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BusinessWeek MINDANAO

Issue No. 5, Volume III • July 11-17, 2011

YOUR LOCAL ONLINE BUSINESS PAPER

NOW OPEN Market City, Agora

www.businessweekmindanao.com

P10.00

Market Indicators as of 5:13 p.m., JULY 8, 2011 (Friday)

FOREX

PHISIX

US$1 = P42.889

4,391.46 points

X X Briefly 0.11 cents

15.61 points

Low power reserve

POWER reserve levels in the Mindanao grid remain low, according to Energy Sec. Jose Rene Almendras. The Energy chief said the Department of Energy (DOE) is not happy with the reserve levels in Mindanao. “We’re lucky that the hydroelectric power plants in Mindanao are doing well, and that there are no major breakdowns. The hydroelectric power plants are okay but [the situation] is still not stable,” Almendras said. He said the DOE is trying to bring in as much capacity in the Mindanao grid. “Hopefully the Iligan power plant comes online in a few months.” The reserves are very low, according to Almendras, adding that reserves are usually only 100 megawatts (MW) during peak hours. He made it clear though that no brownouts are being experienced in Mindanao, saying that the reserve levels are just too low. “We’re enticing more as many investors as we can to Mindanao. And there are now more people interested,” he said.

20-ha solar farm

THE Philippine subsidiary of the Toronto-based Canadian renewable energy company Enerasia Renewable Corp. is now on the lookout for a 20-hectare land in the city or Misamis Oriental province for its solar farm project. If plans pushes through, this will be the second solar farm in the city and in the entire Philippines, said Jose P. Leviste Jr., chairman of Constellation Energy Corp., during a press conference here.

T

By NELSON V. CONSTANTINO, Editor-in-Chief and BONG FABE, Contributor

HE Department of Labor and Employment on Friday has announced the approval of a P17/day across-theboard increase to all minimum wage earners in northern Mindanao starting this month of July.

Labor Secretary Rosalinda D. Baldoz, in a press statement, said the Regional Tripartite Wages and Productivity Board in Northern Mindanao has issued a new Wage Order No. RX-16, granting a P17.00 cost of living allowance (COLA) for workers in the region. The wage order provides that the COLA shall be integrated in the basic pay after six months.

Baldoz said the new wage adjustment will take effect before the end of the month with the increase effective 15 days after the publication of the order in a newspaper. The wage board, according to the statement, has set categories in its order: minimum wage rates in the non-agricultural sector in Northern Mindanao under wage category 1 (compriswage/PAGE 11

By BONG FABE Contributor

jeepneys can be found in Mind anao’s b enchmark for eco-friendly developments—Pueblo de Oro Business Park—plying as shuttle services in its environs, especially to and from the surrounding subdivisions, mall green/PAGE 11

‘Green jeepneys’ now Pueblo ramps up ‘Green Initiative’ ply Cagayan de Oro with Primavera Residences launch THE first ever electric passenger jeepneys in Northern Mindanao are only found in this capital city and regional center. Environment-friendly and cost-efficient, these e-

Port collections rise

THE revamp in the Bureau of Customs (BOC) here has resulted in a dramatic increase of collections and apprehension of several luxury vehicles in Cagayan de Oro City port. Atty. Anju Nereo Castigador, who himself had just recently assumed as District Collector of Customs in the province, on an interview here, said the major overhaul specifically at the Mindanao Container Terminal (MCT) sub-port of Cagayan de Oro had given new impetus in ther drive to achieve the collection goals. He said MCT alone collected P408.5 million, exceeding its June 2010 performance by P187,688,947, or 85 percent.

PRIMAVERA GRAND LAUNCH: Grand launch of the Primavera Residences at the Pueblo de Oro Township on July 5. (L-R) ItalPinas Chair Joey Leviste, AVP Construction VP-Ops Arsenio B. Manuta, Gov. Oscar S. Moreno, ItalPinas President Romolo V. Nati and Pueblo de Oro Dev. Corp. Pres. Rommel M. Leuterio photo supplied

WAGE HIKE: Minimum wage earners in northern Mindanao get reprieve with P17/day salary increase starting this month.

By MIKE BAÑOS Correspondent

CAGAYAN DE ORO’S biggest real estate development ramped up its “Green Initiative” with the grand launch of Mindanao’s first eco-friendly condominium Tuesday, July 5 at the

360-hectare Pueblo de Oro Township. “Primavera Residences complements other green efforts in the Pueblo de Oro Township, including the 40-hectare Pueblo Urban Rainforest and the electric shuttles serving Township

residents, making Pueblo the benchmark for ecofriendly developments in Cagayan de Oro,” said Pueblo de Oro Vice President-General Manager Rodolfo L. Meñes. The 40-hectare Puebpueblo/PAGE 12

Phividec approves Filinvest’s 300mw power project in Misor LISTED-firm Filinvest Development Corp. has formally completed its diversification from one of the country’s leading real estate developers into the power industry with the approval of its proposed 300 mega watt power project in Misamis Oriental. A report said the board of the Philippine Veterans Investment Development Corp.

(Phividec) has reportedly approved the application of the consortium led by Filinvest as a locator of its industrial estate in Mindanao. The source who is privy to details of the project said the approval of FiIinvest’s application is still subject to compliance of certain requirements, which the consortium is currently finalizing.

The Phividec Industrial Authority is a governmentowned and -controlled corporation. It is mandated by its charter to identify, develop, manage and supervise the 3,000-hectare Phividec Industrial Estate and equip these areas with the necessary infrastructure to encourage the inflow of domestic and power/PAGE 9

plans/PAGE 12


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