BusinessWorld (Philippines) articles from November 2005, page 10

BusinessWorld (Philippines) archives from November 2005

Ad congress opening.
November 17, 2005... (From BusinessWorld (Philippines)) Cebu City - About 2,000 marketing, advertising, production, media, and research professionals are expected to attend the 19th Philippine Advertising Congress, which opens today at the Waterfront Cebu...

PNOC unit biofuel thrust.
November 17, 2005... (From BusinessWorld (Philippines)) The country's geothermal arm, the Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC), is allotting P1.6 million for a plantation project that can be another potential source for biofuels....

400 wines so little time.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Raoul J. Chee Kee For the 5th time in as many years, the Joseph siblings of Ralph's Wines & Spirits are holding "The Grand Wine Experience." On the evening of Nov. 18, lovers of good wine...

Alicia Arroyo's PSE exit.
November 17, 2005... (From BusinessWorld (Philippines)) Alicia Rita Morales Arroyo, former Philippine Stock Exchange (PSE) chairman, has resigned as a member of the board of directors effective yesterday. In an interview with BusinessWorld, Ms. Arroyo said...

PLDT share listing.
November 17, 2005... (From BusinessWorld (Philippines)) The Philippine Long Distance Telephone Co. (PLDT) listed 400 common shares yesterday as part of its executive stock option plan. On June 14, 2000, the exchange approved PLDT's application to list...

Boulevard cash payout.
November 17, 2005... (From BusinessWorld (Philippines)) Boulevard Holdings, Inc. will release P3.5 million in cash dividends after its board of directors declared a cash dividend of P0.0035 per share for stockholders as of Dec. 20. In a letter, the firm said...

Lopezes' Rockwell Land sets P7.8B for residential project.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Jennee Grace U. Rubrico Rockwell Land, Inc., the property development arm of the Lopez group, has allocated P7.8 billion for two new residential towers in the 15-hectare Rockwell Center. ...

ENTERPRISERS.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Bernardette S. Sto. Domingo At age 35, Alexander Lichauco, is into his third career, entrepreneurship, which is proving to be both fun and challenging. He made the switch after working as an...

Passenger, cargo carriers to cut fuel fees as crude prices ease.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Kerlyn G. Bautista Foreign and domestic carriers will lower their fuel fees for cargoes and passengers amid falling world fuel prices, an official of the Civil Aeronautics Board yesterday...

Banana chip variants offered to Davao manufacturers.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Carmelito Q. Francisco Davao City - What snack item would you choose for your children - "cereal" or "potato" chips nutritionists consider as junk food, or choco dip banana chips? This...

Globe eyes P45-M savings with $130-M refinancing.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Kerlyn G. Bautista Globe Telecom, Inc. will repay its expensive dollar-denominated debts with low-cost peso-valued loans to save at least P45 million in financing and swapping expenses by...

Veco union junks strike notice.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Jun P. Tagalog Cebu City - The union workers of the Visayan Electric Co., Inc. (Veco) withdrew a notice of strike after signing a deal with the management. In a press statement, the...

China firm commits P2.7B for hydro power project.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Jennifer A. Ng A Chinese firm will invest P2.7 billion to build a hydroelectric power plant in Iligan City that is expected to produce 25 megawatts of electricity. Federation of...

San Miguel packaging unit to hike capital.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Beverage Packaging Specialist, Inc., the wholly owned unit of San Miguel Corp., is seeking the approval of the Securities and Exchange Commission to increase its...

Gov't moves to finalize start date for higher VAT.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Norman P. Aquino Economic managers are meeting today to determine, once and for all, how soon the government can enforce a two-percentage-point increase in the value-added tax (VAT) next...

Military pension reforms pushed.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Defense Secretary Avelino J. Cruz has given his approval to abolish and replace the military-controlled Retirement and Separation Benefits System (RSBS) with a civilian-run...

Toll firms ordered to defer rate increase.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Jennee Grace U. Rubrico Motorists who use the North and South Luzon Expressways have gotten a reprieve from a planned toll increase following a decision by the Tollway Regulatory Board (TRB)...

Greenbelt Shopping Plaza to close.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Ayala Land, Inc., the property arm of the Ayala Group, will embark on another Makati expansion program by renovating the Greenbelt 1 area to make it consistent with...

PLDT nears deal to purchase TV service firm Dream Satellite.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Representatives of businessman Antonio "Tonyboy" Cojuangco and telecommunications honcho Manuel V. Pangilinan are in final negotiations for the sale of Dream...

Alliance under study to convince power distribution firms to list.
November 17, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio The Philippine Stock Exchange (PSE) is considering an alliance with the Department of Energy to persuade electric distribution companies and oil refiners to do an initial...

Electric bills up next month as regulator issues guidelines.
November 17, 2005... (From BusinessWorld (Philippines)) Consumers should brace for higher electricity bills next month as the Energy Regulatory Commission (ERC) has finally released guidelines on the application of the value-added tax (VAT) on power. ...

Businessmen support clipping of SC powers.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennifer A. Ng The proposal to strip the Supreme Court of its powers to review government contracts appear to sit well with businessmen, although some stressed the need to qualify which...

No need to stockpile avian flu medicine, says WHO official.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Rommer M. Balaba and Francis Y. Capistrano There is no need for individuals to stockpile Tamiflu or any other drug to control avian influenza or bird flu since there is no threat yet of an...

Militant admits local terror group's links to JI.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ma. Eloisa I. Calderon A member of the militant Rajah Solaiman Movement (RSM) has admitted before a Makati trial court that his group has links with the regional terror network Jemaah...

Pulse Asia survey.
November 16, 2005... (From BusinessWorld (Philippines)) A majority of Filipinos consider themselves poor or very poor, think their quality of life and the national quality of life have worsened this year compared to last year, and do not expect their life to...

Not pork barrel.
November 16, 2005... (From BusinessWorld (Philippines)) Funds for the Kilos Asenso and Kalayaan Barangay programs are not pork barrel for local government officials and are subject to audit by the Commission on Audit (CoA), the Budget department said...

Estrada request.
November 16, 2005... (From BusinessWorld (Philippines)) The lead defense lawyer in former president Joseph E. Estrada's plunder-case yesterday expressed dismay over the Sandiganbayan Special Division's decision disallowing Mr. Estrada to attend his high...

Bacolod recall petition.
November 16, 2005... (From BusinessWorld (Philippines)) Bacolod City - The local Commission on Elections yesterday started verifying and authenticating the 48,348 signatures affixed to the recall petition against Bacolod City Mayor Evelio R. Leonardia....

Political parties reform.
November 16, 2005... (From BusinessWorld (Philippines)) A proposal to create a new article in the Constitution intended to strengthen political parties was presented last Monday to the Palace- formed constitutional consultative commission (Con-Com)'s...

DoJ urged to transfer rape case proceedings to Manila.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ma. Eloisa I. Calderon and Bernardette S. Sto. Domingo Unfazed by Justice Secretary Raul M. Gonzalez's earlier pronouncements, the counsel of the 22-year-old Filipina allegedly raped by six...

Bills on free parking in malls dead?
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Paul C.H. How Bills filed in the House of Representatives that seek to require free parking in establishments, specifically malls, are unlikely to move forward in the House committee on...

Congress watching handling of rape case vs US Marines.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Francis Y. Capistrano Congress will closely monitor how the government is handling the case against the six United States Marines who are accused of raping a 22-year- old Filipina. The...

Traders told to adjust strategies as Pinoys expected to live longer.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jeffrey O. Valisno The Philippine population would likely get older in the coming years, as medical innovations enable Filipinos to live longer, the National Statistical Coordination Board...

NGO claims cyanide spill not an accident; gov't, Lafayette dispute.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Beverly T. Natividad The Center for Environmental Concerns-Philippines (CEC-Phils.), a non- government organization, yesterday claimed that the tailings dam of Lafayette Mining Ltd. was not...

MMDA, mayors agree on single traffic plan.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Paolo Joseph L. Lising To end a long-drawn conflict over the enforcement of traffic rules in Metro Manila, the Metropolitan Manila Development Authority (MMDA) and the mayors in the National...

Marcos wealth disbursement in order, Budget dep't says.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Judy T. Gulane It's not true P27 billion out of the P35-billion Marcos wealth has been spent. But the actual figure of the funds disbursed is close to that, the Budget department said...

Credit Suisse sees ratings upgrade.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Felipe F. Salvosa II The Philippines can expect a one-notch upgrade in its credit ratings by the second half of next year, on expectations of improved government finances due to the new...

House budget committee chief scores focus on quick fiscal fix.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Paul C.H. How The chairman of the House of Representatives appropriations committee yesterday said his chamber would not go with the Senate proposal to trim the proposed P1.05-trillion...

Strong sales lift Filinvest Land profits.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Property developer Filinvest Land, Inc. reported a 10.23% year-on-year increase in net income to P463.49 million from P420.46 million in the nine months to September on...

Ongpin-led group buys 40% stake in Eastern Telecom.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Kerlyn G. Bautista Roberto V. Ongpin-led ISM Communications Corp. yesterday bought the stake of an Australian company in the country's oldest telco, Eastern Telecommunications Phils., Inc....

McDonald's to open 20-30 stores in '06.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennee Grace U. Rubrico Golden Arches Development Corp., owner of McDonald's Philippines, is set to open 20 to 30 additional branches next year in its bid to aggressively expand its...

Toyota expects sales to slow down next year.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennifer A. Ng Toyota Motors Philippines yesterday said it expects slower sales growth next year due largely to the continued proliferation of used cars, as well as expectations of less...

Mayuga clears ISAFP in San Mateo raid.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Kristine L. Alave Military Inspector-General Vice-Admiral Mateo Mayuga has cleared the Intelligence Service of the Armed Forces of the Philippines (ISAFP) of allegations that its raid on a...

PAL rolls back fuel surcharge as Cebu Pacific sales rise 90%.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Kerlyn G. Bautista The Philippines' second national carrier Cebu Pacific said sales volumes in its ticketing offices leaped 90% within only three days after it offered markdown "Go" fare...

C&P investors okay capital restructuring.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Listed C&P Homes, Inc., the largest private low-cost housing developer in the country, secured the nod of its stockholders on a restructuring plan to partially wipe out...

Fighting between military, insurgents on Sulu island subsides.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Darwin T. Wee Zamboanga City - The fierce fighting between insurgents and government troops in Sulu has subsided, military officials said yesterday. Col. Domingo J. Tutaan of the Southern...

Apple unveils new iPod video.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Maricel E. Estavillo Apple Computer, Inc. yesterday launched its latest portable music player that can store photos and play both video and music. Called the fifth-generation iPod, the...

Semiconductors, garments to drive export growth.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jeffrey O. Valisno Semiconductors and garments are likely to drive export growth for the rest of the year, even amid currently weak demand for electronic products abroad, the National...

BUSINESS CASE LAW.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Judge Artemio S. Tipon (Ret.) Ferdinand and Josephine Aguilar bought a car from World Cars, Inc. for which they executed a promissory note and chattel mortgage. Joselito Perez, a sales agent...

First Philippine Holdings net income rises.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Lopez-led First Philippine Holdings Corp. and subsidiaries saw net income rise 16.19% to P3.66 billion from P3.15 billion This was due to higher income from operations...

FAST FORWARD.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Argee Guevarra The plot doesn't thicken, it thins. The truth doesn't get any hazier, it gets clearer. The Ortigas incident, which claimed the lives of suspected carjackers Brian Anthony...

CAPITAL VIEW.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Mercedes B. Suleik Looking back, the interest in corporate governance was triggered, at least in our part of the world, by the financial crisis of 1997. At the time, corporate governance...

AD LIB.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Greg B. Macabenta Gloria Macapagal Arroyo, exercising her presidential prerogative to control the media, roundly scolded the "bad boys" of journalism in a speech before the Kapisanan ng mga...

Samahang Plaridel.
November 16, 2005... (From BusinessWorld (Philippines)) Samahang Plaridel, the organization of journalists, issues this statement on President Arroyo's remark on media. Plaridel gratefully notes that in her remarks on the "bad boy" image of the...

COMMENTARY.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Rick Abcede The voice of radio icon Dely Magpayo, melodiously mellifluous, was ruling the airwaves when the doyenne of broadcasters was told that - according to surveys - her radio show...

BYSTANDER.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Dean O. dela Paz We learned about deregulation when globalization was still a faint whisper yet undeciphered as we charged into it. Deregulation sounded novel, something new. Wouldn't it be...

Cost of residential construction rises in 2nd quarter - NSO survey.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jeffrey O. Valisno Construction of residential buildings became more expensive in the second quarter of this year, as prices of materials rose from April to June, a survey of the National...

GRASSROOTS & GOVERNANCE.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Teresa S. Abesamis The simmering controversy involving Sen. Juan Ponce Enrile's timber license agreement (TLA) on Samar island, which, according to the newspapers, he refers to as "my...

Commercial loans growth slows down.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Karen L. Lema Commercial loans in the local banking system barely picked up in September, as borrowers chose to stay at the sidelines in anticipation of weak economic demand and higher...

Trade chief endorses cut in resins tariffs.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennifer A. Ng The Trade department yesterday said Trade Secretary Peter B. Favila signed last week a draft executive order recommending a reduction in tariff on resins. Trade...

LET'S TALK EUROPE.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Henry J. Schumacher About eight million Filipinos live and work outside the Philippines. Why were they accepted as immigrants or for work assignments? Because they spoke English (besides...

Belgian market.
November 16, 2005... (From BusinessWorld (Philippines)) The Philippine government has identified specific markets that Filipino entrepreneurs can tap if they plan to put up businesses in Belgium. Belgium is the Philippines' fifth trading partner among the...

Bottom lines up under new accounting rules (BusinessWorld Top 1000.
November 16, 2005... (From BusinessWorld (Philippines)) Aggregate revenues of the country's Top 1,000 went up 15.5% to P4.91 trillion last year, the best uptick since President Gloria Macapagal Arroyo became leader of the land. Huge improvements in...

Increase in OFW remittances provides further boost for peso.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Karen L. Lema The peso is assured of continued support, for now, from dollars sent home by the country's some eight million expatriate workers. Latest remittances data from the Bangko...

Lack of approvals delay power asset sales.
November 16, 2005... (From BusinessWorld (Philippines)) More power asset sales were signed yesterday but the Energy Regulatory Commission's (ERC) failure to approve any means over P1 billion in revenues still have to make it to government coffers. The...

Gov't to ask Sobrepena rail company to refund $7.38M in subsidies.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Kerlyn G. Bautista The government will demand the refund of $7.38 million in subsidies given to a company controlled by businessman Robert Sobrepena for unfinished maintenance works for the...

Chowking to add 200 stores in next 5 years.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Chowking Food Corp., a Chinese fastfood chain owned by Jollibee Foods Corp., will add 200 more stores in the next five years, a move that will result in more than...

ATI net income sharply higher.
November 16, 2005... (From BusinessWorld (Philippines)) Port and logistics operator Asian Terminals, Inc. (ATI) yesterday reported it had posted a net profit growth of 76.5% for January to September as it cut costs while revenues rose. The company...

Megaworlda 9-month net up.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Ruby Anne M. Rubio Listed property developer Megaworld Corp. saw 31.27% hike in its nine- month consolidated net earnings to P740.49 million from P564.11 million. Revenues rose 24.12%...

Ginebra net lower on cost pressures, tougher market.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennee Grace U. Rubrico Publicly listed Ginebra San Miguel, Inc. posted a decline in its income due to an increase in interest payments from short-term loans and cost pressures amid a...

Shell net income doubles.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Jennee Grace U. Rubrico Oil major Pilipinas Shell Petroleum Corp. posted a net income of P3.548 billion for the January to September period, double the P1.544 billion it reported in the...

TVI Pacific profit.
November 16, 2005... (From BusinessWorld (Philippines)) Davao City - TVI Pacific, Inc., the operator of the Canatuan gold project in Zamboanga del Norte, remains at a loss in January to September despite a fourfold increase in revenues. TVI's net loss for...

Holcim earnings.
November 16, 2005... (From BusinessWorld (Philippines)) Publicly listed cement firm Holcim Philippines, Inc. said net income rose to P866 million in the nine months to September, up by P165 million from the same period last year. In a filing, the firm also...

Ever earnings.
November 16, 2005... (From BusinessWorld (Philippines)) Mall operator Ever Gotesco Resources and Holdings Inc. has incurred for the nine months ending September 2005 due to a decline in rental rates and the pullout of an anchor tenant. In a filing, the firm...

Bankard net loss.
November 16, 2005... (From BusinessWorld (Philippines)) Yuchengco firm Bankard, Inc. said net losses shrank to P313.175 million in January to September from P487.901 million in the same period last year. In its unaudited income statements filed with...

PNCC net earnings.
November 16, 2005... (From BusinessWorld (Philippines)) State firm Philippine National Construction Corp. continued to be in the red as it posting a net loss of P1.718 billion in the nine months to September compared with P1.372 billion a year ago. In a...

Petroenergy revenues.
November 16, 2005... (From BusinessWorld (Philippines)) Petroenergy Resources Corp. posted P100 million in revenues for the third quarter, higher than the P65.28 million it posted in the same quarter last year. In a filing, the firm also said that it posted...

Manila Mining talks.
November 16, 2005... (From BusinessWorld (Philippines)) Listed Manila Mining Corp. is in talks with three international mining and exploration companies for its Kalayaan property in Surigao del Norte. In a letter to the exchange, it said it has been in...

Manila Water dividend.
November 16, 2005... (From BusinessWorld (Philippines)) Ayala-led Manila Water Co., Inc. approved the payment of a cash dividend per share of 10% (P0.01) per annum from Jan. 1 to Dec. 31 on the outstanding four billion participating preferred shares of...

T-bond rate declines to 10.5%.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Norman P. Aquino The drop in short-term Treasury bill rates last Monday spilled over to the seven-year Treasury bonds at yesterday's regular auction. The long-term bond's coupon rate...

Peso finishes slightly weaker vs dollar, tracks yen movement.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Norman P. Aquino The peso yesterday continued what traders called its "technical correction" against the dollar, averaging almost 10 centavos lower at P54.677. Traders also said the...

Exportbank pays P225,000 fine to SEC.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Iris Cecilia C. Gonzales Publicly listed Export and Industry Bank Inc. has not been reporting its income since the start of the year, based on data from the Bangko Sentral ng Pilipinas and...

Central bank borrows $500M.
November 16, 2005... (From BusinessWorld (Philippines)) Byline: Karen L. Lema The Bangko Sentral ng Pilipinas (BSP) will finally be able to refinance its debts falling due this month after it officially secured a $500-million syndicated loan from several...

Quantitative restrictions.
November 16, 2005... (From BusinessWorld (Philippines)) The Philippines' bid for an extension of its quantitative restrictions on rice imports remains uncertain as talks to secure India's approval are still ongoing. Agriculture Undersecretary for policy...