Business Day

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Part of Business Day

Title: Business Day
Description: Southeast Asia's First Business Daily
Issue Date: Volume XIV (Issue No. 99) July 15, 1980
Publisher: Enterprise Publications
Year: 1980
Language: English
Subject: Philippines -- Commerce -- Periodicals
Rights
Place of publication: Manila
extracted text: 'a'doer^^i P« Bank Your link to the international world of business DAILY • MANILA. PHILIPPINES TUESDAY, JULY 15, 1980 P1J0 IN METRO MANILA; Pl.50 IN PROVINCES • Accounting and Billing Clerks • Bookkeepers Collectors MAKATI 88 64-62 ^_MAN»LA 57-17-74 j VOL. XIV, NO. 99 * 16 PAGES New MOLE policy Skilled workers’ outflow curbed OPEC LEADER — Dr. Mana Saeed Al-Otaiba (left row, nearest President Marcos' desk). United Arab Emirates oil minister and last year's OPEC president, called on President Marcos yesterday. At lunch which Mr. Marcos hosted later, Al-Otaiba said the Organization of Petroleum Exporting Countries will increase to $20 billion its aid fund to help less developed countries like the Philippines. Others in photo are members of the visiting minister's party, including Ahmed M. Al-Rahma, Abbas Mohamed Abbas Zaki, Abdulla Al-Farisi, Idris Haboush, Nasser Al Jabari Khaled Al-Ashi and Joseph Al^heikh. (Story on page 8)' The Ministry of Labor and Em ployment no longer allows any skilled Filipino workers employed in certain “critical” industries to leave for employment overseas if his employer here does not approve of the departure. If the departing worker is unemployed, he must show proof he has been out of job for the past six months. Critical industries are those where there is a current need for limited skills and professions. They include the following: petrochemi cals, aviation, telecommunications, power, hotel (skilled workers), and agricultural research and tech nology. By RODRIGO V. ALVAREZ Reporter This new MOLE policy is in res ponse to protests persistently raised by business firms on the continuing exodus of skilled workers and pro fessionals, on whom they have in curred substantial costs to train. The list of critical industries was arrived at following a series of dia logues with various industry groups, the ministry and its overseas place ment-related bureaus, the Overseas Employment Development Board (OEDB) and the Bureau of Employ ment Services (BES). The government move supported a proposal of the Philippine As sociation of Flour Millers, Inc. (PAFMI), which sought OEDB’s assistance to require PAFMI clear ance to applications of skilled workers in the domestic flour mill ing industry to get jobs abroad. PAFMI president Felix K. Maramba, Jr., also executive vicepresident of Liberty Flour Mills, Inc., said in an interview that the domestic industry last year lost about 200 technical men, who left for Saudi Arabia. These technicians, who were mostly recruited by pri vate fee-charging agencies, were hired by employers of three newly constructed Saudi flour mills, Maramba explained. Pilipinas Shell seeks price hike of 30.81 ctvs per liter Pilipinas Shell Petroleum Corp, is asking the Board of Energy per mission to increase prices of its pet roleum products by an average price of 30.81 centavos per liter. Pilipinas Shell’s petition, formal ly filed yesterday, was the third to be received by the BOE. Mobil Oil Phils., Inc. and Caltex Phils., Inc. filed last week their res pective proposals for average price increases of 36.53 centavos and 20.609 centavos, respectively. Only two oil companies — iJj’aEic-Landoil Ervcv Corn, and-ihe government-owned Petrophil Corp oration — have not filed petitions. In its petition, Pilipinas Shell said it needs the price increase due to new increases in crude oil prices, chemicals, inland freight, refinery costs, and provisions for continuing increases in working capital and fixed asset requirements. Pilipinas Shell said the 30.81centavos increase it is asking for represents the following: ♦ an average of 26.98 centavos per liter in the new crude oil prices —. (Continued case 7) THE AVERAGE PRICE INCREASES PETITIONED BY 3 FIRMS SO FAR Mobil Oil........... P0.3653/lrter * Pilipinas Shell. . . .0.3081 Caltex..................0.20609 Rice price up 15 ctvs per kilo very soon By JULIE J. DE LA CRUZ Reporter EPZA’s Pena breaks silence on exporters’ complaints By ABRINO AYDINAN Reporter “The BEPZ (Bataan Export Pro cessing Zone) is functioning and functioning very well, ” Administra tor Teodoro Q. Pena of the Export Processing Zone Authority said in an interview with Business Day last week. He also indicated that the EPZA is working on the complaints of export firms in the zone. Corporate Developments • Despite equity deficit, Ford gets okay on P142-m CP issue The Securities and Exchange Commission yesterday gave the go-signal to Ford Philippines, Inc. to issue P142 million worth of commercial paper in the money market. (Commercial papers are securi ties issued by a company to finan cial institutions; they are actually a form of borrowings.) Ford’s authority to issue such instruments will last only two months from date of approval. How ever, it appears that the company will jump on the opportunity, since its resources are in need of re plenishment. Ford’s losses piled up through its years of participation in the Pro gressive Car Manufacturing Pro gram, amounting to P167.3 million as of last year, according to the financial statements submitted to the SEC. The parent compainy in the USA has injected about P193.67 million into the local, subsidiary. What remains of this capital infusion is P27.69 million as of last year (with Pl.3 million (Continued on page 7) The National Grains Authority (NGA) is expected to announce very soon a P0.15-increase on the of 1 lied rice, or been approved by President Marcos. A presidential letter of instructions to this effect will be issued soon. The new price ceiling was recom mended by an inter-agency commit tee composed of the ministries of trade, finance and agriculture, the NGA, Central Bank and the Natio nal Economic and Development Authority. Actually, the draft of the LOI was submitted to the President as early as April, along with the LOI (Continued on page 8) increasing the support price for palay from Pl.30 to Pl.40 per kilo. But the President delayed aneffective Ji y 1, to prevent public hoarding and panic-buying. The Cabinet standing committee headed by Finance Minister Cesar Virata has earlier approved in prin ciple an agriculture ministry recom mendation last April to raise the retail price of milled rice by at least P0.15 per kilo, along with the proposal to set the new support price for palay at Pl.40 per kilo. (Continued on page 7) ‘Nothing definite’ yet on IFC equity in PASAR Pena made the statement to “lead off” his “clarifica tion of the situation in the BEPZ.” (See Business Day, June 17, 30 & July 7). “There is a ten dency to blow up PENA facts” about the BEPZ, Pena said, although he recognized the exist ence of “defects” in the system. "There is no perfect system; just like the (living organism’s) body, there are always infirmities,” he said. (Continued on page 2) • 9 firms get BOI incentives The Board of Investments (BOI) last week approved the registration of Norphil Agro-Industrial Corp., an export producer of peanut oil and meal, under the Export In centives Act (Republic Act No. 6135). The project which is estimated to cost P48.5 million, will have an annual production capacity of 12,960 metric tons for peanut oil and 13,770 metric tons for peanut meal. The firm intends to export 100% of its peanut oil production and 70% of peanut meal output. The balance of 30% will be sold to local feedmillers. Target export markets are Japan, Europe and Southeast Asia. For the first five years of opera tions, the firm expects record sales of $66,027 million. Norphil has marketing tieup with Nippi Boeki Kabushiki Kaisha and Sumitomo Corp, of Japan. OTHER APPROVALS. Also approved under the Export Incen tives Act was the P12.278 million project of Mattel Philippines Inc., an export producer of toys (Barbie and Sunshine dolls), costume and . costume ensembles and other plastic toys. (Continued on page 2) The Philippine Associated Smelt ing and Refining Corp. (PASAR) has yet to complete -negotiations with the International Finance Corp., an affiliate of the World Bank, for a possible equity invest ment in the country’s $250-million copper smelter. In an interview with Business Day; Constante V. Ventura, PASAR president, said negotiations between PASAR and IFC are “still going on.” In effect, Ventura de nied reports that PASAR had al ready accepted IFC’s offer to put in 5% or $5 million of the $100-million equity of the copper smelter, one of the planned 11 major indus trial projects of the country. The PASAR official said an IFC inspection team was here a few days ago to assess the situation and verify the financial figures related to the project provided to them. The data gathered by the team will still be evaluated by IFC and “nothing is definite yet,” Ventura said. However, he added that IFC has indicated its willingness to invest $5 million in the project. EQUITY SHARING. Depending on how much equity will finally be put in by IFC and considering the 32% equity share already finalized with a Japanese consortium of Marubeni Corp., Sumitomo Corp, and C. Itoh, Ventura said equity sharing between the National Development Corp. (NDC) and the nine co owner copper mining firms will still be determined. Originally, only 30% of the pro ject’s equity was to be allowed for foreign investors and 70% to be shared by NDC and the nine mining (Continued on page 8) A Man-sized sandwiches, a mug of beer plus good company at the GAMBHNUS Page 2 Business Day Tuesday, July 15, 1980 Exporters at BEPZ Pena breaks silence on complaints (Continued from page 1) “We are not sweeping under the rugs the defects of the system, we are working on them,” the EPZA administrator continued. NO TREND. He discoun ted any suggestion of a general trend among re gistered and prospective investors in the export processing zones to back out, attributing the change of heart on the part of a number of them to the workings of eco nomic forces over which EPZA has no control. Risk avoidance/reduction By ALBERT DEL ROSARIO significant He said he had count ed seven export enterpri ses that started opera tions at the BEPZ but later closed shop. Com pared to the “success” record — 57 companies in operation to date, af ter seven years — Pena conceded a “10% attri tion” rate. “It is my thesis that in a free and open economy like ohrs, companies which, for one reason or another, are inefficient will have to close up shop,” Pena said. He gave these reasons why companies have ter minated operation at the BEPZ: lack of expert management, business partners who can not come to terms, and the firms’ thin capitalization. For those firms which had shown interest but The Ford stamping plant projects proceeded. “We must remember that BEPZ was originally a marginal fishing zone (which) we were asked to convert into a new modern industrial com munity,” Pena said. Towards this end, he said EPZA brought in, aside from factories, much of the 60,000-70,000 souls now in Mariveles (the town had a population of only 16,000 in the 1970s, according to Pena). All the 11 basic human needs (identified by the human settle ments ministry) de served equal positions in the BEPZ scale of prior ities, he enphasized. He pointed out that the zone’s population needed a school, medical facili ties, recreational facilities and hotels as much as water, power and com munications services. switchover from an autom atic-exchange tele phone system to a manually operated switchboard system. The present 37-trunkline tele phone facility in the BEPZ, which had been complained’about by ex porters for being ineffi cient and inadequate, could be expanded to accommodate 100 exten sions through manual operations, he said. The operation of the telephone system was turned over two weeks ago to the Philippine Long Distance Telephone Co. which instituted metered calls with the use of the manually operated exchange — a move much criticized by the BEPZ exporters who even complained to Pres ident Marcos. Pena said the metered telephone system will in sure the judicious use of EPZA/ is, as Pena pointed out, “not a utility company.” Pena said EPZA was not responsible for the cost of the controversial water supply reservoir, which he said had been designed and constructed under the management of the National Power Corp. The charge for water supplies in the BEPZ is the same as in Metro Manila, Pena said as he denied that EPZA is shifting the cost of the BEPZ water system to the export firms. Ricoh Watch workers the best sites or terms and conditions they can get” among alternative countries trying to outdo each other in competing to attract the firms. Pena cited expansion programs of five export companies located at the BEPZ; namely Ricoh Watch Philippines, Inc., Mattel Philippines, Inc., Manila Glove Manufact uring, Inc., Bataan Inter national Garments, Ensite Ltd. (Ford Philip pines stamping plant), and Mariveles Apparel Corp. MANAGEMENT. Criti cisms had been leveled on the BEPZ manage ment for what export enterprises in the zone perceived as wrong prior ities in developing service facilities. They had cited ’ inadequate water, com munication and other ‘basic” services, while construction of the EPZA administration building, cinemas, shop ping centers, and other “Some of these facili ties are easier to deliver than others because we have the knowhow to do them, so that these are realized ahead of the (rest of the) require ments,” Pena said. Water is delivered to certain areas in the water system which is not now reached by the piping system. The supply used in watering the golf course come from. a creek and not from the potable, water supply system, he said. He denied that EPZA is overcharging the ex port firms in their elec tric power bills. EPZA is only passing on to them “what the NPC charges us,” he said. ■ He justified the the communication faci lity. In the past the ex porters tied down lines by dictating even com pany payrolls or pur chase orders over the phone, he said. PLDT also indicated it would increase the number of switchboards if necessa ry, he added. NECESSITY. EPZA did not intend to handle the utilities (such as water, power and communica tions) but “we had to do it” because these could not be provided at once by the proper utility companies. If the services deliver ed by EPZA in these areas were poor, as claim ed by the export firms at the BEPZ, it is probably PHONE SYSTEM. He said the switchboard tele phone system would fill in the communication re quirements until the new equipment which would allow “unlimited tele phone lines” is installed in about two years. The telephone system, to cost 384 million yen and financed from an OECF loan, will be delivered by the Nippon Electric Co. some 15 and a half months after its receipt of the letter of credit from EPZA, which Pena •’gtfd.t^as du^.tp_open_ He indicated 'that PLDT may also operate the new telephone system. The exporters had expressed fears that PLDT’s management of the BEPZ telephone system would be for good, instead of only for the remainder of the life of the present 37-line “interim” facility. The objection of the exporters to PLDT’s entry in the telephone system is apparently based on the more ex pensive cost of PLDT’s service which they had anticipated. PLDT’s new rate for calls between BEPZ and Manila is: P4.70 for the first two minutes and P2.35 per succeeding minute. The new rates are much higher than the Pl.80 the exporters used to pay for an unlimited length of call. PLDT’s rates at the two other export pro cessing zones are: P5.60 plus P2.80 from Baguio City to Manila and P9.40 plus P4.70 between Mactan and Manila. Risk manage ment subdivides into two major categories, risk control and risk finance. Of these, risk con trol is clearly the foundation and is therefore considered the element. Identification and measurement In implementing risk control, the first step is the identification of all potential loss producing factors, both insurable and uninsurable, to which an organization is exposed. The risk factors identified are then measured or quantified in terms of loss frequency, including severity,, predictability and probability so that ultimate strategy can be expressed in numerical terms. Fol lowing identification and measurement, risk reduction are extreme ly important strate gies in the exercise of risk control. Avoidance and elimination Where risks are considered as being so inherently hazardous as to make it prudent to pursue the action, elimination and avoidance procedures should be undertaken. To illustrate, risk elimination or avoidance would involve such deci sions as a change of plans in the design stage due to the recognition of high risk potentialities, a dis continuance of a hazardous process or possibly contracting it out to an other firm which is more special ized in the process, withdrawal of a product from the market, and an avoidance of business operations in areas of high political uncertainty, or where extreme weather con ditions, flood or earthquake, could 1 s>_|hjpz'jLr>rvow*1"“>tD undue liokV - Often there are "methods that can reduce the level of risk to a deg ree that does not necessitate the need for any disruption of opera tions or plans. However this is not always the situation. Risk avoid ance may involve an activity that produces benefits but substitutes other risks. For example, a decision to avoid flood risk by building on a higher site may mean that benefits of lesser construction cost and easy production flows on a flat site are offset by an increased expectation of wind losses in a higher and more exposed position. Whatever alter native is decided upon, following a cost-benefits evaluation, a careful identification and analysis of the risk is vital. Reduction Reduction of risk is the final stage in the risk control process. Its objective is to create reasonably secure pre-loss conditionsand to es tablish a"post-loss plan to lessen, in so far as possible, adverse effects of the loss event. Risk reduction in volves analysis of: 1) Pre-conditions for a loss, such as faults in premises, plant design, etc. Examples are a badly insulated electric wire .(fire risk), an un guarded machine (human safety risk), inadequate perimeter protect ion (security risk) or the escape of toxic fumes from fractured piping (human safety/pollution risk). 2) Prevention of loss which deals with devices designed to prevent the pre-conditions of loss from actually developing into a loss such mm Risk Management as electric fuses, security locks on external doors, automatic cut out devices on machinery to cope with overheating or the entry of a for eign body, security bars on win dows and filters in fume extract chimneys. 3) Early discovery of the loss event. The size of many losses can be reduced if the event is discover ed and treated quickly. Fire alarms, sprinkler systems, and security pat rols give early warning of the out break of fire or unlawful entry to premises. 4. Limitation of loss. If an em ploye is injured or a fire occurs, it may still be possible to limit the loss either by rapid action, or by use of facilities already available. Prompt first aid treatment may ( 1 lifnit the extent of injury and the use of normal or automatic fire fighting equipment may extinguish a fire or prevent its spreading. Salvage operations, too, can re duce the loss following fire. Add itionally disaster planning for catas trophic events is an essential limit ation of loss technique, and one that can in itself be a complete sub ject. Risk reduction methods elected obviously will depend on the na ture of the operation and the man agement structure being evaluated, but typically, it will always involve physical devices designed to reduce either possibility or size of loss, procedural techniques to adapt to working methods and character istics, and organizational planning. 9 firms get BOI incentives MIGUEL Z. PATOLOT Business Day Z—— Published under PCPM Certificate of Registration No. 108 RAUL L. LOCSIN Editor/Publisher EXEQUIEL S. MOLINA LETICIA M. LOCSIN Editoric Managing Editor JOSE M. GALANG. JR. JUAN R. REDOBLADO News Editor Senior Editor BUSINESS DAY Is published Monday, through Friday by Buslnessday Corporation, with editorial offices and plant at No. 113 West Avenue, Q.C., Philippines, telephone 99-15-46 to 49 connecting all departments; advertising and circulation offices at No. 113 West Avenue, tels. 96-67-16, 96-77-06, 96-67-41 for advertising and 99-99-02; 99-98-53, 99-05-44 for circulation. Ail rights reserved. The contents of this publication may be repro duced In whole or In part provided due credit Is given. RE ENTERED AS SECOND CLASS MAIL MATTER AT THE MANILA POST OFFICE ON April 2, 1979. (Continued from page 1) Mattel will produce 2.7 million units of dolls a year, 11.2 million units of costumes and costume ensembles and 0.9 million units of assorted plastic toys. Mattel Inc. of the United States, the parent company, will absorb 100% of production to be marketed in the United States, Europe, Asia and South America. Josefina Manufacturing Inc., an export producer of garments with an annual production capacity of 68,000 dozens, was also registered under the Export Incentives Act. AGRIBUSINESS. The BOI likewise approved the registration of Vitarich Danish Foods Inc. and Console Farms Corp, under the Agricultural Investment Incentives Act (Pres idential Decree No: 1159). The Vitarich project, estimated to cost P6 million, will involve the production of 53 head of purebred “Hypor” boars and gilts. On the other hand, Console Farms proposes to set up an in tegrated piggery and feed mixing plant at an estimated cost of P6.01 million. Approved under the Foreign Business Regulations Act (Repub lic Act No. 5455) were the appli cations of the following: * Scientific Drilling Controls of Nevada, USA for authority to set up a branch office to provide services in the field of oil, geother mal and mining ventures. * Siemssen & Co. (Hong Kong) Ltd., a German firm registered in Hong Kong, for authority to transfer the activities of its local-office to Preneba & Co. (Hong Kong) Ltd. * Alhambra Industries Inc., a 100% Swiss owned firm, for author ity to increase its capital stock from P13 million to P18.2 million and to accept the investment of Philinvest AG. * Intercane Pacific Ltd. of Hong Kong for authority to set up a branch office to act as coordinator of marketing activities of Intercane Systems Inc. and NGM Interna tional in the Philippines; to render support services and administrative assistance to local buyers of Inter cane products; to explore the possibility of future manufacture of “Tilby” cane separators; and, to market animal feeds, alcohol, chem icals, fertilizers, fuel, lumber, sugar, wax and pulp and paper. Tuesday, July 15, 1980 Page 3 Now in the Philippines. New Gillette Contour The first razor with a head that pivots. J The New Gillette (jofitour twin blade pivoting head razor. • Pivoting head adjusts automatically to every .__ curve and cpntour of your fage,, ,ac:i^qo:., • Unique face-hugging action' keeps the-twin-blade working at the perfect shaving angle, stroke after stroke. • Effective rinsing action system — king size holes in cartridge allow easy and thorough cleaning • You get less drag less pull, incredible closeness and comfort. • That’s the shave your face deserves today. I “New Gillette (ontour hugs every curve of your face" (Sntotir a Gillette ontour The most advanced shaving system. '(Known as ATRA in U.S.A.) 4 Business Day Tuesday, July 15, 1980 WORLD SITUATIONER Negotiations delayed Egypt, Israel divided India, Pakistan try to resolve conflicts Moscow set for Olympic games opening Saturday MOSCOW, July 14 (Reuter) — Olympic leaders and advance parties of athletes Sunday toured the closely guarded sports venues where the strife-ridden Moscow games open on Saturday. The host city of the 22nd modern Olympics had a quiet Sunday, with traffic thinned out to leave nearly empty streets, decorated with greetings for athletes and tourists who have come despite the political storm over the games. Seven members of the International Olympic Committee (IOC) executive board finished three days of meetings in the morning, and were to tour facilities before the formal opening of the IOC session Monday night IOC president Lord Killanin and his executive attended a formal lunch with the head of the Soviet organizing committee, Deputy Prime Minister Ignaty Novikov, and the IOC chief told his hosts he was sure the games would be a success. About 70 rank-and-file members of the world body are gathering here for the crucial meeting, which must elect a new president to succeed Ireland’s Lord Killanin, and seek ways to restore the prestige of the Olympic movement after some 60 member countries decided to boycott these games. FOR LEASE OFFICE SPACES IN PASEO DE ROXAS, MAKATI Areas 200-500 sqm. For details call Nancy Tel. 818-43-65 or 88-25-67 BUILDING FOR LEASE Floor Area - 840 sqm 1690 M. H.del Pilar, Malate, Manila Please call tel. 59-13-67 * 47-78-25 * 47-78-50 OFFICE SPACE FOR LEASE LOCATION: 72 Wert Ave., Quezon City I GROUND FLOOR Area: Approximately 230 sq.m. Facilities: • 1 comfort room • 4 A.C. outlets • private entrance Parquet flooring spreytex ceiling flourescent fixture II BASEMENT FLOOR • Pebble wash-out floor • chip cement walls e spreytex celling • flourescent fixtures Contact: Ms. Mana Bacani 99-15-46 - 49 f ..... ' ........ < REAL ESTATE PROPERTIES FOR SALE 4,959 sq.m. EDSA cor P.TAMO & SS Hl-Way Vacant. Ideal for Commercial/lndustrial Use. P6.9M Cash 3,103 sq.m, lot; 1,592.47 sq.m, office, 2,090.62 sq.m, warehouse EDSA cor. PINATUBO & SIERRA MADRE STS., MANDALUYONG. P4.8M Cash FOR PARTICULARS CALL: 77-43-97 or 78-00-11 Locals 310 & 260. Pls ask for A. C. M. OCA or W. A. CRUZ over agenda for talks Begin sets office transfer to Jerusalem JERUSALEM, July 14 (Reuter) — Israeli Prime Minister Mena chem Begin is deter mined to move his office to Arab-East Jerusalem and has informed Egypt and the United States of his intention, Israel Ra dio reported Sunday night. Quoting government sources, the radio said Interior Minister Yosef Burg, Israel’s chief nego tiator at talks on Palesti nian autonomy, had told the Egyptian and Ameri can negotiators of Mr. Begin’s decision at recent talks with them in Wash ington The radio reported that US chief negotiator Saul Linowitz had asked Dr. Burg to persuade Mr.. Begin not to shift his office to the eastern sec tor of the city, captured by Israel in the 1967 Burg replied: “Impos sible,” the radio said. A spokesman in the Prime Minister’s Office said that a complex of government buildings was under construction near Mount Scopus in the occupied sector of the city. It had not been decided which ministries wpujd move there*., he said; FOR SALE LAKEVIEW RESORT SHARES * P12,000 cash Pls. call gigi 85-59-61 loc. 399 NEW CAVITE INDUSTRIAL CITY P48/sqm CASH or 29% DP P19,900/mo. 5 yrs. 20,000 sqm lots. Ap proved for light, me dium & heavy Indus tries, along Puerto Azul Rd 5 km from Tagaytay Hl-way w/ water electricity perimeter fencing underground HILLCREST CONDOMINIUM E. Rodrlguez C 20% DP R e s ' I 2 B R P4,615/month. Office 48.89 sqm P2,670/mo. GREENFIELDS HEIGHTS Dasmarliias along gaytay Hl-way mangoes water electri city asphalt roads 800 sqm lots 25% DP P952.60/month Oland Taw/ CALL: 474287; 485478 475324; 491871 CAIRO, July 4 (Reuter) — Israeli and Egyptian negotiators Sunday night failed to agree on an agenda for their talks on Palestinian autonomy, the first to be held since Egypt suspended them in May. Informed sources on both sides of the committee set up to arrange an agenda said Israel had rejected attempts by Egypt to introduce items which Tel Aviv claimed affected Israel’s security. But the two sides agreed to reopen talks Monday, extending them into Tuesday if necessary. The talks are purely procedural, preparing the ground for a meeting of chief delegates in Alexandria next month. Egypt suspended the negotiations in May because of moves in the Israeli Parliament to declare Jerusalem the united capital of the Jewish state and Israel’s policy of settling Jews on the occupied West Bank. Arab East Jerusalem was occupied by Israel in the 1967 Middle East war. Sunday, Egypt’s minister of state for foreign affairs, Boutros Ghali, told reporters Egypt had been persuaded to resume the negotiations after receiving “guarantees about certain solutions’’ from the United States which is the third party to the negotiations. He refused to be more specific. Ghali and Israeli Justice Minister Shmuel Tamir clashed only hours befo.re the talks began when Tamir restated his government’s position that “Jerusalem is a unified city, the capital of Israel within Israeli sovereignty.” “That is not our position,” Ghali replied. “Our position was expressed in an exchange of letters with the United States and we received a positive answer from the US.” Japan to boost defense India and Pakistan, which have fought three wars in 35 years, will try to remove mutual mis trust and narrow down wide differences on Afghanistan in minister ial talks this week. Pakistani Foreign Minister Aga Shahi’s three-day visit to New Delhi, beginning today, follows inconclusive dis cussions in Islamabad earlier this year when the two sfdes achieved little more than a better understanding of each other’s points of view. The two countries are opposed to the presence of Soviet troops in Afghanistan, but disagree on how to secure their withdrawal. India has repeatedly voiced deep concern over moves to rearm Pakistan following last Decem ber’s Soviet military intervention in Afghanofftcia* i^New^eUri obstacle to greater mutual confidence. India and Pakistan are still in the process of nor malizing their relations. Shahi will call on Prime Minister Indira Gandhi, who met Pakis tani President Zia-ul-Haq last April when they attended Zimbabwe’s independence celebra tions in Salisbury. The two leaders did not feel the need to meet again when both traveled to Belgrade for President Tito’s funeral three weeks later. But Shahi’s main talks will be with External Affairs Minister P.V. Narasimha Rao, whom he has never met. Rao, who discussed the Afghan problem in Moscow last month, said on his return that the immediate task was to try to start a dialogue between the parties The Afghan govNEW YORK, July 14 (Reuter) — Hisahiko Okazaki, foreign rela tions director for Japan’s defense agency, said in an interview published Sunday his country would boost its defense spending in the next “SevetW metres. “We will increase our defense budget and im prove our quality,” he told Newsweek maga zine. “We’ll build more ships. We will buy more airplanes - lOOF-lSsand 45 P-3Cs. “That’s an enormous fighting capability.” Unidentified warplanes fire on Cuban ships HAVANA: Unidentified warplanes fired on two Cuban ships in the Atlantic off Africa, killing the captain of one vessel and wounding three officers, the official Prensa Latina news agency said. The agency said the ships were fuel tankers which were in the area to supply the Cuban tuna fleet which operates in mid-Atlantic. The attack took place Saturday night 30 miles off the coast of Western Sahara, Prensa Latina said. — Reuter Sacked Iran generals admit link with Bakhtiar TEHERAN: Two former generals, arrested as masterminds of a planned coup, have confessed that they had direct links with exiled former Prime Minister Shahpour Bakhtiar, the head of the Islamic revolutionary military court said Sunday. Hojatoleslam Mohammadi Reyshahri identified the gene rals as Said Mehdiyun, a former air force chief, and Ahmad Mohaqeqi, an ex-commander of the gen darmerie. — Reuter US solon visiting two Koreas SEOUL: The first US congressman ever to visit North Korea, Representative Stephen Solarz (De mocrat, New York) yesterday met with South Korean President Choi Kyu-Hah in Seoul. He will go to Pyongyang today via Tokyo. — Agence France Presse India discusses MIG-23 purchase with USSR NEW DELHI: India has begun negotiations with the Soviet Union for acquiring the multi-purpose MIG23 aircraft as well as the technology for manufac turing it, the English daily, Indian Express, reported yesterday. — Agence France Presse Republicans begin Detroit convention DETROIT, Michigan: Republicans yesterday began flocking to a reconverted sports arena to open their national convention where they will pledge allegiance to presidential candidate Ronald Reagan and launch their drive to chase Jimmy Carter from the White House. Selection of a vice-presidential running mate for Mr. Reagan was the only suspense in a four-day multi-million dollar political love fest catered by and for the Republican party. — Agence France Presse Released hostage ‘in good condition’ WASHINGTON: American diplomat Richard Queen, one of the US embassy hostages in Iran until his release Friday, is in good condition but medical tests will last a day or two, a State Department official said Sunday. — Reuter uesday, July 15, 1980 Business Day Page 5 Tribal insurgency up anew in India state UN meet on women: slim progress to review By DILIP GANGULY Agence France Presse MANDAI-AGARTALA ROAD, Northeast India — 'he executioners had fled. But the limp body of the ictim, a 35-year-old Bengali immigrant settler was >en hanging in the woods. A few hundred yards away, there was another ruesome sight. A headless and highly decomposed ody of a 12-year-old Bengali girl lay crumpled in a itch. Both were the victims of the Tripura tribes. These are the fresh killings around the now nfamous Mandai Valley, the scene of an nprecedented carnage, killing and arson early last lonth, which left 421 dead and hundreds injured in ne single village. After over one month of the Mandai killings, the 0-kilometer cobbled Mandai-Agartala Road smains a trail of devastations. Not a single soul was sen throughout the journey — not even the therwise evident pariah dogs. Fear and death seem j be stalking the valley. Our taxi driver refused to go without an armed scort. We were warned by the state government, tens of thousands of tribals are entrenched in the lountains, preparing to mount another attack, be areful, take an escort,” were the words of the tate’s chief secretary at Agartala, state capital of All the Bengali-owned houses on the roadside rere burned down, property were looted and the nfortunates who did not flee, were killed. The entire 250,000 Bengali population in the ffected areas has taken shelter in 155 state run amps set up by the Marxist-run government. IUNGER. No one is allowed to go out of the camp ompound. But the pang of hunger (only 400 grams f rice is given per adult for a day) sometimes forces le Bengalis to go in the woods to fetch jackfruit nd pineapples, which are in abundance in Tripura. .The fresh killings have now established beyond oubt that a full-fledged tribal insurgency movement has started in Tripura state. Ethnic insurgency first raised its head in Tripura nthin a year of its accession to the Indian union on ict. 15, 1949. The immediate provocation was the ppointment of the chief administrator, who appens to be a Bengali. The administrator disarmed and disbanded the >yal guards comprising of tribals. The sacked royal guards formed isurgent group and named ? wordsmen) and joined the tribals ----- ----ready bitter about the sudden influx of Bengal ie. om East Pakistan, now Bangladesh. The tribals meanwhile, formed the tribal youths >rum and according to reports circulating here, btained support from the Pakistani government, he forum set up training camps oh Pakistani soil nd mounted attacks on ill-equipped Indian army. The Indian government ordered a massive rakdown and by the end of 1968 the forum rumbled. After two years of hibernatioh, the Tripura ctremists began to regroup under a different name Tripura Sena’ (Tripura Liberation Army). But efore they could be organized sufficiently, the 971 Indo-Pakistan war broke out, which lead to tie birth of Bangladesh. Another spell of ibemation followed. In 1975 the extremists renewed their links with le Mizo National Front. __ _ militant it ‘ ‘sangrak” who were COPENHAGEN - Five years after the first United Nations’ Confer ence on Women met in Mexico and set up a 10-year worldwide pro gram, a second confer ence, which was to open here Monday, will review the progress made so far. This conference will also concentrate on how to deal with the aspira tions of “millions of women who are the poorest in the poorest re gions,” Lucille Mair, the conference secretary general, said. But progress over the past five years appears slim. According to the five U.N. regional com missions, which prepared the conference and re ceived evidence from 93 governments, even the “minimal” objectives set out by the Mexico con ference have not been attained. This is why the inter dependence of economic and social progress must be emphasized in the promotion of women, Lise Ostergaard, the Danish culture minister and conference chair man, said. TOPICS. Delegates from about 150 countries were to attend, and they would have to concen trate on measures de signed to achieve this interdependence. Efforts must be waged on fight ing illiteracy — two out of every three illiterate people are women — fighting disease, or giving women better job oppor tunities, Ostergaard said. In Africa, for ex ample, women living in rural areas produce at least 50% of the food, but their work is not al- , wsLys included'TA1' their country’s gross national product, the minister said. Experts here believed it significant that the UN Voluntary Fund for Women, set up in 1975 to help the most de pressed areas of Asia, Africa and Latin Amer ica, only managed to secure $3 to $4 million a year in voluntary con tributions. Other more politically sensitive matters will probably be debated during the conference. These might include dis cussions on the con sequences of apartheid for women in Southern Africa, the consequences of Israel’s military occu pation of Arab lands for General Kurt Waldheim. But a full list of all those taking part had still not been finalized Friday — three days before the conference’s opening. ment has reinforced sec urity around the confer ence center and several delegations have been given added protection; including that led by the wives of two presidents conference has been or ganized by several hundred associations and will debate the same themes as those proposed by the official conferNEEDED FOR IMMEDIATE EMPLOYMENT BUILDING ADMINISTRATOR - male, between 22-35 years old - must be thoroughly trained or experienced in electrical, mechanical, building repair and maintenance work - must be a licensed electrician - experience as maintenance supervisor preferred ASSISTANT PERSONNEL OFFICER: - preferably male, 22-32 years old, a law graduate (Bar examination not required) - well versed on labor laws - experienced in personnel management Male AND FEMALE TYPISTS - must be at least 18 years old - must have a typing speed of at least 40 wpm - must be able to communicate effectively in oral and written English - must have finished at least two years of college education “WE OFFER ATTRACTIVE COMPENSATION PACKAGES AND LIBERAL FRINGE BENEFITS TO QUALIFIED APPLICANTS” Interested parties may apply at: BUSINESSDAY CORPORATION 113 West Avenue, Quezon City on: Wednesday and Fridays 2:00 to 5:00 P.M. PLEASE BRING THE FOLLOWING 1.3 pcs. passport size photos 2. Transcript of Record/True Copy of Grades/Classcards-whichever is available 3. Bio-data Palestinian women, and the plight of some 11 million women refugees throughout the world. Between 1,000 and 1,500 delegates are ex pected to attend the con ference which will be opened by UN Secretary know who will represent Cambodia, or whether South Africa, a member of the UN, will send a delegation. The Iranian government is to send a delegation of 12 people, 11 of them women. Th e Danish govern— Jehanne Sadat of fficials and Egypt, anti Imelda Danish authorities have Marcos of the Philip- even given this second pines. conference an aura of A shadow conference legitimacy — a bus shut will also be held a few «e miles away from the offi- OIIlclal to cial UN conference at conference. Bella Center. This second " to travel freely from the official to the shadow wirfcrciive. Agency France Presse Republika ng Pilipinas Pambansang Pangasiwaan ng Patubig NATIONAL IRRIGATION ADMINISTRATION Lungsod ng Quezon ContwtdMo.-MPD-C-M i in The National Irrigation Administration (NIA) hereby invites applications from suitably qualified and experienced Contractors with Contractor's License of not lower than Category "B” who wish to be qualified as tenderers for the construction of Checkgate, Headgate and Diversion Channel for Pump Station No. 2 for the Magat River Multi-purpose Project. The Contract Work which shall have a contract duration of 240 calendar days to cover one full dry season period will involve but not limited to the following major items of work. Description of Work 1. Structure Excavation 173,710 cu.m. 2. Embankment Cons, and Compaction 930 cu.m. 3. Concrete, 3,000 psi 479 cu.m. 4. Road Surfacing 1,890 cu.m. The qualification of applicants to submit a bld will be determined taking Into consideration their financial capabilities, experiences, manpower and equipment Interested Contractors should submit a written application for prequalification not later than July 17, 1980 at the address below. The start of Issuance of Prequalification Forms and the last day for submission of Prequalification Documents will be on July 21, 1980 and August 8, 1980, respectively. Prequalification Forms will cost P50.00 (non-refundable). The National Irrigation Administration Project Development and Implementation Office 6th Floor, NIA Building EDSA, Dillman, Quezon City Metro Manila Applicants with on-going contracts with NIA must submit together with their applications a certification from the Project Manager concerned that they are not behind schedule and are performing satisfactorily with Applicants are also required to submit together with their applications proofs of ownership on the following construction equipment required for prequallflcatlon: Description Quality 5 9 D6-Dozer (120 HP) D7-Dozer (140 HP) Pay loader (2 cu. yd.) Sheepsfoot Roller (DD-4' x 4’) with prime mover Wheel Roller (ST) Grader Dump Truck (6 cu.m.) Water Truck (1,000 gal.) Concrete Mixer (1 bagger) (SGD.) FIORELLO R. ESTUAR Acting Administrator Philippine Marketing Association, Inc, will hold its annual Marketing conference on the 22nd, 23rd, and 24th of July 1980 at the Philippine Plaza Hotel, Cultural Center Complex. The Conference theme, "MARKETING IN A CRISIS ENVIRONMENT," will focus on the new dimensions in Marketing brought about by recentworld economic developments which have been triggered-off by the oil price increase of the OPEC member-nations. This national Marketing endeavor will pinpoint on a common effort to develop an effective Marketing offensive not just within the country, but also with our Asian neighbors and the rest of the wdrld. Resource speakers and other experts have committed them selves to participate in this conference to help analyze present market situations in the country and help develop new techniques and trends to cope with these changes. Call us immediately and register now! THE CONFERENCE SECRETARIAT 3rd Floor J & M Building 7848 Makati Avenue, Makati Metro Manila Tel. nos. 86-17-71 or 40-84-95 or 59-00-11 locals 7426 & 7420 Page 6 Business Day Tuesday, July 15, 1980 Guidelines on universal banking(Continued from yesterday) (g) Applications for authority to establish additional banking offices shall be accompanied as a minimum by the following information/documents: (1) Certified true copy of the resolution of the bank’s board of directors authorizing the application for the establishment of t^J additional banking office. (2) Sketch of the area to be served showing the following information: i) Proposed site of the banking office to be established. tacr ii) Names and location of existing banking offices in the area, if any, and approximate distance from the proposed hanking office. iii) Distance from the Head Office or mother branch in case the additional banking office applied for is a money shop. iv) Distance from the market, in case of a money shop. (3) Banking facilities and services to be offered. (4) Business or economic justification stating facts and figures (such as population and growth of population, number and names of the principal industrial, commercial and other establishments within the effective area of operations, deposit and loaning potentials, traffic flow and other information) tending to show that the establishment of the proposed banking office is justified on the basis of local public need therefor. (5) Projected statement of condition at the end of the first and second semesters of operations of the proposed banking office. (6) Statement of estimated earnings and expenses for the first 12 months of operation. (7) Organizations setup of the proposed banking office showing the proposed positions and annual pay for each; and the names, qualifications and experience of the proposed manager and other officers. (8) Bank premises and initial outlay. (h) Applications for authority to transfer/relocate banking offices shall be accompanied by the following information/papers/documents: (1) Certified true copy of the resolution of the bank’s board of directors ‘authorizing the transfer/relocation. Procedure in getting a passport A passport — the formal docu ment that certifies your identity and citizenship, authorizes you to travel abroad, call upon the officers of foreign governments to protect you when needed, and allows you to travel within the borders of a foreign country that accords you a visa — is issued by the Ministry of Foreign Affairs. To obtain a passport, the follow ing are the basic requirements: 1. A Travel Eligibility Clearance except for those below 16 years old or for “Balikbayans” staying less than six months. This is secured at the Travel Processing Center (TPC) in the offices of the Ministry of Tourism, Agrifina Circle, Manila. You will be given three stapled slips of papers to fill up. (The first slip will tell you, among others, when your clearance is due. If it is unclaimed one month after its due date, it will be invalidated. The second slip is an certification of its non-availability and marriage affidavit. (Married men are exempt from this require ment. ) c. If you are a widow or a widower who has remarried, you will need certification of death of your spouse. d. Two signed passport photos (2-1/2”, by 2-1/2”) taken within the last six months and against a light background. e. There are additional require ments depending on your purpose of travel (see list below). 3. After your papers are com pleted, bring them to the Office of Consular Affairs building on Padre Faura, Manila behind the Ateneo chapel and take the following steps: a. Get your passport application forms (MFA No. 1) from the secur ity guard at the entrance or from the Information Booth at the lobby of the building. (If you cannot make it personally, you may write a REPUBLIC OF THE PHILIPPINES METROPOLITAN WATERWORKS AND SEWERAGE SYSTEM ARROCEROS STREET, MANILA MANILA WATER SUPPLY PROJECT II INVITATION FOR PREQUALIFICATION TO BID CONTRACT NO. AN-3 Installation of Equipment Completion of all Work for Auxiliary Powerhouse Extension at Angat Hydroelectric plant The Metropolitan Waterworks and Sewerage System (MWSS) expects to Invite blds In late 1980 for Contract No. AN-3. MWSS currently has In progress civil works and equiprpent supply (partial) contracts for a 10 MW extension to the Angat Auxiliary Powerhouse In Norzagaray, Bulacan. This Contract AN-3 Is for the work required: for Installation of all equipment other than valves and penstock; completion of electrical, mechanic al and civil work and; purchase of the remaining equip ment required to make the 10 MW Extension operatlonThe Work under this Contract Includes the following: a) Install MWSS supplied equipment as follows: 1. 1 — 10 MW Francis type turbine with spiral casing and governor 2.1 — 10 MW generator, with circuit breaker assembly and control equipment b) Supply and Install a 12,500 kVA power trans former, and 115 kV switchyard equipment. ~ c) Complete all civil work, extend mechanical systems, supply and Install all ancillary electrical equipment to the 115 kV switchyard. d) Start up and test all systems, equipment and materials supplied and/or Installed under this Contract. The above Work forms part of a major program desig nated as the Manila Water Supply Project II, currently being undertaken by MWSS, and funded In part by loans from the Aslan Development Bank (ADB) and the Inter national Bank for Reconstruction and Development (IBRD). It Is Intended that a portion of the proceeds of the ADB loan be applied to payments of foreign currency costs for this Contract. Prequallflcatlon Is limited to Contractors of member countries of the Aslan Develop ment Bank. The Engineer's preliminary total estimated cost for the Contract Is P8,000,000. The Work Is to be completed within 15 months following execution of Contract. Prequallflcatlon will be extended only to contractors who can demonstrate sufficient experience and the electrical and mechanical staff required to undertake the work. Contractors applying for prequallflcatlon should have: — Installed generating equipment as part of a hydro electric, thermal, diesel or gas power station or, -- Installed pumps, motors and control equipment as part of a pump station or, — Installed equipment of similar complexity as part of an Industrial Installation. Contractors must also be capable of demonstrating suf ficient financial and managerial capacllity to undertake the Contract. Minimum prequallflcatlon criteria are stated In the prequallflcatlon documents. Contractors may form Joint venture In order to comply with prequallflcatlon criteria. Although not mandatory, foreign contractors are strongly urged to form a Joint venture with a Filipino contractor. All Joint ventures shall be for the purpose of prequallflcatlon, bidding and executing the Work and responsibility must be Joint and several. Prequallflcatlon questlonalres contain no Information about this Contract which would be of Interest to equipment suppliers. Prequallflcatlon questionnaires may be obtained from Office of Special Projects Manila Water Supply Project II Metropolitan Waterworks and Sewerage System 4th Floor, Producers' Bank Building Buendla Avenue Extension Makati, Metro Manila upon payment (non-refundable) of Two Hundred Peios (P200.00) per set. Questionnaires must be completed In the English language and received by the Office of Special Projects at the above address on or before 22 September 1980, Manila TTme, 5:00 P.M. However, prospective bidders are encouraged to submit the docu ments earlier to facilitate their prequallflcatlon. Subsequent to selection of prequalified contractors, ap plicants will be notified of the results of MWSS evalua tion. When the Contract Is ready to bld, prequallfled contractors will be notified and Contract Documents made available on payment of the required fee. All communications should be addressed to "The Gen eral Manager, Metropolitan Waterworks and Sewerage System, Attention: Project Manager, at the above ad dress ar at P.O. Box 1251 MCC, Makati, Metro Manila, Philippines." (2) Sketch of the area of operations showing the present location and the new location and the approximate distance between the two as well as from other banking offices. SEC. 31. Condition Precluding Acceptance of Application. — The application for the establishment of additional offices shall not be accepted by the Central Bank from an applicant bank which has six (6) approved but unopened banking offices (including money shops): Provided, That applications which may be accepted at any given time from a bank shall be such that if all these applications were approved, the applicant shall not have authorized but unopened offices in excess of the limitations herein prescribed. The prescribed ceiling on applications may be increased on a case-to-case basis upon prior approval of the Governor, on the basis of resources, personal capability and, generally, a demonstration of the capability of the bank to organize and staff an increased number of banking offices within a reasonable time. SEC. 32. Conditions Precluding Processing of Application. — The existence of any of the following conditions shall preclude/suspend processing of the application: (a) The applicant’s operation during the year immediately preceding the filing of the application was unprofitable; (b) The applicant has no£;eB$n?pli?d‘Wi4h the.;b ceilings on credit accommodations ,to directors, officers, and/or stockholders; (c) The net worth of the applicant is found to be deficient for five (5) or more times within a thirty (30)-day period during the last six (6) months immediately preceding the date the application was received, in which case its privilege to establish banking offices shall be suspended for the next sixty (60) calendar days without prejudice to the resubmission of its application after said period; (d) The net worth of the applicant is found to be deficient continuously for a period of thirty (30) days or more during the last twelve (12) months immediately preceding the date the application was received, in which case its privilege to estabish banking offices shall be suspended for the next twelve (12) months without prejudice to the resubmission of its application after said period; (e) The applicant has incurred net deficiencies in reserves against deposit/deposit substitute liabilities for four (4) consecutive weeks, in which case its application shall be processed only after it shall have had no net reserve deficiencies for eight (8) consecutive weeks; Provided, That in case the applicant had incurred net deficiencies in reserves for eight (8) consecutive weeks during the last twelve (12) months immediately preceding the date the application was received, its privilege to establish banking offices shall be suspended for the next twelve (12) months without prejudice to the resubmisBion of its application after said period; (f) The applicant has transferred the location of banking offices without Central Bank authority, in which case the receipt/processing of applications shall be suspended for a period of at least six (6) months from the date of knowledge of the Central Bank; (g) The bank has not complied with the investment-deposit ratio for four (4) consecutive quarters immediately preceding the date the application was received; or ' (h) The bank has failed to comply with the requirement to set aside twenty-five per cent (25%) of its loanable funds of which ten per cent (10%) shall be set aside for agrarian reform credit and fifteen per cent (15%) for agricultural credit in general. NBI (National Bureau of Investigation) information sheet, and the third is the Application for For eign Travel Eligibi lity. ) According to the How To Telephone Telex 85-48-85 or 85-47-05 22566 CDM PH (SQD.) OSCAR I. ILUSTRE Acting General Manager SEC. 33. Priority in Processing. — (a) Only applications complete with the minimum documents required by the appropriate supervising and examining department shall be accepted for any area on a first-come first-served basis, regardless of whether or not there are approved but unopened banking offices in the area: Provided, That such applications shall be processed on a priority basis, only when there are less than two (2) approved but unopened banking offices, irrespective of type and category (excluding head offices, and other banking offices not opened within the extension period granted), in the same area. (To be continued) Ministry of Foreign Affairs, an appli cant can usually secure his Travel Eligibility Clearance within five working days after application. However, it may take longer if you have a “common” family name such as Santos or Cruz (The list of persons against whom cases have been filed is long, and the chances high that a person with a common name shares it with one of them.) 2. Having applied for your travel clearance, you need the following papers: a. Birth Certificate. If not avail able, you must obtain a certifica tion of its non-availability from the Local Civil Registrar; your baptism al certificate or a certification of its non-availability from the church concerned; and an affidavit attest ing to your birth signed by two wit nesses. If both. birth . 'arid baptismal certificated are unavailable, any of the following will do: Voter’s ID; birth certificate of your brother, sister or father, death certificate of your parents or spouse, land titles; old income tax returns; old resi dence certificate; and seaman’s cer tificate. b. If you are a married woman, you will need your marriage con tract. If unavailable, you must get a letter authorizing your represent ative to apply for your passport.) b. Secure a number from the security guard. c. Accomplish your passport application forms, leaving no blanks. If the items are not ap plicable, write “N/A”on the blanks. d. Proceed to the Passport Pro cessing Area and wait in front of a processing window for individual applicants (there are three) for your number to be called. e. When your number is called, present your papers to the passport .processor. f. If your papers are complete, you will be given a pre-payment slip which must present to the cashier when paying for your passport. The present cost is P300. g. Upon payment, the cashier will give you a stub containing your official number, date of payment, the date your passport will be released, and the amount you paid. f. On the date of release of your passport (the third day after pay ment) or thereafter, go to the Pass port Releasing Section (Room No. 204, on the second floor of the building) and present your stub to the releasing clerk, who will then give you your passport after you have signed for its receipt. ADDITIONAL REQUIREMENTS BASED ON THE PURPOSE OF TRAVEL 1. Tourist — Income tax return/ affidavit of support indicating fin ancial capacity. If government employe — In addition, Malacanang approval and President’s Center for Special Studies (PCSS) Cert. 2. Business — Income tax Return (ITR) — Business letter 3. Immigrant — Visa letter from the Embassy .concerned. If government employe — In addition, evidence of acceptance of resignation/retirement papers. — Cfearance from money and property accountability. 4. Contract Worker (C.W.) — Letter/Endorsement from the Ministry of Labor. 5. Dependent of Contract Work er — Copy of Contract and Affida vit of Support. 6. Student — Acceptance Letter from the foreign school. 7. Muslim Scholars — Certifica tion from the Office of Islamic Affairs, regarding acceptance of scholarship and that the stipend is not more than US$150.00 (Pass port fee P30.00) 8. To attend conferences, semi nars, training, workshops — Invita tion letter; income tax return; com pany letter authorizing and finan cing trip. 9. US Armed Forces personnel — Statement of service; military ID; transfer order, leave of authorizaation. 10. US Armed Forces dependent — Dependent's ID; statement of service of the military personnel; affidavit of support; certificate of dependency issued by the Philip pine Military Liaison Office (PMLO). 11. Boxer, his manager & trainer — Letter of endorsement from the Games and Amusement Board (GAB). 12. Religious missionary on as signment abroad — Letter from the head of religious organization in the Philippines or abroad. 13. Travelling Companion — Affidavit of support of person to be accompanied or employer; ITR of the person to be accompanied or employer, 14. Fiance/fiancee to US, Aus tralia, Canada, Germany, other countries — Visa assurance letter from embassy concerned;interview by Duty officer before processing. 15. Exchange Visitor — Ex change Visitor’s Program (EVP); certificate of -eligibility duly approved by the Exchange Visitor’s Program Comm., Dr. Jose B. Reyes Memorial Hospital, Rizal Ave., Manila. 16. Newsmen for news coverage — Business letter Tuesday, July 15, 1980 Business Oay Page 7 Despite equity deficit, Ford gets okay on P142-m CP issue (Continued from page 1) resulting mainly from an upvaluation of certain assets). Business Day files show that Ford’s total liabilities last year reached P486.77 million while its assets amounted to P408 million, for an equity deficit of P78.64 million. INELIGIBLE. SEC rules would make Ford Philippines ineligible to borrow through the money market, since the company failed to meet the required debt-to-equity ratio of 3:1. However, the company expects P126.1 million to be infused by the parent company “within the year. ” On the other hand, Ford USA is not without trouble. Fortune magazine reported that the auto motive giant incurred a loss of $164 million during the first quarter of the year. Neither are expectations on improved sales bright until at least the fourth quarter, the report said. Ford USA will be cutting capital investments by $0.5 billion yearly until 1984, or from the previously planned $4 billion to $3.5 billion, according to the report. It also said that the company earned $309 million from overseas operations during the first quarter. Ford Philippines was not among those earners. It incurred a net loss of P19.77 million during the period. Although it recorded P95.42 million in sales during the quarter, exceeding slightly its pro jection of P95.1 million, cost of goods sold already amounted to P95.62 million. Interest and other expenses added P12.5 million. Ford USA has an outstanding guarantee on P375.2 million of the local subsidiary’s liabilities. SECOND CASE. This is the second time the SEC relaxed its debt-toequity requirement on companies seeking to raise funds through the money market. Philippine Tobacco Filters Corp, earlier was recently given authority to borrow P40 million, although its debts amount to ten times the equity. PTFC’s application was approved because of the guarantee put by Herdis Group, Inc., the parent company, on PTFC’s com mercial papers. Rice price (Continued from page 1) A subsequent proposal from the NGA and the inter-agency commit tee, however, indicated that the price of the commodity will have to be higher than P0.15 per kilo, but not to exceed P0.25 per kilo. In arriving at the new proposal, the inter-agency committee cited factors such as the last fuel price increases and the consequent cost increments on fertilizers, farm equipment and other farm pro duction inputs which adversely affected farmers. The Cabinet standing committee has noted that palay production Pilipinas Shell seeks 30.81 centavo raise (Continued from page 1) the company is paying to its sup pliers; this amount accounts for some 80% of the entire adjustment sought; * an allocation of 1.72 centavos to help the company meet increases in operating costs which had been covering from its working capital; this part of the increase will help Pilipinas Shell meet cost of repairs for its equipment. The company said this portion of the increase is in lieu of its petition for an assured return on investment (sought last April); * the remaining 2.11 centavos is intended for additional costs it ceiling raised soon costs have risen by Pl,855 to an average of P2.287 per hectare as a result of the last oil price increase. The costs include the annual in terest of P81 per hectare paid by farmers on Masagana 99 loans. “We cannot continue to have the price of rice at low levels,” Econo mic Planning Minister Gerardo P. Sicat said then. The President approved the earlier recommend ation for an increase of only P0.15 per kilo. However, even without official announcement on the new ceiling price for rice, and in spite of gov expects to incur in buying chem icals, for transportation costs, and expenses related to its refinery. Pilipinas Shell’s main supplier of crude oil is Kuwait which increased its price by $4.17 per barrel — from $27.50 to $31.67 - effective July 1. Kuwait crude accounts for about 19% of Pilipinas Shell’s total oil imports. On the average, Pilipinas Shell’s suppliers increased their prices by $3.68 per barrel, from $29,374 to $33,056. Its seven oil suppliers are Kuwait, Iraq (Basrah light), Dubai, Oman (Oman Blend), Malaysia (Seria, Tapis Blend and Miri), Indonesia (Handil and Walio) and China (Shengli). ernment control on the price of the commodity, a survey conducted by Business Day showed that retailers in Metro Manila have followed the increase in the palay support price. Retail prices of rice were found to have climbed up to P2.70 to P2.80 per kilo — P0.25 to P0.35 beyond the ceiling price, for C-4 and Wagwag varieties. According to an NGA spokes man, rice prices, whether for ordi nary or special varieties, have been set by the government at the con trolled ceiling price of P2.45 per kilo. The oil firm is also asking the BOE to include in its authorized price increases, a mechanism where in Pilipinas will be able to meet various other working capital expenses and other expenditure requirements. Pilipinas Shell vice-president Marangal B. Domingo also said that the government should also consi der the shift in accounting princi ples which was imposed on the oil companies’ method of inventory valuation last year. The process, from a last in-first out (LIFO) method to a moving-average method, allegedly will increase income taxes of Pilipinas Shell by two times this year. Hearings on 6 tax bills held this week The Bureau of Internal Revenue and the National Tax Research Center, the tax-research arm of the National Economic and Development Authority, will conduct this week separate public hearings on six tax bills sponsored by the Cabinet at the Batasang Pambansa. The hearings are all scheduled this week to en able the government to firm up its final stand on the next tax measures as fast as possible. .The first hearing is scheduled today and will be conducted by the NTRC. The subject of the hearing are two bills seeking to increase the specific taxes on cigarets, distilled spirits, compounded and fermented liquors. The hearing on the bill raising specific taxes on cigarets will start at 9 a.m. while the other bill will be taken up at 2 p.m. The hearings will be held at the NTRC office at BF Condominium, Intramuros. Tomorrow, the BIR will conduct hearings on the modification of charges on forest products from specific to ad valorem taxes (9:30 a.m.) and on the ad valorem tax or royalties imposed on mineral and mineral products. The hearing starts at 9:30 a.m. at the BIR head office in Quezon City. CAPITAL GAINS. For Thursday, there will be a hearing in the morning (9:30 a.m.) on the capital gains tax on earnings from transactions on shares of stock (9:30 a.m.) and on the uniform franchise tax (2:30 p.m.). These hearings will likewise be conducted by the BIR at its head office. The salient feature of the tax bill on liquors is an increase in the rates of specific taxes on distilled spirits, compounded liquors and fermented liquors by an average increase of P0.10 per liter. This bill is expected to generate an additional P86.6 million in government revenue. On cigarets, the bill seeks to increase the specific tax rates on Virginia-type cigarets to P1.0 per 1,000 cigarets. The present rate is Pl.00. The bill also seeks to provide a statutory maximum retail price with penal provisions for violations. In addition, the bill will impose higher maximum retail prices for foreign-brand cigarets manufactured locally under licensing agreements. Another bill to be discussed is a proposal to consolidate all existing charges on timber by adopting an ad valorem tax in place of the present specific tax. On the basis of existing prices of forest products, the government expects to realize an additional P459 million. MINING ROYALTIES. For mineral and mineral products, the government is seeking to increase the ad valorem tax or royalties to 10% from the present rates which range from 1.5% to 2%. The tax will be based on the actual market value of the gross output except those products which will be used in manufacturing finished products classified aS basic and essential items which will be taxed at a preferential rate of 5%. Additional revenues to be raised are estimated at P238 million. • The bill, however, which is expected to raise a lot of interest is the proposal to re-impose capital gains taxes on stock market transactions in place of the present 0.0025% (or 1/4 of 1%) stock transaction tax which is only temporary. The proposed tax rate is 10% for gains up to P100,000, and 20% for the incremental amount over P100.000. Nonresident investors, however, will be subject only to the stock transaction tax for transactions under any share listed in the dollar boards of any domestic stock exchange. FRANCHISES. The sixth bill to be discussed is the 3% uniform franchise tax on all franchise grantees, excluding the state-owned Philippine Airnes, Inc., franchise holders of electric cooperatives, and ice plant and cold storage operators. This bill will not only standardize the tax (which currently varies from franchise holder to franchise holder) but will also withdraw the income tax exempt status of some franchise grantees. The government through the BIR, the NTRC and the finance committee of the Batasang Pambansa has been holding public hearings on its new tax measures to get a feedback. Last week, the three groups jointly held a hearing in Cebu City on Cabinet Bill No. 34, which aims to adopt the gross income tax system in place of the present income net income tax system The government hopes to have these tax measures approved before the end of the year, since the expected additional revenues will be used to supplement government budget expenditures for 1981. Fineline Leads BURGLAR! • MOTION DETECTOR - detects an intruder s movements. • SURVEILLANCE CAMERA - gives a round-the- clock picture of a protected area. ♦ SOUND AND VIBRATION ALARM DEVICE - detects the attacking of a vault or sate. It is amazing how burglars have become sophisticated. Fortunately, the means to prevent theft have developed just as amazingly. lite Warner Barnes automatic burglar alarm systems come in several forms: BRANCHES: .Iloilo Caga PECTON MERCANTILE, INC^I 1771 Concepcion Aguila St. San Miguel. Manila _ — Tels. 49-22-03 • 40-75-19 • 48-56-9(T .P.O. BOX 673 MANILA For full information, please contact: r^zpi WARNER BARNES & CO., INC. L” OJ SECURITY EQUIPMENT DEPARTMENT Tels. 89-4O-B1 to 71. • ELECTRONIC EYE - misses no one whp tries to pass»a givfen point • MAGNETIC SWITCH - X highly sensitive device to X guard against break-in or entry through doors or windows. 4>STZ1EDTLER 0.5 mm MARS-MICROGRAPH Page 8 Business Day Tuesday, July 15, 198C RP among possible beneficiaries Outflow of workers in critical OPEC to hike aid fund for LDCs industries restricted by gov’t The Organization of Petroleum Exporting Countries (OPEC) is increasing from $4 billion to $20 billion its aid fund for projects undertaken by less developed countries to meet their develop ment and energy needs, it was disclosed yesterday by Dr. Mana Saeed Al-Otaiba, oil minister of the United Arab Emirates and OPEC president last year, during a luncheon meeting with President Marcos. OPEC aims to further increase this development fund in the coming years to $100 billion, Otaiba added. This proposal will be taken up during the OPEC summit meeting to be held in November in Baghdad, Iraq. After the meeting with Otaiba and his delegation, President Mar cos told newsmen that the visit is a result of efforts of the Philip pines to establish contact with various sources of crude oil. He also said he has sent out several buying missions to the Middle East and South American countries to augment present oil supplies. The President said that during his meeting with Otaiba, he urged the OPEC to “work out solutions for the problems of countries that belong to the Third World, especially on the impact of OPEC policies on pricing.” Otaiba said OPEC, as an organ ization, is ready to “devote more contributions towards the Philip pines’ economic development.” He also demanded that indus trialized nations give a counter part contribution to the develop ment fund. OPEC FUND. The OPEC develop ment fund provides long-term dev elopment financing for develop ment projects of less developed nations on concessional terms. In some instances, it gives interestfree loans. The Philippines has availed of the OPEC development fund. Re cords show that as of June 30 this year, the Philippines had bor rowed $16.25 million from the fund for an irrigation project in Bukidnon ($3.5 million), the Cotabato-General Santos road ($8.25 million) and for fishpen development in Laguna Bay ($4.5 million). The Philippines also expects to get another $15 million from the OPEC fund which is administered by the Asian Development Bank (ADB). Half of this (or $7.5 mil lion) will be used to finance part of the construction of the Na tional Power Corporation’s trans mission and power transformer facilities in Mindanao and Negros island. The balance would be spent on infrastructure develop ment. IFC-PASAR talks still going on (Continued from page 1) firms, namely, Atlas Consolidated Mining and Development Corp., Philex Mining Corp., Marinduque Mining and Industrial Corp., Le panto Consolidated Mining Co., CDCP Mining Corp., Black Moun tain, Western Minolco, Marcopper Mining Corp, and Sabena Mining Corp. However, the smaller mining firms have indicated that they will be unable to come up with their required equity contribution. As this developed, the foreign investors had expressed their will ingness to put up part of the balanTo fill in the gap, PAS AR in vited IFC to invest in the project. Ventura emphasized that IFC’s participation is purely an invest ment undertaking. “There are no strings attached,” he said, debunk ing rumors that PASAR intends to acquire a loan from World Bank. THE1980 AIM-BMP PRESENTS Managerial Process & Practice This new development is of a progressive design and represents a material improvement in the Basic Management Programme. Its purpose is to develop and enhance those skills necessary for sound management, regardless of functional specialization. The Managerial Process & Practice course is a full-time programme of 22 days. It offers managerial development conscious companies an unparalleled opportunity to equip their employees with a comprehensive set of management skills, through one intensive, action-oriented programme. Specific subjects include control concepts, objective setting, organizational change, and financial analysis. ADMISSION REQUIREMENTS * The Programme is reserved for currently employed first-line to middle-level managers, functional specialists, staff officers, entrepreneurs and family firm executives. However, lesser positioned applicants will be admitted, provided their sponsoring companies make specific commitment to their advancement to these ranks upon completion of the programme. * Company sponsorship * Release of the Participant by the sponsoring company for the programme’s duration. * Proficiency in English N.B. Participants will be admitted on a first-come, first-served basis Board and lodging can be arranged by AIM. PROGRAMME CALENDAR The programme schedule for 1980 and 1981 is as follows: 21st BMP:MPP — August 25 — September 19 22nd BMP:MPP — November 17 — December 12 23rd BMP:MPP — February 16 — March 13 24th BMP:MPP — June 1 — June 26 DEADLINE FOR 21st BMP:MPP APPLICATIONS & RESERVATION FEE - July 28, 1980 ASIAN INSTITUTE OF MANAGEMENT Paseo de Roxas, Makati, Metro Manila - 3117 Philippines MCC P.O. Box 898 TEL. 87-40-11 TELEX: 63778 AIM PN *03616: AIMANILA (Continued from page 1) “If this trend con tinues, we may soon suffer a lack of suffi ciently trained personnel to run our mills, and may eventually affect domes tic flour production,” Maramba said. “We are not against our technical men wanting to improve their own selves econo mically. . . but govern ment should adopt pre ventive measures so that the flour milling industry will not be unduly hamp ered.” A ffected local flour millers were General Mill ing, Republic Flour Mills, Pacific Flour Mills, Universal Robina Corp., Wellington Flour, Pills bury Flour and Liberty Flour. Most employes who left these firms, Maramba said, had been actively connected with these companies for about 10-15 years. CE RTIFICATION. Under the MOLE system, the OEDB and the BES will require prospective overseas workers to secure a “certification of no objection” from their -present employers. This requirement will give em ployers time to look for replacements in jobs vacated by workers who resign and leave for abroad. Observers expressed apprehensions that the ministry’s policy violates the constitutional right of Filipinos to seek their own means of livelihood. Sought for comment, OEDB executive director Salvador P. Bigay said that the MOLE policy is premised on a “national need,” and the principle that the present man power export program should not be adverse to local industries. Although manpower ex portation is a major con tributor to the country’s total foreign exchange earnings, the overseas labor program must not negatively affect viability of local industries, he said. OTHER INDUSTRIES. Bigay said the MOLE policy will apply only to the identified critical in dustries, where replace ments for lost skills are relatively difficult and costly to acquire. He said, however, that the list of critical industries may be expanded by the labor ministry if other non-listed industries file complaints on the “brain and brawn drain. ” Bigay said the present brain and brawn drain problem has become “in evitable” inasmuch as the country has limited re sources and capabilities, compared to Middle East and other western coun tries. Apparently, he noted, Filipino industries could hardly meet the wage scales and other employment benefits offered by foreign em ployers, as evidenced by the increasing outflow of skilled labor. Among the other sectors affected by the loss of skilled workers are the transport and construction industries. Recently, the Bus Operators Association of the Philippines said that bus companies have been bugged by the problem that drivers and mecha nics have left the country for better work opportu nities. Also, a construction firm belonging to the Philippine Contractors Association has reported that it has been losing 50 to 100 workers a year, pirated by foreign com panies. As a result, the PCA said that Filipino contractors who bid in international construct ion contracts often end up competing against for eign companies employ ing skilled Filipino workPurchase of firm’s own shares of stock By MAT DEFENSOR A corporation, under Sec tion 16 of the Corporation Law, is allowed to issue shares of stocks in exchange for cash or property. When a corporation purchases its own shares by paying cash or pro perty, the corporation na turally reduces its financial capability. Situations being avoided when a corporation reacquires its own shares through cash purchase are the impairment of the rights, of creditors and the undue advan tage accruing to some stockholders at the ex pense of the remainder. Such situationscan hap pen when a corporation under financial trouble purchases the shares of stocks of favored stock holders to save their investments, leaving little or nothing to the creditors and remaining stock holders. Under the pre* ■■■■■■■■■ilMHMMB sent law, the power of a corporation to Rncinace reacquire stocks is DU3lllv33 expressly granted « .1 I—... to the corporation Ct 1116 IdW only when the appraisal right is given to dissenting stockholders (under sections 17-1/2, 18 and 28-1/2) and- in delinquency sales when there is no bidder for stocks for sale (Section 44). Minus those instances, a corporation’s right to purchase its own shares, though not prohibited, is not expressly authorized. Hence, in the case of Steenbert v. Velasco (10 Phil. 953), the Sup reme Court, knowing that the corporation is insolvent and about to be dissolved, denied the corporation’s right to purchase its own shares by invoking the doctrine that the directors of a corporation must act in good faith in preserving the assets of the corporation. However, the Securities and Exchange Com mission in a letter-opinion dated April 5, 1965, and again in a letter-opinion dated Feb. 1, 1979 addressed to Philippine National Bank reiterated the general rule that in the absence of prohibi tion, corporations have the implied power to pur chase their own shares of stock subject to the conditions that: 1. capital is not impaired; 2. a legitimate corporate object is advanced; 3. the condition of corporate affairs warrants it; 4. the transaction is designed and carried out in good faith; 5. it is intended and there results no undue advantage to a few favored stockholders at the expense of other stockholders; and 6. the rights of the creditors are not jeopar dized. Under Section 9 of the proposed code, which hopefully is now a law, a corporation has the power to purchase or reacquire its own shares subject to the limitations that the purchase must be for a legitimate corporate purpose and the corporation has an unrestricted earned surplus. The code enumerates instances considered as legi timate corporate purposes. These are: 1. “To eliminate fractional shares arising out of the declaration to stock dividends; 2. “To collect or compromise an indebtedness to the corporation, arising out of unpaid subs cription in a delinquency sale and to purchase delinquent shares sold during said sale; 3. “To pay dissenting or withdrawing stock holders entitled to payment for their shares under the provisions of this code; 4. “To redeem or retire redeemable or pre ferred shares issued by the corporation at a price not to exceed the redemption or issued value thereof.” Those instances as enumerated above are re cognized by the code as not exclusive. The status of reacquired shares will depend on the purpose of the corporation. If stocks are re acquired under Sections 17-1/2, 18, 28-1/2 and 44 of the Corporation Law or simply by re demption in case of redeemable shares, said shares have the effect of being treated as treasury shares and shall remain issued and outstanding. If shares are reacquired for the purpose of with drawing them for circulation, such shares may be reverted to the status of authorized but unissued shares. There are enough safeguards against the im pairment of the rights of stockholders and cre ditors in both the present law and the proposed code. The guidelines set by the Securities and Exchange Commission took care of what is lack ing under the present law. Business Day Business Data • Money Market • Stocks New Products • Commodity Exchange VOL. XIV NO. 99 TUESDAY, JULY 15, 1980 SECTION II PAGE 9 Extacel Natural Vitamin E and Lecithin in one capsule ; ; ■■ ■ - Market Reports EEC bigwig endorses WEEKLY COMMODITIES For week ending July 12,1980 temporary import curbs LONDON (AFP) — Gold moved up to its highest for nearly five months this week in a flurry of activity, before falling back. Elsewhere seasonal quietness appeared to be settling over the commodity markets, with prices fluctuating relatively sharply in thin trading. Coffee was an active exception with quotations falling to 16-month lows as mild weather continued in Brazil. Platinum followed gold higher, while tin fell to a ten-month low before steadying. The strength of sterling during the early part of the week, at five-year highs against the US dollar, depressed sentiment. Attention tended to be diverted away from commodities by the initial strong rise in share prices to 12-month highs on the stock exchange. Meanwhile, on the political front, rumors that the Soviet Union had offered to withdraw some troops from Eastern Europe also acted against fresh speculative interest. GOLD: Irregular — The weakness of the US dollar brought further good gains with prices reaching their highest since February. But subsequently interest slackened as the US currency improved. The decline was equally sharp in unison with New York advices, before a marginal rally developed. COPPER: Irregular - Early currency considerations were countered by a rise in US producers’ prices and the lack of progress in solving, the US copper miners’ strike. Reports of a strike by Peruvian copper workers gave an added boost to buying, although New York’s failure to follow >London’s trend brought some reaction towards the ,|er.d. Stocks were down 400 tons to 109,600 tons, /jthe lowest since November 1974, with further reductions expected. TIN: Easier — The decline in prices continued following the sharp fall in Penang and heavy trade selling developed. Stocks rose 100 tons to 1,915 tons, reflecting an easier supply positions, with further increases predicted. Prices touched their lowest since last September, with buyers wary in front of the second offering of 500 tons from the US stockpile which is due to take place next Tues day (July 15). LEAD: Irregular — The unexpected rise in stocks (up 1,850 tons to 27,375 tons) encouraged early profit-taking, but sentiment was later affected by the rise in copper stock forecasts which indicated further increases to come and buyers became more reserved in consequence. ZINC: Quiet — Prices moved comparatively narrowly in line with lead and copper. Stocks, as expected, were down 1,050 tons to 57,750 tons, with further reductions forecast. SILVER: Easier — Having fluctuated higher at first with gold, prices turned sharply easier as selling pressure built up in New York. Stocks were reduced by 160,000 ounces to 27,840,000 ounces. ALUMINUM: Steadier — A firmer trend developed following news that Alcoa, the world’s biggest producer, was cutting output to bring production more into line with demand. Alcan (Canada) made a similar move a week ago. Meanwhile, stocks were down 1,525 tons to 16,325 tons, although this fall is likely to be replaced very shortly. World stocks in May showed their first rise of the year, the International Primary Aluminum Institute said. Merchants outside the London metal exchange , quoted $1720/1740 (against $171.0/1730) a metric ton. NICKEL: Barely steady -After early steadiness as a result of the seventh successive weekly fall in stocks (down 120 tons to 5,994 tons, bringing the fall since April to 2,500 tons), buying interest faded owing to the general weakness of other metals. Merchants quoted an unchanged $2.80/3.10 per pound. OTHER METALS: Platinum moved higher reflecting heavy investment buying mainly on Swiss account and the movement in gold, before easing back to be quoted at 293.10 (against 298.90) pounds or $696 (against $703) an ounce. Cobalt eased to $18/20 (against $20/21.5) per pound following the removal of sales allocations by Zaire’s Sozacom agency. The current oversupply situation is largely due to rising production in Zaire, although other producers have also been increasing output, industry figures showed. Wolfram was quoted at $144/147 (against $143/146) a metric ton unit (ten kilos); quicksilver at $400/410 (against 395/410) a 76 pound flask; antimony $3250/3300 (against $3260/3310) a ton. SCRAP: Higher prices were quoted for copper and brass, but cheaper offers were made for whitemetal, some grades of lead and zinc, and, on a nominal basis, aluminum. RUBBER: Dull — Prices drifted off, but there was a fair interest reported at the lower levels. The steadiness of the Eastern markets where Soviet and Chinese buying was reported, was not sufficient to hold sentiment steady in London, dealers said. WOOL: Quiet — Despite the unexpected size of the increase in the floor price announced for next season’s Australian auctions, Bradford topmakers left their prices Unchanged after initial uncertainty. But it was reported that the cheap1 offers (at up to 15 pence/kilo below quoted levels) were disappearing. Meanwhile, deliveries are beginning to slow down, reflecting the start of the summer holidays. COTTON: Quiet but very steady - Trading in Liverpool encountered three blank days, before interest developed for Middle Eastern cottons. African growths also attracted attention. The Liverpool prices index moved up to its highest since the end of May. SISAL: Quiet, unchanged. JUTE: Quiet — Raw jute prices were unchanged, but jute goods turned easier following the reduction of the Bangladesh minimum export price. Bangladesh Hessians were down 5.2% and those from India fell 2.4%, while B. Twills were 5% cheaper from Bangladesh and 0.5% lower from India. TEA: Irregular -Assams eased between five and 10 pence/kilo with many withdrawals. African brighter qualities were generally dearer, and other grades eased. Sri Lankans were mostlj' firmer. Average prices (pence per kilo): quality 150 (against 149 last week): medium 97 (101) and plain 72 (70)1 GRAIN: Quiet - Domestic old crop wheat rose sharply as demand built up with still at least two weeks to go before the new crop is harvested. Steady interest was reported in futures trading as a precautionary step on weather considerations. (Continued on page 10) LONDON, July 14 (Reuter) - Luxembourg Foreign Minister Gaston Thom has said import controls may be required to help some EEC industries, but they should only be a temporary measure. In an interview with the British Broadcasting Corporation (BBC) Thorn, who is president of the EEC Council of Ministers and the expected successor next January to Britain’s Roy Jenkins as president of the mar ket’s executive council, said he opposed import controls as an answer to industrial problems. PROTECTIONISM. “Protectionism is certainly not the solution for the com munity as such at a time when we live on imports,” he said. Thorn added “of course there are some sectors where occasionally, and for a short period of time, people may need some help and we may need to cut down on imports, but that’s just for a short period,” but gave no exam ples. Thom urged EEC countries to tackle their problems together and not pursue selfish interests. “We have to convince people that nationalist solutions will not be profit able for them,” he said. “We have to find common solutions for common problems.” Japan amenable TOKYO (AFP) — Japan is ready to accept a European Community (EEC) demand for Japan to curb exports to the Common Market voluntarily in re turn for the removal of remaining import restrictions against this coun try, a government official said. In this sense, Japan will be closely watching the EEC foreign minister’s July 22 debate on a “Japan strategy” draft, drawn up by the EEC Commis sion, the official said. He also said that if EEC foreign ministers approve the commission’s Japan strategy draft, negotiations would probably start in autumn be tween the commission and the Japan ese government for elimination of import restrictions. 57 ITEMS. At these negotiations, Japan will call for the removal of restrictions of 57 items (compared with 55 items, according to the EEC calculation), the official said, adding that EEC has claimed that Japan still maintains quantitative curbs chiefly on farm products from the common mar kets. However, no such discrimination is actually being practised, he argued. The official forecast it would take a long time before Japan and the Com mon Market could reach final agree ment in view of wide differences be tween them. He said the 57 items in the EEC import restriction list include films, sewing machines, ball bearings, radio and television sets, passenger cars, trucks and auto parts. CEILINGS. For example, Italy now sets the ceiling for auto imports from Japan at 2,200 units a year. France’s ceiling on imports of television receiv ers from Japan is fixed at 88,000 sets and radios at 390,000 sets a year, he pointed out. Earlier, Kyodo quoted ranking of ficials of the Ministry of International Trade and Industry (MITI) as saying that MITI cduld not accept the EEC proposal for Japan’s imposition of voluntary control on its exports to Europe. Iraq poised to nationalize all foreign oil companies Plus total boycott of US Miller tolerates tight money rules of European countries WASHINGTON, July 14 (Reuter) — Treasury Secretary G. William Miller said he does not oppose the current tight monetary policies of most European counalways the risk of hold ing (monetary policy) too tight, but I don’t believe we’re at that point,” he told Reuters in an interview. “The prospects for growth of OECD this year and next are still there.” TECHNICAL PROB LEMS. Miller attributed the continued tight monetary policies of many foreign countries to ‘‘technical problems.” The mark is at the bottom of the European monetary system, which makes it hard for the country to lower interest rates and meet its EMS obligations, he said. The French franc is at the top of the EMS, but that country has the highest inflation rate on the continent, Miller said. Miller also said, “we certainly don’t want to see the yen weaken badly again.” Japan has held its discount rate steady despite a recent sharp drop in US Interest rates. The dollar has recent ly “performed well,” al though it is at the lower end ‘of its 1.7 to 1.9 mark trading range of the last 1-1/2 years, Miller said. “But it was not long ago over 1.90 which was too high,” he said. Miller said that against most currencies, the dol lar’s recent trading range has been “quite comfort able.” He claimed that Republican presidential candidate Ronald Reagan’s talk of an “irresponsible” tax cut weakened the dollar be cause the market viewed it as a sign the Democrats would abandon monetary discipline. US gold sale policy unchanged WASHINGTON, July 14 (Reuter) — US Trea sury Secretary G. William Miller told Reuters in an interview the US policy of selling gold from time to time is unchanged. Asked under what conditions the Treasury might sell gold, Miller said the US might sell the metal if gold was attract ively priced, or if the government wished to re duce its borrowing in the capital markets, to dampen speculation in gold or other com modities, or to help the balance of payments. BEIRUT, July 14 (Reuter) — Iraqi Foreign Minister Saadoun Hammadi was quoted as say ing his country favors | nationalizing all foreign ' oil companies and a total boycott of the US to support the Arab cause. In an interview with the English language weekly magazine Mon day Morning, Hammadi also said Iraq would not be surprised if Palestinian commandos make good their threat to attack oil routes should the Arabs refuse to mobilize their resources. OIL WEAPON . Reply ing to a question, Ham madi said the Iraqi gov ernment fully supports the use of the oil weapon to promote the Arabs’ position in their struggle with Israel, but is not ready to use that weapon unless all Arabs agree to use it as well. “When we talk about using the oil weapon in the battle, we’re talking about the use of an ef fective weapon, and Iraqi oil alone would not be effective,” he told the magazine. He said he told the just-concluded Arab economic and social council conference held in Jordan the “effective use of the oil weapon in the battle” should be based on two factors. 2 FACTORS. Hammadi listed the two factors as firstly, “the transfer of the ownership of the for eign companies to the national governments in , other words, the nation alization of those com panies ...” Secondly, “the fin ancial power represented by Arab assets in the US, the boycott of the US economically, politically and diplomatically, because the US position was and remains hostile to the Arab countries.” Hammadi said whether the oil weapon would be used in the battle or not “depends on whether a consensus develops on these points.” He added he could understand the threat made by several Palestin ian leaders to attack , the Arab oil routes if Pales tinian “rights” are not granted. Asked what his gov ernment’s reaction would be in the event of Ameri can military intervention in the Gulf to protect US interests, Hammadi said. “We can never, under any circumstances, ac cept the intervention of any big power, be it the US or anyone else, in the affairs of the Arabian Gulf or any other part of the Arab world. “That is out of the question. If we see the beginning of such an intervention, we will stand against it. We will miss no opportunity to keep the superpowers as far from the borders of the Arab countries as possible, the farther the better.” NUCLE-BEC YOUR ENERGY FOOD SUPPLEMENT WRINKLES AWAY. A vailable at all leading ^Supermarkets & Drug Stores. j Page 10 Tuesday, July 15, 1980 BD CURRENCY CONVERSION TABLE FOREX TRADING The guiding rate for today is P7.544 to US$1, a change of P0.0015 from yes terday’s P7.5425. Transactions at the Currency July 15, 1980 Equivalent of RP P1 in foreign currency Equivalent of foreign currency in US dollar* Equivalent of US$1 in foreign currency__ Equivalent of foreign currency in RP PJso*^ US dollar Japanese yen .004581 218.2929 7.5425 .0346 .1326 28.9017 Foreign Exchange Trading Center yes Pound sterling 2.3765 .4208 17.9248 .0558 terday amounted to German D-mark .5743 1.7413 4.3317 .2309 $8.5 million. Sellers Australian dollar 1.1632 .8597 8.7734 .1140 were Bank of the French franc .2475 4.0404 1.8668 .5357 Philippine Islands Hong Kong dollar .2037 4.9092 1.5364 .6509 ($5.5 million); and Canadian dollar .8694 1.1502 6.5574 .1525 Philippine Veterans Netherland guilder .5256 1.9026 3.9643 .2523 Bank ($3 million). Italian lire Belgian franc Singapore dollar .001204 .0358 .4744 830.5648 27.9330 2.1079 .0091 .2700 3.5782 109.8901 3.7037 .2795 INTERBANK RATE Austrian schilling Norwegian kroner .0811 .2084 12.3305 4.7985 .6117 1.5741 1.6348 .6353 The average inter Danish kroner .1856 5.3879 1.3999 .7143 bank demand rate Swiss franc .6253 1.5992 4.7163 .2120 quoted yesterday Swedish kroner .2433 ' 4.1102 1.8351 .5449 was 16.4%, accord Spanish peseta .0141 70.9220 .1063 9.4073 ing to traders from Taiwan dollar .0295 33.8983 .2225 4.4944 13 participating Thailand baht .0510 19.6078 .3847 2.5994 institutions. Traders Chinese renminbi**’* .6889 1.4516 5.1960 .1925 reported rates rang _ 'New York free exchanige rate: sellers' quotations as of July 11, 1980 as quoted by the ing from 18% to 15%. Lenders out♦Central Bank for July 14, 1980 •♦The FOREX guiding rate Is used In computing the RPpeso equivalent • ••Peking exchange rate (Reuter) numbered borrowers. Money Quotations FRIDAY, JULY 11, 1980 (Closing quotations unless otherwise stated): WORLD BULLION (Prices of gold in US dollars per ounce, in rupees per 10 grams in Bombay): London Morning Afternoon Closing London Krugerrand Paris Bombay 663.50 667.00 670.00 689.00 660.63 668.00 667.75 1,400.00 672.00 691.00 671.00 Netherlands 113.80 115.00 Belgium Conv. 776.21 785.07 Belgium Fin. 771.35 781.83 Denmark- 40.01 40.71 Norway 44.96 45.66 Sweden 52.36 53.26 Italy 25.96 26.56 Portugal 4.34 4.54 Austria 17.45 17.75 Australia 249.97 254.93 Hong Kong 43.80 44.66 Singapore 102.22 103.88 Malaysia 100.83 102.49 Spain 304.74 308.52 Market Reports (Continued from page 9) A tender was also held in Colombia on Thursday for the sale of 24,000 metric tons of raw sugar for shipment during August. On July 19/20 a tender will be held in Egypt for the purchase of 20,000 tons of white sugar to arrive during September/October. The authorities in Syria have invited submissions on July 22 for 10,000 tons of white sugar for shipment during August. At the first tender in the new series held in Brussels this week the authorities set an export restitution/levy of zero for white sugar but no licenses were awarded. There were no proposals submitted for raw beet sugar. Bids will also be examined next Wednesday in respect of 6,086 metric tons of white sugar to be delivered through UNRWA to Syria, Jordan and Israel in September. SINGAPORE/MALAYSIA RUBBER REPORT SINGAPORE (Reuter) — Thin conditions for the most part dogged a market devoid of real feature, and levels lost to cents overall, Holiday, Cutler, Bath and Company said in its weekly report. After a quiet start, Monday saw the major activity of the week as prices moved up rapidly some four cents on news of a large acceptance by China (reportedly 5,000 to 6,000 metric tons) and short-covering following fresh tension on the Thai/ Kampuchean border. London however, refused to follow influenced by strength of sterling and lack of orders, and what with western holidays in full swing, the market slipped back in lackluster trading. The July position expired midweek at a small discount, while forward premiums were about unchanged. Outside influences such as reports of Soviet negotiations with Australia and Argentina over future supplies, helped to keep imported prices steady, as did concern over serious drought conditions prevailing in the US grain producing SUGAR: Weak — Prices slumped to a three-month low as heavy selling developed. World trade influences included a cheap beet raw sale to Tunisia, the resumption of Thailand’s shipments and the lack of confirmation of a petro-sugar deal between Venezuela and Brazil involving 180,000 tons of sugar a year. Iranian buying interest and the refusal of the European Economic Community to grant export licenses at its weekly selling' tender failed to make their usual impact. OILSEEDS: Nervous — In highly sensitive weather-conscious conditions, early gains in soybean oil were pared on reports of rainfall in the American midwest. Palmoil steadied after early uncertainty on news of a cut in Malaysian production, while Authorized minimum buying rates of authorized agent banks and foreign exchange dealers from tourists, transients and residents* for July 15, 1980 US dollar 7.4670 Japanese yen 0.0338 Canadian dollar 6.42 Italian lire 0.0086 British pound 17.56 Australian dollar 8.59 Netherland guilder 3.88 Austrian schilling 0.5973 Swiss franc 4.61 Hong Kong dollar 1.48 French franc 1.81 Singapore dollar 3.50 Deutsche mark 4.24 Belgian franc 0.2643 Malaysian dollar 3.45 •In those cases where the authorized foreign exchange dealen is specifically authorized to purchase/corrvert currencies sold by residents. Source: Central Bank groundnut oil went firmer when it was learned that Brazilian crush rates are falling behind expectations. Among industrial oils, linseed oil and castor oil tended easier. COCOA: Uncertain — Early steadiness was lost following the settlement of the dock strike in Ghana, which could release 30,000 to 40,000 tons. Recent buying interest by East European manufacturers faded, and there were rumors that Nigeria and Ghana were offering new crop supplies at reduced prices. But sellers hesitated later on reports of pod-not in Brazil. COFFEE: Irregular — Having touch their lowest since March last year, prices ralied ahead of the weekend. Early gains followed news that more pro ducers had followed Brazil’s example and suspended sales, but the slide began on unconfirmed reports that Colombia had started selling again. Subsequently the producer group Pancafe, was reported to have sold sizable tonnages, which would have contradicted previous intentions. Prices have now fallen to the level which triggers off a special meeting of the International Coffee Council to consider special market measures. This meeting will be held in London on Monday, July 28. CZARNIKOW SUGAR REPORT LONDON (AFP) — There have been further falls this week and the market is now some 100 pounds below the best levels seen towards the end of May, writes Czamikow in its latest review. The trade house explains for most of this year the level of world market prices has been swayed by the interaction of two main influences. On the one hand a further tightening of the supply position is anticipated during 1980/81 while on the other there has been ample availability of sugar for prompt delivery. The long-term outlook has generated the main impetus to lift prices and the LDP reached high points in February of Stg287 metric ton and again in May of Stg362 per metric ton. Indeed, despite the easier tone of recent weeks it is still expected that higher levels could prevail in the coming season. The ability of buyers to purchase prompt sugar at discounts to the prices quoted on the terminal exchanges has, however, also been an influence for much of the time, and in periods when demand has diminished a little, the general buoyancy has given way to falling prices. Between the two peaks mentioned above the LDP fell to Stgl90 per metric tori, and in the quieter conditions of recent weeks a further downward adjustment has been taking place. A tender was called at short notice in Tunisia this week and the authorities purchased one cargo of beet raws for arrival during the second half of October at $650 per metric ton C and F. Iran is reported to have returned to the market. In fact this buyer is continually interested in suitable cargoes of white sugar but this week the authorities have been credited with purchasing two cargoes of whites at prices around $820 per metric ton C and F. Freight sources have suggested recently that agreement has been reached between Brazil and Venezuela for the supply of 180,000 tons of Brazilian sugar each year for two years. However, representatives in both countries have been unable to confirm this. Over the last few years Venezuela has covered the major part of its requirements with sugar from the Dominican Republic which this year was due to ship 300,000 tons of raws as the first tranche of a new three-year agreement. There have been rumors recently, however, that deliveries from this supplier to Venezuela may decline. A private inquiry for 20,000 to 30,000 tons of white sugar was made by Greece this week but no purchases were concluded. A tender was held in Jordan on Thursday for the purchase of 20,000 tons of white sugar for prompt delivery. First reports indicate that one cargo was acquired for July shipment at $750 per metric ton C and F. HONG KONG GOLD Local market (99.00 Fine HK$ per tael) 3,848.00 (f*rev. Clsg 3,848.00) International market (99.5 Fine US$ per ounce) 663.00/664.00 (663.00/665.00) Krugerrand HK$ 3,395.00 (3,400.00) US $ equivalent 691.00 (692.00) US-SDR RATE (The exchange value of the US dollar against the SDR) Today Previous July 74 1.33048 1.33201 1.20601 EXCHANGE RATES MANILA (In Philippine pesos per unit of foreign currency): US UK Buyer 7.468 17.477 0.033 Seller NEW YORK (One US dollar expressed in respective unit of foreign currency, unless otherwise stated): UK $2.3755 2.3765 Belgium Conv 27.89 27.92 Canada 1.1501 1.1504 France 4.0400 4.0425 Italy 830.25 830.75 Netherlands Switzerland W. Germany Denmark Norway Portugal Belgium Fin Mexico 1.9025 1.90*5 1.5990 1.6005 1.7410 1.7420 218.25 218.45 12.33 12.36 4.3875 5.3925 4.7980 4.8020 48.70 48.80 4.1100 4.1150 28.02 28.05 70.58 70:60 22.93 22.95 LONDON (One pound sterling expressed in respective unit of foreign currency;for Canada Cross - US$100 to 100 Canadian dollars): US - Canada Canada Cross W. Germany Netherlands Switzerland 2.3770 2.7279 1.1507 4.1295 4.5172 3.7933 23780 2.7364 1.1510 4.1377 4.5246 3.8000 Belgium Conv 66.27 66.37 France 9.5943 9.6118 Italy Den mark Norway Sweden Portugal Spain 1972.08 1974.93 516.42 51733 12.8007 11.3929 9.7713 29.32 115.59 167.63 12.8352 11.4263 9.8033 29.37 116.05 168.00 HONG KONG (In HK dollars per unit of foreign currency): US 4.9115 4.9135 UK 11.5200 11.7400 Singapore 2.3200 . 2.3400 US/UK US$ 2.3743 2.3750 SINGAPORE (In Singapore dollars per unit of foreign currency): US 2.1085 UK 5.0045 Australia 2.4500 Hong Kong 42.95 W. Germany 120.90 Japan 0.9690 2.1095 5.0090 2.4530 43.00 121.05 0.9700 BANK OF TOKYO SPOT RATES (In yen per unit of foreign currency): US 216.25 UK 511.98 W. Germany 124.21 Canada 187.85 Switzerland 135.44 France 53.45 218.25 519.98 125.61 191.03 137.26 54.25 TAIWAN (In Taiwanese dollars per unit of foreign currency): US 35.96/36.06 (Unch ) Australia 41.74/41.94 (41.68/41.88) Belgium. 1.29/1.30 (Unch ) Canada 31.34/31.49 (31.36/31.51) W. Germany 20.68/33.78 ( 20.66/20.76) France 8.91/8.95 .(Unch ) Hong Kong 7.31/7.35 |(Unch ) KOREA EXCHANGE BANK WON RATES (In won per unit of foreign currency): US ' 599.50 603.90 Japan (100 yen) 276.85 278.81 UK 1,424.94 1,434.96 W. Germany 345.23 347.67 Canada 523.14 526.82 Switzerland 376.36 379.29 France 148.67 149.73 Netherlands 315.75 317.97 Belgium 21.55 21.71 MISC. EXCHANGE RATES NEW YORK (In US cents per unit of foreign currency as of 1300 hrs): Far East Australia Fiji Hong Kong Indonesia Philippines Malaysia New Zealand Pakistan Singapore S. Korea Sri Lanka Thailand 116.24 15.05A 122.00A 20.36 12.87 0.1700A 13.27A 46.72 99.02 10.16A 47.39 0.1900A 6.46A 5.10A 116.32 20.37 12.95 99. L ■» 47.44 LONDON (One pound sterling expressed in respective unit of foreign currency): Australia Bahrain E,thiop ia Finland Hong Kong Kenya Kuwait Malaysia New Zealand Pakistan Philippines Saudi Arabia Sri Lanka Singapore South Africa Thailand 2.0429 0.8935 4.8400 8.5564 101.0139 11.6662 18.3500 17.10 0.6319 5.0785 2.3956 23.2000 17.35 7.8864 37.2500 5.0073 1.8153 48.00 2.0463 0.8990 4.8900 8.5755 103.2660 11.6808 18.4500 17.25 0.6339 5.0900 2.4013 23.4000 sig 7.8978 37.7500 5.0186 1.8189 sig BORROWING RATES SINGAPORE ASIAN DOLLARS (Lending/borrowing rates as of 1500hrs): Weekend Mon/Tues Tues/Wed Seven days fix One mth Three mths Fourmths Five mths Six mths Nine mths 3-5/8 9-1/16 9-i/16 9-1/8 9-3/4 9-3/8 9-9'16 9-1/2 9-9/16 9-11/16 9-3/4 9-7/8 3-1/2 8-15/16 8- 15/16 9 9- 5/8 9-1/4 9-7/16 9-3/8 9-7/16 9-9/16 9-5/8 9-3/4 EURO DOLLAR DEPOSITS RATES (US dollar deposits' rates in London): Overnight 3-5/8 Tomorrow/Next Spot/Next and Week fixed all 9-3/16 One month 9-11/16 Two 9-3/8 Three 9-1/2 Four 9-5/8 Five 9-11/16 Six and Nine 9-3/4 Twelve 9-7/8 Two years 10-7/8 Three 11-1/8 Four 11-1/4 • Five . 11-3/8 1/2 1/16 9/16 1/4 3/8 1/2 9/16 5/8 3/4 5/8 10-7/8 11 1/8 Tuesday, July 15, 1980 Business Day Page 11 New Corporations Date of Registration, February 8-15, 1980 Name of Corporation Officer^Address_____ Line of Business Capitalization Digital finalizing talks World on S’pore computer plant fo^ecr°P SPM INSTITUTE OF HOTEL ADMINISTRATION Pelagio Banlawi Towers Hotel, A. Mabini Ermita, Metro Manila SPARTAN SERVICES CORP ORATION Rodolfo Mendoza Lots 36-38 M. Moran St. , Makati, Metro Manila SERVICES private education sanitary and similar services 500,000 a 200,000 s 50,000 p 2,000,000 a 400,000 s 100,000 p FAITH MULTI-SERVICES MAN AGEMENT CORPORATION Vicente Acsay, Sr. 52 Hyacinth St., Quezon City Metro Manila sanitary & similar, services 100,000 a 25,000 s 25,000 p SINGAPORE (AFP) — The world’s No. 1 minicomputer maker, America’s Digital Equipm ent Corporation (DEC), is finalizing nego tiations which would give Singapore its first com puter manufacturing plant, it was reported here. Although both the company and the Singa pore government have indicated that nothing has yet been finalized, in dications are that if all goes well initial product ion of computer equip ment and parts could begin at the end of this year. The Business Times quoted sources as saying the American company was planning phased in vestment of up to S$30 million (US$14.25 milNEGOTIATIONS. Cur rent negotiations on set ting up the Singapore plant, which has full Singapore government backing as it falls within its list of priority indus tries, could be wound up within two or three months, said the sources. The local company would be registered as a subsidiary of the DEC Group’s Swiss manufac turing arm, Digital Equipment International. The DEC Group has manufacturing plant in the US, Europe, Canada, Hong Kong and Taiwan. Although the details of the size and scope of the Singapore project have yet to be finalized, the local plant would be export-oriented, playing a major role in comple menting the rest of the group’s manufacturing facilities. DEC regional exec utives from Hong Kong, in Singapore to negotiate investment terms with the economic develop ment board, insist on keeping their plans secret, said Business Times. BSM CUISINE INTERNATIONALE, INC. c/o Alberto Baretto III 2382 Mabolo St., Dasmarifias VIII. Makati, Metro Manila restaurant/cafes & other eating and drinking places 5,000,000 a 1,000,000 s 250,000 p New laws on joint ventures in China may be ok’d soon DRILLTECH, INCORPORATED c/o Rogelio Reyes 13 Mariposa St., Quezon City Metro Manila professional business services 1,000,000 a 200,000 s 50,000 p PHILIPPINE WORLD BUSINESS MEDIA, INC. Victor Unson Rm. 517 Federation Center Bldg. Muelle Binondo, Metro Manila printing/publishing & allied industries 3,000,000 a 600,000 s 150,000 p GENERAL HEALTH SERVICES AND - SUPPLIES CORPORATION (GHSSC) private medical/ Ciriaco Reyes, Jr. dental companies Abad Santos St., San Juna, Metro Manila 2,000,000 a 600,000 s 150,000 p TOKYO (Reuter) - Further laws on joint ventures in China could be enacted at the next National People’s Con gress in August and Sept ember, Harvard Univer sity professor Jerome Cohen said. Cohen, speaking' on the present- state and prospects for Chineseforeign joint ventures said the proposed laws would cover corporate tax, personal income tax, foreign exchange control and corporate organization. He said there is grow ing recognition in China that if joint ventures with outside interests were to be increased Lien certain recognized basic conditions would also have to be accepted. Cohen, a consultant for foreign businessmen operating in China and for the Chinese govern ment, said he expected patent and trade-mark re gistration laws to be preUnder the joint venture code, adopted by the National People’s Congress July 1, 1979, foreign companies, enter prises, other economic entities or individuals are permitted to incorporate themselves as limited liability companies into joint ventures “with Chinese companies, enterprises or other eco nomic entities” inside China. According to the code, minimum foreign participation cannot in general be less than 25%. FILIPINAS-GLOBAL MULTI SERVICES, INC. Rodolfo Tan Cardoso 131-C Kamias Road, Quezon City Metro Manila business services 4,000,000 a 800,000 s 200,000 p GINES SORIANO COMMERCIAL CORP. Gines Soriano Bricktown Shopping Galleries , MCC, Makati,.Metro Manila studio & related services PREMIUM FEEDS MANUFACTURING CORPORATION agricultural services c/o Jorge Hipolito Chin 25 Nangka Road, Malabon, Metro Manila BIG MOUTH MULTI-COMPLEX CORPORATION Ramon Ong 1778 Rizal Ave. Extension Caloocan City, Metro Manila restaurant/cafes & other eating and drinking places PROMOGROUP & RESEARCH, INC. Ver dela Cerna advertising services 6th Floor, Regina Buildirig cor. Trasierra & Agulre St., Legaspi Vill. Makati, Metro Manila SORI AMONT STEMSIP AGENCIES, INC. A. Soriano Corporation services allied to 8776 Paseo de Roxas, Makati, transport Metro Manila DOMUS MAINTENANCE SERVICES. INC. Antonio Bosch Rm. 222 Rufino Bldg., Ayala Ave. Makati, Metro Manila AL-MUSADDIG DEVELOPMENT CORPORATION Manuel Tiuseco 1240 Batangas St., Sta Cruz, Metro Manila B.M. SANTOS, JR. CHECKERS AGENCY, INC. Benjamin Santos, Jr. 122 13th Street, Port Area Metro Manila sanitary & similar services 50,000 a 10,000 s 2,500 p business services 500,000 a 200,000 s 150,000 p services allied to transport 300,000 a 60,000 s 15,000 p ORIENT PROMOTING & PLACEMENT, INC. Ariel Mercado Rm. 304 FUB Building, Escolta Metro Manila business services TANGLAW MANAGEMENT CORPORATION Alex Reyes, Jr. 1005 Quirino Highway, Novaliches Quezon City, Metro Manila business services GOURMET PLAZA, INC. Lydia Agoncillo restaurant/cafe 806 Pasay Road, Makati, Metro Manila 100,000 a 20,000 s 5,000 p 2,000,000 a 400,000 s 100,000 p 100,000 a 20,000 s 20,000 p 5,000,000 a 1,000,000 s 1,000,000 p 1,000,000 a 560,000 s 154,000 p 200,000 a 40,000 s 20,000 p REMEDIOS AGRICULTURAL DEV. 3,000,000 a 600,000 s 150,000 p CO., INC. agricultural 200,000 a Igmidio Dakanay, Jr. services 40,000 s 8861-C Sampaloc St., San Antonio Vill. Makati, Metro Manila 10,000 p DIMERCO INTERNATIONAL PHILIPPINES, INC. business 2,500,000 a 500,000 s Dionisio Lee services Ding Velayo Sports Center Domestic Airport Road, Pasay City Metro Manila 125,000 s R. V. MARZAN INTERNATIONAL BROKERAGE, INC. services allied 200,000 a Ramon Marzan transport 200,000 s 23rd Chicago St., Port Area Metro Manila 100,000 p COMMERCE OFFSHORE SUPPLY & SERVICES CORPORATION dealing of machinery 200,000 a c/o Annabel Rosete Tan & equipment including 40,000 s 40,000 p 10 Tirad Pass St., Quezon City Metro Manila PUERTO PRINCESA DRUG transport equipment CORPORATION dealing of minerals/ 1,000,000 g Gonzalo Escalona metals & industrial 250,000 s Valencia St., Puerto Princesa City chemicals 250,000 p Y-L FINANCE CORPORATION non-bank financial 10,000,000 a Nita Yupangco intermediaries 2,000,000 s 339 Buendia Ave. Ext. cor. Reposo Makati, Metro Manila 2,000,000 p ARMO HOLDINGS (PHIL.), INC. non-bank financial 400,000 a Louis Romualdez intermediaries 100,000 s 14 Don Jose St., Cubao Quezon City, Metro Manila 100,000 p FIRST AMBASSADOR LIFE INSURANCE AGENCY, INC. other insurance 500,000 a Roberto Dacanay activities 500,000 s 886 Quirino Highway, Novaliches Quezon City, Metro Manila 35,000 p COLLEGE ASSURANCE PLAN PHILIPPINES, INC. non-bank financial 10,000,000 a Marsh Thomson intermediaries 2,220,000 s 638 Philbanking Bldg., Ayala Ave. Makati, Metro Manila ' (with American equity) 570,000 p NORTH EAST FRONTIER other insurance 500,000 a INSURANCE AGENCIES, INC. activities 240,000 s Rolando Geotina Surigao City 60,000 p a — Authorized; s — Subscribed; p-- Paidup. Source: Securities and Exchange Commission this year WASHINGTON (AFP) — The world grain harvest will be 4% up this year on last year, but the harvest of oil-bearing grain will be markedly down, according to latest estimates from the US agricultural department. The estimate indi cated a Soviet harvest of between 200 and 225 million tons — and most probably about 215 mil lion tons — against an official Soviet target of 235 million tons. The Soviet harvest last year totaled 79 million tons and in 1978 a re cord 237 million tons. Without referring directly to the US grain embargo against the USSR in retaliation for the Soviet intervention in Afghanistan, the report said that because of limited grain imports, the growth of Soviet live stock between January and May was the lowest for seven years, and that meat production was 6% down on the same period last year. SOVIET IMPORTS. The department estimated the Soviet Union would have to import about 30 million tons of grain next year, about the same amount as this year. This continued high level of imports was because the Soviet Union would have to rebuild seriously de pleted stocks, the depart ment forecast. Harvests in East and West 'Etirbp'e' were ex pected to be up this year, but down in North America. World output was expected to reach 1.580 billion metric tons against 1.520 billion last year. World Bank team arrives in Peking HONG KONG, July 14 (AFP) - A World Bank delegation arrived in Peking Sunday for a two-week stay to study China’s economic con ditions and discuss pros pects of cooperation be tween China and the World Bank. The visit was arranged while president of the World Bank, Robert S. McNamara was in China last April, the New China News Agency (NCNA) reported. The World Bank for mally adopted a resolu tion on restoring the re presentation of China in the World Bank on May 15, 1980. Turkey devalues ANKARA, July 14 (Reuter) — Turkey has devalued its lira by up to 3% against major curren cies, except the dollar, the state radio an nounced last night. It said the new rates will be officially listed and become effective today. The devaluation was apparently aimed at eli minating cross-rate dif ferentials caused by fluc tuations of the dollar. The lira has been de valued about, orice a month this year. Page 12 Business Day Tuesday, July 15, 1980 te News Abroad] Conzinc buys Singapore steel plant SINGAPORE (Reuter} — Conzinc Riotinto of Australia Ltd. has bought the steel foundry business of Jurong Alloys Pte. Ltd., an Inchcape BDH spokesman said. He said the transaction was concluded recently but declined to disclose the acquisition price. Jurong Alloys, which has a paid-up capital of eight million Singapore dollars, is a joint venture between Inchcape and Johns Perry Ltd. of Australia. Asahi raises sheet glass price TOKYO (Reuter) — Asahi Glass Co., Ltd. said it has informed Japanese sales agents it will raise prices of ordinary sheet glass by an average 18% from July deliveries. The company is the largest Japanese sheet glass manufacturer with a domestic market share of nearly 50%. It said the increase is to offset rising production costs. Kloeckner first half profits good DUISBURG (Reuter) - Kloeckner Und Co.’s profits have been satisfactory and percentage turnover growth well into double figures in the first half of 1980, chief executive Joerg Henle told a press conference. This followed a record net profit of 48.6 million marks on 9.5 billion marks sales in 1979, compared with 32.7 million and 7.8 billion marks, respectively, the previous year. Henle said the company intends to improve its performance again this year, though achieving this goal has not become easier. Caterpillar 2nd qtr. volume dips PEORIA, Ill. (Reuter) — Caterpillar Tractor Co. said its 8.4% gain in second quarter sales was due to price increases as physical volume declined about 4% from a year earlier. The company attributed a slight rise in second quarter earnings to improvements in operating efficiency and a lower effective income tax rate. The reduced tax rate resulted mainly from an increase in the relationship of estimated investment tax credits to the estimated pretax profit for the year, and from increased benefits from subsidiaries taxed at less than the US statutory rate of 46%, Caterpillar said. It said US sales were flat at $1.02 billion and added that current dealer inventories, although up only slightly from a year ago, are relatively high in relation to selling rates. Second quarter sales outside the US were $1.30 billion, up 16.2% from a year earlier, the company said. It said the machine demand improved in Africa and several Latin American countries, including Brazil, Colombia and JULY 1980 24 BUSINESS DAY’S SNEAK PREVIEW! Business Day's Special Reports is a haven for you, business advertisers. Because your ads get thrown right smack into these very special pages - a virtual mine of information your market really looks for: WOOD INDUSTRIES PHILIPPINESJAPAN TRADE RELATIONS BOARD OF INVESTMENTS An accurate profile of the Wood industries with emphasis on their problems and pros pects. The report will feature the BOI's effort to rationalize the industries; the status of the integrated pulp and paper project which was assigned to the Philippines as an ASEAN regional undertaking; analysis of the industries' export and import activities and the tech nology applicable to local pulp and paper production. In addition, it will reveal the findings of the Ministry of Natural Resources on ecologi cal balance vis-a-vis the lack of local raw materials and an evaluation of the government's five-year wood integrated program launched in 1976. Deadline for reservation and submission of camera ready materials. . July 14,1980. A report on Japan as a major investor in the Philippines and as a trading partner of the country. This includes an in-depth assessment and an alysis of Japanese investments, problems, prospects and im plication to Philippine eco nomy. A vital feature of the report will be an interview with Ambassador Hideho Tanaka on his perceptions on policies affecting PhilippinesJapan relations during the '80s. Also included will be a status report on Japanese equity and involvement in Philippine joint ventures, a listing of Japanese trading companies; top Philippine ex ports to Japan as well as top Philippine imports from Japan. Deadline for reservation and submission of earners ready materials .. . July 21, 1980 The report will review the performance of the BOI in the 1970s, particularly on the different incentive packages vis-a-vis the government indus trialization program. It will be highlighted by an interview with BOI officials on their perceptions about the role of the BOI in the 1980s. The report will likewise look into the 1979 progress of the Board in terms of incentives registrations and impact of projects approved. An article on the flow of foreign invest ments will be included — volume, value, trends break down by sector and national ity. Deadline for reservation and submission of camera reedy material . . . July 25, 1980. BUSINESSDAY CORPORATION printer and publisher of BUSINESS DAY 113 West Avenue, Quezon City — 3010, Philippines, P.. 0. Box 122 Quezon City Cable: BUSIDAY MANI LA, Telex 42011 Tel, Nos. 967706,966716,966741 Venezuela, while demand for engines outside the US increased slightly. Caterpillar said three machine models remain on allocation after 37 were taken off the list in the second quarter and six more this month. The company, which announced reduced production schedules and layoffs last May,.said further production curtailments may be necessary during the second half of 1980. Ricoh to begin direct sales CAMBRIDGE, Mass. (Reuter) — Ricoh of America Inc. plans to begin direct sales of its photographic products in the US beginning next January 1, Braun North America, a Gillette Co. division, said. Braun North America has been distributing Ricoh’s photographic products for the past 10 years. Under terms of an agreement in principle, Braun North America said it will provide order processing, repair, warehousing, shipping, accounting and related services. Braun North America said it and Ricoh plan full cooperation in sales and operations and that Ricoh is considering expanding its advertising and selling efforts. Braun North America also said it signed agreements covering the sale of Jason/Empire optical products and the distribution of the Varta photo battery product line. Jason/Empire of Overland Park, Kan., manufactures a line of binoculars for sports purposes, telescopes and compasses. The Gillette subsidiary also said it will distribute Varta AG’s photo battery line beginning September 1. Inco sees lower 2nd qtr. earnings TORONTO (Reuter) — Inco Ltd. said it expects second quarter earnings to be less than half of the first quarter’s $97.5 million or $1.21 per share. The company earned $16 million or one cent per share in the 1979 second quarter. Inco said lower copper prices and unfavorable currency translation adjustments would hurt earnings in the 1980 second quarter. The company also said earnings for the 1980 second half are expected to be adversely affected by the recessionary conditions experienced in the second quarter. The outlook was contained in a filing made by Inco with the Securities and Exchange Commission for a debt offering in the US. Aussie June trade surplus hits $318m CANBERRA (Reuter) — Australia’s seasonally adjusted visible trade showed a $318 million surplus in June after an upward revised $18 mil lion deficit in May, pre liminary statistics bureau figures show. In June 1979, there was a seasonally adjusted $8 million surplus. June exports totaled $1.76 billion against $1.47 billion in May and the year ago $1.38 bil lion while June imports were $1.44 billion against $1.49 billion in May and the year ago $1.37 billion. Bureau figures show that unadjusted, there was a June trade surplus of $400 million against a May surplus of $65 mil lion and the year ago $118 million surplus. Unadjusted exports totaled $1.79 billion against $1.54 billion in May and the year ago $1.41 billion. Unadjusted imports were $1.39 billion against $1.47 in May and the year ago $1.29 bil lion. the lOZdiscount Oil SEC BusinessDay’s PRE No matter if you ’re in or out of the list, no matter what business you’re in, SEC-BUSINESS DAY’S 1000 TOP CORPORATIONS in the Philippines is of paramount importance to you } and your business. extended up to July 31,1980! BUSINESS DAY Circulation Sales 113 West Avenue, Quezon City Telephone: 999902, 999853,990544 SHIPPING AND TRADE TUESDAY, JULY 15, 1980 PAGE 13 W^eastern shipping lines w Philippine flag carriers MANILA/KOBE DIRECT SERVICE SEMI CONTAINER VESSELS VOY Closing CFS/CY MANILA CEBU KOBE E. SATURN 34 CN July 17/18 July 17/19 — July 25/27 E. POLARIS 13 CN July 22/23 July 21/24 July 25/26 Aug. 1/3 E. SATURN 35 CN Aug. 1/2 Aug. 2/4 — Aug. 10/12 E. POLARIS 14CN Aug. 7/9 Aug. 9/10 Aug. 13/14 Aug. 17/22 MANILA YOKOHAMA EXPRESS SERVICE SEMI CONTAINER (ALSO CALLING NAGOYA’ KOBE) VESSELS VOY Closing CFS/CY MANILA CEBU YOKOHAMA E. MARINER 50N July 18/19. July 18/20 Aug. 5 E. SATELLITE 52N July 25/26 July 22/29 July 29/30 Aug. 20 E. JUPITER 32N Aug 5/6 Aug. 5/8 Aug. 9/10 Aug. 30 E. METEOR 33N Aug. 7/8 Aug 7/10 -- Sept. 5 PHILIPPINE/JAPAN DIRECT SERVICE (YOKOHAMA, NAGOYA, KOBE) VESSELS Other Ports Other Ports VOY Yokohama MANILA E. MARS E. ADVENTURE 46N E. CLIPPER SERPENS E. ORION E. APOLLO July 17/25 Aug. 8/10 July 20/21 July 22/26 July 21/23 July 25/27 July 22/23 94N July 29/1 35N July 31/2 39N Aug. 15/1 INPORT Aug. 10/12 Sept. 14/16 3/15 Aug. 19/16 Aug. 24/26 MANILA HEAD OFFICE CEBU BRANCH CAG. DE ORO BRANCH Tel. 40-10-81 48-88-13 Tel. 7-49-59; 7-49 50 Tel. 41 34 For Booking & Freight Information pH. call Rene Velasquez or Mari* Ortega (Member: Philippine Ship Age at s Association) SURCHARGE HIKE HONG KONG (Reuter) — The Hong Kong/Europe Freight Conference said it is in creasing its congestion surcharge for Tripoli to 20% from 10% and for Benghazi to 30% from 20%, both effective July 23, because of deterior ating port conditions. The Hong Kong/Gulf of Aden and Red Sea ports conference said it will introduce a 10% sur charge for Hoddeida, also effective July 23, be cause of deteriorating port conditions. TANKER CONTRACT KUWAIT (Reuter) - The state-owned Kuwait Tanker Company (KOC), awarded a Japanese firm, IHI, a contract to build two tankers at a total cost of $170 million, the Kuwait News Agency reported. It did not say when the 290,000 deadweight ton vessels would be deli vered. The company said the national tanker fleet is being strengthened be cause buyers of Kuwaiti crude are required to transport the oil in Kuwaiti ships. EAC LINES-CANADA/USA TEL. 58-38-44, 58-51-54, 59-79-41/51 EXPORT FEEDER SAILS PORTS OF CALL SAMOA V-028 XIJIANG V-19N JULY 18 P. ABOITIZ V-16 JULY 19 VACOUVER B.C. SEATTLE TACOMA LONGVIEW PORTLAND LOS ANGELES AND SAN FRANCISCO OTHER AREAS VIA OCP, MICRO BRIDGE OR MLB SARGODHA V-030 N. ZIRCON V-15 JULY 21 IMPORT FEEDER ARRIVAL SIMBA V-023 P. ABOITIZ V-16 JULY 24 SIENA V-025 P. ABOITIZ V-18 AUG. 6 Showa Line to expand RP services Showa Line, one of the biggest shipping com panies in Japan, is plan ning to expand its Phil ippine service, says Bunsho Abe, the firm’s managing director. “We intend to stay in the Philippines and to expand tonnage,” Abe said. “The Philippine ser vice has great potentials and we are committed to it. ” Abe, together with other officials of Showa, visited the country re cently to confer with local shippers in line with the company’s practice of sending its top men to the Philippines once a year to assess business conditions. Showa belongs to what is known in Japan ese shipping circles as the “Big Six.” Included in this group are NYK Lines, Kawasaki and Mitsui O.S.K. Lines, all of which operate in the major seaports of the world. Showa started its local . service six years ago with ,1.5 sailings a month. Today, it has three sail ings a month. Abe said these will further be aug mented “in the near future.” The shipping line services the following routes: Philippines-Taiwan, Philippines-Japan, Philippines-US West Coast, Philippines-US East Coast and the Mexi can Gulf ports. The RP-Taiwan ser vice is direct while the service to the US West Coast is done via feeder ships from the Philip pines to Japan and then by mother ships from Japan to the West Coast ports. For the East Coast service, the mini land bridge is usgd. The RP-Japan service covers two major ports, Kobe and Tokyo. Showa is represented in the country by the Philippine Ocean Lines, a subsidiary of Eastern Shipping Lines. EVERETT LINES -531 EVERETT STEAMSHIP CORPORATION t0 39 AGENTS 290 Atlanta St. Port Area, Manila AUSTRALIA-WEST PACIFIC LINE FULL CONTAINER SERVICES LOADING FOR ALL AUSTRALIAN MAIN PORTS COMBO/JUMBO SERVICE VESSELS BRISBANE SYDNEY! MELBOURNE FREMANTLE MANILA TAMARA NAGARA M. MONSOON TAMARA July 14/15 Aug. 13/15 Sept. 13/14 Oct. 13/14 July 19/18 Aug-. J 6/18 Sept. 15/11 Oct. 15/17 July 19/22 Aug. 19/22 f Sept. 19/20 Oct. 18/20 July 20/27 Aug. 2S/27 Sept. 26/27 Oct. 26/27 Aug. g/io Sept. 9/10 Oct. 9/10 Nov. 9/10 VESSELS Sydney MELbourne Ade laide Burnle pore p.k< Pensinf Manila ANDROS ADVARA Sailed July 19/22 Sailed July 24/25 Sailed July 29/30 Sailed July 26/27 Sailed Aug. io Sailed Aug. 11/12 July 24/25 Sept. 3/4 PHIL/AUSTRALIA E>[PRESS SEF(VICE VESSEL Manila Taiwan |Hongkohi Sydney Melbourne Burnie Adelaide ANDROS AOVARA July 24/25 Sept. 3/4 1 1 Salls Via West Australia Salls direct to Sydney 22/25 Sept.. 16/19 Aug. 16/18 Sept. 21/23 19/20 Sept. 24/25 Aug. 14/15 Sept. 27/28 ** Brltbane cargo acceptable via Sydney EVERETT ORIENT LINE WEEKLY EXPRESS SERVICE CONTAINER/BREAKBULK/REEFER BRAD EVERETT VOY. 25 FERNANDO EVERETT t VOY. II ROSS “EVERETT— VOY 25 ' LEONOR r EVERETT " VOY. 26 YOKOHAMA Sailed Sailed Sailed July 16 NAGOYA Sailed Sailed Sailed July 19 KOBE Sailed Sailed July 13 July 20 MO JI Sailed Sailed July 16 July 23 MANILA Sailed July 15 jjiiy 22 July 29 CEBU Sailed July 11 omit Aug. 1 DAVAO July 16 July 21 Omit , Aug. 4 YOKOHAMA July 23 July 30 OSAKA July 29 Aug. 1 3 FERNANDO EVERETT VOY-11 ARRIVING MANILA TUESDAY JULY 15 FCL CLOSING TIME 1600 JULY 16 New weekly direct sailings to: FRIDAY ,10 AM l k SAN JOSE A PUERTO W PRINCESA W CORON WEDNESDAY 11 A.M. WILLIAM LINES, INC. THE DOMESTIC CONTAINER SHIP PING FIRM OF THE YEAR. SOON! FULL CONTAINER SERVICE FROM MANILA TO ZAMBOANGA CONTAINER SHIPPING COMPANY OF THE YEAR AWARDEE. Philippine Porta Authority WILLIAM LINES INC. Pkt |4 Nonh Harbor Teh 20-71W. 21*1393. 21*9921 ioM 329 San Fernando. Bmondo Teh 40-$424, 48-3393. 40-5654, 40-SM3 \__________________________ y Page 14 Business Day Tuesday, July 15, 1980 NOTICE Press releases used, in this and other sections are not paid for. However, the editor reserves the right to edit all materials to conform with Business Day’s editorial standards. Publicity agencies and other contributors are asked to type their releases on stationery bearing the letterhead of their office. Others are advised to put their name, address, and telephone number. All press releases must be typed triple-spaced. RP trade mission to Canada in ’81 ZAMORA LOBREGAT Appointments The Ministry of Trade has asked the Philippine Export Development Association to partici pate in a trade mission to Canada next year. PEDA’s participation was announced by Norberto Romualdez III, officer in charge of the Bureau of Export Promo tion of the Ministry of Trade. Romualdez explained that it is now the policy of the ministry to have only members of accredi ted trade organizations, chambers and industry associations as partici pants of trade missions. PEDA, one of the organizations accredited by the ministry, will be represented in the Canaby dian trade mission Pedro Bautista, export manager of Adriano Mer chandising; Ceferino Lozano, president of Nena’s Handicraft; Angela Abris, secretary of Rammil Handicraft; Rosenda Almario, presi dent of Almar’s Found ation Garments; and Elsie Bauron, assistant manager of Elsie’s Handi craft Industries. Romualdez said this accreditation and recruit ment scheme will ensure that the participants in trade missions are pro perly screened, and capable of meeting the demands for their pro ducts, should they get favorable responses from the contacts they make. ALLIED PASAY BRANCH - Allied Banking Corporation's Pasay branch along Taft Avenue, Pasay City, was inaugurated recently. Shown cutting the ceremonial ribbon is Mrs. Jacinto Javier, wife of the president of the Pasay Filipino Chinese Chamber of Commerce, the principal sponsor. Assisting her are Willy Co, Allied Bank vice-chairman (extreme left) and the branch manager, Mrs. Jesusa Reyes. Firm now exports Warning to outdoor advertising firms -H has cqiyaMfre^ttoit^pni qf thqj©^-AP president, Andres H7 Saionga, that there are outdoor advertising companies who have not applied for membership in the Outdoor Advertising Association of the Philippines, the implementing arm of the PCPM in the enforcement of the code of ethics and standard practice, by-laws, rules and regulations promulgated by the Philippine Council for Print Media, Metro Manila Commission, and PD 1096, the National Building Code. All outdoor advertising practitioners who have not to date applied for membership with the OAAP must immediately file an application within 15 days of this notice. Furthermore, all OAAP registered firms who have outstanding accounts and payables with the association must settle their obligations within 15 days of this notice, otherwise, their PCPM registration shall be immediately cancelled, and their continued operation shall be deemed illegal and appropriate steps taken to effect their closure. Manila Machinery wins award Gerardo R. Lipardo, Jr., executive vice-president and general manager of Manila Machinery & Supply Co., Inc. (MMSCI) recently announced that the Toledo “Number One in Sales” award for 1979 went to Manila Machinery. The award was given in recognition of Manila Machinery’s sales and after-sales-service performance making it the highest rated out of 30 competing worldwide Toledo distributors. Toledo Scale Company, manufacturers of the world-renowned Toledo scales, is exclusively distributed in the Philippines by Manila Machinery. rubber belts A local pioneer enter prise appears to be making inroads into the export markets for rub ber belts which used to be dominated by highly developed countries. Philippine Belt Manu facturing Corp., a pio neer firm registered with the Board of Invest ments, has shipped $76,538 worth of V-belts 1 and flat transmission belts to different coun- ‘ tries including Canada ' and Australia. The company said the , Permaco Specialties Ltd. ] of Montreal, Canada, has ( placed an order for $2 2,100 worth of V- ( belts, while an Australian s firm has ordered around j 2,000 pieces through the . National Steel Trading t Corp. , Earlier, Philbelt ship ped $46,305 worth of . transmission belts to T.B. j Asia Jaya, a firm in i Barat, Indonesia. , M.S. Baig Bros, and 1 M.S. Chaudhry & Co., 1 both located in Lahore, Pakistan, also placed I substantial orders for 1 V-belts, the sources said. 1 Under the conditions I imposed by the BOI, i Philbelt is entitled to ex- 1 port the excess of domes- < tic demand. ' This excess is expect ed to increase substan tially as a result of a joint venture the company entered into two years ago with Bando Chemic als, one of the largest manufacturers of indus trial belts in the world. Marketing men told: be flexible and innovative The management of Tanduay Distillery, Inc., recently announced the appointment of Celso L. Lobregat as general manager of the company. Before his appointment, Lobregat was sales manager of Elizalde International Philippines, Inc., exclusive distributor of Tanduay Rhum. He has been with the Elizalde group since 1972 after finishing a masters degree in business administration at the Asian Institute of Management (AIM). Lobregat was directly involved in the introduction into the market of Tanduay ESQ and ESQ Premium. RATE:' METRO MANILA P200/ONE YEAR PROVINCIAL (BY MAIL) P285/ONE YEAR SUBSCRIPTION COUPON businebsoay 113 WEST AVENUE, QUEZON CITY TELS. 99-15-46 to 49, 99-05-44 99-98-53, 99-99-02 •WITH BO FILE ADD P55/YEAR I I DATE FOREIGN RATES: GENTLEMEN: PLEASE ENTER MY SUBSCRIPTION TO "BUSINESS DAY" FOR ( ) ONE YEAR: I HAVE ENCLOSED THE CORRESPONDING CHECK PAYMENT. N. AMERICA/ EUROPE MIO. EAST 8630/ONE YEAR NAME/COMPANY (IN PRINT) S. AMERICA, AFRICA S780/ONE YEAR DESIGNATION/PROFESSION LINE OF BUSINESS ASIA, PACIFIC S450/ONE YEAR NATIONALITY ADDRESS/TELEPHONE AUTHORIZED SIGNATURE Marketing practition ers in a crisis environ ment have to be flexible and innovative in order to respond properly to the exigencies of the times, PMA’s 11th national marketing con ference chairman Gre gorio Araneta II, said. The occasion was a luncheon hosted by Ara neta for a briefing on the forthcoming 11th nation al marketing conference scheduled for July 22, 23 and 24, 1980, at the Phil ippine Plaza, under the auspices of the Philippine Marketing Association (PMA): II PMA’s annual confer ence is expected to draw some 300 delegates from the country’s marketing practitioners, from both the private and the gov ernment sectors. Elaborating on his statement, Araneta, who is also deputy minister of tourism, cited' the unpre cedented success of the country’s tourism indus try. This success, Araneta said, can be traced back to how extensively MOT’s marketing pro gram was planned and implemented, promoting the Philippines as, among other things, Asia’s pre miere convention center. Norman Tsui, Burroughs, Limited general manager, recently announced the appointment of Florencio S. de la Cruz as field engineering manager, Philippine subsidiary, in line with the company’s objective of extending excellent customer services. De la Cruz, a product of the Mapua Institute of Technology and an 8th placer at a mechanical engineering board exam, has been with the company for 30 years starting as an F.E. trainee. He has been designated zone F.E. manager, F.E. sales manager, to F.E. manager, the last position he held prior to his new post. Araneta also under scored the significance of government concern and support of the program, specially that of Pres ident Marcos and the .. First Lady, and the dedi1- cation of Minister Aspiras, in seeing to it that the plans are implement ed. He pointed out the need for marketing plan ners to be flexible and decisive. In a crisis environment caused by worldwide developments, we can no longer just rely on what textbooks say, rather, we have to be innovatjvf “and- be,ready to adjust, "or act upon exigencies as they arise, Araneta added. Too many corpor ations, the 11th NMC chairman said, have gone ; -----”* —1 down the drain because International, District 380, at the 75th anniversary thev failed to keen tuned RotarY International Convention held in Chicago, to the times Ulinnis TT.QA lacf Juno 1-A 1 Qftfi .QiRai la fko The 11th national ----. y—7”y~----- _ '—7----------------------'-----» — marketing conference he President of Phoenix Press, Alemar’s Makati, Inc., said, has been m’eti- Cpnt;’’al Rr>r'v r »•”'---- - culously planned in sup port of this argument, as gleaned from the various subjects included in the three-day program. ---------------------The 11th NMC chair- Dennison International Company, Carter’s division, man invites all the coun- was in town to finalize negotiations with Rolland R. try’s marketing men to Thompson, president of The Rennolds Enterprises, join this conference, by Inc. for its marketing expansion. They discussed the getting in touch with the launching next month of Carter’s Supermidnight 11th NMC secretariat, Film Carbon which is made with miracle Mylar tel. 86-17-71. polyester film. Nigel M.S. Rich, president of Lincoln Philippine Life Insurance Co., Inc. (LPL) has announced the appointment of Ramon A. Zamora to the new position of group life manager of the company. Rich said the creation of the position is in line with the company’s expansion thrust in the area of group life insurance. At present, LPL is the country’s third ranking life insurance firm in terms of ordinary __ ________ in-force business. Zamora is a BSC Management we have to be degree holder of Trinity College and has trained ‘ ™ j With Travellers Insurance Company in Hartford, wi aw upon Connecticut. Election Lawyer Jose Agaton “Tony” R. Sibal was recently elected district governor of Rotary Illinois, USA last June 1-5, 1980. Sibal is the vice-chairman of Alemar’s (Sibal and Sons) Inc., and president of FiiOeiiui Press, Alemar’s ivrakaii, Inc., Central Book Supply and Central Lawbook Publishing Co., Inc. His term of office is from July 1, 1980 to June 30, 1981. Business talks Glenn M. Cooper, export sales manager of MOSLER CONSULTATIONS - Executives of Fuji-Seiko, a joint venture of Mosier Safes, USA, were in Manila recently for consultations with officials of Elizalde International, Philippine distributors of Mosier safes and vault doors. They visited the new head offices of the Bank of P.l. where Mosier physical equipment is extensively used. Heading the Fuji-Seiko delegation is Kinichi Sawai, chairman of the board (fifth from right). With him are Kiyohiko Yokoi, overseas department manager, and Toshiro Inada, managing director. Others from left are Vicente Aquino, senior vice-president, BPI; Ramon Llanos, assistant general manager, Elinter; Ariston Estrada, Xavier Loinaz, executive vice-presidents, BPI; and Jesus Bilbao, general manager, Elinter. Tuesday, July 15, 1980 Business Day 1SCalling all ‘breakers’: there’s a CB Country hangout just for you PORTA, PUEO Y CIA., INC. 1354 PEREZ ST., PACO, MANILA ...and non-CBers are welcome, too “Hey good buddy, make a 10-22 over to CB Country Steakhouse, we’ve got some 10-17 going on here." And that, in CB lingo, is a call to all "breakers" to a restauraht along West Avenue that, not only has its own rig, but also has lots' of room either for an "eye ball” (meeting) or simply a round of beer with fellow breakers. As far as breakers’ hangouts go, there are several; in Quezon City, for example, there are Macky's restaurant and the Aberdeen Court dimsum kiosk, to name a few. But these are mostly a circumstance of accident rather than of design: CB Country Steakhouse is the first ("as far as we know," according to its owners) to use a CB-motif, down to its place mats and its a la carte items ("CB Special Hamburger Steak” is one offering on the menu). OWNERS. Four couples make up the. brains and brawn behind the new restau rant: Alejandro and Liz Panlilio, Ben (Liz’s brother) and Maricel Victorino, Jess and Mila Arnaldo, and Dong and Juliet Panlilio. Of the eight, only Jess -and Ben are trueblue CBers; and the idea for putting up a CB-style restaurant is credited to Jess, who not only has a bravo (base station), but is also "governor” of the so-called "Pineapple Country" (West Avenue and its environs). Since its opening last May 19, there have been a good many "eyeballs” held in the roomy, 85-seat capacity restaurant ("Breakers hold ’eyeballs' at the drop of a hat," says Liz, a non-CBer). There are meetings over codes to be used, rules of conduct, and other such matters as are part of CBing, all held over rounds of beer and tasty pulutan. Liz reports that breakers come from as far away as Makati, and even Big 20 opens new outlet The Big 20 Restaurant chain is putting the finishing touches on its Greenhills outlet, in time for its formal inaugura tion in the first week of August. The Greenhills Outlet features a "Western Look,” complete with ranchhand-type waiters, murals depicting Western scenes, and other decor rounding up a Western motif. Adding color to this will be “Big Bob,” who will be arriving soon from abroad to welcome guests at the Greenhills Big 20 during its “dry La Union. And while other CB hangouts may be said to be exclusive territory to any one CB group, CB Country has made it a point to let it be known that all groups are welcome, Ben says. That has been easier to achieve'than an initiate may think possible: when two breakers meet, the kinship of language is an instant bond, no matter which group each belongs to. And the restaurant's "bravo" rig is right there for breakers to call their fellows over for a drink. DISADVANTAGES. Catering to the CB crowd has its obvious advantages, accord ing to Ben, but it also has some after effects that its owners didn’t quite anti cipate. For one, the majority of the CB crowd filters in for after dinner drinks; and as Ben points out a 75%-filled house of breakers partaking of beer and pulutan doesn’t quite make for the same margin of profit as a smaller crowd taking a full course dinner. But this minor disadvantage is more than offset by the fact that the outlet's link to the CB crowd has been responsible for its enjoying a full house almost every night — an important factor, Ben points out, for a new restaurant for whom the sight of empty tables is a particular stigma. A more serious disadvantage — and one that CB Country’s owners admit they didn’t foresee — is that non-CBers, thinking that the restaurant is "exclusive” to CB owners, tend to stay away. “We’d like to stress the fact that we welcome everyone,” say Ben and Liz. At present they're bridging this particular gap by sending out flyers, inviting non-CB people, and generally putting out the red carpet for any obvious Ultimately,^ ne airaeci, sporting the Western look, patterned after the Greenhills outlet. CB Country. “Ben and Jess, the CBers, take care of welcoming the breakers," Liz explains, "and we see to the non-breakers.” Sometimes parking space can present a problem, too, since every breaker, by logical conclusion, has his own car or "Charlie" (mobile rig). By inference, a CB dining crowd of 10 people will jam the parking lot with 10 cars - each with its own CB antenna. But Liz prefers to look at this problem from a rosier point of view: "When people go by and they see a lot of cars, they tend to think ah, it must be a good place to eat in." True enough, and CB Country’s menu makes good on its promise. There are a variety of reasonably priced steaks, ape ritifs and sandwiches — plus the house specialty, Crispy Pato — which Liz des cribes as Peking Duck, Filipino style. seVnd%utforV10-22.UndS 9°°d 6n°U9h t0 SPACE AGE COMBAT RATIONS - In this technological day and age, combat rations couldn't be more appetizing for the Australian soldier — who now gets a choice of six meals, ranging from roast pork and gravy to spaghetti bolognaise. It's all the work of the Armed Forces Food Science Establishment (AFFSE) at Scottsdale, near Tasmania, where scientists have developed a patrol ration pack using fast freeze-drying methods. Modern food processing techniques have led to the development of lightweight, dehydrated aluminum foil laminate ration packs which are nutritious and easy to prepare. Above, AFFSE food technology section head Dr. Graham Driver examines trays of freeze-dried rice ready for packaging at the establishment. HOTEL HAPPENINGS California wine (from E. V. Gallo winery), and all-American ice cream (courtesy of Coney Island). The grand US feast is on daily throughout July at the Sheraton’s Cafe In The Park. The buffet costs P52 per person, not including tax and service charge. Designer Eddie Chua’s midyear collection, entitled “Romantique Direction," is the daily lunchtime feature this month at the Manila Hilton's Top of the Hilton. Tickets to the luncheon show at P85 per person, all inclusive. A series of advanced seminars on hairdressing techniques starts July 22atthe Manila Mandarin Ho tel's Rever Salon. London-trained hairstylists David Charlton and Stephen feradley will conduct the seminars. Ongoing at the Hyatt Regency Manila, fashion wear by Joe Sason in a daily luncheon show at the La Concha. The show is highlighted by a raffle, at which the top prize will be a roundtrip ticket to Bangkok/Cairo/Rome courtesy of EgyptAir. Tickets at P80 per person, plus tax. At the Philippine Plaza on July 21 to 25, a Food Asia (Philippines) festival featuring cooking demonstrations and Asian cuisine from five countries. The festival is co-sponsored by the Plaza and Liberty Flour Mills, and is being coordinated by well-known culinary expert Nora Daza. Ongoing at the Sabungan coffee shop of the Manila Midtown Ramada, a Spanish food festival. Executive Chef Niklaus Durrer presides over a buffet table filled with such fare as “Besugo al Horno.” WienerwaldM The ideal setting for your next FAMILY AFFAIR Greenbelt Park, Makati Ave., Tel. 86-51-79 Page 16 Business Day Tuesday, July 15, 1980 The Stock Market Trading improves on cross sales; downtrend prevails The market yesterday banked on several cross sales that resulted in higher peso turnovers than the-previous session. Crosses of CDCP, San Miguel, and Republic Glass in Manila pushed up transactions in the com mercial-industrial sector to account for about 60% of the total. But such deals rarely influence prices. Even as trading in oils improved, the down trend prevalent in the market for several weeks still continued. Losers again out numbered gainers, 20 to 12, while 30 issues closed unchanged. The dry spell in the market, emanating from lack of fresh developments, weakened even those issues which showed a bit of strength last week, according to analysts. The oil sector attempted to break away from the doldrums, but the general mood of the market forced the issues to fall back, they said. The retreat of oil issues, however, was minimal. The Manila oil index dropped by .038 points, from 2.689 to 2.651 points. Oriental and Basic recorded losses among the issues participating in the Libro 1 drilling, while the others were unchanged. Analysts said that no clear indications on the results of the drilling can be deduced from the movement of the issues in the market. They added that neither were reports from the site available. Transactions in the oil sector amounted to Pl.07 million, 24% more than Friday’s P860.425. Mines traded Pl. 13 million worth from P2.68 million, or a drop of 58%. The mining shares in the big board hardly moved yesterday despite the upsurge of metal prices abrokd, which used to trigger upswings in the local mining stocks. London gold was up to $667 an ounce Friday from the previous $656.50, while New York copper closed at 97.05 cents a pound from 95.8 cents. Analysts noted that there are still un settled dampening factors in the mining sector, such as the proposal to increase ad valorem taxes on mineral exports. They said that much as investors want to acquire the issues at current prices, apprehensions over the unresolved issue prevented them from making any moves. In the C-I sector’s transactions reached P3.15 million, more than triple that of Friday’s P973,437. PLDT shares and San Miguel improved a little, but the low bid on Globe Mackay pushed the sector’s Manila index down by 1.20 points. Analysts said that there may be staggered buying in the sector, although the big placers in these issues, the institutional investors, are not giving all-out support. Top gainers were PLDT series E with a 4% improvement, Oriental B with 3.33%, and Podco with 2.85%. Top losers were CDCP Mining B which went down by 14.28%, Atlas B by 4.29%, and Overseas by 2.94%. Combined peso turnovers amounted to P5.36 million on 100.63 million shares, compared with' Friday’s P4.52 million on 180.71 million shares. MANILA STOCK EXCHANGE QUOTATIONS Monday, July 14,1980 MAKATI STOCK EXCHANGE, INC. QUOTATIONS Monday, July 14, 1980 Comm'l & Ind’l Mining O I I GRAND TOTAL STOCKS BID ASKED OPEN HIGH LOW CLOSE VOLUME COMMERCIAL & INDUSTRIAL BOARD Banco Filipino - 105.00 China Bank 240.00 — Bacnotan Cons, xc 25.00 26.50 Ayala Corp, xc 1.24 1.25 1.25 1.25 1.25 6,000 First Holdings 10.80 11.30 First Holdings x< ANSCORxs 1.28 1.30 1.30 1.30 1.30 1.30 2,000 B. F. Goodrich 13.00 14.00 CDCP 6.00 6.20 6.20 6.20 6.20 6.20 1,000 PICOP 4.30 4.50 Globe Mackay 11.50 12.00 PLDT xs xc 44.50 45.50 PLDT 10% S-F 9.30 9.35 9.30 9.30 9.30 9.30 200 PLDT 10% S-G 8.50 8.70 8.60 8.60 8.60 8.60 900 EEI 1.76 1.78 1.78 1.77 1.77 6,000 Republic Cement 11.00 14.00 SMC 27.50 28.00 28.00 28.00 27.75 27.75 19,500 SMC ’’B” 27.50 . — 27.75 27.75 27.50 27.50 5,300 Stanford Micro. 3.92 4.00 BIG BOARD Acoje .0058 .0062 .006 .006 .006 .006 100,000 Atlas-Cons. 21.20 21.30 21.40 21.40 21.30 21.30 2o'lOO Atlas Cons. ’’B" 38.50 38.50 38.50 38.50 38.50 2,050 Benguet Corp. “B” 88.00 92.00 Benguet Corp. “P” 20.00 21.00 Black Mountain .0064 .0068 Lepanto .1425 .15 .145 .145 .145 5,000 Lepanto “B” .1475 .155 Marcopper 3.04 3.22 Marlnduque 4.10 4.12 4.12 4.12 4.12 3,500 Marlnduque “B" 11.60 11.60 11.60 11.60 11.60 200 Phllex .14 .1425 .14 .14 .14 .14 570,000 Phllex ’’B” .15 .155 W. Mlnolco .0012 .0014 .0014 .0014 .0014 .0014 1,150,000 SMALL BOARD Apex .0205 .021 .021 .021 .021 .021 2,000,000 Anglo-Phil. .0078 Basic .024 .0245 .0245 .024 .024 21,750,000 Basic “B" .024 .0245 Batong Buhay .007 .0082 Hercules .008 .0082 Interport .0105 .01 .01 .01 2,100,000 Interport ’’B" .01 .0105 Landoil .009 .0094 .0092 .0092 .0092 .0092 1,000,000 Landoil “B” — — .012 .012 .012 .012 350,000 Leyte Base Metal .0035 — .004 .004 .004 .004 3,700,000 Marsteel Cons. .0078 .008 .0078 .008 .0078 .008 21,750,000 Mountain Mines “B” .01 .012 Oriental .037 .038 .038 .038 .038 .038 2,300,000 Oriental “B” .06 — .06 .06 .06 .06 420,000 Richfield .02 .0225 .02 .021 .02 .021 6,050,000 PODCO .0068 .007 .007 .007 .007 250,000 Phil. Overseas .033 Phil. Overseas "B” — .051 .051 .051 .051 90,000 POGEI .005 .0054 Sabena Mining .0086 .0092 .0094 .0096 .0094 .0094 .0094 11,000,000 Surigao .018 .0195 Trans-Asla Oil .015 .0155 .015 .015 .015 .015 1,500,000 Vulcan Ind. .014 .0145 STOCKS BID ASKED OPEN HIGH LOW CLOSE VOLUME BANKS Bank of P.l. 195.00 218.00 Cons. Bank 235.00 - 240.00 240.00 240.00 240.00 270 COMMERCIAL & INDUSTRIAL BOARD J^yala Corp. 1.26 1.28 1.26 1.26 1.26 1.26 6,000 Ayala Fund “B” 1.20 First Holdings 11.00 11.10 11.10 11.10 11.10 2,400 First Holdings “B” 11.10 12.00 A. Soriano Corp. 1.28 1.30 1.28 1.28 1.28 1,000 CDCP 5.80 6.20 6.20 6.20 6.20 6.20 202,000 EEI 1.75 Globe Mackay 11.50 11.80 BF Goodrich 13.50 14.00 PLDT 45.00 46.00 45.00 45.00 45.00 45.00 350 PLDT 10% S-A 10.40 — PLDT 10% S-B 10.40 10.40 10.40 10.40 100 PLDT 10% S-C 10.40 10.40 10.40 10.40 100 PLDT 10 S-D 10.40 PLDT 10% S-E 10.40 10.40 10.40 10.40 100 Rep. Glass 1.95 — 2.00 2.00 2.00 2.00 198,000 SMC 28.00 27.50 27.75 27.50 27.75 14,180 SMC “B” 27.75 28.00 Stanford Micro. 3.90 4.00 AGP Industrial 25.00 30.00 SUGAR Bogo Medellin — 23.00 Central Azucarera 5.00 - BIG BOARD Acoje Mining .0060 .0062 Atlas Cons. 21.30 21.50 21.40 21.40- 21.40 21.40 12,200 Atlas Cons. ’’B” 38.00 39.00 39.00 39.00 39.00 39.00 200 Benguet Cons. 27.00 30.00 Benguet Cons. “B" •88.00 92.00 Benguet Cons. Pref. 20.50 21.00 Black Mountain 7.00 .0074 Cons. Mines .0072 .0074 Cons. Mines ‘‘B’’ .0072 .0076 Island Mining .0105 .0120 Lepanto .1450 .1475 .1450 .1475 .1450 .1475 95,000 Lepanto "B” .1525 .1600 Marcopper 3.16 3.28 Marlnduque 4.18 4.20 4.20 4.20 4.20 4.20 1,000 Marlnduque „b” — Phllex Mining .1375 .1400 .1400 .1400 ’ .1375 .1400 50,000 Phllex Mining ‘‘B’’ .1500 .1575 .1550 .1550 .1550 .1550 100,000 Western Mlnolco .0013 .0014 .0014 .0014 .0014 .0014 6,000,000 SMALL BOARD Anglo-Phil. .0086 .0090 Apex .0205 .0210 .0210 .0210 .0210 .0210 1,000,000 Apex “B” — .0230 Basic .0240 .0245 .0245 .0245 .0245 .0245 500,000 Jabpract .0018 .0020 .0019 .0019 .0019 .0019 1,000,000 Landoil .0092 .0098 .0094 .0094 .0094 .0094 2,000,000 Landoil “B” .0100 .0115 Manila .0210 Manila “B” .0200 Marsteel .0076 .00'78 .0080 .0080 .0078 3,000,000 2,800,000 Oriental Petr .0380 .0390 .0390 .0390 .0380 .0380 Oriental ”B” .0600 .0620 .0620 .0620 .0620 .0620 820,000 Phil. Oil Dev. .0068 .0072 .0072 .0072 .0072 .0072 2,000,000 POGEI .0054 .0055 .0054 .0054 .0054 .0054 1,000,000 Phil. Overseas .0320 .0330 .0320 .0330 .0320 .0330 480,000 .0080 .0090 .0090 .0090 .0090 .0090 500,000 Seafront .0096 .0098 .0094 .0098 .0096 .0096 .0096 .0096 1,900,000 Surigao .0150 .0190 Trans-Asla .0155 .0150 .0150 .0150 .0150 1,000,000 .0145 .0150 CDCP .0130 .0145 1DCP “B” — .0180 .0180 .0180 .0180 200,000 fountain .0100 .0120 SHARES 3,424,500 7,958,400 13,500,000 24,882,900 VALUE AVERAGES SHARES VALUE AVERAGES Comm'l & Ind’l Mining Oil GRAND TOTAL 21,790,900 13,600,850 40,760,000 76,151,750 ODD LOT P 973,220.00 787,680.00 809,715.00 P2,570,615.00 P 3,867.60 Comm’l & Ind’l Mining Oil COMPOSITE 44.1471 — 71.9288 - .015232 — 38.7711 - .0674 .000221 .6373 NOTE: Du* to space limitation!, certain untraded stocks are usually deleted from the published lists. SECONDARY BOND MARKET QUOTATIONS Issuer Amount July 15, 1980 Maturity Coupon Rate Bid Offer Yield BF Homes PICOP P 125 M P 150 M 9-29-85 15 12-22-87 16 75 75 83.85 84.58 20.00 20.00 Source: Bancom Development Corporation P2,181,162.50 347,017.50 260,220.00 P2,788,400.00 Comm’l & Ind’l — 120.860 — 1.200 M I n Ing — 2,177.680 + .560 Oil - 2.651 - .038 PHILIPPINE STOCKS ABROAD In New York (July 11,1980) Atlas Benguet ICD Marlnduque PLDT (Common) Open High 5- 1/4 5-3/8 12 12-3/8 no trade - 1-9/16 1-5/8 6- 1/8 6-1/8 Low_ 5- 1/4 12 1-9/16 6- 1/8 Close 5-3/8 12-3/8 1-9/16 6-1/8 In Hong Kong (July 11,1980: in Hong Kong cents) Phllex Baguio Gold High Low Close 14.50 14.50 14.50 Source: Blzcon Investment and Management Corporation Volume Bid Asked up 1/2 22,500 up 1/8 41,200 down 1/16 6,300 down 1/8 500 5-1/4. 5-3/8' 12-1/4 12-3/8 1-9/16 1-11/16 6* 6-1/4 Prev. Close 14.75 Volume 50,000