MINDANAO-WIDE

Business Paper

P15.00 Volume XIV, No. 105 Mon-Tue | February 13-14, 2023 www.businessweekmindanao.com

Market Indicators FOREX PHISIX AS OF 6:00 PM FEB 11, 2023 (SAT) 6,876.79 35.00 points 0.02 cents X X

Investment hub

THE Philippines is a "great" investment destination, President Ferdinand R. Marcos Jr. told Japan's business community on Friday, as he touted the country's robust economy.

"The Philippines is a great investment area as it leads economic recovery and performance in the Asia-Pacific Region, in fact, not only in the region but also in the whole world," Marcos said during a dinner hosted by Japanese financial institutions as he expressed optimism that his five-day working visit to Japan would attract more investments in key sectors in the Philippines.

"We look forward to future projects in the following sectors from both portfolio and foreign direct investors as we are certain that these will materialize into a fair return to both parties."

No placement fee

SPEAKER Martin Romualdez on Friday urged the Department of Migrant Workers (DMW) to remove the collection of placement fees related to the recruitment and employment of Filipino workers bound for Japan.

Romualdez made the call following the commitment of Japanese companies and employers to hire more Filipinos -- particularly seafarers, professionals and non-skilled workers -- during dialogues with President Ferdinand Marcos Jr., who is currently on a five-day visit in Tokyo.

He said the DMW should push for a no-placement fee for overseas Filipino workers (OFWs) entering Japan’s labor market.

Davao Light’s expansion

DAVAO City – The filing of House Bill 6740 seeking to expand the franchise area of Aboitiz-owned Davao Light and Power Company (DLPC) to eight additional areas is a necessary piece of legislation.

No less than Davao del Norte governor Edwin Jubahib issued the statement, saying this new effort to file the bill in Congress would lead to a more sustainable and productive environment, drive economic growth and development in the province.

He said residents in the province continue to suffer from perennial problems of power supply and exorbitant power rates.

CDO scores all-time high tax take in Jan.

HE economic recovery strategy and leadership of Cagayan de Oro City Mayor Rolando Uy is paying off as business tax collection as of January 31 is highest in at least the last ten years.

Records from the office of the city treasurer showed a high P730,976,245.37 business tax collection as of end of last month. This is 26.33 percent higher than the collection over the same period in 2022.The ten-year average growth in business tax collection for the month of January is 13.02 percent.

Uy attributed this as a show of confidence by the business sector.

COCO CHARCOAL. Vendors repack charcoal made of coconut shells at Bankerohan Market, Davao City. The demand for charcoal as substitute cooking fuel has slightly gone up due to higher prices

Davao’s high inflation a challenge to region’s economic recovery: biz exec

By ANTONIO L. COLINA IV MindaNews

costlier.

He said the transportation cost is relatively more expensive these days as prices of oil in the world market have gone up due to the conflict between Russia and Ukraine.

Tria said the high inflation rate would affect local businesses, particularly the small enterprises.

“We have a lot of challenges, and one of them is high inflation. If goods are expensive, that means raw materials used in businesses are also expensive. For example, food served at restaurants will be expensive because they buy costly ingredients,” he said.

Last January 8, the Philippine Statistics Authority reported that the inflation rate in Davao Region in November 2022 remained the highest among the country’s 17 regions at 9.7%.

From January to November, the average inflation was reported at 7.3%.

“Siguro nakita sa mga negosyante unsa ka sinsero ang city government sa pagpatumna sa economic recovery. Nagtuo sila nga sa ilang pagbayad sa sakto nga buluhisan, mabalik ra usab kini sa katawhan pinaagi sa

DAVAO City — Former Sarangani Governor Miguel Rene Alcantara Dominguez has joined the 60-year-old Alsons Development and Investment Corporation (Alsons Dev) as its new director who will oversee the business strategy and operations of the premier property developer and real estate pioneer in Davao City. Alsons Dev is the real estate

He said inflation would affect local businesses because costly goods would discourage sales, creating a snowball effect on other industries.

He believed that inflation has a bearing on the capability of local producers to manufacture goods as the materials, some of them imported, have become

An increase was seen in alcoholic beverages and tobacco at 13.1% from 12.2%; clothing and footwear at 5.5% from 4.7%; furnishings, household equipment and routine household maintenance at 7.3% from 6.5%; health at 6.1% from 5.3%; information and communication at 1.2% from 1.1%; recreation, sport and culture at 6% from 5.1%; restaurants and accommodation services at 7.5% from 6.4%; and personal care, and miscellaneous goods

Iponan’s Humbalicious Fest now on its 14th year

By MARK FRANCISCO Reporter