Peso, stocks tumble
Markets doubt US can head off slump

BY JP LOPEZ

SEN. Francis "Chiz" Escudero yesterday said that without details, the claim of the Government Service Insurance System that its global investment program (GIP) posted a growth of 5 percent (P1.250 billion) in total value of investments as of September 30 leaves much to be desired.

"From what date to what date was 5 percent gain calculated? It may have been computed prior to the recent market crash," he said, referring to the recent collapse of financial houses Lehman Brothers and American Insurance Group that resulted in a financial crisis in the US.

"GSIS vaguely said it has invested $600 million of its $1 billion global investment program. They have not even showed anything to prove the extent of this investment, where and how the global investment was made. And now they want us to just accept their word at face value that the funds grew?"

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Malaya publisher
refuses to enter plea

BY EVANGELINE DE VERA

MALAYA publisher Amado "Jake" P. Macasaet and his two co-respondents yesterday refused to enter a plea over the nine-year-old libel case filed by former Rizal Gov. Casimiro "Ito" Yñares Jr. before the Manila regional trial court.

The case was one of the two counts of libel filed by Yñares against Macasaet, executive editor Enrique Romualdez and editor in chief Joy de Los Reyes in connection with Macasaet’s "Business Circuit" column on March 1, 1999 about two warring groups of cockfight aficionados. The other case was already dismissed.

Macasaet did not enter a plea upon the advice of his counsel.