NEXT, corn shortage. The government has raised the buying price for yellow corn but the move may not be enough to prevent a shortage as the prohibitive cost of fertilizer deters farmers from planting. --MAURICIO VICTA

Inflation hits 12.2 % in July

PRICES moved at their fastest in 17 years, averaging 12.2 percent in July and boosting the likelihood the Bangko Sentral ng Pilipinas (BSP) will again tighten the monetary screws in response.

Latest data from the National Statistics Office (NSO) show key commodity groups rising with the exception of the fuel, light and water  index.

Palace orders audit of oil, power firms

To ensure that local pump prices reflect the downtrend in world oil prices, President Arroyo has ordered Energy Secretary Angelo Reyes to conduct an “intensive” audit of all oil and power firms, particularly on the aspect of cost recovery, Malacañang announced on Tuesday.

ERC urged to act on system losses charged to customers

THE House Committee on Energy approved on Tuesday an initial resolution directing the Energy Regulatory Commission (ERC) to immediately act on the practice of distribution utilities of charging system losses to residential consumers, which is believed to be widely abused.

Foreign chambers agree on changes on fiscal incentives

The foreign chambers of commerce in the country are amenable to the proposal of Finance Secretary Margarito Teves to remove income-tax holiday from the menu of fiscal incentives once public spending for infrastructure has reached 5 percent of the gross domestic product.

$6 million more needed to get foreign airlines to use Naia 3

THE country may now have a first-class international airport with the opening of the Ninoy Aquino International Airport Terminal 3 (Naia 3), but an international think tank believes the country needs at least $6 million more to get the 25 international carriers with landing rights here to use it.

Medical tourism to stop brain drain

The fast-expanding multibillion-dollar global medical-tourism industry that the Philippines has joined relatively recently may be the answer to the question of how to stem the exodus of medical professionals for better-paid work abroad.

LandBank: What is Jamby talking about?

The Land Bank of the Philippines (LBP) maintained there were no irregularities in the grant of the P3-billion loan to Quedan and Rural Credit Guarantee Corp. (Quedancor).

In a press briefing in its head office in Manila yesterday, LBP president Gilda Pico also said former senior vice president for treasury and investment banking group Jose Nograles acted in his official capacity when he signed the documents granting the loan to Quedancor.

Pippa seeks hike in Suez Energy bond

THE Philippine Independent Power Producer Association (Pippa) suggested Tuesday that the Power Sector Assets and Liabilities Management Corp. (PSALM) could possibly require Suez Energy, the winning bidder for the 600-megawatt Calaca coal-fired power plant, to increase its performance bond in exchange for an extension on the payment deadline.

Government eyes subsidy for sardine ships

MALACAÑANG said Tuesday it is considering a temporary subsidy grant for deep-sea fishing vessels in Zamboanga City that have been paralyzed by high oil prices to avert a possible shortage in canned sardines, a staple of the masses.

Cabinet Secretary Silvestre Bello III said in a news briefing that President Arroyo ordered Energy Secretary Angelo Reyes to dialogue with the Southern Philippines Deep Sea Fishing Association, which accounts for 85 percent of the country’s sardine catch, on the possible subsidy grant, including the group’s request for a P5- per-liter oil subsidy.

New BM partnership. BUSINESSMIRROR publisher T. Anthony C. Cabangon (second from right) and Summit Communications chief editor Julien Drolon shake hands after the two media companies agreed on a cross-promotion patnership. New York-based Summit is a press agency working in exclusivity with the prestigious New York Times Magazine. Looking on are (from left) Randy Cabangon, Summit regional director Jessica Mackowick and BUSINESSMIRROR chairman Judge Pedro Santiago (Ret.) --BIBO VENIDA