BusinessWorld (Philippines) articles from December 2000, page 6

BusinessWorld (Philippines) archives from December 2000

San Miguel, San Miguel (San Miguel Beer resets own record, wins 15th championship).
December 22, 2000... All's well that ends well. That phrase appropriately describes San Miguel Beer's conquest of the PBA 2000 Governors' Cup after it defeated Purefoods, 96-88, in Game Five for an emphatic 4-1 series victory on Wednesday at the Philsports Arena....

Courside: Courting destiny.
December 22, 2000... They were all so ecstatic the other night you'd think it was the first time they earned a championship. Yet, for all the pomp and reverie that accompanied San Miguel's ascent to the top of the heap in the Philippine Basketball Association...

EDITORIAL: Take Ten: Houses divided.
December 22, 2000... Erap's morally toxic effects on the Philippines contaminate even the unity of families. The insidious manner he earns people's loyalty breaks up families and divides homes. You'd think that former President Cory would represent the...

Christmas shopping at the very last minute.
December 22, 2000... This is it. Your very last chance. It's now or never. If you don't find the right gift to give this weekend, you'll be stuck with giving out Christmas cards. Here are some really, really last-minute gift suggestions. * The gift of music...

Noche Buena.
December 22, 2000... Manila Midtown's The Vogue Coffeeshop presents Holiday Set Menus made especially for the season. Savor succulent prime rib steaks, fresh Baguio salads, creamy soups and mousse and pudding desserts. Set menus are available at P550++ from Dec....

Met Museum closed for the holidays.
December 22, 2000... The Metropolitan Museum of Manila will be closed to the public beginning Dec. 25. It will resume operations on Jan. 2. Currently on view are Sheer Realities: Clothing and Power in the 19th Century Philippines; Siglo Ikalabinsiyam, an exhibit...

WEEKENDER: A new supermarket concept in RP.
December 22, 2000... Philippine retailing has become a barometer of people's shifting tastes, lifestyles and purchasing power. "People's buying habits tells us where we are and where we are headed. The remarkable growth of the Philippine retail industry can...

WEEKENDER: Ads and Ends: Mourning the rarity of dedicated Christmas TV commercials.
December 22, 2000... Dedicated Christmas TV commercials, as some like to call them in the advertising industry, are those commercials that are produced with the Christmas season as a beautiful reason for being. My favorite dedicated Christmas TV commercials...

House body approves limits to liquor, tobacco advertising.
December 22, 2000... The House committee on public information recently approved a measure seeking to regulate the exhibition of tobacco and liquor advertisements in print, broadcast and electronic media. House Bill No. 12598, or the Liquor and Cigarette...

Clark economic zone chief admits business overtures from presidential friends.
December 22, 2000... Clark Development Corp. (CDC) president Rogelio L. Singson yesterday admitted the government-owned company continues to receive proposals from presidential associates to do business in the Clark economic zone. In an interview with...

30-day breather.
December 22, 2000... The Office of the Ombudsman yesterday gave former vice-president Salvador Laurel a 30-day breather from the Expo scam trial after it asked the Supreme Court for at least a month to consolidate its evidence against the former official's...

Ritual drama.
December 22, 2000... In yet another effort to raise awareness on the impeachment trial of President Joseph Estrada, civic organization Kongreso ng Mamamayang Pilipino II will stage today a ritual drama that aims to show the current political situation of the...

Summary deportation.
December 22, 2000... The Bureau of Immigration (BI) is urging foreign embassies to expedite the processing of travel documents for their nationals who have been subjected to summary deportation proceedings, to decongest its immigration detention house in Bicutan....

Surveillance denial.
December 22, 2000... Armed Forces chief-of-staff Gen. Angelo T. Reyes categorically denied yesterday the reported surveillance on one of his top generals by agents of the military intelligence service. In an ambush interview at Camp Aguinaldo, Mr. Reyes said...

Group sends 'Resign' card.
December 22, 2000... CEBU CITY - A huge card asking President Joseph E. Estrada to resign as his Christmas gift to the Filipino people, was sent through the postal system to Malacanang last Wednesday by the Estrada Resign Movement (ERM) here. Wenceslao...

Estrada stands ground on taking witness stand.
December 22, 2000... President Joseph E. Estrada refuses to be pressured into committing to personally testify during the impeachment trial at the Senate, without the concurrence of his lawyers. In a talk with reporters during his visit to a slum area in...

PLDT franchise may be cancelled.
December 22, 2000... The Department of Transportation and Communications may cancel the franchise of dominant telephone firm Philippine Long Distance Telephone Co. (PLDT) if it finds "positive evidence" of wiretapping, Secretary Vicente C. Rivera, Jr. said. ...

DECS officials suspended.
December 22, 2000... The Office of the Ombudsman has suspended for six months without pay two Department of Education, Culture and Sports (DECS) undersecretaries for their involvement in the alleged misuse of the P24-million donation from the Land Bank of the...

Palace official settles for apology instead of libel.
December 22, 2000... Realizing the difficulty of such a move, former chief government negotiator to the extremist Abu Sayyaf Robert N. Aventajado yesterday decided to drop his planned damage suit against German magazine Der Spiegel after his lawyers advised him...

Namfrel confirms availability of poll machines.
December 22, 2000... The National Citizen's Movement for Free Elections (Namfrel) has confirmed the availability of at least 1,800 counting machines used in a mayoralty elections in Canada which could be sent to the Philippines to automate a portion of next...

Korea files complaint vs RP antidumping action.
December 22, 2000... The South Korean government has formally filed a complaint before the World Trade Organization (WTO) questioning the Philippines' action against unfair trade practices by Korean resin manufacturers. Trade and Industry assistant secretary...

DENR studying new fees for tree farming industry.
December 22, 2000... DAVAO CITY - The Department of Environment and Natural Resources (DENR) will amend certain policies covering the tree farming industry but only to the extent of establishing separate taxing rules on planted trees and natural growing trees....

Mindanao to lose EAGA link given poor business.
December 22, 2000... DAVAO CITY - Mindanao will early next year lose its only air link to the East ASEAN Growth Area (EAGA). "Our principals in Indonesia are very disappointed," said Maria Carmen Estepa, country manager for Bouraq Airlines, an Indonesian...

Damaged trees, abandoned logs not for the taking.
December 22, 2000... Individuals, communities and companies which intend to recover and use trees damaged by calamities now have to secure a government permit before doing so. Administrative Order (AO) No. 2000-78 of the Department of Environment and Natural...

Information technology one bright spot for the economy.
December 22, 2000... If there remains a few bright spots for the beleaguered Philippine economy, it's the information technology (IT) business. Contrary to views that the country has been left behind in terms of getting wired, multinational companies (MNCs)...

Pag-IBIG notes drop in housing loan applications.
December 22, 2000... DAVAO CITY - Pag-IBIG housing loan applications in Southern Mindanao dropped 66% this year due to economic factors, said Jaime Fabiana, vice-president for Mindanao operations. Housing loans in the region approved this year so far total...

San Carlos City seeks spillover investments from Cebu.
December 22, 2000... CEBU CITY - A quiet city of 111,000 people along the coast of Tanon Strait aims to support Cebu's economic growth by providing industrial and commercial spaces for spillover investments. San Carlos City, which lies directly across Toledo...

Australia seeks talks on cattle tariff increase.
December 22, 2000... The Australian embassy is worried about the Philippines' plan to raise the import duty on live cattle next year. An embassy official said they are now seeking a meeting with local agriculture officials to convince the latter not to pursue...

Tariff hike not solution to productivity problem.
December 22, 2000... Cattle feedlot operators have also urged the government to rethink a planned increase in the import duty on live cattle, saying the move will not boost local beef production as expected. Martin M. Gomez, president of the Cattle Feedlot...

Gov't cuts goals for economy next year.
December 22, 2000... A combination of domestic pressures such as the need to cut on government spending, and outside factors like weakening exports to the US market next year have prompted the government to pare 2001 economic growth targets, Socioeconomic...

Worried bankers to tackle money laundering at meeting next month.
December 22, 2000... With recent revelations in the impeachment trial making the matter urgent, members of the banking industry will convene early next year to address the problem of money laundering in the country. The Bankers Association of the Philippines,...

Prosecutors want Erap to 'admit or deny facts'.
December 22, 2000... What they may not be able to do in open court congressmen-prosecutors will do outside Senate halls in a bid to compel President Joseph Estrada to answer allegations of bribery, corruption, and violation of the Constitution. The...

Freeze on import tariffs on oil lifted next month.
December 22, 2000... The National Government will not extend beyond next month its suspension of the collection of import tariffs on crude oil and finished petroleum products. Energy Secretary Mario V. Tiaoqui told reporters Wednesday night that the...

Mindanao farm workers still to get land in DAR scheme.
December 22, 2000... DAVAO CITY - Two years after the agrarian reform deferment period on commercial farms has lapsed, a beneficiary in Mindanao has yet to receive a certificate of land ownership award (CLOA) from the Department of Agrarian Reform (DAR), a...

Bangko Sentral cannot sanction Equitable for missing client data.
December 22, 2000... The Bangko Sentral cannot sanction Equitable PCI Bank for not requiring the completion of client data on bank forms and signature cards as these depend on internal policies that vary from bank to bank. "Previous to our recent anti-money...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (9).
December 22, 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 (11).
December 22, 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 (13).
December 22, 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...

BSP Reference Rates as of December 21, 2000.
December 22, 2000... Equivalent Equivalent Equivalent of foreign of US$1 of foreign currency in in foreign currency in Currency US Dollar currency RP peso Convertible currencies with BSP US dollar 1.000000 1.000000 50.075000 Japanese yen 0.008874...

THE ESTRADA IMPEACHMENT TRIAL NOTES FROM THE TRIAL (12).
December 22, 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...

Peso Cross Rates as of December 21, 2000.
December 22, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0364 0.0075 0.0304 0.1440 Australia 27.4654 1.0000 0.2068 0.8345 3.9541 Bahrain 132.8320 4.8363 1.0000 4.0358 19.1232 ...

Philippine Stock Exchange as of December 21, 2000.
December 22, 2000... Stks Name Volume High Low Close Code BANKS & FINANCIAL SERVICES Banks ASIA Asiatrust Dev't Bank 5,000 6.9 6.8 6.9 BPI Bank of the Phil. Islands 124,500 57.5 56.5 56.5 CHIB China Banking Corp. 2,400 700 675 675 CHTR...

Images of Christmas past.
December 21, 2000... That season comes wherein our Savior's birth is celebrated/ - The Bird of dawning singeth all night long/ So hallow'd and so gracious is the Time. - Hamlet The grime-streaked beggar at the Redemptorist Church door wouldn't budge. ...

Globe beefs up high-speed Internet services.
December 21, 2000... Cellular communications company Globe Telecom is beefing up its high-speed Internet services via the GlobeNet DSL (digital subscriber line) given a growing market for data applications. DSL is a dedicated broadband connection that uses...

Surge in inflation seen with 15% money growth.
December 21, 2000... The Bangko Sentral yesterday said it sees money supply growing by around 15% next year - the ceiling prescribed under the law - to accommodate the government's projection of a 3.7% growth in the domestic economy. Bangko Sentral managing...

'Relaxed secrecy law needed to delist RP in money laundering list'.
December 21, 2000... The Philippines could only be delisted from an international list of 15 money laundering havens if Congress relaxes a law tightly guarding the secrecy of bank deposits. Bangko Sentral Gov. Rafael B. Buenaventura yesterday made the...

Gov't to issue P20-B bonds to lift manufacturing sector.
December 21, 2000... The Department of Finance (DoF) will raise P20 billion through a domestic bond sale to boost the manufacturing sector next year. Proceeds will be lent to investors planning to set up or expand existing manufacturing operations in the...

Security Bank approves sale of unit.
December 21, 2000... The board of directors of Security Bank Corp. has approved the sale of the bank's investment in Standard Insurance Co. for P227 million given plans to concentrate on its core banking business. In a disclosure to the Philippine Stock...

Calling a Spade: One reason he should go.
December 21, 2000... Mr. Estrada and his economic managers were quick to exult when estimates of the country's national income accounts showed a GDP growth rate of 4.8% for the third quarter of the year and a growth rate of 4.2% for the first three quarters. They...

BSP rejects think tank's forecast of P83:$1 by 2002.
December 21, 2000... The Bangko Sentral yesterday dismissed the forecast of international think tank Economic Intelligence Unit (EIU) that the peso would hit P83 to the US dollar by 2002 if the current political crisis is not resolved quickly. "It is highly...

Briefs: E-commerce expo.
December 21, 2000... The Philippines will host the 1st Philippine International Business Technology Exhibition on Internet Commerce or E-Commerce Expo 2001. Jerry Gonzales, president of the Exposition Communications Group, Inc. said the acceptance of Internet...

Briefs: OFW housing.
December 21, 2000... Housing and Urban Development Coordinating Council chairperson Leonora V. de Jesus will be the main speaker at the signing ceremonies of a memorandum of agreement for the establishment of a socialized and economic housing project for overseas...

Briefs: Immigration seminar.
December 21, 2000... ADD Professional Consultants, Inc., the leading immigration consultancy and servicing company in the country will hold a seminar for Filipino professionals and skilled individuals interested in migrating to Canada. Titled "Live and Work in...

Cisco cites savings for firms using Internet-based solutions.
December 21, 2000... Cisco Systems' new framework will enable businesses to save millions through the optimization of Internet technology and web-enabled work force. In the first ever CxO breakfast forum of Cisco Systems Philippines held in Makati City...

Seamless interoperability needed for Internet banking.
December 21, 2000... Seamless interoperability among local banks will be crucial to the takeoff of Internet-based banking in the country, Cesareo de Leon Ill, chief of the Internet banking department of the Bank of the Philippine Islands, said in a recent...

Insurers, security providers team up to reduce cost of Internet insurance.
December 21, 2000... Alliances between insurance companies and security providers may speed up the acceptance and adoption of Internet insurance. As soon as such alliances are formed, Internet insurance may become a necessity in the conduct of business, said...

Prototype state portal plan merely waiting for funding.
December 21, 2000... The National Computer Center (NCC) is just waiting for the release of about P10 million from its mother agency, the Department of Science and Technology (DoST), to complete the development of the department's portal website. When...

Oust-Erap cyber campaign: the Internet as political venue.
December 21, 2000... Perhaps one of the most memorable legacies that the impeachment trial of President Joseph E. Estrada will leave is the use of the Internet as a venue for political expression. The Internet is giving even those that are not "traditionally...

Restaurant Row.
December 21, 2000... - Cafe Elysee For 25 years Cafe Elysee was known for its French Cafe ambience with a continental-inspired menu. Today the cafe takes on the cake and coffee bar concept. Its interiors are now hip and upbeat with a warm and cozy...

Pinoy na Pinoy: A Christmas story.
December 21, 2000... - The Alegre Noche Buena We never had a dish which we ate only during Christmas Eve. We did celebrate it, but nothing distinctive on the table which would mark it off as Christmas food. The closest that we came to one was sliced ham, the...

Courtside: Johnny Abarrientos: Only he can fill his shoes.
December 21, 2000... There is, to my mind, no better point guard to have graced the Philippine Basketball Association than Johnny Abarrientos. In its 26-year history, the league has been fortunate enough to play host to such esteemed quarterbacks as Sonny...

Severino beats national junior titlist JP Gomez to keep one-point lead.
December 21, 2000... BAGAC, Bataan - Sander Severino clang like a falcon to his middle game advantage to turn back John Paul Gomez even as National Master Oliver Barbosa bungled a back-door try for the lead in the penultimate round of the Asian Continental...

BSP Reference Rates as of December 20, 2000.
December 21, 2000... Equivalent Equivalent Equivalent of foreign of US$1 of foreign currency in in foreign currency in Currency US Dollar currency RP peso Convertible currencies with BSP US dollar 1.000000 1.000000 50.140000 Japanese yen 0.008903...

THE ESTRADA IMPEACHMENT TRIAL: NOTES FROM THE TRIAL.
December 21, 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...

Firm in danger of closure given alleged violations to Water Code.
December 21, 2000... Kimberly-Clark Philippines, Inc. (KCPI) may lose its operating license if found guilty of falsifying at least six government permits to freely use the country's natural water resources for commercial and industrial purposes. Assistant...

Vatican supports local pastoral moves - Sin.
December 21, 2000... Manila Archbishop Jaime Cardinal Sin yesterday affirmed the support of the Vatican to its pastoral decisions and actions on the local church's involvement in politics. He, in turn, acknowledged the "full trust and confidence" of the Holy...

Military, defense downplay threats.
December 21, 2000... Military and Defense officials yesterday belittled the reported assassination plot against President Joseph E. Estrada and his close associates by the communist rebel group New People's Army (NPA), in light of their alleged involvement in...

Telecom giant to plug leaks and avoid wiretapping acts.
December 21, 2000... Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) is considering hiring an external consultant to assist in preventing a leakage of confidential information in the future. Ramon R. Isberto, spokesperson for the PLDT...

US government not seeking talks for captive citizen.
December 21, 2000... Defense Secretary Orlando S. Mercado yesterday denied reports the United States government is seeking a reopening of negotiations with the extremist Abu Sayyaf rebels for the release of Jeffrey Craig Edwards Schilling, one of the two...

Australian, Indon firms bag Napocor supply deal.
December 21, 2000... Australian firm Cumnock Colliery and PT Kitadin of Indonesia won $17.9 million and $10.74 million worth of coal supply contracts for National Power Corp.'s (Napo-cor) coal-fired power plants, respectively. Cumnock Colliery - which joined...

Meralco income seen to drop.
December 21, 2000... Held hostage by the inaction on its rate hike petition and the series of oil price hikes, the country's largest power distribution firm Manila Electric Co.'s (Meralco's) net income for 2000 is seen to decline for the second straight year. ...

Victorias gets $153 million from UK venture capitalist.
December 21, 2000... Paving the way for the long-overdue rehabilitation of debt-saddled Victorias Milling Co. (VMC), London-based Kest Quartermain Venture Capital Partners Ltd. (KQVCPL) proposed to extend a $153-million loan to help pay off the sugar miller's...

Metro Pacific expects higher forex losses.
December 21, 2000... With the continued weakness of the peso, Metro Pacific Corp. (MPC) expects higher foreign exchange losses by yearend. As of September, the property firm's forex losses stood at P394 million. In an interview with BusinessWorld, MPC...

Mobile phone users seen to outnumber fixed-line clients.
December 21, 2000... With prepaid services turning the cellular phone into a mass-market commodity, mobile phone subscribers are expected to outnumber fixed-line subscribers in the Philippines in the next six to 12 months. In its November study, international...

Taxwise or Otherwise: Corporate tax reminders.
December 21, 2000... As the year 2000 draws to a close, finance and accounting people are again busy reviewing current year transactions and their treatment for financial and tax reporting purposes. Of great concern is the need to ensure that all necessary...

Negative economic outlook downplayed.
December 21, 2000... "There is nothing to fear." President Estrada yesterday made this assurance despite bleak forecasts for the Philippine economy next year. In a talk with reporters during the inauguration of the Don Emilio Ejercito Diagnostic Center...

China, RP ink $100-million loan program for agriculture.
December 21, 2000... The Philippine and Chinese governments yesterday inked an agreement for the implementation of a $100-million (P5 billion) loan program to finance local farm projects. Assistant Agriculture Secretary Ma. Celia H. Fernandez said the...

House OK's modernization program for phone system.
December 21, 2000... The House of Representatives has approved on second reading a bill seeking to establishing a National Cellular and Telephone Wireless Program through government and private investments. House Bill 274, authored by Paranaque Rep. Roilo S....

Estrada denies close ties with Equitable top exec.
December 21, 2000... President Joseph Estrada denied yesterday having close ties with banker George L. Go, who resigned his chairmanship of Equitable PCI Bank two days ago to insulate the bank from the repercussions of his "friendship" with the President. ...

EDITORIAL: ANALYSIS: Will bank records pin down Estrada? (Much ado about nothing, bank lawyers say).
December 21, 2000... To be or not to be impeached? That is the question now haunting the public's mind as the impeachment court yesterday pried open the controversial bank records of a certain "Jose Velarde" supplied by Equitable PCI Bank. The records...

World Bank asks gov't for 'realistic' budget.
December 21, 2000... If it wants to whet anew investor appetite in the Philippines, the government needs to prove that its budget for next year is based on "realistic" income targets, World Bank Philippines country director Vinay Bhargava said yesterday. "If...

Erap, associates win monopoly of gambling entities.
December 21, 2000... - Second of two parts Fontainbleau was not the first attempt by President Estrada and his friends to take over a casino in Clark Special Economic Zone. Soon after he became President, Mr. Estrada's friends tried to enter into a deal with...

Editorial: The View from Taft: Software for managers.
December 21, 2000... Despite the penetration of information technology into most aspects of business, many managers still think that, for the most part, software is something their staff would use, and not them. This is because most PC software applications have...

JBIC signs $225-million power project with KEPCO.
December 21, 2000... Japan Banks International Cooperation (JBIC) governor Hiroshi Yasuda signed today a loan agreement totaling US$225.09 million with KEPCO Ilajan Corp. (KEILCO). The company was formed in 1997 with joint equity stake of Koran Electric...