BusinessWorld (Philippines) articles from December 2000, page 2

BusinessWorld (Philippines) archives from December 2000

SRA again eyeing raw sugar exports to support prices.
December 29, 2000... The Sugar Regulatory Administration (SRA) will revive a proposal to export raw sugar to prop up sagging domestic prices. SRA administrator Nicolas A. Alonso said he will soon endorse to Agriculture Secretary Edgardo J. Angara a scheme to...

Militant groups to bring oust campaign to masses.
December 29, 2000... To strengthen its call for the ouster of President Joseph E. Estrada, the Kongreso ng Mamamayang Pilipino (Kompil) II started its campaign to "educate" the masses by conducting seminars on impeachment issues in urban poor and rural areas. ...

Local gov't officer resigns due to strong testimony.
December 29, 2000... Interior and Local Government assistant secretary for local government Alexander A. Padilla has resigned since he felt the testimony of Equitable PCI Bank senior vice-president Clarissa Ocampo was too much to take. "As you could tell, I...

Tanada's turn: Mendoza is relative of bank official.
December 29, 2000... After denying that his wife is related to prosecution surprise witness Equitable PCI Bank senior vice-president Clarissa Ocampo, Quezon Rep. Wigberto Tanada said Ms. Ocampo is somewhat related to Estelito Mendoza, one of the defense lawyers...

Solon cites AFP.
December 29, 2000... Senate President Aquilino Pimentel, Jr. yesterday lauded the Armed Forces of the Philippines (AFP) for its professionalism amid calls by some group for a military intervention in light of President Joseph E. Estrada's alleged involvement in a...

Cebu local politics to overshadow national concerns in 2001 elections.
December 29, 2000... CEBU CITY - Despite the impeachment trial, politicians here have continued preparations for the midterm elections next year. The fight for congressional posts in the province is seen to be mainly between two major parties founded by the...

Pagcor chief wants out of levy case.
December 29, 2000... Philippine Amusement and Gaming Corp. (Pagcor) chairperson and chief executive officer Alicia Ll. Reyes recently asked the Sandiganbayan to drop her as a defendant in a coconut levy case. In an 11-page motion to dismiss filed with the...

Senator-judge seeks court order vs demonstrators.
December 29, 2000... Senator Miriam Defensor Santiago asked the Supreme Court yesterday to stop demonstrators from picketing her residence and office in Quezon City. In a petition, the solon also sought P7 million in damages, claiming she suffered mental...

Maceda: Bank witnesses not enough to pin down Erap.
December 29, 2000... Outgoing Ambassador to the United States Ernesto M. Maceda yesterday accused the prosecution of trying to get support from the banking sector to strengthen the opposition's destabilization moves. In a statement, the new personal...

Garbage crisis looms?
December 29, 2000... A garbage crisis of proportion in the offing? Presidential Flagship Projects chairman Robert N. Aventajado yesterday admitted the interim landfill on Semirara Island in Antique is not ready to take in the over 5,000 tons of garbage...

Meralco, union ink CBA deal.
December 29, 2000... The union and management of power firm Manila Electric Co. (Meralco) recently inked an agreement at the Department of Labor and Employment (DoLE) settling the deadlocked issues of its collective bargaining agreement (CBA). The agreement...

Clearing corporation seeks permanent permit from corporate regulator.
December 29, 2000... Following its compliance to structural requirements provided under the new Securities Regulation Code (SRC), the Securities Clearing Corp. of the Philippines (SCCP) is now seeking a permanent license to operate. In a report to the...

Former IBC-13 executive threatens to sue winning bidders.
December 29, 2000... A former president of the Intercontinental Broadcasting Corp. (IBC) will ask the Court of Appeals (CA) to nullify last week's sale of two assets of the sequestered media network. Jose T. Jalandoon - who was at the helm of the network for...

Casino group to proceed with Uniwide investment.
December 29, 2000... While a number of foreign retail groups have reportedly junked plans to invest in the country, the Uniwide Group's white knight Casino Guichard-Perrachon SA is still keen on infusing P4 billion in the beleaguered retail firm. This came...

Repurchase of shares not investment in marketable securities, SEC rules.
December 29, 2000... Pending the issuance of formal rules governing buyback transactions at the local bourse, the Securities and Exchange Commission (SEC) made clear that such acquisitions will not be treated as investments in marketable securities. In...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (1).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (3).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (2).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (5).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (4).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (6).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (7).
December 29, 2000... (THESE ARE EXCERPTS from a rushed, unofficial BusinessWorld transcript of the Senate hearing of the impeachment trial. They are intended to provide the reader only an idea of how the hearing proceeded. The official transcript can only come...

Mart slips 0.2% as players quickly liquidate profits.
December 29, 2000... Profit taking yesterday shaved off Tuesday's Santa Claus rally, paring the market's two-day gains by a fraction in widely mixed sectoral closings and amid thin trading. Failing to sustain its euphoric rise, the 30-company Philippine...

Philippine Stock Exchange as of December 27, 2000.
December 29, 2000... Stocks Name Volume High Low Close Code BANKS & FINANCIAL SERVICES Banks ASIA Asiatrust Dev't Bank 31,000 8.4 8 8.3 BPI Bank of the Phil. Islands 9,600 58.5 58 58.5 CHIB China Banking Corp. 13,340 750 720 750 CHTR Chinatrust...

Fastfood outlet turns over house-building work to HFHP.
December 29, 2000... Jollibee Foods Corp. (JFC) has turned over the houses it sponsored to the home partners and beneficiaries of Habitat for Humanity Philippines' (HFHP) last quarter house-building activities. After the initial turnover, JFC officials said...

Oil price cut lower than P1 per liter, say oil firms.
December 29, 2000... If the local prices of oil and fuel products are cut next month, the price reduction will likely be lower than one peso per liter, oil companies' officials said yesterday. In separate interviews, oil executives said any price rollback is...

WEEKENDER: Managing stress effectively.
December 29, 2000... Stress is a fact of life, especially in this fast-paced, high-pressure age. And stress can always cause body pains such as headaches, toothaches, and muscle pains that can wreak havoc on a person's physical as well as mental and psychological...

WEEKENDER: QI acquires new medical equipment for diagnosis.
December 29, 2000... The Quezon Institute (QI) recently opened new laboratories and acquired highly advanced medical equipment and training program for a more effective diagnosis and treatment of pulmonary diseases. QI, a 200-bed Tertiary Hospital, opened its...

WEEKENDER: San Lazaro Hospital opens new STD/AIDS laboratory.
December 29, 2000... San Lazaro Hospital opened recently its STD/AIDS Cooperative Central Laboratory. The center is staffed by a work force highly trained in diagnosing HIV/AIDS and other related infections. The center makes the diagnosis of the disease...

WEEKENDER: DoT eyes short-haul marts to achieve projected growth.
December 29, 2000... Tourism Secretary Gemma Cruz-Araneta has instructed the Philippine Conventions and Visitors Corp., pri-mary marketing arm of the Department of Tourism (DoT), to focus its pro-motions on the country's short-haul markets. The move is...

WEEKENDER: Travel Trade East: RP tourism in the doldrums.
December 29, 2000... Geoffrey Lipman, president of the World Travel and Tourism Council, states that Asian countries will be the premium visitor destinations in the present century. The financial crisis of a few years back has only made the region more attractive...

WEEKENDER: Celebrating the Chinese New Year in Hong Kong.
December 29, 2000... The traditional Chinese New Year greeting "Kung Hei Fat Choy" dates back far longer than the last 2000 years of relatively modern history. Chinese New Year - otherwise known as Lunar New Year, or the Spring Festival - owes its recorded...

WEEKENDER: From combat to commerce (Success story in Lanao del Norte).
December 29, 2000... ILIGAN CITY - Just three years ago, Tangkal Municipality in Lanao del Norte was a sleepy village, home to MNLF troopers struggling to make a living for their families after coming down from the hills following the signing of the 1996 peace...

WEEKENDER: OPINION: Jose P. Rizal, the futurist.
December 29, 2000... Protean is the word that comes to mind when we speak of the Filipino national hero Dr. Jose Rizal. Novelist, poet, teacher, linguist, ophthalmologist, sportsman, sculpture, essayist, thinker. He was all of the above. But there is one...

WEEKENDER: Ads and Ends: Ad movements.
December 29, 2000... There are now two of the bigger multinational advertising agencies housed in the Enterprise, the latest of which is J. Walter Thompson (JWT). JWT just recently moved out of its gorgeous home by the Manila Bay after 27 years. ...

WEEKENDER: ACE helps in reducing heart attack mortality.
December 29, 2000... Hypertension has been dubbed "The Silent Killer" because it has been identified by experts to be present in at least 70% of people who suffered strokes. For some, there can be a bothersome headache, dizziness and blurred vision. This can...

WEEKENDER: The good, the bad and the ugly.
December 29, 2000... CINEMA Tanging Yaman Laurice Guillen Deathrow Joel Lamangan Sugatang Puso Jose Javier Reyes The Metro Manila Film Festival is ongoing - and many of the films are actually worth watching! What's happening? Why...

WEEKENDER: Quizon love fest.
December 29, 2000... CINEMA Markova: Comfort Gay Gil Portez A movie that deals with the lives of Filipinos during the Japanese occupation is bound to raise curiosity. A movie dealing with the plight of gay Filipino men during the Japanese occupation...

WEEKENDER: Spirited film.
December 29, 2000... CINEMA Spirit Warriors Chito Rono Coming of age does not always refer to the first sexual experience. Often, it is a specific incident an adolescent experiences, which changes his/her life and forces him/her to grow up. Such is...

WEEKENDER: One last Christmas album.
December 29, 2000... Singer/actress Lea Salonga, having added yet another feather in her cap with her successful run as the lead in the Manila production of Miss Saigon, has gone to the US with her co-star Will Chase to close the long-running show's production in...

WEEKENDER: Fireworks and song at The Fort.
December 29, 2000... Synchronicity Celebration Dec. 31, 9 p.m. The Fort Bonifacio Global City, Taguig Apart from his impressive singing voice, Martin Nievera is known for his gift of gab. In fact, such a talent has made him one of the most...

WEEKENDER: Sexy singer welcomes 2001 with a calendar and a concert.
December 29, 2000... NEW YEAR'S PARTY Shebang Geneva Cruz Dec. 31, 9 p.m., Discovery Suites, Ortigas Center, Mandaluyong Tickets: P1,500 inclusive of drinks and cocktail buffet If Tanduay Rhum has Jessa Zaragoza wearing a sexy swimsuit...

WEEKENDER: Concert caps a good year.
December 29, 2000... Freestyle Dec. 29, 9:30 p.m. Hard Rock Cafe, Glorietta II, Ayala Center, Makati After two successful albums and a major concert at the Araneta Coliseum, the Freestyle band, which hails from Davao, can consider 2000 a good...

Prosecutors to pursue all charges vs Estrada (deny Palace claim George L. Go is 'bombshell' witness...).
December 29, 2000... Prosecutors in the impeachment trial of President Joseph Estrada assured yesterday they will pursue all four articles of impeachment against the President, nixing a proposal to drop two of the four charges if only to hasten the impeachment...

WEEKENDER: Cinematic praise release.
December 29, 2000... Ping Lacson Story Toto Trinidad The film's disclaimer at the beginning said it best: that the names, events, and places have been altered to protect the identities of those who, for better or for worse, have been involved with the...

BSP forecasts 11% average rate for overnight lending.
December 29, 2000... The Bangko Sentral predicts lower domestic interest rates next year, as long as the government's budget deficit remains under control. "We are looking at an average rate of 11% for next year for the overnight borrowing facility," Bangko...

Rollover of P15-B PNB loan seen likely during MB meet next year.
December 29, 2000... The Bangko Sentral will likely roll over the P15-billion emergency loan it extended to the Philippine National Bank (PNB) in early October when the policy-making Monetary Board resumes its meetings early next year. "They have not asked...

Telecoms industry growth seen to continue next year (OUTLOOK).
December 29, 2000... The phenomenal growth of mobile phone use this year will be difficult to replicate next year, but the wireless sector will nevertheless continue to outpace landlines. Ricky M. Capule, corporate planning head of the Lopezes' Integrated...

Investments seen hitting 12-year low.
December 29, 2000... If records of the Board of Investments (BoI) were to be used as a gauge, it would appear investors avoided the country as a viable business venue. For this year, the BoI expects investment approvals to reach only P40 billion to P45...

ASEANWATCH: Wrapping up 2000.
December 29, 2000... The WTO General Council has wrapped up its agenda for 2000 by tackling a variety of issues while pushing some of the more contentious ones forward to 2001. Inter alia, discussions were held on the state of the global trading system;...

Newspoint: News is neutral (?).
December 29, 2000... When I began as a newspaperman, the times were much simpler than they are today. And to give an idea how long ago that was: No one cited me for gender bias every time I introduced myself as a newspaperman. "Political correctness" was a...

Fast Forward: Trapos in robes?
December 29, 2000... As the nation gets ready for the resumption of the impeachment trial next week, it is important to take stock of the entire process and how it relates to the broader movement to remove the President from office. The following are some...

Editorial: Fence Sitter: Acceptance speech.
December 29, 2000... My countrymen, I hope you can accept the verdict that has been handed down by the court today. I know that some of you are disappointed, even outraged. I have said time and again that we should put our faith in the constitutional process as I...

Rule of Law: Unbreakable.
December 29, 2000... Heroism, a poet once wrote, is endurance for one moment more. It is the ability to walk the extra mile when everyone else has removed his sandals and packed his bag. Heavens to Betsy, but I have lately seen heroism being demonstrated in this...

Hither and Thither: Indonesia's troubles.
December 29, 2000... HONG KONG - It's no secret that most institutional investors here have taken the Philippines and Indonesia off the radar screens due to that one parameter which makes guardians of money tremble: political risk. The Sunday edition this...

Vector: Truth and transparency.
December 29, 2000... In today's global economy, openness and transparency are key. "The more transparent you are inside, the more your government is grounded in the rule of law, the more you are willing to share how and where decisions are made, the less likely...

P13.5-B privatization goal won't be met by gov't.
December 29, 2000... Continued political jitters have resulted in the deterioration of the value of state assets, the country's economic managers said. As a result, the government fell short of its already-adjusted P13.5-billion privatization target this year....

BoI Cebu office says investors still interested.
December 29, 2000... CEBU CITY - The Board of Investments (BoI) Cebu extension office has continued to receive inquiries from prospective investors despite the October jueteng payoff expose that reportedly caused a drop in investor and business confidence. ...

Legislators mull P12-B cut in foreign-assisted projects.
December 29, 2000... Does trimming the national budget also have to mean chopping off projects with borrowed funds already in government's record books? That may be the case next year as the House of Representatives plans to cut P12 billion off the proposed...

Modernization of procurement system sought to minimize graft & corruption.
December 29, 2000... The House of Representatives has recently approved on second reading a measure providing for the modernization, regulation and the standardization of the government's procurement activities as a way to curb graft and corruption. House...

Think tank urges gov't to rethink food security plans.
December 29, 2000... The Congressional Planning and Budget Office (CPBO) is urging the government to review its food security strategy, with the view of increasing budgetary resources to higher value crops. In a paper, the House of Representatives' think tank...

NEDA chief against global investment policy standards.
December 29, 2000... Global standards on investment policies can limit the country's leeway to execute moves aimed at enticing more investors, Socioeconomic Planning Secretary Felipe M. Medalla said. Mr. Medalla was reacting to suggestions of creating an...

BIR restructuring expected to improve tax take in 2001.
December 29, 2000... To improve the government's tax collection performance, the Department of Finance (DoF) wants to restructure the Bureau of Internal Revenue (BIR) next year. "We will start with doable things like administrative measures at the BIR,"...

No takers yet for orbital slot offered by DoTC.
December 29, 2000... Not a single telecommunications company has expressed interest buying the satellite orbital slot being offered by the government. This may force the Department of Transportation and Communications (DoTC) to go for a negotiated bidding. ...

Cyber Bay stockholders to infuse additional equity.
December 29, 2000... Major shareholders of property developer Cyber Bay Corp., led by businessman Ramon Ang, will infuse P3-billion to P5-billion new equity next year to fund the development of the multibillion-peso Coastal Bay project along Manila Bay. A...

Aboitiz consolidates power business interests with the purchase of hydro company.
December 29, 2000... Aboitiz-owned Philippine HydroPower Corp. has purchased Benguet-based Northern Mini Hydro Corp. for P395 million in an effort to consolidate the Aboitiz group's interests in the power business. Aboitiz Equity Ventures, Inc. (AEV)...

PNOC-EDC hires Japanese company.
December 29, 2000... Japan-based West Japan Engineering Consultants, Inc. (WestJec) bagged a deal worth $2.3 million to provide technical assistance to Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) for the construction of a geothermal power...

SEC extends clearing corporation's temporary license to operate.
December 29, 2000... Unsatisfied with the recent status report of the Securities Clearing Corporation of the Philippines (SCCP), the Securities and Exchange Commission (SEC) has decided to put on hold the issuance of its permanent license to operate until the...

Islacom expects to restore service in Visayas after bombing' incident.
December 29, 2000... CEBU CITY - Isla Communications Co. (Islacom) expects to have completed restoration of mobile and fixed-line services in Eastern Visayas and some northern Cebu towns by yesterday, five days after its cell site in Danao City was allegedly...

De La Salle employees threaten to go on strike.
December 29, 2000... Some 155 employees of De La Salle University (DLSU) in Taft Avenue, Manila, have threatened to go on strike after negotiations for the 2000-05 collective bargaining agreement (CBA) with the school administration reached a deadlock. The...

DoJ dismisses estafa complaint vs two ASB executives.
December 29, 2000... The Department of Justice (DoJ) dismissed one of the strong of estafa complaints filed against two ranking officials of financially distressed ASB Group of Companies. In a seven-page resolution, the DoJ junked for insufficiency of...

Business Case Law: Insurance claim.
December 29, 2000... The plaintiff sought the payment of the face value of a life insurance policy equivalent to P100,000 with interest at 24% per annum for undue delay in payment pursuant to Sec. 244 of the Insurance Code. The defendant insurance company...

Phisix jumps to 7-wk high on thin window dressing.
December 29, 2000... Pockets of window dressing, or the practice by investors to close their books on a happier note by buying up the prices of stocks they have in their portfolio, reversed the market's modest losses yesterday. The 30-company Philippine...

Coastal Road proponent to proceed with project.
December 29, 2000... Despite the controversies hounding the P5.44-billion Coastal Road project, the proponents led by Luis "Buboy" Virata are confident about starting the project early next year before the May elections. In an interview with BusinessWorld,...

Business concerned about Cebu's 'dirtiness'.
December 29, 2000... CEBU CITY - Business and tourism leaders here agree that Cebu City is dirty. From 8th place among the 40 best cities in Asia in 1995, this city slid down to 22nd this year. "Truthfully, Cebu is dirty. Nothing much has been done on...

Asian Hospital is first e-hospital in the Philippines.
December 29, 2000... Asian Hospital and Medical Center (AHMC) revolutionizes health care delivery in the country by incorporating the innovations of information technology in its operating and management systems. Recently, Asian Hospital, Inc. (AHI) has...

Gaming firm asks SC to dismiss case seeking its abolition.
December 29, 2000... The Philippine Amusement and Gaming Corp. (Pagcor) has asked the Supreme Court (SC) to dismiss the petition seeking to abolish the state-owned gaming firm and annul all gambling franchises it granted. Pagcor, through the Office of the...

Congressmen form 'conscience coalition' to join opposition in polls.
December 29, 2000... A group of congressmen are forming a "conscience coalition" in the House of Representatives, which would team up with the United National Opposition (UNO) for the elections. Liberal Party (LP) president Rep. Florencio B. Abad of Batanes...

Estrada threatens to expose firms with huge debts as cause for crisis.
December 29, 2000... President Joseph E. Estrada yesterday took the offensive and lashed back at his detractors, particularly the rich and the businessmen, saying they have no concern for the welfare of the poor. He also warned them he will reveal to the...

Snap polls ploy to save 'sinking presidency'.
December 29, 2000... The plan of administration solons to hold a snap election following the possible acquittal of President Joseph E. Estrada shows presidential supporters are trying to save a "sinking presidency." In a telephone interview with...

Baguio council seeks stop to pay parking.
December 29, 2000... BAGUIO CITY - A visibly irate city council yesterday afternoon called on a private corporation here to cease from collecting parking fees in the central business district (CBD) at least until conflicting provisions in existing traffic laws...

Admits shaken by events.
December 29, 2000... The economic and political turmoil took their toll on a beleaguered President Joseph E. Estrada this year. The President hopes all the problems would end in the coming year and prayed that 2001 will be happier as he would be able to...

Sayyaf ranking official nabbed?
December 29, 2000... Unconfirmed reports yesterday indicated the younger brother of Abu Sayyaf chief Khadaffy Janjalani was arrested by joint police and military operatives in a Muslim center in Manila Friday last week. Hector Janjalani, a high-ranking Abu...

Davao hotels see occupancy rates fall 20% in 2000.
December 29, 2000... DAVAO CITY - The year 2000 wasn't good for most hotels in this city, with occupancy rates down by at least 20% due to two major issues. The peace and order problem that led to an all-out offensive against the Moro Islamic Liberation Front...