MANILA – Philippine business leaders warned yesterday there was little the country could do to ward off the effects of a possible US recession, except to prepare itself for greater challenges ahead.

Bangko Sentral ng Pilipinas governor Amando Tetangco said he hoped the US Federal Reserve's emergency cut in interest rates of 75 basis points would calm local markets.

"We will be monitoring how markets digest the Fed's surprise move. Overnight we saw some correction in the equities market in the US .

Escalante City implementing
new business listing system

The Escalante City government is initiating measures to improve its business registration process as it accepts processing and renewal of business permits this month, a government press release said.

The project for the improvement and documentation of Business Registration Procedures in the cities of Iloilo and Escalante, is being jointly undertaken by the Department of Trade and Industry, German Technical Cooperation, in partnership with the Central Philippine University.

Cebu Pacific pulls
IPO due to volatility

MANILA – Philippine budget airline, Cebu Pacific, has postponed its initial public offering indefinitely to avoid the current turmoil in the stock markets, a company statement said yesterday.

The airline's operator Cebu Air, owned by conglomerate JG Summit Holdings Inc, was to sell up to 135.5 million shares and was looking at a maximum offer price of P95 ($2.30) per share.

UBS AG had been tapped as the sole international underwriter and bookrunner for the IPO.

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