By Jeff Sutherland and Rita Nazareth

Aug. 17 (Bloomberg) — Most U.S. stocks fell, wiping out an earlier rally, as Dell Inc. forecast weaker sales and two Federal Reserve officials warned against applying too much stimulus to the economy. Treasuries and commodities climbed, while the dollar slumped.

About 18 stocks retreated for every 17 that advanced on U.S. exchanges. The Standard & Poor’s 500 Index rose 0.1 percent to 1 Breitling replica watches,193.89 at 4 p.m. in New York, after jumping as much as 1.3 percent and falling as much as 0.7 percent. The yield on 30-year Treasury bonds dropped 11 basis points. The S&P GSCI index of 24 commodities advanced 1 percent as oil jumped 1.1 percent. The dollar sank to a three-week low, while the franc strengthened against most of its 16 major peers.

Technology shares fell the most among S&P 500 groups, losing 0.9 percent as Dell said slower spending on PCs and consumer technology crimped its sales forecast. Charles Plosser and Richard Fisher, two Fed officials who dissented from the central bank’s latest policy statement, spoke out against unnecessary stimulus measures. The Swiss National Bank said it will expand liquidity, refraining from tougher moves such as adopting a currency target.

“People started to reevaluate the odds of a QE3,” James Paulsen, chief investment strategist at Minneapolis-based Wells Capital Management, which oversees about $340 billion, said in a telephone interview. “There are a lot of people that have been saying we’re going to get a QE3,” he said, using a nickname for a third round of quantitative easing. “The fact that Fisher came out today with a very explicit comment brought some selling in. It reduces the odds of a QE3. Dell’s figures are important because they say something about the consumer.”

Dell, HP

The S&P 500 dropped 1 percent yesterday after rallying 7.5 percent over the three prior days amid a decline in jobless claims, an increase in retail sales and better-than-estimated profits. The index is down 12 percent from April 29 on concern about Europe’s debt crisis and an economic slowdown.

Dell, the second-largest personal-computer maker, sank 10 percent. Lackluster demand from consumers and market-share gains by Apple Inc. weighed on its results, offsetting stronger corporate orders for server computers. Renewed concerns that the economy will fall back into recession also may be curbing spending.

Rival Hewlett-Packard Co. dropped 3.7 percent. The biggest personal-computer maker was cut to “market perform” from “outperform” at BMO Capital Markets. Apple fell less than 0.1 percent while Microsoft Corp. lost 0.4 percent.

Target Corp. gained 2.4 percent. The second-largest U.S. discount retailer said profit jumped 3.7 percent in the second quarter on higher sales.

Economic Stimulus

Per-share earnings increased 17 percent among the S&P 500 companies that have released quarterly results since July 11, according to data compiled by Bloomberg. About three-quarters of the companies have topped the average analyst profit forecast, the data show.

Stocks reversed earlier gains on investor speculation that the Fed may not consider another economic stimulus program to avert a recession. The Fed finished its second round of so- called quantitative easing at the end of June. The program helped propel a rally of as much as 28 percent in the S&P 500 after Fed Chairman Ben S. Bernanke foreshadowed the plan on Aug. 27, 2010.

Bernanke’s pledge last week to keep interest rates near zero percent until mid-2013 was “inappropriate policy at an inappropriate time,” Plosser, president of the Fed Bank of Philadelphia, said today in a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt. Dallas President Fisher said the central bank shouldn’t enact policy to protect stock investors. Both officials dissented from the Fed’s Aug. 9 statement.

Producer Prices

Stocks rose earlier after producer prices advanced 0.2 percent in July, following a 0.4 percent drop in June, the Labor Department said today. Economists in a Bloomberg survey forecast a 0.1 increase. The report showed the cost of crude goods dropped in July for a third consecutive month, led by declining petroleum and food prices.

Slowing sales and the drop in raw-materials mean companies will be less likely to raise prices, which may give Fed policy makers more room to act to spur growth after the world’s largest economy almost stalled. Bernanke may announce policy intentions at a conference in Jackson Hole, Wyoming, on Aug. 26.

The extra yield Treasury investors get to hold 30-year bonds instead of two-year notes shrank to the narrowest in a week on speculation the U.S. economic recovery is stalling. The difference between yields on two-year notes and 30-year bonds shrank to 3.37 percentage points at 4:03 p.m. in New York, from 3.48 yesterday. The spread was the narrowest since Aug. 10, when it was the smallest since October 2010.

Oil, Gold, Wheat

The yield on 10-year Treasury notes slipped six basis points to 2.16 percent after rising four basis points earlier.

Crude rose to the highest level in almost two weeks as the dollar fell against the euro, increasing the appeal of dollar- denominated commodities as an investment. Futures climbed as much as 2.7 percent before trimming their advance to settle 1.1 percent higher, following an unexpected increase in U.S. inventories.

Gold advanced to a record for the second day, gaining 0.5 percent to settle at $1,793.80. Copper increased. Wheat futures climbed 0.8 percent to a two-month high on speculation that dry weather in the U.S. Great Plains will cut acreage of winter crops set to be planted next month.

Sarkozy, Merkel

In Europe, Carlsberg A/S sank 17 percent as the world’s fourth-largest brewer cut its profit forecast because of faltering sales in Russia. Deutsche Boerse AG lost 5.8 percent and London Stock Exchange Group Plc fell 2.8 percent after French President Nicolas Sarkozy said France and Germany will propose a financial-transaction tax.

German Chancellor Angela Merkel and Sarkozy rejected an expansion of a 440 billion-euro ($633 billion) rescue fund yesterday and rebuffed calls for joint euro borrowing.

The MSCI Emerging Markets Index rose 0.6 percent. Russia’s Micex Index added 1.9 percent, and India’s Sensex Index climbed 0.7 percent. Dell suppliers in Taiwan slid, helping to push the Taiex Index down 0.7 percent. Quanta Computer Inc. sank 4.3 percent and Compal Electronics Inc. dropped 4 percent.

The dollar reached a three-week low versus a basket of currencies of major U.S. trading partners. The Dollar Index lost 0.4 percent, after touching its lowest level since July 27.

Swiss Franc Gains

The franc rose against most of its major peers. The currency advanced 0.8 percent against the dollar and 0.6 percent versus the euro. The Swiss National Bank said it will expand banks’ sight deposits to 200 billion francs ($253 billion) from 120 billion francs. It will also continue to repurchase outstanding SNB bills and use foreign-exchange swap transactions.

The yield on two-year Greek notes rose 55 basis points to 34.98 percent. Portuguese two-year securities yielded 11.85 percent, up eight basis points from yesterday. The cost of insuring sovereign debt increased, with the Markit iTraxx SovX Western Europe Index of credit-default swaps linked to 15 governments climbing one basis point to 278 basis points.

–With assistance from Shiyin Chen in Singapore and Claudia Carpenter Rolex replica watches, Andrew Rummer, Michael Shanahan, Anchalee Worrachate, Jason Webb and Stephen Kirkland in London. Editors: Jeff Sutherland, Michael P. Regan

To contact the reporters on this story: Jeff Sutherland in New York at jsutherlan13@bloomberg.net; Rita Nazareth in New York at rnazareth@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

By Andrew Frye

(Updates closing share price in the fifth paragraph.)

July 21 (Bloomberg) — MetLife Inc., the biggest U.S. life insurer, is exploring the sale of its deposit-gathering business to avoid tighter regulation that comes with bank status.

“We do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions Breitling replica watches,” Chief Executive Officer Steven Kandarian said today in a statement.

MetLife is seeking to avoid stronger federal oversight imposed on banks after government bailouts in 2008 prompted Congress to increase regulation through the Dodd-Frank Act. New York-based MetLife, which opted against accepting U.S. Treasury Department capital, said it got about 2 percent of operating earnings from its banking unit in the first quarter.

“This would be positive,” said Randy Binner, an analyst with FBR Capital Markets, who has an “outperform” rating on MetLife. “Previously, the conventional wisdom was that Met was a bank holding company, and it was going to be difficult to change that reality.”

MetLife rose $1.15, or 2.8 percent, to $42.04 at 4:15 p.m. in New York Stock Exchange composite trading. The company has fallen 5.4 percent this year.

MetLife said the business that may be sold includes savings accounts, certificates of deposits and money-market accounts. The insurer plans to continue lending through its residential mortgage business. MetLife Bank began in 2001 and expanded through acquisition in 2008. The unit had total assets of $15.6 billion, including $9.3 billion in deposits as of March 31.

‘Unequal Competitive Grounds’

“This is such a small portion of their business, and yet under Dodd-Frank and various other issues, the tail might wag the dog,” said John Nadel, an analyst at Sterne Agee & Leach Inc., who has a “buy” rating on MetLife. Being regulated as a bank holding company “would put them on very significant unequal competitive grounds against all the companies they compete against day to day.”

MetLife and Prudential Financial Inc., the second-biggest life insurer Omega replica watches, are pushing federal regulators to refrain from applying bank capital standards to insurance companies. Newark, New Jersey-based Prudential isn’t a bank holding company and, like rivals, including MetLife, has insurance operations regulated by individual U.S. states.

“In a highly competitive global insurance marketplace, it is imperative that MetLife be able to operate on a level playing field with other insurance companies,” Kandarian said.

The Federal Reserve, which regulates bank holding companies, had no comment, said Barbara Hagenbaugh, a spokeswoman. Kandarian wasn’t available for an interview, said Christopher Breslin, a spokesman for MetLife.

Systemically Important

MetLife may face scrutiny as a so-called systemically important financial institution, or SIFI, whether or not it retains the banking assets. MetLife and Prudential have said that because of their size they may be labeled SIFIs by federal regulators.

While SIFI designations would subject the companies to tighter standards, the rules may be less strict on MetLife if it isn’t a bank holding company, Binner and Nadel said.

–With assistance from Craig Torres in Washington. Editors: Dan Kraut, William Ahearn

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

LOS ANGELES – Audiences flocked to theaters to see tropical bird comedy "Rio," knocking fellow kid-flick "Hop" off its perch to score the best debut weekend of the year, industry data showed Sunday.

The 3-D cartoon, about pet macaw Blu — voiced by "Social Network" star Jesse Eisenberg — who bolts from chilly climes to the beaches of Rio de Janeiro with the bird of his dreams, raked in a cool $40 million in the Friday-to-Sunday period, according to box office tracker Exhibitor Relations.

The film scared off the debut of "Scream 4," the latest in director Wes Craven’s irony-drenched horror-comedy franchise Rolex replica watches, which took the second spot with $19.3 million.

Easter romp "Hop," the real-action-animation hybrid about the wayward son of the Easter Bunny and which had spent two weeks at the top, earned another $11.2 million at the weekend for a domestic total of $82.6 million.

The weekend estimates showed "Soul Surfer," starring AnnaSophia Robb as a churchgoing teenage surfer who returns to the ocean after losing an arm in a shark attack, hanging ten in fourth spot with $7.4 million.

"Hanna," a thriller about a teenage assassin raised in the wilds of North Finland, and which debuted last week in second spot, slipped three place to fifth, where it earned $7.3 million.

"Arthur," the Russell Brand-starring remake of the 1981 Oscar-winning hit about an irresponsible but lovable billionaire, earned $6.9 million in sixth place.

Horror flick "Insidious," in which a family finds itself living in a haunted house, picked up $6.8 million for seventh place. Made for a paltry $1.5 million, the film has pulled in an impressive total of $36 million over three weeks.

Jake Gyllenhaal’s critically acclaimed sci-fi thriller "Source Code Breitling replica watches," about a government experiment to find the bomber of a commuter train, took eighth spot, with $6.3 million.

Film icon Robert Redford’s latest film "The Conspirator," a historical drama about the men behind Abraham Lincoln’s assassination, came in at just ninth place, in limited release with $3.9 million, although its average sales per theater were among the highest of the weekend.

Rounding out the top 10 was "Your Highness," a knights-and-princess adventure starring Danny McBride, James Franco and Natalie Portman, whose week-to-week sales plunged 58 percent, to just under $3.9 million.

MANILA, Philippines (UPDATED) – Tax evasion charges were filed by the Bureau of Internal Revenue (BIR) at the Justice Department on Thursday against 3 former governing board members of the Metropolitan Waterworks and Sewerage System (MWSS).

Charged were Oscar I. Garcia, Ferdinand P. Mahusay and Lorenzo S. Sulaik who were found to have concealed their true income "by their deliberate and willful failure to file their income tax returns (ITRs)."

The three sat as members of the Governing Board of the Corporate and Regulatory Offices of the MWSS.

Deputy Commissioner Estela Sales of the Legal and Inspection group bared that based on documents of the Commission on Audit (COA), Garcia earned P2.6 million, P3.5 million and P5.3 million from 2007 to 2009 but failed to pay the correct taxes amounting to P1.6 million in 2007, P1.982 million in 2008 and P2.7 million in 2009 for an estimated aggregate tax liability of P6.3 million, inclusive of surcharges and interests.

COA records showed Mahusay earned P897,220 for taxable year 2008 and P4.5 million for taxable year 2009. His total tax liability amounts to P2.715 million, inclusive of surcharges and interests.

Sulaik, meantime, earned P3.2 million and P4.5 million in 2008 and 2009 but failed to pay the correct taxes amounting to P4.051 million, inclusive of surcharges and interests.

Sales said the charges against the three were the result of separate investigations by the BIR following the Senate Committee on Finance inquiry on the "excessive salaries and unwarrante bonuses and allowances of GOCC (Government-Owned and -Controlled Corporation) and GFI (Government Financial Institution) executives."

The filing of separate criminal charges against Garcia Tag heuer replica watches, Mahusay and Sulaik are the 18th, 19th and 20th, respectively, under the Run After Tax Evaders (RATE) program of the BIR under the Aquino administration.

Tax evasion charges vs toy firm

Meantime, the BIR also filed tax evasion charges at the Department of Justice against a toy company for "willful attempt to evade or defeat payment of taxes and deliberate failure to supply correct and accurate information".

Wanly Toys International Corp. (Wanly Toys) and its responsible corporate officers were found to have deliberately underdeclared its income for taxable year 2008 amounting to a tax liability of P26.398 million, inclusive of increments.

Wanly Toys officers charged before the DOJ include Imee Tan Yao, president; Haide Yao Breitling replica watches, corporate treasurer; and William Pan, Jr., certified public accountant.

Wanly toys is engaged in trading imported toys and other items on wholesale basis. Its offices are located at Elcano St., Tondo, Manila.

BIR Deputy Commissioner Estela Sales of the Legal and Inspection Group bared that data obtained by the bureau’s Reconciliation of Listings for Enforcement (RELIEF) System show that Wanly Toys made total sales amounting to P107.3 million in the year in question but underdeclared its income by P81.7 million or by 76.34%.

Under the Tax Reform Act of 1997, an underdeclaration of more than 30% is considered as "substantial underdeclaration" and constitutes prima facie evidence for a false or fraudulent return.

The case against Wanly Toys and its responsible officers is the 21st filed under the Run After Tax Evaders (RATE) program of the BIR under the Aquino administration.

MANILA Breitling replica watches, Philippines – Diversifying conglomerate San Miguel Corp. has beefed up its telecommunication portfolio by acquiring a 40% interest in Eastern Telecommunications Philippines Inc.

In a disclosure to the Philippine Stock Exchange Breitling replica watches, San Miguel said its wholly owned unit Vega Telecom Inc. signed last December 30 a share purchase deal with ISM Communications Corp. for the purchase of 100% of A.G.N. Philippines Inc.

A.G.N. owns 40% of Eastern Telecom.

The acquisition was authorized by San Miguel’s board of directors in a meeting on December 16.

Vega Telecom also owns shares in listed Liberty Telecom Holdings Inc. and a controlling stake in Bell Telecommunication Philippines Inc.

TORONTO (Reuters) – When Sean Miller was 14, a virus left him paralyzed for about a year.  Depression, he says, was much worse.

“I would have taken paralysis any day over depression," Miller said of his last of several depressive episodes, which left him fearful, anxious and suicidal for most of his late 30s and unable to find relief through medication, psychiatry, electro-shock treatment.

"Nothing worked,” he said.  “Nothing worked for four and a half years."

Today, Miller describes himself as happy.  He credits deep brain stimulation (DBS).

Miller participated in the first multi-center study of DBS, which was presented in May 2008 at the American Psychiatric Association’s annual meeting and found that electrical currents sent by electrodes implanted in the brain and controlled by a pacemaker in the chest led to at least a 40 percent decrease in depressive symptoms in 56 percent of patients six months after the operation. A new Toronto-based trial, published online this week in Biological Psychiatry, had similar results, showing a significant reduction in depression in 60 percent of patients who had not responded to more conventional treatments.

"These patients are really the most severe cases that have really been resistant to other forms of therapy Breitling replica watches," said Dr. Andres Lozano, a neurosurgeon and lead author of the new Toronto study.  Qualifying participants had failed at least four previous treatments for clinical depression and tested in the severe range on the Hamilton Depression Rating Scale.  DBS was considered a success if a patient reduced his Hamilton score by half, as 60 percent did; all but two of the remaining patients in the trial showed some response and reduced their score by less than 50 percent, while two showed no response.

"This represents quite a striking improvement in this patient population that has really failed everything else," Lozano said.

The device sends continuous pulses of electrical stimulation, 24 hours a day, to an area in the brain’s frontal cortex called the subgenual cingulate region, also known as Brodmann Area 25.  The region is associated with feelings of sadness, Lozano said, and brain imaging has shown that it is overactive in clinically depressed patients, which then affects other areas of the brain that control things like sleep, appetite, mood and motivation.  "Dysfunction in this area, we think, causes widespread dysfunction in the brain," he said.

The electrodes stimulate the subgenual cingulate region in order to reduce its hyperactivity, thereby reducing sadness and depression.  It can take some time to find the correct current for each patient and if changes to the current’s settings are required, the pacemaker can be controlled through the skin like changing channels on a television.

The treatment has been used in about 40,000 people worldwide on a different area of the brain to reduce tremors associated with Parkinson’s, Lozano said.  "For us, it has been a relatively straightforward transition from one disorder to the other."

Worldwide, 120 million people are depressed, Lozano said. In North America, about 5 percent of men and 9 percent of women suffer from clinical depression at any one time, and the lifetime incidence is 17 percent.  Lozano said there are effective treatments for 80 percent of those patients but 10 to 20 percent need something else.  The incidence of suicide for the latter group is high at about 15 percent.

Miller first became depressed in his early 20s Breitling replica watches, and then again at 27; the second bout of the disease, he says, occurred after he smoked a single marijuana joint while vacationing in Thailand, and was marked by anxiety and fear and brought about his first thoughts of suicide.  In both cases, he was helped by antidepressants, though he experienced sexual side effects that led him to explore alternative therapies like meditation.

The depression resurfaced again at 36 after he smoked marijuana with some friends.  "It was the dumbest thing I ever did," he now says.  “I couldn’t function.”  This time, he was unable to find relief.  He tried a dozen different psychotropic medications and underwent electro-shock therapy. He was hospitalized three times for three-week periods.  None of it made his feelings of terror or thoughts of suicide go away. 

He eventually wrote a suicide note, in case he worked up the courage to make an attempt.  "Every day, I was scared out of my mind to die, but I couldn’t take the pain."

Then he saw a 60 Minutes television program about a DBS trial in Toronto, and learned that four of the six patients who had been operated on at that point had improved.  After several phone calls and letters, including contact from his psychiatrist, and an intensive interview and screening process, he was approved to join the multi-center trial. 

He was awake and under local anesthesia when electrodes were implanted in his brain in February 2007 through two holes drilled in his skull near either side of his forehead; a pacemaker was also inserted to control the electrical currents.  But his recovery was far from immediate. He went through months of weekly adjustments to the device; he would feel small improvements from time to time, but nothing stuck.  Finally, about half a year after the operation, they hit the right setting.

"One day I woke up after about six months, and it was insane,” he said.  “I was better."  As with the other patients in the trial who were helped by the device, the improvements have continued. 

That the response to the device was not only achieved for many of the patients in the Biological Psychiatry trial within one month of their operations, but has also been sustained, is what sets this therapy apart from many others available for depression, Lozano said.  Another advantage is that the electrical impulses can be controlled and adjusted after the device is implanted, which allows the doctors to mitigate any adverse effects.  If a patient doesn’t respond at all, the electrodes can be removed, and that has been done for the two patients in the trial who showed no response.  "They are no worse off,” he said. “They’re back to where they were."

As for why some patients were helped less than others, and a few weren’t helped at all, Lozano can’t say.  Depression is a heterogeneous disorder with multiple causes, he points out – it’s possible that some patients who don’t respond have a different genetic cause for their illness, or that a different area of their brain is affected.  Further study of genetic imaging may help medical professionals distinguish who will and will not respond to DBS, he said.

Lozano and his research team recently began a double-blind, placebo-controlled study of DBS, where 150 to 200 patients in multiple centers in Canada and the United States will receive the implants.  In some patients, the devices will be turned on immediately; in others, they will be activated later.  The patients and doctors won’t know if the devices are on or off, which allows the researchers to test for a placebo effect.  The study itself will continue for about a year, so results are expected in two or three years.  If the treatment is found effective at the study’s conclusion, he said, it could open the door for wider therapeutic use of DBS.

MANILA, Philippines – Banco de Oro Unibank Inc. (BDO), the country’s largest lender in asset size Breitling replica watches, said on Monday it had obtained central bank approval to issue up to P15 billion in unsecured subordinated notes to raise lower Tier 2 capital.

In a stock exchange disclosure, the bank confirmed a report in the Manila Bulletin about the regulatory approval, but said it had yet to fix the terms and issue dates.

The newspaper, citing a source, said BDO was looking to issue 10-year debt, with a call option after five years, to fund expansion plans and boost its capital.

"Issuance will be programmed over a one-year period subject to final terms and the requirements of BDO Rolex replica watches," the bank said.

MANILA, Philippines – It’s not yet the right time for Superstar Nora Aunor to come home and revive her career in show business. 

This statement was made by Filipino-American immigration expert Millie Gurfinkel, wife of US lawyer Michael Gurfinkel, upon her arrival here on Thursday with Spanish-Filipino singer Anton Alvarez.

According to Gurfinkel, the Filipino singer should carefully consider pertinent details about her showbiz comeback before finally returning home.

The immigration expert added that she is willing to assist Aunor despite their personal issues and misunderstandings in the past.

Aunor is expected to come home this year, according to reports.

Gurfinkel Omega replica watches, who hosts The Filipino Channel (TFC)’s program, "Citizen Pinoy Breitling replica watches," helped Aunor get her green card after the award-winning star faced drug charges in the United States.

Aside from Aunor, Gurfinkel also assisted international singing sensation Charice and "Asia’s Songbird" Regine Velasquez in their US trips.

Gurfinkel, meanwhile, declined to comment on reports that Charice and her mother, Raquel, will soon be declared permanent US residents.

MANILA, Philippines – Government-owned and controlled corporations (GOCCs) will use almost 40% of the national budget next year, Senator Franklin Drilon said on Wednesday.

GOCCs’ expenses already account for 37% of the 2010 budget, he added.

Drilon, chair of the Senate Finance Committee, said the large allotments are partly due to GOCC executives and employees receiving excessively high salaries and perks.

He said GOCCs are currently allowed by law to avoid Congress’ scrutiny of their proposed budgets.

He added that state firms have become more powerful than line agencies, whose finances undergo regular review by lawmakers.

The leading GOCCs that receive large cash allotments in the 2010 budget are the National Food Authority, National Reclamation Authority, National Electrification Administration, Local Water Utilities Administration, Metropolitan Waterworks and Sewerage System-Corporate Office Breitling replica watches, Philippine Economic Zone Authority, Philippine National Railways, Philippine Ports Authority, Home Guaranty Corp., National Housing Authority, National Irrigation Administration Cartier replica watches, Light Rail Transit Authority, and the Philippine National Oil Corp.

The DOF lumps together the National Power Corp., the Power Sector Assets and Liabilities Management Corp., and the Transmission Corp.

For the 2011 budget, Congress will scrutinize P933 million in public funds earmarked for government line agencies and P66.9 million in unprogrammed appropriations.

Another P645 million will go to GOCCs, according to the 2011 budget report submitted to Congress by Malacañang.

Even as the Palace has suspended the allowances and bonuses of officials of GOCCs and government financial institutions, Drilon said lawmakers have no assurance that state firms will spend public funds properly.

He wants the Senate to approve next year the Public Enterprise Corporate Governance Act, which will allow either Congress or the President to review and revise the operations of GOCCs. – Ron Gagalac, ABS-CBN News