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Cagayan de Oro City

Volume III, No. 275

Market Indicators

As of 6:13 pm AUG. 12, 2013 (Monday)

FOREX

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US$1 = P43.66

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Briefly Land travel time DAVAO City -- Travel time from Manila to Mindanao will soon be cut down to only 20 hours once the Central Spine Roll On Roll Off (RoRo) project amounting to P56.5 billion is implemented.

Travel from General Santos City to Manila by sea usually takes at least two days by sea with stop-over at Zamboanga City in Mindanao and in Iloilo City in the Visayas.

“The project will consist of a network of highways and ferry ports that will cruise seamlessly through the center of the Philippine archipelago in contrast to the coastal routes being utilized at present,” Department of Transportation and Communication (DOTC) Secretary Joseph Emilio Abaya said Friday during the Mindanao Business Conference held in Davao City from August 8 to 9.

Trade promotion ILIGAN City -- The Department of Trade and Industry’s Bureau of Export Trade Promotion (BETP) in partnership with DTI Region 10 including Lanao del Norte and Misamis Occidental will conduct a series of information sessions in Northern Mindanao about the ASEAN Economic Community (AEC) through its “Doing Business in Free Trade Area” (DBFTA) program.

The DBFTA is a massive advocacy campaign for businesses, industry groups, t he ac ad e me, an d ot her stakeholders to increase their awareness as well as foster appreciation for the benefits of free trade agreements (FTAs), and how they could avail of these benefits.

The DBFTA information sessions will be held on August 13, at the N Hotel in Cagayan de Oro City, on August 14 in Iligan City, and on August 15 in Ozamiz City.

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Stricter rules on NGO certification sought AS NGOS DRAWN INTO ‘PORK BARREL’ CONTROVERSY:

T

By BUTCH D. ENERIO Correspondent

O maintain organizational “good housekeeping” among numerous nongovernmental organizations (NGO) in the countr y and weed out non-per forming and illegitimate ones, private regulator Philippine Council for NGO Certification (PCNC) has underscored the need for stricter compliance to its accreditation process.

More than certifying NGOs for ‘Donee Institution Status,” which grants these organizations the right to receive taxdeductible and tax-exempt donations under the 1995 Tax Code, the council aims to uplift the effectiveness of local NGOs and promote accountability, capability, and credibility among them.

“Many Filipinos have their hearts in the right place and have the intrinsic urge to help the underprivileged. And we need to ensure that their kindness reach the right rules/PAGE 11

INTERNALLY DISPLACED FAMILY. Marivic Kasal attends to her children as they try to settle inside Bangkerohan Gym in Davao City on August 7, 2013. The 29-year old mother of 6, travelled for over 10 hours from Barangay Kauswagan in Loreto, Agusan del Sur to reach Davao City. They left their village due to renewed hostilities between the military and the New People’s Army. mindanews photo by toto lozano

More groups join call for IMEM deferment

Overpriced meds, supplies blamed on big pharmacies

Consumers Alliance for Rura l Energ y (1-CAR E) partylist f iled last week House Resolution 156 urging Congress to do its part in urging both the Department of Energy (DoE) and the Philippine Electricity Market Corporation (PEMC) to defer IMEM’s implementation next month because of five reasons.

Masongsong’ reasons IMEM/PAGE 11

MALAYBALAY City -- Prices of medicines and supplies at the Bukidnon Provincial Medical Center and other prov incia l governmentrun hospitals are based on “prevailing prices of the pharmacies within the locality preferably Mercury and Rose pharmacies as benchmark,” Oscar Belderol, chief of blamed/PAGE 11

By BONG D. FABE, Associate Editor

MUDDY ROAD. Public works and highway workers headed by its Foreman Ronnie dela Cruz remove thick mud occupying portion of a national highway in Tagoloan town after heavy rains plugged the drainage system in the area causing water to overflow.

photo by rolando sudaria

A FACULTY member of the Mindanao University of Science and TechnologyInstitute of Power System Economics (MUST-IPSEc) ye s terd ay joi ne d t he growing chorus calling for t he defer ment of the implementation of the Interim Mindanao Electricity Market (IMEM).

Rep. Edgardo Rama Masongsong of the 1st

By WALTER I. BALANE MindaNews

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Economy

Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776 Editor : Bong D. Fabe

More Pinoys work less under PNoy economy Poverty reduction MORE Filipinos worked fewer hours last year, data from government statisticians revealed and showed a steady progression of underemployment in the first two years of the Aquino administration.

Data from the National Stat ist ics Of f ice (NSO) showed that the number of people who expressed their

desire to have additional hours of work in the present job, or to have an additional job, or to have a new job with

longer working hours reached 13.9 million last year.

This number brought the underemployment rate to 20 percent from the 19.3 percent recorded by the NSO in 2011.

In 2010 the number of underemployed, based on the NSO data, was only at 6.8 million, or 18.8 percent of the country’s labor force. The challenge of jobs remained on the second year of the Aquino administration despite a growing economy and low inflation.

Employment and unemploy ment rates

rema i ne d s te ady at 93 percent a nd 7 percent , respectively, last year. The NSO data showed that in the transition year of the Aquino administration, employment was at 92.7 percent, while unemployment was at 7.3 percent.

In 2010 about 6.8 million were underemployed, or worked less than 40 hours a week.

Underemploy ment remained highest in the Bicol region but which tapered off from 36.8 percent in 2010 to 35.4 percent in 2011 and 34.4 less/PAGE 11

INCLUSIVE grow th under President Aquino’s administration remains an elusive goal.

Poverty incidence in the Philippines is still high and is not expected to go down significantly at the end of President Aquino’s term in 2016, despite the impressive economic performance.

The government will most likely miss its 2015 target of halving poverty incidence to 16.6 percent, notwithstanding the 6.8 percent growth in the gross domestic product in 2012 and 7.8 percent in the first quarter this year. Poverty incidence in the Philippines, in fact, is among the highest in the region as the economic growth failed to trickle down to the poor.

The country’s millennium goals aim to lower poverty incidence to 16.6 percent by 2015 from 33.1 percent in 1991. Data from the National Statistical Coordination Board showed that as of the first semester of 2012, about 27.9 percent of the Philippine population still lived below the poverty threshold.

Social Watch Philippines, a non-government organization, said that despite the huge budget allotted Poverty/PAGE 11

DTI to conduct info sessions on how to do business in AEC THE Department of Trade and Industry’s (DTI) Bureau of Export Trade Promotion (BETP) in partnership with DTI Region 10 will conduct a series of information sessions on the ASEAN Economic Community (AEC) through its “Doing Business in Free Tr a d e A re a” (DBF TA) program on August 13 at N Hotel here, August 14 in Iligan and August 15 in Ozamiz.

The program is a massive advocac y ca mpa ig n for businesses, industry groups, t he academe, and ot her stakeholders to increase their

awareness as well as foster appreciation for the benefits of free trade agreements (FTAs), and how they could avail of these benefits.

Moreover, these sessions will discuss how businesses could increase trade with Philippine FTA partners.

FTA benef its include preferential tariff rates, harmonization of standards and more liberal regimes i n t r ade , s er v ic e s a nd investment.

As of year-end 2012, the region’s merchandise exports totaled $1.17 billion. These exports include fresh and

processed fruits, marine products, beverages, food products, coconut products, chemica ls, construction materials, electrical parts, g lass ma nu facturers, machinery, medical supplies, minera ls, oi ls, paper ma nu fac t u rers, r ubber, f u r n it u re , hou s e wa re s , fashion accessories, footwear and toys.

The AEC hopes to further integrate the Association of South East Asian Nations (ASEAN) into the global economy.

ASEAN has its own free trade agreement (AFTA)

among its member countries a s wel l a s w it h C h i na (ACFTA), India (AIFTA), Kore a (A K F TA), Japa n (AJCEPA), and Australia and New Zealand (AANZFTA).

ASEAN is a lso work ing on the ASEAN Regional Comprehensive Economic C o o p e r a t i o n (A RC E P) involving all six ASEAN partners.

The Phi lippines is a signatory to all six ASEAN FTAs plus one bilateral FTA with Japan, the Philippines Japan Economic Partnership Agreement (PJEPA). sessions/PAGE 11

Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776 Editor : Neslon Constantino

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Bangko Sentral says money supply growth hits 6-yr high

Citibank taps BIR, allows US access to bank, credit accounts of local clients THE loca l Citibank has i n for me d it s Vi s a a nd Mastercard clients that it will begin random verification of cardholders’ income tax returns with the Bureau of Internal Revenue.

The BIR cooperation i s on top of C it i b a n k prov iding credit a nd

banking information of local clients to the US Internal Revenue Ser v ice or any other authorized federal agency under the US Foreign Account Tax Compliance Act. Citibank advised clients that its new credit-card citibank/PAGE 10

FOR the fourth consecutive quarter, more big banks are tightening credit standards for commercial real estate loans, the Bangko Sentral ng Pilipinas (BSP) said.

“The net tightening of overall credit standards for

commercial real estate loans was attributed by respondent banks to stricter oversight of banks’ real estate exposure along with banks’ reduced tolerance for risk,” the BSP said.

BSP/PAGE 10

BSP: Loan standards for commercial real estate get tighter

MONEY supply growth hit a six-year high last June, but the Bangko Sentral ng Pilipinas (BSP) today said this is no cause for worry because the economy has increased its capacity to absorb the excess liquidity.

In a briefing, BSP Deputy Governor Diwa Guinigundo told reporters that domestic l iqu id it y or M 3 wou ld continue to grow in line with the expansion of the country’s gross domestic product (GDP).

A measure of economic performance, GDP, which is the amount of final goods and services produced in the country, expanded at a record 7.8 percent in the first quarter, making it Asia’s fastest for the period.

“It is true that if M3 c ont i nu e s to b e s h a r p and prolonged that could impose additional inflation pressure. [But] in the case of Phi lippine potent ia l, c a p a c it y h a s gone up ; we ca n accommodate higher [liquidity growth], consistent w it h t he requirements for funding more economic activities,” Guinigundo said.

M3 grew by 20.3 percent to P5.7 trillion in June, quicker than the 16.4 percent

in May and the fastest since May 2007.

Despite t he brisk expansion of money supply, inf lat ion wou ld rema in manageable, Guinigundo said.

The BSP forecast inflation to reach 3.3 percent this year, four percent in 2014 and 3.5 percent in 2015.

The central bank today noted a general easing in capital inflows to emerging economies owning mainly to e x p e c t at ion s of t he early unwinding of the US Federal Reserve’s economic st i mu lus, w it h some expecting the withdrawal to start before the year ends.

A growing number of analysts said the Philippines is turning out to be Asean’s out p er for mer, buc k i ng a reg iona l slowdow n brought about by China’s cooling economy. Recently, Standard and Poor’s said the Philippines has already d i splac e d I ndone sia a s Asean’s economic leader.

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EcoBusiness

Don Carlos is best choice for B’non airport

By Walter I. Balane

MALAYBALAY CITY— The final choice for the site of the proposed Bukidnon domestic airport is the one in Maray-maray in the municipality of Don Carlos, according to a representative of the aviation consulting firm contracted by the Civil Aviation Authority of the Philippines (CAAP).

Grace P. Sapuay, environmental specialist of the Philippine Japan Aviation and Airport Engineering Consultancy, Inc. (Phil.Jac), said that after applying the multi-criteria analysis (MCA), the planners found out that the site in Don Carlos is the best in terms of landing, takeoff, and terrain requirements.

Sapuay is in town to do the environmental assessment as part of the feasibility study for the proposed airport. She said their firm is due to submit its report on August 26.

Last April, Raul Glorioso, department

manager of the CAAP aerodrome engineering unit, said the proposed project is still at the feasibility study stage expected to be done this month. After which, he added, they will be ready with recommendations and fund sourcing.

He said three sites were being considered for the airport – an airstrip in the municipality of Don Carlos, another area in Cabangahan in Malaybalay, and in Dabongdabong in Valencia City.

Glorioso said they inspected the three

sites during the April 3-4 visit of the team, which included a representative from Phil.

Jac and from Science Vision for Technology, tasked to conduct the feasibility study for the project initially dubbed “Bukidnon Airport Development Project.”

The study intends to determine the air travel demand for Bukidnon and “identify the most suitable site for a new airport.” The study also seeks to check the most effective and efficient way to serve the air travel requirements “not only of Bukidnon, but as well as of the Central Mindanao area.”

Aside from the establishment of a domestic airport in Bukidnon, the Bukidnon Kaamulan Chamber of Commerce and Industry, Inc. (Kaamulan Chamber) has pushed for a Bukidnon special economic zone as “priorities” for the province, said Roderico Bioco, chamber president, in his report to the group’s fourth

general membership meeting last month.

Bioco told around 200 participants that one of the priority projects pushed by the chamber with the reactivation of the Bukidnon Investment and Export Promotion Board is construction of the Bukidnon domestic airport.

“Laguindingan (airport) is too far, even Davao (F. Bangoy International Airport),” he said, adding Bukidnon has no airport even if it has greater economic activities than the cities of Ozamiz and Pagadian, which have airports of their own.

Bioco said the CAAP has conferred with the chamber about a Malacañang directive for the conduct of feasibility study.

He noted that the most critical point in developing a new airports is the acquisition of land to accommodate the required runway and aerodrome. (MindaNews)

Surigao mayor says ‘NO!’ to mining

By Roel Catoto

SURIGAO CITY—The mayor of Bacuag, Surigao del Norte has this piece of advice for mining firms which may want to operate in the town: Go find another place for your investments.

Saying she would junk all mining applications, Mayor Shiela Mae Orquina-Cebedo said the mining firms better not waste their investments in her town.

Now in her last term as mayor, Cebedo said she had rejected several applications for mi ni ng ex plorat ion during her second term in office.

She, however, did not name the mining firms whose applications were turned down.

“I don’t want irreparable damage to happen in my town. I fear the negative effects that may emerge if mining firms are allowed to exploit mineral reserves in our town. Maybe they can apply soon after I step down, but not now while I’m the mayor,” she said, adding many local people also asked her to block the applications. “ I ’m n o t a g a i n s t responsible mining. I just

don’t wa nt a ny mi ni ng act iv it ies in my tow n,” Cebedo explained.

Bacuag is surrounded by mining towns like Placer, Claver, Tubod and Taganaan.

She said a mining company in one town came in w it h ma ny promises but when environmental problems occurred only the local government was left to face such problems.

Cebedo was apparently referring to Tubod where the Greenstone Resources Corporation closed its mining and milling operations due to a crack on its tailings storage facility number 4 on April 26 this year.

She said she is now urging the Department of Tourism a nd t he Depa r t ment of Environment and Natural Resources to declare the town as an ecotourism site instead of making it as a mining area.

B a c u a g h a s s e ve r a l caves and some of them are unexplored, the mayor said.

Bacuag is a fifth class municipality where fishing and farming are the primary livelihoods of its 12, 200

e-trikes to serve as eco-friendly steed for logistics firm

EMOTORS Inc., a local manufacturer and assembler of electric three-wheel (e-trikes) vehicles, announced it entered into a partnership with logistics solutions company Air Freight 2100 (Air21) to promote the use and benefits of EMotors’ ZüM (pronounced as “zoom”) e-trikes.

EMotors said it is the country’s first manufacturer and assembler of e-trikes to be registered with the Board of Investment’s Motor Vehicle Development Program, as well as in the Investments Priority Plan.

“We are proud to team up with Air21 in our common goal of environmental responsibility by choosing to use clean, zero-emission vehicles to help clean our air and help mitigate the effects of climate change, while at the same time support local manufacturing and generate jobs,” said EMotors Chief Executive Officer Beth Lee. Lee said that EMotors’ goal is to provide a local alternative solution to transport that can help lessen carbon footprint.

“We have to take responsibility for our environment by integrating as much as possible the use of zeroemission vehicles in our businesses. EMotors provides the solution for that need.” she said.

Air21 is the first to represent the logistics industry with the use of the ZüM e-trike in its fleet. steed/PAGE 10

residents including members of the Mamanwa tribe.

Chamber of Mines Caraga president Dulmar Raagas has not reacted so far to Cebedo’s statements.

Meanwhile, environment groups lauded the stance of the mayor saying at least there is a town in the province that has resisted large-scale mining.

Nookie Calunsag, media campaign of f icer of the Green Mindanao Inc., said a mining-free town means sustainable livelihood for the farmers and fisherfolk.

He said mining would not just leave toxic elements in the areas where they operate but will also pollute streams, rivers and the sea as well.

Calunsag was referring to Claver Bay, a fish breeding ground in Surigao del Norte mining/PAGE 10

Rep. Rufus B. Rodriguez leads the lowering of the time capsule in the ground breaking ceremony for the construction of a progressive type two story classroom building that cost P1.5 million at Camaman-an Elementary School. Also in photo are Rep. Maxie B. Roriguez of Abante Mindanao Partylist, City Councilors Enrico Salcedo, Teodulfo Lao, barangay officials and faculty members.

MGB urged to deny mining firms’ application DAVAO CITY—The Davao City Council has asked the Mines and GeoSciences Bureau (MGB) to deny the application of two big mining companies exploring for gold and copper deposits in the northern hinterlands of this city.

The resolution penned

by Counci lor Dani lo Dayanghirang served notice to the regional MGB office here that the city government “interposes strong opposition to the possible issuance of application of exploration permits” to Alberto Mining Corp. and Pensons Mining Corp.

Both mining companies were represented by one Geronimo S. Palermo, an engineer, in their respective filings of different regulatory documents.

Day a ng h i r a ng ’s committee on environment and natural resources said re pre s e nt at i ve s of t he National Commission on Indigenous Peoples (IPs) “admitted that they were not given the chance to assist the IPs” and that the barangay captains and tribal leaders “claimed that they were shortchanged on t he a s su r a nc e t h at t heir signatures on t he

memorandum of agreement is only for the purpose of exploration.”

The council resolution said it would “urgently notify” the central offices of the Department of Environment and Natural Resources and the MGB that it was seeking their consideration to reject the applications of the two mining companies.

Law yer Wilfredo Moncano, chief of the mines management division of the regional MGB office, said the city government resolution may surface again the repeated complaint of the mining industry over

High electricity rates hobble efficiency bid THE high cost of power hobbles the country’s bid for energy efficiency, a private firm’s executive said.

This is an indication that the Philippines still “has more things to do” to achieve energy efficiency, Schneider Electric Philippines President Philippe Reveilhac said.

“If we compa re [t he Philippines] with more major countries, particularly in Europe, [which are mostly] energ y ef f icient, t here’s always a way to improve.

The program they have been

going through to reach the level of where they are, it ’s somet hi ng t hat t he Philippines can implement very quick ly [to become energy efficient as well].”

Reveilhac noted that the Philippines is one of the highest-rated country in the world when it comes to the cost of power.

Current electricity rate in the country is P10.52 per kilowatt-hour. This is the fifth-highest rate in the world.

Of t he tota l retai l

electricity price, distribution charges of the Manila Electric Co. account for 16 percent; gener at ion cha rge s , 65 percent; transmission cost, 9 percent; and, value- added tax and other taxes, 10 percent.

Reveilhac said the high cost of power remain the top challenge in the Philippines’s bid to be energy-efficient in the next three years.

The Nationa l Energ y Efficiency and Conservation Program readies the Phi lippines for energ ybid/PAGE 10

conf l ic t i ng laws of t he national government and local governments.

“We are just complying w it h a nd fol low ing t he directives of the Philippine Mining Act, while the city government has invoked the Local Government Code, which is also a national law,” he said.

He said that the applications for copper and gold exploration permits remained pending at the Office of the Environment Secretary after the regional office forwarded the application of the two companies in 2011.

Monca no said t he regional office approved their application for exploration after the two companies submitted the documentation attesting to the compliance of the MGB requirements.

The two companies were applying for exploration permit application (Expa) over an area of about 8,000 hectares each in the Paquibato District, a large expanse of mountainous terrain to the north of downtown Davao.

He said the cit y government should forward its resolution immediately to the Environment Secretary deny/PAGE 10

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DoF-RIPS files raps vs MICT exec Sin Tax law generates P12 billion in 1st Sem

STATE revenues from the recently enacted reformed excise tax law reached R12.1 billion in the firstsemester of the year, less than half of the government’s incremental collection target of R33.96 billion for 2013.

Data from the Department of Finance showed that revenues generated by the new excise tax law from tobacco products reached R7.8 billion, while from alcoholic drinks amounted to R4.4 billion at end-June this year.

The government’s realized revenues from increased taxes on tobacco as of June this year were well below the R23.4-billion target for the full-year 2013, while additional taxes generated from fermented liquor and distilled spirits were also below half of this year’s R10.56-billion goal.

Finance Secretary Cesar V. Purisima has already blamed the manufactures, mainly tobacco companies, for having front-loaded their production in the last quarter of 2012 that resulted in a declined output in the first few months of 2013.

Purisima, however, was confident that cigarette manufacturers will begin producing volumes that reflect the actual market consumption in the second semester, resulting in an increase in excise taxes.

The finance official also brushed off criticism that cast doubt on the effectiveness of reformed excise tax law that restructured the levies on the so-called sin products.

He, likewise, refuted the claim of the Lucio Tan group that illicit trade becomes rampant after excise tax reform law on tobacco has been implemented.

In January to June this year, total sin tax revenues increased by 46 percent to R38.5 billion from R26.4 billion in the same period last year.

Of the amount, government collection from taxes on tobacco grew by 53 percent year-on-year to R22.4 billion from R14.6 billion, while alcohol revenues reached R16.2 billion, higher by 37 percent from R11.8 billion a year ago.

Internal Revenue Commissioner Kim S. JacintoHenares earlier said that she was confident that they could easily recover its “slight” collection shortfall in the excise tax revenues from tobacco products. (MB)

THE anti-corruption arm of the Department of Finance (DOF) has filed a complaint against a Customs official for his failure to account for several assets and business interests in his sworn Statements of Assets, Liabilities and Net worth (SALNs).

The Revenue Integrity Protection Service (RIPS) initiated administrative and criminal complaints with the Office of the Ombudsman on August 2 against Liling Domato Comayog, currently assigned as assistant Customs operations officer at the Bureau of Customs (BOC) Mindanao International Container Terminal (MICT), Cargo Control Section, who

failed to report his real properties, private vehicles, a firearm and his taxi-service business.

The government said these were in violation of Section 7, Anti-Graft and Corrupt Practices Act; Section 8 of the Code of Conduct and Ethical Standards of Public Officials and Employees; and Falsification of Official Documents and Perjur y

under the Revised Penal Code.

An examination of Comayog’s SALNs for the years 2004 to 2010 revealed he consistently reported a

house and lot in Cagayan de Oro City. It was established, however, that Comayog only raps/PAGE 10

Purisima wants limit on perpetual DBM confident tax incentives to Ecozone locators ’14 budget FINANCE Secretary Cesar Purisima, the country’s premier taxman, yesterday made clear his opposition to the grant of income tax to investors, and to put a cap on the perpetual tax perks enjoyed by economic zone locators.

“We support perks except that we don’t support income tax as perks because the idea of perks is to make businesses viable.

That means businesses will not make money without perks, but if they’re making money already what does that mean. That means they’re viable.

If they are (already) viable they have to pay taxes like the rest of us,” he said.

Purisima’s clear objection in the granting of income tax holidays to businesses came after President Aquino’s call during his SONA for Congress to amend the country’s tax and fiscal tax incentives regime.

Purisima, who holds under his wing the government’s top two revenue generating agencies - Bureau of Internal Revenue and Bureau of Customs, particularly frowned upon the perpetual grant of incentives to locators in the country’s various export zones administered by the Philippine Economic Zone Authority (PEZA).

He pointed out that PEZA incentives have no sunset clause. He said the government should

have the option to review these incentives if the business still remains not viable after say 25 years.

“Obviously we have to come up with sunset clause,” he stressed adding, “ it (incentive) is not forever. Just like a person grows, businesses grow, if you don’t grow maybe it’s not worth investing. So, there must be a sunset clause.”

Purisima, however, took exception to the grant of incentives to importation of capital equipment saying these would help businesses, importers become more efficient that would lead to higher production and more income.

“More income, more income tax. That’s why it is only the income tax we’re really against at,” he stressed.

Instead of granting income tax holidays directly to individual investors, Purisima said the Aquino administration is working towards providing assistance to businesses.

These assistance can be in terms of “building infrastructure, it can be making credit available to their suppliers, it can be supporting them with training like TESDA now is supporting the BPO industry with a lot of scholarships. It can be in that form of making training easier for people, making it easier to start, process a product.”

Purisima/PAGE 10

China Bank profit Economists see inflation staying low Up 46% in 1H CHINA Banking Corp. (China Bank) has shown very strong first semester results and posted a 46-percent jump in consolidated profits to P2.96 billion attributed to improved earnings in its core operations.

The bank’s net income grew by P930 million, lower than its goal of P1 billion, compared to P2.03-billion net income in the same period last year.

“This strong income performance translates to a return on average equity of 13.24 percent and a return on assets of 1.81 percent,” the bank said.

Gross revenues improved by 18 percent to P10.23 billion, driven by higher fee-based revenues.

Its net interest income rose 12 percent to P4.43 billion as total gross loans expanded by 10.74 percent to P189.87 billion, underpinned by increased commercial—mostly mid-sized—businesses and consumer loans.

Total deposits for the period January to June grew 22 percent to P290.25 billion on the back of sustained growth in low-cost deposits, which rose 35 percent to P112.11 billion.

Trading gains, commissions, sale of acquired assets and fees from new revenue streams like bancassurance have contributed to the growth in non-interest income by 44 percent to P3.47 billion Total operating expenses went up 15 percent to P4.48 billion, translating to a cost efficiency ratio of 56.80 percent.

Total resources reached P345.62 billion, up 20 percent year-on-year.

Non-performing loans (NPL) dropped 6 percent thus, profit/PAGE 10

A SURVEY of 30 private economists by the Bangko Sentral ng Pilipinas (BSP) indicated that the forecast for 2013 inf lation could go as low as 2.5 percent to a high of 3.5 percent, t he low-end of the BSP target of 3-5 percent.

T h e m e a n i n f l at ion forecasts for 2013, 2014 and 2015 went down to 3.1 percent as of end-June from the previous (end-March) forecast of 3.5 percent; 3.6 percent from 3.8 percent; and 3.6 percent from 3.7 percent previously.

According to the BSP’s latest inf lation quarterly report, the private analysts see inf lation to continue to be manageable this year because of a “well-behaved commodity prices”.

Meanwhile, the Nat iona l Economic a nd Development Aut hor it y ( N E DA) i s o p t i m i s t i c that the government will achieve its target of a 3 to 5 percent inf lation rate for this year as cheaper prices of selected food and nonfood com mod it ies were

observed in July 2013.

The National Statistics Office (NSO) reported that he ad l i ne i n f lat ion r ate in July 2013 eased to 2.5 percent compared to the previous year.

Socio-Economic Planning Secretary Arsenio Balisacan noted that July’s inflation rate was the lowest in the last 46 months or almost four years.

The economists polled c it e d t h at r i s k f a c t or s remain such as the recent h i ke i n i nter nat iona l crude oil prices due to the ongoing political turmoil

in t he Midd le East, t he depreciation of the peso and the expected increase in utility rates.

“However, continued u ncer ta i nt y over t he strength of global economic recovery could temper the effects of imported inflation due to its dampening impact on commodity prices,” said the report.

The BSP said based on the survey results, there is a 47.3 percent probability that the average inf lation this year could settle within t he 3.1- 4 percent ra nge inflation/PAGE 11

to be approved within sked

THE Aquino administration is confident that its P2.268trillion proposed national budget for next year will be passed by both chambers of Congress within schedule, a cabinet official said.

Budget and Management Secretary Florencio B. Abad said that a timely passage of the government’s budget will ensure of the sustainability of t he cou nt r y ’s f i sc a l momentum and promote inclusive growth.

The House of Representatives’ appropriations committee has started last Wednesday the deliberations on the government’s expenditure program.

“The timely passage of the Budget will be critical in ensuring t he sw if t i mplement at ion of t he administration’s priority programs and projects next year, especially as we intensify our efforts at enhancing the expenditure process to bring rapid, inclusive, and sustainable growth to the country,” Abad said.

The Budget Hearings of the House Committee on Appropriations cover the period from August 7 to September 9, 2013, started with a budget briefing led by the Development Budget Coordinating Committee (DBCC).

The DBCC is composed of the DBM, National Economic and Development Authority (NEDA), Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP).

The budget chief said that he expects the proposed expenditure plan to undergo caref u l scr ut iny during deliberations, particularly with respect to the administration’s budgetary support for anti-corruption and good governance, social development, economic services, national peace and security, and climate change response and mitigation.

The Commit tee on DBM/PAGE 10

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Who has the last word?

THINK

hink a Minute…Someone said: “Death is the worst A Minute part of life!”

By Jhan Tiafau Hurst A famous entertainer once said: “I’m not afraid to die, I just don’t want to be there when it happens!”

Unfortunately, when it’s our time to die we don’t have any choice but to be there!

Death is a fact of life that none of us can escape!

Sooner or later, every one of us is going to stand alone and look death in the face!

Don’t forget, the statistics and chances of death are 100%, it never fails: one out of every one people die!

No one has ever gotten out of it alive!

It doesn’t matter how rich, powerful, strong, or healthy we are—we’re all going to die!

It may be a few more years or next week.

So are you ready now?

But almost worse than the fact of death is the fear of death.

In the back of our minds we know that every day we’re getting closer and closer to the day we die.

But is our death the end of us?

Does death have the last word?

Does it destroy our plans for living and take away all our hope?

The answer’s quite simple: it depends on how and who you’re living for.

When it comes to death, Jesus Christ has been there and done that.

He walked right into the grave and jaws of death… and came right back out alive!

Jesus Christ, not death, is the One Who has the last word.

He’s the only person in history who could do it—for one simple reason: He’s God Himself.

So we never again have to fear death!

You see, if you’re living His way every day in a personal relationship with Him, Jesus said He’s going to lead you safely through death into eternal life with Him. Will death have the last word in your life? hurst/PAGE 7

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K

SPEAKING

After going to the grocery and the bank, the kids can O ut check out a collection of coins

By Ignacio Bunye from around the world, and a machine that identif ies the currencies in different countries. There are a lso activ ities and games that can sharpen their counting sk ills and creativ it y, and one that teaches them how to spot counterfeit money.

W hat can probably i nt e r e s t e v e n t h e a du l t companions of the kids are the informative displays on the history and characteristics of our currency. Trivia and sayings about money are also posted all over the area to give both information and inspiration to the exhibit-goers of all ages.

The BSP, which also has financial literacy programs targeting adults and even overseas Filipinos, has been very active in educating the Filipino youth about money and saving.

Apart from this endeavor, the BSP has promoted the development of child-friendly deposit products in the banking industry, which won for it the Top Global Honor at the Child and Youth Finance International Awards this year.

It has partnered with the Department of Education bunye/PAGE 7

An emergency: Pancreatitis in capsule form

General Manager Editor-in-Chief

Sons Development Corp., is akampi still contesting the award in Mo A ng Batas favor of JKG, saying that the

By Atty. Batas Mauricio Bids and Awards Committee of t he Depa r t ment of Tr a n s p or t at ion a nd Communications (DOTC) rigged the bidding process to favor JKG. When we consider that this contract is priced at about P4 billion in all, Marianing’s charge against the DOTC, LTO and JKG is certainly no peanuts at all.

-ooo EXPLANATIONS DUE FROM DOTC BAC: I am sure that the Bids and Awards Committee, chaired by lawyer Jose Perpetuo Lotilla, can answer Marianing’s charges satisfactorily. But then, the committee has to contend with the frenzied efforts of Marianing to discredit the bidding process that gave the award for the plate number-making contract to JKG. batas/PAGE 7

Kids learn why money matters

t has been more than a week since the Bangko Sentral ng Pilipinas (BSP) launched its Money Matters for Kids exhibit at the Activity Area of the Gateway Mall in Cubao, Quezon City.

Hundreds have already gone and enjoyed its fun and interactive approach in explaining to children the importance of money and how to use it wisely.

The exhibit, which will be brought to different cities and municipalities nationwide, is a project of BSP’s Financial Consumer Affairs Group, and a component of the Bank’s integrated Economic and Financial Learning Program.

It aims to instill discipline in saving among children, and also to teach them how to be conscious and smart consumers at an early age. Let me give you a quick tour of the exhibit.

Designed for school children 12 years and below, the exhibit has two main attractions: a grocery shop and a make-believe bank, where they are introduced to the concepts of spending and saving.

At the grocery store, a child can play the role of cashier while the other kids are the shoppers. Toting their mini-baskets, the young ones learn how to prioritize needs over wants as they shop within a strict budget.

At the bank, the kids get to try common transactions such as deposits and withdrawals while they pretend to be the bank manager, teller, or client. There is also a mock-up ATM (Automated Teller Machine) where children can learn how to use the machine and what it is for.

ROSE MARY D. SUDARIA, Ph.D. NELSON CONSTANTINO

LTO’s paper plate numbers; corruption, death

IFE’S INSPIRATIONS: “… They have sunk deep into corruption, as in the days of Gibeah. God will remember their wickedness and punish them for their sins…” (Hosea 9:9, the Holy Bible).

-ooo PAPER PLATE NUMBERS AT LTO: Did you see how new vehicles nationwide are now sporting a new kind of a plate number? Well, the plate numbers are not actually the usual plate numbers that the Land Transportation Office (LTO) gives out once the vehicles are officially registered. The “new plate numbers” are mere coupon bond sheets which contain the control number of the vehicles, given to them after they are released by their dealers.

Why is this happening? Why is the LTO not giving out the usual plate numbers anymore? I was told this is due to the fact that the LTO has run out of the usual plate numbers, and that, even up to now, it has not awarded the contract for the making of those plate numbers to a Dutch company, J. Knieriem B.V. Goes (JKG), despite the fact that JKG had been declared as the winning bidder.

Why is this so? Well, the losing bidder, Marianing &

I

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T

he pancreas is one important organ that is located behind the stomach in the upper abdomen. It is very near the gallbladder and liver, too. Thus, it is not surprising to note that there are instances where, affectations of the pancreas will also affect the stomach, the small intestine, liver. Its functions is related to the secretions of the cells seen in the pancreas: the islet cells , through its insulin and glucagon regulate sugar ( glucose ) metabolism , and the acinar cells are responsible in the secretion of digestive enzymes.

Pancreatitis can be acute or chronic. The clinical manifestations of pancreatitis is related to the production of the digestive enzymes while still in the pancreas.

Ordinarily, these enzymes once secreted, these are pushed to the small intestines to do what it is supposed to do- help in the digestive process. However, in the presence of gallstones, certain medications, infectious agents, abdominal surgery, smoking and alcohol intake, the functions of the pancreas is compromised. In cases where alcohol is the cause of the pancreatitis, the injury is related to damage and blockage of the pancreatic ducts due to digestive enzyme release and alcohol by products destroying the cell membranes damage to the cell membranes.

In general, pancreatitis secondary to alcohol intake will require prolonged and hazardous drinking , which in turn causes a progressive and irreversible damage to the pancreas. It is quite difficult really to quantify how much or how of ten or how long the drinking

HEALTH

must be, in order to cause damage to the organ. There I n Focus are individuals who may not By Dr. Mary Jean Loreche even succumb to pancreatitis.

But, this doesn’t excuse one from doing harm to one’s pancreas.

Diagnosing the disease will require clinical history: pa i n is sudden i n onset, se vere a nd is felt i n t he upper abdominal area, that may rad iate to t he back, and worsens af ter eating.

Characteristically, the pain is somewhat relieved by bending for ward. Ot her manifestations include nausea and vomiting, and if it is chronic, the pain is recurrent, associated with passage of oily and smelly stool, indigestion and weight loss. Once seen in the clinic or emergency room, and pancreatitis is the initial impression, blood tests for digestive enzymes, amylase and lipase will be requested.

Ultrasound and XRAY are likewise ordered.

C ompl ic at ion s i nc lu d e a p at ie nt ’s i nc re a s e d vulnerability to infections, kidney failure, diabetes, pseudocyst formation and ma lnutrition. But, the more feared complication is circulatory collapse as it can cost the life of the patient unless attended to loreche/PAGE 7

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HONORING OUR FLAG By: Nazaren A. Romano

Every country has her own flag. The Philippines has her own flag. And this flag stands the sacred symbol of our country. It has experienced several bloody battles, yes battles which were bravely fought by our heroes in order that this flag, our flag could be raised and wave graciously in the aim for us all Filipinos to cherish, respect, and honor with high esteem and perfect reverence.

That’s why we are proud of our flag because it stands for our country, the land of our birth.

‘Doing Business in Free Trade Area’ seminar slated in Iligan City

By Lorry V. Gabule

The Department of Trade and Industry’s Bureau of Export Trade Promotion (BETP) in partnership with DTI Region 10 including Lanao del Norte and Misamis Occidental will conduct a series of information sessions in Northern Mindanao about the ASEAN Economic Community (AEC) through its “Doing Business in Free Trade Area” (DBFTA) program.

The DBFTA is a massive advocacy campaign for businesses, industry groups, the academe, and other stakeholders to increase their awareness as well as foster appreciation for the benefits of free trade agreements (FTAs), and how they could avail of these benefits.

The DBFTA information sessions will be held on August 13, at the N Hotel in Cagayan de Oro City, on August 14 in Iligan City, and on August 15 in Ozamiz City.

Partnering with DTI in the effective and sustainable delivery of DBFTA projects in Northern Mindanao are Philexport Region 10A and several academic institutions such as Xavier University, Capitol University, Mindanao State University-Iligan and La Salle Ozamiz.

Resource speakers include BETP Assistant Director Jason Lao, PhilExport Region 10A Executive Director Michael Joseph Ignacio and Vice-Dean of the College of Law of the De La Salle University-Manila Atty. Jocelyn Cruz.

As of year-end 2012, Region 10’s merchandise exports totalled US$1.17 billion. These exports include fresh and processed fruits, marine products, beverages, food products, coconut products, chemicals, construction materials, electrical parts, glass manufactures, machinery, medical supplies, minerals, oils, paper manufactures, rubber, furniture, house wares, fashion accessories, footwear and toys.

The DBFTA information sessions will discuss how businesses could increase trade with Philippine FTA partners. FTA benefits include preferential tariff rates, harmonization of standards and more liberal regimes in trade, services and investment.

The AEC hopes to further integrate the Association of South East Asian Nations (ASEAN) into the global economy.

ASEAN has its own free trade agreement (AFTA) among its member countries as well as with China (ACFTA), India (AIFTA), Korea (AKFTA), Japan (AJCEPA), and Australia seminar/PAGE 11

Hurst... from page 6

Not if you choose to live for Jesus Christ!

Only Jesus can get you through death—safe and alive!

Only He speaks the last word!

And it’s the word not of death but of eternal life to every person who will truly believe and live for Him. So today, why not ask Jesus to forgive you for living your way and ask Him to take full control of your life?

T hat ’s when you ca n start living every day with no fear… not even of death!

Just Think a Minute…

Batas... from page 6

At the rate that Marianing is bombarding t he med ia w it h press releases discrediting JKG a nd t he process by

which it was awarded the contract, it wou ldn’t be long before the public, and even President Aquino and DOTC Secretar y Emilio Abaya, will start thinking, right ly or w rongly, t hat graft attended the bidding in favor of JKG. The Bids and Awards C om m it tee owe s it not only to itself to publicly e x pl a i n w h at it d id i n awarding the contract for the plate numbers to JKG notwithstanding the f laws being cited by Marianing, but a lso to t he Fi lipino people i n genera l. A nd explain it must, as soon as possible, lest its silence will be interpreted to mean that corruption really reared its ugly head, in a manner of speaking, in the bidding process.

-ooo S C O U R G E OF C OR RU P T ION A N D DE AT H: C or r upt ion i s a scou rge t hat mu st be

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MISAMIS Oriental--A top official of the National Food Authority (NFA) and the Department of Agriculture in Region 10 (DA-10) on Tuesday belied report that local residents went on panic-buying due to rice shortage in the region.

In a statement, NFA Acting Regional Director for Misamis Oriental Mr. Camilo D. Magtrayo assured the public that there is no such thing as “panicbuying” as reported in the newspaper.

Magtrayo did not h ow e v e r i d e nt i f y t h e newspaper in his one-page press statement issued to various media outlets, a copy of which was obtained

by BusinessWeek Mindanao online team.

Also in a press statement, Regional Executive Director Lealyn A. Ramos for Northern Mindanao affirmed the statement of Magtrayo saying “no rice shortage in Northern Mindanao.”

Ramos reported that as of June 30, 2013, the region has harvested a total of 277,052 metric tons of palay from 59,968 hectares rice area planted during dry season. This provided around 3,601,678 bags of rice @ 50 kilograms (kgs) per bag.

In its latest monitoring, the price of rice in Carmen and Cogon, the major public markets in Cagayan de Oro, is selling well-milled rice ranging from P38-40; regular milled rice at P3237; premium rice at P40-45 and fancy rice at P42-45, said Ramos adding, “stocks of different rice varieties are also visibly displayed in the market that denotes abundance in the supply of rice in the region.”

Magtrayo said the public need not even worry over the supply of rice--and even the price of rice in the local markets.

“There is no truth to the alleged shortage of staple food (rice),” said Magtrayo.

He stressed that the NFA has adequate supply of rice that can even last even beyond the lean months season––the months of June to August.

Contrary to newspaper report, he said that starting this week the NFA will increase its rice allocation to NFA-accredited outlets in the markets.

On one hand, Magtrayo h a s d i s p at c h e d p r i c e monitoring teams to ensure that the agency’s low-priced good quality rice is readily available in Misamis Oriental and Cagayan de Oro City.

“And ensure that there will be no speculations to drive the price of rice in the markets,” he said adding, “prices of rice have normalized with the onset of palay and corn harvest.”

Meanwhile, price monitoring conducted by the Agribusiness Marketing Assistance Division of DA10 shows that an increase of P0.50/kilo for well-milled rice is observed for August 1-6, 2013 period. An increase of P0.50/kilo for regular milled rice was also noted for July 18-23, 2013 period while it has remained steady in the subsequent weeks.

Ramos further assured the public that the increase of prices during the lean months should not be used as indication of rice insufficiency in the region.

Magtrayo also

VP Binay - Gilas Pilinas victory makes us proud to be Filipinos Vice President Jejomar C. Binay hailed the Philippine national men’s basketball team for finishing second in the recently concluded FIBA Asia Championship, saying their silver medal finish “makes us proud to be Filipinos.”

The Vice President, who joined President Aquino and a crowd of over 19,000

at the MOA Arena Sunday for the Philippines-Iran match, said the national team’s performance showed the world that the Philippines has the skills, audacity, and heart to succeed.

“Na ipa k it a nat i n s a buong mundo na tayo’y may galing, may gilas at may puso. Ipagmalaki natin na tayo’y mga Pilipino,” Binay

said.

While Philippine team settled for second place following a 71-85 loss to Iran, they still booked a seat for the FIBA World Cup next year in Spain.

The last time the Philippines saw action in the World Championships was in 1978.

avoided, says the Prophet Isaiah in Isaiah 1 of the Bible . L e t u s re ad t h i s passage once more: “Woe to the sinful nation, a people whose guilt is great, a brood of evildoers, children given to corruption! They have forsa ken t he Lord; t hey have spurned the Holy One of Israel and turned their backs on him… “… You r c ou nt r y i s desolate, your cities burned with fire; your fields are being stripped by foreigners right before you, laid waste as when over t hrow n by st ra ngers… You r r u lers are rebels, partners with thieves; they all love bribes and chase after gifts. They do not defend the cause of the fatherless; the widow’s case does not come before them…

“Therefore the Lord, the Lord Almighty, the Mighty One of Israel, declares: `Ah! I will vent my wrath on my foes and avenge myself on

my enemies. I w ill turn my ha nd aga i nst you… rebels a nd si n ners w i l l both be broken, and those who forsake the Lord will perish… if you resist and rebel, you will be devoured by the sword’...”

-ooo R E AC T IONS? Plea se c a l l m e a t 0 917 9 8 4 2 4 6 8 , 0 918 574 019 3 , 0922 833 43 96. Ema i l: batasmauricio@yahoo.com, m mau r iciojr111@g ma i l. com.

only way we can get even near that is to make our children understand why money matters to them, so that they will grow up to be responsible in handling it.

In this regard, I would say the exhibit seems to be doing well. Let me share with you one response from the exhibit.

Asked to w r ite what s h e l e a r n e d t h a t d a y, one girl said, “Magtipid, p a r a m a k a bi l i n g m a s importanteng bagay.” (Save, so that you can buy more important things.)

The Money Matters for Kids interactive exhibit is at the Gateway Mall Activity Area until August 17, 2013.

Note: My book, Central Ba n k ing for Ever y Jua n and Maria is now available in main branches of Fully B o ok e d , Powe r B o ok s , National Book Store, and University of the Philippines P re s s . You m ay e -m a i l

Bunye... from page 6

(DepEd) to i ncor porate f ina ncia l lessons in t he elementary curriculum. To boost this cause, the two institutions will also launch a recognition program for outsta nd ing teachers in f inancia l education t his October.

In an idea l economy, every citizen knows how to save and spend wisely. The

emphasized that a total of 500,014 bags of rice are stocked at the NFA bodega in Cagayan de Oro City as to date.

“In addition to our rice supplies are the stocks positioned at the traders and retailers which are not included in the NFA inventories. The rice supplies in the region are more than enough for the needs of the consuming public,” Magtrayo said.

Magtrayo also announced that NFA will continue to buy palay throughout the region at P17.70 per kilo.

He further said that starting this week NFA will increase its rice allocation to NFA accredited outlets in the markets. This will also ensure the consumers that there will be abundant supply of affordable and quality rice in the market.

National Food Authority (NFA) through Regional Director Miguel C. Wycoco guarantees the public that there is enough supply of rice in Northern Mindanao.

As of August 5, 2013 stock inventories positioned in the different NFA bodegas in the region reached 755,686 bags of rice at 50 kgs per bag.

The DA and the NFA will continue to monitor the supplies and prices of rice in the market and will do necessary measures to stabilize the prices and stocks of rice in the region. us at totingbunye2000@ gmail.com. Past articles may be viewed at ht t p : //s p e a k i n g o u t . p h / speakingout.php.

Loreche... from page 6

Tr e a t m e nt i s d i r e c t e d towards what caused the pa ncreat it is , mea n i ng , if it is all alcohol related, t hen, w it hdrawa l of t he alcohol. Hospitalization a nd d i re c t e d s y mptom ma nagement is g iven in order to stabilize the condition of the patient.

Lifest yle cha nges li ke a lcohol a nd cigarette abst i nence, low fat d iet are simple things that will help one in preserving his/ her pancreas.

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Gov. Bambi Emano supports PBA Legends MUST Fun Run 2013 to visit CdeO

by Enrique S. Guevarra, DM Contributor

Together with two of Mindanao University of Science and Technology A lu m n i A s soc iat ion (M USTA A) of f icers , namely: Engr. Victor Arceta and Engr. Erich Abad, the association president, Dr. Enrique S. Guevarra get the nod of Misamis Oriental G o v e r n o r Ye v g e n y Vicente “ Bambi” Emano to support MUST’s Fun Run 2013 on September 22 with the theme : “ I MUST Run”.

By bei ng a major sponsor of this first ever a lumni-initiated f un run, Governor Bambi is commit ted to t he aspirations of MUSTAA rega rding t his event which are promoting healthy lifestyle through running and fund raising for charitable purposes.

During t he recent

From left : Dr. Guevarra, Governor Emano, Engr. Abad, Engr. Arceta [Photo Supplied]

courtesy v isit of t he three MUSTAA officers, Governor Bambi without hesitation expresses his commitment to the noble undertaking of MUSTAA that seeks to provide f i na nc ia l a s si st a nc e to poor but deserving

students of the university as the fun run expects to generate proceeds.

At reasonable sponsorship fees, any philanthropic individuals and establishments could be part of this event by being either a major

sponsor , minor sponsor , patron and benefactor.

More details of the s pon sorship sche me could be obtained from Engr. Victor Arceta at 09177055788.

Ten of the country’s greatest players in Philippine basketball history will visit Cagayan de Oro on August 17, 2013 to play in a fun exhibition game with Mayor Oscar Moreno and his Team CDO at Xavier University Gym at 6:00 P.M. The PBA Legends group for the CDO game is composed of Jerry Cordinera, Vince Hizon, Kenneth Duremdes, Noli Locsin, Bal David, Bong Hawkins, Rodney Santos, Rey Evangelista, Marlou Aquino, and EJ Feihl .

Team CDO and Xavier University Varsity Team will start the event with a preliminary game at 4:00 P.M. Gates open at 3:00 P.M. Prior to the game, Centrio Mall will host a Meet and Greet Activity at 11:00 A.M. Tickets are available at Centrio Mall, Holy Rosary Petron (along Osmeña Street corner CM Recto Ave.), Dunkin Donuts, BrewBerry, and at Xavier Gym. Ticket prices are P250 for upper box and P500 for lower box. Part of the proceeds is for the benefit of the Xavier Scholarship Fund.

This event is presented by Salvaña-Tanghal Corporation, Media Maven, City Government of Cagayan de Oro and The A Team. Co presentors are Centrio Mall and Petron. Major Sponsors are Seda Hotel - the Official Residence, Congressman Klarex Uy and Congressman Rufus Rodriguez.

Minor Sponsors are Devant and Palm Tree Bank. Donors are Smart Prepaid, Pepsi, Natures Spring and Bigby’s. Special thanks to Ms. Eileen San Juan, Atty. Egay Uy, Atty. Roy Raagas, City Treasurer Glenn Banez, Kag. Kokong Quiblat, John D Pro Voice and the City Tourism Council.

Rotary Club of Cagayan de Oro in Action!

by RCCDO Sec. Ben Elio Contributor

F

or the last 7 years, the Rotary Club of Cagayan de Oro have collaborated with its Anns in extending a signature outreach program to pre-schoolers of the Sunshine Day Care Center at Purok 1-A, Gusa, Cagayan de Oro City.

The Club provided then financial assistance to the barangay while the parents of the pre-schoolers matched it free labor for a 1-classroom building to be erected.

(In photo: Ann IPP Jessica Elio, Ann PE Juvy Sarraga, Carly Sarraga, Rtn. PD Tony dela Cruz, RCCDO Pres. Ferdie Bernasor and far right, Ann Treas. Sarah Hipona)

(In photo: RCCDO Pres. Ferdie Bernasor, RI D3870 Gov. Tes Navales, the Awardee-Ann PP Ching Sarraga, PDG Rhia Abalos and PAG John Mark Sarraga)

(Gusa Purok 1A Sunshine Day Care Center. In photo: Ann IPP Jessica Elio, Ann PP Ching Sarraga and RCCDO Rtn. James Pamparo)

(The Rotary Anns of RCCDO.In photo: Ann Marlyn Dulfo, Ann PP Josy Aliñabon, Ann PE Juvy Sarraga, Ann Ophie Paano, Ann IPP Jessica Elio, Ann PP Ja Bernasor, Ann Pres. Doris Lagrosas, Ann PP Nanay Evangelista, Lady Divin Jaraula, Ann Luz Pamparo & Ann PP Ching Sarraga)

Rotary Ann PP Rizaflor Sarraga envisioned the signature project in response to the needs of the community comprised mostly of under-priviledged settlers. Rotary Internatiomal recognized her efforts with a Rotarian Spouse/Partner Service Award given

by RI IPP Sakuji Tanaka for demonstrating exemplary humanitarian service through Rotary, an award given to only 100 Rotary partners worldwide.

For this Rotary Year, a total of 31 pre-schoolers received bags, school supplies, slippers and other items that could unload financial burden to parents in sending their children to school. The children were likewise given a treat of nutritious food.

Other Rotary Anns, Lady Tere Sarraga and PP Nanay Evangelista continuously provided additional financial token to the Day Care Center teacher to encourage her to spend more time for the pre-schooler.

(Distribution of school supplies. In Photo: Ann IPP Jessica Elio, RCCDO Rtn. James Pamparo, Ann PE Juvy Sarraga, Ann PP Ching Sarraga, Carly Sarraga, daughter of PAG Chito & Ann PE Juvy Sarraga, RCCDO PD Tony dela Cruz, RCCDO Rtn. Jun Hipona, RCCDO Pres. Ferdie Fernasor, Ann Pres. Doris Lagrosas, Ann PP Ja Bernasor & Ann Treas. Sarah Hipona)

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tuesday - august 13, 2013

Citibank... from page 3

terms authorize the foreign bank “to obtain copies” of income-tax returns of Visa and Mastercard holders from the local tax agency.

As wel l, Cit iba n k is aut horized to obtain income documents from the employers and even from the cardholders’ accountant.

“The cardholder hereby waives any rights on the confidentiality of cardholder information,” Citibank said, adding that its stricter background check is authorized under Bangko Sentral Circular 622, enacted in September 2008.

Citibank also informed Visa and Mastercard holders that the American bank has been authorized to provide the credit history, including “anti-money laundering” information, of Philippine clients to the US federal authorities.

Designed to reduce the levels of tax avoidance by US taxpayers through the cloaks of foreign financial institutions, the tougher and more sweeping FATCA regulations will come into effect on July 1, 2014.

Citibank said that the release of a depositor or c a r d h o l d e r ’s f i n a n c i a l

accounts to US authorities is on top of a ny credit information that Citibank may provide to third-party agencies for “product and service offers.”

“The cardholder agrees to hold the bank free and harmless from any liability that may arise from any transfer, retrieval, disclosure, use, processing or storage of information relating to him and/or his accounts, properties or investments, or accou nts w it h ot her financial and non-financial institutions,” Citibank said.

BSP...

from page 3

Loans that universal and commercial banks granted for real estate, renting and business services rose by 22.3 percent to P621.783 billion in June from P508.202 billion a year ago. Among the 16 major sectors, real estate registered the highest amount of loans last June.

I n t ig hten i ng cred it standards, survey re s p ond e nt s s a id t h e y widened loan margins and reduced credit line sizes.

How e v e r, c o l l a t e r a l requirements, loan covenants, loan maturities, use of interest rate floors, as well as steady loan-to-value ratios were unchanged.

FIGHTING POVERTY THE TEACHER’S WAY

By Nazaren A. Romano

There’s no doubt that most of the teachers are economically poor, but it’s lamentable how they solve this problem. It’s obvious that the mass leave action, demanding for salary increases and other benefits, is a borrowed strategy from the laborers, most of whom are educationally handicapped.

Thus, the laborer becomes the teacher’s teacher while it should be the other way around.

How good is the strong-willed laborer as a teacher.

Teachers should fight poverty constructively, nor on a piecemeal or personal basis, but through massive cooperativism.

Despite a net tightening in standards, respondents expect demand for commercial real estate loans to increase amid clients’ improved economic outlook, increased inventory f i n a nc i ng ne e d s , more attractive financing terms and lower interest rates.

Mining... from page 4

which is now heavily silted, a problem blamed on the operations of large-scale mining firms in the area.

Surigao del Norte is known as the mining hub of the country due to the presence of several large-scale mining companies. Nickel and gold are among the minerals being extracted and shipped to countries like China, Japan, Australia, Canada, Korea and Switzerland. (MindaNews)

Steed... from page 4

“As the leading provider of logistics solutions in the cou nt r y, we a re a lways looking for innovative ways to increase our efficiency to better serve our clients while at the same time, fulfill our environmental policies by helping clean our air by incorporating the ZüM electric vehicles in our fleet,” said Air21 Chief Executive Officer Jerry Jara.

EMotors said the ZüM w i l l a u g m e n t A i r 21’s current fleet. It added that it will give a percentage of every sale of the ZüM to the Christian foundation C enter for C om mu n it y Transformation’s microfinance arm. (MT)

Bid...

from page 4

e f f ic ie nc y, but s e ve r a l challenges continue to linger, he added.

T he nat iona l energ y ef f icienc y progra m is a de c l a re d p ol ic y of t he government to promote the judicious conservation and eff icient utilization of energ y resources v ia the adoption of the costeffective options to achieve the efficient use of energy to lessen environmental impact.

Primarily, the government goal toward energy efficiency and conservation is to make it a way of life, increase awareness and then attain certain targets.

Reveilhac said the labeling and efficiency standards in the euro zone are strictly implemented. This means that whenever consumers buy electrical products, they can see facts and figures ind icat ing how energ yefficient they are.

W hile t his is a lso carried out in the country through the Department of Energy’s Energy Labeling and Efficiency Standards, full implementation of this should be done, he said. “This is something that could be implemented here also.”

“Let’s say, for the 100 top consumers of this country, this is the way to do it. You just manage the 20 percent of the consumers that are consuming 80 percent of

the energy,” he said.

With its implementation at the soonest, he sees that in three years’ time the country’s energy efficiency “will increase, and then you will be in a different situation.

So the Philippines is ready [for the energy-efficiency challenge],” Reveilhac said.

(Eco-Business)

Deny... from page 4

Ramon J.P. Paje before he would approve the Expa of both companies “so that he could consider rejecting the application over the opposit ion of t he loca l government.”

“Otherwise, when the secretary would have signed it before he could get hold of the resolution, then it would be another arena for debate with the local government,” he said.

Moncano said, however, that he was surprised with the resolution that the application of the two companies carried the approval of the city government when the two companies made the rounds of filing their application.

“One city government requirement, for instance, was the posting for five days at a conspicuous place in the city hall so that other parties could file their objection.

Because this was complied with already, we approved their application in 2011,” he said. (BM)

Raps... from page 5

declared for tax purposes a t wo-stor y resident ia l building at Block 3, Lot 9, Barra, Macabalan, Cagayan de Oro City, since the lot upon which the house was erected was owned by the National Housing Authority, a s e v idenc e d by a t a x declaration and certification from the City Assessor’s Office of the said locality.

“Hence, respondent has falsely declared that he owns a parcel of land in Cagayan de Oro City when no such real property is declared under his name for taxation purposes. Worse, respondent failed to declare the two-story residential building in his SALN for 2011,” RIPS stated in its complaint.

On t he ot her ha nd , Comayog’s house and lot in Johndorf, Barra, Opol, M i s a m i s Or ient a l, wa s discovered to have been owned by Comayog since 2008 but which was only declared in his SALN filed for 2011.

Supporting documents obtained from the Municipal Assessor of Opol confirmed that the same residential property was previously reg istered to t he Home Development Mutual Fund but which was conveyed to Comayog by virtue of a 2008 Deed of Absolute Sale.

Said RIPS in its complaint, “C onsider i ng t hat s a id residential land and building were sold to respondent in 2008, he should have declared them in his SALNs for 2008 to 2011.”

Aside from undeclared real properties, Comayog, likewise, made it appear in his 2009 to 2011 SALNs that he only owned a Honda CRV worth seven hundred thousand pesos (P700,000), when it was discovered that there were six other motor vehicles which were registered under his name and his spouse, Sonaya A. Comayog, comprising of four units of Toyota Vios, a Honda CRV and a Toyota Hilux, based on the official records f rom t he L a nd Transportation Office (LTO) and all of which were not duly reported in his SALNs in the said years.

Incidentally, as borne from the LTO records, four Toyota Vios sedans which belonged to Comayog were classified “for hire.” As RIPS observed in its complaint, “Undoubtedly, respondent and his wife, who is the registered owner of said motor vehicles, are engaged in the business of common carriage. Hence, respondent should have also declared it as a business interest and f inancia l connection in his SALNs and disclosed therein when they acquired the same.” There was nary an indication that Comayog’s taxi service was declared as business interest in his SALNs. Comayog also failed to declare in his SALNs a Pistol .45 BRSA Mini Thunder DT which was verified to be his on the basis of a certification issued by the Firearms and Explosives Off ice of the Philippine National Police.

Comayog is faci ng additional administrative charges for Grave Misconduct a nd D i s hone s t y u nd e r pertinent Civil Service Rules for the same offenses.

Considerably, the Office of the Ombudsman may place Comayog under preventive suspension w it hout pay pending investigation of t he ad m i n ist rat ive a nd criminal cases against the latter pursuant to Section 24, Republic Act 6770, or the Ombudsman Act of 1989.

As mandated by Executive Order 259, series of 2003, RIPS, at present, has initiated 143 graft and lifestyle cases against 186 personalities and secured 62 suspensions from office and 22 dismissals from the service. (BM)

Purisima... from page 5

For instance, he commended the Department of Trade and Industr y’s project to provide common facilities for industries, like roasters for coffee producers because these efforts add va lue to producers a nd include the small suppliers into the supply chain.

Purisima, who is not a fan of corporate social responsibility projects, has urged retailers to follow the example of the likes of Jollibee and Toyota for their real efforts to help the community.

“Because after all if they do that they help themselves,

the market becomes stronger.

Rather than do the easy way of importing things,” he pointed out.

He urged members of t he Philippine Retailers Associat ion present to produce items that can be done locally and only import those that cannot.

He urged entrepreneurs to look at the agriculture sector.

He noted that despite the country’s vast agricultural land, most of the vegetables and other food items are imported. (MB)

Profit...

from page 5 improving gross NPL ratio to 2.64 percent from 3.12 percent.

“With highly collateralized loans and adequate coverage for probable losses already in the books, the provision for losses of P109.93 million maintained China Bank’s loan loss coverage ratio at 137 percent,” the bank said in a statement.

China Ba n k rema ins one of the country’s bestcapitalized banks, with total capital funds reaching P44.58 billion. Its Tier 1 capital adequacy ratio (CAR), an indicator of ability to weather financial reverses, and total CAR remain well above the regulatory minimum—17.11 percent and 17.96 percent, respectively.

The bank is on track with its expansion program and has a lready opened 12 branches—two for the main bank and 10 for China Bank Savings (CBS) that include the mini branches in Savemore Market.

It said 17 China Bank br a nc h e s a n d 3 6 C B S branches are in the pipeline.

(BM)

DBM...

from page 5 Appropr i at ion s i s a l s o expected to pay particular at tent ion to t he new Pe r for m a nc e -I n for me d Budget structure that defines the government’s spending program for 2014.

“We designed the 2014 budget so that it is decidedly output- and outcome-based.

We’re no longer looking at a budget document that merely lists allocations and budgets; instead, we’re looking at an expenditure program that very clearly shows the country’s own development goals, as well as the strategy for achieving those same objectives,” Abad said.

“We trust that the new face of the National Budget will encourage efficient and fruitful discussions during budget deliberations, in addition to helping our lawmakers approve President Aquino’s spending program in record time,” he added.

(MB)

CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City

DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011

CDO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947

DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631

CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491

LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739

CORRALES BRANCH Corrales Ave., Cagayan de Oro City

CARMEN BRANCH Vamenta Blvd.,Cagayan de Oro City Tel. # (088) 231-2011

BusinessDaily

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Rules... from page 1

cause.” Sonny Carpio, PCNC chairman said in a statement.

Carpio who is also the Executive Vice President and Chief Operating Officer of Aboitiz Foundation, the social development arm of the Aboitiz Group, said that the move stemmed from a recent controversy involving the alleged misuse and abuse of the “pork barrel funds” or what is formally called the Priority Development Assistance Funds (PDAF) of the House of Representatives by dubious organizations.

“A review of organizations or foundations that were alleged to have received PDAF showed that they never applied nor received PCNC certification,” Mr. Carpio pointed out.

The PCNC, in consultation with experts, NGOs and grant-making institutions, are implementing standards that determine organizational legitimacy or the NGO’s capability to comply with gover n ment stat utor y requirements.

T hese st a nd a rd s a re g rouped accord ing to organizational functioning including vision, mission, a nd goa ls; gover na nce; i nt e r n a l m a n a g e m e nt ; pr o g r a m m a n a ge me nt ; financial management, and collaborative linkaging.

Mr. Carpio explained that the council assesses and certifies NGOs with “volunteer peer evaluators” a s f ront r u n ners. T hese are reputable executives from PCNC-cer tif ied organizations who measure compl ia nc e to “good housekeeping” in partnership with the Philippine Institute for Certif ied Public Accountants (PICPA).

He said that accountants from PICPA ensure that applicant NGOs are compliant w it h genera l ly-accepted accounting principles and practices and the Philippine Financial Reporting System.

To d at e , P C NC h a s granted over a thousand certifications to NGOs with validity of one, three, and five years.

IMEM... from page 1

were (1) power stakeholders, especially electric c o o p e r a t i v e s ( E C s) i n Mindanao, are not ready for IMEM; (2) Mindanaowons are not ready for an increase in power rates; (3) unresolved issues concerning pricing, contracted capability against contracted capacit y; (4) PEMC has not shown that IMEM is the sufficient and efficient solution to the power curtailment in Mindanao; and (5) lack of awareness on the IMEM. Adding to the reasons cited by the representative of power consumers in rural Philippines, Engr. David Tauli said that DoE and PEMC must defer IMEM’s implementation because “electric cooperatives (ECs) in Mindanao have not yet contracted for enough

power capacity from gridconnected or embedded generators to supply the respective total demand of the EC customers.”

“Unless each EC has a portfolio of power supply contracts for the aggregate demand of their customers, they will be forced to obtain a large proportion of their supply from the IMEM at prices that may be up to ten times the rates they are now paying to the NPC for their contracted power supply.

This would increase the rates paid by electricity consumers by as much as seventy-two centavos per kilowatt-hour,” Tauli stressed.

DoE and PEMC projected that IMEM’s implementation w ill increase Mindanao electricity rates from P0.03 – P0.72 per kWh. An increase in power rates in Mindanao—which currently has the lowest in the entire archipelago—will further increase poverty incidence in the island, Masongsong warned.

He cited the National Statistica l Coordination B o a rd ’s ( NS C B) “Fi r s t Semester Per Capita Poverty Incidence among Families, by Region and Province: 2006, 2009 and 2012” report that said that Mindanao’s poverty incidence in 2012 was at 28.6 percent, which was higher than the national average of 22.3%.

Mindanao has around 2 million power connections, 40% of whom are lifeline users, Masongsong said.

But many of these power end-users “are unable to pay their electric bills despite the minimal amount.”

“It w i l l probably be irresponsible on the part of the DoE to schedule the operations of the IMEM before the electric cooperatives have enough bilateral contracts to supply their loads,” Tauli stressed.

The DoE had earlier mandated t he PEMC to i mplement I M EM on September 26.

But Tauli said that based on conservative estimates, it will take the ECs “six months or longer” before they can contract enough power supply for their normal load requirements.

Blamed... from page 1

the Provincial Economic Enterprise Development and Management Off ice (PEEDMO) said.

Belderol, in his report to Governor Jose Ma. R. Zubiri Jr. on August 6, said the provincial hospitals use “uniform pricing” which cannot be easily adjusted as it is installed by the provincial informat ion technolog y personnel based on a price agreement among hospital pharmacists in an earlier meeting. Belderol said the pricing mechanism was set before he took over PEEDMO earlier this year.

He said they need to keep the prices at par with prevailing market levels even if the provincial government

owns the hospitals because t h e y h ave t o k e e p i t s operations “sustainable” as an economic enterprise.

He proposed that the PEEDMO will conduct a review and assessment on the “appropriateness of the existing policies on pricing of medicines and medical supplies for all provincial hospitals.”

PEEDMO oversees the operation of the BPMC and other provincial hospitals, which the Capitol considers a m o n g i t s “e c o n o m i c enterprises.”

Patients at the BPMC e a rl ie r re p or t e d a b out alleged overpricing of a list of medicines and supplies compared to drugstores outside the BPMC. Cefuroxime, an antibiotic used to treat a wide variety of bacterial infections, costs about P225 each or P675 for three vials at the BPMC. A piece of syringe is at least P10 each.

But t he prescr ipt ion of the same brand of the antibiotic when presented to a pharmacy just outside the gate of the hospital, the A & L Pharma costs way only P80 each or P240 for three vials.

Syringe in that drugstore costs only P9 each or P27 for three. A 1000 milliliter (ml) pack of Dextrose in lactated ringers costs P150 at BPMC but only P90 at the same pharmacy.

This reporter posted the observations on August 3 on social network Facebook, which caught the attention of provincial officials. Zubiri immediately ordered Belderol for an investigation. Belderol sought the explanation of hospital chief Dr. Sulpicio Henry Legaspi Jr on August 5.

On August 6, Ma. Cecilia Pontillas, BPMC pharmacist in a letter to Belderol, noted by Legaspi, said it was PEEDMO who met the pharmacists and facilitated the agreement for uniform pricing, which will be based on prevailing market prices, particularly Rose and Mercury drug stores.

Based on a canvass report presented to this reporter Thursday by Hansel Echaves, he ad of t he prov i nc ia l government’s information office, Cefuroxime, P225 per vial at BPMC and P80 at the drugstore outside BPMC; costs P301.64 in Rose Pharmacy, P302 in Mercury Drug, P305 in Bupharco, and P180 in Rojon Pharmacy. It was not clear in the report if they canvassed for the same brand.

The BPMC price is much lower than the leading drug stores but almost three folds higher t han t hat in t he drugstore just outside BPMC. For the same requirement of the Dextrose, what costs P150 per unit at the BPMC and P90 at the drugstore outside BPMC, costs P102.90 at Rose Pharmacy, P118 at Mercury Drug, and P99 at Bupharco.

The Dextrose variety in the list is most expensive at the BPMC. Belderol cited the need

to consider in the pricing benchmark the prices of medicines and supplies of the drug stores near the BPMC, which is the most accessible to most patients.

He vowed f ur t her i nve st igat ion “sha l l be conducted based on the facts presented and the merits of the allegation.”

Less... from page 2

percent in 2012.

T he second-hig hest u n d e r e mp l oy m e nt w a s recorded in the Autonomous Region in Muslim Mindanao (ARMM) that dipped to 27.1 percent in 2011 but zoomed to 28.6 percent in 2012, or higher than the 28 percent recorded in 2010.

To note, t he A R M M consistent ly pegged t he higher-t han-average employment rates under the first two years of the Aquino administration.

H o w e v e r, p o v e r t y incidence remained highest in the ARMM, based on the NSO 2012 data.

The Nationa l Capita l Region, which posted low employment rates since 2010, saw the underemployment r ate i nc re a si ng to 14 .6 percent in 2011 and slipping to 14.4 percent last year from a low 11.9 percent in 2010.

Povert y incidence, to note, is lowest in the NCR. (BM)

Poverty... from page 2

allotted for the conditional cash transfer program for the poor, poverty incidence has remained unchanged over the past six years, at 28.8 percent in 2006, 28.6 percent in 2009 and 27.9 percent in 2012.

National Economic and Development Aut hor it y director genera l and Economic Planning Secretary Arsenio Balisacan conceded t hat it was impossible for the country to feel the effects of the robust growth immediately because the economy just started to expand vigorously in the last two years.

The Philippines has a hard time reducing poverty because it does not create enough employ ment opportunities, especially in the countryside. State resources are not being strict ly channeled to prov i nc e s or site s t hat need government funding the most, either because of corruption or misguided economic policies.

Big-ticket responsible mining projects, for one, can serve as catalysts to t ra nsfor m a poor tow n into a class A municipality.

Responsible mining, along w it h tou r i sm proje c t s , direct ly creates jobs, especially if they happen to be in remote places. The Philippines will not achieve inclusive growth and the goal to ease poverty if the poor remain jobless and major economic activities stay in the urban areas.

(MST)

Sessions... from page 2

Partnering with DTI in the effective and sustainable delivery of DBFTA projects in Northern Mindanao are PhilExport Region 10 and several academic institutions such as Xavier University, Capitol University, Mindanao State University – Iligan Institute of Technology and De La Salle University in Ozamiz.

Resource speakers include BETP Assistant Director Jason Lao, PhilExport region 10A Execut ive Director Michael Joseph Ignacio and Vice-Dean of the College of Law of the De La Salle University – Manila Atty.

Jocelyn Cruz.

For more information, contact Mila Lasquites of DTI -10 at phone number (08822) 729.291 or 722.278 or fax at (08822) 726.354 or email at dti.r10@gmail.com or r10@dti.gov.ph.

T he BET P ha s been conducting DBFTA info sessions since 2010, reaching out to stakeholders in various regions in the country. (PIA)

Inflation... from page 5

while a 40.5 percent chance i nd ic at e t h at i n f l at ion could still be lower at 2.1-3 percent range.

The BSP regularly tweaks its inf lation forecasts based on current economic, f inancial and market conditions. In its last polic y meeting, t he BSP revised its forecast this year to 3.3 percent from 3.1 percent previously.

11

In July, inf lation has slowed down to 2.5 percent from 2.7 percent in June, bringing the seven-month average to 2.9 percent.

BSP Governor Amando M. Tetangco Jr. said that while inf lation continues to be benign and risks to inflation relatively “broadly balanced” upside risks such as utility rates adjustments and the peso depreciation remains, whi le globa l s ho c k s w i l l l i k e ly s t ay subdued and “tempering upward pressures on commodity prices.” (MB)

Seminar... from page 7

Australia and New Zealand (AANZFTA).

ASEAN is also working on the ASEAN Regional Comprehensive Economic C o o p e r a t i o n (A RC E P) involving all six ASEAN partners. The Philippines is a signator y to all the six ASEAN FTAs plus one bilateral FTA with Japan, the Philippines Japan Economic Pa r t nersh ip Ag reement (PJEPA).

For more information about the DBFTA information sessions in Region 10, contact Mila Lasquites, DTI Region 10, NACI DA Bu i ld i ng , Corrales St. cor. A. Luna St. 9000 Cagayan de Oro City, Phone : (+638.822) 729.291 / 722.278, Telefax : (+638.822) 726.354, E-mail : dti.r10@ gmail.com, r10@dti.gov.ph.

T he BET P ha s been conducting DBFTA info sessions since 2010, reaching out to stakeholders in various regions in the country. (DTI10/PIA10-LDN)

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Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776 Editor : Shaun Alejandrae Yap Uy

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Bawal ang Epal Dito Campaign Readied for Barangay Election

by Charmaine P. Tadlas, Contributor

Indigenous pose. Candidate no. 9 Kristia Jolina B. Alde performs during the Miss Cagayan de Oro Talent Competition at Sm City in Cagayan de Oro City on Saturday, August 10, 2013. The holding of the pageant and other fiesta activities continue despite the threats from bombing in the city. MindaNews photo by Froilan Gallardo

The Department of Social Welfare and Development is prepa ri ng itsel f for the upcoming Barangay E le c t ion s i n O c to b e r through the "Bawal ang Epal Dito" Campaign.

Its "Bawal Ang Epal Dito" Campaign has been proven effective in empowering the beneficiaries of the Pantawid Pamilyang Pilipino Program, particularly during the midterm elections last May 2013.

In t he ca mpa ign, beneficiaries were thoroughly informed that the anti-poverty program of the Department of Social Welfare and Development

is developed, initiated, and implemented by the said agency and that the latter can solely de-list benef iciaries based on their non-compliance to the program's set conditions.

C o nt r a r y t o s o m e politicians' a lleged pronouncement that they can de-list beneficiaries if they will not vote for the running candidate, the DSWD is emphatic that no politicians can do so since the agency alone, at the regional and national levels, can de-list the beneficiaries from the program.

Wit h t he coming barangay elections, it is

once again empowering t he Pa ntaw id Pa mi lya beneficiaries to be vigilant of any political threats of being de-listed and be responsible in complying to the conditions of the progra m: to ensure attendance of their children to school, to regularly bring them to a monthly health check-up, and attend in the Family Development Sessions conducted by the DSWD. The Pantawid Pamilyang Pilipino Program invests in human capital by providing cash grants to poor families with children aged 0-14 for their education and health.

CdeO, Centrio, Circle Promotions all set for Kagay-an Festival marathon

T

he City Government of Cagayan de Oro, Centrio Mall, and Circle Productions, Inc. will be holding the Kagay-an Festival Marathon on August 18, 2013 with Centrio Mall, Capt. Vicente Roa Extn. as the Start and Finish Area. This race is one of the core events of the Higalaay: Kagay-an Festival 2013 chaired by Ms. Eileen San Juan.

A total of Php 105,000 in cash prizes and 4 units of 29-inch TV as raffle prizes from Solidmark are at

stake in this annual marathon race.

For this year, participants from all categories who will cross the finish line will receive a finishers’ medal along with a certificate and lootbag from Kopiko, Energen, Rexona, and Close-up. 42Km finishers will receive additional lootbag from Rustan’s Supermarket.

42Km registrants will also be entitled to the following redemption outlets: Bigby’s, Fresh Fragrance Bar, Italianni’s, Robinson’s Department Store,

The Opticians, and T.G.I.Friday’s.

Medals will be given to the top 10 placers for every race category and additional cash prizes to the top 3 winners.

Categories and Registration Fees are as follows: 5Km Fun Run – P400 with Jersey, Race Bib and Finisher’s Medal, 10Km Fun Run – P600 with Jersey, Race Bib and Finisher’s Medal, 21Km Half Marathon – P800 with Jersey, Race Bib Timing Chip, and Finisher’s Shirt & Medal, 42Km Full Marathon – P1500

with Jersey, Race Bib Timing Chip, Finisher’s Shirt & Medal, and Carbo-Loading Dinner This annual activity initially started in 2010 as the Kagay-an Festival Run with 10K as the farthest distance. The 21Km distance was added in 2011 and, with the inclusion of the 42Km in 2012, the name of the event was officially changed to Kagay-an Festival Marathon, which is now the premiere running event in Northern Mindanao.

Official hydration partners are

Nature’s Spring and Gatorade.

Bananas will be provided by Uni Fruitti. Official partner hotel is Seda Centrio.

Registration is now on-going at Centrio Mall, Olympic Village, Chris Sports, Sprint Multisport Store, and La Cabana Spa. For more inquires you may contact the Circle Productions Hotline: 0915-3753-117 or visit facebook fanpage: Circle Productions Inc.