Hero’s welcome for Manny. Tough bid to serve as delegation flag bearer
***
Inflation hits 11.4%,
highest in 14 years Central bank poised to tighten
flow of credit
BY JIMMY CALAPATI
YEAR-ON-YEAR inflation rate surged to a
14-year high of 11.4 percent, with the National Statistics
Office saying almost all commodity groups recorded higher prices
last month due mainly to the rise in food and fuel prices.
"June inflation rose to double digit on
account of the unprecedented jump in world oil prices. As a
result, domestic pump price increases triggered large price
build-up across wide commodities and service groups," said
Amando Tetangco, governor of the Bangko Sentral ng Pilipinas.
"We share the view that current oil and food
prices are hardly sustainable, producing global slowdown and
widespread inflation in all countries," Tetangco added.
LINGAYEN-DAGUPAN Archbishop Oscar Cruz
yesterday said the decision of the Court of Appeals to freeze
the accounts of Jocelyn "Joc Joc" Bolante and several others in
connection with the P728 million fertilizer fund scam in 2004
would amount to nothing unless the former agriculture
undersecretary is brought back to the country.
"Walang silbi yan kung wala pa rin siya sa
Pilipinas," said the former CBCP president and critic of
President Arroyo.
Cruz said that the question is whether the
Arroyo administration will allow Bolante to testify in any
investigation.
PRESIDENT Arroyo yesterday named World Boxing
lightweight champion Manuel "Manny" Pacquiao as special envoy
and Philippine flag bearer in the 29th Beijing Olympics in China
in Aug. 8-24.
"Ikaw ang magdadala ng bandila ng Pilipinas
sa Beijing Olympics," Arroyo told Pacquiao, while handing him
his appointment paper after his courtesy call in Malacañang.
But Pacquiao's carrying of the flag may pose
a problem.
