Thursday, July 03, 2008 (Philippines)

Children from Dansolihon Elementary School proudly wave their newly received bags as gifts from Education First Foundation Ltd. (Sun.Star Cagayan de Oro/Abigail C. Malalis) CASH-trapped, the troubled Cagayan de Water District (Cowd) sees hampered operations in the next days while admitting it may break auditing rules by using daily collections to continue operating. Cowd's bank accounts were confiscated by the regional office of Bureau of Internal Revenue (BIR)-Northern Mindanao last week to collect the company's assessed tax liabilities from 1997 to 2003, all amounting to P340,948,913.57. Arroyo Watch: Sun.Star blog on President Arroyo [full story]