BusinessWorld (Philippines) articles from February 2012, page 9

BusinessWorld (Philippines) archives from February 2012

Globe resorts to revamped discounts.
February 15, 2012... Byline: Cliff Harvey C. Venzon AMID GROWING competition in the telecommunication industry, Ayala-led Globe Telecom, Inc. has resorted to new discounts. Chee Loo Fun, Globe's Telecom head for consumer marketing, said the new promotions were...

PNOC-EC mulls P5.48-billion spending plan.
February 15, 2012... STATE-RUN Philippine National Oil Co.-Exploration Corp. (PNOC-EC) is mulling plans to spend P5.48 billion for 2012 to bankroll investments and exploration work, documents obtained yesterday showed. The figure proposed by a committee, if...

Shares crossed.
February 15, 2012... DIVERSIFIED CONGLOMERATE San Miguel Corp. transacted and crossed P8.67-million worth of common shares last Friday to partly accommodate $600-million worth of convertible bonds issued last May, a disclosure to the local bourse showed yesterday....

Decline posted.(Financial report)
February 15, 2012... CARMEN COPPER Corp. a subsidiary of Atlas Consolidated Mining and Development Corp. reported an increase in its ore production but a decrease in estimated shipment revenue last month from the same period the year previous. Atlas, in a...

Rating issued.
February 15, 2012... DEBT WATCHER Philippine Ratings Service Corp. (PhilRatings) has assigned its top score to the San Miguel Brewery, Inc.'s P20-billion bond issuance, citing the beer maker's allegedly strong corporate fundamentals. Following a recent review, the...

Acquisition bared.
February 15, 2012... THE BIG Chill, Inc., a subsidiary of AgriNurture, Inc. (ANI), is acquiring all branches of a local pastry chain Sugarhouse, a statement released yesterday showed. The ANI unit reportedly has already signed a memorandum of agreement (MOA) for the...

Projects detailed.
February 15, 2012... MAYNILAD WATER Services, Inc. will put up two wastewater facilities in Quezon City and Manila this year, the company said in a statement yesterday. Maynilad will put up a sewage treatment plant in Barangay Sto. Domingo in Quezon City and a...

Lawmaker seeks probe on increase in PhilHealth premiums.
February 15, 2012... Byline: Antonio Siegfrid O. Alegado with Mariae Francesca C. Ramos A LAWMAKER has sought a probe on the 100% increase in members' contribution imposed by a state-owned insurance corporation despite the government's "generous" budgetary...

Palace allays fears of JFC on mining EO.
February 15, 2012... Byline: Johanna Paola D. Poblete MALACANANG has assured that the executive order (EO) reconciling the country's policies on mining will take into consideration the concerns of all stakeholders in a "workable" solution to current issues, but...

Investigation set on water poisoning.
February 15, 2012... Byline: Louie O. Pacardo KORONADAL - The City Environment and Natural Resources Office (CENRO) will conduct an investigation on alleged mercury contamination of a local water channel that brought damage to crops of farmers in Barangay...

Oil firms increase prices; 8th adjustment this year.
February 15, 2012... Byline: Emilia Narni J. David OIL FIRMS Petron Corp., Pilipinas Shell Petroleum Corp., Seaoil Philippines, Inc., Chevron Philippines, Inc. and Total (Philippines), Inc. increased prices of petroleum products early yesterday morning. The...

Santiago warns of disbarment for fake documents.
February 15, 2012... A SENATOR-JUDGE at yesterday's trial said prosecutors may be punished if the Senate, sitting as impeachment court, proves that they attached inauthentic records in their request for subpoena. "One cannot base a request for subpoena on an...

Bill seeks changes to confidentiality law.
February 15, 2012... Byline: Antonio Siegfrid O. Alegado ISSUES that were raised on the secrecy of certain bank accounts in the impeachment trial of Chief Justice Renato C. Corona prompted a lawmaker to file a bill amending a 27-year-old law governing foreign...

Del Castillo camp says raps are 'baseless'.
February 15, 2012... Byline: Noemi M. Gonzales SUPREME COURT (SC) Associate Justice Mariano C. del Castillo's camp yesterday insisted that impeachment raps against the magistrate are baseless, adding it was meant to reverse the ruling on the complainants. ...

Extend retrieval operations, local officials plead.
February 15, 2012... Byline: Mariae Francesca C. Ramos LOCAL OFFICIALS from quake-hit La Libertad and Guihulngan City in Negros Oriental appealed to extend search and retrieval operations eight days after a 6.9-magnitude quake struck the area. Rough weather...

Sotto says 'thorough' debates cause slow passage of bills.
February 15, 2012... Byline: Antonio Siegfrid O. Alegado A RANKING Senate official said that while the impeachment trial of Chief Justice Renato C. Corona has partly affected the legislative work of Congress, the dragging passage of "controversial" bills is...

CA junks NGCP request.
February 15, 2012... THE COURT of Appeals (CA) has junked the request of the National Grid Corporation of the Philippines (NGCP) to have taxes - worth over P200 million and imposed on it by a local government - be directed instead to its predecessor National...

37 OFWs repatriated.
February 15, 2012... THIRTY-SEVEN Filipinos were repatriated yesterday from Syria, the Department of Foreign Affairs (DFA) announced. In a statement yesterday, the DFA said that of these repatriates, 20 were overstaying and eight came from Homs, Hama and Daraa,...

Downpour raises fears.
February 15, 2012... DAVAO CITY - A heavy downpour on Monday night that lasted close to four hours stranded thousands of commuters here and forced residents of low-lying areas to seek higher ground. At the height of the downpour a text message circulated on rising...

Manila to get P9.2B.
February 15, 2012... THE MANILA CITY Council has appropriated a total of P9.2 billion to support the operations as well as other expenses of the city of Manila. The city council last Jan. 26 passed Ordinance Number 8263 allocating the P9.2 billion to be used as a...

New school to rise.
February 15, 2012... BACOLOD CITY - The Department of Education (DepEd) and the Bacolod city government will pool their funds to construct three schoolbuildings for a new elementary school here. Education Secretary Armin Luistro and Bacolod City Mayor Evelio R....

7-year T-bonds in high demand (Treasury opens tap facility today).
February 15, 2012... Byline: Ann Rozainne R. Gregorio INTEREST RATE of re-issued seven-year Treasury bonds fell at the auction yesterday amid high demand in the face of manageable inflation outlook. The government securities fetched 4.504%, 30.4 basis points...

Downgrades in Europe send peso reeling.
February 15, 2012... Byline: Ann Rozainne R. Gregorio THE PESO slid against the dollar on Tuesday after market players sought refuge in the greenback on news that Moody's Investors Service had slashed the credit rating of six European economies. After gaining...

Euro zone downgrades hit local stocks.
February 15, 2012... Byline: Franz Jonathan G. de la Fuente STOCKS retreated from the 4,800 level once more on Tuesday, as investors took profit in the face of credit rating downgrades Moody's Investors Service inflicted on several European economies. The...

COURTSIDE.
February 15, 2012... Byline: Anthony L. Cuaycong My father's an avowed Knicks fan, so it's no surprise to find him giving Jeremy Lin props at every possible opportunity. Whether with mahjongg buddies or after church service, he eagerly puts in his two bits' worth...

GIVE AND GO.
February 15, 2012... Byline: Michael Angelo S. Murillo The mid-tournament Philippine Basketball Association Commissioner's Cup kicked off at the weekend sans the festivities that mark the start of brand-new league seasons. But while it had little fanfare, the...

Titlist Dennis Orcollo off to a good start at World 8-ball in UAE.
February 15, 2012... Byline: Marlon Bernardino DEFENDING CHAMPION Dennis Orcollo of the Philippines stamped his class on little-known rival Nasser Al Mujaibel of Kuwait, 7-4, to lead the charge of the favorites on opening day of the 2012 World 8-ball Championship...

NCMF holds investment forum.
February 15, 2012... THE NATIONAL COMMISSION on Muslim Filipinos (NCMF), on its bid to strengthen Halal investment in the Philippines, recently held its 3rd annual NCMF Investment Forum in Cotabato City. NCMF is the lead agency in promoting and developing...

Epson Philippines hosts imaging contest.
February 15, 2012... EPSON PHILIPPINES Corporation (EPC), together with SM malls and SM Cyberzone, highlight the splendor of the Philippines through the EPSON Color Imaging Contest (CIC) 2011. With the theme "Beautiful Philippines", the Epson Color Imaging...

Etihad Airways posts financial results.
February 15, 2012... ETIHAD AIRWAYS, the national carrier of the United Arab Emirates, has reported a full year EBIT of $137 million, on revenues up 36.0 per cent to $4.1 billion (2010: $2.98 billion). The results included earnings before interest, tax,...

PEOPLE.
February 15, 2012... Philex names new head for Corporate Affairs IN A RECENT DISCLOSURE to the Philippine Stock Exchange (PSE), Philex Mining Corporation revealed the appointment of lawyer and former Press Secretary Michael T. Toledo as head for Corporate Affairs...

BRIEFS.
February 15, 2012... Roadshows held UNIVERSITY CONDOMINIUM 2 Torre Lorenzo recently held a successful roadshows before prospective investors in Macau and Singapore. Grand Metro Lorenzo Corporation (GMLC) president Tomas Lorenzo headed the 2 Torre Lorenzo team in...

ONSTAGE.
February 15, 2012... Byline: Juan Antonio Lanuza What a week this has been for theater lovers! We had decisions to make which sometimes would break our hearts. Since the good Lord did not deign us to be able to be in two places at the same time, with sad hearts...

Rizal reincarnated.
February 15, 2012... Byline: Sam L. Marcelo Two novels, a life that inspired several films, and a face stamped on the one-peso coin of the Philippines. Declaring that Jose Rizal's legacy should be a living one, the National Historical Commission of the...

MADE awards makes rule changes.
February 15, 2012... THE METROBANK Foundation has launched this year's edition of the Metrobank Art and Design Excellence (MADE) National Competition with new rules and increased cash prices. To mark the 50th anniversary of Metrobank, Metrobank Group Chairman Dr....

Of ballets and Broadway musicals.
February 15, 2012... Byline: Sam L. Marcelo Pusong Wagas, a contemporary ballet choreographed by Alden Lugnasin, closes the 42nd season of Ballet Philippines (BP). Co-produced by the local government of Mandaluyong, the dance is based on Patrick Alain T. Azanza's...

Art alfresco.
February 15, 2012... Byline: Sam L. Marcelo Art in the Park, an "affordable art fair" held outdoors, returns for the fifth time with extended hours and a higher ceiling price. This year, the event will stay open until midnight, giving buyers an additional two...

ARTS & CULTURE.
February 15, 2012... Altromondo ADDICTIONS, an exhibit of works by Cesar Caballero, is ongoing until Feb. 26. The gallery is located at the 3rd floor of Greenbelt 5 in Makati City. Galleria Duemila JOSE TENCE RUIZ's latest exhibit, Desiccated Proxies, is on...

Economic Indicators.
February 15, 2012... Byline: Judy Dannibelle T. Chua Co THE ANNUAL rise in retail prices of commodities in Metro Manila eased to 2.4% in December - the slowest in 2011 - amid sluggish hikes in food and fuel prices, data from the National Statistics Office (NSO)...

Economic Indicators.
February 15, 2012... Byline: Luis Nonito Q. Pasuelo MANUFACTURERS SLIGHTLY reduced the prices of their key products in December from a year ago, with producers of furniture and fixtures, transport equipment, and miscellaneous manufactures slashing their prices...

EQUILIBRIUM.
February 15, 2012... Byline: Dennis Botman The latest IMF World Economic Outlook (WEO) Update paints a grim picture of the global economy (available at http://www.imf.org/external/pubs/ft/weo/2012/update/01/index.htm). The global recovery is threatened by...

Sin tax reforms' impact detailed in Finance study.
February 15, 2012... Byline: Diane Claire J. Jiao CIGARETTES and distilled spirits will be hardest-hit of the so-called "sin" products should the government succeed in reforming the excise tax system. Cigarette consumption may drop by more than half by 2016...

Risk-taking claim rejected (Moody's analysis 'misinformed,' Bangko.
February 15, 2012... THE COUNTRY'S BANKS are unlikely to take on increased risks in the wake of changes to the reserve requirement framework, Bangko Sentral ng Pilipinas (BSP) officials yesterday said. A day after Moody's Investors Service issued a report that...

T-bond rate expected to drop.
February 14, 2012... Byline: Ann Rozainne R. Gregorio THE INTEREST RATE of re-issued Treasury bonds (T-bonds) up for auction today is expected to decline by up to 30 basis points (bps) from the rate they fetched at the previous auction, in the face of continued...

SDA funds keep rising.
February 14, 2012... Byline: Kathleen A. Martin FUNDS PARKED by banks in the Bangko Sentral ng Pilipinas' (BSP) Special Deposit Accounts (SDA) hit P1.721 trillion as of Jan. 20, data from the central bank showed. This, as banks await better investment...

ERRATUM.
February 14, 2012... The article on this page yesterday, titled: "PSBank raises P3B" erroneously reported that shares of the bank closed at P73.10 apiece on Friday, unchanged from the previous day. Before Monday, PSBank stocks were last traded on Thursday, ending at...

Bourse moves back into 4,800 territory.
February 14, 2012... Byline: Franz Jonathan G. de la Fuente STOCKS started the week's trades by extending gains from last Friday, though their rise was capped by investor caution despite a crucial Greek parliamentary approval of an austerity bill on Sunday. ...

COURTSIDE.
February 14, 2012... Byline: Anthony L. Cuaycong Phil Mickelson couldn't contain his elation in the aftermath of his come-from-behind victory at the Pebble Beach National Pro-Am yesterday. He used such superlatives as "awesome" and "amazing" to describe his...

GIVE AND GO.
February 14, 2012... Byline: Michael Angelo S. Murillo From a Fantasy League perspective, I was one of those that was not thrilled with the "Linsanity" phenomenon thundered down by New York Knicks guard Jeremy Lin the past week. With my team on the receiving end...

65th PAL Interclub: Luisita still challenging Canlubang.
February 14, 2012... LUISITA GOLF Club arrived in Davao City yesterday to sneak in two practice rounds before the start of the Philippine Airlines Interclub seniors golf championship which gets going Thursday (Feb. 16). Runner-up last year in Cagayan de Oro, the...

Australian scholarships offered.
February 14, 2012... AUSTRALIAN AMBASSADOR to the Philippines Bill Tweddell announced the opening of applications for Australia Awards for Development at the Masters and PhD levels in Australia for 2013. At least 120 post-graduate scholarships will be available...

Camerich Furniture bares new location.
February 14, 2012... SINCE CAMERICH FURNITURE was launched in the Philippines in 2010, it has fast become one of the favorite sources for beautifully crafted furniture that are priced comfortably. In the Philippines, Camerich furniture is exclusively carried by...

Accenture enters Fortune's top employers list.
February 14, 2012... ACCENTURE has been named to Fortune magazine's 2012 "100 Best Companies to Work For" list for the fourth consecutive year, ranking No. 92, up from No. 99 in 2011. The annual ranking, now in its 15th year, is a prestigious recognition of the...

PEOPLE.
February 14, 2012... Maybank ATR CEO named regional head MAYBANK ATR Kim Eng Financial Corporation President and Chief Executive Officer Manuel Tordesillas was recently named regional head, Investment Banking and Advisory of Maybank Kim Eng. As a regional...

BRIEFS.
February 14, 2012... Meeting scheduled THE FINANCIAL EXECUTIVES Institute of the Philippines (FINEX) will have Secretary Mar Roxas of the Department of Transportation and Communication as its guest of honor for its 2nd General Membership Meeting on Feb. 15 at the...

Montano banking on action resurgence.
February 14, 2012... Byline: Jeffrey O. Valisno Following the success of the action movie Manila Kingpin: The Asiong Salonga Story in the recent Metro Manila Film Festival, producers are more confident that local action films are headed for a revival this year....

New game show goes up against variety show giants.
February 14, 2012... Byline: Jeffrey O. Valisno The Pangilinan-led station TV5 continues with its counter-programming strategy by launching a game show on the Sunday timeslot dominated by formidable musical variety shows. The 30-minute game show Toink! Sino...

TO TAKE A STAND.
February 14, 2012... Byline: Mario Antonio G. Lopez Some time back, also in this column, I wrote on the results of the science and technology agenda-setting discussions among our different scientists and researchers based in research and development units, housed...

FENCE SITTER.
February 14, 2012... Byline: Antonio R. Samson It seems that the more successful a company is in terms of growth and profitability, the less concerned it is in looking for a replacement for the CEO responsible for talent management and business strategy. This...

MAP INSIGHTS.
February 14, 2012... Byline: Junie Del Mundo On the first week of May - when over 4,000 top executives, government ministers and bankers from 67 countries come to Manila for the 45th annual meeting of the Asian Development Bank (ADB) - the Philippines will have...

FRAMEWORK.
February 14, 2012... Byline: Elfren Sicangco Cruz The war against poverty cannot be won without a victory in the war against corruption. The private sector can be a major facilitator for poverty alleviation because of its capability to create market based...

BLUEBOARD.
February 14, 2012... Byline: Alma Maria O. Salvador The immediate response of both the ASEAN Secretariat and ASEAN Humanitarian Assistance Center to mobilize disaster and recovery resources and extend humanitarian aid to the Negros-Cebu region, recently struck by...

BIR to crack down on land tax cheats.
February 14, 2012... Byline: Diane Claire J. Jiao THE BUREAU of Internal Revenue (BIR) is developing an online facility to computerize the tax requirements in the registration of land titles in a bid to crack down on the falsification of documents that leads to...

Guidelines set to rationalize grant of incentives in gov't.
February 14, 2012... Byline: Diane Claire J. Jiao THE DEPARTMENT of Budget and Management (DBM) has set guidelines to rationalize the grant of collective negotiation agreement (CNA) incentives to government officials and employees. Budget Circular No. 2011-5,...

Digital maps to aid officials in development planning.
February 14, 2012... Byline: Carmelito Q. Francisco DAVAO CITY - Digital maps of Mindanao that will be completed early next year are expected to assist local officials in disaster risk management and the protection of the environment and natural resources, an...

Eastern Visayas coconut oil exports down.
February 14, 2012... Byline: Sarwell Q. Meniano PALO, LEYTE - Coconut oil exports from Eastern Visayas dropped last year as farmers preferred to sell whole nuts instead of processing these into copra (dessicated coconut). A report by the Philippine Coconut...

Tourism road projects eyed for Western Visayas.
February 14, 2012... Byline: Francis Allan L. Angelo ILOILO CITY - A total of 34 road projects leading to top tourist destinations in Western Visayas have been proposed for inclusion in a tourism infrastructure program. Helen J. Catalbas, Department of Tourism...

Kalibo airport upgrade receives funding.
February 14, 2012... Byline: Cliff Harvey C. Venzon THE FACILITIES of a tourist gateway in the Visayas will be improved and expanded under a budget recently approved by President Benigno S. C. Aquino III, a Cabinet official said yesterday "The president has...

Coco coir production in region sought.
February 14, 2012... Byline: Reyan L. Arinto PALO, LEYTE - The local office of the Department of Trade and Industry (DTI) will push for coco coir and coco peat production to meet the increasing demand for more environment-friendly products in the international...

Modern rice processing site to be completed this year.
February 14, 2012... Byline: Joel B. Escovilla DAVAO CITY - A rice processing complex in Davao del Sur that is expected to modernize processing is expected to be completed this year, an official said. "This postharvest facility aims at introducing modern...

Transport site eyed.
February 14, 2012... Byline: Louie O. Pacardo KORONADAL - The city government is eyeing a transport terminal complex in a soon-to-be-purchased prime property, a local official said "We will immediately work on the terminal's design and acquire more possible...

Local officials buck expansion of plantations.
February 14, 2012... Byline: Romer S. Sarmiento KORONADAL - An alliance of local government units (LGUs) has opposed further expansion of banana and pineapple plantations in a town in South Cotabato, an official said, citing environmental concerns. South...

Fund set for projects.
February 14, 2012... THE GERMAN embassy will provide P3 million to fund small-scale projects for poor communities in rural areas, a statement released yesterday said. The funds will provide direct assistance to nonprofit groups involved in projects on roads, water...

Poor areas in focus.
February 14, 2012... TACLOBAN CITY - A total of 55 poor cities and municipalities in Eastern Visayas are among the 600 focus areas in the implementation of a bottom-up budgeting approach, which will incorporate in the budget of key departments the priority...

Farm aid provided.
February 14, 2012... THE DEPARTMENT of Agriculture (DA) has provided provinces and cities in Northern Mindanao with P78 million worth of agri-fishery projects and farm implements, a press release said yesterday. According to the department, farmers, fisherfolk and...

LET'S TALK TAX.
February 14, 2012... Byline: Olivier Gil M. Beltran How important are the BIR Rulings issued by the Office of the Commissioner of Internal Revenue (CIR) to taxpayers? What happens when a previously issued BIR Ruling is revoked? Would the taxpayers in whose favor...

Bloomberry seeks more land in casino complex.
February 14, 2012... Byline: Franz Jonathan G. de la Fuente RAZON-LED Bloomberry Resorts Corp. is in talks with the government to secure more land at a planned 120-hectare entertainment complex for its casino hotel, a disclosure released yesterday showed. ...

Gov't in talks with Takenaka for more work at NAIA-3.
February 14, 2012... Byline: Cliff Harvey C. Venzon THE GOVERNMENT may again tap Japanese contractor Takenaka Corp., which has complained of not receiving payment for the unfinished Ninoy Aquino International Airport Terminal 3 (NAIA-3), for more work on the...

URC eyes foray into ethanol business.
February 14, 2012... Byline: Franz Jonathan G. de la Fuente FOOD MANUFACTURER Universal Robina Corp. (URC) has signaled its interest to venture into ethanol fuel production, a disclosure to the local bourse yesterday showed. The company's board of directors...

More mining mergers seen as risk appetite increases.
February 14, 2012... Byline: Bettina Faye V. Roc MORE MERGERS and acquisitions can be expected among companies in emerging mining regions including Asia this year, as the supply of affordable mineral deposits dwindle in richer countries, Ernst & Young said in...

Globe sets first tranche at P10B.
February 14, 2012... Byline: Emilia Narni J. David GLOBE TELECOM, Inc. plans to raise P10 billion from a planned P15- billion retail bond issuance this year to pay down old debts set to mature by end-February. "We initially wanted to borrow P5 billion then we...

200-MW power plant gets BDO funding.
February 14, 2012... Byline: Emilia Narni J. David A BROWN Co., Inc. has secured through its subsidiary a loan for a planned 200-megawatt (MW), coal-fired power plant in the Visayas, a disclosure to the local bourse yesterday showed. The two-unit, 200-MW...

Bank buys shares.
February 14, 2012... AUSTRALIAN MACQUARIE Bank Ltd. is subscribing to up to 150 million shares of NiHAO Mineral Resources International, Inc. (NiHAO), a disclosure from the local miner said. NiHAO halted the trading of its shares for an hour yesterday to announce...

Power firm hikes capital.
February 14, 2012... TRANS-ASIA Oil and Energy Development Corp. will double its authorized capital stock to P8.4 billion from P4.2 billion, the company said in a disclosure yesterday. "Subject to the approval of the shareholders and the Securities and Exchange...