BusinessWorld (Philippines) articles from March 2009

BusinessWorld (Philippines) archives from March 2009

RCBC continues to eye banks for acquisition.
March 31, 2009... Byline: Gerard S. dela Pena Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is keeping its eye on two mid-sized banks for acquisition while revving up its microfinance business. Cesar E.A. Virata, RCBC director, said the...

PNB raises P3.25 billion from long-term deposit certificates.
March 31, 2009... Byline: Gerard S. dela Pena Lucio Tan-led Philippine National Bank (PNB) yesterday said it was able to raise P3.25 billion from its offering of long-term negotiable certificates of time deposit (LTNCDs). This was higher than the P3...

Peso loses 31 centavos on US automaker news.
March 31, 2009... Byline: Maria Eloisa I. Calderon The peso yesterday plummeted against the dollar after a US government about-face on aid for American automakers jolted fears of a deeper economic downturn. It shed 31 centavos from Friday's finish to...

Foreign life insurers report robust business growth.
March 31, 2009... Byline: Maria Eloisa I. Calderon Two foreign-controlled life insurers yesterday reported strong profits and steady premium sales last year, escaping the impact of a global financial malaise that weighed on the industry's earnings...

Eight-day price rally ends on profit taking.
March 31, 2009... Byline: Kristine Jane R. Liu profit taking yesterday put an end to an eight-day rally in share prices, analysts said. The benchmark Philippine Stock Exchange index slipped by 0.84% or 17.14 points to 2,023.11, while the all shares...

Courtside.
March 31, 2009... Byline: Anthony L. Cuaycong In retrospect, I fully understand why Tiger Woods had more than his usual share of doubters heading into yesterday's final round of the Arnold Palmer Invitational. He was, after all, in only his third...

GIVE AND GO.
March 31, 2009... Byline: Michael Angelo S. Murillo True to pre-tournament forecasts, the defending champions Barangay Ginebra Kings are finding the going tough in the ongoing PBA Fiesta Conference. At the half-way juncture of the qualifying phase, we find...

Notices sent on copyright law.
March 31, 2009... The Pilipinas Anti-Piracy Team (PAPT) has started sending out letters to businesses operating in different areas in Luzon, reminding them to check their use of software and make sure that they are compliant with the software copyright laws....

Sanyo unveils new line of Xacti dual cameras.
March 31, 2009... Sanyo unveiled their new line of Xacti Dual Cameras recently at the Sanyo Showroom in Makati. The new lineup redefines digital imaging by allowing greater flexibility for camera lovers and users all over the world with an amazing lineup...

Fitness First raises $10,000 for Gawad Kalinga community.
March 31, 2009... For a few hours, fitness enthusiasts from all over Asia dropped the weights and picked up shovels and paintbrushes to build shelters for homeless Filipinos. This was one of the highlights during the recently held Asia Momentum - a...

PEOPLE.
March 31, 2009... Uliran Joaquin elected new Laguna Lake body chairman "I'm taking this challenge head-on," asserts Uliran Joaquin, about her new position as Laguna Lake Development Authority (LLDA) chairperson. The former three-time First District of...

BRIEFS.
March 31, 2009... Scholarship opens The Government Service Insurance System (GSIS) is once again set to award free tertiary education to a number of youths through the GSIS Scholarship Program. All GSIS active members with updated premium payments can...

After mix-up, full list of Star Awards nominees released.
March 31, 2009... Byline: Jeffrey O. Valisno Controversy marred the announcement of nominees in this year's Star Awards for Movies when one name was erroneously omitted from the list when it was released last week. Veteran filmmaker Jose Javier Reyes...

UP Colleges offer summer classes for kids and adults.
March 31, 2009... The University of the Philippines will be offering summer courses ranging from art for children and film writing, to seminars on globalization and management leadership. The classes are open to the public. The course offerings at the...

Film marathon on Good Friday.
March 31, 2009... Byline: Jeffrey O. Valisno Regional cable network Hallmark Channel lines up film specials and made-for-TV movies for a marathon screening on April 10. The back-to-back screenings begin with Angel in the Family at 10 a.m. The touching...

Retro dance nights at Teatrino.
March 31, 2009... Tuesdays are dance nights at Teatrino at the Greenhills Shopping Center in San Juan. The dancing lasts from 8 to 11 p.m. The latest project of Music Museum Group, Inc. (MMGI), "Retro Dance Night: Tuesdays at Teatrino" is open to people...

SPECIAL FEATURE: George S.K. Ty.
March 31, 2009... Byline: Hannah M. Muralla George S.K. Ty, the man who built the Metrobank Group, knows the value of starting small. Born in Hong Kong in 1933, the young George Siao Kian Ty (his Chinese name Siao stands for youth and Kian, persistence)...

SPECIAL FEATURE: George S.K. Ty.
March 31, 2009... Byline: Hannah M. Muralla George S.K. Ty, the eminent founder of the Metrobank Group, looks to his father, the late Norberto Ty, as a role model in more ways than one. It was Wellington Flour Mills, one of the elder Ty's first...

SPECIAL FEATURE: George S.K. Ty.
March 31, 2009... Byline: Hannah M. Muralla It was only in recent decades that the notion of corporate social responsibility (CSR) took on a more integrated role in business. Prompted by the negative impact of certain corporate practices on society and...

Government rejects bandit demand for wider troop pullout (Abu Sayyaf.
March 31, 2009... Byline: Darwin T. Wee and Louella D. Desiderio ZAMBOANGA CITY - Bandits holding three aid workers have rejected the partial withdrawal of government troops in Southwestern Mindanao and is demanding a further pullout from several villages...

Kidnap-for-ransom cases on the rise.
March 31, 2009... Byline: Louella D. Desiderio Kidnap-for-ransom activities are on the rise anew, with half of last year's total number of cases happening in the first quarter alone. Teresita Ang See, founding chairman of nongovernmental group...

Lower cooking gas price set.
March 31, 2009... Byline: Ava Kashima K. Austria Cooking gas users would benefit from a one-peso-per-kilogram cut in prices effective tomorrow due to a huge drop in world contract prices. Members of the Liquefied Petroleum Gas Marketers Association...

Arroyo to seek approval of currency swap idea, check on Pinoy workers.
March 31, 2009... President Gloria Macapagal-Arroyo is leaving for a regional summit in Thailand next week mainly to discuss with Southeast Asian counterparts an $80-billion facility to help the region face the global economic crisis. Mrs. Arroyo will...

Palace to investigate computer hacking issue.
March 31, 2009... Byline: Bernardette S. Sto. Domingo Malacanang WILL probe an alleged hacking of the computer network of the Department of Foreign Affairs (DFA) by a China-based cyber spy network. Deputy Presidential Spokesman Lorelei C. Fajardo...

Higher traffic violation fines stay - Transportation dep't.
March 31, 2009... Byline: Jose Bimbo F. Santos Higher fines for traffic violations will stay insofar as the Department of Transportation and Communications (DoTC) is concerned, if only to enhance road safety in light of increasing vehicular accidents. ...

Rights body hits Davao City for summary executions.
March 31, 2009... Byline: Carmelito Q. Francisco DAVAO CITY - Summary executions in this city should be stopped immediately to deter similar criminal acts from being repeated in other parts of the country. Commission on Human Rights (CHR) Chairman...

Revived double murder case delayed anew - Gonzalez.
March 31, 2009... Byline: Ira P. Pedrasa Proceedings in a revived high-profile double murder case may be delayed with a new development in the extradition of a vital witness. Justice Secretary Raul M. Gonzalez yesterday said ex-senior superintendent...

Bill for stronger food regulator rushed.
March 31, 2009... Byline: Jhoanna Frances S. Valdez A bill seeking to strengthen the regulatory powers of the food and drugs regulator would be fast-tracked when Congress resumes session mid- April, legislators said. A bicameral committee has been...

Projects to address insurgency in conflict-stricken provinces.
March 31, 2009... Byline: Rosanna Mae A. Labitag The government is embarking on several public works projects to enhance development in the provinces, especially in conflict-affected areas. In a statement yesterday, Juan B. Ngalob, director of the...

Teves for no. 2 post a 'serious' thought.
March 31, 2009... Byline: Alexis Douglas B. Romero Finance Secretary Margarito B. Teves neither confirmed nor denied eyeing a national post next year amid calls by a group of assessors for him to run as vice-president under the administration ticket. ...

Steel bar makers hurting, appeal for protection.
March 31, 2009... Byline: Jessica Anne D. Hermosa Local steel firms Cathay Metal Corp., Dragon Asia Rolling Mills, and Lunar Steel Corp. have called on the government to charge stiffer duties on foreign-made steel angle bars, claiming an import surge is...

Levi's reports losses with closure of RP operations.
March 31, 2009... Byline: Don Gil K. Carreon Clothes and apparel retailer Levi Strauss (Philippines), Inc. reported losses following the closure of its manufacturing facility here, audited financial statements showed. The Philippine unit of Levi...

Manila Water to invest P50B on wastewater treatment.
March 31, 2009... Byline: Ava Kashima K. Austria Listed Manila Water Co. plans to spend P50 billion to build wastewater treatment plants in its concession area, but said this would depend on the extension of its contract to supply water to Metro Manila's...

Energy department orders new audit of oil companies; tells firms to.
March 31, 2009... Byline: Ava Kashima K. Austria Oil companies will again be audited to make sure they are not engaged in overpricing, the Energy department said yesterday after meeting with industry executives. "All the oil companies will have to...

Gov't told to look for external funding for Northrail project.
March 31, 2009... Byline: Rosanna Mae A. Labitag The government needs to tap external financial sources for the North Luzon Railway project, which is not going to earn money until the year 2028, according to a study. The study, commissioned by the...

Spirit of Manila kicks off.
March 31, 2009... OLONGAPO - Spirit of Manila Airlines, a Filipino-owned airline, is all set to fly to Taiwan via the Diosdado Macapagal International Airport on April 15, and to several Middle Eastern countries to cater to overseas Filipino workers. The...

Movements announced.
March 31, 2009... Roxas Holdings, Inc. has moved executives of defunct unit CADP Group Corp. to its real estate and sugar arms in the wake of a corporate reorganization. "The change in the Roxas group of companies' executive team is an outcome of the corporate...

Korean hotel backed.
March 31, 2009... SUBIC - The Subic Bay Freeport Chamber of Commerce has thrown its support to the controversial $120-million hotel-casino project, which will involve uprooting more than 300 trees. The group claimed that the grandiose development plan of...

Claims vs Legacy.
March 31, 2009... A deluge of plan holders of failed pre-need companies under the Legacy Group yesterday prompted the Securities and Exchange Commission (SEC) to extend the deadline for filing of claims by 15 days. SEC Secretary Gerard M. Lukban said clients...

Convergys opening three more contact centers, to hire 3,100.
March 31, 2009... Byline: Jose Bimbo F. Santos Nasdaq-listed Convergys Corp. will open three new contact centers tomorrow, creating a total of 3,100 new jobs in the burgeoning outsourcing industry that is expected to continue steady growth despite the...

BMW Philippines winds down, posts P187-M loss.
March 31, 2009... Byline: Don Gil K. Carreon Losses of BMW AG's local unit widened as it ended operations in the Philippines last year and turned over the local dealership to its Filipino business partner. BMW Philippines Corp., in its 2008 financial...

DMCI unit bags contract to extend Skyway to Alabang from Bicutan.
March 31, 2009... Byline: Kristine Jane R. Liu The construction subsidiary of DMCI Holdings, Inc. has won the P8- billion contract to extend the Metro Manila Skyway to Alabang, Muntinlupa from Bicutan in Taguig. In a disclosure yesterday, DMCI said it...

PHILIPPINE SILICON VALLEY.
March 31, 2009... Byline: Dennis Posadas During my time as a former semiconductor engineer, part of my job was to examine the past reliability data of chip equipment and try to fit that data into statistical models that would try to predict when the next...

Fishery cooperation agreement signed.
March 31, 2009... Byline: Bernardette S. Sto. Domingo THE PHILIPPINES and Papua New Guinea yesterday signed a memorandum of understanding (MoU) that provides for wide-ranging bilateral fishery cooperation via technology transfer, joint research and...

Mango growers get P3-M grant.
March 31, 2009... Byline: Francis Allan L. Angelo ILOILO CITY - The World Bank has approved a P3-million grant for the construction of a mango processing center in Leganes town, Iloilo. Mario Nillos, Iloilo provincial planning and development officer,...

Public works department rushes 22 road projects in Davao Region.
March 31, 2009... Byline: Joel B. Escovilla DAVAO CITY - The Department of Public Works and Highways (DPWH) will rush 22 road projects here as part of the government's plan to frontload 60% of infrastructure projects in the first six months of the year to...

NEDA pushes links among Cordillera provinces.
March 31, 2009... THE NATIONAL Economic and Development Authority (NEDA) is pushing for the completion this year of P3.8-billion segments of the Cordillera Road Improvement Project (CRIP) as part of the government's Economic Resiliency Plan amid the crisis....

LET'S TALK TAX.
March 31, 2009... Byline: Alfredo Q. Merto It is fire prevention month and, as expected, fire accidents are in the news almost everyday. I remember in one case - a company warehouse where inventories are kept was struck by fire attributed to faulty...

RP gets $106-million Japan aid.
March 31, 2009... JAPAN is providing a total of about $106.5 million in various new assistance to improve fiscal governance, land infrastructure, and storm monitoring, as well as to help poor farmers and to rehabilitate and develop conflict-affected areas in...

Compostela Valley town to spend P12M a year to boost rubber yield.
March 31, 2009... Byline: Joel B. Escovilla DAVAO CITY - A small municipality in Compostela Valley of roughly 50,000 people will vie to become a rubber-producing area under the one-town one product (OTOP) program. New Bataan Mayor Lorenzo L. Balbin,...

More monetary policy easing expected.
March 31, 2009... Byline: Maria Eloisa I. Calderon A WEAKENING PESO may call for a more measured pace in the central bank's monetary easing cycle, but increasing threats of an economic slowdown would prompt regulators to keep the screws on monetary policy...

House pushes Cebu as economic zone.
March 31, 2009... Byline: Jhoanna Frances S. Valdez THE HOUSE of Representatives has approved on third and final reading a bill seeking to declare the entire Cebu province as the Cebu Economic Development Zone (CEDZ), a statement yesterday read. House...

FRAMEWORK.
March 31, 2009... Byline: Elfren Sicangco Cruz Citizens, corporations, and NGOs who want to become advocates of environmentalism should understand that there are actually three different mind-sets that are the drivers of the environmental movement. ...

FENCE SITTER.
March 31, 2009... Byline: Antonio R. Samson It is after a political leader has already left power that determines whether he is still worth listening to. When occupying his lofty position, the leader is heeded, as he determines the fate of his nation, his...

MAP INSIGHTS.
March 31, 2009... Byline: Jean D'Orival When, in July 1944, 44 Allied Nations decided to create the first-ever global economic and financial order, they chose to link their currencies to the value of the Gold (Gold-Standard). Then in 1971, due to big...

FEEDBACK.
March 31, 2009... I welcome Greg Macabenta's insights in his column on March 25, 2009, entitled "Among Ed for CEO of Chinatrust." However, may I state for the record that I am no longer the CEO of Chinatrust (Philippines) Commercial Bank Corporation,...

Gov't takes majority stake in MRT operator.
March 31, 2009... The government has acquired a majority stake in the company which runs the Metro Rail Transit (MRT) line on EDSA, a development officials said would generate savings and allow for improvements to the railway. State-owned Development Bank...

Bangko Sentral open to dropping the dollar as its reserve currency.
March 31, 2009... The Bangko Sentral ng Pilipinas (BSP) is open to replacing the US dollar as the country's reserve currency. While central has previously declared that the US dollar will continue to be its reserve and settlement currency as most of the...

PSE okays 17 candidates for May elections.
March 31, 2009... Seventeen candidates have been green-lighted by the Philippine Stock Exchange (PSE) for a May 9 election that will determine the bourse's 15- member board of directors. Renominated for a fifth term was PSE President and chief executive...

World Bank expects 4% drop in OFW remittances this year.
March 31, 2009... Byline: Paolo Luis G. Montecillo THE WORLD BANK expects the amount of money sent home by overseas Filipino workers (OFWs) to contract by 4% this year amid the global economic downturn. It will, however, be slightly better than an...

Clark sets 'New Frontier' development.
March 31, 2009... Byline: Jessica Anne D. Hermosa The state agency in charge of the Clark Freeport is looking to develop another 2,000 hectares to accommodate more investors, an official yesterday said. The first five years, said Clark Development...

WEALTH MANAGER.
March 30, 2009... Byline: J. Albert Gomez There are a few bright spots in our economy, and one of them is domestic tourism. Cutthroat competition in the airline industry has worked to the advantage of local travelers, who now have a wide range of...

WEALTH MANAGER.
March 30, 2009... Byline: Ira P. Pedrasa Success comes from the business relationships one makes. Cliche this may be, but this was the case with Carmelo V. De Jesus, businessman, but most importantly, a family man. "He was the favorite son," so said...

WEALTH MANAGER.
March 30, 2009... Byline: Ma. Aizl Camille B. Cabarles Recommendation: BUY A deal between First Philippine Holdings Corp. (FPH) and Philippine Long Distance Telephone Co. (PLDT) has heightened investors' interest in the Lopez-led firm. FPH is set...

WEALTH MANAGER.
March 30, 2009... Byline: Benjamin V. Buco, Jr. Recommendation: BUY Leisure and Resorts World Corp. (LR) is among the companies that have strong fundamentals yet has remained unappreciated by the market, noted an analyst. Equities analyst Prince...

WEALTH MANAGER.
March 30, 2009... Byline: Josephine B. Valle Recommendation: HOLD Analysts advise investors to hold on to Pilipino Telephone Corp. or Piltel given the Philippine Long Distance Telephone Co.'s acquisition of Manila Electric Co. (Meralco) shares. ...

WEALTH MANAGER.
March 30, 2009... Byline: Den Somera The Relative Strength Index or RSI is another oscillator used by momentum investors to capture market trends and approximate fair market values of stocks. J. Welles Wilder, Jr. is said to have refined it along with...

WEALTH MANAGER.
March 30, 2009... MARCH 30 - Last day of REGISTRATION of computerized books of accounts and other accounting records in CD-R, DVD-R or other optical media properly labeled with the information required under existing revenue issuances for FY ending Feb....

Sweet escape.
March 30, 2009... Byline: Johanna D. Poblete Rustan's Department Store lined up its Spring/Summer collection on March 26 at The Gallerie Rustan's Makati, with top-caliber models showing off the clothes - a tried-and-tested method of marketing directly to...

TAKE TEN.
March 30, 2009... Byline: Behn Cervantes I needed money so I searched for my wallet. Why wasn't it in the back of the pants I wore the day before? Neither was it in my portfolio. I looked around, getting slightly irritated. Was this a senior moment or did...

Bergamo launches summer wedding outfits for grooms.
March 30, 2009... Bergamo, which specializes in bespoke menswear, will launch its summer wedding inspirations for grooms in "Wedding Ensemble, The Midtown Bridal Fair" during afternoon cocktails on April 23 at the Robinsons Place Manila - Midtown Atrium. The...

New designer brood.
March 30, 2009... Byline: Johanna D. Poblete Vanessa Ang, 26, emerged as the winner - incidentally the first female winner - of the 8th edition of the MEGA Young Designers Competition (YDC), which concluded on March 24 at the Isla Ballroom of Edsa...

CHESS PIECE.
March 30, 2009... Byline: Bobby Ang 10th European Individual March 6-17, 2009, Budva, Montenegro Final Top Standings 1-11. GM Evgeny Tomashevsky RUS 2664, GM Vladimir Malakhov RUS 2692, GM Baadur Jobava GEO 2669, GM Ernesto Inarkiev RUS 2656, GM...

COURTSIDE.
March 30, 2009... Byline: Anthony L. Cuaycong Blame Shaquille O'Neal for the Twitter explosion in the National Basketball Association. Prior to his active tweeting, few thought of the micro-blogging service as a viable medium for spreading league-related...

Job loss benefits to require changes to SSS law - Neri.
March 30, 2009... The Social Security law lacked provisions for unemployment benefits and contributions of workers were intended mainly to cover maternity, sickness, disability, retirement, death and funeral benefits, a top official said. In a statement,...

Pan de Manila enhances road travel experience with 24/7 outlets.
March 30, 2009... One cannot go wrong with pandesal - it is well-loved by everyone, it's affordable, its versatile, easy-to-bite and carry, and with Pan de Manila's outlets located along the tourism highway, it can be brought along on a road trip any time of...

Foreign chambers to hold local employment expo.
March 30, 2009... Four of the most prominent foreign chambers in the country will once again hold the 2009 Local Employment Expo this summer. These include the Australian-New Zealand Chamber of Commerce Philippines (AnzCham), the British Chamber of...

PEOPLE.
March 30, 2009... Western Union appoints Riingen as senior vice-president The Western Union Co. today announced the appointment of Patricia Zamora-Riingen as its senior vice-president, Pacific and Indochina. Ms. Riingen will be responsible for all...

BRIEFS.
March 30, 2009... Seminar to be held Jack Canfield, the world's leading success expert and the Guinness Book of World Records holder for most number of New York Times Best-selling books will conduct a life-empowering seminar on April 30 at the Dusit Thani...

Profit taking could drive share prices down.
March 30, 2009... Byline: Kristine Jane R. Liu Analysts see share prices plunging this week as investors cash in the gains they made last week to stay liquid ahead of the Lenten season. But they also pointed out the US market would continue to be a key...

RCBC sees flat profit growth this year.
March 30, 2009... Byline: Gerard S. dela Pena Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is expecting a flat earnings growth this year as one of its main clients, the exporters, feel the pinch of the global economic downturn. "[Our net...

Sideways movement expected for 5-year Treasury bond, peso.
March 30, 2009... Byline: Maria Eloisa I. Calderon Debt yields and the peso are expected to tread water this week, with cautiousness seen to prevail ahead of a summit by the Group of 20 industrialized and developing nations, where hopes for an early global...

Trust industry expansion seen to further slow.
March 30, 2009... Byline: Gerard S. dela Pena The trust industry expects slower growth this year as investors become more discerning of where to put their funds. Raul C. Diaz, outgoing president of the Trust Officers Association of the Philippines...

INTROSPECTIVE.
March 30, 2009... Byline: Cayetano Paderanga, Jr. One of the manifestations for the Philippines of the current global economic crisis is the sudden and drastic drop in exports. As our main export markets - the United States, Europe, and Japan - have...