BusinessMirror
OUT NOW To order, e-mail us at bmturningpoints@businessmirror.com.ph or call 893-1662, 814-0134 to 36 Available in all National Bookstore and Fully Booked branches
media partner of the year
United nations
2015 environmental Media Award leadership award 2008
BusinessMirror
www.businessmirror.com.ph
Oldest PHL mosque gets ₧77.6-M devt help By Manuel T. Cayon Mindanao Bureau Chief
D
AVAO CITY— The country’s oldest mosque, located in Tawi-Tawi, has been allotted P77.6 million in tourism-support funding, the Autonomous Region in Muslim Mindanao (ARMM) said last week. The bulk of the funding would go to road construction leading to the Sheikh Karim-ul Makhdum Mosque, including “several other infrastructure projects within its periphery,” said Don Mustapha Loong, secretary of the Department of Public Works and Highways-ARMM (DPWH-ARMM). “We are investing on the roads leading to Sheikh Makhdum, as well as in its periphery, because we believe in the tourism potential of southern Mindanao,” Loong said. The Sheikh Makhdum Mosque was erected in 1380, in the small fishing village of Tubig Bohe, Indangan, in Simunul town in TawiTawi province, the ARMM Bureau of Public Information said. The mosque was declared a National Historical Landmark by the National Historical Commission and a National Cultural Treasure by the National Museum. Loong said the infrastructure projects would be built by the local government unit of Simunul after it signed a memorandum of agreement (MOA) with his agency on February 22. The project is expected to be completed in six months. Tourists often visit the mosque that Sheikh Karim-ul Makhdum, one of the best known among the 14th-century Arab traders. See “Mosque,” A2
A broader look at today’s business
n Sunday, February 28, 2016 Vol. 11 No. 143
P25.00 nationwide | 3 sections 16 pages | 7 days a week
BSP expects ‘tame inflation’ in February T
By Bianca Cuaresma
HE Bangko Sentral ng Pilipinas (BSP) is still expecting inflation to be tame in February this year, as food prices continue to be benign, coupled with the effects of low oil prices on transportation fares for the country. In a recent message sent to reporters, BSP Gov. Amando M. Tetangco Jr. said inflation for February could have settled within the 0.9 percent-to-1.7 percent range. This means that inflation will still be below the government’s average target for the year, at 2 percent to 4 percent. It will also not deviate
TETANGCO: “Higher power rates and domestic prices of diesel and kerosene could exert upside pressure to inflation in February.”
much from the actual inflation print in January, at 1.3 percent. “The fall in the prices of rice, gasoline and LPG [liquefied petroleum gas] and provisional rollback in jeepney fares in certain regions are seen to dampen inflation pressures for the month,” Tetangco said. “However, higher power rates and domestic prices of diesel and kerosene could exert upside pressure to inflation in February,” he added. Tetangco said that, while their February forecast on inflation is below the average inflation target for 2016, they still believe that inflation will go back to within target levels in future months of the year. “The BSP will continue to monitor price trends and take necessary measures toward its commitment of price stability,” Tetangco said. The BSP missed its inflation target in 2015 at 2 percent to 4 percent, only averaging at 1.4 percent during the year, due largely to the extraordinarily low prices of oil during the period. See “Inflation,” A2
Brexit, refugees join G-20 worry list in draft communiquÉ
T
HE Group of 20 (G-20) added a potential Brexit and an escalating refugee crisis to its long worry list, even as it argued that recent market volatility didn’t reflect global-growth momentum. In a draft of the communiqué obtained by Bloomberg News, the G-20 members agreed to use monetary, fiscal and structural tools to boost growth and “calibrate and clearly communicate” their policies. Underscoring concerns over the limitations
of central bank-led stimulus, “monetary policy alone cannot lead to balanced growth,” the document said. See “Brexit,” A2
Syria aid conference seeks donations Britain’s prime minister says a major international donor conference in London has raised more than $10 billion to help millions of Syrians displaced by war. Doners from 70 countries pledged $6 billion for 2016, with another $5 billion committed by the year 2020.
Funding and targets for UN appeal (in billions) Received
66%
Target
56%
58%
funded
72%
$9
$7.21
$5.9
funded
70%
funded
funded
$4.3
funded
$0.83
THE END OF PANAGBENGA Grade-school students in the City of Pines dance their
Correspondent
B
AUANG, La Union—This town was the site of a burgeoning beach-resort industry in the 1970s, under the stewardship of then-Tourism Minister
PESO exchange rates n US 47.6770
$3.4
$4.02
$6
2013
2014
2015
2016
(in millions)
$315 $259.6
United States
La Union beach resorts dying Jose Aspiras, a former newsman from coastal Agoo town who engineered the country’s hosting of the Miss Universe pageant during the early years of that decade. By the 1980s, during the last days of the Marcos regime, few visitors came to visit the famed
$3.1
2012
Largest sources of funding in 2015
hearts out during the street-dance competition held on Saturday on Baguio City’s main thoroughfare. The festivities this weekend mark the end of the monthlong celebration of Panagbenga, capped by the float parade and competition held today, Sunday. MAU VICTA
By Orly Guirao
$0.24
and commercialized beach resorts of Bauang. There were even fewer visitors to the other coastal villages lining the whole length of the province, the ones that retained their pristine beauty. Now, the tourism industry in See “La Union,” A2
United Kingdom Donors not specified Kuwait European Commission Germany Norway Central Emergency Response Fund Canada Source: AP, FTS Graphic: Staff, Tribune News Service
Japan
$122.3 $103.6 $84.5 $35.7 $33.4 $29.9 $27.2 $24.3
n japan 0.4224 n UK 66.5809 n HK 6.1366 n CHINA 7.2963 n singapore 34.0380 n australia 34.3519 n EU 52.6020 n SAUDI arabia 12.7169
Source: BSP (26 February 2016 )