Business Day

Media

Part of Business Day

Title: Business Day
Description: Southeast Asia's first business daily
Issue Date: Volume XIV (No. 132) August 29, 1980
Publisher: Enterprise Publications
Year: 1980
Language: English
Subject: Philippines -- Commerce -- Periodicals
Rights
Place of publication: Manila
extracted text: Trade deficit now seen at $1.78B Rural bankers alarmed over palay underpricing ‘Farmers unable to pay loans’ Rural bankers have expressed alarm over the reported activities of traders who underprice palay sold to them by the farmers. Eugenio S. Perez, Jr., president of the Rural Bankers Association of the Philippines, said that in Panay island, palay is selling at half the Pl.40 per kilo buying PCMP firms • Loan from Germany A loan agreement of DM33 mil lion (Pl39 million) between the Federal Democratic Republic of Germany and the Philippine govern ment will be signed this morning at the Ministry of Foreign Affaire, MFA’ officials said. The loan will be allocated to the following gov ernment projects: Imelda Settle ment Project in Southern Leyte; Dagat-dagatan Resettlement Pro ject; procurement of special equip ment for the National Cartographic and Photogrammetric Center; and procurement of two container cranes for the Manila International Port. • No oil strike The oil reserve expected ■ to be within the Batas 1 structure in offshore northwest Palawan has “migrated” and Philippines Cities Service, Inc. (PCSI) has decided to temporarily plug the wildcat oil well, the Ministry of Energy an nounced yesterday. Based on a series of drill stem tests (DSTs) and visual examinations of core samples gathered from the well’s borehole, PCSI concluded that the oil once trapped within the Bata* 1 structure Is no longer there and that the initial oil shows were merely "residuals." • Senegal buying RP rice Senegal wants to Import Philippine rice and other products, and has proposed negotiation of a bilateral Hade agreement. A government buying mission from the West African nation arrived Wednesday afternoon for rounds of talks with local officials from Aug. 28 to 31. Headed by Director Amador Moustapha Tall of the Senegalese Ministry of Commerce, the sixman mission visited Thailand before coming to the Philippines. Trade consultations with Philippine gov ernment officials are going on. price of the National Grains Authority. These depressed pri ces have so shrunk the income of fanners that they are unable to pay their loans. Perez said that with the increase in the target area of the new phase of Masagana-99, the prices would go down further. He suggested that the government enforce a floor price for palay and make the National Grains Authority buy more its present share of 18% of the total rice production of the country. urged to buy more parts made locally The Consolidated Automotive Parts Producers Association Inc. (CAPPA) has proposed that the car firms participating in the Pro gressive Car Manufacturing Program (PCMP) be required to acquire some 40 parts and components from local suppliers. CAPPA said some of these parts are already being used by PCMP participants. Under the present guidelines, PCMP participants are required to source locally only two items — tires and batteries. Page 8 The Stock Market Trading on mlnei provided the only excitement at the exchanges yester day but the Issues lost steam at the homestretch. Activity In the oil sector was light. None of the Issues posted gains while losers gave up small points. Combined peso turn over at P8.8 million dropped by almost 30% from Wednesday’s P12.1 million. Psge 16 The country’s trade deficit may hit $1,784 million this year, a rise of 15.8% over 1979, according to a report from the Ministry of Trade. The report added that export receipts may grow by only 31%, a slower rate than last year’s 34%, while imports would grow by 27%. The ministry attributed the decline in growth to the projected slower performance of nontraditional exports - 30% this year (to $2,769 mil lion) as against 42% in 1979. Oil bill increases were likewise expected to swell the trade gap, according to the ministry. MM jeepney men now want higher fares Metro Manila jeepney operators and drivers, crumbling, under the pressure of high fuel prices, have asked the Board of Transportation to increase their fares. The Buklod ng Manggagawa sa Sasakyan, head ed by Ceferino P. Ginete, is asking for an increase in the basic fare of from 60 centavos to 70 centavos for the first five kilometers. It is also asking for a half-centavo raise in the per kilometer rate, from 11.5 to 16.5 centavos per kilo meter. Corporate Developments BPI-Comtrust merger nearly covered by capital gains tax The Batasang Pambansa committee on finance yesterday debated on whether the exemption from the capital gains tax for banks merging or consolidating in order to obtain a license for universal banking, would be made effective upon approval of the relevant Cabinet bill. A timing like that would penalize banks that have already merged. It was a close shave for the Bank of the Philippine Islands which recently acquired the Commercial Bank and Trust Co. For tunately for BPI, its merger is not yet consummated. Page 7 Tanduay eyes export to offset slump in sales on local market Tanduay Distillery, Inc., suffering a slump in sales, is aiming for a share of the United States rum market. It will ship an initial 2,000 cases next month to Texas and California, from where It hopes to expand to other states. Page 7 Delta Motor's Mini-Cruiser, Tamaraw to be sold in Egypt Delta Motor Corp, reported signing an agreement in principle for the assembly and distribution of its Delta Mini-Cruiser and Tamaraw in Egypt. At least 3,000 units worth a total of $15 million are In the order. « — PSC to raise price ceilings in provinces The Price Stabilization Council (PSC) will adjust the price ceilings for essential commodities in the provinces shortly. The PSC said the adjustments will be raised de pending on the cost of transport from Manila, where most of the commodities come from. The prices of rice, corn, sugar, milk, cooking oil and school supplies will thus vary according to the nearness of the place to Manila. Only the prices of canned fish have not yet been computed, the PSC said. Sugar workers hold convention Sugar mill and .plantation workers start a two-day national unification convention tomorrow in Bacolod City. Besides putting 560,000 plantation workers and 30,000 mill workers together under one union, convention organizers said they will' also discuss ways to force the government to lift their employers’ exemption from the various wage decrees. Page 8 INSIDE SECTION II DISCOUNT RATE: MITI Minister Tana ka lays the .75% cut In Bank of Japan discount rata Is too small. .... .Page 9 MORATORIUM: The US General Ac counting Office urges a moratorium on foreign acquisitions of US banks with assets of $100 million or more . . Page 9 TRADE DEFICIT: The US trade deficit dropped In July to $1.85 billion from June's $2.28 billion, mainly because of a 17% drop In oil Imports...............Page 9 UK UNEMPLOYMENT: The total of unemployed in Britain this month topped 2 million for the first time slnca World War II. . ............................Page 9 OIL STOCKPILE: Japan plans to In crease Its oil stockpile to 30 million kiloliters.........................................Page 10 MONETARY MOVEMENTS: Gold closed higher at $634 an ounce In Lon don, firm In Hong Kong at $627. The US dollar was little changed in New York but down in London end Tokyo. Page 10 COMMODITY FUTURES: Prices of selected commodity futures close mixed .................................................. Page 11 REGULAR FEATURES Tax Talk.................... . Page 2 Business & the Law . . . .........2 World Situationer .... . . . . .4 Currency Conversion Table. . 10 Forex, Interbank Rate. ... .10 Monetary Movements. . .. . .10 Market Reports........... ... .11 Shipping & Trade .... ....12 Off Hours ............... .. . .14 Psge 7 Page 2 Business Day Friday, August 29, 1980 UN special session on world economy Rich, poor nations buckle down to work ‘Mergers’ and ‘consolidations’ agenda of the proposed global economic negotia tions. And it will try to bridge differences over major points of an inter national development strategy that would lay down objectives for Third World economic and social development over the next ten years. __ ______ „ ___ The committee’s' Tuesday, three days beYugoslav and Pakistani fore the scheduled final vice-presidents, Bogdan sitting. Crobrja and Niaz Naik, will chair two working groups dealing respective ly with the global ne gotiations and the dev elopment strategy. Dupuy told AFP the three groups would press ahead with their work in a bid to report back to the assembly by next UNITED NATIONS, New York, Aug. 28 (AFP) — The special session of the UN Gen eral Assembly will today tackle in earnest the tricky task of reconciling the views of rich and poor countries on how to conduct their dialogue on the future of the world economy. African and Asian de legates stressed last night that speeches by minis ters of leading western countries since the open ing of the session last Monday left little doubt that there is still a wide gap between the posi tions of the two sides. “The industrial coun tries are only prepared to negotiate when they are under pressure,” a Third World official said, in al lusion to the recent easing of the world oil market situation. However, foreign min isters of the European Economic Community at a formal EEC Council session on Wednesday “confirmed the Commu nity’s resolve to play an active part”, in the talks, an EEC handout said. It said the ministers “reiterated their political will to do their utmost to ensure that the negotia tions reach a successful conclusion that will con tribute to the revival of the world economy and the restructuring of inter national economic re lations on a more just and equitable basis.” The reaffirmation of <4keEEC’a“political will” was seen as an encourag ing sign in some Third World quarters here. But one official remarked that it remained to be seen what practical ef fects this would have. African and Asian de legates have said private ly that they expect the EEC to be more forth coming than the United States or Japan, whose position they described as “ambiguous.” Com menting on Monday’s speech by US Secretary of State Edmund Muskie, a North African diplomat said: “You can read it which way you want — they are in an electoral campaign.” AD HOC COMMITTEE. While ministers of the 153 UN member-coun tries are continuing their general debate — a speech-reading marathon — an ad hoc committee chaired by Michel Dupuy of Canada, one of the an chormen of the 1975-77 Paris North-South dia logue, will get down to brass tacks this morning. The committee will seek to break the dead lock between industrial and developing countries on the procedure and By MAT DEFENSOR amended by the board of directors but must be ratified by the stock holders or members by the same vote requirement. Once the plan is approved, art icles of merger or consolidation are executed by each of the constituent corporations, containing statement of the plan, the number of shares outstanding (or the members if non-stock) of each constituent corporation, and the number of votes for or against the plan. The articles are then submitted to the SEC for approval. If it ap proves, the SEC issues a certificate of merger or consolidation. In case the SEC believes that the proposed merger or consolidation is contrary to existing laws, it schedules a hear ing for the constituent corporations to present their side. The require ment of 25% sub scription to the authorized capital stock and 25% paidup to the subscription is < the first to be implemented by the Securities and Exchange Commis sion among provisions of the Corp oration Code. The old Corporation Law, Act No. 1459, required 20% subscription of which 25% was to be paidup. According to the report in the Business Day's Aug. 27 issue, the commission will formulate guide lines on mergers and consolidations of corporations. The new law con tains express provisions on mergers and consolidations, which were ab sent in the Corpor ation Law. The pro visions on mergers under the old law re ferred only to railway corporations and to public service corp orations. Unlike the new law, it outlined no procedures. For mergers and consolidation to be effected .under the old law, corporations have to go through the circuitous provisions of Sections 28-1/2, 17-1/2 and 18 and follow the procedure set by the Supreme Court in the case of Reyes V. Blouse, GR L4420, May 19,1952. While the words “merger” and “consolidation” are used inter changeably, they are not~one and the same. In a merger, a corpora tion is extinguished and absorbed by the other that remains in exist ence. In a consolidation, both the original corporations cease to exist and a new one is created. In both cases, the parties are called “constituent corporations.” Under the new law, corporations have the express powers to merge and consolidate. An entire new title covering five sections is devoted to the subject. In brief, the procedure to be fol lowed in merging of corporations is as follows: The board of directors of each corporation which decide to merge or consolidate formulates and approves a plan of merger or consolidation. The plan contains all possible information relevant to the proposal. The plan is then submitted for approval to the stockholders of the constituent corporations at separate meetings. The vote of stockholders owning at least 2/3 of the outstand ing capital stock is necessary for the approval of the plan in the case of a stock corporation, and 2/3 of the members in the case of a non-stock corporation. The plan may be Business & the law Effects of valid merger or con solidation are provided for in Sec tion 80 of the Corporation Code which states: 1) “The constituent corpora tions become one single corpora tion, which shall be the corporation designated in the plan of merger or consolidation; 2) “The separate existence of the corporations that merged or consolidated cases, except that of the survivirtg"oT consolidated corp oration which shall possess all the rights, privileges, immunities and powers, and shall be subject to all the duties and liabilities of a corp oration organized under this code; 3) “The surviving or con solidated corporation shall possess all the rights, privileges, immunities and franchises of each constituent corporation and all properties, real or personal and all debts, including subscriptions to shares and other choices of action and all other in terests of or belonging to or due to each constituent corporation shall be taken or • transferred to and vested in such surviving or consolid ated corporation, without further act or deed; 4) “The surviving or consolid ated corporation shall be liable for all the obligations of each cons tituent corporation, as if such sur viving or consolidated corporation had itself incurred such obligations. Any action pending, by or against any of the constituent corporations may be prosecuted by or against the surviving or consolidated corp oration. No rights of credits nor any lien shall be impaired by such merger or consolidation.” EXEQUIEL S. LETICIA M. LOCSIN MEMBER Hlimo Amendments Individuals The filing of individual income tax returns, Section 45 (c) of the National Internal Revenue Code, now provides: “When to file — The return of th,e following individuals shall be filed on or before the eighteenth day of March of each year, covering income of the preceding taxable year: “(a) Residents of the Philip pines, whether citizens or aliens whose income have been derived solely from salaries, wages, inter ests, dividends, allowances, commis sions, bonuses, fees, pensions, or any combination thereof. “(b) The return of all other indi viduals not mentioned above, in cluding non-resident citizens shall be filed on or before the fifteenth day of April of each year covering income of the preceding taxable year.” Corporate Returns Section 46(b) now reads as follows: “(b) Fiscal year of corporations — Every corporation (other than partnerships, no matter how created or organized) may designate the last day of any month id the year as the day of the closing of its fiscal year, and shall be entitled to have the tax payable by it com puted upon the basis of the net income as certained as herein ----------------provided for the year ■MKwwnlBfiB ending on the day so designated in the year preceding the date of assessment instead of upon the basis of the net income for the calendar year preceding the date of assessment; and it shall give notice of the day it has thus designated as the closing of its fiscal year to the Commissioner of Internal Revenue at any time not less than 30 days prior to the 15th day of April of the year in which its return would be filed of made upon the basis of the calendar year.” Payment & assessment The provision on the payment and assessment of income tax was amended to read as follows: “Sec. 51. Payment and assess ment of income tax — (a) Payment of tax. — (1) In general. The total amount of tax imposed by this Title shall be paid at the time the return is filed. Such tax shall be paid by the person subject thereto. If the return is filed after the time prescribed by law (including cases in which an extension of time for filing the return has been gran ted under section 47 of this Code), there shall be paid at the time of such filing the tax or instalment which would have been payable on or before such time if the return had been filed within the time pres cribed by law, and the remaining instalment shall be paid at the time at which, and in the amount in which, it would have been payable if the return had been so filed, sub ject to the payment of interest at 20% per annum from the original due date. In the case of tramp vessels, the shipping agents and/or the hus banding agents, and in their ab sence, the captains thereof are re quired to file the return herein pro vided and pay the tax due thereon before their departure. Upon failure of the said agents or captains to file the return and pay the tax, the Bureau of Customs is hereby autho rized to hold the vessel and prevent its departure until proof of pay ment of the tax is presented or a sufficient bond is filed to answer for the tax due. (2) Instalment payment — When the tax due is in the excess of P2,000, the taxpayer other than a corporation taxable under Section 24, self-employed individuals who income tax may be required to pay estimated income tax under Chapter X, and the withholding agents required to deduct and withhold the tax under Section 53 and 54, all of this Title, may elect to pay the tax in two equal instalments, in which case, the first instalment shall be paid at the time the return is filed and the second instalments, on or before the 18th day of July following the close of the calendar year. If any instalment is not paid on or before the date fixed for its payment, the whole amount of the tax unpaid becomes, due and payable, together with the delinquency penalties.” “(d) Interest on deficiency — Interest upon the amount deter mined as a deficiency shall be assessed at the same time as the de ficiency and shall be paid upon notice and demand from the Com missioner and shall be collected as a part of the tax at the rate of 20% per annum from the date prescribed for the payment of the tax, (or, if the tax is paid in instalment from the date prescribed for the payment of the first instalment) to the date the deficiency is assessed: Provided, That the maximum amount that may be collected as interest on the Tax Talk deficiency shall in no case exceed the amount corresponding to a period of three years, the present provisions regarding prescription to the contrary notwithstanding.” “(e) Additions to the tax in case of nonpayment — (1) Tax shown on the return. — Where the amount determined by the taxpayer as the tax imposed by this Title or any instalment thereof, or any part of such amount or instalment, is not paid on or before the date pres cribed for its payment, there shall be collected as a part of the tax, interest upon such unpaid amount at the rate of 20% per annum from the date prescribed for its payment until it is paid: Provided, That the maximum amount that may be col lected as interest or, deficiency shall in no case exceed the amount cor responding to a period of three years, the present provisions re garding prescription to the contrary notwithstanding.” “(2) Deficiency — Where a defi ciency, or any interest assessed in connection therewith under para graph (d) of this section, or any addition to the taxes provided for in Section 72 of this Code is not paid in full within 30 days from the date of notice and demand from the Commissioner of Internal Reve nue, there shall be collected upon the unpaid amount as part of the tax, interest at the rate of 20% per annum from the date of such notice and demand until it is paid: Pro vided, That the Inaximum amount that may be collected as interest on deficiency shall in no case exceed the amount corresponding to a period of three years, the present provisions regarding prescription to the contrary notwithstanding.” “(3) Surcharge — If any amount of tax shown on the return is not paid in full on or before the date prescribed for its payment under paragraph (a) of this Section, or any amount of deficiency, and any interest assessed in connection therewith, is not paid in full within the period prescribed in the assess ment notice and demand required under paragraph (b) of this Section, there shall be collected in addition to the interest prescribed herein and in paragraph (d) above and as part of the tax a surcharge of 10% of the amount of tax unpaid.” (Presidential Decree No. 1705) Friday, August 29, 1980 Business Day Page 3 That's why we give you more than just bank services. At CityTrust, gestures of hospitality are part of serving your banking needs. The small things we do, besides serving your banking needs, all add up to the full service you deserve. Come experience our person-toperson service that says "You’re special." cityTrust i BANKING CORPORATION An affiliate of Citibank, N.A. Your Person-to-Person Service Bank Head Office: CityTtuet Bldg., Buendia Avenue Extenaion, Makati, Malto Manila • Telephonee 818-04.11 to 26 Page 4 Business Day Friday, August 29, 1980 WORLD SITUATIONER Ethiopia Polish crisis spreads; invades Somalia military maneuvers by NATO, Warsaw Pact slated Japanese, Germans support NAIROBI (Reuter) - Ethiopian troops backed global negotiations on oil by fighter-bombers in vaded north-west Soma lia yesterday, Mogadishu radio said. UNITED NATIONS (Reuter) - Japan and West Germany yesterday endorsed proposals for global negotiations on energy, aimed at greater stability in the pricing and supply of oil. West German Foreign Minister Hans-Dietrich Genscher told the United Nations General Assembly: “We cannot evade an energy dialogue any longer.” Saburo Okita, the delegate of Japan, said measures should be devised to recycle surplus oil funds to developing countries lacking oil resources. Okita welcomed the initiative of the developing countries’ Group of 77 to include energy in comprehensive economic negotiations, due to start in January. They were addressing the assembly on the third day of a special session on Third World development problems. In his statement, Genscher said there could not be a smooth transition from the oil age to alternate sources of energy unless oil-exporting and oil-importing countries cooperated in a spirit of joint responsibility. “Although rising prices for a commodity (oil) that is becoming increasingly scarce may be unavoidable, abrupt price increases and sudden problems of adaptation which cause severe setbacks in economic activity must be avoided,” he said. Genscher thus echoed US Secretary of State Edmund Muskie, who appealed here Monday for stable oil prices and supply. Muskie said the oil nations bore a unique responsibility for the world’s economic plight. But in a speech, yesterday, a leading Asian statesman laid the blame elsewhere. Mahathir Bin Mohamed, deputy prime minister and trade minister of Malaysia, said: “Recession is mainly the result of an extreme lethargy and laziness of the workers in the industrialized nations. Having got used to an easy life at the expense of the rest of the world, they are not willing to work for a living any more. They would like the world to provide for them, as in the days of colonialism.” Biqdiscounts onTord’s MIVTDAnV only from HUN 1lUlIll (LIMITED OFFER ONLY.) The radio, monitored . Gdansk grew yesterday here, said Ethiopian -1 u” troops crossed the border near the town of Borama. Ethiopian jets raided other towns in the area, the radio said. It added that Somali forces had stopped the Ethiopian advance, but fighting continued. One Ethiopian aircraft was shot down and the pilot died instantly, the broadcast quoted the defense ministry as saying. It was the first time in their protracted terri torial dispute that Soma lia had accused Ethiopia of sending troops across the border. The Mogadishu government has previous ly said that Ethiopian jets struck at targets along the border. Aid workers have verified some of these raids. GDANSK (Reuter) - Support for the strikers who have paralyzed Poland’s Baltic port of with stoppages by workers in the industrial cities of Lodz and WrocLeaders of the 14-day strike in Gdansk showed no signs of backing down on their demands as the government’s chief negotiator returned to the port for fresh talks. The strikers, pressing Poland’s communist rulers for political re forms, have crippled industry in the north of the country. American east coast dock workers said they were starting a boycott on trade with Poland in solidarity with the strikers. The action will dis rupt grain shipments in tended to ease Polish food shortages. The United States also disclosed that Polish leaders have asked Wash ington for credit worth $67 5 million to buy food. As the stoppages spread, 20 enterprises were reported struck in Wroclaw and 10 in Lodz where workers issued a list of demands similar to those formulated in Gdansk. These include the right to strike, the right to form free trade unions and the abolition of cen sorship. An offer of free trade union elections and the possibility of the right to strike were rejected as insufficient yesterday by leaders of the Gdansk stoppage. Strike leader Lech Walesa was in defiant mood as he and col leagues prepared for another round of bar gaining with the govern ment’s chief negotiator, deputy prime minister Mieczyslaw Jagielski. “We are demanding, not pleading,” he said. Although the govern ment’s tactics have been conciliatory up to now, a leading political com mentator warned the strikers on television last night not to go far. Although there has Afghanistan boosts its forces with volunteers NEW DELHI (AFP) — The S ov iet-backed Afghan government has decided to raise a force of 10,000 to 15,000 armed volunteers to counter the rebels and Indian foreign office here say that the efforts have met with initial success. So far an estimated 4,000 volunteers from various Afghan provinces have been enlisted and are being given crash courses in weapon train ing and guerrilla warfare, the sources, who asked not to be named, said. The decision to raise the volunteer force — the idea was first mooted in Moscow — was taken at the high-level meeting Afghan President Babrak Karmal and his military generals had with a visit ing high-powered Soviet military delegation in been no official shift in the censorship position, Polish newspapers are now carrying extensive reports of the Gdansk strike. One newspaper pub lished for the first time all 21 demands made by the strikers. But the Krakow Roman Catholic weekly Tygodnik —iPowszeechny said censors had refused to let it publish a letter from Pope John Paul in which he prayed for his native country. Editor Jerzy Turowicz said no reason was given. In London, banking sources said the labor turmoil was unlikely to affect Poland’s credit worthiness although the strikes would prevent it reaching economic targets. The strikes are not expected to endanger a West German loan pack age of 1.2 billion marks ($660 million) which is likely to be signed within the next three weeks, they said. The Soviet news agency Tass said that “anti-socialist element” in Poland were trying to divert the country from socialism. It said party workers and working • people in Polarid were calling for effective steps to resolve the crisis. The crisis, it is noted here with some appre hension, will be coinci ding in early September with European military maneuvers of impressive size both by the Warsaw Pact and the North Atlantic Treaty Organiz ation (NATO). Bangladesh looks more beyond its own borders sive economic aid. NEW DELHI (AFP) — One decade after its painful birth, Bangla desh, one of the world’s poorest countries, is in creasingly looking abroad under President Ziaur Rahman who came to power in 1975. The 44-year-old gen eral, who has kept his army on a tight rein thus giving some degree of political stability to the country after a series of bloody coups, is embark ing on more and more overseas visits — last month to China, this month to the United States and now to Next month President Zia will travel to New Delhi for the common wealth conference but his relations with India, which in 1971 backed up the Bangladesh fight for independence from Pakis tan with troops, have worsened considerably. Far from growing closer to Moscow, Dacca is developing its links with China which pro vides it with arms and is now looking towards the Western world for masKabul some time in the middle of this month, the sources said. The volunteers who are in the age group of 18-30 are either activists of the ruling Peoples Democratic Party of Af ghanistan (PDPA) or sympathizers, the sources added. The sources, however, In the case of NATO, the exercise being organ ized now foresees the deployment of 60,000 men in West Germany in the most ambitious such operation in 11 years. At about the same time, but in East Ger many, the Warsaw Pact forces as of Sept. 8 will open maneuvers baptized “comrades-in-arms 80” involving an estimated 40,000 Soviet, East German, Bulgarian, Czechoslovakian, Hunga rian, and Polish forces deployed in the Baltic areas some 100 kilo meters from the Polish border. Moynihan denies link with drug smuggling ring A British peer living in the Philippines yesterday challenged an Australian judge who accused him of involvement with drug smugglers to repeat his allegations outside Parlia ment or withdraw them. Lord Moynihan, 4 5 was accused in a Royal Commission report tabled in the New South Wales Parliament this month of having con nections with a major Sydney drug ring in volved in the smuggling of heroin from the Phil ippines to Australia. The report by the Royal Commissioner, Just ice Woodward, on drug trafficking in New South Wales said Lord Moy nihan was a “shadowy figure” linked with a Sydney drug syndicate known as the “double bay mob.” — Reuter In five years President Zia has managed to bring order to this overpop ulated country of 90 million, which the pre vious regime of “father of the natiop” Sheikh Mujibur Rahman had re duced to chaos and poverty in just four The young turks in the Bangladesh army who assassinated Mujib, all his family and his main advisors have had to bow to a new strongAfter having lifted martial law and organ ized presidential elect ions followed by legisla tive elections last yfear, President Zia seems to be firmly in the saddle. This has not prevent ed at least two coup attempts against him. Despite the landslide vic tory of President Zia’s nationalist party the op position, led by the form er Awami League of Sheikh Mujibur Rahman and the Islamic League, are beginning to pose the government some procould not say if the majority of the volun teers belonged to the Babrak Karmal’s Parcham (FLAG) faction of the PDPA. Afghan sources here believe that a majority of the volun teers belongs to the Parcham faction. There was, however, no independent confirmation. Friday, August 29, 1980 Page 5 Near crash JAKARTA: Four smould ering suitcases were found aboard an Indo nesian airliner yesterday shortly after the crash of another also on a domes tic route, airline sources said. Police are checking the contents of the suit cases, discovered when passengers complained of an acrid smell aboard a turbo-prop Electra of Mandala Airlines, airline director air vice-marshal Santoso told Reuter. It was flying from Jakarta to the east Java city of Surabaya with 56 people aboard and the cases could have burst into flames, airline sources said. Only a few hours before, a turbo-prop Vickers Viscount of the domestic airline Bouraq had plunged out of con trol into marshland 27 kilometers from Jakarta, where it was due to land after a 900-kilometer flight from South Kali mantan. —Reuter Vienna tightens security VIENNA: Vienna will be teeming with security officials next month to ensure maximum securi ty for one of the largest meetings held by the Organization of Petrol eum Exporting Countries (OPEC). The nightmare of the last high-level OPEC meeting here in December 1975 — when pro-Palestinian guerrillas broke up an oil ministers conference and held the —.delegates hostage for two days — will be on offi cials’ minds every min ute. The meeting of oil, finance and foreign ministers from the 13 OPEC member states is scheduled for Sept. 15-16. —Reuter 30 die in Turkey ANKARA: About 30 per sons died in political clashes during the last 24 hours in Turkey, a flareup of violence that ended a period of relative calm. The new death toll was three times as high as those during the last few days. Turkish police ap peared to be active and particularly tense after an increase in attacks on police stations in Ankara and Istanbul that left one officer dead and several wounded. Armed groups attacked four police sta tions in Ankara. In addi tion, three wanted terror ists were shot dead in a gun battle with police in Ankara, and three leftist militants and a rightist were killed there in two separate incidents. Seve ral houses were set afire in the Mediterranean town of Tarsus. —Agence France Presse US envoy shot at BEIRUT: American Ambassador John Gun ther Dean escaped un hurt when gunmen using automatic rifles and a rocket-propelled grenade attacked his official car near the US embassy here Wednesday. Reliable sources said the attackers opened fire from a car which ambushed the am bassador’s vehicle as it left the embassy grounds in the Baadba area of the city. Dean’s body guards immediately re turned fire. Three people aboard the car were arrested. — AFP Saudi Arabia. Malaysia. Indonesia. Hongkong. And now, IRAQ. CDCP. Pioneer in Filipino international construction entrepreneurship... on competitive level with the worlds best. We’re there because of our record of accomplish ments. Todate, our foreign projects total P5.3 billion. For our country, contribution to its dollar revenues. For Filipinos, jobs. For CDCP, an affirmation that we are trusted. CDCP believes there’s always room for a good, capable man. If you share in this belief, WE NEED YOU. delivers. CONSTRUCTION & DEVELOPMENT CORPORATION OF THE PHILIPPINES Tierra Factors Bldg., 3S5 Buendia Ave. Ext. Makati, Metro Manila • Tel. Nos. 87-60-61 to 65 COAftSTRAT Page 6 Business Day Friday, August 29, 1980 Guidelines on unibanking (Continued from yesterday) (5) Corporation, association or firm of which any or a group of directors, officers, stockholders of the lending bank and/or their spouses or relatives within the first degree of consanguinity or affinity, or relative by legal adoption, hold/own more than 20% of the subscribed capital of such corporation, or of the equity of such association or firm; (6) Corporation, association or firm wholly or majority-owned or controlled by any or a group of related entities mentioned in (2), (4) and (5) of this Section. Other cases of direct/indirect borrowing shall be resolved on a case-to-case basis. It shall be the responsibility of the banking insti tution concerned to ascertain whether the borrower, guarantor, representative, endorser or surety is related to persons mentioned in (b) (1) of this Section or connected with any of the directors, of ficers or stockholders of the bank in any of the capacities mentioned in (b)(2), (3), (4), (5) and (6) of this Section. SEC. 50. Individual Ceiling. — The total out standing direct credit accommodations to each of the bank’s directors, officers or stockholders shall not exceed, at any time, an amount equivalent to his outstanding deposits and book value of his paidin capital contribution in the lending bank: Pro vided, That unsecured credit accommodations to each of the bank’s director, officer or stockholder shall not exceed thirty per cent (30%) of his total credit accommodation. SEC. 51. Aggregate Ceiling; Ceiling on Unsecured Loans. — Except with the prior approval of the Monetary Board, the total outstanding borrowings of a director, officer or stockholder, whether direct or indirect, shall not exceed fifteen per cent (15%) of the total loan portfolio of the bank or one hundred per cent (100%) of combined capital ac counts net of such unbooked valuation reserves and other capital adjustments as may be required by the Central Bank, whichever is lower: Provided, That ip no case shall the total unsecured direct and indirect borrowings of directors, officers and stockholders exceed 30% of the aggregate ceiling or the out standing direct/indirect loans thereto, whichever is lower. For the purpose of determining compliance with the’ ceiling on unsecured loans, banks shall be allowed to average their ceiling on unsecured loans and their outstanding unsecured loans every quarter. (To be continued) New Ventures Worm business has fast-moving demand Time to Buy VICTOR! MODEL 670 U.S.A. MODEL 605 PHILIPPINE EXCLUSIVE DISTRIBUTOR: around the neck. Higher priced because of their reproductive capacities, these worms are normal ly sought by backyard worm growers. “Castings” are earth worm excretions. Consi dered to be “nature’s richest organic fertil izer,” they contain “over five times the nitrate, seven times the phos phorus, three times the magnesium, 11 times the potash, and 1-1/2 times the lime (calcium) that is found in good top soil," Vermi-Farms says. Castings are best suit ed for plantations of sugarcane, pineapple, bananas, rice and corn, coconut and for orna mental and vegetable gardens. ACCELERATING. With the growing demand, Vermi-Farms encounters only one problem yet: how to speed up pro duction to meet bulkier orders. One Japanese im porter has been asking for 20,000 kilos of earth worms per shipment. Experiments in the company’s Tarlac farm try to alter the earthworm-breeding habitat, for faster production. Results so far are encour aging for Vermi-Farms. The new habitat has produced 1,085 worms from every 10 breeders in 51 days. using the lowly red wiggler not only as fish bait but also as animal feed, fertilizer converter, urban waste recycler, and lately, as food supple ment for humans. As such, the demand for earthworms, both here and abroad, has continuously been on the rise. According to figures from Vermi-Farms, the demand in the export field alone has been leaping by 20% to 30% annually. Vermi-Farms exports earthworms to Japan, its main market. Shipped over-dried and powdered, the earthworms are used there either as food sup' plement when processed and mixed with flour to make biscuits, as feed for animals and fishes. Earth worms are considered good feed because of their high protein con tent of 74%. They also give medicine extracts for such purposes as growing hair and shrink ing blood vessels. DOMESTIC USERS. At present, Vermi-Farms supplies earthworm “breeders” and “cas tings” to local farmers, backyard earthworm growers, fishermen, and fishpond operators. “Breeders” are mature worms (normally one to two months old) recog nizable by a black band More often than not, the mere thought of earthworms makes peo ple squeamish. But not for Carmen R. Arceno, whose Vermi-Farms Phil ippines, Inc., does the ul timate in profitable antisqueamishness: earth worm-raising. Registered with the Securities and Exchange Commission last April, Vermi-Farms operates as a family enterprise with an authorized capital of P500.000, of which P100.000 is subscribed and P25.000 paidup. Vermi-Farms has a 1,500-square meter vermiculture or earthworm farm in Tarlac. It breeds reddish brown earth worms of the species “perionyx excavatus” which are known for their fast and prolific growth. In 18” x 24” x 8” wooden boxes called beddings, kilos of worms multiply under temper ature conditions of above 45 degrees Fahrenheit during the rainy season, and below 95 degrees during summer. At the normal rate of multiplication, a kilo of worms (numbering about 2,000) can double in only two months. VARIED USES. Recent scientific studies have shown the feasibility of < 0 30 < § 30 < § 30 < § Estafa raps filed vs. Bicol, Leyte financing firm execs > K e gj— Mr. Francis B. Gimenez > VICTOR VICTOR VICTOR VICTOR e 5th Floor Puen International Building 7462 Bagtican St., Makati Metro Mia. Telephone nos. 881-656 & 865-173 • FOR METRO MLA. & PROVINCIAL DEALERSHIP: Contact: — Mr. Tony P. Penaojas The Central Bank yes terday filed 52 estafa charges against 10 offi cers of a financing firm and a lawyer in connect ion with a P19-million swindling case which victimized 12 rural banks in Bicol and Leyte own ed by the same financing company. Named respondents in the charges filed with the Ministry of Justice were Manuel Villar, resident and general manager of the Abba Holding Corp.; his wife Erlinda Villar, Abba treasurer; Florante Bernandino, executive vice-president of Abba; Nestor Arcilla, Lagrimas Geronimo, both Abba officers; Allan Repatacudo, Manuel Nicolas, land technicians in the Rural Bank of Buhi, Camarines Sur; Lilia Fortuna, Anita Yadupedo and Fernando Pallarco, Abba officers; and lawyer Francisco Mendezabal. Fajardo said the Abba officers, who controlled the operation of the 12 rufal "banks through direct or indirect stock holdings, have allegedly been involved in about 2,674 questionable trans actions which resulted in the loss of Pl 9 million through grant of ficti tious loans. GMCR bares 2nd-quarter dividends Why is it important to report at once any trouble you have with your phone? When there is something wrong with your telephone or it breaks down completely, you should report it immediately. This will enable your Telephone Company to attend to your complaint and do the necessary repairwork. THE TELEPHONE REPAIR PROCEDURE Basically, the repair procedure goes th is way: • The time and day you file your complaint are noted down and sent to a Test and Dispatch G roup of you r Telephone Company. • This group assigns the work to a repairman in your vicinity. • The repairman undertakes the necessary repairs. • If the damage is on the cable, he informs the Cable Maintenance Crew which works around the clock to make the necessary repaln In any case, the Test and Dispatch Group is informed and they record the time the repair is made and forward it together with the date you filed your complaint to your Telephone Company's billing department. IT PAYS TO REPORT YOUR PHONE TROUBLE The whole repair procedure can only be implemented if you report your telephone trouble. Because If you don't, there is no way for your Telephone Company to detect If anything is wrong with your phone. Reporting your telephone trouble may also result In a rebate In your telephone bill. Based on the report filed by the Test and Dispatch Group, your Telephone Company's billing department determines If you are entitled to a rebate and how much this would be. So you see.lt pays to report your telephone trouble Immediately. The board of directors of Globe-Mackay Cable and Radio Corp. (GMCR) recently approv ed a second-quarter cash dividend of P0.35 per share of Pl par value, for stockholders of record as of Aug. 26, 1980, pay able Sept. 15, 1980. GMCR chairman Jaime Zobel de Ayala said it was the 24th consecutive cash divi dend declared by the company since it went public in July 1974. PAL opens Mabuhay Club Philippine Airlines launched its Mabuhay Club last night at the Manila Hotel with For eign Minister Carlos P. Romulo as first member and principal guest. Membership in the club is free for passengers who will fly PAL for a total of at least 30,000 air miles in the first class service or 45 000 air miles in full-fare eco nomy service in 12. months beginning Aug. 1. For example, a passenger will qualify as member if he travels Manila-San FranciscoManila twice a year on first class, or thrice a year on full-fare eco nomy. Friday, August 29, 1980 Page 7 ‘Supermarket’ trade houses to open soon A number of Philip pine trade houses that will operate much like supermarkets will be inaugurated soon in various foreign cities, in cluding one which may be managed by the Ayala Corporation. Contracts have been signed between the Ministry of Trade and the Chamber of Depart ment Stores, Inc., for the opening of a “super market-type” trade house in San Francisco, and the Philippine Traders Mart, Inc., for another in Los Angeles. The Los Angeles trade house manager, Jose R. F«ctora, said a “mass signing” took place last Wednesday between Trade Minister Luis R. Villafuerte, the trade house management, and first 13 store franchise holders who will set up shops in the trade house. The trade ministry implements the program of establishing the trade houses abroad to display and sell local products. Its supermarket or “ex panded trade house” concept envisions at least $42 million in annual earnings — from a mini mum quota of $2 mil lion a year per trade house, for 21 trade houses planned up to 1981. CONTRACTS. Accord ing to Norberto A. Romualdez HI, officer in-charge of the Bureau of Export Promotion, contracts will be signed shortly for two other trade houses to be set up in Miami (to be operated by the Philippine Handi crafts Producers Coop erative with 250 mem ber-firms) and in Milan (to be run by East Art Trading). The four trade houses will be inaugurated by October, he said. Negotiations are under way for the open ing of two more to be established in Honolulu and Dallas, Texas. The one at Dallas will possibly be owned and operated by Ayala Corp oration, a source said. Ayala is one of the local companies which have set up overseas trading offices (OTOs). Under the trade minis try’s expanded trade house program, manage ment of these houses will be entrusted to a group of businessmen, an OTO, or any of the Philippines’ top 100 corporations. ASSISTANCE. The trade ministry would extend financial assistance to each franchise holder or store in the supermar ket-type trade house in the form of: * a monthly subsidy for rental of the store space, amounting to $2,000 for the first six months of operation; * reimbursement of expenses on the opening or inauguration of the store, up to $2,000; * cost of freight for initial shipment (port-toport only) in a40?foot container van; and * reimbursement of promotional expenses up to $2,000 annually, Capital gains tax break: when to implement For -being the first private commercial bank to anticipate the tax breaks still to be given to banks which merge with other banks for the pur pose of obtaining a universal banking license, the Bank of the Philip pine Islands — which re cently acquired Commer cial Bank & Trust Co. — came close to being sub ject to capital gains taxes arising from the merger. This development arose yesterday during a meeting of the finance committee of the Batasang Pambansa to discuss refinements to two Cabinet bills which in tend to extend tax breaks for universal banks. D i sc u ssed were Cabinet Bill No. 40 which seeks to exempt from capital gains taxes JOSE P. OMPOC, Jr. Reporter any capital gain arising from mergers and Cabinet Bill No. 41 which seeks to amend certain sections of the National Internal Re venue Code pertaining to the taxation of earnings realized from certain banking transactions such as interest earnings on deposits. Both bills have passed first reading at the Batasan. The committee mem bers debated on the date of effectivity of the bill exempting gains taxes any capital gains. The members noted that if this bill were made effective upon its approval, then mergers before that time may be subject to capital gains taxes. Much as the members of the committee tried to avoid citing the BPIComtrust merger, they agreed that a •similar move would in fact penalize a bank which precisely was moving towards the policy ob jective of the govern ment. The issue, however, is moot. A check with BPI officials yesterday show ed that the merger with Comtrust transaction has not yet been consumma ted. arising from the merger. The BIR is studying this petition. OTHER WAYS. Even in the event that the effect ivity of the exemption is on the date of approval of the bill, stockholders of both banks would still have other legal means to capital’ gains taxes under the bill. The larger issue that the committee members tackled yesterday was whether the stockholders of banks would be exempted from capital gains taxes arising from mergers or whether pay ment of the taxes would only be deferred. The merger is yet to be formally approved by the Central Bank, although the CB has approved the transaction in principle. Incidentally, BPI has a pending application with the Bureau of Internal Revenue specifically asking for an exemption from capital gains taxes Cabinet Bill No. 40 provides for three ins tances^ when capital gains taxes may be waived. These are: * mergers or consolidations of banks through an exchange of stocks; * disposition of real or personal property, whose proceeds are to be invested in newly issued shares of bank stocks; and ♦ exchanges of real or personal property for newly issued bank shares of stocks. The committee mem bers agreed that disposi tions or exchanges of real properties for new bank stocks should be exempt ed from capital gains taxes on the capital gain arising from the disposi tion or exchange of the property. DISAGREEMENT. How ever, they disagreed on whether to grant an exemption or only a deferral of capital gains taxes on mergers or con solidations through stock swaps. During a rotation towards the end of the meeting, the assembly men were evenly divided. Of eight members pre sent, four were for defer ral while the other four were for exemption. Finance Minister Cesar Virata, chairman of the committee, declined to vote. Delta Mini-Cruiser, Tamaraw to be assembled in Egypt $ 15 million based on Delta Motor Corp, reported another break through in its export drive with the signing of an agreement in principle for the assembly and distribution of its Delta Mini-Cruiser and Tama raw in Egypt. The memorandum agreement was signed Tuesday by top officials of DMC and the ArabAmerican Vehicles Co. (AAV) of Egypt and Kel ton Trading S.A. of Geneva, Switzerland. Under the agreement, DMC will initially export 3,0 00 completely knocked-down (CKD) units of Delta Mini Cruisers and Tamaraws annually. AAV will assemble the CKD, and Kelton Trading will distribute the vehicles the Middle East, Mediterranean and South African countries. The initial minimum order of 3,000 units has an estimated value of unit prices of $5,000 per Mini-Cruiser and $4,000 per Tamaraw. PROJECTIONS. Based on its projections, DMC would export 1,836 Mini-Cruisers and Tama raws worth $9 million this year, 6,050 units worth $26.5 million in 1981, 8,250 units worth $36.5 million in 1982, 10,300 units worth $45.2 million in 1983 and 11,000 units worth $350 million in 1984. The distributorship agreement with AAV is the second major con tract signed by DMC with a foreign auto motive company for Mini Cruisers and Tamaraws. Early this year it started shipping part of a 1,000-unit export com mitment to Plan Motor Italia, S.P.A., a Turin based firm which will distribute Mini-Cruisers in the European Econo mic Community. ANNOUNCEMENT DUE TO SOME UNAVOIDABLE CIRCUMS TANCES, THE INAUGURATION OF THE SECURITIES AND EXCHANGE COMMISSION BUILDING WHICH WAS SCHEDULED ON FRIDAY, AUGUST 29, 1980 HAS BEEN POST PONED UNTIL FURTHER NOTICE. THE ANNOUNCEMENT FOR THE IN AUGURATION ON A LATER DATE WILL BE ANNOUNCED ACCORDINGLY. (SGD.) JULIO A. SULIT, JR. Associate Commissioner Tanduay aims for share in US market A 20%-30% drop in sales and the recent 100% increase in specific taxes on liquor have prompted Tanduay Dis tillery, Inc. to wage an all-out effort to pene trate the export market for its “smooth gold” and “light white” rums, Tanduay general manager Celso L. Lobregat said. Lob reg at said Tan duay will ship an initial 2,000 cases of the pro ducts on Sept. 5 to Texas and California. The com pany will try to capture 5% of the rum market in the US, he added. Long-range plans for exportation of “smooth gold” and “light white” include branching out from Texas and Cali fornia to other states and sell 30,000 to 40,000 cases in the US in five years. DISTRIBUTOR. Garner and Garner International has been designated as sole distributor of the products in the US. According to H. Clayton Garner, president and founder of Garner and Garner, his firm has earmarked a $600,000 budget to promote the products. Advertising will be handled by Ogilvy and Mather, Inc. Lobregat said the in crease in taxes (from the present Pl.20 to P2.40 per proof liter) on liquor, including beer, is expect ed to further slash sales in the domestic market, considering it will also jack up prices of the pro ducts by at least P0.80 per bottle. Prospects in the US market are brighter. Gamer said rum is the fastest-growing liquor category and second to vodka in sales ranking in the US. The increase in rum sales in 1979 was 134% compared to vodka’s 6%. Garner added that Tanduay is likely to grab a good share of the rum market in the US. He said Bacardi, , a leading Puerto Rican brand sold in the US, is having dif ficulties in its production because of “limited re sources.” the Inauguration and blessing August 30, Saturday, 4:00p.m. FEATURING: Imelda Papin*Eva Eugenio*Kuh Ledesma Ellen Esguerra* Gina Von Giese*Frieda Fonda (Body Language)«Nail Clippers. WEA Dancers Hosted by: Ronald Remy, Nova Villa, Orly Punzalan & Ritchie. ★★INTERNATIONAL MALL** A new exciting shopper's paradise is opening its doors to the public. It's called the INTERNA TIONAL MALL where you can experience the class and sophistication of authentic imported items. Luxurious merchandise to suit even your discriminating taste. With 141 stalls of imported goods & materials from the best shopping & fashion houses all over the world. Located at the Lower Ground Floor of the V.V. Soliven Towers. For safe, convenient & easy shopping, we've got ample free parking space for you. An Adjacent 2,000sqms., another 4,000sqms. next to Condo I, and the Basement Parking area aside from parking along Florida, Annapolis, and EDSA.We're FULLY AIR-CONDITIONED. SOLID HOMES SAVINGS & LOAN ASSOCIATION, INC. The Bank with Solid Banking Ideas is opening its Head Office at the Upper Ground Floor of the V.V. Soliven Towers. For your financial growth & development, we are geared to set up complete banking facilities to complement our banking expertise, skills & resources, in line with the expanded services under Unibanking. INTERNATIONAL . Magnol^ After shopping & business, there's the VVS Magnolia House to complete your day. Delightful snacks from a variety of short orders & sandwiches, flavorful shakes & sodas, thirst-quenching drinks & all-time ice cream preparations & favorites that never fail to tickle the palate awaits your sampling at our outlet at the Upper Ground Floor of the V.V. Soliven Towers. Come and Visit us. We'll be waiting for you. Snacks & soft drinks courtesy of Purefoods, Pepsi Cola, Coca Cola, Magnolia & Presto. V. V. SOLIVEN TOWERS I EDSA, cor. Annapolis, ■ Fronting Camp Aguinaldo, Greenhills, M.M. BB Tels. 78-99-61 to 82 5 MEMBERS OF THE V.V. SOLIVEN GROUP OF COMPANIES Page 8 Business Day Friday, August 29, 1980 Rural bankers alarmed Nontraditional exports’ growth slower over palay underpricing Trade deficit now seen at S1.78B Rural bankers have expressed alarm over the reported activities of some palay traders and dealers who underprice the palay sold to them by thousands of farmers. Speaking for the rural bankers, Eugenio S. Perez, Jr., president of the Rural Bankers Association of the Philippines (RBAP), yesterday said the most depressed palay prices are now in Panay Island where the staple is sold by farmers for as low as P0.70 per kilo, half of the gov ernment support price for palay of Pl.40 per kilo. Perqz said a substantial portion of the farmers’ harvest are chan neled to local traders who, because of the abundance of the commo dity, can dictate their own prices. He also said farmers are forced to dispose of their produce at mini mal or losing prices because of the lack of available markets and fear of sudden weather changes that .could destroy their harvests. SQUEEZE. The depressed buying prices of palay have so shrunk the income of the farmers that they are unable to pay their loans. Perez warned that if the situa tion is not given immediate atten tion, the government’s rice product ion program to boost farmers’ in come could suffer serious setbacks. In view of these problems, Perez suggested a two-pronged formula: the establishment of a floor price for palay to be enforced among grains traders and for the National By JUANITO G. VICENCIO, Jr. Reporter Grains Authority to raise further its allocation for the procurement of palay to stabilize its price. A floor price for palay, he said, will protect the rice farmers and NGA’s increased buying capability would help tip the scale in favor of the farmers. According to the RBAP pres ident, a survey conducted late last year by the National Food and Agricultural Council showed that 25% or 50% of those participating in the government’s Masagana-99 rice production program were encountering serious problems in marketing and pricing their pro duce. With the increase in the target area to be planted this year under Phase 14 of the program, Perez ex pressed fear that palay prices could go down further. BUYING PROG RAM. He like wise stressed the need to restudy NGA’s palay buying program to find ways of increasing the agency’s capability to absorb whatever is produced by the farmers. At present, he said, NGA pur chases only about 18% of the total national harvest at the government support price of Pl.40 per kilo. The rest of the harvest goes to private traders and dealers. He said RBAP will soon come up with a formal recommendation to President Marcos on these problems of the farmers. By RIGOBERTO D. TIGLAO the same in 1980, with traditional exports generating 53% of export receipts as against nontraditionals’ 46%. Nontraditional manufactures will slightly increase to 34% of ex ports, while nontraditional un manufactured exports will decline to 12%. The study observed that sugar products would boost traditional exports, increasing 216% to $752 million. This was attributed to a favorable rise in world sugar prices as well as to the increase in anti cipated volume when the Inter national Sugar Agreement (ISA) as world prices reach the $0.22/lb. level. In contrast, the study predicted •an unfavorable year for coconut ex ports, whose value will decrease slightly to $962 million despite an increase in volume, due to a 14% decline in world prices. The decline in prices was attributed to the oversupply of vegetable oils in the world market as a result of the re cently imposed US embargo on the USSR. Sugar workers hold confab The country’s trade deficit for 1980 is projected to reach at least $1,784 million, or 15.8% more than last year, according to a report by the Ministry of Trade’s planning service. This is despite favorable world market prices for most of the major export products, with the except ion of coconut products. Expected increases in oil bills will further swell the trade deficit. The Central Bank has reported that as of July this year, the trade deficit stood at $938 million — 53% of the trade ministry report’s pro- „BMU1ISU ougcu jected trade deficit for 1980. The • quota is temporarily lifted Central Bank’s current figures show , • ■ ——— ■ a monthly trade deficit of $134 million as against the ministry’s .. projected monthly deficit of $149 j million. , The trade ministry’s report pro- j jected that export receipts will in- , crease by 31% to $6,046 million in j 1980 — a growth rate lower than . last year’s 34%. On the other hand, imports will grow by 27% to , $7,830 million. The slowdown in export growth is attributed to the anticipated dec- 1 line in the rate of growth of non-, < traditional exports, projected at < 30% this year as against 42% in < 1979. Value of nontraditional ex- I ports is estimated to reach $2,769 1 million. 1 In comparison, traditional ex- ] ports are projected to grow by 30%, i slightly higher than last year’s I growth rate of 29%. Traditional s exports are expected to earn j $3,232 million this year. t Next to sugar, mineral products will post the highest growth rate of 42%, increasing in value from $566 million to $804 million. Growth rates were estimated at 27% for copper concentrates, 115% for gold, and 9% for chrome ores. Combined value of all nontrad itional manufactures was projected to increase by 32% to $2,039 mil lion. In nontraditional manufac tures, electronic equipment and parts, machinery and transport equipment, chemicals, and fur nitures were each estimated to have a growth rate of 36%. Combined value of nontradi tional unmanufactured products, on the other hand, was projected to increase by 25% to $730 million. The highest growth rate will be for nickel with a 50% growth, bananas with 30%, rice with 28%, and iron ore agglomerates with 20%. ed from giving the P60 monthly emergency allowance provided under Presidential Decree No. 1123, the P60 allowance under PD No. 1614, and the P90 allowance under PD No. 1634. The two-day national unification convention of trade unions in the sugar industry will start tomorrow in Bacolod City, with labor leaders expected to press the government to enforce previous wage adjust ments for sugar workers. Depressed wages in the sugar in dustry have become a potent issue among mill and plantation workers. Sugar workers want higher wages particularly because of the booming price of sugar in the world market. Labor leaders are insisting that the government lift the wage decree exemptions given to planters and millers when sugar’s world market price was low. With such exempt ions, they said, wages of sugar work ers have lagged behind those earned by workers in other industries, they said. The convention seeks to unify an estimated 560,000 plantation workers and 30,000 mill workers in the country, in accordance with the “one-union, one industry" concept in the Labor Code. Labor leaders intend to use the convention as a forum to discuss plans on k_.. ,___ ___ _________ _ ___ _________, ment to lift wage exemptions it the effective composite (buying) granted to sugar employers. price of sugar will be Pl 10 per To date, employers are exempt- picul. ADD’L BENEFITS. Another likely subject to be discussed is the re quest for the government to grant additional economic and social be nefits to sugar workers to enable them to cope with the high cost of living. Sugar workers’ unions, in fact, have been planning to launch a na tionwide strike particularly if the Philippine Sugar Commission (Philsucom) fails to raise to Pl 10 per picul sugar’s effective composite price (its buying based on the ave rage of the prices for reserve, do mestic and export sugar) it pays to millers and planters. Workers said the increase, from the present P105 per picul, will allow employers to satisfy the requirement of wage decrees from which they have been exempted. —----------------- --------------- The government has declared how to force the govern-, that for the 1979-1980 cropyear, Ilf* I* ALFONSO sees nothing daring about going topless... COMPOSITION. The study noted that the composition of Philippine exports will remain substantially FOREST PRODUCTS. On the other hand, favorable world market conditions were expected to in crease forest products exports by 8% this year to $521 million. The bulk of this increase will be due to lumber exports whose value is ex pected to reach $274 million. Even with an expected smaller volume of plywood and veneer exports, the study noted, improved market prices will raise their export value to $162 million. Despite higher prices, log exports will decrease by 40% to 85% million as a result of a concerted government drive to con tain log exports. OTHER EXPORTS. Projections for the other major exports were: * an $88-million increase in canned pineapple shipments due to growing demand and better prices; * slight $26-million increase in abaca fiber exports as a result of favorable world prices, although the government has undertaken a drive to discourage exports of the raw material; and, * a $36-million increase in the value of unmanufactured tobacco exports. Car firms asked Prov’l price ceilings to rise The Price Stabilization Council (PSC) announced yesterday that the price ceilings of essential commodities in the provinces would be adjusted shortly. The PSC said the adjustments were computed corresponding to the cost of transporting the goods from Manila, where most of the commodities originate. As such, commodities under the control law such as rice, corn, sugar, milk, cooking oil and school supplies will vary in prices accord ing to the distance travelled. For instance, the PSC said, the price ceilings in Isabela, Cagayan and Ilocos provinces would be higher than those in Bulacan, Rizal and Laguna. Similar adjustments will be applied to the prices in Mindanao, Visayas and the Bicol region. Most of the prices of these essential commodities have already been computed except for canned fish which is still awaiting the -L. Qf go-»lgnai from the Mlnlitry SEC presses bid to take over farmers' association to buy more RP-made parts— The Consolidated Automotive Parts Producers Association, Inc. The First Lady Mrs. Imelda ____ __________ ,________ , ___ Romualdez Marcos yesterday ex- (CAPPA) has proposed that the car panded the government’s “Palayan - - —=- -------— ng Bay an” program to bring down prices of foods. It is now time to expand the ^program to “Pagkain ng Bayan” to make the country self-sufficient in foods and bring, down their prices, said Mrs. Marcos, who is also human settlements minister, during the third national awards ceremo nies of the Palayan ng Bayan at the Heroes Hall of Malacanang. The First Lady awarded cash prizes and plaques to the winning provinces. compared to our BOTTOMLESS BEER MUG. All you can drink for only P10.00 From 5:00 to 7:30 p.m. Get hoohed. PUB & STEAKHOUSE Josephine Re Greenbelt Park, Makati, Tel. N LOpen 11:30 am ■ 2:30 Monday thr The Securities and Ex change Commission will shortly appeal to the Sup reme Court to reconsider its Injunction order which stopped SEC from taking over the management of a farmers' association In Batangas. The court last week stopped an SEC manage ment committee from man aging the Samahan ng Magsasaka ng Kanlurang Batangas which the SEC took over because of alleged irregular ities. The order also halted the election, of Samakaba’s officers, which the commit tee scheduled for tomorrow. Complaints reached the SEC early this year that Samakaba/offlcers were get ting into the Tunds of the association. Some members were reportedly disgrunted with the officers and de elded to solicit proxy votes for the election of another group. The SEC came In when a scrimmage between the two factions endangered the in terest of the 1,500 mem bers, a ranking SEC official said. SEC POSITION. The official said the SEC will try to convince the High Court that the Injunction order is untimely, since preparations for the elections have been made. The SEC took over the association to prevent possi ble “malicious changes" in the records while the invest igation is ongoing, he said. The money officially in volved amounts to only a few thousands, but “underthe-table deals" were re portedly reaching millions, he added. Agriculture. These adjustments are due for release to local price stabilization councils in the cities, provinces and municipalities. These regulations supply to retail outlets not only in the provinces but also in Metro Manila where prices were adjusted last Aug, 12, 1980, The PSC also noted that prices of pork, chicken and eggs are much lower In the provinces than In Metro Manila. This explains why these commodities were not In cluded In the new price adjust ments, PSC said, = Philippines NewaAgeney firms participating in the progress ive car manufacturing program (POMP) be required to acquire some 40 parts and- components from local suppliers. Under existing guidelines, PCMP participants are required to source locally only tires and batteries. However, CAPPA contends that local manufacturers of automotive parts and components are capable of supplying certain components in cluded in CKD (completely knocked down) packages being imported by car assembers. Among the parts and compo nents recommended by CAPPA are mufflers, exhaust and tail pipes, radiators, brake drums, discs for disc brakes, alternators, starters, leaf and coil springs for the suspen sion system, rubber suspension bumpers, fuel nose, axle shafts, pro peller shafts and wiper motor. MM jeepney men see fares hike Metro Manila jeepney operators and drivers, resolving earlier that they would not seek fare increases, have crumbled under the weight of the recent hike in gasoline prices and firm stand of the Board of Transportation (BOT) ro relegate them to secondary routes. The Buklod ng Manggagawa sa Sasakyan, headed by Ceferino P. Ginete, yesterday formally filed with the BOT a petition for an increase of P0.10 (from P0.60 to P0.70) in the basic fare and P0.05 (from P0.115 to P0.165) for each succeeding five kilometers. The group also sought a P0.10increase in the student fare rate (from P0.45 to P0.55). • Moratorium on US banks takeover by foreigners urged WASHINGTON (Reuter) - The General Accounting Office said there should be a moratorium on foreign acquisitions of US banks with assets of $100 million or more. The recommendation by the GAO does not have the force of law, but a House banking subcommittee said the request gives new urgency to the need for a full scale congressional review of foreign banking in the US. The GAO said in a report it recommended the moratorium because some foreign banks have the opportunity to buy medium to large US banks which other US banks are prevented from buying. However, it said “for the most part’’ foreign investors have improved weak US banks and maintained strong US banks they acquired by adding new capital, changing* management, improving loan portfolios and stopping self-dealing transactions. As of December 1979, foreign investors held $202.5 billion in US banking assets. This accounted for 13.7% of US banking assets. Foreign banks controlled $182.9 billion or 90% of the US assets controlled by foreign investors. Foreign individuals and non-bank organizations held $19.7 billion or 9.8%. The GAO said pending acquisitions by foreigners will increase the level of banking assets under foreign control to 15%. The House banking subcommittee headed by representative Fernand St. Germain said he will hold hearings on the GAO report September 24 and 25. US trade deficit declines in July WASHINGTON, Aug. 28 (AFP) - The US trade deficit dropped perceptibly in July, particularly because of a 17% decrease in oil imports in both value and volume terms, the commerce department announced Wednesday. What the commerce department calls the “apparent trade deficit” was only $1.85 billion in Juiy, against $2.28 billion in June, $3.96 billion in May, and $1»78 billion in March. Oil imports in July were only 175.5 million barrels, against 213.1 million barrels in June, making the July figure the lowest monthly level in more than four years. The value of July oil imports was $5.7 billion, against the $6.6 billion of June. The department said that during July, all US imports calculated on an FAS basis amounted to $18.07 billion, down 3% from the June figure. On an CIF basis, overall imports amounted to $19.9 billion, a drop of 4.8% from the previous month. A drop in American exports in July, contrasting with almost continuous rises for some months previously, reflected a reduction in exports of manufactured goods, which amounted to $12.01 billion in July compared with $12.27 billion in June. Jobless Britons exceed 2 million LONDON (Reuter) - war peak of 1,695,600, Total UK unemployed after a record monthly this month topped two rise of 89,900 registered million for the first time as unemployed, since World War II, with Employment Secreta sharp rise in the under- ary James Prior said in a lying trend, government statement the failure to officials said. reach sensible pay in creases in the last few The number of jobless years caused unemploy adults, seasonally ad- ment to be higher than justed, was a new post usual or necessary. WG wants more access to Japanese market WEST BERLIN (Reuter) - West German Economics Minister Otto Lambsdorff said he expected Japan and other industrialized countries to make their home markets more accessible in the future to West German imports. It is “grotesque” that Japan exported three million cars in 1979 and only Imported 65,000, despite a pronounced preference for certain foreign cars on the Japanese market, he said in a speech at the opening of a trade fair. But if import controls were brought in against Japanese goods, they might be extended to other countries, resulting in a worldwide wave of protectionism which could ultimately threaten German jobs. MITI chief deems bank discount rate too small TOKYO (Reuter) — Minister of Inter national Trade and Industry Rokusuke Tanaka said the 0.75% cut in the official discount rate to 8.25%, made by the Bank of Japan last week, was too small, consider ing the fact that the bank raised it by a large margin of 1.75% to 9% last March. Tanaka told a press conference he be lieved the discount rate is not functioning properly in Japan, because it usually takes one month after the newspapers start spe culating about its possible change before an actual decision is made. The present practice of fixing the dis count rate through exclusive high-level con sultation between the Bank of Japan and the finance ministry should be altered, so that wider economic circles may partici pate in the consultation for quicker deci sions, Tanaka said. He also said the discount rate is impor tant in stabilizing the balance of payments and preventing yen fluctuations. The Japanese Cabinet council on Give someone or give yourself the gift of class. economic measures will meet around Sept ember 5 to adopt a package of economy boosting measures, including hastening of conclusion of public works contracts, in creased housing finance, and promoting industrial plant exports, Tanaka said. This is because the Japanese economy has been showing signs of a slowdown, in cluding a large number of bankruptcies and a decline in electric power consumption, which cannot be explained by an unusually cool summer alone, he said. HKISOh Distributed by. 604 MANGA AVENUE. SAMPALOC METRO MANILA, PHILIPPINES TKL. 60-30-81 to 83 Page 10 Business Day Friday, August 29, 1980 BD CURRENCY CONVERSION TABLE August 29, 1980 ‘New York free exchange rate: sellers' quotations as of August 27, 1980 as quoted by the Central Bank for August 28, 1980. ••The FOREX guiding rate Is used in computing the RP peso equivalent ♦••Peking exchange rate (Reuter) Currency Equivalent of foreign currency in US dollar* Equivalent of US$1 in foreign currency Equivalent of foreign currency in RP peso** Equivalent of RP P1 in foreign currency US dollar 7.559 .1323 Japanese yen .004564 219.1060 .0345 28.9855 Pound sterling 2.3960 .4174 18.1114 .0552 German D-mark .5560 1.7986 4.2028 .2379 Australian dollar 1.1625 .8602 8.7873 .1138 French franc .2392 4.1806 1.8081 .5531 Hong Kong dollar .2022 4.9456 1.5284 .6543 Canadian dollar .8635 1.1581 6.5272 .1532 Netherland guilder .5102 1.9600 3.8566 .2593 Italian lire .001168 856.1644 .0088 113.6364 Belgian franc .0346 28.9017 .2615 3.8241 Singapore dollar .4706 2.1249 3.5573 .2811 Austrian schilling .0785 12.7389 .5934 1.6852 Norwegian kroner .2054 4.8685 1.5526 .6441 Danish kroner .1795 5.5710 1.3568 .7370 Swiss franc .6040 1.6556 4.5656 .2190 Swedish kroner .2393 4.1789 1.8089 .5528 Spanish peseta .0137 72.9927 .1036 9.6525 Taiwan dollar .0295 33.8983 .2230 4.4843 Thailand baht .0510 19.6078 .3855 2.5940 Chinese renminbi**'* .6754 1.4807 5.1053 .1959 Japan plans to increase oil stockpile TRANSPO-ASIA '80 S.E. Asia 2nd International Exhibition Transportation, Maintenance & Ancillary Products 6-10 OCTOBER 1980 WORLD TRADE CENTRE SINGAPORE Transpo-Asia '80 ASEAN Seminar Moving into the '80s and beyond — the theme of the ASEAN Seminar. If its your business to keep up with the times and find out what will keep the economies of the Asean countries growing, you must not miss this ASEAN Seminar. Top government officials from the ASEAN Ministries of Transportation and/or Communications and transportation institutes will be pre senting papers on their transportation policies and development plans and also discuss mass rapid transit developments. If you have to know what the demands are of the transportation sectors of the ASEAN countries don't miss this Seminar. Seminar Registration Fees: SS100 (inclusive of luncheons, coffee/tea and seminar papers) "Transportation for the '80s" Sponsors Chartered Institute of Transport Singapore For further information & travel arrangements contact: Leverage International (Consultants) Inc. Rm. 523, 5th Floor, Metrobank Bldg., Ayala Avenue Cor Salcedo Street Makati, Metro Manila, PHILIPPINES Organisers INTER FAMA PTE LTD No. 834, 8th Floor. World Trade Centre,’Maritime Square. Singapore 0409-REPUBLIC OF SINGAPORE Tel: 2714312 Telex RS 24980 INFAMA FOREX TRADING The guiding rate for today is P7.56 to US$1, a change of P0.001 from yester day’s P7.559. Tran sactions at the For eign Exchange Trad ing Center yesterday amounted to $5 million. Sellers were Bank of the Philip pine Islands, $2 mil lion, and Land Bank, $3 million. INTERBANK RATE The average inter bank rate quoted yesterday was 4%, according to traders from 13 participat ing institutions. All traders reported a uniform rate of 4%. Lenders outnum bered borrowers. TOKYO (Reuter) — Minister of International Trade and' Industry Rokusuke Tanaka said the Japanese government plans to increase its oil stockpile to 30 million kiloliters from the present 6,24 million to take advantage of the present glut on the world oil. Tanaka told a press conference private-sector stockpile of oil and oil products held mainly by Japanese refineries has increased to 102.5 days needs of the nation from 88 days’ needs at the end of March this year, surpassing the fiscal 1980 target of 90 days. In addition, the Japanese government has its own oil stockpile of seven days’ needs, making the total stockpile reach about 109 days, Tanaka said. However, the Japanese government plans to increase its stockpile to around 30 million kilolitert or about 40 days’ needs, to boost the total stockpile ■to about 149 days, he said. The Exhibition Before the end of the 20th Century, the urban populations of S.E. Asian coun tries will have increased to alarming proportions and will greatly exert pressure on existing transport systems of capital cities. Asean governments have already realised that the creation of an environment conducive to achieving maximum economic pro gress can be possible through the improvement of transportation playing a major role complemented by respon sible design and planning of urban city growth. In the wake of these demands for change and progress in transportation comes TRANSPO-ASIA '80 featuring Air. Sea. Rail and Road transportation and ancillary equipment and services. At TRANSPO-ASIA '80 you can look for airport installations, cargo systems to support services or coastal vessels, hydrofoil craft, river to inland water way craft and marine equipment or locomotives and mass rapid transit systems or city and suburban vehicles, refrigerated transport to military ve hicles and ancillaries. If you are in the transportation industry, you also have a part in contributing to this change and progress. Decide now to visit TRANSPQ-ASIA '80 — for your transportation business. Monetary Movements Gold closed at $634 an ounce in London Wed nesday against the previous $630 while it held firm in Hong Kong at $627. The US dollar closed steady in New York, lower in London and Tokyo. London gold up Gold edged up to close at $634/635.50 an ounce at the London close after an afternoon fix of $633.85, dealers said. The market was quiet with moderate volume and there were no special factors, they said. HK gold firm The international gold price closed at $627.60/630.60 an ounce in quiet, feature less trading, marginally lower than New York’s close of $630/632, and in line with yesterday’s close of $627/628, dealers said. In the local market, prices closed higher at HK$3,701 a tael against yesterday’s HK$3,680. NY dollar steady The dollar lost its early gains to finish around last night’s levels after a day of volatile trading, dealers said. The currency began the day on a strong note but gradually retreated, partly due to the un winding of long dollar positions at month-end. As a result, the dollar finished at 1.7985/92 marks compared with an opening 1.8015/20 and yesterday’s close of 1.7950/60. The dollar closed at 1.6555/70 Swiss francs, down from this morn ing’s 1.6617/22 and slightly below last night’s close at 1.6560/80. Sterling continued to benefit from yesterday’s report of a North Sea oil discovery, and closed at $2.3950/60, against an opening $2.3855/65 and $2.3820/30 overnight. Elsewhere, the dollar closed at 219.10/25 yen, down from this morn ing’s 220.05/15 but little changed from yesterday’s 219.20/35. It slipped to 1.1580/83 Canadian dol lars from 1.1596/98 at the opening and 1.1583/86 last night. UK dollar down Sterling continued to firm and the dollar closed slighly down on the day after busy trading, dealers said. Sterling closed at $2.3895/3905, off its peak but the highest since April 1975, after opening at $2.3835/45 and closing yesterday at $2.3793/3803. It closed at 4.2985/3030 marks, also off its peak but the highest since September 1976, after yesterday’s 4.2800/70 close, and at 3.9650/95 Swiss francs after 3.9490/9550. The dollar closed at 1.7990/8000 marks and 1.6595/6605 Swiss francs, after opening at 1.8015/20 and 1.6617/27 virtually un changed from the pre vious close. The dollar closed at 219.50/70 yen after opening at 220.35/50 and closing yesterday at 219.05. Tokyo dollar down The US dollar for overnight delivery in Tokyo closed at 220.30 yen, up from a 219.50 opening but still down from 221.50 at yester day’s close, after falling briefly to 218.50 in early trading, dealers said. Trading was active and heavy with volume $1.08 billion. The dollar recovered in moderate late trading on import covering by Japanese traders and buying by banks to adjust oversold dollar positions, after an early slump reflecting its over night fall in New York, dealers said. US dollar up in HK The US dollar rose sharply against the yen in hectic, nervous and heavy afternoon trading and was actively firmer against major European currencies, HK dealers said. The dollar firmed to a late 220.25/45 yen from an opening 219.50/70 and New York’s closing 219.20/35. Dealers said operators had discounted the in crease in prime rate to 11-1/2% by Chase Man hattan Bank and several others because Euro dollar interest rates were firm. The dollar rose to a late 1.7 992/95 marks from an opening 1.7945/55 in line with New York’s closing and to 1.6585/95 Swiss francs from 1.6550/60 compared with New York’s 1.6560/80. Sterling weakened to a late $2.3800/10 from an opening $2.3835/55 against New York’s $2.3820/30, while the Hong Kong dollar held steady at a late 4.9 500/10 to the US currency in line with yesterday’s late quote here. Friday, August 29, 1980 Business Day Page 11 Market Reports Commodities Meh 1041 May 1060 Jly 1080 Sep 1101 Dec 1123 1042 1062 1081 1105 Sales: 2,225 Tone: About steady 1130 572 250 30 Prices mixed End-session selling in New York in Comex cop per futures all but erased earlier gains of more than 1 cent as prices closed mixed, little changed on the day. Near September and October posted 0.05-cent losses at 89.60 and 90.40 cents respectively, while more distant months gained 0.15 to 0.20 cent. Copper wirebars in London ended the day up Stg5.5 for both cash and three-months. The afternoon market found further covering support induced by the tone of US futures with threemonths trading at Stg874 in the rings before softe ning under profit-taking on the kerb to Stg870. World sugar futures in New York closed 0.35 to 0.20-cent up in new-crop months after deflecting what initially was per ceived as a bearish EEC sale of sugar. Old-crop months tren ded separately, settling 0.30 to 0.24-cents down on a concentration of switch selling. Coffee futures in New York erased losses to close an erratic session up 0.33 cent in spot September at 131.08 cents, while other active contracts gained 1.71 cent to 2.85 cents. Prices in New York for cash edible oils were mostly firmer in quiet ^ trading, dealers said. * Coconut oil dealers said overnight trades in cluded afloat and Aug/ Sep at 27-1/2 cents a lb, Nov/Dec at 27-3/4 cents a-lb, Dec/Jan at 27-7/8 cents a lb and Jan/Feb at 28 cents a lb all basis CIF New York. Oct/Nov and Nov/Dec were offered at 28-1/4 cents a lb, they added. The rubber market in Singapore closed slightly higher with September 1 RSS buyers quoted at 305 cents per kilo, up one cent from yester day’s close, dealers said. — Reuter FUTURES QUOTATIONS WEDNESDAY, AUGUST 27, 1980 PEPPER (NY) — cents per lb., sellers Spot Afloat * * * METALS * * * COPPER (NY) — cents per lb. Close 89.00L/B9.40H 90.40 92.00L/92.50H 92.95 93.50L/94.20H 95.60L/96.10H 97.00 98.40 90.50B/90.70A 91.00B/91.60A 93.20B/93.30A 94.00B/94.05A 95.20B/95.25A 96.60B/96.70A 97.70B/97.80A 99.20B/99.50A 101.20B/101.60A_____ 101.80B/102.50A 101.00 103.60B/103.70A 102.25 104.30B/104.70A 103.50 Meh 1728B/1730A Jly 1760B/1770A Jly 1808B/1810A Sep 1840B/1850 Dec 1990B/1910A Jan 1920B/1930A Meh 1960B/1930A May 2000B/2010A 1765L/1766H 1804 1843.5 Malabra Lam pong White Muntok Sarawak Black Brazilian Black Malabar CIF: SON 113N 82N 79N 86N 82N 107N 82N 78N 108N 77N per 100 kilos, FOB Mill) Sep/Dec 129 unch sir Malaysian (Dollars per long ton) Sep/Oct 600 down 5 Oct/Nov 605 Nov/Dec 607.50 Dec/Jan 610 unchanged COCONUT OIL Philippine Basis 3 Max 4 (Dollars per long ton) Aug/Sep 617.50 sir Sep/Oct 625 up 2.50 sir Oct/Nov 627.50 up 2.50 sir Nov/Dec 627.50 down 5 sir with 622.50 paid Dec/Jan 627.50 paid SOYBEANS (Chicago) — cents per bu. METALS KERBS (London) — pound stg. per metric ton Open Close COPPER Bars: 1,700 tons ‘ 3 months 873.00 870.00/871.00 TIN STANDARD: 125 3 months 7,115 LEAD: 475 tons 3 months 377.50 ZINC: 300 tons 3 months 340.00 ALUMINUM: 925 tons 3 months 718.00 NICKEL: 90 tons 3 months 2,750 1902 1921.5 1921.5 2000.5 LampongClF: 77.50 1 White Muntok CIF 100N Sarawak Black CIF: 84.SON Est. sales: 4,100 (5,000 troy oz.) Prev. sales: 2,509 FOOD 8t SPICES Close tons 7,125/7,130 377.00/378.00 339.50/340.50 720.00/721.00 2,755/2,759 GOLD (NY) — dollars per troy oz. Sep 630.5 Oct 639.0 Dec 654.0 Feb 669.0 API 683.7B/684.7A Jne 702.0 Aug 714.7B/715.7A Oct 730.3B/731.3A Dec 746.3B/747.3A Feb 762.3B/763.3A API 778.3B/779.3A Jne 794.3B/795.3A Est. sales: 18,500 (100 Prev. sales: 20,552 632.3 638.5 L/639.0H 643.0L/654.0H 668.0L/669.5H 683.0U685.5H 699.0L/699.5H 715.5 730.0L/731.0H 747.2 763.3 779.5 796.0 troy oz.) GOLD (Chicago) — dollars per troy oz. Open 633.0 Meh API Jne Jly 653.0L/654.5H 663.0 677.0H/676.5L 701.0L/701.5H Close 631.0L/633.0H 639.1B 654.0H/653.0L 661.5A 678.0T/677.0A 686.6B 701.0B/702.0T 709.5B GOLD (Hong Kong) — US dollars per troy oz. Dec Feb Apr Aug Oct Clsg. 653.90/654.10 670.00/672.00 684.00/686.50 700.50/702.50 715.50/717.50 731.50/734.00 Prev. Clsg 648.70/649.10 661.00/663.50 679.50/681.50 695.00/696.00 709.50/711.50 724.00/726.00 SILVER (NY) -cents per troy oz. Open Sep 1612B/1620A Oct 1621B/1635A Dec 1667B/1669A Jan 1689B/1695A Close 1608L/1613H 1627 1666L/1670H 1685.5 31.95L/32.00H 32.65L/32.75H 33.70 34.45 L/34.50H 33.75 L/33.84H 32.80L/32.85H 31.55B/31.75 A 30.50B/30.90A 27.25L/27.50H 31.00L/31.10H 31.85L/31.90H 33.25B/33.45A 34.30L/34.35H 33.85 33.00L/33.05H 30*90 27.50 BLACK Sarawak Asta Sarawak Special WHITE Muntok Asta ‘ Sarawak 100 pct 332.50 100 pct 300.00 100 pct 425.00 100 pct 420.00 Sep Nov Meh May Jiy Aug Sep 767H/766.50L 789H/785L 802L/804H 820H/818L 825H/824.50L 825H/823L 816 765.50H/764.50L 785L/788H 800L/802H 816L/817H 823 823 817 798 SOYBEAN OIL (Chicago) — cents per lb. 322.50 338.50 345.55 340.50 326.20 315.00 294.00 1.70 Seller Close Sales 1044 80 6030 514 110 27 10 131.50 130.50L/132.00H. 137.25IU138.00H 139.00L/140.00H 142.00tU142.49H 142.00L/144.00H 144.75lU144.90H 146.00L/148.00H 145.90B/146.40A 147.00B/149.70A 146.00B/148.50A 150.00B/150.50A 146.00B/154.00A 149.75B/150.00A 1116 1160 1195 1190 1200 1210 1201 Seller 1120 1163 1198 1195 1204 1240 1250 Sales 1084 1824 740 273 173 Nil Nil Open Sett f 95.65L/95.75H 95.75 S 2,175IU2,176H 2,170 2 2,258L/2,259H 2,253 2 2.300B/2.310A. 2,305 2 2,345B/,360A 2,354 2 2,395 2,400 2 2,4256/2,475A - 2 COCOA (London) — pound stg. per metric ton PSett Sep* Dec Meh May Jly Sep Dec 95.25 2,169 2,250 2,300 2,347 2,389 2,149 Sales Sep Dec 954 997 456 832 •»* OILS & GRAINSEEDS*** VEGETABLE OILS (US) - cents per lb. COCONUT OIL (Philippines): Crude CIF New York bulk Oct/Nov 28-1/4A Crude FOB tankcars gulf Spot Unq Aug Unq Sep Unq Oct 29-1/4A DESICCATED COCONUT (Philippines): FOB W. Coast in 10,000 lb lots 80N LINSEED OIL: Crude FOB Minneapolis,tankcars 30N TUNG OIL (Argentine): Crude FOB tankcars New York 44N CASTOR OIL (Brazil) Number One: Crude FOB tankcars New York 49N PALM OIL Any Origin: Neutralized palm oil CIF F.R. Nov 25-1/2 N Refined bleached deodorized CIF F.R. Nov. 25-1/4N PALM KERNEL OIL Any Origin: Crude CIF New York Sep/Oct 27-1/2A OLIVE OIL (Spain) “Riviera Type": Edible duty free ex-warehouse (Dollars per six one-gallon tlns)44.50/46.50N OILS (London) SOYBEAN OIL Dutch ex-mlll (Guilders per 100 kilos) Nov/Jan 127 down to 126 Feb/Apl 127.25 127 May/Jly 128.50 palds PALM OIL Malaysian (Dollars per long ton, CIF UK N. Euro ports) Oct 505 sir Malayslan/Sumatran (Dollars per long ton, CIF UK/N. Euro ports) Oct 502.50 Nov 520 Dec 532.50 paid SEEDS (London) COPRA Philippines (Dollars per long ton, CIF N.E. ports) Sep/Oct 420 reseller SOYBEAN US (Dollars per long ton, CIF Tilbury) Oct 323,25 Nov 325 quoted OILS (Rotterdam) PALM OIL Sumatra/Malaysla (Dollars per long ton, Max 5) Sep 502.50 down 2.50 sir Oct 507.50 down 5 sir with 502.50 paid Nov 520 down 2.50 sir with 517.50 paid Dec 535 down 2.50 sir with 532.50 paid PALM KERNEL OIL Dutch (Guilders Open Sep 25.70H/25.65L Oct 25.95H/25.91L Dec 26.45H/26.37L Jan 26.60L/26.70H Meh 27.10H/27.05L May 27.20 Jly 27.25 Aug — Sep 27.30 Close 25.75L/25.8QH 26.10H/26.05L 26.50L/26.60H 26.70L/26.80H 27.05L/27.25H 27.40L/27.50H 27.60 27.60B/27.70A 27.60H/27.50L SOYBEAN MEAL (Chicago) — dollars per Close Sep Oct Dec Jan Meh May Jly Sep 219.2LV219.5H 222.0H/221.5L 227.5H/226.5L 229.0 231.0 232.5 233.5 231.0 230.0 220.7 226.0H/225.7L 228.0 , 230.0 231.7B/232.0A 233.0B/233.5A 231.5 230.08/230.5A RED BEAN (Tokyo) — yen per 60 kilos Open Aug 29,480 Sep 30,160 Oct 30,450 Nov 32,610 Dec 32,620 Jan 32,460 deleted 30,770 (L-up) 30,610 (L-up) 32,620 (L-up) 32,620 (L-up) 32,750 (L-up) WHITE BEAN (Tokyo) — yen per 60 kilos) Open Close Aug 21,350 deleted Sep 21,230 21,970 (L-up) Oct 2.345B/2.360A Unq. Nov 21,380 22,270 (L-up) Dec 20,420 21,310 (L-up) Jan 20,730 21,560 (L-up) IMPORTED SOYBEAN (Tokyo) 60 kilos Open Close Aug 4,820 Sep 4,950 Oct 5,010 Nov 5,190 Dec 5,470 Jan 5,540 deleted 4,990 5,100 5,250 5,500 5,570 * * * RUBBER * * » RUBBER (Singapore) — cents per kilo ONEs Nov Dec Jan/Mch Apl/Jne Jly/Sep Oct/Dec Seller 314.00 311.00 335.00 311.50 314.50 320.50 329.50 337.00 344.00 1 IWHERE TO LOOK WHEN LOOKING FOR BUSINESS . CUES. FOR SALE RZO MILTON WEB OFFSET Specifications: Four-unit web offset machine Cylinder size: 17-1/4" x 24-1/2" Maximum print area: 16-1/2" x 23-3/4" Speed range/hour: 5,000 8,000 I impressions , \ Printed output: Sheeted sheets / \ Roll Feeder: Two / \ Paper used are in rolls and limited / 'K to bond, bookpaper and / N. newsprint stocks. VALLE VERDE CLUB SHARE 50,000 30% D. P. Bal, 1 yr. CALL 883554 or 883474 CONDOMINIUMS FOR SALE Marbella II 192 iqm Antipolo Valley Town House Call 48-28-91 off. hri. Fe Salazar OFFICE SPACE FOR LEASE LOCATION: 72 West Ave., Quezon City INTERESTED PARTIES MAY CONTACT: J.P.MARTILLO Tel. No. 991546to 49 Price is subject to negotiation after inspection of the equipment. ___for R£nT__, 7-STORY OFFICE BLDG. WITH BASEMENT 14 Emerald Ave. (beside Club Strata) Ortigas Commercial Complex, Pasig, MM FIRST CLASS FACILITIES Equipped with 2 elevators, 4 private executive marble toilets per floor, 4 Individual duct type aircons per floor, fire protection sprinkler system, garbage chute system, stand-by generator, unlimited parking space. Avallebla on September 1980 Call: Mice Cariota Toll. 606061-63 SHARES FOR SALE Batu lao-BeechworldCalatagan-Capltol CityClub Strata-Cresta del Mar-Las Rocas • Makati Executive Center-Maya Maya-Valle Verde-Volcano Lakeview Best offer. Direct Buyers only Fe Salazar 482891 off. hrs. ONE (1) MLA. POLO CLUB SHARE FOR SALE 86-42-94 I GROUND FLOOR Area: Approximately 230 sq.m. Feellltles: e 1 comfort room - e 4 A.C. outlets e private entrance Finish: e parquet flooring e spreytex celling • fluorescent fixture II BASEMENT FLOOR Area: Approximately 230 sq.m. Page 12 Friday, August 29, 1980 SHIPPING AND TRADE Container operations streamlined EVERETT L//VES ™31 EVERETT STEAMSHIP CORPORATION t0 39 AGENTS 290 Atlanta St. Port Area, Manila EVERETT ORIENT LINE WEEKLY EXPRESS SERVICE CONTAINER/BREAKBULK/REEFER LEONOR EVERETT VOY. 27 BRAD EVERETT VOY. 27 FERNANDO EVERETT VOY. 13 ROSS EVERETT VOY. 27 YOKOHAMA Sailed Sailed Aug. 27 Sept. 3 NAGOYA Sailed Sailed Aug. 30 .Sept. 6 KOBE Sailed Sailed Aug. 31 Sept. 7 MOJI Sailed Aug. 28 Sept. 3 Sept. 10 MANILA Sailed Sept. 2 Sept. 9 Sept. 16 CEBU Aug. 29 Sept. 5 Sept. 12 Sept. 19 DAVAO Sept. 1 Sept. 9 Sept. IS Sept. 22 YOKOHAMA Sept. 10 Sept. 17 Sept. 24 Oct. 1 BRADEVERETT VOY-27 ARRIVING MANILA TUESDAY SEPT. 2 FCL CLOSING TIME 1600 SEPT. 1 ESCAP holds joint meet on shipping The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has organized a meeting among shippers, ship owners and port officials to broaden cooperation in the shipping industry of the region. A session of the chief executives of national shippers* organizations, scheduled in Bangkok on Sept. 1, leads off the series of meetings. This is to be followed Sept. 2 by separate meetings of the chief executives of national shipowners’ associations and those of national port authorities. On the third day, the re presentatives from the three sectors are to con vene in a joint meeting. Main subjects at the first joint meeting in clude port clearance pro cedures and the simplifi cation of documentation, the concept of joint plan ning of shipping services and cooperation be tween shippers, ship owners and port author ities. Coal carriers equal record freight rates LONDON (AFP) - Record equalling rates were paid by the Japanese for coal ship ments out of the Hampton Roads last week in the freight market, before slightly softer conditions dev eloped. Brisk trading was seen generally with Soviet and Chinese government charterers busy in the period section in com petition with commercial interests anxious to cover their forward commit ments in the face of rising freight charges. The Japan Line con ceded $27 a ton for a September 5,000-ton coal shipment out of the Hampton Roads, to equal the May peak, but Kawasaki was able to fix at $26.7 5 for a similar cargo later in the week. Meanwhile out of mobile (Alabama) $27.50 a ton was paid for another coal shipment to Japan. Coal also featured in the trans-Atlantic trades with a contract for six or eight cargoes of 55/60,000 tons (one a quarter commencing last quarter 1980) arranged out of the Hampton Roads at $10.75, which is about $1.75 below the present going rate for single voyages. Soviet charterers were reported to have booked at least four vessels on time-charter, including a 35,000 tonner for a trans-Atlantic round voyage from the Medi terranean at $11,000 a day. Chinese charterers booked vessels in the grain trade for single voyages out of the US Gulf at a steady $41 per ton for 30,000 tonners. They also arranged two sulphur shipments out of Vancouver on a fairly prompt basis. Their interest in the time-charter market re mained but on a less in tensive scale, with re ports of only three vessels fixed compared with at least eight the week before. South American charterers were active in The management of the Port of Manila (POM) yesterday said it will cen tralize all information regarding the movement of containers inside the Manila South Harbor. Reginaldo Labilles, head of POM’s container control center (CCC), said this move is in line with the management’s thrust of decongesting the harbor. Labilles said the talley ■ sheets furnished by the arrastre operator and the shipping agents will be consolidated to monitor effectively the movement of containerized cargoes. If the volume of cargo being handled is about to exceed the allowable limit of 5,000 twenty equivalent units, (the present capacity of South Harbor) then the CCC could immediately recommend the transfer of some of the containers to outside container yards and container freight stations, Labilles said. Labilles said that by l controlling the movet ment of cargoes, the CCC I will be able to identify' i those containers which L are overstaying (stacked > for 15 days or more), r As a means of control, the CCC will regularly j receive the daily situa1 tion report on these con1 tainer yards and freight i stations. 1 Labilles added that 1 the new system is ex‘ pected to help greatly in * the billing and collection of port charges on empty 5 and loaded containers. ’ An example of this is ’ the collection of dues ’ from the arrastre operar , tor, Labilles said. (PNA) period business, too, particularly the Peru vians. Rates began to harden in this sector as evi denced by the $7 per ton per month (about $13,800 daily) paid to a 59,000 tonner for 12 months trading (up about $50 cents on re cent fixing). GALLEON SHIPPING CORPORATION i OUTGOING | GALLEON "AMETHYST V-3E GALLEON "TOPAZ" V-3E ETA MLA - 2nd CALL SEPT. 5 ETA MLA - SEPT. 5 VESSEL VOY Mia 1st CALL CEBU MASAO DAVAO MLA 2nd CALL TOPAZ 3E Sailed - Aug. Sept. 29 3 - Sept. 5 AMETHYST 3E Sept. 5/9 Sept. 10/12 Sept. 12/1( Sept. Sept. 21/2-2 INCOMING EAST COAST/GULF SERVICE Accepting LCL cargoes at CTI warehouse 2pd St. Port Area, Manila. Accepting container and breakbulk cargo to and from L.A., N.Y., New London, Halifax, Baltimore, Norfolk, Charleston/Savannah* Calveston/Houston, JViobile/New Orleans. For booking contact Mr. Arlgo Alabjdo Tels. 89-77-61 to 69/ 818-31-92 * Subject to Inducement. VESSEL NEW VOY LOMOO KALI 'S FAX NY NOR FOLK CAMDEN BALT. 'CHARLEI TON » MOBILE GALV. NOLA HOUSTC MANILA •N ONYX ™ “Ti Sept. 14/15 Sept. 10/10 Sept. 22/23 sept. 17/18 SEPT. 19/20 SEPT. 23/23 SEPT. 26/27 SEPT. 28/29 Nov. 1 TOUR MALINE lw 2^/29 Sept. 30 Oct. 1 Sept. 26/26 Oct. 7/9 Oct. 3/4 Oct. 5/6 Oct. 10/10 Oct.. 13/14 Oct. 15/16 Nov.18 AMETHYST 3E °Ct23/25 Oct. 26/2'z Oct. 22/22 Nov. 1/2 Oct .29/29 Oct 30/31 Nov. 3/4 Nov. —7/8 1 >lov. 9/10 Dec. 14 GALLEON SHIPPING CORPORATION OWNERS / OPERATORS / PHILIPPINE FLAG CARRIERS Alco Bldg., 391 Buendia Ave. Ext., Makati, Metro Manila Tel. Nos. 89-77-61 to 69 Connecting All Depts. Sub-agents: Columbian Phils. Davao Tels. 71446, 74036 Cebu Branch Room 206 BF Goodrich Bldg. M.G. Cuenca cor. Legaspi City Sts. Cebu City Tels. 92884, 91511 Balanghai Shipping & Allied Services Butuan City Tel. 21-09 ipgeastern shipping lines w Philippine flag carriers MANILA/KOBE DIRECT SERVICE SEMI CONTAINER VESSEL VOY Closing CFS/CY MANILA CEBU KOBE E. POLARIS 15 CN Sept. 3/4 Sept. 3/6 Sept. 7/9 Sept. 14/17 E. SATURN 37CN Sept. 15/15 Sept. 14/16 Sept. 18/20 Sept. 26/28 E. POLARIS 16 CN Sept. 22/23 Sept. 22/25 Sept. 26/2 7 Oct. 2/3 z E. SATURN 38 CN Oct. 4/4 Oct. 4/16 Oct. 8/9 Oct. 15/17 MANILA YOKOHAMA EXPRESS SERVICE SEMI CONTAINER (ALSO CALLING NAGOYA, KOBE) VESSELS VOY Closing CFS/CY MANILA CEBU YOKOHAMA E. SATELLITE 53 N Sept 1/2 SEPT. 1/4 - Sept. 20 E. JUPITER 33 N SEPT. 8/9 SEPT. 8/11 SEPT. 12/13 Sept. 25 E. METEOR 34 N Sept. 19/20 Sept. 19/22 Sept. 23/24 Oct. 5 E. MARINER 52N Sept. 29/30 Sept. 29/1 Oct. 2/3 Oct. 20 PHILIPPINE/JAPAN DIRECT SERVICE (YOKOHAMA, NAGOYA, KOBE) VESSELS VOY MANILA Other Ports Yokohama Other Ports adventure 47N Omits Sept. 4/10 Sept. 25/27 Sept. 29/30 E ORION 36N Sept. 8/1Q Sept. 12/16; Sept. 26/28 Sept. 30/2 SERPENS 95 N - Sept. 6/13 - Sept. 20/25 E. CLIPPER 48N SEPT. 17/19 SEPT. 21/24 OCT. 10/12 OCT. 14/16 E. MARS 35N Sept. 26/28 SEPT. 30/4 OCT. 14/16 OCT. 18/20 E. APOLLO 40 N Oct. 2/4 Oct. 6/10 Oct. 20/22 Oct. 24/26 MANILA HEAD OFFICE CEBU BRANCH CAG. DE ORO BRANCH Tel. 40-10-81 48-88-13 Tel. 7-49-59; 7-49-50 Tel. 41-34 For Booking & Freight Information pls. call Rene Velasquez or Maris Ortega ■^^Member: Philippine Ship Agents Association) PNAC head retires US dockers The Philippines North America Conference is holding a testimonial celebration tonight to honor Edward H. Bosch on his retirement as PNAC chairman. In his 26 years as PNAC head, he steered the conference in promo ting goodwill and rela tionship among its mem ber lines, governmental authorities, shippers C. Itoh wins NG A wheat contract J councils and individual shippers. This PNAC said, spur red the growth of oceanborne trade from the Philippines to the United States and Canada. Bosch’s successor is Joseph J. Fanelli, Jr. who was appointed by the shipping lines members of the conference. Fanelli brings with him 28 years’ experience . in US domestic and fo reign transportation, US regulatory affairs and conference matters. The celebration coin cides with the separation of the Philippines North America Conference from the Association of International Shipping Lines, Inc. (AISL) and the establishment of its own separate secretariat. Bosch remains AISL general manager. start support for Polish workers NEW YORK - Ameri can dockers, will refuse to handle cargoes to and from Poland beginning to day, the president of the International Longshore men’s Association (ILA), Thomas Gleason, said. The ILA boycott planned as a demonstra tion of solidarity with striking Polish workers, was announced last week but was delayed until international labor unions in Europe were notified, Gleason said. He said those unions have since sent letters of support to the Polish strikers. C. Itoh Corp, will supply 25,000 long tons of dark northerly spring wheat to the National Grains Authority at $206.12 per ton for September shipment, an NGA spokesman said. The company won the contract in a tender held last Friday. Two more tenders are to be held by the grains authority, one for 25,000 tons of US yellow com number two with Gulf or Western Coast origin for September shipment and another for 10,000 to 20,000 ton of Tahi corn also for Sept ember shipment, the spokesman added. MANILAZAMBOANGA FULL CONTAINER SERVICE WILLIAM LINES OF THE YEAR AWARDEE Weleod! Pier 14 North Harbor Tell. 20-7169. 21-1393. 21 -9821 to 28 329 San Fernando, Binondo TeU. 40-5424, 48-3393, 40-5654,40-5583 ------------------------- J gg EAC LINES-CANADA/USA EXPORT FEEDER SAILS PORTS OF CALL SIENA V-034 NEW PONY V-05 AUG. 31 VANCOUVER B.C. SEATTLE TACOMA NEW PONY V-06 SEPT. 7 LONGVIEW PORTLAND SINALOA V-036 P. ABOITIZ V-22 SEPT. 10 LOS ANGELES AND SAN FRANCISCO IMPORT FEEDER ARRIVAL OTHER AREAS VIA OCP. MICRO BRIDGE SAMOA V-031 NEW PONY V-08 SEPT. 19 OR MLB TORONTO & SARGODHA V-033 NEW PONY V-10 OCT 3 MONTREAL Friday, August 29, 1980 Business Day Page 13 ESCANO LINEsI W ■ Pier 16, North Harbor Metro Manila SAILING SCHEDULES VESSELS PORT OF CALLS DEPARTURE/ MANILA ™T'"» MAA5,nm'XTaoavan x?oo.E,rsAN° THUnjbAV.e^.a X^B,UOA" SUR,<:Am”AN/CE0U FR,D:.7“rr’ v"vSno!».° SURICAO/BUTUAN . satu.r’aj.’ert-‘ ^.TOQ^“LAPAI CC.U/SUA.OAO/.UTUAH wtoNESOAv.sePT. 10 “‘“COWMAN'"*™*" We accept CARG DAY, including S NIGHT, for shlpm Our weekly Sailin the TIMES JOUR only in the BULL In BUSINESS DA' iOES at Pier 16 Warehouse EVERYUNDAYS and HOLIDAYS, DAY and ents to above ports of call. g schedules are published Monday. In INAL and ORIENT NEWS. Tuesdays ETIN TODAY. Mondays and Fridays (ABOVE SCHEDULES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE.) For any assistance needed, please contact the following: OPERATIONS DEPARTMENT: Tel. Nos. 21-16-11 to 12 MARKETING DEPARTMENT: Tel. Nos. 21-16-14 & 21-16-15 FOR NIGHT SHIFT PLEASE CONTACT OFFICER ON DUTY French fishermen admit defeat in week-long blockade vfi4* SHOWA LINE FULL CONTAINER SERVICE Customs amends overtime rates paid by clients to its staff PARIS (AFP) - French trawlermen in the Mediterranean yesterday admitted defeat and de cided to end their week long battle to blockade the vital oil port of Fossurmer as the French cabinet restated its aim to keep the country’s main ports open. But while fishermen in the south decided to end their skirmishing tactics following a clash with the French Navy last night in which four of their colleagues were slightly injured, trawler men in the north con tinued to block shipping The channel port of Boulogne was paralyzed with fishmongers and lorry drivers blocking traffic. As a result even hovercraft traffic was brought to a standstill and some companies diverted passengers to Calais. A mass meeting was scheduled for later today in Boulogne, where the fishermen's protest was launched over two weeks ago. Tug crews at the port of Le Havre have ended their strike and 16 ships have been able to move. The communist led CGT Union Federation condemned the use of the navy in the oil port of Antifer and Le Havre yesterday and at Fos for the third time in a week. The union said the move, showed the government “does not hesitate to put lives at risk.” Th e French cabinet agreed at its weekly meet ing to keep major ports open because “they are not concerned by the problems of the fisher men.” The government also said it regarded Dec. 31, 1980 as the deadline for agreement on a European Community policy cover ing all kinds of fish. The government ap proved measures by transport minister Joel le Theule to improve con ditions for the fishing industry concerning re gional studies of the problems facing inshore fishermen. PQ80DLC-508 Republic of the Philippines NATIONAL POWER CORPORATION ATTENTION SHIPPERS VESSEL Clows nlla Sa Ms Tokyo Kobe Relay Vessel At Tokyo or Kobe LA OAK/ SF SEA TTLE Dynamics Ace V-69 9/1 9/3 9/11 9/13 Hiel Maru V-97 9/24 9/25 Hlkawa Maru V-77 9/21 Eastern Polaris V-15 CN 9/3 9/« 9/14 REFER CARGO ONLY Electro Ace V-48 9/11 9/13 9/21 9/23 Hakusan Mar.u V-88 1 10/2 10/3 Lions Gate Bridge V-79 10/10 New tariff rates The Bureau of Customs has amended the regulations governing claims for overtime, traveling expenses, board and lodging and meal allowances and other expenses of customs officers payable by steamship and airline companies, importers, exporters and customs brokers. According to a new administrative order, the overtime rates per hour are: PIO for the collector of customs (MIA); for supervisors, appraisers, examiners, wharfingers, boarding officers, en trance and clearance officers and inspectors, P9; security guards, gate keepers and warehouse men (storekeepers) P8. MEALS. Meal allowances will be Pl 4 per meal for every category of cus toms officer. Meal allow ance will be given if the overtime service falls during the following per iods: breakfast from 6 a.m. to 8 a.m.; lunch from noon to 1 p.m.; supper from 6 p.m. to 8 p.m.; and midnight re past from 11 to 1 a.m. Customs officers ren dering overtime services at airports are entitled to midnight repast on all days. Customs officers performing underguard ing service outside their official stations are en titled to meal allowances. September 1, 1980 INVITATION FOR PREQUALIFICATION TO BID All parties to bld for the ERECTION ANO INS TALLATION OF 69 KV, 3-PHASE, TRANSMISSION LINES UNDER TWO (2) SCHEDULES FOR THE 7th POWER LOAN PROJECT, are Invited to prequalify for the forthcoming biddings thereof. Application for prequallflcatlon Is open to any Philippine Construction Company duly licensed by the Philippine Licensing Board for Contractors at least Category C and classified as General Engineering Contractors and/or Specialty Electrical Contractors. The work involves the erection and Installation of 69 KV Transmission Lines and Is divided Into two (2) schedules! as follows: Schedule I — 1. Bangued-Licuan........ 33.81 kms. 2.Tap-Bangued-Manabo . . 22.40 kms. Schedule II — l.Tap-Lallo-Baybayog-Baggao . .9.82 kms. 2.Camalanlugan-Gonzaga . 33.44 kms. Continued from Wednesday) 23.07 Sweetened forage; other preparations of a kind used in animal feeding: [ .....................................................................................Unified rate of ad val. 50%) A. PREPARATIONS FOR USE IN MAKING THE COMPLETE FEEDS OR SUPPLEMENTARY FEEDS (PREMIXES); FEED ADDITIVES;TRACE MINERALS AND CHOLINE CHLORIDE, FEED GRADES.......................................... AD VAL. 10% B. OTHER........................................................................... AD VAL. 30% 25.31 Feldspar, leucite, nepheline and nepheline syenite; fluorspar:! Unified rate of ad val. 20%) A. FLUORSPAR................................................................. AD VAL. 10% B. OTHER......................................................................... AD VAL. 20%_27.10 Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or TIDAL AND ASTRONOMICAL PREDICTIONS Tides Sun Moon Day Time Height Rise Set Rise Set h.m. meters h.m. h.m. h.m. h.m. 30 0103 1.06 0544 1809 2143 0932 Saturday 0632 0.61 1305 1.23 1929 0.62 31 0138 1.16 0.544 1809 2232 1031 Sunday 0752 0.60 1402 1.05 1948 0.68 Prospective bidders must submit. In three (3) copies the PREQUALIFICATION FORMS (PART III) duly accomplished and complete with all supporting docu ments required therein on or before October , 1980. All data and Information submitted by Prospective Bidders will be considered strictly confidential. NAPO COR will not accept or act on complaints whatsoever regarding either procedure or results of the Prequallflcatlon. Notice to prospective bidders of the Prequali fication result Is expected to be released on or before November 5,1980. Financing Fund required for this project shall be an affidavit or a duly executed Instrument Issued by a re putable bank or financing Institution acceptable to the Government stating that the bidder has established a credit line with the said bank or financing Institution In the following amount: Schedule I — P160.000 (One Hundred Sixty Thou sand Pesos) , Schedule II — P150.000 (One Hundred Fifty Thou sand Pesos) included, containing not less than 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations: A. PROPYLENE TETRAMER (TETRAPROPYLENE) ... AD VAL. (30%) 10% B. [A.] Articles not included in subheading A, C or D hereof AD VAL.[30%)30% C. [B.l. Lubricating oil, including lubricating oil basestock, when imported with prior joint authorization by the Board of Investments Tariff Commission and the [Oil Industry Commission) BOARD OF ENERGY; heavy oils, gas oils, fuel oils, aviation gasoline, white spirit ang naphtha............................................................... adval- (20%) 20% D. [C.l Lubricating oil, including lubricating oil besestock, except when imported with joint prior authorization by ’ the Board of Investments, Tariff Commission and the [Oil Industry Commission] BOARD OF ENERGY .. . adval [50%] 50% 32.12 Glaziers' putty; grafting putty; painters fillings; non-refractory surfacing preparations; stopping, sealing and similar mastic. New weekly direct sailings to: ^k TAGBILARAN Ther Ozarmz llioan .Ozamit, FRIDAY 10 A.M. MV MISAMIS OCCIDENTALThe first luxury ship to serve The Manila-Tagbilaran route k SAN JOSE (MANGARIN) PUERTO W PRINCESA then J CORON WEDNESDAY 11 A.M. MV ELIZABETH WILLIAM LINES, INC. I DOMESTIC CONTAINER SHIP PING FIRM OF THE YEAR. We Leodl ’0 jj-vx Proposal Bond required for this project shall either be In cash, certified/manager’s check or bank draft or guarantee against any reputable bank or surety bond acceptable to the Government or any combination thereof payable to the National Power Corporation In the amount based on the following table: Bid Price Bld Bond (In Pesos) (In Pesos) up to 100,000 10% of the amount Above 100,000 to 10,000 plus 5% of amount In 1,000,000 excess of 10(1,000 Above 1,000,000 to 55,000 plus 4% of amount In 5,000,000 excess of 1,000,000 Above 5,000,000 to 215,000 plus 3% of amount In 10,000,000 excess of 5,000,000 Schedule I — 210 calendar days Schedule II — 180 calendar days Prequalification documents will be available for Issue to prospective bidders at the office of the National Power Corporation, 11th Floor, NPC Building, Anda Circle, Port Area, Manila, upon payment of Eighty Pesos (P80.00) per copy which Is not refundable. Plans and Specifications, Including five (5) copies of the prescribed Bidding Form, will be made available qply to prequalified bidder on November 5, 1980 upon a non-refundable payment of Two Hundred Pesos P200.00) per set. Additional Information will be furnished upon re quest. Address all communications to "The Sr. VicePresident, Engineering, National Power Corporation, P.O. Box 2123 Manila, Philippines." (SGD.) J. U. JOVELLANOS Sr. Vice-President Aug. 29, Sept. 5 & 12/80 including resin mastic and cements: [.......................................Unified rate of ad val. 30%) A. ARTICLES NOT INCLUDED IN SUB HEADING B HEREOF....................................................................... ADVAL. 30% B. POLYESTER BODY FILLER (MASTIC)...................... AD VAL 50% (To be continued) India launches first training sail ship NEW DELHI (AFP)-India yesterday became the first country in Asia to have its own sail training ship for the sea cadets. “Varuna,” an 80-ton brig, was formally launched at Bhavnagar, on the western coast, by Phyllis Pereira, wife of the chief of the naval staff, Admiral Pereira, re ports said. The sail ship, built at the state-run Mazaaon dock at Bhavnagar, was to provide training in sea manships and designed to provide education in other maritime skills such as navigation, com munication and marine engineering Page 14 Business Day Friday, August 29, 1980 Mirador Hotel’s long running dinner theater hit, "Close Encounters with the Third Sex,” stages a repeat performance tonight and tomorrow at the hotel's El Pueblo supper club. “The Best of Close Encounters” is directed by Nestor Torre and produced by Applause International. Tickets for the show, which will be theater-style (non-dinner), are at P50 and P30. Opening a four-weekend run tonight at the Insular Life Auditorium, Repertory Philippines’ production of "Whose Life is it Anyway?" — a controversial play about a quadraplegic’s right to die that has won plaudits on Broadway. Rep spearhead Zeneida Amador takes on the leading role. Celebrity Sports Plaza features noted guitarist and singer Earl Klugh in a dinner show tonight and tomorrow at the Celebrity theater ballroom. Dinner is at 7 p.m., followed by showtime at 8:30. Second weekend run of “Biglang Bigla Isang Umaga,” starring Anita Linda and Dencio Padilla, at the Bulwagang Gantimpala of the CCP. On its last day today at the Hyatt Regency Manila, a luncheon fashion show featuring Gregg Centeno’s haute couture collection. At today's show, two round trip tickets to Singapore courtesy of Philippine Airlines will be raffled off to lucky patrons. A the Holiday Inn Manila this Sunday, La Table du Baron treats dinner guests to a Sunday Supper Club, featuring French specialty cuisine and music by the Four Notes. American guest conductor Miles Morgan leads the CCP Philharmonic Or chestra in a concert at the Cultural Center’s main theater. The one-night per formance opens tonight at 8 p.m. Tomorrow at Philtrade, an evening of Cultural lore. Sunday afternoon at the Philtrade complex, a showband called the Jubilation will give a solo concert The show is slated to start at 5:30 p.m. @ MYRA’S A CO. SPORTING GOODS We help people pley their way to health and fun. KRYPTOkross OFF HOURS Jazzie launches search for five 1981 models Apparel ------------Corp. (ARC) and Man hattan Sportswear Ex change (MSEX) recently announced the launching of the “1981 Five for Jaz zie DVS Selection.” Five pretty, person able, and career-oriented girls will be chosen in a private selection which will be highlighted with the formal public presen tation at a gala show of the Jazzie DVS Inaugural Collection by October. ARC and MSEX exec utives as well as a panel of experts in beauty, fa shion, and merchandising will choose five girls, each epitomizing the spe cific look and character of any of the Jazzie DVS six brand new labels: Claudine, Vicki Davies, Preppy, Jazzsports and ------- - - - ----Jazzjean. The Destino 89-17-83 until Sept. 6. Resources menswear label will be represented by a male model handpicked by the committee for a contract of one year. The five winners will have careers in fashion modelling, merchandising and mar keting lined-up for them by ARC and MSEX. This year’s thrust is on career development in the gar ment field and estab lished careers in the fa shion trade. The “1981 Five for Jazzie DVS Selection” winners will each receive P27.000 cash prize and a one year contract with ARC and MSEX. Applicants are re quested to contact the Jazzie DVS Makati West drive Arcade Shop at tels. 86-62-80 and Liv Ullmann is Unicef goodwill ambassador Liv Ullmann, the first woman “goodwill ambas sador" of the United Nations Children's Fund (UNICEF), has comple ted her mission to Bang ladesh, India and Sri Lanka to leam about ch il dren’s problems in developing countries; The Norwegian act ress, who gained inter national acclaim through movies by Ingmar Berg man, was asked by UNICEF to undertake various efforts to in crease international understanding of child ren’s needs and to sup port related UNICEF fund-raising and promo tional activity. This week Miss Ull mann will start her cam paign against misery anc starvation to which child ren in various parts of the world are still ex posed, said a report re ceived this week by the United Nations Inform ation Center in the Phil ippines. Miss Ullmann, mother of a 1 4 - y e ar- old daughter, has agreed to become the advocate of 960 million children in 108 countries under UNICEF assistance. About 30% of children in developing countries are still dying of mal nutrition and disease be fore they have reached the age of five. Rep to stage ‘Pippin’ at Meralco theater Once again Repertory Philippines is preparing for a new musical pro duction, Pippin, which (although it has Jjeen ex cerpted and produced for dinner theater before) will be produced for the first time in its original form on the legitimate stage in the Philippines. Pippin will open on Oct ober 7 at the Meralco Theater and will con tinue through to October 19. /The cast includes Cocoy Laurel as Pippin-, Freddie Santos as Charletnagne ; and Audie Gemora as The Leading Player. It also includes Zenaida Amador, Joy Virata, Enchang. Agudo and other veterans of musical stage as j some bright new talents chosen from the hundred or so hopefuls who tried out during Rep’s last audition. Executive producer is Celia Diaz-Laurel, music al director is Baby Barredo. The production is being directed by Zeneida Amador herself. Pippin is loosely based on the life of Charlemagnes’s eldest son, an idealist trying to find himself amid the bawdy - pleasures of court, the pandemonium of battle, the aggravation of being Holy Roman Emperor, and the multi-faceted exertions of being a common laborer on the estate of a rich widow. The music and lyrics of Pippin were written by Stephen Schwartz who also wrote the mu sic and lyrics of GodA case (in fact, 102,000) of the bubblies Imagine an airborne wine cellar stocked with 102,000 cases of Bordeaux, Burgundy and Champagne. Pan American World Airways will perform that feat this year on its flights to 76 destinations ranging from Abid jan to Zurich. About 18 million pas sengers will enjoy 1.1 million quarts of wine from this formidable supply. Pan Am has long been a major pur chaser of French and other wines. Bruce Axler, director of the firm’s food and beverage planning procedures, says the airline this year will stock Its flights with 15,000 cases of red Bordeaux, 15,000 cases of white Burgundy, and 17,000 cases of Champagne for first class passengers alone. Economy class on Pan Am flights will have 27,000 cases of white Burgun dy, 24,000 cases of red Bordeaux and 4,000 of sparkling wine. "Pan Am may be the largest foreign purchaser of French products that doesn’t subsequently re-sell them," says Axler. Pan Am’s wine expert is Paris-based Maurice Zaidman, who has worked for the airline for 30 years, and knows wine both as an oenophile and as a merchant. Zaidman is instrumental in helping Pan Am purchase its French wines In bulk, after the airline first sets a yearly wine monetary budget. Each year, usually In February, Zaid man arranges the annual Pan Am winetasting, held at the Inter-Continental Hotel In Paris. The wines — and there may be as many as 200 to sample — are divided by classification, such as color, vintage, and region. FRENCH WINE. Pan Am’s basic wine provisioning is French, and the airline purchases about 80% of its wine in France. The remainder comes from the US, Germany, and Italy, and these wines are available on appropriate routes. “On flights from Frankfurt, for example, we will have a Rhine wine ’ available for our passengers," Axler says. TASTERS. Zaidman’s fellow tasters are Axler, Fred Haverly, who is system director of dining services for Pan Am, a member of the Jure Picquer de Vin, and the sommelier of the Paris Inter Continental Hotel. The bottles to be tasted are wrapped In paper, and mark ed only with a number of alphabet letter, to provide a truly blind test. The "jurors” will sample five or six wines, and then choose the best of each individual group. "We look for coJpr, for bouquet, for smell, for taste -* of course, and there is an extra mark for the ‘aura’ of the wine," Zaidman says. "Each year Is different, due to the different quality of the vintage." Zaidman says the ultimate goal Is to "satisfy our own tastes as well as the taste of our passengers.” In 1980, Pan Am's first class travelers will have a Chateau des Roches 1978 as their red Bordeaux, a Macon Laforet 1978 as a white Burgundy, and Charbaut champagne. Economy class passengers will be served a Papillon de la Reine red and a Blanc de Blanc white; both wines are from Caves de La Reine Pedauque. Buying wine in such quantities obviously is different than a casual visit to the neighboring grog shop. "Each year, when we make our choices, we order from 7,000 to 8,000 cases from a vineyard at a minimum," Axler says. Friday, August 29, 1980 Business Day Manila filmfest gets Venice endorsement i VENICE (PNA) - An official of the La Biennale di Venezia (Venice Film Festival) has endorsed the Ma nila Film Festival scheduled in January 1982. “It is not only timely but physically feasible considering your country’s loca tion in Asia,” Pierre Paulo Pineschi, super visor of the Biennale, said in talk with two visiting Manila film fest executives. Hie veteran movie festival organizer no ted that with so many film conclaves in Europe and America, a big one in Asia would be particularly welcome He assured Johnny Litton and Mrs. Betty Benitez, Manila film fest director general and vice-president, respectively, of his support in terms of technical knowhow. Pineschi has been involved with the Venice Festival since 1950. The Filipino group arrived here Monday to observe the Bien nale, the first inter national cinema festi val established in any part of the world. But it lost out to Cannes in terms of prestige after it ceased to be competitive m the early 1960s. Balestra high fashion at the Manila Hotel Renato Balestra, Ita ly’s doyen of high fa shion, will present his 1981 Spring-Summer Collection at a series of shows at The Manila Ho tel’s Fiesta Pavilion. The haute couturier is himself coming to Manila to launch his new col lection for the benefit of the MSSD Youth and Social Welfare Servicesfor Region VIII in Tacloban City. , Balestra will be ac companied by four of his own European signature models. Eight Filipino mannequins have also been handpicked for the shows, among them Melanie Marquez, Miss International for 1980. “Renato Balestra: Alta Moda, Roma,” will be launched at a gala night presentation at the Fiesta Pavilion on Sept 6. Door prizes ranging from a grand prize of Pl 0,000 cash to scarves and accessories designed by Balestra will be raf fled off to lucky patrons. The collection may also be viewed at lun cheon shows'from Sept ember 8 to 11 at the HOT DANCE REVUE - "The Fabulous Holly wood Swinging Hot Revue," a bevy of seven lovely girls, per form entertainment num bers nightly at the New Wells Fargo, and every lunchtime at the Manila Garden Hotel. WHOSE LIFE IS IT ANYWAY? - Zeneida Amador tackles the difficult role of a paraplegic, and Jorge Ortol plays a sympathetic intern, in Repertory Phil ippines' production of "Whose Life is it Anyway? " a controversial play that has won both the Tony and the New York Drama Critics Award. "Whose Life" opens tonight at the Insular Life auditorium. RATINGS CARD (Last week's Ratings Card was a victim of limited space. However, the subject of the review has since cropped up in recent headlines due to its controversial nature. Accordingly, although the film has since ended its run, our unofficial reviewer thought that readers would not mind a post-mortem rehash). Sa Akin Ka. . . Magpakasal (Joseph Sytangco, Marianne de la Riva) — In a prologue to the film, Vic Silayan's suave baritone informs the audience that this picture was produced in answer to Pope John Paul Il's call for films with more religious content With all due respect I don’t think this is exactly what the Holy Father had in mind. As a matter of fact if he should ever find out how the movie ads so blatantly exploit the angle that it was “inspired” by John Paul’s rumored early romance, I am certain he would be most singularly distressed. The ads (and Silayan's urbane voice-over) tell us that the story touches on "eleven (11) highlights” that had been experienced by John Paul as a young man. These so-called highlights are not clearly defined, but the most obvious one is the relationship with his childhood sweetheart, a relationship that threatens to derail his priestly vocation. Adapted to the pastoral and bucolic countryside, the characters become Padre Berting (Sytangco) and the sweet, nubile probinsiyana lass Marita (De la Riva). This absorbing, in fact claustrophobic, tale takes up a good one hour and 45 minutes, with thefilm's moral —the call of duty is pa nful, but irrevocable—driven home again and again with all the subtlety of a rolled-up newspaper. It does not help any to have the subplot of Doha Luisa (Anita Linda), Berting’s mother, who is portrayed as an unbeliever— and yet inexplicably is the most vociferous in pursuading her son to keep to his vocation. Well, maybe not so inexplicable; because just when things look darkest — when Berting is torn by anguish, and Marita, engaged to marry Ernie (Ronnie Henares), comes to her own ambivalent struggle between duty and love — in fact, just when you think the film will never end, Dona Luisa solves it all by getting on her death bed and asking her son to baptize her. At last, Berting is now convinced he did the right thing. The film ends on a rosy glow of smiles between Ernie, Marita and Berting, who have apparently forgotten what all the conflict was about in the first place. Director/story writer Jehu C. Sebastian leaves his actors precious little to escape with. Ms. Linda acts as if she were onstage at the Manila Grand Opera House, as usual, and Sytangco tries hard but cannot quite rise above the inanity of the plot. Of De la Riva, from whom little if nothing is expected, one gets exactly that Surprisingly, the film briefly comes to life with Henares, who plays the third side to this hoary triangle. Like the rest of the cast he was saddled with inane characterization and dialogue; but unlike them, his exuberant performance gave the film its only interesting moments. Margot K. Pimentel Oddments HEIDE, West Germany (AFP) — Paintings worth around 1.5 million marks (about $800,000) were stolen last week from the.hOme of an artist and Berlin galler> owner, police announced. Among the paintings stolen were four famous works, including "After the Bath” by Edgar Degas and “St Jerome” by Titian. The two alone are worth 1.2 million marks (about $600,000). Rever salon sets seminar HONG KONG (AFP) - Hong Kong will stage a major ready-to-wear fashion promotion at the world famous Salon International du Pret-a-Porter Feminin in Paris from April 4 to 8 next year. Announcing this today, a spokesman for the Hong Kong Trade Development Council (TDC)said the Hong Kong salon would accupy a prominent corner site in hall 3 at the Parc des Expositions complex, Porte de Versailles. A standing committee has been formed for this TDC project, called “Mode Hong Kong ’81.” It is chaired by Mr. H. Lin, managing director of Hong Kong Milo’s Knitwear Factory Ltd. NAHA, Japan (Reuter) — Some 30,000 to 40,000 people died of deadly snakebites throughout the world every year, an international seminar on snakebite was told here this week. The four-day seminar, the first of its kind in the world, opened in this southern Japanese city yesterday under the sponsorship of the World Health Organization (WHO). Delegates and snake experts from the US, Britain, Australia, South Africa and seven Asian countries are-attending the meeting. Dr. Yoshio Sawai of the Japan Snake Research Institute told the gathering that 350 to 400 people are bitten by dadly habu snakes in Okinawa each year but few of them die, thanks to Japan’s ad vanced technology for dealing with snakebite. According to figures presented to the seminar from the participating countries, deaths caused by snakebite every year were estimated at about 200 in Thailand and the Philippines, 400 in Sri Lanka, between 800 and 1,000 in Burma and between 10,000 and 15,000 in India. In reporting Japan’s success to bring the problem under control, Dr. Sawai stressed the importance of developing serums and preventive vaccines to deal with snakebite. on latest hairdo fad “Stingray,” the latest hairdo fad in Europe and the United States, will bt taught to participants of Rever Hair Salon’s sec ond in a series of semi nars on advanced hair styling. The seminar, which will be held starting next week, will be handled by Stephen Bradley, Rever’s managing partner. Bradley, a Londontrained hairstylist, ar rived recently from a tour of the world’s fashion centers where he observed the newest trends in international hair fashion. He said the “stingray” makes use of convex sh ap es combined with geometrical and asymmet rical cuts, the emphasis of which is around the middle of the head. Rever’s first seminar, which was attended by 10 local professional hairstylists, was super vised by Rever Salon manager David Charlton, also a London-bred hair stylist A date, business or pleasure ATHENS (Reuter)— A theater director and ei^it actors have been arrested here after portraying a scene in which a naked actress simulated love making with a Greek Orthodox bishop. The director and actors were arrested after last week’s performance and were charged with insulting public morals and the church, a spokesman for the judiciary said. The play, “The Saint of Preveza,” portrayed a Greek Orthodox bishop involved in a sex scandal. It was a thinly disguised version of the true story of Bishop Stylianos, 67, who was removed from his diocese last year after a photograph purporting to show him in bed with a woman had been sent to the government and published in the Greek press. Bishop Stylianosmaintained that the picture was a photo-montage, but a church court said the police could not determine whether the photo was genuine or not Hie play, in one of Athens' main theaters, was playing to packed audiences. The arrest of the direc tor and actors followed a lawsuit by the president of the Greek Orthodox Association. They were freed pending trial next week. Via K\<xre. SEAFOOD SPECIALTY RESTAURANT WienerwaldM TAKE-HOME COUNTER German Cold Cuts and Bread or the entire menu. See us at Greenbelt Park, Makati Ave., Tel. 86-51-79 Via>Hara Legnipi S/.. Gr^nMt lr«i. Makati. Hetra Manila ‘ WIE 22 Page 16 Business Day Friday, August 29, 1980 The Stock Market lion, 19% less than Wednesday’s P5.66 million. CDCP went down by 5.45%, Conso lidated Bank by 2.71%, and First Holdings B by 1.6%. Analysts said current market movements indicate that trading will remain calm for the rest of the year, but minor rallies are not discounted. Combined peso turnovers amounted to P8.81 million on a volume of 236.65 million shares, compared with Wednesday’s P12.ll million on 138.75 million shares. Mines in short-lived rally; oils, C-Is decline further MANILA STOCK EXCHANGE QUOTATIONS Thursday, August 28, 1980 STOCKS BANKS BID ASKED OPEN - HIGH LOW CLOSE VOLUME Yesterday’s midsession advances in mines, the only sector that provided the excitement at the stock exchanges, lost steam towards closing. About 58% of the issues traded yesterday closed unchanged (46 out of 79), while the rest generally weakened. Although the activity in mines waned at the last hour, the issues still accounted for most of the 13 gainers recorded yesterday. Oils and commercial-industrials cluttered the losers' list (20 in all). 'Trading slowed down further as the coiAbined peso turnovers dropped by 27%. The mining sector traded P2.38 million worth of shares, 47% less than the previous P4.52 million. Analysts said that the absence of fresh developments in the market made investors postpone their orders. They noted that metal prices abroad, the most influential factor in the mining sector, have been recently showing hesitant movements. They said that there are no expectations, for instance, that copper will move upwards although the US copper mining strike is still unsettled. In the oil sector, the new development was an official announcement of the tem porary plugging of Batas 1 well, which has triggered price movements in oils recently. The well was earlier rumored to have en countered oil signs but the contents were not as earlier expected. - Analysts said that the market reacted faintly to that rumor as the amount of oil turnovers did not reflect public particip ation. They noted that oils yesterday hardly moved in spite of the somewhat depressing The oil sector garnered Pl.86 million worth of turnovers, 5% less than the pre vious Pl.95 million. No gainer was recorded in the sector, while losers gave up small points. Redeco led with a 6.66% decline, Basic B with 4.65%, and Interport with 4%. Commercial-industrials traded P4.56 mil Bank of P.l. Cons. Bank 213.00 240.00 - 180.00 213.00 175.00 213.00 175.00 213.00 175.00 213.00 175,00 50 620 STOCKS Commercial & industrial board cdcp EEI First Holdings First Holdings ”B" Globe-Mackay Mia. Jockey STF Micro anscOr Ayala Corp. SMC SMC “B" PICOP PLDT SUGARS Bogo-Medellln Cariota MAKATI STOCK EXCHANGE, INC. QUOTATIONS Thursday, August 28, 1980 BIG BOARD ASKED OPEN HIGH LOW CLOSE COMMERCIAL Si INDUSTRIAL BOARD China Bank Bacnotan Ayala Corp. ANSCOR Globe Mackay PLDT PLDT 10% S-G EEI Marsman SMC SMC “B” 205.00 — 25.00 26.00 1.28 1.30 1.28 1.30 10.00 10.50 41.75 42.00 8.60 8.70 1.50 1.52 .75 .83 25.00 25.25 25.00 - 210.00 210.00 210.00 210.00 BIG BOARD Acoje Atlas Baguio Gold Baguio Gold “B” Benguet Explor. Cons . Mines Island Lepanto Lepanto “B” Marcopper Marlnduque Phllex Mlnolco 20 0066 60 0044 89 .14 3.00 3.64 .1425 0012 .007 20.70 .005 .0066 94.00 .0076 .0105 .1375 3.20 3.72 .145 .0013 10.50 41.50 10.50 41.75 10.50 41.50 10.50 41.75 25.00 25.50 25.25 25.50 25.00 25.50 25.25 25.50 650 34,700 3,700 Lepanto Lepanto "B” Marcopper Marlnduque Marlnduque “B” Phllex Phllex “B" Mlnolco 5.05 1.50 9.20 9.30 10.40 60 5.20 1.52 9.30 10.00 10.50 .85 1.50 4.10 1.32 1.32 25.25 3.30 41.75 5.20 1.51 9.20 9.00 10.50 5.20 1.51 9.20 9.20 10.50 5.20 1.51 9.20 9.00 10.50 5.20 1.51 9.20 9.20 10.50 - 23.00 5.00 .0064 20.60 36.00 .0047 23.00 90.00 19.00 .0074 .0076 .0025 .135 .14 3.00 3.68 10.00 .1425 .16 .0012 .007 20.70 37.00 .0052 29.00 .00 .30 .0076 .0078 .0028 .1375 .1425 .20 1.70 .145 .165 91 21 3 3 11 1.00. 1.30 25.00 25.00 41.50 20.60 37.00 .0056 89.50 20.00 .0074 0076 135 14 70 00 1425 1575 0013 10 1.00 1.30 1.30 25.00 25.00 42.00 20.60 37.00 0056 90 20 i.OO .00 .0078 .0078 .135 .14 1.70 .00 145 1575 0013 3. 10.00 1.00 1.30 1.30 25.00 25.00 41.50 20.50 37.00 .0056 89.50 20.00 3 10 1.00 1.30 1.30 25.00 25.00 41.75 20.60 37.00 .0056 90.00 20.00 .0076 .0078 .135 14 3.70 10.00 .1425 .1575 .0013 2.500 11,000 1.500 23,000 1,800 40,000 1,000 3,000 23,800 1,000 300 11,000 2,850 50,000 800 200 3,600,000 3,250,000 1,160,000 255,000 3,000 100 1,695,000 50,000 4,050,000 20.60 20.70 20.50 .005 .005 .005 .006 .006 .006 .27 .27 .27 .0076 .0076 .0076 .135 .135 .135 .14 .14 .14 3.70 3.70 3.70 .1425 .145 .1425 20 135 14 3.70 .145 19,500 1,050,000 550,000 200,000 300,000 415,000 235,000 5,500 480,000 SMALL BOARD Apex Basic Basic "B" Buendla Interport Interport “B" Landoil Leyte Base Manila Marsteel Oriental Richfield Richfield “B” PQDCO PODCO “B" Phllodrlll Sabena Seafront Surigao “B" Trans-Asia Vulcan .0215 .0205 .0205 .0028 .0076 .012 .014 .0086 .0038 .019 .0056 .036 .0245 .026 .0058 .03 .008 .0086 .016 .0135’ .0135 .022 .021 .0215 .0036 .0215 .021 .022 7,250,000 0125 0145 0088 0058 037 025 028 006 0064 031 0086 009 .0078 .0125 .0088 .004 .0056 .037 .025 .027 .006 .0066 .03 .0088 .018 .0135 .0145 0078 .0078 0125 .0125 0145 .014 0088 .0088 004 .004 02 .02 0056 .0056 037 .037 025 .025 . 027 .027. 006 .0058 0066 .0066 03 .03 0088 .0088 018 .018 0135 .0135 0145 .0145 .0078 .0125 .0145 .0088 .004 .02 .0056 037 .025 .027 .0058 .0066 .03 .0088 .018 .0135 .0145 500,000 3,800,000 16,900,000 700,000 500,000 200,000 50,000 1,840,000 1,100,000 300,000 1,600,000 3,200,000 2,350,000 57,000,000 28,000,000 1,550,000 3,000,000 SMALL BOARD Anglo-Phil. Apex Apex “B" Basic Basic “B” B. Buhay CDCP Mining •B” Hlxbar Infanta Inter-Continent Interport Landoil LRM Mining Manila Marsteel Marsteel “B" Oriental Oriental “B” POGEI Phllodrlll Phllodrlll PODCO PODCO “B" Redeco Seafront S. Jose Sierra Madre South Seas Surigao "B” Trans-Asia 007 0215 02 0205 006 001 008 022 0225 0215 0215 022 0205 Comrn’l & Ind'l Mining Oil GRAND TOTAL NOTE: Due to space limitations, certain untradad stocks are usually delated from the published lists. Comm'l & Ind'l Mining Oil GRAND TOTAL SHARES 118,890 43,605,000 144,440,000 188,163,890 VALUE P3,496,105.00 1,390,110.00 1,486,745.00 P6,372,960.00 AVE Comm’l & Ind'l Mining Oil COMPOSITE ■RAGES 39.8661 + 69.9456 — .014054 - 36.5716 - .1686 2.5730 .000070 .7216 ODD LOT................ P 4,391.00 SECONDARY BOND MARKET QUOTATIONS August 29, 1980 Source: Bancom Development Corporation Issuer Amount -Maturity Coupon Rate Bid Offer_ Yield BF Homes P125M 9-29-85 15 75 85 19.75 PICOP P150M 12-22-87 16 75 85 19.75 .012^ .0086 .02 .0056 .036 .055 .0044 .03 .045 .0056 .0028 .008 .0086 .006 .0045 .016 .016 .0135 .013 003 001 0125 0088 001 0205 0076 037 06 0046 031 051 0058 0064 003 0086 0088 0066 005 0165 0205 014 0145 01 001 001 0125 .02 .0058 .0076 .036 03 0058 0066 003 0086 0066 002 .0135 SHARES fALUE .0215 .0215 .022 .022 .0205 .0205 .01 .01 .001 .001 .003 .003 .001 .001 .0125 .012 .001 .001 .02 .02 .0058 .0058 .0076 .0076 .037 .036 031 .03 0058 .0058 0066 .0066 003 .0028 0086 .0086 0066 .0066 002 .002 .0135 .0135 .0215 800,000 .022 300,000 .0205 400,000 .01 300,000 .001 2,000,000 .003 1,000,000 .001 2,000,000 .012 6,700,000 .001 3,000,000 .02 1,350,000 .0058 400,000 .0076 1,000,000 .037 3,850,000 .Q31 2,700,000 .0058 4,600,000 .0066 800,000 .0028 2,650,000 .0086 1,000,000 .0066 500,000 .002 600,000 .0135 1,300,000 AVERAGES PHILIPPINE STOCKS ABROAD Source: Blzcon Investment and Management Corporation In New York (August 27,1980) Low Close Change Volume Bid Asked Open High Atlas 5-1/8 5-1/4 5-1/8 5-1/4 up 1/8 41,300 5-1/8 5-1/4 Benguet 12-1/4 12-5/8 12-1/4 12-3/8 up 1/4 107,400 12-1/4 12-5/8 Marlnduque 1-1/2 1-1/2 1-7/16 1-1/2 up 1/16 51,300 1-7/16 1-1/2 PLDT (Common) 5-3/4 5-3/4 5-5/8 5-3/4 unch 4,000 5-5/8 5-3/4 In Hong Kong (August 27,1980 :: in Hong Kong cents) High Low Close Prev. Close Volume. Phllex 14.25 14.00 14.00 14.25 350,000 Baguio Gold no trade — — 0.70 -