Ruling on Manila Hotel gives local bids precedence

Article Abstract:

The Philippine Supreme Court alarmed foreign investors when it ruled out an international consortium from bidding for the historic Manila Hotel. Malaysia's Renong Bhd. and ITT-Sheraton of the US lost out to the decision of the high court which favored a local company, Prince Hotel Corp. The high court used the 'Filipino First' policy in rejecting the consortium's bid, stating that the historic value of the hotel should be reason for the hotel to remain in Filipino management. Foreign investors are awaiting the development of the case as it may affect future investment prospects.

Intnl Economic Policy, Hotels & Motels, Hotels (except Casino Hotels) and Motels, Hotels and motels, Foreign investments, Cases, Laws, regulations and rules, International aspects, International economic relations, Privatization, Privatization (Business), Government business enterprises, Public enterprises, Protectionism

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Gloom sweeps the region

Article Abstract:

Southeast Asian countries such as Indonesia and Thailand have all been similarly affected by the regional currency crisis. Indonesia has opted to seek the help of the International Monetary Fund (IMF) and the World Bank to help stabilize its ailing economy. Critics believe that the Philippines, which is scheduled to be freed from the support of the IMF in June 1998, should not do so in the middle of such a crisis. However, some critics believe that Malaysia would not require aid from the IMF due to an absence of short-term foreign debts.

Economic Programs, Administration of Economic Programs, Currency Stabilization Programs, Management, Thailand, Malaysia, Monetary policy, Southeast Asia, Currency devaluation, Devaluation (Currency), Currency stabilization

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Philippines' new leader is facing many old problems

Article Abstract:

Joseph Estrada, the Philippines new president, may unlikely be able to swfitly address the country's problems in the face of reduced revenue from a troubled economy. Funds are needed for the variety of new, costly initiatives aimed at improving the Philippine economy. At the end of April 1998, the total revenue for the year was down 6.7% than planned as economic chaos diminished corporate profits and imports, and cut tax returns and duties.

Economic Planning & Research, Economic conditions, Estrade, Joseph

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