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BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 30, Volume III • Dec. 5-8, 2011
Market Indicators AS OF 5:12 P.M., DEC. 2, 2011 (Friday)
FOREX
PHISIX
US$1 = P43.27
4,290.92 points
; ; Briefly 1 cents
0.33 points
Ports udgrading
IN a bid to boost the country’s cargo volumes in 2012, the Philippine Ports Authority (PPA) announced that the agency will be upgrading more ports to international standards in order to encourage more cargo ships and companies to use the Philippines as a transshipment point. PPA Assistant General Manager Raul T. Santos said that development plans are already in the pipeline for key ports located in Manila, Batangas, Iloilo, Cagayan de Oro, Zamboanga, Ozamiz, General Santos and Davao. He added that the PPA estimates cargo volumes to grow by 4.5 percent to 175.40 million metric tons (MMTs) in 2012, slightly higher than 2011’s 167.82 MMTs.
Davao’s tourist traffic DAVAO City -- The Department of Tourism XI expects a vibrant tourism sector in the coming year with the entry of three new hotels that will bring in additional 600 room capacity to Davao’s existing 5,000 room capacity. Tourism Regional Director Art Boncato announced that Kukun Hotel of the Ayala Hotels and Resorts Corporation is set to be built and opened next year. It is a nine-storey, 148-room project that will be designed by C.T. Onglao and Associates, and will highlight local flavor and efficient service. Another hotel opening in 2013 is the Park Inn Hotel which is only very common in Europe and the United States. This 8,800-square-meter hotel has 204 room capacity and is scheduled for completion in time for the opening of the SMX Convention Center.
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Aboitiz to augment capacity in M’danao By BUTCH ENERIO, orrespondent
I
N A BID to augment the tightening power supply in Mindanao next year in anticipation of the effect of the summer months and the continuing increase in demand for power, AboitizPower (AP), through its wholly owned subsidiary Therma Marine, Inc. plans to transfer one of its four barge-mounted power plant units from Navotas by June 2012.
In a statement, the company said that while it is predictable that power supply from hydro plants would be affected due to the lowering of water level in the dams in the summer months, it is important that power demand in Mindanao be supplied to sustain the island’s economic growth. “As Mindanao braces for a shortage of power, Aboitiz-
Power remains true to its commitment to the people of the island by providing a solution that will ensure that our economic progress will continue,” said Bobby Orig, AP first vice president for Mindanao Affairs. The barges are bunker Cfired diesel plants designed for peak load application, and will contribute to the ABOITIZ/PAGE 10
WORKING MINORS. Two kids scavenge over pile of garbage for recyclable items. A new National tatistics Office (NSO) survey showed northern Mindanao tops the most number of working children aged 5 to 17 years old in the country. PHOTO BY MIO CADE
NSO survey shows nearly Small-scale miners 2M Filipino kids are working
urged to plant trees By ANN NOBLE Bukidnon Bureau Chief
MALAYBALAY City -- The Bukidnon environment office here urged small-scale miners operating in various areas of the province to plant trees in consonance with the provincial government’s
effort to regreen Bukidnon. Mr. Samuel Cadavos, chief of the Bukidnon Environment and Natural Resources office, said that there’s a need for these smale scale-miners to take part in the reforestation effort of the provincial government MINERS/PAGE 10
• Northern Mindanao had the highest incidence of child labor RESULTS of a 2010 survey showed that about 1.9 million Filipino children aged 5 to 17, or 6.3% of the population in this age range, were working. More than a third of the working children belonged to the lowest per capita income bracket,
according to the National Statistics Office report on the Annual Poverty Indicators Survey (APIS). “The main factor that contributes to the number of working children is poverty. There are other factors that contribute to this issue such as lack of access to schools
and educational facilities and poor health and nutrition. However, these other factors can still be traced back to poverty,” Jesus M. Macasil, Jr., director of the International Labour Organization-International Programme on NSO/PAGE 10
VIP’s Christmas Village grows into Oro’s Christmas lore By MIKE BAÑOS Correspondent
FOR the third straight year, the city’s premier hotel marked a tradition that has now become a part of Cagayan de Oro’s Christmas heritage in much the same way that the animated mannequin show at the former COD department stores in Cubao and Avenida has became part of the Filipino family’s Yuletide tradition. The COD show was started 53 years ago and has evolved into the “Christ-
mas on Display” an annual Christmas show of moving mannequins now being presented at its third home, the Greenhills Shopping Center since 2000. The VIP Hotel “Christmas Village” was started in December 2008 and has become a tradition every First Sunday of Advent by the Canoy Family which owns the establishment. “We hope to make this an annual tradition Kagay- CHRISTMAS VILLAGE. A child watches in awe the colorful anons of all ages can look and animated Christmas Village displayed at the lobby forward to come the first of Cagayan de Oro’s VIP Hotel along A. Velez St. PHOTO BY ROLANDO SUDARIA VIP/PAGE 10