BusinessWorld (Philippines) articles from January 2000

BusinessWorld (Philippines) archives from January 2000

Market Forces: Energizer needs energizing.
January 31, 2000... It's a pity President Estrada is not attending the annual meeting of the World Economic Forum in Davos, Switzerland. The forum, which ends tomorrow, is often referred to as the world's global business summit, bringing together nearly 2,000 of...

Dear Editor: Brokers buck report.
January 31, 2000... We wish to respond to the article in the BusinessWorld of January 17, 2000, titled "Brokers signify intentions to become SCCP members." Chairman Perfecto Yasay wrote a letter last December 21, 1999 requiring PSE members to choose if they...

Fast Forward: Coup pals.
January 31, 2000... Rumors of a brewing coup d' etat against the Estrada administration continue to percolate in the public fore amidst the President's plummeting approval ratings. Nobody seems to pinpoint who the mongers are and on what and whose source they...

Loan restructuring rules best left to Bangko Sentral.
January 31, 2000... Financially distressed companies may not get much help from the newly created Economic Coordinating Council (ECC) in pushing for the easing of prudential regulations on loan restructuring. ECC member and Socioeconomic Planning Secretary...

Sugar industry.
January 31, 2000... The Philippine sugar industry will need $1.2 billion in investments over three years to make it competitive, a study by the Land Bank of the Philippines shows. This amount should finance the "environmental" rehabilitation of existing sugar...

Incentives pushed.
January 31, 2000... The committee on ways and means of the House of Representatives has submitted for plenary debates House Bill 1199 that seeks to grant incentives for investments in "high technology manufacturing" that are already being offered in neighboring...

DA budget cut.
January 31, 2000... Agriculture Secretary Edgardo J. Angara last Saturday predicted that farm production will likely sustain its growth this year even if Congress reduces the Department of Agriculture's (DA) proposed P21.8-billion budget for the current year....

Oil prices going up this week.
January 31, 2000... After a three-month freeze, the government said oil companies may now increase their pump prices, although it assured that any increase will have a minimal effect in the economy. Oil companies, on the other hand, confirmed that pump...

After 3.2% '99 growth, economy seen more lively now.
January 31, 2000... "I can be wrong this time," said an upbeat Socioeconomic Planning Secretary and concurrent National Economic and Development Authority director-general Felipe M. Medalla last Friday when asked about the government's growth targets this year....

Senate insider trade probe cites two directors of BW Resources.
January 31, 2000... Two directors of controversial gaming firm BW Resources Corp. are said to have served two masters which, in the capital market, is considered a mortal sin. Sen. Raul Roco, head of the Senate committee on banks, financial institutions and...

Coconut oil industry pioneer normal operations doubtful.
January 31, 2000... CEBU CITY - External auditors of Lu Do & Lu Ym Corp., a pioneering company in coconut oil and corn starch production in the country, noted conditions that raise doubts about the company's ability to continue "normal" operations. In notes...

IMF not against lockup period on forex funds.
January 31, 2000... The International Monetary Fund approves of the Bangko Sentral's move to tighten foreign exchange market monitoring and impose a holding period on foreign funds invested in time deposits, a senior monetary official said. On the other...

THIS WEEK: STOCK PICKS.
January 31, 2000... Bank of the Philippine Islands Recommendation: BUY While the local bourse is under siege amid the bleak sentiment of business and political concerns these days, this could be the time to buy into cheap, yet fundamentally sound...

Newspoint: Credibility.
January 28, 2000... The late American sci-fi writer Isaac Asimov once retold a humbling joke his car repairman had told him. A deaf-and-dumb customer goes into a hardware store for some nails. He puts two fingers together on the counter and makes hammering...

Fast Forward: Twilight zone lunch.
January 28, 2000... I've heard of power lunches, but this was different and totally mind-blowing. In front of me sat Dean Armando Malay, the "Dean of Philippine Journalism" himself, a cigarette perpetually perched like a smoking parrot on his long, graceful...

Flagship projects.
January 28, 2000... The Senate is set to look into delays in the implementation of flagship projects, supposedly brought about by lack of personnel and insufficient budget of the Presidential Committee on Flagship Programs. Senator Gregorio B. Honasan, who is...

Loan pullout threat.
January 28, 2000... Three Senate committees are set to look into the reported plan of three international donor institutions to pull out loans given delays in the implementation of official development assistance projects. Senate president Blas F. Ople, who is...

Sugar for the US.
January 28, 2000... The Philippines is now ready to ship out 103,021 metric tons (MT) of raw sugar for the United States market, the Sugar Regulatory Administration (SRA) said yesterday. The volume covers the Philippines' export commitment for three quarters....

Asian glass outlook.
January 28, 2000... Glass manufacturers all over Asia are optimistic that the glass-making industry will experience growth this year despite uncertainties over recovery in the construction business. Singapore Glass Merchants and Glaziers Association executive...

Metal output drop.
January 28, 2000... Metal production dipped 20.2% last year with the total value of all metals reaching P13.2 billion, down from P16.6 billion back in 1998, preliminary data from the Mines and Geosciences Bureau (MGB) indicate. The MGB blamed the drop on the...

Auto warranties bill.
January 28, 2000... A bill that seeks to require car manufacturers to provide minimum warranties for their cars was introduced recently at the Senate. Senate Bill 1860, authored by Senator Aquilino Q. Pimentel, Jr., requires car manufacturers and dealers to...

TAX CLINIC.
January 28, 2000... Tax Exemption This refers to a letter which was referred to this office by the regional director of Revenue Region No. 7, Quezon City, requesting for a certification to the effect that the Philippine Health Insurance Corporation (PHIC)...

Controls on speculative capital needed, says UP professor.
January 28, 2000... A University of the Philippines (UP) professor, the only Filipino invited to speak before the World Economic Forum (WEF) in Switzerland which starts today, will ask world leaders to impose international controls in the flows of capital to...

Private sector's pessimism expected by gov't - Medalla.
January 28, 2000... Regardless of whether or not the economy meets or exceeds this year target growth rate of at least 4%, the private sector's faith in the country's economic performance will most likely remain pessimistic. This was the assessment...

Better collection, not tax increases, needed to achieve BIR revenue goal.
January 28, 2000... Following reports that Congress wants to increase taxes on "sin products," the Bureau of Internal Revenue (BIR) said they do not need the increase to reach their revenue target for this year. A source from the bureau who requested...

$950M riding on OK of power reform bill.
January 28, 2000... Malacanang is asking Congress to fast-track the approval of the proposed Omnibus Power Reform Act, noting that close to $1 billion in foreign funding is "riding on its approval." Energy Secretary Mario V. Tiaoqui was set to make a...

Additional rice imports mulled.
January 28, 2000... The country may bring in close to 180,000 metric tons (MT) of rice this year as the National Food Authority (NFA) yesterday said it is planning to allow the private sector to import 20,000 MT on top of a 159,000 MT volume which the NFA will...

Diplomatic community watching suit vs GSIS.
January 28, 2000... Foreign investors are closely watching the brewing legal battle between the Government Service Insurance System (GSIS) and a consortium of three Korean and two local banks. A lawsuit was recently filed against GSIS and telecommunications...

Gov't open to negotiated sale of 30% PNB stake.
January 28, 2000... Anticipating the possibility of a failed bidding, the Department of Finance (DoF) yesterday said it may enter into a "negotiated sale" for its 30% stake in the Philippine National Bank (PNB). At his first press conference after assuming...

Landbank, Metrobank unit joint underwriters for gov't.
January 28, 2000... The Department of Finance (DoF) has tapped state-owned Land Bank of the Philippines and First Metro Investment Corp. of the Metrobank Group as joint underwriters for the P4-billion privatization bonds it will sell this quarter. The DoF...

SPECIAL FEATURE: Digital Technology: A dream come true for Countdown 2000 winner.
January 28, 2000... It was just mere luck that made him an instant millionaire. This is what Mr. Joseph Eric Locson of Bacolod City thought when he won the grand prize of one million pesos in the recently concluded "Digital LG... Countdown 2000" raffle promotion...

Daet judge charged at SB.
January 28, 2000... The Office of the Ombudsman filed the other day extortion charges against Camarines Norte judge Owen B. Amor at the Sandiganbayan (SB). This was after the judge was arrested by members of the Presidential Anti-Organized Crime Task Force...

Ecstasy tablets seized.
January 28, 2000... The Philippine National Police Narcotics Group has seized P1.4 million in illegal "ecstasy" tablets after two separate operations in Mandaluyong and Pasig cities. Ecstasy is a prohibited drug which costs P1,500 per tablet in Metro Manila's...

Three Moro rebels killed.
January 28, 2000... Three Moro rebels were killed during an encounter with government troops in Carmen, Cotobato. A report from the Armed Forces Southern Command states a team of soldiers from the 39th infantry brigade was on a routine security patrol in Sitio...

Customs official nabbed.
January 28, 2000... The presidential anti-smuggling task force Aduana apprehended the other day a Customs official and two suspected smugglers for bribery. Task force commander Lt. Gen. Jose M. Calimlim said yesterday Aduana will file a case against Indian...

PNP banks on visibility.
January 28, 2000... The Philippine National Police (PNP) is banking heavily on "police visibility" to deter crime, it said in a statement yesterday. And to ensure visibility, it would field as much as 85% of PNP personnel for patrol duties. It will also tap...

New housing project on.
January 28, 2000... Nongovernmental organization Habitat for Humanity Philippines (HFHP) started yesterday the construction of 110 housing units that will eventually lead to the creation of a new community in Las Pinas City. The housing project, which is in...

Chinese mining company to fund P5-B Atlas rehab.
January 28, 2000... Australian and British-led Minoro Mining and Exploration Corp. has tapped state-owned China Nonferrous Metal Industry to invest in the rehabilitation of the Atlas Consolidated Mining and Development Corp., one of the oldest mining firms in...

SMC to issue long-term commercial debt papers.
January 28, 2000... Food and beverage firm San Miguel Corp.(SMC) is set to offer P2 billion in debt papers, raising cash to meet maturing debts. British bank HSBC Corp. is underwriting a P2 billion worth of long-term debt papers for the food and beer...

Creditor banks to discuss moves to help prop up National Steel.
January 28, 2000... Major creditor banks of ailing National Steel Corp. (NSC) will meet at Iligan City today to discuss their moves on the steel firm, a source from the industry said. The meeting was arranged by semi-private Philippine National Bank (PNB),...

Pantranco workers ask Supreme Court to order release of P60-M Marcos money.
January 28, 2000... Impatient by the snail's pace by which the Sandiganbayan has been trying to determine the true ownership of sequestered Marcos assets, workers of the defunct Pantranco North Express, Inc. (PNEI) asked the Supreme Court to compel the...

Meet P3: Honda's humanoid robot.
January 28, 2000... Car maker Honda Motor of Japan announced its new baby yesterday - not another model to run the race tracks but a humanoid robot, structured like a human being and can walk and move like you in some ways. It's called P3, a robot that can...

Citisec asked why trainees allowed to trade securities.
January 28, 2000... Citisecurities, Inc. (Citisec) will have to explain to the corporate regulator why it allowed investment analyst trainees to engage in buy and sell transactions without the proper licenses. In a meeting yesterday, the Commission en banc -...

Business Case Law: Concept of attorney's fees.
January 28, 2000... In the ordinary sense, attorney's fees represent the reasonable compensation paid to a lawyer by his client for the legal services he has rendered to the latter. On the other hand, in its extraordinary concept, attorney's fees may be...

PAL on Taiwan flights.
January 28, 2000... Philippine Airlines, Inc. (PAL) welcomes an increase in the frequency of charter flights operated by air charter companies from Taiwan to the Philippines as a means of easing the absence of regular scheduled services between the two...

Senate subpoenas records on BW.
January 28, 2000... The Senate has ordered Securities and Exchange Commission chairman Perfecto R. Yasay, Jr. to produce records of the commission's en banc meetings on BW Resources Corp. In a letter, Sen. Raul S. Roco also directed Mr. Yasay to divulge the...

Erap vows to work closer with business.
January 28, 2000... Acknowledging he has yet to win the confidence of the business sector, President Estrada Wednesday night told a gathering of the country's major business organizations his administration has a vision and a plan of action, contrary to...

BankAccounts: BSP circular on forex curbs: the inside story.
January 28, 2000... Too close for Liling Finance chief Titoy Pardo seems to have become too close for comfort with his counterpart at the Bangko Sentral. Asked by reporters last Monday whether high rates would prompt him to reject bids in the next day's...

Mart sinks to 6-week low, spooked by forex curbs.
January 28, 2000... Share prices were hammered for the fourth day yesterday, as foreign investors further got spooked by a dollar investment lockup set by the central bank. Philippine stocks' blue-chip barometer tumbled to a six-week low, singed by the...

SPECIAL FEATURE: Digital Technology: LG Electronics optimizes digital technology in Flatron.
January 28, 2000... Realism is essential in anything presented on television. Whether it be a fight scene in an action movie or lions devouring their prey or a close-up shot of fruit being sliced by some chef on a cooking show, the viewer needs to see, hear and...

Shame campaign unconstitutional (Court says Lim spray painting violates rights).
January 28, 2000... Interior and Local Government Secretary Alfredo S. Lim's spray-painting shame campaign against drug traffickers is unconstitutional. Thus declared the Court of Appeals yesterday as it decided the nearly three-year-old petition against a...

Operating hours of MRT cut.
January 28, 2000... After lower fares come shorter hours. The Department of Transportation and Communications (DoTC) decided yesterday to temporarily shorten the operating hours of the Metro Rail Transit (MRT) on EDSA. Thus, starting today, MRT or Metrostar...

500 troops, cops told to guard RP, US soldiers attending joint war exercise.
January 28, 2000... At least 500 soldiers and police personnel will be on hand to protect Filipino and American servicemen from possible harm during a month-long joint military exercise that starts next week. Intelligence Service of the Armed Forces of the...

DENR chief orders serving of violation notice to Jumbo.
January 28, 2000... Environment and Natural Resources Secretary Antonio H. Cerilles ordered yesterday Metro Manila environment officials to issue a notice of violation to Manila Jumbo Palace, Inc. (MJPI). In a statement, Mr. Cerilles alleged the firm...

Mayors seek MM police chief's ouster for lack of consultation on relief order.
January 28, 2000... Metro Manila mayors are firm on their stand to oust National Capital Regional Police Office (NCRPO) director Chief Supt. Edgar B. Aglipay, Marikina City mayor Bayani F. Fernando said yesterday. He also denied allegations the mayors were...

Media to blame for RP's image problem abroad - Malacanang.
January 28, 2000... Malacanang admitted yesterday the Philippines has an "image problem" particularly among foreign fund managers and investors. Presidential spokesman Fernando T. Barican also told BusinessWorld that "negative" media reports about the...

First Gas financing.
January 28, 2000... Lopez-led First Gas Power Corporation (FGPC) expects to close a $375-million financial deal with creditor banks in February contrary to reports that the deal will be finalized this month. Francis Giles Puno, FGPC vice-president for finance,...

Gov't looks at 'cheaper' way to fund Calabarzon rail plan.
January 28, 2000... The government has decided on a cheaper way to build the P18.24-billion Manila-Calabarzon Express Commuter Rail-borrow from Japan's Obuchi Fund, but it is in a quandary how it can raise the counterpart money required by the Japanese...

Primetown asks buyers to look at other projects.
January 28, 2000... CEBU CITY - Primetown Property Group, Inc. (PPGI) has reportedly managed to convince some of the buyers of its residential condominium project in Mactan Island to transfer their investments to other ongoing projects. Construction of Gold...

Bataan LGU, Petron ink 'green' deal.
January 28, 2000... In a landmark move towards environment preservation, the public and private sectors agreed recently to create a comprehensive and long-term coastal resource management program for Bataan. Top officials of the Bataan provincial government...

Globe Telecom signs supply deal with Datacraft.
January 28, 2000... In the effort to stay afloat in the convergence issue, Globe Telecom GMCR, Inc. inked a $6.2-million supply contract with network and systems integrator Datacraft Communications Systems, Inc. that will enable the company offer broadband...

SPECIAL FEATURE: ERICSSON CORPORATE GOLF LEAGUE PHILIPPINES.
January 28, 2000... With golf being referred to as the perfect game for business interaction and hospitality, then the Ericsson Corporate Golf League presented by Ford is the best event for such. Golf has become an essential skill for Asia's top executives in...

Locally developed software performs voice commands.
January 28, 2000... "Just say the word" is perhaps one of the best assurances anyone could have nowadays, and that is all one needs to do if he were to let a computer software developed by a local information technology company take care of the rest. Called...

DoT announces nine programs to protect Ifugao rice terraces.
January 28, 2000... Tourism Secretary Gemma Cruz-Araneta announced recently nine programs to be undertaken in connection with the effort to preserve and protect the rice terraces in Ifugao province for further generations. The nine programs which are...

Animation school opens in Manila.
January 28, 2000... Asia Pacific College and Kidz-TV.com in a news briefing announced the opening of the Institute of Animation Arts, the first animation school in the country. The school is a joint venture between the college and the Singapore-based...

Phil-Japan fest to open next month.
January 28, 2000... The Embassy of Japan, in cooperation with the Japan Foundation Manila Office and other organizations, both Filipino and Japanese, will launch the "Philippines-Japan Festival 2000" on Feb. 16, which will run through April. Since its...

Time names WorldPerks best frequent flyer program.
January 28, 2000... Northwest Airlines provides the best frequent flyer program according to Time readers in Asia. Time recently conducted as "Airline Images" survey, which asked readers about their travel habits, preferences and familiarity with 28...

COURT SIDE: Unreliable on and off court.
January 28, 2000... It must have been something Marlou Aquino ate. For the first time in a while, he managed to keep his wits about him and do the right thing. Not that the clouds that hovered above him have cleared. Since he was traded to Sta. Lucia by Ginebra...

RP at 4th place in Asian Team Classification.
January 28, 2000... The Philippine team placed fourth in the Asian Overall Team Classification of the first day of the Tour of Langkawi. The Philippines, seeking to regain the Asian overall team honor which it captured in 1998 but lost it in last year edition,...

Chess Piece: Reminiscing about Philippine chess (Part 1).
January 28, 2000... Last column, we presented to you the top 20 players of the Philippines, as per the latest rating list of the International Chess Federation (FIDE). This time, let us take a closer look at the top 20: 1. GM Eugene Torre (2557, 0 game) ...

Take Ten: Pa-kyut.
January 28, 2000... Since I wake up early these days, I watch those early morning shows on television. Both shows try to be very perky. That doesn't surprise me since a lively pace can rouse us from sleep. A vivacious rhythm sets the pace for the day and leaves...

SPECIAL FEATURE: Insurance: Economic uncertainty stresses need for maximum preparedness.
January 28, 2000... With the onset of the new millennium comes the dynamic changes in the various sectors of society. These changes bring with them a sufficient degree of uncertainty for the future, especially in a country that is often rocked by an unstable...

SPECIAL FEATURE: Insurance: Technology transforms how insurers, financial services are doing business.
January 28, 2000... As leading insurance companies develop various constituencies worldwide, a market structure is now being developed in which investors in any time zone can trade insurers' shares on a global basis, according to Henry M. Paulson, Jr., chairman...

Hither and Thither: China's housing reform.
January 28, 2000... HONG KONG - The business sector in the Philippines is looking for a landmark deal to serve as a catalyst for renewed economic activity, much like the big merger deals of Wall Street serve as catalysts for the global economy. The recent...

ASEAN WATCH: Pushing for a new round.
January 28, 2000... WTO director-general Mike Moore isn't one who gives up easily. He's still bent on launching a new round of multilateral talks, despite the heavy odds tacked against him. During a visit to India earlier this month to consult with Indian...

SPECIAL FEATURE: Insurance: Going on a trip? Get some insurance.
January 28, 2000... Before sailing off on a cruise or testing your mettle on a hiking tour of the Himalayan mountains, make sure you have adequate insurance. Vacations usually cost thousands of pesos so it is important to have the proper insurance protection in...

SPECIAL FEATURE: Insurance: RP insurance industry registers growth of 3.62% year-on-year.
January 28, 2000... The insurance industry registered a modest growth of 3.62% over the previous year with premiums aggregating to P31.74 billion although there was a slight drop in the premiums generated by the non-life sector particulary the domestic insurers....

SPECIAL FEATURE: Insurance: Philam Group cements leadership in RP financial services industry.
January 28, 2000... For over half a century the Philippine American Life and General Insurance Company has been the largest and most diversified insurance company in the Philippines. Through the years, Philamlife has posted a steady growth that has now reached...

SPECIAL FEATURE: Insurance: A symbol of commitment to the Filipino (The Philamlife Tower).
January 28, 2000... The Philippine American Life and General Insurance Company (Philamlife) has moved its corporate headquarters to its new home, the $3.2-billion Philamlife Tower located right in the heart of Makati City's commercial and financial district. The...

SPECIAL FEATURE: Philippine Association of National Advertisers (Induction of Officers and Directors): Messages.
January 28, 2000... My warmest greetings to the Philippine Association of National Advertisers (PANA) as you hold your 1st General Membership Meeting and Induction of 2000 Officers and Board of Directors on January 28, 2000. Let me congratulate you for...

SPECIAL FEATURE: Digital Technology: Third-generation technology paves way for cheaper communications.
January 28, 2000... The advancements in the methods and tools of communication have certainly characterized the future. With the growing significance of the Internet and the high technology trend in mobile phone models, access to information and the exchange of...

SPECIAL FEATURE: Digital Technology: Digital photography becomes user-friendly.
January 28, 2000... Professionals and serious hobbyists have long yearned for a digital camera that is compact and light enough to be carried at all times while providing full control of a traditional film camera, and produces high quality images and prints. ...

Araneta, Keppel to jointly develop Bulacan property.
January 28, 2000... Gregorio "Greggy" Araneta III of Araneta Properties, Inc. (API) will finally make his much-planned township project come true with the help of a Singapore-based property company. A well-placed source requesting anonymity told...

WEEKENDER: The Medium & the Message: Leo Burnett embraces McDo crowd with new Kita-Kits ad.
January 28, 2000... "Makita lang kitang may ngiti sa mata, Makitang OK ka ako ay OK na. Makita lang kita, ako'* sumasaya, Basta't kausap kita, basta't kasama kita. Kita-Kits sa McDo. Magkita-kita lang, kung kailangan ako. Magkita-kita...