Businessmirror april 22, 2017

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Saturday, April 22, 2017 Vol. 12 No. 191

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Duterte leads repatriation of displaced OFWs on return trip from the Middle East

Herding back the ‘runaways’

President Duterte mingles with some of the 138 repatriated overseas Filipino workers (OFWs) who were granted amnesty, after they were found working illegally in the Kingdom of Saudi Arabia. The President welcomed the repatriated “runaway” OFWs and provided them with cash assistance upon his arrival at the Ninoy Aquino International Airport on Monday following his successful visits to the Kingdom of Saudi Arabia, Bahrain and Qatar. Also in photo is Labor Secretary Silvestre H. Bello III. PNA

T

By Elijah Felice E. Rosales

hey came in four separate batches. The first was all women, with some using the traditional Muslim head garb hijab to cover their faces from cameras, while some walked with their heads up high uttering nothing but praises for President Duterte.

The second batch of women later followed. This time however, the group members showed no reluctance to bare their faces, and even talked to reporters. They said most of them worked in Riyadh. The third was a composition of women and children, six months to 12 years old. And the last was an all-male group. Their faces looked blank, and they ignored reporters who tried to interview them.

Broken OFW dreams

They were the 138 repatriates—63

women, 55 men and 20 children— who availed themselves of the Saudi Arabian government’s amnesty program for undocumented workers. And they came back home on Monday with Duterte. “He [Duterte] saved us,” a female repatriate, whose entire face was covered with a hijab, told the BusinessMirror. “Back in Saudi, some of us barely rested and ate because we have to work long labor hours.” She was with her two children, a boy and a girl, who shared her miseries abroad, as both of them

were born there. “At times, my kids have to suffer, too, because I cannot buy them food to eat,” she said in Filipino. The female repatriate was among the first batch of the socalled runaway overseas Filipino workers (OFWs). They were labeled the term because most of them were forced to flee their employers after being maltreated, while some were victims of illegal recruiters. It was on Monday that they finally landed home together with Duterte. And it was a morning of Continued on A2

138

The total number of women, men and children who availed themselves of the Saudi government’s amnesty program for documented workers

Amid the Duterte administration’s massive infra buildup plan from 2017 to 2022

Cement makers jostle for bigger market share nvestors were elated on news that Eagle Cement Corp. is listing at the Philippine Stock Exchange (PSE).

The company—majority owned and managed by the family of San Miguel Corp. President and COO Ramon S. Ang—breathes a whiff of fresh air into the cement industry, as the cement firm promises to plow back all the proceeds back as investments, a stark contrast to last year’s P25-billion initial public offering (IPO) of Cemex Holdings Philippines Inc.

It was sort of a disappointment for many, some of the investors said, as most of the proceeds were used to pay off loans, some to local banks, but a chunk was used to retire its debts to its parent firm’s unit, New Sunward Holding B.V. Meanwhile, the proceeds of Eagle Cement’s P9.2-billion IPO will be used to partly fund its P12.5-billion new cement plant

PESO exchange rates n US 49.8120

in Cebu City, an essential project in an industry that now imports products to meet local demand.

Share dumping

Weeks after news of Eagle Cement’s IPO broke out, investors started dumping shares of other listed cement firms. Cemex, which listed only in July last year, was already trading below its IPO price of P10.75, and is now trading at P7.63 per share. The stock earlier went as high as P12.96 per share. Share price of Holcim Philippines Inc. is also falling at the news of Ang’s cement firm’s listing. From a 52-week high of P17.30, it is now trading at P16.60 apiece. Holcim, Continued on A2

₧9.2B

The estimated proceeds from Eagle Cement’s IPO that will be used to partly fund its P12.5-billion new cement plant in Cebu City, an essential project in an industry that now imports products to meet local demand

n japan 0.4557 n UK 63.8490 n HK 6.4069 n CHINA 7.2359 n singapore 35.6437 n australia 37.4885 n EU 53.3985 n SAUDI arabia 13.2839

Dip2000 | Dreamstime.com

I

By VG Cabuag

Source: BSP (21 April 2017 )


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