TODAY'S BUSINESS HEADLINES

Philippine economy slows sharply in first quarter 10:34 am | InterAksyon.com Pulling down growth were services and household spending.

Pacific Online renews service contract with Globe Pacific Online renews service contract with Globe 6:12 pm | Cassandra Lee, InterAksyon.com Globe provides 60 percent of Pacific Online's telecom requirements.

Mitsubishi, Chiyoda bag contract to build new Bohol airport Mitsubishi, Chiyoda bag contract to build new Bohol airport 5:23 pm | Cassandra Lee, InterAksyon.com The contract costs P4.5-billion, and construction expected to start next month.

Budget dept says spending picking up, as Philippines cuts fourth-quarter economic growth data Budget dept says spending picking up, as Philippines cuts fourth-quarter economic growth data 4:38 pm | Rain Castro, InterAksyon.com From 6.9 percent previously, the PSA cut its fourth-quarter GDP growth estimate to 6.6 percent.

Europe woes and U.S. rate outlook weigh on stocks, lift dollar Europe woes and U.S. rate outlook weigh on stocks, lift dollar 3:09 pm | Reuters MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 percent.

New SMS remittance system can detect, suspend suspicious transactions on mobile money services New SMS remittance system can detect, suspend suspicious transactions on mobile money services 1:16 pm | Interaksyon.com What if each of 2.3 million overseas Filipino workers (OFWs) can remit money using mobile phone through international roaming cellular phone while working outside the…

Philippine stock index plumbs to four-month lows Philippine stock index plumbs to four-month lows 12:31 pm | InterAksyon.com Decliners outnumbered advancers, 123 to 46.

After decades of neglect, 84-year old MET could get a facelift 11:36 am | Rain Castro, InterAksyon.com After decades of neglect, 84-year old MET could get a faceliftDBM has released P270 million, allowing the NCCA to purchase the theater from GSIS.

IMF sees cheap-oil dividend, fiscal spending propping up Philippine economy 9:52 am | InterAksyon.com IMF sees cheap-oil dividend, fiscal spending propping up Philippine economyUneven recovery in major trading partners is seen to cap exports growth.

Greece and creditors play down fears of imminent default 9:45 am | Reuters Greece and creditors play down fears of imminent defaultRunning short of cash to pay salaries, pensions and debt obligations, Prime Minister Alexis Tsipras's government said Greece does not have the money to pay the IMF on June 5.

Takata faces questions over air bag fix as recalls expand 9:37 am | Reuters Takata faces questions over air bag fix as recalls expandTakata, 11 automakers that used its air bag technology and U.S. safety regulators are pursuing separate efforts to determine the root cause of problems linked to at least six deaths.

Wall St. drops on rate concerns, Greece 9:11 am | Reuters Wall St. drops on rate concerns, GreeceReports on Tuesday showed U.S. business investment spending plans increased solidly in April, consumer confidence perked up this month and house prices extended gains in March.

No to privatization of Agus-Pulangi Hydro Complex - Misamis Oriental board members 7:19 am | Philippines News Agency No to privatization of Agus-Pulangi Hydro Complex - Misamis Oriental board membersThe provincial board of Misamis Oriental has passed a resolution opposing the privatization of the Agus-Pulangi Hydropower complex in Bukidnon.

Prices of commercial rice continue downward trend – NFA 5:35 am | Cielito M. Reganit, Philippine News Agency Prices of commercial rice continue downward trend – NFAPrices of commercial rice were monitored to be decreasing even in drought-hit areas contrary to reports that rice prices have gone up in the said areas, the National Food Authority (NFA) said Tuesday.

Ayala Land to launch a fifth mid-market subdivision in Nuvali 11:10 pm | Cassandra Lee, InterAksyon.com Ayala Land to launch a fifth mid-market subdivision in NuvaliThe company is spending P2.3 billion on the first two phases of the Mondia.

S&P expects PLDT to spend P20 billion for acquisitions through 2016 10:05 pm | Cassandra Lee, InterAksyon.com S&P expects PLDT to spend P20 billion for acquisitions through 2016S&P affirmed its investment grade rating on the telco.

Philippines' biggest business groups unveil wishlist for President's last year in office 8:10 pm | Chelsea Cruz, InterAksyon.com Philippines\The wishlist include administrative measures and legislation the business groups want the President to certify as urgent.

First Metro says 6.5-7 pct first-quarter growth likely for Philippine economy 2:59 pm | InterAksyon.com First Metro says 6.5-7 pct first-quarter growth likely for Philippine economyFMIC is also keeping its 8,300-8,500 forecast for PSEi by yearend despite recent drop.

Metro Pacific tops bidding for Cavite Laguna Expressway PPP 2:44 pm | Cassandra Lee, InterAksyon.com Metro Pacific tops bidding for Cavite Laguna Expressway PPP(UPDATED 2:56 p.m.) Metro Pacific's MPCALA trumps San Miguel's OIDI.

Philippine stock index slips below 7,700, pares down loss at the close 12:26 pm | InterAksyon.com Philippine stock index slips below 7,700, pares down loss at the close(UPDATED 5:10 p.m.) Decliners outnumbered advancers, 161 to 31.

OPINION | APEC's epic fail: Philippine underdevelopment 12:19 pm | Sonny Africa, executive director IBON OPINION | APEC\APEC is unabashed in pushing for neoliberal policies, which have been the biggest reason for the exclusion and worsening of conditions for so many in the Philippines, Asia-Pacific, and the rest of the world in the last decades.

Philippines' first-quarter imports slump on weak oil prices 11:52 am | InterAksyon.com Philippines\With drop in imports, Philippines' balance of trade-in-goods swung to a surplus.

Japan to bankroll repair of farm-to-market roads in Bangsamoro areas 11:30 am | Rain Castro, InterAksyon.com Japan to bankroll repair of farm-to-market roads in Bangsamoro areasThe grant is worth P500 million.