Hybrid rice production took a backseat as the sole Philippine seed producer SL Agritech founded by Henry Lim Bon Liong focuses on exports to other Asian countries like Bangladesh.

Here’s the problem.

During the tenure of former President Estrada, the deal was for government to pay for the seeds in advance. These seeds can generate thrice the harvest volume of regular seeds. Said another way, government subsidized the cost of the seeds by 50-percent and advanced payment for the participating farmer’s balance of 50-percent. The result: a bumper yield in 2004.

Under President Macapagal-Arroyo, the deal was tweaked. Government continued to distribute the seeds and to pay for the 50-percent  subsidy. SL Agritech, however, had to do the collecting of each and every farmer’s 50 percent share of the seed cost. This, of course, meant that SL Agritech had to get the list of participating farmers from local government unit and then visit each farmer to collect, which proved too onerous for Lim.

Did you know 1: The Overseas Workers Welfare Administration (OWWA) still uses the exchange rate of P51 to the dollar when collecting the $25 mandatory membership fee for each worker’s contract processed by the Philippine Overseas Employment Administration, whether this is a new hire or a re-hire. 

Since the foreign exchange rate is now somewhere vicinity of P41-to-a-dollar level, that means OWWA is currently, uhm, earning an additional P250 from each new member. No sweat. 

Did you know 2: At least one of the country’s top four auditing firms has turned down the job to look at the books of UST Hospital Inc.

As everybody knows, an auditing firm certifies that the financial statements it has looked into have met generally accepted accounting standards. And audited financial statements are needed before UST Hospital is dissolved (read: that’s the order from Rome) and reintegrated into the University of Sto. Tomas.  

Did you know 3:  Bayan Telecommunications Inc. head Tunde Fafunwa has a unique corporate designation. He is chief executive consultant, not the usual chief executive officer, in large part because he is Nigerian, who just happens to have a couple of degrees from the Massachusetts Institute of Technology.

Fafunwa has been Bayan’s consultant for the longest time. But, well, the company’s majority shareholder, the Lopez Group, has finally committed serious long-term money this year to develop the company as a niche player.

For the recent 25th anniversary celebration of Operation Smile in 25 countries, the Philippines accounted for 10 percent of total cleft palate surgeries. This means 461 children will truly have bright smiles this Christmas. This also means that Philippine volunteers really worked harder than their counterparts elsewhere in the world.

The office of Operation Smile (Phils.) is at the UCPB head office. This is because the project is close to the heart of bank president and chief executive officer Ramon Siy, one of the founders of the Philippine chapter when he happened to be also bank CEO 25 years ago. Not surprisingly, UCPB CEOs (Tirso Antiporda Jr., Jerome Kilayko and Jose Querubin) volunteered in their personal capacities to serve as trustees of Operation Smile.

US-based PeopleSupport Inc., a leading offshore business process outsourcing (BPO) provider, has refused the acquisition bid of IPVG Corp. and AO Capital Partners saying the unsolicited offer “is inadequate and fails to take into account its strategic value and success in implementing its growth strategy.”

PLDT Global eyes partnerships overseas

PLDT Global Corp. (PGC), the international sales and marketing arm of Philippine Long Distance Telephone Co.  (PLDT) Group, will forge partnerships with mobile phone operators in Italy and Macau next year.

MEGAWORLD Corp., the listed property unit controlled by businessman Andrew L. Tan has renamed its controversial and latest residential project in Makati City from The Trumps to One Central, but said that it is not waiving its right to the brand.

UNIONBANK of the Philippines has invested P300 million for the implementation of various initiatives in information technology to further scale up its level of competitiveness in the banking industry.

PHILIPPINE stocks Thursday rose, led by Bank of the Philippine Islands, also known as BPI, on speculation a cash infusion by the Federal Reserve and four other central banks into the financial system will stabilize credit markets.

Hybrid rice production took a backseat as the sole Philippine seed producer SL Agritech founded by Henry Lim Bon Liong focuses on exports to other Asian countries like Bangladesh.