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Tuesday, March 20, 2018 Vol. 13 No. 160
Carriers to take a ‘big hit’ from closure of Boracay By Ma. Stella F. Arnaldo
@akosistellaBM
Special to the BusinessMirror
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OCAL carriers will be incurring massive losses from the planned closure of Boracay Island, even as they continue to wait for the final word from the government when the closure will start and for how long.
142,000 The reported number of Cebu Pacific passengers with confirmed flights to Caticlan and Kalibo from April 26 to June 25
Sources in the aviation sector have raised some rough estimates on the industry losses based on a two-month closure, from April 26 to June 26, 2018, after the airline representatives met with Tourism Secretary Wanda Corazon T. Teo on March 13. Continued on A2
House ignores Palace, okays divorce bill
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Bridging the gap Manny B. Villar
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THE ENTREPRENEUR
he booming economy and the government’s massive infrastructure program are generating a lot of employment opportunities for Filipino workers. The Duterte administration’s flagship “Build, Build, Build” program requires an estimated 2.5 million workers in the construction industry.
In the private sector, the continuing construction of shopping malls, which is driven by growing consumption and higher purchasing power of consumers, is expected to increase demand for employees in the retail business, including accountants. Continued on A10
By Manuel T. Cayon @awimailbox Mindanao Bureau Chief
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The bill approved by the House of Representatives allowing absolute divorce By Jovee Marie N. dela Cruz @joveemarie
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See “House,” A2
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Is Davao growing faster than the city can handle?
HB 7303 espite the opposition from Malacañang, the Hou se of R epresent atives on Monday approved on third and final reading a measure institutionalizing absolute divorce and dissolution of marriage in the Philippines. Voting 134 affirmative, 57 negative and two abstention, members of the lower chamber
2016 ejap journalism awards
HIGH FIVE Araneta Center Inc. (ACI) Senior Vice President (SVP) for Operations Antonio Mardo (from left), ACI SVP for Business Development John Castro, Megawide Construction Corp. Assistant Vice President Romeo Furigay and ACI Senior Management Consultant Rowell Recinto hold up painted palms during the topping-off ceremony for the high-rise Cyberpark 2 Tower in Araneta Center, Cubao, Quezon City. A topping off is a builders’ rite traditionally held when the last beam (or its equivalent) is placed atop a structure during its construction. Cyberpark 2, a Philippine Economic Zone Authority-registered facility, will cater mostly to the business-process outsourcing sector. See story on B1. NONOY LACZA
AVAO C I T Y— M a n i l a’s congest ion and Cebu’s saturating business panorama are turning opportunities over to this city, whose snowballing attraction for business and investment started way before President Duterte became the country’s 16th Chief Executive. But when Duterte became President, what used to be a convention destination for years also saw a steady influx of relocating or expanding corporate operations. This city is now experiencing a sudden swell in inquiries and actual corporate and business operations, and tourism and housing. Naturally, concerns over sustainability and its ability to continue
absorbing the robust growth have been raised. As of last year alone, it breached the 2-million mark in tourist arrivals. “This, as travel advisories have come in succession in the last two years for foreign nationals visiting Mindanao.” “Now, hotels are reporting overflowing guests and could not accommodate any more guests if national conventions or national gatherings are held simultaneously,” Arturo Milan, president of the Davao City Chamber of Commerce and Industr y, told the BusinessMirror. Milan brushed off the explanation that the trend was due to the usual convergence of business and politics into the hometown of any incumbent President to seek favor and political clout. Continued on A12
Risk Assessment/ Penetration tests/ Ethical hacking
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By Henry J. Schumacher
NUVOLANEVICATA | DREAMSTIME.COM
hether we like it or not, compliance and ethics management cannot be ignored when doing business locally and/or internationally. Successful compliance programs rest on a foundation of successful risk assessments. Continued on A12
PESO exchange rates n US 52.0020
n japan 0.4910 n UK 72.5012 n HK 6.6301 n CHINA 8.2165 n singapore 39.4523 n australia 40.1403 n EU 63.8949 n SAUDI arabia 13.8669
Source: BSP (19 March 2018 )