6 THE ECONOMY DBP spearheads lending to sunshine eel industry
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HE Development Bank of the Philippines (DBP) has granted the first eel grow-out loan to Cacayan Aqua Ventures Inc. (CAVI), a start-up corporation currently in the process of expanding its eel farming and grow-out operations in Laguna. The loan agreement signed by DBP with CAVI is a milestone development in the pioneering local eel industry which started in the 1960s, fizzled out in the 1970s, but has enjoyed a recent resurgence in an industry estimated to reach more than P290.24-million annually. This potential growth has been stimulated by increasing foreign demand from such countries as Japan, South Korea, Taiwan, and China, a vibrant local MSME sector, and the country’s competitive advantages as a natural eel highway and tropical spot that allows for year-round growing. DBP’s loan grant paves the way for wider financial access for the aquaculture business, specifically the emerging local eel industry. CAVI was established by long-time businessman and aquaculturist Jimmy D. Cacayan. Typical operations include the consolidation of eel fry, for grow-out for four to five months until they reach a minimum marketable size of six inches, after which they are
shipped abroad. As eels grow at different rates, there is need to continually stock on, and grow eel fry, in separate ponds. CAVI thus sought assistance from DBP to finance working capital for the expansion of its business, including the hiring of 30 additional regular employees. As a member of the Integrated Growers and Traders (IGAT), the country’s sole registered professional association of local eel growers, Cacayan also advocates sustainable eel farming, combats eel fry smuggling, and supports IGAT’s vision to locally establish the whole value chain for the eel industry including eel grow-out, processing, and marketing. The eel industry continues to benefit both local and foreign stakeholders including fry consolidators, eel business employees, entrepreneurs, foreign eel consortia, the Department of Agriculture, Board of Incentives, Department of Trade and Industry, Bureau of Fisheries and Aquatic Resources, the foreign market, and the finance sector. DBP’s support to the industry will promote widespread local employment, increase taxes paid to the National Government, contribute to a more productive agricultural sector, enhance global competitiveness, develop the countryside, and encourage inclusive growth. (PNA)
ING economist eyes recovery of peso after May 9 polls
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HE Philippine peso is seen to recover after the May 9 national polls, an economist of ING Bank said. In a research note, ING Bank Asia chief economist Tim Condon said politics is the main factor for the local unit’s recent weakness. “We think a re-pricing for a Duterte victory explains the PHP’s underperformance since mid-April,” he said. Condon said the peso
has depreciated by 2.16 percent against the greenback since mid-April, the second highest after the Malaysian ringgit’s 2.19 percent. Citing the projection of ING Bank Manila senior economist Joey Cuyegkeng, Condon said the peso posted weakness ahead of the past three national polls but recovered half of what it lost afterwards. “Based on this USD-PHP should recover to 46.5046.60,” he added. (PNA)
EDGEDAVAO
VOL. 9 ISSUE 48 • FRIDAY - SATURDAY, MAY 6 - 7, 2016
Bian to operate int’l school for top managers, entreps By CHENEEN R. CAPON
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crc@edgedavao.net
N international school offering world-recognized certificate courses on entrepreneurship and business management will open next month in Davao City. Business-leader and educator Joji Ilagan-Bian will operate the school said to be the first of its kind in Mindanao. Bian told reporters last Wednesday her management school has partnered with foreign international schools in Australia, London and United
States, initially. Through utilization of technological platform in teaching students, she said, students enrolled in the two programs can have access to foreign instructors who will be teaching remotely. “We’re targeting Grade 10 students, college students who wanted to shift to another courses, and those individuals who wanted to be on a executive or managerial position,” Bian said during this week’s edition of Wednesdays at Habi
COOLING THE HEAT. A trader traverses along San Pedro Street in Davao City where he will deliver ice blocks to his regular customers who are into juice and other beverages business yesterday. More and more ice block dealers
at Kape at Abreeza Mall. She said the school will be catering to students who have the objective of becoming managers or entrepreneurs. Bian, who has been in the tourism and hospitality industry for decades, said she can transfer to students her experience in holding managerial and executive positions. She said it is timely for the hospitality and tourism education to be upgraded. Schools have to start teaching students on how to
handle executive and managerial positions might as well how to start their own business, she added. By the end of each program, students will be able to earn certification from the counterpart international school. The new school will be located in a seven-story building just beside another Bian-owned school --the Institute of International Culinary and Hospitality Entrepreneurship in Davao City.
in the city ignore possible risk of bacterial contamination to their product due to the absence of proper handling and the use of appropriate container. Lean Daval Jr.
Wong returns last batch of money received from stolen USD81-M
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LAWYER of casino junket operator Kim Wong on Wednesday delivered to the Anti-Money Laundering Council (AMLC) over Php 250 million in cold cash, the last tranche the latter promised to return from what his company received from the stolen USD 81 million. In a statement, Wong, also known as Kam Sin Wong, said the money was delivered a
day before the self-imposed May 5 deadline he told Senators during a Senate hearing on April 5, 2016. He said the remaining fund was the last that his company, Eastern Hawaii Leisure, Ltd. received from the laundered money that passed through the Rizal Commercial Banking Corporation’s RCBC) Jupiter Branch in Makati last February.
The cash is comprised of Php 230 million in Php 1,000 bills and Php 20 million in Php 500 bills. These were placed in nine plastic bags and were delivered by lawyer Kristoffer James Purisima. To date, Wong has returned to the AMLC cash amounting to about USD 4.63 million and Php 488 million. Wong is among the respondents in the money
laundering cases filed by the AMLC before the Department of Justice.Initial investigations showed that Wong was among the recipients of the USD 81 million stolen from the dollar account of Bangladesh Bank (BB) with the Federal Reserve of New York last February. AMLC received the money from Wong for safe-keeping. (PNA)
HE camp of Mayor Rodrigo R. Duterte blamed the jitters in the Philippine stock market on the “rotten” political system of the present administration and not the lack of clear economic plans of the presidential candidate. Duterte admitted in a gathering of business leaders at the Makati Business Club (MBC) last April 27 that he is not into economy. In a press statement issued by the Duterte-Cayetano media team on Thursday, Peter T. Laviña, spokesperson of Duterte, said that “the unprecedented mud-slinging unleashed by the administration party on Duter-
te has the market stunned.” “Instead of presenting its platform, the ruling party has engaged attack dogs such as Senator Antonio Trillanes to throw piecemeal accusations against Duterte meant to pull his high ratings down in the pre-election surveys,” he said. Laviña lamented that the media is lapping at the circus with glee without regard to its negative effect on the financial market. “The baseless accusation that Duterte has hidden wealth in a leading bank and not reported in his SALN proved to be a dud. No less than the bank issued the denial statement,”
Laviña added. Duterte, who was guest during Pastor Apollo C. Quiboloy’s “Give Us This Day!” program dawn on Tuesday, said that he will hire economists as consultants if he becomes president. Some of the members of the Makati Business Club were reportedly left wanting of Duterte’s economic plans when he delivered his speech during the gathering. “They wanted me to explain economy. I’m a lawyer… My grade [in economics] was terribly low. If they are not impressed with me, I’m sorry,” he said.
The Philippine Stock Exchange index (PSEi) closed at 6,999.75 on Thursday, down by about 1.16 percent as compared to Wednesday’s 7,081.86. Davao City Chamber of Commerce and Industry Inc. (DCCCII) president Bonifacio Tan said that Duterte, if elected into the presidency, can always hire economics consultants who can guide him on the country’s direction on the economy. He stressed that Duterte’s focus is peace and order, education and anti-drugs. “As of now, the press [of selecting economic advisers] is still in the process of selection,”
PHL stocks snap 8-day Duterte camp: Market jitters caused by‘rotten’political system decline on profit-taking T
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OCAL share prices rebounded on Wednesday as investors hunted for bargains after eight straight days of losses. The benchmark Philippine Stock Exchange index (PSEi) rose 35.29 points, or 0.50 percent to 7,081.86 from previous day’s 7,046.57 close. Value turnover reached Php6.55 billion with 2.72 billion shares changing hands. Analysts said many inves-
tors looked at recent market correction as a buying opportunity. Counters were mixed with holding firms, industrial and property sectors finishing in the positive territory. The mining and oil, financials and services sectors closed in the red. Market breadth turned negative with decliners outpacing advancers, 116 to 61, while 53 issues unchanged. (PNA)
F DUTERTE CAMP, 10