BusinessWorld (Philippines) articles from February 2000

BusinessWorld (Philippines) archives from February 2000

DPWH takes back order on solons' listing of pet projects.
February 29, 2000... DAVAO CITY - The Department of Public Works and Highways (DPWH) has withdrawn a memorandum directing all regional directors to consult with congressmen in the release of funds for public works projects in various legislative districts. ...

Top firms develop data synchronization standard.
February 29, 2000... IBM, Lotus, Motorola, Nokia, Palm, Inc., Psion and Starfish Software announced recently that they have founded the SyncML initiative. The SyncML initiative develops and promotes an open industry specification for universal data...

RP furniture show.
February 29, 2000... CEBU CITY - Over 130 exhibitors, including two foreign companies, gathered here for the Philippine International Furniture Show 2000. The fair opened last Friday and lasted until yesterday, with organizers declaring it a success in terms of...

WB, partners offer computer skills training to out-of-school youth.
February 29, 2000... STA. CRUZ, Laguna - In response to the demand for computer networking skills and the need to expand career opportunities for the youth, a joint undertaking between the government, private sector, and civil groups, called the Philippine...

Businesswise: The beast in them.
February 29, 2000... Fraternities must stand for some good. But the evil that they have spawned argues for their elimination, along with whatever good they bring. For one thing, fraternities addle the mind of otherwise promising lawmakers, like baby-faced...

Down South: Dividing Davao City.
February 29, 2000... DAVAO CITY - President Joseph Estrada is using this city as base for his five-day Mindanao visit. Old-timers claim this is the longest stay yet by a chief executive in this southern hub and it makes many Davaoenos, if not Mindanaoans, proud...

Philippine Stock Exchange as of February 28, 2000.
February 29, 2000... The Civil Aeronautics Board (CAB) has virtually closed the country to airlines capable of increasing the flow of tourism, trade and investments in favor of a flag carrier whose international fleet has been reduced to 22 planes. Senator...

Aviation policy stunting economic growth - solon.
February 29, 2000... The Civil Aeronautics Board (CAB) has virtually closed the country to airlines capable of increasing the flow of tourism, trade and investments in favor of a flag carrier whose international fleet has been reduced to 22 planes. Senator...

PLDT to handle IP, IP/VPNs via Cisco program.
February 29, 2000... Philippine Long Distance Telephone Co. (PLDT) is expected to integrate voice, data and video services using Cisco's multi-service switching technology. PLDT was recently designated as a Cisco Powered Network (CPN). The CPN program is a...

Japan fiscal woes may slow aid flows.
February 29, 2000... Japan's continued problems with its fiscal performance are threatening the flow of official development assistance (ODA), indicating possible future adverse effects on development efforts in the Philippines, a top official at the National...

Privatization of big-ticket items delayed.
February 29, 2000... Still lacking the necessary legislation and the prevailing unfavorable investors sentiment, the government will wait until after the first semester before it privatizes five state corporations. Maintaining a P22-billion target, the...

Stock exchange report on price rigging 'edited'.
February 29, 2000... To avoid "unduly dragging" the names of the innocent, the Philippine Stock Exchange (PSE) ordered the deletion of the names of certain brokerage firms from the final report of its Compliance and Surveillance Group (CSG) on the alleged insider...

T-bill rates increase as jitters over US Fed hike hit market.
February 29, 2000... Banks tested the government's resolve to keep interest rates down at yesterday's Treasury bill auction, pushing up T-bill yields across all tenors. The Bureau of Treasury rejected the bulk of the high bids and tempered the increase in...

Senate approves bill raising registration fees on motor vehicles.
February 29, 2000... The Senate yesterday approved on third and final reading a proposal which will raise by as much as 455% the fees paid upon registration of motor vehicles with the Land Transportation Office. Vehicles are required to be registered annually....

'Leap year bug' warning out, but no mishaps expected.
February 29, 2000... This is a leap year and confirmed bachelors may have more than the traditional unwanted proposals of marriage from the ladies to worry about today. There are questions whether the Millennium Bug will rear its ugly, if so far rather...

NEDA chief sees February inflation 'clearly below 4%'.
February 29, 2000... The national inflation rate is expected to be higher in February despite the continuing base effect of last year's high consumer prices. Socioeconomic Planning Secretary Felipe M. Medalla told BusinessWorld that latest government...

Australia concerned over import cut (Belgian embassy mum on WTO complaint).
February 29, 2000... Australian exporters of meat and dairy products are worried over the move of the Philippine Department of Agriculture (DA) to discourage the importation of Australian farm products, BusinessWorld learned yesterday. A knowledgeable...

THIS WEEK: STOCK PICKS: PhilWeb.Com, Inc.
February 28, 2000... Recommendation: BUY It is surprising that Internet company PhilWeb.Com, Inc. (WEB) does not have its own website - but maybe not for long. The company has the distinction of being the first integrated Internet firm to be listed on the...

THIS WEEK: STOCK PICKS: Globe Telecom, Inc.
February 28, 2000... Recommendation: BUY It would not come as a surprise that in a country where a hundred people share nine landlines, mobile phones technology would gain so much popularity. Nowadays, a person walking down the road carrying a cellular...

THIS WEEK: STOCK PICKS: Ayala Corp.
February 28, 2000... Recommendation: LONG-TERM BUY When the stock market is plunging to record lows, one asks oneself: Has it hit the bottom already or not? One buys when one thinks the market is ready to bounce back or stays put when one thinks the market...

Coconut levy EO inked on Wednesday, says Morales.
February 28, 2000... GENERAL SANTOS CITY - President Joseph Estrada is expected to sign on Wednesday (March 1) the executive order which will pave the way for the creation of a trust fund out of the 27% stake in San Miguel Corp. (SMC) allegedly purchased with...

Mayon quiets down.
February 28, 2000... As Mayon Volcano in Albay continues to quietly spew lava down its slopes, the government's volcano agency warned yesterday of a possibly more hazardous eruption in the next few days. In a bulletin, the state-run Philippine Institute of...

BSP Reference Rates as of February 24, 2000.
February 28, 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 40.654000 Japanese yen 0.009001...

Peso Cross Rates as of February 24, 2000.
February 28, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0397 0.0093 0.0359 0.1607 Australia 25.2055 1.0000 0.2337 0.9052 4.0515 Bahrain 107.8527 4.2789 1.0000 3.8733 17.3363 ...

SPECIAL FEATURE: Oakwood Premier Ayala Center: The most exclusive health club in town (The Club One Health and...
February 28, 2000... Fitness and health find their rightful places in Manila's first luxury serviced apartment. Oakwood Premier Ayala Center, developed by Ayala Land and Rodamco Pacific, affords residents and interested health buffs an exclusive membership to...

SPECIAL FEATURE: Oakwood Premier Ayala Center: A global provider of luxury serviced apartments.
February 28, 2000... Now celebrating its 40th year, Oakwood Worldwide (www.oakwood.com) is the leading global provider of corporate housing, furnished apartments which are the accommodations of choice for relocating corporate executives and extended stay...

SPECIAL FEATURE: Oakwood Premier Ayala Center: The best-kept secret in the local dining scene (Oakwood's...
February 28, 2000... Located on the 6th floor of Glorietta 4 is the all-day dining restaurant of Oakwood Premier Ayala Center. Not many people know that it is open but those who do consider it their favorite place for private business lunches. The residents'...

SPECIAL FEATURE: Oakwood Premier Ayala Center: Responding to the modern businessman's needs (Oakwood's...
February 28, 2000... "All you have to do is bring yourself or your staff and we'll provide the rest," said Cez Suzara, assistant manager of the Oakwood Premier Business Service Center. Aside from offering five-star hotel facilities and private home comforts,...

SPECIAL FEATURE: Oakwood Premier Ayala Center: Luxury serviced apartments rise in Makati (A revolution in...
February 28, 2000... The concept of serviced apartments has become increasingly popular in many parts of the world. These cater to business travelers who need to stay in one place for a month or more as well as to executives who need transitional housing for...

Queen Elizabeth I inspires young Pinoy designer.
February 28, 2000... It might be considered appropriate that the winner of the 4th MEGA Young Designers Competition, Raymond "Noni" Diza, was inspired by Elizabethan fashion for his collection, as the respected fashion magazine behind the contest tied up with the...

A happy scent for men.
February 28, 2000... Fragrances have been created for different types of men over the past decades and we witnessed how these scents were born to live as classics while the others simply came and went. (While I love the smell of a scent that makes "the...

Young Brit designers show their prize-winning work in fashion show.
February 28, 2000... Alexander McQueen, John Galliano and Stella McCartney are three young designers who, with their openness and vision, have given British fashion a much-needed shot in the arm. Never mind if, aside from their own lines, they also design for...

Focusing on British quality and design.
February 28, 2000... The British Embassy unveiled the biggest trade and cultural event of the United Kingdom in the Philippines. Entitled "Quality Britain," it boasts of 11 events aimed towards strengthening ties between the two countries as well as showcasing...

Style.
February 28, 2000... Cleaning out your closet You see this nice suit, try it on and decide to purchase it. You are so excited about this new acquisition that you neglect to remember two things: your closet is so full that you do not have space anymore, and...

Editorial: Take Ten: Refuge and strength - 1.
February 28, 2000... When Marlene Suarez asked me if, perchance, it was possible for us to conceive of a play about Cosmopolitan Church, I nonchalantly replied, "Why not?" After all, at that point I had been introduced to the history of the church on Taft Ave. in...

EU ambassadors tour Mindanao to inspect EC-supported projects.
February 28, 2000... Days after trekking muddy slopes, teetering over mangroves, tree-planting and devouring durian at every opportunity, 12 European Union top officials and their wives have returned to Manila, wearier but wiser. The group joined a four-day...

Erap, Japanese envoy open Isabela's Naguilian Bridge.
February 28, 2000... President Joseph Ejercito Estrada, Public Works and Highways Secretary Gregorio R. Vigilar and Japan Ambassador Yoshihisa inaugurated the newly refurbvshed Naguilian Bridge in Naguilian, Isabela last february 21. The reconstructed bridge...

Gov't pays out P4.2 billion in health insurance in '99.
February 28, 2000... The Philippine Health Insurance Corp. (PhilHealth) released P4.22 billion in health insurance benefits in 1999 in a bid to support the public's need for financial assistance, especially during medical emergencies. The amount was P1.2 billion...

Irrigation project to start soon.
February 28, 2000... After being delayed for more than 10 years, a flagship irrigation project of the government will soon be implemented with the decision of the National Irrigation Administration (NIA) to proceed with the construction of the Balog-Balog...

Corner Kick: Beckham rumors.
February 28, 2000... Europe is awash with rumors about Manchester United star David Beckham's future when the season draws to a close. There are those who claim that a vast financial package offering Beckham, 60,000 per week is being prepared by Manchester...

S. Kudarat runner captures Palaro ng Bayan first gold.
February 28, 2000... GENERAL SANTOS CITY, Mindanao - Long distance runners from Sultan Kudarat yesterday made their marks by capturing the first gold-silver medals in the municipalities/province division of the inaugural staging of Palaro ng Bayan here. ...

COURT SIDE: When Woods is around...
February 28, 2000... Tiger Woods was in trouble, and he knew it. For the second straight time, he found himself in the quarterfinal round of the World Match Play Championship and, for the second straight time, he found himself playing badly. And losing. Two down...

THIS WEEK: trade fair: Local furniture exporters see big year ahead.
February 28, 2000... Furniture exporters are gearing for what they believe will be a banner year for the industry at the Philippine International Furniture Show (PIFS) which will be held at the World Trade Center Metro Manila and the Philippine Trade Training...

THIS WEEK: the battle for C&W HKT.
February 28, 2000... The performance of Hong Kong stocks this week will largely depend on the emergence of further news in the acquisition battle for telecom heavyweight Cable & Wireless HKT. Both Pacific Century CyberWorks and rival Singapore Telecommunications...

THIS WEEK: commentary: Singapore vs Hong Kong.
February 28, 2000... For those of you who think that the small-investor delirium in Hong Kong over Internet stocks really has much to do with dotmania, fugettaboutit. "I bought this stock only because of Li Ka-shing; I believe in the Li dynasty," one homemaker...

Cattle raisers urge lower increase in land rental fee.
February 28, 2000... GENERAL SANTOS CITY - Cattle raisers here want the Department of Environment and Natural Resources (DENR) to scale down its new rates for the rental of government lands used for ranch operations. Lilia A. Mirabueno, vice-chair of the Mt....

Biotechnology villages being established in Isabela province.
February 28, 2000... The National Institute of Molecular Biology and Biotechnology (BIOTECH) of the University of the Philippines Los Banos is currently establishing biotechnology villages in 10 agrarian reform communities in Isabela province. The project...

Philippine mango seen entering US, Australia markets in two years.
February 28, 2000... ZAMBOANGA CITY - Efforts are being made to open up US and Australian export markets for the Philippine mango, one of the country's top commodity exports, the Department of Agriculture (DA) announced recently. The DA has entered into an...

Tribal handicraft industry to be revived.
February 28, 2000... In an attempt to revive the handicraft and bamboo industry of a Bukidnon tribe, the Department of Science and Technology (DoST) is working to ensure the continuous supply of plants used as raw materials by the tribe. Local plants sudsod...

Tuna handline fishers get new license (To protect P2.5-billion food sector).
February 28, 2000... GENERAL SANTOS CITY - Government agencies have set up a new licensing procedure for pump boats or bancas which bring in P2.5 billion annually in exports, but which do not qualify as commercial fishing vehicles under existing maritime...

Hybrid coconut farming (Alternative coco ventures).
February 28, 2000... LOS BANOS, Laguna - Hybrid coconut farming can be a profitable venture, a study by the Zamboanga Research Center of the Philippine Coconut Authority (PCA-ZCR) showed. The study compared the basic traits and economic performances of six...

Local mart seen to track Wall Street's rate jitters.
February 28, 2000... The stock market's taste buds, scorched by the heated exit of foreign hot money, is seen to remain numb this coming week, especially following another steep decline in Wall Street over the weekend. For the whole of last week, although...

Gov't sees T-bill rates flat today.
February 28, 2000... To temper a possible rise in interest rates, the government is ready to reject expected high bids from banks in today's Treasury bill auction, Finance Secretary Jose T. Pardo said. He said the government is prepared to reject high bids...

Wanted: $1B to make PNB compete, comply with rules.
February 28, 2000... Semiprivate Philippine National Bank (PNB) should have a capital base of at least $1 billion if it wants to remain competitive and comply with regulatory requirements, the bank's former president said. Benjamin P. Palma Gil, now PNB...

Lucio Tan changes tune, mulls PNB 'exit' with NG.
February 28, 2000... Who's afraid of Philippine National Bank (PNB)? For some time, only Lucio Tan was not. He even revealed plans to corner the National Government's remaining 30% stake in the bank's slated full privatization by next quarter. Now, the...

Profile: MB secretary to retire after 26 years.
February 28, 2000... She has walked the halls of the central bank for 43 years. For the past 26 years, she has attended to the administrative needs of people she calls "the Seven Wise Men". Meet Fe B. Barin - the longest-serving Secretary to the...

Dear Editor: No real agrarian reform in haciendas.
February 28, 2000... The National Federation of Sugarcane Planters (NFSP), in newspaper reports last week, raised unfounded fears of landlords on implementing agrarian reform in sugarcane lands. This letter hopes to shed light on several points the public should...

Editorial: Beyond Brushstrokes: Wanderlust.
February 28, 2000... Travel is one of life's liberating exper-iences. It expands the mind and opens one's perspective to a diverse spectrum of peoples, cultures and ideas. It allows the individual to see beyond the physical and mental barriers of his immediate...

Roots: Merely bamboo?
February 28, 2000... Forced to stop at a cove between Surigao and Butuan about a hundred years ago, a Jesuit missionary was surprised at the unexpected possibilities of the bamboo. He was not the first to be surprised. About two centuries before him, a Spanish...

Editorial: Fence Sitter: Musical cheers.
February 28, 2000... Word is leaking out that the musical, Miss Saigon, is scheduled to be staged in Manila late this year. While local musical productions come and go, this one is to be produced by the big name in both West End and Broadway himself who was...

Fast Forward: The Erap syndicate.
February 28, 2000... After nearly a year-and-a-half in power, the popularity of the President has flipped and flopped as though tossed about by the severity of the stormy issues that lash away at his credibility and legitimacy as head of state. The odd thing...

Market Forces: Wolfensohn's 'C' word.
February 28, 2000... Until four years ago no president in the World Bank was allowed by the multilateral financing institution's board to talk about corruption. Until James D. Wolfensohn assumed leadership in the institution that extends annually close to $30...

Farmers to receive 40% of new mango enterprise profits.
February 28, 2000... VILLANUEVA, Misamis Oriental - The Katipunan Workers Multi-Purpose Cooperative (KAWMUPCO) here has embarked on a mango product enterprise which is expected to increase each member's annual net income by an average of P36,000. The project...

Pryce Gases eyes Luzon to increase LPG sales.
February 28, 2000... Pryce Gases, Inc., the industrial gas subsidiary of listed firm Pryce Corp., is eyeing Luzon to expand its market within the next two years. In an interview last week, Gerry F. Quisumbing, special assistant to chairman Salvador P....

Stock Exchange official wants to keep his IPO allocation.
February 28, 2000... The honorary chairman of the Makati Stock Exchange, Inc. (MKSE) wants to keep his share in all initial public offerings (IPO) allotted to the bourse's members even as the firm's board of directors had already issued a resolution stripping him...

Former Smart chief buys into local e-mail company.
February 28, 2000... The former chief executive officer (CEO) and founder of Smart Telecommunications, Inc. infused fresh capital into a local free e-mail company to make a play in the local Internet market. Orlando Vea's New Net Holdings Co. struck a partnership...

MacroAsia plans Singapore listing.
February 28, 2000... Tan-held airport services firm MacroAsia Corp. is set to make a secondary listing of its shares at the Stock Exchange of Singapore in the third quarter to raise cash for the company's planned venture into the information technology (IT)...

Globe targets North Luzon area expansion.
February 28, 2000... Cellular firm Globe Telecom GMCR, Inc. has set aside $27.3 million this year for the expansion of its mobile phone services in the Northern Luzon area. The allocation made by the Ayala-led cellular company which, for full year 1999,...

Destiny forecasts subscriber hike with new services.
February 28, 2000... Banking on plans to upgrade and expand its cable facilities, Destiny Cable, Inc. is expected to make profits next year after its cable subscribers reach 100,000. In an interview, Solid Group, Inc. (SGI) vice-president and chief operating...

Yu group threatens to sue Ongpin (For misappropriating corporate plans).
February 28, 2000... The long-standing battle between former Trade Minister Roberto V. Ongpin and the group of businessmen Greg Yu and Wilson Sy is far from over. This developed as the latter said they will file a new case against Mr. Ongpin for allegedly...

SEC okays self-regulatory organization rules for PSE.
February 28, 2000... After having been granted self-regulatory organization (SRO) status in 1998, and left afloat since, the Philippine Stock Exchange (PSE) will now have an anchor to support and secure its operations as an SRO. Following requests made by the...

Erap tours Mindanao, vows to fast-track dev't.
February 28, 2000... DAVAO CITY - President Joseph Estrada yesterday pledged to fast-track the implementation of major infrastructure projects in General Santos City that are crucial to making the city a "hub" of the South Cotabato-Sultan...

Measures to counter war games' bad effects mulled.
February 28, 2000... The Presidential Commission on the Visiting Forces Agreement (VFACOM) yesterday proposed additional measures to ensure joint military exercises between the Philippines and the United States do not have an adverse effect on the lives of...

Drug menace blamed on policy lack.
February 28, 2000... Government officials and law enforcement agents blame the lack of political will in solving the drug problem as well as the inadequacy of present laws to prosecute and penalize drug suppliers as the main causes of their failure to curb the...

Erap to China in May, Paris, London in June.
February 28, 2000... DAVAO CITY - President Estrada is set to go abroad again in May and June for state visits to China, France and the United Kingdom. BusinessWorld learned over the weekend that Malacanang, Department of Foreign Affairs (DFA) and other...

Pasig poll officer in '95 rigging asks SC to drop dagdag-bawas charges.
February 28, 2000... A member of the Pasig City Board of Canvassers allegedly involved in vote-padding and -shaving (dagdag-bawas) during the 1995 senatorial elections has asked the Supreme Court (SC) to overturn its earlier ruling ordering the Commission on...

House body OK's Finance price review on 'sin' items (For cigarette, alcohol tax hike).
February 28, 2000... The House committee on ways and means, which goes over all House bills involving taxes, has given the green light to the Department of Finance (DoF) to review the prevailing net retail prices of branded cigarettes, liquor, distilled spirits...

Former mayor absolved.
February 28, 2000... The Sandiganbayan has acquitted a former municipal mayor of Bacolod, Lanao del Norte, of the charge that he tampered with the minutes of a Sangguniang Bayan meeting. In a 21-page Sandiganbayan decision, the court said prosecutors failed to...

Court clerk convicted.
February 28, 2000... The Sandiganbayan sentenced a Surigao del Sur clerk of court to six to 10 years in jail after he was found guilty of malversing public funds. In a 16-page decision, the Sandiganbayan convicted Carlito U. Alviso, a clerk of court of Surigao...

Marijuana plants burned.
February 28, 2000... About 6,000 fully grown marijuana plants were uprooted and then burned at Sitio Amapawan, Bgy. Lingey in Kiangan, Ifugao, last week by operatives of the Ifugao Provincial Police Office. Reports received at the Philippine National Police...

Philippine Stock Exchange as of February 25, 2000.
February 28, 2000... Stocks Total Volume Week Week Week Open Low Close BANKS & FINANCIAL SERVICES Banks Asiatrust Dev. Bank 20,100 10.5 10.25 10.25 Bank of P.I. 1,361,200 102 95.5 98.5 China Banking 125,690 810 780 800 Chinatrust Comm. Bank...

Watershed area created.
February 28, 2000... President Joseph Estrada has signed Proclamation No. 241 creating the Kabulnan River Watershed Forest Reserve in the provinces of Sultan Kudarat, Maguindanao and South Cotabato. Mr. Estrada issued the proclamation to protect, maintain and...

All-time low interest rate on new loan that Bangko Sentral inked.
February 28, 2000... "It's an all-time low," Bangko Sentral Gov. Rafael B. Buenaventura described the interest rate on a syndicated loan that the central bank is securing. Meant to refinance its maturing obligations this year, the Bangko Sentral recently...

Verbal tussles over BW stock rigging fiasco.
February 28, 2000... While the Securities and Exchange Commission is telling Malacanang to keep out of the BW Resources Corp. investigation, the fiasco's main character wants the Philippine Stock Exchange (PSE) to reinvestigate amid claims that its chief...