BusinessMirror
OUT NOW To order, e-mail us at bmturningpoints@businessmirror.com.ph or call 893-1662, 814-0134 to 36 Available at all National Book Store and Fully Booked branches
media partner of the year
United nations
2015 environmental Media Award leadership award 2008
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business
n Sunday, March 6, 2016 Vol. 11 No. 150
HEALTH advocates representing civilsociety organizations show off samples of graphic health warnings on cigarette packs: (from left) Rommel Arriola of Framework Convention on Tobacco Control Alliance Philippines; Emer Rojas of New Vois Association of the Philippines; Party-list Rep. Leah Paquiz of Ang Nars; and Patricia Miranda of HealthJustice Philippines.
P25.00 nationwide | 3 sections 16 pages | 7 days a week
Mindanao in darkness again China loosens D fiscal stance By Manuel T. Cayon | Mindanao Bureau Chief
GHW law is now in effect
AVAO CITY—Several places in Mindanao have been advised to brace themselves for another dark weekend, as two coal plants on the island were expected to go off the Mindanao grid.
In the case of the franchise areas here and three towns of Davao del Norte, the Davao Light and Power Co. announced it would impose two-hour brownouts to be applied on rotation over the weekend. The company said it received information from the National Grid Corp. of the Philippines (NGCP) that the Steag State Power Inc. would subject one of its turbine units on a two-day maintenance shutdown on March 5 and 6. The Steag coal plant in Villanueva, Misamis Oriental, operates
two units, one of which churns out 110 megawatts. The announcement came two days after NGCP also told Davao Light that the Aboitiz-owned coal plant in Toril, west of this city, suddenly went offline on Wednesday. The coal plant here is operated by the Aboitiz affiliate Therma South Inc. Wednesday’s shutdown forced Davao Light to impose three to four hours of brownout. The unscheduled shutdown was the third shutdown of the coal
plant, which was inaugurated only on January 8 and went on commercial operation on February 2. NGCP quoted Steag management the shutdown was “necessary to ensure optimum availability of its capacity during the critical period, which is summer.” The Davao Light management has already described the situation as “unstable power supply in Mindanao,” saying that it was due to the decreasing water elevation of major hydroelectric power plants caused by El Niño and the bombings of NGCP transmission lines. The Mindanao grid relies on 53 percent of the power generated from the Agus River in Lanao and the Pulangui River in Bukidnon. Davao Light said, “Rotatingpower interruptions are projected to continue until summer. New generating plants in Mindanao, which Davao Light has contracted additional power supply, are said to be available in May and August 2016.”
amid slowdown
By Leony R. Garcia
O
N Thursday last week, the Ph i l ip pi nes joined 80 countries in the world requiring all tobacco products manufactured or imported for sale in the country to carry graphic health warnings (GHWs) or photographs showing the health risks of smoking. Signed in July 2014, the GHW law, or Republic Act 10643, took effect on Thursday. In a news conference in Quezon City, various antismoking groups urged the public to help in the thorough implementation of the new law. These include the Framework Convention on Tobacco Control Alliance Philippines (Fcap), HealthJustice Philippines, New Vois Association of the Philippines (Nvap) and the Southeast Asia Tobacco Control Alliance (Seatca). “Canada was the first to do so in 2001. In the Asean region, Singapore did it in 2004 followed by Thailand, Brunei Darussalam, Indonesia and Malaysia. Therefore, the Philippines lags behind on the GHW,” said Ulysses Dorotheo, Seatca FCTC program director. The March 3 deadline comes one year after the Department of Health (DOH) issued the templates to be printed on cigarette packs. The templates comprise of realistic depictions of the ill effects of smoking, such as mouth and neck cancer, stroke and impotence. Under the law, an additional eight-month period will be given to tobacco companies and retailers to exhaust old stocks. By November See “GHW,” A2
Chinese Premier Li Keqiang appears on a big screen, as he delivers the work report at the opening session of the annual National People’s Congress in Beijing’s Great Hall of the People on Saturday. AP Photo/Ng Han Guan
C
HINA unveiled a looser fiscal stance, and pledged to accelerate the restructuring of its bloated state-owned industries in setting a weaker growth target for this year.
ONE MILLION CAME Yesterday, March 5, the float of Efficascent Oil featured a giant octopus made of various fresh flowers and foliage and won the hearts of many spectators during the last day of this year’s Panagbenga Festival in Baguio City.
MAU VICTA
Owners of Pampanga’s popular hot-spring resort under criticism By Joey Pavia Correspondent
C
LARK FREEP O R T—T h e popular hot spring of Pampanga, found in the hinterlands of Mount Pinatubo, is under fire from businessmen and 4x4
PESO exchange rates n US 47.1150
vehicle enthusiasts. “We are deprived of our own lands. Tourism destinations should be enjoyed by all, especially our visitors, for the benefit of the people in our communities,” said businessman Rene Romero of the Land Rover Club of the Philippines (LRCP), as he condemned the alleged discrimination on local residents and
tourists at the Puning Hot Spring and Restaurant at the boundary of Sitio Bato, Angeles City, and Inararo, Porac town, Pampanga. Joseph Luzano, Puning operations manager, denied the alleged discrimination on local residents and tourists, and abuse on their Ayta workers. See “Hot-spring resort,” A2
Premier Li Keqiang announced a 6.5-percent to 7-percent expansion goal on Saturday, down from an objective of about 7 percent last year and the first range the government has offered since 1995. The government also abandoned its trade target, underscoring the degree of uncertainty about prospects for global growth. The details were given in Li’s work report at the annual meeting of the legislature in Beijing. The plan reflected the government’s determination to maintain growth and put off confronting its debt—now nearly 250 percent of GDP. The report also cited downward pressure on the economy
against a backdrop of weaker global growth. “The package of monetary stimulus, higher deficit, and restructuring of the state sector is a surprisingly coherent response to China’s downturn,” said Andrew Collier, an independent China analyst in Hong Kong and former president of the Bank of China International USA. “The problem is, there’s a lot of bad lending going on behind the scenes at the banks that’s slipping through the cracks.”
Easing bias
THE slowest growth in 25 years has prompted officials to tweak monetary policy to “prudent with a slight easing bias” Continued on A2
n japan 0.4145 n UK 66.8138 n HK 6.0657 n CHINA 7.2095 n singapore 33.9348 n australia 34.6248 n EU 51.6333 n SAUDI arabia 12.5674
Source: BSP (4 March 2016 )