BusinessWorld (Philippines) articles from July 2000

BusinessWorld (Philippines) archives from July 2000

Mart seen to remain wary, awaits direction of peso.
July 31, 2000... The market's depression is seen to persist this week as investors await the markets' diagnosis on the peso's health and the outcome of the President's state visit in the United States. At the Philippine Dealing System (PDS), the...

Fast Forward: The subversion of Mang Jose.
July 31, 2000... Amongst the thousand and one images of violence that scarred the State of the Nation Address of our inutile President, one particular poignant scene clawed through my conscience and stuck to my senses like second skin. It took place a...

Roots: History has nothing to do with gender.
July 31, 2000... Accuracy is essential. Athletic championships or business progress, no matter how much one exerts efforts, reamins a dream at the end of the rainbow unless one is careful with the way he swings the racquet or with the individual digits...

Dear Editor: For a wholesome mass media.
July 31, 2000... Through your paper, please allow me to make an appeal to mass media practitioners, especially those in the business of entertainment and leisure, to uphold the ethical principles they believe. Over the years, I've seen how bad and immoral...

Dear Editor: Subic Bay area could surpass Cebu or Boracay as a tourist destination.
July 31, 2000... We believe that the Subic Bay Area, if properly developed, can surpass Cebu or Boracay as the top local and foreign tourist destination in the Philippines. We define the Subic Bay Area as a 50-km stretch extending from Lubao, Pampanga...

Dear Editor: Toxic waste disaster.
July 31, 2000... The toxic waste left behind by US forces in Subic and Clark is an environmental disaster for the Philippines and the people as they are suffering now and this will take a while especially if both governments are slow in its corrective action...

Lower House delays changes to CB Act.
July 31, 2000... The Bangko Sentral's lobby to preserve its tax-exempt status is delaying the passage of proposed amendments to its charter at the Lower House. Batangas Rep. Jose Macario Laurel IV, who chairs the committee on banks and financial...

Urban Bank top execs face more raps.
July 31, 2000... The Philippine Deposit Insurance Corp. (PDIC) last week filed its second fraud and estafa case against Urban Bank president Teodoro C. Borlongan and several senior bank executives. BusinessWorld learned the PDIC and the Bangko Sentral...

Pre-need firm CAP set to hike rates by 100%.
July 31, 2000... Local pre-need company College Assurance Plan (CAP) plans to increase its rates by 70% to 100% by the end of the year. In a recent interview, Crescencio C. Bendijo, CAP senior executive vice-president and head for regular sales...

Fence Sitter: Out of pocket.
July 31, 2000... Tell me what you carry in your pocket or bag and I will tell you who you are. This is the creed of psychologists who can describe male personality from what is found in the pocket or, for females, the bag. Out of such an analysis comes the...

SEC junks opposition to pre-need rule.
July 31, 2000... The Securities and Exchange Commission (SEC) dismissed the pre-need industry's opposition to its recent order imposing tougher rules on the investment portfolio mix of trust funds of pre-need companies. In a letter to the Philippine...

SPECIAL FEATURE: RP's Leading Companies: Connecting IT to business.
July 31, 2000... As technology has become intertwined with business strategy, the need for IT professionals to be plugged into the business has become critical. Similarly,business professionals must understand how IT can improve business results. Being...

SPECIAL FEATURE: RP's Leading Companies: Creating an IT-based growth tack.
July 31, 2000... Consider how it was when Philippine companies first used computers in their operations: files were encoded into electronic format, accounting systems became more organized, and databases made accessing customer information a lot easier. For a...

SPECIAL FEATURE: RP's Leading Companies: IT: Ayala's key to long-term growth.
July 31, 2000... In a year of dampened business activities, Ayala Corporation, the country's largest conglomerate, has responded by launching iAyala, its IT holding subsidiary tasked with spotting IT-related business opportunities for itself and other...

SPECIAL FEATURE: RP's Leading Companies: Encouraging creativity in the workplace.
July 31, 2000... One of the biggest challenges companies face is finding ways of increasing employee productivity. All over the world, companies realize that healthier bottomlines and success in the global marketplace cannot come without a corresponding...

SPECIAL FEATURE: RP's Leading Companies: Content development at core of ABS-CBN's growth plan.
July 31, 2000... In an industry where one can easily be left behind, ABS-CBN Broadcasting Corporation has again proven its ability to serve the public by combining years of experience and applying the technologies and developments available. With its focus on...

SPECIAL FEATURE: RP's Leading Companies: Philippine AXA Life: a union of two int'l corporate giants.
July 31, 2000... Philippine AXA Life Insurance Corporation has a heritage that promises it success in the insurance industry. Philippine AXA Life is a joint venture between the Metrobank Group, a leading Philippine bank, and the global AXA Group, one of...

Solon scores government inaction on tobacco fund.
July 31, 2000... Party-list Rep. Leonardo Q. Montemayor last week scored the government's failure to release a fund especially created for the benefit of tobacco farmers. He said the government has still been unable to implement Republic Act (RA) No....

Mango research center to be set up in Davao (To focus on germplasm collection, fingerprinting).
July 31, 2000... To make the mango industry more competitive in the global market, the government has released an initial funding of P10 million to finance the establishment of research centers for mango in Luzon, the Visayas and Mindanao. Agriculture...

National retailers event to tackle globalization, technology changes.
July 31, 2000... World-renowned speakers are set to grace the ninth National Retailers' Conference and Expo (NRCE) to share with the participants the latest trends and issues confronting the retail industry in the era of globalization and technological...

Agriculture dep't set to improve mango industry.
July 31, 2000... The Department of Agriculture will intensify its research and development efforts improve the mango industry and meet a growing demand for the fruit worldwide, Secretary Edgardo Angara was quotes in a statement. He cited the importance...

Firm bats for Filipinos' wider access to Internet.
July 31, 2000... Did you know that the Internet was first used as a communications tool by the military? In 1969, the United States Defense department's Advanced Research Project Agency created a computer network that enabled it to continuously...

THIS WEEK: This ain't cloud nine (commentary).
July 31, 2000... An ebullient Philippine President Joseph Estrada emerged from lunch last week with US President Bill Clinton dreamy eyed and star struck. "When I left the White House, I felt like I was walking on clouds," he told reporters. This...

THIS WEEK stock picks.
July 31, 2000... ** San Miguel Corp. Recommendation: BUY Sluggish beer sales did not hinder San Miguel Corp. (SMC) from posting growth in the first half, and this is why Helen A. Alvarez, research director at All Asia Capital and Trust Co., places a...

Take Ten: From bad to worse.
July 31, 2000... Dark ominous signs are here. They encompass the whole archipelago. They affect us all but none more than poor Juan de la Cruz. We have observed these last few years how The Pinoy is being regularly burdened by constant oil price increases....

Looking to the past for inspiration.
July 31, 2000... Ready-to-wear designers have both a disadvantage and an advantage over couturiers when it comes to showing their clothes on the ramp. They can rarely give full rein to their imaginations, limited as they are to what can realistically be...

PCCI holds fashion show on Aug. 9.
July 31, 2000... The Philippine Chamber of Commerce and Industry (PCCI) will be holding a fashion show featuring 30 entrepreneurs modeling clothes by Liz Claiborne, Claiborne Men, Escada, Cerruti, Boss Hugo Boss, and Natori on Aug. 9, 7 p.m., at the Grand...

Corner Kick: Italian, Spanish spending shock the English League.
July 31, 2000... There won't be the likes of Marc Overmars and Emmanuel Petit, as well Robbie Keane in the Premiership next season. This developed after another day of frantic spending by Italian and Spanish clubs to lure the best of the Premiership away....

BSP Reference Rates as of July 28, 2000.
July 31, 2000... 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 44.989000 Japanese yen 0.009155...

PESO Cross Rates as of July 28, 2000.
July 31, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0378 0.0084 0.0327 0.1564 Australia 26.4766 1.0000 0.2219 0.8661 4.1421 Bahrain 119.3342 4.5072 1.0000 3.9034 18.6690 ...

Military uniforms seized.
July 31, 2000... A package containing military uniforms were intercepted at the Zamboanga International Airport in Zamboanga City last Friday, reports reaching the PNP Cental Operations Center in Camp Crame yesterday said. The reports from the PNP Western...

Boat catches fire.
July 31, 2000... An interisland ship on its way to Cebu City caught fire but all 520 passengers aboard were safe, a coast guard said yesterday. The 3,797-ton passenger-cargo vessel MV Trans Asia 1 was on its way from Cagayan de Oro City to Cebu City last...

100 policemen to guard LRT stations vs bomb attempts.
July 31, 2000... The Philippine National Police (PNP) will deploy 100 policemen at the Light Rail Transit (LRT) stations to ensure the safety of the riding public once it starts running again. This directive by PNP National Capital Regional Police Office...

CoA questions NSO's 'misuse' of P6.7 million, NSCB's P4.9 million in unliquidated funds.
July 31, 2000... The Commission on Audit (CoA) questioned the alleged misuse of census funds amounting to P6.7 million by the National Statistics Office (NSO). In its 1999 annual audit report on the statistics body, CoA revealed that NSO used P6.7...

Gov't to spend P240M to rehabilitate infrastructure in war-torn Mindanao.
July 31, 2000... The government intends to spend some P240 million for the repair of roads, bridges and public buildings damaged by the Mindanao war. Of the total, P29.9 million - which will be used to rehabilitate the Narciso Ramos Highway and Matanog...

PNP joins efforts versus hijacking, pilferage of goods.
July 31, 2000... The Philippine National Police (PNP) is lending its support to the joint government-private sector Economic Mobilization Group (EMG) effort to prevent hijacking and pilferage of goods being delivered. In a forum last Friday, PNP National...

Erap must be more 'decisive' for investments to come in.
July 31, 2000... President Joseph Estrada should be more decisive in his policies if he wants to settle the Mindanao conflict and convince foreign investors to come in, a nongovernmental organization (NGO) said in a forum recently. In a forum that...

POEA regulatory powers still needed.
July 31, 2000... Despite a provision in the 1995 Migrant Workers Act mandating the phaseout of Philippine Overseas Employment Administration's (POEA) regulatory functions, the agency will continue to perform these responsibilities, the Department of Labor and...

Gov't counting on private sugar traders.
July 31, 2000... The government is no longer keen on having the National Food Authority (NFA) bring in 150,000 metric tons (MT) of sugar this year because of the state-owned trading firm's limited finances. Officials of the Sugar Regulatory Administration...

TAX CLINIC: Creditable withholding tax.
July 31, 2000... This refers to a letter in effect, requesting a ruling as to whether or not the sale/transfer of motor vehicles is subject to the creditable withholding tax of 1% and 2%. You state that there are Revenue District Offices that still issue...

Gov't indicators to blame for dip in RP's competitiveness ranking.
July 31, 2000... Rapped by the government for issuing a report "full of inaccuracies," the Asian Institute of Management-W. SyCip Policy Center (AIM-WSPC) has shot back and admonished the bureaucracy to observe "uniformity" in the release of economic...

Back and forth: the economy as the Sinulog.
July 31, 2000... CEBU CITY - If the country's economy were a dance, it would be the Sinulog. "It (economy) takes several steps forward, then it also takes some steps backward," economic consultant Fernando Fajardo recently said. The Sinulog dance,...

Proposed oil exchange rejected anew by Palace.
July 31, 2000... Malacanang yesterday thumbed down anew a proposal to set up an oil exchange to protect local consumers from increases in fuel prices. Executive Secretary Ronaldo B. Zamora, in a Palace statement, said the proposed oil exchange will only...

Meat traders say smugglers behind chicken price drop.
July 31, 2000... A group of meat traders is asking the Department of Agriculture (DA) to lift its plan to limit a ban on the importation of chicken parts to traders. The Meat Importers and Traders Association (MITA) asked that the DA "reconsider" the...

Legislator submits measure hiking income tax exemptions.
July 31, 2000... A solon has filed a bill seeking to increase income tax exemptions for individual taxpayers given the rising cost of living caused by current economic difficulties. Cagayan Rep. Juan "Jack" Ponce Enrile, Jr. authored House Bill 11825...

Tiaoqui urges ASEAN to review energy plan given high oil prices.
July 31, 2000... In times of very high world prices, oil exporting members of the Association of Southeast Asian Nations (ASEAN) can consider giving price discounts to the grouping's oil importing members, Energy Secretary Mario V. Tiaoqui said. In a...

HSBC unit sees NPL ratio jumping to 18%.
July 31, 2000... Earnings outlook for Philippine banks remains bearish in the near term as they grapple with an increasingly difficult operating environment, a foreign investment bank said in a recent study. HSBC Securities, Inc., in its July study, said...

Global Equities to list IT unit via backdoor.
July 31, 2000... Health care products manufacturer and real estate firm Global Equities Inc. (GEI) plans to list through the backdoor its new subsidiary formed out of a partnership with information solutions providers. In a phone interview, Nora Bitong,...

Capwire seeks debt reprieve.
July 31, 2000... Beleaguered international gateway operator Capitol Wireless, Inc. (Capwire) filed with the Securities and Exchange Commission (SEC) last week a petition to be declared in a state of suspension of payment after failing to meet obligations...

Fort developer slugs it out with SM for new Boni lot.
July 31, 2000... After bagging the contract to develop the 214-hectare Global City in Fort Bonifacio in a bidding held five years ago, Fort Bonifacio Development Corp.'s (FBDC) property arm Metro Pacific Corp. (MPC) is eyeing another lot within the former...

IMPSA Asia to start plant operation sans Napocor OK.
July 31, 2000... Despite declarations by state-owned National Power Corp. (Napocor) that it has cancelled its contract with Industrias Metalurgicas Pescarmona, Sociedad Anonima (IMPSA) Asia Ltd., the Argentine-owned firm will still proceed with commissioning...

NTC may okay Meralco fiber optic core project.
July 31, 2000... The National Telecommunications Commission (NTC) appears to have softened its stance on Manila Electric Co.'s (Meralco) plan to lease out fiber optic facilities. The telecoms agency said it it now "positively viewing" the power...

Elan ups bid for RP market.
July 31, 2000... Dublin-based Elan Corp. stepped up its bid for a bigger share of the Philippine pharmaceuticals market with an aggressive launch of new products in the specialty drugs category. Daniel Reyes, country manager and head of the company's...

Gov't to sell PNCC stake in September, DoF says.
July 31, 2000... The government expects to sell its 89.1%-stake in Philippine National Construction Corp. (PNCC) this September, the Committee on Privatization (CoP) said. Finance Undersecretary Joel A. Banares said the block will be sold through public...

PetroCorp shuts down operations temporarily.
July 31, 2000... A polypropylene plant of Petrochemicals Corp. of Asia Pacific (PetroCorp) has reportedly closed down operations since May this year due to inventories that piled up as demand failed to bounce in the domestic market. Industry sources said...

IMF okay on release of $325-M loan today.
July 31, 2000... The International Monetary Fund is expected to approve today the release to the Philippines of a $325-million tranche under its existing $1.4-billion standby facility for the country following what has been billed as a "successful meeting"...

Peso may be stronger this week.
July 31, 2000... The peso is expected to strengthen in line with other regional currencies once political uncertainties die down, the Bangko Sentral said. Bangko Sentral Gov. Rafael B. Buenaventura said over the weekend that at current levels, the peso...

Erap-Clinton meeting yields a hefty 'basket'.
July 31, 2000... WASHINGTON, D.C. - President Estrada was warmly welcomed by President Clinton to a two-hour meeting at the White House that produced a multimillion-dollar basket of development assistance for Mindanao, the Armed Forces of the Philippines,...

Former DoF officials, bus execs in tax credit scam to be sued.
July 31, 2000... A government task force is expected to file charges this week against former officials of the Department of Finance (DoF) and executives of 10 bus companies allegedly involved in an P8-billion tax credit scam. The main charge will cover...

Gov't privatization bond float eyed to help plug budget gap.
July 31, 2000... The government may yet increase its privatization bond offering to P6 billion, from an earlier planned P5 billion, in line with the plan to tap domestic sources instead of the international debt market to finance the budget shortfall, a...

Battle for aid financing for projects seen.
July 31, 2000... Cut, and risk being vetoed. This was the message of a government official to legislators on the possible reduction of the P64.98 billion in foreign-assisted projects (FAPs) funding, and realign these for their "pork projects." The...

Shake-up at distressed Mondragon slated soon.
July 31, 2000... As he relinquishes his majority ownership in favor of new investors, Mondragon International Philippines, Inc. chairman and chief executive officer Jose Antonio U. Gonzales is stepping down from his top post in the cash-strapped hotel and...

Malacanang assuages fears of rights abuses; assures forces merely to stem rebel movement.
July 31, 2000... Malacanang yesterday allayed fears the deployment of some 10,000 militiamen to help maintain peace and order in the countryside would lead to human rights violations reminiscent of the abuses committed in the late '80s. National Security...

Gov't putting civilians in danger with more CAFGUs, warns MILF.
July 31, 2000... The Moro Islamic Liberation Front (MILF) yesterday said the government is jeopardizing the safety of civilian families in Mindanao, with the military's impending activation of some 7,000 Citizen Armed Forces Geographical Unit (Cafgu) members...

Philippine Stock Exchange as of July 28, 2000.
July 31, 2000... Stocks Volume High Low Close BANKS & FINANCIAL SERVICES Banks Bank of the Phil. Islands 351,900 68 66.5 67 Chinatrust (Phils.) 16,000 11 11 11 Equitable PCI Bank 135,800 51.5 51.5 51.5 Metropolitan Bank 332,940 166...

Cebu City transport sector calls for P1 fare increase.
July 31, 2000... CEBU CITY - Three transport groups here filed last week a petition for a P1 fare increase. Leaders of the Nagkahiusang Drayber sa Sugbo (United Drivers in Cebu), Alyansa ng mga Driver-Operator alang sa Reporma (Alliance of Drivers and...

SEC to probe BWRC execs for insider trading.
July 31, 2000... The Securities and Exchange Commission (SEC), in pursuing further its investigation on the most controversial stock market scandal involving BW Resources Corp. (BWRC), is now looking into the alleged "insider trading" by the firm's officials...

Banks in money laundering deals to be penalized.
July 31, 2000... As part of its anti-money laundering campaign, the Bangko Sentral will not hesitate to penalize banks which fail to comply with reporting requirements. Bangko Sentral Deputy Gov. Alberto V. Reyes told reporters last Friday banks will be...

Aventajado sees release of hostages within fortnight.
July 31, 2000... Two more weeks. This is how long the 15 remaining hostages from among the group of 21 seized by the Abu Sayyaf from a Malaysian diving resort, as well as the three French television journalists abducted in Jolo, may have to wait until...

Science community bats for ICT use by farmers.
July 31, 2000... LOS BANOS, Laguna - The benefits of the many new and exciting information and communication technologies (ICTs) currently available are only just being felt in most rural areas of the Philippines. Mobile phones and cable television are...

Taiwan recruiters want brokers' fee.
July 31, 2000... The Pilipino Manpower Agencies Accredited to Taiwan, Inc. (PILMAT) recently reiterated its appeal for the government to allow the collection of brokers' fee. PILMAT, an association of recruitment agencies for Taiwan employment, asked the...

Copra prices drop in conflict-hit areas.
July 31, 2000... The Mindanao conflict has dealt coconut farmers a second heavy blow. After driving them out of their farms, the fighting has depressed farmgate prices of copra - dried coco-nut meat from which various coconut-based commodities are...

EasyCall sees more earnings from Internet than paging.
July 31, 2000... As the paging market continues to shrink, EasyCall Communication Philippines, Inc. is reducing dependence on the paging business and is placing a big bet on Internet-related ventures to prop up the company. The listed paging company,...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Rightsizing...
July 28, 2000... Like all other chaebols in South Korea, The Kia Group was into anything and everything about automobiles. When the Asian regional financial crisis struck in 1997, it found itself in dire straits and was eventually acquired by Hyundai. ...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Sultanate banks on...
July 28, 2000... What's good for the goose is good for the gander, Bruneians figured. Thus, they embarked on a multimillion-dollar campaign for a tourism extravaganza, hoping to lure tourists in droves and, eventually, pump economic activity in the sleepy...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): A gamble pays off (MALAYSIA).
July 28, 2000... What sets Malaysia apart from other Asian countries whose economies floundered during the 1997-1998 economic crisis was that it dared to challenge the dictates of the International Monetary Fund (IMF) in steadying its wobbling economy. ...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Riding the...
July 28, 2000... Malaysia is not unique among Asian economies in pinning its hopes on the information technology (IT) sector. The development of the IT industry is in fact a vital component of Malaysia's Vision 2020, a national agenda which sets out specific...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Improving economic...
July 28, 2000... Given its unique economic and political system, Vietnam's major trading partners have so far been Asian economies. As a member of the Association of Southeast Asian Nations (ASEAN), the attendant ties engendered has meant economic gains for...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): A consensus for...
July 28, 2000... Roger Chng puts a practical spin to things. His family's Key Hospitality Management Pte Ltd., a Singaporean concern involved mainly in the hotel and leisure business, has been forced to take a reality check like countless others lured by...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Debt Burden takes...
July 28, 2000... Eva Riyanti Hutapea, president director and chief executive officer of PT Indofood Sukses Makmur Tbk, admitted to shedding tears when the Asian financial crisis broke out mid-1997. Her company, Indonesia's premier food firm and the...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): A land of extremes...
July 28, 2000... Indonesia is a land of extremes. Java - where nearly 60% of the 204-million population resides - presents a glaring contrast of wealth, or what was left of it, and poverty. Jakarta's main drag, Jalan Thamrin, or its newer business...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING THE CRISIS: IS IT SUSTAINABLE?): Innovating to sustain...
July 28, 2000... Even on an economy as progressive as Hong Kong, the effects of the Asian crisis were unforgiving. Gross domestic product (GDP) shrank by 5.1 % in 1998, the first full-year contraction since 1961 when the territory started keeping records of...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): China goes online (CHINA).
July 28, 2000... Mark Qui, Ph.d. is a 40-something Massachusetts Institute of Technology (MIT) Sloan fellow who gave up his high-paying job in a multinational corporation to start his own Internet company in China. He was joined by three other Sloan...

SPECIAL REPORT: 13th Anniversary Report 2000 (RISING FROM THE CRISIS: IS IT SUSTAINABLE?): Changing the middle...
July 28, 2000... In China, there's this old tale about two women - one from the East and the other from the West. The two, according to the tale, died at the same time and eventually met in Heaven. And upon seeing each other there, the woman from the West...