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. 100) July 16, 1980
Publisher: Enterprise Publications
Year: 1980
Language: English
Subject: Philippines -- Commerce -- Periodicals
Rights
Place of publication: Manila
extracted text: Z" PCI Bank Your link to the international world of business BUSINESS DAILY • MANILA, PHILIPPINES ISSN 0007-4431 VOL. XIV, NO. 100 • 24 PAGES WEDNESDAY, JULY 16, 1980 P1.30 IN METRO MANILA; PI.50 IN PROVINCES For: • Department Secretaries e Executive Secretaries eSwitchboard Operators eReceptionists QmANPO^R’ MAKATI: 86-43 91 Fuel cost adjustment Costlier oil to lift power rates 4th oil firm to seek price increase wants Higher cigaret, liquor taxes okay? Manufacturers of Virginia-type cigarets yesterday did not protest the proposed increase in specific taxes on cigarets, while producers of alcoholic drinks made only half hearted opposition to a Cabinet bill similarly raising specific taxes on their products. These were the highlights of a public hearing conducted yesterday by the National TaxIResearch Center on two Cabinet bills raising specific taxes on cigarets and distilled spi Soviet purchase of 200,000 tons RP sugar bared The Soviet Union was reported yesterday to have bought 200,000 tons of Philippine sugar either directly or through trade houses abroad, Agence France Presse reported yesterday from London. The Soviet purchase reportedly pushed sugar prices higher on the London market Monday. Gains for the day amounted to 27 pounds sterling ($64) for raw sugar, with the spot price fixed at 262 pounds ($622) per long ton. "White” sugar moved up 20 to 30 pounds ($47-$71). The AFP dispatch cited varying versions on the Soviet purchase of Philippine sugar. One version said It was for 1981 delivery, to be made from next May until September. However, New York traders said it was for “prompt” delivery, arranged through a US broker at 27 cents per pound, which would ena ble the sugar to be shipped, deli vered and processed before this sea son’s Soviet beet crop ends (October/November onwards). Business Day estimates that at 27 cents per pound, the entire order would amount to some $121 million. Philippine authorities in the sugar trade could not be reached yesterday for comment. (Continued on page 8) By VICTORIA C. MEDINA Reporter The National Power Corp, is expected to increase power rates to cope up with the recently hiked oil prices, NPC president Gabriel Y. Itchon told Business Day yesterday. The new prices will be computed according to the fuel cost adjustment (FCA) clause, as set by the Board of Power in 1974. (The fuel cost adjustment clause enables NPC to add on to its fees an amount corresponding to fluctuations in the price of oil.) Itchon added that even if FCA billings are expected to go up, basic power rates will not be increased. Power consumers are charged a standard basic rate per kilowatt hour, plus a separate FCA billing rits, and compounded and fer mented liquors. The NTRC devoted the morning session to cigaret taxes, while the afternoon session was for the tax measure on alcoholic products. Consumer groups were present at neither sessions, Surprisingly, cigaret manufac turers were agreeable to the pro posal raising taxes on Virginia-type cigarets, unlike in past hearings where they opposed higher taxes. They also welcomed a provision Developments • Jeans firm to introduce new line for ladies soon ■ Local jeans makers are expected to step up their tug-of-war in the field of signature items when Anne Klein Studio, a big, designer house in the United States, introduces its premium-priced ladies’ jeans and sportswear line this December. Officials of Jourdan et Cie, an eight-month 'old marketing firm which has obtained the marketing and licensing rights for the local production of Anne Klein items, left last week for Sah Francisco and New York to finalize the agreement with the American designer house. Jourdan et Cie is the same • Cellophil exports handled by HITC Herdis International Trading Corp. (HITC) has entered into an export agency agreement with Cel lophil Resources Corp. (CRC), the ASEAN region’s first and so far sole manufacturer of unbleached long fiber kraft pulp. The agreement calls for HITC to handle the entire export capacity of CRC’s pulp mills in Abra. The CRC mill, which started operating early this year, has a rated capacity of 66,000 metric (Continued on page 6) indicating added costs of diesel, fuel oil and other petroleum products used by NPC in generating power. The NPC last increased its rates in February, after crude oil price increases made in December 1979. The average rate increase was 31.1% to result in actual billings of P 0.355 3 per kilowatt hour in Luzon, P0.2979 per kilowatt hour in the Visayas, and P0.17 per kilowatt hour in Mindanao. The NPC increases are announced usually one or two months after formal notification and advice from suppliers. (Continued on page 8) in the bill providing for retail price ceilings for cigarets. However, they expressed concern on the retail pri ces to be prescribed since the tax would be higher for higher-priced cigarets. PROPOSAL. Under the tax pro posal, the specific tax will be raised by a minimum of Pl to Pl .50 for every 1,000 cigarets, the increase depending on the price of a cigaret brand. (Continued on page 8 Is marketing firm that locally distri butes the high-priced Calvin Klein and Cacharel jeans. With the introduction of Anne Klein items late this year, Jourdan expects to create another ripple in the stiff P500-million jeans market. According to Manuel P. Quiogue, Jourdan’s vice-president and general manager, Jourdan may set up its own outfit to manufac ture Anne Klein products, if it fails to find subcontractors for the purpose. (Continued on page 6) • Rustan bares export drive Rustan Commercial Corp, has Initiated a drive for full-acale export operations, with a planned network of 14 offices all over the world, expected to generate $177 million in gross sales for the next five years. The new thrust is in line with the government program to hameu the expertise of the country’s leading private firms in spearhead ing a massive export drive. Rustan has organized an in ternational trading division which (Continued on page 6) 34.27 ctvs per liter Basic-Landoil Energy Corp., the new corporation that recently bought Getty Oil (Philippines), Inc., yesterday filed with the Board of Energy an application to increase prices of its petroleum products by an average of 34.27 centavos per liter. BLECORP is the fourth ofl company which has forwarded a petition to increase prices of gasoline, diesel and other petroleum products as a result of recent adjustments in crude oil prices. Last week, Caltex Phils. Inc. and Mobil Oil Phils. Inc. filed their position papers calling for average increases of 20.609 centavos and 36.53 centavos per liter respective ly. Pilipinas Shell Petroleum Corp. Monday asked for an average 30.81-centavo increase. Only Petrophil Corp., si wholly^ owned subsidiary of the Philippine National Oil Co., hasn’t submitted its application to the BOE. Based on previous experience, however, BOE hearings on increases in petroleum products may be con ducted even if Petrophil has not yet filed. The overall average price hike petition of the four oil firms adds up to 30.55 centavos per liter. This is lower than bids of three oil firms — Pilipinas Shell, Mobil and BLE CORP — but 10 centavos higher ♦ha» Crltex’s position j ’ t HEARINGS. BOE hearings are expected to be announced within the next few days and scheduled tentatively for the first week of August. However, the exact date of the BOE hearings may be announc ed on an earlier date depending on the national inventory level of crude oil which is managed by PNOC. The BLECORP petition filed yesterday traced 28.38 centavos of the total increase sought, to higher crude oil costs (including landing charges). Kuwait, sole supplier of BLECORP, increased by $4.17 (from $27.50 to$31.17)the cost of one barrel of crude oil. Provision for a return on invest ment of 34.27 centavos, was also sought. According to the oil firm’s position, 2.85 centavos per liter will (Continued on page 8) Gov’t integrates policies on relations with Mideast President Marcos yesterday said that the Philippines’ relations with Middle East countries will be strengthened by integrating all its policies on that part of the world — foreign, economic, trade, cultural and scientific — into a coordinated whole. The Middle East countries are the main oil suppliers of the country, accounting for more than 70% of requirements. At present, most of the ME countries have minimal diplomatic relations with the Philippines. THE AVERAGE PRICE INCREASES PETITIONED BY 4 FIRMS SO FAR Mobil Oil.................. P0.3653/iiter Basic-Landoil.................. 0.3427 Pilipinas Shell.................. 0.3081 Caltex..............................0.20609 Simple average .........P0.3055 Gas dealers ask 4-centavo added markup The Federation of Petroleum Dealers Aaocif.tic PhfiiKpinca yesteruaj with the Board of Energy tor authority to increase its markup on gasoline (regular and premium), diesel fuel and kerosene by a uniform rate of 4.22 centavos per liter. Gasoline dealers now add to the • posted price of premium gasoline 13.38 centavos per liter, 12.44 centavos for regular gasoline, 12.94 centavos for diesel and 10.97 centavos for kerosene, as markup to cover operating expenses and pro vide profits. Jose Ontimare, president of the federation, said the additional markup is calculated to provide its 4,000 member dealers a return on investment of 20% or an average profit of P2.000 a month. Present average net profit is a low of P500 a month per dealer, he said. (Continued on page 8) The new shift in policy will include the opening of new foreign embassies and the filling up of diplomatic vacancies in the area. "We have to make an intensive diplomatic and economic drive for we really have not covered the Middle East well,” Marcos said. The new diplomatic offensive is intended to firm up relations with the Philippines’ main oil suppliers, as most of the members of the Organization of Petroleum Export ing Countries come from the Middle East. (Continued on page 8) REGULAR FEATURES The Financial Executive . Rage 2 World Situationer.................. 4 Business and the Law.............. 8 Forex & Interbank Rates ... 10 Currency Cbnversion Table . .10 Commodities....................... 11 Shipping & Trade................ 12 Monetary Movements............ 14 Off Hours........................... 15 The Stock Market.................16 Library Index............... 23-24 DOLLAR DEFENSE: The US administration Is unlikely to res pond to any further dollar weak ness with another defense peck age ................................ Page 9 PROTECTIONISM: EEC ad monished to avoid protectionism against specific Imports of Japanese goods............. Page 9 OIL SUPPLY: Iran to Increase fuel shipments to Japan starting -August to cover July suspension ...................................... Pege 9 SUGAR EXPORT: Thelland firms resume sugar exportation after two-month suspension . . Page 10 SAUDI OUTPUT: Saudi Arabia will maintain Its crude production level till yearend..............Page 10 GOLD HAWKING: Hong Kong is set to ban the hawking of gold ......................................Page 11 STERLING DROP: The pound sterling Is likely to fall to $2.15 to $2.20 by the end of the year as UK minimum lending rote declines...........................Page 11 MONETARY MOVEMENTS: Gold closed lower In London Monday to $647 an ounce, easier In Hong Kong at $659. The dollar ended higher In New York against most currencies, little changed In London, slightly up In Tokyo, firm In Hong Kong and Singa pore................................ Page 11 STOCK TRADING: Trading con tinued weak at the stock ex changes’ with prices limping throughout the session . . Page 16 - NUCLE-BEC , YOUR ENERGY l FOOD SUPPLEMENT The Key to Youthful , & Healthy Living. Available at all leading Supermarkets & Drug Stores. <_______________ > Business Day Wednesday, July 16, 1980 By ABRINO AYDINAN Reporter New export strategy: Hitting markets through third The diplomat as salesman The government hopes to overcome trade barriers in a new stra tegy: assaulting the coun try’s major export mar kets through jumping points in third countries which have more favor able trading relationships with the target countries. The Ministry of Trade’s secretariat on ex port expansion has set up a section in charge of operations in these third countries. The new office is now finalizing a “mar keting plan” to imple ment the program, which is one of the ministry’s “seven on seven” export expansion programs (seven main and seven supporting programs). Twelve “third coun tries” have been identi fied to serve as the Phil ippine entry points to certain market areas: Kenya, for entry to the African markets; Egypt, for the Middle East; Panama, for Central America; Papua New Guinea, for the South Pacific, including Austra lia and New Zealand; West Germany and Ire land, for the European Economic Community; Italy, for Europe in general; Brazil for the Latin American Free Trade Area; Guam, for the North American con tinent; plus New Orleans, Texas and one other ex port processing zone or free port in the United States. However, Trade Minis ter Luis R. Villafuerte has ordered a review of the lineup of market entry points as he apparently felt that a more definite thrust should be directed at the Council for Mutual Eco nomic Assistance or socialist Eastern Europe. The trade ministry has Export-oriented sectors ready marketing plans Twenty-one export-oriented industry sectors ,-a>-are now ntawing' up export plans aimed at in-* creasing the share of local nontraditional export products in the world market. The spade work in coordinating all sectoral plans is being carried l>y a group known as the Private Sector Volunteer Corps headed by Exequiel P. Villacorta, Jr. According to Villacorta, the volunteer corps is directly attached to the office of Trade Minister Luis R. Villafuerte and it is assisting, coordinating, and liaising with the various industry sectors to finish the integrated plan in time for presentation to the government sometime in September. The move of a private sector-export strategy formulation to accelerate exports was an offshot of a recently concluded series of dialogues between representatives of various private sector exporter groups and the Ministry of Trade. The private sector groups are preparing their respective sectoral plans in coordination with the appropriate units within the Ministry of Trade. The 21 industry sectors which are preparing the integrated plans are in the manufacture of: handicrafts; electronics, electricals and allied products; toys and recreational products; plastic products; machinery and fabricated metals; garments; textile and textile yam; minerals; chemicals and chemical products; marine products; construction materials; agri-based products; footwear, leather and leather products; processed food; fibers; furniture and fixtures; other manufactured products not classified elsewhere such as paper and paper products, rubber, glass/optical, etc. Also included are these sectors: service contractors; entertainment; export trading companies; and export support. zeroed in on some pro ducts which would be promoted under the third-country operations program, they include garments, specifically for the Latin American mar ket; footwear, for the markets of Italy (a lead ing world exporter of footweat); ipil-ipil leaves for processing into rayon at a prospective Philip pine production base in Guam; and electronics and automotive com ponents and parts. RESEARCH. Villafuerte directed the third-coun try operations section to conduct field researches “as early as possible.” Section chief Charlie Alveyra said he has his hands full in desk re searches at the moment but indicated that his staff is going on a study mission abroad soon. The trade ministry’s idea of the third-country operations program is one of the government’s transshipment program in reverse. In the transshipment program, the Philippines offers foreign companies the facilities for storage, warehousing, packing and repacking, pack aging, or labelling of their finished products destined for other mar kets. Under the thirdcountry operations pro gram, local companies would, instead, be trans shipping local products in selected points abroad for re-export to the ulti mate markets. But the envisioned Philippine operations in third countries would also include final finish ing of products, as well as marketing Philippine products jointly with companies in those counThus, for the purposes of the program, the third countries should have transshipment' facilities, processing zones, or hold opportunities for the establishment of joint marketing consortia between the local and Philippine firms to distri bute Philippine products. Other criteria for selecting the entry points to the market destina tions of Philippine pro ducts are: the presence of preferential trading agreements or established trade ties between the two countries, possession by the former of high level of processing tech nology and their proxi mity to the target mar kets. OPERATIONS. Alveyra explained three main types of third-country operations by Philippine companies seeking access to certain target markets. One involves the export of semi-processed products for full process ing at the third country. This will enable local companies to gain access to technology not avail able in the Philippines — an alternative to the trad itional approach on tech nology transfer to tech nically deficient coun tries, according to Alveyra. Also, the Philippine companies would be riding on the compara tive advantage of the host counfrtk at the tar get markets in terms of lower freight costs and established market or product acceptability. Alveyra pointed out that this type of operation is actually a form of sub contracting for the host country by Philippine companies. A second type of third-country operation for Philippine companies is the “transshipment in reverse” — full processing locally and export in bulk to the third coun try, where the “product presentation mix” (pack ing, packaging, labelling) would be done. This type of opera tions is patterned after the use of Singapore as a transhipment center by many countries export ing to Asia. A -third type is the establishment by Philip pine companies of tieups with counterparts in the third country for the marketing of Philippine products. Alveyra said that this operation could be expanded to include production joint venture. By RAMON R. DEL ROSARIO, Jr. President Anscor Finance, Inc. called for and where positions remain vacant, appointments should be based at least partially on the candidates’ ability to respond to economic problems. THE CANADIAN EXPERIENCE. At the risk of being accused of tooting the family horn, I would like to cite the experience of our embassy in Ottawa, Canada, not so much to offer it as an example for others to emulate but more to demonstrate how the instincts of a businessman-turned-ambassador operate and produce results that are, without a doubt, quite differ ent from those of a different back ground. There are other examples, I am sure, but this happens to be the one I am familiar with. When our present ambassador to Canada received his appointment in the middle of 197 8, he did so with considerable enthusiasm. First, he points out, he was being assigned the largest country in the world ■■■■■■MM " ■ Business Day Published under PCPM Certificate of Registration No. 108 RAUL L. LOCSIN I Editor/Publisher EXEQUIEL S. MOLINA LETICIA M. LOCSIN Editorial Director Managing Editor JOSE M. GALANG, JR. News Editor JUAN R. REDOBLAOO Senior Editor MIGUEL Z. PATOLOT Executive Editor Asia Pacific - $450/<yie year 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. All 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. With the Philippines’ trade deficit amounting to $981 million in the first semester of 1980, and now projected to amount to $2.4 billion for all of 1980 (compared to $1.75 billion in 1979), the country’s need to adopt all measures to spur its exports im mediately takes on a more urgent hue. While various programs designed to improve Philippine export per formance have indeed been devel oped and are now in various stages of implementation, none of these programs to my knowledge have thus far sought to exploit the exis tence of a vast network of offices all over the world that could very well serve as the vanguard of a renewed worldwide Philippine export thrust. I, of course, refer to the - numerous Philippine diplomatic missions in The Financial Executive all the key capitals of the world. next only to Soviet Russia; second ly, he was being made responsible for the largest Filipino population abroad next only to the United States; and thirdly, he was being assigned the market with, in his opi nion, the largest potential growth for Philippine exports. Within months of his assumption of the Ottawa post, the ambassador launched a two-pronged project which he dubbed “Operation Reachout,” designed: • to reach out to the Filipino^com* munity, to riurfister to^hel? welf" being, and to gain their confi dence, goodwill and their coope ration; and to reach out to the vast Cana dian market with its rich untap ped potential for growth of Phil ippine exports. Canada, with a population of only 23 million, imports approxi mately $50 billion per year making it, on a per capita basis, the highest importing country in the world. Putting together some basic data, the ambassador and his staff quick ly realized that $16 billion of Cana da’s imports are being produced or can be sourced from developing countries like the Philippines. More significantly, while Hong Kong, South Korea, Taiwan and the ASEAN countries export $1.3 bil lion per year to Canada, the Philip pine share has only been a meager 5%. The ambassador made it his principal task to establish what he calls “the basic infrastruc ture” needed for the expansion of Philippine exports to Canada. The initial problem was inform ation. Who are these importers of items that can be produced in the Philippines? What have they imported in the past? In what quantities? From which countries? Why haven’t they imported more from the Philippines? Without rely ing purely on published data, but with the ambassador himself travel ling through the cities of Toronto, Montreal, and Vancouver as well as Calgary, Regina, and Winnipeg, oftentimes presenting himself as a businessman and not an ambassador to obtain more candid information, answers to all these questions have been systematically compiled and -e now exist a list of the top 80 Canadian imports that can be pro duced in the Philippines, with data on actual importations, quantities, and present sources, and a directory of the top Canadian importers from our region with full information on (Continued on page 6) REORIENTATION. Philippine em bassies and consulates throughout the world aim to minister to the needs of Philippine citizens and to strengthen political, cultural, and economic ties with the host coun try. This is the theory. The reality is that there is a vast difference among our many missions in their ability to meet their principal ob jectives, and the performance of these missions is very much a func tion of the quality, background, and orientation of the chiefs of misvsion, the ambassadors themselves. One can surmise that career dip lomats and military men are per haps most effective in representing Philippine views on political, secu rity, and military matters. Wealthy gentlemen of leisure who are well , steeped in the arts probably do very well in their host country’s cultural and social circles. On the other hand, industrialists and entrepre neurs turned diplomats are more likely, I would imagine, to identify export opportunities and to attract foreign investmerfts in to the Philip pines. The ideal diplomat would, of course, be one who combines all these facets. But such men, if they exist, are certainly in short supply and more often than not, a less than ideal choice has to be made. Under these circumstances, it becomes absolutely essential that our diplomatic service be viewed as a dynamic and flexible cog in the country’s overall developmental thrust, able to adjust itself to res pond to the nation’s most pressing needs. Thus, in times and in areas where questions of national secu rity are of paramount concern, our missions should be predominantly staffed by experts in political science and military affairs. Similarly, in times such as now, when our concerns are overwhelm- , ingly economic in nature, our diplo- ’ matic outposts should be manned by men who, by their background , or by their orientation, are in a position to contribute to the alle- ] viation of our economic difficulties. ] I am by no means suggesting 1 that we replace all of our ambas- ' sadors with businessmen-industrial- I ists. But I am advocating that our 1 diplomatic missions be carefully i reassessed to ensure that they are I responsive to the country’s needs, there Where deficiencies exist, efforts n J should be exerted to reorient the incumbents in order that their priorities are correctly established and their programs synchronized with those of the national govern ment. Where replacements are Wednesday, July 16, 1980 Business Day Page 3 One-stop flights from Hong Kong in Rolls-Royce comfort Aboard, our charming hostesses from nine different countries of Asia will bring you a special style of service that’s so unique, so unlike any other airline. Take our morning or early evening flight to Hong Kong. Cathay Pacific’s London bound, Rolls-Royce powered 747s depart Hong Kong at 10:40 P.M. every Wednesday, Friday and Sunday. After a brief stopover in Bahrain, you’ll be in London early morning of the following day. •^Cathay Pacific to London 3 times weekly Page 4 Business Day Wednesday, July 16, 1980 Suzuki named LDP president TOKYO, July.15 (Reuter) — Zenko Suzuki was today appointed pre sident of Japan’s ruling Liberal Democratic Party (LDP), clearing the way for his designation as prime minister in Parlia ment on Thursday. LDP parliamentarians at a party caucus accept ed the 69-year-old form er agriculture minister as their new leader to suc ceed the late Masayoshi Ohira. Suzuki was named party president by accla mation in the LDP’s Cen tral Tokyo headquarters after his name was put forward by LDP vice-pre sident Eiichi Nishimura. Suzuki immediately called on the party’s 424 parliamentarians for coo peration. Tokyo urged to boost relations with Moscow TOKYO, July 15 (Reuter) - The Japanese foreign ministry will urge Zenko Suzuki to improve relations between Japan and the Soviet Union after he is designated prime minister on Thursday, foreign ministry sources said today. The sources said moves to improve relations with Moscow, which have been strained following Soviet military deployments in the Far East and the invasion of Afghanistan, would be a major diplomatic task for the new government. A first step in this direction is expected to be taken on Friday when Nicolai Solovjev, head of the Second Soviet Bureau of Far Eastern Affairs in charge of re lations with Japan, will start a six-day visit to Tokyo. The sources said the officially sanctioned visit, the first by a Soviet official to Japan since last December’s invasion of Afghanistan, could pave the way for minis terial exchanges, if not the opening of a formal dialogue. But they said Japan would continue to take a firm stand on the Soviet invasion, which it has condemned along with the United States and other non-Communist countries. The strain in JapanSoviet relations was demonstrated at last Wednesday’s memorial servite here for Prime Minister Masayoshi Ohira, where Moscow was represented only by its ambassador to Tokyo in marked contrast to the presence of President Carter and Chinese leader Hua Guofeng. Suzuki has said WORLD SITUATIONER Change of tactics vs. insurgents Soviet troops attack 60 villages near Kabul He said 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 Landmart Phil. Inc. FOR SALE * NEW ALABANG * ALABANG HILLS already he will pursue the major policies of his political mentor, Mr. Ohira. CORNERSTONE. Mr. Ohira regarded Japan’s links with the US as the cornerstone of his for eign policy, while also seeking to develop friendly ties with China. Political sources noted that Suzuki, a 69-yearold politician with limited foreign affairs experience, gained valuable knowledge of negotiating with the Soviet Union in 1977 when he was agriculture minister. He made several visits to Moscow that year, which resulted in the forging of a new bilateral fishery agreement after tough negotiations. Suzuki has not yet in dicated whom he will choose as foreign minis ter, but LDP sources yes terday said it might be either Yasuhiro Nakasone or Toshio Komoto, two former Cabinet ministers who dropped out of the race for the premiership last Friday to help restore unity in the divided party. Following their de parture it became evident that Suzuki would be named LDP president, ensuring his designation in parliament as prime minister on Thursday: Other major tasks for the new government are seen as settling the prob lem of massive Japanese vehicle exports to the US and Western Europe, and restructuring Japan’s national finances. ONE (1) MLA. POLO CLUB SHARE FOR SALE 86-42-94 .. .... REAL ESTATE PROPERTIES FOR SALE 4,128 sq.m, lot; 2,342 sq.m. fir. area, off/disp/whse. RIZAL AVE. EXT., PINEAPPLE & AVOCADO STS., TINAJEROS, MALABON P2.8M Cash 1,796 sq.m. lot. 3,084 sq.rti. fir. area 31-door apt. (w/300 sq.m, vacant lot.) 2ND cor. C.M. AGUILA STS., SAN MIGUEL, QUIAPO. P1.0M 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 NEW DELHI, July 15 (Reuter) - Soviet troops in Afghanistan have attacked up to 60 villages in the Kabul area and other provinces in the past two weeks in an apparent change of tactics against Afghan anti-govemment insurgents, diplomatic sources said Monday. The sources quoted eyewitnesses for some of the raids in retaliation for rebel attacks against Soviet troops, and said unconfirmed reports circulating among non-Communist diplomats in Kabul spoke of thousands of casual ties. They said Soviet forces were conducting “search and destroy” operations rather than engaging in surgents in battles and trying to expand the areas they control. AIR POWER. Fewer troops appeared to be involved than in earlier counter guerrilla operations, but more air power was engaged in the continuing attacks against villages suspected to harbor rebels, the sources said. The sources and travelers arriving here from Kabul said Monday there had been a sharp increase in the past four days in the number of Soviet transport planes bringing in troops but mainly equipment. In addition to Antonov-12 and Antonov-22 which still came at night, four-engined Ilyushin-76s had been landing at Kabul airport during day time at the rate of about one every two hours since last Thursday, accord ing to the sources. Diplomatic sources said military equipment was being transferred from the Ilyushins to smaller aircraft which immediately took off for unknown destinations. Part of the new equipment being airlifted to Afghanistan was lighter and more mobile than that seen in the country since the Soviet military intervention last December. The sources said the equipment included what they called low-profile track vehicles which were a cross between tanks and armored personnel carriers (APCs). The Soviet Union said last month it Viet-led forces move artillery near Thai border BANGKOK, July 15 (Reuter) - Vietnamese-led forces in western Kam puchea have recently moved more anti-aircraft artillery to areas close to the Thai border, a Thai military source said here Monday, while Phnom Penh accused Thailand of violating Kam puchean airspace. The anti-aircraft guns had been moved to reinforce some sensitive points near border areas where Viet namese troops intruded, into Thailand last month, the Thai source said. He did not specify the number of weapons moved closer to the border but indicated the reinforcement had occurred after the incursion last June 22. The Vietnamese-backed govern ment in Phnom Penh had accused Thailand of violating Kampuchean airspace on three days last week. The Kampuchean news agency, was pulling out 10 tanks and several thousand troops froi._ Afghanistan in a partial withdrawal of “non-essential” units. Western estimates put the number of Soviet troops in Afghanistan at 80,000 to 100,000. It was not known whether troops recently arrived in Kabul were reinforcements or replace“A lot of the new Soviet faces seem to be much older than those who first appeared here. And we have noticed some new berets among the Russian soldiers,” one traveler said. GUNSHIPS. Diplomatic sources said Soviet forces were using MI-28 heli copter gunships in their attacks against villages. They said 38 people including 12 insurgents were killed at Aab Darrah in Kabul province on July 1. Egypt, Israel still divided on agenda CAIRO, July 15 (Reuter) — Egypt, Israel and the US Monday failed to narrow the gap separating them on an agenda for the Palestinian autonomy talks. Israel’s chief delegate, Justice Minis ter Shmuel Tamir, said after two days of meetings: “The gap is still serious.” But Egypt and Israel agreed to hold the next committee meeting in Israel on July 28, despite the failure to agree on an agenda, he said. An Israeli delegation spokesman said the failure would not disturb the talks which were being conducted in good spirit. He said both sides had presented a list of topics they wanted to include in the agenda. Agreement had been reached on some topics, he added without elaboration. Egypt’s chief delegate, minister of state for foreign affairs Boutros Boutros Ghali, said the delegations had agreed on only one item for the agenda covering a proposed self-rule council for the 1.2 million Palestinians in the West Bank and Gaza strip. A final session was to be held Tuesday. BEGIN DEFIANCE^ In Jerusalem, Prime Minister Menachem Begin, in a fresh burst of defiance on the status of Jerusalem, said Muslim flags could fly over the Holy City only when Arab states set up embassies there and recognized Israel. Leaving hospital after recuperating from his latest heart attack, Mr. Begin in effect disposed of suggestions that Muslim sensibilities might be soothed by allowing Arab flags to fly over holy Islamic sites. The Israeli leader told reporters: , “If the 21 Arab states recognized Israel and Jerusalem as its capital, their flags could fly over their embassy buildings in the city.” The statement demonstrated heightened Israeli feeling over Jeru salem and the way it has emerged as a major issue on the international scene. Only last Sunday, Mr. Begin dispatched from his hospital bed, a sharp message on the subject to British Foreign Secretary Lord Car rington. ‘The world picture is in bad shape in the political, economic and social fields. If we do not make progress on the North-South dialogue, acrimonious confrontation seems inevitable.’ Kurt Waldheim, UN secretary general, addressing the UN Conference on Women in Copenhagen | News Briefs Cuba hits attackers HAVANA: Cuba Mon day blamed Morocco and the United States Central Intelligence Agency (CIA) for the strafing of two of its merchant ships by jet fighters off the Western Sahara. The cap tain of one of the vessels, both fuel tankers, was killed in Saturday’s at tack and three officers were wounded, according to official Cuban reports. JO HANNESBURG : Racial violence erupted near here and in the in dustrial center of Port Elizabeth Monday as a hunger strike by political detainees spread in Cape Province. A white occu pant of a van was burned to death at the strategic Sasol-2 coal-to-oil plant construction site at Secunda, east of here, as angry striking black workers set fire to two vehicles after one worker was reportedly killed by troops. — AFP GOP convention DETROIT: The 32nd Republican Party na tional convention opened here Monday to pick the party’s candidate in the November United States presidential elections. Delegates are expected to endorse former film star and ex-Califomia Gov ernor Ronald Reagan. — AFP Envoy in Hokkaido TOKYO: The Japanese foreign ministry plans to station an “ambassador” in the northern island of Hokkaido which faces various diplomatic prob lems with the Soviet Union, Foreign Minister Saburo Okita confirmed yesterday.—AFP SPK, alleged Thai observation aircraft intruded two kilometers into Kam puchea on reconnaissance flights be fore Thai mortars and rockets hit three border areas. It alleged one of the places attacked by Thai mortars was Phnom Malai, a mountain base about 300 kilometers east of here where Kampuchean guerrillas loyal to the ousted Khmer Rouge regime are preparing for an anticipated Vietnamese offensive. A spokesman at the Thai Military Supreme Command denied the charges which he said could be pretexts for more Vietnamese-initiated troubles at the border. How to cut overhead? DETROIT, Michigan, July 15 (AFP) — Police in America’s automobile capital have arrested a cab company boss who cut his overhead drastically by using only stolen cars — three of them police vehicles. A police spokesman said that five other taxis in the 15-cab fleet run by Eugene Fite, 72, were stolen from the city ad ministration. Eight other stolen cars, some of them in the process of being remodeled, were found in Fite’s garage, the spokesman said. He said there was still one police car missing and added that many other stolen cars were probably being used as taxis. Wednesday, July 16, 1980 Business Day Page 5 The Bis Merge Announcing one of the biggest mergers of forces in the automotive industry: Toyota, the largest-selling car for 9 consecutive years; and Motocars, No. 1 dealer of another car company in 1978 and 1979. Now you can get reliable Toyotas from this reliable dealer. And Motocars will back them up with efficient after-sales service. Plus the lowest-priced genuine spare parts in the market today. Toyota and Motocars. No.1 and No. 1. They deserve each other. And you deserve them both. Top Selling Car TOYOTA Motocars 1010 E.de los Santos Avenue, Quezon City Top Automotive Dealer Page 6 Business Day Wednesday, July 16, 1980 SEC asks Interport: Fine or inquiry? The Securities and Exchange Commission is giving Interport Resources Corp, a choice: pay a fine of Pl 7,215 or seek a formal inquiry on its case. The case stemmed from Inter port’s earlier failure to submit its monthly reports from May 1979 to March this year oil the number of shares (and their equivalent amount) transacted during those months. The commission gave MOLE legislations on wages Transport firms can’t meet rules Claiming a sharp decline in business operations, bus, taxi, jeepney and tricycle operators yester day pressed the Ministry of Labor and Employment to relax current labor legislations covering the in dustry. The regulations are mainly on wages and commissions paid to workers. Claiming substantial losses from operations, the operators said they could not pay what the legislations provide for. The public utility transport operators , met with government representatives in an industry forum called by the ministry’s Institute of Labor and Manpower Studies (ILMS). Government agen cies that participated in the meeting were the Ministry of Energy, the Board of Transportation, and MOLE’s Bureau of Labor Stand ards, Wage Commission, Bureau of Labor Relations, Bureau of Em ployment Services, Employes Com pensation Commission and the National Labor Relations Com mission. The forum was called by the ILMS following Labor Minister Blas F. Ople’s directive to ministry bureaus to look into ways of providing protection for the coun try’s transport workers. EXEMPTlbN. Bus operatorsled by Demetrio A. Munoz, president of the Metro Manila Bus Operators Association (MMBOA), requested the labor ministry to exempt bus companies from compliance with prevailing wage decrees, citing that bus drivers and conductors already WB group favors Northern Cement Northern Cement Corp. (NCC) has secured the approval of the World Bank special study group and the Rugby Cement Consultants of London to increase its annual production capacity to one million tons, in accordance with the policy guidelines of the Philippine Cement Industry Authority (PCLA). This was reported in the June issue of Tendergram Tracer’s and Engineering Business News of Quar ry Mine and Pit (QMP), a technical magazine published in Australia. QMP is circulated throughout Aus tralasia and the Asia-Pacific region. The magazine explained that the World Bank and RPCC are con sultants to the Development Bank of the Philippines and the PCIA. “RPCC is said to have rated Northern Cement Corp, as the most efficient and well-maintained cement plant in Southeast Asia,” it reported. RENTACOOLER For only P5 a day. All the cold water you need right in your office. Look at the convenience for your employees. No more drinking warm tap water from the comfort room. Yet buying a water cooler requires cold cash - P6.000.00 up. So why buy one when you can rent an ICEBERG water cooler for only P 5.00 a day. Interport a chance to explain why it should not take action against the company. Interport subsequently submit ted the required reports, according to a source in the SEC brokers and exchanges department. EXPLANATION. Interport explain ed that it had gone into a merger with Oceanic Oil and Mineral Resources Inc., and that the records earn more than what the law requires from their daily sales commissions. Munoz asserted that bus com panies could not afford higher wages. Actually, the law says that workers who are on commission and/or boundary work modes, are entitled to monthly allowances of P65-P110 (depending on emplo yers’ capitalization), under Pres idential Decree^ Nos. 525 and 1123. These same workers, on the other hand, are not entitled to the P60 monthly allowance under PD No. 1614, the P90 under PD No. 1634, and the P2 daily allowance under PD No. 1678. AGREEMENT. Alfonso Sayo, vicechairman of the Taxicab Operators of Metro Manila, Inc. (TOMMI), urged the labor ministry to follow a previous agreement with the Wage Commission, operators and taxi drivers’ groups to the effect that there is no actual employer employe relationship under the boundary system. (Under the boundary system, drivers pay a fixed fee for the use of the vehicle and may retain whatever they earn above this fee.) Under this agree ment, the operators said, they do not have to assume responsibility for implementing government labor laws. Thus, operators may take preventive measures (such as dis missal) against erring cab drivers, without having to risk a labor complaint. Bus, taxi and jeepney operators also noted the frequency of ab The Financial Executive (Continued from page 2) their areas of interest and actual previous importations. Having established the exist ence of a vast market for Philip pine products, the next step was to interest reputable Philippine exporters to exploit the Cana dian market. The ambassador went to work on his friends, spreading the message that a vast market existed out there, just waiting to be tapped. The result is that at least one of the identi fied 12 major trading companies, the Lepanto-Filsyn-La Tondena combine, has decided to focus on Canada as the export market where it will initially concen trate its efforts. And to put Philippine-Canadian trade relations on a more permanent basis, the ambassador was instrumental in the estab lishment of a most prestigious Canada-Philippines Council under the chairmanship of Mr. Cedric Ritchie, the chairman and RENT A COOLER RENT AN ICEBERG For details contact 731 AURORA BLVD. QUEZON CITY TELS. 70-40-06. 79-56-22 of both companies would have to be “properly reconciled,” implying that this had caused the delay. But the commission decided that this reason does not justify the delay, the source said, adding that besides, Interport had submitted the reports only when the com mission called the company’s atten tion. An Interport official contacted by Business Day refused comment. sences and unauthorized job-quit ting by drivers and conductors. These workers, Munoz said, “go from one company to another, without giving any notice to their employers.” “The same is true with taxi firms,” Sayo said. “Often, cab drivers do not report for work on a day following a good day’s earning.” He said that on the average, cab drivers (at the present fare rates) earn no less than P40 a day. EXODUS. Munoz bewailed the continuing exodus of Filipino drivers and mechanics who leave the country in search of overseas jobs. “This has led to the shortage of skilled drivers in the country. What is left for the local transport industry are the worst drivers,” he stressed. Data from the labor ministry indicate some 1,300 drivers and conductors quit their jobs during the first quarter of this year. The data stated that there were more separations due to quitting than due to layoffs. Hirings, on the other hand, reached 1,271 during the same period. The BLR said that as of last year, there were three unions covering bus companies, six in taxi firms, and two in jeepney opera tions. Five strike cases were filed against bus companies last year. The small number of unions covering public transport is an indication that industry workers are loosely organized. chief executive officer of the Bank of Nova Scotia. At the inauguration of the Council in Toronto last Feb. 20 were pre sent the chairmen and presidents of 20 of the biggest corporations in Canada with business interests in the Philippines and Asia and five of the biggest names in Phil ippine business: Carlos Palanca, Jr., Jose B. Fernandez, Jr., Roberto Villanueva, Sixto K. Roxas, and Alfonso Yuchengco. CONCLUSION. With its limited resources, the Philippines can ill afford to fail to fully exploit the resources that are at its disposal. The network of Philippine diplo matic missions all over the world provide the infrastructure which, if properly harnessed, can play a meaningful role in the nation’s efforts to effectively penetrate new and larger markets for its products and thus contribute sig nificantly to the country’s over all developmental efforts. The key is greater flexibility and a more development-oriented out look. Fire at Reynolds factory to cut aluminum production When the fire alarm sounded in the Mandaluyong plant of Reynolds Philippines Corp, last Monday morning, the workers at first thought it was just another regular fire drill. But there was something different this time: “an explo sion preceded the alarm,” ' worker Edwin Navoa noted, “and everybody wore his emergentey helmet.” True enough, the oil tank of the machine for rolling aluminum foils had caught fire. Workers designated in the plant’s “fire, brigade” tried to put it out, but the spread was rapid. The fire was finally extinguished about 15 minutes later with the help of the fire department. “Plant personnel responded well to the emergency,” accord ing to plant manager Alejandro Castro, who added that regular fire drills conducted once a month prepared them for just such an event. CASUALTIES. Two workers were injured, but “with only minor burns in the hands,” Castro noted. The biggest casual ty, it appears, is the company itself: Castro said that the damage to the plant will cut Reynolds aluminum foil pro duction of 140 tons a month Jeans firm to introduce new line for ladies soon (Continued from page 1) (Signature Calvin Klein and Cacharel jeans, which Jourdan introduced in July and November last year, are being manufactured locally by GTI Sportwear Corp., Jourdan’s sister company and a member of Gener.al Textiles, Inc. (Gentex] established in 1975). ITEMS. Quiogue said that under the licensing agreement, Jourdan would produce locally (in time for the Christmas season) Anne Klein ladies’ jeans and.sportswear, and possibly accessories. Anne Klein also produces accessories such as shoes, scarves, skirts, towels, umbrellas, jewelry, gloves, watches, belts, perfumes, bags, leathergoods, loungewear, men’s wear and children’s wear. Quiogue stressed that Jourdan’s marketing of Anne Klein items would not conflict with its efforts to push Calvin Klein and Cacharel jeans, since each product has its own merchandising staff. “Jourdan’s aim as a company is to market a wide range of premiumpriced jeans, to be a prime source of high-priced signature items,” he explained. However, Cacharel jeans are reportedly 20% lower in sales than Rustan bares export drive (Continued from page 1) recently set up an extension officein New York. It plans to launch an active export thrust in Europe, South America, the Middle East (particularly in Bahrain and Jeddah), Japan and Australia. Eventually, 14 major trading houses will be up major cities in Europe and US. As a general trader, Rustan wiH establish cohesive cooperation with small, medium-sized and big sup pliers instituting strict standards of quality. Rustan is carrying out a program of product development covering various nontraditional ex ports like canned tuna, agri/aquacultural products, shoes and gar ments, as well as handicrafts, furniture, toys and recreation goods. For 1980, Rustan1 is finalizing plans for participation in prest igious trade expositions; the USA National Shoe Fair, the ASEAN Trade Fair and other venues where Philippine products will-gain wide exposure. down by 50% to 70%. In addition, some Pl million worth of in-process and finished goods •Went up in flames, accor ding to Castro. Total damage to machines and building is yet to be determined by the insurance adjuster. What could have caused the fire? The oil tank is heated by electricity, and a thermostat automatically shuts down the heater when the temperature reaches a maximum of 160 deg rees Fahrenheit. Castro said that the thermostat mivht have failed to function; or t*se, there may not have been enough oil in the tank. Repair of the machinery and plant building will take about a month, he said. Aluminum foil is one of the firm’s money-makers, and Reynolds is one of only two producers in the country. Before the mishap, Reynolds Philippines had been expecting sales to rise during the second semester of the year. In fact, it had already made plans to transfer aluminum sheet man ufacturing equipment to a new plant in Dasmarinas (Cavite). This was expected to give foil manufacture more room to im prove production with current facilities by around 25%. Calvin Klein. An industry source pointed out that there are even more fake/Calvin Klein labels than Cacharel — an indicator of Klein’s more popular and acceptable image. PRICE RANGE. Quiogue said Anne Klein items would be priced equally with Calvin Klein and Cacharel items. Prices range from P235 per pair for Calvin Klein to P245-P265 per pair for Cacharel jeans. In October, Cacharel will also launch a new line of ladies’ wear, to include dresses and matching coor dinates. Calvin Klein will follow late this year with the introduction of a sportswear line,' which will include unisex T-shirts and jogging outfits. “We expect sales of all three lines (Calvin Klein, Cacharel, and Anne Klein) this year to be the same as in 1979, considering that last year was an introductory year for us. To be able to come up to the expectations of an intro ductory year is already very good,” Quiogue said. Sales are not expected to dec line, he added, stressing that Jourdan’s products “appeal to moneyed people, and so will not be affected so much by recession.” He predicted bright prospects fpr pro duction for the rest of 1980. Cellophil exports handled by HITC (Continued from page 1) tons per year, one half of which is earmarked for export. HITC officials said that the ini tial target markets are paper manu facturers in Japan, South Korea, Taiwan, Thailand, Indonesia and the People’s Republic of China. These countries, all traditional net importers of kraft pulp, import approximately 350,000 metric tons of the material yearly from the US, Canada, South America, New Zeal and, Swaziland and the Scandina vian countries. CRC shipped an initial 500 met ric tons of kraft pulp to Indonesia recently. Long fiber kraft pulp is a raw material which imparts the strength needed in industrial packages such as multiwall sack kraft and carton boxes. The export agency agreement is in line with HITC’s functions as one of the 12 export trading firms com missioned by President Marcos to spearhead the government’s export drive. Wednesday, July 16, 1980 Business Day Guidelines on universal banking (b) The mere filing of Bank in the Equities of pendency of an applica- Financial Allied Undertion for the establishment i takings. — The equity inof a banking office in a vestment of an expanded particular area shall not commercial bank in a give an applicant priority single financial allied over other applicants undertaking shall be, in with respect to such area, relation to the total sub Preference shall be given scribed capital stock and to the application which in relation to the total satisfies *11 Central voting of the allied underBank requirements. If taking within the followtwo or more applications ing rates: satisfy all Central Bank requirements, the appli cation which was filed first shall be given pre ferential consideration. (c) Priorities in the es tablishment of a money shop in the same market shall be based both on the date of filing of an application and its com pleteness with respect to Central Bank regulations. Thus, a complete applica tion even if filed later shall take precedence over another which, al though filed earlier, has not fully complied with Central Bank requiremeSEC. 34. Date of Opening. — (a) Approved banking offices shall be opened within six (6) months from the date of appro val thereof: Provided, That an applicant bank may be given a final ex tension of another three (3) months subject to presentation of justifica tion and valid reason for the bank’s failure to open within the six (6/-month period and proof that said banking office can be opened within the succeeding _,Jj«e&-.(3J-month period. (b) Offices authorized to be established under the second paragraph of Section 31 hereof shall not be granted any ex tension of the prescribed date for their opening. CHAPTER VI Equity Investments A. Expanded Commercial Banks SEC. 35. Bank With Expanded Commercial Banking Authority.— A bank with expanded commercial banking au thority may invest in the equity of allied under takings, financial or nonfinancial, as well as in the equity of enterprises en gaged in non-allied act ivities, subject to the li mitations and conditions set forth below. SEC. 36. Financial Allied Undertakings. — The financial allied un dertakings of a bank with expanded commercial banking authority are the following: (a) Leasing com panies; (b) Banks; (c) Investment houses; (d) Financing com panies; (e) Credit card ope rations; and (f) Financial institu tions addressed/catering to small and medium scale industries: Pro vided, That any such undertaking is the pri mary purpose for which a particular enterprise was established and the volume of its business in dicates that it is prin cipally engaged in such undertaking. The prior approval of the Monetary Board shall be required in any invest ment by an expanded commercial bank in the equity of a financial al lied undertaking. SEC. 31.Limits on InAllied Undertaking Limit Commercial Banks — Up to 30% Thrift banks and rural banks — Up to 100% Other Fi nancial al lied under takings — Up to 100%, without pre judice to the OtGCPHILIPPINES INC. The New Exclusive Partner of MANNESMANN DEMAG Material Handling Hand in hand with the country's economic development, MANNESSMAN DEMAG provides the industries with electric hoists and cranes — a solid proof of reliability and efficiency in the field of material-handling. Now one of the world's leading manufacturers of electric hoists and cranes offers the best solution for your material-handling problems through its exclusive Philippine partner: otec PHILIPPINES, INC. 4th Floor, Equitable Bank Bldg. Buendia Ave. Ext. cor. Paseo de Roxas Makati, Metro Manila Tel. Nos. 87-88-14; 85-83-76 your partner for MANNESMANN DEMAC Material Handling For all DEMAG users, spare parts and services are available. limitations prescribed in the following Section SEC. 38. Investments in Other Financial Inter mediaries Performing Quasi-Banking Func tions. — In order to mini mize excessive concentra tion of control through stockholdings in related financial intermediaries engaged in quasi-banking functions and within the financial system as a whole the following rules shall govern equity investments by expanded commercial banks per forming quasi-banking functions, their stock holders, their wholly or majority owned subsi diaries and/or their mino rity-owned affiliates in which their stockhold ings exceed forty per cent (40%) of the voting stock and/or their hold ing companies in other financial intermediaries performing quasi-banking functions. (a) Subject to existing laws, investors specified in paragraph c of this Section may own up to one hundred per cent (100%) of the voting stock of financial inter mediaries performing quasi-banking functions: Provided, That rfuch in vestors may not own more than thirty per cent* (30%) of the voting stock of a financial inter mediary performing quasi-banking functions if such investors already own more than thirty per cent (30%) of the voting stock of another finan cial intermediary per forming quasi-banking functions belonging to the same type as that of the former financial in termediary. (b) An investment in any financial inter mediary performing quasi-banking functions of such percentage as would not enable the in vestor to elect a director of the board by virtue of its own shareholding shall not be subject to the restrictions of the preceding paragraph. (To be continued) Page 8 Business Day Wednesday, July 16, 1980 Protests over alcogas Half-hearted opposition at hearings distillery costs bared Higher cigaret, liquor taxes okay? The Office of the President yesterday reported having received several strong protests against three big foreign corporations offering “exhorbitant” contract prices for the government distillery projects for alcogas. The complainants, suppliers of equipment for the production of anhydrous alcohol, stated that the foreign contractors “designed their excessively high prices to exclude and deprive other possible offerors who may be qualified to participate in the alcogas program.” The protesting groups identified the three foreign firms as Voest Alpine (Austrian), which offered $39 million for the alcogas project in Piat, Cagayan; Daswood Fletcher International Ltd. (English), which offered $43.5 million for the project in Pili, Camarines Sur; and Tate & Tyle Agribusiness Ltd. (English), which quoted a price of $48 million for the Tulong Project in Negros Oriental. The Office of the President said the three alcohol distilleries, which will be integrated with three existing sugar mills, are all turn-key projects, and do not involve any cash outlay from the Philippine Sugar Commission until the pro jects become operational. The supply agreement will be come effective upon approval by the government authorities con cerned together with the corres ponding loan agreements which will cover the total cost of the projects including down payments. The Philippine government will provide the necessary guarantees under the agreement. (Continued from page 1) every time prices go up. The Cabinet bill provides for the Expected additional government following suggested retail prices and revenues from this bill is P63.2 milthe corresponding specific tax: lion. Max. Retail Price Per Pack of 20 Old Price P1.35 or less 1.36 toP1.65 1.66 to 1.95 1.96 to 2.25 2.26 to 2.70 2.71 to 3.20 Over P3.20 New Price Inc. P 1.45 or less 1.46 to P1.75 1.76 to 2.05 2.06 to 2.40 2.41 to 2.85 2.86 to 3.35 Over P3.35 Rate of Tax Per 1000 Old Rate New Rate Inc. P0.10 P 12.00 0.10 18.00 0.10 20.00 0.15 22.00 0.15 34.00 0.15 42.00 0.15 52.00 P13.00 19.00 21.00 23.00 35.50 43.50 53.50 P1.00 1.00 1.00 1.00 1.50 1.50 1.50 Gas dealers seek add’l markup of 4.22 centavos (Continued from page 1) Ontimare added that if their petition is granted, gasoline dealers would be able to give their em ployes the P90 mandatory emergen cy living allowance required by law to be given persons receiving a basic pay of not more than Pl,500 a month. “Gasoline dealers have been exempted from this law precisely Basic-Landoil wants P0.3427 price increase (Continued from page 1) have to be set aside to enable BLECORP to recover previous losses. Increases in the costs of add itives, freight, and crude oil finan cing were translated into 3.04 centavos per liter. The added cost, resulting indirectly from (the crude' oil price increases, was included in the BLECORP price hike petition. because government recognizes the relatively low profitability of the business. However, the high labor turnover in the industry, because of low wages, is becoming a major problem. We would now like to give MELA to our employes.” Of the 4.22-centavo additional markup being sought, 1.8 centavos is earmarked for the granting of MELA and for expected increases in the minimum wage within the next few months. Ontimare said labor cost is a critical factor for the gasoline dealers representing 45% of total expenses. PETROPHIL DEALERS. Mean while, the association of Petrophil dealers was reported to have filed a similar petition for an increase in markup. The petition was reportedly for 6% of the posted price of the petroleum product. ■Thus, if this petition is to be applied to the current price of premium gasoline, the markup would be 27 centavos or more than double the current markup of. 13.38 centavos per liter. This report, however, could not be confirmed with the association. Although cigaret manufacturers were in favor of a suggested maxi mum retail price, they were some what apprehensive since the issue would then be the price bracket for their product. In case a manufacturer’s brand is grouped in what it feels to be a higher price range, then the tax on its product would be higher, pos sibly affecting its competitiveness. The NTRC promised to take a deeper look into this issue. Assemblyman Frisco San Juan, a member of the finance committee of the Batasang Pambansa, also sug gested to the NTRC to study the possibility of imposing ad valorem taxes on cigarets instead of specific taxes, so that the provision on cigarets in the National Internal Re venue Code need not be amended SPIRITS. On alcoholic beverages, manufacturers were resigned to the inevitability of a tax increase. They instead requested that the proposed P0.10 average increase per liter be staggered, that is, on two phases with each phase’s increase at P0.05. Representing this sector were San Miguel Corporation, La Tondeha, Inc., and Tanduay Distillery, Inc. The Cabinet bill covers distilled spirits, compounded liquors and fermented liquors. Distilled spirits would include whisky, brandy, rum, gin and vodka, among others, while fermented liquors would cover beer, lager beer, ale and port er. Fermented liquors such as tuba, basi and tapuy are not covered by the tax bill. Mideast policies integrated (Continued from page 1) The President earlier said the unpredictability of OPEC policies made it very difficult for govern ment to determine a definite position on prices and oil supplies. With strengthened relations, these uncertainties would be erased, he said. At present, the Philippines has embassies in Egypt, Iran, Kuwait, Saudi Arabia and Libya. Embassies are planned to be set up in the United Arab Emirates, Abu Dhabi, Qatar, Morocco, Iraq and Syria. The President also received the credentials of two new ambassa dors: Kwong-Jong Song from South Korea, and Hugo Carlos Bonnet from Argentina. Compounded liquors are intoxic ating beverages resulting from the mixture of or addition to distilled spirits of any coloring matter, flav oring extract or essence or other kinds of wine, liquor and similar ingredients. These manufacturers were agree able to the tax increase except for the timing since they claim that they are currently experiencing hard times because of the overall economic situation of the nation. The NTRC and the Bureau of In ternal Revenue, however, pointed out that manufacturers of alcoholic beverages similarly raised the same argument in 1978 when taxes were raised. Both agencies said these firms managed the additional tax imposed in 1978. BOOTLEGGING. It was also sug gested that the Batasang Pambansa enact a law providing for heavy pe nalties for bootlegging (illegal man ufacture of liquor and wines), which the manufacturers claimed is seriously affecting the industry. They also said the tax-exempt status on locally-brewed alcoholic beverages such as tuba and basi should be removed. The BIR, however, said this is not possible since, much as it wants to, it cannot post collection agentsunder every coconut tree, in the case of tuba. The tax bill on alcoholic beve rages is expected to raise an add itional P86.6 million for the govern ment. For 1977 (latest data avail able), the government realized P489 million in specific taxes on alcoho lic drinks. The NTRC will resume today further public hearings on the gov ernment’s new tax measures. To be conducted by the BIR, the measures to be discussed today are the bill modifying charges on forest products from specific to ad valorem taxes and ths bill raic;ng the ad valorem tax or royalties on’ minerals and mineral products. The retail trade nationalization law Soviet Union buys 200,000 tons RP sugar worth $121m? (Continued from page 1) The AFP report said a Soviet de legation was in Manila last month. The visit, it said, coincided with ru mors that Yugoslavia may have over the delivery to the USSR of 100,000 tons. Recently, European weather has been very wet, with Poland, a big producer with 1.6 million tons expected this season, reporting saturated fields and root crops affected. Concern is also being expressed about Cuba’s cane crop, said to be affected by disease, labor problems and mechanical failures. Any shortfall from this major supplier to the Soviet Union would have a direct bearing on Russian imports, it was pointed out. For the 1979-80 season, it is estimated, the Soviet Union has already imported two million tons of sugar, to augment its poor crop last year. The need for “prompt” supplies at the present moment would indi cate that all is not well with its 1980 crop, dealers believed. But it is too early to take a "firm" line on the harvest prospects, as a few days of sunshine is all that is required to bring an adequate yield, they added. Meanwhile, Mexico (the second biggest producer after Cuba in the Caribbeans) has bought three car goes (30/36,000 tons) of "prompt” whites from a New York trade house, showing that all is not well in that important producing area, AFP reported. NPC power rates to go up (Continued from page 1) According to Itchon, the NPC is trying to wean the country from oil-fired power generation as-fast as possible under the accelerated energy program. Aside from its development of geothermal power sourcing, the NPC is also thinking of going Into more coal-fired thermal projects. Itchon noted that the new energy program is an ambitious step towards providing the country with cheaper sources of power. The effects of the new program, he added, will be visible during the second half of this decade. With regard to bvbwnouts, Itchon blamed the “bad condition” of the existing oil thermal plants which the NPC had bought from Meralco. He added that the plants’ rehabilitation is being undertaken at present. "When the geothermal power plants contribute already about one half of the power sourced from the oil thermal plants, then the element of brownouts will be greatly reduced," Itchon said. Intsik beho is no longer in the language of children today. For those 26 years old and above, the term beho evokes fond memories of candles, chocolates, and low-priced toys like trompo and tirador. The children of today are completely unaware of beho’s existence. The days of small Chinese sari-sari stores in every street corner are gone now. They all disappeared when Republic Act 1180, the Retail Trade Nationalization Law, came into existence in 1964. The law, also an act to regu late the retail business, provides that: "No person who is not a citizen of the Philippines, and no association, partnership, or corp oration the capital of which is not wholly owned by citizens of the Philippines, shall engage, directly or indirectly, in the re tail business xxx. The law once challenged as unconstitutional for being ex post facto and as a violation of the equal protection and due process clauses of the Constitu tion for citizenship classifica tion, was held by the Supreme Court as constitutional in the case of People v. Yu Bao (March 29, 1958, L-11324) and Ichong v. Hernandez, (L-7995, May 31, 1957). The Supreme Court said that the law has prospective effect. It is not ex post facto be cause it does not punish an alien for having engaged in business prior to its approval. And that citizenship is a valid and legal classification as affirmatively de cided in the Philippine courts as well as in various courts in the United States. By MAT DEFENSOR The contribution of the law to the enrichment of Philippine jurisprudence cannot be doubt ed. The exercise of police power in a grandest manner, affecting thousands of people in the retail trade and the entire economy of the nation were demonstrated by the law and the various cases that followed after its passage. How the judiciary can interpret laws to the point of legislating was also shown in a case in volving its implementation. The Supreme Court in justify ing the law as a legitimate exer cise of police power said: "And tail Trade or the Anti Dummy Laws because they have nothing to do in the management and control of the business of King nor did they share in its profits. The Supreme Court in dismissing petitioner’s claim, admitted that “from the context of the law as well as from the decision of this Court in the Inchong case, it may safely be inferred that the nationalization of the retail trade is merely confined to its ownership and not its manage ment, control or operation. Nevertheless, this apparent flaw in the Retail Trade Law cannot beavailedof by an un____________________________ ;__________ scrupulous alien as. a convenient pretext to Business & the law • ness persons of his llke to flout the law or subvert its natlonthe reasons behind such ban are the pernicious and intolerable practices of alien retailers who in the past have either individually or in organized groups contrived in many dubious ways to control the trade and dominate the dis tribution of goods vital to the life of our people thereby result ing not only in the increasing dominance of alien control in re tail trade but at times in the stranglehold of our economic life. The law is clearly in the interest of the public and of the national security itself, and in disputably falls within the scope of police power, thhi which and by which the state insures its existence and security and the supreme welfare of its citizens.” In the case of King et. al., petitioner v. Hernaez et. al. res pondents, (L-14859, March 31, 1962). Petitioner who employed aliens as helpers contended that those aliens’ employment were not prohibited either by the Re alistic purpose ... It is impera tive that the law be Interpreted in a manner that would stave off any attempt at circumvention of this legislative purpose.” Where the law did not pro vide the Supreme Court pro vided by judicial pronounce ment. What makes the decision more colorful is the Supreme Court’s admission regarding the ’’apparent flaw” in the law which must be cured anyway by interpretation. With R.A 1180, the retail trade are now in the hands of the Filipinos. Yes, the children today no longer know beho, the sari-sari store owner on the street comer. He is now addressed as “Mister.” But they will find him in the classy offices in Makati. He lives in exclusive villages and, if the children see him on the streets, he is likely in a late-model, chauffeur-driven car. o Extacel Natural Vitamin E and Lecithin in one capsule Business Dey Business Data • Money Market • Stocks New Products • Commodity Exchange VOL. XIV, NO. 100 WEDNESDAY, JULY 16,1980 SECTION II PAGE 9 McH 51 lW’ J¥untJ the final touch Olitrlbuttd by: FORTUNA TRADING CORP. Tel. Nbi. S7-40-11 up to •• No dollar-defense move seen LONDON (Reuter) — Foreign exchange analysts in major financial centers are divided in their forecasts about the future trend of the dollar, but there is general agree ment that the US administration is unlikely to respond to any further dollar weakness with another de fense package. Earlier this year, as US bank prime lending rates pekked at 20% and Eurodollar deposit rates rose to a 10-point premium on equivalent Euromark rates, the dollar firmed to very nearly two marks. At midday today the dollar was quoted here at 1.7433/43 marks. DIFFERENTIALS. Interest rate dif ferentials, and the different anti cipated rates of inflations which they ultimately discount, have al ways been the long-term key to cur rency movements, analysts here commented, but the large swings in differentials seen recently have pro vided an unusually clear picture of the process. As US interest rates declined rapidly, the Eurodollar differential to marks narrowed and then crossed over so that today interest on one month marks is around 9-1/2% compared with 9-1/4% for dollar deposits. As consequence, one month forward marks are at a discount to the dollar. The fact that one-year mark de posits are around 8-1/4% while oneyear dollar deposits are about 9-7/8%, at a time when German in flation is expected to average 5 to 6% this year compared with a cur rent US inflation rate of nearly 12%, is the main reason why some analysts think the dollar will con tinue to soften in coming months. INFLATION DROP. The US ad ministration has forecast a signifi cant drop in US inflation during the second half of the year, and either such a drop has to happen, or US interest rates have to rise if the dollar is to maintain its current levels, analysts said. But economists in New York be lieve it unlikely the US would intro duce a dollar defense package at any time in the near future for several reasons. They believe the administration is not particularly worried about a dollar decline since it is largely due to falling interest rates as a con sequence of the recession. European economies are also ex pected to weaken, bringing a de cline in interest rates in those countries, which could help the dollar if US interest rates remain unchanged or even rise. The New York economists said the dollar’s decline has not been un ruly, in contrast to the speculative selling pressure which developed in previous periods, and intervention has been able to at least stabilize the US currency. The expect improvement in US inflation and in the current account later this year, adding this should help the dollar. INTEREST RATES. A weak dollar might make the US Federal Reserve less inclined to encourage a further drop in interest rates, and the Fed eral Open Market Committee ap pears to have left policies un changed at its midyear meeting last week. Bankers in Germany said the re cent weakness of the dollar pro vides only little new incentive for a cut in short-term German rates. Although inflation seems to have peaked in Germany, the bankers said they believed the Bundesbank will hold to its tight monetary policy until later in the summer. One bank economist said he was surprised by the steadiness of the dollar in the face of persistent talk of a US tax cut following the sharp decline in US interest rates. EEC told to avoid protectionism vs. Japanese goods BRUSSELS (Reuter) — Europe must tackle its trade problems with Japan on a general basis and avoid protectionism against specific imports such as cars, EEC Commissioner for External Relations Wilhelm Haferkamp said here. “We are committed to doing all we can to prevent the (free trade) system being disturbed,” Haferkamp told a press conference. Haferkamp, who discussed EEC-Japanese trade issues with officials in Tokyo last week, rejected the _ idea of quotas on Japanese car imports to individual EEC countries, but said unrestrained imports of cars from Japan must cause problems. The EEC commissioner, who was in Tokyo to attend the funeral of former Premier Masayoshi Ohira, said he had been struck by the importance which the Japanese attach to increased cooperation with Europe in a number of sectors. Japan had made clear that it wanted to cooperate with Europe on such issues as energy, Third World development and the North-South dialogue, Haferkamp said. It had also given prompt support to recent EEC political initiatives on Afghanistan and the Middle East, he added. But Haferkamp made clear that he had neither sought nor obtained any specific assurances from Japan on trade issues, ahead of the EEC foreign ministers’ meeting. UNSATISFACTORY. The EEC Commission document said that present trade relations between the EEC and Japan are unsatisfactory on a number of counts. Individual trade curbs by EEC member states created "a patchwork of separate national trade restrictions which are more a relic of the 1950s than a community policy for the 1980s,” it said. A number of countries, like Britain, France and the Benelux Group, retain-bilateral safeguard clauses in trade with Japan, while Italy has effectively limited car imports from Japan to a trickle of only a few thousand each year. RESENTMENT. Such restrictions caused resentment in Japan, distorted the EEC’s own trading policy and reduced the ability of key sectors like Europe’s car industry to face international competition, the commission said. For weak industries in Europe, where sharp Japanese competition could cause serious industrial and social problems, the EEC might have to ask Japan to restrain exports to allow time for restructuring, the commission said. Iran to hike crude shipments to Japan TOKYO (Reuter) — day said the National Iran will increase its Iranian Oil Co. (NIOC) heavy fuel oil (C-type) notified Japanese imshipments to Japan from porters it was suspending August onwards to cover all July shipments of fuel the suspended July ship- oil to Japan without ments, Mitsubishi Corp, giving reasons, said. The Iranians have said Under the present that the suspension of contracts, Japan is to July shipments was due buy 105,000 barrels a mainly to congestion at day -of heavy fuel oil, but ports in Iran and does Iran halted its crude oil not mean any cancella- shipments of some tion of contracts at all, 520,000 barrels a day to Mitsubishi said. Japan last April after a Mitsubishi last Thurs- pricing dispute. give you 2 A CONTOURED CROTCH (with pouch type) cons truction giving you total comfort where you need | it most. (Phil. Pat. UM 238) W Styles 401 (regular cotton brief) 4007 (cotton eyelet brief) INSIST ON "PURITAN” LINE OF PRODUCTS [pU]*itan UNDERWEAR & OUTERWEAR Filflex Bldg., Mercedes Ave., San Miguel, Pasig, Metro Manila P.O. Box 1957 Manila Tels: 682-3751 to 53 • 682-2633 Page 10 Business Oay Wednesday, July 16, 1980 BD CURRENCY CONVERSION TABLE July 16, 1980 Equivalent of foreign currency in Equivalent of US$1 in foreign Equivalent of foreign currency in Equivalent of RP P1 in foreign Currency US dollar* currency RP peso** currency US dollar - — 7.544 .1326 Japanese yen . .004579 218.3883 .0345 28.9855 Pound sterling 2.3770 .4207 q 17.9321 .0558 German D-mark .5733 1.7443 4.3250 .2312 Australian dollar 1.1616 .8609 8.7631 .1141 French franc .2473 4.0437 1.8656 .5360 Hong Kong dollar .2037 4.9092 1.5367 .6507 Canadian dollar .8692 1.1505 6.5572 .1525 Netherland guilder .5239 1.9088 3.9523 .2530 Italian lire .001204 830.5648 .0091 109.8901 Belgian franc .0358 27.9330 .2701 3.7023 Singapore .dollar .4737 2.1110 3.5736 .2798 Austrian schilling .0809 12.3609 .6103 1.6385 Norwegian kroner .2084 4.7985 1.5722 .6361 Danish kroner .1850 5.4054 .1.3956 .7165 Swiss franc .6229 1.6054 4.6992 .2128 Swedish kroner .2428 4.1186 1.8317 .5459 Spanish peseta .0141 70.9220 .1064 9.3985 Taiwan dollar .0295 33.8983 .2225 4.4944 Thailand baht .0510 19.6078 .3847 2.5994 Chinese renminbi*** .6889 1.4516 5.1971 .1924 ♦New York free exchange rte rate: sellers' quotations as of July 14, 1981 as quoted by the Central Bank for July 16, 1980. ♦♦The FOREX guiding rate Is used In computing the RP peso equivalent ♦♦♦Peking exchange rate (Reuter) I No Aussie embargo on EEC imports CANBERRA (Reuter) — Australian Primary Industry Minister Peter Nixon said the govern ment has no firm plans as yet to take any firm action against imports of goods from the European Economic Community. Olivetti A 4 numeric accounting machine for data collection applications With the compact dimensions of a desk-top office machine, the Olivetti A4 is designed for a dual role: for data collection (on punched tape and magnetic tape cassettes) and for basic accounting, with all the advantages of programmed electronic computing. The machine is used for the principal accounting and banking transactions, and for invoicing and payroll, and can be equipped on a modular basis with peripheral units and optional devices to meet specific needs. Programs with different operating sequences are stored on interchangeable drums. REACH, INC. In a radio interview with the Australian Broadcasting Com mission, Nixon added he hopes it will not be ne cessary to impose a trade embargo on Europe goods. Nixon had said in an earlier speech that res trictive EEC trade poli cies which hurt Australia might force the govern ment to consider such action. In the interview, .Nixon said if it became necessary to protect Aus FOREX TRADING The guiding rate for today is P7.55 to US$1, a change of P0.006 from yester day’s P7.544. Transac tions at the Foreign Exchange Trading Center yesterday amounted to $10.2 million. Sellers were Bank of the Philippine Islands ($6 million); Security Bank and Trust Company ($1.2 million); and Char tered Bank ($3 mil lion demand draft). INTERBANK RATE The average interbank demand rate quoted yesterday was 8.41%, according to traders from 16 participating institutions. Traders reported rates ranging from 12% to 6%. The number of lenders equaled the number of borrowers. tralia from the effects of EEC trade policy, then appropriate weapons would have to be used. If they are using trade restrictions, then we may be forced into the same position, he said. Thailand firms resume exportation of sugar BANGKOK (Reuter) — Loading of raw sugar for export started yester day, ending the twomonth export suspension caused by the shortage of the commodity in the domestic market, trade sources said. Maritime Explorer arrived here over the weekend to take delivery of about 6,800 metric tons of raw for Japan. Sources from the Thai Sugar Trading Corp, which is one of the two Thai firms allowed to engage in the sugar ex port trade, said bulk loading on the vessel was originally due to take place July 13. DELAYED. Loading was slightly delayed because a survey on the clean liness of the vessel has not been completed, the sources said. Thai Sugar Trading Corp, estimated about 50,000 MT of raws will be exported by the firm during the current month. The other Thai sugar exporting firm, Thailand Sugar Industry Corp., last week applied for an export license for 14,000 S. Arabia to maintain oil output till yearend BEIRUT (Reuter) - Saudi Foreign Minister Saud Al-Faisal has said his country will maintain its present level of oil production until the end of the year. In the first official Saudi statement on pro duction levels from June, Prince Saud was quoted by the Lebanese news paper Annahar as saying Saudi Arabia’s product ion policy would not change. “It was decided pre viously that the current production level would continue until the end of this year,” he said. REVIEW. Saudi Arabia had said earlier that the current rate of product ion of 9.5 million barrels a day was subject to a review every three months. The present rate, which exceeds normal production by one mil lion barrels, was decided to make up for a world shortage resulting from reduced Iranian oil out put. N o new production levels have yet been an nounced for the three months from July to September. Prince Saud opposed giving some Arab states preferential oil prices. only upset the price structures of the Organiz ation of Petroleum Ex porting Countries. “Saudi Arabia has prethose lieve that sound wa ritative M nomic S said the Qatar and Abu Dhabi were likely to follow Saudi Arabia in maintain ing oil prices at their cur rent levels. MT of raws for the US and the document is ex pected to be issued some time this week, trade sources said. A vessel, Kauo Grossof, was scheduled to arrive in Bangkok Monday to load the 14,000 MT of raws for the US, the sources said. A second vessel, Luchiang, is scheduled to arrive here between July 19 and 21 to take de livery of 2,806 MT for Malaysia by Thailand Sugar Industry Corp., the sources added. Meanwhile, the foreign trade department announced last week ad vance sales of raw sugar from the 1980/81 crop year (November to May) should be approved by the department first before they could be concluded with overseas buyers. The move was aimed at preventing the re currence of sugar short age in the domestic market next year, the department said. In cases where ad vance sales were con cluded before the an nouncement, exporters must submit sales doc uments and letters of credit to the authorities for consideration before August 7, the depart ment added. Wednesday, July 16, 1980 Business Day Page 1 Commodities Pound likely to drop to $2.20 By JON LYNN FUTURES QUOTATIONS MONDAY, JULY 14, 1980 NEW YORK COPPER (In US cents per pound): _Open_ Jly '80 95.10B/ 95.50A 97.10 Aug 96.25B/ 97.00A 97.80 Sep 97.60B/ 97.70A 98.50L/98.60H Dec 98.30B/ 98.50A 99.30L/99.40H Jan *81 98.50B/ 98.90 99.85 Meh 99.60B/ 99.80A 100.75 May 100.30B/100.40A 101.60 Jly 1Q1.70B/101.80A 102.65 Sep 102.20B/102.30A 103.65 Dec 103.50B/104.00A 105.15 Jan '82 103.80B/104.70A 105.65 Meh 105.00B/106.20A 106.65 May 106.00B/107.20A 107.65 Estimated sales: 4,600.contracts (25,000 lbs.each) Previous actual sales: 3,974 contracts LONDON METALS KERB (In pounds sterling per metric ton, in pence per ounce for silver): _Open_ _Qlo»e_(Byr/Sr)_ COPPER BARS: 4,950 tons 3 months 930.00 927.00/928.00 TIN STANDARD: 95 tons 3 months 7,150 7,151/7,155 ZINC: 525 tons 3 months 311.50 310.00/311.00 SILVER: 17 lots 3 months 698.0 693.0/694.0 ALUMINUM: 250 tons 3 months 729.00 728.00/729.00 NEW YORK SILVER (In US dollars per troy ounce): _OP£J}__ __ Jly '80 15.850B/15.910A15.700L/15.750H Aug 15.910B - 15.910 Sep 16.050A - 16.050 Dec 16.560B/16.600A 16.505 Jan '8116.710B/16.780A16.660 Meh 17.100B/17.120A16.970 May 17.300B/17.400A17.280 Jly 17.600B/17.650A 17.590 Sep 17.900B/18.020A17.900 Dec 18.370B/18.500A18.370 Jan '8218.520B/18.700A 18.520 Meh 18.830B/19.050A18.830 May 19.140B/19.350A19.140 Estimated sales: 2,500 contracts (5,000 troy ounces each) Previous actual sales: 1,527 contracts INTERNATIONAL SUGAR AGREEMENT (In US cents per pound FOB and stowed Caribbean port, prices for July 11): Daily price 23.46 15-day average 29.61 NEW YORK SUGAR SPOTS (In US cents per pound): World No. 11 27.67 up 210 Domestic No. 12 28.14 up 198 (Continued on page 14) LONDON (Reuter) — Sterling is likely to fall to $2.15 to $2.20 by the end of the year from its current level above $2.37,- as UK minimum lending rate comes down to between 12% and 14% from 16% at present, bankers and economists interviewed by Reuter said. In addition, North Sea, oil, which obviates the effects of oil price rises on the UK economy, will ensure that sterling remains above $2 for the next few years, although by the same token the pound will be susceptible to falling oil prices, they said. BOP. Britain’s oil will help improve the balance of payments which will lend further support to sterling, the economists said. All agreed that the pound is unable to maintain its current level, which is nudging its former fixed intervention margins against the dollar of $2.38/42. But they do not expect sterling to fall to the $1.80 which they believe would more truly reflect the difference between UK and other countries’ inflation rates. For the time being, the main determinant of the price of sterling is the structure of UK interest rates, they said. MLR CUTS. As monetary restraint begins to bite harder into UK inflation in' the coming months, the authorities will make further cuts in MLR, economists said. The July 3 cut in MLR to 16% from 17% left little lasting impact on sterling, because the currency markets realized the move had done little change interest rate differentials. One economist said that at the end of the year, or early 1981, when he foresees MLR at around 12%, Japan and West Germany will be able to offer similar rates, say around 10%, plus the possibility of currency appreciation. Several economists saw further downward pressure on sterling in the coming months from the autumn wage round, perhaps bringing another winter of labor discontent in its train, while others expect US interest rates to bottom out or even rise by the end of the year, causing sterling to ease against the dollar. H. Kong set to ban hawking of gold HONG KONG (Reu ter) — The commodities trading ordinance will very shortly be amended to ban the “hawking” of gold in Hong Kong and to require the regis tration and regulation of all gold dealers other than members of the Chinese Gold and Silver Exchange Society, Fi nancial Secretary Philip Haddon-Cave said in a .speech to the society. ‘ ‘ Far too many . . . fringe operators have adopted business prac tices which might gen erously be described as dubious and depend in part on the employment of untrained, but aggressive, sales teams canvassing members of the public to induce them to speculate in gold in such a way as to lose their money, he said. ‘ * These measures, if approved, will not inhibit in any way dealings on your own market and should remove a poten tial source of damage to the financial reputation of Hong Kong as well as protect investors loc ally,” Haddon-Cave added. 10Z discount on SECBusinessDay's 1000^ 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 31,198O! 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Box Makati,Metro Manila. 1W 874961,882671-2. FLFI I£SI Business Day SHIPPING AND TRADE PAGE 12 WEDNESDAY, JULY 16, 1980 >^5 EVERETT LINES ™,31 EVERETT STEAMSHIP CORPORATION to 39 AGENTS 290 Atlanta St Port Area, Manila EVERETT ORIENT LINE WEEKLY EXPRESS SERVICE CONTAINER/BREAKBULK/REEFER FERNANDO EVERETT VOY. II ROSS EVERETT VOY. 25 LEONOR EVERETT VOY. 26 BRAD EVERETT VOY. 26 YOKOHAMA Sailed Sailed July 16 July 23 NAGOYA Sailed Sailed July 19 July 26 KOBE Sailed Sailed July 20 July 27 MOJI Sailed July 16 July 23 July 31 MANILA INPORT July 22 July 29 Aug. 5 CEBU July ta Omit Aug. 1 Aug. 8 DAVAO July 21 Omit Aug. 4 Aug. 12 YOKOHAMA July 30 OSAKA July 29 Aug. 13 Aug. 20 FERNANDO EVERETT VOY-11 INPORT DISCHARGING/LOADING PIER 5, BERTH 1 FCL CLOSING TIME 1600 JULY 16 STRIKE ENDS NEW DELHI (Reuter) — A 28-day-old strike by about 200 workers at Cochin port in Southern India was called off. fol lowing a settlement be tween union leaders and O GALLEON SHIPPING CORPORATION Port Trust Authorities, the Press Trust of India (PTI) reported. The striking workers have resumed work under an accord reached here between the work ers and port authorities, PTI said quoting an of ficial announcement. The work at the port, which had remained dis rupted since last June 15, resulted in the accum ulation of tea, frozen sea food and other export goods totaling 300 mil lion rupees. Container yard opens on July 18 The newly completed five-hectare container yard and container freight station (CY-CFS) of Pennell Commercial Co. Inc., a local broke rage firm, will be for mally opened on Friday, July 18, at Bicutan, Paranaque. Alfredo Gloria, pres ident, said the modem CY-CFS, which can ac commodate up to 3,000 units of 20-40 footer container, was cons tructed in response to the government’s drive of clearing out the old Intramuros area of huge shipping containers as well as help in the de congestion of our piers. Expected to head the inaugural guests on Fri day will be Acting Customs Commissioner Ramon J. Farolan, Phil ippine Ports Authority General Manager Eustaquio Baclig, and Edward H. Bosch, general man ager of the Association of International Shipping Lines. W^eastern shipping lines w Philippine flag carriers N. Sea oil storage ship certified Surveyors from the Marseilles office of Lloyd’s Register are supervising the conver sion of the 210,658 dwt tanker, Medora, as part of what will be the first ship oil storage system to be used in the North Sea. She will form a key part of Shell’s ambitious Ful mar Project which envi sages the use of the Medora as an oil storage vessel permanently moor ed by a rigid yoke to a single anchor leg mooring (Salm) in 300 ft. of water at the Fulmar Field, 170 miles east of Dundee. The Medora was ori ginally built to Lloyd’s Register’s +100A1 class by M. H. I. at Nagasaki in 1968 and her conversion is being carried out by Chantiers Navals de la Ciotat, France, following approval of the plans by the hull structures de partment of LR in Lon don. As part of the plan approval process the hull structures department completed a study of the failure history of specific detailed components. Because of the ship’sintended service in the N orth Sea various an alyses were also carried out, including static, wave bending moments Qg EAC LINES-CANADA/USA EXPORT FEEDER SAILS PORTS OF CALL SAMOA V-028 XIJIANG V-19N JULY 18 VANCOUVER B.C., P. ABOITIZ V-16 JULY 19 SEATTLE TACOMA N. ZIRCON V-15 JULY 21 PORTLAND LOS ANGELES AND IMPORT FEEDER ARRIVAL SAN FRANCISCO SIMBA V-023 P. ABOITIZ V-16 JULY 24 OCP, MICRO BRIDGE OR MLB TORONTO SIENA V-025 P. ABOITIZ V-18 AUG. 6 & MONTREAL TEL. 58-38-44, 58-51-54, 59 79-41/51 and fatigue analyses. The conversion work involved the insertion of a hinge beam unit in the reconstructed bow and LR carried out a detailed grillage analysis of the bow structure connect ion. As the Medora will become part of a North Sea offshore oil installa tion after conversion, the offshore services depart ment of LR will certify her, acting as a certifying FULL CONTAINER SERVICE FROM MANILA TO ZAMBOANGA from the CONTAINER SHIPPING COMPANY OF THE YEAR AWARDEE. Philippine Port* Authority WILLIAM LINES INC. authority on behalf of the UK Department of Energy. The offshore services department is also cer tifying all the other com ponents of the Fulmar project, including the seabed template, two steel jacket production platforms, the single anchor leg mooring and the associated topsides plant and equipment for the project. Wednesday, July 16, 1980 Business Day Page 13 Freight market rates continue to decline LONDON, July 14 (AFP) — Rates continued to decline on the freight market last week, but there were signs that the fall was slowing down. Chinese charterers, always shrewd judges of the trend, appeared to feel that the time was ripe to return to the market, and were pre pared to pay steady rates for grain tonnage as far ahead as October out of the US Gulf. In addition they booked tonnage from the US Pacific coast at 50 cents more when agreeing $35 per ton for a 20,000 ton shipment. Time-chartering was also evident in their name and there was talk that the Chinese were negotiating cover in this sector as far ahead as Singapore yards seek new markets NEW LOOK - Members of the Pan Am ticketing offices in Manila sport uniforms designed by the Parisian designer Cacharel, as part of a worldwide program to position the new Pan Am as a single entity following the airline's merger with National Airlines last January. The new getup features classic suits in navy or vibrant Cacharel blue, with subtle Pan Am logo print blouses in fuschia, and Cacharel blue, and accent accessories like scarves and muffler. Photo shows, from left: Willie Ocampo, Lily Borromeo, Lulu Ogalino, Sylvia Pascual, Celine Empalmado, Celso Reodica,--Len Rivera, Jean Salvador, EllenSinguinan and Bien Daluz. SINGAPORE (AFP) — Singapore shipyards are casting around for new markets following a marked drop in the number of Soviet vessels putting in here for re pairs. The numbers dropped after the government’s decision in March to ban work on Soviet naval vessels to avoid facilitating Soviet aid to Vietnam. Though the ban is on navy auxiliary vessels, shipyards have not ac cepted work on other Soviet ships, like oceano graphic vessels, which could be construed as auxiliary vessels. Previously there were as many as five Russian ships under repair at any one time, including those in contract and those that arrived for spot reOctober. It will be around au tumn that the Soviet Union can be expected to return to the market, shipping sources pointed out. Inquiry from this quarter was rumored to have started already. Meanwhile, elsewhere in the grain trade, the US Gulf/Japan rate for 30,000 tons fell to $25.50 per ton, down $4.50 since the beginning of the month, while the 50,000 ton rate was down $1.50 to $24.50 in less than a week. Venezuela featured with six cargoes of grain and meal out of the US G ulf at steady rates. But trans-Atlantic voyages to Europe from this loading area re mained limited. A Announcing the ban on Marth, Foreign Minister Suppiah Dhanabalan — then senior minister of state — said Singapore would not al- „ . -low Russian naval ships , on Russian orders and to use its repair services. ’ He said that while Singapore might not be in a position to support materially the resistance movements in Indochina, it did not want to make it easy for the Russians to give support to those they were backing. There are only two Soviet ships at present under repair in the Keppel Yards here and a tanker is expected here in seven months time for specialized work on fit ting a new bow, blown off by an explosion. A Keppel Yard of ficial was quoted as say ing “we are not part62,000 tonner booked to Antwerp Hamburg was paid $15.50, which com pared with the same rate paid to a 58,000 tonner the week before. The Great Lakes con tinued to offer little support to the grain fix ture list. Out of the US Atlantic coast, the list in cluded two cargoes of grain fixed to Greece, at rates about $4 cheaper than a month ago, but on the other hand a 24,000 ton grain cargo to Egypt was paid $35 per ton compared with $32.50 for a slightly larger ship the week before. The US Pacific coast offered a variety of fix tures, apart from the one to China-. A 27,000 tonner was fixed to Taiwan at $27 per ton, icularly eager for Russian orders following the gov ernment’s guidelines on Soviet naval vessels. “The shipyard is maintaining a low profile has expanded marketing efforts in other coun tries.” The yard has not signed any major con tracts with the Soviet Union since December. Meanwhile, the Straits Times reported that Jurong Shipyard here has frozen negotiations with the Russians for the con version of four conven tional ships to container ships. Most of the Soviet ships that come here for repairs are fish factories, whaling ships, freighters WINNERS ALL - Vickie Villa (center), assistant sales manager of Hotel Inter-Continental Manila joins co-staffers Ramon Aldeguer (left), sales manager, and Maridel Gonzalez (right), assistant sales manager, as a winner of The Outstanding Philippine Salesman tilt sponsored by the Sales and Marketing Executives International. Villa was adjudged honorable mention in this year's contest in the hotels and tourism category while Aldeguer and Gonzalez garnered top marks in 1977 and 1979, respectively. The trio hold pivotal positions in the marketing department which accounts for over 60% of room business. Year to date occupancy of the hotel currently is said to be the highest in the industry at 84%. or $4.75 less than paid for a May cargo, while exceptionally a grain shipment was arranged to India at $50 per ton. The Hampton Roads/ Japan coal eased back $1.75 when $20.50 was paid for a 55,000 tonner. This compared with the peak rate of $28 paid in early June. In addition reports were circulation of a half-million ton con tract over 1981 between Hampton Roads and Denmark. Fertilizer shipments remained a prime con sideration' for the Indian government, with most interest last week being shown in US supplies. Time-chartering was on a somewhat reduced Logbook TOKYO (Reuter) - Foreign shipbuilding orders received by Japanese shipyards in June fell to 21 vessels totaling 377,000 gross tons from 23 totalling 465,000 tons in May, the Japan Ship Exporters Association said. This compares with 21 ships totaling 297,000 tons a year earlier. The June total, worth 83 billion yen, com prised seven freighters totaling 86,000 tons, 12 bulk carriers of 254,000 tons and two tankers of 37,000 tons. Orders received in the first quarters, April-to.. June, of fiscaF'^86amounted to 77 Vessels totaling 1.58 million tons worth 316 billion yen, compared w it h 62 totaling 1.30 million tons worth 201 billion yen a year ago. The backlog of orders at end-June was 344 ships totaling 9.06 mil lion tons worth 1.55 tril lion yen, the association SINGAPORE (AFP) — Two offshore oil drill ing rigs were named at a dual ceremony here over the weekend and will soon go into operation — one off the east coast of India and ■ the other in Southeast Asian waters. The multi-million dollars rigs, “W.T. Adams” and “D.R. Ste wart,” were the eighth and tankers. No naval vessels have come here for repairs except for naval auxiliary vessels. PIPE DEAL - Neltex Development Company, Inc., manufacturer of UPVC water, sewer and sanitary pipes was recently selected to supply piping systems for NHA Tondo Foreshore projects. Neltex UPVC pipes are suited to resist soil corrosion in the Tondo reclaimed area. Photo shows inking the final negotiation are, from left to right; Nitoy Tantan; Bobby Luna, NDCI's production director and marketing director respectively; Jun Junia, NHA project implementation division manager; and Jote Austria, Neltex sales manager. and ninth rigs to be built here for Reading and Bates Drilling Company, bringing the total value of contracts completed in Singapore to well over $100 million and high lighting Singapore’s im portance as a major inter national center for the o ffshore drilling indus try. The two rigs, built at the Marathon Letour neau Shipyard in Jurong, are independent leg, selfPhilippine ocean lines, inc. GENERAL AGENTS 268 Atlanta St. Corner 12th St., Port Area, Manila Tel. Nos. 40-10-81 to 98 Loc. 280-285 • Cable Address: "POLISHIP" 47-70-87 Member: Phil. Ship Agents Assn. elevating drilling units with accommodation for 94 men each and capable of drilling in water depths of up to 300 feet. The “W.T. Adams” will soon begin oper ations off the east coast of India under contract to the Oil and Natural Gas Commission of India. The “D.R. Ste wart” is scheduled to start work in Southeast Asian waters under con tract to Sarawak Shell REPUBLIC OF THE PHILIPPINES OFFICE OF THE PRESIDENT Securities and Exchange Commission SEC BLDG., EDSA (NEAR ORTIGAS AVE.) GREENHILLS MANDALUYONG, METRO MANILA NOTICE NOTICE is hereby given that pursuant to SEC Certifica te of Renewal No. 1201 dated June 30, 1980 SANDOZ (PHILIPPINES), INC. has been authorized to issue short term commercial papers not to exceed "FIVE MILLION PESOS ONLY** (P5,000,000.00) at any one time. The permit shall remain valid from July 2, 1980 to July 1, 1981 only, co-terminus with Certification No. A-875 dated June 16, 1980 issued by the Inter-Agency Committee on Domestic Borrowings of Foreign Firms, subject to further Orders of the Commission. Mandaluyong, Metro Manila, Philippines, June 30, 1980. Berhad. Reading and Bates, which opened its Sing apore office in 1968, today has eight rigs oper ating in this region — four in Indonesia, three in Brunei and one in Sarawak. The two latest rigs were named after W.T. Adams, senior vice-pres ident, and D. R. Stewart, vice-president operations, of Reading and Bates Drilling Co. New weekly direct sailings to: FRIDAY 10 A.M. MV MISAMIS OCCIDENTAL k SAN JOSE A PUERTO V PRINCESA J CORON WEDNESDAY 11 A.M. WILLIAM LINES, INC. | WW THE DOMESTIC CONTAINER SHIP PING FIRM OF THE YEAR. Page 14 Business Day Wednesday, July 16, 1980 Monetary Movements NEW YORK DOLLAR: Slightly higher Gold closed lower in London Monday at $647 an ounce, easier in Hong Kong at $659 from the previous close. The US dollar ended slightly higher in New York against most currencies, little changed in London, slightly up in Tokyo, firm in Hong Kong and Singapore. LONDON GOLD: Decline continues LONDON (Reuter) — Gold continued to fall in trading after the prolonged afternoon fix, closing at $647.50/649.50 an ounce, around $12 down on the opening spread of $659/661 and $22 down on Friday’s London close, dealers said. They reported consistent liquidation of long positions, with the price falling further to $643/645 in the US immediately after the close here. Trading through the day was hectic and nervous, primarily in the wake of a Reuter interview with US Treasury Secretary G. William Miller, outlining conditions under which the US would resume gold sales. Dealers said today’s downward trend came as a surprise to many operators who had seen the market heading towards the $700 level following gold’s the weekend, recovery in the second half of last week to $670/672 at the Friday London close after lows around $650 at the beginning of the week. Prices in London, however, shed $10 in nervous early trading, falling to $649 at the morning fix. NEW YORK (Reuter) - The dollar finished the day slightly higher against most currencies, reflecting a firmer trend in Eurodollar deposit rates, dealers said. They noted the market continued to focus on interest rate considerations in the absence of any other /actors which might provide direction, but trading generally was quiet. Eurodollar rates closed about 1/8 to 3/16 point higher, and the dollar edged up to 1.7443/48 marks from Friday’s close at 1.7*410/20, although it was slightly below today’s opening at 1.7450/55. The apparent decision by the Federal Open Market Committee not to alter monetary policy at the present time was cited as a positive background factor for the dollar. The currency closed at 1.6052/62 Swiss francs, compared with an opening 1.6055/65 and Friday’s close at 1.5990/6005, and firmed to 218.35/45 yen, from 218.15/30 and 218.25/45. The yen was helped earlier in the day by news that Japanese -certified exports in June were up 27.9% from year-earlier levels. Sterling remained strong, closing at $2.3760/70, up slightly from the opening $2.3750/55 and $2.3755/65 at the close on Friday. The dollar traded in a narrow range against the Canadian dollar, finishing at 1.1504/07, compared with 1.1498/1501 this morning and 1.1501/04 over LONDON DOLLAR: Little changed HONG KONG GOLD: Easier HONG KONG (Reuter) — The international gold price closed at $659/660 an ounce, easier compared with both the previous finish and the New York Friday closing of $665/667, dealers said. In the local market, the gold price closed lower at HK$3,830 a tael, after reaching a high of HK$3,890, compared with Saturday’s HK$3,866 close. Prices fell initially on US Treasury Secretary Miller remarks on US gold sales, but later recovered on profit-taking on realization that the US gold sales policy remains unchanged and Miller was not implying that any resumption of sales is imminent. The krugerrand price lost HK$34 to close at HK$3,37 3, equivalent to US$687. US dollar Canadian dollar British pound Netherland guilder Swiss franc French franc Deutsche mark *ln those cases where the authorized foreign exchange dealer is specifically authorized to purchase/convert currencies sold by residents. Source: Central Bank Commodities (Continued from page 11) NEW YORK SUGAR (In US cents per pound): 21.360 23,440 23.360 Japanese yen Italian lire Australian dollar Austrian schilling Hong Kong dollar Singapore dollar Belgian franc Malaysian dollar LONDON (Reuter) — The dollar closed little changed from its opening levels but slightly below its midday prices and a little higher than Friday’s close, dealers said. They said trading was quiet and featureless today. Such activity as arose tended to be commercial business. The dollar closed at 1.7425/35 marks, little changed from its opening 1.7422/30, but off the midday 1.7433/43 and above Friday’s closing 1.7380/95. The dollar closed at 1.6030/45 Swiss francs, after trading at midday at 1.6042/52, opening at 1.6025/40 and closing on Friday at 1.5960/80. Dealers attributed the dollar’s firmness against Friday’s close to rising Eurodollar deposit rates, which opened 1/8 to 3/16 points firmer than close on Friday. US Treasury Secretary G. William Miller’s forecast that the US budget deficit this fiscal year will substantially exceed the Carter administration’s previous estimate of $37 billion had no effect on trading, dealers said. Sterling showed hardly any movement today, and closed^ at' $2.3752/62 against Friday’s $2.3770/80 close, while its trade weighted index was unchanged at 74.5. News the UK industrial production index fell 0.1% in May after falling l.-7% in April had little impact on trading, they said. The dollar closed at 218.15/30 yen, unchanged from its opening and slightly up on Friday’s closing 217.45/55. TOKYO DOLLAR: Slightly up Sep '80 27.75L/28.00H 29.20L/29.34H Oct ---------------------------Jan '81 Meh Jly Oct Estimated sales: 10,790 contracts (112,000 Ibs.each) Previous actual sales: 16,789 contracts LONDON DAILY SUGAR PRICE (In pounds sterling par long ton): Raw Jly/Aug White Jly/Aug ____ LONDON SUGAR (In pounds sterling per long ton): Buyer Seller • NEW CONTRACT Oct Jan '81 Meh May Aug Oct 28.84L/29.00H 29.34 29.75B 3O.25B 30.80L/30.90A 31.56 30.70L/30.80H 31.64 30.50L/30.70H 31.40L/31.48H 29.75L/29.80H 30.85 29.40L/29.60H 30.45 Oct Nov Dec TOKYO WHITE BEAN (In yen per bale of 60kilos): 21,260 23,280 23,310 262.00 305.00 282.00 300.00 312.50 320.25 317.50 310.00 304,00 Sales 143 618 334 3729 335 56 2 Sales: 5,217 lots (50 long tons) Tone: Steady OLD CONTRACT Aug 286.00 287.00 Oct 308.75 309.00 Sales: 2,694 lots Tone: Steady 593 2101 US VEGETABLE OILS (In US cents per COCONUT OIL (Philippines): Crude CIF New York bulk Jly/Aug 29-1/4T Crude FOB tankcars gulf Spot unq Jly 31A Aug 31A DESICCATED COCONUT (Philippines): FOB W. Coast in 10,000 lb lots 80N PALM OIL Any Origin: Open Close Open Close Jly Aug Sep Oct Nov Jly Aug Sep Oct Nov Dec 5,200 5,220 5,220 5,320 5,370 5.570 . Not available Close Jly'80 166.50B/167.00A 171.00 Sep -----Meh '81 172.00 Jly Sep Dec Estimated sales: 4,080 contracts (37,500 lbs each) Previous actual sales. 4,199 contracts 171.80L/173.00H 174.00L/174.50H 174.75L/174.95H 176.50L/176.60H 172.00L/172.50H 173.00B/174.00A 175.50L/176.00H 174.00 177.00B/180.00A 171.14B 177.00B/182.90A 174.00B/178.00A 177.00B/187.00A DAILY PRICE REPORT ON COPRA AND HUSKED NUTS (By Firm and by Trading Center) As of Tuesday, July 15,1980 COPRA: (Pesos per 100 kilos, net of levy of P60) 170-180 N.Q. 165-170 170 N.Q. 160-165 160-165 160-166 Manila Oil Mills San Pablo (SPMC) Lucena Oil Mills Lu Do Cebu Interco Legaspi Oil Mills* Granex* Siom TOKYO (Reutei) — The US dollar for overnight delivery closed at 218.25 yen, slightly down from a 218.40 opening but up from 1217.80 at Friday’s close, dealers said. Trading was light with the volume $572 million. News Japan’s certified exports in June rose 27.9% to $11.17 billion from a year ago did not affect the market. It was offset by the simultaneous announcement that June declared and approved imports rose 49.6% to $12.91 billion from a year ago. The dollar’s initial firmness reflected higher Eurodollar deposit rates. The dollar for immediate delivery was untraded throughout the day, compared with 217.30 last traded Friday. HONG KONG: US dollar firm net of levy of PI20) Red V Coconut Producti Sun Ripe Coconut Producti Franklin Baker Peter Paul Phlle. Blue Bar Phlle. Medina Coconut Products Cathay Coconut Products (Candelaria) 330-350 330-350 N.R. 330-350 330-350 N.Q. N.Q. MARKET DEVELOPMENTS Lauries sharply up following limit up moves In the Soya Complex, New York coco oil heavily active; traded mostly at 29.604 July/August through October/ November; 29.764 September/October and reportedly done at 304/lb elf November/December. Further sellers for July/August through November/December 304 against buyers at 29.604/lb elf. Europe copra remains dull; resellers quoting 8460/MT elf July/August; buyer less. Local market Improved, Manila mills quoting from P170 - P180 while provincial mills at P160 = P170/100 kilos net. ‘depending en the area Prepared by UCAP Reaearoh HONG KONG (Reuter) - The US dollar firmed slightly against the mark on early European buying, in very thin dull late trading, dealers said. They quoted the US unit at a late 1.7419/24 marks from an early 1.7408/13 and 1.7410/20 at Friday’s New York close, However, the dollar lost ground against the yen - to a late 218.20/30 yen from an early 218.35/45 and 218.25/45 in New York. The US unit moved up to a late 1.6020/30 Swiss francs from an early 1.6010/20 and 1.5990/6005 in New York, while sterling remained stable at $2.3750/60 against $2.3752/62 and $2.3755/65. The Hong Kong dollar stood at a late 4.9110/20 to the US unit an early 4.9085/95 and 4.9115/25 at the close here Friday. Neutralized palm oiJ CIF FR I j i Jly 27-3/4A Refined bleached deodorized CIF FR Jly 27A PALM KERNEL OIL Any Origin: Crude CIF New York Jly/Aug 29-3/4A LONDON OILS SOYBEAN OIL Dutch ex-mill (Guilders per 100 kilos) Nov/Jan 129 Feb/Apl 130paids PALM OIL Malaysian (Dollars per ton, CIF UK/N. Euro ports) Oct 560 paid COCONUT Ol L Philippines (Dollars per long ton, CIF Continent) Sep/Oct 655 paid LONDON SEEDS COPRA Philippines (Dollars per long ton, CIF N. Euro ports) Jly/Aug 460 reslrs SOY.BEANS US (Dollars per long ton, CIF Tilbury) nominal sirs ROTTERDAM OILS PALM OIL Sumatra/Malaysia (Dollars per ton Max 5) Jly 535 Aug 545 up 5 Sep 560 up 12.50 Oct 567.50 up 12.50 Nov 580 up 20 Dec 585 up 17.60 ilri Jly 527.60 Jly Sep Nov Meh May Jly 1415 1466 1502 1510 1470 1450 1450 1420 1469 1504 1515 1480 1490 1510 526 3002 1308 149 35 Nil Nil Sales: 1050 1070 1115 1155 1175 1197 1225 1052 1071 1116 1156 1180 1205 1226 57 1264 1062 198 Nil Nil 105 SINGAPORE: US dollar slightly firmer SINGAPORE (Reuter) - The US dollar closed allghtly firmer against major European currencies and the Singapore dollar, In quiet thin trading, dealers said. It closed slightly firmer at 1,7435/45 marka against 1.7410/20 In New York last Friday and at 1.6050/60 Swiss francs against 1,590/6005 but ended little changed against sterling around New York’s $2.3755/65 Friday close, Against the yen, the US unit opened around 218.35/45 yen and then moved within narrow margin before dosing at 217.90/218.00 yen, slightly lower than Its New York Friday 218.25/45 close. Oct Merieyilde 660 Nov 676 paid PALM KERNEL OIL Dutch (Guilders per lOOklloi, FOB mill) Aug/Dec 133.60 up 3.60 ilri Malayilan (Oollari per long ton) Ex-tank — “ Aug/Sep Nov/Dec ________________ COCONUT OIL Philippine Belli 3 Max 4 (Dollar per long ton) Jly/Aug Aug/Sep Sep/Oct Oct/Nov Nov/Dec Jly/Aug Aug/Sep Sep/Oct Oct/Nov 636 up 16 646 up 26/up 20 lire 666 up 6 867.60 up 7.60 660 up 10 lire 650 650 650 657.50 paid TOKYO RED BEAN (In yen par bala of 80 klloi): open 665 666 Jly Aug Sep 21,000 21,060 21,310 57.50 58.70 60.60 63.90 66.80 69.40 71.70 74,30 77.00 Nil. Nil 110 127 16 11 8 Nil Aug Sep Oct/Dec Jan/Mch Apl/Jne Jly/Sep Oct/Dec Jan/Mch Apl/Jne Sales: 316 (15 tom ssch) Tone: Quiet end uncertain SINGAPORE RUBBER (In Singapore oenta per kilo): Buyer_ 268.00 291.00 294.00 298.00 306.00 311.00 289.00 292.00 296.00 299.00 207.00 313.00 ONEi Oct Nov Dec Jan/Mch Apl/Jne . Jly/Sep MALAY8IAN RUBBER (In Malaysian oenta per kilo): ONEi Oot Nov Dee Jan/Meh Apl/Jne Buyer_ 292.60 298.00 298.00 303.00 311.00 Wednesday, July 16, 1980 Business Day Page 15 50 years of service to RP music On Saturday, July 19, the Santa Isabel College Music Department starts the celebration of its golden jubilee year, mark ing 50 years of dedicated service to music education in the Philippines. Con sidering the college’s re sources, this is something of a feat.. . carrying on through five decades and turning out its share of graduates who have helped in the growth and development of Philip pine music. The Santa Isabel College Music Department started with a handful of students in 1930. Its first head, Sor Cecilia Maronilla was a graduate of the University of the Philippines Conservatory of Music. Six years later, Sor Cata- H lina Ledesma assumed the administrative responsibility. The enrolment had increased to 35 f and the music curriculum was___ expanded to train piano teachers ■■ for conservatory work. Through the war years and the Japanese occupation, the school kept going. There was even an influx of noted musi cians into its faculty, among them the late National Artists Jovita Fuentes and Dr. Antonio J. Molina. In 1951, the music school granted its first bachelor of music degrees to Lucy Castelo, mother of prodigy Maritess Fernandez, now pur suing advanced studies in the US; Erlinda Faus tino, wife of Geronimo Velasco; Isabel Umali; Alicia S. Vinluan; and Mercedes Vinculado, presently music coordinator of the Far Eastern University. In the following years, Sor Catalina Ledesma relentlessly pursued her goal of making the Santa Isabel College Music Department one of the best here by introducing and adapting new trends in Notes By EXEQUIELS. MOLINA music education and performance. Towards this end, she bolstered the faculty with such out standing musicians as Benjamin Tupas, Ernesto Lejano, Manuel Maramba, Rosario Picazo, Aida Sanz-Gonzales, Regalado Jose, Dr. Corazon Dioquino, Corazon Maceda, Alejandra Atabug, Salvacion Oppus Yniguez, Dr. Antonio J. Molina, Dr. Eliseo Pajaro, Liwanag Cruz, Aurelio Estanislao, Lucino Sacramento and Luis Valencia. Sor Catalina also credits Rosita Sandejas de la Concepcion for introducing in 1954 the music education courses which today draw many students and help meet the need for music teachers. Today, the SIC music department offers courses leading to a degree in master of music, major in piano, voice and music education. Among its outstanding alumnae are Ingrid Sala Santamaria, Ruby Jose Salazar, Cecile Basilio Roxas, Deborah Ladesma, Christine Lim, Alma Lou Pineda, Elizabeth Basilio, Imelda Espiritu, Lillian Navarro, Marilou Navarro and Sor Ester Pena. The present dean is Rosario Picazzo, an ex cellent piano pedagogue who counts among her pupils the prodigy, Cecile Buencamino Licad, now a scholar of the Young Artists Foundation of the Philippines in the famed Curtis Institute of Music in Philadephpia under Rudolf Serkin. # At the moment, the SIC music department is bothered by the thought that many music schools are closing down due to a shortage of students interested in serious music. Having gone through 50 years, some of which have been most difficult, the SIC music depart ment, perhaps, will fare better than the others. Its accomplishments and the quality of its gra duates should keep alive that spark of interest in serious music. This is something we owe, most especially to future generations. OFF HOURS EXHIBIT ON CHILDREN - The 4th World Exhibition of Photography, focusing on''The Children of This World,"has its formal opening tomorrow night at the Metropolitan Museum of Manila. The exhibit, which is sponsored by the museum and the Goethe-lnstitut, German Cultural Center, will run until August 10. 'CANNED HEAT' CONCERT - Rock star Sampaguita is one of the local recording artists scheduled to perform tonight with the West Coast's foremost rock and roll band, Canned Heat. The Canned Heat are appearing in a special one-night concert at the Araneta Coliseum. Other local starts performing in the show are Mike Hanopol and Florante. Translation services program starts August A program to profes sionalize interpretation and translation services will start this August through the joint spon sorship of the French Embassy, Ministry of Tourism’s Philippine Convention Bureau (PCB), Philippine Inter national Convention Cen ter (PICC), the Foreign Service Institute and the University of the Philip pines. The University’s Asian Institute of Tourism (AIT) will serve as prog ram base with the extra mural studies program of the College of Arts and Sciences providing acade mic sup'port. The initial project will be an intensive transla tion/ interpretation course (August to Jan uary) in English and French — the most inter national convention lan guages. Qualifying examinat ions in the two lan guages will be given on July 19th and July 26th at the AIT House. Appli cations should be sent to the Office of the Dean, AIT, before July 19th. For further information, please contact tel. no. 969-071, Office of the Dean, AIT. Miss Young Int’l theme song to be chosen tomorrow night Twelve out of more than 1,000 entries have been chosen as finalists for the Miss Young Inter national Theme SongWriting Contest sche duled tomorrow. The search for a theme song for the beauty pagent, which will be held at the Folk Arts Theater on August 17, started three months ago. Entries, which are either in English,Tagalog or “Taglish,” were received from all parts of the country. Romy Jalosjos, pres ident of Production Specialists, Inc., whose international division is handling the beauty pageant, said the winning song will be chosen during a hour TV special to morrow night. This TV special, Jalosjos also dis closed, is only one of five programs related to Miss Young International. Pre ceding the main pageant on August 17 are TV Teasers Part I on August 8, TV Teasers Part II on August 9, and the pre pageant on August 15. At stake for the MYI Theme Song-Writing Contest winner is P20,000 and a round ticket to San Francisco; each finalist will get Pl,000. A Lyric piano will also be given as a special award. T he organizers have chosen 12 top singers and entertainers to inter pret the final entries in one-and-a-half i Hie theme song-writing contest. They are Ray-An Fuentes, Eddie Mercado, the Rainmakers, the Nail clippers, Becca Godinez, Babes Tolentino, Nick Gonzales, Dundee Maria no, Aloha, the Del Con treras, Ramon Faustino & His Friends, and Ernie Tagle. Five outstanding per sonalities in the field of music, entertainment, and showbiz have been chosen to compose the board of judges, accord ing to Jalosjos. The finals, which pro mises to be a spectacular show, will be hosted by Tito, Vic, and Joey and anchored by Mercie Henares. The Jubilation Band will be the guest performers. ♦♦♦ ****** ♦♦♦ ♦♦♦ ****** *** <♦♦$►«$»♦>♦$» «$» «t* »t* «t* «t**t* «t**t* «•« ****** ♦*♦ *♦* ****** *♦* The Culture Scene ♦i**;**i**;**>****:**:*<*<*<**j»*;**;*<*<**J**X»<»*>4»<»<*<*<*<**t**J»*i* Ceramics and pottery lessons and currently ongoing at the Sining Kamalig Main in Pasay City. Well-known ceramicist Leonardo Villaroman is conducting Saturday lessons in the morning for children, with afternoon classes for beginner adults. The workshop consists of 10 once-a-week sessions. The ‘‘Singing Secretaries” of the Philippine Association of Secretaries, in cooperation with the NIA Male Choral Group, will hold for the first time "The Secretaries In Concert" on August 4 at the Philamlife Theater. Proceeds will go to the association’s scholarship grants. Ongoing at the Galerie Dominique in Wack Wack, Mandaluyong, is a Midyear Gallery Artists’ Exhibit. Participating artists include Olazo, Goy, Ang Kiu Kok, Manansala and Juvenal Sanso. Abraham Caceres, a visiting ethonomusicologist from Indiana University, holds a lecture tomorrow on ancient Aztec musical practices at the University of the Philippines’ department of humanities. Caceres will discuss, among others, the numerous allusions to flowers in Aztec poetry. Page 16 Business Day Wednesday, July 16, 1980 The Stock Market Trading weak; investors still bide developments The market continued weak yesterday and the prevailing lack of near-term expect ations made share prices limp throughout the session. The oil sector failed to produce gainers in both exchanges, while mines had a couple in Makati but none in Manila. Improvements were only minimal. The top gainer in Manila was PICOP, which went up by 1.16%, while Makati’s list was headed by Marinduque with an in crement of .5%. Investors refused to get into the market, since there are no expectations of a price upsurge in the next six months or so, accord ing to Victor Benavidez, analyst of Anselmo Trinidad & Co. “At this point, uncertainties cloud the market,” he said, noting that investors are still awaiting developments in the present drillings and enlightenment on the earning projections of dividend-paying issues. Transactions in the oil sector amounted to only P644.790, 40% less than Monday’s Pl.07 million. Analysts said that if there are encouraging results from the Libro .1 drilling, the partici pating issues may create some ripples. But they noted that the oil sector is not in a position to stage a major upsurge, so that whatever gains may come from the drilling would probably be eroded just the same. Analysts believe that Cities Service, operator of the consortium, is taking a more conservative stand because of the experience in the Nido wells. They said that exploratory drillings to give a clearer picture of the geological structure are being done before development for production starts. They expect the Matinloc area, for example, to be geared for production sometime in early 1982. The mining sector traded P4.42 million, almost four times the previous Pl.13 mil STOCKS MAKATI STOCK EXCHANGE, INC. QUOTATIONS Tuesday, July 15, 1980 BANK Bank of P.l. lion. New York copper closed a bit higher Monday from 97.05 cents a pound to 97.15 cents, while London gold retreated from $667 to $650 an ounce. Placers in the mining sector anticipate no pronounced effect of the current strike in US copper firms on the world supply of copper, analysts said. The Manila mining average recorded a new low for the year at 2,164.95 points, and even lower than the major support level of 2,200 points. Commercial-industrials had Pl.53 million worth of transactions, down by 51% from the previous P3.15 million. Combined peso turnovers amounted to P6.59 million on 113.88 million shares, against the previous P5.36 million on 100.63 million shares. MANILA STOCK EXCHANGE QUOTATIONS Tuesday, July 15, 1980 BID ASKED 196.00 218.00 COMMERCIAL & INDUSTRIAL BOARD OPEN HIGH LOW CLOSE VOLUME ODD LOT STOCKS BID ASKED OPEN HIGH LOW CLOSE VOLUME COMMERCIAL & INDUSTRIAL BOARD Banco Filipino 105.00 105.00 105.00 105.00 • 180 Bacnotan Cons, xc 25.00 26.50 Ayala Corp, xc 1.24 1.30 First Holdings xc 10.90 11.00 . 11.10 11.10 11.00 11.00 5,000 ANSCOR xc 1.28 1.30 B. F. Goodrich 13.10 13.80 CDCP 5.80 6.00 6.00 6.00 6.00 300 PLDT 45.00 45.00 45.00 45.00 45.00 1,600 PLDT 10% S-C — 10.60 10.60 10.60 10.60 1,500 PLOT 10% S-F 9.35 9.35 9.35 9.35 9.35 800 PLDT 10% S-G 8.50 8.80 8.60 3.60 8.60 8.60 1,000 EEI 1.75 1.76 1.77 1.77 1.76 1.76 119,doo Republic Cement 11.00 14.00 SMC 27.75 28.00 28.00 28.00 27.75 27.75 3,650 SMC "B” 27.75 28.00 Stanford Micro. 3.92 4.00 3.94 3.94 3.92 3.92 1,500 BIG BOARD Acoje .0058 .0062 Atlas Cons. 21.00 21.10 21.20 21.20 21.00 21.10 Atlas Cons. "B” 37.50 37.75 38.00 38.00 37.75 37.75 300 Baguio Gold .0058 .006 Baguio Gold “B" .0076 .0082 .0082 .0076 .0076 2,550,000 Benguet Corp. “B" 84.00 85.00 Benguet Corp. “P" 20.00 21.00 Benguet Explor .27 — .27 .27 .27 .27 44,000 Cons. Mines .0072 .0074 Cons. Mines “B” .0072 .0076 .0072 .0072 .0072 500,000 Island Mining .0105 .0125 . .0105 .0105 .0105 .0105 48,050,000 .145 .1475 .1425 .145 .1425 .145 1,645,000 Lepanto "B” .15 .1525 .1525 .1525 .1525 .1525 440,000 Marcopper 3.08 3.26 Marinduque 4.06 4.14 4.14 4.14 4.14 3,000 Marinduque “B” 11.00 11.70 11.60 11.60 11.60 11.60 2,000 Phllex .135 .1375 .1375 .1375 (1375 750,000 Phllex “B” .15 .155 .15 .15 .15 .15 10,000 Mlnolco .0013 .0014 SMALL BOARD Apex .02 .021 .021 .021 .021 .021 2,150,000 Apex “B” .02 .024 Basic .0235 .024 .024 .024 .024 5,050,000 Basic "B” .024 .0245 J025 .025 .025 .025 300,000 Batong Buhay .007 .007 .007 .007 .007 2,150,000 Belmlnoll — .005 .005 .005 .005 2,950,000 Fil-Am Res. .002 .002 .002 .002 350,000 Hercules — .008 .008 .008 .008 2,850,000 Interport .01 .0105 .01 .01 .01 4,400,000 Interport “B” .01 .0105 Landoil .0092 .0094 .0092 .0092 .0092 1,000,000 Manhattan Mining — .0024 .0024 .0024 .0024 .0024 2,000,000 Marsteel .0076 .0078 .0078 .0078 .0078 .0078 600,000 Mountain Mines “B” .01 Oriental .037 .039 .037 .038 .038 3,470,000 Richfield .02 PODCO .007 .0072 .007 .007 .007 .007 2,350,000 Phil. Overseas .032 .033 .032 .033 .032 .033 1,580,000 POGEI .005 .0054 REDECO .0035 .0035 .0035 .0035 1,400,000 Rlzal Mining .0064 .0078 Sabena Mining .0086 .009 Samar Mining .002 .003 Seafront Pet. .0096 .0094 .0094 .0094 .0094 1,000,000 Surigao .0175 .019 Trans-Asla Oil .015 .015 .015 .015 .015 1,300,000 Victoria Gold — .0038 .0038 .0038 .0038 4,000,000 Vulcan Ind. .014 .0145 .0145 .0145 .0145 .0145 1,000,000 SHARES VALUE AVERAGES Comm'l & Ind'l 734,530 P 501,945.00 Comm'1 & Ind’l 44.0796 - .0675 Mining 68,370,600 3,770,337.50 Mining 67.6378 -4.2910 Oil 25,050,000 438,850.00 .015243 + .000011 GRAND TOTAL 94,155,130 P4,711,132.50 COMPOSITE 37.5425 -1.2286 P 3,990.92 AGP Ind'l. Corp. "B” CDCP EEI First Holdings First Holdings "B" Globe-Mackay STF, Micro ANSCOR Ayala Corp. Rep. Glass SMC"B” PICOP PLDT Com. 25.00 30.00 5.80 6.15 1.75 — 10.80 11.00 10.80 11.00 11.50 12.00 3.82 3.90 1.28 1.30 1.27 1.29 1.95 2.00 27.75 28.00 27.50 28.00 4.33 - 44.75 — 1.76 11.00 3.90 1.28 27.50 28.00 4.35 45.00 sugar; Bogo-Medellin Cariota BIG BOARD Acoje Atlas Cons. Atlas Cons. “B” Baguio Gold Baguio Gold “B” Benguet Cons. Benguet Cons. "B” Benguet Cons. Pref. Cons . Mines Cons. Mines “B” Island Mining Lepanto Lepanto "B” Marcopper Marinduque Phllex Phllex "B" SMALL BOARD Anglo-Phil. Apex "B” Basic Basic “B” CDCP Hercules Interport JINICO Landoll Mia. Mining Marsteel Mountain Mines "B” Omlco Oriental “B" Oriental POGEI Phil. Overseas Sabena Mining Surigao Cons. Trans-Asla Comm'l & Ind’l Mining Oil GRAND TOTAL NOTE: Dui to space limitations, cartain untraded stocks art usually deleted from the published Hite. SECONDARY BOND MARKET QUOTATIONS July 16,1980 Issuer Amount Maturity Coupon Rate Bid Offer Yield BF Homes PICOP P 125 M P150M 9-29-85 15 12-22-87 16 75 83.85 75 84.58 20.00 20.00 — 23.00 5.00 .006 .0062 21.00 21.10 — 37.50 .0056 .0058 26.00 30.00 84.50 89.00 20.60 21.50 .0072 .0074 .0072 .0076 .0105 .012 .1475 .15 .15 .1525 3.20 3.26 4.14 4.20 .135 .1375 .155 .1575 21.10 38.00 .0058 .008 1.76 11.00 11.00 3.90 1.28 1.75 11.00 11.00 3.90 1.28 1.75 11.00 11.00 14,000 2,300 100 6,500 1,000 27.75 28.00. 4.35 45.00 27.50 27.75 4.35 44.75 27.75 27.75 4.35 44.75 18,000 450 10,000 21.10 38.00 .0058 .008 21.00 37.50 .0058 .008 21.10 37.50 .0058 .008 4,300 2,350 650,000 .1,800,000 .0072 .0072 .0072 .0072 .0072 .0072 .145 .1475 .145 .1525 .1525 .1525 .1375 .1375 .135 .155 .155 .155 .0072 150,000 .0072 500JOO— .1475 985,000 .1525 1,000,000 .1375 675,000 .155 5,000 .021 .023 .0245 .025 .0145 .0082 .01 .002 .0094 012 .024 .024 ' .024 .024 1,550,000 06 038 0052 032 0088 0096 0094 016 015 0145 .001 .062 .039 .0056 .033 .009 .0105 .0098 .0195 .0155 .015 .01 .02 .0078 .001 .038 .032 .01 .0094 .02 .0(178 .001 .038 .033 .01 1,000,000 .0094 1,100,000 .02 1,200,000 .0078 1,000,000 .001 500,000 .038 400,000 .032 3,450,000 SHARES 1,052,400 9,671,650 9,000,000 19,724,050 Open Atlas 5-1/8 Benguet 11-3/4 ICD no tra Marinduque 1-9/ie PLDT (Common) 6-1/4 In Hong Kong (July 14, Phllex • Baguio Gold High .015 .015 .015 .0145 .0145 .0145 VALUE Pl,024,935.00 648,502.50 205,940.00 Pl,879,377.50 .015 .0145 1,500,000 2,200,000 AVERAGES Comm’l & Ind'l Mining Oil 121.33 + .47 2,164.95 -12.73 2.625 - .026 PHILIPPINE STOCKS ABROAD High 5-1/4 11-7/8 1-5/8 6-3/8 Low Close Change Volume Bid Asked 5-1/8 11-1/2 5-1/8 11-1/2 5-1/4 11-5/8 1-1/2 6-3/8 9,700 2,500 1-9/16 6-3/8 1980 : in Hong Kong cents) Low_ Close Prev. Close Volume^ 14.50 Source: Bancom Development Corporation Source: Blzcon Investment and Management Corporation > __ SUPPLEMENT PNB Urdaneta Branch Inauguration VOL. XIV, NO. 100 WEDNESDAY, JULY 16,1980 SECTION III PAGE 17 PNB takes another step closer to the people it serves MESSAGE My warmest greetings to the management and staff of the Urdaneta branch of the Philippine National Bank on the occasion of inaugurating your new building. In a manner of speaking, I consider this as growth on the part of the bank which you have helped evolve through the efficient perform ance of your respective duties and functions. In a broader sense, however, growth is a door that opens outward. Through your banking facilities and services, you have contributed considerably towards the progress of the community you have chosen to serve. The presence of PNB, along with other banking institutions, in the mainstream of Urdaneta's economy is certainly a propelling force that will bring it to greater heights of achievement. Ultimately, this will redound to the benefit of the province which is now well on its way of pursuing and shaping into reality the Possible Dream of bettering the quality of the lives of the people and the quality of the people themselves, and, if possible, with God's blessings, to abolish poverty. Let growth be felt then in all directions. May God bless us in all our undertakings. (Sgd.) AGUEDO F. AGBAYANI Governor of Pangasinan The Philippine National Bank, the largest commercial bank in the country, marks today another milestone in its conti nuing branch moderni zation program with the inauguration and blessing of the ’ new quarters and site of the PNB Urdaneta Branch in Urdaneta, Panga sinan. Pangasinan Gover nor Aguedo F. Agbayani and PNB President Panfilo O. Domingo will lead provincial, municipal and bank officials for the morn ing ceremonies starting at 10 a.m. Expected to unveil the markers are Mrs. Alicia Perez, wife of Urdaneta Mayor Amadeo R. Perez Jr., and Assemblyman Antonio Villar. The ceremonial ribbon will be cut by Mrs. Sergia B. Estrella, wife of Minister of Agrarian Reform Conrado Es trella, who will be assisted by President Domingo and Gov ernor Agbayani. Bles sing of the new building will be officiated by Rev. Fr. Roberto Luis Lapus, Director of Divine Word College in Urdaneta. The inauguration will be-highlighted by Aguedo F. Agbayani Governor of Pangasinan an address of Gov. Agbayani who will speak on his present program in accelerating the development of Pangasinan. The Pl.2 million edifice, located along the national highway in Barangay Nancayasan, is just 500 meters away from its former site in Arboleda Bldg, at the old public market in the poblacion. The one-storey modular type ferro concrete, building is a marked improvement of the former branch. Its novel design and office systems will serve as a model of a new generation of PNB branches expected to rise throughout the country. It offers wide parking space, central ized air-conditioning and piped-in music, spacious lobby, ample working area, and unimpaired lighting and water supplies. The building occu pies a total floor area of 435 sq.m, and sits resplendently on the 1,737 sq.m, lot, which was acquired in 1967. Construction of the edifice was started in 1978. The modern complex and facilities are a ful fillment of the PNB management’s concept of “Total Customer Care’’, to provide hun dreds of clients- with ease, comfort and convenience when tran sacting business with the bank. President Domingo said that the opening of the new . Urdaneta Branch building is in line with PNB’s expan sion and modernization program in bringing the various banking servi ces nearer to its hun dreds of clients in the area. PNB has a total of 183 branches, agen cies and offices scat tered strategically throughout the country, aside from its 10 over seas branches and offices located in the major financial capitals of the world. “contributed consider ably towards the progress of the commu nity it has chosen to serve. The presence of PNB in the mainstream of Urdaneta’s economy is certainly a propelling force that will bring it to greater heights of achievement.” Urdaneta Mayor Perez said that the pre sence of PNB in Urdaneta is not only a contribution but a boon and a landmark to the economic pro gress of Urdaneta. “PNB is something we can depend on in our quest for development J: J Paulino Apostol, Jr. Vice President Northern Luzon Regional Office Vice President Pauli no Apostol Jr., who supervises the Northern Luzon Regional Office (NOLRO) of which Urdaneta Branch is part, says that the transfer of banking services and facilities to a larger site, is a"clear manifestation of the Bank’s continuing con cern for its customers.” He said that the Branch personnel and custo mers had suffered a lot of inconveniences at its crowded quarters in the former site. “But all of these have changed for the better as we are moving to a more spa cious, elegant place.” In his personal message, Gov. Agba yani considers the occasion “as evidence of growth on the part of the bank which you have helped . evolve through the efficient performance of your respective duties and functions.” He said that through the bank’s facilities and services, the PNB has CONVENIENCE AND FUNCTION-ORIENTED DESIGN FOR PNB URDANETA OFFICE It is by now one of art’s understood codes that the interior of a building should look as good as its exterior facade. Since furnish ings play a large part in the interior’s general appearance, the PNB’s Construction Engineer ing Office ‘introduced the latest designs of furnitures in its bid to incorporate the open plan space system in its new branches and offices. The new concept in open space planning is designed to combine the basic qualities of aesthetics with func tional capability. Office desks adapt the knock-down principle by which the compo nents parts can be put up or dismantled con veniently from the four tubular steel legs or posts that hold the desk’s top and sides. The furniture legs are of stainless, steel satin finish, which is more resistant to corrosions. For visual effects, color schemes have been carefully chosen to complement with the over all surroundings. Each type of desks is individually designed to suit the requirements of bank executives and clerical staff with regard to the number of drawers, cabinets and shelves. Table top corners are radiused for a soft, sleek look. What better way .to increase employees productivity than by offering com fort through soft, easy chairs designed for different job positions, with well adjusted posture, seat height and width. Result is a clean, organized, uncluttered look. The new concept of modular planning in PNB branches likewise calls for an equally new concept in furnishing. and prosperity.” Urdaneta Branch services ten. towns in the fourth district northeast of Panga sinan. ■■■I For PNB’s newlyconstructed Urdaneta Branch in Pangasinan, the open plan system has been adapted .with the use of modular, innovative sets of furniture. While most existing offices are still adapting conventional types of office planning (characteristically de termined by wall partitions), PNB Urda neta Branch has an open work area with the exception of the service areas such as comfort rooms and radio communication room. Physical barriers such as wall partitions have been deleted and instead replaced with more visually appealing plant boxes and low dividers but still retain ing their feeling of privacy. The desks, typing tables,side cabi nets ar? designed in modular measurements so that they could be rearranged in various Page 18 Business Day Wednesday, July 16, 1980 ways according to the individual’s and office’s needs or functions. Since arrangement is flexible, best utilization of space is encouraged, easy work flow among the staff, more visibility in what happens around. One most important advantage of open planning is that when the need for office expansion arises, which often means, adding or reassigning people or equipment elsewhere, furniture and dividers are simply rearranged at minimum cost. All in all, this ven ture is one logical solu tion to the problems associated with produc tive use of interior space in PNB branches and elsewhere. Photos of office interiors. THE EVOLUTION OF PNB URDANETA nt ; Fourteen years ago, the second class muni cipality of Urdaneta was growing by leaps and bounds. Of the 46 towns of Pangasinan, Urdaneta, which thrived on agriculture, ranked first in terms of annual revenue. As a growing community, ' the town needed banks to service its citizenry, especially businessmen and traders who were increasing in number. As there was only one bank in the area, these merchants had to go to Dagupan City, some 25 kilometers away, to close business deals; Aware that a new branch was necessary in that premier province, the Philippine National Bank established its Urdaneta Branch on October 20, 1966. Its opening was providen tial to the Urdaneta townspeople and their neighbors in 19 towns, for they did not have to travel to Dagupan or Tarlac for their banking needs. It also relieved the volume of transactions and ac counts of the PNB Dagupan branch, the only one Pangasinan oldest in then in and the Northern TO AS/NGAN TO DAGUPAN Luzon. The Urdaneta manager of Malolos branch absorbed the gargan tuan task of servicing 19 of the 46 towns in the province. From three proposed sites, the Bank finally chose to house its quarter at the Arboleda Bldg, along MacArthur highway and just a few meters from the Muni cipal Hall. Primitivo Tejada, then'5 an assistant immediately • Branch, was designated as the first manager of Urdaneta branch. Other managers who followed him were Ernesto Ortega, Pacifico Flores, Pablo Diaz, Teofilo Zarate, Pedro Fabian, Florencio Tacub, Pepito Perez, Filomeno Kagahastian, and pre sently, Abelardo Ma. Galvez. Banking checking account, savings and time deposits, granting of agricultural, com mercial and industrial loans; handling of domestic collections; and sales of demand drafts, telegraphic transfer and transfer of funds. In the seventies up to the present, the branch extends its financing services arm and services for the initially involved hand- Masaeana and Maisan In a manner of speaking, I got to Baguio on 8.8 liters worth of money. A DIVISION OF PANTRANCO NORTH EXPRESS, INC. 325 QUEZON AVENUE, QUEZON CITY, PHILIPPINES TELS. 997-091 TO 98 And my trip was much more enjoyable: o 1 didn’t drive. I slept, conversed, saw the sights and felt like an “amo” with the PANTRANCO total pas senger care service. o I rode in a safe, comfortable, large vehicle, in tip top condition, manned by a competent crew. And I get that nice feeling that in my own little way, I have cooperated in the country’s energy conservation efforts. Wednesday, July 16, 1980 Business Day Page 19 programs, cotton fi nancing, NACIDA and commodity loans, cattle fattening financing. It is involved in the Tipid movement and Barangay Savings Pro gram and is preparing the groundwork for the Special Market Vendors Loan scheme. As years went by, one bank after another was put up in Urdaneta’s busy poblacion district. Tourists, traders and the ordinary folk traverse the routes intersecting the poblacion where commercial activities rotate: to tjie North and South by the National highway running the BaguioManila route; the MacArthur highway going west to Dagupan and the provincial capital of Lingayen, and the provincial road going to Asingan and other eastern towns. This year, the town is expecting its thirteenth bank. Located along the MacArthur high way and the national highway, the banks, along the PNB, would be out there competing for the patronage of the people. In the early ’70s, when the political situa tion changed and the New Society was born, innumerable infrastruc tures, sprouted to push the town’s march to progress, earning for then-five termer Mayor Manuel N. Sison the monicker “Mr. Infra structure” of Panga sinan. It was also during his term that the cattle industry flou rished thus giving the town the title the “Cattle Country”, the only largest cattle and livestock market in the Philippines. Abelardo Ma. Galvez PNB Urdanata Branch Manager By 1973, the branch resources had doubled from its original 1966 figure of P8.7 million. Investments had tripled and deposits increased by 50 per cent. For 1979, the total investments of the branch in the town reached PIO.2 million. For the second quarter this year alone, its investments in six months totalled PI0.8 million, with farmers, entrepreneurs and com mercial and industrial establishments as reci pients. According to man ager GalCez, 52, the branch has become the leading banking institu tion in Urdaneta. “We have not yet campaigned and we already exceeded out the target in the amount of loans. We have joined the latest scheme in savings generation, the Barangay Savings Program of the Nation al Commission on “Mabuti na lang lagi kaming nagiimpok sa bangko. Dahil dito umunlad ang aming junkshop business.At nakamit namin ang aming hangaring magkaroon ng maginhawang pamumuhay.” Pangarap ni G. at Gng. Puzon na magkaroon ng maginhawang pamumuhay at mabigyan ang kanilang mga anak ng magandang kinabukasan. Kaya't sila'y nagsikap at nag-impok sa bangko. Dahil dito, nakapagpundar sila ng isang maliit na junkshop. Nagsimula sila sa limang tauhang namimili ng bote, dyaryo, plastic, at iba pa. Pagkatapos ng ilang buwan, nadagdagan ang kanilang mga«tauhan. Di nagtagal, nagkaroon na sila ng mga junk shop station sa mga kalapit-bayan. At nagsusupply na sila ng mga bote • sa mga malalaking pagawaan. Nagpatuloy ang mag-asawa sa pag-iimpok at sila'y umunlad hanggang ang kani lang junk shop ang naging pinakamalaki sa buong bayan ng Sta. Rosa. At dahil hindi na ito halos magkasya sa kanilang lote, may ipinatatayo na sila ngayong isang bagong shop na may 1,200 metro kuwadrado angsukat. Ngayon, masaya at maginhawa na sila. Mayroon silang tatlong anak na piriag-aaral at ang isa ay CPA na. VITO C. Pl/ZON ' Savings,” says Galvez. Galvez, who has been with PNB for 28 years is being assisted by 24 personnel and a component of 15 people from the National Service Cor poration and the Com mission oi^kudit. The cashier is Romeo Frias, while Efrain Puzon is the acting loans and discount chief. From the original 19 towns being serviced by Urdaneta Branch, only 10 remained: Sison, Pozorubio, Binalonan, Urdaneta, Asingan, Villasis, Rosales, Sto. Tomas, Alcala, San Manuel. A new town, Laoac, a splinter ba rangay of Manaoag, might fall under Urdaneta’s jurisdict i o n . [(<^)) lpo«pa»yloy ang kaunlaran sa bangkc National Commission on Savings SUPPLEMENT Business Day Wednesday, July 16, 1980 URDANETA: GIRDING FOR CITYHOOD Years ago, it was dubbed the Dodge City of the Philippines. Then it earned the monicker “Cattle Country.” Now its townsfolk greet you and say “You name it, Urdaneta has it.” However one describes the town, Urdaneta is clearly one of the most progressive towns in Pangasinan today. It has become a popular place, especially for tourists, travellers and transients who regu larly pass the area on a trip northward to llocos or Baguio and west ward to Dagupan City and the provincial capital. of Lingayen. But besides this stra tegic geographical location which contri buted to its popularity and progress, Urdaneta has endured for 122 years to become what it is today — the hub of commerce and trade in that eastern province. During the year 1?78, the municipality realized an income of P3.6 million, making it the only second class municipality in the pro vince. But a reclassifi cation of municipalities by the Ministry of Finance w^ich has been overdue will easily qualify Urdaneta for the first class category <— again the only one in the province. Amadeo R. Perez, Jr. Mayor Urdaneta, Pangasinan But the biggest breakthrough perhaps for Urdanetans and a cause for jubilation is the current move of Urdaneta Mayor Amadeo R. Perez Jr. to convert the town into a city. It is because the town has already accomplished the necessary pre-requisites to become a city: a P5 million income, which the town has surpassed; and a population of at least 75,000, a target it is nearing. Urdaneta was for mally organized as a town on January 8, 1858 by the Spanish authorities. It came into existence from a conglomeration of por tions of barrios from the neighboring towns of Asingan, Villasis, Malasiqui, Sta. Bar bara, Mangaldan, Manaoag and Binalonan. Historians theorize that the original name was Organita, meaning “little organ or unit” because it was a com posite of little barrios before its establish ment. Others say that the town was named after the founding friars at the time, Fr. Andres de Urdaneta, Fr. Miguel de Urdaneta or Fr. Simon de Urdaneta. Urdaneta has a total land area of 120 sq.km., 34 barangays, and 72,000 inhabitants, most of whom are llocanos. It rose to become the premier town in the sixties (save for the cities of Dagu pan and San Carlos) not only due to its fertile soil, abundant irrigation system, excel lent roads and infra structures, but also its enormous income gene rated from its public markets. Mayor Perez says the town derives some Pl.5 million from the public markets and another Pl million from the cattle and live stock trading. Since its founding, the town has kept pace with the changing times. It has the biggest public market in the Philippines outside Manila. In fact the term is used in the plural form, because it has four large markets to boot: the main market which is the old one at the corner of national highway and MacArthur highway; the fish market; the newly-built multi million peso Commer cial Center and Plaza Market; and the live stock market, where the cattle trading has become synonymous to Urdaneta (the cattle’s head is in the town’s seal). Being the hub of commerce and trade in the province, 12 private and government banks sprouted in the poblacion to service the people. There are 3 cinemas, six hotels including the elegant 3star Urduja Hotel; five colleges; 2 big hospitals; a number of disco pads and social, religious and cultural commu nity clubs. Much of the progress of the town can be attributed to its offi cials, the longest termer, being Manuel N. Sison, the “Mr. Infrastructure” of Pangasinan. The present mayor, a three-termer himself, is spearheading the possi bility of converting the town into a city. “We are physically and financially capable of becoming the third city of Pangasinan,” he said. The 44-year old mayor says that this is feasible, especially now that the town’s income will reach an unprece dented P5.4 million by the end of the year. “We have even doubled our tax collections as compared with last year’s.” The mayor, first elected in 1963 and 1967 and reinstated last January, also said that the construction of P5 million Regional Cul tural Center will be started soon. He has recently released PIOO.OOO for the con struction and repair of roads and bridges. A 3hectare slaughterhouse will soon rise in Ba rangay Anonas. While infrastructures are a must for a growing community, Mayor Perez’s concern • What type of paint to • How to avoid paint problems • The most economical way to get the paint job done . • Who can do the job for you ALL ABSOLUTELY FREE! Cali or write: Premium on quality HOUSE PAINTS •AUTOMOTIVE PAINTS FURNITURE LACQUERS •INDUSTRIAL PAINTS• MARINE PAINTS SHERWIN-WILLIAMS PHILIPPINES. INC. BICUTAN INTERCHANGE, PARAftAQUE, METRO MANILA CALL: 828-00-51 • 828-78-21 • 828-78-48 Serving The Filipino Family through high quality food products is to alleviate the living conditions of the people. This he said will start with the food production campaign, “right in the backyards to generate individual savings of the people.” A part of townsfolk crowd huddle in Urdaneta’s only and largest livestock and cattle market to buy or sell their animal produce: cattle from Masbate, pigs, chicken, and ducks. Livestock trading infuses some Pl mil lion to the coffers of Urdaneta annually. __________ His next priority is to improve the cottage industry in the commu nity, like bamboo, rattan craft-making and ‘ ‘ baracbac-weaving’ ’. The opening of the KadiWa Center last July 2 and the offering of 50 dwelling units under the BLISS program are historic firsts for Urdaneta in its social upliftment programs. With a development conscious mayor around, Urdaneta is nearing its realization of cityhood, and a better, fruitful life for all of its citizens. SUPPLEMENT Wednesday, July 16, 1980 Business Day Page 21 9k il IE. 9m I .. lI'S r.m f OUR COMMITMENT FOR THE 80s We all expect the 1980s to be more challenging than the last decade. But armed with the wisdom gained thru experience in banking and related fields, and encouraged by our accomplishments, we are even more committed to pursue our thrust of serving as a tool of national development. Putting our services, our resources, and our expertise within the reach of everyone. Republic Planters Bank Legaspi Towers 300, Roxas Boulevard cor. Vito Crui St. • Tel. No. 57 38 51 to 59 IPAGPATULOY ANG KAUNLARANi MAG IMPOK SA BANGKO Member: PDIC Page 22 Business Oay Wednesday, July 16, 1980 STREET TESTIMONY There are more Toyotas on the road today than any other brand of car. In fact, you can hardly glance up a busy street without seeing a Toyota or two. Or ten. There are two explanations for this minor phenomenon. One is: every year since 1971, people bought more Toyotas than any other brand. And according to our records, about 70% of the Toyota buyers previously owned cars. Some of them used to own Toyotas, which means they were completely satisfied with the brand. The rest used to own other brands, which means they were later convinced that Toyota was a better car. The other explanation: a Toyota tends to stay longer on the road. Toyotas that are three generations old are still a common sight. The next time you're In a busy street, try counting Toyotas. It will be fun. And It will help you make a wise decision when you buy a car. Wednesday, July 16, 1980 Businessday Library INDEX Page 23 (Continued from June 19) COMMODITIES Natural rubber shortage feared................... ........................................... June 5, p9 SUGAR US House subcommittee okays sugar bill ................................................... June 29,p3 Katz urges ratification of ISA................... ....................................................June 21, pl ’79 world sugar surplus estimate: 258,000 MT...............................................June 21, p9 Sugar producers mull own exporters’ club ....................................................June 18, p7 Sugar body delays decision on size of contribution fee...................June 18, pl3 Sugar producers .to protest failure of US to ratify ISA......................... June 14,pl2 EEC participation in sugar pact urged ................................................... June 13, p8 Carter gov’t favors new US sugar bill ......................................................June 8, p7 US asked to join sugar pact........................ ......................................................June 8, p7 New measure seeks US implementation of ‘ ISA.................................................June5,p9 TIN World’s top tin producers meet in Jakarta mid-July...................................June 21, p9 Tin producers end two-week meet here ....................................................June 15, p8 Tin producers seek higher prices for buffer stocks......................* . June 5 plO TOBACCO Increase in tobacco basic prices sought, R.V. Alvarez..............................June 25, pl TOOTHPASTE New toothpaste brand readied by Gokongwei, F^de la Cruz...........June 11, pl CONFERENCES, CONGRESSES, CONVENTIONS AbtAN-iAPANESE Businessmen’s Meet Asean, Japan businessmen to meet in KL next week................................ June 29, p7 ASEAN Orchid Congress, 2nd RP aims for bigger share of world cut flower market...........................June 13, p6 ASEAN-US Business Conference Dialogue between Asean, US businessmen slated in July...........................June 25, p2 B1SHOPS-BUS1NESSMEN Conference Annual BBC confab to be held June 30 ................................................... June 27,p3 INTERNATIONAL Congress on New Enter prises More tieups urged with small firms........... .................................................June 26, p8 Meet on new small firms on today........... .....................................................June 25, p8 INTERNATIONAL Statistical Institute, 42nd NCSO to host int’l statistical session .................................................June ll,pl4 INTERNATIONAL Training & Dev’t Con ference, 8 th 8th int’l training, dev’t meet set at PICC ...................................................June 13, p20 NATIONAL Bakers Conference, 1st Bakers seek fuel priority, sales tax cut ................................ .................. June 28, p7 TOKYO Summit Tokyo summit security too tight.............. ................................................... June 28, p4 Consensus on oil import level seen at Tokyo summit......................June 28, plO Talks to focus on oil..............June 26, p7 Concerned economic strategy expected from Tokyo summit..............June 18, pll Tokyo summit expected to limit talks to energy, inflation issues...........June 12, p2 CORPORATE ROUNDUP * Group betters ’77 performance................ ............................................... . .June 7, pl AES Mining Corp. Interport in copper mining........................ ................................................... June 19, pl ADVERTISING & Marketing Associates, Inc. De Joya reports strides taken by firms in 7 years.........................................June 5, p2 AGRODAX Corporation 2 firms to use new way to get copra .... AGRONOMIX industries, Inc.' 2 firms to use new way to get copra .... AIR MINDANAO Corporation CDCP subsidiary asks for air rights to Sabah.........................................June 27, p7 ANSCOR Container Corp. Anscor to up drum output........................ ..................... June 6, pl ATLAS Consolidated Mining & Dev’t Corp. Arrangement of Atlas Mining -brass cancelled...................................June 26, p7 Atlas execs arraigned ...........June 22, pl AYALA Corporation Food makers back Contican plans.............. .....................................................June 21, p8 Ayala-Contican defends venture.............. ................................................... June 20,pl BBC NORMELEC (Fil) Corp. CDCP sets up new affiliate......................... .June 22, pl BARCLAY Corporation Intercon Corp, to spend $18m for Barclay Hotel renovation . . June 18, p23 BELLE Mining & Oil Exploration, Inc. Belminoil hikes equity to P40m.............. .June 4, pl BIRLA International (Unilab, Birla ready tieup............................ .......................................................June 6, pl JJLACK Mountain, Inc. Black Mountain reduces net loss................ .......................................................June 4, pl BOEING Company Boeing gets orders for 37 airlines; 1979 sales seen reaching $8 billion...................... ................................................... June 18 pl8 BROWN Boveri & Co. Ltd. CDCP sets up new affiliate........................ .................................................... June 22, pl BUSINESS Machines Corp. Bismac sales drive tilt under way .............. ..................................................June 29, pl6 CDCP Mining Corp. Brazil wants to purchase RP copper, J.J. de la Cruz,.........................June 29, pl CDCP Mining in energy ventures................. ....................................................June 26, pl CALIFORNIA Manufacturing Corp. Food flavors, essences subject to 50% sales tax........................................ .June 5, p8 CALTEX Philippines, Inc. 3 oil firms to set up joint fuel depot, V. Gochoco...............................June 26, pl Caltex files higher price hike plea, R.A. Romero........................................June 22, pl Caltex seeks P0.1059 hike in oil prices ....................................................June 12, pl CAPITAL Garments Corp. Garments maker mulls bigger plant output..........................................June 25, pl CENTRUM Medical & Scientific Supply, Inc. German firm names RP distributor........... ....................................................June 1, pl6 CHEMFIELDS.Inc. Unilab, Birla ready tieup........... .............. CHEMETRON-GOMCO German firm names RP distributor........... .................................................... June l,pl6 CHRYSLER Corporation Volkswagen denies Chrysler purchase plan..................................... .June 25, pl7 COLUMBUS Mining & Exploration Co. Polish firm inks accord with local mining company.................... June 21, pl5 COMPRO Philippines Corp. Compro mulls SEA expansion................... ....................................................June 18, pl CONSOLIDATED Mines, Inc. CMI obtains $62-m loan.............................. ....................................................June 11, pl CMI reports slight increase in revenue ,....................................................June 7, pl CONSTRUCTION & Development Corp, of the Phils. CDCP sets up new affiliate......................... ....................................................June 22, pl CDCP clinches 2nd HK site job................ ............................................... '. . .June 4, pl CONSUMER Pulse, Inc. Research group acquires computer : . . . . ...................................................... June 5, p2 CONTINENTAL Can Company Food makers back Contican plans.............. ..................................... June 21, p8 Ayala-Contincan defends venture.............. ....................................................June 20, pl DAVAO Turkey Ranch Corporation Davao firm to engage in turkey-raising ................................................... June 18, p3 DE JOYA Management & Dev’t Corp. De Joya reports strides taken by firms in 7 years.........................................June 5, p2 DELSA Industrial Corp. 3 areas to be listed in new IPP disclosed ....................................................June 15, pl DELTA Motors Corporation Delta Motors May sales up 4.6%................. .................................................June 25,pl9 3 areas to be listed in new IPP disclosed ................ ...................................June 15, pl DMC plan: diesel engine for Crowns ...................................................... June 1, pl EASTERN Textile Mills, Inc. La Suerte official buys into Eastex ...................................................... June 5, pl EDWARD J. Nell Company E.J. Nell eyes profitability in two years ENGINEERING Equipment Inc. EFT sets up new firm with German partner^ J.J. de la Cruz...........June 25, pl FlLCAPITAL Development Corp. Filcapital gets loan from DBP................... ..............'....................................June 22, p8 FILSOV Shipping co., Inc. Soviet ships service Legaspi......................... ....................................................June 11, p8 FISCHER-AVLAU (Philippines), Inc. Fischer-Avlau bares activites...................... ....................................................June 14, pl FORD Motor Company Ltd. Ford Motor car prices rise 4.8% , ............ .................................................Junell, p27 FORTUNE Tobacco Corporation SMC monopoly in beer challenged, M.Z. Patolot......................................June 1, pl FRANSMER, S.A. MNC to transfer Asian base to RP.............. .......................................................June 5, pl GALAXY Group of Companies RP firm wins Saudi soil-less planting job, A. Aydinan..............................June 25, pl GARDEN Coast Development Corp. Resort development now in full swing .................................................June 25,p23 Resorts: new ground for land investment ................................................. June 11, p30 GENERAL Motors Corp. General Motors building plants in Spain, Austria................................... June 18,pl9 GM bares capital outlay for 1979-80 .................................................June 11, p27 Electric cars up in 1980s.............................. ....................................................June 6, pll GENERATORS of Integrated Resort Dev’t Foundation, Inc. DBP setting up livestock credit MES ...............................................June 1, p2 GETTY Oil (Phils.), Inc. Getty Oil files petition raising price hike bid to P0.4429 per liter.............................. ....................................................June 29, p8 Higher gas price hikes petitioned.............. ....................................................June 15, pl GOLDEN Pizza, Inc. Shakey’s now in Taiwan, C. Banal III ....................................................June 27, pl GOODYEAR Tire & Rubber Co. PNOC cites Goodyear buy-in................... ....................................................June 29, pl PNOC invests in Goodyear . .June 22, pl GUIM ARAS-ILOILO Mango Producers Corp. Planters Products in mango project........... ....................................................June 26, pl HERIDS Group Herdis controls savings bank...................... .......................................................June 8, pl INCO Metals Company Inco strike officially ends; firm ups prices ...................................................... June 6, p9 INDO-PHIL Ceramics, Inc. Joint venture on porcelian insulators to erect plant........................... June 11, pl INTERPORT Resources Corp. New directors in IRC board........................ ....................................................June 20, pl Interport in copper mining......................... ....................................................June 19,pl J.S. ALANO & Co., Inc. Copra venture hiking output...................... ....................................................June 13, pl JARDINE Matheson & Co., Ltd. Jardine chairman optimisitc......................... .........................,........................June 1, pl6 LANDOIL Resources Corp. Landoil ups revenue 708%............................ ....................................................June 28, pl LORENZO Shipping Corporation Lorenzo Shipping acquiring new vessel thru PDCP loan......................June 1, pl7 MD TRANSIT, INC. MD Transit loses case .... June 22, p8 MAKATI Theaters, Inc. New Ayala subsidiary to manage thea ters ...................................... June29,pl9 MARCOPPER Mining Corp. Marcopper dividends.......... Junel,pl6 MARINDUQUE-Mining & Industrial Corp. Foreign firms eye MMIC job. June 18, pl MMIC reports P 68-m Income, J. G. Vivencio, Jr.......................................June 15, pl MASCHINEN & Technik, Inc. EEI sets up new firm with German part ner, J. J. de la Cruz..............June 25, pl MASCHINENF ABRIK Augsburg-Neuremborg Aktiengesellschaft MAN setting up regional office in RP .......................................................June7,p2 MEDIA Systems, Inc. Implications of bouncing checks up at seminar soon............................Junel,pl6 MINDANAO Steel Corp. Minsteel inaugurates color-bonding line.........................................June 28, p6 Mindanao Steel bares lst-quarter reve nues .........................................June 25,p3 MOBIL Oil Philippines, Inc. 3 oil firms to set up joint fuel depot, V; Gochoco........................... June 26, pl MULTINATIONALS Draft of TNCs’ code of conduct due March......................................June 28, p2 OVERSEAS Mine Construction Co. Polish firm inks accord with local mining company.............................. June 21, pl5 PACIFIC Richfield Corporation Pacific Richfield declares 70% stock dividend.................................June 28, pl PAN PHILIPPINE Industries, Inc. SMC monopoly in beer challenged, M. Z. Patolot........................... June 1, pl PAPER Industries Corp, of the Philippines Hiked demand seen for RP wood pro ducts ......................................June 18, pl PAIC sets credit for PICOP . . June 6, p7 PEPSI-COLA Bottling Co. of the Phils. Pepsi bares bottle import . . . June 6, pl PHILIPPINE Int’l Shipping Corp. PISC nets $5m in five months, R. V. Alvarez.......................................June 12, pl PHILIPPINE Packing Corp. Multinational probed on product label ling ...............................................June 6, p7 PHILIPPINE Sinter Corporation PSC ore output at 72% capacity ............. .................................................... June 20, pl PILIPINAS Shell Petroleum Corp. 3 oil firms to set up joint fuel depot, V. Gochoco.............................. June 26, pl Gas price hikes sought R. A. Romero ................................ June 8, pl PLANTERS Products, Inc. Planters Products in mango project .... ....................................................June 26, pl PRUDENTIAL Life Insurance Co. Sony-Prudential joint venture gets gosignal ................................... June 27,pll RECTO Central Park Dev’t Corp. New comm’l complex eyed in Manila, C. Banal III...............................June 20, pl RENTACOLOR Philippines Rentacolor posts 500% profit hike ....................................................June 28, pl REPUBLIC Telephone Co. Retelco buying digital-switching system for $2.5m, F. M. de la Cruz ................... ....................................................June 12, pl ROBIN A Farms Robina Farms to introduce new hybrid pig...............................................June 21, pl SABENA Mining Corp. Sabena ships copper to Taiwan................ ....................................................June 14, pl SAN MIGUEL Corporation SMC mulls ‘lighter’ beer: less alcohol, F. M. de la Cruz...................... June 13, p8 SMC Monopoly in beer challenged, M. Z. Patolot.........................................June 1, pl STA. INEZ Mining Corporation Nugan Hand okays loan for sinter feed plant......................................... June 28, p8 SEAFRONT Petroleum & Mineral Resour ces, Inc. Seafront posts lower earnings................... ...................................................... June 8, pl SOLID Mills, Inc. Solid Mills to hike equity, capacity ...................................................... June 4, pl TAGGAT Industries, Inc. Big wood processing firm to make new particle board ......................... June 15, p2 TAYLOR Instrument Pty. Ltd. Australian MNC sets up HQ here............. ....................................................June 19, p6 TIERRA Factors Corporation 3 areas to be listed in new IPP disclosed .................................................... June 15, pl TIRE Cosmotology, Inc. Company introduces customizing service .............................................. June 11, p27 TOURIST-DUTY Free Shops, Inc. Guidelines issued on importations of duty-free shops . . . ,...........June 4, p3 TRELLEBORG AB New MNC office here okayed ................ .......................................................June 8, p8 UNITED Laboratories, Inc. Unilab major revamp bared, J. G. Vicencio.Jr.............................................June 8, pl US IMAGE (Philippines) ‘Photo shirt’ comes to the Philippines ................................ June 7, p2 URBAN Designers Associates Gov’t endorses design for self-cooling house......................................... June 28, p6 URBAN Realty & Dev’t Corp. Modular housing project set....................... ........................................ June 21, p6 VICTORIAS Agromachinery Corp. Bacolod Knife maker expands................... ....................................................June 19, p6 VIRRA Realty Dev’t Corp. Virra targets PlOm increase in capital ...................................................... June 4, pl VOLKSWAGENWERK AG Volkswagen denies Chrysler purchase plan...................................... June 25, pl7 WESTINGHOUSE Electric Corporation W’ house to bring in experts to testify ....................................................June 28, p7 Nuclear plant site defended in hearing .............................................................. June 27, pl Safety factors in Bataan nuclear plant cited, R. A. Romero................June 26, p8 Nuclear plant hearing (Weekender)........... June 25, p2 Westinghouse halts project........................ June 22, pl Review of nuclear plant on....................... ....................................................June 19, p7 Nuclear plant reviewed (Weekender) .... ................................t.............June 18, p2 Westinghouse backs N-plant .................. ....................................................June 18, pl WHITE Eagle Overseas Oil Co., Inc. White Eagle reports progress in chromite ...................................................... June 1, pl CURRENCIES PESO No peso devaluation (Weekender)........... ................ June 25, p2 YEN Yen forecast to stay weak until late ’79 .................................................... June 13, p2 EDUCATION SMBT ASIAN Institute of Management Roof at AIM Collapses, V. Gochoco .................................................June 21, p3 Page 24 Businessday Library INDEX Wednesday, July 16, 1980 Newbigging joins AIM . . . June21,pl5 TEACHERS Pl 7m of teachers’ funds ‘retrievable’ ....................................................June 21, p8 TUITION Fees Schools warned against raising tuition fees before MEC okay .... June 11, p7 ENVIRONMENT * Meet seeks end to atmosphere damage ....................................................June 14, p7 EXHIBITS CONSTRUCTION Materials Exhibition Exhibit on construction materials opens new leads.................................June 21, p6 FOREIGN EXCHANGE * Banker urges freer hand in forex deals ....................................................June 19, pl FOREIGN DEVELOPMENT! AUSTRALIA Australia removes export curbs on seve ral minerals........................ June 14, pl2 BANK for International Settlements West faces policy problems similar to those of 1973 ......................... June 13, p9 BRAZIL Brazil suspends export of coffee ............. ...................... June6,pl4 CANADA Foreign-controlled firms in Canada to hike spending........................ June 29, p9 CHINA China to have penal code Jan. 1 ................. .............. ..............................June 28, p5 China outlays $32 billion for construc tion projects........................ June 26, p9 China to allow operations of foreign branches.................................June 25, p9 China will raise farm prices, wages for urban workers......................June 22, p9 China’s industrial output rises in May .................................................June 18, p9 Adjustments in China’s economy will not affect foreign policy on trade................... .............................................. June 12, plO Sino mineral needs inadequate ................ ....................................................June8,pl2 COMECON Countries Comecon eyes nuclear energy................... .................................................June 29, p6 CUBA Cuban sugar yield seen at a 8 million metric tons.............................. Junel,pl4 EUROPEAN Economic Community EEC agrees on 5-year oil import freeze .............................................. June25,pl0 Energy main issue at Common Market summit; UK will raise budget question .............................................. June 19, plO FRANCE France airs hopes of hosting 1980 econo mic summit ........................ June 19, pll HONG KONG HK trade deficit declines in May.............. .................................................June 26, p9 HK residential units prices rise sharply .................................................June 21, p6 HK plastics trade faces reduced exports .............................................. June 13,pl4 New shop complex adds to HK magic ....................................................June5,pl8 INDIA Indian gold jewelry export plan draws little interest...................... June29,pl5 INDONESIA Firms leaving Indonesia? ........................ June.29, p7 Indonesian oil to cost $18.25/barrel on June 15 ....................................June 14, pl Foreign investors show renewed confi dence in Indonesia’s future........................ ................................ Junel,pl3 IRAN Total capital of nationalized insurance firms in Iran: $156m .... June 29, pl0 Insurance companies in Iran nationalized .............................................. June 26, pl2 Iran pledges to repay foreign share holders ...................................June 12, p9 Iran nationalizes banking system............. .............................................. Junell,pl7JAPAN Japanese overseas investments rise........... ............................................. June 25, plO Expansion of overseas Japanese banks favored................................. June22,pl2 Lusty peregrinations of Japanese men draw fire from their women ...........................................June 21, p4 Japan looks for new coco oil suppliers ................................................ June 20, p7 -span’s wholesale prices to continue iJsing at 20%........................ June 19, pfi 58 Japanese banks rank among world’s 300 ........................................ June 15, p9 Japan vows speedy tariff-cuts................... ................................................ June 15, p9 Japanese firms will be less competitive ................................................ June 13, p3 Japanese exports seen to rise 13% by June........................................ June 13, p7 Japan’s surplus to persist .. June8,pl2 Japan eyes new economic plan ................ .......................... ‘..........................June.6, p7 Japan’s GNP up in first quarter........... .................................................... June 4, pll JAPAN-China China seeks Japan loan for industrial program....................................June 19, p6 MALAYSIA Malaysia asked not to expel refugees ....................................................June 18, p4 Malaysian bankers welcome move to ease exchange control rules .... June 7, pll NICARAGUA US in third bid to press for Somoza’s resignation ........................... June 29, p4 QUEBEC Quebec restates intent to secede from Canada......................................June 5, p4 SAUDI Arabia Saudi Arabia ready to up oil production ....................................................June 19, p6 S. Arabia may take more hawkish stand at oil exporters’'meeting............................. .............................................. June 18,pll SINGAPORE China to compete with Singapore ........... .................................................... June 20, p2 New English newspaper in Singapore? . . ....................................................June 13, p2 SOUTH AFRICA Deeper probe of S. Africa’s ‘slush-fund’ scandal pressed.........................June 12, p5 SOUTH KOREA World-famous trademarks still banned in S. Korea....................................June 15, p7 S. Korea’s current account gap rises . . . . ...............................................June 12, p9 STRATEGIC Arms Limitation Treaty SALT II accord assessed: modest results .................................................... June 20, p4 SALT III will test solidarity of NATO .................................................... June 20, p4 Carter wants Russia on moves to exploit world’s trouble spots...........June 19, p5 SALT II set for signing today; better ties seen............................................ June 18, p4 SALT II defended....................June 15, p6 SALT II assessed .................. June 13, p4 SoViet Union wants shift in Vienna summit venue ......................June 12, p4 TAIWAN Taiwan’s first quarter growth lower .... .................................................... June 4,pll THAILAND Instability in Thailand hinders rubber exports . .................................... June 1, pl2 TOKYO Summit Tokyo summit tackles cooperation on energy .......................................June 29, pl Carter, Ohira wind up talks................ June 27, p2 ASEAN calls on Tokyo summit................ ....................................................June 18, p2 TURKEY Turkey getting $1.45-b special aid from West, banking groups...........June 1, pl5 UNITED ARAB EMIRATES UAE hikes oil output .... June 13, p2 UNITED KINGDOM UK unions set drive vs. economic policies .................................................June 29, p9 UNITED STATES US inflation fight seen at critical point .............................................. June 15, pl5 US-Banks & Banking Merger of 2 US banks blocked by dep’t of justice ......................................... June8,p9 US banks quitting Fed system on issue of minimum reserves................ June 6, p|3 US DEPARTMENT of Agriculture USDA sees increased RP cotton purchases .................................................June 25,p3 US-Oil Industry Higher US oil output, lower imports pro posed ...........................June 13, p3 USSR-China Soviet Union seeks meeting with China ....................................................June 6, pl VENICE Venice has stopped sinking.............. .................................................June 21,p4 WEST GERMANY Fund exit dampens Germany’s monetary growth................................. June27,pl0 W. Germany eyes permanent stockpile of strategic items......................June 25, p9 Foreign contracts boost W. Germany’s building industry ................ June 14, p7 W. Germany overtakes US as world’s top exporter.............................. June 11, p2 3 YUGOSLAVIA The Yugoslavia enigma: Communist orien tation, capitalist inclinations .................... ....................................................June 7,p4 FOREIGN LOANS $35-m loan for Manila port project awaits ADB approval, T. S. Singh.......................... June 29, p2 RP, others get loan from OPEC................ ....................................................June 27, p8 Borrowings by gov’t agencies placed under ‘firmer control’, M. Baluyot ....................................................June 26, pl RP seeks $551-m loan from World Bank ....................................................June 20, p8 Germany to give loans to RP....................... ........................ June 19, p6 RP renegotiating $20-m OECF loan for SMIs, J. J. de la Cruz...........June 14, pl Outstanding foreign debt reach $8b .... . ... f...................................... June 13, pl Licaros inks $100-m loan accord in NY .......................................................June 1, p2 FOREIGN RELATIONS ASEAN-Vietnam Tension up over refugee problem.............. .................................................... June 14, p2 RP<hina PAL to China (Weekender) . . June 4, p8 .......................................................June 4, p8 RP-US RP-US air treaty talks resume today .... .................................................... June 25, pl RP-W. Germany Envoy cites Germany’s relations with havenots....................................June 25, p2 Joint effort: Davao port plan ................... , . v...................................... June 18, p21 FOREIGN TRADE AGRICULTURAL Exports ’79 outlook bright for aggie exports .... .................................................... June 14, p2 ASEAN-Oman Oman to open diplomatic ties with ASEAN in ’80.........................June 21, p2 BARTER Trade Barter trade: goods sought from MM firms, A. Aydinan....................June 19, pl CEREAL Exports Cereal exports loaded for Indonesia, Malaysia....................................June 28, pl COCONUT Exports RP coco exports down, earningsup in 1st five months........................... June 18, p9 Coconut exports (Weekender)................... ........................ June 18, p2 COPPER Exports Brazil wants to purchase RP copper, J. J. de la Cruz................................. June 29, pl Sabena ships copper to Taiwan................ .................................................... June 14, pl COTTON Imports USDA sees increased RP cotton purchases .................................................... June 25, p2 EXPORTS Exports thru Cagayan de Oro port de tailed ..........................................June 22, p6 Intensified export-import program (Week ender) .......................................June 18, p2 Nontraditional exports growing................. June 5, p8 Agriculture exports (Weekender).............. .......................................................June 4, p8 FISH Exports Cooperative find new markets for South American fish exports .... June 14, p3 FOREIGN Investments Americans still top investors in RP........... .................................................... June 25, pl GARMENTS Exports GTEB to meet on quota rule suspension .................................................... June 15, p7 New GTEB rules draw complaints June 14, pl Garment firms in Berlin Fair to get bonus ....................................................June.12,pl Garment exporters hit quotas, J. J. de la Cruz............................................ June.11, pl Garment exports up .................June 7, pl. GENERAL Agreement on Tariffs and Trade Tokyo GATT best defense vs. protectio nism ..........................................June 13, p9 IMPORTS Move to cut imports rise, J. P. Ompoc, Jr. .................................................... June 15, pl RP-Argentina UK, Argentina eye business with RP, A. Aydinan...................................... June 4, p7 RP-ASEAN RP eyes more ASEAN exports ................ ..............•.....................................June 11, p2 RP-Australia Woolcot defends Australian policy........... .................................................... June 28, p8 RP-Brazil Brazil wants to purchase RP copper, J. J. de la Cruz................................. June 29, pl RP-Malaysia RP, Malaysia start first round of talks on tax treaty ..................... June 21, p2 Possible RP-Malaysia joint venture pro jects identified.........................June 15, p7 RP shipping agents eyed in Malaysia .... .............................................. Junell.plO RP-Sri Lanka RP-Sri Lanka trade pact (Weekender) . . . ................................................... June 4, p8 RP-UK UK, Argentina eye business with RP, A. Aydinan......................................June 4, p7 RP-US US imports of coral from RP reviewed . . ....................................................June 25, p3 US investors in RP ‘have few complaints’ ........................................... .. . June 19, pl FM has high hopes for RP-US trade talks ....................................................June.12, p8 RP call US attention to agreement’s de lay, J. J. de la Cruz................... June 8, pl RP-W. Germany Germany to give loans to RP...................... ....................................................June 19, p6 RICE Exports Rice exports to be limited................ ....................................................June 15, pl TEXTILE Exports RP calls US attention to agreement’s de lay, J. J. de la Cruz ................... June 8, pl TINPLATE Imports Details of tinplates import program now being,worked out......................June6,p2 TIRE Imports Trade ministry bares revised guidelines on tire importation...................June 6, p8 TRADE Fair Garment firms in Berlin fair to get bonus .................................................... June 12, pl Trade fair: exposure worth all the trou ble, J. J. de la cruz ................... Junel,p2 TRADE Opportunities Firms in Iran, Spain want to buy RP goods......................................June 11, p2 WHEAT Imports RP hiking wheat imports by 8%................ .................................................June 14, p2 RP buys 50,000 mt wheat .. June7,p2 GOV’T AGENCIES BATASANG Pambansa Tougher rules urged against union-bust ing ............................................June 18, p7 Batasan expected to approve bill on waste ful energy use .........................June 6, p8 BOARD Of Eneigy Caltex files higher price hike plea, R. A. Romero .................................June 22, pl Hearings resume today on oil price hike bids...................................June 14, p8 No new round of increases seen, R. A. Romero ...................................... June7,p8 BOARD OF Investments Fuel quotas to firms to be known tomor row .........................................June 20, pl BOI rule on public equity don’t favor listed firms?, R. A. Romero ...................... .................................................June 18, pl 3 areas to be listed in new IPP disclosed .................................................June 15, pl BOI slates exporter awards ... 7.............. ....................................................June 7,p2 Energy, credit policies synchronized by gov’t ...................................... .. June 6, pl Nontraditional exports growing................ ....................................................June 5, pl Approvals 8 firms to get incentives V. . June 27, pl Eight firms receive incentives from BOI .................................................June 19, p7 6 export producers, 7 foreign businesses granted incentives....................June 12, p8 BOI announces approvals . . . June 5, p8 BOARD OF Transportation School bus rates to be rolled back........... ....................................................June 26, p7 BUREAU OF Energy Development Gov’t endorses design for self-cooling house......................................... June 28, pG6 more wells to be drilled............... ....................................................June 26, pl BUREAU OF Energy Utilization Petroleum use up 5.6% in industrial sector........................... June 13, pl BUREAU OF Internal Revenue Ruling clarifies taxes of lands for re creation ....................................June 12, p3 BIR rules on taxable receipts, tax-free car buys .................................June 12, p3 BIR bares revised rules, J. P. Ompoc, Jr. June 11, pl BIR rulling (Weekender) ........................... .................................................... June.11, p7 Bank deposits’ interest earnings subject to tax................................................. June 6, p7 Rules issued on taxation of local crude oil ...................................................... June 1, p3 CENTRAL Bank Payments of export duties now to banks ................................... - . . . . June 27, p8 CB rejects CBCI bids, J. P. Ompoc, Jr. . . .................................................... June 26, pl Vehicle imports closely monitored June 26, p7 CB to ease rediscounting soon................ ....................................................June 22, pl. Warning out on stolen banknotes.............. ....................................................June 21, p2 CB approves 25 new bank branches .... June 21, p8 Bankers plot own schemes, J. P. Ompoc, ................................................. June.20, pl CB okays promos for savings...................... June 20, p2 Move to cut imports rise, J. P. Ompoc, Jr..................................................June.15, pl ‘Overdependence’ on CB hit...................... .....................................................June 15, p8 CB repurchase window closed?, J. P. Ompoc, Jr...................................June 14, pl CB slows down rediscount lending to comm’l banks, J. P. Ompoc, Jr................... June 13, pl CB to push savings, program ...................... ...................................................... June 1, p3 FAIR Trade Board Jurisdiction over food and drugs law de fined; PNR found negligent in case .................................................June 28. p2 FISHERY Industry Development Council Credit scheme for small fish farms mulled ....................................................Junell.pl FOOD & Drug Administration Multinational probed on product label ling. . .........................................June 6, p7 FOREST Products Research & Industries Development Commission New equip't hastens drying of mater ials for wood industries. . . . June 19, pl FOREST Research Institute Denudation of forest land costly .................................................. June 14, p6 (To be continued)