BusinessWeek Mindanao (June 9, 2014)

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BusinessWeek MINDANAO Best in Business and Economic Reporting Philippine Press Institute Civic Journalism Community Press Awards 2013

Volume V, No. 1

Market Indicators

As of 6:07 pm june 7, 2014 (Saturday)

FOREX

PHISIX

US$1 = P43.65

6,762.62 points

X Briefly

9.82 points

X

16 cents

Nego Tour 2014 THE province of Zamboanga del Norte showcased its “champion products” before potential investors and local entrepreneurs during a trade fair in Dipolog City last weekend. Dubbed Nego Tour ‘14, the trade event was initiated by the provincial government and the provincial office of the Department of Trade and Industry (DTI). The highlighted commodities were rubber, coconut, oil palm, cacao, and seaweeds. Local officials noted the province has selected these commodities since these can be produced more efficiently in local farms than in other areas.

www.businessweekmindanao.com

Monday | June 9, 2014

BusinessWeek Mindanao turns 5 and counting…

FDC allots P9B capex for coal power plant F

By IRENE DAYO, Staff Writer

ILINVEST Development Corporation (FDC) has earmarked almost onefourth of the holding company’s capital expenditures (capex) this year to start up its power plant project in Misamis Oriental.

Stanfilco loses DAVAO City -- The National Labor Relations Commission (NLRC) has ordered Dole Philippines, Inc. - Stanfilco Division (Dole-Stanfilco) to pay 1,626 workers about P40 million after it lost a case lodged in 1997. Elbert C. Restauro, NLRC regional arbiter, said his office released the order about two months ago as part of the implementation of the Supreme Court ruling on February 13, 2009, which awarded the workers the amount after both bodies ruled that the workers were not merely contracted through a third party but were employees of the company. Asked to comment on the report, a Dole-Stanfilco official who did not want to be named said that the company was ready to settle its obligations based on the legal steps.

P15.00

MINING SEASON. Dry season is considered as the glory days for mining companies in Surigao del Norte because they can maximize production. Photo taken last week at Barangay Cagdianao, Claver, Surigao del Norte, where the Platinum Group Metals Corporation is mining nickel ore to be shipped abroad. mindanews photo by roel catoto

Oro lawmakers push for gov’t ComVal guv appeals support to garment industry to stop disconnection By CRIS DIAZ, Executive Editor

TWO solons in this trading hub of Northern Mindanao are urging Congress to provide support to resuscitate the ailing local textile industry in order to spur employment and improve the country’s revenue in the garment sector.

Rep. Rufus Rodriguez, of Cagayan De Oro City, and Abante Mindanao (Abamin) Party List Maximo Rodriguez, Jr. had filed resolution number 1018 urging the House Committee on Trade industry/PAGE 7

In its disclosure to the Philippine Stocks Exchange, the investment arm of the Gotianum family bared it allotted P38 billion for capex of all its businesses, P9 billion of which is intended to fund the first phase of a 405-MW coal-fired power plant project to be constructed at the Phividec Industrial Estate in Villanueva town. The committed project, with a total cost of P30 billion, will be undertaken by the company’s power subsidiary FDC Utilities, Inc., will come in two phases: the 270-MW capacity unit expected to be online by 2016 to help ease the worsening power supply crunch in Mindanao, and another 135-MW capacity set for operation by 2018, in time for the expected surge in power demand on the island. Capex/PAGE 7

By CARMELITO Q. FRANCISCO Correspondent

DAVAO City -- The governor of Compostela Valley has appealed to the Energy department to suspend a disconnection order against the Davao del Norte Electric Cooperative (DANECO), to avoid losing electricity in the province as well as in Davao del Norte. In a text message to BusinessWeek Mindanao, Governor Arturo T. Uy of Compostela Valley said: “It (disconnection) would have a very negative impact on the stability of the province.” Davao del Norte also hopes to stop the disconnection, according to Assistant Provincial Administrator Romulo D. Tagalo. “We are coming up with steps to prevent the disconnection,” Mr. Tagalo told BusinessWeek Mindanao. DANECO officials have not issued an official statement. Power Sector Assets and Appeals/PAGE 7

HARDWORK. Cesar Almacen repairs shoes at the Rizal Park in Davao City. This is his source of income for around 20 years. mindanews photo by ruby thursday more

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