BusinessWorld (Philippines) articles from February 2000, page 7

BusinessWorld (Philippines) archives from February 2000

Dear Editor: Why shut Stanley Ho and BW ventures out?
February 18, 2000... I am a Filipino currently working overseas. Everyday I follow the progress of the Philippine Business community and the Estrada administration through the Internet news sites of The Manila Bulletin, The Philippine Star and BusinessWorld...

Business Case Law: Secured creditors.
February 18, 2000... A creditor who holds a mortgage on a real property has three options in case of the death of the debtor. They are: * To waive the mortgage and claim the entire debt from the estate of the mortgagor as an ordinary claim; * To...

Meralco to formally apply for P0.30/kWh rate hike.
February 18, 2000... Manila Electric Co. (Meralco) is set to formally apply for an average P0.30 per kilowatthour (kWh) increase in distribution rates within the month to bring its profitability to the level required by creditors. In addition, the country's...

DoTC considers the creation of telecom sector buffer fund.
February 18, 2000... With the declining revenues from international long-distance calls, the Department of Transportation and Communications (DoTC) is pressed to find alternative revenue sources for telephone companies, an official from the National...

Government wants to speed up PNR, Napocor asset sale.
February 18, 2000... Aiming to fast-track its privatization program, the Department of Finance (DoF) will coordinate with the Department of Transportation and Communications for the sale of state-owned Philippine National Railways (PNR). At the same time,...

DoLE moves to settle dispute between United Cocochem, union.
February 18, 2000... The Department of Labor and Employment (DoLE) has moved to settle the dispute between the management and supervisors' union of United Coconut Chemicals, Inc. (UCCI). In an order dated February 14, Labor Secretary Bievenido E. Laguesma...

Ayala defers share offer, may borrow $400 million.
February 18, 2000... The prevailing slump in the market has prompted the Ayala Group of Companies to temporarily delay the planned issuance of its 200 million common X shares this year and instead tap the debt market to raise funds for its projects. A...

Solons say override may not prosper.
February 18, 2000... After the other day's agitation, congressmen started to lose steam yesterday, saying it would be "difficult" to override President Estrada's veto on the national budget's special provisions. Congressmen allied with the Laban ng Masang...

Napocor rates still up despite peso stability.
February 18, 2000... The stable performance of the peso against the dollar and the Japanese yen had little effect on an increase in National Power Corp. (Napocor) rates last January. Records from the Napocor's electricity tariff division showed that power...

BSP to fund $1-B debt for 3 to 5 years.
February 18, 2000... The Bangko Sentral yesterday said it will refinance its maturing obligations for another three to five years to take advantage of lower interest rates for long-term borrowings. "We will refinance our debt for between three to five...

Equitable PCI Bank to double 2000 profit.
February 18, 2000... Newly merged Equitable PCI Bank expects to more than double its profits to P2.5 billion this year, its top executive said. Bank president and chief executive officer Wilfrido V. Vergara yesterday said the bank posted "over P1 billion" in...

Transparency, pricing worry World Bank in sale of PNB.
February 18, 2000... The sale of the Philippine National Bank (PNB) should be "transparent and open", and should fetch a "fair value" for the National Government's 30% stake, the country head of the World Bank yesterday said. These are the conditions before...

BankAccounts: Larry vs Bert.
February 18, 2000... Bullying Chase In most countries, positive news is usually well received by locals, especially if the praise happens to come from foreign fund managers. But not here. At last week's briefing given by Chase Manhattan bankers who flew in...

Local shares tally 6th losing day as BW Resources remains focus.
February 18, 2000... Share prices sank to a two-month low yesterday, spooked by controversies regarding alleged price rigging as well as burdened by the lack of positive news, brokers said. The 33-share Philippine Stock Exchange composite index (Phisix)...

Zinaxin Rapid offers relief from arthritis.
February 18, 2000... Nature has been the source of potent medicine. Back in the olden days, herbal medicines abounded, bringing with them unquestioned healing powers that have been handed down from generation to generation. But the last half of the 20th...

Navy intends live fire use during RP-US war games.
February 18, 2000... Philippine and US soldiers will use live munitions during their joint war games in Zambales starting Monday, a ranking Philippine military official said yesterday. These include live bullets during infantry jungle training in Subic, and...

Cagayan Valley community dev't projects get Aussie aid.
February 18, 2000... Three community-initiated development projects to improve the living conditions of poor people in Cagayan Valley will receive funding support from the Australian government. This was announced by Counselor Bob Mann, head of the Australian...

WEEKENDER: The history of local jazz.
February 18, 2000... Philip Morris Rhythms Presents: The Music of Lito Molina Various Artists The Conservatory Feb. 18, 6 p.m. CONCERTS Philippine jazz has for so long been an elusive creature in the last three decades of the 20th...

WEEKENDER: Men who would be kings.
February 18, 2000... CINEMA Three Kings David O. Russell Three Kings is a caper film; a movie on the Gulf War; a satire on the universality of capitalist/consumerist culture; a funny, visually inventive, exciting new work from a young turk film...

WEEKENDER: Film fest 2000, part 2.
February 18, 2000... Pelikula at Lipunan And the Pelikula at Lipunan 2000 festival rolls merrily along! Some of the films shown to date: Southern Winds is an omnibus of shorts by several Asian filmmakers. What I remember when I saw it years ago was that...

BSP Reference Rates as of February 17, 2000.
February 18, 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 40.459000 Japanese yen 0.009142...

Peso Cross Rates as of February 17, 2000.
February 18, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0393 0.0093 0.0359 0.1643 Australia 25.4763 1.0000 0.2374 0.9144 4.1861 Bahrain 107.3240 4.2127 1.0000 3.8519 17.6349 ...

Down South: Same-day phone connection.
February 18, 2000... DAVAO CITY - A big group of diplomats was here last weekend to check the progress of projects supported by the European Union in Southern Mindanao. Since the late 1980s, EU has been active in the region's agricultural development through the...

Illegal wiretapping charge against PNP chief dropped.
February 18, 2000... The Office of the Ombudsman cleared yesterday Philippine National Police (PNP) chief deputy director general Panfilo Lacson of an illegal wiretapping charge. Overall Deputy Ombudsman Margarito P. Gervacio, Jr., in a press conference at...

Palace orders probe on fake quit letter of Cabinet man.
February 18, 2000... Malacanang ordered yesterday an investigation into the circulation of a fake resignation letter of Press Secretary Rodolfo T. Reyes at the Palace press office. Mr. Reyes is currently in Los Angeles for a medical checkup. He left on...

Investigations must proceed with integrity.
February 18, 2000... If the Estrada administration wants to survive the BW Resources Corp. scandal with its dignity fairly intact, it must be prepared to let the investigating bodies do their work as if they were under a microscope. Known University of the...

Signing of EO on coco levy usage stalled.
February 18, 2000... Coconut farmers and the government appear headed for a permanent stalemate on the creation of a perpetual trust fund out of the 27% San Miguel Corp. (SMC) stake which was allegedly purchased with coconut levy funds. In fact, a major...

ASEAN WATCH: Back in business.
February 18, 2000... It seems from the flurry of activities at the WTO that the world trade body is back in business after the Seattle fiasco. WTO members met last week for a meeting of the General Council (GC). During the two-day session, WTO members...

Newspoint: Smoldering-hot news.
February 18, 2000... Nagbabagang balita! It is a line you hear screamed at you repeatedly night after night on television. It comes on before the news, before, each commercial break, at each resumption of the news, and at the end of the news. If it's simply...

Philippine Stock Exchange as of February 17, 2000.
February 18, 2000... Stocks Volume High Low Close BANKS & FINANCIAL SERVICES Banks Bank of P.I. 60,650 105 105 105 China Banking 510 810 800 810 Chinatrust Comm. Bank 8,000 9.1 9.1 9.1 Equitable Banking 251,400 74 68 68.5 Far East Bank...

Rule of Law: Big boys' game.
February 18, 2000... How do you solve a nagging problem like fraternity initiations and rumbles especially when they lead to disabling injuries and mere tragic deaths? Fraternity-related violence seems to be one of the many pressing issues which perennially...

Editorial: Fence Sitter: Serfs and turf.
February 18, 2000... Only those appropriating turf cavalierly dismiss its importance. Their victims, from whom functions and authorities are extracted, are depicted as obstructionists fighting a rearguard battle to hang on to power, as opposed to those trying to...

Fast Forward: Youth activism: a resurgence.
February 18, 2000... It is interesting to note how, in the midst of the resurgence of activism among our youth, there are also rampant reports of fraternity rumbles and gang wars. These are all symptoms of a restless generation looking for their own...

SPECIAL FEATURE: Windows Expo 2000: More firms using Windows 2000 operating system (The cornerstone of...
February 18, 2000... Microsoft Corp. announced that companies such as Alibre Inc., Commerce One Inc., Data Return Corp., Dell Computer Corp., Getronics NV, Prologic Corp., PublicHost Corp. and Trilogy Corp. are using the Microsoft R Windows R 2000 operating...

SPECIAL FEATURE: Windows Expo 2000: Rapid adoption of Windows 2000 server among websites expected.
February 18, 2000... Microsoft Corp. announced that the Microsoft R Windows R 2000 Server operating system has seen rapid adoption among Web sites. According to Netcrafts recent Web Server Survey, the Windows server platform is the leading platform for Web sites...

Hither and Thither: Delayed reform.
February 18, 2000... We are well into the new millennium, and still the legislation for fixing the electric power sector is not in place. As pointed out by prospective foreign investors at this month's Manila energy forum at the AIM, the single House bill and...

FOCUS: Turmoil at SBGFC turns focus on lendings to SMEs.
February 18, 2000... The leadership troubles at the state-owned Small Business Guarantee and Finance Corp. (SBGFC) have thrown a spotlight on the problems of lending to small-and medium-sized businesses. SBGFC chairman and chief executive officer Jose S....

Demand Rates as of February 15, 2000.
February 17, 2000... The interbank demand rate weighted average was 8-23/32%, according to the Bangko Sentral treasury department. Rates quoted by 42 participating institutions ranged from 8-5/8% to 8-15/16%, with lenders outnumbering borrowers at 23 to 19. Total...

YOUR OWN MONEY: Finally, a depositor's market (High-yielding deposits).
February 17, 2000... It's no secret that getting cheap deposits has been one of Philippine banking's biggest strengths. Depositors often complain they hardly get enough for their money even during periods when banks were highly profitable. But with...

IFC to triple investments in RP this year to $140M.
February 17, 2000... The International Finance Corp. (IFC), the private investment arm of the World Bank, is set to invest $140 million in seven local projects this year. IFC country managing director Vipul Prakash yesterday said the investment includes a...

Asiatrust profit declines 26.78% from July-Dec.
February 17, 2000... Listed thrift bank Asiatrust Development Bank, Inc. posted P52.296 million in net income from July to December last year, down 26.78% from P66.3 million year-on-year. Data from the Philippine Stock Exchange (PSE) show Asiatrust recorded...

Alcantara to head PBCom.
February 17, 2000... Equitable PCI Bank yesterday said it has accepted the resignation of executive vice-president Isidro C. Alcantara, Jr. who will move on to head the Philippine Bank of Communications (PBCom), the country's 18th-largest universal bank. In...

SPECIAL FEATURE: 1st Annual Philippine Local Debt Conference: Development of RP debt market crucial in...
February 17, 2000... With the boom of the local equities market in the early nineties and the spiralling awareness of both the investing public and issuing companies came unprecedented growth. Unfortunately, this growth has been lopsided and left behind an...

SPECIAL FEATURE: 1st Annual Philippine Local Debt Conference: Investment houses seek more ways to mobilize...
February 17, 2000... Being a stakeholder in the development of the capital markets is by no means a task that should be taken lightly. In the dry spell that spread in the Philippine capital markets following the Asian crisis in 1997, investment houses in the...

SPECIAL FEATURE: 1st Annual Philippine Local Debt Conference: Thomson Ratings enhances credibility of RP debt market.
February 17, 2000... Among the things that bode well for the development of the Philippine debt market, the entry of one of the most respected names in finance is one of the most welcome developments in an atmosphere of uncertainty and pessimism. When...

Mapua Institute to offer IT courses, build 'cyber campus' south of Manila.
February 17, 2000... Mapua Institute of Technology recently announced plans to offer degree programs in information technology (IT) in a bid to become a major provider of human resources for the IT industry. It is also planning to establishing a "cyber campus"...

Check Point offers cyber attack defense.
February 17, 2000... Check Point Software Technologies Ltd. recently introduced its Cyber Attack Defense System which protects websites and corporate networks from cyber attacks. The company claimed the system is designed to automatically identify, analyze and...

IBM offers e-business solutions for SMEs.
February 17, 2000... Big Blue is once more setting its sights on the growing small and medium-sized (SMEs) enterprises. This time, the computer giant is offering SMEs a comprehensive package of solutions to help them implement e-business. IBM defines...

SMC expands beverage market, revenue up 4%.
February 17, 2000... San Miguel Corporation's alcohol and beverage businesses posted significant gains last year, benefiting from its efforts to expand the market and its streamlined sales and distribution systems. SMC's Beer Division posted domestic sales...

J. Walter Thompson, O&M merge media departments in MindShare.
February 17, 2000... J. Walter Thompson Company and Ogilvy & Mather Philippines recently launched MindShare Philippines and Maximize, the product of a merger between the media departments of two of the largest advertising agencies in the country today. ...

Singapore broadcasting company to set up animation studios in RP.
February 17, 2000... Southern Lights, Inc., a subsidiary of Singapore-based, Internet broadcasting company KIDZ-TV.com and one of the largest players in the Asian animation industry, plans to produce original, Hollywood-style animated films from a facility it...

Bread maker sales increase 115% in 1999.
February 17, 2000... Gardenia Bakeries (Philippines), Inc. more than doubled its sales in 1999 with a reported growth of 115% compared with 1998. Last-quarter sales posted another increase of 25% over 3rd-quarter results. This record growth in sales was...

This old house.
February 17, 2000... How far will you go for good food and ambiance? For city dwellers used to the wide variety of restaurants found in the malls and commercial areas, travelling an hour outside of city limits to partake of a unique dining experience may seem...

Dining & Whining: I went to heaven.
February 17, 2000... Do you dream of visiting one of Makati's upper-crust eateries, "dining posh," and then hold back for fear of the huge bill? And, let's face it, a gourmet meal with the wine, dessert and coffee can easily amount to a few thousand! Having...

BSP Reference Rates as of February 16, 2000.
February 17, 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 40.387000 Japanese yen 0.009163...

Meralco workers restive.
February 17, 2000... Workers of the Manila Electric Company (Meralco) have filed a notice of strike before the National Conciliation and Mediation Board. The 3,077-strong Meralco Workers and Employees Association in a statement released yesterday said the notice...

Danding answers PCGG.
February 17, 2000... The Presidential Commission on Good Government (PCGG) must first establish its ownership over the sequestered shares of universal bank United Coconut Planters Bank (UCPB) before it could ask the courts to order the return of the shares,...

Landownership dispute.
February 17, 2000... Farmworkers of the wealthy Roxas family have asked the Supreme Court to uphold the government's acquisition of the family's 2,800-hectare estate in Nasugbu, Batangas. In a motion for partial reconsideration, the Damayan ng Manggagawang Bukid...

Business permits review.
February 17, 2000... The Bureau of Internal Revenue (BIR) will cross check business permits in Metro Manila and Cagayan to increase revenue collection, particularly in the provinces. Internal Revenue commissioner Dakila Fonacier said the BIR will start with...

EDSA tunnel opening.
February 17, 2000... Only one lane along EDSA will be open for motorists starting today due to the partial completion of the tunnel structure of the EDSA-Pasay Road-Ayala Interchange project, the Metropolitan Manila Development Authority said yesterday....

Water interruption.
February 17, 2000... Portions of Marikina City will experience water interruption from 9 to 11 a.m today, the Manila Water Company said in a statement released yesterday. Affected areas will be barangay Banaba and Amphid-1. The firm also said portions of San Juan...

Senatorial bets.
February 17, 2000... Senator Juan M. Flavier appears to be heading for the top slot in the 2001 senatorial elections, if surveys are to be believed. A recent survey made by Pulse Asia shows the Lakas NUCD-UMDP solon was the most popular bet, followed by senators...

BIR examiner arrested.
February 17, 2000... A mulcting Bureau of Internal Revenue (BIR) examiner was arrested by agents of the Presidential Anti-Organized Crime Task Force (PAOCTF) yesterday. Pasay City Revenue District Office BIR examiner Felicito T. Tarago was arrested by PAOCTF at...

Phone syndicate busted.
February 17, 2000... The Presidential Anti-Organized Crime Task Force (PAOCTF) busted the operations of a syndicate engaged in illegal overseas telephone service and arrested two of its members the other day. PAOCTF said the group offered international calls from...

Greenpeace ship to visit Manila for its Asian tour.
February 17, 2000... The Rainbow Warrior, a ship owned by Greenpeace will, arrive in Manila on February 22 for the third leg of its toxics-free Asian tour. From Manila, the ship will call in the ports of Subic, Cebu and Bacolod. It will be in the country...

Zamora, Reyes's fate still uncertain.
February 17, 2000... President Estrada has yet to decide on whether to keep Executive Secretary Ronaldo B. Zamora and Press Secretary Rodolfo T. Reyes in the Cabinet. During his regular radio interview yesterday, Mr. Estrada said he is still considering...

Officials behind another convict's release face charges.
February 17, 2000... Malacanang officials who allegedly participated in the "insertion" of Benigno Urquico's name on the list of prisoners granted absolute pardon by President Estrada last year could be criminally charged for tampering with public documents, the...

Gov't, MILF agree to probe clashes in Mindanao.
February 17, 2000... The government and the Moro Islamic Liberation Front (MILF) agreed to have several independent committees investigate the spate of encounters in Maguindanao. In a joint statement, the government and MILF said they have tasked the Quick...

Military verifying plans of China to build facilities in Scarborough.
February 17, 2000... The Armed Forces of the Philippines (AFP) is verifying reports China is preparing to construct construction facilities in Scarborough Shoal. A military report quoting a radio message from Philippine Navy flag officer in command Luisito...

Mayon continues to heat up.
February 17, 2000... Mayon Volcano in Albay province continued to heat up with its sulfur dioxide emissions increasing to high levels yesterday, the government's volcano agency said. In a bulletin, Philippine Institute of Volcanology and Seismology...

Toledo seeks investors following Atlas closure.
February 17, 2000... CEBU CITY - The city government of Toledo is hoping to attract more investors to compensate for the loss in income and employment opportunities caused by the closure of Asia's biggest copper mine. Trinidad S. Bubuli, community affairs...

Taxwise or Otherwise: More on NOLCO.
February 17, 2000... This column initially discussed Net Operating Loss Carry-Over (NOLCO) in the September 20, 1999 issue of BusinessWorld. We said then that NOLCO is one of the welcome amendments to the National Internal Revenue Code (NIRC). We, however, forgot...

Goods distribution hub eyed.
February 17, 2000... CEBU CITY - Because of its strategic location, the Central Visayas region is envisioned to become East Asia's goods distribution hub. Under the Central Visayas regional development plan for 1999-2004, the National Economic and Development...

COURT SIDE: The NBA All-Star weakened.
February 17, 2000... It was, in retrospect, hardly surprising to find that US Nielsen ratings for the National Basketball Association All-Star Game last Monday were the lowest ever. Fans are, after all, still reeling...and, perhaps, seething...from the...

Wack Wack, surprise early leader in PAL Inter-Club.
February 17, 2000... CAGAYAN DE ORO - Wack Wack Golf and Country Club sparkled with 137 points yesterday to emerge leader at the start of the Championship Division in the 53rd Philippine Airlines Inter-Club golf tournament. Marlon Dizon, a former Philippine...

Casino Fil Open kicks off today.
February 17, 2000... CARMONA, Cavite - The prevailing strong winds and dry greens at the Jack Nicklaus-designed Master course at the Manila Southwoods will be a big factor on the game of 130 professional golfers who are seeing action in today's first round of the...

Uncorked: Charmed by the Cebu Plaza Hotel.
February 17, 2000... Continuing on my journey in the Philippines - I had a longing to visit Cebu as it has been about 17 months since I was there in May 1998, only briefly for a few days. However, I promised Evelyn we would go and spend some time to see how...

Peso Cross Rates as of February 16, 2000.
February 17, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0394 0.0093 0.0360 0.1654 Australia 25.4038 1.0000 0.2371 0.9156 4.2029 Bahrain 107.1330 4.2172 1.0000 3.8615 17.7246 ...

SPECIAL REPORT: FOURTH QUARTER BANKING REPORT: Bank lending poised to grow? (Nonperforming Lenders) (Part 2).
February 17, 2000... "The banking industry is a lagging industry and do not get misled that they are ahead since by nature banks are always behind the cycle. You ask any lending officer, and almost always they would ask for previous financial records to indicate...

Journal workers demand ouster of management.
February 17, 2000... Disgruntled employees of sequestered Philippine Journalists, Inc. (PJI) demanded the ouster of the Estrada-appointed management, saying they are "incompetent" in managing the publishing company. This call came after the management...

What's the buzz with Ebecom?
February 17, 2000... Will the Espiritu-led Ebecom Holdings, Inc. venture into the information technology business or will it be another investment arm of Macau casino tycoon Stanley Ho? The stock market has been puzzled with these two totally incompatible...

Operator-assisted calls still not allowed access to Globe network.
February 17, 2000... The Ayala-led Globe Telecom GMCR, Inc. said it still needs to resolve technical problems with Philippine Long Distance Telephone Co. (PLDT) before the latter's operator-assisted long distance telephone calls - through 109 - can access its...

Sy to tap China-based firm for overseas expansion bid.
February 17, 2000... Retail king Henry Sy is planning to tap a wholly owned holding company based in China as vehicle for the planned overseas expansion of his shopping mall chain. BusinessWorld learned yesterday that the retail magnate will use a holding...

Phone firms question linkup rules.
February 17, 2000... It may take awhile before the plan by National Telecommunications Commission (NTC) to issue implementing rules and regulations (IRRs) on interconnection is realized. Telephone operators are questioning some of the draft's provisions. NTC...