BusinessMirror April 17, 2016

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Sunday, April 17, 2016 Vol. 11 No. 190

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DBM releases ₧233.8M as LGU share in mine taxes By Marilou Guieb Correspondent

MINE TOUR On a media mine tour at the OceanaGold

(Philippines) Inc. Didipio mine site in Kasibu, Nueva Vizcaya, campus journalists Nonie Perante and Audrey Mei Diaz are oriented by Didipio Operations Information Officer Lenilee Ananayo about how a gold-processing plant (background) works. The mine tour is the final leg of a Media Mining 101 workshop launched by the mining firm for media practitioners in the Cagayan Valley region. LEONARDO PERANTE II

Power firms await policy on fuel mix after Aquino

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By Lenie Lectura

@llectura

OWER producers’ longterm investment plans will largely depend on the priorities of the incoming administration. In particular, the power firms await the issuance of a more definite fuel-mix policy.

Trans-Asia Oil and Energy Corp. President Francisco L. Viray, a former energy secretary, said the company would definitely explore opportunities offered by the muchawaited energy-mix policy of the incoming administration. “We will pursue opportunities offered by developments in the regulatory environment,” he said in an interview, referring to a firm fuelmix policy, which concurrent Energy Secretary Zenaida Y. Monsada hopes would be in the form of legislation. See “Power Firms,” A2

The new Iba: Zambales capital fast catching up with progress By Henry Empeño Correspondent

I BEST ENERGIES FOR THE GOOD Dear Lord, we do not have to limit our search for signs of the reality of Your resurrection by focusing on such exceptional acts of courage and faithfulness. Fortunately, even our corrupt and corrupting society, full of endless forms of moral misery, we have thousands of people who are living witnesses to Your resurrection through their dedication to their duties. The millions of parents who spend their best energies for the good of their children, the dedicated teachers in the classroom, the writers, the doctors, the nurses, the caregivers and the paramedics...all those practicing an honest profession with generous dedication, are living proofs of the reality of Your resurrection that any human virtue finds its ultimate reason, its true meaning and the lasting reward. Amen! Word & Life, Fr. Sal Putzu, SDB and Luisa M. Lacson, HFL

BA, Zambales—After existing for several decades as a laidback summer destination of unspoiled beaches, seafood fiestas and mango festivals, this capital town of Zambales is finally emerging into a modern city, befitting its stature as the premier municipality in the province. Along the town’s business district, the neon signages of popular fast-food franchises, commercial banks, supermarkets and retail shops announce the coming of age of Iba as a business center and leisure capital of Zambales. New buildings are rising, too, along the major streets of the capital, as businesses scramble to lay claim to new opportunities brought about by the growing local economy. As of late, a midsized mall has sprouted at the town center, bringing Bench and Penshoppe, and other brand-name fashion stores to customers who previously bought dresses at the nearby public market. Tricycles, the ubiquitous means of transport in this town of 14 vil-

PESO exchange rates n US 46.2560

THE central business district of Iba, Zambales, now continues to attract more shops and popular franchises, like Jollibee and McDonald’s. henry empeño

lages, have also increased severalfold over the years, as more schools opened, beach resorts increased in numbers, and traders brought in more goods. “It was never like this 10 years or even five years ago,” said Noli Basul, a former newsman in Olongapo City who fell in love with the rustic community and settled there some 20 years ago. “Now, there are more beach resorts and shops, and there are 12 banks operating here.”

“This only means that there’s money going around the local economy, and that local entrepreneurs and businesses are doing good. This is a good sign that progress, finally, has arrived here,” Basul added. Locals say that Iba has always been a center of religious activity and had little trade ever since it was founded by Augustinian Recollect priests as the village of Paynauen in 1611. Located roughly at the See “Iba,” A2

Top finance officials: World economy still faces threats

Ap photo

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HE Department of Budget and Management (DBM) has released P233.8 million to cover the 40-percent share of local government units (LGUs) from excise taxes collected from the mining industry between December 2011 and the fourth quarter of 2014. During the period, total collection from mining taxes reached P585 million. Budget Secretary Florencio B. Abad said the funds should be directly credited to the accounts of the recipient provinces, municipalities and barangays. “We have issued the allotment and corresponding cash allocation for the release of the lawful share of LGUs in the proceeds from the utilization and development of minerals in their respective areas. The funds are now released based on the joint certification of mining tax collections issued by the Bureau of Internal Revenue and the Treasury, as well as the schedule of the corresponding shares of recipient LGUs,” Abad said in a press statement. Abad added that the funds released are charged against the P1.5 billion appropriated for the purpose in the current year’s national budget. The proceeds from the share of LGUs shall be appropriated by their respective Sanggunian to finance local government and livelihood projects. The DBM press release listed the Caraga region to have received the largest share, in the amount of P100.5 million. Caraga hosts several mining projects producing various mineral commodities, including gold, copper, chrome, nickel, iron and limestone. See “DBM,” A2

“The United States cannot and must not be the only engine of growth.... All major economies need to deploy a full tool kit of economic-policy measures.”

—US Treasury Secretary Jacob Lew

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ASHINGTON—The global recovery has regained most of the ground lost from the market turbulence at the beginning of the year, finance officials of the world’s largest economies said on Friday. But they worry that growth remains uneven in the face of a variety of threats, ranging from terrorist bombings to Britain’s upcoming vote on whether to leave the European Union. The finance ministers from the Group of 20 (G-20) major economies pledged to pursue policies that will bolster growth and further stabilize financial markets, but they offered no new measures to accomplish these goals. Reflecting some of the challenges the countries face, Lou Jiwei, China’s finance minister, defended his country’s handling of its economy against criticism that has seen two major credit-rating agencies recently downgrade the outlook for Chinese bonds. The joint statement from the G-20 finance ministers and central bank governors repeated many of the promises the group had made at their last meeting in Shanghai in late-February. However, at that time, global financial markets had just gone through a significant bout of turbulence over concerns about a worse-thanexpected slowdown in China, falling oil prices and the threat they posed to the global economy. US Treasury Secretary Jacob Lew said the resolve demonstrated by the finance officials to bolster global growth represented a strong statement rebutting the voices of antiglobalization. He said cooperation was needed, because “the United States cannot and must not be the only engine of growth.... All major economies need to deploy a full tool kit of economic-policy measures.” While there are still many challenges, finance officials said they were encouraged that markets had stabilized. Stephen Poloz, head of the Bank of Canada, said the mood this week was much better than at the February meeting in China: “I came away feeling a little more encouraged than when I arrived.” Japanese Finance Minister Taro Aso said the world’s financial markets are starting to regain “composure,” although he said “downside risk” persists. Aso expressed particular concern about risks from volatility in capital flows and foreign-exchange rates. AP

n japan 0.4228 n UK 65.4661 n HK 5.9639 n CHINA 7.1344 n singapore 33.9344 n australia 35.5616 n EU 52.1166 n SAUDI arabia 12.3386

Source: BSP (15 April 2016 )


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BusinessMirror April 17, 2016 by BusinessMirror - Issuu