BusinessWorld (Philippines) articles from January 2001, page 5

BusinessWorld (Philippines) archives from January 2001

Terminated workers picket Cebu plastics firm compound.
January 26, 2001... CEBU CITY - Around 60 terminated workers of plastics manufacturer Mackie Industries Corp. picketed the compound of the Dacay Group of Companies to demand the full payment of their separation pay. "We have documents from the (Securities...

BankAccounts: Lobbying, jockeying for positions.
January 26, 2001... Here and there Former PNB and Westmont Bank director Boy Reyno is busy nowadays. After the Wincorp fiasco last year, Mr. Reyno reportedly distanced himself as much he could from ex-Finance chief Ed Espiritu. During the final days of the...

Private lawyers to take over corruption, ill-gotten wealth cases vs Erap.
January 26, 2001... Congressmen who were assigned as prosecutors in the impeachment trial of former president Joseph Ejercito Estrada are paving the way for private lawyers to pursue corruption as well as ill-gotten wealth cases against the ousted chief...

Faster growth seen as peso gains strength.
January 26, 2001... A stronger peso and improved investor confidence may yet allow the economy to grow at a fast clip this year, a Development Budget Coordinating Council (DBCC) official said yesterday. DBCC, an interagency council which reviews the...

Business Case Law: Notice of foreclosure.
January 26, 2001... The owners mortgaged to a bank several parcels of land located in Mati, Davao Oriental to secure loans that reached an aggregate amount of P3.5 million. Upon default, the bank foreclosed the mortgage on the properties. The notice of sale...

Norkis resumes normal work sked.
January 26, 2001... CEBU CITY - Norkis Group of Companies has dropped plans for the four-day workweek schedule and resume normal operations. Norkis Group spokesman Elberto E. Emphasis also urged other companies in Mandaue City to do the same as well as...

CCP leadership.
January 26, 2001... Cultural Center of the Philippines (CCP) president Armita B. Rufino was quoted by the CCP media relations group as saying last Wednesday she and members of the board are ready to submit their resignation letters to President Gloria...

Sue ousted President.
January 26, 2001... The management of Mondragon International Philippines, Inc., led by chairman Antonio U. Gonzalez, is pursuing plans to sue ousted President Joseph E. Estrada for allegedly destroying the company's business by conspiring with his associates,...

Public works ban.
January 26, 2001... The Commission on Elections yesterday issued Resolution No. 3479 prohibiting all government officials and employees from using public funds for any kind of public infrastructure works from March 30 until election day on May 14.

GMA's IT push.
January 26, 2001... President Gloria Macapagal-Arroyo, in a press conference in Malacanang yesterday, named Tourism Secretary-designate Richard Gordon and Transportation and Communications Secretary-designate Pantaleon D. Alvarez as concurrent information...

Dismiss graft cases.
January 26, 2001... Former Interior and Local Government Secretary Ronaldo V. Puno has asked the Sandiganbayan to dismiss graft cases against him, saying the questioned multimillion-peso contracts during his term were not even perfected.

Defense chief quits due to nat'l security adviser.
January 26, 2001... Defense Secretary Orlando S. Mercado yesterday resigned from the Cabinet over the appointment of retired Gen. Lisandro Abadia as the new National Security adviser. As this developed, President Gloria Macapagal-Arroyo has yet to accept...

GMA firm on settling rows.
January 26, 2001... President Gloria Macapagal-Arroyo intends to be a decisive Chief Executive, ready to exercise her powers to settle differences in opinion from within or outside her government and even quell a military coup. The new President, in her...

Lawyers group advises: Go slow on freeze orders.
January 26, 2001... A group of lawyers yesterday warned the Bureau of Internal Revenue (BIR) against hastily issuing freeze orders on several bank accounts of ousted President Joseph E. Estrada and his wife, as courts may nullify the "warrants of distraint" and...

Opposition solons to ride on legality issue; LAMP coalition flickers.
January 26, 2001... The new opposition in the Senate yesterday vowed to support moves questioning the legitimacy of the Macapagal-Arroyo presidency. Emerging from a closed-door meeting with opposition leaders at the Hyatt Regency Hotel in Manila, Senator...

Estrada officials face landfill case.
January 26, 2001... Two Cabinet members of ousted President Joseph E. Estrada face a P102.7-million graft case at the Office of the Ombudsman for awarding the Semirara landfill project in Caluya, Antique, to two private contractors, and advancing the payment of...

'Recognition' fails, but 'support' OK.
January 26, 2001... Despite a change in leadership backed by the new administration, the House of Representatives failed to pass a resolution "recognizing" President Gloria Macapagal-Arroyo's presidency Wednesday evening. The new majority attempted to...

Philippine Stock Exchange as of January 25, 2001.
January 26, 2001... Stks Name Volume High Low Close Code BANKS & FINANCIAL SERVICES Banks BPI Bank of the Phil. Islands 979,900 71.5 69.5 71 EBC Equitable PCI Bank 169,300 58.5 57 58.5 MBT Metropolitan Bank 191,910 242 236 240 PNB...

Another ex-gov't official named to Metrobank board.
January 25, 2001... Another top former government official has joined the 11-man board of directors of the Metropolitan Bank and Trust Co., the country's largest bank by assets. In a disclosure to the Philippine Stock Exchange yesterday, Metrobank said...

The View from Taft: Pimentel at the GSB.
January 25, 2001... Last January 13, Senate President Aquilino "Nene" Pimentel met with the De La Salle Graduate School of Business (GSB) faculty and students for a symposium on "The Impact and Implications of the Impeachment Trial on the Political Future of Our...

Upshot: Tales of healing.
January 25, 2001... Sister Raquel Reodica, RVM, has been featured in this column in the past for her healing power that has saved many people from all types of sicknesses and pain. Here are some anecdotes about her. On January 4, 2001, a poor 80-year-old...

Point of View: Two Estrada documents.
January 25, 2001... There seems to be a growing excitement about two documents which were issued by the former President Estrada last January 20. I am not sure which document came first, but in my view it does not really matter. One document is a brief...

Point of View: Democracy and two presidents.
January 25, 2001... Consider the similarities and contrasts in the symbolic practices of democracy and democratization that were manifested during the long eventful Saturday of 20 January 2001 in two separate but historically linked geographic sites and...

Street Strategist: Fundamental law.
January 25, 2001... "The single greatest test of the equity of the law is not the application of its general rule but how it handles its exceptions. The law is defined by its exceptions not by its rules. The brilliant students of law shine by mastering the...

Dear Editor: Count this as a vote of confidence.
January 25, 2001... Please count this as a vote of confidence from one in the business sector, for Senator Aquilino Pimentel for the post of Vice-President. More than any other senator, Pimentel has contributed much to the welfare of the Filipino people. ...

Napocor requests ADB and WB to waive loan terms.
January 25, 2001... Government-owned National Power Corp. (Napocor) has - for the third time - requested the Asian Development Bank (ADB) and the World Bank (WB) to waive the terms of the loan agreement. Napocor has also requested the international...

Dear Editor: Light at the end of the tunnel.
January 25, 2001... Last Tuesday night (Jan. 16), at the very crucial moment of truth, the noble gentleman, Aquilino "Nene" Pimentel, showed us there is light at the end of the tunnel. There is still hope for the Filipino. Delicadeza is still alive. ...

Wal-Mart back in talks with the Uniwide group.
January 25, 2001... US-based Wal-Mart Stores, Inc. is back on the negotiating table with debt-laden Uniwide Group of Companies. BusinessWorld learned yesterday that the US retail giant is once again bullish on prospects for the retail business in the...

Calling a Spade...: I beg to disagree, Mr. Bowring.
January 25, 2001... I agree with Phillip Bowring, an opinion writer of the International Herald Tribune, that political institutions are weak. In fact, almost everyone who was watching the impeachment proceedings would also agree, about the Senate being a...

NBC sets mid-February launch date for TV station.
January 25, 2001... Radio firm Nation Broadcasting Corp. (NBC) will mark its foray into the visual medium when it formally launches on February 17 MTV Philippines, a 24-hour music program for its UHF (ultra-high frequency) Channel 41, its top executive said. ...

NLRC orders PAL to reinstate pilots.
January 25, 2001... The National Labor Relations Commission (NLRC) recently ordered national flag carrier Philippine Airlines, Inc. (PAL) to reinstate and pay the back wages of 32 pilots who were dismissed for their participation in the June 1998 strike. In...

SEC won't renew licenses of 4 pre-need companies.
January 25, 2001... The Securities and Exchange Commission (SEC) denied the renewal of the dealership licenses of at least four pre-need firms that failed to meet the corporate regulator's paid-up capital requirement of P50 million. Pending implementation...

VMC and farmers reject new creditor-appointed executive.
January 25, 2001... The management and farmer shareholders of debt-saddled Victorias Milling Co. (VMC) have joined forces to oppose the appointment of an external chief operating officer (COO) by the company's creditor banks. In two separate pleadings to...

ENTERPRISERS: The two sides of business (Gary Lising, Joke Box and Federal Express Philippines).
January 25, 2001... There's only one listing for Gary Lising in the telephone directory. Is he the famous funnyman who makes puns out of politics and almost anything under the sun? BusinessWorld met with the veteran comedian in the fourth floor of the...

BSP chief sees volatile forex rate in next two weeks.
January 25, 2001... The Bangko Sentral ng Pilipinas (BSP) yesterday said the peso-dollar exchange rate will likely continue to be volatile as players strive to find an "equilibrium" between the peso and the greenback. "We can expect these sharp swings for...

CDC pursues privatization efforts for Mimosa estate.
January 25, 2001... State-owned Clark Development Corp. (CDC) is pursuing plans to privatize the 235-hectare Mimosa Leisure Estate in Clarkfield, Pampanga, and has already received a number of written proposals from foreign and local groups. In an interview...

Cuisia lobbies for BSP chief to stay.
January 25, 2001... Let bygones be bygones. That's what former central bank governor Jose L. Cuisia, Jr. seemed to be saying when he openly threw his support yesterday behind incumbent chief Rafael B. Buenaventura's continuous stay at the central monetary...

BSP set to avail $400-M syndicated loan facility.
January 25, 2001... The Bangko Sentral ng Pilipinas (BSP) yesterday said it will avail of a $400-million syndicated loan arranged last year as outlook on government borrowings improve. "We are considering availing of a syndicated loan as spreads normalize,"...

Philamlife targets 20% rise in profit this year.
January 25, 2001... The Philippine American Life and General Insurance Company (Philamlife) yesterday said it is projecting its net income to rise by 20% this year, buoyed by optimism the change in administration would pave the way for an economic rebound. ...

Pardo defends gov't decision on PNB sale to Lucio Tan.
January 25, 2001... The Department of Finance (DoF) did not keep secret the government's voting rights in Philippine National Bank (PNB), an act that supposedly led to investors' lackluster sentiment on the bank, outgoing Finance Secretary Jose T. Pardo...

Demand Rates as of January 23, 2001.
January 25, 2001... The interbank demand rate weighted average was 12-9/16%, according to the Bangko Sentral treasury department. Rates quoted by 24 participating institutions ranged from 12-9/16% to 12-7/8%,with lenders outnumbering borrowers at 15 to 9. Total...

Phisix moves sideways as second-liners shine.
January 25, 2001... The key market index ended with marginal gains, near the day's low, yesterday on moderate turnover as cautiousness continued to grip the market. After the market's opening salvo early this week, analysts said investors shifted their...

Cyber-community to monitor new President's first 100 days.
January 25, 2001... The "GMA" watch begins as President Gloria Macapagal-Arroyo spends her first 100 days in office trying to install political and economic reforms to a battered nation. Whether it is to her advantage or not, Ms. Macapagal-Arroyo's...

IT sector drafts agenda, suggests info tech priorities for new gov't.
January 25, 2001... The country's information technology (IT) industry will draft its own agenda to present to newly installed President Gloria Macapagal-Arroyo next month. In telephone interviews, leaders of the IT industry said they were elated that Ms....

... as catching up for sector starts.
January 25, 2001... President Gloria Macapagal-Arroyo's ascent to the presidency on the back of a popular revolt against former President Joseph E. Estrada is a "very positive" development for the government's information and communications-related initiatives...

Local tech firms seen flocking to capital market gradually.
January 25, 2001... With the local capital market back on its feet, technology firms can now be expected to consider it as an option for raising funds, Grace F. Cerdenia, chief operating officer of 2TradeAsia.com, an online stock brokerage, said in a phone...

Nokia venture fund to screen applicants globally.
January 25, 2001... Companies competing for funding from the $500-million venture capital arm of cellphone maker Nokia Corporation will have to do it on a global level. Through e-mail, Damian Stathonikos, communications officer of the Silicon Valley-based...

More protection mulled for e-consumers.
January 25, 2001... The legal cluster of the Information Technology and E-Commerce Council (ITECC) is studying the possibility of amending Republic Act (RA) 7394, or the Consumer Act of the Philippines, to safeguard consumer rights in the age of e-commerce. ...

Study urges economic incentives for waste reduction, reuse.
January 25, 2001... Waste reduction and reuse are not new approaches to dealing with the country's stinking garbage problem. Yet why does it seem so difficult for government or communities themselves to carry out such a basic activity? There are two...

Misamis Oriental watershed proclaimed protected area.
January 25, 2001... A new protected area joins the Philippine's Integrated Protected Area System with Proclamation No. 134 declaring the Mimbilisan Watershed Forest Reserve in Misamis Oriental as a Protected Landscape. The Mimbilisan Protected Landscape...

Briefs.
January 25, 2001... 2001 UP Jubilarians Graduates of the University of the Philippines Classes 1941 (Diamond Jubilarians), 1951 (Golden Jubilarians), 1961 (Ruby Jubilarians) and 1976 (Silver Jubilarians) are invited to attend the UP General Alumni-Faculty...

History of food at Nescafe Exploratorium.
January 25, 2001... Before you turn away from that unfinished meat go back two thousand years and see how ancient man "prepared"dinner. Better yet visit the Nescafe Exploratorium 2000 Museum and got a first hand look at the delicious and appetizing history of...

Courtside: An aberration called Anna Kournikova.
January 25, 2001... For someone who hasn't yet won a singles title in the pros, Anna Kournikova has been leading a charmed life. She is admittedly talented; as the Associated Press once noted, she "hits harder than Martina Hingis, moves better than Lindsay...

S&T graduates assured opportunities.
January 25, 2001... Are there opportunities for science and technology (S&T)? "Yes!" Dr. Rogelio A. Panlasigui, Department of Science and Technology (DoST) undersecretary for Research and Development, said. Dr. Panlasigui was one of the speakers during...

Meridian Telekoms targets SMEs as priority.
January 25, 2001... Meridian Telekoms, the first and only internet telecommunications company in the Philippines that offers broadband wireless data connectivity to local businesses, recently said it will target the SMEs (small-and medium-sized enterprises) as a...

Stamp commemorates first Philippine banknote.
January 25, 2001... In celebration of its 150th year, the Bank of the Philippine Islands (BPI) will be issuing a commemorative stamp and postal card depicting the first banknote in the Philippines and Asia called "pesos fuertes" on January 30, 2001. BPI was...

Nat'l cycling summit all set for Feb. 3.
January 25, 2001... A bold experiment in NSA governance will be tested next month when the local cycling community holds a summit meeting to select the sport's next leaders. The half-day National Cycling Summit is set for Feb. 3 at the Philippine Trade and...

Cooking Classes.
January 25, 2001... The Center for Asian Culinary Studies (455 P. Guevara St., San Juan, Manila; 725-5089, 726-9326, e-mail: cafeysabel@mydestiny.net) will be offering the following cooking and recreation classes this month: * Jan. 25, 1-4 p.m. Basic Candle...

Leftovers: Nielsen's turns Chinese for the New Year.
January 25, 2001... It's not the first hotel that comes to mind among Chinese New Year revelers. It doesn't even have a Chinese restaurant. But The Peninsula Manila is getting into the kung hei fat choy spirit this year with a special week-long Chinese promotion...

A bit of ostrich meat and Mindanao cuisine.
January 25, 2001... In a field as fickle as the restaurant industry, some business people choose to err on the side of caution. Instead of offering dishes that border on the exotic, they choose to fill their menus with burgers, spaghetti and fries - pap that...

Restaurant Row.
January 25, 2001... Dominos Dominos Pizza now has thicker, tenderer crust, more toppings and cheese. Extrvaganza has eight toppings consisting of pepperoni, ham, chorizo, ground beef, mushroom, green pepper, onion and extra mozzarella cheese; Meatzza...

Tax evasion case.
January 25, 2001... The Department of Finance will resurrect its P25.27-billion tax case against former presidential friend Lucio C. Tan's Fortune Tobacco Corp. "I think what we should do is apply the law to all. The name is not important. There should be no...

NBI priorities.
January 25, 2001... Newly appointed National Bureau of Investigation (NBI) director Reynaldo G. Wycoco yesterday said his first task will be to investigate the true ownership of the palatial mansions said to be part of the ill-gotten wealth of former President...

Reconsider estafa case.
January 25, 2001... A former Department of Finance official accused of falsifying documents asked the Sandiganbayan to reconsider the estafa charges filed against him, following the dismissal of his nine other criminal cases. In a motion, former Finance...

Gordon-Payumo feud.
January 25, 2001... Tourism Secretary-designate Richard J. Gordon will not recommend the continued stay of Subic Bay Metropolitan Authority (SBMA) chairman Felicito Payumo, he said in a press briefing in Malacanang yesterday. Mr. Gordon, former SBMA chairman and...

Presidential intervention.
January 25, 2001... Workers group Migrante International yesterday sought the intervention of President Gloria Macapagal-Arroyo for the release and repatriation of some 1,000 overseas Filipino workers allegedly unjustly imprisoned, particularly the death row...

Presidential chitchat: Bush okays RP visit.
January 25, 2001... United States President George W. Bush yesterday assured President Gloria Macapagal-Arroyo she has the support of the US government. At the same time, Mr. Bush, said Press Undersecretary Roberto Capco, accepted his counterpart's...

High courts block two dump sites (MMDA negotiating with Tarlac gov't for Crow Valley area to avert crisis).
January 25, 2001... Two of the country's highest courts yesterday barred the government from throwing Metro Manila's trash in two dump sites, leaving the Macapagal-Arroyo administration and newly appointed Metropolitan Manila Development Authority (MMDA)...

Justice dep't asks DFA to cancel passports of Ang and Ricaforte.
January 25, 2001... The Department of Justice (DoJ) yesterday declared two cronies of ousted President Joseph Estrada as "fugitives from justice," and requested the Department of Foreign Affairs (DFA) to cancel their passports to compel their immediate return....

Comelec denies extension of filing intention to run.
January 25, 2001... The Commission on Elections (Comelec) yesterday denied the petition of several congressmen to extend the deadline for the filing of certificate of candidacies to Feb. 28 or March 14 from Feb. 12. Commissioner Teresita Dy-Liaco Flores said...

Senate consults with House on impeach trial.
January 25, 2001... Senate President Aquilino Q. Pimentel yesterday said the Senate is consulting with members of the prosecution and the House of Representatives to bring the impeachment trial against former President Joseph Estrada to a close. In a forum...

Justice opinion junks Erap letter on claim to presidency.
January 25, 2001... Justice Secretary Hernando B. Perez yesterday jumped the gun on the Supreme Court and issued a legal opinion declaring constitutional the assumption of Gloria Macapagal-Arroyo to the presidency. In a four-page opinion, Mr. Perez said the...

Police brass go on leave.
January 25, 2001... Six sensitive posts at the Philippine National Police were left vacant yesterday after six generals identified with former PNP chief director-general Panfilo M. Lacson either resigned or took a leave of absence. In a press conference at...

Camp Aguinaldo lowers alert level.
January 25, 2001... The Armed Forces of the Philippines (AFP) lowered yesterday afternoon its alert status in Camp Aguinaldo, Quezon City, to "blue" alert from the maximum alert level in previous days. Camp Aguinaldo base commander Col. Angelo Atutubo said...

Quezon City Rep. Belmonte is new Speaker of the House.
January 25, 2001... After more than four hours of wrangling and attempts by opposition solons to cling to power, Quezon City Rep. Feliciano R. Belmonte was finally elected as the third Speaker of the 11th Congress last evening. There were 193 congressmen...

ECONOMIC INDICATORS: Raw sugar output rises.
January 25, 2001... Production of raw sugar as of November last year grew 26% to 7.52 million 50-kilogram bags from 5.95 million bags in the same period in 1999, data from the Sugar Regulatory Administration show. The present cropping cycle started in...

New gov't seen boosting EAGA growth prospects.
January 25, 2001... DAVAO CITY - Local business groups see positive leads from the Arroyo administration with respect to East ASEAN (Association of Southeast Asian Nations) Growth Area's (EAGA) near-term prospects. "The appointment of Paul Dominguez as...

Small coco farmers to drop Court action vs Estrada EO.
January 25, 2001... A group representing small coconut farmers yesterday said it will no longer ask the Supreme Court (SC) to stop the implementation of an Executive Order (EO) establishing a coconut industry trust fund. The Multisectoral Task Force for the...

Imports, losses contributing to sugar price hike.
January 25, 2001... The Sugar Regulatory Administration (SRA) said millsite prices of raw sugar continue to improve due to expected purchases from China and Russia as well as local crop losses expected to cut Philippine output. In a memorandum to Agriculture...

Taxwise or Otherwise: Penalty for bouncing check.
January 25, 2001... Last of two parts In the previous issue, this writer discussed the underlying policy for the enactment of Batas Pambansa (BP) 22 which had been to punish the act of issuing a bouncing check. Due to the relative ease by which issuers...

TAX CLINIC.
January 25, 2001... Tax Exemption This refers to a letter requesting on behalf of your custodial clients, namely: The Chinese University of Hong Kong; The Chinese University of Hong Kong Staff Superannuation Scheme (1983); The Chinese University of Hong...

Policy debate important, but President must address character issue.
January 25, 2001... For the last two and a half years, we were stuck in the politics of anti-corruption and anti-cronyism. There we were, 13 years after the EDSA uprising, and we were languishing in the Marcos-era agenda of ousting a crook from power. With...

BSP, BAP move to allow dollar deposits' scrutiny (Foreigners' accounts to be exempt from secrecy law).
January 25, 2001... Both the Bangko Sentral ng Pilipinas (BSP) and the Bankers Association of the Philippines (BAP) are now moving to make foreign currency deposit unit (FCDU) accounts of foreigners open to examination by bank regulators. This is to help...

BIR to issue more freeze orders on Erap assets.
January 25, 2001... The Bureau of Internal Revenue (BIR) is set to issue more freeze orders on former president Joseph Estrada's properties and bank accounts. On Tuesday, BIR already ordered Citibank N. A. to put on hold the deposed president's savings...