BusinessWeek M I N DA N A O CREDIBLE
Volume XIV, No. 105 AS OF 6:00 PM FEB 11, 2023 (SAT)
X
US$1 = P54.43
0.02
cents
RELIABLE
PHISIX
X
6,876.79
35.00
points
Briefly Investment hub THE Philippines is a "great" investment destination, President Ferdinand R. Marcos Jr. told Japan's business community on Friday, as he touted the country's robust economy. "The Philippines is a great investment area as it leads economic recovery and performance in the Asia-Pacific Region, in fact, not only in the region but also in the whole world," Marcos said during a dinner hosted by Japanese financial institutions as he expressed optimism that his five-day working visit to Japan would attract more investments in key sectors in the Philippines. "We look forward to future projects in the following sectors from both portfolio and foreign direct investors as we are certain that these will materialize into a fair return to both parties."
No placement fee SPEAKER Martin Romualdez on Friday urged the Department of Migrant Workers (DMW) to remove the collection of placement fees related to the recruitment and employment of Filipino workers bound for Japan. Romualdez made the call following the commitment of Japanese companies and employers to hire more Filipinos -- particularly seafarers, professionals and non-skilled workers -- during dialogues with President Ferdinand Marcos Jr., who is currently on a five-day visit in Tokyo. He said the DMW should push for a no-placement fee for overseas Filipino workers (OFWs) entering Japan’s labor market.
Davao Light’s expansion DAVAO City – The filing of House Bill 6740 seeking to expand the franchise area of Aboitiz-owned Davao Light and Power Company (DLPC) to eight additional areas is a necessary piece of legislation. No less than Davao del Norte governor Edwin Jubahib issued the statement, saying this new effort to file the bill in Congress would lead to a more sustainable and productive environment, drive economic growth and development in the province. He said residents in the province continue to suffer from perennial problems of power supply and exorbitant power rates.
IN-DEPTH
CDO scores all-time high tax take in Jan. www.businessweekmindanao.com
Market Indicators FOREX
YOUR MINDANAO-WIDE BUSINESS PAPER
Mon-Tue | February 13-14, 2023
P15.00
T
HE economic recovery strategy and leadership of Cagayan de Oro City Mayor Rolando Uy is paying off as business tax collection as of January 31 is highest in at least the last ten years.
COCO CHARCOAL. Vendors repack charcoal made of coconut shells at Bankerohan Market, Davao City. The demand for charcoal as substitute cooking fuel has slightly gone up due to higher prices of liquefied petroleum gas, vendors say. Mindanews Photo
Records from the office of the city treasurer showed a high P730,976,245.37 business tax collection as of end of last month. This is 26.33 percent higher than the collection over the same period in 2022. The ten-year average growth in business tax collection for the month of January is 13.02 percent. Uy attributed this as a show of confidence by the business sector. “Siguro nakita sa mga negosyante unsa ka sinsero ang city government sa pagpatumna sa economic recovery. Nagtuo sila nga sa ilang pagbayad sa sakto nga buluhisan, mabalik ra usab kini sa katawhan pinaagi sa TAX/PAGE 7
Davao’s high inflation a challenge to region’s economic recovery: biz exec By ANTONIO L. COLINA IV MindaNews
DAVAO City – High inflation rate has remained a major challenge hampering the economic recovery of Davao Region, Davao City Chamber of Commerce and Industries Inc. president John Carlo Tria said. Tria said the high inflation rate would af fect local businesses, particularly the small enterprises. “ We h a v e a l o t o f challenges, and one of them is high inflation. If goods are expensive, that means raw materials used in businesses are also expensive. For example, food served at restaurants will be expensive because they buyFormer costly DAVAO City — ingredients,” he said. Sarangani Governor Miguel HeAlcantara said inflation would Rene Dominguez af fe c t l o c a l bus i ne ss e s has joined the 60-year-old because costly goods would Alsons Development and discourage sales, creating Investment Corporation a(Alsons snowball effect on Dev) as its other new industries. director who will oversee believedstrategy that inflation the He business and has a bearing on the capability operations of the premier o f l o c a ldeveloper p r o d u cand e r s real to property manufacture goods as the estate pioneer in Davao City. materials, some of them Alsons Dev is the real estate imported, have become
costlier. He said the transportation cost is relat ively more expensive these days as prices of oil in the world market have gone up due to the conflict between Russia and Ukraine. L a st Janu ar y 8 , t he Philippine Statistics Authority reported that the inflation rate in Davao Region in November 2022 remained the highest among the country’s 17 regions at 9.7%. From Januar y to Novemb er, the average inflation was reported at 7.3%. An increase was seen in alcoholic beverages and tobacco at 13.1% from 12.2%; clothing and footwear at 5.5% from 4.7%; furnishings, household equipment and rout ine hous ehold maintenance at 7.3% from 6.5%; health at 6.1% from 5.3%; infor mat ion and communication at 1.2% f rom 1.1%; re cre at ion, sport and culture at 6% from 5.1%; restaurants and accommodation services at 7.5% from 6.4%; and personal care, and miscellaneous goods DAVAO/PAGE 7
SUNRISE. Malaybalay City residents wake up to a beautiful sunrise on Friday, Feb. 3, 2023, after days of intermittent rains. MindaNews photo by H. MARCOS C. MORDENO
Iponan’s Humbalicious Fest now on its 14th year By MARK FRANCISCO Reporter
BARANGAY Ip onan in Cagayan de Oro City led by chairman Dondon Allorin re c e nt ly c el e br ate d it s Humbalicious Festival 2021
last February 7 to 9. Known then as Humba Festival, it started way back in 2009 to champion humba as one of the barangay’s two specialties (the other is suman).
Every year, a cooking contest is held at Iponan plaza where chefs from the city judge the cook-off between Iponan’s amateur humba cooks from the barangay’s HUMBA/PAGE 7
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776