BusinessWorld (Philippines) articles from October 2001

BusinessWorld (Philippines) archives from October 2001

Random Walker.
October 31, 2001... Except for those people who are able and willing to live in a pure vacuum, where presumably no stray electron would impinge on one's sense of well-being, everybody has to contend with the certainty that nothing is certain in this world. Just...

Fast Forward.
October 31, 2001... Pres. Gloria Macapagal-Arroyo's arrogant reactions to speculations of a coup d' etat reflect her paranoid insecurities and reveal a tendency to create her own ghosts which, in turn, nurture her own fears. Blaming the media for nagging rumors...

AdLib.
October 31, 2001... President Arroyo is expected in the United States on the third week of November. According to Philippine embassy sources, she may make a stopover in San Francisco and then proceed to New York and finally to Washington D.C. Aside from her...

Comparing immigrant investment visa.
October 31, 2001... The United States and Canada have been long time allies in war and peace, but now are on opposite sides of a battle to lure immigrant business investors to their respective countries. Canadians sometimes may feel a bit intimidated by...

Dear Editor.
October 31, 2001... This is in reference to the letter of Mr. Mansueto Chuan, which was published in the October 12 issue of BusinessWorld. Mr. Chuan asked for an increase in his basic monthly pension. Actuarial studies show that increasing the average...

Dear Editor.
October 31, 2001... This refers to the 24 October 2001 letter of Ms. Catherine Lanzona of 126 Katipunan Avenue, White Plains, Quezon City, None of us argues against a good school or a good education as nobody argues against good health care, peace and order,...

Dear Editor.
October 31, 2001... I recently questioned the wisdom of sending American military men to the hot spot of political dissent, Zamboanga City. Now, eleven are dead in a city bombing there. Rep. Celso Lobregat says, "I appeal to residents to stay calm. I also...

Dear Editor.
October 31, 2001... If Mr. Enrique Zobel is waiting for an answer from DENR Secretary Heherson ALvarez, he should not waste his time waiting. Alvarez cannot provide the answer because what Zobel wrote is true. Alvarez cannot refute this after signing the...

Dear Editor.
October 31, 2001... I took time to dash this letter in the wee hour of the night at the Manila Airport to ventilate the torment I suffered from airport immigration. I was refused entry because of an advisory issued by Philippine Foreign Affairs Department...

Selected buying props up Phisix.
October 31, 2001... Shares managed to inch up yesterday, kept alive by buying in selected property and phone issues after sharp drops the past week. The benchmark Philippine Stock Exchange composite index (Phisix) inched up 0.30 point or 0.03% to 995.14. ...

SPECIAL FEATURE.
October 31, 2001... In the past, the Philippine health care industry was plagued with problems like insufficient number of beds, inadequate facilities and rundown medical equipment. Wanting specialized cure for dread diseases, an ailing patient had to be lucky...

SPECIAL FEATURE.
October 31, 2001... Conservatism has its share of drawbacks. While it doesn't entirely preclude progress, it often needs to give way in order for positive changes to take place. Even the University of Sto. Tomas Hospital (USTH), having carried with its name...

SPECIAL FEATURE.
October 31, 2001... Inaugurated on September 2001 in the presence of Department of Health Secretary Manuel Dayrit, the Dr. Victor R. Potenciano Medical Center's (VRPMC) Physician's Center is now fully operational. Housing 54 clinics for 170 doctors, this new...

In the Workplace.
October 31, 2001... The problem with kaizen is that it is typically a slow, gradual form of continuous improvement. Therefore, we can't drag our feet with kaizen. We need more than kaizen to propel our company to greater heights at the fastest possible time. We...

On the Leading Edge.
October 31, 2001... The nephew had always admired his uncle, a wise old man and an ex-CEO of a number of successful manufacturing and distribution concerns, who had sat on multiple boards, done the usual government Cabinet stints, plus leaderships at one time or...

Bystander.
October 31, 2001... Almost every editorial on the September 11 attacks in New York, from that first bystander's question "Why are they doing this to us?" to this essay, tries to fathom the escalation of hate that led to such an atrocity. Why do they hate...

The Financial Executive.
October 31, 2001... By the end of this month, the observance of the National Statistics Month closes. Since 1991, by virtue of Proclamation No. 647 signed by President Aquino, the crucial role of statistics in nation building has been given importance. The...

SPECIAL FEATURE.
October 31, 2001... What happens when one does not get enough sleep? Sleep is a physiological need and the time when one's body regenerates and repairs itself. The body clock determines the hours of sleep that a person needs to wake up feeling refreshed and...

Even co-op members are protected by.
October 31, 2001... Even members of cooperatives who are in the latter's employ are protected by labor laws, the Supreme Court (SC) said in a recent labor case involving four employees who sued their employer, the Perpetual Help Credit Cooperative, Inc. (PHCCI)....

Not So Fast.
October 31, 2001... The other day, a good friend of mine, who has always been a fan of modish SUVs (Range Rover, Land Cruiser, Expedition etc.) telephoned me, excited about his "new toy." Expecting to answer his "guess whats?" with "let me guess, an M-class...

Pure driving pleasure (Test-drive:.
October 31, 2001... FIUGGI, Italy - Imagine getting an invitation to drive BMW's newest flagship model through the picturesque landscape of Southern Italy. Four lucky Philippine motoring journalists got invited to this international press drive event, and I was...

auto talk.
October 31, 2001... Honda Accord sales The Honda Accord was the best- selling car in America for the 2001 model year, the Honda Civic was the best-selling small car and the Acura 3.2 TL luxury performance sedan was the best-selling luxury sedan, according...

Driving during the All Saints' Day.
October 31, 2001... Filipinos celebrate All Saints' and All Souls' days like all typical Pinoy holidays - observance alongside merriment of religious duties to loved ones who have passed on to the afterlife. Scenes in cemeteries are more relaxed and jovial,...

ABAP axes 13 pugs, names 2 ex-.
October 31, 2001... Appearing at the PSA forum for the first time since the Philippine boxing team's debacle in the Malaysia SEA Games, Amateur Boxing Association of the Philippines (ABAP) president Manny Lopez made no excuses yesterday about the "dismal...

Courtside.
October 31, 2001... Today's the day Michael Jordan officially returns to the National Basketball Association as a player, and it's a sure bet hoops fans around the world will not want to miss a moment. Forget about his preseason games, in which he led Washington...

Asean Armies Rifle Meet.
October 31, 2001... The Philippine Army will host this year's Asean Armies Rifle Meet from Nov. 11 to 16 at Fort Magsaysay in Palayan City, Nueva Ecija. Over 100 soldiers from all 10 Asean nations will compete in the precision firing competition featuring...

Malacanang set to rule on PBL.
October 31, 2001... The Office of the President is expected to rule on whether or not the Philippine Basketball League (PBL) is a professional sports organization today. This was disclosed yesterday by PBL commissioner Chino Trinidad during the weekly Philippine...

Taiwan to host 34th Baseball WC.
October 31, 2001... Philippines is set to join the 34th Baseball World Cup on Nov. 6 to 18, which Taiwan is hosting for the first time. Sixteen teams are participating in the championship tournament. The Philippines will join Cuba, Australia, Panama, Japan,...

6th SMB-Marho Breeders' Cup.
October 31, 2001... Six championship races are at stake in next month's SMB-Marho Breeders' Cup, said to be the year's richest and grandest horse racing extravaganza. P7 million in prizes will be given in the five-day competition organized by the...

Slumping Aces, Hotdogs try to keep.
October 31, 2001... Games Today (Philsports Arena) 5:05 pm - Red Bull vs Alaska 7:10 pm - Purefoods vs Sta. Lucia Realty With the elimination round winding down, two teams will have to post wins tonight to boost their chances of making the...

Briefs.
October 31, 2001... Lecture on world peace World renowned UN Ambassador for Peace and noted Peace Educator, Dr. Charles Mercieca, Phd., who is also professor emeritus, Alabama A & M University and president, International Association of Educators for World...

US call center firm to set up major.
October 31, 2001... Reese Brothers, one of the largest private held US call center firms, has announced plans to open a major call center facility in Subic. The company provides outsourced telemarketing and customer care for large consumer-oriented...

PAL restores Melbourne flight.
October 31, 2001... Bucking the worldwide aviation trend to hunker down and contract, Philippine Airlines climaxes a modest expansion binge by restoring a direct service to Melbourne last October 30. The Australian city is the third new international...

An investment worthy of love and.
October 31, 2001... As the country's newest memorial park, The Heritage Park at Fort Bonifacio is built on a vision of providing a lasting legacy for the dearly departed, and an investment that's more than worthwhile for the living. Master-planned as a...

DPWH sets aside P40 million for.
October 31, 2001... The Department of Public Works and Highways (DPWH) is allocating P40 million for various infrastructure projects in Mindanao to spur interregional economic activities in the island. "Giving special attention to Mindanao by effectively...

ONSTAGE.
October 31, 2001... Berlin's Deutsche Oper's 2001-02 opera season opened on Sept. 15 and will run until July 6. They will present 154 performances of 30 operas. They also will have seven performances of Verdi's Requiem, a Gala Concert on Nov. 10 for the benefit...

Arts & Culture.
October 31, 2001... Enterprise Center Today is the last day of the 2001 Young Sculptors' Show at the lobby of the Enterprise Center, corner Paseo de Roxas and Ayala Ave., Makati. The exhibit includes works by Juan Alcazaren, Aba Dalena, Eng Chan, Magdiwang...

Nanding Josef: On a new road.
October 31, 2001... While members of the artistic community view the appointment of Philippine High School for the Arts (PHSA) executive director Fernando "Nanding" Josef as artistic director of the Cultural Center of the Philippines (CCP) a natural progression...

Demand Rates as of October 29, 2001.
October 31, 2001... The interbank demand rate weighted average was 9-3/16%, according to the Bangko Sentral treasury department. Rates quoted by 30 participating institutions ranged from 8-7/8% to 10- 3/4%,with lenders outnumbering borrowers at 17 to 13. Total...

Small lenders want SEC order.
October 31, 2001... A group of lending investors is urging the Securities and Exchange Commission (SEC) to shelve a circular it issued this month imposing higher capitalization and stricter registration requirements for lending investors without quasi-banking...

BPI income in Q3 up 47% to P1.11B.
October 31, 2001... Ayala-owned Bank of the Philippine Islands (BPI) yesterday reported a net income of P1.109 billion for the third quarter of the year, up 47% from P750 million during the same period last year. In its quarterly report submitted to the...

Unionbank net income increases 17%.
October 31, 2001... Aboitiz-led Unionbank of the Philippines posted P712.3 million in net profits for the first three quarters of the year, up 17% from the same period last year and well within the bank's profit forecast for the year. The bank is eyeing P1...

PCIC transferred to DoF.
October 31, 2001... Malacanang yesterday issued an executive order transferring the Philippine Crop Insurance Corp. (PCIC) from the Department of Agriculture to the Department of Finance (DoF). President Gloria Macapagal-Arroyo, in issuing EO 42, cited the need...

Fighting for the Taliban.
October 31, 2001... The government yesterday belied reports of Filipino Muslims going to Afghanistan to help the Taliban in its war against the United States. Presidential adviser on the peace process Eduardo Ermita said even Muslim leaders in Cagayan de Oro...

Li Peng thanks GMA.
October 31, 2001... Chairman Li Peng of China's Nationalist People's Congress yesterday thanked President Gloria Macapagal- Arroyo for her personal intervention that resulted in the safe release of a kidnapped Chinese national. During bilateral talks, Mr. Li...

Streamlining deferred.
October 31, 2001... The government is deferring its planned abolition of dormant agencies under the Office of the President to early next year, Budget Secretary Emilia T. Boncodin yesterday said. This is to give their personnel time to look for employment...

Mendoza on successor.
October 31, 2001... Philippine National Police (PNP) chief director-general Leandro R. Mendoza yesterday said he is meeting with the police officer corps to address the reported unease over the announcement of his successor. Mr. Mendoza, who is due to retire in...

GMA receives degree.
October 31, 2001... President Gloria Macapagal-Arroyo was conferred a doctorate degree on economics by the Tsinghua University. The President, an economist and a former economics professor, was the first head of state to be awarded such honors by the university....

Absentee voting backed.
October 31, 2001... Sen. Franklin M. Drilon yesterday vowed to pass the absentee voting bill before the 2004 national elections. In a statement, Mr. Drilon said he will see to it that overseas Filipino workers will be able to vote in the 2004 elections. "By the...

Witness says PCSO gypped her of.
October 31, 2001... Former Philippine Charity Sweepstakes Office (PCSO) media consultant Robert F. Rivero yesterday presented a witness to corroborate his allegations that the PCSO is full of corrupt officials. Catherine C. Tabien, 28, told a press...

'Malicious prosecution' suit.
October 31, 2001... Following his virtual acquittal on Monday of a perjury charge, former president Joseph E. Estrada is set to file a damage suit next week against Ombudsman Aniano A. Desierto and two others before the Quezon City Regional Trial Court. ...

Bombing suspects nabbed.
October 31, 2001... Three suspects said to responsible for last Sunday's Zamboanga City bombing have been arrested. The Armed Forces of the Philippines said it is closely looking into the possibility that the Moro Islamic Liberation Front (MILF) may be...

ROTC's abolition OK'd.
October 31, 2001... The House of Representatives recently approved on third and final reading a bill which abolishes the controversial Reserve Officers' Training Corps (ROTC) program, and establishes a National Service Training Program (NSTP) for all college...

Mayor's killing jeopardizes peace.
October 31, 2001... Defense Secretary Angelo T. Reyes yesterday condemned the communist National Democratic Front-Communist Party of the Philippines-New People's Army (NDF-CPP-NPA) over the assassination of Mabitac, Laguna, mayor Bernardo Sarayot. He said...

AFP still unable to pin down Fr.
October 31, 2001... The military has so far had no success in pinning down a Moro Islamic Liberation Front (MILF) group said to be holding abducted Italian priest Fr. Giuseppe "Beppe" Pierantoni 1st Infantry Division vice- commander Brig. Gen. Angel Atutubo...

US advisers wrap up visit.
October 31, 2001... A team of United States military officials will wrap up today a week-long visit to Mindanao aimed at assessing the Philippine's campaign against terrorist groups such as the Abu Sayyaf. Armed Forces of the Philippines (AFP) Southern...

Guoco suspends brokerage operations.
October 31, 2001... Guoco Securities (Philippines), Inc. yesterday said it would suspend brokerage operations by next month, citing the slump in the local economy. As a result, less than 20 employees in the securities firm will be handed the pink slip, a...

PLDT, Piltel in subscription deal.
October 31, 2001... Industry giant Philippine Long Distance Telephone Co. (PLDT) said it signed a subscription agreement with cellular unit Pilipino Telephone Corp. (Piltel) yesterday worth P45.893 million. In a disclosure to the Philippine Stock Exchange,...

Meralco to ask Napocor to cancel.
October 31, 2001... Lopez-owned Manila Electric Co. (Meralco) will soon ask the state-run National Power Corp. (Napocor) to cancel the power purchased agreement (PPA) signed in 1994. Instead, Meralco will seek another form of power supply agreement with the...

Business Case Law.
October 31, 2001... A finance company filed a complaint in the regional trial court for collection of a sum of money with an application for a writ of replevin. The court granted the application and thereupon the sheriff proceeded to enforce the writ by seizing...

PASAR inks supply deal with China.
October 31, 2001... Philippine Associated Smelting and Refining Corp. (PASAR) has started efforts to make its presence felt in China after it forged a countertrade agreement with one of China's largest metal and mineral trading companies. The recently...

Mining firm to issue new shares.
October 31, 2001... Abra Mining and Industrial Corp. (AMIC), one of the country's oldest mining companies, said it will issue 10 billion shares to settle a P100-million debt with creditors-stockholders. In a statement to the Philippine Stock Exchange (PSE),...

Second bidding for power barges.
October 31, 2001... The board of the National Power Corp. (Napocor) and its president Jesus N. Alcordo will now have to decide on the method of disposal of two 100- megawatt (MW) power barges after another failed bidding. For the second time, the bidding...

Fairmont planned stock rights offer.
October 31, 2001... Fairmont Holdings, Inc. is having second thoughts about its planned stock rights offering after it announced it will indefinitely postpone its stockholders meeting slated for yesterday. Last June, Fairmont disclosed it is considering to offer...

Brunei firm interest in gas.
October 31, 2001... Brunei firm Mashhor Group of Companies is keen on joining state firm Philippine National Oil Co.-Exploration Corp. (PNOC-EC) to undertake the construction of the Batangas-Manila gas pipeline network. PNOC-EC said an 11- member delegation of...

Smart cell sites in Cebu.
October 31, 2001... Mobile phone operator Smart Communications, Inc. recently fired up three cell sites in Cebu, boosting its digital coverage to reach the islands north of the province. The three cell sites are located in Daanbantayan town of Cebu, Medellin on...

Erratum.
October 31, 2001... In the "Nortel-PLDT contract" article published October 26, 2001, the digital fiber network to be put up by Nortel Networks for Philippine Long Distance Telephone Co. costs $15 million, and not $150 million. Our apologies for the error.

Traders want SC aid to shut down.
October 31, 2001... The Federation of Philippine Industries, Inc. (FPI) yesterday sought the closure of all duty-free shops in the country as they called on the Supreme Court to declare as unconstitutional a law creating duty- free shops in the Philippines. ...

Davao City's telco services still.
October 31, 2001... DAVAO City - As with the rest of the country, there is a need to fill the gap in telecommunications infrastructure to support Internet services in Mindanao. A recent study shows that Davao City is not spared from this problem. Pinoy...

Philippines to benefit from China's.
October 31, 2001... The Philippines should take advantage of China's impending entry into the World Trade Organization (WTO) by finding opportunities through which the country can go alongside Beijing's rise as one of the world's economic superpowers. ...

Cebu retailers immune to Sept. 11.
October 31, 2001... CEBU CITY - While other industries claim to be reeling under the ill effects of the terrorist attacks on the US, Cebu's retail trade sector seems to be doing well. "Restaurants are still expanding. The pawnshops are also expanding. More...

Farmers eye use of idle lands for.
October 31, 2001... DAVAO CITY - A group of poor farmers from a remote district is asking concerned local and national agencies permission to plant high-value crops on idle government and private properties. In an interview with the Philippine Information...

Trade dep't wooing Cebu-based SMEs.
October 31, 2001... CEBU CITY - The Cebu provincial office of the Department of Trade and Industry (DTI) is embarking on an advocacy campaign to encourage small and medium enterprises (SMEs) in the area to explore electronic commerce. Nelia V. F. Navarro,...

House to probe transfer of SME.
October 31, 2001... The House of Representatives is set to look into the legality of the transfer of the Guarantee Fund for Small and Medium Enterprises (GFSME) to the Department of Trade and Industry (DTI) from the Department of Agriculture (DA). Bayan...

ECONOMIC INDICATORS.
October 31, 2001... With the country beset by economic and political woes, total funds lent out by commercial banks to major sectors of the economy continued to show signs of slowing down. Based on the latest figures from the Bangko Sentral ng Pilipinas...

ECONOMIC INDICATORS.
October 31, 2001... Continuing uncertainties here and abroad have made overseas Filipino workers (OFWs) think twice about remitting their hard-earned dollar earnings. With the latest mishaps in the United States and the jitters over its war against terrorism in...

BSP may cut key rates on money.
October 31, 2001... The Bangko Sentral ng Pilipinas (BSP) may cut key interest rates soon in the face of continued decline in financial system liquidity. That is, if October inflation slows further. BSP data show that domestic liquidity growth as of...

No cut in Japanese gov't aid for.
October 31, 2001... The Philippine government has dodged the Japanese government's general reduction in its development assistance worldwide, a development that government economic planners attribute to President Gloria Macapagal-Arroyo's recent visit to Tokyo,...

Tax amnesty extended.
October 31, 2001... The Department of Finance (DoF), seemingly desperate to collect more taxes to tame the budget deficit, is giving delinquent taxpayers until December 15 to settle their unpaid and erroneously paid tax liabilities. This will be the second...

Treasury lets T-bonds rate rise to.
October 31, 2001... The Bureau of the Treasury yesterday yielded to the local debt market's clamor for higher long-term borrowing rates despite an earlier move to prevent a further rise in local interest rates. At yesterday's auction of five-year Treasury...

ADB offering to guarantee RP.
October 31, 2001... The Asian Development Bank (ADB) is proposing to guarantee part of the National Government's borrowings next year to be secured through bonds or commercial debt papers. A guarantee is expected to improve the attractiveness of Philippine...

Majority bloc won't allow budget.
October 31, 2001... The majority bloc at the House of Representatives will not allow the recall of the second reading approval of the bill on the proposed P780.8-billion national budget for next year. A recall is seen jeopardizing the final approval of House...

Metrobank getting ready for.
October 31, 2001... George Ty-controlled Metropolitan Bank & Trust Co. is now moving towards what appears to be preparation for a strategic investor to join the bank. Yesterday, publicly listed Metrobank told the Philippine Stock Exchange (PSE) that it has...

Calling a Spade...
October 30, 2001... One thing was made crystal clear to Finance Secretary Lito Camacho and Undersecretary Kune Hizon during the Forum on the Macapagal-Arroyo Tax Reform Program last week: no one was buying the proposal to shift to a (modified) gross income tax...