Tough climb, A man carries a sack of rice at the National Food Authority warehouse in Taguig City. The steadily rising prices of fuel and food, especially rice, are among the factors cited for the slackening growth in gross domestic product (GDP). On Thursday government economists reported a 5.2-percent GDP growth in the first quarter, from 7 percent last year. For a full account of the GDP first-quarter data and analyses, please see the Quarterly Business Review (QBR). --NONIE REYES

PUERTO PRINCESA CITY—Filipino businessmen would rather that the government keep its hands off the Manila Electric Co. (Meralco), as they know fully well how bad the state is in managing business.

Officials of the Philippine Chamber of Commerce and Industry (PCCI), attending the Southern Luzon Area Business Conference at the Legend Palawan Hotel here, said records and history would show how bad the government has been in running an enterprise, with a majority of state-run corporations not managed properly.

THE Lopez bloc of the Manila Electric Co., insisting the Securities and Exchange Commission (SEC) has no jurisdiction over intracorporate disputes, Thursday asked the Court of Appeals to nullify the SEC cease-and-desist order (CDO) and the show-cause order on the 1.9 billion proxy shares that Meralco’s acting corporate secretary allowed to be validated at Tuesday’s annual stockholders’ meeting, allowing the Lopez group to retain control.

The Lopez bloc, composed of Anthony Rosete, acting corporate secretary; Manuel Lopez, chairman of the board and chief executive officer; Felipe Alfonso, vice chairman; Jesus Francisco, president and chief operating officer; Christian Monsod, board member; Elpidio Ibañez, president and chief operating officer of First Philippine Holdings Corp. (FPHC) and Francis Giles Puno, chief officer, treasurer and executive vice president of FPHC, argued that jurisdiction is primarily lodged in the Regional Trial Court (RTC).

WITH the staggering costs of oil reaching $135 a barrel, the Senate and the House of Representatives are now looking for ways to reduce power rates: by amending the Electric Power Industry Reform Act (Epira), passing the renewable energy bill, suspending the value-added tax on oil, and removing or reducting the taxes on indigenous natural gas.

The Senate minority bloc is firming up proposals to amend certain provisions in the Epira aimed at bringing down consumers’ electric bills.

FIRST Gas Power Corp. said Thursday that it did not engage in ghost deliveries to the Manila Electric Co. (Meralco) as alleged by an administration legislator and instead fingered the National Power Corp. (Napocor) as the culprit behind the controversy.

Richard Tantoco, chief operating officer of First Gas, said Napocor officials “should be man enough” to explain the allegations of ghost deliveries to the committee. Tantoco testified at Thursday’s hearing at the House Committee on Energy, which was marred by heated arguments among opposition and administration legislators who accused each other of representing “someone.”

THE Department of Transportation and Communications (DOTC) has directed the National Telecommunications Commission (NTC) to find ways to lower telecommunications services, particularly voice and short message service (SMS), after a plan to abolish text messaging rates was widely criticized by industry players.

In a deregulated environment, the NTC cannot compel phone companies to reduce the fees they charge to consumers.

THE Executive put on a brave face Thursday on news that growth in the first quarter was slower than hoped for, at 5.2 percent from last year’s 7.0 percent, saying the country will post better growth figures in the second quarter because of increased targeted spending on vital sectors. This, after the government abandoned its balanced-budget target for the year in favor of a P75-billion deficit.

The government’s economists had pinned the blame for the slackening on rising oil prices, the slowdown in the US economy and the negative effects of a strong peso.

The Philippine central bank may raise interest rates should inflation accelerate and risk its target for 2009, said Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr.

“If we see there are clear signs that the inflation target for 2009 is at risk, then we will have to act preemptively and decisively,” Tetangco said in an interview with Bloomberg Television in Manila.

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SHOPPING mall magnate Henry Sy Sr. and Mrs. Felicidad Sy take time out from their busy schedules to meet the 100 scholars of the SM Foundation Scholarship program. The beneficiaries were presented last Wednesday by foundation officials to their benefactor at the SM Megatrade Conference Center. --RHOY COBILLA