BusinessWeek Mindanao Sept 5

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BusinessWeek

YOUR LOCAL ONLINE BUSINESS PAPER

Issue No. 12, Volume III • September 5-11, 2011

Market Indicators

AS OF 12:10 P.M., SEPT. 02, 2011 (Friday)

FOREX

PHISIX

US$1 = P42.35

4,392.91 points

; ; Briefly 0.02 cents

26.32 points

New hotel

IF plans don’t miscarry, a new hotel will soon rise in Cagayan de Oro, announced Mayor Vicente Emano during his weekly radio program aired over Magnum Radio. Emano said the owner of Sogo Hotel is now looking for possible area where they can construct the 10-storey hotel. He said the owner had already inspected two possible sites but is still looking for better location.

DBP underfire

THE House of Representatives is planning to conduct an investigation in regard to the mandate of the Development Bank of the Philippines following reports that it has extended loans for large private corporations. The focal point of DBP’s development thrusts should be five priority areas: social services, environment, infrastructure and logistics, micro, small and medium enterprises (MSMEs) and industrial lending. However, a solon said, the bank has apparently extended multi-billion loans to large private corporations to partly fund its capital expenditure programs for 2011 and 2012.

Amend Epira law

A LAWMAKER has filed a measure seeking to grant rural electric cooperative associations the right of first refusal to purchase state-owned power generation plants. Rep. Salvador Cabaluna III said House Bill 5036 will equip rural electric cooperatives with the necessary power to operate generation plants. “By allowing them to run power generation plants, rural energy consumers are being empowered to control the price of electricity,” Cabaluna said.

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Hanjin shelves $2b Misor project anew By RUEL VILLANUEVA PELONE, BWM Online Editor

K

OREAN shipbuilder Hanjin Heavy Industries-Philippines (HHIP) has again put on the sideline its shelved $2-billion ship-building project in Misamis Oriental and instead embarks on a $1-billion expansion program for its Subic facility designed to accommodate new orders that it expects from the Malampaya exploration activities. In a statement released Friday, the company said it had reserved an additional 150 hectares of land to expand its Subic shipyard facility as part of the expansion program. HHIP said under the expansion plan, 100 hectares, under the shipyard’s expansion Phase 1 and 2, will be dedicated for dry-dock six while the remaining 50 hectares will be for fabrication of

materials for the Malampaya platform. From now until 2015, HHIP has 31 new buildings for delivery. At the end of the month, it will deliver its 24th ship, bulk carrier MV Houheng II to Heugh Industries of Hong Kong. Subic Bay Metropolitan Authority administrator Armand Arreza said HHIP’s SHELVES/PAGE 17

Ayala condo will be named Avida Centrio ANTONINO Aquino, Ayala Land Inc. president was quoted in an article that Centrio will be a regional shopping center that carries a host of mainstream and local brands and dining concepts, coupled with a boutique hotel and Avida Centrio, a self-contained residential community.

So the name for the condo development which will reportedly rise next year will be initially known as Avida Centrio. Ayala usually changes the official name of their project until the formal official launch. Centrio for example was initially named as Gemini.

Mayor Vicente Emano cuts the ribbon during the Sept. 1 launch of Primavera Residences model unit, office and showroom. Also in photo are (L-R) Architect Romolo Nati, president and CEO of Italpinas; Alfonso Tagliaferri, 1st Secretary and Deputy Head of Mission of the Italian Embassy; Ms. Andi Ramos, VP-Operations of Italpinas; Mr. Jojo Leviste of Italpinas and Rudy Meñes, SVP and GM of Pueblo de Oro Development Corporation.

Primavera residences launches model unit By MIKE BAÑOS Correspondent

POTENTIAL buyers can now get a hands-on feel by getting up close and personal with a model unit of Northern Mindanao’s first ever eco-friendly condominium.

Mayor Vicente Y. Emano, Hon. Alfonso Tagliaferri, first secretary and deputy chief of mission of the Italian Embassy in the Philippines and Illac Angelo Diaz, chairman of MyShelter Foundation led the ribbon cutting and blessing

of the Primavera Residences showroom, model unit and showroom located just beside the 10-story condominium now under construction in Pueblo de Oro Business Park. “I am grateful to Italpinas PRIMAVERA/PAGE 18

Coal plant can wait, says Duterte By ALLAN MEDIANTE, Executive Editor

DAVAO City––More than half a million cubic meters of water is needed to cool down the generators of a coal-fired power plant, and thus this fact “cooled-down” the support of vice mayor Rodrigo Duterte to the proposed Coal Plant project in Toril. Duterte told media that he is now apprehensive that the coal

plant, once built in Toril’s Binugao District will compromise the fresh water supply for the next generation of Dabawenyos. Earlier supporting the project, Duterte is now making a turn-around. The reason he previously pledged support to the project was that he believed that it would help solve a COAL PLANT/PAGE 17


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