BusinessWorld (Philippines) articles from February 2007, page 4

BusinessWorld (Philippines) archives from February 2007

IPVG acquisition.
February 23, 2007... (From BusinessWorld (Philippines)) Local shareholders of IPVG Corp., a listed company, acquired the 12% shareholdings of its Malaysian stakeholder MBf Group for $5 million or P250 million. In a statement, IPVG said the purchase signifies...

Mitsubishi TCC.
February 23, 2007... (From BusinessWorld (Philippines)) The Court of Tax Appeals has granted Mitsubishi Motors Phils. Corp. a tax credit certificate (TCC) of P63.4 million for excess creditable withholding taxes for the year 1999. The court's second division...

FENCE SITTER.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Antonio R. Samson Maybe because economics is too abstract for most people, dealing as it does with large concepts like GDP (consumption plus government spending plus investments plus exports...

STREETWISE.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Carol Pagaduan-Araullo The initial report of UN rapporteur Philip Alston on his investigation into extrajudicial killings in the Philippines has vindicated the position of the victims'...

RULE OF LAW.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Augusto R. Bundang I've heard it many times in the past and continue to hear the same, if not similar, remark from some of those running for public office: "I may be inexperienced and know...

VECTOR.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Sonny Coloma Billed as "The Great American Songwriters Concert," the Valentine doubleheader last week at the Big Dome featuring Dennis Lambert and Paul Williams provided about 5,000 music...

ONE MAN'S MEAT.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Benjamin G. Defensor Ophelia A. Dimalanta is one of our active writing poets today but she is well known only among English-speaking Filipinos. She started making her mark at the height of...

Napocor aims to borrow less this year.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales State-owned National Power Corp. (Napocor), the country's biggest power producer, plans to borrow less this year, its top official yesterday said. "Hopefully,...

LiveIt invests $11 million for unit's acquisition bid.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Allan E. Lalisan LiveIt Solutions, Inc., the holding company for Ayala Corp.'s investments in business process outsourcing (BPO), will invest an additional $11 million in US-based Integreon...

ICTSI net income up 37% on foreign operations.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Maricel E. Estavillo Publicly listed port operator International Container Terminal Services, Inc. (ICTSI) reported a 37% year-on-year growth in net income for the full year of 2006, with...

BUSINESS CASE LAW.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Judge Artemio S. Tipon (Ret.) Where the parties to a contract agree, for example, that "[i]n case of any litigation arising out of this agreement, the venue of action shall be in the...

Think tank cites legislative wish list for incoming 14th Congress.
February 23, 2007... (From BusinessWorld (Philippines)) To be able to sustain the country's improving economic situation, the next 14th Congress - which is scheduled to start its first regular session this July 30 - should focus on legislating measures to...

P1B readied for coconut industry rehab in support of expected biofuels.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Christie E. Uayan Davao City - About P1 billion from the Coconut Industry Investment Fund will be released soon, in order to prepare the sector for the expected demand for coco methyl ester...

New group eyeing Transco.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales A new consortium will be joining the next bidding for the 25-year concession contract of state-run National Transmission Corp. (Transco), a Cabinet official told...

Canadian consultant tapped for N. Samar's tourism plan.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Lemuel L. Pagliawan Tacloban City - A tourism expert from Canada is in Northern Samar to work as volunteer adviser of the provincial government to help draft a tourism action plan for the...

TAXWISE OR OTHERWISE.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Catherine T. Manahan News about the priority bills being calendared for the two-day special session of Congress called by Malacanang have failed to mention the twin measures that will have...

Environment group claims electronics manufacturing contaminating water.
February 23, 2007... (From BusinessWorld (Philippines)) Toxic residues from the manufacture of electronics are contaminating key water sources in the Philippines, a study of an environment protection group has claimed. In its study, entitled, "Cutting...

Mobile phone dealers face stricter rules.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Maricel E. Estavillo Noting that prevailing regulations are not enough to curb the smuggling of cellular phones, the National Telecommunications Commission (NTC) has proposed a new way to...

Higher electricity prices looming this summer - power market chief.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Prices at the country's wholesale electricity spot market (WESM) may be higher in the upcoming summer months due to an expected surge in demand and reduced output of...

Coffee displacing oil palm as Sultan Kudarat's chief crop.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Romer S. Sarmiento Koronadal City - Coffee has edged out oil palm as the major crop of Sultan Kudarat, even as local officials have embarked on efforts to restore the latter as the flagship...

Aussie envoy sees better trade ties with RP.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Christie E. Uayan Davao City - Australian Ambassador to the Philippines Tony Hely told reporters here last Wednesday that he believes the Philippines and Australia will continue to...

AusAID priorities set to be reviewed.
February 23, 2007... (From BusinessWorld (Philippines)) The National Economic and Development Authority (NEDA) and the Australian Agency for International Development (AusAID) will review the agenda for Australia's overseas aid program to the Philippines next...

Tax amnesty clears Finance roadblock.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Judy T. Gulane A tax amnesty approved by Congress earlier this week is all but certain to be implemented, with the Finance department admitting that it would help enhance the tax bureau's...

Jewelry sector aiming for global renown.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Though a fairly young industry, the jewelry sector expects to follow Philippine furniture designers in achieving global renown for distinct designs and quality. Mia...

Coke completes purchase of San Miguel subsidiary.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio The Coca-Cola Company now fully owns Coca-Cola Bottlers Philippines, Inc. (CCBPI) after the Atlanta-based firm yesterday closed the $590-million transaction with food and...

Survey shows businessmen more optimistic.
February 23, 2007... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Businessmen are looking forward to 2007 as a Makati Business Club (MBC) survey showed even more expect the economy and corporate revenues to continue growing this year. ...

Japanese restaurant tries a different route.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Raoul J. Chee Kee In their desire to bring in more customers, one Makati hotel has been holding weekend lunch buffets and daily lunch specials at its Japanese outlet for several weeks now....

International chain goes for fresh pasta.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Raoul J. Chee Kee Those of us whose knowledge of pasta is limited to the packs sold at supermarkets are in for a treat at an Italian-American restaurant chain with a reputation for generous...

ePLDT sets up Internet-based info service to promote trade, tourism.
February 22, 2007... (From BusinessWorld (Philippines)) To help promote trade and tourism, Philippine Long Distance Telephone Co. subsidiary ePLDT partnered with the League of Cities of the Philippines (LCP) and the Center for Urban Management and...

GK Goh Trading rights attached by court order.
February 22, 2007... (From BusinessWorld (Philippines)) The trading rights and shares of GK Goh Securities (Philippines), Inc. were attached by virtue of a writ issued by the regional trial court of Makati City, preventing the possible reentry of the...

UnionBank holds Sinulog sky tour.
February 22, 2007... (From BusinessWorld (Philippines)) UnionBank Credit Cards recently treated UnionBank Bai Visa cardholders to a sky tour of the Sinulog festival in Cebu. After the helicopter ride, the Bai Visa cardholders and their companions also...

BRIEFS.
February 22, 2007... (From BusinessWorld (Philippines)) Medical mission Operation Smile Philippines (OSP) will be holding a multi-site medical mission beginning today, Feb. 22, until March 2 in celebration of the 25th anniversary of Operation Smile,...

PEOPLE.
February 22, 2007... (From BusinessWorld (Philippines)) IBM Philippines appoints new CFO IBM Philippines recently appointed Rommell D. Silva as chief financial officer (CFO). He will be responsible for the overall financial concerns of IBM in the...

COURTSIDE.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Anthony L. Cuaycong Just for kicks, I found myself popping a tape of the 2007 National Basketball Association All-Star Game into the VCR and watching it again the other night. Overcome by...

President's Cup Regatta now linked to Manila-Boracay Race.
February 22, 2007... (From BusinessWorld (Philippines)) In previous years the President's Cup Regatta (PCR) has been a part of - and followed from - the China Sea Race Series organized by the Manila Yacht Club and the Royal Hong Kong Yacht Club. This...

Industrial town promotes bamboo craft among its residents.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Geefe P. Alba Villanueva, Misamis Oriental - Local officials and those from the Agriculture, and Trade and Industry departments are pushing bamboo handicraft as this town's centerpiece...

Enhancing the potential of sago for many uses.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Reyan L. Arinto Tacloban City - Prior to rice, sago palm (Metroxylon sagu) was the main source of sustenance for the inhabitants of the Malay archipelago, including the Philippines. But...

Landbank loans to target sector higher in 2006.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Mark Ivan C. Roblas State-run Land Bank of the Philippines increased its loans to small farmers and fisherfolk in 2006 by 3%, or P2.4 billion, to P82.6 billion from a year earlier. The...

Consumer loans may go up.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Paolo Joseph L. Lising Banks are expected to lend more to consumers in the coming months instead of placing their funds in central bank vaults, Bangko Sentral ng Pilipinas (BSP) Governor...

Rise in stock prices capped by profit taking.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Allan E. Lalisan with AFP Share prices slightly rose yesterday despite a strong surge past 3,400 early in the trading day, as investors took profits in some second- and third-liner stocks....

Ex-Finance chief outlines measures for affordable housing.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Government and property developers should go beyond traditional housing finance schemes to achieve sustainable growth in the housing sector, Credit Suisse vice-chairman...

BYSTANDER.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Dean O. de la Paz A good number of thinking voters saw through the political ploy and openly advised Manny Pacquiao against going into politics. For many there seemed to be genuine concern....

THE VIEW FROM TAFT.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Philip Ella Juico Today marks the first day of the 21st anniversary of the first People Power revolution. From February 22 to 25, 1986, millions of Filipinos, in response to a call by Jaime...

UPSHOT.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Bernardo V. Lopez The Road Users Protection Advocate (RUPA) is set to sue the Transportation Regulatory Board (TRB) and Philippine National Construction Corp. (PNCC), the franchise holder...

Shoptalk.
February 22, 2007... (From BusinessWorld (Philippines)) It's a stressful job Just how stressful is the job of the Finance secretary? Margarito B. Teves apparently will readily say "very." Speaking at a reception for large taxpayers at the Manila Polo...

Wharfage fees suspended, but exporters not impressed.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Judy T. Gulane with Paolo Joseph L. Lising As another form of assistance to exporters reeling from the continued strengthening of the peso, the Trade department has ordered that wharfage...

Energy chief vows best efforts on transmission franchise.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales The government will try to convince lawmakers to issue a franchise for the National Transmission Corp. (Transco), officials involved in the privatization process...

Revenue districts mull noncash reward options.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Judy T. Gulane For Bureau of Internal Revenue offices that hit or exceeded their targets last year, non-monetary rewards are welcome, but cash rewards are preferable. "If there were a...

Cagayan de Oro council clarifies power reforms.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Michael D. Banos Cagayan de Oro City - The National Transmission Corp. told the Cagayan de Oro City Council last Monday there's no way it can directly supply electricity to select barangays...

One-stop shop for exporters' needs to rise in Zamboanga.
February 22, 2007... (From BusinessWorld (Philippines)) Zamboanga City - In a bid to further boost the Zamboanga Peninsula's exports, the local chapter of the Philippine Exporter Confederation, Inc. (PhilExport) and regional office Department of Trade and...

$4M expected from food expo.
February 22, 2007... (From BusinessWorld (Philippines)) Philippine exporters are expected to rake in $4 million in sales from Dubai's four-day 12th Gulf Food Fair that ends today. Agriculture Secretary Arthur C. Yap said in a statement that the...

Palace to release report on killings; government will not tolerate.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Josefa Labay Cagoco Yielding to public clamor, Malacanang has agreed to make public today the controversial report of the special commission tasked to probe political killing after keeping...

Italian salvage firm hired to siphon off oil from Solar I.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Eduardo L. Jalbuna Iloilo City - The International Oil Pollution Compensation Fund (IOPCF) has contracted an Italian salvage firm to recover the remaining oil in the Solar I, which sank off...

Supreme Court approves inspection of mayor's accounts.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Paul C.H. How The Supreme Court has given the Sandiganbayan the go signal to inspect the bank accounts of San Juan Mayor Joseph Victor G. Ejercito, son of the deposed president Joseph E....

Congress approves health, oil spill management measures.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Reagan D. Tan Congress has approved three health bills in its special session, a measure that puts in a mechanism for oil spill management and a bill that prohibits "detention of patients"...

Co-op store turned over to survivors.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Lemuel L. Pagliawan Tacloban City - The Leyte Center for Development, Inc., a nongovernmental organization, has turned over a cooperative store with P65,000 worth of goods to the Guinsaugon...

No poll copy for opposition.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ira May Joyce P. Pedrasa The opposition may end up not having a copy of the election returns in the May 14 elections, Commission on Elections (Comelec) Chairman Benjamin S. Abalos, Sr....

Agency strengthened vs illegal activities.
February 22, 2007... (From BusinessWorld (Philippines)) The Philippine Overseas Employment Administration (POEA) will be given more teeth to pursue the drive against illegal recruitment following the release of an executive order allowing it to be the sole...

Columnist faces slander charges.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Paul C.H. How The Makati City prosecutor has recommended the filing of grave slander charges against Manila Standard Today columnist Victor C. Agustin for a televised row during a Dec. 9...

'Lame-duck sessions' doom tourism, cheaper medicine bills (... but.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Alexis Douglas B. Romero and Reagan D. Tan While many important measures were approved during the recently concluded special sessions, lack of quorum - as the 13th Congress spends its last...

President cautious on 7%-9% target.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Josefa Labay Cagoco and Beverly T. Natividad Even if her chief of staff is confident the country can achieve higher growth rates, President Gloria Macapagal Arroyo will stick with the growth...

Zamboanga port expansion progresses.
February 22, 2007... (From BusinessWorld (Philippines)) Zamboanga City - The first phase of Zamboanga port's expansion will be completed next month to attract more ship calls. Zamboanga acting port manager Leonilo E. Miole said in an interview that the...

Local retailers prodded to take 'bold steps' beyond Philippine borders.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio It is time for local retailers to start looking beyond Philippine borders for opportunities to grow, but they should be prepared for the hard work this entails, Ayala...

'Good year' seen for property development.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio CB Richard Ellis Philippines, Inc. (CBRE) managing director Rick M. Santos said in a briefing yesterday that his company expects faster growth for property development...

Lafayette details terms of loan from Singaporean investor.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Mark Ivan C. Roblas Australian firm Lafayette Mining Ltd., the mother company of Lafayette Philippines, Inc., has obtained a $15-million loan from Singapore-based Southeast Asia Strategic...

Plants transfer.
February 22, 2007... (From BusinessWorld (Philippines)) Tacloban City - Four privately operated power plants located within the Leyte Geothermal Power Field in Tongonan will be turned over this year to the Philippine National Oil Co.-Energy Development Corp....

Information exchange.
February 22, 2007... (From BusinessWorld (Philippines)) Tokyo Electric Power Company, Inc. (Tepco), one of the firms that won the bid for Mirant Philippines, has signed a memorandum of understanding with Manila Electric Co. (Meralco) for the exchange of...

Despite Q3 losses, PAL still in the black.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Bernardette S. Sto. Domingo Flag carrier Philippine Airlines, Inc. (PAL) incurred a net loss for the quarter ending December, but the firm still posted a net income for the three quarters...

TVI Resources' Canatuan production up 112%.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Mark Ivan C. Roblas Gold and silver production in the Canadian-operated Canatuan mine in Siocon, Zamboanga del Norte increased by 112% as a result of targetted technical management. The...

Maynilad 2006 income flat at P1.46 billion.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales For the second straight year, Maynilad Water Services, Inc. (Maynilad) posted a net income of P1.46 billion in 2006, sustaining its rosy performance in 2005. ...

Robinsons Homes expands outside Manila.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Allan E. Lalisan Gokongwei-led Robinsons Homes, Inc. will launch a minimum of eight and as many as ten residential projects outside of Metro Manila this year, well over the firm's yearly...

Globe Telecom hits back at consumer group.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Maricel E. Estavillo The word war between Globe Telecom, Inc. and consumer advocacy group TXTPower is getting uglier, with the Ayala unit now saying the order issued against it had no legal...

Osorio steps down as PSALM head; Ibazeta takes her place.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Josefa Labay Cagoco and Iris Cecilia C. Gonzales Shortly after the auction for the operations of state-owned National Transmission Corp. was declared a failure, President Gloria Macapagal-...

American technology firm acquiring Link2Support.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Global IT supply chain services company Synnex Corp. will acquire all of the shares of Link2Support, Inc., the company said in a statement. Synnex said that it s...

SEC approves incorporation of mining firm, manufacturer.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Bernardette S. Sto. Domingo Regulators recently approved the incorporation of two new Filipino companies that will be engaged in manufacturing and mining activities. Documents from the...

Chinese real estate firm scouting for sites - PCCI official.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Chinese real estate giant Shimao Group of China is exploring sites in the country for a possible hotel investment. Samie Lim, president of the Philippine Chamber of...

Informatics launches online learning courses for OFWs.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Allan E. Lalisan Educational institution Informatics Holdings Philippines, Inc. with the Computer Assisted Learning Corp. (CAL) yesterday launched online learning courses for students who...

LanaoHydro looks for partners for Agus 3 hydroelectric plant.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Filipino-owned independent power producer Lanao Hydropower Development Corp. (LanaoHydro) is in talks with private investors and financing institutions for the...

Backdoor listing for Tan firm (Holding firm Balabac Resources now.
February 22, 2007... (From BusinessWorld (Philippines)) Taipan Lucio Tan has listed his newly established property development firm at the Philippine Stock Exchange - and he did so via the back door. In a special meeting called yesterday by publicly...

Retirement haven scheme hampered by image issue.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Long-held impressions of the Philippines as a chaotic and dangerous Third World backwater are making the task of promoting the country as a retirement haven all the more...

SM Prime nets P5.4 billion on strong revenues, new malls.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Bernardette S. Sto. Domingo Strong revenues and the opening of new malls boosted SM Prime Holdings, Inc.'s net income by 10% last year to P5.45 billion. Five malls opened in 2006: SM...

DBP eyeing offshore market for bond float.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Ma. Eloisa I. Calderon State-run Development Bank of the Philippines (DBP) plans to include the offshore market in its Tier 2 capital issuance this year as the bank scrambles for better...

Gadget geeks rejoice: 'Super 3G' phones coming.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Maricel E. Estavillo For a top-notch mobile worker, nothing will beat the experience of having a PC with its broadband Internet speeds morphed into a handy device that is literally always...

Upscale condo project rising in Davao.
February 22, 2007... (From BusinessWorld (Philippines)) Byline: Hernani P. De Leon with Carmelito Q. Francisco Davao City - DMC Urban Property Developers, a member of the Consunji Group, is building an upscale residential condominium complex at this...