BUSINESSWEEK MINDANAO OCT. 22,2012

Page 1

BusinessWeek

YOUR LOCAL ONLINE BUSINESS PAPER

www.businessweekmindanao.com Issue No. 118, Volume III • Oct. 22-25, 2012

Editorial: 088-856-3344 • Advertising: 0917-7121424

P15.00

Market Indicators AS OF 5:55 PM OCT. 19, 2012

7 cents

;

PHISIX 5,432.36

3.58 points

;

FOREX US$1 = P41.39

Briefly EU aid for M’nao

THE European Union is providing P312 million to boost the livelihood recovery of some 50,000 families or 300,000 persons displaced by past conflicts in Central Mindanao. In a statement, Thelma Gecolea, EU Delegation to the Philippines, said that the grant is under the project dubbed “Enhancing the Resilience of Internally Displaced Persons in Central Mindanao by Strengthening Livelihoods.” “This is a concrete and strong reaffirmation of the EU’s commitment to support the peace process in Mindanao,” Gecolea said.

Treasury bond

THE government, through the Bureau of Treasury (Btr), is issuing for the first time a 25-year retail treasury bond (RTB) to help investors in their search for investment instruments for long-term savings. It will be offered to the public from October 9 to 22 for as low as P5,000 and with additional amounts in multiples of P5,000. The current offering, having a maturity of 25 years, will be issued on October 24, 2012 with quarterly interest payments at a rate of 6.125 percent per annum.

ConsumerNet dialogue BUTUAN City -- Members of the Caraga Consumer Network (ConsumerNet) and consumer organizations in Agusan del Norte will be participating in the dialogue and workshop with cellphone sellers, as well as in the 7th ConsumerNet Meets the Public on October 31. The said dialogue and workshop will be conducted in the morning session while the ConsumerNet Meets the Public will be in the afternoon session. Both will be held at the Barangay Imadejas Function Hall, this city. The whole-day activity is the culmination of the month-long celebration of the Consumer Welfare Month with the theme “Get organized. Be Heard. Be Empowered.”

By CARMELITO Q. FRANCISCO Correspondent

D

AVAO City -- The Mindanao power situation has turned alarming as curtailment on Thursday last week went up to 410 megawatts (MW), or roughly a third of the island’s 1,250 MW average demand during weekdays.

Based on information from the National Grid Corp. of the Philippines (NGCP), the reduction in Mindanao’s power supply resulted from the shutting down of the Misamis Oriental-based STEAG State Power, Inc.’s two coal-fired power plants that were earlier scheduled for preventive maintenance. Milfrance Q. Capulong, spokesperson of the grid operator for its southern Mindanao field office, said a number of areas on the island were experiencing an average of two hours in rotational brownouts. Ms. Capulong said due to the curtailment, the grid operator had to apportion the power output supplied STEAG/PAGE 9

As peace looms: Big business mulls over its options AS THE peace accord opens the entire Mindanao for business, traders are of two minds as to how they should respond, with some wanting to hit the ground running and others opting for a more PEACE/PAGE 9

LARGEST VESSEL IN MISOR. The world’s largest cargo vessel, Vale Minas Gerais, docked at the port of steel firm Philippine Sinter Corp. in Villanueva, Misamis Oriental. The huge ship, bigger than 3 football fields laid from front to tail, delivers 400,000 metric tons of iron-ore to the sintering plant of Japan’s JFE Steel.

World’s largest iron-ore ship calls port at Misor’s steel plant By NELSON V. CONSTANTINO Editor-in-Chief

VILLANUEVA, Misamis Oriental -- The Vale Minas Gerais, the world’s largest iron-ore carrier, recently made its maiden voy-

age to the Philippines carrying iron-ore for the Japanese firm Philippines Sinter Corp. (PSC) in Villanueva, Misamis Oriental. The Rio de Janeiro-based Vale, the world’s No. 2 mining company, said the Singapore-

flagged Vale Minas Gerais has the capacity to transport up to 400,000 metric tons of iron ore and capable of reducing carbon emissions by 35% per ton of ore transported. SHIP/PAGE 9

Brownouts due to chronic power shortage By MIKE BAÑOS, Correspondent

Primavera Residences was the only developer of over 30 booths exhibiting their products and services during the 11th National Cooperative Summit held October 11-13, 2012 at the Limketkai Center Atrium. Ms. Primavera/Ms. Kagay-an 2012 Greanne Trisha Mendoza helped host the Primavera booth with the Primavera Residences marketing and office staff. Four thousand cooperative officers, delegates and advocates all over the country are attending the Summit hosted by FICCO, PFCCO, CLIMBS, MASS- SPECC, & NATCCO.

Energy officials may differ in their opinions regarding the rotating brownouts now being exprienced in some areas of Mindanao but all agree it is a result of the chronic power shortage in the island. Media reports quoted Dept of Energy Undersecretary Josefina Asirit as saying outtages could last only two hours or less in certain areas during peak hours despite the shutdown

of the Mindanao Coal plant in Misamis Oriental. The report quoted Ms Asirit as saying DOE would maximize the output of Mindanao’s Agus and Pulangui hydropower complexes and limit the load distribution utilities would be able to withdraw from the grid. In addition, DOE would ask private firms and distribution utilities to use their own embedded generators to supplement supply within their respective areas. An officer of the Min-

danao Coal power plant clarified numerous media reports attributing their month long shutdown as the sole cause of the recent spate of brownouts in Mindanao. “Mindanao has a chronic power shortage resulting in power outages being experienced for several years now in many areas,” said Jerome R. Soldevilla, communications officer of STEAG State Power Inc., the island’s only coal-fired power plant. “Our prevenBROWNOUTS/PAGE 9


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