The planet’s best The new Miss Earth 2008 title holder, Cebu’s Karla Paula G. Henry (third from left), holds court with fellow titlists at Sunday night’s coronation rites held at Crowne Plaza Hotel, Pasig City. From left, Miss Legaspi, Maria Venus B. Raj, as Miss Ecotourism; Miss Dipolog, Maria Razel Eguia, as Miss Air; Miss Fil-USA East Coast, Melanie Filex, as Miss Pagcor Int’l; Miss Obando, Marian Michelle T. Oblea as Miss Water 2008; and Miss Candaba, Ma. Kristelle M. Lazaro as Miss Fire 2008. --RHOY COBILLA

INVOKING fiscal constraints and a policy that negates reverse privatization, state-run Philippine National Oil Co. (PNOC) has waived its right to purchase the 40-percent stake of Aramco Overseas Co. B.V. (AOC) in local refiner Petron Corp., giving instead the green light for Aramco to sell its shares to London-based Ashmore Group’s SEA Refinery Holdings.

PNOC, which separately owns 40 percent of Petron—with the remaining 20 percent of shares publicly traded on the Philippine Stock Exchange (PSE)—had, in effect, waived its right to first offer.  

SEN. Miriam Santiago, asserting the oversight powers of the Joint Congressional Power Commission (JCPC), instructed Energy Regulatory Commission (ERC) officials Monday to throw out an agreement between Manila Electric Co. (Meralco) and National Power Corp. (Napocor) for a cross-settlement of over P52 billion debts between the two firms that would have been passed on to consumers.

FEELING that it is being pushed against the wall to take the blame for high power rates in the country, particularly in Metro Manila, government-run National Power Corp. (Napocor) Monday belied accusations made in three print advertisements that seemed to be favoring Manila Electric Co. (Meralco).

“The figures cited therein [referring to the ads] all but place the blame on Napocor for the increased power rates being charged by the distribution firm,” Napocor said in a statement.

CONGRESS would need to fast-track key amendments to the existing Electric Power Industry Reform Act (Epira) in order to reduce the rates of electricity and cushion the impact of spiraling prices of food and fuel. This was one of the key points raised at Monday’s marathon hearing of the Joint Congressional Power Commission (JCPC).

EFFORTS to suspend or completely remove the 12-percent value-added tax (VAT) on oil and oil products are misplaced, and would help the rich more than the many who are hungry, Finance Secretary Margarito Teves said Monday.

The government would lose close to P46 billion in revenues—actual VAT collection from oil last year—going that route in trying to help the people, and this loss would partly come from VAT payments of well-to-do families.

FOREIGN direct investments, which continued to flow inward on net basis in the first two months, dropped by nearly 75 percent to only $327 million from year- ago of $1.28 billion, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

THE Bases Conversion and Development Authority (BCDA) will decide within the month if it will still stick to its former decision of disposing of the 8-hectare North Bonifacio lot through a public bidding or just entertain unsolicited proposals similar to what Chinese giant developer Shimao Group earlier dangled.

IGNORANCE may be bliss—but for certain women, it could be fatal. This was underlined by the Department of Health (DOH) Monday in reporting that the unacceptable rate of cervical cancer deaths has continued in the last two decades because Filipinas did not know or knew too late they have the disease.

Dr. Yolly Oliveros, director of the DOH’s National Center for Disease Prevention and Control, said 10 Filipinas die daily because of cancer of the cervix, the second most common type of cancer among Filipinas.

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IT was grilling time anew for lawmakers comprising the congressional oversight panel, as they demanded explanations on high power rates from these officials (from left): Napocor president Cyril Del Callar; ERC OIC Commissioner Alejandro Barin; GSIS president Winston Garcia; and Meralco president and COO Jesus Francisco. --ROY DOMINGO