JAKARTA–Stocks fell for the first time in three days Monday after lower than expected profit forecasts from some US companies heightened concern growth in the world’s largest economy is slowing.

Philippine Long Distance Telephone Co. (PLDT), the nation’s largest company by market value, fell. Megaworld Corp. led property companies lower on speculation a slowdown in the US, the biggest buyer of Philippine exports and home to the largest overseas Filipino population, will slow their profit growth.

“The danger with the weak US economy is that remittances from the States will weaken,’’ said Rico Gomez, who helps manage about $1 billion in assets at Rizal Commercial Banking Corp. “Real-estate prices here have been going up thanks to buying by overseas contract workers. If the US starts to deteriorate then you should see some tapering off in that spending.’’

The Philippine Stock Exchange index dropped 21.42, or 0.6 percent, to close at 3,482.28. About two stocks fell for each that advanced.

Philippine Long Distance, also known as PLDT, dropped P55, or 1.8 percent, to P3,030 and Metropolitan Bank & Trust Co., the nation’s largest lender by value, slipped 50 centavos, or 1 percent, to P49.50.

Megaworld, the Philippine builder that relies on overseas Filipinos for 20 percent of home sales, lost 20 centavos, or 5.6 percent, to P3.35. US stocks fell as lower-than-estimated profit forecasts at American Express Co. and Tiffany & Co. heightened concern the economy is shrinking. The Standard & Poor’s 500 Index dropped 1.4 percent to 1,401.02.

US Treasury Secretary Henry Paulson warned the world’s largest economy slowed “rather materially’’ at the end of last year and any stimulus package should be put into effect quickly, in a January 11 interview with Bloomberg TV.  PNOC Energy Development Corp., the biggest Philippine producer of geothermal energy, lost 10 centavos, or 1.5 percent, to P6.40 after the price of crude oil fell to its lowest in three weeks, reducing the appeal of alternative fuels.

Crude oil for February delivery fell 1.1 percent to $92.69 a barrel on the New York Mercantile Exchange on January 11, the lowest close since December 20. It was recently at $92.75 in after-hours trading.

Lepanto Consolidated Mining Co.’s B shares, which have no ownership restrictions, added 1 centavo, or 1.9 percent, to 55 centavos on speculation earnings at the gold miner will improve after the price of the precious metal hit a record.

Gold for February delivery gained to $900.60 an ounce, its highest ever, on the Comex division of the New York Mercantile Exchange. (Bloomberg)

FOR consumers to have the choice of where to source power requirements, the Energy Regulatory Commission (ERC) said Monday it gave GNPower Mariveles Coal Plant Ltd. Co. a license to supply retail electricity.

Atlas, Crescent Asian give Carmen Copper $10M

LISTED Atlas Consolidated Mining and Development Corp. and Crescent Asian Special Opportunities Portfolio have poured in an additional $10-million capital into Carmen Copper Corp.

SAN FRANCISCO—Apple Inc. had an incredible 2007. It launched the iPhone, saw a huge uptick in Macintosh computers sales and enjoyed the near doubling of its stock price.

MANAGEMENT consultancy and outsourcing company Accenture Philippines has gained an ISO 27001 certification for its business process outsourcing (BPO) operations in the country.

JAKARTA–Stocks fell for the first time in three days Monday after lower than expected profit forecasts from some US companies heightened concern growth in the world’s largest economy is slowing.