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BusinessDaily CREDIBLE

Volume III, No. 269

Market Indicators

As of 6:23 pm AUG. 1, 2013 (Thursday)



US$1 = P43.56

6,661.44 points

14 cents


22.32 points


Briefly Oil price hike ONE of the country’s biggest oil firms Petron Corp. Thursday implemented a price hike on their liquefied petroleum gas (LPG) or cooking gas products. Petron Corp., carrier of cooking gas products “Gasul” and “Fiesta Gas,” implemented price hikes of P1.55 per kilo on their respective products which took effect at 12:01 a.m. Thursday. The price hike would mean a P17.05 added in retail price, since a regular household cylinder of LPG weighs 11 kilos. Petron, in its text advisory sent to the Philippines News A g e n c y, s a i d t h e p r i c e adjustment “reflects movements in the international oil market and the foreign exchange rate”.

SMEs interventions PAGADIAN City -- To encourage small and medium enterprises (SMEs) to adopt technology innovations to improve their operations, the Department of Science and Technology is now pursuing a program dubbed “Small Enterprise Technology Upgrading Program (SETUP)” throughout the country. In region 9, the DOST has assisted SMEs operating in the provinces of Zamboanga del Norte, Zamboanga Sibugay and Zamboanga del Sur as well in the cities of Dipolog, Pagadian and Zamboanga. D O S T- 9 R e g i o n a l Information Officer Thelma Diego told a group of media prac titioner s in a recent press conference here that the “interventions” usually extended to the SMEs include equipment acquisition, system improvement, process improvement, plant layout, manpower development and others.

Cagayan de Oro City





Powerhouse cast for the 22nd MinBizCon August 2, 2013



AVAO City – At least a dozen Cabinet secretaries and business tycoons will be the key speakers during the 22nd Mindanao Business Conference (MinBizCon) that will have President Benigno Aquino III as the major guest.

LATE REGISTRANTS. At around 9 in the evening, registrants are still queuing at the Commission on Election in Cagayan de Oro City Wednesday, the last day for voters registration for the Sangguniang Kabataan elections in October. photo by rolando sudaria

T his yea r’s t heme is “Moving Towards ASEAN Business Integration.” It is slated on August 8 to 10 at the SMX Convention Center in Lanang. Hosted this year by the Davao Cit y Chamber of Commerce and Industry, Inc. (DCCCII), MinBizCon is the largest annual gathering of top government and business leaders and members of chambers of commerce in the island. President Aquino is set to

deliver his message on August 10. Mayor Rodrigo Duterte will deliver a welcome address during the event organized by the Philippine Chamber of Commerce and Industry (PCCI). Orga n i z ers s a id t he senior government officials inv ited to present were Trade Secretary Gregory Domingo, Finance Secretary Cesar Purisima, Science and Technology Secretary Ma rio Montejo, Energ y cast/PAGE 11

San Miguel to build Forbes magazines’ wealthiest Filipinos 600-MW coal power *Mall tycoon Henry Sy remains on top plant in Mindanao MALL magnate Henry By IRENE DOMINGO, Reporter

CONGLOMERATE San Miguel Corp. (SMC) last week said its power subsidiary SMC Global Power Holdings Corp. has broke ground on its first power plant in Mindanao in a bid to address the severe power crisis in the region. The 600-megawatt clean coal-fired power plant is constructed in Malita, Davao del Sur, the fourth in the company’s portfolio. It is scheduled for completion in 2015. SMC President and chief operating officer Ramon Ang said the plant aims to help balance the power supply differential between north and south Mindanao and provide reliable and continuous supply of electricity at a lower cost. build/PAGE 11

Sy again topped Forbes magazine’s list of the richest Filipinos for this year. With a net worth of $12 billion, Sy and his family, owners of the country’s largest chain of malls, SM, and the Philippines’ biggest bank, BDO, leads the magazine’s list of the country’s 50 richest people. T he Sy f a m i ly i s followed by Lucio Tan and his family, with a combined net worth of $7.5 billion. Tan owns forbes/PAGE 11

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Mining boosts Caraga’s economy in 2012 By Roel Catoto

SURIGAO CITY—The mining and quarrying sector buoyed Caraga Region’s economic performance last year, making it the second top performer among the country’s 17 regions in terms of total gross regional domestic product (GRDP).

Caraga posted a growth rate of 10.6 percent in 2012 or a 2.1-percent increase from its 2011 performance of 9.6 percent, Candido J. Astrologo Jr., director IV of the National Statistical Coordination B o a r d ( N C S B) t o l d MindaNews.

Mining and quarrying accounted for 21.9 percent of the regional economy last year, up from 20.1 percent in 2011. In 2010, the sector comprised 17.0 percent of the regional economy. In a statement, the NCSB na med t he Z a mboa nga mining/PAGE 10

SETUP allots P35-M for MSMEs in ZamPen

PAGADIAN CITY—The Department of Science and Technology –Small Enterprise Technology Upgrading Program (DOST-SETUP), one of the government’s poverty alleviation programs through technology transfer and commercialization. is making great waves in the lives of successful entrepreneurs, improving their lives and helping the community. A f lagship program of DOST towards a better Philippines, SETUP was launched in 2011 as a nationwide strategy to encourage and assist micro, small and medium enterprises (MSMEs) to adopt technology innovations thereby improve their operations and expand the reach of their businesses. Dr. Carol M. Yorobe, undersecretar y for Regional Operations, said that DOST Secretary Mario G. Montejo believes that local technology works using the creative mind of the Filipinos. He also endeavored to increase the budget of SETUP for countryside development. “When Sec. Montejo was chosen by President Benigno C. Aquino III to assume the post as DOST secretary, SETUP’s budget was only P70 million. Now it has ballooned to P500 Million for allots/PAGE 10

DEFICIENT. The access roads built by Bundok Mineral Resources Corporation (BMRC)at the exploration site in the mountains of Sitio Dakung Sabang were found by the Mines and Geosciences Bureau to be deficient. mindanews photo by vanessa l . almeda

DTI urges more investments in M’nao DAVAO C I T Y—Tr a d e a nd I n d u s t r y Un d e r s e c r e t a r y Ponciano C. Manalo, Jr. has called on investors to pour in their resources in Mindanao for it offers vast opportunities. Manalo, who is handling the Trade and Investment Promotions Group (TIPG) of the department, said during his recent visit in the city for the 1st Philippine Investment Conference (Phil

iCon) that Mindanao offers vast potentials for investments. Manalo added that Mindanao is a top investment priority for agriculture, agro-industrial food processing, manufacturing, and tourism. “As the saying goes, agriculture and Mindanao go together like horse and carriage,” he said. Mana lo identif ied a few dti/PAGE 10

MinBizCon’s top agenda for entrepreneurs DAVAO CITY—With Mindanao now i n t he “r ad a r of t he government,” problems of micro, small and medium enterprises (MSMEs) and farmers in accessing financing will be among the major issues up for discussion during the 22nd Mindanao Business Conference (MinBizCon) here, a business leader said. John Gaisano Jr., MinBizCon conference director, said that access to financial institutions has cropped up as among the

main concerns brought up in the series of consultations around the island a few months ago in preparation for this year’s MinBizCon. “The process of accessing loans with financial institutions will be addressed by the government to help MSMEs enhance their ventures,” he told MindaNews. “Based on our consultations with local business leaders, they have a general perception that agenda/PAGE 10

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Philex Mining income down PANGILINAN-LED Philex Mining Corp.’s net income fell in the first half as lower metal prices for gold and copper curbed the listed firm’s revenues. In a disclosure to the Philippine Stock Exchange Thursday, Philex said it posted a net income of P551 million in the second quarter, down 28 percent from the P768 million reported in the same period last year. This brings the mining firm’s first half net income to P954 million, which is 53.14 percent less than the P2.036 billion earned in the January to June period of last year. “This decrease is a direct result of the company only operating from March 8 this year whereas last year t he c ompa ny op er ate d continuously throughout the six month period,” Philex said in a statement. Gross revenues declined

by 45 percent in the first half to P3.94 billion, while income from operations fell 60 percent to P1.22 billion. The company’s Padcal mine in Benguet, which resumed operations last March 8 after its voluntary suspension since August 1, 2012, produced a total of 2.4 million tonnes, from year ago’s 2.3 million tonnes. “Despite lower meta l prices, we remain on course with our social environmental com mit ments to t he government, particularly the requirements for the cleanup and rehabilitation of areas affected by the Padcal spill last year,” Philex chairman M a nu e l V. Pa n g i l i n a n claimed. Philex has completed the

PLDT ‘back on growth path’ PHILIPPINE Long Distance Telephone Co (PLDT) expects to meet its core profit target this year, a top executive said, citing “better” second quarter results. “Overall, we are back on a growth path for both topline and bottom line. On guidance f igure, we are on track,” Napoleon L. Nazareno, president and chief executive of PLDT told reporters Wednesday night. The country’s largest t e l e c o m c omp a ny h a d projected core profit to reach P38.3 billion this year. It closed 2012 with a core net income of P37.3 billion. Nazareno had said the compa ny ’s i nvest ment s in Dig itel, t he net work transformation program as well as its multimedia

strategy should put PLDT back on the growth path. In the first quarter, PLDT suffered an eight percent drop in net income to P9.2 billion from P10 billion in the same period last year due to “exceptional transactions.” Core prof it, which excludes foreign exchange gains or losses and other non-recurring income, grew by four percent to P9.6 billion from P9.2 billion last year. Partly owned by Hong Kong’s First Pacific Co Ltd and Japan’s NTT group, PLDT’s consolidated service revenues inched up to P40.96 billion from P40.85 billion over the same period. The company is set to announce its second-quarter financial results on August 7.

RFM Corp revives plan to sell shares RFM Corp. on Wednesday said it is reviving plans to raise money by selling shares in the stock market. The food and beverage compa ny noted in a disclosure to the Philippine Stock Exchange money from the equity offering will fund acquisitions and expansion plans. “In the regular meeting held today, 31 July 2013, the Board of Directors agreed to proceed with the equity fund raising,” RFM said. “The resolution was passed due to the renewed interest and confidence of investors in the Philippine equities market and in the growth plans of the corporation, as well as the interest shown by several investing funds to invest in the corporation as it pursues possible acquisition and expansion opportunities and capital expenditures,” the company added.

Concepcion-led R FM wanted to raise money from the stock market in January 2011, but plans were deferred as the market was showing signs of volatility at that time. The plan covered an equity placement and subscription transactions of up to 450 million shares. The company estimated it needed P1 billion to expand its pasta and ice crea m facilities. R F M p o s t e d P 315. 2 million in net income during the first five months of the year, up 32 percent from a year earlier. Consolidated revenues reached P4 billion, down 6.7 percent in the same comparable period, with its Swift meat business no longer a contributor to consolidated sales. On top of its selling and distribution service deal in rfm/PAGE 10

cleanup of Balog Creek in Itogon, Benguet and is now awaiting government permits to clean up the convergence area of the Balog Creek and the affected part of Agno River. It ha s set a side P74 m i l l ion for t h i s ye a r’s socia l development a nd management programs for its host and neighboring communities. Philex is also u nder ta k i ng add it iona l environmental studies related to the tailings spill as well as education and livelihood assistance programs, the statement said.

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P10M worth of crops, infra damaged in Koronadal floods, landslides By Allen V. Estabillo

GENERAL SANTOS CITY—An estimated P10-million worth of agricultural crops and infrastructure were damaged as a result of the recent flashfloods and landslides that ravaged eight barangays in Koronadal City. C y r u s Ur b a no , Kor on a d a l C it y administrator, said Wednesday such figure was based on the initial damage assessment reports submitted to the City Disaster Risk Reduction and Management Office (CDRRMO) by the city engineering and agriculture offices.

He said the damage to infrastructure has reached nearly P7 million while those on agricultural crops was listed at around P3.1 million. “This assessment does not include the damage to properties of the affected households,” said Urbano, who heads the CDRRMO. T he CDR R M C ou nci l headed by Koronadal City Mayor Peter Miguel passed a resolution last Monday declaring the entire city under a state of calamity due to the effects of the floods and landslides.

A CDRRMO report showed that the floods and landslides affected portions of barangays Assumption, Mambucal, Sta. Cruz, San Isidro, Carpenter Hill, Namnama, Concepcion and Zone 3 in Poblacion. Urbano said their assessment is still ongoing for the damages wrought by the calamities at the household level, especially those affected by the floods in barangays Zone 3, San Isidro and Assumption. Portions of the three villages were submerged in waist-deep f loodwaters following hours of continuous rains last

R12 contributes 50% of PHL’s premium rice export — DA By Danilo E. Doguiles

KORONADAL CITY—Since May this year, the Philippines, through the Department of Agriculture has exported 106.55 metric tons of premium rice. Reports from DA-12 indicated that almost half of these exports of colored, long grain, and aromatic rice came from farmer groups in Soccsksargen Region or Region 12. Agriculture Secretary Proceso Alcala and Assistant Secretary and National Rice Program Coordinator Dante Delima led the send-off of 45 metric tons (MT) of premium rice to export/PAGE 10

PHL targets to wipe out coffee imports

THE government has started crafting a blueprint that will set the direction for t he development of t he coffee sector and enable the Philippines to stop depending on imports from neighboring Southeast Asian countries such as Vietnam. T he D e p a r t me nt of Agriculture (DA) presented the road map for coffee during the f irst genera l assembly of the Philippine Coffee Alliance on July 29. The “Master Plan for the Philippine Coffee Industry,” presented by High Value Crops Development Program (HVCDP) Director Jennifer Remoquillo, will provide guidance to attain a costcompetitive sector “that is reliable and environmentf riend ly a ligned w it h global quality standards, targets/PAGE 11

Population, consumption threaten rice sufficiency bid THE government’s rice self-sufficiency program faces viability and sustainability issues as a result of the country’s rising consumption and population rates. While the Department of Agriculture boasts of achieving a 98-percent rice selfsufficiency this year, international and local research groups, however, cited several hindrances to the long-term viability of the program. According to the International Rice Research Institute (IRRI), one of the major challenges is keeping up with a rapidly growing population that, unlike other Asian nations, has also grown to consume more rice in the last decade. “The population of the Philippines is estimated at 97 million. Its annual growth rate of around 2% – among the world’s highest – means that just to keep pace with growing demand the country would have to increase rice production and yield at rates rarely seen in history,” said the IRRI. DA Secretary Proceso Alcala estimated that for 2013, “because of good weather condition,” the country can produce 13.03 million metric tons (MT) of milled rice,

exceeding the domestic demand of 11.23 million MT. The problem is whether this could be sustained in the coming years given the Philippines’ increasing rice consumption, according to experts. In a recent study by the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), it was shown that Filipinos have progressively consumed more rice in the last two decades. The SEARCA study found that while rice consumption has declined in most other Asian countries, per capita consumption in the Philippines rose to 13 percent, from 106 kg in 2000 to 119 kg in 2009. Both the IRRI and its local counterpart, the Philippine Rice Research Institute (PhilRice), find the ‘trend’ a challenge given the ‘logistics’ of rice production. “We need about 25 drums of water to produce a kilogram of palay. We should take into consideration the tremendous resources, labor, and risk in producing palay. The fact is, rice is the only crop that needs huge resources and effort to produce,” said bid/PAGE 11

Friday that caused the critical Bulok Creek and several waterways to overflow. The almost nonstop rains were spawned by a passing Low Pressure Area that was embedded in a prevailing Intertropical Convergence Z one (ITCZ) a f fect ing Mindanao. Urbano said they were also waiting for the damage assessment reports on the six houses that were partially damaged by the floods and landslides along the banks of the Marbel River. damaged/PAGE 10

Group claims bees can prop up coco output By Marvyn N. Benaning

THE Beekeepers’ Network Philippines Foundation Inc. (Beenet Philippines) has claimed that bees can actually increase coconut production as pollinating agents and reduce the impact of scale insect infestation. It staged a three-day meet at the compound of the Philippine Coconut Authority (PCA) in Quezon City to show how apiculture can prop up the coconut industry, hobbled as it is by senile trees, now running at 60 percent, and the need to replant vast tracts of land that are unproductive at the moment. Beenet’s 19th annual conference and technofora were held from July 25 to 27 and had the theme “Augmenting Coconut Productivity through Urban Beekeeping.” The conference promoted the management of bee colonies as pollinators for coconuts. It also highlighted strategies for colony management and disease prevention, bee foraging sources, social and economic aspects of beekeeping, urban beekeeping and pollination services. Beenet said bees are natural pollinators that can raise the production of economically important crops from 20 percent to 100 percent. “One fruit crop that may benefit from pollination by bees is coconut. The country has around 3.56 million hectares of land devoted to coconut,” the group said. “Bees do not only help in fruit production but also augments the income of farmers in terms of market of bee products. Beekeeping can be done between management schedules in coconut farms so coconut farmers can perform both activities,” it added. Beenet also revealed that bees forage in an area ranging from one to 5 kilometers, depending on what type of bee is taken care of and that they can exploit collecting nectar and pollen from f lowering plants within a big area. bees/PAGE 11

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Rural banks create future employers

AMONG the notable gains of President Benigno Aquino III’s administration as highlighted in his recent State of the Nation Address (SONA) include the approval of the Sin Tax Reform Law, the allocation of P6.2 billion for flood control in Metro Manila and the 7.8-percent growth of the gross domestic product (GDP) for the first quarter of the year. A lt houg h GDP g row t h hit a n impressive figure, the SONA failed to discuss the high unemployment rate in the country and how this could be addressed. In April, the National Statistics Office reported that the unemployment rate increased to 7.5 percent from 6.9 percent during the same period last year, while the employment rate decreased slightly to 37.82 million from 37.84 million. The issue on unemployment is something rural banks can help solve. By providing farmers, fisher folk, and small and micro enterprises access to credit and other financial products to improve their respective livelihood, the rural banking system has proven that economically empowering individuals and communities is an effective counter to the unemployment problem. The financial services rural banks provide to the traditionally unbanked and underbanked will go a long way in creating an economic cycle, wherein the loanee can use the funds to start or grow his own small business. As this business prospers, it releases goods and money to the system, as well as create employment opportunities for others. With this, rural banks become an important catalyst in the creation of jobs a nd l ivel i hood s i n poor communities through agriculture and rural development. For instance, the rural banking sector and the Department of Agriculture (DA) has a long-standing partnership that directly benefit small farmers and fisher folk through the latter’s financing programs. By gaining access to loans from rural banks at affordable rates, farmers and fisher folk can engage in agri-related undertakings. One such program is the AgroIndustry Modernization Credit and Financing Program (AMCFP), which is mandated under the Agriculture and Fisheries Modernization Act of 1997. In 2012, loan releases under the AMCFP increased by 146 percent yearon-year to P1.12 billion. This year, an additional P1 billion has been provided for the implementation in a new program under the AMCFP. Another undertaking that the rural banks and the DA have been working on together is through the Agriculture Guarantee Fund Pool (AGFP), which was created in 2006 to encourage banks to lend to the agriculture sector. The AGFP prov ides g uarantee coverage to unsecured loans extended by create/PAGE 11


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Salceda to DBP: Be true to name LEGASPI CITY—Albay Governor Joey Salceda has challenged the Development Bank of the Philippines (DBP) to be true to its name and finance countryside development, otherwise, it should delete “development” from its corporate name. “DBP should radically change its priority lending areas to optimize opportunities in the evolving business model of the Philippine economy,” Salceda said in a recent banking sector business review conference here. Salceda, a noted economist and chairman of the Bicol Regional Development Council, said DBP must lend to tourism, housing, college financing, mass transport and countryside enterprises to maximize its role

as a pillar of the country’s development. “Finance the countryside, otherwise, delete ‘development’ from your name,” Salceda dared DBP officials from Southern Tagalog, Mimaropa and Bicol who attended the business conference. DBP is a government f inance arm established some 50 years ago purposely to help hasten the pace of national development. Salceda pointed out that “while the country’s environment, social services

infrastructure and micro-, small and medium enterprises remain valid, the trading character of the new economy results in less demand for industrial capital expenditure and higher net capital exports.” He explained that the “character” of the new economy caters to export of medium priced services to high value markets undergoing demographic transition and importing cheap finished goods from China and India. (MST)

Henry Sy tops Forbes magazine’s list of richest Filipinos PHILIPPINE mall magnate Henry Sy again topped Forbes magazine’s list of the richest Filipinos for this year. With a net worth of $12 billion, Sy and his family, owners of the country’s largest chain of malls, SM, and the Philippines’ biggest bank, BDO, leads the magazine’s list of the country’s 50 richest people. The Sy family is followed by Lucio Tan and his family, with a combined net worth of $7.5 billion. Tan owns the country’s flag carrier, Philippine Airlines, and the fifth largest lender, Philippine National Bank. On third place with a net worth of $4.6 billion is Andrew Tan, owner of Megaworld Corp, one of the Philippines’ leading property developers, and of Alliance Global Group, a conglomerate that controls the country’s leading liquor firm, Emperador Distillers, as well as the master franchise of McDonald’s. With a net worth of $4.5 billion, Enrique Razon Jr. holds the fourth spot. He owns the country’s leading port operator, International Container Terminal Services Inc., whose

operations span across Asia, the US, Middle East and Europe. He also owns Bloomberry Resorts Corp, the first of four state licenseholders to open a casino at the Philippine Amusement and Gaming Corp’s (Pagcor) Entertainment City. On fifth place is John Gokongwei Jr. with a net worth of $3.4 billion, and whose business empire includes the country’s leading budget airline, Cebu Pacific, and one of the leading food-and-beverage manufacters, Universal Robina Corp. The Zobel de Ayala family has landed on the sixth spot with a net worth of $3.1 billion.

Bank lending growth slows down THE Bangko Sentral ng Pilipinas (BSP) yesterday reported that bank lending growth slowed down in June to 12.3 percent compared to 13.3 percent in May. The year-on-year growth in commercial banks’ outstanding loans inclusive of reverse repurchase placements (RRPs) was also slower at 13 percent from 13.2 percent in the previous month. In peso terms, the big banks’ outstanding loans as of end-June totaled P3.34 trillion net of RRPs and P3.6 trillion with RRPs. BSP Governor Amando M. Tetangco Jr. said bank lending continue to expand, supported by adequate funding for domestic economic activities. “The expansion of domestic economic activity and stable financial conditions supported the sustained growth in bank lending in June. (The) BSP will continue to ensure that liquidity and credit conditions remain appropriately supportive of the ex pa nd i ng domest ic economy whi le remaining consistent with its price stability objective,” he said. Domestic liquidity or money supply as of end-June expanded in a faster pace or 20.3 percent year-on-year compared to May’s 16.4 percent. In peso terms, the total

The family owns the country’s leading property developer, Ayala Land, and the third biggest lender, Bank of the Philippine Islands. With a net worth of $3 billion, the Aboitiz family is seventh place. The family owns one of the country’s biggest power plant operators, Aboitiz Power, and has interests in banking, manufacturing and property. David Consunji is ranked eight with a net worth of $2.7 billion. His family owns one of the Philippines’ biggest construction firms, DM Consunji, and the largest coal miner, Semirara. George Ty and family is listed ninth with a combined net worth of $2.6 billion. The family gem is the country’s second-biggest lender, Metrobank, but other businesses include power, property and the Philippines’ largest car manufacturer, Toyota Motors, a partnership with the Japanese auto giant. On the 10th spot is the Co couple of Lucio and Susan, who own the Puregold chain of supermarkets. They have a combined net worth of $1.9 billion. (

FinanceAsia names

‘Best Bank’ liquidity reached P5.699 trillion. Tetangco commented that even with the lending/PAGE 11

HONG KONG-based financial publishing company FinanceAsia has named BDO Unibank Inc. the Best Bank in the Philippines for the fourth consecutive year. FinanceAsia, in the recently concluded Country Awards 2013, cited BDO’s ability to stay ahead of its peers given its strong business franchise, low-cost funding, quality assets and extensive distribution network. “It has also diversified its business, expanding into consumer lending and bdo/PAGE 11

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Is anyone sick?

Safe passage



hink a minute…Have you noticed the different kinds A Minute of gravestones in cemeteries? By Jhan Tiafau Hurst In certain Pacific Island countries, they even have the gravestones of their family members right in front of their house. There are all styles and sizes of gravestones: from simple, small piles of stone to huge, majestic tombs with ornate headstones and decorations. Do you know what the largest gravestones in the world are? They are the pyramids of Egypt, built over 4,000 years ago. The gravestone and pyramid of one King is almost 500 feet tall and has over 2 million huge stones. Each stone weighs 4,000 pounds or more. The kings of Egypt spent most of their life using thousands of men to build their gravestones! They were so afraid and desperate to do everything they could to prepare and make sure they lived a safe and happy life after death. They had most of their money and treasures buried with them. They even had their wives and servants killed and buried with them so they wouldn’t be alone in their life after death. But we can work all our life like those Egyptian kings to get as much money as possible, or positions of power and respect, education, even becoming religious and good; yet in the end, all these things just crumble like gravestones and pyramids. The moment we die, all of our works and achievements are totally useless to us. Just like our gravestone cannot help us in our life after death. Jesus Christ said that’s why He came: to become our only safe passage and way through death. Then He proved it to us by being the only one in history who could die and be buried for 3 days and still bring Himself back to life. The Creator of life Himself is the only one who can get hurst/PAGE 7

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IFE’S INSPIRATIONS: “…`Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock’…” (Jesus Christ, our God and Savior, in Matthew 7:24-25, the Holy Bible). -ooo IS ANYONE SICK? Here are at least three set of verses from the Holy Bible that teach us what to do so we can triumph over illnesses, sicknesses and ailments, over and above the cure, or relief, that pharmaceutical medicines and doctors’ advices can give. The first set comes from James 5:13-15 and it says: “Is anyone among you sick? Let them call the elders of the church to pray over them and anoint them with oil in the name of the Lord. And the prayer offered in faith will make the sick person well; the Lord will raise them up… “If they have sinned, they will be forgiven. Therefore confess your sins to each other and pray for each other so that you may be healed. The prayer of a righteous person is powerful and effective…” -ooo WHY ARE MANY SICK AND “HAVE FALLEN ASLEEP”? The second set comes from Isaiah 40:29-31, which says: “He gives strength to the weary and increases the power of the weak. Even youths grow tired and weary, and young men stumble and fall; but those who hope in the Lord will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will





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walk and not be faint.” akampi Then, the third set of verses Mo A ng Batas come from 1 Corinthians By Atty. Batas Mauricio 11:27-30, which says: “So then, whoever eats the bread or drinks the cup of the Lord in an unworthy manner will be guilty of sinning against the body and blood of the Lord… “Everyone ought to examine themselves before they eat of the bread and drink from the cup. For those who eat and drink without discerning the body of Christ eat and drink judgment on themselves. That is why many among you are weak and sick, and a number of you have fallen asleep…” -ooo FAITH IN GOD AND HEALTH AND WELLNESS: All of these verses are actually self-explanatory and need no further elaboration. They are simple directions as to what we should do when we are already sick, and what we should do to avoid being sick. Take note that all of these verses invoke our faith in God---the stronger our faith, the stronger are our chances of staying healthy and being free from sickness. Consequently, these verses can be summarized as follows: when we eat and drink at any time, we should all remember the body and blood of Jesus Christ, our God batas/PAGE 7


BSP and other central banks

ith the economy performing very well, the upcoming anniversary of the Bangko Sentral ng Pilipinas (BSP) on July 3 will definitely be sweeter. It is a great feat for one of the youngest monetary authorities in the world. Established in 1993, the BSP ( replaced the old “Central Bank of the Philippines,” which was founded in 1949. It was created by virtue of the Philippine Constitution of 1987 and the New Central Bank Act, which gave the bank fiscal and administrative autonomy from the Philippine government. The BSP is just one of the 186 central banks around the world. The banks differ in name – some are called “reserve bank,” “monetary authority,” or “national bank.” They, however, share common tasks such as setting monetary policy, issuing of national currency, acting as the bank of bankers, supervising and regulating banks, and lending to ailing banks. All of them also serve as the banks of their respective governments. The central banks also manage their nation’s foreign exchange reserves. These are deposits in foreign currencies that can be used to deal, trade, or make payments internationally. For example, Asian countries have deposits which are in US dollars or Euro. According to the International Monetary Fund, the combined foreign exchange reserves of the world’s central banks are now worth $11 trillion.

ROSE MARY D. SUDARIA, Ph.D. General Manager

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Central banks have existed a very long time. In fact, the O ut BSP is 325 years younger than By Ignacio Bunye the oldest operating central bank in the world – the Bank of Sweden (www.riksbank. com), which started in 1668. The Bank of Amsterdam in the Netherlands, founded in 1609, actually preceded the “Riksbank,” but it closed for good in 1819. United Kingdom’s Bank of England (BOE), however, is the one widely considered as the pioneer of the modern central banking system. Journalist Jason Rodrigues gave a brief history of the BOE (www. in his 2009 article for the British newspaper The Guardian. He said the Bank emerged in 1694 to serve as the government’s banker and debt-manager. Eventually, it became a “lender of last resort” to smaller banks and the issuer of the country’s national currency. Both are now common functions of central banks today, including BSP. Since every country has its own history and laws, bunye/PAGE 7

The challenge of bioethics

HILE it’s true that our current age of intense information technology can give us information overload, leading us to get saturated and blasé, it’s also true that the profusion of information can lead us to a greater sensitivity to the increasing complexity of our life. That’s the irony of our times. That was the first impression I got as I started to attend a course on bioethics recently. It struck me as a novel way of having an interdisciplinary effort to blend the best findings of medicine and the sciences with the best conclusions and indications of philosophy, theology and pastoral care. I consider this development as progress. Too often we can be accused of leaning too much on one side at the expense of the other sides that also need to be considered. Thus, we can be too scientific or empirical that focuses more on the material, while being deficient on the spiritual and moral that goes beyond the material and temporal aspects of our life. This is a common phenomenon these days. Or, we can go the other extreme—being too spiritual and moralistic while neglecting the material and biological foundations of our human concerns. As a consequence, we are prone to be narrow-minded, simplistic, rigid, and to easily fall to rash judgments. With our complicated times, we have to try our best to avoid these predicaments. We need to strike a healthy balance, because the resulting blend would actually bring us to a richer appreciation of reality. It would lead us to serve all of us better. In short, it would help us to live truth in charity better, a goal that we should all pursue in earnest.


And so, there I was with a few others in class, having and Traces to grapple with the mindBy Fr. Roy Cimagala boggling names of hormones, their sources, mechanisms a nd ef fec t s , t hei r u su a l manifestations, etc. I suddenly felt like a high schooler again having to cram for an exam the following day. Besides, we need to assess the ethics and morality of the different cases brought about by our biological life and medical conditions. This aspect was kind of bloody, since we discovered we had divergent views. It became clear to me that bioethics is a relatively new science that would need more inputs, polishing and systematization. And to think that we were talking more about the reproductive system. I wonder how it is going to be when we start talking about the nervous system and the psycho-emotional aspect it has. I suspect that area would be bloodier. One thing that I clearly saw during the classes was that while learning those biological and medical terms is certainly helpful, we should realize that knowing the nature of things just simply cannot be achieved simply through the naturalistic ways. That is, by simply observing cimagala/PAGE 7


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you and me safely through deat h to enjoy life w it h Him forever. And Jesus promised if we will love Him and live His way, He will lead us sa fely not on ly t hrough this life, but also into our eternal life with Him after we die. The good news is He promised it is never too late to become His child. So we would be safe and smart to ask Him today to take full control of our life—for the rest of our life. Just Think a Minute…

central banks may also have characteristics unique to them. The United States of America’s central bank for instance, which is called the US Federal Reserve System (, has a unique structure with not one but 12 banks. The distinction is explained in the book The Federal Reser ve System: Purposes and Functions. It said the “Fed” has one central government called the Board of Governors, which oversee 12 regional Federal Reserve Banks (FRB) situated in the country’s major cities. The Board sets the monetary policy while the FRBs serve as the “operating arms” of the system in their respective districts. The European Central Ba n k (ECB) is a not her interesting example. Founded in 1999 when the Euro was introduced as the single currency in Europe, the ECB ( sets the monetary policy for its 17 member states, which include Spain, Germany, France, and Italy. The countries under it, however, still have their respective national central banks to help implement the policy and ensure the stability of the Euro. The reserves of each national bank are also separate from ECB’s reserves, which is shared by the member states. You may be wondering,

from page 6

Batas... from page 6

and Savior, praying that the food and the drink we will partake of will become for us His body and blood. T hen, when we see the first signs of sickness aff licting anyone of us, call the leader of our church, and let that leader anoint the sick with oil, and pray the prayer of faith for his healing. When we do all these, God’s healing power will come down and free us from any ailment. Try the power of these verses now! -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 0193, 0922 833 43 96. Ema i l:, m mau r iciojr111@g ma i l. com.

from page 6

is there a lso a bank for the world’s central banks? The answer is yes, and it is the Bank of International Settlements (BIS), the world’s oldest financial organization. Based in Switzerland, the BIS (http://w w w.bis. org) accepts deposits from central banks and serves as a forum for policy analysis and information-sharing among central banks. It does not, however, have any regulatory or supervisory powers over its member central banks. K now i ng t he g loba l financial system that the BSP is part of will make us more appreciative of the positive reviews, credit ratings, and awards that the institution is getting. It is one of the youngest and certainly, not one of the richest (yet) but the fact that it was able to keep our economy strong while the rest of the world was in a financial crisis says a lot about both its potential and capability. So for its 20th “birthday,” my wish is that the BSP cont i nues to soa r as it develops to be a truly worldclass monetary authority. Note: My book, Central Bank ing for Ever y Juan and Maria is now available in main branches of Fully B o ok e d , Power B o ok s , National Book Store, and University of the Philippines Press.

Cimagala... from page 6

and experimenting. We need to input the

data of our faith, since the nature of things is based on a natural law that is created by God. We just cannot study and claim to know nature without referring ourselves to God. He is the author of nature, after all. I believe the study of bioethics is very important and relevant. It gives us good ideas on how to go about giving advice and counseling to people who come to ask for help. I would say that that the inputs provided by bioethics can give us more charitable, prudent and effective pieces of advice. And so I believe that with the complicated and confusing atmosphere we are getting into, and especially now that our government has sadly enacted into law a Reproductive Health Act, we have to be more conversant w it h t he i nt r ic acies of bioethics. Church leaders, I think, should tackle this challenge squa rely, educat ing t he main agents of formation adequately. T he clerg y, the religious persons, the catechists and other lay faithful actively working in the Church, should have some basic grounding on bioethics. This is not going to be an easy task. We have to go over a formidable learning curve. But if we persist, if we continue to move on in spite of the difficulties, mistakes and failures that can come our way, time will come when bioethics can become a clear science that is appreciated by


Level of household energization of region 10, 85.58% in 1Q By Rutchie C. Aguhob

OZAMIZ CITY, Misamis Occidental, July 31 (PIA) – At least 646,903 out of 755,946 potential households in region 10 have been energized as of the first quarter of 2013. This has brought the level of household energization (LHE) or houses with electric connection in the region to 85.58 percent, Engr. Leon M. Dacanay, Jr., Regional Director of the National Economic and Development Authority (NEDA), region 10, said. Data gathered by NEDA show that among the region’s nine (9) electric power distribution service utilities (DSU), only the Cagayan de Oro Electric Power and Light, Co. (Cepalco), has achieved a 100 percent LHE in its franchise area. The other DSU’s had the following LHE: Misamis Occidental Electric Coop., Inc. (Moelci) 2 with 96.02 percent, Moelci 1 with 92.55 percent, Camiguin Electric Coop. (Camelco), 92.25 percent and Misamis Oriental Rural Electric Service Coop. (Moresco) 1, with 91.11 percent. Moresco 2 with 78.66 percent, First Bukidnon Electric Coop. (Fibeco),78.28 percent, Bukidnon Second Electric Coop. (Buseco), 77.66 percent and Lanao del Norte Electric Coop. (Laneco), 77.53 percent. In terms of increase in the number of households now having electrical connection in their respective franchise areas, Moresco 1 posted the highest increase of 6.96 percent. This was followed by Camelco, 6.93 percent, Moelci 1 with 4.57 percent, and Moresco 2 with 4.51 percent, Fibeco, 4.50 percent, Cepalco, 4.19 percent, Laneco, 3.93 percent, Buseco, 3.65 percent, and Moelci 2 with 3.14 percent. everyone. In life, we need to dream even i f at t he moment such dream would seem impossible. Saints have proven that dreams, with God’s grace and our all-out

effort, can come true. In fact, they have shown that their dreams oftentimes have fallen short of the reality that came later. Let’s face the challenge of bioethics boldly!


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B illboard 8 UC student Kagay-anon shines at 2013 World wins in nat’l visual arts tilt Championships of Performing Arts CREDIBLE



friday - august 2, 2013


photograph, showing a s e a of d e vote e s gathered in the Basi lica del Sto. Nino to worship and to celebrate the festivity of the Holy Child Jesus, won in a visual arts competition. And the photographer who captured the essence of the festivity and landed in the fourth place is a student of the University of Cebu (UC). Kirk Patrick Y. Largo, who studies in the UC-Banilad ca mpus, submit ted his photograph “The Cebuano Faith” as entry to the 27th DP C -PL D T Vi s u a l A r t s National Competition. T he 27t h Visua l A r ts Competition was facilitated by the Directories Philippines Corporation (DPC) and the Philippine Long Distance Telephone Company (PLDT). Dubbed “More Fun in the Philippines: The Brighter Side of Life,” the national v isua l ar ts tilt ca lled for heart-warming photographs showing how Filipinos savor l i fe, no mat ter what t he situation. "My photograph shows the spirit of the Cebuanos that is very much alive not only in street parties, but also in its devotion to the Holy Child Jesus, our beloved Senior Sto. Niño,” Largo said. Largo only learned about t he nationa l competition through social networking site Facebook, and after he decided to give it a try, he asked his friends and parents to help him choose his photo entry. “The unanimous suggestion was my photo of a dancing festival queen during the Sinulog Mardi Gras. It undeniably depicts the theme ‘It's more fun in the Philippines: The brighter

side of life,’ but I wanted something unique.” “I wa nted to show a d i f f e r e nt p h o t o g r a p h showing why it’s more fun in the Philippines, so I picked the Cebuano Faith entry,” he added. Largo said fun in faith is evident in how Cebuanos celebrate the festivity of the Holy Child, adding that when the spirit is happy, the man is happy, too. “Needless to say, it's more fun journeying together in faith with our beloved Senior Sto. Niño.” Largo is an enthusiast, but he admitted that when he took the photograph, he got no plan to submit it to any photography content. “My love for photography star ted out when we had our first digital camera. I learned photography through watching YouTube videos and from other enthusiasts.” On winning the contest “I was thinking of a 50-50 chance there, because it was a nationwide competition, but I was happy when I got the message telling me that my entry made it to the top 50.” L a rgo a lso received a message about h is ent r y being a finalist to the grand prize. He bagged the fourth prize and also the Visayas People's Choice Awards, but for some reasons he missed the awarding ceremony. He won P10,000 cash, a plaque and a Canon PIXMA IP4970 printer. “I really did jump for joy and gave praise and thanks to the Creator above when I found out I won. Indeed, God always give you what you want in His perfect time. Praise be to God! I would be forever thankful to Him for this lifetime experience.”

Filipinos representing the Philippines during the WCOPA made headlines in the news- but another Filipino who is a Kagay-anon, also went home with several medals as one of the members of the Singapore team. Alexander Dagalea (Alex to his family and friends), was born and raised here in Cagayan de Oro. He finished BS Biology and Psychology in Xavier Un i v e r s i t y -A t e n e o d e Cagayan in 1999, but has lived outside the country shortly after college in Hongkong and in Singapore as a performer. Each yea r, cou nt ries send their best and most outstanding talent in United States for a “Olympic-style” variety of competitions. Each winner gets a coveted gold medal, which brings in career opportunities in entertainment of a lifetime. A total of $130,000 scholarships is awarded. In the recent concluded WCOPA in Los Angeles, California- Alex joined into 5 categories: pop, broadway, contemporary, gospel, and open. He got silver medals in pop and contemporary and bronze in open. For someone who never sings pop and contemporary- Alex was surprised to have won in those categories. For his choice of songs performed that night, he sang “I believe” by Fantasia for the Pop category, “The Rose” by Bette Midler for Open category, sang “Weekend in New England” by Barry

manillow for Contemporary category, “We are the Reason” by David Meece using Gary Valenciano’s version for the Gospel category and for the Broadway Category- he belted out “Home” from the hit musical The Wiz. Alex competed in the 30 and above age group as a soloist. He is currently a mainstay of Daddy Os and “ The Cruisers” -working as a vocalist at Universal Studios Singapore. He wa s pa r t of t he Opening Team of the said themepark as a musical supersw i ng per formi ng in the MonsterRock and Kowabunga Kove shows. P r ior to mov i ng to Singapore, he was a parade dancer with Hong Kong Disneyland. He was part of the Opening Team and was

one of the Principal Vocalists in the The Golden Mickeys Show. After which, he performed with the Hong Kong Chorus Society Limited’s production of Oliver! at the Hong Kong Cu lt u ra l Center Gra nd Theatre. Alex started his singing career as a member of the Mary Immaculate Singing A mbassadors here in Cagayan de oro. He then entered professional theater by joining Reper tor y Ph i l ippi ne s , one of the premier theater companies in the Philippines. He had been part of numerous musicals such as Scrooge – A Christmas Carol, Pinnochio, Joseph and the Amazing Technicolor Dreamcoat, Once on this Island, Ang Pagpatay kay Antonio Luna (The Murder

During the turn-over of awards at the University of Cebu President’s office: (left to right) UC Legal Consultant Atty. Wendell Hanz Abella, UC President Atty. Augusto W. Go, DPC VP for Corporate & Marketing Communications Mr. Ruben V. Tangco, Kirk Patrick Y. Largo, Mrs. Edna Largo, DPC VP-VisMin Operations Fernando O. Cortes.

The winning entry “The Cebuano Faith”

On chasing dreams Largo also encouraged his fellow UCnians and students to never stop chasing dreams. “If you want to become a photographer, a singer, da ncer, or whatever you want, go ahead, achieve it. I remember a quote from E lea nor Roose velt , ‘ T he future belongs to those who believe in the beauty of their dreams.’ so believe in the beauty of your dreams.” He also urged his fellow photography enthusiast to be patient because photography can’t be learned overnight.

It is a process, and a lot of things can be learned along the way. He added that photog r aphy i s not ju st picture taking, but telling a story. “And always think, wala na sa kamahalon sa imung gamit (it’s not how expensive your camera is), it is about your skills.” Largo’s winning entr y “The Cebuano Faith” will grace the covers of directories in the Visayas region starting October this year. The Directories Ph i l ippi nes C or porat ion

of Antonio Luna), and Snow White and the Seven Dwarfs among others. When asked about what was the most challenging part in preparing for the singing Olympics held recently, “Oh, I was battling a 2-week bout of flu before the competition. I was still very sick 2 days before the competition”. A lex is now back in Singapore with his teambut his heart yearns for the Philippines which he will always consider as his home no matter where the opportunities to perform brings him to. He will visit Cagayan de Oro very soon to share his triumph with family and friends who never doubted his ability to make it big someday. photo and text by Gean T. Cesar

Kirk Patrick Y. Largo

will launch the contest again on September to October 2013. DPC Vice President for VisMin Operations said, “The contest used to involve paintings. But we shifted it to accepting photographs i n order to broaden t he opportunities for students to participate.” Largo also thanked his UC family, especially the dean of the College of Nursing, Ana M. Trazona, RN, MAN, for her self less support during the competition. Largo is one of thousands of UC students who find access to quality

education at the little cost. There are around 47,000 students currently enrolled in the University of Cebu, ma k ing it t he biggest privately-owned university of the country. UC is one of the premiere universities in Cebu and the home of the country’s future visionaries and industry leaders. Among the many courses offered at the UC Banilad ca mpus a re Nursing, M idw i fer y, He a lt h A ide a nd Caregiver courses with hundreds of graduates topping the licensure exams.

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Mining... from page 2

Peninsula or Region 9 as the top performer for 2012 based on its GRDP. Caraga’s economic growth in 2012 was based on GRDP at constant 2000 prices. GRDP is the aggregate of gross value added of all resident producer units in the region. In 2011, Ca raga was ranked number 1 in terms of economic growth among the 17 regions with an accelerated rate of 9.6-percent growth from 7.4 percent in 2010, according to NSCB. Astrologo cited that the services accounted for the largest share of the region’s economy last year at 49.9 percent, followed by the i ndu st r y s e c tor, wh ich includes mining, with 34.2 percent. Caraga Region, particularly Surigao del Norte and Dinagat Province, hosts large-scale mining companies. There are eight largescale mining companies operating in Surigao del Norte, but two have been meted temporary suspension for alleged violations of environmental regulations. Astrologo also noted that the construction sector, both in private and public works, rose from 6.9 percent in 2011 to 7.7 percent in 2012.

T he s e r v ic e s s e c t or pa r t ic u l a rly t r a n sp or t , storage and communication grew to 15.2 percent in 2012 from 14.6 in 2011. Astrologo, however, said that agriculture and forestry fell from 20.4 percent in 2010 to 19.2 percent in 2011. It went down to 17.9 percent in 2012. The fishery sector also experienced a decline from 3.9 percent in 2010 to 3.3 percent in 2011. It further went down to 2.9 percent in 2012. (MindaNews)

Allots... from page 2

2013 and he proposed a budget of P900 million for 2014,” she said. Yorobe said that for the Zamboanga Peninsula alone, the DOST has allocated P35 million for SETUP. D O S T- 9 A s s i s t a n t Regional Director M a h mu d L . K i n g k i n g said anybody in business or still contemplating a business can go to DOST for assistance, saying that DOST thinks beyond SMEs by also helping those on the poverty threshold. “DOST provides technology needs assessment. If you don’t need technology, we will refer you to other government agencies such as the Department of Trade and Industry (DTI), Land Bank of t he Philippines

(LBP) and other agencies that will assist you with financing,” he said. Among the DOST-SETUP beneficiaries in Zamboanga Pe n i n s u l a r e g i o n a r e : Woodtech Builders (Kiln Dryer Facility) in Pagadian Cit y; Deli Food Line in Molave, Zamboanga del Sur; IRA Agriculture Products of Sindangan, Zamboanga del Norte; ADS Bamboo Craft - Dipolog City; Bongbong Mechanical Shop, Imelda, Zamboanga Sibugay; and Montano Food Corporation in Dipolog City. DOST-SETUP continues to ex tend a ssist a nce to SMEs through technology innovat ions, t ra ining, preparing project proposals and t he like, look ing at the best possible way of i mprov i ng t he l ive s of Fi l ipi no ent repreneu rs , enabling them to reach gross sales twice as their cost of input which signifies positive standing in the market and good demand by prospective clients. (PIA)


from page 2 exa mples of how t he island-region can leverage a g r ic u lt u re i nto a g ro industrial opportunities. He sa id t ropic a l f r u it s like coconut, mangosteen, ba na na, pineapple, a nd papaya are global favourites. Data gathered by the Department of Trade and Industry (DTI) showed that the Philippines ranked third among the biggest coconutproducing countries, next to Indonesia and India. Eight of the top 10 producing coconuts in the country are in Mindanao. Meanwhile, the country was rated first in global share production of copra while coco coir and coco peat are considered traditional export staples. “Today, beyond traditional coconut exports, value-added products such as desiccated coconut, virgin coconut oil, and now coconut water have started to show significant year-on-year growth. Indeed, coconut has re-emerged as the tree of life,” he said. Ha r pi ng f u r t her on the enormous potential of coconut, the trade official said the coconut derivatives have now become soughtafter ingredients even in high-end cosmetics while the coconut milk and water have been gaining popularity as a healthy beverage in the world market. Apa r t f rom coconut, Manalo said, carrageenan is also another investment

opportunity that can be considered especially that it is farmable in the islandregion. In 2011, the country was the world’s top carrageenan producer in terms of production capacity, at 36, 630 metric tons per annum accounting for 40.7 percent of total world production capacity. “We are the world’s largest exporter of carrageenan, a US $5 bi l l i o n g l o b a l market, and as demand for food, organic as well as processed, increases, we are identifying this is a definite for investment opportunity,” he said. Manalo said the list for agro-industrial opportunities is long, thus, more are still i n s tore for M i nd a nao apart from coconut and carrageenan. “Last month (May), our Trade Office in Germany, through our Commercial Attaché, participated in the international Private Label Ma nu facturing Association’s Conference in Amsterdam. Coming out of the conference, we are excited at the great potential for developing this sector as product differentiator for Philippine exporters,” he said. Manalo said the conference on Private Label Manufacturing opens doors for huge market potentials i n Ch i na , t he US , a nd Fra nce. T hese cont rac t manufacturing prospects are vast for tuna, salmon, and processed fruits and vegetables. (PIA)


from page 2 this government is now giving Mindanao ‘no longer’ a third class treatment but a special one,” Gaisano added. Finance Secretary Cesar Purisima will discuss “Reforms in the Financial Sector: Prov iding SMEs More Access to Financing,” organizers said. The MinBizCon is slated on August 8 to 10 at the SMX Convention Center with the theme “Moving Towards ASEAN Business Integration.” P u r isi ma w i l l spe a k a f ternoon of Aug ust 8. Agricu lture Secretar y Proceso Alcala will follow him with the topic “Financing the Agricultural Sector.” This year’s MinBizCon, w h i c h pr om i s e s t o b e a “problem-solv ing” conference, is brea k ing traditions, according to the updated program released by organizers on Tuesday.

For one, President Benigno Simeon Aquino III is slated to appear on the opening day. In the past MinbizCons, the president would usually grace the event at the last day of the conference to accept the submission of resolutions. President Aquino was originally set to speak on August 10. Also, the United States Agency for International Development, through its Grow t h w it h Equ it y in Mindanao (GEM) program, is no longer part of the event. The GEM program ended several months ago. Since the MinBizCon started in 1992, GEM has been backing every annual event until last year in partnership with the Philippine Chamber of Commerce and Industry. This year’s MinBizCon is hosted by the Davao City Chamber of Commerce and Industry, Inc. (MindaNews)

RFM... from page 3

packaged fruits with Dole Philippines, the company recently signed a distribution agreement with condiments brand Marca Piña whose flagship product is soy sauce.

Damaged... from page 4

The local government had relocated 12 families in Barangay Namnama and six in Concepcion due to swelling of the river’s waters and the collapse of portions of its banks. For the damaged infrastructure, Urbano said the local government will need P6 million to P7 million for the repair and rehabilitation works. He said these will cover the repair of f looded and landslide-hit roads, river banks and bridge approaches. “Our immediate focus is to make the affected roads passable again and prop up the river banks to protect nearby communities,” he said in a radio interview. As to the agricultural crops, among the areas that suffered significant damages were palay farmlands in Barangays Namnama and Carpenter Hill. The barangay council of Namnama reported that around 17 hectares of standing palay crops were severely affected by last week’s floods. The National Irrigation Administration said around 75 hectares of palay farmlands were also affected by the overf lowing of irrigation canals in areas traversed by the Magsaysay River. (MindaNews)

Export... from page 4

Singapore on July 22 at the Manila North Harbor. Alcala he is pleased with the department’s partnership with farmer groups and the private sector which has aided the agency in surpassing its self-imposed target of 100 MT of rice exports this year. The shipment, which was processed by Vegetable Importers Exporters Veget able s A s sociat ion (V IEVA), were sourced f rom t wo cooperat ives: Magtutumana ng Sta. Rosa Multi-Purpose Cooperative (MSR-MPC) in Nueva Ecija and Firmus Farm Services P rov id e r s C o op e r at i ve (FFSPSC) w it h base i n Koronadal City. FFSPC Chairman Jaime Junsay confirmed that for the July 22 shipment they have sent 31 MT tons of premium rice, comprised of 14 MT of longgrain rice produced by their group in the Upper Valley area of South Cotabato and 17 MT of Dinorado (aromatic) rice from farmers’ cooperative in Banisilan in North Cotabato. Before t h is, 15 tons of organically produced black rice produced by the Don Bosco Multi-purpose Cooperative based in M’lang, North Cotabato were shipped to Duba i, United A rab Emirates on May 6. The shipment was followed by a delivery by Don Bosco MPC of a total of 5.8 MT tons of black, brown, and red rice to Hong Kong on May 15 and June 16. So far, according to records from DA, Region 12 has contributed 51.8 MT tons of premium rice to the country’s rice exportation. “With this shipment, and at the rate we are going, it is not far-fetched for our exports of premium and organic, colored Philippine rice will breach the 200-MT mark by the end of the year,” Delima said. Delima said that DA is looking forward to exporting another batch of 97 MT until year-end to Russia, Italy, the Middle East, and the United States. DA-12 Regional Executive Director A ma lia JayagDatukan a lso expressed gratitude to Soccsksargen farmers’ groups, particularly Don Bosco MPC and FFSPSC for closely working with the agency’s rice export program. She also said that she is happy that Region 12 is part of the success of the country in rice exportation and hopes that more rice exports will come from the region. (PIA)

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friday - august 2, 2013

Cast... from page 1

Secretary Carlos Jericho Petilla, Transportation and Communications Secretary Joseph Emilio Abaya and Public Works and Highways Secretary Rogelio Singson. President ia l Adv iser o n t h e Pe a c e P r o c e s s Secretary Teresita Deles, Climate Change Commission Secretary Lucille Sering, Secretary Luwalhati A nton i no, cha i r of t he Mindanao Development A u t h o r i t y, S e c r e t a r y Emmanuel Joel Villanueva of the Technical Education and Sk ills Development Authority, and Customs Commissioner Rufino Biazon will also serve as resource speakers. Prominent businessmen will also be speaking during the event. They include Lance Gokongwei Jr., JG Summit Hold i ngs I ncor p or ate d president and chief operating officer; Manny V. Pangilinan, Philippine Long Distance Te l e p h o n e C o m p a n y chair; Henr y Sy Jr., SM Investments chief executive officer; Vicente Quimbo, Novellino Wines president; and Manuel Orig, Aboitiz Power Corporation f irst vice president for Mindanao affairs. The event, according to the organizers, is a “platform for fostering competitiveness and accelerating growth in Mindanao”. It would allow the participants to network a nd excha nge idea s on “improving business climate and competitiveness.”

Build... from page 1

At present, Mindanao suffers from a severe power shortage, while the nearby Visayas region is also facing shortages in the immediateterm. “As dema nd i n bot h regions is expected to grow, SMC Global Power is looking to help close the gap,” Ang said in a statement to the Philippine Stock Exchange (PSE). Once operational, the plant is seen to lower the

cost of electricity due to high efficiency and built-in synergies with other SMC businesses. It will use locallysourced coal from SMCowned mines in Mindanao. T he ne w pl a nt w i l l utilize modern, state-ofthe-art Circulated Fluidized B ed (CFB) combu st ion technology, which will allow it to minimize effects on the environment. Ang added that the power plant will also provide muchneeded jobs in the province. Apart from construction jobs, it will also provide 500 full-time jobs for the plant alone. In just four years, SMC Global Power has become one of the largest independent power generation companies in the countr y, with an installed capacity of 2,545 MW. As of 2012, it had a 17-percent market share of the power supply of the national grid and 23-percent share of the Luzon grid. Over the long term, Ang said the company plans to install a total of 3,000 MW of new capacity, with new power plants that will be based on clean coal technology.(PNA)

Forbes... from page 1

the country’s f lag carrier, Philippine Airlines, and t he f if t h largest lender, Philippine National Bank. On third place with a net worth of $4.6 billion is Andrew Tan, owner of Megaworld Corp, one of the Philippines’ leading property developers, and of Alliance Global Group, a conglomerate that controls the country’s leading liquor firm, Emperador Distillers, as well as the master franchise of McDonald’s. With a net worth of $4.5 billion, Enrique Razon Jr. holds the fourth spot. He owns the country’s leading port operator, International Container Terminal Services Inc, whose operations span across Asia, the US, Middle East and Europe. He also owns Bloomberry Resorts Corp, the first of four state licenseholders to open a casino at

the Philippine Amusement and Gaming Corp’s (Pagcor) Entertainment City. On fifth place is John Gokongwei Jr. with a net worth of $3.4 billion, and whose bu si ne s s empi re includes the country’s leading budget airline, Cebu Pacific, and one of the leading foodand-beverage manufacters, Universal Robina Corp. The Zobel de Ayala family has landed on the sixth spot with a net worth of $3.1 billion. The family owns the country’s leading property developer, Ayala Land, and the third biggest lender, Bank of the Philippine Islands. Wit h a net wor t h of $3 bi l l ion, t he Aboit i z family is sevent h place. The family owns one of the country’s biggest power plant operators, Aboitiz Power, and has interests in banking, manufacturing and property. David Consunji is ranked eight with a net worth of $2.7 billion. His family owns one of the Philippines’ biggest construction f irms, DM Consunji, and the largest coal miner, Semirara. George Ty and family is listed ninth with a combined net worth of $2.6 billion. T he fa m i ly gem is t he country’s second-biggest lender, Metrobank, but other businesses include power, property and the Philippines’ largest car manufacturer, Toyota Motors, a partnership with the Japanese auto giant. On the 10th spot is the Co couple of Lucio and Susan, who own the Puregold chain of supermarkets. They have a combined net worth of $1.9 billion.

Targets... from page 4

and capable of providing su s t a i nable b enef it s to farmers, processors, traders and exporters. The road map highlighted t he d i f ference bet ween typical and modern coffee growing, gaps in the value c h a i n t h at ne e d t o b e addressed, good farming and management practices, and suppor t ser v ices which include financing, logistics, and research and

development. “The road map which sets as our country’s standard w i l l reverse t he current status of t he Phi lippine c o f f e e e x p o r t s ,” s a i d Remoquillo. Agriculture Secretary Proceso J. Alcala said the crafting of the road map is in keeping with the marching order of President Aquino to promote the coffee industry in the country. In his recent State of the Nation Address, Mr. Aquino noted the potential of coffee as an intercrop for coconut farmers. Alcala said the DA is seek ing ways on how to s u s t a i n t he i nc re a s i n g demand for coffee in the country and urged everyone to firm up collective actions. “We have the capability to pro duc e ye t we a re impor ting a lot. Impor t substitution and exportation is the way to go,” he said. G over n ment f ig u re s show that the estimated a n nua l consu mpt ion of coffee in the Philippines is at 70,000 metric tons (MT) green bean equivalent (GBE). The country’s average produc t ion of cof fee is pegged at 50,000 MT. T h e DA n o t e d t h a t Ph i l ip pi n e s r e m a i n s a ne t i mp or ter of c of fe e as decl i ni ng y ields a nd conversion of plantation to other commercial crops resulted to decreased area planted. (BM)


from page 4

said Dr. Eufemio Rasco Jr., PhilRice executive director. “The Philippines has a rou nd 30 0,0 0 0 squ a re kilometers, of which around 43,000 square kilometers of harvested area are used for rice product ion. As most of the country is very mountainous and consists of many small islands, suitable land is limited to expand rice production into without affecting wetlands, forests, or areas producing other crops. Urban areas also continue to expand rapidly,” said the IRRI. (MST)

Bees... from page 4

“Bees are also considered as bio-indicators. They can detect pollution both in the performance of their population build-up and also by the quality of their products,” the group said. It said the majority of managed or domesticated honeybees ca me f rom urban areas from hobbyists/ enthusiasts, semicommercial, as well as from the backyard beekeepers nationwide. (BM)

Create... from page 5

by financial institutions and other lending conduits to small farmers engaged in rice and/or food production projects. To date, 118 rural banks have participated in the program, or 21 percent of the entire membership of the Rural Bankers Association of the Philippines (RBAP). RBAP and the AGFP are also currently forming a Guarantee Partner Support Prog ra m t hat w i l l help members of RBAP in creating affordable agri-loan products for small farmers and fisher folk. In addition, through the Microenterprise Access to Banking Services program, rural banks have disbursed more than P41 billion to micro-entrepreneurs through the years. Microfinance has proven to be an effective poverty alleviation tool as it made beneficiaries engaged with their enterprises, and also


resulted in employment in these enterprises. So, instead of just helping create future employees, the rural banking sector can help create future employers. As an old Chinese proverb says, “give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.” (MT)

Lending... from page 5

c u r rent st rong pace of liquidity growth, they remain confident that the inflation environment will continue to be benign and manageable. “( T h e) e c o n o m y ’s absorptive capacity appears to be improving even as domest ic dema nd has continued to expand,” he said. The statement added that credit dynamics are “well-positioned” to provide f ina ncing for economic growth. Te t a n g c o s a i d t h e central bank is prepared to implement measures to make sure liquidity conditions continue to support price stability which is “conducive to sustainable economic growth.” (MB)

BDO... from page 5

middle-market businesses to complement its strength i n cor porate ba n k i ng ,” FinanceAsia added. Aside from winning the most coveted award, BDO’s wholly-owned subsidiary, BDO Capital and Investment Corp., was also recognized by FinanceAsia as the country’s Best Investment Bank and Best Equity House. (MST)






friday - august 2, 2013

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