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BusinessWeek
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com Issue No. 73, Volume III • May 18-20, 2012
Market Indicators
AS OF 5:54 P.M., MAY 17, 2012 (Thursday)
FOREX
PHISIX
US$1 = P42.92
5,017.02 points
; ; Briefly 12 cents
152.79 points
Normin’s growth
THE economic growth of Northern Mindanao is expected to gather steam in 2012 and shall be within the range of 7-7.5 percent. This, as more development projects and private investments are implemented in the region, National Economic Development Authority (NEDA) - Region 10 Chief Economic Development Specialist Engr. Cecilio Clarete said during the Macro and Development Administration Committee Meeting of the Regional Development Council (RDC), last week. Clarete, who presented the macroeconomic sector of the 2011 regional development report, also reported that although the regional economy is believed to have slowed down in 2011, its economic growth last year is expected to have fared slightly better than the country average.
Jewelry production
NABUNTURAN -- The province of Compostela Valley continuously improves the craftsmanship and quality of its jewelry pieces in a bid to widen its market. The province, which is the biggest producer of gold and silver in the region, is into jewelry production already to give additional value to the minerals that it produces. This value-adding initiative started in 2002 but actual adoption and implementation was only done in 2007. This was also the time when gold and silver jewelry was adopted as the provincial One Town One Product (OTOP).
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IIEE hosts Mindanao power forum By MIKE BAÑOS, Correspondent
THE Institute of Integrated Electrical Engineers of the Philippines (IIEE) will be hosting a Mindanao Power Forum Update at the Grand Caprice Restaurant and Convention Center, this city, on May 24. “This will be one of the events cum technical sessions we will be holding in connection with our hosting of the 2012 National Midyear Convention theme “En-
gineering a Safe and Better Nation Through Excellence in Electrical Profession” May 23-26, 2012 Grand Caprice Restaurant & Convention Center, Limketkai Center, Cagayan de Oro City. The forum is sponsored by Primavera Residences as presentor and the following major sponsors: Energy Development Corporation, Steag State Power Inc., and Italpinas Euroasia Design and Eco-D e velopment Corporation, developers
of Primavera Residences. Ms. Waga said the forum will focus on the technical aspects of the Mindanao Power Development Plan and its role in the current power crisis sweeping the island. Although most of the participants would be convention delegates, she added it would also be open to interested participants from the general public. Usec. Josefina Patricia SUMMER HEAT. Kids take shelter inside culverts in a M. Asirit, Chief of Staff of construction site in downtown Cagayan de Oro as temPOWER/PAGE 9 perature rises in northern Mindanao. PHOTO BY GERRY L. GORIT
Govt set to resolve issue on bananas with China Pineapples, papayas impounded, too By IRENE DOMINGO, Reporter
AFTER holding huge shipments of Philippine banana in their ports recently, Chinese authorities have also started impounding Philippine papayas and pineapples, an official said on Wednesday. Clarito Barron, director of the Bureau of Plant Industry, said some 43 crates of papayas and pineapples worth around $1 million were held at Chinese ports last May 2 after being found infested with “mealybugs” during a random inspection. Barron explained a mealybug is a cosmopolitan pest which can also be found in China and other parts of the world. He said after the discovery of the supposed pests, Chinese authorities decided to conduct a total inspection of the fruits. He expects the impounded fruits will already be rotten by the time Chinese authorities finish
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inspecting them. The official also said he is puzzled that Chinese authorities are suddenly claiming that the fruits were fraught with bugs when their counterparts in Japan and Korea are not reporting of a similar infestation. Nevertheless, Barron said Phil-
ippine authorities are willing to cooperate with their Chinese counterparts to finally resolve the trade issue. He added the agriculture officials are just waiting for the official invitation of the Chinese government so they can visit the PINEAPPLE/PAGE 8
By CARMELITO Q. FRANCISCO Correspondent
T
HE Philippine government is sending a team this week to China to look into the protocols the Chinese government is imposing on Philippines exports, particularly bananas.
At a press briefing during the visit of President Benigno S. C. Aquino III in Davao City on Monday, Agriculture Secretary Proceso J. Alcala said the team will look at how banana exporters can comply with the requirements. Mr. Alcala also said the Philippine government is inviting Chinese government representatives to check local systems and procedures. “The important thing is we can improve our protocols,” Mr. Alcala said, in response to the call of the banana growers who felt they have been bullied by the Chinese government by claiming some pests were found on Philippine banana exports even when such pests only appear BANANAS/PAGE 8
Creation of power firm pushed
Bukidnon blackouts to be solved soon
power situation in the island and wants the two hydroelectric plants serving Mindanao made more efficient instead of being privatized. MinDA chair Secretary Luwalhati Antonino said her office presented a sum-
MALAYBALAY City -- The earlier warning of ‘catastrophic blackouts’ in Mindanao if unchecked appears real with six hours of daily rotational blackouts. These blackouts are imposed by the Bukidnon BLACKOUTS/PAGE 10
By BUTCH D. ENERIO Correspondent
THE Mindanao Development Authority (MinDA) said it is asking Malacañang to approve the creation of a Mindanao Power Corp. (Minpocor) to address the
mary to President Benigno Aquino III on Monday detailing the profitability of the Agus and Pulangi hydro plants, contrary to claims by the National Power Corp. that they are losing. She said that the AgusFIRM/PAGE 10