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BusinessWeek MINDANAO
Issue No. 54, Volume III • May 23-29, 2011
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com
P10.00
Market Indicators as of 4:15 p.m., MAY 13, 2011 (Friday)
FOREX
PHISIX
US$1 = P43.2022
4,285.16 points
12.77 points
X
X Briefly 0.028 cents
AboitizPower
LISTED AboitizPower Corp. is looking for funding amounting to P50 billion for its planned 600-megawatt (MW) Subic and 150-MW Davao coal-fired power plants, Erramon Aboitiz, president and chief executive, said on Wednesday. The AboitizPower official, however, said the total amount to be raised will depend on whether they will proceed with the Subic project. “If we do, we’re talking about financing in the neighborhood of P50 billion for the two plants [in Subic and Davao],” he added. For the Davao project, Aboitiz said they are still waiting for the endorsement of the Davao City Council, which they hope to secure within the month.
CebuPac adds flight
THE Philippines’ largest national flag carrier, Cebu Pacific (CEB) will increase domestic flights in the 4th quarter of 2011, making available 33% more seats compared to the same period last year. CEB will take delivery of 3 more brand-new Airbus A320 aircraft in October, allowing the airline to offer the lowest possible fares in the market and mount more domestic flights. With this flight increases, CEB will also continue to have the most flights to popular tourist destinations such as Boracay, Coron, Dumaguete and Cagayan de Oro. CEB will increase flight frequencies in the following routes:
A
By MIKE BAÑOS, Correspondent
SENIOR official of the National Grid Corporation of the Philippines (NGCP) welcomes the idea of deploying a Turkish “power ship” in Mindanao as an answer to the severe power shortage in the region.
Ms. Cynthia P. Alabanza, spokesperson for the National Grid Corporation of the Philippines (NGCP) said any additional capacity in the Mindanao Grid is most welcome, especially when another El Niño episode which could drastically reduce the capacity of hydroelectric plants is expected next year
following the extended rainy season brought by the La Niña weather phenomenon. While recognizing it is the prerogative of the DUs to source their power supply under the deregulated regime specified by the Electric Power Industry Reform Act, Ms. Alabanza said the ship/PAGE 16
BUSY PORT. Sacks of rice are ready for shipment at the busy Macabalan Port in Cagayan de Oro on a weekday. The main port of the city has noted an increase in its handling of various cargoes with the ongoing development of infrastructure and commercial establishments. photo by gerry l. gorit
Globe fetes vendors
GLOBE Telecom recently recognized more than 100 business partners, vendors and suppliers during its 8th Business Partners’ Meeting. During the ceremony, Globe awarded its top business partners and accorded them two award categories: Hall of Fame Award and Outstanding Vendor the Year Award. The Hall of Fame Award is given to vendors who have consistently delivered superior and quality service to Globe and have been awarded as outstanding business partner for four (4) consecutive years in the same award category.
POWER SHIP. Turkish power ship, Dogan Bey, moored in a port in Iraq. The ship generates 600 megawatts of electricity to supply the Iraqi grid. It is being mulled to be deployed in Mindanao.
JR BORJA ST., CAGAYAN. DE ORO CITY Tel No: 857-4113
By ANN NOBLE Bukidnon Bureau Chief
MARAMAG, Bukidnon – The First Bukidnon Electric Cooperative, Inc. celebrated its 39th year in service and went a step ahead by going hi-tech. Embracing technology as part of the upgrading process the electric coop-
Seair halts flights
SOUTH EAST Asian Airlines (Seair) has been ordered to halt plans for flights from Manila to Davao and Cebu while the government decides whether the carrier’s partnership with a foreign airline for the routes is a violation of the country’s laws. “The order was issued pending a final resolution of the issue... in order to prevent any injury to the public,” Civil Aeronautics Board (CAB) Executive Director Carmelo L. Arcilla said referring to CAB Resolution No. 1 issued on last week. The resolution was issued after local carriers Philippine Airlines (PAL), Cebu Air, Inc. and Air Philippines claimed that Seair violated Philippine laws on so-called cabotage rights.
Fibeco marks 39th year anniversary, launches ATM power bill payment
BROKE/PAGE 16
Foreign brands Landbank, ItalPinas sign P130M eye brisk sales loan for Primavera Residences
Land Bank of the Philippines is proud to announce it has granted a P 130 million Term Loan to ITALPINAS (ITPI) Euroasia Design and Eco-Development Corporation last March 28 to partially finance the construction of Phase 1 of Primavera Residences, an Eco-Friendly 10-storey residential and commercial condominium building to rise in Pueblo de Oro Township in Cagayan de Oro City. Advertorial landbank/PAGE 20
CQ LIFESTYLE CENTER Bldg, JR Borja, St., Cagayan de Oro City Tel No: 856-9001
By CARMELITO Q. FRANCISCO Correspondent
DAVAO City -- The distributor of foreign brands like North Face and Victorinox is eyeing a 45% increase in its Mindanao revenues as it set up 14 more stores and brands/PAGE 16
CAPISTRANO ST, CAGAYAN DE ORO CITY TEL NO.: 856-1660
erative is currently undertaking, the Fibeco management launched last May 13, 2011 its power bill payment through Automated Teller Machines (ATM)/ Information Communication Technology (ICTI) Innovation in partnership with Allied Bank. According to Allied Bank
Visayas-Mindanao Business Development Officer Roberto K. Uy, Fibeco’s e-payment system is the first to be implemented among 119 electric cooperatives in the country. Uy said, this development of using electronic payment to power bills has made bill payments a lot easier because fibeco/PAGE 16
Korean, Turk investors eye Iligan power plant KOREAN and Turkish investors have expressed interest in acquiring the 114-megawatt Iligan Diesel Power Plant 1 & 2 in Dalipuga, Iligan City. Some members of the 30-man Turkish mission that visited this city last
VAMENTA BVD, CARMEN CAGAYAN DE ORO CITY TEL NO. 858-1660
week expressed interest in the plant now owned by the city government of Iligan. The 7.9-hectare power complex was acquired by Iligan City under a compromise agreement with the Power investors/PAGE 12
OSMEÑA ST. CAGAYAN DE ORO CITY TEL NO: 856-4019