21.   Over the past few weeks, it has kept the overnight call rate, the rate it controls through its daily money market adjustments, nearly unchanged.

22.   Philippine Long Distance Telephone Co., faced with growing competition and declining international call rates, said it will cut its workforce by a tenth to pare costs.

23.   Should call rates stay low, the case for a rate cut will gain credibility, Meggyesi said.

24.   Telebras earnings would increase if the government boosts call rates and service fees in October or November, as the Communications Ministry has said.

25.   Telecommunications have been privatized, bringing down international call rates, and electricity charges will also fall following the recent privatization of the state electricity company.

26.   That puts a lid on the overnight call rate -- what banks charge each other for overnight loans, the equivalent of the fed funds rate in the U.S.

27.   Telebras reported record first-quarter earnings last week, after an increase in monthly service charges and call rates in November boosted revenue.

28.   Telebras, as the company is known, said the rise was due to higher call rates, increase in installed lines and cost reductions.

29.   Telefonica was helped by a government ruling allowing it to raise local call rates to compensate for charging future competitors a lower rate for connection to the Telefonica network.

30.   Telephone companies, which led stocks higher on Friday after the government raised local call rates and cut international and long-distance service charges, rose further today.