SINGAPORE – President Gloria Macapagal-Arroyo and the 20 other leaders of the Asia-Pacific Economic Cooperation yesterday agreed to use more renewable energy and to phase out over the medium term fossil fuel subsidies as part of the region's strategy for sustainable development, a press release from Malacañang said.

“We recognize the role of renewable energy in reducing emissions and encourage its development in the APEC region,” APEC leaders said their joint declaration issued at the close of their two-day Leaders Summit this afternoon at the Istana government palace here.

Ayala posts P5.8B net income
for first nine months of 2009

Ayala Corp. has reported that its net income for the first nine months of 2009 amounted to P5.8 billion which is 26 percent lower year-on- year but still 14 percent higher, excluding gains from shares realized in 2008.

It also reported that its consolidated income for the third quarter amounted to P1.7 billion or 13 percent higher than the figures posted in 2008.

Combined equity earnings from core business units, Ayala Land, Inc., Bank of the Philippine Islands, and Globe Telecom grew by 16 percent during the quarter as their net incomes registered strong growth during the period.

Auto travel show
set on December

Local automobile shops in Bacolod will show their expertise at the AUTO Travel Show 2009 at SM on December 4 to 6, a press release from organizers said.

The show will feature the craftsmanship in automotive body finish, auto design creation, auto body beauty and auto audio craftsmanship of the local firms.

Personally-owned automobiles, SUVs and other vehicles will be gathered for the event.

MA Wheels Autoworx will bring in auto body crafted vehicles to be part of the auto show while Western Electronics will put together various auto audio vehicles to join the event.

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