BusinessWorld (Philippines) articles from December 2008

BusinessWorld (Philippines) archives from December 2008

Insular Life relaunches scholarship initiative to highlight education.
December 24, 2008... Education is key to one's and even a country's growth, and this fact has not eluded the leaders of Insular Life Assurance Co. Ltd., when they decided to relaunch one of their most successful initiatives called the Insular Life Gold Eagle...

Prices rise, pulled up this time by PLDT.
December 24, 2008... Byline: Kristine Jane R. Liu Share prices rebounded yesterday, pulled up by Philippine Long Distance Telephone Co. (PLDT), analysts said. The benchmark Philippine Stock Exchange index (PSEi) rose by 1.15% or 21.25 points to 1,862.19,...

GIVE AND GO.
December 24, 2008... Byline: Michael Angelo S. Murillo Christmas is a time for sharing; a time to give chance to others; a time to relax and chill out even. In the Philippine Basketball Association however, there will be none of these this Christmas day, no,...

State support key to survival of air carriers - travel group.
December 24, 2008... Government support is crucial for Philippine air carriers to survive the worst crisis in 50 years that global airlines face next year, said one of the pillars of the local travel and tourism industry. Consul Robert Lim Joseph, chairman...

A double dose of chocolate happiness.
December 24, 2008... Chocolate has been said to have a happy effect on people, so what better way to enjoy the holidays than have a double dose of chocolate happiness? That's why The Coffee Bean & Tea Leaf has added Double Chocolate drinks on their menu to...

CONSUMER GUIDE.
December 24, 2008... Healthy Options offers holiday gift suggestions Spring a wonderful surprise on family, friends and colleagues by opting for the Christmas gifts selections from Healthy Options. A practical and delightful Christmas gift, the Healthy...

BRIEFS.
December 24, 2008... Pfizer receives award Pfizer's breakthrough HIV therapy maraviroc, (Selzentry/Celsentri), was recently conferred the Best Pharmaceutical Agent (Small Molecule) award at the prestigious Prix Galien USA 2008 Awards ceremony as a medicine...

Party like it's 2009.
December 24, 2008... Byline: Sam L. Marcelo Whether you want to bid goodbye to 2008 with fireworks or foie gras on a beach or in a hotel, there's sure to be something happening to suit your every whim. Forget for a moment that the economy has taken a dive,...

Christmas Cantatas at Ellinwood.
December 24, 2008... Celebrate the joy of the Christmas season with heavenly songs and inspiring words at the UCCP-Ellinwood Malate Church (EMC), one of Manila's oldest Protestant churches and a historic landmark. The musical evenings start off on Dec. 24, 5...

PNB-Allied Bank merger hits a snag.
December 24, 2008... Byline: Maria Eloisa I. Calderon A US regulation requiring Allied Banking Corp. to divest its holdings in a California-based bank has derailed the bank's merger with Lucio Tan- controlled Philippine National Bank (PNB). Allied Bank,...

Peso weakens even more.
December 24, 2008... Byline: Maria Eloisa I. Calderon The peso yesterday extended its losing streak against the dollar, as foreign banks bought back the greenback on expectations it will continue its recovery push after the Christmas holidays. The local...

Auto loans down, credit card debt up as of the third quarter.
December 24, 2008... Byline: Gerard S. dela Pena Universal, commercial and thrift banks' consumer lending business showed mixed results as of the third quarter, with automobile loans showing a slight decline and credit card receivables inching higher. ...

Thrift banks' NPL ratio improves.
December 24, 2008... Byline: Gerard S. dela Pena Thrift banks' non-performing loan ratio, or the percentage of bad loans to total loans, improved in September from a month ago due to more loans given out. The Bangko Sentral ng Pilipinas, in a statement...

Security tightened for holiday travelers.
December 24, 2008... Byline: Elizabeth T. Marcelo The Philippine National Police (PNP) tightened security at transport terminals yesterday as the exodus of people going to the provinces for the holidays is expected to peak today. In an interview, Metro...

High court bars Senate probe of 2004 election irregularity.
December 24, 2008... Byline: Ira P. Pedrasa The SUPREME COURT has barred the Senate from reopening a probe on the alleged 2004 election irregularity involving the President and a former poll official due to the absence of published rules of investigation in...

Expressway extension to affect residential, farm areas.
December 24, 2008... Byline: Emilia Narni J. David About 400 families will be affected by initial works at the North Luzon Expressway's extension, while the business sector is still on a wait- and-see mode on opportunities from the new project. Andy de...

Farm dep't listing '09 priorities.
December 24, 2008... Byline: Neil Jerome C. Morales THE AGRICULTURE department is drawing up a list of priority projects for next year, a statement yesterday read. Such projects will be selected on the basis of their capability to raise production,...

Subsidy sought for displaced workers abroad.
December 24, 2008... Byline: Emilia Narni J. David SUBSIDIES for displaced overseas Filipino workers (OFWs) amounting to P20,000 each are being sought by a labor group. Labor group Partido ng Manggagawa said that each displaced OFW must be provided with...

Frost damage on vegetables minimal so far.
December 24, 2008... Byline: Neil Jerome C. Morales THERE IS ENOUGH supply of vegetables despite the cold climate prevailing in Northern Luzon, a crop damage report by the province of Benguet said. "Although there was frost that occurred [sic] last week,...

Car care for less.
December 24, 2008... The MicroMagic line of premium car care products is now available in the Philippines. The MicroMagic Car Shampoo, Wiper Wash come in one-liter bottles priced at only P88; the one-liter MicroMagic Wash & Wax is only p99, while the...

Motul for motorcycles.
December 24, 2008... For years, Motul's 100% Synthetic Motor Oils have powered champions to win race victory after another. Motul 300V is the official oil of MotoGP teams such as Team Yamaha and Suzuki. If you demand performance and power at every twist of the...

BANTAY BUDGET.
December 24, 2008... The constant mantra we hear about the Philippine budget is that no funds must be spent without the approval of Congress. But a review of the actual budget use may not bear that mantra. Take the case of so-called savings and...

Clark Freeport sets aside 20 hectares for planned 'textile town'.
December 24, 2008... Byline: Jessica Anne D. Hermosa GOVERNMENT plans to set up a textile hub here for foreign garment firms are progressing, as up to 20 hectares in Clark Freeport have already been identified for potential locators, the state agency...

Tax on idle lands pushed.
December 24, 2008... Byline: Louella D. Desiderio THE NATIONAL Land Use Committee (NLUC), led by the National Economic and Development Authority (NEDA), will push idle land taxation as a long- term measure to address rice self-sufficiency, a statement...

Quedancor to continue operating - Finance dep't.
December 24, 2008... Byline: Ruby Anne M. Rubio OPERATIONS of debt-ridden Quedan Rural Credit and Guarantee Corp. (Quedancor) will continue, despite earlier plans to phase it out as the government cannot afford the P3.5-billion bailout proposed, Finance...

LET'S TALK EUROPE.
December 24, 2008... Byline: Henry J. Schumacher In many parts of the world, citizens don't trust companies anymore; they certainly don't trust banks, and banks don't trust each other. Also, governments and banks are watching each other with suspicion,...

VGT makes better.
December 24, 2008... Byline: Tito F. Hermoso In early 2008, Kia added the all-important third row to the stylish Sorento. With this the Kia joined the tough Fortuner seven-seat diesel mid- size SUV segment, where Isuzu's full-size Alterra, Ford's mid-size...

NOT SO FAST.
December 24, 2008... Byline: Tito F. Hermoso Call it cacique inferiority complex or colonial mentality but many non-economist doom mongers are depressed by the prospects of the Asian economy for 2009 all because the US is in recession. What they fail to see...

UPSHOT.
December 24, 2008... Byline: Bernardo V. Lopez This is a feeble voice from the Third World wilderness which represents a non-American perspective. I hope it can somehow reach you, for all that it is worth. Of course you know that you are extremely...

CAPITAL VIEW.
December 24, 2008... Byline: Mercedes B. Suleik He did it again! Manny Pacquiao, poor boy from General Santos, who started his boxing career at age 16, and had prior to that worked in construction and even sold flowers in front of the church, was destined to...

CORE.
December 24, 2008... Byline: Benjamin E. Diokno With prices soaring and joblessness rising, 2008 is arguably the most difficult year for Filipinos in recent Philippine history. It is not surprising that hunger rate - the proportion of families experiencing...

Shoptalk.
December 24, 2008... More meltdown victims Casualties from the United States subprime mortgage market meltdown listed not only local banks but also some high-net worth individuals, including a personality close to Malacanang. One of the moneyed individuals...

State names new peace panel members.
December 24, 2008... Byline: Alexis Douglas B. Romero A cabinet secretary, a former mayor and a former lawmaker are among the members of the new peace panel that will negotiate with the Moro Islamic Liberation Front (MILF), Malacanang announced yesterday. ...

MILF wants solid mandate for group.
December 24, 2008... Byline: Darwin T. Wee ZAMBOANGA CITY - The Moro Islamic Liberation Front (MILF) said yesterday that while three new members of the government peace panel are "credible," it is more concerned with the mandate vested on the new panel. ...

Bomb found inside Pagadian City bus.
December 24, 2008... Byline: Darwin T. Wee ZAMBOANGA CITY - The military in Pagadian City detonated an improvised explosive device planted in a commercial bus yesterday. Lt. Steffani A. Cacho, spokesman of the Western Mindanao Command, said the bomb was...

Palace welcomes Cory apology.
December 24, 2008... Malacanang yesterday welcomed former President Corazon C. Aquino's supposed apology to deposed President Joseph E. Estrada for backing his ouster in 2001, saying it can help unify the conflicting political parties in the country. The...

Meralco engineering unit hikes capital to expand, pay debt.
December 24, 2008... Byline: Don Gil K. Carreon The corporate regulator has approved an application by the engineering unit of Lopez-led Manila Electric Co. (Meralco) to hike its capital so it can expand its business. Meralco Industrial Engineering...

Extended eight-day holiday break to benefit shipping lines.
December 24, 2008... Byline: Paolo Luis G. Montecillo Local shipping companies are benefiting from an extended holiday break and the absence of one of the country's three major passenger liners this Christmas season. For the first time in several years,...

Easycall seeks capital for equipment upgrade.
December 24, 2008... Byline: Don Gil K. Carreon The corporate regulator has approved listed Easycall Communications Philippines, Inc.'s plan to raise P11.5 million from shareholders so it can buy equipment to improve its Internet service. The firm, which...

Levi's loses trademark suit vs rival.
December 24, 2008... Byline: Ira P. Pedrasa The Supreme Court has upheld Justice department's dismissal of a trademark suit filed by Levi Strauss (Philippines), Inc.'s against another jeans manufacturer. In a decision, the third division of the high...

Directors of realty firm locked in legal battle.
December 24, 2008... Byline: Carmelito Q. Francisco DAVAO CITY - A boardroom battle at a realty company owned by the family of former Interior and Local Government Secretary Luis T. Santos has developed into a full-blown courtroom war. Mr. Santos and...

Prospects dim as manufacturing output slows.
December 24, 2008... Byline: Ma. Aizl Camille B. Cabarles Factory output, as measured by the volume of production index (VoPI), slowed to 2.2% in October, down 4.1 percentage points from 6.3% a month ago, the National Statistics Office (NSO) reported. ...

Challenging year expected by tax, customs bureaus.
December 24, 2008... Byline: Ruby Anne M. Rubio The tax and customs bureaus have lined up plans to enhance collection next year, knowing that 2009 will be a difficult year even as officials and employees remain under pressure to hit targets. The Bureau...

Denied knowledge.
December 24, 2008... The suspected fixer of the alleged anomalous farm program of the government yesterday surfaced in the Senate but denied knowing former Agriculture Undersecretary Jocelyn "Joc Joc" I. Bolante who has been tagged as the mastermind in the 2004...

Pasay City shoot-out.
December 24, 2008... The Philippine National Police (PNP) yesterday reiterated an earlier position that it was the suspects who killed the two civilians caught in a crossfire during the shoot-out with two robbery groups in Paranaque City early this month. In a...

Challenging issues.
December 24, 2008... The Catholic Bishops' Conference of the Philippines (CBCP) said that the year has challenged the Church on several social issues. A political analyst, however, said the Church's role in politics has been diminished. CBCP president and Iloilo...

Gunmen in aid attack hunted.
December 24, 2008... Byline: Darwin T. Wee ZAMBOANGA CITY - Government troops are tracking down gunmen who attacked Sunday a delivery truck commissioned by the United Nations World Food Program (WFP) to bring aid to thousands of displaced persons in Lanao...

Cash transfer to benefit 2M children.
December 24, 2008... Byline: Alexis Douglas B. Romero Around two million children from poor families are expected to benefit from the P10-billion conditional cash transfer funding next year, Social Welfare Secretary Esperanza I. Cabral yesterday said. In...

Consumer group sees fuel price cuts in January; oil firms noncommittal.
December 24, 2008... A consumer group has called on oil firms for an additional P2 per liter cut in fuel pump prices early next year due to the continuous decline in world prices. The Consumer and Oil Price Watch (COPW) said in a statement forward contracts...

DOWNSOUTH.
December 24, 2008... Byline: Hernani de Leon Last Thursday's blasts in Iligan City that killed two civilians and wounded many others underscore laxity in securing soft targets all over Mindanao. It should have been easier to intercept bags of explosives...

House proposal seeks purchase, distribution in land reform law.
December 24, 2008... Congress has been presented with an option to include the acquisition and distribution of privately owned lands under a new five-year agrarian reform program. In a statement, Pampanga Rep. Carmelo F. Lazatin (1st district) said House...

New guidelines seek to ensure banks' strength in risky mart.
December 24, 2008... Byline: Gerard S. dela Pena The Bangko Sentral ng Pilipinas has approved guidelines to ensure that banks will have adequate capital to weather risky market conditions as well as support expansion plans. The policy-making Monetary...

Economic Indicators.
December 24, 2008... Byline: Alria M. Ventanilla The Philippine finance sector managed to grow in the third quarter in spite of the global financial turmoil. Output for the sector, measured in terms of gross value added, expanded 1.3% from 11.4% a year ago....

Economic Indicators.
December 24, 2008... Byline: Daniel Anne B. Nepomuceno Tourist arrivals in the Philippines posted a flat growth for the month of October 2008 against same period last year due to decline in the number of visitors from key markets such as China, Japan and...

Banks remain well-capitalized - BSP.
December 23, 2008... Byline: Gerard S. dela Pena Philippine banks remain strong, the central bank yesterday said, which should reassure depositors shaken by the recent spate of rural bank closures and the collapse of large banks abroad. In a statement,...

BSP places more Legacy rural banks under PDIC receivership.
December 23, 2008... Byline: Gerard S. dela Pena The Bangko Sentral ng Pilipinas (BSP) on Friday closed four more rural banks that are either part of or "linked with" the Legacy group. In a statement yesterday, the central bank said it has placed...

Prices sink three days before market closes.
December 23, 2008... Byline: Kristine Jane R. Liu Share prices retreated yesterday after investors abandoned positions ahead of the long holiday, which starts Thursday, analysts said. The benchmark Philippine Stock Exchange index plunged by 3.28% or...

Christmas movies Pinoy-style.
December 23, 2008... Byline: Jeffrey O. Valisno Tom Cruise's Valkryrie, Brad Pitt's The Curious Case of Benjamin Button, and all other highly anticipated Hollywood movies will have to wait until next month to be released in the Philippines, as cinemas around...

Keeping busy over the holidays.
December 23, 2008... Byline: Jeffrey O. Valisno It is not often that the government declare a holiday as long as this year's. Starting Christmas and up until New Year's Day, there will be eight consecutive days when most employees do not have work, and most...

PINOY NA PINOY.
December 23, 2008... Byline: Edilberto Alegre My father was born in Sampaloc, Manila. He grew up in the same district. However, when he entered college his family moved to what is now known as Dapitan St., Quezon City, near corner Mayon St. They were nine...

COURTSIDE.
December 23, 2008... Byline: Anthony L. Cuaycong Chauncey Billups may be the toast of the National Basketball Association following his resurgence with the Nuggets, but, even if only for one night, Steve Nash indicated who was still king in the clutch....

GIVE AND GO.
December 23, 2008... Byline: Michael Angelo S. Murillo First of all, let me point out that finishing the elimination round of the PBA Philippine Cup with a 9-9 win-loss record per se is not exactly the end of the world. Considering how competition has...

Government resumes policy to pursue peace talks.
December 23, 2008... Byline: Alexis Douglas B. Romero and Darwin T. Wee President Gloria Macapagal-Arroyo yesterday confirmed that the stalled talks between the government and the Moro Islamic Liberation Front (MILF) will resume and at the same time assured...

Lanao del Norte clash rages.
December 23, 2008... Byline: Darwin T. Wee ZAMBOANGA CITY - Fighting continues between government troops and Moro rebels in the province of Lanao del Norte. On Sunday, patrolling troops were ambushed by a band of Moro Islamic Liberation Front (MILF)...

Labor dep't issues holiday pay schedule.
December 23, 2008... Byline: Emilia Narni J. David The Department of Labor and Employment (DoLE) has issued wage rules for the week-long holiday. Employee who work on Dec. 25 (Christmas Day), Dec. 26 (special non- working day), Dec. 29 (special...

Five nominees make it to high court short list.
December 23, 2008... Byline: Ira P. Pedrasa and Alexis Douglas B. Romero The screening body for new Supreme Court justices yesterday announced the short list of nominees for the first of seven posts that will be vacated by a retiring magistrate. At the...

Military claims ranks cleared of destabilizers.
December 23, 2008... Byline: Elizabeth T. Marcelo and Alexis Douglas B. Romero The military is now clear of attempts to sow discord among its ranks through politics, Armed Forces of the Philippines (AFP) chief Gen. Alexander B. Yano said yesterday. In...

Court clears former Marcos officials of graft.
December 23, 2008... Byline: Jhoanna Frances S. Valdez Two officials of the Marcos regime have been cleared of graft and corruption for acts committed more than 20 years ago. The Sandiganbayan's first division dropped six counts of graft and 10 counts of...

Overpricing admitted.
December 23, 2008... The supplier that cornered the bulk of fertilizer contracts in the questioned farm program of the Agriculture department has admitted having earned from the allegedly overpriced program in 2004. Julie M. Gregorio, president of Feshan...

Arroyo off to Camiguin.
December 23, 2008... CAGAYAN DE ORO CITY - President Gloria Macapagal-Arroyo is scheduled to visit Camiguin province for an outreach program on Christmas Eve. Although details of the trip were unavailable as of Monday, the Philippine Information Agency in...

Violence hits Tampakan mine site anew.
December 23, 2008... Byline: Romer S. Sarmiento GENERAL SANTOS CITY - Violence marred anew the operations of a foreign-backed copper and gold mining project after unidentified gunmen ambushed Sunday night mine workers, police and company officials confirmed...

Eight members of robbery groups dead in Central Luzon encounters.
December 23, 2008... Byline: Elizabeth T. Marcelo Eight suspected members of robbery/holdup groups were killed in related encounters in Tarlac and Nueva Ecija provinces Sunday night, a police official said yesterday. In a statement, Chief Superintendent...

Aussie gov't extends grant to Roll Back Malaria project.
December 23, 2008... The Australian government is extending a grant to expand a project aimed at reducing the incidence of malaria, a statement read yesterday. The P144-million grant will allow a wider coverage of Roll Back Malaria to 16 from 12 provinces in...

FTI sale planned in first half.
December 23, 2008... Byline: Ruby Anne M. Rubio THE GOVERNMENT plans to put the Food Terminal, Inc. (FTI) complex in Taguig on the auction block in the first semester next year to raise at least P10 billion, Finance Undersecretary Crisanta Legaspi said in a...

Fertilizer prices cut by half this month.
December 23, 2008... Byline: Neil Jerome C. Morales FERTILIZER PRICES this month have gone down by as much as half of peak prices last September, the Agriculture department said in a press release yesterday. The drop in fertilizer prices was due to...

LET'S TALK TAX.
December 23, 2008... Byline: Edward L. Roguel The life of an accountant was relatively easier before 2005. However, when the Philippines adopted the International Accounting Standards in the said year, the work of accountants has become more challenging. The...

SLR from Olympus improves on its predecessor.
December 23, 2008... Byline: Norman P. Aquino Olympus continues its successful line of consumer single lens reflex (SLR) cameras with the E-520 and E-420, both lightweight 10-megapixel digital SLRs with a slew of features so that one will probably need some...

PHILIPPINE SILICON VALLEY.
December 23, 2008... Byline: Dennis Posadas The traditional book industry is in a quandary these days. In this time of home foreclosures, industry and job layoffs, factory shutdowns, etc., the last priority on some people's minds is to buy a book. This is...

Flag carrier to cut ticket prices for local, international routes.
December 23, 2008... Byline: Paolo Luis G. Montecillo Philippine Airlines (PAL) will cut ticket prices for selected international and domestic routes starting next year to reflect declining global oil prices. In a statement, the Lucio Tan-led flag...

MPIC to hike Maynilad stake.
December 23, 2008... Byline: Kristine Jane R. Liu Pangilinan-led Metro Pacific Investments Corp. (MPIC) will increase its interest in Maynilad Water Services, Inc. by buying the remaining stake of Lyonnaise Asia Water Pte. Ltd. in the water concessionaire....

eTelecare stock delisting nears as parties finalize sale to Ayala.
December 23, 2008... Byline: Paolo Luis G. Montecillo Shares of US-based business process outsourcing (BPO) firm eTelecare Global Solutions, Inc. will be delisted from the New York and Philippine stock exchanges as the company's acquisition by an Ayala-led...

Lifting of TRO on 3G sought.
December 23, 2008... Byline: Paolo Luis G. Montecillo The National Telecommunications Commission (NTC) has asked the Court of Appeals to lift a restraining order that had barred it from issuing the fifth and last third-generation (3G) frequency license to a...

Local Krispy Kreme battles unhealthy trans fats.
December 23, 2008... Byline: Don Gil K. Carreon The local unit of donut chain Krispy Kreme is looking at making its products healthier by cutting the level of fats linked to various health problems. Foreign news wires at the weekend said a consumer...

Otto Energy, BHP Billiton partner for gas and oil.
December 23, 2008... Byline: Ava Kashima K. Austria Australian firms Otto Energy Ltd. and BHP Billiton Petroleum Pty. Ltd. have partnered to explore gas and oil in the Southwest Palawan Basin. In a disclosure to the Australian Stock Exchange, Otto Energy...