The decision of the National Telecommunications Commission to order the country’s telecommunications companies to refund millions of subscribers from overcharged text messaging services since December 2011, was welcomed by Party list Rep. Teddy Casiño yesterday, a press release from his office said.

Casiño, author of the proposed Mobile Phone Subscribers Act in Congress, said the order was long overdue and should have been implemented a year ago, the press release said.

Estimates of the amount to be refunded by Smart Communications, affiliate Sun Cellular and Globe Telecom to their subscribers range from P1.4 billion to as much as P7 billion, the press release also said.

‘Productive business’
vowed under fair trade

The World Fair Trade Organization-Asia and the Fairtrade Labelling Organization yesterday vowed to assist small farmers of Negros become part of a full trading organization, and not just remain as producers.

At the press conference at the Governor’s Hall at the Provincial Capitol Building in Bacolod City, Ramona Ramos, director of the WFTO-Asia, said marketing the products of the farmers the fair trade way is necessary to become a real fair trade organization and they must become a duly-recognized FT organization.

Hagung Hendrawa, liaison officer of FLO Southeast Asia, said he will help farmers understand FT market system, the sugar market, the FLO certification of their products and organization, and can link them with other fairtrade groups.

BPI, PNB in merger talks

Bank of the Philippine Islands said it was in talks to acquire local rival Philippine National Bank to create potentially the country's largest financial institution.

Trading in the two firms was suspended yesterday as they disclosed that BPI's majority shareholders were in negotiations to buy PNB, majority-owned by Lucio Tan, the country's second-richest man.

"We confirm discussions with the Lucio Tan Group and will make the appropriate disclosures in accordance with the (exchange) disclosure rules," BPI said.

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