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