Manila - Philippine shares dropped 3.01 per cent on Tuesday as panic engulfed stock markets around the world over the deepening global financial crisis.

The Philippine Stock Exchange's 30-share composite index shed 75.34 points to close at 2,424.19 from Monday's finish of 2,499.53 points.

A total of 1.38 billion shares valued at 2.30 billion pesos (48.26 million dollars) were traded.

Losers swamped gainers, 108 to 10, with 28 issues unchanged.

Manila - The Philippine's inflation rate eased to 11.9 per cent in August amid stability in food and oil prices, the government said Tuesday.

The National Statistics Office (NSO) said September's inflation rate was lower than 12.5 per cent recorded in August. Inflation in September last year was 2.7 per cent.

"The country's annual inflation rate for food alone continued to improve at 17 per cent in September from 18.1 per cent in August," the agency said.

Manila  - The European Commission has earmarked 9.9 million dollars to civilians affected by violence in the strife-torn southern Philippines, an official said Monday.

Alistair MacDonald, head of delegation of the European Commission in the Philippines, said 5.68 million dollars would be used to help people affected by recent clashes between soldiers and Moro Islamic Liberation Front (MILF) rebels in the southern region of Mindanao.

Manila - Philippine shares dr

Zamboanga City, Philippines  - Gunmen on Thursday seized a fishing boat with 17 crew members in the sea off the southern Philippines, a navy official said.

Rear Admiral Emilio Marayag said the fishing boat and its crew

were seized by unidentified gunmen off Taganak Island in Tawi-Tawi province, 1,095 kilometres south of Manila.

Marayag said the fishing boat was owned and operated by Manila-based Irma Fishing Co.

"We cannot provide more details about the incident because the owner is not coordinating with us.