Monthly Archives: February 2009

Victorias Milling Co. Inc. is looking for a company that could raise between P8 billion and P10 billion to repay debts and finance the modernization of its refinery.

It may not be a whole lot of money, considering the amounts really needed. But it’s a lot better than merely sniping at the government while thousands are already losing their jobs and any hope of improving their lives in the near future.

SUBIC BAY FREEPORT—Twenty-six workers of the South Korean-owned shipbuilder Hanjin survived after their bus, which was carrying 60 passengers, plunged into a ravine a few meters from the shipyard, police said.

PRESIDENT Arroyo has rejected a proposal from the Commission on Higher Education to add one more year to all college courses, including nursing, but ordered the agency to continue holding consultations on what courses should last five years.

MANILA, Philippines — Echoing the concern of various non-government organizations, two congressmen yesterday called on lawmaker-proponents of the revival of the Bataan Nuclear Power Plant (BNPP) to stop pushing for the rehabilitation of the mothballed plant and instead develop renewable sources of energy.

MANILA, Philippines — The Social Security System (SSS), the state pension fund manager for private employees, said its planned P12.5-billion contribution to the government’s economic stimulus package would require full government guarantee.

MANILA, Philippines — The death toll in the Jan. 29 explosion at a firecracker factory in Cavite rose yesterday from nine to 11 as relatives identified the bodies of two people previously listed as missing.

Although the government has allocated P100 million for a livelihood assistance fund for displaced overseas Filipino workers (OFWs) to start their own business, not many OFWs want to avail themselves of this fund and become entrepreneurs.

MANILA, Philippines — A recent survey conducted by the Social Weather Stations (SWS) showed that more Filipinos expect their quality of life to improve in the next 12 months despite the global economic crisis.

MANILA, Philippines — The bad loans of the commercial banking sector dropped slightly in November last year to 3.78 percent of their total loan portfolio – the lowest recorded ratio recorded since the 1997 financial crisis, the Bangko Sentral ng Pilipinas (BSP) said in a report.

MANILA, Philippines –Thousands of workers are being forced to take a leave of absence or put in shorter hours as the global recession begins to take its toll on local industries, the Employers Confederation of the Philippines (ECOP) said.

THE government has proposed a P30-billion package of increases in benefits to members of the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp. and the Pag-IBIG Fund for housing.

HONDA Motor Co. said yesterday it was imposing a 5-percent reduction in the salaries of its managers in Japan as well as those stationed overseas to cope with sliding sales.

On the streets of Birmingham, the queen’s English is now the queens English.

Almost as soon as the Commission on Higher Education posed the question about an added year to college for nursing and education courses—at least for starters—militants (and those putting on airs of militancy) took to the streets hooting their outrage at what they claim is a travesty of their rights. In what that travesty consists,…

JOBS at the special economic zones will rise 5 percent this year despite the global financial meltdown that has forced electronics makers, the Philippines’ top exporters, to cut down on production, an official said yesterday.

KUALA LUMPUR – ASIA’S auto industry faces a dramatic slowdown in 2009 as the global financial crisis puts the brakes on sales, with Japan and Korea hit hard by weakening demand in the United States and Europe.

The Union Bank of Switzerland (UBS) is keeping its bleak economic growth projection for the Philippines this year despite what it termed as a surprising gross domestic product (GDP) growth last year.

Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. ruled out the possibility of an economic recession, expressing optimism that private consumption would continue to support economic growth.

The peso may weaken to as low as 52 to a dollar this year with the expected slowdown in dollar remittances from Filipinos abroad, according to a recent report on the Philippines by economist Bernie Villegas.

WASHINGTON (AFP) — Nearly 187,000 workers in the US technology sector lost their jobs last year, the highest number in five years, consulting firm Challenger, Gray & Christmas said Thursday.

A local waste and pollution watchdog yesterday urged the government to consider the creation of “green jobs” by expanding recycling programs.

Close to 50,000 jobs await returning workers displaced by the world economic crisis, the government said yesterday.

The death toll in the explosion that ripped a fireworks factory in Cavite last week rose to nine yesterday as police investigators remained clueless on what caused the blast.

TRECE MARTIRES CITY, Cavite—It was difficult for Lilibeth Doncillo to look at the wrecked site of Starmaker, two days after the firecracker factory exploded, leaving at least six people dead.

The country’s biggest labor group yesterday urged the government to make available its non-performing assets for the use of 500,000 Filipino workers who have been laid off or about to lose their jobs in the wake of the global financial crisis.

Labor Secretary Marianito Roque urged the Philippines’ Three Plus (3+) Social Partners, labor, management, government, industries, and other prominent sectors, to unite in enablinh the country ride out the global economic crisis, even as he bared that the Department of Labor and Employment (DoLE) has allotted some P402.852 million to urgently assist the workers displaced…

The militant center for women, Gabriela National Alliance of Women expressed concern about the rising unemployment rate among women, saying 70 percent of the laid-off workers are women in their productive years.

SANTA ANA, Cagayan, Philippines—Officials and residents of this coastal town on Friday protested the alleged environmental destruction caused by the operations of casinos at the Cagayan Special Economic Freeport Zone here.

ALL pawnshops take “anything of value” as loan collateral, as the sign says out in front. But this one pawnshop, Agencia de Empeños de Makati, goes a lot further.