BusinessWorld (Philippines) articles from April 2002, page 3

BusinessWorld (Philippines) archives from April 2002

UE student wins PLDT-DPC art contest.
April 11, 2002... University of the East-Caloocan art student Jaime Gubaton bested 59 other entries from 22 schools all over the country to win the 2002-2003 PLDT-DPC Telephone Directory Cover 16th Visual Art National Competition with his entry, I.T. - An...

Uncorked.
April 11, 2002... Byline: Robert Hope-Murray When Queensland wine growers heard that the Prime Minister John Howard had neglected to stock the official residence Kirribilli with Queensland wines, there was widespread outrage among local growers. For...

Peso sustains rebound, closes at P50.95.
April 11, 2002... Byline: Leilani M. Gallardo The peso sustained its rebound against the US dollar in yesterday's trade following lackluster demand for greenbacks in the local spot market. At the Philippine Dealing System, the country's electronic...

Restaurant Row.
April 11, 2002... Cafe All Day Recent graduates get a free Sloppy Joe - sauteed ground beef with spinach, onions and fresh mushroom, two eggs, and a choice of bread stick or steamed rice. They must present their school ID or diploma. The promo is ongoing...

Benefits for Huks.
April 11, 2002... The House committee on appropriations yesterday assured enough funding for the pensions and benefits of surviving members of the Hukbong Bayan Laban sa Hapon (Hukbalahap), but only after their claims are approved by the government. Camarines...

Briefs.
April 11, 2002... Cathay, HKTB celebrate Cathay Pacific Airways and the Hong Kong Tourism Board (HKTB) recently ushered in the year of the horse via a dinner celebration at the Pan Pacific Hotel. Friends from the travel industry and media were greeted by...

USDA hits RP meat import policy.
April 11, 2002... Byline: Leilani M. Gallardo The US Department of Agriculture (USDA) is urging the Philippine government to scrap an administrative order affecting meat imports, while hinting it has not ruled out the possibility of elevating the matter...

Pinoy na Pinoy.
April 11, 2002... Byline: Edilberto Alegre Twelve years ago when I first came to Tacloban I was into food research. I was then researching and writing in tandem with Doreen G. Fernandez of Ateneo de Manila University. In fact, we came out with several...

American Express donates software to National Museum.
April 11, 2002... The American Express Foundation announced its introduction of Conveyor, a simple-to-use software application that enables museums and galleries to create their own low-cost computer-based multimedia system for use by visitors, to the...

NSC expects to raise P60M from sale of idle Pasig assets.
April 11, 2002... Debt-saddled National Steel Corp. (NSC) expects to generate at least P60 million from the sale of the idle assets in its non-operational plant in Pasig City. In an interview, NSC liquidator Danilo L. Concepcion said a number of firms...

DoF mulls minimum 3% excise tax on AUVs.
April 11, 2002... Byline: Dymphna R. Calica The Department of Finance (DoF) wants to impose a minimum 3% excise tax on Asian Utility Vehicles (AUVs) worth P600,000 and above. Those AUVs which are valued at a higher price may also be charged excise...

DoJ okays PNB rehabilitation plan; privatization council also gives nod.
April 11, 2002... Byline: Karen L. Lema and Dymphna R. Calica The Department of Justice (DoJ) has given the green light to the government's "reverse privatization plan" for the Philippine National Bank (PNB). Justice Secretary Hernando Perez told...

PSE asks SEC to clarify decision on ISMI.
April 11, 2002... The Philippine Stock Exchange (PSE) will not get involved in legal fisticuffs with the corporate watchdog but will seek out clarification of the Securities and Exchange Commission's (SEC) recent exemption order on mining firm Itogon Suyoc...

Taxwise or Otherwise.
April 11, 2002... Byline: Lourdes Suba-Cajolo Come April 15, taxpayers who are qualified for substituted filing of income tax return need not file the usual annual income tax return (Form 1700) with the Bureau of Internal Revenue (BIR). Instead, certain...

IT investments in RP dip in Jan.-Feb. 2002.
April 11, 2002... Byline: Eleanore C. Sanchez The Philippine information technology (IT) sector may proceed at a considerably more sedate pace this year. Statistics from the Bureau of Investments (BoI) showed that total approved investments in...

WB notes slow progress in poverty reduction.
April 11, 2002... Byline: Earl Warren B. Castillo The Philippines made poor progress in easing poverty following the 1997 financial crisis, the World Bank said in a country report released Tuesday evening. The bank said poverty reduction stagnated...

High-tech devices now being used by illegal fishermen.
April 11, 2002... DAVAO CITY - Illegal fishermen in Southern Mindanao are going "high- tech" and are now using sophisticated remote-controlled electronic blasting devices, residents in fishing communities complained over the weekend. "The new scheme is...

Bourse may tap off-floor facilities to extend trade hours further.
April 11, 2002... The Philippine Stock Exchange (PSE) is keen on revising its newly implemented trading hours to tap into regional markets. PSE chairman Vivian Yuchengco yesterday said the PSE board will refer the matter of revising the present PSE...

Groups score Palace order on Labor Day.
April 11, 2002... Byline: Felipe L. Salvosa II and Jennee Grace U. Rubrico Labor groups yesterday expressed vehement opposition to the govern- ment's declaration of April 29, a Monday, as a non-working holiday in lieu of May 1, the traditional legal...

SM Group to start dev't of biggest mall project.
April 11, 2002... Byline: Ma. Elizabeth L. Sanchez Mall operator SM Group is hoping to begin development of its Mall of Asia before the end of the year. The development is touted to be one of the Sy Group's biggest projects which will rise on the...

Consumer confidence index hits 12-mo. high.
April 11, 2002... Byline: Eric S. Boras Reflecting the renewed optimism of Filipino consumers, the latest consumer confidence index soared in March to its highest level in 12 months. Based on the latest survey done by New York-based RoperASW Asia...

IMF tells RP: Improve fiscal position.
April 11, 2002... Byline: Daxim L. Lucas and Dymphna R. Calica The International Monetary Fund (IMF) yesterday stressed the need for the National Government to improve its fiscal position for it to meet the social services needs of the country's growing...

ADB forecasting modest economic rebound for Asia.
April 10, 2002... Byline: Earl Warren B. Castillo Developing Asia is expected to register a mild economic rebound this year following a sharp slowdown last year, the Asian Development Bank (ADB) said in its annual economic forecast released yesterday. ...

IPP contracts review.
April 10, 2002... Finance Secretary Jose Isidro N. Camacho will be asked to report on the review of contracts of independent power producers (IPPs). Sen. John Osmena, member of the 14-man Joint Congressional Power Commission (JCPC), said he will file a...

Sting of Asian crisis continues to nag business sectors in S. Mindanao.
April 10, 2002... Byline: Hernani P. de Leon DAVAO CITY - Southern Mindanao's financial and business sectors have yet to recover from the impact of the Asian financial crisis that started in 1997, a local banking leader said. Jim Rodriguez, president...

IMF airs opposition against plan to securitize Malampaya project.
April 10, 2002... The International Monetary Fund (IMF) is opposing the government's plan to use earnings of the Malampaya Gas Project to back up state borrowings. The IMF said securitizing future earnings of a state firm would limit the government's...

Gov't presses forfeiture case vs Marcos cronies.
April 10, 2002... Byline: Karen L. Lema Government lawyers have ordered 13 alleged Marcos cronies, including former Energy minister Geronimo Z. Velasco, to answer a forfeiture suit filed by the Presidential Commission on Good Government (PCGG). The...

Gov't backs Imelda claim.
April 10, 2002... The government yesterday told the Sandiganbayan that it is supporting the cross-claim of former first lady Imelda R. Marcos to Chinese-Filipino businessman Lucio C. Tan's holding firm Shareholdings, Inc. In a manifestation, the Office of the...

Briefs.
April 10, 2002... Age-related blindness Do you smoke? Are you suffering from hypertension? Are you always exposed to sunlight? If you answered "yes" to the above questions and are over 50 years old, you're at risk for age- related macular degeneration...

Timex to renew Cebu lease contract.
April 10, 2002... Byline: Marites S. Villamor CEBU CITY - A top official of the Philippine Economic Zone Authority (PEZA) on Mactan Island yesterday said TMX Phils., Inc. has signified interest to renew its lease contract, dousing speculations that the...

Business Case Law.
April 10, 2002... Byline: Judge Artemio S. Tipon The Civil Code provides that in a sale of a parcel of land or any interest therein made through an agent, a special power of attorney is essential. (Article 1878, Civil Code). This authority must be in...

SUV for the hardworking professional.
April 10, 2002... When it comes to affordable SUVs (sport utility vehicles) in the market, nothing appears to come close to the 2002 Musso Sport Select SUV. Commercial Motors Corporation (CMC), local assembler and distributor of the Musso in the...

SLR in hot pursuit of Top 4 slot; SMB in deep trouble.
April 10, 2002... Byline: Ferdinand O. Lucero With another win tucked inside his pocket, Sta. Lucia Realty head coach Norman Black is seeing his statement before the Holy Week break coming to fruition. "I believe this win would spark us... I really...

New board elected in Philcomsat.
April 10, 2002... The squabble among the shareholders of Philippine Communications Satellite Corp. (Philcomsat) was temporarily resolved with the election of a new set of board of directors. During a special stockholders meeting initiated by parent firm...

Elfun Society reaches out to Manila Boystown.
April 10, 2002... It was only for a day but it was enough to bring joy to the children and ambulant elders of Manila Boystown when the Elfun Society of General Electric (GE) Philippines in cooperation with the American Chamber Foundation Phils. Inc. (AmCham...

DFA says still no need to evacuate OFWs from Israel.
April 10, 2002... The Department of Foreign Affairs (DFA) maintains that there is still no need to evacuate the 25,000 Filipinos in Israel despite the reported evacuation of British and US nationals. "We cannot force the Filipinos in Israel to evacuate...

A new AUV morph (Test Drive: Isuzu Crosswind XUV).
April 10, 2002... Byline: Armin A. Amio Novelty is a fickle mistress. It was only last year when Isuzu Philippines Corp. presented three models of its all-new Hi-Lander. But the very demanding Philippine market may have moved the Japanese- owned...

Not So Fast.
April 10, 2002... Byline: Tito F. Hermoso You have already made up your mind. You have the budget. Much as the Hi-Ace Grandia, MB Istana 100D, L-300 Exceed, even the new Nissan Urvan Estate look attractive, they are all manual gearbox and you never liked...

On the Leading Edge.
April 10, 2002... Byline: Jaime G. del Rosario "I'm so depressed," Jake, the chairman and CEO of X&G, the largest local oil company, confessed. His EVP and marketing director, Celso, was with him and echoed Jake's depression. "Why so?" Mr. Business...

Farewell maestros.
April 10, 2002... Byline: Giselle P. Kasilag and Teresa Defensor Lucio San Pedro After almost nine decades of service, the baton that guided countless orchestras and marching bands towards the path of greatness will finally be laid to rest. What is...

SEC asks firms to evaluate directors.
April 10, 2002... Byline: Catherine C. Junia The Securities and Exchange Commission (SEC) is urging listed companies to set up an evaluation system to measure the performance of their respective boards and top-level management. Under the recently...

Agriculture trading post to rise in Socsksargen.
April 10, 2002... Byline: Allen V. Estabillo KORONADAL CITY - The city government is developing its satellite market here as the main trading post for various products from the city's 27 villages and neighboring municipalities in South Cotabato and Sultan...

Let's talk Europe.
April 10, 2002... Byline: Henry J. Schumacher During the just concluded Advanced Exhibition and Events Management Seminar organized by the Association of Professional Congress Exhibition Organizer and Suppliers Philippines, Inc., speakers and participants...

Unpaid bonds hound PNB-gov't deal.
April 10, 2002... Byline: Daxim L. Lucas The rehabilitation of the Philippine National Bank (PNB) continues to be delayed by several disagreements between majority owner Lucio C. Tan and the National Government. One "sticky point" involves a...

Meralco's petitions.
April 10, 2002... The public should not confuse the National Power Commission's unbundling of rates with the rate increase request of the Manila Electric Co. (Meralco), Sen. John Osmena said yesterday. In a press conference, he said the public is "confusing"...

P125 daily wage hike.
April 10, 2002... DAVAO CITY - A legislator is optimistic that the House will eventually approve the proposal to increase the minimum wage by P125 a day in the private sector and P3,000 a month in the government. Party-list Rep. Crispin Beltran of Bayan Muna...

Bridge project rebid.
April 10, 2002... DAVAO CITY - There will be a rebidding of the P66-million Ma-a Bridge in this city tomorrow, April 11, the Mindanao Economic and Development Council (Medco) announced over the weekend. The bidding of the bridge was first scheduled last Feb....

Gov't to negotiate $100-M WB loan.
April 10, 2002... Byline: Dymphna R. Calica The National Government will negotiate with the World Bank this month for a $100-million loan to finance reforms in the education and social welfare sectors. "There will be negotiations (with World Bank)...

RP, US revive body to discuss trade issues.
April 10, 2002... The governments of the United States and the Philippines yesterday reconvened the US-Philippine Trade and Investment Council aimed at strengthening the two countries' trade and investment relationships. The council discussed yesterday...

Random Walker.
April 10, 2002... Byline: Noel G. Reyes It is a truism: the true worth of a college education is to recognize when one is being jerked around. If a college graduate learns nothing more than to almost immediately sniff out a dubious proposition when he...

Exposing children to life-threatening diseases.
April 10, 2002... Byline: Leotes Marie T. Lugo Last of two parts With the effects of the change in the vaccine procurement system being felt recently, former Health secretary Alberto M. Romualdez, Jr. said the policy shift was not his sole decision....

DoLE, CSC asked to help resolve labor dispute at Landbank.
April 10, 2002... Byline: Felipe F. Salvosa II Employees of Land Bank of the Philippines (LBP) are asking the Department of Labor and Employment (DoLE) and the Civil Service Commission (CSC) to intervene in a brewing labor dispute following a deadlock in...

Solid says Destiny buy-in delayed by gov't inaction.
April 10, 2002... Electronics manufacturer Solid Group, Inc. (SGI) is not about to give up on its plan to buy into cable firm Destiny, Inc. (DI) despite delays in securing government approvals. In a disclosure to the Philippine Stock Exchange (PSE)...

Down South.
April 10, 2002... Byline: Hernani P. de Leon DAVAO CITY - By and large, the government's four-day workweek program should promote and generate informal sector activities. However, the impact of this experiment can hardly be measured and thus the...

GMA cautioned against naming Corona SC justice.
April 10, 2002... An opposition senator yesterday cautioned President Gloria Macapagal- Arroyo against appointing her chief-of-staff to the Supreme Court. In a statement, Senate minority leader Aquilino Q. Pimentel, Jr. said the President should not...

Angara should lose committee for not backing charter change, says Osmena.
April 10, 2002... Sen. Edgardo J. Angara should be removed from his post as chairman of the Senate committee on constitutional amendments, revision of laws, and electoral reforms if he does not prioritize a proposal to amend the 1987 Constitution, a senator...

Auto industry harvests fruits of bank rate cuts.
April 10, 2002... Byline: May Czarina A. Baetiong Government's efforts to keep interest rates at historic lows are beginning to benefit the automotive sector as vehicle sales for March improved 3.7%, an indication of a possible growth for the automotive...

Gov't insists no ransom paid for priest's release.
April 10, 2002... Byline: Manolette P. Tabingo, Cathy Rose A. Garcia and Ruffy L. Villanueva Interior and Local Government Secretary Jose D. Lina, Jr. yesterday denied reports that ransom had been paid for the release of Italian priest Fr. Giuseppe...

Fast Forward.
April 10, 2002... Byline: Argee Guevarra There's no end in sight to the Israeli-Palestinian crisis if one is to view the conflict from the eyes of Israeli Premier Ariel Sharon. In his latest report to the Knesset, he has all but torpedoed prospects of...

DFA denies execution report.
April 10, 2002... The Department of Foreign Affairs (DFA) yesterday denied reports that seven Filipinos in Saudi Arabia were executed last Friday. "(It) is not true that they (the seven Filipinos) are facing execution," DFA spokesperson Victoriano M. Lecaros...

Arrest warrant's recall sought.
April 10, 2002... Tacloban City mayor Alfredo T. Romualdez wants the Sandiganbayan to recall an arrest order issued last Thursday. Mr. Romualdez yesterday said he is confined in a hospital as the news of his impending arrest had disturbed him. He said the...

Absentee voting bill to be passed.
April 10, 2002... House Speaker Jose C. de Venecia yesterday expressed confidence that the Absentee Voting bill, which would allow some six million overseas Filipino workers to vote in the national elections, would be approved by Congress within the next two...

GMA inaugurates project.
April 10, 2002... President Gloria Macapagal-Arroyo yesterday inaugurated a P286.2- million irrigation project in Orani, Bataan. The President turned on the main gate valve of the irrigation facility, signaling the release of water to irrigate some 900...

Mayor's trial moved to QC.
April 10, 2002... The Supreme Court (SC) has ordered the transfer of venue of trial of Panulukan, Quezon mayor Ronnie Mitra to the Quezon City Regional Trial Court (RTC). In a minute resolution, the SC's third division also ordered the clerk of court of the...

Linis-Ganda: 19 years and looking ahead (Feature).
April 10, 2002... Byline: Leonarda N. Camacho After 19 years, Linis-Ganda's garbage segregation idea has persuaded only some 400,000 households, schools, offices. And there are 1,573,408 in Metro Manila! Will it take another 40 years to convince the...

EDSA 3 commemoration planned.
April 10, 2002... The Edsa 3 Celebration Coordinating Committee yesterday said it has laid out its activities for this week until May 1, when it commemorates the so-called Edsa 3 people power revolution. Members of the Edsa 3 committee will be meeting this...

SGV told to tighten bank audits.
April 10, 2002... Byline: Daxim L. Lucas with Cecille E. Yap The Bangko Sentral ng Pilipinas (BSP) has asked accounting firm SGV & Co. to enforce tougher standards when auditing the country's banks to ensure the quality and accuracy of their financial...

Demand Rates as of April 5, 2002.
April 10, 2002... The interbank demand rate weighted average was 6-1/2%, according to the Bangko Sentral treasury department. Rates quoted by 24 participating institutions ranged from 5-1/2% to 7-1/4%,with lenders outnumbering borrowers at 17 to 7. Total...

Banks' bad loan ratio seen rising in coming months.
April 10, 2002... Byline: Cecille E. Yap The commercial banking system's non-performing loan (NPL) ratio would likely continue to rise in the coming months. This, on expectations that more corporate borrowers would likely default on their loan...

GSIS assets up 15% to P201.5B.
April 10, 2002... The Government Service Insurance System (GSIS) reported a 15% growth in its total assets to P201.51 billion as of end-2001. In a statement, the state-run pension fund reported an 11.3% increase in investment income to P13.47 billion last...

LTO collections up 58.3% to P659 million as of Jan.
April 10, 2002... Byline: Rommer M. Balaba Aggregate revenues of the Land Transportation Office (LTO) in January went up 58.3% to P659.271 million compared with P416.475 million during the same period last year, latest data from the agency show. With...

NLRC to food firm: Prove financial loss before workers' retrenchment.
April 10, 2002... Byline: Felipe F. Salvosa II Companies should prove that they are indeed suffering from financial losses before embarking on retrenching an employee, the National Labor Relations Commission (NLRC) said in a recent decision. In his...

Senate to summon ex-BSP chief on 'disadvantageous' PNB rehab.
April 10, 2002... Byline: Ruby Anne M. Rubio Former Bangko Sentral ng Pilipinas (BSP) governor Gabriel C. Singson will be asked to answer allegations that he negotiated a rehabilitation plan for Philippine National Bank (PNB) that is grossly...

Firms getting e-recruitment habit.
April 10, 2002... Byline: Leah B. del Castillo Second of three parts Companies repeatedly availing of online recruitment services point to the early success of the e-recruitment business in the country. "We measure the effectiveness of the...

In the Workplace.
April 10, 2002... Byline: Reylito A. H. Elbo I was promoted to become a supervisor in one medium-sized bank. This is my first taste of management work after working for the company for three years after college. What should I do to meet the expectations...

Wyeth treads online path.
April 10, 2002... A local drug company is taking the online recruitment detour to reach potential employees ahead of the pack. Wyeth Philippines has for the last two years enlisted the services of JobStreet Philippines to help it fill its ranks. And...

Auto Talk.
April 10, 2002... Trans Sport Show 2002 Trans Sport Show 2002 - which is currently running until April 14 at the Megatrade Hall of SM Megamall B - focuses on cars with timeless designs. TradeShow International, Inc. (TSI), the show's organizer, says...

Courtside.
April 10, 2002... Byline: Anthony L. Cuaycong I haven't set foot in a basketball stadium in a long, long while, and it's by choice. The sport's my favorite, and, under ideal circumstances, I wouldn't hesitate to witness a Philippine Basketball Association...

AstraZeneca unveils new drug for acid-related diseases.
April 10, 2002... AstraZeneca Philippines Inc., a leading pharmaceutical company, recently launched Nexium (esomeprazole), a new drug that will benefit thousands of Filipinos suffering from acid-related diseases (ARDs) like peptic ulcer and gastroesophageal...

PeoplePeoplePeoplePeople.
April 10, 2002... DRILON INDUCTS PCIE OFFICERS: Senate President Franklin Drilon inducts the new officers of the Philippine Chamber of Industrial Estates & Ecozones (PCIE). In photo (L-R) Senator Drilon, PCIE president Rodel Emmanuel C. Adiviso (managing...

Human resource consulting company William M. Mercer unveils new name.
April 10, 2002... Human resource consulting firm William M. Mercer recently announced that it will now operate around the world as Mercer Human Resource Consulting. Since its establishment more than 50 years ago, Mercer has come to be regarded as a world...

Changing of guards at Ford Phils.
April 10, 2002... A multinational automotive company has placed a Filipino at the helm of its Philippine operations. Henry Co has been named president of Ford Group Philippines, effective April 1. Mr. Co succeeds Terry J. Emrick, who retires after a...

Nokia, AXN team up for urban challenge.
April 10, 2002... SINGAPORE - Nokia and AXN Asia have partnered to create the Nokia Urban Challenge 2002, a unique multi-discipline event which will see youth teams from Asia-Pacific competing in a series of fun, exciting and daring challenges to be held at...

Diomedes Maturan, 61.
April 10, 2002... Singer and actor Diomedes Maturan passed away at the Manila Doctors Hospital on Monday morning due to a heart attack. He was 61. His big break came in 1958 when he was a pre-dentistry student at the University of the East when he became the...