The Israel Postal Company, whose board of directors just approved a NIS 1.838 billion budget, said Sunday it will suffer losses due to the Communications Ministry's failure to make changes in bulk mail rates that would make its service more attractive to large organizations than private companies. "To our regret," the spokeswoman said, "authorizations to expand the basket of postal services and make bulk mail rates lower have not yet been approved by the ministry." The state-owned company, which previously was a state authority, will also reduce its manpower slots by 100 in 2008, bringing the total of cuts over the last few years to 450. Outgoing directorate chairman Ya'acov Edri said the new budget expresses the company's aim to invest in upgrading its computerized mail-sorting equipment, renovating and expanding postal units and continuing to automatic postal branches. Director-General Avi Hochman said the company would spend NIS 171 million on such investments - the largest amount of money the company has ever set aside for this purpose. In 2007, only NIS 160 was spend on investments in infrastructure.