BusinessWorld (Philippines) articles from August 2011

BusinessWorld (Philippines) archives from August 2011

Auction to see high demand.
August 31, 2011... Byline: Ann Rozainne R. Gregorio SEVEN-YEAR Treasury bonds up for auction today could fetch a rate not far from what they got at the secondary market last week. Bond traders interviewed by phone yesterday said the reissued papers with...

Two companies slated to list debts on PDEx.
August 31, 2011... Byline: Ann Rozainne R. Gregorio TWO MORE corporate debt issues will be listed on the fixed-income bourse within the next two months, a Philippine Dealing & Exchange Corp. (PDEx) official said. "We expect two companies to list their...

Insular Investment exits trust business.
August 31, 2011... Byline: Neil Jerome C. Morales THE INVESTMENT bank subsidiary of the Insular Life Assurance Co., Ltd. will now focus on arranging financing for companies after it exited the trust business, an executive said late last week. Thus, growth...

PSEi seen pulling higher after weekend.
August 31, 2011... Byline: Franz Jonathan G. de la Fuente with AFP AFTER a volatile month that saw the local bourse swing to extremes following the historic downgrade of the US credit rating, the local market may be ready to start anew in September and pull...

COURTSIDE.
August 31, 2011... Byline: Anthony L. Cuaycong For the first time in a long, long while, Tiger Woods veered from his packed, meticulously arranged schedule to allow for an appearance at the Frys.com Open in October. It will be his maiden stint on the pro tour's...

GIVE AND GO.
August 31, 2011... Byline: Michael Angelo S. Murillo Amid the celebrations surrounding the title victory of the Petron Blaze Boosters in the Governors' Cup and the frenzy in the run-up to the Annual Rookie Draft, the Philippine Basketball Association announced...

ManilArt 2011 Darkness and rumors.
August 31, 2011... Byline: Sam L. Marcelo People go to an art fair for the art. They don't go to the exclusive evening preview because they want their eardrums assaulted by loud music. Neither do they want to stand around in heels for one-and-a-half hours while...

'Dealer-led' art world leads to complex issues.
August 31, 2011... The accusation that Leon Gallery allegedly carried forgeries during ManilArt 2011 brings to light the larger issue of authentication and how it relates to the National Cultural Heritage Act of 2009, the implementation of which is imminent. In...

How to hold a better art fair.
August 31, 2011... DELAN ROBILLOS, ManilArt 2011 project director, shares his suggestions for a better art fair: 1. Make sure you have enough time to prepare for this kind of event. 2. Make the gala program even shorter. 3. Even if NBC Tent is a great...

ONSTAGE.
August 31, 2011... Byline: Juan Antonio Lanuza When theater groups in Manila get active, productions rain on us. These last few weeks, we had the equivalent of an "Ondoy" deluge, but a pleasant one. The plays I saw were all very good and of different types....

ART & CULTURE.
August 31, 2011... Museum hosts racy Rizal lecture AS PART of its ongoing History Comes Alive! lecture series, the Ayala Museum will host Dr. Ambeth Ocampo's "Queridas ni Rizal: Love and Sex in Philippine History." It will be held on Sept. 10, 3 p.m., at the...

SPECIAL FEATURE: adviser.
August 31, 2011... Byline: Anna Patricia G. Valerio ADVERTISING in the Asia-Pacific region boomed when its TV spending overtook that of Europe for the first time in 2009, as the emerging markets of China and India continued to grow while more established...

BRIEFS.
August 31, 2011... Isuzu partners with WWF ISUZU PHILIPPINES Corp. (IPC) celebrated its 14th inaugural anniversary with the launch of an agro-forestry corporate social responsibility campaign. IPC partnered with the World Wide Fund for Nature (WWF-Philippines),...

Thrifty in style.
August 31, 2011... Byline: Tito F. Hermoso IF THIS WERE A BLOG written by forum trolls, the first comment would be about the clock. Still cute but too big to be cuddly, the Kia Picanto's digital clock is one of the hardest to adjust. It doesn't help that the...

NOT SO FAST.
August 31, 2011... Byline: Tito F. Hermoso "PHL Economy, R.I.P." An unlikely headline, or is it? As we muddle through business as usual, speculation masquerades as analysis. Governance and jurisprudence is by press release/TV news sound bites. But there are...

Northern Mindanao industrial zone asked to increase its use of.
August 31, 2011... Byline: Rene Michael D. Banos CAGAYAN DE ORO - Phividec Industrial Estate in Misamis Oriental should maximize use of the $85-million Mindanao Container Terminal (MCT), which handled shipment volume equivalent to only about 67% of capacity...

Government debt payments dip in July from previous year.
August 31, 2011... Byline: Diane Claire J. Jiao THE GOVERNMENT paid less debt in July, with servicing of state obligations remaining nearly flat in the first seven months, data the Treasury bureau released on Tuesday showed. For the month of July alone, debt...

US carrier's tax gripe bared in leaked document.
August 31, 2011... Byline: Kathleen A. Martin AN AMERICAN airline has apparently taken issue with the Philippines' common carrier tax, although preferring instead to have the United States embassy speak on its behalf, diplomatic cables released last week by...

Power plant buyer slams price ceilings.
August 31, 2011... Byline: Emilia Narni J. David THE FOREIGN investor behind a coal-fired power plant in Zambales has reportedly complained that competing against state-owned firms with "artificially low" rates were scaring off firms from entering the industry,...

Another credit watcher tags tollway firm for downgrade.
August 31, 2011... Byline: Kathleen A. Martin ANOTHER DEBT watcher has flagged Manila Cavite Toll Road Finance Co. - the firm behind the Coastal Road - for a possible credit score downgrade, similarly noting weak traffic volumes. MCTR's $160-million notes...

S&P backs PSALM borrowing plans.
August 31, 2011... Byline: Emilia Narni J. David PLANS OF the state-run Power Sector Assets and Liabilities Management Corp. (PSALM) to incur more debt to refinance maturing loans will not hurt its current credit score, an official from debt watcher Standard...

Eton expects higher income.
August 31, 2011... Byline: Franz Jonathan G. de la Fuente ETON PROPERTIES, Inc., the real estate arm of the Lucio Tan Group, is poised to post higher profits this year as new township developments were reportedly driving sales growth, a ranking official...

Euro-Med profits fall 15% in Q2.(Financial report)
August 31, 2011... Byline: Franz Jonathan G. de la Fuente EURO-MED Laboratories Philippines, Inc. saw its second-quarter profits drop by 15% to P60.40 million from year-ago levels due to sluggish sales, prompting the pharmaceutical firm to forecast a flat net...

AD LIB.
August 31, 2011... Byline: Greg B. Macabenta The folks at my favorite watering hole in Daly City are puzzled by what seems to be "hair-splitting" by the Philippine government on the issue of "apologizing" for the hostage tragedy last year that claimed the lives...

CORE.
August 31, 2011... Byline: Benjamin E. Diokno The world is entering a new phase - one faced with deepening debt, slowing growth, and squabbling political leaders. In the past, political leaders could be relied upon to act decisively and responsibly on important...

Module to be introduced.
August 31, 2011... PALO, LEYTE - Three universities in Leyte will pilot the use of a new teaching module that integrates regional development plans in the second semester of the current school year. Buenaventura C. Go-Soco, Jr., vice- chairman of the Regional...

Court orders payment.
August 31, 2011... THE SUPREME COURT has ordered a French businessman to pay up on his mortgages with Union Bank of the Philippines, ruling that proceeds from the sale of mortgaged properties should go to the bank as payment and not to a third party involved in...

Ordinance struck down.
August 31, 2011... THE COURT of Appeals has nullified an ordinance of Binan City in Laguna province which called for the gradual phasing out of large livestock farms in the municipality. In a decision promulgated Aug. 22, the court's special 11th division struck...

Agriculture sector bears brunt of Mina; death toll rises to 25.
August 31, 2011... Byline: Antonio Siegfrid O. Alegado, Louella D. Desiderio and AFP THE FARM sector bore the brunt of typhoon Mina (international name: Nanmadol), officials said yesterday, even as casualties and damage mount a day after the howler exited the...

Health office to issue anti-dengue devices.
August 31, 2011... Byline: Romer S. Sarmiento KORONADAL - The South Cotabato health office is set to distribute anti-dengue devices even as the number of cases of the deadly virus showed a declining trend in the first seven months, an official said. Dr....

Bill to boost anti-terrorism efforts.
August 31, 2011... Byline: Noemi M. Gonzales EFFORTS AGAINST terrorism gained support after the House committee on justice approved a bill that aims to crack down on sources of financing the crime. House Bill (HB) 5015, or the proposed Terrorist Financing...

Chevron joins latest round of price hike.
August 31, 2011... Byline: Emilia Narni J. David CHEVRON PHILIPPINES, Inc. yesterday joined in implementing the latest round of pump-price increases, the company said. In a text message, Chevron said it raised prices of unleaded gasoline by P0.35 per liter,...

Security tightened amid recruitment by rogue rebel chief.
August 31, 2011... Byline: Louie O. Pacardo and Antonio Siegrid O. Alegado KORONADAL - Security has been tightened over reports that a commander disowned by Moro rebels is recruiting members to his breakaway armed group in a province, an official said...

Philippines to raise port interconnectivity during presidential visit.
August 31, 2011... Byline: Johanna Paola D. Poblete THE PHILIPPINES will be firming up a proposal to develop a nautical highway system in the region during the visit of President Benigno S. C. Aquino III to China, Transportation and Communications Secretary...

NFA debt to be restructured.
August 31, 2011... Byline: Diance Claire J. Jiao THE FINANCE DEPARTMENT is looking to restructure roughly P115 billion worth of National Food Authority (NFA) debt in a bid to ease pressure on the government's purse. "A significant portion of NFA debts have...

Latest gains to be touted in quest for upgrade.
August 31, 2011... Byline: Diane Claire J. Jiao THE GOVERNMENT is keen to highlight its latest economic gains, particularly the country's resilience amid current market turmoil, when officials meet with debt watchers next month to lobby for a fresh review and a...

Top magnates join president for China visit.
August 31, 2011... Byline: Johanna Paola D. Poblete A LARGE business delegation that includes the country's top magnates will be accompanying President Benigno S. C. Aquino III during this week's state visit to China, Malacanang said. Ahead of Mr. Aquino's...

Economy's growth pace likely unchanged in Q2.
August 31, 2011... GROWTH likely stayed steady in the second quarter as state underspending and a decline in exports offset increased agriculture output, analysts polled by BusinessWorld said. The median forecast from seven analysts was 4.95%, within the...

Doha deal not sole focus of upcoming WTO summit.
August 31, 2011... NEGOTIATIONS for the Doha Development Agenda will unlikely be completed by yearend with World Trade Organization (WTO) members expanding the focus of a December meeting on improving existing mechanisms, a senior official said. WTO Deputy...

Gov't recognizes new leadership in Libya; Filipino workers offered.
August 31, 2011... THE GOVERNMENT has recognized the National Transitional Council as the governing authority in strife-torn Libya, the Department of Foreign Affairs (DFA) said yesterday. "The Philippines recognizes the National Transitional Council (NTC) as...

Economic Indicators.
August 31, 2011... Byline: Cliff Harvey C. Venzon PRODUCTION OF sugarcane, palay, corn and banana grew in the first half, while coconut output still failed to recover from last year's dry spell, according to the Bureau of Agricultural Statistics (BAS). ...

Roads, bridges, flood control get P3.8B more.
August 31, 2011... Byline: Diane Claire J. Jiao THE DEPARTMENT of Budget and Management has released about P3.78 billion more to the Department of Public Works and Highways (DPWH) for construction this year of new roads, bridges and flood control facilities...

Negros Occidental planning to spend P80 million to buy cattle, sheep.
August 31, 2011... Byline: Nanette L. Guadalquiver BACOLOD CITY - The Negros Occidental government will import and raise at the new Negros First Ranch P80 million worth of cattle and sheep from Australia as part of continuing efforts to boost livestock...

Business summit to identify focus for dev't.
August 31, 2011... Byline: Amilbahar S. Mawallil ZAMBOANGA CITY - Joint ventures between the government and private businesses in priority areas like energy resource development and tourism, as well as submission to Malacanang of a proposed island-wide policy...

COMMENTARY.
August 31, 2011... Byline: Oscar P. Lagman, Jr. People whose mother tongue is Tagalog would readily find something incongruous in the title. The word opo like oo means "yes" but is generally used to denote respect when speaking to an older person, superior, or...

SHOPTALK.
August 31, 2011... 'Weak' banks Beneficiaries of a program by regulators to strengthen the rural banking sector have not been transparent for fear of being unnecessarily exposing "weak" banks. The Philippine Deposit Insurance Corp. (PDIC) has put up a...

Charges sought vs lawyers in plea bargain deal.
August 31, 2011... Byline: Rouchelle R. Dinglasan THE SENATE has approved a Blue Ribbon committee recommendation to file charges against prosecutors involved in a plea bargain agreement over a plunder case between a former military comptroller and the...

House OK's bill crediting vocational courses in college.
August 31, 2011... Byline: Noemi M. Gonzales THE HOUSE of Representatives last week approved on third and final reading a bill that seeks to allow the crediting of vocational courses as units in a related college degree program. The scheme, called Ladderized...

Hasten talks to pacify rebels: MILF.
August 30, 2011... Byline: Romer S. Sarmiento KORONADAL - The Moro Islamic Liberation Front (MILF) has reiterated the need to fast-track the forging of a final peace agreement to pacify disgruntled rebels, a senior rebel official said yesterday. Ghadzali...

Shell raises prices.
August 30, 2011... PILIPINAS SHELL Petroleum Corp. raised fuel prices effective today, except for diesel. In a text message yesterday, the company said prices of unleaded gasoline is up by P0.35 per liter, regular gasoline by P0.50/liter and kerosene by...

Judgment suspended.
August 30, 2011... MALACANANG IS suspending judgment on the plunder charges filed against newly appointed Bureau of Corrections (BuCor) chief Gaudencio S. Pangilinan, Jr. while expressing confidence in his competence to enact reforms in the beleaguered agency, a...

Fund use raised.
August 30, 2011... PRESIDENT BENIGNO S. C. Aquino III believes that the rash of dengue cases does not merit the use of calamity funds by local government units to remedy the situation. Mr. Aquino said that upon the request of the Department of Health and the...

Eligibility ensured.
August 30, 2011... ELECTED LOCAL officials who have assumed office for three successive terms will be conferred civil service eligibility under a bill approved last week by a Senate body. The civil service and government reorganization committee has approved...

Damage from Mina tops P1B as casualties continue to rise.
August 30, 2011... Byline: Antonio Siegfrid O. Alegado DAMAGE FROM typhoon Mina (international name: Nanmadol), which exited the country yesterday, has topped a billion pesos even as the number of casualties continue to rise, an official said yesterday. The...

Aquino leaves today for China visit.
August 30, 2011... Byline: Johanna Paola D. Poblete and Darwin T. Wee PRESIDENT BENIGNO S. C. Aquino III leaves today for a five-day visit to China even as the Palace has yet to disclose the complete details of the trip a day before his departure. Deputy...

Police modernization program obtains P1.75-billion funding: Budget.
August 30, 2011... Byline: Diane Claire J. Jiao THE POLICE modernization program has received a financial boost with the release of P1.75 billion to partially fund its five-year upgrade, the Budget department said yesterday. "The fund will be used to...

Security tightened for end of Ramadan.
August 30, 2011... Byline: Antonio Siegfrid O. Alegado THE MILITARY has tightened security as Muslims end their month-long fasting today. "The organization assured to continue its vigilance against the threats to national security and stability...," the...

Benefits for soldiers, veterans vowed during heroes day rites.
August 30, 2011... Byline: Johanna Paola D. Poblete PRESIDENT BENIGNO S. C. Aquino III yesterday vowed to improve conditions for soldiers and enact programs for veterans who continue to serve as the nation observed National Heroes Day. The President, in his...

Aquino sacks Customs chief (President says replacement already.
August 30, 2011... Byline: Johanna Paola D. Poblete CUSTOMS commissioner Angelito A. Alvarez is on the way out, with President Benigno S.C. Aquino III declaring he was "no longer happy" and would soon announce a replacement. In an August 26 radio interview...

Advanced economies need to reform - BSP.
August 30, 2011... Byline: Neil Jerome C. Morales LEADERS of advanced economies urgently need to enact fiscal reforms to ensure long global growth, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. said. While he noted in an e-mail to...

TV Patrol nominated for International Emmy.
August 30, 2011... Byline: Jeffrey O. Valisno Lopez-led ABS-CBN Corp.'s flagship prime-time news program TV Patrol has earned a nomination in the prestigious International Emmy Awards. Beating some 800 entries from around the world, TV Patrol become one of...

Major Samar road project gets P1 billion.
August 30, 2011... Byline: Sarwell Q. Meniano TACLOBAN CITY - Nearly P1 billion has been released for the upgrading of a circumferential road that links the provinces of Eastern Samar and Northern Samar. Rolando M. Asis, regional director of the Department...

Decision on digital TV standard expected 'before the year ends'.
August 30, 2011... Byline: Kathleen A. Martin THE GOVERNMENT sees completion of the country's shift to digital television taking place beyond 2015, as the regulator expects to take more time to decide with finality on which standard to use and release the...

WikiLeaks cables: Dealing with Manila can be a difficult process.
August 30, 2011... DEALING with Manila can be trying, cables released by WikiLeaks last week indicated, with the American embassy in Manila pointing to politics and policy changes as complicating negotiations. A July 24, 2009 report, for example, noted that...

Gov't, World Bank working to identify tax collection gaps.
August 30, 2011... Byline: Diane Claire J. Jiao THE FINANCE department is working with the World Bank to identify and bridge tax collection gaps in the effort to raise needed revenues. "They will be doing a study," Finance Undersecretary Gil S. Beltran said...

Senators asked to open jobs to foreign workers.
August 30, 2011... FOREIGN businessmen are again urging lawmakers to ease limits on the entry of professionals, saying this would open the economy to a wider talent pool. In an August 19, 2011 letter to the Senate, the American Chamber of Commerce reiterated a...

Incentives cited as key for 'green' building thrust.
August 30, 2011... Byline: Louella D. Desiderio THE GOVERNMENT can provide a much-needed push for more companies to adopt "green" building technologies by working with private sector advocates to come up with attractive incentives, a building official from...

Raters back PLDT despite delayed deal.
August 30, 2011... Byline: Kathleen A. Martin TWO DEBT watchers have expressed confidence in Philippine Long Distance Telephone Co.'s (PLDT) financial standing even as its planned takeover of Digital Telecommunications Philippines, Inc. (Digitel) remains...

Industry competition to be studied in merger review.
August 30, 2011... Byline: Johanna Paola D. Poblete FAIR COMPETITION and improved services for consumers remain the key concerns the government is scrutinizing as it moves toward deciding on whether to approve the mega telco deal, President Benigno S.C. Aquino...

Telco infrastructure project OK'd.
August 30, 2011... Byline: Kathleen A. Martin THE NATIONAL Telecommunications Commission (NTC) has allowed the Philippine Long Distance Telephone Co. (PLDT) to start building a local link to the $304-million underwater fiber cable dubbed the Asia Submarine-...

Toledo Mining expects hike in nickel output by 2012.
August 30, 2011... Byline: Louella D. Desiderio TOLEDO MINING Corp. expects nickel ore output from its Berong site in Palawan to increase next year as shipping conditions improve, an official said in a statement. "The Berong mine is targeting production of...

Racetrack operators post weaker results in Q2.(Financial report)
August 30, 2011... Byline: Franz Jonathan G. de la Fuente TWO RACETRACK operators - Manila Jockey Club, Inc. and Philippine Racing Club, Inc. - have reported weaker performances in the second quarter versus year-ago levels, with one citing higher expenses and...

Swift Foods lays off 37 workers.
August 30, 2011... SWIFT FOODS, Inc. has retrenched 37 employees following the closure of two of its poultry farms in Luzon last month, the broiler said in a disclosure to the local bourse. The farms in Rizal and Bulacan have instead been leased to a grower...

Mine repair contract awarded.
August 30, 2011... Byline: Louella D. Desiderio CGA MINING Ltd. is getting closer to the resumption of full capacity production in its Masbate gold mine after announcing that it has already chosen a contractor to repair a mill on the site. In a statement...

Nestle loses dispute versus Cadbury.
August 30, 2011... Byline: Nathaniel R. Melican THE COURT of Appeals has allowed confectioner Cadbury Adams USA, LLC to use the "crunch" trademark on its Chiclets line of chewing gum despite opposition from the maker of a similarly named Nestle chocolate bar....

Flying school told to drop false name.
August 30, 2011... Byline: Nathaniel R. Melican AN AVIATION school has been ordered to stop calling itself a university in advertisements. In a decision promulgated Aug. 28, the appellate court affirmed the Commission on Higher Education's (CHEd) order...

TO TAKE A STAND.
August 30, 2011... Byline: Mario Antonio G. Lopez On the challenges of global economic competitiveness, i.e., being the kind of country (or city) that attracts investments, we lag behind many of our Southeast Asian neighbors in practically all measures. For...

FENCE SITTER.
August 30, 2011... Byline: Antonio R. Samson Choosing wardrobe combinations and what to wear seems unnecessary when there is no occasion to dress up for, not even work. The thought balloon of the drifter runs like this: "Why bother dressing up when I'm just...

FRAMEWORK.
August 30, 2011... Byline: Elfren Sicangco Cruz Recent global events may now see the world finally emerging into a truly new world order even more defining and lasting than the years following World War II when world geopolitics and governance were dictated by...

MAP INSIGHTS.
August 30, 2011... Byline: Anthony Alden S. Aguilar I was invited to a dinner party in Manila recently by my former MBA students, Mike Acosta and Lemuel Tan. There, I met my former managerial accounting student, Melissa Grace Dizon, also from the San Beda...

Less official dev't loans committed in 1st half - NEDA report.
August 30, 2011... TOTAL NET Official Development Assistance (ODA) loans committed by foreign state agencies and multilateral institutions dipped annually in the first half, the National Economic and Development Authority (NEDA) said in a statement on Monday. ...

Start by yearend of 'feed-in' pricing scheme uncertain.
August 30, 2011... Byline: Emilia Narni J. David THE ENERGY REGULATORY Commission (ERC) is unsure if it can meet its self-imposed 90-day deadline to approve the proposed pricing scheme for electricity generated from renewable energy sources, but said...

Small businesses told to reach out via the Net.
August 30, 2011... Byline: Eliza J. Diaz SMALL- AND MEDIUM-scale enterprises (SMEs) can reach a wider market by advertising on search engines, especially in the face of a growing number of Filipinos with mobile phones and Internet access, an official from a...

LET'S TALK TAX.
August 30, 2011... Byline: Eleanor Lucas Roque The Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular (RMC) No. 35-2011. The new RMC clarified certain issues concerning the imposition of improperly accumulated earnings tax (IAET)...