The SGV Foundation is calling for nominations for the Ernst and Young Entrepreneur of the Year Philippines 2005 especially from the Visayas and Mindanao.

Rodolfo Reyes, EOY Philippines program coordinator, said at the roadshow in Bacolod City yesterday, that they want to promote entrepreneurs from Visayas and Mindanao because they consider small and medium businessmen from these areas as world-class.

In fact, Reyes said the entrepreneurs in the provinces "do more than businessmen in Metro Manila" only they don't adverstise.

Varying price levels
for 'A,' 'B,' molasses

Prices of "A," "B" and molasses sugar closed at varying levels during the bidding held in Bacolod City on Thursday, data gathered by the DAILY STAR from planters associations show.

Central Azucarera de La Carlota sold its "A" (US quota) stocks at P1,023 per Lkg; "B" (raw), at P1,107 per Lkg; and molasses, at P5,000 per tonne.

UNIFED/Hawaiian-Philippine Company disposed its "A" sugar at P1,032 per Lkg; "B," at P1,000.85 per Lkg; and molasses, at P5,000 per tonne. A Victorias cooperative sold its "A" and "B" stocks at P1,050 and P960 per Lkg, respectively.

Market reacts
cautiously to rate rise

MANILA - The Philippine market reacted cautiously yesterday to the central bank's unexpected decision to raise overnight interest rates, for the third time this year, by 25 basis points, dealers said.

Joseph Roxas, president of Eagle Equities, said the bank's latest move was like "taking oxygen from a patient who can't breath."

"The type of inflation we have now is called cost-push inflation. Higher interest rates will only raise costs even further, not reduce them.

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