BusinessWeek MINDANAO Best in Business and Economic Reporting Philippine Press Institute Civic Journalism Community Press Awards 2013
Volume IV, No. 106
Market Indicators
As of 6:12 pm may 24, 2014 (Saturday)
FOREX
PHISIX
US$1 = P43.67
6,811.33 points
X
19.25 points
X
1 cent
Briefly More commitments THE Department of Agriculture now started to deliver its commitments to conflict-affected areas (CAAs) in Mindanao. The commitment was made during Secretary Proceso J. Alcala’s visit in Kauswagan, Lanao del Norte, last year, for the rebel returnee projects. Worth P446,700 livestock projects were initially provided for the towns of Kauswagan and Munai, Lanao del Norte. A total of 11 head of carabaos amounting to a total of P272,800 were given to eight recipients from Kauswagan, namely, Zapra Paco, Nasser Limbona, Norolai Diamkuta, Camar Ma, Subaira Polangi, Rocky Sultan, Metodio Canoy and Ibrahim Alaan.
Asean integration DAVAO City -- A school official is pushing for measures that will enhance school’s attractiveness as Asean 2015 nears. The Asean 2015 (Asean stands for Association of Southeast Asian Nations) is a regional economic integration which involves the freer movement of capital, goods and people among Asean member countries by 2015. Among these movement will be students from different countries in the region. Rey Castro, Assistant Vice President for Business Development of the University of Mindanao, said that several measures must be enacted so that schools can take advantage of Asean 2015. One is the change of school calendar. The Philippines is the only country in Asean where the month June is the opening of classes. Almost all countries have followed the schedule where August is the start of the classes.
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M’nao, Visayas grids require more study D
By CARMELITO Q. FRANCISCO Correspondent
AVAO City -- The plan to interconnect the Mindanao grid with the rest of the country has hit a snag as the initial feasibility study shows that doing this through the initial site identified would be very expensive.
SUNSET. A fisherfolk paddles across Lake Sebu in South Cotabato. Lake Sebu is the most popular tourist destination in the province. mindanews photo by keith bacongco
This has prompted the government to extend the planne d complet ion of the project to 2020 from two years earlier, Energy Undersecretar y R aul B. Aguilos said during a briefing on the p ower industr y situation this week. Mr. Aguilos said the initial study identified Surigao del Norte as the initial interconnection point for the Leyte-Mindanao power
interconnection project, but this “was not really feasible as planned” because the sea where the transmission submarine cable would pass through is about 10 kilometers deep. T h e Na t i o n a l G r i d Corporation of the Philippines has now initiated another feasibility study to identify a more suitable place. The initial phase of the study grids/PAGE 6
A month later, draft B’moro law Alsons to beef up capacity still under review by Malacanang in Mindanao to 590-MW By CAROLYN O. ARGUILLAS, MindaNews
DAVAO City — One month. The draft Bangsamoro Basic Law (BBL) submitted by the Bangsamoro Transition
Commission (BTC) to the Office of the President (OP) on April 21 has not been sent to Congress as it is still
being reviewed by the OP as of May 23. Mohager Iqbal, BTC chair and concurrent peace panel chair of the Moro Islamie review/PAGE 6
power outlook
Weaning time: Philippines must stop depending on fossils to sustain dev’t By BONG D. FABE Correspondent
(First of a Series) THE Philippines has for the past two years been the fastest growing economy in Asia. And this phenomenal growth is powered by fossil fuel, making the country among developing nations t h at r e g i s t e r e d w h at experts dubbed as “highcarbon” growth—economic outlook/PAGE 7
By GRACE BEBER, Staff Writer
WITH its f irst quar ter revenues buoyed up by strong cash in from the company’s power generation business, Alsons Consolidated Resources, Inc. (ACR) is committed to increase its portfolio in Mindanao to 590-megawatts (MW) in the next five years, a top company official said on Friday. ACR President/CEO To m a s A l c a nt a r a s a i d that the company’s strong commitment to the energy and p ower business in Mindanao is a carefully calculated strategy that they
have decided to adopt, in recognition of the tremendous opportunities available to those who are both decisive and prepared to act in this market. In a disclosure to the Philippine Stock Exchange, Alcantara-owned ACR said its net income increased by three percent to P228.9 million in the January to March period from P222.9 million in the same three months of last year. Revenues grew 134 percent to P1.2 billion from P505.0 alsons/PAGE 7
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