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Money roundup: US meltdown, stock market also down

Sep 22, 2008 by FN's Shar Bareng

* The United States is currently experiencing an economic meltdown, almost similar to the Asian crisis back in 1997. How will this affect our own economy?

 

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* As the peso weakens, the composite index of the Philippine Stock Exchange also continues to plunge, following the meltdown on Wall Street.

* Manny Pacquiao's sudden withdrawal of about P140 million shook a local bank in General Santos City and two commercial banks in Manila after the boxer found that he spent more than P140 million on political campaigns in the previous election.

* Expect a price hike on tobacco and alcohol products as the government has recently announced that they will be implementing a new tax security measure for manufacturers of sin products.

* A Philippine mining company is willing to spend $26 million to evaluate the potential of a copper and gold project in Compostela Valley.

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