Holier-than-thou cement company

Spybiz sources reported about this foreign-owned cement company’s alleged tax evasion practices by misdeclaring importations. This company is reportedly under investigation for undervaluing an item worth $120,000 to merely $1,000. Aware that they are being monitored, this group, which is a subsidiary of one of the world’s biggest cement manufacturers, is lobbying for their shipment to be exempted from paying taxes and other duties to the tune of P2 million. And to think the foreign owners, who took over in the late 1990s at the height of the Asian financial crisis, retrenched almost 50 percent of the local workforce reasoning out that their foreign colleagues are more honest and trustworthy than Filipinos. Talk about a holier-than-thou attitude.

Atlas plan to resume mining operations hailed

Atlas Consolidated Mining and Development Corp.’s plan to restart what used to be the largest copper mining operation in Southeast Asia after 10 decades should be welcome news, particularly for Toledo City and Cebu province. Toledo reportedly had a full-grown mining community within the city complete with housing, schools, a hospital, small shops and recreation facilities for up to 14,000 mine workers at the peak of Atlas’ operations in the ’70s and ’80s. Atlas earlier disclosed plans to raise some $170 million to resume mining operations next year through Carmen Copper Corp. The plan involves a $33-million placement by foreign investment fund Crescent Asian Special Opportunities Portfolio, in exchange for a 34-percent stake in Carmen Copper, which intends to pre-sell future copper output and offer shares of stock to the investing public to generate more cash. Cebu Rep. Eduardo Gullas hailed the news and expressed confidence that Carmen Copper would be able to raise the required equity financing. "The resumption of mining activities will mean new jobs and more income not only for thousands of Cebuano families, but also for local governments," Gullas said. Largely due to strong demand from China, the prices of precious as well as industrial metals such as copper, zinc, silver, gold and platinum are now at multiyear, if not record highs.

The buzz on 168

>Informants got wind of reports that the management of the recently-raided 168 Mall had been reportedly asking for help in the form of "donations" for the mall to open again soon. The "donation" is allegedly asking for at least P50,000 per tenant. Rumors are abuzz management has to raise some P700 million in order to get the mall open and operational again. On the other hand, a powerful business entity was said to have donated P100 million for government to go after 168 pronto, because the mall tenants were allegedly eating a big chunk out of legitimate, tax paying businesses. Observers are wondering if the raid on 168 Mall is only the tip of the iceberg, because there are other similar establishments all over the country like down south where a smaller version of 168 exists. According to sources, a certain Chinese known as a VCD/DVD pirate is reportedly untouchable because his godfather is a local southern politician.

Pre-need moves

Insurance industry insiders disclosed that the more than 12,000 pre-need planholders who have constituted themselves into the Kilusan Para sa Kinabukasan at Kapakanan ng Planholders are actively moving to express their sentiments over the Actuarial Reserve Liability (ARL) implemented by the Securities and Exchange Commission (SEC) on the pre-need industry. The group is urging the SEC to adopt the resolution passed by Congress suspending the ARL and other laws that would safeguard the interest of the planholders. Meanwhile, a group of College Assurance Plan (CAP) planholders numbering about 336 have gone before the Supreme Court to appeal the Makati Regional Trial Court’s (RTC) earlier approval of CAP’s rehabilitation plan, claiming that the Makati RTC’s judgement was issued in excess and grave abuse of jurisdiction. Observers however noted that if numbers could be used to assess credibility, the 12,000 pre-need planholders who have turned themselves into a movement significantly outweigh the motley crew of 336.

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