BusinessWorld (Philippines) articles from September 2009

BusinessWorld (Philippines) archives from September 2009

Relaxed rule lapses Oct. 1.
September 30, 2009... Byline: Paolo Luis G. Montecillo with Gerard S. dela Pena Banks' foreign currency deposit units (FCDUs) will have to start valuing dollar assets used to guarantee dollar liabilities at current market prices after a rule relaxing how these are...

BSP monitoring closed banks.
September 30, 2009... The public is advised to report banks that have been closed or automated teller machines (ATM) that have conked out to the Bangko Sentral ng Pilipinas (BSP), which wants to ensure banking services remain uninterrupted. "The BSP is...

BPI confident of 20% rise in remittances.
September 30, 2009... Byline: Gerard S. dela Pena Ayala-led Bank of the Philippine Islands (BPI) said it is confident of replicating the 20% remittance volume growth notched in 2008 as money sent home by Filipinos living and working abroad continues to surge. ...

PERA implementing rules ready for signing in October.
September 30, 2009... Byline: Jhoanna Frances S. Valdez The implementing rules and regulations (IRR) of a law creating voluntary retirement plans are ready for release next month, a central bank official told House members yesterday. Prudence Angelita A....

Central bank intervention cuts peso rise.
September 30, 2009... Byline: Gerard S. dela Pena The peso closed almost unchanged yesterday after central bank intervention in the foreign exchange market tempered the the local currency's surge against the dollar. The local currency closed at P47.59 to a...

Bargains, Wall Street surge push up prices.
September 30, 2009... Byline: Kristine Jane R. Liu Bargain hunting, along with the US market's surge Monday night, pushed up share prices yesterday, analysts said. The benchmark Philippine Stock Exchange index (PSEi) gained 0.81% or 22.67 points to 2,807.32,...

COURTSIDE.
September 30, 2009... Byline: Anthony L. Cuaycong He huffed and he puffed, but he didn't blow the house down. In fact, his intent was to raise it up, and, for all intents, he already did with his mere presence. The franchise that Red build was awash with green and...

GIVE AND GO.
September 30, 2009... Byline: Michael Angelo S. Murillo No thanks to the disastrous typhoon that was "Ondoy," the start of the best-of-three finals of the University Athletic Association of the Philippines (UAAP) between the Ateneo Blue Eagles and UE Red Warriors...

ONSTAGE.
September 30, 2009... Byline: Juan Antonio Lanuza Instituto Cervantes brings this year's movie festival to new heights. Now on its eighth year, Pelicula never fails to excite the senses. With 46 movies, three venues and an exciting aerial dance show, there is...

Talking pot.
September 30, 2009... Byline: Sam L. Marcelo When the best potters from Southeast Asia, 26 in all, gather to discuss their art, the conversation is fascinating. Swirls and whorls, dynamic patterns produced over long hours of firing, are dissected. Terms like...

Auction for education.
September 30, 2009... Byline: Sam L. Marcelo "If at first sight, a painting 'speaks to you,' that is already a good sign. If it still 'speaks to you' after the tenth sight, go for it." This was the suggestion of Leovino Garcia, chairman of the Ateneo Art Auction,...

ART & CULTURE.
September 30, 2009... Ateneo Art Gallery As part of the Zero-In 8: Periphery series of related shows among five art institutions, the Ateneo Art Gallery opens Beyond Frame: Philippine Photomedia on Oct. 1. Curated by Gina Fairley, the exhibit draws together 14...

And now the rush to salvage.
September 30, 2009... Byline: Jessica Anne D. Hermosa Automotive firms and independent repair shops are gearing up for an influx of servicing requests after floods caused by tropical storm Ondoy submerged many cars in the capital and in nearby provinces. Some...

The new Galant's guiding voice.
September 30, 2009... Byline: Tito F. Hermoso Nothing irritates a man more than to be told what to do and to ask for directions. Imagine how much more irritating it would be if men are told what to do by the so-called "weaker" sex. Not to give the game away,...

Philippines to import 20,000 tons of pork to avert shortage.
September 30, 2009... Byline: Neil Jerome C. Morales AN EXPECTED tight supply of pork in the coming holiday season amid low production has prompted the government, private traders and even hog raisers to agree to import an additional 20,000 metric tons (MT) this...

Renewable energy pushed for Mindanao.
September 30, 2009... Byline: Carmelito Q. Francisco DAVAO CITY - Big power investments in renewable energy sources like hydro and solar are key to averting a power cirsis in Mindanao, Energy Secretary Angelo T. Reyes said in a one-day power investment forum held...

Samar offers opportunities in hydropower dev't.
September 30, 2009... Byline: Sarwell Q. Meniano TACLOBAN CITY - The Eastern Visayas Regional Development Council is targeting hydroelectric power developers for the five major rivers and 20 other river systems on Samar. Mel Senen Sarmiento, council chairman...

BIR forms task force to review taxation of health organizations.
September 30, 2009... Byline: Alexis Douglas B. Romero THE BUREAU of Internal Revenue (BIR) has formed a task force that will look into the tax cases and assessments involving health maintenance organizations (HMOs) in order to clarify issues arising from the...

IFC pushes sustainable energy financing.
September 30, 2009... Byline: Jose Bimbo F. Santos THE INTERNATIONAL Finance Corp. (IFC) yesterday launched an advisory program for local financial institutions on sustainable energy financing, in line with its global strategy of doubling investments in renewable...

Metro Manila property prices expected to slump.
September 30, 2009... Byline: Don Gil K. Carreon PROPERTY PRICES in areas in Metro Manila that were hardest hit by floods triggered by Tropical Storm Ondoy are likely to fall, as developers and buyers reassess whether those locations are fit for their projects and...

REITs Measure Ratified
September 30, 2009... Byline: Bernard U. Allauigan THE SENATE yesterday ratified the measure regulating the establishment of real estate investment trusts (REITs). Senator Edgardo J. Angara, former chairman of the Senate committee on banks, financial...

Local executives in Negros Occidental opposing offshore mining.
September 30, 2009... Byline: Nanette L. Guadalquiver BACOLOD CITY - Concerns have been raised by towns and cities in central Negros Occidental after two mining companies sought permits from the Region 6 office of the Mines and Geosciences Bureau (MGB) to explore...

E. Visayas procurement depot opens.
September 30, 2009... Byline: Sarwell Q. Meniano TACLOBAN CITY - The Department of Budget and Management (DBM) opened last week here its regional Procurement Service Depot for Eastern Visayas. DBM regional director Imelda Laceras said the new state-run...

CAPITAL VIEW.
September 30, 2009... Byline: Mercedes B. Suleik At the recent Investors Forum, held on Sept. 11, 2009, which capped the Asian Roundtable on Corporate Governance, the Philippine Stock Exchange (PSE) bared its current efforts to move the way listed companies...

CORE.
September 30, 2009... Byline: Benjamin E. Diokno Great appears to be the most appropriate word to describe the massive flood that occurred during the weekend of Sept. 26 and 27, 2009. It was great despair for those who suffered during the ordeal, lost their loved...

Joaquin 'Chino' Roces*.
September 30, 2009... Byline: Vergel O. Santos Friday was done, and the boys of the press couldn't wait to begin making a night of it. Saturday and Sunday being lean news days, materials had been readied for the slack, and weekend work would not begin until...

Ongpin's Boerstar offers to buy out minority in listed miner.
September 30, 2009... Byline: Kristine Jane R. Liu Ongpin-led holding firm Boerstar Corp. is offering to buy the shares of minority stockholders in listed miner Atok Big Wedge Co., Inc. at a price lower than that of the market, making an analyst conclude that the...

Court rules vs BIR in dispute with state pension fund, upholds Justice.
September 30, 2009... Byline: Ira P. Pedrasa The Court of Appeals has affirmed a ruling of the Department of Justice (DoJ) scrapping the initial P2.6-billion tax assessment imposed by the Bureau of Internal Revenue (BIR) against the Government Service Insurance...

St. Luke's, Korean university ink deal on stem cell research.
September 30, 2009... Byline: Louella D. Desiderio Private hospital St. Luke's Medical Center has agreed with South Korea's Hanyang University, the Hanyang University Hospital, as well as stem cell company Corestem to collaborate on research on stem cell therapy...

Telcos blame blackouts, flood for spotty mobile phone service.
September 30, 2009... Byline: Emilia Narni J. David Mobile phone communication remains a problem in some areas battered by the storm over the weekend, although the service is being restored in the majority of Metro Manila, telecommunication companies said...

EDC's bond issue gets highest credit rating from local outfit.
September 30, 2009... Byline: Kristine Jane R. Liu Local credit watcher Philippine Rating Services Corp. (PhilRatings) has assigned its highest grade to Lopez-led Energy Development Corp.'s (EDC) planned local bond issue, confident of the power generation firm's...

Firm to make fingerprint scanners.
September 30, 2009... Byline: Don Gil K. Carreon Singapore-listed, Laguna-based chip maker Ionics EMS, Inc. has signed a deal to produce and sell fingerprint sensors for Norwegian firm IDEX ASA. In a disclosure to the Singaporean Stock Exchange yesterday,...

International, local groups respond to appeal for assistance.
September 30, 2009... INTERNATIONAL AND local groups have responded to the government's appeal for assistance for massive relief and rehabilitation efforts in the aftermath of tropical storm Ondoy (international code name: Ketsana). France, Australia and the...

Over 97,000 Meralco customers still without power.
September 30, 2009... Byline: Jose Bimbo F. Santos The Manila Electric Co. (Meralco), the country's largest power distributor, yesterday said it would seek to fully restore power in all affected flood-hit areas within the week even as it slowly normalizes...

Forecasting capability to be beefed up; disturbance threatens.
September 30, 2009... Byline: Jessica Anne D. Hermosa and Virgil B. Lopez Taiwan's representative office in Manila will be providing P13.5 million worth of weather forecasting equipment to the Philippines to improve data collection in the region. Taiwan will be...

Economic Indicators.
September 30, 2009... Byline: Gloria Krisana L. Gallezo Aircraft pilots, navigators and flight engineers are the country's highest paid professionals, while meager earners include plant and machine operators as well as assemblers who work in wood industries for...

Economic Indicators.
September 30, 2009... Byline: Ma. Aizl Camille B. Cabarles The national government's outstanding debt, as a percentage of economic output, will likely rise to 57.6% by yearend, higher than last year's actual 56.9%, a Finance official on Tuesday said. Already,...

House body junks impeachment complaint vs Ombudsman.
September 30, 2009... Byline: Jhoanna Frances S. Valdez THE HOUSE committee on justice, voting 37-5, yesterday dismissed the impeachment complaint against Ombudsman Merceditas N. Gutierrez, finding the complaint against the Arroyo ally insufficient in substance....

Comelec recognizes merger; Teodoro nomination cleared.
September 30, 2009... Byline: Louella D. Desiderio The Commission on Elections (Comelec) has approved the registration of administration party Lakas-Kabalikat ng Malayang Pilipino-Christian Muslim Democrats (Lakas-Kampi-CMD), quashing a case against the two...

Two US soldiers killed in Sulu.
September 30, 2009... Byline: Darwin T. Wee ZAMBOANGA CITY - Two US soldiers and a Philippine Marine were killed yesterday when their patrol vehicle ran into a land mine believed planted by bandits in a remote town in Sulu, the military's spokesman told...

Pre-need code ratified.
September 30, 2009... The House of Representatives yesterday ratified a bill that sets a more stringent regulatory framework for pre-need companies to ensure meet their obligations to plan holders. The reconciled version of Senate Bill 2077 and House Bill 6407,...

PCG bill approved.
September 30, 2009... THE SENATE has approved on third and final reading on Monday a measure that establishes the Philippine Coast Guard (PCG) as an armed and uniformed service but is civilian in character attached to the Transportation department, paving the way for...

Appeal filed.
September 30, 2009... The Concerned Citizens Movement, led by lawyer Herminio Harry L. Roque, Jr., yesterday asked the Supreme Court to overturn a ruling that cleared automated elections, saying no less than the Commission on Elections has admitted that it may still...

P86-billion 'liquidity' plan urged.
September 30, 2009... Byline: Alexis Douglas B. Romero The government must immediately announce a multibillion relief package if it wants to mitigate the economic toll of tropical storm Ondoy, a Palace economic adviser said. An P86-billion "demand side...

Home is where the business is (Ernst & Young, Entrepreneur of the.
September 30, 2009... The Entrepreneur Of The Year Philippines 2009 has concluded its search for the country's most successful and inspiring entrepreneurs. Entrepreneur Of The Year Philippines is a program of the SGV Foundation, Inc. with the participation of...

Vehicle tagging scheme put off to January 2010.
September 30, 2009... Byline: Emilia Narni J. David A controversial vehicle tagging plan will be deferred to next year to allow for further consultations, the Land Transportation Office (LTO) yesterday said. Implementation of the radio frequency identification...

Investors stay away after storm hits Manila.
September 29, 2009... Byline: AFP with Kristine Jane R. Liu Share prices closed 1.3% lower yesterday as investors braced for the economic fallout from the worst flooding in Manila in over 40 years, dealers said. The Philippine Stock Exchange index gave up 36.69...

Bitoon draws with GM Wong.
September 29, 2009... Byline: Marlon Bernardino FILIPINO International Master Richard Bitoon (2490) halved the point with Singaporean GM Wong Meng Kong (2403) to fortify his GM title bid in the fifth round of the 4th President Gloria Macapagal-Arroyo Cup...

COURTSIDE.
September 29, 2009... Byline: Anthony L. Cuaycong Given the extreme competitiveness of Tiger Woods and Phil Mickelson, it's no wonder that the two hardly finish the same tournament with smiles on their faces; ostensibly, their determination to win is such that...

GIVE AND GO.
September 29, 2009... Byline: Michael Angelo S. Murillo Make no mistake, it's still collegiate basketball season in the country with UAAP and NCAA action very much in full throttle. This, however, hasn't stopped the local pro league Philippine Basketball...

Pharmaceutical firm supports La Mesa Watershed project.
September 29, 2009... Holding true to its commitment of making a positive difference in the lives of Filipinos, Otsuka (Philippines) Pharmaceuticals, Inc. (OPPI) recently initiated an environmental project in collaboration with ABS-CBN's Bantay Kalikasan, called...

BMW Z4 Roadster launched in RP.
September 29, 2009... Asian Carmakers Corporation (ACC), the exclusive distributor of BMW cars and motorcycles in the Philippines, celebrates 75 years of the BMW Roadster with the launch of the new BMW Z4 Roadster. A fascinating milestone in automotive technology,...

BPI recognized as best asset management firm.
September 29, 2009... BPI Asset Management has been named as Best Asset Management Company, Philippines in The Asset Triple A Investment Awards 2009. BPI Asset Management retains a dominant market share of the asset management business in the Philippines, managing...

PEOPLE.
September 29, 2009... Filipina is 100th cadet pilot in Etihad flying program Etihad Airways, the national airline of the United Arab Emirates, has welcomed the 100th cadet pilot to its innovative and expanding flying program. Filipina-Emirati Shareefa Al...

BRIEFS.
September 29, 2009... Conference slated The Philippines will host the 15th Asian-Pacific Corrosion Control Conference (APCCC15) which will tackle the latest developments and new ideas on corrosion control and conservation of material resources in the region. To be...

Energy dep't finalizing deal to develop deep ocean power.
September 29, 2009... Byline: Jose Bimbo F. Santos THE DEPARTMENT of Energy (DoE) said it is close to finalizing a contract with a US-based firm to develop deep ocean power technology. Department data show there are 16 potential sites for such development. ...

Summit to assess Negros' electricity needs for 20 years.
September 29, 2009... Byline: Chrysee G. Samillano BACOLOD CITY - A summit will be held here next month to assess the power situation in Negros for the next 20 years, Metro Bacolod Chamber of Commerce and Industry vice-president Jose Maria Zayco said in an...

BIR closes 46 erring Davao businesses.
September 29, 2009... THE BUREAU of Internal Revenue (BIR) shuttered 46 establishments in Davao last week and a realty firm in Mandaluyong yesterday for alleged violations of the Tax Code. In a statement, BIR said the padlocked establishments in Davao consisted of...

Samal plans eco-park with landfill.
September 29, 2009... Byline: Joel B. Escovilla DAVAO CITY - The city of Samal, famous for its white-sand and powdery beaches, plans to build a multimillion-peso eco-park in an 11-hectare property that would also host the island's very first sanitary landfill. ...

BSP relaxes hedging rules for non-banks.
September 29, 2009... Byline: Paolo Luis G. Montecillo Despite the global economic meltdown caused partly by the unbridled trade of multi-layered financial products in advanced markets like the US, the Bangko Sentral ng Pilipinas (BSP) is allowing more local...

Floods force banks to close branches.
September 29, 2009... Byline: Gerard S. dela Pena Banks were forced to temporarily close branches in areas badly affected by tropical storm Ondoy, but have advised clients they may undertake transactions at other branches that continue to operate normally. ...

Market snubs 91-day Treasury bill after retail bond sale.
September 29, 2009... Byline: Gerard S. dela Pena The government rejected bids for 91-day Treasury bills at yesterday's auction, noting investors' lack of interest after the successful retail Treasury bond (RTB) float last week. The Bureau of the Treasury...

Bank's capital adequacy ratio stays high in March.
September 29, 2009... Byline: Paolo Luis G. Montecillo Local banks' level of capital as cover for risky assets dipped slightly but stayed healthy at the end of the first quarter from the end of 2008, the central bank said. In a statement, the Bangko Sentral ng...

Peso depreciates to P47.61:$1 due to risk aversion.
September 29, 2009... Byline: Alexis Douglas B. Romero The peso weakened slightly yesterday on risk aversion. The local currency closed at P47.61 to a dollar, weaker than the P47.315 close last Friday. It opened at P47.50 against the greenback, fell to P47.63...

Framework
September 29, 2009... Byline: Elfren Sicangco Cruz While the nation focuses on the 2010 presidential election, it is critical to remember that in a truly democratic institution it is the legislature or Congress that should most closely represent the people in all...

FENCE SITTER.
September 29, 2009... Byline: Antonio R. Samson Calling a press conference where the announcement like a candidate's declaration of availability for a position is already known in advance creates the problem of attracting an audience. Why will media cover an event...

MAP INSIGHTS.
September 29, 2009... Byline: Lydia P. Sarmiento In June 2006, the Management Association of the Philippines (MAP) and other business organizations crafted a Business Sector Road Map for the year 2030. Their vision was "one nation under God, one community of...

Maynilad, Manila Water lead bidders for Iloilo supply project.
September 29, 2009... Byline: Francis Allan L. Angelo ILOILO CITY - Five bulk water suppliers have been accredited to join a bidding next month for the bulk water supply contract of Metro Iloilo Water District (MIWD). The utility wants to contract some 20,000...

Miner won't scale down operations at Didipio.
September 29, 2009... Byline: Neil Jerome C. Morales Australian miner OceanaGold Corp. will pursue the development of its $320-million copper and gold mine in Nueva Vizcaya without scaling down production capacity during commercial operations. The miner had...

No word from geothermal power developer on plans to build plant, says.
September 29, 2009... Byline: Sarwell Q. Meniano TACLOBAN - Biliran Governor Rogelio J. Espina has expressed disappointment in Envent Holdings Philippines, Inc. over the latter's failure to provide updates on its planned geothermal power plant on the island. As...

Delay of state marketing support worries exporters.
September 29, 2009... Byline: Jessica Anne D. Hermosa PROPONENTS of a campaign to lure investments to the electronics and business process outsourcing (BPO) sectors have expressed concern over the delayed release of the government subsidy for their project. The...

Mindanao to ship thousands of hogs a month to Metro Manila in the 4th.
September 29, 2009... Byline: Joel B. Escovilla DAVAO CITY - Hog raisers in Mindanao will ship thousands of live hogs monthly to Metro Manila in the last quarter of the year, anticipating a shortage in the wake of culling of hogs in Luzon during the Ebola Reston...

Coffee, shrimp, moringa new focus in Region XII.
September 29, 2009... Byline: Romer S. Sarmiento KORONADAL CITY - At least half a billion pesos of fresh investments will sprout in Central Mindanao in various business areas, three of which are newly introduced commercial products, namely: barako coffee, fresh...

Zamboanga bottled sardine makers seek quality certification.
September 29, 2009... Byline: Darwin T. Wee DIPOLOG, ZAMBOANGA DEL NORTE - Bottled sardine makers are here are seeking Hazard Analysis and Critical Control Point (HACCP) certification in order to help them penetrate the export market. Currently, only three of...

LET'S TALK TAX.
September 29, 2009... Byline: Clarissa R. Hornilla Early this year, the Bureau of Internal Revenue (BIR) issued several Revenue Memorandum Circulars (RMCs) to announce the revocation of a number of rulings for lack of legal basis and for having an unauthorized...

Ongpin-led holding firm seeks control of listed gold miner.
September 29, 2009... Byline: Neil Jerome C. Morales Ongpin-led holding firm Boerstar Corp. is aiming to acquire a controlling stake in listed miner Atok Big Wedge Co., Inc. "Atok has received a firm proposal from Boerstar for its entry as the controlling...

Online gaming unit of IPVG to broadcast 'first person shooter game'.
September 29, 2009... Byline: Kristine Jane R. Liu An online gaming subsidiary of local information technology company IPVG Corp. plans to turn local Internet gaming into a spectator sport by broadcasting its new "first-person shooter game" on television. In a...

Belle up on purchase of SM stake in tourism venture.
September 29, 2009... Byline: Kristine Jane R. Liu Shares in high-end property developer Belle Corp. rallied yesterday after the firm announced a plan to acquire the SM group's stake in a company that will put up an entertainment complex on the Manila Bay...

Insular Oil planning to expand P400-million depot in Davao.
September 29, 2009... Byline: Don Gil K. Carreon Insular Oil Corp. plans spend up to P300 million to increase the capacity its petroleum storage and blending facility in Mindanao - already the largest in southern Philippines - by 20 million liters more. In a...

Harbour Centre's Romero forms company to supply equipment to miners,.
September 29, 2009... Byline: Don Gil K. Carreon The top official of Harbour Centre Port Terminal, Inc. has set up a new company that intends to supply equipment to power generation companies and mining firms, documents from the Securities and Exchange Commission...

Opposition realigning forces for 2010 polls.
September 29, 2009... Byline: Bernard U. Allauigan The run-up to the 2010 elections continues to heat up as alliances and plan shifts characterize the opposition. Senator Benigno Simeon "Noynoy" C. Aquino III has sought a tie-up with former President Joseph...

Firms reduce anew fuel prices.
September 29, 2009... Byline: Jose Bimbo F. Santos OIL FIRMS have cut prices for the third consecutive time. Pilipinas Shell Petroleum, Corp., Seaoil Philippines, Inc. and Petron Corp. have reduced prices of gasoline by a peso per liter and diesel by 50...

MILF warns against no talks scenario.
September 29, 2009... Byline: Darwin T. Wee ZAMBOANGA CITY - The chairman of the Moro Islamic Liberation Front (MILF) admitted they might not have control over future rebel leaders, warning of possible anarchy if the peace negotiation fails again. In a...

Liquor sale to be regulated; spy cameras to be required.
September 29, 2009... Byline: Virgil B. Lopez The Valenzuela city government will implement two ordinances next month that would regulate liquor businesses and requiring all establishments to install spy cameras within their premises. Starting Oct. 1, the city...