BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 38, Volume III • Jan. 9-12, 2012
Market Indicators
AS OF 5:24 P.M., DEC. 29, 2011 (Thursday)
FOREX
PHISIX
US$1 = P43.84
4,371.96 points
; ; Briefly 13 cents
35.33 points
Business permits
BUTUAN City– Chief of Business Licensing and Permit Division Paul Cabrera called on businessmen and entrepreneurs to renew their licenses and permits early to avoid penalties. The deadline for the renewal of business permits and licenses is until January 20 only, said Cabrera in an interview with local radio here. Beyond the said date, a 25 percent penalty will be imposed on applications. Last Monday, more than 300 individuals have already applied their permits, and 50 of these applications were already issued mayor’s permit.
Nonoc mining
SURIGAO City -- A Filipino investor is interested in the revival of Nonoc Nickel mine of Philnico Industrial Corp. (Philnico), City Mayor Ernesto Matugas confirmed recently. Matugas said San Miguel Corporation’s Chief Executive Officer, Ramon Ang is now seriously considering the reopening of the said refinery located in Nonoc Island.
Water is back
THE management of the Cagayan de Oro City Water District (COWD) has announced that the rehabilitation of the Booster Pumping Stations and production facilities in Macasandig is almost completed. Supply of treated bulk water from Rio Verde has likewise resumed. This brings COWD supply capacity in the East Service Area to 95% and 90% in the West.
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Foreign equity gets into rural banking By NELSON V. CONSTANTINO Editor-in-Chief
R
URAL banking in the country is now given a boost with the approval of a bill that allows foreign equity into the rural banking system.
House Bill 5360, authored by Camiguin Rep. Pedro Romualdo, seeks to amend Section 4 of Republic Act 7353 or the Rural Banks Act of 1992 to open new source of equity infusion for rural banks, allowing non-Philippine citizens to become members of the board of directors. Under S ection 4 of RA7353, only Philippines citizens should own and hold directly and indirectly the capital stock of rural banks. “With the restriction, rural banks remain the only category of domestic banks that is not allowed any foreign equity,” said Rep. Sergio Apostol (2nd District, Leyte), who chair’s the House committee on banks and financial intermediaries. “The State recognizes the need to promote comprehensive rural development EQUITY/PAGE 10
Primavera Residences property values expected to rise further A C O N F LU ENCE of events is expected to raise the property values of units in Northern Mindanao’s first eco-friendly development, the Primavera Residences in Pueblo de Oro Township. Since it initiated its first two percent price adjustment with the completion of its foundation in PRIMAVERA/PAGE9
Survivors still flock schools and public areas for shelter and assistance. But the education department said evacuees will be transferred to better places to give way to classes. At right, a unified effort to help the flood victims in Cagayan de Oro and Iligan cities continues.
Evacuees wont hamper classes, to get better place to stay By BUTCH D. ENERIO Correspondent
IN order not to deprive the school children of their classes whose classrooms are used as evacuation centers
for the victims of typhoon ‘Sendong’, the Department of Education (DepEd) in cooperation with Rep. Rufus Rodriguez of the Second District here will transfer the evacuees to where they
DepEd accounts students, teachers after ‘Sendong’ By BUTCH D. ENERIO Correspondent
THE Department of Education (DepEd) in northern Mindanao will start to account pupils and teachers once classes normalize, particularly in areas devastated by tropical typhoon Sendong in Cagayan de Oro and in
Iligan cities. Luz Almeda, DepEd regional director for northern Mindanao said that after they have transferred the flood victims, who were evacuated in school buildings, to another evacuation centers, they will start to evaluate the situation and DEPED/PAGE 9
will be better served. “The decision was made with all guts and sincerity not to deprive the pupils for the flood victims will when classes resume af- continue at the identified ter the Christmas break, centers where they will be and the relief operation EVACUEES/PAGE 10
LESSONS FROM THE FLOODS
Better communication system, vacate waterways in Bukidnon By ANN NOBLE Bukidnon Bureau Chief
MALAYBALAY City -- The local government and various agencies in Bukidnon have learned lessons the hard way with the devastation the recent floods have brought to its people and
environment. During the council meeting held here last week, officials and members of the Provincial Disaster Risk Reduction and Management Council (PDRRMC) welcomed the move to enhance the province’s comLESSONS/PAGE 9