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BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 72, Volume III • May 7-10, 2012
Editorial: 088-856-3344 • Advertising: 0917-7121424
P15.00
Market Indicators
AS OF 5:55 P.M., MAY. 4, 2012 (Saturday)
FOREX
PHISIX
US$1 = P42.32
5,297.32 points
;
2.86 points
;
.15 cents
Briefly Price monitoring
TANDAG City -- The Department of Trade and Industry (DTI) here has already started to monitor school supplies in the province. According to DTI Provincial Director Andres Yparraguirre, some office personnel have already been assigned to this effect in order to check the quality and prices of such merchandise. It was learned that their areas of destination are the cities of Tandag and Bislig, as well as in Hinatuan town. These are places where businesses are brisk.
No brownout
ILIGAN City -- The city of Iligan will not experience rotating brownouts or power curtailment for the entire month of May. City Councilor Moises Dalisay, Jr., Committee Chair on Water and Energy, said Treasure Steelworks Incorporated (TSI) again allowed Iligan Light and Power Incorporated (ILPI) the use of its 10 megawatts of unused power. This is in accordance with an existing agreement between the city of Iligan, National Power Corporation, National Grid Corporation of the Philippines, TSI, and ILPI. TSI allowed the use of its unused power as the plant opted not to operate its accessory plants.
Samal Festival
IGACOS, Davao del Norte -- The wonderful rhythm of drum beats and Agongs and colourful sights of Filipino culture and arts filled the environment here yesterday afternoon signifying the onset of the city’s “Pigkaysan sa Samal Festival.” The festival is an environmental, music, arts, and culture fair in the Island Garden City of Samal (IGACOS), which is slated on May 4 to May 6. It is part of the Visit Samal 2012 Campaign program of the Department of Tourism and the local government.
By NELSON V. CONSTANTINO, Editor-in-Chief
T
HE MINDANAO Development Authority (MinDA) has started acting on recommendations made during last month’s Mindanao Power Summit.
In a press statement sent to this paper on Friday, MinDA said they will soon form a Mindanao Power Monitoring Committee (MPMC) that will inform the public on the power situation, including supply and price levels, as well as assess viability of specific summit recommendations, including the setting up of a one-stop shop processing center (OSSPC) to speed up approval of generation projects. MPMC and the OSSPC are two of the action points identified by the President, according to MinDA Chairperson Luwalhati Antonino. She said MPMC will be responsible for providing outright information to the people of Mindanao regarding the energy and power situation, including, but not limited to, supply and price levels. POWER/PAGE 8
Consumer group plans to buy Agus-Pulangui By MIKE BAÑOS, Correspondent
THE people of Mindanao will respond to President Aquino’s call to do their share to help alleviate the power crisis in Mindanao. The island’s power consumers will launch a massive initiative to buy the island’s hydroelectric power plants if the government insists on selling them. “If the National Government insists on privatizing the Agus and Pulangui hydroelectric power plants despite stiff CONSUMER/PAGE 2
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STARK CONTRAST. Despite the rosy picture being painted by the Aquino administration regarding the country’s state of economy by covering shanties in Metro Manila during the recently-held ADB Governors Meeting, ADB report says poverty is still prevalent in this country. PHOTO BY MIO CADE
ADB: Hunger still prevalent in PH THE Philippines still have to address undernourishment, though the country posted a 6 percent decline in poverty over a three-year period, the Asian Development Bank said Friday. The bank noted in its “Food Security and Poverty in Asia and the Pacific” report that the number of poor Filipinos living on $1.25 (around P52.5) a day has declined by 6.19 percent from 2006-2009. However, the multilateral
lender citing a 2011 United Nations report said the general population is suffering from undernourishment. “These findings imply that hunger eradication does not necessarily follow from poverty reduction, suggesting that policies that drive down income poverty alone may not be enough to reduce hunger,” the report read. The Philippines’ main driver of poverty reduction was higher
income, while food and nonfood prices pushed the poverty rate, the bank noted. “While food insecurity and poverty are closely interrelated, growth alone may not suffice to ensure food security,” it said. The report said that Philippines needs to give its food security initiatives more importance, as it will have a “profound impact on global food consumption” in the future due ADB/PAGE 10
Leyte-Mindanao interconnection project eyed By IRENE DOMINGO Reporter
THE National Grid Corp. of the Philippines (NGCP) expects to complete the feasibility study for the LeyteMindanao Interconnection Project within this year.
NGCP Adviser for External Affairs Atty. Cynthia Alavanza was in Davao City on Thursday for the Power 101 briefing among the media here, where she discussed the NGCP programs and also answered queries from the members
of the press especially on the current power situation in Mindanao. She said the study would determine the projected cost of the project, the mode and the technology. It will also determine if the grid needs the interconnection,
she said. The Department of Energy (DOE) asked NGCP to revive the Leyte-Mindanao Project in 2011. The Energy Regulatory Commission subsequently approved the conduct of the feasibility PROJECT/PAGE 5