Maynilad execs visit BM Maynilad executives visited the BusinessMirror and feted its editors, executives and reporters to a sumptuous dinner from Chef Gene Gonzalez’s Café Ysabel on Thursday evening. The meeting was highlighted by discussions on concerns on water and updates on Maynilad projects. The Maynilad team was led by its President and CEO Ramoncito Fernandez, Chief Finance Officer Randolph Estrellado and SVP for Commercial and Marketing John Patrick Gregorio. Also in the photo are BusinessMirror Publisher T. Anthony C. Cabangon (center) and former BusinessMirror Vice President for Marketing-now-Department of Tourism Assistant Secretary Frederick Alegre. ROy domingo
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Ephesus Haven at Sandari: Gift of love and caring to elderly priests S By Lizzie Radam Lazo | Special to the BusinessMirror
ANDARI Batulao, an emerging mountainside community in Nasugbu, Batangas, has opened a rest and recreation shelter especially dedicated to elderly priests by the late Ambassador Antonio L. Cabangon Chua, founder of Citystate Properties and Management Corp. (CPMC), the company developing Sandari.
EPHESUS Haven, located in Sandari Batulao, Batangas, donated by the late Ambassador Antonio Cabangon Chua to elderly and retired priests. ROY DOMINGO
MSGR. Sabino A. Vengco, founder and president of the foundation, describes the ALC Ephesus Haven as a “legacy from the heart and mind” of the late Ambassador Antonio Cabangon Chua. ROY DOMINGO
Named ALC Ephesus Haven, the rest home for elderly priests is located in the Bamboo Enclave of Nalé, which is Phase 1 of Sandari. Consisting of two adjacent structures, its wide windows offer a sweeping view of the lush vegetation and rolling hills at the foot of Mounts Batulao and Talamitam, and crisp cool air that is good for the health. The two buildings have a living room and dining room, a total of 20 bedrooms, each with its own toilet and bath and two beds, allowing the Haven to accommodate 40 priests at one time. A chapel, library and leisure rooms will also be built for the priests’ use. Nine elderly and retired priests concelebrated a Holy Mass that highlighted the blessing and inau-
had many friends in the priesthood, and their friendship persisted “until they became old, like Bishop Cariño, who became very close to him because alam niyang i-karinyo [he was very affectionate to the ambassador].” Vengco said, originally, the structure was supposed to be for the ambassador’s own use as a rest house. “But a few months before he left us, he called me and asked how my project for elderly priests was doing. Then he said he was giving what was to have been his rest house to the elderly priests…ang para sa akin ay para sa inyo na.” Vengco added that “in his heart, Tony [the ambassador] believed he owed elderly priests a great debt of
support they need in their advanced years; Bahay-Pari, where senior and sick priests from the provinces are offered a transient home; and Kalusugang Pari, where medical assistance is given to senior priests in need of daily medications and supplements. Because of his friendship with Vengco, the ambassador recognized how priests, like everybody else, inevitably slow down, but do not always have their family to take care of them. “He had been helping priests for many years, and cared especially for priests who have grown old in service to the church,” Vengco said, explaining the ambassador’s concern to be of assistance to his project. Vengco ended his remarks by in-
guration on September 24 of ALC Ephesus Haven, named after the Ephesus Ministry of the Kadiwa sa Pagkapari Foundation, a churchbased organization that cares for elderly and sickly priests. Following the Mass led by Tarlac Bishop Emeritus Florentino Cinense, Msgr. Sabino A. Vengco, founder and president of the foundation, described the ALC Ephesus Haven as a “legacy from the heart and mind” of the late ambassador. A friend for many years of the ambassador, Vengco thanked the children of the Ambassador for completing the project began by their father, praising their “fidelity to the generosity and Christian charity of your father.” The ambassador, he recalled,
gratitude” for the friendship and close ties he enjoyed with them. As far as six years ago, Vengco said, the ambassador had visited and been impressed by one of the Ephesus shelters the Kadiwa sa Pagkapari Foundation maintained. The foundation was set up by Vengco in 1991 as a community of the faithful, lay, religious and ordained, who assist retired and elderly priests in their needs. His advocacy has grown through the Ephesus Ministry of volunteers in parishes nationwide who render service through the ministry’s various programs. Among these are Dalaw-Pari, where volunteers reach out and visit elderly priests, providing them the warmth, joy, care and
viting those present to visit elderly priests who would be staying there. “Sana dadalaw kayo ’pag may nakatira nang pari dito [We hope you will visit when some priests are already here],” he said. In his own remarks, D. Edgard A. Cabangon, chairman of the ALC Group of Companies, expressed happiness that he and his siblings are continuing a project close to their father’s heart. “If there is something else we can do to help the church, please let us know,” he said. With him at the event were D. Rufina Cabangon, CPMC president; D. Michelle Cabangon, executive vice president; D. Michaela Cabangon; and other officers and staff of CPMC.
The projected digital-commerce market in the Philippines by 2025 Zoe Lawrence, who sits as the digital director for market-research company Kantar Taylor Nelson Sofres (TNS), said the Philippine digital market will even Continued on A2
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COMICS ILLUSTRATOR Comics illustrator Danny Acuña, 71, shows off his art work in comic-book form at the Book Ends Shop at Baguio
City’s Art Street. MAU VICTA
PhilHealth, DOH lead nationwide ‘Walk for Life’ for elderly on October 1 T
HE Philippine Health Insurance Corp. (PhilHealth), together with the Department of Health (DOH), will lead the kickoff activity of the Elderly Filipino Week celebration today, October 1, via the annual “Walk for Life” in Metro Manila and selected cities nationwide. The activity will simultaneously begin at 6 a.m. “The activity aims to promote healthy lifestyle and wellness among the elderly,” PhilHealth Spokesman Dr. Israel Francis A. Pargas said. Pargas said participants may also avail themselves of the services offered
in the sites, such as medical consultations, random blood-sugar screening, cholesterol screening, bone scanning, blood-pressure measurement and vaccination. “PhilHealth will also put up service desks to answer queries and accept membership enrollment and data amendment,” Pargas said. He said other government agencies will also set up booths to provide services to elderly participants. The activity sites are PFVR Gym in Baguio City; San Fernando City Plaza in La Union; Ayala Mall in Legazpi City; Almont Inland Resort in Butuan
City; SMRAA Sports Complex in City of Koronadal; and SM Malls in Pasay City, Cauayan, Isabela; Lucena, San Fernando, Pampanga; Batangas, Iloilo, Seaside-Cebu, Ecoland-Davao and Cagayan de Oro. Registration is free. Presidential Proclamation 470 Series of 1994 declared the first week of October of every year as Elderly Filipino Week. This year’s theme is “Pagmamahal at Respeto ng Nakababata, Nakapagpapaligaya sa mga Nakatatanda.” The activity also aims to recognize
the role of the elderly in the society and in nation-building. It also highlights awareness and advocacy on prevention of elderly abuse. Meanwhile, the kickoff activity was also announced by Civil Service Commission (CSC) under its CSC Announcement No. 16 Series of 2016 issued August 31, 2016. “All government agencies are enjoined to extend full support by initiating related activities and participate in the opening salvo,” the announcement said, which was signed by CSC Chairman Alicia dela Rosa-Bala. PNA
available in the Philippines, specifically in the private sector. The DOH is ensuring that there are enough resources and access to life-saving medicines and services, particularly to the Filipinos who need them most,” said Dr. Leonita Gorgolon, DOH cluster head for Central Luzon and the Visayas. The vaccination consists of two doses: senior citizens aged 60 will be given the first dose and will receive the second dose after a five-year interval. Senior citizens aged 65 will receive one dose. Mayor Edgardo Pamintuan lauded the efforts of the DOH and vowed to continue the implementation of the city’s health programs designed for the elderly community. “I dearly value our elders for they are an important component of the society. In fact, through the Office of the Senior Citizen Affairs, we are continuously
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implementing the ‘Lakas Sigla Para kay Lolo at Lola,’ a health and fitness program designed for the Angeleño elderlies,” Pamintuan said. “We also assure that free medicines are distributed, and health consultations are being held regularly through our community health centers and through the conduct of Barangay Day.” Pneumococcal disease is a leading cause of serious illness throughout the world. It is caused by a common type of bacteria, the Streptococcus Pneumonia, which can attack different parts of the body. Illnesses caused by pneumococcus include pneumonia, meningitis, middle ear and sinus infections and a condition called sepsis, or infection of the bloodstream. DOH urges senior citizens to avail of free antipneumonia vaccination in designated health centers in the city. PNA
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SELLING DURIAN
Aisa Cortis, 62, offers fresh durian fruits to interested buyers at only P30 a kilo in the San Vicente, Palawan, public market. MAU VICTA
miners asked to help address rural poverty Economy
Editors: Vittorio V. Vitug and Max V. de Leon
Tribal group backs suspension of 20 mining firms
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HE tribesmen’s federation Kalipunan ng mga Katutubong Mamamayan ng Pilipinas (Katribu) is backing the recommendation of Environment Secretary Regina Paz L. Lopez to suspend 20 mining companies following an audit of their operations. Aside from Katribu, the Scrap Mining Act of 1995 Network also lauded Lopez, who had been going hammer and tongs against mining companies for many years. “We appreciate the fact that the list includes several companies that are responsible for the wanton destruction of tribal ancestral lands and pollution of rivers in Northern Luzon,” Katribu said. “However, we urge Secretary Gina Lopez and the Department of Environment and Natural Resources [DENR] to also suspend and immediately stop the operations of several more for the disasters caused by their mining activities,” the group added. “Secretary Lopez and the DENR in their audit and decisions should highlight the violations of tribesmens’ collective rights and how large-scale mining endangered the lives and livelihood of farmers and indigenous peoples [IP]. Most of these mining companies violated and continue to violate the right to self-determination of indigenous peoples. Most of these mining companies were able to operate without securing the genuine consent of IP groups and communities,” Katribu added. Scrap Mining Act of 1995 Network has been established in response to the growing call to repeal the Philippine Mining Act of 1995. It seeks the enactment of a new mining law that respects the rights of the indigenous peoples, protects the environment, upholds the national patrimony and aims to reorient the mining industry toward developing national industrialization. “The present Philippine Mining Act of 1995 and government policies on mining follow a colonial pattern, where all our minerals are extracted and exported to industrialized and powerful countries instead of having a mining industry that supports the genuine industrialization, rural modernization and building a self-sufficient economy. Tribal rights are violated and lives lost with the kind of mining that the government continues to promote. Economic displacement and loss of livelihood occur whenever mining operations take place in indigenous communities. Legitimate opposition to large-scale mining operations face the brutality of company private guards and the state security forces,” Katribu said. Marvyn N. Benaning
BusinessMirror
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Miners asked to help address rural poverty By Jonathan L. Mayuga
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L opez made the call during a meeting with officials and representatives of mining companies at the Department of Environment and Natural Resources (DENR) Social Hall on Thursday, two days after an-
nouncing the mine audit results. Thirty of the 41 mining operations have been recommended for suspension by the audit teams for various violations of environmental and mining laws based on a criteria that includes environmental, social and biodiversity considerations, on top of the physical or technical aspect in mining. The DENR and mining companies agreed to work together to ensure that mining redounds to the common good and improves lives of Filipinos, especially in communities that host mining operations. The DENR chief is introducing an integrated areadevelopment approach to create “mini economic zones” that can generate employment, livelihood and incomegenerating activities in communities where mining communities operate to address poverty. To do this, Lopez wants mining companies to strengthen their partnership with civil-society organizations (CSO) and community-based groups to boost programs that would create jobs and livelihood opportunities. “When you do that, we can get our people out of poverty,” Lopez said in a statement. Addressing about 80 representatives of mining companies, Lopez explained the policies and thrusts of the department, stressing that the bottom line is “for the country’s natural resources to be used in a way that ben-
efits the most number of people.” Lopez noted that in the case of mining, its benefits have been limited. Worse, she said, mining has been causing “social fissure” in communities. “There are people who benefit, but [there are] many others who don’t and suffer. And they fight with each other. That’s the most painful—when the presence of a business interest creates social fissure,” she said. According to Lopez, the meeting with mining officials or their representatives aims “to move forward and work together for the country’s good.” “I reiterate sincerely and emphatically, I want to help you [the mining industry] make things right and be on the positive side,” she said. During the meeting, Lopez also presented the total economic valuation (TEV) framework, which she described as a “fair and scientific way to make decisions based on monetary evaluation.” She encouraged them to use TEV to identify and quantify the major environmental impacts of mining and, from there, decide which programs to implement in their areas. Lopez cited the social development and management program of mining companies as one that can make significant socioeconomic impact if the money is used to create economic activities for communities under the DENR’s area-development approach. “What if in the areas where you are, we ensure an area-development approach, wherein your SDMP money is utilized in the best of ways with great social and economic value,” she said. “I can work with you there, in such a way that the entire area where you are becomes a huge economic success.” The development of the community will continue long after mining has stopped if the programs implemented by the government and the mining companies are economically viable, Lopez said. She also presented programs on reef protection and preservation and the use of biochar to rehabilitate agricultural lands affected by mining, both of which the mining companies could be involved in.
Gordon assails neglect of Subic, Clark airports
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EN. Richard J. Gordon on Friday expressed dismay that the Subic Bay International Airport (SBIA) has become an asset whose usage cannot be optimized for commercial flights and, thus, help the development of the country’s economy—unlike in the past. In a privileged speech, Gordon, while recounting how he and the volunteers worked day and night after the Americans left to protect and preserve the facilities to make it prosper, voiced his umbrage over the loss of the state-of-the-art equipment at SBIA, which used to be the country’s best airport under his leadership, and the fact that Clark International Airport (CIA) in Pampanga has not been fully optimized. Subic was left by US forces almost 24 years ago, and Gordon, who was then Olongapo City mayor, was appointed founding chairman of the Subic Bay Metropolitan Authority (SBMA). “After the US withdrawal, volunteers made Subic a thriving zone. When I was still SBMA chairman, we turned Subic into a flourishing free port—SBIA was a big income earner, with chartered flights coming in daily. We made sure that Subic and Clark will not go the path taken by Sangley Point. Thus, FedEx opened a hub for its Asian operation in Subic, with 18 flights coming in daily at SBIA. We also had Enron, Acer and other big companies in Subic. After I was removed as chairman of
SBMA, it was as if we let grass grew under our feet after FedEx left. There was no more promotions for SBIA, there were no more chartered planes coming in. Clark was never improved,” Gordon noted. “They have become nonperforming assets. We let the wolf near the sheep or we allowed the snake to come near the chickens. Now, we only use GORDON the Ninoy Aquino International Airport, which has come to a very sorry state that it brings constant reputational damage to our country. Flights are often delayed because of air and ground traffic, which cause frayed nerves and economic losses. When we hosted the Apec [Asia-Pacific Economic Cooperation summit] last year, it would have saved us traffic woes, trade and economic losses and other problems had the government used SBIA and the CIA,” he added.
Gordon pointed out that instead of spending much time investigating extrajudicial killings, and other prurient and salacious but trivial issues the country would be better off if its officials would focus more on legislation and policies that would result in job and investment generation. “We spend time investigating the extrajudicial killings, scandalous issues and others. But surely, we can take time for other things. Surely, we can find time for policies and laws that would result in labor generation, in investment generation. Surely, we can make time for opportunity-building. Poverty is an absence of choice. We are poor because we have no choice, we don’t have high-paying jobs to choose from because there are little or no investments,” he said. The senator called for an investigation on how both SBIA and CIA, considered as two of the country’s crown jewels, have reached their present state of deterioration. “We have a lot of lost opportunities in our country. We used to have the highest literacy rate in Asia, there was a time, too, when we were second only to Japan in terms of military power that our Air Force even had its Blue Diamonds [aerobatic team]. We also lost our railways. We cannot allow this to continue,” he added. Butch Fernandez
Lawmakers see drop in tourist arrivals with DOT budget cut By Jovee Marie N. dela Cruz
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@joveemarie
HE Department of Tourism (DOT) may not be able to meet its tourist arrivals target as it is facing 39.7-percent budget cut for 2017, lawmakers said on Friday. Normally, House Minority Leader Danilo E. Suarez said the budgets of government offices increase every year, but “this is not case for the DOT.” “The increasing budget seems to be the trend, but not for the DOT next year,” Suarez said. “There should be enhanced, better relations between Congress and the DOT for the latter to have better allocations in the future, given the projected hike of tourists coming to visit the Philippines every year,” Suarez added. The DOT has a P3.61-billion budget this year and a proposed P2.457 billion in 2017 under House Bill 3408, or the 2017 General Appropriations Bill (GAB). This year’s budget is 44 percent higher than the DOT’s P2.5-billion budget in 2015, while its proposed budget for next year is 39.7 percent lower.
Nacionalista Party Rep. Michael Jack R. Duavit of Rizal, sponsored the DOT budget during the plenary deliberations on the 2017 GAB, said the budget for the office of the Tourism Secretary amounting to P800 million got the biggest slash in the 2017 proposed budget of the agency. Earlier, the DOT said it is aiming to attract some 6.5 million in foreign visitor arrivals and 73.3 million domestic tourists in 2017 even as the Department of Budget and Management (DBM) has reduced the DOT’s next year appropriations. The BusinessMirror earlier reported that the country’s tourism sector earned some P149 billion from foreign visitors in the period of January to July this year. This represented a significant 14-percent gain from the same period last year, latest data from the DOT show. On a monthly basis, the DOT said the month of February recorded the highest tourism receipts at P27.5 billion, as well as the biggest increase at 42.09 percent compared to February 2015.
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@jonlmayuga
NVIRONMENT Secretary Regina Paz L. Lopez is urging mining companies to support the government’s antipoverty programs and implement programs that can generate employment, livelihood and spur economic activities in their host communities. LOPEZ: “There are people who benefit, but [there are] many others who don’t and suffer. And they fight with each other. That’s the most painful— when the presence of a business interest creates social fissure.”
President Duterte talks with Vietnam’s Communist Party General Secretary Nguyen Phu Trong at the party’s headquarters in Hanoi on Thursday. Kham/Pool Photo via AP
resident Duterte raised the rhetoric over his bloody anticrime war to a new level on Friday, comparing it to Hitler and the Holocaust, and saying he would be “happy to slaughter” 3 million addicts. Mr. Duterte issued his latest threat against drug dealers and users early Friday upon returning to his hometown in Davao City after visiting Vietnam, where he discussed his antidrug campaign with Vietnamese leaders and ways for their governments to fight transnational crimes, including illegal drugs. President Duterte has said his public death threats against drug suspects are designed to scare them into stop selling drugs and to discourage would-be users. But his latest remarks took that crime-busting approach to a different level.
Angeleño elders get free antipneumonia vaccination NGELES CITY, Pampanga—As part of the Grandparents Day celebration, the city government here and the Department of Health in Central Luzon (DOH-R3) on Monday administered a pneumococcal disease immunization program to over 250 senior citizens here. The program aims to prevent pneumonia among the elderly by intensifying DOH’s nationwide efforts in implementing the Expanded Immunization Program for Senior Citizens. This is in cooperation with USbased pharmaceutical company Merck Sharp & Dohme (MSD). The program encourages senior citizens, aged 60 and 65, to avail themselves of free pneumococcal polysaccharide vaccination, which will be administered in their community health centers. “Vaccines have long been
DUTERTE ‘HAPPY TO SLAUGHTER’ DRUG SUSPECTS
$10B
@lorenzmarasigan
he digital-commerce industry in the Philippines is expected to balloon to more than $10 billion in less than a decade despite roadblocks, such as the relatively slow Internet speeds, the lack of trust in online purchasing and minimal engaging content from brands.
Ephesus haven at sandari: gift of love and caring to elderly priests B4 Saturday, October 1, 2016 • Editor: Efleda P. Campos
By Lorenz S. Marasigan
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ARMM budget
A LAWMAKER from Mindanao, meanwhile, questioned the Autonomous Region in Muslim Mindanao (ARMM) regional government, led by Regional Gov. Mujiv Hataman, on unexplained appropriations, procurement, unfinished projects, contracts and liquidations amounting to billions of its allocated budget from 2013 to 2016. Party-list Rep. Shernee Tan of Kusug Tausug, citing the autonomous region’s annual audit report by the Commission on Audit, said the ARMM leadership has yet to fully account for its annual allocations. “Much over the P96-billion budget received by the ARMM regional government in the last four years remain unaccounted for,” Tan said. Tan also noted the increase in poverty incidence in the ARMM, despite the tripling of its budget from P10.4 billion in 2010 to P29.4 billion this year. “This, in light of the ARMM’s bid to ask Congress for a hefty raise in its budget, from P29.4 billion in 2016 to P41.78 billion in 2017.”
PhilFida reports hike in abaca production By Jasper Arcalas
Opec deal a bad surprise as Asians seen bearing brunt
@jearcalas
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HE country’s total abaca output from January to July this year inched to 35,538.625 metric tons (MT), from 35,148.5 MT recorded a year ago, latest data from the Philippine Fiber Industry Development Authority (PhilFida) showed. PhilFida data also showed that the Bicol region remained the top producer of abaca, accounting for 38 percent of the total output for the first seven months of the year. Bicol region output grew by 5.5 percent to 13,489.25 MT, compared to 12,780.99 MT recorded a year ago. The Davao region is still the second top abaca producer, accounting for 16.3 percent of the total output. Davao produced 5,803.4 MT, 2.7 percent higher than 5,648.11 MT during the same period last year. Western Visayas posted the highest growth among all the regions, almost doubling its abaca output to 1,235.81 MT, from 619.94 MT last year. Central Luzon recorded the highest output drop in the country. Production in the area plunged 56.3 percent to 2.625 MT, from 6.01 MT last year. Meanwhile, total abaca exports earning from January to May grew 39.4 percent to $51.38 million, from $36.85 million same time period last year. Abaca pulp accounted for the lion’s share of the earnings during the period at 66.6 percent. Exports receipt from abaca pulp grew 62.3 percent to $34.21 million, from $21.10 million earned a year ago. The United Kingdom (UK) and Germany were the top 2 importers of local abaca pulps, accounting for 38.1 percent and 29.7 percent of share, respectively. Abaca pulp exports to UK more than doubled to 3,265.885 MT, compared to 1,602.668 recorded a year ago. The United States imported 964.615 MT of local abaca pulp, a whopping 841.4-percent increase from 102.5 MT recorded during the same period last year. The UK was also the top importer of local abaca fiber, accounting for 52.6-percent share of the total exports. Local abaca, fiber exports to UK reached 2,791.75 MT, 10.8 percent higher than 2,520 MT last year. Japan was the second top importer of abaca fiber. Japan mported 1,851.25 MT, 233.5 MT less than 2,084.75 MT during the same period last year. The Philippines produces 85 percent of the world abaca supply, which is globally known as Manila hemp.
House building 3rd-biggest construction activity
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HE construction of office spaces, as well as roads and railways accounted for more than half of total construction output in 2013, according to the Philippine Statistics Authority (PSA). In the final result of the Annual Survey of Philippine Business and Industry for the sector, data showed the total value of output generated by all construction establishments amounted to P344.7 billion. Nonresidential building construction accounted for 38.4 percent, or P132.3 billion of the total, while roads and railways, 27 percent, or P93.1 billion. “Three industries generated the bulk of the total value of output at P286.9 billion, or 83.2 percent of the total,” the PSA said. The third industry that boosted total construction value in 2013 was residential (dwelling) building constructions with an output share of P93.1 billion, or 27 percent of the total. The PSA said the value of output represented the sum of receipts from domestic construction activities, net income earned from construction abroad, contract and commission work done for others, and income from products manufactured and sold less cost of products sold. It also includes goods sold in the same condition as purchased less the cost of goods sold and the value of tangible fixed assets produced on own account and change in inventories of finished products and work-in-progress. Meanwhile, in terms of contribution to the country’s tangible fixed assets, the construction of roads and railways accounted for the bulk of the sector’s contribution. Data showed the construction of roads and railways contributed a total of P3.6 billion to the country’s tangible fixed assets. The PSA said this accounted for almost half, or 46.5 percent of the total gross addition to tangible fixed assets. “Gross addition to tangible fixed assets is equal to capital expenditures less sale of fixed assets, including land,” the PSA said. The survey was conducted nationwide in 2014, with the year 2013 as the reference period of data, except for employment, which is as of November 15, 2013. The data collected from the survey provide information on the levels, structure, performance and trends of economic activities of the formal sector in the entire country for the year 2013. Cai U. Ordinario
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superal shines collegiate influence students from Saint Paul’s University, a Roman Catholic university, display placards as they come out from their campus to protest the killings being perpetrated in the unrelenting “war on drugs” campaign of President Duterte, on Friday in Manila.
AP/Bullit Marquez
France new tourism-growth driver By Ma. Stella F. Arnaldo
@Pulitika2010 Special to the BusinessMirror
sports
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ITH their penchant for outdoor activities and new cultures, French citizens are fast becoming a high-growth market for visitors in the Philippines. In a news statement, the Department of Tourism (DOT) reported that France
PESO exchange rates n US 48.2570
is now one of top 20 emerging tourist markets of the Philippines, with 35,378 visitor arrivals in the seven months to July, up almost 22 percent from the same period last year. In a news statement, Tourism Secretary Wanda Corazon T. Teo said the DOT will be tapping social media and partnering with key travel influencers to market the Philippines to French citizens.
“We should capitalize on the power of social media to reach millions of users all over the world who are potential travelers. The 21st-century travelers are highly reliant on their smartphones for information. But, ultimately, their perennial objective is to stay connected. And this gift of social media that almost everyone has warmly embraced can be a game changer for tourism,” she added. Continued on A2
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efiners in the world’s biggest oil market, already struggling with a profit-sucking glut of refined fuel, face another hindrance if members of the Organization of the Petroleum Exporting Countries (Opec) would cut supplies of crude. The Opec on September 28 agreed to its first production cut in eight years, trying to support oil prices that are still down more than 50 percent from the highs of 2014. Pricier crude will be passed on to consumers in the form of more expensive gasoline, diesel and jet fuel, and that will dampen demand growth, Goldman Sachs Group Inc. analysts, including Nikhil Bhandari, wrote in a September 30
research note. Asian fuel-makers are already making about 40 percent less profit than a year ago from converting crude oil into gasoline and diesel. Fuel stockpiles in developed Asian economies rose to 174 million barrels in June, the highest level for the month since 2007. “Good times for Asian buyers are long over since earlier this year, and this Opec decision is exacerbating the bad news,” said Wang Pei, a trading analyst at Unipec, the trading arm of Asia’s largest refiner, China Petroleum & Chemical Corp. “An Opec deal will be bullish” for Dubai crude prices, “which is bearish for
n japan 0.4777 n UK 62.5990 n HK 6.2221 n CHINA 7.2355 n singapore 35.3764 n australia 36.8346 n EU 54.1685 n SAUDI arabia 12.8531
Continued on A2
Source: BSP (30 September 2016 )