BusinessWorld (Philippines) articles from November 2011

BusinessWorld (Philippines) archives from November 2011

FMIC to list bonds on fixed income bourse.
November 30, 2011... Byline: Ann Rozainne R. Gregorio FIRST METRO Investment Corp. (FMIC), the investment banking arm of the Metrobank Group, has earned the Philippine Dealing & Exchange Corp.'s (PDEx) nod to list its five-year bonds for trading on the...

Security Bank gets approval for LTNCDs.
November 30, 2011... Byline: Ann Rozainne R. Gregorio SECURITY BANK Corp. (Security Bank) will proceed with a plan to issue long-term negotiable certificates of deposit (LTNCDs) after obtaining the Bangko Sentral ng Pilipinas' (BSP) green light. In a...

Peso strengthens on latest effort to solve debt crisis.
November 30, 2011... Byline: Ann Rozainne R. Gregorio THE PESO continued to strengthen against the dollar yesterday on market optimism that the euro zone's finance ministers would approve measures to stem the continent's worsening debt crisis. The local...

RCBC pursues SMEs as competition rises.
November 30, 2011... Byline: Ann Rozainne R. Gregorio YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) has begun using innovative tools to woo small and medium enterprises (SME) and increase its share of the SME lending market, an official said. "There is...

PSEi extends losses on GDP data, EU woes.
November 30, 2011... STOCKS further slid yesterday as disappointing third-quarter growth figures continued to spook investors already alarmed by the fast-spreading debt crisis in the euro zone. The Philippine Stock Exchange index (PSEi) slipped by 0.40% or 16.84...

COURTSIDE.
November 30, 2011... Byline: Anthony L. Cuaycong In tennis, the storyline invariably stays the same: Its gladiators, even the best of the best, climb to the apex of their respective talents and then struggle to stay competitive as the unyielding demands of the...

GIVE AND GO.
November 30, 2011... Byline: Michael Angelo S. Murillo The ongoing PBA Philippine Cup is turning out to be an eventful one with subplots a many unfolding. One of the interesting story lines that is being highlighted in the current tournament is the emergence of...

ONSTAGE.
November 30, 2011... Byline: Juan Antonio Lanuza After a hectic week visiting doctors, I welcome a chance last Sunday to go to the Meralco Theater to see The Little Mermaid, a production by Atlantis Productions, its last one for 2011. I was a few minutes late,...

David Medalla: The return of a legendary vagabond.
November 30, 2011... Byline: Sam L. Marcelo Persuading the itinerant visual artist David Medalla to return to the Philippines after a three-decade absence was a surreal five-year, multicontinental saga for Ramon "Richie" Lerma. At one point, the Ateneo Art...

Family history enriches national history.
November 30, 2011... Byline: Michael Ebro Dakudao DAVAO CITY - Author and newspaper columnist Barbara "Tweetums" Cruz Gonzalez - who is blessed with talents for teaching, writing, painting, and so many others - was in Davao as the guest speaker for the recent...

Conference on nation and culture slated on Saturday.(Conference news)
November 30, 2011... SOME OF THE country's leading philanthropists, art patrons, educators, cultural workers, artists and creative writers, will gather for the national conference on Nation and Culture on Dec. 3 at the Cultural Center of the Philippines. The...

Congress Ratifies National Budget; Bill to Be Sent to Aquino
November 30, 2011... Byline: Noemi M. Gonzales and Antonio Sigfried O. Alegado CONGRESS YESTERDAY ratified the proposed P1.816-trillion national outlay, assuring that the government will have a fresh operational budget at the start of 2012. In separate...

Local manufacturers losing to cheap plywood from China.
November 30, 2011... Byline: Neil Jerome C. Morales PLYWOOD MANUFACTURERS claim they have already lost a fourth of the local market because of cheap, misdeclared and substandard plywood from China, an industry group official said on Tuesday. There is an influx...

UN to developing countries: Adapt RE technology.
November 30, 2011... Byline: Emilia Narni J. David DEVELOPING countries need to encourage research to adapt renewable energy technologies for local use as alternative sources could be more cost effective than traditional supplies, a report from the United Nations...

SASO seeks links with Thai groups.
November 30, 2011... Byline: Louella D. Desiderio PRIVATE SECTOR group Sugar Anti-Smuggling Organization (SASO) plans to establish links with authorities in Thailand for intelligence sharing, as well as to pursue prosecution of those involved in the illegal entry...

Gov't needs bids for airport projects.
November 30, 2011... Byline: Kathleen A. Martin THE GOVERNMENT is seeking contractors for about P517-million worth of airport rehabilitation work contracts ranging from runway development to passenger terminal upgrade, a Civil Aviation Authority of the...

Filing of extra info voluntary.
November 30, 2011... Byline: Noemi M. Gonzales THE FILING of additional income information from taxpayers will be voluntary, the Finance secretary said, yielding to a House panel's vehement objections to the revenue directive concerned. In a letter addressed...

Gov't may decide on 2012 rice imports by next month.
November 30, 2011... Byline: Louella D. Desiderio THE GOVERNMENT may decide on the volume of its rice imports for next year by next month, an official said yesterday. "The NFA (National Food Authority) Council will meet on Dec. 6. Hopefully we can decide on...

Local bakers to retain prices of Tasty, pandesal.
November 30, 2011... Byline: Eliza J. Diaz BAKERS of the subsidized Pinoy Tasty bread and Pinoy pandesal (salted bread) will keep their prices for the holidays despite the high costs of local flour, forcing firms to post profit loss or decline in 2011, an...

EDC to acquire geothermal contracts in Chile, Peru.
November 30, 2011... Byline: Emilia Narni J. David LOPEZ-LED ENERGY Development Corp. (EDC) has moved to acquire controlling stakes in four geothermal sites South America, the company disclosed to the bourse yesterday. EDC said it signed a deal with Australian...

A Brown to pay $5 million for stake in mining firm.
November 30, 2011... Byline: Franz Jonathan G. de la Fuente HOLDING FIRM A Brown Co., Inc. has moved to acquire an indirect stake in a Surigao del Sur mine for $5 million. A Brown, in a discolsure yesterday, said it will be taking over a 22.87% stake in...

Tanco firm takes on school's debt.
November 30, 2011... Byline: Franz Jonathan G. de la Fuente TANCO-LED JTH Davies Holdings, Inc. has executed plans to take on the P223.529-million debt of Philippine Women's University (PWU) in exchange for a stake in the school, a disclosure to the local bourse...

Deal sealed for free port development.
November 30, 2011... Byline: Franz Jonathan G. de la Fuente REAL ESTATE firm Megaworld Corp. has forged a deal with state-run Clark Development Corp. to build a P7-billion, mixed-use development at a free port in Pampanga, a disclosure to the local bourse...

United Airlines sees growth despite tax on foreign units.
November 30, 2011... Byline: Kathleen A. Martin UNITED AIR Lines, Inc. (United Airlines) expects continued growth next year from local operations even as the Philippines has yet to lift taxes slapped on foreign carriers, an official said yesterday. "We expect...

Manila Jockey Club gears up for expansion.
November 30, 2011... Byline: Franz Jonathan G. de la Fuente RACETRACK OPERATOR Manila Jockey Club, Inc. plans to install betting stations in government-owned casinos starting next month. The effort, which will come on stream by next month, should boost...

Capex plans detailed.
November 30, 2011... FILINVEST LAND, Inc. is looking to match next year the P12-billion spending programmed for 2011, with expenditures seen to be allotted mostly for new residential projects. "We are looking at a capex of around P10 to 12 billion. We're still...

Fish shipment readied.
November 30, 2011... A SUBSIDIARY of Alliance Select Foods International, Inc.is set to ship salmon to South Korea by January next year after already penetrating other Asian markets last month, an official yesterday said. In a telephone interview yesterday, Rajat...

Tax liability nixed.
November 30, 2011... THE COURT of Tax Appeals (CTA) has cleared BASF Philippines, Inc. of over P100 million in alleged tax liabilities after the Bureau of Internal Revenue (BIR) was found to have failed in proving the company's deficiencies. In a decision...

Credit rating withdrawn.
November 30, 2011... DEBT WATCHER Moody's Investors Service withdrew its B1 rating for the bonds issued by Quezon Power (Philippines) Ltd. Co. "The rating withdrawal is a result of Quezon Power's full repayment of its $124-million outstanding bonds in early...

NOT SO FAST.
November 30, 2011... Byline: Tito F. Hermoso Finally, after hundreds of Friday nights suffering the perpetually knotted traffic on EDSA Cubao's bus terminals, the MMDA installed an effective concrete barrier and mesh fence combination to prevent jaywalking...

AD LIB.
November 30, 2011... Byline: Greg B. Macabenta In the Central American Republic of Santa Banana the system of justice is segmented. There is justice for the rich and justice for the poor. Justice for the powerful and justice for those who have no influence....

CORE.
November 30, 2011... Byline: Benjamin E. Diokno From January to September this year, economic output grew by 3.6%, way below the lower end of the government's revised target of 4.5% to 5.5%, and only half of its aspirational growth target of 7% to 8%. By...

COMMENTARY.
November 30, 2011... Byline: Samuel V. Senoren How the Philippines' national budget of P1.816 trillion (US$41 billion) for FY 2012 is disbursed will make or break President Aquino's anti-corruption drive which is the centerpiece of a governance program during his...

Dead tuna washed ashore.
November 30, 2011... Byline: Romer S. Sarmiento KORONADAL - An estimated 20 tons of dead skipjack tuna were washed ashore in Sarangani, a province in Central Mindanao, an official said yesterday. Rolando D. Tuballes, chief of the Sarangani Provincial...

Animals as gifts opposed.
November 30, 2011... AN ANIMAL welfare group has launched a campaign discouraging the giving of dogs and cats as gifts for the yuletide season. The advocacy is contained in a new advertisement released to media yesterday by the People for the Ethical Treatment of...

City gov't drops support for police over killings.
November 30, 2011... Byline: Nanette L. Guadalquiver and Chrysee G. Samillano BACOLOD CITY - The city government of Escalante has withdrawn support for the local police force, stripped the police station of facilities and equipment, and ordered the unit to move...

Paranaque to resume coding Dec. 1.
November 30, 2011... THE PARANAQUE city government has reimposed the number-coding scheme on certain routes effective tomorrow to ease traffic around an interchange, an official said Monday. "To resolve the worsening traffic conditions at the Bicutan Interchange...

Wider insurance coverage seen in higher budget.
November 30, 2011... Byline: Sarwell Q. Meniano TACLOBAN CITY - A budget of P12.8 billion has been set aside next year to expand the government health insurance program in line with full coverage for all Filipinos by 2015, an official said yesterday. Walter F....

Local court wants explanation on extended hospital stay (... as.
November 30, 2011... Byline: Aubrey E. Barrameda and Johanna Paola D. Poblete A LOCAL court has again summoned a physician of Pampanga Rep. Gloria Macapagal-Arroyo to appear in tomorrow's hearing to explain an appeal for her extended stay at the hospital, a court...

Senate body recommends new districts.
November 30, 2011... Byline: Antonio Siegfrid O. Alegado A SENATE committee yesterday cleared for plenary approval a proposal to add congressional districts in Quezon City. Under House Bill 4528 which was approved by the committee on local government, the...

PCGG asks court to consider appeal.
November 30, 2011... THE PRESIDENTIAL Commission on Good Government (PCGG) asked the Supreme Court yesterday to recall an earlier resolution prohibiting the government from filing further pleadings on the coconut levy fund case. Filed by the solicitor general on...

Former president linked to scandal anew.
November 30, 2011... Byline: Antonio Siegfrid O. Alegado FORMER PRESIDENT and Pampanga Rep. Gloria Macapagal-Arroyo has again been implicated in fraud during the 2007 midterm elections in yesterday's hearing at the Senate. Ahmad C. Mamucao, a former aide of...

'Lethargy' seen to persist (Monetary Board faced with growth,.
November 30, 2011... Byline: Diane Claire J. Jiao and Neil Jerome C. Morales ECONOMIC GROWTH is expected to remain sluggish in the near term, but inflation pressures could force the central bank to maintain policy rates at current levels till yearend, analysts...

SE Asian slowdown expected up to 2016.
November 30, 2011... Byline: Carmina Angelica C. Valeroso PHILIPPINE ECONOMIC expansion will slow along with that of key Southeast Asian peers in the next five years, following near-term growth moderation amid global uncertainties, a report of the Organization...

BIR launches tax calendar for next year.(Calendar)
November 30, 2011... Byline: Diane Claire J. Jiao THE BUREAU of Internal Revenue (BIR) on Tuesday unveiled the 2012 tax calendar as part of its drive to improve compliance among taxpayers. "The tax calendar will inform people of their tax deadlines and...

Manila maintains quality of living.
November 30, 2011... Byline: Eliza J. Diaz THE COUNTRY's capital has maintained its quality of living from last year, though it still ranked in the lower half of an annual survey designed to guide both governments and firms in compensating employees when they are...

Economic Indicators.
November 30, 2011... Byline: Luis Nonito Q. Pasuelo RESULTS of a 2010 survey showed that about 1.9 million Filipino children aged 5 to 17, or 6.3% of the population in this age range, were working. More than a third of the working children belonged to the...

Gun ban in Zamboanga, Basilan imposed.
November 30, 2011... Byline: Amilbahar S. Mawallil and Louie O. Pacardo ZAMBOANGA CITY - A gun ban has been imposed in Zamboanga City and Basilan province to stem the series of attacks, a Cabinet official said yesterday, with the recent blast tagged to the...

Arroyo found with colon ailment.
November 30, 2011... Byline: Noemi M. Gonzales FORMER PRESIDENT now Pampanga Rep. Gloria Macapagal-Arroyo (2nd district) is suffering from inflammation of the colon, according to a bulletin released yesterday by the St. Luke's Medical Center. Dr. Juliet...

Consumer loans surge 15%.
November 29, 2011... BANKS' CONSUMER loans jumped by double digits in the second quarter compared to the same period the year before, fueled by a surge in residential real estate loans, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Universal,...

Peso firms up on eve of euro zone meeting.
November 29, 2011... Byline: Ann Rozainne R. Gregorio MARKET EXPECTATIONS of yet another plan to solve the euro zone debt crisis boosted the peso yesterday, ending three straight sessions of depreciation resulting from bad news coming from the single-currency...

Government rejects high bids for Treasury bills at auction.
November 29, 2011... Byline: Ann Rozainne R. Gregorio THE GOVERNMENT did not sell any Treasury bills at the auction yesterday after investors posted too high bids for the papers. "We were ready to accept the rates closest to the secondary market rates, but...

Stocks drop on disappointing GDP data.
November 29, 2011... Byline: Franz Jonathan G. de la Fuente STOCKS slipped yesterday after the government reported a lower-than- expected gross domestic product (GDP) growth in the third quarter. The Philippine Stock Exchange index (PSEi) lost 0.79% or 33.71...

COURTSIDE.
November 29, 2011... Byline: Anthony L. Cuaycong Assuming the handshake collective bargaining deal between National Basketball Association owners and players holds up and subsequently allows for the start of the 2011-12 season on Christmas Day, creative...

GIVE AND GO.
November 29, 2011... Byline: Michael Angelo S. Murillo When the B-MEG Llamados got the services of Coach Tim Cone in the offseason everybody knew he was only to make the team better. A bench tactician of Cone's CV added to the working pieces of the Llamados, a...

Family congress scheduled.
November 29, 2011... THE FAMILY Congress 2012 will be held on Feb. 18, 2012 at the Valle Verde Country Club in Pasig City. The congress has the theme "BFF: Building the Filipino Family." The event is jointly organized by the Love Institute, Galileo Enrichment...

Asians spend time on dining, leisure.
November 29, 2011... CONSUMERS ACROSS Asia-Pacific continue to plan to eat out and have a good time despite the global economic uncertainty. According to the results of the latest MasterCard Survey on Consumer Purchasing Priorities - Dining and Entertainment,...

PEOPLE.
November 29, 2011... Nokia names head for Indochina-Philippines NOKIA RECENTLY announced changes in its leadership teams that will take effect starting January 2012. The company has appointed William Hamilton-Whyte as vice-president of the newly formed...

Pancake House ties up with cooking show.
November 29, 2011... PANCAKE HOUSE creates more reasons to visit the restaurant by featuring four dishes inspired by the hit reality cooking show, Junior MasterChef Pinoy Edition. The four newest offerings are a worthy addition to Pancake House's lineup of...

BRIEFS.(Company overview)
November 29, 2011... Partnership bared AMADEUS PHILIPPINES announced it will distribute two solutions for travel agencies to access business data and automate their operations. Amadeus said its partnership with Cornerstone Information Systems, a global leader in...

Imelda gives her perspective of People Power Revolution in History.
November 29, 2011... Byline: Jeffrey O. Valisno Hidden Cities host Anthony Morse met with Imelda Marcos during the filming of the latest season of his History Channel show. History Channel airs the newest season of its flagship original production every...

It's beginning to look a lot like Christmas: A holiday circus.
November 29, 2011... Byline: Jeffrey O. Valisno To celebrate the holiday season, Robinsons Malls nationwide are showcasing jaw-dropping acrobatics and thrilling circus magic in a series of free shows. Called Cirque Internationale, the shows are produced by a...

CHRISTMAS CELEBRATIONS.
November 29, 2011... Giant tree at Centris ETON CENTRIS' Centris Walk at the corner of EDSA and Quezon Ave., will light up its 32-ft-tall tree on Dec. 2, 6 p.m., as the University of the East Chorale serenades the public with Christmas carols. Santa Claus will be...

SPECIAL FEATURE: Strongest Banks.
November 29, 2011... Byline: Eush Tayco Amid economic uncertainty, the strength and stability of banks is becoming more important to corporate investors and regular consumers alike. Fortunately, according to PSBank president Pascual M. Garcia III, "the Philippine...

SPECIAL FEATURE: Strongest Banks.
November 29, 2011... Byline: Anna Patricia G. Valerio THE RECENTLY RELEASED list of top-performing banks by the Asian Banker showed that Philippine banks have what it takes to weather a crisis. The Singapore-based financial magazine, in a report titled, "The...

SPECIAL FEATURE: Strongest Banks.
November 29, 2011... Byline: Gianna B. Villavicencio TOP INVESTOR Warren Buffett got into the business at around age seven, by tagging along to his father's office and reading the investment books that were there. He bought his first shares of stock at age 11 -...

SPECIAL FEATURE: adviser.
November 29, 2011... Byline: Eush Tayco The Christmas season is a prime opportunity to travel. However, an unfortunate accident during one of the busiest travel periods of the year can ruin the experience for everyone. Here are a few tips on how to stay...

Study finds 4 cities that need to prepare for climate change.
November 29, 2011... Byline: Louella D. Desiderio FOUR Philippine cities need to come up with management plans and upgrade their infrastructure in order to respond to expected climate change risks in the future, independent organization World Wide Fund for Nature...

UNDAF upscaled to $375.7M for dev't assistance.
November 29, 2011... Byline: Trishia P. Octaviano THE UNITED Nations launched yesterday a $375.7-million assistance framework to help the Philippines meet its development goals over the next seven years. This figure is more than triple the $107.8-million aid...

Consultants from Changi to check NAIA.
November 29, 2011... Byline: Emilia Narni J. David CONSULTANTS from Singapore's Changi Airport have arrived in Manila to conduct an appraisal of the Ninoy Aquino International Airport (NAIA), the Department of Transportation and Communications said in a statement...

Gov't urged to review electricity pricing, told to place cap on.
November 29, 2011... Byline: Emilia Narni J. David THE GOVERNMENT should review the pricing for electricity and put a cap on guaranteed renewable energy (RE) prices, said speakers in the Labor- Business Consultation on Electricity sponsored by the Kilusang Mayo...

Agriculture dep't prepares farmers for shift to organic.
November 29, 2011... Byline: Sarwell Q. Meniano TACLOBAN CITY - The regional office of the Department of Agriculture (DA) is organizing provincial and municipal technical committees that will prepare farmers in Eastern Visayas for the shift to organic agriculture...

Davao wage board schedules two hearings for pay adjustment.
November 29, 2011... Byline: Joel B. Escovilla DAVAO CITY - The Regional Tripartite Wages and Productivity Board has scheduled two public hearings to justify a minimum wage for workers. The first was set in Tagum City yesterday and covered Davao del Norte, Davao...

LET'S TALK TAX.
November 29, 2011... Byline: Ma. Lourdes A. Politado With Christmas just around the corner and with the end of the year fast approaching, most companies are now computing employee bonuses, if not already distributing bonuses to employees. As stated in the...

TO TAKE A STAND.
November 29, 2011... Byline: Oscar P. Lagman, Jr. Sen. Joker Arroyo assailed Justice Secretary Leila de Lima for openly defying the Supreme Court's temporary restraining order (TRO). He said that GMA's right to travel was merely incidental when compared to the...

FENCE SITTER.
November 29, 2011... Byline: Antonio R. Samson When I was in high school, one of the two clubs I joined, and I was not really much of a joiner then and still am not now, was the drama club. The other was the Rizal Book Club whose activities consisted not of book...

MAP INSIGHTS.
November 29, 2011... Byline: Anthony Alden S. Aguilar Taxation has never had a good reputation. We need look no further than the example of St. Matthew himself, who was a tax collector before he was called to become one of the Twelve Disciples, and is often held...

FRAMEWORK.
November 29, 2011... Byline: Elfren Sicangco Cruz The history of mankind is often viewed as a chronology of major events, but the story of human progress (or lack of progress) is best understood if we realize that the history of civilizations is actually the...

Galoc oil field shut for three-month rig upgrade.
November 29, 2011... Byline: Emilia Narni J. David PRODUCTION AT the Galoc oil field has been suspended until late into the first quarter of 2012 to make way for an upgrade of the floating facility deployed there. "Galoc Production Co., operator of the Galoc...

Miner infuses P247 million into Zambales nickel site.
November 29, 2011... Byline: Louella D. Desiderio LISTED MINER Benguet Corp. has infused more capital into its subsidiary Benguetcorp Nickel Mines, Inc. (BNMI) to fund the development of a project in Zambales. Benguet said in a disclosure to the local bourse...

Waterfront Cebu accused of pilferage.
November 29, 2011... Byline: Marites S. Villamor CEBU CITY - Distribution utility Visayan Electric Co., Inc. (VECO) yesterday charged Waterfront Cebu City Hotel & Casino and its officers for pilferage of over P168 million worth of electricity. The criminal...

Anchor Land profits grow by 40% in the third quarter.(Financial report)
November 29, 2011... REAL ESTATE firm Anchor Land Holdings, Inc. saw its net income rise by 40% in the third quarter from a year ago as lower expenses offset a flattening in real estate sales. The developer, which claims a niche in the Filipino-Chinese market,...

Tile maker sets early debt repayment.
November 29, 2011... Byline: Franz Jonathan G. de la Fuente TILE MAKER Mariwasa Siam Holdings, Inc. is set to pay off nearly P500 million in debt ahead of its due date, a disclosure to the local bourse showed yesterday. The board of directors of Mariwasa Siam...

Medical City eyes Luzon, Visayas expansion.
November 29, 2011... Byline: Cliff Harvey C. Venzon THE MEDICAL City, a network of clinics and a tertiary hospital, is eyeing Southern Luzon and Visayas as its next areas for expansion, a ranking official said last week. "We are looking at several spots,...