Philippine authorities denounced as inaccurate the scoring system used by Wilshire Consulting that may lead to the removal of the country from the permissible investment list of California Employees’ Retirement System (CalPERS). Bangko Sentral ng Pilipinas (BSP) Governor Rafael Carlos B. Buenaventura described the scoring system of Wilshire as one-sided and any attempts by the government authorities to correct the system have faced a blank wall. CalPERS depends on the assessment of Wishire which countries could be included in its permissible investment list. It was learned that Wilshire based its scoring on thirdparty sources. Half of the score is based on market factors such as transparency, regulation and investor protection while the other half considers country factors like political stability, judiciary, labor and civil liberties. The country’s de-listing from CalPERS could affect the stock market. Based on its report submitted to CalPERS, which covered 27 nations, Wilshire gave the Philippines a failing grade for the third consecutive year, a mark that could lead to the country’s removal from CalPERS investment list.

Bureau of Internal Revenue (BIR) reported a P36.2 billion performance collection for the first month of the year, up by six percent from its year ago level collection of P34.1 billion, but off by P1.8 billion against its P38 billion target for January 2004. BIR Commissioner Guillermo L. Parayno Jr. assured, however, that the first month performance is not symptomatic of the months ahead. "We could be a bit short of the target but this is not worrisome because I recall that last year, we were behind by the goal substantially and even lower compared to the previous year. And yet we met and even exceeded the full year target," Parayno pointed out. He added that the final numbers may go up as some of the reports from its regional offices are still being collated.

Securities and Exchange Commission chair Lilia R. Bautista will remain on her post until about June this year. While her term expires next month, Bautista will have to remain as chair of the SEC until the country’s new president appoints a new SEC chairman. The upcoming May elections prohibits President Gloria Macapagal Arroyo from appointing Bautista’s replacement. Bautista was appointed as chair of the SEC in 2000 during the Estrada administration replacing Perfecto Yasay. It was during Bautista’s term at the SEC when the Commission underwent major reforms including its reorganization. It was also during her term when the SEC adopted the Code of Corporate Governance. Before Bautista’s stint at the SEC, she was with the Department of Trade and Industry as Senior Undersecretary and Special Trade Negotiator. Bautista was also the Philippine Ambassador and Permanent Representative to the United Nations, World Trade Organization (WTO), World Intellectual Property Organization (WIPO), Human Rights Commission, International Labor Organization (ILO) and other international organizations in Geneva.

Pancake House Inc. has entered into a joint venture agreement with Happy Frens Inc. for the ownership and operation of Pancake House franchise restaurants. In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Pancake House corporate information officer Zenaida Mercado said the agreement to set up joint venture firm Happy Partners Inc. was signed last January 31. Under the agreement, Pancake House will contribute an initial P510,000 for the start-up capital and will hold a 51 percent control over the joint venture subsidiary. Mercado added that Pancake House has formally executed the articles of incorporation of Happy Partners last February 6 and these will be filed with the Securities and Exchange Commission (SEC). A 100 percent Filipino-owned corporation, Pancake House was established as a family-oriented restaurant in 1974. The brand has traditionally been associated with specialty pancakes and waffles while also offering other snacks and meals.