Toyota Phils to cut production by half

MANILA, Philippines - Due to a prolonged shortage in supply of auto parts, Toyota Motor Philippines Corp. (TMP) is implementing an "adjustment plan" that would cut its production by half.

TMP has discussed with the Department of Trade and Industry the details of the plan, including reducing work days to just three a week over a period of two months.

Last week, TMP postponed production at its Sta. Rosa, Laguna facility.

A company insider said the three days a week production would cut TMP's output by half. Workers will also be asked to work on alternate shifts.

The official said TMP hopes to go back to regular operations early July as it expects suppliers in Japan to come on stream by then.

TMP officials are set to meet with the Department of Labor and Employment to discuss the impact of the production slowdown on workers.

TMP produces 120 units of Vios and Innova per day. Vios accounts for 60% of the product mix, while Innova, the remaining 40%.

A Reuters report Monday said the crisis in Japan slashed Toyota Motor Corp.'s output by almost two-thirds in March alone.

Toyota is the largest automotive brand in the Philippines. In 2010, it sold 56,855 units, capturing 33.7% of the market.

Catholics in Metro Manila observe Good Friday rituals

MANILA, Philippines - While most of Metro Manila was peaceful and quiet as many citizens were out of town, those left behind were mostly in Catholic Churches to observe Good Friday rituals.

Security was tight, and emergency services were on hand to keep watch over the Filipino faithful.

Police and emergency personnel were sighted in or near the churches we visited.

ABS-CBN News was at the Nuestro Señora de Remedios in Malate, where icons were shrouded in purple as the 7 last words of Jesus Christ were delivered.

People also came in droves to the Nuestro Señora de Guia in Ermita; the Manila Cathedral; the San Miguel Church; the Basilica of the Santo Niño in Moriones, Tondo; the San Sebastian Church; and, the Basilica of the Nazareno in Quiapo.

A mini procession of the Black Nazarene was held In the immediate vicinity of the Quiapo Church.

Security was also tight.

Filipinos from various walks of life came with their families, as vendors had a heyday with sales of religious paraphernalia and food and drinks.

The Philippine National Red Cross (PNRC) volunteers in Quiapo noted an increase in the number of those who needed medical assistance, but could not yet give exact figures. Most of the cases dealt with hypertension.

BIR eyes to grow April collections by 15%

MANILA, Philippines - The Bureau of Internal Revenue (BIR) chief said they are eyeing to grow collections by 15% this month, but noted it was too early to say if they could beat the target.

BIR Commissioner Kim Henares said their collection goal for April is P105.1 billion compared to last year's actual collections of P91.162 million.

April is usually the BIR's strongest month because of the yearly deadline for filing of income tax returns.

"I hope we will meet our goal," Henares said.

Henares, meanwhile, declined to give preliminary data on BIR's February and March collections.

The BIR accounts for 60% of the government's income.

In January, it surpassed its collection goal of P71.97 billion by 3.6% at P74.57 billion.

The January figure was also 15% higher than the P64.606 billion recorded in the same month last year.

The Bureau of Customs, on the other hand, earlier said it was confident of exceeding its collection gaol of P22.5 billion last month, due to higher oil imports.

Customs is the government's second-largest revenue generator, accounting for about a fifth of state income.

The two tax agencies are hard pressed in raising revenues this year to fund a budget deficit estimated to reach P300 billion.

Banco Filipino to sue Tetangco, Monetary Board members

MANILA, Philippines - Officers and shareholders of Banco Filipino Savings and Mortgage Bank will sue the central bank governor and majority of the Monetary Board for the "illegal" closure of the thrift bank two weeks ago.

In a statement released Friday, they said Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco and other monetary officials violated the Anti-Graft and Corrupt Practices Act after ordering the closure of Banco Filipino and "knowingly causing damage" to them.

Among the MB members to be charged are Ignacio Bunyi, Peter Favila and Juanita Amatong, who were former press, trade and finance secretaries, respectively, during the time of Gloria Arroyo.

The complaint will be filed at 2 p.m. before the Department of Justice, where "they stand a better chance of being accorded justice," the statement said.

Earlier, Banco Filipino filed 2 criminal cases before the Ombudsman against Tetangco and the MB members for extortion and violations of the General Banking Act.

The BSP ordered the shutdown of Banco Filipino on March 17 and placed the bank under the Philippine Deposit Insurance Corp.'s (PDIC) receivership following reports its branches could no longer service withdrawals.

The central bank said the thrift bank mismanaged depositors' money through excessive spending and by allowing loans to stockholders and affiliates to remain unpaid.

Banco Filipino has filed a motion, asking the Court of Appeals to issue a temporary restraining order on its closure. The CA then asked monetary officials to explain their March 17 move.

The PDIC, meanwhile, has begun paying Banco Filipino depositors with accounts of P5,000 or less.