Negros Occidental Gov. Joseph Marañon yesterday said that an extension of the agrarian reform program when it ends in 2008 should be held pending its review.

A study should be conducted to determine if those who have been given land are still the tillers and if it has alleviated their lives, because that is the purpose of land reform, he said.

What is important is to ensure that the program is successfully implemented with adequate support, he said. He also said land reform beneficiaries should pay the Land Bank of the Philippines for the their land and its taxes so that the funds can be used to also benefit others.

Bargain-hunting
drives shares up

MANILA - Philippine share prices closed 0.18 percent higher yesterday on last-minute bargain-hunting after a lack of strong leads to provide direction, dealers said.

Investors shied away from most blue chips and focused on speculative stocks but late buying in property developer Ayala Land Inc pushed up the main index above the key 2,300 points level.

The Philippine Stock Exchange composite index rose 4.11 points to 2,302.69, the day's high and off a low of 2,286.99. Volume was 2.0 billion shares worth P1.09 billion. The broader all-shares index rose 3.99 points to 1,430.75.

Gov't denies
rescinding oil contract

MANILA - The government has rejected claims that it rescinded a contract which was reportedly awarded to a Malaysian oil company, raising concerns over foreign investor confidence here.

Executive Secretary Eduardo Ermita said no contract had been offered to Mitra Energy Ltd for the development of oil deposits in the Camago-Malampaya field off western Palawan Island.

"Nothing has been rescinded," BusinessWorld quoted him as saying in response to reports a contract was awarded and later revoked.

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