The Philippines decided to cut its key interest rates by 25 basis

The Philippines decided to cut its key interest rates by 25 basis
points on Thursday, joining other monetary authorities who have
slashed rates to avert a global recession after the Sept. 11
attacks on the United States. The central bank's policy-making
Monetary Board said with the rate cut, effective from Friday, the
overnight borrowing rate would be 8.75 percent and the lending
rate would be 11 percent. --Reuters

Vietnam and Malaysia have agreed to give their citizens visa
exemptions when traveling to each other's countries. The
diplomatic notes on the visa exemptions were exchanged last month
and will take effect on Nov. 25. Citizens will be entitled to
visa exemptions when they remain in each other's countries for up
to 30 days. --AP

Foreign laborers working in Taiwan may lose yet a greater chunk
of their monthly salaries designated for room and board, local
media reported on Thursday. The amount foreign workers have to
pay their local employers for living expenses may be raised to
between NT$4,000 and NT$6,000 (US$115 to US$175), according to
the Economic Daily News, quoting the chairwoman of the Council of
Labor Affairs (CLA) Chen Chu. --DPA

Ratings agency Standard & Poor's said it has so far identified
US$20 billion of exposure for insurance companies stemming from
the terrorist attacks on the U.S., and this figure is rising.
"Clearly, this disaster will be the largest insured loss
recorded," said Ian Thompson, S&P's Asia-Pacific head of
financial institutions ratings. --AFX Asia

The Philippines government expects to secure a guarantee for its
yen bond float from Nippon Export and Investment Insurance (NEXI)
within the month, National Treasurer Sergio Edeza said. Edeza
said he will meet with officials from NEXI and the Japan Bank for
International Cooperation next week "to ensure the smooth
processing of the Philippines' request for a guarantee." --AFX
Asia

House Republicans say they plan to vote next week on a bill to
give the United States' president new trade negotiating authority
while addressing Democratic concerns about protecting the
environment and labor rights. Gaining that "fast track" or trade
promotion authority is among the top priorities of the
administration in this waning legislative year. -- AP

South Korea proposed to North Korea on Thursday that a temporary
cross-border road be opened before year's end to reinvigorate a
troubled tourism project, pool news reports said. South Korea
made the suggestion in talks at the North's scenic Diamond
Mountain resort. -- AP

Japan said on Thursday it was bringing forward the launch of a
national screening programmer to check for mad cow disease in its
latest attempt to soothe rising public concern over the safety of
beef. The Health Ministry said that from October 18 it would
inspect all cows aged 30 months or more and due to be processed
into food. -- Reuters