TO OUTPACE INFLATIONMANILA - For the first time in 10 years, the growth of the Philippine economy this year will be faster than the rate of inflation, the central bank said.
The Philippine growth rate is expected at between 7 percent and 8 percent, while the annual inflation rate by the end of the year is expected to slow to between 6 percent and 7 percent.
''Economic growth actually began to outpace inflation since the third quarter of 1996, when the inflation spike caused by the rice shortage in late 1995 worked itself out of the system,'' the central bank said.
The Philippines last experienced a higher-growth- than-inflation scenario in 1987, although at a much lower level, when gross national product swelled 4.6 percent, while inflation was 3 percent.
TURKISH TV RUNNING
ANKARA, Turkey - Turkish television viewers, used to a diet of gore and game shows, have beensubjected instead to hours of dull live broadcasts involving the sale of state-owned factories - part of official efforts to dispel suspicions of corruption surrounding the privatization process.
The HBB station beamed around five hours of the auctions for the privatization of cement, ceramics and refractory plants from a nondescript government office late last week.
A commentator explained minute details of the cement business and share offers in an effort to break long silences as businessmen scribbled bids and counterbids on pieces of paper.
Turkey has raised only a fraction of the $2.7 billion it planned to earn from sell-offs this year because of political chaos and constitutional challenges by the opposition.