In the meantime, some analysts believe the Philippine market would have collapsed even without the BW scandal.
Ho became chairman of BW Resources on October 11, after buying about 10% of the listed company.
The 1972 Biological Weapons Convention was supposed to preclude the production or stockpiling of agents for biological warfare (BW).
BW's property portfolio in this way could allow the government to privatise it without the need for a cash injection.
This is all the more worrisome insofar as the Iraqi BW program would be the easiest of Iraq's proscribed programs to reconstitute.
The former Soviet Union has long been suspected by intelligence analysts of having retained a covert -- and illegal -- BW capability.
In an interview on CNN yesterday, moreover, Ambassador-at-large for Russian affairs Strobe Talbott stated that Russia was a country "armed with biological weapons" (BW).
Moore, who wrote the story in BW, said that banks are going to look for more income from their retail operations and will focus on cross-selling.
BW, which is planning to build a money-spinning marina there.
Philippine President Joseph Estrada may have only made things worse for his pal Dante Tan when he quashed talk of a cover-up at BW Resources, of which Tan is a major shareholder.
There is reportedly also preliminary evidence that directors of top brokerages illegally traded BW Resources shares for their own personal accounts, on insider knowledge that Macau gambling king Stanley Ho was on his way.
Perfecto Yasay, the outgoing chairman of the Securities and Exchange Commission, says he has sent summonses to 59 individuals, at least half of them brokers, to show cause why they should not be charged with insider trading and manipulation involving BW. The charges against them will be filed with the Department of Justice before Yasay leaves office on March 25.
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