BUSINESSWEEK MINDANAO (Nov30-Dec1, 2012)

Page 1

BusinessWeek MINDANAO

Now

YOUR LOCAL ONLINE BUSINESS PAPER

www.businessweekmindanao.com

Issue No. 133, Volume III •

Cagayan de Oro City

Friday-Saturday

every Mondays, Wednesdays, & Fridays

Nov. 30-Dec. 1, 2012

P15.00

Market Indicators

As of 5:58 pm Nov. 28, 2012 (Wednesday)

FOREX

PHISIX

US$1 = P40.90

5,633.72 points

X X Briefly 3 cents

47.21 points

P5-B investment

DAVAO City – As soon as the four Malaysian firms will push through with their plans to invest in palm oil production, Mindanao will get some P5 billion in fresh infusion of investment. This was bared recently by Gil M. Dureza, Board of Investment (BOI) Davao chief, saying that they will be meeting with the representatives of the companies in Kuala Lumpur this month. Dureza said during a business forum here that Mindanao has still at least three to five million hectares suitable to palm oil production. There are about 30,000 hectares of lands devoted to palm oil plantations in the island, Dureza said.

Poverty incidence

TAGUM City --The high poverty incidence in the Davao Region continues to prove quite a challenge to the area’s development planners despite its proven resiliency during the 2010 global economic crisis. “The high poverty incidence of the region, almost one fourth of the region’s families, continues to prove a challenge,” OIC Assistant Regional Director Miguel Herrera III of the National Economic Development Authority (NEDA) XI said during the Regional Development Plan Roadshow held at the Provincial Government Center in Tagum City, Davao del Norte Wednesday. Herrera, who presented the Regional Development Plan for 2011-2016, said the Plan is growth-inclusive and will ensure that “no Dabawenyo is left behind.”

Zambo biz forum

ZAMBOANGA City -- The Zamboanga Chamber of Commerce and Industry will host a candidates forum in a local hotel in this city on Dec. 6. Chamber President Rufo Pocholo Soliven said the forum will initially focus on mayoralty bets. He said the four candidates for the city mayors have all agreed to participate in the forum. Two are incumbent congressmen, the other is a congressman convicted and jailed while the fourth candidate is a businessman.

But observers see legal entanglement with the bank’s “new” investor

C

By IRENE DOMINGO, Reporter

AGAYAN de Oro City-based Siam Bank (A Rural Bank) Inc. has been put under receivership of the stateowned Philippine Deposit Insurance Corp. by the Bangko Sentral ng Pilipinas Monetary Board.

SIAM BANK’S CLOSED. Siam Bank, a Cagayan de Oro-based rural bank owned by the Sarraga family, is now closed. The Monetary Board has placed the bank under receivership by the Philippine Deposit Insurance Corp. (PDIC). (F ile Photo)

Under MB Resolution No. 1920, the state insurer has the authority to gather, verify and validate all records of Siam Bank, which has five units. PDIC said all valid depositors will be paid up to the maximum insurance coverage of P500,000.

Siam Bank’s main branch is located at the ground floor, Executive Centrum Bldg., J.R. Borja St., Cagayan de Oro City. At end-September, Siam Bank had 5,7376 accounts with total deposit liabilities siam/PAGE 9

GMA Network to invest Primavera Residences qualifies for P100-M for CdO station

Asia Clean Energy Financing Awards PRIMAVERA Residences has qualified for the next stage of the CTI PFAN Asia Forum for Clean Energy Financing (AFCEF-3) Business Plan Competition. The competition seeks to

nurture entrepreneurs, startup and existing companies, project teams and consortia with environmentally beneficial business proposals to enable them to link with investors and financiers that

would help bring their projects to fruition. Harold J. Dacumos, Chief Finance Officer of Euroasian Design and Eco-Development Corporation (Italpinas), deprimavera/PAGE 9

To Launch Primetime Newscast in 2 months By MIKE BAÑOS, Correspondent

THE Kapuso Network is coming in Big in Cagayan de Oro and Northern Mindanao. I n it s a n nu a l Tr ade Thanksgiving Party held last November 20 at the N Hotel, Rikki O. Escudero, Vice President for Regional TV and Head for Expansion and Production Services announced GMA Network would soon be constructing an originating station in Cagayan de Oro. “Tonight, I am proud to announce that GMA Network will build its newest Origi-

nating Station with its own studio capable of churning out original programs-- for Northern Mindanao,” Ms. Escudero said. “We will be investing close to 100 million pesos for this facility which will be based in CDO . On top of the new station, Ms. Escudero said GMA Network would also be launching its afternoon “Serbisyong Totoo” Primetime Newscast “in a little over 2 months – and we will be covering news not only in CDO but also nearby Iligan, Bukidnon and Ozamiz. This is our way of gma/PAGE 9

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