The president of the Central Negros Electric Cooperative yesterday justified the purchases of Ceneco, particularly that of a service vehicle, which the Freedom from Debt Coalition-Negros had questioned.

Ed Guillem told the DAILY STAR yesterday that the Board of Directors had approved the purchase of a P1.1 million Toyota Hi-Ace van because Ceneco needs a new vehicle and added that the National Electrification Administration gave a go-signal for it.

He said that, as the cooperative's coverage grows larger, it also requires a vehicle for easier mobility of its employees, adding that Ceneco also has activities that bring its people to as far as the cities of San Carlos, Dumaguete and Cebu.

BSP keeps key policy rates

The Monetary Board of the Bangko Sentral ng Pilipinas yesterday announced it maintained key policy interest rates at 7.5 percent for the overnight borrowing or reverse repurchase rate and 9.75 percent for the overnight lending or repurchase rate.

The Board said in a press statement that assessment of recent economic data continues to support keeping policy settings unchanged, adding that the sustained easing of core inflation, combined with indications of weaker demand based on consumer spending data and slowing domestic liquidity growth, suggests minimal demand-side pressures on goods and services in the near term.

The impact of rising inputs costs on consumer prices also remains muted, it said, and the strength of the peso also help offset potential near-term pressures on the cost side.

Moody's rates RP at
negative despite reforms

MANILA -- International credit rating agency, Moody's Investors Service said yesterday it will maintain its "negative" outlook on the Philippines' ratings despite the passage of economic reforms.

"Moody's believes that the Philippines will need to make more progress in fiscal consolidation before downward pressure is removed on its B1 ratings," Moody's said in a report.

Moody's said that while there had been progress in reducing the budget deficit in 2005 by implementing an expanded value-added tax, "more will be needed to bring the Philippines' exceptionally high public sector deficit down."

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