DEAN MACOMBER, president of Macomber International, briefs participants on ways of maximizing opportunity and profit at the opening of the Asia’s GEM (Gaming and Entertainment Plus Leisure Expo Manila 2008) at the Hyatt Hotel and Casino in Manila. --ROY DOMINGO

THE envisioned Las Vegas-like Bagong Nayong Pilipino-Manila Bay Integrated City has moved another step closer to reality after Japan’s Aruze Corp., Genting Berhad of Malaysia, SM Investments Corp. and Australia’s Bloombery Investments Ltd. were given the go-ahead to put up their respective multibillion-dollar projects at the 90-hectare resort complex.

The project proposals of the four groups, with total investments of about $10 billion spread over three to five years, have been approved by the Philippine Amusement and Gaming Corp. (Pagcor).

MALAGOS, Davao—The Philippines has the potential to earn $300 million in export revenues if existing monocropped lands in the country are intercropped with cocoa, an official of Mars Inc. said.

Peter van Grinsven, cocoa sustainability field-research manager of Mars Inc., said the estimated export revenue is based on cocoa shipments totaling 200,000 metric tons (MT), at a conservative cost of $1,500 per MT. Cocoa beans’ current selling price average at $2,500 MT.

THE Department of Justice (DOJ) yesterday created its own Anti-Rice Hoarding Task Force (ARHTF) to assist the National Food Authority (NFA) in going after rice hoarders and those engaged in overpricing and other related crimes.

Justice Secretary Raul Gonzalez named Senior State Prosecutor Roberto Lao as chairman of the task force, with prosecuting attorney Rhodora Salazar, state prosecutors Nestor Lazara, Philip de la Cruz and Romeo Galvez as members.

SEN. Francis Escudero asked Malacañang to make an “itemized spending” of the billions of pesos that President Arroyo ordered released Tuesday to stave off a looming rice crisis.

In a statement, Escudero also questioned Mrs. Arroyo’s decision to retain the tariff on rice, citing the lack of logic in the President’s order of tapping budgetary savings for rice production when these can only be realized at the end of the fiscal year.

WHILE the Philippines remains strong in cushioning the ill effects of high oil and food prices, the country will not emerge scot-free from the harsh global downturn expected this year and in 2009. “The Philippines is not immune to a global slowdown, but neither is it hostage to what is happening outside.”

Asian Development Bank (ADB) Deputy Director General for Southeast Asia Thomas Crouch added that what’s important for the government to do right now is to ensure it can implement policies ensuring the country is somehow shielded from what’s happening worldwide.

ANOTHER voice joined the growing chorus of economists with the unsolicited advice to President Arroyo that balancing the budget this year is not the end-all and be-all of a stable economy, with the new voice saying a commitment to do so is enough, amid the current unhealthy economic world situation.

The President has time and again expressed her firm resolve to balance the budget this year, two years ahead of the target in 2010, apparently to show the country and foreign investors the state of the domestic economy is excellent in the face of brickbats all around owing to increasing poverty.

THE Bureau of Internal Revenue (BIR) Wednesday underscored the important role of withholding agents in the economic development of the country as the government’s partners in tax collection.

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Sachet economy. A vendor arranges her goods at the San Andres Market in Manila. According to an Asian Development Bank report, consumption will help drive the Philippine economy to a modest 6-percent growth in 2008, but most ordinary people worry over prices these days, sparking the popularity of cheaper sachets. --NONIE REYES