BusinessWeek
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www.businessweekmindanao.com Issue No. 89, Volume III • July 13-15, 2012
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P15.00
Market Indicators
AS OF 5:47 PM JULY 12, 2012 (Thursday)
FOREX
PHISIX
US$1 = P42.08
5,205.19 points
30.25 points
;
20 cents
;
Briefly Davao-Manado flight
INDONESIAN carrier Wings Air has resumed its chartered flights services between Manado and Davao using a 70-seater twin-engine aircraft. The flights, which were revived in June after ending in 2008, are expected to boost tourism and trade among cities of the Brunei DarussalamIndonesia-Malaysia-the Philippines East ASEAN Growth Area (BIMP-EAGA). Wings Air is a subsidiary of Indonesia’s largest privately run airline Lion Air. “This progress will greatly benefit our traders and businessmen who have major transactions in either Manado or Davao, and other nearby cities,” said Shelly Sondakh of the BIMP-EAGA Secretariat in Manado.
M
ANILA - The Department of Transportation and Communications said the Korea Economic Cooperation Development Fund will lend out $13.29 million for the improvement of the air navigation system of the Laguindingan Airport.
CDO-USAID initiative
THE 16th city council confirmed the memorandum of understanding (MOU) entered between Cagayan de Oro and the United States Agency for International Development (USAID) for the USAID/Philippines Cities Development Initiative. The council, headed by Vice Mayor Caesar Ian E. Acenas during its regular session, this city last Tuesday set this with Cagayan de Oro represented by city mayor Vicente Y. Emano. Cagayan de Oro was selected as one of the three cities in the country to participate in the initiative. The other two participating cities are Batangas City for Luzon and Iloilo City for the Visayas. Based on the statement of understanding, the parties will cooperate in efforts to execute catalytic, sustainable, transparent and equitable economic reforms to spur rapid, broadbased and inclusive economic growth.
FORCED LABOR: A child worker transports woods that he has collected from the dumpsite to the charcoal factory. Poverty forces minors to work and Northern Mindanao is among the regions in the country with the highest record of child labor. PHOTO BY MIO CADE
Butuan gets ready for M’danao business confab BUTUAN City -- This city is hosting the annual Mindanao Business Conference, which will run from August 2 to 4 at the Almont Hotel’s Inland Resort. Now in its 21st year of staging, the “MinBizCon” is the main multisectoral platform for fostering competitiveness and accelerating growth in the region and for showcasing investment
Beside U.C.C.P., C.M. Recto Ave., Nat’l Highway, Cag. de Oro City
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destinations, particularly in its host city and surrounding provinces. The Mindanao Business Conference is organized by the Philippine Chamber of Commerce and Industry (PCCI) and the Butuan Chamber of Commerce, with support from the Mindanao Development Authority (MinDA) and the U.S. Agency for International Development (USAID), through its Growth with Equity in Mindanao (GEM) Program. The MinBizCon is also supported by local governments of Butuan City and
Agusan del Norte province, DTI, Department of Tourism, Department of Agriculture and other partners. “We’re looking forward to hosting this event and drawing attention to opportunities here,” said City Mayor Ferdinand Amante Jr., who cited several ongoing business developments, including the construction of a mall and a 150-room hotel by a nationwide chain, as well as a golf course. CONFAB/PAGE 11
In a statement, Transport Secretary Manuel “Mar” Roxas said the loan would be coursed through the Export-Import Bank of Korea, thus requiring the Philippine government to tap the Korean private sector for contractors. The Laguindingan Airport will require a better instrument landing system, a Doppler radar, a communications system, an automated weather observation system, electrical works for the air navigation system and aeronautical ground lighting system, among others. About 90 percent of civil works at the airport has been completed by Yooshin Engineering Corp., SCHEMA Konsult, Inc., and the Hanjin Heavy SOLONS/PAGE 7
Indian investor eyes Davao’s potential for rice bran oil DAVAO City -- Department of Trade and Industry (DTI) Davao City director Teololu Pasawa disclosed that an Indian investor who recently visited the city signified interest in the region’s rice bran stocks that are left unprocessed to their fullest. Pasawa said the investors from India made an ocular of an area that they had identified for a possible site of a coconut oil processing plant and saw the stocks of rice bran in almost all areas that they visited. Although he did not disclose the names of the Indian investors, he said the rice bran also caught their attention for possible processing of oil and integrated this to their major business prospect of processing coconut oil. INDIAN/PAGE 11