BusinessWorld (Philippines) articles from February 2010

BusinessWorld (Philippines) archives from February 2010

SPECIAL FEATURE: Quarterly Trust Industry Report.
February 26, 2010... Byline: Anna Patricia G. Valerio Limited information about trust funds has made some investors wary - and some, even untrusting - of them. A primer published by the Trust Officers Association of the Philippines (TOAP) points out that the...

SPECIAL FEATURE: Quarterly Trust Industry Report.
February 26, 2010... Byline: Hannah M. Muralla Amid a widespread crisis that saw many finance industries struggle to stay afloat, the Philippine trust sector remained one of the bright spots in the global investment landscape. Experts still attribute the...

SPECIAL FEATURE: Quarterly Trust Industry Report.
February 26, 2010... Byline: Victoria T. Vizcarra The words of American author Oliver Wendell Holmes, Sr., who said: "Do not put your trust in money; instead, put your money in trust," are echoed by Reynaldo G. Geronimo, a senior partner at the Romulo Law Office,...

SPECIAL FEATURE: Quarterly Trust Industry Report.
February 26, 2010... The lingering effects of the global financial crisis have not dampened the growth of the local trust industry, whose assets under management (AUM) grew to P1.78 trillion in 2009, 33.43% higher than the previous year's level of P1.34 trillion. ...

WEEKENDER: travel.
February 26, 2010... Byline: Raoul J. Chee Kee It snowed on our first night in Seoul. I was about to draw the drapes in my room closed - only the sheer curtains had been drawn - but I stopped and stared as the whirling flakes came tumbling down. Earlier...

WEEKENDER: travel.
February 26, 2010... All roads lead to Pagsanjan, Laguna as the quaint town holds the 12th edition of the Bangkero Festival from March 2 to 6. With the theme "Turismo at Kapaligiran: Ating Ingatan at Alagaan," the festival will advocate the promotion of local...

WEEKENDER.
February 26, 2010... Byline: Johanna D. Poblete Each month, 50,000 tourists make their way to the stone fortress of Fort Santiago in the "walled city" of Intramuros. The fort was declared a national shrine and the city itself a historical monument in 1951...

WEEKENDER.
February 26, 2010... Byline: Sam L. Marcelo Even worse than the damage wrought by the bombs dropped on Manila by war planes and the fires that razed buildings and reduced the city to rubble during World War II is the passage of time and the public's lack of...

WEEKENDER.
February 26, 2010... Byline: Jeffrey O. Valisno It is hard not to pay attention whenever Carlos Celdran is around. After all, it is not often do you meet someone who always has a "waistband amplifier" ready for his hands-free microphone whenever he addresses...

WEEKENDER: going out.
February 26, 2010... Byline: Jeffrey O. Valisno CONCERTS The Philippine International Jazz and Arts Festival Feb. 26, 7 p.m. Rockwell Tent, Rockwell Dr. cor. Estrella St., Rockwell Center, Makati City J-Rock Concert with Shonen Knife Feb. 27, 7:30...

WEEKENDER: marketing.
February 26, 2010... 'Sustainable' socks Manila Bay Hosiery Mills, Inc., a pioneer in the local hosiery industry, is the first to locally offer socks made with a sustainable outlook for our planet. Elements by Goldtoe now offers a selection of three New Age...

WEEKENDER: marketing.
February 26, 2010... Byline: Terence A. Hockenhull I recall talking to some banking people about the manner in which they dealt with customers the bank could not service, specifically, customers requesting loans or other credit facilities. As poor credit risks or...

WEEKENDER.
February 26, 2010... PERFORMANCES Filfest recital. Feb. 28, 5 p.m., 631 Adelpha St., Ayala Alabang Village. Filfest presents a recital of violinist Joseph Esmilla and pianist Rudolf Golez. Classical concert. Feb. 25, 6 p.m. GSIS Museum, GSIS Bldg.,...

WEEKENDER: marketing.
February 26, 2010... Byline: Nanette Franco-Diyco In an integrated marketing symposium at the Ateneo de Manila University during the weekend, Nestle Senior Vice-President and Communications Director Sandra Puno began her talk with a direct question. Starting from...

Gokongweis to acquire RBS.
February 26, 2010... Byline: Neil Jerome C. Morales Robinsons Savings Bank, the banking arm of Gokongwei-led JG Summit Holdings, Inc., is buying the entire stake of a Scottish banking group's subsidiary in the Philippines. The move will strengthen the position...

BNP Paribas tells investors to be cautious.
February 26, 2010... Byline: Jessica Anne D. Hermosa Investors are advised to take a conservative position when building their portfolios this year despite encouraging reports of the global economy's recovery, an official from BNP Paribas Wealth Management...

High court says GSIS needs to pay legal fees.
February 26, 2010... Byline: Ira P. Pedrasa Saying its fiscal autonomy is paramount, the Supreme Court struck down the assertion of the Government Service Insurance System (GSIS) it was exempt from paying legal fees. In a resolution penned by Associate Justice...

Private firms' bond sales rise 251% in 2009.
February 26, 2010... Byline: Don Gil K. Carreon Bond floats by local firms almost quadrupled last year as companies took advantage of low interest rates and stayed off a recovering yet still volatile equities market. Data from the Bangko Sentral ng Pilipinas...

PSEi gains as US Fed vows to keep rates low.
February 26, 2010... Byline: Judy Dannibelle T. Chua Co Share prices rebounded as Wall Street rallied after US Federal Reserve Chairman Ben Bernanke pledged to keep interest rates low. The benchmark Philippine Stock Exchange index (PSEi) rose by 1.68% or 50.12...

COURTSIDE.
February 26, 2010... Byline: Anthony L. Cuaycong As with just about every other avid hoops fan, I'm not too enamored with the loophole in current National Basketball Association rules allowing a traded player to return to his original team after a buyout. Sure,...

GIVE AND GO.
February 26, 2010... Byline: Michael Angelo S. Murillo The Purefoods TJ Giants played their 30th game in the ongoing PBA Philippine Cup last Wednesday, but instead of showing fatigue and burnout, they were still on top of their game and very much staying the...

CHESS PIECE.
February 26, 2010... Byline: Bobby Ang The Aeroflot Open is an annual chess tournament played in Moscow and sponsored by the airline Aeroflot. It was established in 2002 and quickly grew to be the strongest open tournament in the world. The first edition counted...

Climate Change Commission seeks cut in carbon footprint.
February 26, 2010... The Climate Change Commission called on university professors and students to launch a battle against gas emissions that cause global warming as part of its nationwide consultations with different sectors of society in an effort to fight climate...

Pioneer Life presents designer trophies to outstanding sales.
February 26, 2010... Pioneer Life recently celebrated the achievements of its outstanding sales performers at its annual Focus Awards night, where trophies created by renowned Filipino artists Impy Pilapil and Claude Tayag were presented. In line with its...

Samsung launches multimedia projector lineup.
February 26, 2010... Samsung Electronics Philippines Corp. (SEPCO) unveils the new model lineup of multimedia projector which offers mobility as well as ease of use for its customers. The first of which is the super stylish SP-P410M LED Pocket projectors. It...

PEOPLE.
February 26, 2010... Insular Life announces executive promotions Insular Life Chairman of the Board and CEO Vicente R. Ayllon recently announced the company's executive promotions. Promoted were Mona Lisa B. de La Cruz to executive vice-president, Ma. Teresa...

BRIEFS.
February 26, 2010... Workshop slated National MoW (Memory of the World) committee members from 10 Asia- Pacific countries will gather in Manila for a workshop on the promotion and advocacy of documentary heritage preservation and access to be held at the Bayview...

TAKE TEN.
February 26, 2010... Byline: Behn Cervantes I first went to Zambales many years ago. Mac del Fierro and a group of us Upsilon brothers had finally, yes, graduated. For example, before I ultimately took up Speech and Drama I was a pre- major having taken...

SPECIAL FEATURE: Discovery Suites 10th Anniversary.
February 26, 2010... Regional bank consultant Anderson Hill has visited Manila nearly every year since 2002. Each trip usually lasts several weeks, during which he stays in his favorite apartment. "In my first visit I was introduced to Discovery Suites by my...

RP wary of non-tariff barriers.
February 26, 2010... Byline: Jessica Anne D. Hermosa THE PHILIPPINES will urge its Southeast Asian neighbors to resist temptations to dilute a regional trade pact with non-tariff barriers when economic ministers meet in Malaysia this weekend, a Trade official...

Talks on RP-US liquor tax row inconclusive.
February 26, 2010... Byline: Jessica Anne D. Hermosa THE PHILIPPINES and the United States have ended a round of talks on their dispute over liquor tax rates, but both sides stayed mum on whether a settlement was reached. The US hinted that the talks were...

European Union funds projects for Negros, Iloilo.
February 26, 2010... Byline: Nanette L. Guadalquiver BACOLOD CITY - The European Union (EU) has approved a grant for a natural resources management project in Negros Occidental and launches today a project on basic service delivery in Iloilo. Negros Occidental...

VANTAGE POINT.
February 26, 2010... Byline: Luis V. Teodoro If Filipinos were not massing in droves along Manila's Epifanio de los Santos Avenue in celebration of the 24th anniversary of EDSA 1 this year, it was because most of them had forgotten or never really knew what...

VECTOR.
February 26, 2010... Byline: Sonny Coloma Nearly a generation after the historic EDSA People Power revolt, Filipinos continue to reflect on its meaning and how it could possibly serve as a beacon of hope and inspiration for future generations. I was a student...

FENCE SITTER.
February 26, 2010... Byline: Antonio R. Samson Willpower is invoked when trying to achieve a personal goal which requires only discipline to achieve. The goal usually demands following a particular set of unpleasant activities, religiously and regularly, to be in...

STREETWISE.
February 26, 2010... Byline: Carol Pagaduan-Araullo Part II A ruling president shunning people power and a presidential aspirant eagerly laying claim to it. Neither one can be expected to explain to the people what EDSA was all about, what was achieved, and...

TRADE TRIPPER.
February 26, 2010... Byline: Jemy Gatdula Having nothing better to do last weekend, your Trade Tripper decided to play around the Net and see what some presidential candidates have in their respective platforms regarding international trade (and the economy in...

RULE OF LAW.
February 26, 2010... Byline: Augusto R. Bundang Part II If a survey were conducted today, asking people what they think is the main cause of our economic deterioration, I would bravely opine that the overwhelming answer would be corruption. With so much talk...

New tobacco giant may lay off workers.
February 26, 2010... Byline: Jessica Anne D. Hermosa Homegrown cigarette maker Fortune Tobacco Corp. will now share nearly all its operations with the Philippine unit of Philip Morris International under a new company in which both firms have equal stakes,...

Tarlac azucarera profits.
February 26, 2010... Sugar producer Central Azucarera de Tarlac earned almost P3 million in the first half of its 2009-2010 fiscal year that ends in June, reversing a P12.435-million loss last year as a result of higher revenues. "Notable increases in the market...

Banks to sell MRT by June.
February 26, 2010... The Metro Rail Transit Line 3 (MRT3) will either be a private firm or a government-owned or -controlled corporation by June following a ruling by the central for government banks to divest. "We are gearing towards privatization," MRT3 chief...

Harbour Centre offers to manage Subic port; Swiss challenge sought.
February 26, 2010... Byline: Jessica Anne D. Hermosa The state agency in charge of privatizing ports in Subic formally accepted Harbour Centre Port Terminal, Inc.'s unsolicited bid to develop and manage portions of the naval supply depot late on Wednesday. The...

High court reaffirms ruling vs PNCC deal.
February 26, 2010... Byline: Ira P. Pedrasa The Supreme Court is standing pat on its decision to declare illegal state-led Philippine National Construction Corp.'s (PNCC) deal to pay P6.185 billion to an offshore firm for old debts, saying the ruling is final as...

IMI posts $10-M '09 profit.
February 26, 2010... Ayala-led Integrated Micro-electronics, Inc. (IMI) earned $10 million in profits last year, reversing a $16-million loss in the previous year following cost-cutting measures amid an economic downturn. Due to lower demand, revenues dropped by...

Nido gets equipment.
February 26, 2010... Australia's Nido Petroleum Ltd. has secured equipment needed for commercial production at its oil field in the northwest Palawan basin. In a report to regulators, Nido Petroleum said it had awarded the contract for production processing...

Mall eyes 'first-timers'.
February 26, 2010... DAVAO CITY - The Ayala Malls Group will bring to its 10-hectare mixed- use Abreeza project here several stores that are first-timers in this city. Maria Victoria E. Anonuevo, group head, said these stores will make the project, a joint venture...

More bandwidth added.
February 26, 2010... The Philippine Long Distance Telephone (PLDT) Co. has activated another phase of its digital fiber optic network (DFON) to boost its broadband network. In a statement, PLDT said the DFON's 12th phase, worth P600 million, brings an additional 320...

Joint venture sealed.
February 26, 2010... The local unit of Canadian miner TVI Pacific, Inc. and Consunji-led DMCI-CERI has already finalized their joint venture agreement for the exploration of the Canatuan copper project in Zamboanga del Norte. TVI Resource Development (Phils), Inc....

Cadan raises $4.4M.
February 26, 2010... KORONADAL CITY - Cadan Resources Corp., an emerging gold-silver producer in the country, has raised about $4.4 million to push projects in Mindanao, the Canadian company said. John D. Anderson, Cadan Resources chairman, said in a statement...

Outsourcing firm calls for skills registry to reduce 'poaching'.
February 26, 2010... Byline: Emilia Narni J. David To discourage "poaching" of workers, the business process outsourcing (BPO) industry should create a skills registry to provide more information on skills of job applicants. Madhusudan Menon, country manager...

Utility wants dispute discussed 'internally'.
February 26, 2010... Byline: Leonardo B. Corrales CAGAYAN DE ORO CITY - Issues of mismanagement raised by workers against this city's water district should be resolved internally, rather than in public, the agency's spokesperson told BusinessWorld. "It is an...

TAXWISE OR OTHERWISE.
February 26, 2010... Byline: Karen Grace L. Enriquez In the final stage of the cycle of life, you will find the elderly, senior citizens. Senior citizen, as defined in Wikipedia, is a widely used polite designation for an elderly person and it implies that the...

Rockefeller heir: philanthropy beyond charity, allocation of money.
February 26, 2010... Byline: Sam L. Marcelo Peggy Dulany, fourth-generation heir to the Rockefeller fortune and founding chairman of Synergos Institute - a New York-based independent nonprofit organization dedicated to creating effective, sustainable and locally...

Cabinet members heed court ruling, quit positions.
February 26, 2010... Byline: Gerard S. dela Pena and Ira P. Pedrasa FOUR CABINET officials have quit even before the government files its petition to reverse a Supreme Court ruling that deemed appointed officials running for public office as resigned. Those...

EDSA railway loop to open on March 15.
February 26, 2010... Byline: Gerard S. dela Pena OVER A million commuters in Metro Manila would benefit next month from the new line that connect Light Rail Transit (LRT) line 1 and Metro Rail Transit (MRT) line 3 along Epifanio delos Santos Ave. (EDSA). The...

Gains of People Power threatened by partisan politics, Arroyo warns.
February 26, 2010... Byline: Jhoanna Frances S. Valdez THE GAINS of People Power 24 years ago may be negated by partisan politics if the people would not be vigilant in preserving its unifying cause: the restoration of democracy, President Gloria Macapagal-Arroyo...

Companies even more upbeat (Improved sentiment mirrors that abroad,.
February 26, 2010... Byline: Don Gil K. Carreon Rose-tinted glasses are again in fashion among businesses which have become even more bullish about the economy, the Bangko Sentral ng Pilipinas (BSP) yesterday said. In a briefing yesterday, central bank...

Imports drop within target following December uptick.
February 26, 2010... Byline: Gloria Krisana L. Gallezo Double-digit growth in merchandise imports for December allowed a forgone contraction for the year to fall within forecasts, with a rebound in electronic product shipments - the first in 22 months -...

Manufacturing output extends rebound in Dec.
February 26, 2010... Byline: Ma. Aizl Camille B. Cabarles Factory output grew by 11% in December last year, benefiting from a revival in exports on the back of a slowly recovering global economy. The volume of production index rose to 89.2 index points, which...

El Nino-caused water lack could peak in June.
February 26, 2010... Byline: Jose Bimbo F. Santos About a fifth of Metro Manila and two adjacent provinces may experience a significant lack of water by midyear due to El Nino, a state agency yesterday said. Metropolitan Waterworks and Sewerage System (MWSS)...

SPECIAL FEATURE: Quarterly Trust Industry Report.
February 26, 2010... Bucking the market downtrend drawn by the global financial crisis, BPI Asset Management grew 50% year-on-year, contributing to the trust industry's resilient performance in 2009. By composition of assets, BPI's trust and other fiduciary...

IN THE WORKPLACE.
February 26, 2010... Byline: Reylito A.H Elbo I am a senior supervisor who served under five different managers in our 20-year-old company. All of these managers have the same bad habit of delaying my annual appraisal that adversely affected the release of my...

Feed wheat imports expected to reach 700,000 MT in 1st half.
February 26, 2010... Byline: Kristine Jane R. Liu AS MUCH AS 700,000 metric tons (MT) of feed wheat is expected to enter the country in the first half to offset a possible shortage in corn supply, a ranking Agriculture official told reporters yesterday. "That...

Large companies targeted for 55% of tax goal.
February 26, 2010... THE BUREAU of Internal Revenue's (BIR) Large Taxpayers Service (LTS) has been tasked to collect 55.3% of the agency's total collection goal this year. BIR Assistant Commissioner for Large Taxpayers Service Nestor S. Valeroso told reporters...

Debt issue awaits Palace OK.
February 25, 2010... Byline: Don Gil K. Carreon State lender Land Bank of the Philippines (Landbank) is hoping to hold its fund raising in March, with only Malacanang's nod for the issue of up to $150 million in hybrid Tier 1 capital being awaited. "We have...

Peso slips amid negative news.
February 25, 2010... Byline: Judy Dannibelle T. Chua Co The peso weakened against the greenback yesterday, shedding 12 centavos to close at P46.17 per dollar. "Despite the weaker-than-expected Consumer Confidence Index report, there was risk aversion which...

Pag-IBIG readies more loans for housing.
February 25, 2010... Byline: Louella D. Desiderio The Home Development Mutual Fund, commonly called the Pag-IBIG Fund, has hiked its allocation for housing loans by 10.5% this year, as it expects more people to tap the fund for their housing needs. Pag-IBIG...

PSEi falls as consumer confidence tumbles.
February 25, 2010... Byline: Judy Dannibelle T. Chua Co Share prices continued to track Wall Street's decline with the benchmark Philippine Stock Exchange index (PSEi) losing 1.06% or 32 points yesterday to close at 2,981.14. The broader all-share index...

COURTSIDE.
February 25, 2010... Byline: Anthony L. Cuaycong I'm not embarrassed to admit it: I would've relished seeing Allen Iverson play in the National Basketball Association All-Star Game. I know, I know; I was on his case when he took the Grizzlies for a ride early...

Health department to ban entry of mercury products.
February 25, 2010... Following movements to ban mercury globally, the Department of Health (DoH) said it will recommend the ban on importation of mercury products. Health Secretary Esperanza I. Cabral, in a meeting with environmental health group Health Care...

Sony Ericsson to send Filipino flag bearer to FIFA World Cup in South.
February 25, 2010... A Filipino child will get the chance to experience the 2010 FIFA World Cup live on the pitch in South Africa. Sony Ericsson has opened a video competition that will bring the country's first FIFA flag bearer to a FIFA World Cup match in July,...

GSK bares plans to help poorest countries.
February 25, 2010... Andrew Witty, chief executive of GlaxoSmithKline (GSK), recently announced a series of new actions targeted at further transforming the company's approach to diseases that disproportionately affect the world's poorest countries. In a speech...

CONSUMER GUIDE.
February 25, 2010... Solutions for medical practitioners launched A technological advancement that saves time and life, SyncBio, a medical software which was created by an all-Filipino IT team, is made available in the market today to help doctors stay in their...

BRIEFS.
February 25, 2010... Forum scheduled Marcus Evans brings the third Annual CFO Forum on March 9-10 at the New World Hotel, Makati City. This conference will provide insights on the following: A new paradigm: CFO in challenging times as the corporate strategist and...

Vendor of sweets.
February 25, 2010... Byline: Johanna D. Poblete In 16th-century America, it's said that you could buy a slave for 100 cocoa beans, the services of a lady of pleasure for 10 cocoa beans, and a rabbit for dinner with four cocoa beans; while it's no longer used as...

RESTAURANT ROW.
February 25, 2010... Dusit Thani Manila Benjarong's Master Thai Chef Phacharaporn "Tun" Noinak reveals the secrets of her Thai kitchen to every cooking aficionado all Saturdays of March, from 10:30 a.m. to noon. Enroll for P1,200 net per person. The registration...

ERRATUM.
February 25, 2010... IN THE story titled "Alien Invasion" which came out on Feb. 24, the wrong time was given. Art In The Park opens at 2 p.m. - not 7 a.m. - and ends at 10 p.m. on Feb. 27 at Jaime Velasquez Park, Salcedo Village Makati City. Also, in the online...

The master plan.
February 25, 2010... Byline: Johanna D. Poblete Alain Ducasse has 25 restaurants in 10 countries, with three restaurants awarded triple Michelin stars in Monaco, Paris and most recently London - and yet for someone widely regarded as the original "celebrity haute...

SPECIAL FEATURE: health guide.
February 25, 2010... Byline: Hannah M. Muralla If the metro's weekly marathons are anything to go by, urbanites seem to be increasingly eschewing gym treadmills and the extra hours of sleep on a Sunday morning to test their speed in the open air. Healthy,...

SPECIAL FEATURE: health guide.
February 25, 2010... Byline: Victoria T. Vizcarra To have a weight room under the same roof as a fully-stocked fridge, a comfy couch and a home theater system may seem like a self-defeating scenario. But between the local gym and the familiar corners of your own...

SPECIAL FEATURE: health guide.
February 25, 2010... Byline: Katrina Paola B. Alvarez A member of the mint family, basil is behind pesto's flavorful bite and is a signature ingredient in many Thai dishes. But this ordinary- looking leaf also packs a ton of nutrients, among them vitamin A,...

SPECIAL FEATURE: health guide.
February 25, 2010... Males, who on the average are taller and bigger than females, generally have larger appetites. And recent studies suggest that men residing in urban areas and living sedentary lifestyles are also more likely to be overweight than the women...

SPECIAL FEATURE: health guide.
February 25, 2010... Exercise machine manufacturer Cybex International designs new equipment through its research arm, the Cybex Institute for Exercise Science. The institute has been tasked to apply future concepts to the firm's products and ensure that these...

SPECIAL FEATURE: e-Services.
February 25, 2010... The 10th e-Services Global Sourcing Conference and Exhibition ended on a high note with 106 local information and communication technology (ICT) companies and close to 1,400 trade buyers and visitors from the United States, China, Japan, United...