BusinessWorld (Philippines) articles from March 2000, page 8

BusinessWorld (Philippines) archives from March 2000

Splash would rather buy smaller firms than sell out.
March 22, 2000... Despite offers from big companies interested to acquire personal care products firm Splash Manufacturing Corp., the Splash Group of Companies is more inclined to acquire smaller firms rather than sell its bread-and-butter operations. In...

SM Prime posts P2.9-B income.
March 22, 2000... Listed mall operator SM Prime Holdings, Inc. posted a net income of P2.86 billion in 1999 against the P2.72-billion profit reported the previous year. Documents filed with the Securities and Exchange Commission (SEC) showed the increase...

Many advisers to be axed soon, claims Estrada chief of staff.
March 22, 2000... Malacanang is now finalizing its list of presidential advisers and consultants, many of whom may soon be stripped of their titles, presidential chief of staff Aprodicio A. Laquian said yesterday. Mr. Laquian also said he would soon submit...

Business Case Law: Sale of homestead patent.
March 22, 2000... Except in favor of the government or any of its branches, units, institutions, lands acquired under the free patent or homestead provisions of the Public Land Law (Commonwealth Act 141) shall not be subject to encumbrance or alienation from...

A Matter of Conscience: The other 'F' word.
March 22, 2000... I was speaking to Almarim C. Tillah recently, and was happy to hear that "Al" is now administrator of the government's Southern Philippines Development Authority. I have known Al since the 1970s, at the time when Jolo was in flames and...

Random Walker: When liquidity dries up.
March 22, 2000... There's a lot of liquidity in the local financial system. That's an inescapable fact. It's also quite obvious that virtually all of this excess liquidity came from the entry of foreign capital, mainly in the form of government borrowings....

Advocacy: Dishonorable acts.
March 22, 2000... At a time when the judiciary or, at least, the Supreme Court, is steadily regaining much of its lost glory and waning credibility, due largely to its incumbent chief justice whose integrity and independence are beyond reproach, the recent...

Philippine Stock Exchange as of March 21, 2000.
March 22, 2000... Stocks Volume High Low Close BANKS & FINANCIAL SERVICES Banks Bank of P.I. 52,200 91.5 90.5 91.5 China Banking 30 760 760 760 Chinatrust Comm. Bank 6,000 8.2 8 8 Equitable Banking 122,700 56.5 56 56 Far East...

PERSPECTIVE: The US economic expansion: Boon or bane for Asia?
March 22, 2000... (On Feb. 26, 2000, the Japanese newspaper interview with the author on the US economic boom's impact on Asia. This article is an expansion of the points made by the author in that interview, in a question-and-answer format.) Question:...

Romualdez, Flavier lobby for Senate's anti-smoking bill.
March 22, 2000... Health Secretary Alberto G. Romualdez, Jr. and Senator Juan M. Flavier are seeking public support for the anti-smoking bill passed recently by the Senate and is now pending at the House of Representatives. In a paper released by the...

Court to sanction justice in bar scandal.
March 22, 2000... BAGUIO CITY - The Supreme Court is set to force an associate justice to "resign" for his involvement in a new bar scandal that is perceived to have tarnished the integrity of the judiciary. A source at the Court said yesterday the...

No need for more troops ('We'll not rest until they're defeated').
March 22, 2000... There is no need to increase the number of government troops in Lanao del Norte, the Armed Forces of the Philippines (AFP) Southern Command said yesterday After a week-long series of clashes between the military and Moro rebels, the...

PESO Cross Rates as of March 21, 2000.
March 22, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0403 0.0092 0.0359 0.1645 Australia 24.8285 1.0000 0.2285 0.8902 4.0843 Bahrain 108.6479 4.3759 1.0000 3.8955 17.8727 ...

What's new with Kia?
March 22, 2000... When one says Kia, most Filipinos would think of those ubiquitous Kia Pride taxis that run around the metropolis. This South Korean car maker has carved a niche in the local automotive market, despite the gargantuan presence of Japanese...

Volvo cars 'tops' among US buyers.
March 22, 2000... Volvo recently scored as the number one car brand in the American research company Strategic Vision's latest rating of "value for money." Strategic Vision's study, "The Total Value Index," measures how new vehicle buyers rate short-and...

How to cut automobile pollution.
March 22, 2000... It's a long and smog-filled road ahead. And if your car is one of those awful smoke-belchers, then maybe it's about time you do something about it. It only takes so little of effort to keep our streets from getting choked by polluted air....

Businesses pledge to support gov't tax drive.
March 22, 2000... The Philippine Chamber of Commerce and Industry, along with the Federation of Filipino-Chinese Chambers of Commerce and Industry, Management Association of the Philippines, and the Tax Management Association of the Philippines, recently...

Landbank cites contributions to Mindanao farm development.
March 22, 2000... At least 10 lead institutions and implementing agencies are pooling their resources anew to pump-prime Mindanao's bid to become the food basket of the Philippines as declared by President Estrada during the 2nd Mindanao Food Congress held...

Phisix dips amid narrow trading ahead of a possible US rate hike.
March 22, 2000... The stock market finished off with a whimper yesterday as investors maintained a cautious watch over developments both locally and abroad, especially the US Fed meeting last night. Throughout the trading session yesterday, the 30-company...

Demand Rates as of March 20, 2000.
March 22, 2000... The interbank demand rate weighted average was 8-27/32%, according to the Bangko Sentral treasury department. Rates quoted by 51 participating institutions ranged from 8-13/16% to 9-1/4%, with lenders outnumbering borrowers at 32 to 23. Total...

BAP prexy urges SC to drop cases.
March 22, 2000... For the nth time, Bankers Association of the Philippines president Placido L. Mapa, Jr. has asked the Supreme Court to drop all pending criminal cases lodged against him by the government. The former Philippine National Bank (PNB) head...

Auction of 7-year bonds four times oversubscribed.
March 22, 2000... Oozing with excess cash, banks were on a buying mood at yesterday's auction of seven-year Treasury bonds, as total tenders hit P11.86 billion - almost four times the amount the government was willing to borrow. As a result, the coupon...

Unconducive market turned off prospective VMC bidders.
March 22, 2000... Current unconducive market conditions have forced two companies to back out of an auction for a significant 53.35% stake in cash-strapped Victorias Milling Co. (VMC), the country's largest sugar mill. An industry source who requested...

Victorias Milling ready to accept new proposals.
March 22, 2000... After a failed bidding the other day, the overseer of ailing sugar miller Victorias Milling Co. (VMC) is now prepared to accept proposals from still-interested investors for a possible negotiated sale. In an interview yesterday, bidding...

Dear Editor: The VP should not be taken lightly.
March 22, 2000... When Gloria speaks, Erap should better sit up and listen. It would be counter-productive, as some Palace advisers would suggest, to dismiss Vice-President Gloria Macapagal-Arroyo's comments on the PCSO controversy as "mere political...

Chicken smuggling.
March 22, 2000... Local chicken raisers last Monday wrote the United States Department of Agriculture (USDA) and asked it to curb the smuggling of leg quarters to the Philippines. "Please regulate the importation of chicken leg quarters, until the industry can...

Cebu cabbie refuses settlement offer.
March 22, 2000... The taxi driver mauled by three US sailors in Cebu City last week has rejected their $5,000 settlement offer. In a press briefing yesterday, Marcelo Batestil claimed he was pursuing the case against the US servicemen before the local...

NEWLY REGISTERED CORPORATIONS.
March 22, 2000... With Authorized Capital of at least P50 Million January 1999 Growing of Fruits (except Banana and Nuts) Lapanday Grand Ventures Corporation, Macondray Centre, 2263 Pasong Tamo Ext., Makati City; Authorized cap. P50M; Paid-up cap. P3.125M;...

Dear Editor: Biggest non sequitor ever.
March 22, 2000... I fail to follow the logic of Cristina Angelese's letter (17 March). I don't begrudge her her fantasies about what the Bible teaches; she is within her rights to believe what she believes. But to follow up her ruminations on Paul with the...

Bystander: Prohibitive drugs.
March 22, 2000... Under the shadows of the mist-covered mysterious Kilimanjaro, the safari was halted at a border checkpoint. It was deep in the jungles of the Congo somewhere in dark Africa. The African tribesman was tall, over six-feet-six even as his feet...

AdLib: From the frying pan...
March 22, 2000... There are revolutionaries and there are armchair revolutionaries. The former have a cause to fight for and occasionally get killed in the process. The latter monitor current events, listen to gossip, tap into the grapevine, and draw...

Fast Forward: Bar be cued.
March 22, 2000... This came in the wake of the Bar bloodbath lost Sunday when only 660 passed out of the 3,978 who completed the examinations. The 16.6% batting average paled in comparison with the 39.6% registered last year which translates into a passing...

BSP Reference Rates as of March 21, 2000.
March 22, 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 40.957000 Japanese yen 0.009404...

The true logic of automobile thieves.
March 22, 2000... For the past several years, the Toyota Camry and Honda Accord have been the best-selling cars in the United States. They've also been the most-stolen, according to the latest information from Chicago-based CCC Information Services Group, Inc....

Isuzu offers new Hi-Lander variant for current year.
March 22, 2000... Isuzu Philippines Corp. recently unveiled a refurbished Hi-Lander. The Asian utility vehicle gets a face-lift with the new Hi-Lander 2000, boasting a more dynamic set of features that will place it a notch higher than the competition. ...

Easy car care tips from 3M.
March 22, 2000... "I've noticed some small dark brown spots, about the size of a pin head on my car. They are hard, and extremely difficult to remove. Any idea what's causing them?" Believe it or not, they're probably bug droppings. Flies and spiders are...

Ghia design behind the Ford Lynx.
March 22, 2000... Since its introduction to the local market a few months ago, Ford has sold over a thousand units of its Lynx passenger car. Little do these Lynx buyers know that they have been treated to a fresh and unique taste in international car design....

Auto talk.
March 22, 2000... This week's topic is: "To tint or not to tint.That is the question." Our readers sent their views: I guess the general sentiment of your readers must be "to tint." There's no argument about it. Global warming has grossly depleted...

ONSTAGE: The Czech National Opera's Rusalka and Jenufa a success in HK's Arts Festival.
March 22, 2000... On Feb. 24, I attended a performance of Rusalka. On Feb. 25 I saw Jenufa. Over 240 persons from Czech National Opera went to Hong Kong for these presentations. This opera company, though not as famous as the Royal Opera in London, La Scala in...

Pinoy na Pinoy: These ignorant foreign scholars: Balintawak lives.
March 22, 2000... Almost two months ago, Romy Castaneda, a computer whiz, and Bernard Karganilla, a young UP Manila professor who does impeccable research, members of our heretofore monthly Philippine culture discussion group under professor Prospero Covar,...

2 Amorsolos donated to Ayala Museum.
March 22, 2000... Swiss couple Lisa and Roland Ammann-Irminger will be donating two works by Fernando Amorsolo to the Ayala Museum. The works, Firetree at Intramuros (1941) and Trees Around Pond (1947) have never been publicly exhibited. The value of the two...

Vodka promotes the arts in Malate.
March 22, 2000... Known all over the world as a patron of arts and fashion, Absolut Vodka teams up with 25 bistros, bars and restaurants on Nakpil and Orosa streets in Malate for a week of performance and visual arts. Dubbed Absolut Malate, the event will...

Two men and two pianos (Spanish music marks the start of Camerata dell'Arte's 2nd year).
March 22, 2000... It is not very common in the Philippines for Spanish classical music to be played on the piano. Jovianney Emmanuel Cruz, director of the Camerata dell'Arte Foundation, explained that Spain is better known for its songs and dances. And this is...

WBF title bouts at PhilSports.
March 22, 2000... Joselito Rivera and Orlando Villaflor go for the vacant World Boxing Federation's junior lightweight and featherweight titles, the main events of the eight-bout, 66-round ring battle in the forthcoming Super Millennium Bouts set tomorrow at...

Hobies reach Boac despite delays; first leg abandoned due to calm weather.
March 22, 2000... Boac, Marinduque - Race officials abandoned the Qantas leg to Marinduque of the Philippine Hobie Challenge 2000 Sunday after wind conditions failed to improve for four hours at Tayabas Bay in Lucena. Flat wind conditions prevailed the...

COURT SIDE: Tiger Woods just keeps on improving.
March 22, 2000... As I was watching the final round of the Bay Hill Invitational over Star Sports the other night, the first thing I noticed was the color of Tiger Woods's shirt. It wasn't red. Oh, sure, there was a smattering of scarlet around the waist, but...

Bangkok to host Hitachi Young Leaders Initiative.
March 22, 2000... Hitachi, Ltd. and Hitachi Asia (Thailand) Co., Ltd. recently announced that Bangkok has been chosen as the host city for the 4th Hitachi Young Leaders Initiative (HYLI) this year. Four students from the Philippines will be selected to...

Int'l speakers to grace confab on training, management.
March 22, 2000... Globally recognized speakers and training experts are expected to grace and train participants during a five-day training and expo conference on March 27-31, or the Training 2000 (T2K) Conference and Expo, at the Asian Institute of Management...

Global trading regime requires information, services networking.
March 22, 2000... Banking on the concept of networking, the International Development Research Council (IDRC) is aiming to provide information for the emerging global needs of corporate industries. United States-based IDRC is a worldwide association...

Japanese work concept needed by RP companies.
March 22, 2000... As corporate leaders seek ways to improve their management and work force in a fast-changing global environment, approaches need not be complicated and could only require the common sense. This concept is espoused in the kaizen business...

On the Leading Edge: The 'soft side' in major 'transformation' projects.
March 22, 2000... The formal presentation was over. Throughout the one and a half hours, Mr. Business Adviser had the five invited CEOs listening intently or vigorously scrawling notes or both. They represented a broad cross-section of the Manila business...

Insurance Watch: European insurance giant eyes RP bancassurance.
March 21, 2000... What's a global company insuring major space missions, aviation fleet, oil drilling activity, information technology networks, and even Hong Kong's famed Chek Lap Kok airport doing in a small market like the Philippines? For Europe's...

Retailers need new tack under open trade regime: Collaborative planning, forecasting and replenishment.
March 21, 2000... With the liberalization of the retail trade sector under Republic Act (RA) No. 8762, local firms have no choice but to arm themselves against the possible influx of more efficiently run foreign counterparts in terms of inventory management....

Firms link to improve supply mgmt.
March 21, 2000... "Sorry sir, out of stock." Filipino consumers have been used to this excuse when they go to a store to look for a merchandise that they regularly purchase. This will no longer be the case with the new partnership between Exel, a...

Philippine Stock Exchange as of March 20, 2000.
March 21, 2000... Stocks Volume High Low Close BANKS & FINANCIAL SERVICES Banks Bank of P.I. 70,900 92.5 91.5 91.5 China Banking 3,860 760 760 760 Equitable Banking 84,300 56.5 56 56.5 Far East Bank 277,400 60.5 60 60 ...

Lopez group playing catch-up in convergence.
March 21, 2000... With a number of telecommunications companies moving toward convergence, it appears that the Lopez group may have realized it the last. While the Lopezes already had under Benpres Holdings Corp. the pipes and the content needed to run a...

PNOC-EDC, Kyushu join hands in geothermal power project.
March 21, 2000... Japanese utility firm Kyushu Electric Co. has joined hands with the Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC) in developing another geothermal power project in Sorsogon, Albay. PNOC-EDC vice-president for operations...

Mart index edges higher in mixed trading, with focus on third-liners.
March 21, 2000... Share prices ended widely mixed yesterday, although the broad market barometer managed to edge up to a two-week high as local money flowed into speculative stocks and selected blue chips amid investors' wariness over the upcoming US Fed...

Erap bats for PCSO probe.
March 21, 2000... Members of the First Family are willing to appear before the Senate to answer questions on their alleged misuse of some P430 million in Philippine Charity Sweepstakes Office (PCSO) funds. Press Secretary Rodolfo T. Reyes told reporters in...

Military kill count reaches 116 rebels.
March 21, 2000... At least 116 Moro rebels have been killed in their clashes with government troops in Lanao del Norte since last week, the military reported yesterday. Armed Forces spokesman Col. Rafael Romero also said the military will continue...

Lower increase in road user's tax proposed.
March 21, 2000... The bicameral conference committee tackling the proposed motor vehicle user's charge (MVUC), more popularly known as road user's tax, is pushing through with the new levy despite the uncertainty that Congress will ratify its report. And...

Two-month gov't borrowings top target.
March 21, 2000... The National Government "overborrowed" by P19.8 billion from the domestic market in the first two months of the year, figures from the Department of Finance (DoF) show. As a result, it is in danger of paying higher interest rates when the...

Framework: Cebu and family firms.
March 21, 2000... Last Friday, March 10, I visited Cebu as a guest speaker at the seminar hosted by the Cebu chapter of the Confederation of Exporters. It seems that the Executive Director, Sylvia Comendador, had been following my columns and was specially...

Gov'ts urged: Leave water sector (World Bank says 'community action' better).
March 21, 2000... THE HAGUE, The Netherlands - Governments should be enablers and regulators of community action for the efficient delivery of water, not water service providers. In a briefing over the weekend in the ongoing World Water Forum here, World...

BSP Reference Rates as of March 20, 2000.
March 21, 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 40.932000 Japanese yen 0.009379...

Businesswise: A call to arms.
March 21, 2000... Some people in government simply cannot learn, like PNP chief Panfilo Lacson or Sen. Pong Biazon. It does not bother Lacson to allow all citizens any number of guns, of any fire-power, so long as they keep them in their homes. Biazon, on...

To Take A Stand: Water for all.
March 21, 2000... The water business, many think, is a no-brainer, supposedly a simple case of sourcing water, channeling it to a treatment plant, distributing it, metering consumption, billing the water consumed and collecting what is due. Well, not so....

Housing and Urban Development department OK'd by Senate body.
March 21, 2000... The Senate housing committee has approved a bill that seeks to cure structural flaws in the housing sector through the creation of a Department of Housing and Urban Development (DHUD). The Senate body recommended the passage of the...

Subic software center approved by Estrada.
March 21, 2000... President Estrada has approved a proposal to set up a software manufacturing center inside the Subic Bay Freeport following a meeting over the weekend with Subic Bay Metropolitan Authority (SBMA) chairman Felicito Payumo and other project...

Added function set for shipment inspection firm.
March 21, 2000... To ensure efficient collection of customs duties and taxes, the National Government will require pre-shipment inspection firms to guarantee the obligations of the top 150 companies that bring in goods into the country. Finance Secretary...

Napocor's February rates up due to power purchase costs.
March 21, 2000... Power rates in all major grids of the state-owned National Power Corp. (Napocor) inched up slightly last month due to an increase in the cost of power purchased from independent power producers (IPPs). "Although there was no conspicuous...

Official hopes new Taiwan gov't will act on air dispute.
March 21, 2000... With air talks with Taiwan having gone from bad to worse, the Philippine government is keeping its fingers crossed that better negotiations will commence given Taiwan's new government. Over the weekend, oppositionist Chen Shui-bian ended...

Stricter issuance of import permits ordered by Angara.
March 21, 2000... Agriculture Secretary Edgardo J. Angara has ordered the stricter issuance of veterinary quarantine certificates (VQCs) and other farm import permits to agricultural product importers to control smuggling and the oversupply of farm goods from...

Grains sector development program OK'd in principle.
March 21, 2000... The Economic Coordinating Council (ECC) has approved the grains sector development program in principle but wants certain safety nets established. Socioeconomic Planning Secretary Felipe M. Medalla yesterday told BusinessWorld that the...

Experts needed to verify safety of GM foods.
March 21, 2000... HONOLULU, Hawaii - Agriculture specialists are suggesting that countries each create an independent body of experts to verify the food safety tests of agribusiness companies which produce genetically modified (GM) food products. The...

BoI seen to put up mediation body for warring business partners.
March 21, 2000... The Board of Investments (BoI) is considering a mediate body to look into disputes involving local businesses and their foreign partners to help ensure viability of whatever investments left for the country to count on. BoI governor...

Singapore firm, Araneta in tie-up.
March 21, 2000... Property developer Araneta Properties, Inc. (API) yesterday inked an agreement with Singapore-based Swansville Investment Pte. Ltd. for the joint development of the Araneta family's 600-hectare property in San Jose del Monte, Bulacan, into...

Digitel, three foreign firms in talks for cellular venture.
March 21, 2000... Anticipating the approval of its cellular license, the Gokongwei-owned Digital Telecommunications Phils., Inc. (Digitel) is reportedly in talks with three North American telephone companies that will provide the funds and technical expertise...

Vantage Equities to join IT business bandwagon.
March 21, 2000... Vantage Equities, Inc. will be joining the growing list of local companies venturing into the information technology (IT) business. The listed financial firm said it plans to acquire interests in four computer companies cumulatively worth...

Jacinto group keen on NSC.
March 21, 2000... With the recent lapse of the temporary debt reprieve that shielded debt-laden National Steel Corp. (NSC) from creditor claims, the corporate watchdog is making sure no foreclosure proceedings will take place before the steelmaker's...

Moro terrorists abduct Basilan priest, teacher (Second abduction by Abu Sayyaf this month).
March 21, 2000... Suspected Moro terrorists belonging to the Abu Sayyaf abducted a Catholic priest, a private high school principal, a high school teacher and a student in Basilan yesterday. Initial reports from the Armed Forces Southern Command based in...

Ex-House Speaker Ramon V. Mitra, 72.
March 21, 2000... Seven months after he publicly declared his illness, former House Speaker Ramon Villarosa Mitra succumbed to cancer of the liver yesterday. He was 72. Mr. Mitra was rushed to the Makati Medical Center last Thursday morning after...

Strike paralyzes 95% of Metro Cebu transport.
March 21, 2000... CEBU CITY - At least 95% of public utility jeepney drivers in this city refused to ply their routes yesterday in protest of oil price hikes, the proposed road user's tax, and new regulations of the Cebu City Traffic Operations Management...

New attack vs power project.
March 21, 2000... The state-run National Power Corp. (Napocor) transferred a 150-megawatt generating unit worth $150 million to IMPSA Asia Ltd. of Argentina last February 7 under a "vaguely worded" supplemental agreement. The Kalayaan Unit 2 of the...