INSIDE LOOK
ILO: Employment, livelihood crucial for peace in M’nao
Hedcor hydropower plant breaks gound in Benguet
Trade chief urges PHL firms not to panic as AEC 2015 nears
Rural, coop banks incur higher 2012 NPL ratios on typhoons, says BSP
PEN holds teaching Literature workshop in CDO
BusinessDaily Economy
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Corporate World
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Volume III, No. 244
Market Indicators
As of 5:58 pm june 26, 2013 (Wednesday)
FOREX
PHISIX
US$1 = P43.46
6,118.94 points
38 cents
X
329 points
X
Briefly Meat export KORONADAL City -- After the recent success in the exportation of rice to Dubai and Hong Kong, the Department of Agriculture (DA) is seeking means to send meat products of Soccsksargen Region to other countries. DA 12 Regional Executive Director Amalia Jayag-Datukan told the Philippine Information Ag ency 12 to d ay that the agency in partnership with the Department of Trade and Industry (DTI) are currently working on the possibility of exporting various fresh and processed meat, particularly pork products of Region 12. Last week, representatives of DA and DTI from Ilocos, Cagayan, Central Luzon, Calabarzon, Davao and Soccsksargen regions gathered in General Santos City for the national meat cluster harmonization and convergence workshop. The group discussed strategies and means on how to penetrate the global market. Drawn out in the group discussions was the plan to involve the private sector, particularly the meat processors in realizing the plan.
RE projects DAVAO City -- Davao City Mayor and Regional Development Council (RDC) XI chairperson Sara Z. Duterte-Carpio cited the establishment of a one-stopshop for small renewable energy projects in Mindanao as one of her favorite accomplishments. “We are trying to find a solution to Mindanao’s power problem just like the hydropower electricity plant project and establishing a one-stop-shop will hopefully encourage the implementation of small renewable energy projects here,” Duterte-Carpio said in an interview held after her State of the Region Address on Wednesday. She said smaller renewable energy projects that can produce 5 to 10 MegaWatts usually find it very time-consuming to go to Manila to process their papers and get approval for their projects.
ASEAN Watch
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Banking & Finance
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June 27, 2013
Chinese citizens found guilty of illegal mining T
HE Municipal Trial Court (MTC) here on Tuesday convicted three Chinese nationals of Theft of Minerals charges, the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR) said on Wednesday.
Rex Monsa nto, head of the DENR-MGB, said that the MTC presided by Judge Maria Luna Llena G. Lanticse-Saba sentenced
Meng Chang, 47, Wu Feng, 38, and Yu Pingze, 41, all native of Hunan, China, to two years imprisonment. mining/PAGE 11
DAVAO Cit y -- Dav ao Cit y-Outgoing Regiona l Development Council XI (R DC) chair person and Davao City Mayor Sara Z. Duterte-Carpio said poverty incidence in t he Davao Region was the lowest in
Mindanao but was saddened by the high poverty incidence of 28.8 percent as of the first semester of 2012 which is a 1.7 percent increase from 2006. However, she noted that the Region has sustained the alarm/PAGE 11
Rise in poverty in Davao region alarm officials ILLEGAL MINING. The aerial view of the illegal mining operations along Iponan River in Cagayan de Oro City in this file photo. Three Chinese nationals were found guilty of illegal mining activities along Cagayan de Oro rivers. mindanews photo by froilan gallardo
Australian funding agency donates classrooms for Typhoon Sendong victims By BUTCH D. ENERIO, Correspondent
PUBLIC elementary schools most depressed after tropical storm Sendong brought devastation here and in Iligan City more than a year ago, finally have new classrooms constructed with complete facilities. And aside from the school buildings, students in these schools were given bags and ample school supplies and learning materials. Thanks to the Australian government’s response to
the needs of the Sendong victims, especially school children whose classrooms were rendered inhospitable and needed repairs. Australian Agency for International Development (Au s A i d) t h r ou g h t h e collaboration of the Philippine Business for Social Progress (PBSP) constructed six school buildings, 34 classrooms, in Cagayan donates/PAGE 11
SEX-FOR-FLIGHT VICTIMS GET REPRIEVE. The Villar Foundation, through its managing director, Senator-elect Cynthia Villar, personally handed the sari-sari store showcase to the three Overseas Filipino Workers (OFWs) who were victims of sexfor-flight. Villar also gave cash assistance to cover the travelling expenses of the OFWs in going back to their respective families. With their ordeal, Villar stressed there is more reason for the coming 16th Congress to push for the creation of the Department of Overseas Filipino Workers (DOFW). advertorial
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ILO: Employment, livelihood Power deficit stalls crucial for peace in Mindanao regional growth COTA BATO CIT Y—Dec ent work a nd sustainable livelihood for some 1.3 million impoverished families in Mindanao is crucial to the government’s peace building efforts, the International Labor Organization (ILO) said. ILO Philippines Director Lawrence Jeff Johnson made the statement at the signing of the agreement that seeks to create decent jobs for the poor families in conflict-affected prov inces in Minda nao between the ILO and the Bangsamoro Development Agency (BDA). Records indicate that the Autonomous Region in Muslim Mindanao (ARMM) has the biggest number of vulnerable workers at 84 percent of those employed. People living below the poverty line in the ARMM reached 1.39 million or more than 218,000 families. “This is of great concern, as people are forced to accept whatever work is available in order to survive. They cannot lift themselves and their families out of poverty given their limited income, lack of access to social protection and social security. They are often found in dangerous and poor working conditions,” Johnson said. He admitted that creating
livelihood and decent jobs in local communities is still one of the serious challenges, especially in conflict-affected areas. The agreement, “Program for Local Economic Development t h roug h Enhanced Governance and Grassroots Empowerment [PLEDGE] in ARMM” was sig ned by Joh nson a nd BDA Executive Director Muhammad Yacob. PLEDGE will operate in up to 12 target communities covering three towns in the ARMM. It is focused on on sk ills and enterprise d e ve l o pm e nt a n d j o b creation programs in ARMM provinces in coordination with BDA. Johnson said creating d e c ent job s s hou ld b e a n i nteg ra l pa r t of t he government’s peace building efforts in the conflict-affected provinces in Mindanao. The program puts in place project management and governance structures and crucial/PAGE 11
PLEDGE. Mohammad S. Yacob, executive director of the Bangsamoro Development Agency, and Lawrence Je f f Joh nson, I nte r na t i ona l Labou r O rgan i za t i on country director, signing the PLEDGE Memorandum of Understanding. photo courtesy of bda
INADEQUATE power supply will remain a major problem that could stall regional growth, the Bangko Sentral ng Pilipinas said in a new report. “Going forward, a major challenge that could hamper regional development, particularly in Mindanao, is the lack of adequate supply of electricity that threatens various economic activities,” the central bank said in its latest “2012 Report on Regional Economic Developments.” It said the presence of different crop and livestock diseases and infestations in the regions also posed risks to the country’s food self-sufficiency plan and the livelihood of agriculture-dependent communities. It said extreme weather conditions as a result of climate change was a significant issue in the regions, especially those that are heavily reliant on agriculture. It said, though, that regional development was expected to benefit from the government’s various infrastructure improvement and development programs. “Tourism will remain a key factor in regional economic deficit/PAGE 11
PNoy: Healthy nation is key to a strong economy PR ESIDENT Benigno S. Aquino III underscored the importance of providing for the Filipino people an improved, efficient and effective health program, saying a healthy nation was the key to the country’s strong economic showing since he assumed office. In his speech keynoting the 115th A nniversa r y of t he Depa r t ment of Health (DOH) on Tuesday, the President said this is the reason why his administration has prioritized improvement of the delivery of health sector services to all Filipinos. Since 2010, the budget of the DoH had been constantly upgraded from
P28.68-billion in 2010 to P51.07-billion in 2013 in order for the department to have funds to construct more modern hospitals and to increase the health coverages for more Filipinos. “Wala pa rin pong ibang susi pa ra sa ma lusog na ekonom iya kundi ang pagkakaroon ng malusog na s a mbay a na n,” Aqu i no s a id . “Kaya naman, simula nang tayo’y manungkulan, walang patid nating inaangat ang budget ng DOH…Nagawa nating itaas ng 78 percent ang budget ng DOH nang walang itinataas na buwis maliban sa Sin Tax.” “Sa kabila nito mulat tayong hangga’t
hindi ito tumatawid at nararamdaman ng mga Pilipino, mananatiling datos lamang ang mga ito. Ang ginawa nating aksyon mula sa 57.2 milyon na ating dinatnan, umabot na po sa 79.1 milyong Pilipino ang enrolled sa PhilHealth,” he added. He said “catastrophic diseases” such as breast cancer, prostate cancer, and acute leukemia can now be treated for free under the Z Benefit Package which was launched last year while an expanded Z Benefit Package that will include heart ailment treatments such as coronary heart bypass was launched economy/PAGE 11
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of the company by 2015. Antonio said Century Proper t ies w i l l bui ld three-, four- or five-star hotels in “key cities” in the Philippines. They will be “self-managed” or managed by branded hotels. “Investment grade is for financial market which is good indication, but at the end of the day, we need to make the population feel the prosperity. The only way they can feel it is through employment. If they are employed they have money for education, money to spend,” said Antonio. Century Properties is the company behind branded residential projects such as the Azure Urban Resort Residences, which has a beach club designed by hotel heiress Paris Hilton, and
Trump Tower Manila, a tieup with American real estate mogul Donald Trump. Also among Centur y Proper ties’ projects are Milano Residences, designed by world-renowned fashion br a nd Ve r s a c e ; Ac qu a Livingstone, a tie-up with Italian brand MissoniHome; and Acqua Iguazu yoo, which was inspired by Starck. L a s t y e a r, C e nt u r y Properties marked its foray into the affordable housing market with the development of The Residences at Commonwealth in Quezon City. The company is also building the medical arts and outpatient building Centuria Medical Makati and shopping mall Century City Mall at its integrated mixeduse project along Kalayaan Avenue in Makati City.
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Century Properties plans hotel resort in Palawan CENTURY Properties Group Inc today said it will break ground on its maiden foray into the hotel and resort business late this year or early next year. On the sidelines of the 3rd Philippine Financial Market Forum, Centur y Properties chairman Jose EB Antonio told reporters it has acquired close to 100 hectares of land in various areas in Palawan. “We are going to do an integrated resort in Palawan. We’re still in the planning stage and we hope we will launch in the last [quarter of 2013] or first quarter of 2014,” Antonio said. C e nt u r y P r o p e r t i e s will spend a “few million pesos” to build up its hotel portfolio, which will be a “very important” segment
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(L-R) Sabangan Vice Mayor Joseph Bernardez, Hedcor President and COO Rene B. Ronquillo, Mountain Province Governor Leonard Mayaen, and Namatec Brgy. Captain Julius Licayo CAPTION: Hedcor president and COO Rene B. Ronquillo (second from left) joins local government leaders in the ceremonial handprint imprinting during Hedcor Sabangan’s ground breaking last July 18 at the Sabangan municipal hall, Mountain Province. The cement tablet represents lasting ties between the company and the community.
Hedcor hydropower plant AirAsia to cut ties with Japan’s ANA breaks ground in Benguet AIRASIA and All Nippon Airways are set to announce the dissolution of their tie-up in Japan on Tuesday, reports said, because of slumping business. Malaysia-based AirAsia is to withdraw from AirAsia Japan, a company it jointly formed with ANA to begin low-cost carrier operations out of Tokyo’s Narita International Airport in August 2012, Kyodo News reported, citing unnamed sources familiar with the matter. AirAsia aims to establish a new budget
airline in partnership with another Japanese carrier after parting company with ANA, Kyodo said. A senior AirAsia executive told the newswire on Monday that the company had made its decision and an announcement would be made Tuesday. The report came two weeks after a similar report by the business daily Nikkei, which said the two airlines agreed that ANA would buy the 49 percent stake held by its Ties/PAGE 10
ABOITIZPOWER subsidiary Hedcor, Inc. broke ground for the 14-MW Sabangan Hydropower Project, its first foray into the resource-rich Mountain Province. The project in Saba nga n mu n icipa l it y is Aboit izPower’s f irst hydropower plant in the province after successful projects in Benguet, Ifugao and surrounding provinces.
The run-of-river power plant will be completed in 2015. Hedcor President and Chief Operating Officer Rene B. Ronquillo, in his speech during the groundbreaking ceremony last Ju ne 18,
said aside from the clean, renewable energy that will be produced by the power plant, the project will also bring much benefit to the local community. “We are here to stay and grow with the community. Hedcor is committed not only in maintaining its leadership in the field of breaks/PAGE 10
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Trade chief urges PHL firms not to panic as AEC 2015 nears MAKATI CITY—AS the economic integration of the Association of Southeast Nations (ASEAN) draws near, the government rallied local businesses to take advantage of the benefits accorded by the regional free- trade scheme. Instead of fearing the set-up of the ASEAN Economic Community (AEC) in 2015, Trade Secretary Gregory Domingo said local businesses should have “more confidence” in pursuing opportunities. “ There a re on ly t wo and half years before AEC. Do we have to panic? No,” he said during the general membership meeting of the Philippine Chamber of Commerce and Industry (PCCI) recently. Domingo said t he impending integration will no longer have a significant i mpact on t he t rade in commodities. He noted that tariffs i mposed on more t ha n 99 percent of produc ts traded within the region have already been removed starting January 1, 2010. “If you’re thinking of lower tariffs because of the AEC, don’t worry. You’re already competing with other ASEAN countries,” he said. While the ASEAN freetrade scheme resulted in more competition for local businessmen, Domingo said this also offers opportunities as they now have a bigger market for their goods and has also broaden their base for sourcing raw materials
and capital equipment. But unlike other ASEAN countries, the Philippines has not been aggressive in ta k ing advantage of the opportunities presented by lower tariffs. “For the most part, the Philippines has not been as aggressive and part of this may be due to [the lack of] information campaign,” he stressed. Citing previous surveys and studies such as those from the Asian Development Bank (ADB), PCCI Vice President Donald Dee said there are a number of constraints that need to be addressed, such as the high cost of logistics and regulatory concerns that make it difficult for companies to do business in the country as well as the difficulties confronting micro, small and medium enterprises (MSMEs) in taking full advantage of the ASEAN free-trade scheme. Domingo, however, said that the government is already addressing these concerns as well as the availability of public infrastructure. As for MSMEs, he said the Philippines has proposed to simplify rules for MSMEs under the ASEAN free-trade scheme. trade/PAGE 10
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Cleaner energy to power collective action of ASEAN economies By EDGAR O. CHUA / Country Chairman, Shell Philippines
INCREASING borderless transaction, falling trade barriers and intense competition have brought about major realignment of priorities among economies of the world. Establishments of trading blocs and regional integration are fast becoming norms to attract business and promote growth. In Asia the negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) is off the grounds. The Asian Development Bank (ADB), in its ADB Outlook 2013, said the RCEP, which includes all the 10 ASEAN economies plus their six free- trading agreement partners, namely, Australia, China, India, Japan, South Korea and New Zealand, would create the world’s largest free-trade bloc with huge impact to the world economy. The RCEP economies have a combined total of 3.5 billion population, a gross domestic product of $21.4 trillion and trade receipts of $12 trillion. Besides RCEP, the ASEAN Economic Community (AEC) has also emerged. Already in its advanced stages with a target implementation by 2015, the AEC envisions the creation of a single market and production base characterized by free movement of goods, services, capital and skilled labor. Based on a recent Economist Intelligence Unit report, the 10 ASEAN economies, with a combined population Energy/PAGE 10
Sec. Gregory I. Domingo
Pentagon to meet ASEAN defense chiefs to counter Chinese influence SINGAPORE—The United States on Saturday offered to host a meeting with Southeast Asian defense ministers in Hawaii next year, stepping up its efforts to counter growing Chinese influence in the region. US Defense Secretary Chuck Hagel said at a security forum in Singapore that he will first meet his counterparts from the Association of Southeast Asian Nations at a regional meeting in Brunei this year. “In my meetings here in Singapore, I am extending an
invitation to ASEAN defense ministers to meet together next year in Hawaii,” the Pentagon chief said. “I believe this first-ever UShosted meeting of ASEAN defense ministers will provide another opportunity for us to discuss a shared vision for a dynamic, peaceful and secure future for the region.” Four of ASEAN’s 10 member states -- Brunei, Malaysia, the Philippines and Vietnam -- as well as Taiwan are locked in Defense/PAGE 10
Youth role in ‘ASEAN of tomorrow’ highlighted BANDAR SER I BEGAWAN—Under the theme “Young People—Building Tomorrow’s ASEAN [Association of Southeast Asian Nations] Today,” the Eight ASEAN Ministerial Meeting on Youth, and the Fourth ASEAN Plus Three Ministerial Meeting on Youth here were recently concluded. The meetings discussed directions and initiatives to further promote ASEAN youths in contributing toward the future of ASEAN Community. The meeting reiterated an important position that young generations, especially young professionals, can play to boost ASEAN solidarity by offering voluntary community services in areas such as rural development, disaster relief, health, education and the environment as well as supporting vulnerable groups, including people who are differently-abled and
fostering entrepreneurial skills. The meeting also discussed the unemployment crisis that millions of young people are facing. The Brunei Minister of Culture, Youth and Sports YB Pehin Dato Hj Hazair pointed out that the global trend in youth unemployment was “alarming” with the International Labor Organization projecting more than 73 million jobless young people this year, and “ASEAN is not immune to this global crisis,” he said. He added that ASEAN should not allow itself to become complacent and youth employment should be a priority issue in ASEAN cooperation. Acting as the chairman of ASEAN Sociocultural Community Council, YB Pehin Dato Hj Hazair also called for an urgent need to promote entrepreneurship and volunteerism among young people to
help combat youth unemployment in the ASEAN region. The meeting noted with satisfaction the First ASEAN Youth Entrepreneur Seminar and Expo, which serves as a platform for promoting economic selfreliance and support the self-employment of the ASEAN youths. (BM)
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BIMP-EAGA meet reviews achievements
PUERTO PRINCESA CITY—The Philippine delegation to the three-day 1st Brunei-IndonesiaMalaysia-Philippines-East Asian Growth Area (BIMP-EAGA) Agribusiness Cluster Meeting here wanted to look into the milestones of the sub-regional group since 1994. Agriculture Undersecretary Joel Rudinas said the cluster meeting looked into the landmark achievements or disappointments of the BIMPEAGA Agribusiness and at the changes that may have something to do with its continued progress. Rudinas was also the representative of the chairman of the Agribusiness Cluster for the Philippines. “We want to see where we are now; what are the milestones we have achieved? Because these are keys to the success of the cooperation,” he said. He said if the cooperation among the BIMP has built successful mutual aids, then there is a possibility that the cooperation can be expanded outside of its “usual scope.” For example, if countries are helping each other on the challenges of climate change and food insecurity globally, then the four countries can also build strongly on them based on expertise and resources. “We have expertise and resources, like we have a private sector that is engage in seed production and seed technology, then our partner-countries can avail of them because they’d also like to increase their food security,” he said. Being in the Pacific, Rudinas said the other countries in the EAGA are also burdened because of the challenges of climate change and food insecurity, and making expertise and resources available can help stabilize situations. The BIMP-EAGA should also try to build something on something that is now prevailing, he said. reviews/PAGE 10
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Banking&Finance
FDI flows to PH jump by more than half
BIR looking into dead people’s bank accounts
FOREIGN direct investment (FDI) flows to the Philippines rose by more than half last year, but still lagged behind those f lowing to its Asian peers. In its World Investment Report 2013, the United Nat ions C on ference on Trade and Development (UNCTAD) said FDI flows to the Philippines went up by 54 percent to $2.797 billion last year from $1.82 billion in 2011. Its share of these jobgenerating investments was the highest since the preglobal financial crisis average of $2.56 billion. Philippine businesses also invested $1.84 billion outside the country last year, more than triple the $539 million in 2011. Zeno Ronald Abenoja, Bangko Sentral ng Pilipinas (BSP) director, said t he major recipient of FDI in the Philippines were the manufacturing, real estate and financial sectors. “The Philippines continued to attract a lot of FDI from different regions,” Abenoja said. He said the top three sources of investments to the Philippines were the US, Japan and Asean. UNCTAD said relatively low-income countries in
THE Bureau of Internal Revenue (BIR) has asked banks to submit records of deceased persons in the last five years to boost estate tax collections and see whether financial institutions connive with heirs to evade taxes. “We’re asking banks to give us the bank statements of those persons who died in the past several years. We want to know whether they are compliant or allowing the heirs of the deceased to withdraw money,” BIR commissioner Kim JacintoHenares told reporters. “We will require them to submit the statement of accounts, if they don’t we will subpoena them,” she said. Hena res noted ba n k secrecy laws are automatically lifted once a person dies, allowing the government to look into the bank accounts of the deceased. B a n k s w i l l b e he ld criminally liable if found conniving with heirs of the dead in circumventing the law, she said. Under the Revenue Code, heirs are required to file an estate tax return within six months after a descendant has died so a transfer of property ownership may done. This covers properties valued at over P200,000. bir/PAGE 11
Southeast Asia seem to be a “bright spot” for FDI. “ Inflows to Cambodia, Indonesia, Myanmar, the Philippines and Vietnam continued to grow in 2012,” the report said. “These countries have re c eive d a n i nc re a si ng amount of FDI driven by the wish of investor to reduce costs of labor-intensive manufacturing, to harvest mineral resources and to participate in infrastructure projects,” UNCTAD said. The total FDI inf lows to East Asia and Southeast Asia dropped by five percent year-on-year to $326 billion in 2012. Reacting to the report, Asian Development Bank senior economist Norio Usui however said the share of FDI flows to the Philippines is “ too small” compared to other Asian countries. Other Asean countries at t rac ted more FDI, as follows: - Vietnam, $8.4 billion; - Thailand, $8.6 billion; - Malaysia, $10.07 billion - Indonesia, $19.85 billion; and - Si ngap ore , $5 6 . 65 billion. Usui said the Philippines’ “shining economy” is not translating to more FDI. fdi/PAGE 11
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Rural, coop banks incur higher 2012 NPL ratios on typhoons, says BSP THE bad or non-performing loans (NPL) of rural and cooperative banks accounted for 11.57 percent of the sector’s P127.47-billion loan portfolio as of end-2012, a ratio higher than the 10.14 percent a year earlier, Bangko Sentral ng Pilipinas said Tuesday. In terms of sectoral NPL ratio, rural banks alone registered at 10.65 percent from 10.32 percent in the same comparable period, with a loan loss reserves for bad loans of 59.47 percent from 50.98 percent. Cooperat ive ba n k s, however, posted a 19.84 percent NPL ratio as of endDecember 2012 or an increase of over 100 percent from 9.49 percent as if end-June 2012. The higher NPL ratio
was incurred by rural and cooperative banks as clients were unable to service their respective debts on account of Typhoons Gener, Habagat and Helen which barreled through the country last year, according to Bangko Sentral.
Despite the higher ratio of bad loans to the total, Bangko Sentral noted the “banks’ reserves for NPLs rose significantly to 61.74 percent as of the end of last year from 53.26 percent in June 2012” which indicated banks/PAGE 11
Remittances grew faster in April CASH remittances recovered in April after a slowdown the month previous, Bangko Sentral ng Pilipinas data released Monday showed. Mone y t r a n s fer s by Filipinos working and living abroad that were coursed t hroug h ba n k s g rew at
annual rate of 6.1 percent to $1.804 billion in April— significantly faster than the 3.0 percent posted in March which was the slowest in over three years. In the first four months of the year, cash remittances totaled $6.916 billion—a 5.7
percent increase that eclipsed the central bank’s 5 percent forecast for the year. Mea nwhi le, persona l remittances—which include cash transfers made through b a n k s a nd h a nd- c a r r y transfers both in cash and faster/PAGE 11
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Win with words THINK
hink a minute…A famous man said, “Words are the A Minute most powerful drug used by By Jhan Tiafau Hurst mankind. Word s a re l i k e nitroglycerine: they can blow up bridges—or heal hearts.” It just depends on how you use them: as a weapon to hurt or a tool to help. Our tongue really does have the power of life and death. Words have brought peace or war between nations; life and death to millions. Words can either make or break the reputations and careers of people. So an important secret to success is learning how to use our words well, to say the right thing at the right time in the right way. Yet sometimes, the best statement we can make is our silence. It’s also a hard argument to beat. Occasionally, the only way to be heard is to be quiet. Those who have the most to say usually say it with the fewest words. It’s the wise, successful person who says more by talking less. Remember, “You’ll almost never hurt yourself by what you don’t say. It’s when the fish opens his mouth that he gets caught.” So a good rule to follow is: “Don’t speak unless you can improve on the silence.” You can often tell more about a person by what they say about others than by what others say about them. The reason we enjoy talking about the faults of others is so we can feel better about our own faults. You see what you want to see and say what you want to say. It’s out of our heart that our words come. But remember that a good word is as easy to say as a bad one. hurst/PAGE 7
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CLIFFORD SANTILLAN RONALD B. MASTAIL
BSP urges: Save in banks
O
ne of the central themes in the Bangko Sentral’s financial education and literacy advocacy is the need for our citizens not just to save – but to save in banks. While the Bangko Sentral has made progress during the last ten years, the Bangko Sentral still has more ground to cover. Ten years ago, only one out of five Filipinos had savings. Today, this figure has improved to one out of four. But of those who had savings, only two out of five saved in banks. The Bangko Sentral maintains that saving in banks would still be more advantageous compared to keeping money at home – in piggy banks, cookie jars, or under the mattress. Savings in banks earn deposits. Savings in banks are mobilized by these institutions for on-lending to productive enterprises or for consumption. Thus savings in banks help grow the economy. Finally, all things being equal, savers in banks are protected from risks such as thefts, fires, and similar occurrences. During our regular financial education and literacy programs, we are almost always asked the following question: “You encourage us to save in banks. But you keep closing banks! How then do you expect us to save in banks?” Very good observation but something that can be explained. First, the total size of closed banks is but a small fraction of the entire financial system. We also explain the closures by clarifying the role of the Bangko Sentral as the supervisor and regulator of
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banks. That the mandate of the BSP is to make the entire O ut banking system strong and By Ignacio Bunye resilient. That strict rules and regulations are put in place to ensure that banks have adequate capital, that they are under good management and that those who accept other people’s money as deposit act with prudence at all times and that they do not engage in unsafe and unsound banking practices. To ensu re t hat ba n k s comply with BSP regulations, banks are subjected to regular examination, and, at times, special examination. Every now and then, a bank is found to be non-compliant with banking laws and regulations. The bank is asked to shape up. Usually, this is done by placing the bank under Prompt Correction Action or PCA. The bank in question is asked to come up with a firm commitment to address immediately the supervisory concern. This is documented through a time-bound commitment letter. For example, if the capital of the bank has dwindled significantly because of financial losses, then the management of the bank has to commit to make up the deficiency within a specified time frame. Incidentally, the signing into law by President Aquino Bunye/PAGE 7
SPEAKING
1,000 or so earthquakes in 7 days
IFE’S INSPIRATIONS: “… Heaven and earth will pass away, but my words will never pass away…” (Matthew 24:35, the Holy Bible). -ooo 1,000 OR SO EARTHQUAKES IN JUST 7 DAYS: A 4.5 magnitude earthquake hit Baguio City just as Monday, June 24, 2013, was dawning. Earlier, a series of earthquakes hit the town of Pio V. Cruz, Masbate Sunday, June 23, 2013. Several days ago, earthquakes likewise rocked many parts of Mindanao. Then, around the world, also on Sunday, June 23, 2013, some 20 earthquakes occurred from Alaska, to US, to Ukraine, Costa Rica, Papua New Guinea, Italy, Japan, Mariana Islands, Kuril Islands, Mexico, and Virgin Islands. Earthquakes indeed are now happening everywhere, something which did not happen before. And for the last one week period beginning June 17, 2013 and ending June 23, 2013, some 1,000 or so earthquakes have been recorded worldwide. Why are we having so many earthquakes at this point? Scientists will say that this maybe due to movements of the earth’s crust, and they would be correct, thereby implying that we cannot do anything about it except to wait until they strike and inflict death or damage. But then, there
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is another way of looking at akampi earthquakes. Mo A ng Batas -oooBy Atty. Batas Mauricio EARTHQUAKES AS A SIGN: What is this other way? Well, it is by looking at earthquakes from the point of view of the Bible, or, more particularly, of Jesus Christ, our God and Sav ior. For starters, we can start with what Jesus did, and told His disciples, in Matthew 24: “Jesus left the temple and was walking away when his disciples came up to him to call his attention to its buildings. “ `Do you see all these things?’ he asked. `Truly I tell you, not one stone here will be left on another; every one will be thrown down.’ As Jesus was sitting on the Mount of Olives, the disciples came to him privately. `Tell us,’ they said, `when will this happen, and what will be the sign of your coming and of the end of the age?’ “Jesus answered: `Watch out that no one deceives you… Batas/PAGE 7
K
Education for life and beyond
CHOOLS are obviously a controlled environment. They are like greenhouses for the students. They have to be like that, since the students, like young, tender saplings, need a more favorable atmosphere for them to grow to maturity before facing the world on their own. In schools, the students are given a kind of pure nourishment of knowledge and other values to prepare them for the challenges in life. They need to be protected somehow from the very f luid if confusing realities of life in the meantime so they can develop the appropriate attitude and skills to be able to sort things out properly. One of the concerns that we, the elders, should all bear in mind is that the students should be formed in such a way that they can be weaned at the proper time and start to face the realities of life on their own, even if everyone of us always needs the help of everybody else and our education never ends. We need to see to it that they become fit and able to live meaningfully in the world. What should be avoided is to spoil them in the school environment such that they could only “survive” in controlled conditions and would be at a loss when they step out of school. In other words, the students should come out knowing more or less what their proper place and role are in society, so they can work in solidarity with others for the attainment of the common good. This will involve acquiring things that are both basic and general, applicable to all, on the one hand, and specific,
HINTS
attuned to the individual’s qualities and capabilities, on and Traces the other. By Fr. Roy Cimagala And so the basic questions about man, like who and what he is, where he comes from, to where he is supposed to go, etc., should be made clear to them. The various implications of those questions, both in their theoretical and practical aspects as they impact on the different areas and levels of human life, should be taken up. Along with this concern should be the effort to know each student personally, so his or her unique and peculiar qualities can be known and given due consideration in planning for each individual’s formation. In this regard, it is important that each student gets to have a mentor to guide him personally in an atmosphere of friendship and confidence. It’s where students feel a bit alienated in some areas that anomalies can arise-like misconceptions of basic values that can lead to bad practices, habits and vices later on. The formation in the school should try to cover not only the academic aspect, but also and more importantly, cimagala/PAGE 7
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In fact, if we’re smart, we’ll “keep our words soft and sweet, because we may have to eat them.” Gentle words may fall lightly, but they carry great weight. So the sooner we learn to use our words well, to build others up instead of tearing them down, the sooner we’ll start enjoying success and happier relationships. But f irst, we need to change our heart, since that’s where our words come from. Just ask Jesus Christ to change your heart by taking full charge of your attitudes and words everyday. Then ask Him to give you the willpower and wisdom you need so you can win with your words. Just Think a Minute…
Bunye... from page 6
of RA 10574, which allows foreign equity up in rural banks up to 60 percent, is a welcome development. This law opens up more opportunities for rural banks to improve their capital position. S o m e b a n k s successfully comply with t heir commitments and eventually exit or graduate from PCA. Others don’t and continuously deteriorate. Just like a surgeon, the BSP is sometimes left with no choice. In order to prevent
damage to the whole body, the solution is the removal of the diseased tissue. That’s why the BSP has to close some banks. It is for the protection of the financial system and, in the final analysis, also for the protection of savers in general. Note: My book, Central Bank ing for Ever y Juan and Maria is now available in main branches of Fully B o ok e d , Power B o ok s , National Book Store, and University of the Philippines Press.
Batas...
from page 6 you… There will be famines and earthquakes in various places… Now learn this lesson from the fig tree: As soon as its twigs get tender and its leaves come out, you know that summer is near. Even so, when you see all these things, you know that t is near, right at the door…” -ooo ARE WE READY? Clearly, these earthquakes are a sign of “the end of age”. When viewed side by side with the other signs predicted by Jesus Christ as presaging the end of the world, the indubitable impression that is conjured up in our minds is that what Jesus Christ warned about are now happening, right before our very eyes. Surely, one cannot deny that there now many wars and rumors of war that are happening all around
us. Then, we cannot also deny that many people from around the world are now claiming that they are the Messiah or the Christ. We cannot likewise dismiss the truth that many believers of Jesus Christ are not only being persecuted, but are being killed en masse as well. As scientists and learned men are fond of articulating, t he empirica l data---or information culled from what is really taking place around us, information which are easily verifiable---is now simply overwhelming: the end is coming, and what Jesus Christ said as the “great tribulation”---suffering never before, and never will be again, experienced in the world, is slowly coming to pass. Are we ready for all these? -ooo REACTIONS? Please call me at 0917 984 24 68, 0918 574 0193, 0922 833 43 96. Email: batasmauricio@yahoo.com, mmauriciojr111@gmail.com.
Cimagala... from page 6
the human and spiritual aspects-like the development of basic virtues like humility, order, sincerity, etc., as well as, interpersonal and social skills, etc. The students should know how to cultivate their spiritual life, their relationship with God which ought to undergird their relationship with others. In the first place, they need to be aware between what is
spiritual and what is material, what is eternal and what is temporal, etc., and the many implications these distinctions generate. Thus, they need to learn how to pray and grow in their spiritual life through the study of the right doctrine, recourse of the sacraments, development of virtues and the art of ascetical struggle, so indispensable in our life marked by weakness, temptations, and sin itself. They have to be taught how to deal with all kinds of situations and circumstances, favorable or not, advantageous or not. They have to learn how to develop convictions based on eternal truths as well as skills in flexibility to dynamic temporal factors and immunity to unavoidable negative elements. These are tough things to achieve, but as long as they are pursued as early as when both teachers and mentors on the one hand, and students on the other are able to undertake and receive such efforts, then we can expect good results. There’s obviously a need on the part of the school officials to monitor the development of the students, especially in the individual and personal level. Obviously the cooperation of parents is a must here. They, after all, are the primary teachers of their children, though they can delegate much of the dirty work to the schools. Thus, the healthy linkage between parents and schools is vital here. That connection has to be nourished in a continuing way.
7
Cargo forwarder in Singapore blacklisted for undelivered ‘balikbayan’ boxes
A CARGO forwarder serving Filipinos in Singapore has been blacklisted by the Department of Trade and Industry-Philippine Shippers’ Bureau (DTI-PSB) due to undelivered “balikbayan” boxes. In a June 19 advisory, DTI-PSB said ASPAC Cargo and its local agent were under investigation because of complaints pertaining to lost cargoes. Besides ASPAC Cargo, two other freight forwarders based in Singapore, one in Australia, one in Bahrain, one in China, one in Cyprus, one in Hong Kong, two in Ireland, one in Italy, six in Kuwait, one in Malaysia, nine in Saudi Arabia, one in Spain, six in United Arab Emirates, one in UK, and 11 in the US remain among the DTI-PSB blacklisted foreign principals and consolidators. Twenty-two unaccredited cargo forwarders were retained in the list of companies issued formal charges by DTI-PSB for doing business without accreditation. DTI-PSB also advised Filipinos abroad to avoid transactions with 19 unaccredited freight forwarders, whose corresponding formal charges have been issued decisions by DTI-PSB’s consumer arbitration officers and DTI-Office of Legal Affairs. Two firms were blacklisted after they have been issued show cause orders by DTI-PSB. One company remains on the blacklist as its accreditation was revoked following violations of DTI-PSB’s Rules on Freight Forwarding. Also on the blacklist were the cargo forwarders serving Filipinos in Dubai and Kuwait facing complaints that have been endorsed to the Department of Justice (DOJ) for possible estafa charges. DTI-PSB enjoins Filipinos overseas to deal only with the 585 registered nonvessel operating common carriers (NVOCCs) and international freight forwarders as well as 162 accredited domestic freight forwarders.
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Sam Concepcion conquers all with Sun Call & Text Unlimited 25
Sam Concepcion is on a roll. In an industry where people are normally prized for their good looks and charm, Sam has all these in spades—and more. A multi-hyphenated artist, he is also versatile and talented. He can sing, act, dance, model, host and even do sports on the side. Recently, Sam released his 3rd full studio album under Universal Records and became a VJ for cable music channel, MYX. Soon, the teen heartthrob will shoot his new music video entitled ‘No Limitations’ and star in a teleserye on ABS-CBN. When away from the spotlight, Sam also engages in a lot of physical activities – like working out in the gym, doing Muay Thai, playing basketball with friends and even trying out extreme activities like wakeboarding. For Sam, fitness is a big part of his lifestyle. Although he may be interested in a lot of things, Sam does all these with style and composure, to the delight of his many eager fans. “It’s very important that I am able to deliver every single time in whatever I do,”he says. When asked how he manages to
accomplish his work every day and still get to relax, Sam attributes it to effective time management. “I make sure that I have time everyday to juggle things around—music, tapings and shoots. Of course, [I also need] time for myself. There has to be a balance; you don’t want to burn yourself out, working continuously and not having the time to enjoy other things. Take your time and relax. I believe there’s enough time for everything,” he shares. And to encourage the youth who want to enjoy more of everything, Sam Concepcion trusts and recommends Sun Cellular, the first to offer unlimited call and text services in the market. For Sam, the mobile network’s Sun Call & Text Unlimited 25 is the first and the best unlimited offer --- perfect for the young and energetic like him because it gives mobile users the ability to do more and be more. “Young people nowadays want to be able to do everything, be everywhere, like me” he narrates. “That’s why I trust Sun Call & Text Unlimited 25 because it keeps me worry-free – whether I’m at work or with my friends. Sun Cellular
helps me with my connection needs.” With Sun Call & Text Unlimited 25, you can conquer all worries. Aside from providing unlimited calls and textsat only P25—which is valid for one day—Sun Call & Text Unlimited 25 also offers free 150 texts to other networks. Now, there’s no problem reaching out to other people and accomplishing more tasks on hand. You can focus on plenty of other things, and be unstoppable every day, just like Sam. Get Sun Call & Text Unlimited 25 from your friendly Sun Prepaid retailers or through regular load conversion by texting CTU25 to 247. For information, visit Facebook page www.facebook.com.ph/ suncellprepaid. Follow @suncelldeals on Twitter.
READ!
DOH 10 aims for tobacco-free env’t through Red Orchid Awards by Jasper Marie Oblina-Rucat, Contributor
CAGAYAN DE ORO CITY - The Department of Health (DOH) Center for Health Development Northern Mindanao has launched the Red Orchid awards for local government units (LGUs), government agencies and government hospitals who strictly practices no-smoking inside and outside their offices. Doctor Ellenieta HMV N. Gamolo, assistant regional director of DOH 10, said that organizations who practice and implement no-smoking in their establishments are our modern heroes in ensuring that the environment we are living in is tobacco-free. The DOH Red Orchid award started four years ago in 2009 to highlight
achievements in tobacco control by local government units (province, city and municipality), government hospitals, government offices, and DOH centers for Health Development. Further, DOH Red Orchid Awards winners are judged based on the strength of comprehensive efforts to implement a 100% Tobacco-Free Environment using the World Health Organization MPOWER initiative. MPOWER is an acronym that denotes the six proven tobacco control policies, namely Monitor tobacco use and prevention policies; Protect people from tobacco smoke; Offer help to quit tobacco use; Warn against the dangers of tobacco;
Enforce bans on tobacco advertising; and Raise taxes on tobacco. Regional Director of the Land Transportation Office (LTO) region 10 Hilarion E. Ulep and recipient of the Red Orchid for two consecutive years, said that this advocacy for a smoke-free environment must start with the self and everyone must have that willpower. In region 10, the town and local government of Talisayan in Misamis Oriental is awardee for Hall of Fame for the Red Orchid Award after winning the title for three consecutive years. Regarding the e-cigarette, the DOH still discourages its use because of the strong presence of nicotine, even without smoke.
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PEN Holds Teaching Literature Workshop in Cagayan de Oro
T
he Philippine Center of International PEN (Poets, Playwrights, Essayists, Novelists) will hold “For Love of the Word: Workshops on Teaching Philippine Literature in High School and College” on August 12 (Monday), from 8:30 to 4:30 pm, at the University Conference Hall, Capitol University, Cagayan de Oro City, Misamis Oriental. Award-winning writers and professors of literature Ricardo de Ungria and Timothy Montes will be the resource speakers/facilitators. As a component of PEN International’s Beacon Centre Programme, this project is part of the series of teacher-training
workshops organized by the Philippine Center across the country. It seeks to enhance the skills of literature teachers in both secondary and tertiary levels, especially on the teaching of poetry, fiction, and drama by Filipino authors. Previous workshops were held in Manila, Iloilo, Cebu, Baguio, Naga, and Bohol. This workshop is co-hosted by Capitol University, and supported by PEN International in London and the Swedish International Development Cooperation Agency (SIDA). There is no registration fee for the workshop.
When you’re in Cagayan de Oro, read...
For inquiries and pre-registration, please contact Philippine PEN at Solidaridad Bookstore, 531 Padre Faura St., Ermita, Manila; email philippinepen@yahoo.com; mobile: +639175287491. Or visit the PEN website http://www.philippinepen.ph for updates.
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Trade... from page 4
In November 2007 ASEAN leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit to serve as a coherent master plan guiding the establishment of AEC 2015. The AEC areas of cooperation include human resources development and capacity building; recognition of professional qualifications; c los er c on su lt at ion on macroeconomic and f inancia l policies; trade f inancing measures; enhanced infrastructure a nd commu nicat ions connectivity; development of electronic transactions t hrough e-ASEA N; i nt e g r a t i n g i n d u s t r i e s across the region to promote reg iona l sou rci ng ; a nd enhancing private sector involvement for the building of the AEC. (BM)
Defense... from page 4
disputes with China in the South China Sea. Smaller ASEAN member countries like Laos and Cambodia have come under increasing Chinese economic and political influence, partly as a result of foreign aid from Beijing. China has been aggressively enforcing its claims over almost the entire South China Sea, including
waters and territories near the shores of smaller states, thousands of kilometers away from the Chinese coast. C h i n a ’s i n f l u e n c e was hig h lig hted during Cambodia’s leadership of ASEAN last year when the group’s foreign ministers for the first time failed to issue a joint communiqué due to disagreements on how to deal with Beijing on the territorial issue. Washington also risks being left out on the trade front, analysts have said. China has a free-trade agreement with ASEAN and is a key player in efforts to widen the pact to include other regional players like Japan, South Korea, India, Australia and New Zealand. The United States is spearheading rival talks to create a Trans-Pacific Partnership that includes Latin America. (Interaksyon)
Energy... from page 4
population of more than 600 million, have already attracted seven times more foreign direct investments than India and almost the same amount as China, which makes the AEC a formidable e c onom ic p owerhou s e . ASEAN economies are even projected to record 6-percent to 7-percent economic growth this year and in 2014 based on ADB estimates. Given the drive toward
regional integration, one is hard pressed to ask whether this is good for business and whether businessmen have already factored in RCEP or AEC in their decisionm a k i n g pr o c e s s e s . A recent survey conducted by Economist Corporate Net work in par tnership with Baker and McKenzie reveals that a good number of businessmen con-siders AEC as an important factor in corporate strategy and will be beneficial to business. T h e m a nu f a c t u r i n g businesses have made use of ASEAN Trade in Goods Agreement as they are able to manufacture goods from one location and ship those goods to different parts of t he region w it h ver y little or without barriers. Harmonization of standards e.g. customs standards via Single Window, is also being cited as another benefit of integration. Shell, on the other hand, looks at regional integration from a number of different perspectives. One such perspective is that we look at AEC as an opportunity to further improve ourselves, enabling us to compete more, through operational excellence. Hence, we benchmark our product and services against the best of the best in the world. Benchmarking is our way of knowing where we are vis-à-vis our peers and competitors. For example, our Shell Tabangao Refinery in Bata ngas under ta kes a comprehensive bench ma rk i ng exerc ise every two years via a thirdparty provider, Solomon Associates. The Solomon benchmarking encompasses performance indicators in the areas of product yields, energy, maintenance and e q u i p m e n t r e l i a b i l i t y, ut i l i z at ion of e x i s t i n g capacity, staffing, operational and capital expenditures, net cash margin and return on investment. The results of the Solomon study include a comparison of a site’s performance on the key metrics versus its peers, accord i ng to si mi la rit y in conf iguration, or geographical division. Shell Tabangao Refinery has consistently placed in the top quartile on a number of key metrics compared with not only its ASEAN counterparts but also with the rest of the world. Shell also looks at AEC a nd its g row ing energ y demand as an opportunity to help broaden energy mix in Asia and ensure a more
secure supply of energ y. Another major crucial factor in the success of AEC is the provision of cleaner energy and the promotion of energy efficiency. All these are necessary for sustainable development. One of the energy sources that Shell develops is natural gas, the cleanest burning fossil fuel. In the Philippines Shell ’s Malampaya Deep Water Gas-to-Power Project is a clear example of how Shell responds to the growing need for cleaner energy. T he projec t benef its t he countr y not just by reducing oil imports but also in assuring a more stable supply of energy and a cleaner source of power. Malampaya supplies as much as 40 percent of Luzon’s electricity requ irements. More important, its environmental impact is remarkable. Based on Malampaya’s supply to 2,700 megawatts of power generation, an estimated 1.35 million kilograms of CO2 per hour is reduced as compared to energy generation using coal or fuel oil. To date, the project is implementing Phases 2 and 3 to extend the life of the project. Another project that Shell is seriously considering is the construction of a liquefied natural gas (LNG) import facility to further promote a nd broaden t he use of natural gas in the country. Singapore and Thailand already have LNG import facilities, while Malaysia, Viet na m a nd Indonesia are also in the process of installing such facilities. The opportunities that AEC will provide are significant and Shell, an energy company with more than 100 years presence in a number of ASEAN countries, is committed to be at the forefront of developing and delivering cleaner, smarter a nd i n nov at ive ener g y products and technologies in keeping with its sustainable development platform. (BM)
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from page 4 “ F o r e x a mp l e , h e r e i n P a l aw a n , t he re a re communities that are now trading with some parts of Malaysia. They are already there, let’s give them a chance to develop these linkages, and let’s build parallel to what they have now,” he said. He ex pla ined t hat if Palawan is making trades w it h Kota K inaba lu, Malaysia, then the connection should be further enhanced by making access easier to residents of both countries for legal trading activities.
“What we want is to make initiative for tourism since Palawan has the industry, and what should happen is that we go along with it so that tourists can come here and there too, and come back for more,” Rudinas added. The 1st BIMP-EAGA Agribusiness Cluster Meeting aimed to present and discuss updates and developments and identify necessary next steps in the implementation of f lagship programs and projects ref lected in the Rolling Pipeline 2013-2014, as well as the other priorities of the Cluster. Among these are Joint Venture on the Production of Hybrid Rice Seeds, Seaweed Development Project on Export and Development and Harmonization of Seaweed Good Aquaculture Practices Sta nda rds, Informat ion E xc h a nge t h rou g h t he Establishment of a WebEnabled Food S ec u r it y Management System and the Conduct of the Second BIMP-EAGA and IMT-GT Agriculture Conference in 2014. The Agribusiness Cluster, headed by the Philippines with Agriculture Secretary Proceso J. Alcala as chairman, is currently anchored on the food basket strategy of BIMPEAGA which focuses on three major themes, namely, food security, export development and sustainable development. (PNA)
Ties... from page 3
Malaysian counterpart and turn the joint venture into a 100 percent subsidiary. The airline’s Japan service is likely to continue under the Peach Aviation brand when AirAsia Japan’s service finishes at the end of October, it said. Peach Aviation is an ANA group budget carrier based at Kansai International Airport, western Japan. ANA earlier Tuesday said in a statement: “We are discussing the issue with AirAsia, and we will announce it swiftly once we reach an agreement.” AFP
Breaks... from page 3
run-of-river hydropower, but also to improving the lives of the residents of our host communities,” Ronquillo said. Aside from the legally mandated shares in revenues and taxes, the local host community will also benefit t h roug h employ ment, CSR initiatives and other infratsurctiure projects that will be built by Hedcor.
Ronquillo was joined i n t he g rou ndbrea k i ng activity by local leaders led by Governor Leonard Mayaen. O f f icers f rom the Department of Energy (D OE), De pa r t ment of Natural Resources (DENR), National Grid Corporation of the Philippines (NGCP), National commission of Indigenous People (NCIP) and Mountain Prov ince Electric Cooperative (MOPR ECO) joined t he occasion. The community’s groups of indigenous people were also invited to witness the ceremony. “Because of the good history of Hedcor, the LGU of Mountain Province is in full support of its hydropower project in the community. We are also hoping that this project is the start of more projects in the province,” Governor Mayaen expressed in his speech. The Sabangan hydropower plant utilizes a run-of-river system that will harness energy from the Chico River. The project will have a total installed capacity of 14 MW that is expected to generate an annual total of 55 million kilowatt hours of Cleanergy, AboitizPower’s brand for clean and renewable energy. This is the company’s answer to the government’s advocacy in increasing the renewable energ y por t folio in t he country. As host to Hedcor’s newest plant, the Mountain Province and its municipality, Sabangan, stand to receive a host of economic benefits including at least 15-million in government and rea l property taxes as well as community shares. Members of the Tinmakudo ancestral domain and the host barangays will likewise have a share in the power plant’s generation output. This is on top of ot her f inancia l benef its that the community will receive under the government mandated Energy Regulation 1-94 (ER 1-94) which they can use to fund electrification, development and livelihood, and reforestation, watershed management, health and environmental enhancement projects. H e d c o r, I n c . i s a wholly-owned subsidiary of Aboit izPower a nd is the leading developer and operator of run-of-river hydropower plants in the country. The company owns 19 hydropower plants across Benguet, Ilocos Sur and Davao generating a total of 155 MW. Hedcor is currently constructing two plants in Davao del Sur.
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He blamed the lower inf lows to def icient inf rastr ucture, higher electricity prices and wages, as well as a poor business and investment climate. He however admitted t hat inf rast r ucture a nd governance are better than 20 years ago, adding that among the major achievements of the Aquino administration are the recent credit ratings upgrade, higher economic growth and the lower budget deficit. The Philippine economy in the first quarter grew by 7.8 percent, making it Asia’s fastest growing.
in kind—reached $2.003 billion, up 7 percent from a year, central bank data showed. Persona l remittances totaled $7.652 billion in the first four months or a 6.4-percent increase yearon-year. “Remittances remained robu s t on t he bac k of sustained demand for skilled Filipino manpower in various c o u nt r i e s w o r l d w i d e ,” Bangko Sentral noted in a statement. It cited a Phi lippine O v e r s e a s E m p l o y m e nt Administration report that 367,738 job orders were processed in January to May. Expansion in operations of remittance service providers across the globe were also seen as having broadened the capture of remittances through the formal channels, the central bank said. “The continued expansion of bank and non-bank service prov iders’ internationa l market coverage through tie-ups and establishment of remittance centers abroad to capture a larger share of the global market likewise provided support to the steady flow of remittances,” it noted. Overseas cash remittances hit a record $21.391 billion last year, up 6.3 percent from the $20.117 billion posted in 2011.
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Some, however, sk irt the law by withdrawing the accounts of the deceased without first declaring the incident of death. Department of Finance Secretary Cesar V. Purisima said annual collections from estate tax had been very low except in 2012, when the amount collected surged 60 percent from a year earlier. The Finance chief wants to increase estate tax collections to P50 billion from the current P850 million to P1 billion amid a resurgent property market and low interest rates. “Given the increase in asset values, we believe that estate tax collections should be higher. We’ll be stepping up efforts to monitor payments made by heirs of deceased persons,” he said. Only 29,198 estate tax returns were filed in 2007, 29,863 in 2008 and 26,811 in 2009, latest BIR data showed.
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a higher sense of prudence against credit losses. A loan in default or close to being one is considered an NPL and, depending on the contract terms, become a full-blown NPL after the payment terms have not been honored by the borrower for 90 days. Bangko Sentral noted the loan portfolio of rural and cooperative banks account for 2.74 percent and 0.30 percent, respectively, of the industry’s loans. As of end-December 2012, the whole banking system which include commercial and universal banks was re s p on sible for P4 . 22 8 trillion worth of loans—up 12.4percent higher from P3.762 trillion a year earlier, central bank data showed.
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will assign officials to be developed as local experts and trainers. The BDA will provide expertise on halal concepts and guidance in selecting communities and value chains with livelihood a nd ent repreneu rsh ip potential. It will also help ensure sustainability of joint efforts and initiatives. Johnson said the ILO will provide managerial, technical a nd ot her resou rces to support activities including relevant tools. The ILO will also help in further building the capacity of BDA officials. The BDA is mandated to become a leading social development agenc y and as such it will learn more on program design, implementation and assessment through close collaboration with the ILO team. “ T he BDA ha s been partnering with key stakeholders and development institutions to fulfill its mission based on its mandate for the Bangsamoro people.
The ILO’s support through t he PLEDGE is anot her welcome development and opportunity. The BDA is appreciative of this new par tnership and is ver y optimistic that PLEDGE will become a model livelihood program and will largely contribute to improving the living conditions of the Bangsamoro areas,” said Yacob. PL EDGE is f u nded t h rou g h t he M i nd a nao Trust Fund administered by the World Bank. Major contributors to the fund include the World Bank, the governments of Australia, C a nad a , Ne w Z e a la nd , Sweden and the US and the European Union. (BM)
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economic activity. Hotel and resort constructions and expansions, as well as improved transportation ser vices are expected to boost further the tourism industry across the regions,” the report said. It also cited the earlier projection of the Philippine Constructors Association t hat t he g row t h of t he construction industry would accelerate to 8 percent this year on the back of sustained low inf lation and interest rates. “The surge in public construction investment in 2012, which was supported by the government’s increased infrastructure expenditures, provided momentum to the industry for 2013,” the report said. It said the expansion of the business process outsourcing industry, sustained increase in emerging industries, remittances and the publicprivate partnership program would help propel the growth of the construction sector. The report attributed t he i ncrea se i n pr ivate construction projects to higher demand for real estate and housing by migrant Filipino workers, as well as expansions in tourism and business establishments. “An uptick in the number of approved building permits were seen in Calabarzon, Central Luzon, Northern M i nd a nao, Z a mboa nga Peninsula, Central Mindanao and Bicol. Higher residential building construction starts were also observed in most of these regions,” it said. The report noted that the National Capital Region, in terms of bank service av a i labi l it y a s of endDecember 2012, had the highest number of banks
relative to the total number of cities/municipalities under its jurisdiction with a density ratio of 176.06. Following the NCR were Calabarzon and Central Luzon with density ratios of 9.90 and 7.50, respectively. T he Ba ng ko S ent r a l c on sid e r s t he a n a l y si s of reg iona l t rend s a nd developments as valuable inputs in monetary policy formulation and financial supervision. The repor t tracks economic developments in the regions, focusing on dema nd a nd supply conditions, monetary and price developments as well as the emerging economic outlook. It also helps confirm the results of the business and consumer expectations surveys conducted by the central bank. (MST)
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last February. Under the DoH’s Health Faci l it ies En ha ncement Program, the President said 4,518 hospitals, rural health units and barangay health stations have already been put up and/or rehabilitated while 7,325 more health facilities will be upgraded to ser ve more Filipinos, especially those in remote areas where the chances of residents getting to see healthcare professional are nil. “We will not stop until t here are Fi lipinos who haven’t seen a med ic a l specia list in his or her whole life,” Aquino,” said in Filipino. (PCOO/PIA)
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The court also ordered the three to each pay P200,000 for damages. The Chinese nationals pleaded guilty of the charges of Theft of Minerals under the provision of Republic Act 7942, also known as the Philippine Mining Act of 1995. The court took cognizance of the accused plea bargaining agreement resulting in lesser penalty which included the accreditation of period of detention while the case was being heard, Judge Saba said. The court also ordered the Bureau of Immigration to turn over the custody of the three Chinese nationals to the City Jail at the Lumbian Rehabilitation Center here so the sentence could be served. The three Chinese nationals were caught on January 24, 2013 while on illegal mining operations in Bara ngay Tumpagon here.(PNA)
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95 percent employment rates for both 2011 and 2012 which is evident of the expansion of the region’s absorptive capacity for employment. “Pero pag medyo mataas a ng p over t y i nc id enc e and mataas ang rate ng employment, (But, if poverty incidence is slightly high and you also have a high employment rate) it makes you wonder and we have to look into this,” she said, Duterte-Carpio said the planned targets for 2010 and 2011 were not achieved because of identified risks and external shocks including the slower recovery of the U.S. and European economies that limit market options for banana exporters, high oil and energy prices and the selling by the small-scale miners of their gold produce in the black market. “But the Gross Regional Domestic Product levels had been increasing and the Region has rebounded as the top economy among the six regions in Mindanao for 2011,” she said. She admitted that the stat ist ics on i ncreasi ng poverty incidence is however evident of the non-inclusive growth. But on the other hand, the creation of jobs aimed at reducing poverty is an i nd ic at ion of i nclu sive growth which is why the two conflicting statistics of increasing poverty incidence and employment grow th continue to puzzle economic workers in the region. The RDC XI has identified the remaining challenges for the region in the remaining three years (2013-2016): slow decline in pover t y i ncidence, u nsu st a i ned economic grow th levels, low productivity levels in almost all major sectors, and slow growth in employment generation. (PNA)
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from page 1 de Oro and Iligan City that amounted to Aus$1.5 million. The disaster resilient s c ho ol bu i ld i n g s we re designed with separate toilets for boys and girls; with access for persons with disability so that children with disability will be encouraged to attend school; and a water system. The AusAid-PBSP projects benefited more than 13,000 pupils and 315 teachers from Lumbia Central School and Bobon Elementary School in this city and from Iligan City Central School, Northeast
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Central School, Iligan City East Central School and luinab Elementary School in Iligan City. Elaine Ward, AusAid acting minister counsellor who graced the turnover ceremony of t he school buildings on Tuesday, said that AusAid’s partnership w it h PBSP has rea lized t he commit ment of t he Australian government’s commitment to improving acce ss to good qu a l it y of education for Filipino children. “Education is Australia’s f lagship program in the Philippines which includes a strong focus on classroom construction to contribute to the government’s priority of closing the large classroom gap across the country.” Ward said. T h e A u s t r a l i a n government was the first to assist, including projects with PBSP, on normalizing the education system in Cagayan de Oro and Iligan City in post Sendong time. PBSP is a socia l development organization in the country committed to poverty reduction. With more than 240 large, small and medium-scale companies, PBSP members uplift the lives of Filipinos through socia l development a nd environmental programs and projects. T h e j o i nt t u r n o v e r ceremony of the six school buildings was done at the Lumbia Central School and attended Rafael Lopa, PBSP executive director, Allan Farnazo, regional director Department of Education R e g i o n 10 , R a n d o l p h Tortola, schools division s up e r i nt e nd e nt , I l i g a n City, Elena Borcillo schools division superibtendent, C a g ay a n d e O ro C it y, Clementia Larede, principal Bonbon Elementary School, Vivian Luceno, principal Iligan East City Central School, Ma. Luz Jaudian OIC principal Iligan City Central School and some LGU officials and students from the various schools.
CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011
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Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776 Editor : Shaun Alejandrae Yap Uy
B illboard 12 The Rhythm of ove CREDIBLE
RELIABLE
IN-DEPTH
thursday - june 27, 2013
Multi-awarded singer and composer, Jose Mari Chan will serenade Kagay-anons on Saturday, June 29, 2013, 7:00 pm, at the Atrium, Limketkai Center in a benefit show. “Rekindling the Rhythm of Love”, the concert is organized by the Congregation of the Blessed Sacrament, Sacred Heart Parish and LITES Ministry Core team, Cagayan de Oro. The concert is a fundraising event for the Eucharistic Evangelization
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Services in Northern Mindanao in the Year of Faith and Beyond. Cagayan de Oro local artist, Jetaime P. Yamut, will be with Jose Mari Chan in this magical and enchanting evening. Jose Mari Chan is a Filipino-Chinese singer, songwriter born in Iloilo City. Chan has a Bachelor of Arts Degree in Economics from the Ateneo de Manila University. Rekindle Jose Mari Chan’s songs like Beautiful Girl, Can We Just Stop and Talk a
While, Please Be Careful with My Heart, Can't We Start Over Again, Constant Change and many more. Tickets are priced at Php 1,000.00, Php 700.00, Php 500.00 and Php 300.00 and are now available on sale at the Sacred Heart Parish, RER, LimKetKai Center Business Office and Chananthon Bed and Breakfast. For inquiries please call 8568189; 231-2103; 309-3095.
CANVAS AND TARPAULIN COVER RECYCLING PROJECT: Members of the VK Multi Purpose Cooperative (VK) undergo a five-day training on canvas tents and tarpaulin covers production utilizing used industrial plastics sacks. The activity is part of the on-going livelihood diversification project sponsored by energy-firm STEAG State Power Inc (SPI). Aside from recycling activities, VK is also engaged in other economic enterprises such as food and catering, and ancillary services for the maintenance and ground upkeep of SPI’s 210 MW (net) Mindanao Coal-Fired Power Plant in Villanueva, Misamis Oriental. VK, which is one of the component of SPI’s Livelihood and Enterprise Development (LEED) Program, is currently providing about 33 longterm job opportunities for local residents Villanueva.
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