BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 114, Volume III • Oct. 8-11, 2012
Market Indicators AS OF 5:53 PM OCT. 4, 2012
FOREX
PHISIX
US$1 = P41.59
5,375.52
; ; Briefly 5 cents
26.84 points
Iligan biz month
ILIGAN City -- Different activities have been lined up for this year’s celebration of the Iligan Business Month in October. The business sector and stakeholders joined the program of its kick-off on October 1. A motorcade went around the city after the program in the city’s thoroughfares and converged at the Gaisano Mall for another program and press conference. The Sangguniang Panlungsod, in Resolution No. 11-715, declared month of October as Iligan Business Month dubbed, “Asenso Iliganon” where all the local stakeholders and business sectors can participate in the different projects and programs in partnership with the local government of Iligan and other governmental agencies, said City Councilor Frederick W. Siao of the SP in his opening remarks.
Investment promotion
CARMEN, Davao del Norte -- The local government of Carmen is intensifying its investment promotion to entice more investors to locate their businesses and pour investments into the municipality. Municipal Mayor Marcelino Perandos said the Municipal Council last year passed the Local Tax Incentives Code granting tax exemptions to investors, and that the Business Bureau of the municipal government had streamlined the processes of approving business permits. “Our business bureau facilitates business permit processing to make it fast,” he said. “This is in addition to the fact that we have the lowest business fees and charges in the entire Davao del Norte,” he added.
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PH laws hinder foreign investments: US envoy By BUTCH D. ENERIO, Correspondent
P
HILIPPINE law that restricts foreign ownership of land is one of the several reasons why American investors shy away from doing business in the country, said Us Ambassador Harry K. Thomas Jr.
Although that there are a number of American investors coming in, but their investment is insignificant compared to other Asian countries where US investments considerably helped their economies. Amb. Thomas said that the American investors who would be doing business here are keen on renewable energy particularly in Mndanao. Earlier, The Board of Investment disclosed that 95 percent of investments in the country are domestically sourced and only five CONTRASTING FATE. These children seemed to be going in different directions, literally. With the midterm percent are foreign. election fast approaching, the main issue is eradication of poverty which affects primarily the future of LAWS/PAGE 6 children of the less privileged. (CONTRIBUTED PHOTO)
Amid rotating brownouts, Mindanao warned of higher electricity bills By IRENE DOMINO, Reporter with Wire Reports
ASIDE from experiencing another rounds of rotating, Mindanao consumers will have to brace for higher electricity bills as the maintenance shutdown of the region’s biggest coal plant would force utilities to tap costlier diesel-fed facilities to ensure ample power supply, industry sources said. According to the National Grid Corp. of the Philippines, Mindanao BILLS/PAGE 6
Compensation for IP communities for protecting CDO watershed pushed By BONG FABE, Correspondent
(Part 1) THE environmentalist who predicted twenty years ago a Sendong-like devastation to happen in the city if nothing is done to rehabilitate its watershed area is proposing a full-scale plan to strengthen the resilience of the Cagayan de Oro river basin ecosystems to prevent loss of lives and properties if an-
other storm visits the city. Raoul Geollegue, technical team leader of the Relief Philippines-affiliate Enterprise Works Worldwide/Philippines (EWW/P), said that there is an urgent need to rehabilitate the Cagayan de Oro river basin so that it will provide the basin’s drainage areas with life-giving water instead of death due to floods. He said that if implemented, the plan will make the Cagayan
de Oro river basin “resilient to adverse climatic disturbances” by “[restoring] the integrity of the Cagayan de Oro Watershed as a life support system providing water at the right quality and quantity over time within its confines and beyond.” Geollegue, former regional executive director of the Environment department in Northern Mindanao, said the objectives of COMPENSATION/PAGE 6
BOC to exceed collection this year By GERRY L. GORIT, Reporter
THE Bureau of Customs here is set to exceed its collection target for the month of August 2012. Customs collector Anju Nerio Castigador said they have already collected more than P400-million and will exceed the P500-million target when the expected payment
of P100-milllion from a petroleum company is on hand. Castigador added that they expect to continue the same performance in the remaining months of the year with the coming increase in collection from importations for the Christmas season. He said this will make them reach COLLECTION/PAGE 6