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BusinessWeek
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www.businessweekmindanao.com Issue No. 34, Volume III • Dec. 26-29, 2011
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P15.00
Market Indicators
AS OF 5:24 P.M., DEC. 22, 2011 (Thursday)
FOREX
PHISIX
US$1 = P43.63
4,370.46 points
; ; Briefly 1 cents
1.58 points
Solution to floods
COTABATO City -- Mindanao Development Authority (MinDA) chair Luwalhati Antonino has pushed for quick rehabilitation and reconstruction as well as finding long-term solution to recent flooding in Cagayan de Oro City and Iligan City. She said there is a need for Mindanao leaders to come up with a proposal for effective management and development of watersheds and river basins in Mindanao to reduce the risk, if not avert the dangers of flashfloods. Antonino, who joined the President and other Cabinet members in visiting the affected areas and the victims in the evacuation sites in Iligan and Cagayan de Oro, also stressed the need for an integrated and coordinated action on rehabilitation and reconstruction of affected communities.
Armm investment
COTABATO City -- The Regional Board of Investment in the Autonomous Region in Muslim Mindanao on Wednesday announced in its annual accomplishment report that, for the first time, ARMM private investments have exceeded the one-billion peso mark this year. “The value of investments registered with the RBOI from January 2011 to December 2011 was P1.656 billion,” Lawyer Ishak Mastura, RBOI chair, said in a statement. He said the P1.5 billion telecommunications project of EA Trilink Corp., a regional telecommunications company based in Marawi City with franchise from the ARMM Regional Assembly, was responsible for the single-biggest investment in the ARMM to date. Their project was registered in the second quarter of 2011.
By RUEL PELONE, Online Editor
T
HE Association of Mindanao Rural Electric Cooperatives (Amreco) is planning to put up a 300-megawatt (MW) coal-fired power plant, Energy Undersecretary Josefina Asirit told reporters.
In a recent interview, the DOE official said Amreco wants to put up a base-load power plant. Base-load power plants refer to those operating on a maximum electricity output at all times and at low cost. These plants can be coal, hydro, geothermal, combined cycle, among others. Asirit said the Department of Energy is assisting them to make sure that they would be environmentally
compliant. Asirit added that the electric cooperatives play a significant role in providing additional power in Mindanao. “We are monitoring if we could maintain sufficient supply of power in the province since the AgusPulangi could not guarantee constant supply,” she added. Asirit noted that demand is projected to grow by 4.56 percent next year, while the POWER/PAGE 7
NGOs, private orgs can join budget hearings By ALLAN MEDIANTE, Executive Editor
ANY non-government group or private persons would soon be able to participate in deliberations on budgets of LGUs. They can even attend public hearings in Congress. This, after the House of Representatives have decided to approve on second reading a bill assuring the participation of civil society or private groups in congressional public hearings and local government units’ (LGUs) budget deliberations upon resumption of sessions in January 2012. House Bill 3773 shall be known as “An Act institutionalizing the participation of Bona Fide People’s Organizations (CSOs) in budget hearings and deliberations NGO/PAGE 7
This family suffers more devastation as their house was swept away by flood in Cagayan de Oro. Despite painting a rosy picture on Philippine economy this year, the country has only posted 3.2% growth, slower than the 4.5-5.5% target. PHOTO BY ROLANDO SUDARIA
PH economy grows slower THE Philippine economy expanded a seasonally adjusted 0.3% in the September quarter from the previous three months, weaker than expected, raising questions on whether the central bank will keep interest rates steady, as it recently indicated, at a policy meeting on Thursday.
The slower than expected growth in the third quarter prompted Socio-economic Planning Secretary Cayetano Paderanga to say that the Philippines will have difficulty hitting its fullyear 2011 growth target of 4.5 to 5.5%. Paderanga told reporters a strong pick-up in public and private construction
was needed in the fourth quarter to pull up fullyear growth. Annual growth in the third quarter was 3.2%, the economic planning agency said on Monday, lower than the market forecast of 4.3%, and slowing from annual growth of 3.4% in the ECONOMY/PAGE 7
SSS suspends loan payments THE Social Security System (SSS) announced on Thursday that it would implement what it calls a “calamity relief package” to its members and pensioners in areas devastated by storm “Sendong.” For victims of the massive floods in Cagayan de Oro and Iligan, the state-run fund would be suspending their member loan payments for six months while a three-month advance payment would be given to pensioners. SSS will also
cut the interest rate for new loans filed under its housing loan program for repairs/improvements. Members in Cagayan de Oro and Iligan with existing SSS loans — whether salary, housing or business loans — can apply for a six-month suspension of loan payments without penalties, with an extension of amortization term by six months. For members with current salary loans, they can choose instead to avail of SSS/PAGE 7