“We have done all the liberalization we can do within the law.” Arroyo at roundtable.

Global markets routed • RP stocks lose 8.3% • Asia follows in carnage • Wall St. clobbered SHARE prices throughout the world were routed yesterday, including the local market which saw the Philippine Stock Exchange Index plummeting by 8.3 percent. In one week, the Philippine stock market lost 18.25 percent or P888 billion of its market value. The peso also retreated, closing at 47.69 to the US dollar, down from Thursday’s close of 47.39. The total value of transactions at the Philippine Dealing System hit over $1 billion for the first time in history, from $600 million to $700 million in previous days. Full Story...

Charter change is Gloria’s answer to financial crisis BY JOCELYN MONTEMAYOR PRESIDENT Arroyo yesterday made a pitch for the amendment of the Constitution particularly on provisions that would help sustain economic gains and help insulate the economy from global financial troubles. Arroyo, during the Business Roundtable with the Government of the Republic of the Philippines at the Dusit Thani Hotel in Makati City, said, "We have done all the liberalization we can do within the law, so now the next liberalization has to be through the Constitution and there are now initiatives in Congress to liberalize the economic provisions… these are mostly the 60-40 restriction." Arroyo referred to the provisions barring foreigners from having majority ownership of a property. Arroyo reiterated the need to continue to strengthen the economy ash she said despite the unprecedented $700 billion bailout package, "the markets barely reacted."  Full Story...

Bar lifted; Gloria faces wave of impeach raps BY WENDELL VIGILIA and ASHZEL HACHERO CRITICS of President Arroyo are set to file impeachment complaints three times in as many days starting today to plug all possible loopholes. The ban on filing such a complaint expires today. The Black and White Movement will lead people’s organizations in filing a complaint at 4 p.m. today, a year after lawyer Roel Pulido filed the third impeachment complaint. Full Story..

 
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