BusinessWeek MINDANAO Best in Business and Economic Reporting Philippine Press Institute Civic Journalism Community Press Awards 2013
Volume V, No. 2
Market Indicators
As of 6:12 pm june 10, 2014 (Tuesday)
FOREX
PHISIX
US$1 = P43.67
6,777.98 points
24.75 points
X
9 cents
X
Briefly Code of conduct A CAGAYAN de Oro city prosecutor here has been suspended by Department of Justice (DOJ) Secretary Leila de Lima in connection with the alleged unwanted handling of the controversial Ponzi Scam, involving Coco Rasuman. In a two-page order, De Lima ordered City Prosecutor Fidel Macauyag’s 90-day suspension for violating the Code of Conduct for Prosecutors. In 2012, De Lima barred local prosecutors from conducting preliminary investigation into the case involving Rasuman and his group because she wanted it to be handled by the DOJ’s special prosecutors. De Lima said Macauyag defied the order by making an assistant city prosecutor conduct a preliminary investigation into the case. (Cheng Ordoñez)
Agri credit program SURIGAO City -- A total of seven pre-identified Agrarian Reform Beneficiaries Organizations (ARBOs) from the different municipalities of Surigao del Norte were oriented on Agrarian Production Credit Program (APCP). The identified ARBOs are Ima Women’s Initiated Community Association (IWICA) of Barangay Ima, Sison; San Pedo Rural Workers Association (SAPRUWA) of Barangay San Pedro, Alegria; Himamaug Agrarian Reform Beneficiaries Cooperative (HARBCO) of Barangay Himamaug, Taganaan; Cantapoy Farmers and Fisherfolks Credit Cooperative (CAFFCRECO) of Barangay Cantapoy, Malimono; Esperanza Farmers Credit Cooperative (ESFARCRECO) of Barangay Experanza, Del Carmen; Rural Improvement Club Producers Cooperative (RICPROCO) of Barangay Capalayan, Surigao City; and Union Agro-Aqua Credit Cooperative (UNAACO) of Barangay Union, Dapa. Because of this orientation, 289 farmer-members of the seven ARBOs were being introduced to the agrarian credit program. Thirty-two from IWICA, 31 from SAPRUWA, 82 from HARBCO, 26 from CAFFCRECO, 35 from ESFARCRECO, 48 from RICPROCO and 35 members of UNAACO.
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Wednesday | June 11, 2014
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IMEM transition period gets one year extension T
By MYRNA VELASCO, Contributor
HE Department of Energy (DOE) is inclined to extend for at least a-year-stretch the transition period for the full-swing commercial operation of the Interim Mindanao Electricity Market (IMEM), primarily with concerns relating to suspension on the application of settlement amounts and imposition of financial penalties.
BANGSAMORO LAW. Presidential Adviser on the Peace Process Teresita Deles allays fears and rumors about the so-called delay in the passage of the Bangsamoro Basic Law during her speech at the opening of the two-day two-day International Conference of Cotabato at Notre Dame University Gymnasium on June 6, 2014. mindanews photo by toto lozano
This has been based on Department Circular Number DC 2014-05-0010 that was issued last week by the Department of Energy. “When the circumstances warrant, the transition application for application
of Section 1.1 of this Circular may be extended by the DOE until one year from the commencement of the IMEM,” the edict has noted. The original transition period provided for the I M E M h a d b e e n f rom
December 3, 2013 to June 25, 2014. It has been explained that the prescription on financial penalties had to be reckoned “as a consequence of breach of IMEM Rules and manuals.” The transition period extension will allow suspension of such penalties purportedly “to avoid financial impact to participants while familiarizing themselves with the IMEM trading process.” In addition, the Circular warranted that “the timetable for settlement and billing as provided in S ection 5.1.2 of the IMEM Rules “shall be relaxed to ensure the calculation of correct imem/PAGE 10
Calamities fail to dampen M’danao growth: MinDA SEVERE natural calamities that hit Mindanao in the last two years have failed to dampen the island’s growth as the island posted a remarkable performance in the trade sector last year, the Mindanao Development Authority (MinDA) said in a statement.
“ We a r e h a p p y t o announce that Mindanao’s trade performance remains bullish amid the natural calamities that beset the island-region from 2012 onw ards ,” s aid Min DA C hair p ers on Luwa l hat i Antonino. fail/PAGE 10
Power crisis to ease with Steag back in full capacity THE Department of Energy (DOE) said Mindanao’s lone coal plant has resumed operations, easing the region’s power shortage. Energy Secretary Carlos Jericho L. Petilla told reporters that “quite a number of franchises don’t
have brownouts anymore” even as Mindanao as a whole is still suffering from outages. “Power situation is way better but there is still rotating brownouts. But not in all areas,” he said, without identifying the areas. crisis/PAGE 8
READY FOR MINING. Dump trucks on standby at Barangay Urbiztondo, Claver, Surigao del Norte are ready to haul nickle anytime. mindanews photo by roel n. catoto
Draft Bangsamoro basic law to be submitted to Congress by July 28 By CAROLYN O. ARGUILLAS, MindaNews
C O TA B AT O C i t y – Exactly seven weeks to the day it received the draft Bangsamoro Basic Law from the Bangsamoro Transition C ommission (BTC), Malacanang is still conducting what a joint
statement from Malacanang and the BTC describes as a “thorough, extensive and comprehensive review” of the draft that will be submitted to Congress seven weeks from now, when it resumes sessions on July 28.
“ We a c k n o w l e d g e the urgency behind the immediate passage of the BBL. However, we also recognize that a thorough, extensive and comprehensive review of the draft law’s numerous provisions is a necessary part of the process to ensure that law/PAGE 8
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