BusinessWeek MINDANAO
Issue No. 8, Volume III • August 8-14, 2011
Market Indicators
as of 12:10 p.m., AUGUST 5, 2011 (Friday)
FOREX
PHISIX
US$1 = P42.50
4,437.55 points
X Briefly 0.02 cents
63.98 points
X
Stamp or no stamp
THE removal of the “Not Valid for Travel to Iraq” stamp on Philippines passports does not translate to a lifting of a deployment ban to the war-torn country, the Department of Foreign Affairs has clarified. The DFA said in a statement that the discontinuation of the practice “is not tantamount to allowing the travel to Iraq for employment purposes.” Regular Philippine passports no longer bear the stamp, which was standard until July 1. It said that there are countries on which there are existing deployment bans— Nigeria, Lebanon, Afghanistan and Jordan—without the need for Philippine passports to reflect these.
Illegal recruiters
ILIGAN City––Never allow anyone to influence you of their offer to work abroad, you might be a victim of illegal recruitment. This warning came from Jul L. Perfecto, manager of the Public Employment Service Office (PESO), during the information drive on anti-illegal recruitment. Perfecto said their campaign lasted for a week from July 2229, this year, in four sessions, through clustering of the city’s 44 barangays.
Chinese investors
TUBOD, Lanao del Norte––Top chinese executives from the Muhibbah Company visited Lanao del Norte to explore possible investment opportunities in the province last August 3. “We are pleased with this visit by our Chinese investors. This shows that foreign investors are starting to take notice of Lanao del Norte as a potential investment location here in the Philippines,” Provincial Administrator Joselito Quibranza said. The investors are looking into the agricultural sector as a possible area of investment considering that Lanao del Norte has been identified by the Department of Agriculture as one of the leading producers of agricultural, marine and dairy products in Mindanao.
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PH: US downgrade a ‘wake-up call’ Cepalco applies with ERC for provisional rates
THE Philippines said Saturday the downgrade of the US’ credit rating by Standard & Poor’s would serve as a “wake-up call” but that it was confident the world’s largest economy could address its problems. President Benigno Aquino III’s spokesman Ricky Carandang told AFP, “In a
way it’s a wake-up call for the US to begin to seriously address its economic issues. We’re confident they will be able to do this.” Carandang added that the country was closely monitoring the US debt crisis after Washington lost its top-notch AAA credit rating for the first time ever, but that it was too
early to tell what the effect would be on Manila. According to US Treasury data, the Philippines holds $23.6 billion in US securities, now rated AA+ by S&P with a negative outlook. The United States is also its top export market, main provider of foreign military DOWNGRADE/PAGE 19
Traders eye M’nao as oil palm haven I
By Mike Baños, Correspondent
THE Cagayan Electric Power and Light Co. (Cepalco) has applied for a Provisional Authority with the Energy Regulatory Commission (ERC) to translate the Maximum Average Price (MAP) into its various rates (residential, commercial, industrial, etc.) after which the submitted rates will be discussed in another public hearing by the ERC. “CEPALCO is required to file rates translation as the next step following the ERC Final Determination,” said Lawyer Jose Edgardo Y. Uy, CEPALCO Vice President for Administration and Legal Counsel. “An official copy of the application will be made available once it is filed.” CEPALCO has different rates for its concessionaries which also includes other charges such as generation, transmission and system loss, which are computed according to the Rules Governing Automatic Cost Adjustment, Tune-up Mechanisms and Confirmation Process for distribution utilities. Distribution Charges which are detailed in the concessionaires’ monthly electric bills include supply, fix metering and metering systems charge, currency exchange rate adjustment and local franchise tax. Councilor President D. Elipe, chairman of the city council’s energy committee, said the committee will study CEPALCO’s rate translation into different rates for its various customer classes such as residential, commercial, industrial, bulk power and streetlights. Although the ERC already approved the MAP for the Third Regulatory Period, a consumer group has moved for the cepalco/PAGE 15
By JOE PALABAO Feature Editor
Oil Palm Project
SULAN, Sultan Kudarat––With the coming of new players, new investors, and stakeholders, a P1.3 billion integrated palm oil project for Central Mindanao agrarian reform communities is underway.
The project calls for the establishment of 6,000 hectares of oil palm plantation at P900 million within three years at 2,000 hectares a year––and a palm oil mill pegged at P400 million with a milling capacity of 15 tons per hour of fresh fruit bunch (FFB) will be put up on the second year of its operation. As of this writing, efforts are also underway to include an initial of 1,000 hectares of oil palm plantation to this PALM/PAGE 6
From right, Sultan Kudarat Governor Datu Suharto T. Mangungudato, Columbio Town Mayor Amirh M. Musali of Sultan Kudarat, Provincial Agrarian Reform Officer (PARO) Aaron D. Arumpac of the Department of Agrarian Reform (DAR)-Sultan Kudarat, Mindanao Agribusiness (Min A) Executive Director Greg I. Macabodbod of Cagayan de Oro City, and Sultan Kudarat State University (SKSU) President Dr. Teresita L. Combel sign the memorandum of agreement (MOA) for the P1.3 billion Oil Palm project in Central Mindanao. BWM photo by Joe Palabao
Coins scarcity no excuse for ‘candies as change’ CANDIES for a change, anyone? Although coins in circulation may be dwindling, department stores should not give candies in lieu of coins as change, said Department of Tradine and Industry (DTI) information Officer Lucille
Autentico. Consumer Act of the Philippines or Republic Act 7394 was enacted to protect the interests of the consumer, promote his general, welfare and establish standards of conduct for business and industry.
The same law protects the rights of consumers and to plugs abusive practices of business establishments in the country. According to DTI, they have been warning department stores and other business establishments for not
giving exact change, or worse, giving candies instead. This is despite the fact that, Bangko Sentral ng Pilipinas (BSP) Central Visayas Regional Director Ma. Lux Berciles has admitted that the problem of lack of coins coins/PAGE 14