BusinessWorld (Philippines) articles from January 2001

BusinessWorld (Philippines) archives from January 2001

Briefs: Good governance.
January 31, 2001... To further promote transparent and accountable governance in the Philippines, the Development Academy of the Philippines (DAP) offers a publication highlighting new and practical ways of accurately measuring manifold aspects of governance....

Economic research group predicts direct investments growing faster.
January 31, 2001... Direct investments are expected to grow 4.2% this year at the back of renewed investors confidence in the country under the Macapagal-Arroyo administration, economic research firm EIU Philippines, Inc. said. The investment forecast is...

President denied blanket authority on budget outlays.
January 31, 2001... The Senate is not inclined to grant Finance Secretary Alberto G. Romulo's request that President Gloria Macapagal-Arroyo be given blanket authority to realign the national budget according to her administration's priorities. In a meeting...

Exports seen rising despite US slowdown.
January 31, 2001... The electronics sector will continue to post export growth this year since it is shielded by investments in high-end products, the Bangko Sentral ng Pilipinas (BSP) said in a short forecast submitted to the National Economic and Development...

Philippine Stock Exchange as of January 30, 2001.
January 31, 2001... Stks Name Volume High Low Close Code BANKS & FINANCIAL SERVICES Banks BF Banco Filipino Savings 200,480 219 175 190 BPI Bank of the Phil. Islands 250,200 72 71 71.5 EBC Equitable PCI Bank 126,900 57 56.5 56.5 FSTE First...

New gov't to review fiscal incentives.
January 31, 2001... The Department of Finance (DoF) is set to review the government's fiscal incentive system for possible reforms to minimize forgone revenues. "We have to review and rationalize (the system). We have to review taxes that are not collected...

In the Workplace: Push vs pull production.
January 31, 2001... I've heard of push and pull production as a Kaizen strategy in the manufacturing sector. Is there some way where we can possibly apply it in the service industry? - Rose Tattoo, Binan, Laguna * Whether you are in a manufacturing concern...

SPECIAL FEATURE: Motoring: Car dealers brace for a bumpy year.
January 31, 2001... The automotive industry was one of the hardest hit during the Asian crisis of 1997 since the purchase of durable consumer goods like cars was postponed by many potential buyers. The market had shrunk because people started stretching their...

Asiana ready for summer travel market.
January 31, 2001... Asiana Airlines (OZ) is poised to serve the expected rise in summer travelers this year. The airline, Korea's second national carrier, aims for an even better annual performance as year 2001 ushers in Visit Korea Year. Though faced with the...

FedEx to acquire Airbus A380-800F to fly Asian routes.
January 31, 2001... FedEx Express, a subsidiary of FedEx Corp. plans to acquire the A380-800F, the new high-capacity, long-range aircraft from Airbus Industrie to fly intercontinental and Asian routes. FedEx Express will take delivery of 10 of the aircraft...

Coco levy funds to be used for land purchase scheme.
January 31, 2001... In a bid to address farmer welfare, the National Government will use some P50 billion in coconut levy funds to buy land for small farmers, the Department of Finance (DoF) yesterday said. "Our policy is that the coco levy is a public fund,...

Fewer dollar loans in third quarter due to peso fall - BSP.
January 31, 2001... Dollar loans in the banking system declined substantially as of the third quarter of last year as borrowers converted to pesos as the currency weakened. The Bangko Sentral ng Pilipinas (BSP) reported that outstanding loans from banks'...

Negros Occidental expects to lure Japanese investors.
January 31, 2001... CEBU CITY - An investment promotion team headed by Negros Occidental governor Rafael L. Coscoluella will leave for Japan next week to woo interested investors. Jose Ma. M. Zayco, vice-president for internal affairs of the Metro Bacolod...

Business groups back GMA administration.
January 31, 2001... The heads of major business organizations, including foreign chambers of commerce, met with President Gloria Macapagal-Arroyo in Malacanang to discuss her administration's economic recovery agenda for the next 100 days. Philippine...

TAX CLINIC.
January 31, 2001... - Privilege Tax This refers to a letter requesting for a confirmation of your opinion that the same preferential tax treatment granted to Philippine Airlines be extended and deemed to operate in favor of Air Philippines Corporation (Air...

Visayan business chambers in capability-building project.
January 31, 2001... CEBU CITY - Visayan businessmen are buckling down to work on building the capabilities of seven local chambers to enable them to help small and medium enterprises (SMEs). "We have to work and strengthen the local chambers. Once we...

Private lawyers to pursue graft charges vs Erap.
January 31, 2001... Private lawyers are now preparing to charge former president Joseph E. Estrada for unexplained wealth and graft and corruption at the Office of the Ombudsman. Charges will be filed on Friday at the earliest, but not later than Tuesday next...

ECC abolished; NEDA to lead economic policy work anew.
January 31, 2001... The lead role of coordinating the government's economic policies is now back with the National Economic and Development Authority (NEDA) and its board. This is after Malacanang ordered the abolition of the Economic Coordinating Council...

Economic growth seen gaining pace (Added push from farm, corporate sectors).
January 31, 2001... The government forecasts that the economy, as measured by the gross national product (GNP), will grow by 4.5% this year on the back of an improving agriculture sector. This represents an increase from forecasts made by the new government only...

Globe extends note exchange offer.
January 31, 2001... Listed Globe Telecom, Inc. for the third time extended its offer to exchange all outstanding unregistered 13% senior notes due 2009 for registered notes with the same terms up to Feb. 16 this year. In a disclosure to the Philippine Stock...

Napocor 2000 losses at P11.9B.
January 31, 2001... State-owned National Power Corp. (Napocor) posted a staggering net loss of P11.9 billion in 2000, doubling its P5.9-billion loss reported in 1999, acting Napocor president Asisclo Gonzaga said yesterday. The losses exceeded the government...

Airliner bids for charter flight license.
January 31, 2001... Gokongwei-owned Cebu Pacific has applied for a license to charter flights to Taiwan, Civil Aeronautics Board executive director Emmanuel Noel A. Cruz said. Mr. Cruz said Cebu Pacific's permit to service international flights lapsed last...

Business Case Law: Estoppel.
January 31, 2001... An owner mortgaged his property to a bank and when he was unable to pay, he sold the property to a corporation that assumed the indebtedness. The corporation sent its lawyer to check the total indebtedness and the bank said that the former...

Investment house seeks privatization bonds listing.
January 31, 2001... Investment house First Metro Investment Corp. (FMIC) is seeking to list the government's P8-billion privatization bonds at the Philippine Stock Exchange (PSE). Although welcoming the move, analysts are still wary over thin trades for the...

Smart to issue 326.34 million shares to PLDT.
January 31, 2001... In line with its expansion program, cellular firm Smart Communications, Inc. will issue 326.34 million preferred shares worth P4.53 billion to parent firm Philippine Long Distance Telephone Co. (PLDT). In a letter to the Securities and...

Rate hike delay may cut Maynilad's capex.
January 31, 2001... The government's delay in rate hike approval has taken its toll on the operations of Lopez-led water firm Maynilad Water Services, Inc. which will be suffering from the absence of capital this year to finance expansion. Maynilad...

Furniture firms target $400M in exports for 2001.
January 31, 2001... Despite an anticipated slump in the US economy, Philippine furniture manufacturers and exporters remain optimistic on sales figures for the year. The US is one the country's top export markets, accounting for 65% of total export revenues...

Increased cattle imports seen despite higher tariff.
January 31, 2001... Australian businessmen are optimistic Philippine purchases of live Australian cattle will grow this year despite the government's imposition of a higher tariff on live cattle imports. William F. Mason, president of the Australian-New...

Militants want 'labor first' policy adopted by new gov't.
January 31, 2001... Some 700 local union presidents assembled last Monday for a three-day national convention that aims to firm up the position of organized labor on the administration of President Gloria Macapagal-Arroyo (GMA). The union presidents, who...

Urban poor visit.
January 31, 2001... President Gloria Macapagal-Arroyo is set to visit the urban poor sector on Commonwealth Avenue, Quezon City, today. A news release from Malacanang said the President will conduct a dialogue with urban poor representatives at the National...

Ban on relatives.
January 31, 2001... Mimicking the first directive given by Malacanang under President Gloria Macapagal-Arroyo, Finance Secretary Alberto G. Romulo issued yesterday an order barring officials from transacting with his relatives. Department Order No. 1 states:...

Education graft.
January 31, 2001... Commission on Higher Education-Autonomous Region in Muslim Mindanao chairman Norma M. Sharief was charged for graft with the Sandiganbayan for allegedly failing to give P1.22 million worth of school fees and allowances to 530 scholarship...

Waste mgmt rules.
January 31, 2001... Environment Secretary Jose Mari D. Gerochi yesterday ordered the Environmental Management Bureau to establish a committee that will draft the implementing rules and regulations of the newly enacted Solid Waste Management Act, or Republic Act...

New CoA chairman.
January 31, 2001... Commission on Audit (CoA) chairman Celso D. Gangan is set to step down on Friday, which ends his term. President Gloria Macapagal-Arroyo has not appointed a replacement for Mr. Gangan, but a commission source said a likely candidate is...

PSG head turnover.
January 31, 2001... Former Presidential Security Group (PSG) commander Brig. Gen. Rodulfo Diaz yesterday defended his stand of sticking it out with ousted President Joseph Estrada during the turnover ceremonies of the elite group's top post to Col. Glen Rabonza....

Government employees.
January 31, 2001... Organized government employees yesterday demanded participation in the new administration's Search Committee as they expressed disappointment over the trend of appointments in the Cabinet. In a press conference yesterday in Quezon City, the...

SEC gives conditional okay to P1-M negative exposure proposed by clearing firm.
January 31, 2001... The Securities and Exchange Commission (SEC) has agreed to set aside the full collateralization policy and instead, implement the proposal of the Securities Clearing Corp. of the Philippines (SCCP) to require collateral coverage for net...

More eruptions for Mayon.
January 31, 2001... The Philippine Institute of Volcanology and Seismology (Phivolcs) yesterday said more minor volcanic eruptions in Albay "are expected" in the coming days, as it monitored continuous restlessness of Mayon volcano. In its bulletin,...

Senate coup in offing?
January 31, 2001... Senators loyal to the new administration are reportedly hatching a plot to unseat Senate President Aquilino Q. Pimentel, Jr. to coincide with the recent revamp in the national leadership. Lakas NUCD-UMDP Senator Juan M. Flavier told...

Square one for peace talks.
January 31, 2001... The Macapagal-Arroyo administration will be reconstructing the peace process with the National Democratic Front and the Moro Islamic Liberation Front (MILF), presidential adviser for the peace process Eduardo Ermita said yesterday. In a...

VP no threat to President.
January 31, 2001... President Gloria Macapagal-Arroyo yesterday denied being threatened by her next Vice-President, saying even those who have presidential aspirations for the 2004 elections are being considered for the post. A Malacanang press statement...

DoJ finalizing Jimenez deposition; extradition case not yet included in talks.
January 31, 2001... Former presidential adviser on Latin American affairs Mark B. Jimenez is keeping his fingers crossed that President Gloria Macapagal-Arroyo will block his turnover to the United States by declaring as politically motivated the criminal...

GMA withdraws security adviser's appointment.
January 31, 2001... As if to prove she is a "listening" leader, President Gloria Macapagal-Arroyo yesterday recalled her appointment of retired Gen. Lisandro Abadia as national security adviser and concurrent head of the National Intelligence Coordinating...

Supreme Court delays rule on presidency for two weeks.
January 31, 2001... The Supreme Court (SC) yesterday said it will need at least two weeks to decide on the issue on the legitimacy of the assumption of Gloria Macapagal-Arroyo to the presidency after justices asked for more time to examine the merits of the...

House resolution seeks immunity of trial witnesses.
January 31, 2001... An administration solon yesterday filed a resolution urging President Gloria Macapagal-Arroyo to give amnesty to the primary witnesses in the impeachment trial against former President Joseph Estrada. Taguig-Pateros Rep. Alan Peter...

SPECIAL FEATURE: The Power of the Internet: BPI blazes new trails in Internet banking.
January 31, 2001... BPI has always been at the forefront of banking innovations. It issued the first ATM, credit and debit card; introduced telephone banking and online computerized banking; and it also pioneered the Express Banking Centers, a network of...

Pinoy na Pinoy: EDSA 2: a middle class coup.
January 31, 2001... This is an entirely different take on EDSA 2. I am not into politics; the supposedly learned commentators from UP Diliman ride that angle to death. Neither am I into the legal aspects of the phenomenon. The seemingly knowledgeable lawyers who...

The last quarter storm.
January 31, 2001... Second of two parts An example of a project which managed to emerge out of the muddle of a burdened colonial history is the Havana Biennial. Now on its 7th year, the Biennial began in 1984 as a "developing nation's assertion of the...

Peso Cross Rates as of January 30, 2001.
January 31, 2001... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0370 0.0076 0.0302 0.1439 Australia 27.0390 1.0000 0.2052 0.8170 3.8898 Bahrain 131.7736 4.8735 1.0000 3.9816 18.9567 ...

Toyota Motor comes up with 1.6-liter Altis.
January 31, 2001... Toyota Motor Philippines is now offering the 1600cc Corolla Altis in the Philippine market. The new Altis variant boasts of the same luxury features that made its predecessor, the 1.8-liter Altis a huge market success since its introduction...

BSP Reference Rates as of January 30, 2001.
January 31, 2001... Equivalent Equivalent Equivalent of foreign of US$1 of foreign currency in in foreign currency in Currency US Dollar currency RP peso Convertible currencies with BSP US dollar 1.000000 1.000000 49.676000 Japanese yen 0.008569...

ONSTAGE: Theater in Madrid.
January 31, 2001... While in Madrid last October, aside from concerts and an opera, I went to the theater several times. A number of the plays showing were translations from English or French. If Spanish playwrights do not produce good new scripts, then...

Art & Culture.
January 31, 2001... * Cultural Center SPINcycle, an exhibition featuring the textile collection of the Cultural Center of the Philippines (CCP), opens today at the third floor hallway of the CCP. Supported by the National Commission for Culture and the...

SPECIAL FEATURE: The Power of the Internet: e-procurement: the emerging business-to-government paradigm.
January 31, 2001... A new online buying system is making it faster and cheaper for U.S. government agencies and universities to buy the materials they need. and universities can reduce the procurement process to just a few mouse clicks and realize savings of up...

SPECIAL FEATURE: The Power of the Internet: Fil-Web.com creates affordable websites for small enterprises.
January 31, 2001... If there's a company specializing in providing web services for Filipinos, it has got to be Fil-Web.com. While most other web service businesses prefer bigger clients that bring in the money, Fil-Web would rather target the small and medium...

SPECIAL FEATURE: The Power of the Internet: Investing strategies.
January 31, 2001... 1. Allocate only a small percentage too more than 5% to 10% of portfolio to direct Internet investments. 2. Own a basket of stocks: don't "bet the form" on any one stock or the sector as a whole. 3. Buy sector leaders with huge...

CCP celebrates arts month in Feb.
January 31, 2001... February is National Arts Month at the Cultural Center of the Philippines (CCP). From Feb. 1 until March 4, the CCP, in collaboration with the National Commission for Culture and the Arts (NCCA), will be presenting special events featuring...

auto talk.
January 31, 2001... * Yokohama emissions orientation Yokohama Tire Philippines, Inc. (YTPI), a manufacturer of passenger car radial tires located within Clark Special Economic Zone (CSEZ), yesterday initiated the Motor Vehicle Emissions Control Orientation...

Courtside: Lucky Aces.
January 31, 2001... Last Sunday, a friend of mine asked me if I thought Alaska still had all the tools it needed to remain among the Philippine Basketball Association's elite. He was a devout San Miguel fan, but he had just seen the best team of the nineties...

IRON HORSES: Tax-paid but worrisome.
January 31, 2001... About a week ago, reader Rob Santos of Project 7, Quezon City wrote to us to point out what he alleges to be "rampant smuggling" of trucks and heavy equipment at the Subic Freeport and Economic Zone in Zambales in the last two years. In...

SPECIAL FEATURE: The Power of the Internet: The basics of Internet investing in the Philippines.
January 31, 2001... The hottest thing these days is getting wired. Everybody seems to be talking about the wonders of the web, and there is much excitement about jumping into the Internet business and embracing the new economy. Everything with an "e," a "dot" or...

Briefs: Bolinao website.
January 31, 2001... In support of the government's E-Commerce Law, Bolinao Security and Investigation Service, Inc., one of the pioneers in providing security and investigation services, finally conquered the web during the agency's Golden Jubilee 2000, 50th...

Benefits in standardization law (Case in Review).
January 31, 2001... Can benefits enjoyed before the 1989 salary standardization law still be availed after the passage of the law? This was the issue the Philippine Charity Sweepstakes Office (PCSO) brought before the Supreme Court in the hopes of setting...

Briefs: Photoworld 2001.
January 31, 2001... Fujifilm is among the major exhibitors and sponsors of Photoworld Manila being held from Jan. 24 to 31 at the Glorietta Ayala Center, Makati City. Fujifilm is the brand name of quality films and photographic equipment exclusively distributed...

On the Leading Edge: 'Shared services' makes sense.
January 31, 2001... Last of two parts Jake, the chairman and CEO of the country's second-largest consumer products conglomerate, nodded as Mr. Business Adviser finished explaining what "shared services" was all about, and why it was different from the old...

Seat belts: the motorist's first line of defense.
January 31, 2001... They're uncomfortable and constrict movement of drivers and passengers inside the car but seatbelts are the motorists' first line of defense against injuries or death,. Safety studies keep coming back to it - seatbelts are still the best...

SPECIAL FEATURE: Motoring: OMC to inaugurate SE Asia's largest battery plant.
January 31, 2001... Oriental and Motolite Corporation (OMC) will inaugurate during the first quarter of 2001, Philippine Batteries, Inc. (PBI), its new fully-integrated battery plant, in a bid to accelerate its exports program and strengthen its leadership in...

Benefits of 0war veterans up.
January 31, 2001... Some Filipino-American WWII veterans who lived in California and now reside in the Philippines will see an increase in the monthly check they receive from the US Social Security Administration (SSA). The increase is a result of a new cash...

Editorial: A Matter of Conscience: EDSA from a distance.
January 31, 2001... Democracies, the way I understand it, are generally based on the principle of majority rule (the majority being defined as 1/2-plus-1). For every rule, of course, there is at least one exception, and if we accept that what happened at...

Briefs: RP-Korea conference.
January 31, 2001... The UP College of Arts and Letters, in cooperation with the Korean Association of Philippine Studies (KAPS), is holding a half-day conference entitled "The Philippines and South Korea at the Dawn of the New Millennium: The Present Conditions...

SPECIAL FEATURE: Motoring: 10 things you should know about your car battery.
January 31, 2001... 1. The car battery supplies power to the starter and ignition system for cranking. Without power from the battery, your car won't start. 2. The power of the battery comes in the form of electrical energy. 3. Car batteries are...

SPECIAL FEATURE: Motoring: Maintenance-free batteries ideal for tropical climate.
January 31, 2001... The new technology full-calcium Motolite has the unique "tropicalized" maintenance-free design. Resulting from years of dedicated research and continuous technological improvization, Motolite is the best choice for one's vehicle. There are...

Five-year bonds down to 15%, peso steady.
January 31, 2001... Yields of 5-year Treasury bonds went down to 15% at yesterday's auction, a decline of 87.5 basis points last month's level. The Bureau of Treasury's P3 billion offering was oversubscribed at P3.876 billion. The auction committee accepted...

SPECIAL FEATURE: Motoring: Nissan develops new direct-injection diesel engine.
January 31, 2001... Nissan has developed a new diesel engine that incorporates a system for injecting the fuel directly into the combustion chamber for substantially improved fuel economy and power output. This new direct-injection engine has been given the...

Random Walker: No miracle cure.
January 31, 2001... There is no magic pill to cure the maladies that beset the economy. "Walang himala (there is no miracle)," as La Aunor famously put it in one of her films. Without meaning to give away the illusion being foisted on the public by the newly...

Demand Rates as of January 29, 2001.
January 31, 2001... The interbank demand rate weighted average was 12-1/16%, according to the Bangko Sentral treasury department. Rates quoted by 41 participating institutions ranged from 12-1/16% to 12-3/8%,with lenders outnumbering borrowers at 25 to 16. Total...

Bystander: Conscience and the senator.
January 31, 2001... He hutted and he puffed. But even if he were the big bad wolf, he probably would not have been able to blow the house down. Especially not with the enveloping stench of fresh garbage allegedly left by neighbors strewn in front of his own...

Market succumbs to profit taking anew, awaits US Fed rate decision.
January 31, 2001... As most investors stayed on the sidelines to wait for the final verdict on how much US rates would be cut, a number of them continued to take profits on blue chips that had posted hefty gains the previous week. Analysts said majority of...

Editorial: To Take a Stand: Helping the new leader - 2.
January 31, 2001... Like Renato "Rene" de Villa and Alberto "Bert" Romulo who have been appointed Executive Secretary and Finance Secretary, respectively, Raul Roco will bring prestige to the Cabinet of President Gloria Macapagal-Arroyo. In fact, many Filipinos...

Fast Forward: Exiling Erap.
January 31, 2001... Almost two months before EDSA 2, a recently married friend from the business sector mentioned in half-jest that should the Senate fail to impeach Mr. Estrada, he would take his wife on an extended honeymoon in Europe. "At least, in Europe, I...

New chairman at Equitable.
January 31, 2001... With the Go family reportedly backing out of a plan to sell its majority stake, directors of Go-controlled Equitable PCI Bank yesterday elected Peter Go Pailian as the bank's new chairman of the board. Mr. Go replaces recently installed...

Former BSP treasury chief to head BTr.
January 31, 2001... Sergio G. Edeza, Metropolitan Bank and Trust Co. senior vice-president, is jumping fences once again - this time from the country's largest universal bank to the Bureau of Treasury. National Economic Development Authority (NEDA)...

Gov't now plans to borrow in 2nd half to finance huge budget gap.
January 31, 2001... Backtracking on its earlier plan to shun the domestic and international debt markets, the Department of Finance (DoF) said it is now inclined to borrow to keep the deficit within the P145-billion target. Finance Secretary Alberto G....

SPECIAL FEATURE: Motoring: Battery dead? Dial for one.
January 31, 2001... What happens when your battery dies out on you and you find yourself with a car that won't start in the afternoon heat, or in an out-of-the-way place where instant help is not likely? You can either go to the nearest car shop, assuming there...