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BusinessWeek
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www.businessweekmindanao.com Issue No. 33, Volume III • December 23-25, 2011 Editorial: 088-856-3344
Market Indicators
AS OF 5:34 P.M., DEC. 21, 2011 (Wednesday)
FOREX
;
US$1 = P43.95
8 cents
PHISIX 4,368.88 points
26.70 points
;
Briefly Butuan hydro
BUTUAN City -- The effort of the city government here and the local business group on public-private-partnership finally bared fruit when a Japanese firm and three local business firms recently inked a Memorandum of Understanding (MoU) to construct run-to-river mini-hydropower plants in this region’s frontier and capital city in the Caraga Region. The setting up of multimillion-peso run-to-river hydropower plants in this city will be a big boost to the national government’s Mindanao power generation program for 2012 and beyond, business analysts here said. “This power project in Butuan is a big help to Butuanons, and also a plus factor to the growing industries in this part of Mindanao. This is also a big support to our national government’s power generation in Mindanao,” said businessman Ronnie Vic Lagnada.
New wage hike
DAVAO City -- The wage hike granted for workers in Region 11 is set to take effect on January 1, 2012. Department of Labor and Employment regional director Joffrey Suyao in today’s Talking Points, a weekly radio program aired over DXRP- Radyo ng Bayan, explained that the wage order integrates into the basic wage the cost of living allowance or COLA of P15 as provided for under Wage Order RB XI-16. It provides for a P15 cost of living allowance which P5 will be given out starting January while the P10 remaining balance will be followed by May 2012.
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P15.00
Aids keep pouring in for flood victims By CARMELITO Q FRANCISCO, Correspondent with Wire Reports
L
OCAL governments in Mindanao have provided assistance to fellow Mindanaoans affected by the deadly flashfloods last weekend, officials said.
The provincial government of South Cotabato is sending coffins and rice while the Davao City government has earmarked a P3-million cash assistance to victims of tropical storm Sendong. South Cotabato Gov. Arthur Y. Pingoy, Jr. said the province has earmarked P1.5 million in assistance to victims in the cities of Cagayan de Oro and Iligan. “We have a bumper palay harvest in the province and so the assistance to the flood victims will, in effect, also help our farmers [because
we will buy from them],” he said. For the coffins, Mr. Pingoy said the province has about 10 to 15 pieces in stock. He said the assistance of South Cotabato would be brought to the two Northern Mindanao cities together with those coming from nearby Sarangani province. For his part, Sarangani Gov. Miguel Rene A. Dominguez on Monday said the provincial government will be sending P500,000 Flood victims queue for potable water and relief goods supplied by both government worth of rice to the two and private institutions. President Aquino has declared a state of national calamity AIDS/PAGE 12 for Cagayan De Oro and Iligan cities. PHOTO BY ROLANDO SUDARIA
P1.2-b funds out WB, ADB to help Mindanao rehab for calamity areas By ALLAN MEDIANTE, Executive Editor
BUDGET and Management Secretary Florencio B. Abad has announced that the Aquino administration is ready to use P1.297 billion in calamity-response funds to help victims of Tropical Storm “Sendong.” “With the Calamity Fund, the government is genAWARDS/PAGE FUNDS/PAGE 1213
ASSISTANCE from foreign countries are pouring in after the country was hit by devastating Typhoon Sendong with the Asian Development Bank (ADB) and the World Bank making pledges to lend additional money for the Philippines, President Aquino said on Tuesday. In his speech before the
evacuees in Cagayan de Oro City during his visit on Tuesday, the President said the ADB committed US$ 3-million loan for the Philippines that could be used for the rehabilitation of typhoon-affected areas. He added that the World Bank also pledged to release a US$ 500-million loan with low interest rate in case
the government need more funds for disaster-response. The President said ADB’s loan is a previous offer after the Philippines invested in the bank in the past. He said the payoff is for the country to avail of the money intended for natural disasters. Aside from this pool REHAB/PAGE 12
Nestlé’s CdO plant spared FLASH FLOODS in Cagayan de Oro brought on by tropical storm Sendong spared the coffee and milk factory of Nestlé Philippines, Inc. but affected more than a hundred of its employees, the local arm of the Swiss food giant said in a statement. “We have identified 115 employees of the Nestlé Philippines Cagayan de Oro factory affected by the calamity,” the firm said after the storm devastated parts of Northern Mindanao and
Visayas last weekend. “Meanwhile, the factory is undamaged, with the focus of attention being the welfare of affected employees,” Nestlé Philippines added, without elaborating on the storm’s impact to production. The Cagayan de Oro factory is said to be Nestlé’s only manufacturing facility outside Luzon, built on a 25.67-hectare site in Barrio Tablon according to data on the firm’s Web site. NePLANT/PAGE 13