BusinessWorld (Philippines) articles from June 2000, page 19

BusinessWorld (Philippines) archives from June 2000

Metrobank eyes lower profit, to absorb Solidbank.
June 1, 2000... The Metropolitan Bank and Trust Co. (Metrobank) yesterday said it will acquire all financial and other non-real estate assets of Solidbank Corp. which will end up as a shell company and merged with the investment house unit of Metrobank, the...

Erap rejects call for 40-day tranquility; coalition warns against humanitarian crisis.
June 1, 2000... President Estrada yesterday flatly rejected the proposal of a coalition of nongovernment organizations (NGOs), which includes former President Corazon C. Aquino and Manila Archbishop Jaime Cardinal Sin for a 40-day cease-fire for humanitarian...

Negotiations fail to reach substantive agreements.
June 1, 2000... The government peace negotiating panel failed to reach substantive agreements with the Moro Islamic Liberation Front (MILF) during both panels' two-day meeting that ended yesterday in Cotabato City, bolstering fears of continued hostilities...

Military operations versus MILF to continue, says Defense chief (Unless group assures halt to terrorist activities).
June 1, 2000... Defense Secretary Orlando S. Mercado yesterday said military operations against Moro Islamic Liberation Front (MILF) positions in Min-danao will continue until the secessionist rebel group assures that it will stop all its terrorist...

Cebu City to sell properties to pay off bloated loan interest.
June 1, 2000... CEBU CITY - The Cebu City government is planning to sell some of its properties in the Cebu north reclamation area and pre-sell some lots at the ongoing south reclamation project to pay for the bloated interest payments for a P2.4-billion...

Anti-hijacking committee being probed for Davao fiasco.
June 1, 2000... The Senate is set to examine the budget of the National Committee on Anti-Hijacking and Terrorism (Nacat), which is under fire for the recent hijacking of a Philippine Airlines (PAL) domestic plane. During a Senate hearing yesterday,...

No bail for alleged MILF terrorists (CHR not allowed to see 26 PAOCTF detainees).
June 1, 2000... The Justice department yesterday ensured all 26 suspected Moro Islamic Liberation Front (MILF) members arrested for the bombing of two of the country's biggest malls would remain in jail until the criminal case against them is resolved. ...

Ex-PCA head indicted for diverting funds to charter change group.
June 1, 2000... The Office of the Ombudsman yesterday indicted for graft a former Philippine Coconut Authority (PCA) administrator suspected of diverting agency funds to finance operations of a group that sought to extend the term of former President Fidel...

Napocor mulls extending dump power program in Mindanao.
June 1, 2000... The state-run National Power Corp. (Napocor) yesterday said it is considering to extend for the third time its dump power program exclusively offered to Mindanao electricity customers. However, it said the extension may not happen soon...

Former DBP, PNB officials charged for supposedly favoring Lucio Tan firms.
June 1, 2000... Former officials of the Development Bank of the Philippines (DBP) and the Philippine National Bank (PNB) were indicted for two counts of graft at the Sandiganbayan yesterday for allegedly giving unwarranted benefits to firms owned by...

United Pulp union wants court to decide on pay hike.
June 1, 2000... The union of one of the country's biggest paper producers has asked the Supreme Court to junk the petition of its employer to decrease workers' benefits. In a comment, the United Pulp and Paper Chapter-Federation of Free Workers pleaded...

ABS-CBN plans to 'decouple' ad rates this year.
June 1, 2000... Listed broadcasting firm ABS-CBN Broadcasting Corp. is considering "decoupling" advertising rates this year to improve earnings which have significantly gone down last year due to huge cost and expenses. A company official told...

Garment exporter workers get salary increase.
June 1, 2000... Some 2,000 employees of garment exporter Gelmart Industries Phils., Inc. are set to receive a P12-per-day salary increase after the Department of Labor and Employment (DoLE) recently issued an order settling the firm's five-month labor...

PLDT to set up Net data hub.
June 1, 2000... Banking on an anticipated 20% growth in data traffic within the next few years, Philippine Long Distance Telephone Co. (PLDT) took P1.6 billion from its 2000 budget to invest in what it claims as an infrastructure that will provide a stimulus...

Trade insurance proposed for PSE.
June 1, 2000... An alternative to the Philippine bourse's "sprinkler" system is being proposed to prevent failed trades. In a late afternoon meeting with reporters, Philippine Stock Exchange (PSE) president Ramon T. Garcia said he will suggest a...

Ionics Circuits unit mulls listing in Nasdaq this month.
June 1, 2000... A unit of publicly held Ionics Circuits, Inc.(Ionics), the country's largest electronics contract maker, hopes to make it to every technnology firm's dream market this month. A ranking Ionics official told BusinessWorld in a phone...

BW seen in talks with HK, China investors for tie-up.
June 1, 2000... Who are the new investors of controversial gaming firm BW Resources Corp. (BWRC) which have been causing renewed activity in the company's share price in the stock exchange for the past few weeks? Market talks point to Chinadotcom and a...

Street Strategist: Moral hazard.
June 1, 2000... I feel the people's thirst for knowledge. I feel their thirst for ideas. I feel their thirst for originality. That a hero descends from above to quench the people's thirst is an idea long overdue, but the street strategist as that hero is an...

DoLE extends aid to three provinces.
June 1, 2000... The Department of Labor and Employment (DoLE) recently gave P1.7 million worth of financial assistance to rural workers in the three provinces of Nueva Vizcaya, Isabela, and Quirino. DoLE said the financial assistance is part of the...

Manila flood control, Palawan tourism projects get ICC nod.
June 1, 2000... The technical board of the multi-agency Investment Coordination Committee (ICC) has endorsed for Cabinet approval two multimillion projects for Metro Manila and Palawan. The board gave the green light for the P390.3-million Metro Manila...

Calling a Spade...: Once bitten, twice shy.
June 1, 2000... I have a lot of problems with regard to the "solving" of the bombing incidents in MetroManila. Not necessarily in the order of their importance, they are the following: Number one is the number of people who were supposedly involved....

Taxwise or Otherwise: General Banking Law.
June 1, 2000... Last May 23, 2000, President Estrada signed Republic Act (R.A.) No. 8791, the General Banking Law (GBL) of 2000. The approval of the GBL paves the way for the further opening of the sector to foreign players. Before the passage of the...

Sugar production seen rising 20%.
June 1, 2000... Sugar production for the next crop year (2000-2001) could increase by as much as 20% because of beneficial weather conditions, a sugar planters organization projected. The National Federation of Sugarcane Planters, Inc. (NFSP) said...

Senators fail to agree on farm sector safeguards.
June 1, 2000... Senators could not agree whether to explicitly provide for quantitative restrictions (QR) as a provisional measure under general safeguards, which some say could violate the World Trade Organization (WTO) agreement. During floor debates,...

New perks lure 9 foreign firms in local oil industry.
June 1, 2000... Nine foreign firms have expressed keen interest to explore the country's oil and gas reserves following the creation of a "window of opportunity" giving additional incentives to exploration firms. Already, Indonesian firm PT Tegar Agung...

Funding entities committed to RP despite security risk.
June 1, 2000... The country's three big foreign funding institutions have assured the government of their continued commitment to support projects in Mindanao despite the ongoing hostilities in the region. In an interview, National Economic and...

Chinese regional food focus of hotel promos.
June 1, 2000... We have two interesting Chinese food festivals currently running for you to sample; one from Shanghai the other from Fukien. As both are coastal regions, one may assume that their styles of cuisine would be similar but they are significantly...

Education: an investment for developement (Paper).
June 1, 2000... Most parents have probably said it and most of us have probably heard it. One of the best and most solid investments one can make for the future is an investment in education. This is the reason why people do not hesitate to spend not only...

Editorial: One Voice: Peace in Mindanao.
June 1, 2000... The full-page ad sought the attention of the President and his advisers for a forty-day hiatus in the conflict now raging in Mindanao if only for humanitarian reasons. As in all wars, it is the women and children, the innocent and the...

Editorial: The View from Taft: Bomb scare.
June 1, 2000... Reports that the recent spate of bombings in Metro Manila has taken a toll on the business sector and on just about anybody as well are probably less the result of the bomb scare itself than a serious lack of confidence in government's...

Gov't to use bond offer proceeds to pay off MRT debt.
June 1, 2000... With coffers now awash with cash, the National Government will be able to pay Metro Rail Transit Corp.'s (MRTC) $36.8-million debt due in July, Finance Secretary Jose T. Pardo said. He said payment for the "guaranteed" loan will come from...

Entire nation, not only Mindanao, should be federalized - Pimentel.
June 1, 2000... Senator Aquilino Q. Pimentel, Jr. yesterday proposed that the entire country, not just Mindanao, be federalized to address the complaints of provinces allegedly being discriminated against in terms of development. In a privilege speech,...