ASEAN crisis fund clarified
Institutions, countries unaware of plan
IMF made $ 10-B offer, not World Bank, Favila explains
By RAJU GOPALAKRISHNAN
MANILA (Reuters) — Philippines President Gloria Macapagal Arroyo left people puzzled on Thursday after countries and institutions said they were unaware of a plan she announced to set up a regional fund to deal with financial turmoil.
NO SUCH THING AS $10B ASEAN STANDBY FUND
WB, ADB, Singapore deny Gloria tall tale
By Riza Recio
President Arroyo stirred up an already besieged international business yesterday as her claim on a $10 billion fund for the region amid the global financial turmoil turned out to be a hoax.
From the World Bank (WB), to the Asian Development Bank (ADB), to Association of Southeast Asian Nations (Asean) co-member Singapore, President Arroyo’s grand boast received denials and bewilderment.