BusinessWorld (Philippines) articles from November 2010, page 8

BusinessWorld (Philippines) archives from November 2010

COURTSIDE.
November 16, 2010... Byline: Anthony L. Cuaycong My wife thinks the world of Manny Pacquiao. So what if she couldn't bear to watch a single moment of his bout against Antonio Margarito the other day, or if she believed him to have subjected the Philippines to his...

GIVE AND GO.
November 16, 2010... Byline: Michael Angelo S. Murillo Not that he needed further validation of his boxing greatness, still the world came away impressed and singing praises after seeing Filipino superstar Manny "Pacman" Pacquiao conduct a master class anew in...

Can't keep a good band down.
November 16, 2010... Byline: Jeffrey O. Valisno Following the release of its first album in more than a decade, 1990s iconic American alternative rock band Gin Blossoms has proven that you cannot keep a good musical act down. Amid controversies and changes in...

American Idol's Archuleta returns to promote 2nd album.
November 16, 2010... Byline: Jeffrey O. Valisno Following his successful back-to-back concert with American Idol champion David Cook in the Philippines last year, runner-up David Archuleta returns to the country to promote his second album, The Other Side of...

T-bill rates fall.
November 16, 2010... Byline: Ann Rozainne R. Gregorio TREASURY BILL (T-bill) rates across all tenors nosedived at the auction yesterday due to the high liquidity in the market and benign inflation, an official of the Treasury bureau said. Rates of the...

Peso gains six centavos vs US dollar.
November 16, 2010... Byline: Ann Rozainne R. Gregorio THE PESO moved sideways against the greenback yesterday due to dollar inflows during the weekend. The local currency closed at P43.70 per dollar yesterday, six centavos stronger than Friday's close at...

ATR KimEng net income grows by 46%.
November 16, 2010... Byline: Louella D. Desiderio THE NET INCOME of financial services group ATR KimEng Financial Corporation rose by 46% in the nine months to September due to the strong performance of its insurance business and other subsidiaries. In a...

Metrobank profits increase.
November 16, 2010... Byline: Ann Rozainne R. Gregorio METROPOLITAN Bank & Trust Company (Metrobank) said its net income in the nine months to September rose to P6 billion, a 44% growth from the P4.2 billion reported during the same period a year ago due to...

UCPB posts higher net income as of Sept.(Financial report)
November 16, 2010... Byline: Ann Rozainne R. Gregorio THE NET INCOME of United Coconut Planters Bank (UCPB) climbed 74% to P1.88 billion in the nine months to September from P1.08 billion the same period last year. Because of the growth in its interest income...

Domestic air passenger, cargo traffic up as of September.
November 16, 2010... Byline: Aura Marie P. Dagcutan THE NUMBER of people and cargo transported by air around the Philippines increased in the nine months to September from a year ago, data the Civil Aeronautics Board (CAB) released yesterday showed. ...

Tax bureau tops October goal (But full-year target beyond reach).
November 16, 2010... Byline: Prinz P. Magtulis THE TAX bureau slightly breached its monthly collection target for October, the second time it has done so this year, an official statement yesterday read. But the bureau's head told a Senate hearing, also...

P2.7-B human resource dev't facility launched.
November 16, 2010... THE AUSTRALIAN government and the Philippines yesterday signed an agreement forming a P2.7-billion to finance human resource and organizational development in the country. The five-year Philippines-Australia Human Resource and Organizational...

P25-million tourism infrastructure planned.
November 16, 2010... Byline: Sarwell Q. Meniano TACLOBAN CITY - Infrastructure projects estimated to cost a total of P25 million have been proposed in five towns in Eastern Samar as part of efforts to draw more tourists to the area. Edgar T. Bocar, Tourism...

Caraga region's Lake Mainit area starts attracting investors.
November 16, 2010... Byline: Louise G. Dumas CAGAYAN DE ORO CITY - The area surrounding Lake Mainit, a 173 square- kilometer body of water shared by the provinces of Agusan del Norte and Surigao del Norte in the Caraga Region, has started to draw investors. ...

Tourism firms turn to locals for support.
November 16, 2010... Byline: Sarwell Q. Meniano TACLOBAN CITY - Tourism businesses should bank on local tourists to sustain growth in the face of travel advisories issued against the Philippines by various countries, an official of the Tourism Infrastructure and...

Fake drugs feared to make up a third of the market.
November 16, 2010... Byline: Jessica Anne D. Hermosa A GROUP of medical experts urged the government yesterday to step up efforts against the sale of fake medicine, warning that the market share of these counterfeit products could balloon next year. Poor...

National Grid lines up projects to cope with growing demand.
November 16, 2010... Byline: Reyan L. Arinto BABATNGON, Leyte - To meet the rising power demand in the Visayas, the National Grid Corporation of the Philippines (NGCP) has lined up "load- driven" projects that will start by early next year. Nelson F. Cabangon,...

Labor addressing jobs-skills mismatch.
November 16, 2010... THE LABOR DEPARTMENT is finalizing a Philippine Human Resources Development Framework which sets strategies to ensure college graduates have the skills needed by the market, an official statement said. The department said that recommendations...

LET'S TALK TAX.
November 16, 2010... Byline: Maria Noeli V. Francisco It is unmistakable that the state has the inherent power of taxation, which has been defined as the power by which the state raises the revenue necessary to defray expenses of the government. Indeed, it is...

TO TAKE A STAND.
November 16, 2010... Byline: Oscar P. Lagman, Jr. Right after he was sworn in as Chief Justice of the Supreme Court, Renato Corona said: "I aim to improve the judiciary even further in every aspect possible and strengthen the great institution of the Supreme...

FENCE SITTER.
November 16, 2010... Byline: Antonio R. Samson The admission of fault, especially when due to one's own oversight or thoughtlessness like digitally dissing a host country's wine service, is not considered the default option of public figures and news subjects....

MAP INSIGHTS.
November 16, 2010... Byline: Jesus P. Estanislao Corporate governance (CG) should lead to performance, and this is generally understood as one leading to increased shareholder value over the long term. Since the perspective of CG is long term, an essential demand...

Search team formed.
November 16, 2010... JUSTICE SECRETARY Leila M. de Lima has formed a special team to expedite the search for fugitive Senator Panfilo "Ping" M. Lacson, who has a standing arrest warrant for his alleged involvement in the murder of a publicist and his driver a decade...

Makati residents seek stay order on pipeline use.
November 16, 2010... Byline: Nathaniel R. Melican RESIDENTS OF a village in Makati City have asked the Supreme Court for a stay order against the reopening of a repaired major fuel pipeline pending resolution of a Writ of Kalikasan (nature) filed yesterday. In...

Aquino enjoys major trust, approval scores.
November 16, 2010... Byline: Ana Mae G. Roa PRESIDENT BENIGNO S. C. Aquino III has obtained "big majority" approval and trust ratings in the first four months of his term, although lower than last July immediately after he was sworn into office, a Pulse Asia...

Strike paralyzes bus transport.
November 16, 2010... Byline: Noemi M. Gonzales AROUND 80% of bus operations in Metro Manila were paralyzed yesterday after drivers and conductors did not report for work to protest a scheme that bans vehicles based on the license plate number, an official of a...

RP in top 10 countries at risk of attacks.
November 16, 2010... Byline: with Romer S. Sarmiento THE PHILIPPINES has been included in the top 10 countries at risk of terrorist attacks, according to a statement released yesterday by global risk advisory firm Maplecroft. According to the Terrorism Risk...

Business group calls for clear outsourcing policy.
November 16, 2010... Byline: Jessica Anne D. Hermosa Businessmen urged the government yesterday to come out with clearer policies allowing the outsourcing of non-core company operations given the precedent created when Philippine Airlines was allowed to contract...

Power rate hike pleas junked on technicality.
November 16, 2010... Byline: Emilia Narni J. David Regulators have rejected Power Sector Assets and Liabilities Management Corp. (PSALM) petitions to hike electricity costs after the state-owned firm failed to comply with documentary requirements. PSALM had...

Remittance tally at $13.8B.
November 16, 2010... Migrant Filipino workers sent home $1.6 billion in September, bringing the remittance tally for the year so far to $13.8 billion, the Bangko Sentral ng Pilipinas (BSP) yesterday said. "The continued preference for the skills and competencies...

Gov't losing points in Maguindanao case.
November 16, 2010... Byline: Ana Mae G. Roa Satisfaction with the way the government is handling the Maguindanao massacre has dipped based on a Social Weather Stations (SWS) survey released a week before the slaughter's first anniversary. The poll, conducted...

Aquino returns from Japan, touts $5.45B in pledges.
November 16, 2010... Byline: Ana Mae G. Roa President Benigno S. C. Aquino III yesterday arrived in Manila from a four-day visit to Japan claiming to have brought back $5.45 billion in investments. A little over half, or $2.85 billion, was said to comprise...

Popular Economics.
November 16, 2010... Byline: Judy Dannibelle T. Chua Co Amid the global financial crisis, policymakers have taken interest in the emergence and growth of developing Asia's middle class, wondering if the latter would play a key role in rebalancing the world...

FRAMEWORK.
November 16, 2010... Byline: Elfren Sicangco Cruz The earliest pioneers of Philippine business education (then known as commercial education) were the Philippine School of Commerce (organized in 1908) and De La Salle, which had its first three graduates with a...

Yahoo! users hit 3.5M.
November 16, 2010... The local unit of digital content and communications firm Yahoo!, Inc. said the evolving needs of users are prompting service providers to keep up with demand. Isaac Souweine, product marketing manager of Yahoo! Southeast Asia, told reporters...

Phoenix nets P286M.
November 16, 2010... Listed oil firm Phoenix Petroleum Philippines, Inc. yesterday reported a 180% increase in core net income to P285.5 million in the nine-month period that ended September, citing to higher sales. After-tax net income however fell by 56% to P258.5...

Sual, Pagbilao to expand.
November 16, 2010... TeaM Energy Corp. has begun talks with local partners to expand the 1,200-megawatt (MW) Sual coal-fired plant in Pangasinan and the 750-MW Pagbilao coal-fired plant in Quezon. The projects are estimated to cost around $1.5 billion. Pagbilao's...

Lopez profits up by 19%.(Financial report)
November 16, 2010... Lopez Holdings Corp., formerly Benpres Holdings Corp., said yesterday it earned P13.035 billion for the January to September period, 19% higher than the P10.916 billion reported in 2009. Equity in net earnings of associates increased by 216% to...

Ayala earns nearly P7B, bares solar power venture.
November 16, 2010... Byline: Neil Jerome C. Morales PROFITS OF Ayala Corp., the country's oldest conglomerate, rose by almost a fifth to P6.8 billion in the nine months that ended September, as gains in most units offset a decline in the telecommunication...

Property lifts Alliance Global's profit.
November 16, 2010... Byline: Neil Jerome C. Morales The property business hiked Andrew L. Tan-led Alliance Global Group, Inc.'s profits by more than half in the nine months that ended September. Alliance Global's nine-month net income attributable to...

Gokongweis eyeing PPP deals for airport, roads, power plants.
November 16, 2010... Byline: Aura Marie P. Dagcutan Gokongwei-led conglomerate JG Summit Holdings, Inc. wants to enter private-public partnership (PPP) projects, eyeing state contracts to build an airport terminal, roads, and power plants. Lance Y. Gokongwei,...

Jollibee's Baysa named Finex's CFO of the Year.
November 16, 2010... Byline: Neil Jerome C. Morales The chief financial officer (CFO) of fastfood giant Jollibee Foods Corp. was selected CFO of the Year by the Financial Executives Institute of the Philippines (FINEX) and ING Bank N.V. Jollibee Foods CFO...

Metro Pacific set to buy stake in MRT consortium.
November 16, 2010... Byline: Aura Marie P. Dagcutan Metro Pacific Investments Corp. (MPIC) is in talks to acquire a stake in the consortium that owns the Metro Rail Transit Line 3 (MRT-3) on EDSA, securing a deal that allows it to appoint directors in firms...

Davao City councilors approve rezoning for second SM mall.
November 16, 2010... DAVAO CITY - City councilors here approved the reclassification of a 10-hectare property in Lanang district, about six kilometers north of city hall, from "parks and recreation" to "major commercial zone," tearing down a major hurdle in the...

Petron net income up by 16% in Q3.(Financial report)
November 16, 2010... Byline: Emilia Narni J. David Listed oil refiner Petron Corp. posted a 16% profit growth for the third quarter and ended the January to September period with a 59% increase in net income on the back of higher sales, better margins of...

Masbate gold project reaches record output.
November 16, 2010... THE DAILY output of Australian miner CGA Mining Ltd.'s Masbate project reached a new record high last Nov. 10, the miner said in a statement yesterday. The Masbate gold project in Southern Luzon recorded output of 21,831 dry metric tons (MT)...

PSE doubles nine-month profit to P257M.
November 16, 2010... THE PHILIPPINE Stock Exchange, Inc. (PSE) doubled its net income in January to September amid a robust local equity market. Net income after tax reached P256.7 million, the PSE said in a statement yesterday. This was a 101.63% increase from...

Step into PAL labor row, Aquino urged.
November 16, 2010... The Philippine Airlines Employees' Association (PALEA) yesterday called on President Aquino to take over a labor dispute to prevent a strike at the flag carrier. In a statement, PALEA said it met with Palace officials yesterday morning and...

Pump prices rise.
November 16, 2010... EASTERN PETROLEUM Corp. today raised pump prices to track higher international oil prices. The oil company said in a text message diesel and kerosene prices are up by P2 per liter while regular gasoline prices rose by P0.75 per liter. Unleaded...

Pacquiao cited.
November 16, 2010... THE HOUSE of Representatives is set to bestow its member, Sarangani Rep. Emmanuel D. Pacquiao, the Congressional Medal of Distinction, the highest award given by the chamber to a Filipino. House Resolution 625, authored by House Speaker...

Facilitator backed.
November 16, 2010... ZAMBOANGA CITY - Moro rebels have requested the Malaysian government, which is brokering the talks, not to give in to the Philippine government's suggestion of changing the facilitator in the talks. In a resolution passed during a meeting at the...

Violence mars polls.
November 16, 2010... CAGAYAN DE ORO CITY - Two separate gun fights were reported in special elections in Lanao del Sur Saturday. Violence erupted in the municipality of Calanogas before 9 a.m., injuring a councilor identified as Malik Amirul and his relative, June...

SLEx -STAR Tollway link opens to allow fuel tankers' passage.
November 15, 2010... South Luzon Tollway Corp. (SLTC) showed the importance of new roads in the economy as it helps hold off a looming crisis by allowing fuel tankers from Pilipinas Shell Corp. and Chevron Philippines, Inc., two of the biggest energy players in the...

SANYO unveils Slim Beauty Sisters sleek eco-friendly refrigerators.
November 15, 2010... With the success of SANYO's revolutionary Slim Beauty Refrigerator launched earlier this year, it ups the ante with the unveiling of Slim Beauty Sisters. Like the original Slim Beauty refrigerators, these stunning home must- haves feature...

BRIEFS.
November 15, 2010... Concert set The Infinite Devotion of 4 or simply I.D.O.4, the homegrown worship team of Jesus Christ to God be the Glory Church Int'l., Inc., will once again set foot on the grounds of Araneta Coliseum on Dec. 9. Friends Again, the official...

Pru Life posts P5.2-B premiums.
November 15, 2010... Insurer Pru Life UK is on a record-breaking spree collecting total premiums of P5.2 billion for the nine months ended Sept. 30 this year against P2.6 billion for the same period in 2009. The 100% year-on-year growth catapulted Pru Life UK,...

Foundation marks World Diabetes Day.
November 15, 2010... The International Diabetes Foundation (IDF) and its over 200 member associations celebrated the World Diabetes Day (WDD) yesterday in more than 160 countries and territories. WDD was created 19 years ago by the IDF and the WHO in response to...

CONSUMER GUIDE.
November 15, 2010... Revlon bares Just Bitten Lipstain by ColorStay Revlon introduces its newest lip baby, the Just Bitten Lipstain by ColorStay. It has a vitamin-enriched formula has a lightweight feel, and guarantees hours of wear without streaking or...

BRIEFS.
November 15, 2010... Promotion launched Test drive any Mazda and get a chance to win one of three brand-new Mazda2's. Mazda Philippines will be giving away one Mazda2 every month from October to December. Simply by visiting your nearest Mazda dealership and test...

SPECIAL FEATURE: Telco Year-end Reports.
November 15, 2010... Byline: Katrina Paola B. Alvarez The verdict is in: the proliferation of unlimited services and the rapid growth of broadband subscribers stand to change the telco sector for good. The country's telecommunications companies have yet to...

SPECIAL FEATURE: Telco Year-end Reports.
November 15, 2010... Byline: Victoria T. Vizcarra What was once a tight product-to-product race among telecom service providers has become a bolt between bundles - service combos that are meant to appeal to specific sets of end-users. "For fixed line bundles, the...

SPECIAL FEATURE: Telco Year-end Reports.
November 15, 2010... Byline: Agape Grace E. Miguel Demand for faster data transfers on-the-go has given rise to a new mobile standard, Long Term Evolution (LTE) or 3GPP, a radio technology that's designed to up the capacity and speed of mobile networks. Dubbed...

Stylish relief from killer heels.
November 15, 2010... Byline: Camille Erika R. Sarte Killer heels - women who constantly wear sky-high heels traverse the world in silent pain in their quest to be fashionable and stylish, and to give the illusion of height. Butterfly Twists, a London-based...

New anti-aging products pushed.
November 15, 2010... Byline: Camille Erika R. Sarte Rhytophobia is the medical term for the intense, irrational fear of wrinkles, especially on the face. This may be an extreme case but how may women do you know who looked at the mirror, discovered their first...

TAKE TEN.
November 15, 2010... Byline: Behn Cervantes It takes just one. You have an appliance but in case of an emergency, it might be wise to have another as an alternate. Then, it becomes another and another. You think of another appliance you deem important so an...

WEALTH MANAGER.
November 15, 2010... Byline: Judy Dannibelle T. Chua Co Recommendation: Wait Banco de Oro Unibank, Inc. (BDO) was given a "wait" tag by AB Capital Securities, Inc. despite the Sy-led lender's strong earnings growth in the third quarter. "The market has been...

WEALTH MANAGER.
November 15, 2010... Byline: Karen Joyce Q. Ang Recommendation: Accumulate Brokerage firm Angping & Associates Securities, Inc. advised investors to accumulate Bank of the Philippine Islands (BPI) shares given the bank's attractive valuation. "BPI is...

WEALTH MANAGER.
November 15, 2010... Recommendation: Slow Accumulation Analysts advised investors to slowly accumulate shares in SM Development Corp. (SMDC) while the stock is cheaper. SMDC shares fell for the fourth straight session on Friday to close at P8.85 apiece, off...

WEALTH MANAGER.
November 15, 2010... Monday, 15 Nov. - Last day for REGISTRATION of permanently bound computer-generated/loose leaf books of accounts & other accounting records such as but not limited to receipts and invoices together with the affidavit/certificate under...

WEALTH MANAGER.
November 15, 2010... Byline: Billy V. Cortez US Fed Chairman Ben Bernanke has stirred a hornet's nest. The Fed's plan to undertake a $600-billion bond-buying program has drawn flak from a broad spectrum of critics, the strongest criticisms, as expected, coming...

WEALTH MANAGER.
November 15, 2010... Byline: Anthony Pangilinan "50 meters to North Korea." This was one of the "souvenirs" I took home with me almost 20 years ago when I attended a youth leadership conference in South Korea. I thought I wouldn't make it back home to Manila....

WEALTH MANAGER.
November 15, 2010... Byline: Rowen Untivero Question: Despite the planning my people and I make before meeting our customers, our negotiation plans become almost useless because of other factors that eventually get introduced during actual negotiations. Is there...

Market could see more sell-off this week.
November 15, 2010... Byline: Neil Jerome C. Morales Share prices might continue sliding this week as global sentiments weigh down the local equity market, analysts said. A selling spree by institutional investors could also drag down prices during this...

CHESS PIECE.
November 15, 2010... Byline: Bobby Ang GM Bent Larsen passed away last Sept. 9, 2010 after a long illness. Aside from his chess career, of which we wrote about last Friday, he was also among the best chess writers in the world. He is interesting, funny,...

Equestrians Jaworski, Virata win in '10 National Indoor Show Jumping Open.
November 15, 2010... Faultless back-to-back rounds earned Mikee Jaworski, riding Rustic Rouge, the 2010 National Indoor Show Jumping Open Championship. This is Jaworski's second title of the year after winning the Philippine leg of the FEI World Jumping Challenge...

Steel galvanizers press for protection, industry standards.
November 15, 2010... Byline: Jessica Anne D. Hermosa A GROUP of steel galvanizers has urged the Trade department to work out supply links between the downstream and upstream industries and to raise tariffs on competing imports. "[We want government to]...

Gov't seeking lands for Asian farm investors.
November 15, 2010... Byline: Jessica Anne D. Hermosa THE BOARD of Investments (BoI) will be seeking help from Pampanga's local officials, including Rep. Gloria M. Arroyo, to gather enough farmers there willing to lease out their land in support of Asian...

Energy dep't to clarify taxation issue before contracting round.
November 15, 2010... Byline: Emilia Narni J. David THE ENERGY department will clarify a key taxation issue with the Commission on Audit (CoA) before the former launches the next contracting round, which will be for oil and coal projects. "We'll have to see...

SUITS THE C-SUITE.
November 15, 2010... Byline: Jessie D. Cabaluna Real estate markets continue to recover from the global financial crisis. Many firms are progressing in streamlining operations and managing capital. However, companies should still prepare for emerging risks...

SM unit's contractor preparing to go public, eyes more than P2B.
November 15, 2010... Byline: Neil Jerome C. Morales Megawide Construction Corp., which claims to be the largest local contractor, wants to go public to raise P2.29 billion to fund projects next year. The contractor of the SM group's property unit filed an...

Eton's earnings jump; firm sees P700M in full-year net.(Financial report)
November 15, 2010... Byline: Neil Jerome C. Morales Profits of Lucio C. Tan-led Eton Properties Philippines, Inc. jumped by almost seven times to P530 million in the nine months ending September due to higher revenues from new residential, mall and office...

Tollway operator spending P1B on maintenance, NLEx-SCTEx link next year.
November 15, 2010... Byline: Aura Marie P. Dagcutan TOLLWAY OPERATOR Manila North Tollways Corp. (MNTC) will be allotting P1 billion for capital expenditures next year to fund maintenance and extension as well as the integration of two expressways. Rodrigo E....

Del Monte Pacific swings back to profit, earns $3.3M in Q3.
November 15, 2010... Byline: Neil Jerome C. Morales Local and export sales brought $3.3 million in profits for Campos-led Del Monte Pacific Ltd., a turnaround from last year's net loss. But profits in the nine months that ended September were cut to $1.2...

Power utility to complete 12 projects.
November 15, 2010... Byline: Emilia Narni J. David Power distribution utility Manila Electric Co. (Meralco) will complete 12 more projects to increase system capability for the remainder of the year. Meralco said in a statement its remaining projects will add...