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BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 25, Volume III • November 25-27, 2011
Market Indicators
AS OF 5:12 P.M., NOV. 23, 2011 (Wednesday)
FOREX
PHISIX
US$1 = P43.37
4,271.59 points
18.16 points
;
; Briefly 7 cents
Research institute for banana
VICE President Jejomar Binay is pushing for the establishment of a research institute specific to banana growing and stressed the need to harness technology in order to promote growth of the country’s banana export industry. “We cannot lag behind in the digital age, but it is now time that we should learn to explore and apply new technologies to our agriculture in order to enhance our food security and increase the value of our exports,” he said. “We all have to employ our greatest powers in order to protect this industry which contributes around US$ 720 million in export earnings yearly,” Binay added.
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P72-B stimulus fund to benefit Mindanao D
AVAO City -- The P72-billion stimulus fund under President Aquino’s administration will also benefit Mindanao, says Mindanao Development Authority Chair Lualhati Antonino.
Antonino bared that among those who will benefit from the stimulus package will be the Autonomous Region in Muslim Mindanao (ARMM) with an allocation of P8.5 billion. The fund which is termed as the ARMM Transition and Investment Support Plan will include welfare projects covering cash-forwork-programs, construction of day care centers, supplemental feeding, core shelter assistance. The stimulus fund will also finance the building of infrastructure like irrigation and farmto-market roads.
Consumer complaints
ILIGAN City -- The Department of Trade and Industry’s Bureau of Trade Regulation and Consumer Protection (DTI-BTRCP) explained to the consumers on how they handle complaints filed with the agency. Under Article 100 of the Consumer Act of the Philippines, should the consumers find the product they bought defective, they could ask the commercial establishment to repair or replace the item or refund the money they paid. Provincial Director Ruel B. Paclipan explained that the consumer could file a complaint with the DTI if the establishment fails to act on the matter.
NOW OPEN EN
Aside from the ARMM funding, P6.5 billion will also be poured to various local government units for their own stimulus funds dubbed as the LGU support fund. These allocations will be strictly allocated for capital outlay as a local government’s pumppriming measure and not as a fund for maintenance and personnel services. The government is aiming that the LGUs will prioritize the development of roads, enhance agricultural productivity and local enterprises. FUND/PAGE 9
B’dnon solon questions reduction of solar power By ALLAN M. MEDIANTE Executive Editor
A kid sells purified water during heavy traffic in downtown Cagayan de Oro. Skyways were constructed along busy junctions in the city to ease the burgeoning traffic.
MALAYBALAY City -Bukidnon’s second district Rep. Florencio Flores Jr., has called for an investigation of the Department of Energy for allegedly reducing of the capacity of solar photovoltaic (PV) power plants to only 50 megawatts (MW),
Philippine-Russian Business Council formed More trade, economic opportunities for Filipino businessmen seen By BUTCH D. ENERIO Correspondent
THE Chamber of Commerce and Industry of the Russian Federation has formally approved the formation of the Russian-Philippine Business Council (RPBC) recently. The council would see opportunities for more trade and economic opportunities for Filipino
entrepreneurs doing business in Russia through the Philippine-Russia Business Assembly (PRBA), RPBC’s counterpart in the country where representatives from both countries also signed a memorandum of agreement (MOA) . Armi Lopez Garcia, honorary consul of the Russian Federation in the Philippines and president of the PRBA, said that the historic
MOA signing of cooperation between the RPBC and the PRBA is a proof of the commitment of both countries to strengthen economic and cultural ties between Russia and the Philippines. “This strategic alliance will work hard for the business and trade development between Russia and the Philippines.” Garcia said. She said that for the COUNCIL/PAGE 7
which he said is contrary to the Renewal Energy Law which provides a 235 MW for a solar power project. Rep. Flores filed House Resolution 1785 saying he wants DOE to shed light on the issue and resolve the problem. “The DOE and the National Renewable Energy SOLON/PAGE 8
JICA-funded project in Davao extended By CARMELITO Q. FRANCISCO Correspondent
DAVAO City -- The Davao Industry Cluster Capacity Enhancement Project, a program under the Department of Trade and Industry (DTI), is set to be extended after the first phase is completed this year. The project is also up for implementation in other regions next year. Marizon S. Loreto, regional DTI director, said in JICA/PAGE 7