BusinessWorld (Philippines) articles from September 2000, page 4

BusinessWorld (Philippines) archives from September 2000

Christmas spirit alive amid economic woes.
September 27, 2000... Tighten your belts, rough times ahead. With fuel prices rising and the peso depreciating, Filipinos are likely to adopt coping mechanisms when they celebrate the first Christmas of the new millennium, economists indicated in separate...

Hefty rise in fuel costs looms as cut in excise tax is awaited.
September 27, 2000... Within the next two days, Malacanang will decide whether or not to seek a reduction on the excise tax rate on diesel fuel to ease the pressure from rising fuel prices. But while the government ponders on its next move, consumers may just...

Fiscal deficit hopes dim; higher ceiling being sought.
September 27, 2000... The country's economic managers are said to be preparing to negotiate with the International Monetary Fund (IMF) for a higher budget deficit for this year of P90 billion, almost 50% higher than the original target. BusinessWorld sources...

Study shows forex outflows heavier due to tax perks.
September 27, 2000... Initial data gathered for an ongoing cost-benefit analysis of fiscal incentives granted by the Board of Investments (BoI) indicated an abundance of negative net foreign exchange flows in the last decade. BoI incentives department director...

Philippine Stock Exchange as of September 26, 2000.
September 27, 2000... STOCK Name Volume High Low Close Code BANKS & FINANCIAL SERVICES Banks BPI Bank of the Phil. Islands 92,100 55.5 55 55 CHIB China Banking Corp. 4,680 600 600 600 EBC Equitable PCI Bank 227,200 67 66.5 66.5 MBT...

PLDT explores linkup with Internet strategy firm.
September 27, 2000... Telecommunications giant Philippine Long Distance Telephone Co.'s (PLDT) appetite for acquisition appears to be insatiable as the firm is now reportedly exploring a potential alliance with Internet strategy firm K2 Interactive-Philippines....

AdLib: Unheard of philanthropy.
September 27, 2000... With so much bad news hitting the headlines, it's nice to receive a piece of good news occasionally. It's like a breath of fresh air. Lawrence Asuncion is the chief financial officer of Industrial Services Group, a privately held company...

PDIC slates negotiated sale for 35 unsold thrift branches.
September 27, 2000... The Philippine Deposit Insurance Corp. (PDIC) will have to enter into a negotiated sale for most of the branches of closed Prime Savings Bank after selling only 25 of the 62 branches at a bargain yesterday. From the earlier-reported 77...

Briefs: Economic briefing.
September 27, 2000... The Financial Executives Institute of the Philippines (FINEX), thru its Professional Development Committee, is inviting the general public to attend a symposium entitled The 2000 Economic Briefing which will be held on Oct. 16, from 9-11:30...

Briefs: Nat'l Statistics Month.
September 27, 2000... The celebration of the 11th National Statistics Month (NSM) reels off on October 2 during opening ceremonies to be held at the Heroes Hall, Malacanang. This was announced by the National Statistics Coordination Board which spearheads the...

Briefs: New Unisys offering.
September 27, 2000... Unisys has announced that it has been certified by Microsoft to deliver the Microsoft Windows Datacenter Program, offering customers enterprise-class scalability, reliability and performance combined with the ease of use and lower cost of...

Singapore e-commerce gold rush forecast by ING Barings.
September 27, 2000... A recently deregulated telecoms sector, strong consumer demand and economic recovery will create an e-commerce "gold rush" in Singapore as new entrants rush to take advantage of a relatively untapped marketplace, ING Barings said. Its...

PERSPECTIVE: 'Deglobalization' as an alternative strategy (Last of three parts).
September 27, 2000... Indeed, I would contend that the focus of our efforts these days is not to try to reform the multilateral agencies but to deepen the crisis of legitimacy of the whole system. Gramsci once described the bureaucracy as but an "outer trench...

... as bank expects to breach end-'99 remittance volume.
September 26, 2000... The last-quarter rush for overseas Filipino workers to send money home has yet to start but the Philippine National Bank (PNB) said it is just $1-billion shy of breaching the $3.1 billion in remittance volume it posted last year. As of...

Businesswise: A test in moral values.
September 26, 2000... The Department of Education Culture and Sports (DECS) spent a PhP12 milion Land Bank donation meant for office equipment to acquire luxury vehicles for top officials. The least of Bro. Andrew Gonzalez's (Education Secretary) problems is the...

Fence Sitter: Chief shots.
September 26, 2000... Executives are no longer content to be called heads of the functions they manage, no matter how exalted their ranks already are. But how do they get a better title? They hire consultants. Is it a surprise that the studies of these hired...

To Take a Stand: A challenge for Western Visayas.
September 26, 2000... The Regional Tourism Council of Western Visayas is looking into the possibility of developing the "ecotourism potentials" of the region. This subject will be discussed at a conference to be held this week in Iloilo City and I have been asked...

Framework: Bro. Andrew Gonzalez.
September 26, 2000... There is no question that in the Philippines corruption is one of the gravest social ills hindering our progress as a nation and as a people. It is true that we must combat corruption and remove the influences of corrupt leaders, especially...

Dear Editor: A letter to economists.
September 26, 2000... Dear economists, About this "good economic fundamentals" blah-blah. What are the sensible indicators of these "fundamentals?" It has been suggested: "markets that are competitive or contestable, smooth rather than erratic movements in...

SPECIAL FEATURE: Equitable PCI Bank: A tower of strength and excellence in Philippine banking.
September 26, 2000... Equitable PCI Bank has made a strong, remarkable presence in the banking industry today, emerging as the strong Filipino bank equal to the challenge of a changing environment that requires globally competitive financial institutions....

SPECIAL FEATURE: Equitable PCI Bank: Among the world's best banks.
September 26, 2000... With only a year as a merged institution, Equitable PCI Bank has been starting to reap honors by being selected as the best Philippine bank by three international publications and cited twice locally by prominent government and lending...

Calling a Spade...: Comelec automation.
September 26, 2000... There is no earthly reason why the counting and consolidation of the 2001 election results cannot be automated nationwide. Even under a worst case scenario, meaning, even if Comelec had done absolutely nothing from Dec. 22, 1997 - when RA...

SPECIAL FEATURE: Equitable PCI Bank: Valued clients speak...
September 26, 2000... More than its financial strength, expertise, and vastly enlarged distribution network, it is the testimony of loyal and satisfied clients that speak highly of Equitable PCI Bank's 50 illustrious years in the banking industry. These clients...

SPECIAL FEATURE: Equitable PCI Bank: Reaching out to our brothers in Mindanao.
September 26, 2000... The establishment of the Equitable Bank Foundation attests to the premium the Bank places on the formation of today's youth. Through the foundation, Equitable PCI Bank is given a tremendous opportunity to nurture young Filipinos in their...

SPECIAL FEATURE: Equitable PCI Bank: The vision, courage and wisdom of Go Kim Pah.
September 26, 2000... Equitable PCI Bank owes its growth and leadership to the foundation and principles laid by its founder, Go Kim Pah. His vision, courage and wisdom gave birth to Equitable Banking Corporation, with his valuable guidance and counsel forming the...

SPECIAL FEATURE: Equitable PCI Bank: Products for clients of all ages.
September 26, 2000... It is difficult to gauge which bank products are worth the investment these days. All seem to boast of the same benefits and offer the same returns. Nevertheless, one of Philippine banking industry's Big Three has continuously set itself...

Gov't nixes price cut for PNB.
September 26, 2000... The Department of Finance (DoF) yesterday ruled out any possible reduction in the selling price of its 30% stake in the Philippine National Bank (PNB). This came as the possibility of entering into another round of negotiations with...

PDIC readies P1.5-B loan for Urban Bank's Dec. reopening.
September 26, 2000... The Philippine Deposit Insurance Corp. (PDIC) will extend a P1.5-billion credit line to Cojuangco-run Bank of Commerce (Bancommerce) in anticipation of "unexpected withdrawals" when the bank reopens newly acquired Urban Bank, possibly in...

29 estafa charges await top execs of closed thrift bank.
September 26, 2000... The Bangko Sentral and the Philippine Deposit Insurance Corp. (PDIC) will file 29 counts of estafa against four top executives of closed Homeowners Savings and Loan Association (HOSLA). In an interview, PDIC president Norberto C. Nazareno...

SPECIAL FEATURE: Equitable PCI Bank: Chronicles of the Bank's grand history.
September 26, 2000... The book "A Walk of Ten Thousand Miles: The Equitable Bank Story" is a tribute to Go Kim Pah's spirit. It is the remarkable story of one man's hard work and personal principles upon which he built the foundation of his company. "A Walk of A...

Ramos willing to testify in Urban Bank case.
September 26, 2000... Former President Fidel V. Ramos is willing to appear at the Department of Justice (DoJ) to buttress the claims of top Urban Bank executives recently slapped with a P2.8-billion estafa suit by bank regulators. Former Solicitor-General...

28 banks seek BSP nod on e-banking proposals.
September 26, 2000... A total of 28 banks are queuing up to get the Bangko Sentral's go signal to engage in electronic banking services. BusinessWorld learned only two banks - Citibank N.A. and Aboitiz-controlled Union Bank of the Philippines (Unionbank) -...

Negros ups ante to make presence felt in local, international markets.
September 26, 2000... The "Negros Island" brand will be launched when the 13th edition of the Negros Trade Fair opens at the SM Megamall in Mandaluyong City tomorrow. Over 100 products under the brand name will be unveiled as the initial marketing effort of...

Mega Manila, provincial viewers differ in habits.
September 26, 2000... Contesting what has popularly been perceived, a study conducted by management, consultancy and research firm AC Nielsen showed that in terms of viewing habits, what holds true for residents of Metro Manila and its neighboring towns does not...

Getting the Edge in Professional Selling: Making informed, sensible decisions.
September 26, 2000... Most salesmen know that selling entails asking questions. Indeed, without questioning his clients and uncovering needs, the salesman is unlikely to enjoy a great deal of success. Of course, there are salesmen who are fortunate enough to deal...

Banks expected to swamp today's Prime Bank auction.
September 26, 2000... The Philippine Deposit Insurance Corp. (PDIC) expects to sell 62 branches of closed Prime Savings Bank when these are put on the auction block for the second time today. With the slashed prices and more relaxed purchase terms, the PDIC...

Local mart edges up despite mixed closings, wariness over weak peso.
September 26, 2000... Share prices ended mixed on extremely thin volume yesterday, following a two-day fall of 14 points, with investor sentiment remaining vulnerable to the falling peso. Investors were also spooked by reports of possible currency controls,...

Courtside: The Big deal.
September 26, 2000... "Hey, Ernie, heard about the news? The trade deal everybody's been talking about for months finally pushed through. Patrick Ewing's now in Seattle." "I know, Bert, and not a moment too soon, in my opinion. I mean, think about it. Would...

Businessmen's Cup.
September 26, 2000... The Philippine Chamber of Commerce and Industry (PCCI) will hold its second golf tournament dubbed as the "Second Businessmen's Cup" on October 14, 2000 at the East Course of Wack Wack Golf and Country Club. The one-day tournament is...

Chess Piece: 2000 Shenyang World Cup (Part 1).
September 26, 2000... One of the ideas which FIDE president Kirsan Ilyumshinov pushed for was to have a series of super-tournaments all around the world with significant prize money. The top placers of Grand Prix, or World Cup as they call it, would then be seeded...

Budget dep't key in migration of gov't offices to e-governance.
September 26, 2000... The Information Technology and Electronic Commerce Council (ITECC) is coordinating closely with the Department of Budget and Management (DBM) to facilitate the migration of frontline services of government to the Internet. This was...

... as state audit body rushes to meet e-commerce demands.
September 26, 2000... The Commission on Audit (CoA) will update its training course curriculum for auditors to cover electronic commerce transactions as part of the commission's two-year action plan to meet the requirements of the Electronic Commerce Act. In...

Gov't steps up PCs-for-schools program.
September 26, 2000... The government is set to release another P300 million to bring more personal computers (PCs) to public schools. In a press briefing last week on the occasion of a donation ofe PCs to the Public High Schools Program, Trade and Industry...

Production 'challenges' won't affect new chips - Intel.
September 26, 2000... Despite recent delays and recall of their products, a regional official of Intel said the scheduled release of their next-generation microprocessors will not be affected. In a press briefing last week in Makati City, Jeff Krisa, Intel...

Lotus collaboration software targets small businesses.
September 26, 2000... Lotus Software (Philippines), Inc.'s latest collaboration software intends to propagate the "knowledge management" (KM) concept among small and medium-sized businesses (SMBs). Lotus aims to accomplish this with the QuickPlace 2.0 instant...

Competition for best Internet business plan launched.
September 26, 2000... A regional contest seeking the best business plans in Asia was launched last week. The competition, called Ignite Asia Challenge, is sponsored by The Quintus Group, an international company focusing on the ownership and marketing of...

Bank to offer transactions via short messaging service.
September 26, 2000... With access to wireless application protocol (WAP) - the standard by which mobile devices like cellular phones access the Internet - still costly compared with the popular short message service (SMS), people tend to shy away from transactions...

New treatment for prostate cancer.
September 26, 2000... Patients with prostate cancer can now look forward to new forms of treatment which may be as effective as surgery and conventional external beam radiation therapy. Dr. Mack Roach III, a prostate cancer treatment expert based in the...

Furniture fair at SM Megamall.
September 26, 2000... Christmas comes early at the SM Megamall when it hosts the 19th Philippine Furniture Festival on November 10-19. Themed "Home for the Holidays," the 10-day furniture fair will showcase the latest in furniture design, trends and...

Vaccination helps save lives.
September 26, 2000... Each year, around the world, hundreds of thousands of babies die from diseases that could have been prevented, and millions more have to contend with impaired health, often permanently, because they were never immunized. The most common...

Firm sells sub-1 volt regulator.
September 26, 2000... ON Semiconductor, a provider of power management solutions for wireless, computing and automotive applications, manufactured recently the first sub-1 volt voltage reference. Developed using ON Semiconductors proprietary analog CMOS...

Briefs: Express Internet's card.
September 26, 2000... Express Internet, a subsidiary of Express Telecom, extends its introductory promotional prices and free extra hours for all their prepaid internet cards, called the e-netcard. E-netcard users can avail of e-netcards ranging from P75 (1.5...

Briefs: Autostop Philippines.
September 26, 2000... IIR Exhibitions Philippines, Inc. will hold Autostop Philippines 2000, a motorshow, on November 30-December 3 at the World Trade Center in Pasay City. Autostop Philippines incorporates the Philippine International Automotive Aftermarket Parts...

Briefs: Commdap Expo 2000.
September 26, 2000... Online Advance Systems Corp. (Online), a technology solution provider, will participate in the Computer Manufacturer and Distributors Association of the Philippines (COMMDAP) Expo 2000 on October 4-7 at the World Trade Center in Pasay City....

Briefs: GIS Day 2000 in Manila.
September 26, 2000... The experts and vendors in information technology will meet in Manila on November 14-16 for "GIS Day 2000." The meeting is the highlight of the Philippine Geographic Information Systems (GIS) Day 2000 celebration. GIS Day is a global event...

Briefs: Specialty Oils symposium.
September 26, 2000... Specialty Oils recently hosted a symposium on specialty oils and fats at the Ateneo Rockwell as part of its technical service and commitment to the industry. Attended by key companies in the food industry, the forum provided a highly...

Filipino designers return to the scene of their 1st triumph.
September 26, 2000... Movement 8 was born out of the success of the Philippine participation in the Feria Internacional del Mueble (FIM) in Valencia, Spain, last year. FIM is acknowledged as one of the most important furniture shows in the world. This month,...

Auditions on for Siamese twin musical.
September 26, 2000... ACTION Theatre of Singapore will be holding auditions in Manila for one of the leads of the original Singaporean musical, Chang & Eng - The Musical, based on the true story of the original Siamese twins, which is being restaged in January at...

Outdoor feel for new billiard hall.
September 26, 2000... Park-inspired interiors, murals of pool champions, world class equipment, a snack station and pro shop. These are some of the come-ons at the newly opened Gameball Billiards at the SM Southmall. Unlike your typical billiard hall, its...

Mandarin Oriental offers fitness option.
September 26, 2000... The Mandarin Oriental, Manila's Health Club now offers residents the opportunity to use its state-of-the-art facilities through its Transient and Mid-day membership packages. Particularly suited to young professionals, the Transient...

Hey, Joe: Super T to the rescue.
September 26, 2000... He is known as Super Trust, or by his more popular and flashy moniker, Super T. He could best be described as a giant blue, phallic symbol super hero. He stands well over six feet tall and is his skin is light blue. He wears dark blue...

Pranic healing guru launches new book.
September 26, 2000... Practitioners of pranic healing and arhatic yoga are familiar with Master Choa Kok Sui, a Filipino of Chinese descent, who is considered one of the founders of modern pranic healing. An engineer by training and a successful businessman, Mr....

BSP Reference Rates as of September 25, 2000.
September 26, 2000... Equivalent Equivalent Equivalent of foreign of US$1 of foreign currency in in foreign currency in Currency US Dollar currency RP peso Convertible currencies with BSP US dollar 1.000000 1.000000 46.074000 Japanese yen 0.009264...

PESO Cross Rates as of September 25, 2000.
September 26, 2000... one unit Phil Aussie Bahrain Cndn French of currency peso dollar dinar dollar franc Philippines 1.0000 0.0395 0.0082 0.0323 0.1622 Australia 25.3265 1.0000 0.2072 0.8179 4.1091 Bahrain 122.2187 4.8257 1.0000 3.9472 19.8294 ...

Systems outfit bares new items.
September 26, 2000... Canon Marketing (Philippines), Inc. recently unveiled its line of charged couple device (CCD) and contact image sensor (CIS)-based colored flatbed scanners. The new models will be for every user-level, meeting various needs from the...

Nat'l shipping congress in Manila.
September 26, 2000... The National Shipping Congress 2000 this week is expected to draw top foreign and domestic experts to Manila to deliver talks on various topics crucial to the maritime industry. Foreign and local authorities on several maritime subjects...

Bankard net income up.
September 26, 2000... Bankard, Inc. reported recently a 94% increase in its income for the first semester of this year, to P64.4 million from P33.1 million a year ago. Card revenue increased by 14% over the same period, reaching P577.1 million by the end of...

Filipino florist and couturier to receive international design award today.
September 26, 2000... The Rosenthal brand has been around since 1879 and has come to be synonymous to fine porcelain ware. Through the years, it has created collections for royal houses around the world and maintained a long-standing tradition of working with...

Water service concessionaires' supply-cut areas.
September 26, 2000... Manila Water Co. announced in a statement yesterday that portions of San Juan, Pasig, Mandaluyong and Quezon City will have a short water cutoff due to the ongoing upgrade of facilities. The service interruption was set for tomorrow...

RP, US tie up for anti-terrorist commandos.
September 26, 2000... Defense Secretary Orlando S. Mercado yesterday said talks are under way between the Philippine and United States military establishments for the formation of an elite local military unit which will be tasked to counter future terrorist...

Down South: Economic slowdown in Southern Mindanao.
September 26, 2000... DAVAO CITY - Signs of economic slowdown are all over Southern Mindanao. In this southern hub, occupancy rate of commercial spaces has been going down even as rents were frozen as early as two years ago. Small businesses, in big numbers, are...

Emergency powers measure still alive in Senate debate.
September 26, 2000... Senators yesterday bucked a proposal to give President Estrada emergency powers in the rehabilitation of Mindanao, which they said the President no longer needs. In separate news briefings, opposition senators Raul S. Roco, Teofisto T....

Student visa body.
September 26, 2000... The Bureau of Immigration (BI) is set to convene an interagency committee to implement the amended guidelines regulating the entry of foreign students. In an interview with BusinessWorld, BI student visa section head Franklin Z. Littaua...

Erap still backs DECS chief.
September 26, 2000... President Joseph E. Estrada yesterday said he still believes in the integrity of Education Secretary Andrew Gonzalez. Mr. Gonzalez was accused last week of allegedly misusing Department of Education, Culture and Sports (DECS) funds when...

Landfill contract review.
September 26, 2000... Senator Francisco S. Tatad wants the multibillion-peso landfill contract between the government and Environmental Dynamics, Inc. scrapped for alleged violation of a court order. In a news briefing, he said the project was awarded to the...

Charter change.
September 26, 2000... A Palace official yesterday revived calls to amend the Constitution, although Malacanang was quick to say the move does not have the Palace's blessings. Presidential Adviser on Political Affairs Angelito T. Banayo, in a statement released...

Naturalization law.
September 26, 2000... The House committee on justice has approved a substitute bill that seeks to naturalize certain aliens through administrative proceeding. In a press conference yesterday, Nueva Ecija Rep. Pacifico M. Fajardo said House Bill No. 11824, or the...

IMF: High oil prices pose risks to emerging markets.
September 26, 2000... PRAGUE, Czech Republic - Capital flows to emerging markets are still way below levels achieved before the East Asian financial crisis as these countries continue to pose risks for investments and credit. Moreover, the limited funds that...

Napocor allocates P25B for 2001 rehab projects.
September 26, 2000... With overcapacity hounding the power system, the bulk of state-owned National Power Corp.'s (Napocor) capital expenditure budget for next year will be geared toward the rehabilitation and upgrade of the transmission network. Documents...

Creditors object to ASB rehab; liquidation sought.
September 26, 2000... Creditor banks of cash-strapped ASB Group of Companies are not convinced that the rehabilitation plan prepared by the firm's interim receivership committee (IRC) is enough to solve the developer's financial woes and settle obligations worth...

Alaska mulling setup of online business initiative.
September 26, 2000... Listed milk manufacturer Alaska Milk Corp. intends to compete with the e-procurement firm formed recently by the country's top conglomerates as it announced a plan to set up its own online business initiative with other partners. ...

CORPORATE FILES: Making big business out of sago't gulaman.
September 26, 2000... Like wildfire. There is just no other way to describe the rapid growth of Zagu Foods Corp. - the company responsible for turning a traditional Filipino drink sago't gulaman - into a multimillion-peso enterprise. Not since the days of the...

Clean Air Act implementing rules set to be OK'd.
September 26, 2000... Environment Secretary Antonio H. Cerilles is giving five government agencies until next month to secure a resolution from Congress stopping the implementation of the Clean Air Act. Without this, Mr. Cerilles said, he will sign the Clean...

DoLE to expand employment aid under DoJ witness protection scheme.
September 26, 2000... The Department of Labor and Employment (DoLE) recently expanded the scope of its livelihood assistance programs to include witnesses protected by the Department of Justice (DoJ) and their families. The two agencies recently signed an...