BusinessDaily (August 5, 2013)

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Volume III, No. 270

Market Indicators

As of 5:57 pm AUG. 3, 2013 (Saturday)

FOREX

PHISIX

US$1 = P43.60

6,533.95 points

4 cents

X

127.49 points

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Briefly Minbizcon DAVAO Cit y - - President Benigno Aquino III is slated to attend the 22nd Mindanao Business Conference which will be held in Davao City this August 8-10.

The President’s confirmation was relayed by John Gaisano conference director of the event during his guesting at the Club 888 Media Forum held yesterday (July 31) at the Marco Polo Davao.

Gaisano said they are hoping that the President attend the first day of the event on August 8. In an earlier schedule the President was set to deliver the message on the last day of the conference. The Presidential party will also be composed of cabinet secretaries.

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Cagayan de Oro City

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Monday

Exporters confident PHL export to rebound in Q4 D

By Philippine News Agency

AVAO City -- The export sector is confident a rebound in the Philippine export is due to happen within the remaining months of the year after its performance slid by 8 percent from US$ 4.93 billion in May last year to US$ 4.89 billion of the same month this year.

A cargo vessel ships Mindanao products from a port in Davao City.

This was revealed by Philippine Exporters Confederation (PhilExport) national president

Sergio R. Ortiz-Luis, Jr. in his speech Thursday at the opening of the 1st rebound/PAGE 11

Mining firms 840 foreign shipments for 2013

By ROEL CATOTO, MindaNews

Money supply DOMESTIC liquidity (M3) grew by 20.3 percent year-on-year (y-o-y) in June to reach P5.7 trillion. The increase was faster than the 16.4 percent (revised) expansion recorded in May. On a month-on-month (m-o-m) basis, seasonally-adjusted M3 also expanded at a faster pace of 4.1 percent compared to the 2.9 percent (revised) m-o-m growth in May. Money supply growth was driven largely by the sustained expansion in net domestic assets (NDA). NDA increased by 30.5 percent y-o-y in June from 28.7 percent (revised) in May due to the continued increase in credits to the private sector (by 14.4 percent).

This, in turn, reflected t h e s u s t a i n e d g r ow t h i n bank lending to help finance economic activity. Similarly, credits to the public sector grew by 3.8 percent in June, largely as a result of the increase in investments in National Government securities.

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RELYING ON SPILLAGE. A woman picks up corn kernels spilled from a delivery truck on a roadside in Cagayan de Oro City. A United Nation report showed that poverty remains the main problem in Mindanao caused by conflicts and the lack of needed infrastructures. photo by rolando sudaria

SURIGAO City -- Mining firms are targeting to export 840 shipments of nickel ore and gold deposits from the Caraga region this year, an industry official said.

Dulmar Raagas, president of the Chamber of Mines in Caraga, said that 28 largescale mining companies in the region are maximizing their production to extract nickel ore and gold deposits in the area.

For the first half of 2013, the Mines and Geosciences Bureau (MGB) in Caraga reported that mining firms were able to bring out of the

country 470 shipments of mineral resources from the region.

The MGB report, however, did not disclose the total volume that was sent to other countries.

But Raagas said that “one shipment alone for nickel ore would weigh at least 50,000 metric tons.”

Last year, mining firms were able to export at least 608 shipments of nickel ore to China, Japan, Australia, Canada and Korea.

Gold bullions were also sent to Switzerland, produced mining/PAGE 11

PHL gets rating upgrade anew DOE proposes hike in J A PA N ’ S R a t i n g & Investment Information Inc (R&I) today raised its outlook on the Philippines to positive, saying an upgrade is possible if the country sustains economic growth and raises Filipinos’ incomes.

In a repor t issued on Friday, R&I rev ised

its out look f rom stable to p osit ive , c it i ng t he Philippines’ robust economic growth, its dollar surplus and the government’s improving f inances. R&I rates t he country as investment grade with a score of “BBB-”.

In revising its outlook, R&I cited the Philippines’ “strong

growth thanks to continued robust consumption driven by remittances from (OFWs), coupled with expansions in public investment and exports.”

The Japa nese debt watcher also cited stable inf lation, rising foreign rating/PAGE 11

Bio-diesel fuel blend DAVAO CITY, Aug 3 (PIA) -- The Department of Energy conducted its first leg of consultations on National Biodiesel program, proposing to increase the blend of Biodiesel from two percent to five percent consumption.

Zenaida Monzada,

officer-in-charge of the Oil Industry Management Board of the DOE said their agency wants to gather reasonable basis on the way to push the Bio-fuels Law, particularly on the use of Bio-diesel.

She said that the Blend DOE/PAGE 11

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CDO: PHL’s most competitive city CAGAYAN de Oro City, home to the famous “Oro Ham” and known as the “City of Golden Friendship” but was recently rocked by a deadly bomb that killed eight people and wounded others, bested all other cities in the country as the most competitive city while the lowly municipality of San Francisco of Agusan del Sur ranked as the most competitive municipality in the 1st Cities and Municipalities Competitiveness Index conducted by the National Competitiveness Council (NCC).

The 1st Cities and Municipalities Compet it iveness Index, which covered the entire year of 2012, showed Cagayan de Oro City and San Francisco municipality making good in all three competitiveness i nd ic ator s – e c onom ic dynamism, infrastructure and government efficiency.

Notably, the major cities in t he Nationa l Capita l Region, Cebu and Davao did not make it to the list of 122 cities and 163 first class municipalities that were included in the report.

NCC co-chair Guillermo Luz explained that some

major cities failed to submit complete data while Makati City, the country’s premier financial district, did not submit at all.

“We cannot rank them because they did not submit data or if t heir data is incomplete that would put them at a disadvantage when the overall data is computed,” Luz explained.

Rounding out the top five cities were Iloilo City of Iloilo; San Fernando, Pampanga; Butuan City, Agusan del Norte; and Bacolod City, Negros Oriental. The most competitive municipality competitive/PAGE 11

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Japan’s rating firm gives PHL positive outlook A JAPANESE credit rating agency has upgraded the rating outlook of the Philippines from stable to positive, citing the strong growth of the economy and manageable inf lation rate.

“The economy of the Philippines has started to show strong growth, thanks to continued robust consumption driven by remittances from overseas Filipino workers, coupled with expansions in public investment and exports. At the same time, the inf lation rate has been stable,” Rating and Investment Information Inc. said Friday.

R&I affirmed the country’s debt score of “BBB-,” which is already an investment-grade rating and said this could be further raised if improvements in the economy were sustained.

It said if fundamentals for economic growth “are solidified and steady increases in per-capita income become more promising, R&I will consider a rating upgrade.”

The Japanese agency said as a result of the sustained current account surplus, the level of foreign reserves in the Philippines was rising, reducing concern about external liquidity.

It said with the steady progress of fiscal consolidation, the government could allocate a higher budget for infrastructure and education. (MST)

PHL may grow faster than China — Standard Chartered THE Philippines can grow faster than China in the coming years, a top official of British bank Standard Chartered said.

Standard Chartered global macro research head Marios Maratheftis said the economy might expand 8 percent or faster annually beyond 2015, if current policies of the present ad ministration, healthy fundamentals and

strong business confidence were sustained.

“There is no reason for the Philippines not to grow faster than China,” Maratheftis said. “Policy, fundamentals and confidence would be the three key drivers of growth.

Policies are moving in the right direction, especially on public-private partnership projec t s , f u nd a ment a ls are also very healthy and

confidence is high. These three are well aligned for the Philippines.”

A Standard Chartered’s recent business confidence survey showed the Philippines obtained the highest score in 2013, with the United Arab Emirates getting the second highest result.

“G ener a l ly, t here i s more confidence from the corporate sector. If this

level of confidence can be translated into actions, the Philippines can attract more foreign direct investments,” Maratheftis said.

Maratheftis said within the ASEAN region, their top picks were the Philippines and Indonesia. He said the Philippines was a positive story, which was just starting and had a very long way to faster/PAGE 11

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AS charges agreement okayed between NGCP, 3 Aboitiz firms THE National Grid Corporation of the Philippines (NGCP) is looking at ancillary services (AS) charges that may be 30 percent to 40 percent less than the current structure for the same amount of reserves.

San Ignacio Fundacion de Salud, Inc. celebrates its anniversary July 31 with the ribbon cutting for its new pharmacy at the corner of Don A. Velez and M.H. del Pilar Streets by its patients, Mike Banos, freelance journalist and writer and Ceres Fe Lim Evora. Looking on is San Ignacio President Dr. Leo Navarro and staff. contributed photo

Drop in SM share price pulls PSEi below 6,600-mark PHILIPPINE share prices on Fr iday missed t he rally across Asia, as SM Investments Corp dragged the benchmark index below the 6,600 level.

At the Philippine Stock Exchange, the benchmark index shed 127.49 points or 1.91 percent to close at 6,533.95. All counters finished in the red with the holding firms counter leading the decline with a loss of 3.39 percent.

Decliners outnumbered

advancers, 119 to 32, while 40 issues were unchanged.

A tot a l of 2 .15 bi l l ion s t o c k s w o r t h P 14 . 9 9 billion changed hands. Top gainers were Mi l lenium Global, Greenergy and IP E-Games, while Transpacific Broadband joined Henry Sy-led firms SM and SMDC as the biggest losers.

SM dropped the most, shedding 8.58 percent to P879 apiece from P961.50 previously. drop/PAGE 10

This is after the Energy Regulator y Commission (ERC) recent ly g ra nted prov isiona l aut horit y to NGCP to implement its Anci l lar y Ser v ice Procurement Agreement (ASPA) with three Aboitizowned power firms – SN Aboitiz Power-Magat, Inc., SN Aboitiz Power – Benguet, Inc. and Therma Luzon, Inc. NGCP President Henry Sy, Jr. has long been pushing to lower AS rates for NGCP grid customers. “We are constantly looking for ways to lessen AS cost by engaging power generators who are technica lly capable and willing to provide AS at a rate acceptable to grid-users,” Mr. Sy said.

The Commission issued the order in response to the petition of NGCP to procure Ancillary Service (AS) from the three power plants to augment the existing reserves for the Luzon Grid wherein the demand is increasing.

According to NGCP, the available reserves are not sufficient to comply with the

required levels of contingency and dispatchable reserves prescribed in the Philippine Grid Code (PGC).

The agreement will also address the possible AS supply deficiency during the dry season when Kalayaan Hydroelectric Plant has low water reserve.

NGCP Spokesperson Att y. Cynthia D. PerezAlabanza explained, “By entering into an agreement with the AS suppliers, NGCP is ensured of the reliability of the supply of reserves necessary to maintain the quality and frequency of electricity transmitted to distribution utilities and other grid-users.”

The ASPA, which will be effective for a period three years, is a result of negotiations between NGCP and the three power firms to arrive at an AS rate that is beneficial for both the generators as supplier and NGCP’s power customers as consumer. In turn, the ERCapproved AS rate indicates that AS charges may be

30% to 40% less than the current structure for the same amount of reserves.

M r. Sy a d d e d , “ We continue to push for less expensive ancillary services to make sure that we only get the more efficient and affordable ancillary services providers. We want to serve our grid customers better.

We will secure the reliability and stability of the grid, but we will not burden the endconsumers.”

The Commission also granted NGCP the authority to schedule the contracted AS capacities with the reminder that the system operator shall “optimize the economic and technical dispatch of the said resources”. ERC a l s o reiter ate d t hat i n schedu l i ng , t he system operator shall consider the

“AS provider with the least cost for the reserve needed to maintain the quality, security, reliability, and integrity of the grid”. Further, NGCP is directed by the Commission to submit a monthly computation of AS rates for monitoring purposes.

Ancillary Services, as defined in Section 4 (b) of the EPIRA, are “those services that are necessary to support the transmission of capacity and energy from resources to loads while maintaining reliable operation of the t ra nsmission system i n accordance with good utility practice and the Grid Code”.

AS are needed to regulate the frequency of transmitted electricity to avoid f luctuations and to ngcp/PAGE 10

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AgriBusiness

Farmers urge deeper probe into P89.2-million projects

By Jonathan L. Mayuga

MILITANT groups have urged Agriculture Secretary Proceso J. Alcala to step down and submit himself to an investigation in connection with the disbursement of P89.2million government fund that supposedly went to a bogus agency allegedly owned by businesswoman Janet Lim-Napoles.

“S ecret a r y A lc a la is accused of coddling a nongovernmental organization [NGO] used by corrupt politicians in the Aquino government to steal hardearned taxpayers’ money.

If that is the case, then he has to face his accuser in court,” said Salvador Fr a nc e , v ic e cha i r ma n of Pambansang Lakas ng

Kilusang Mamamalakaya ng Pilipinas (Pamalakaya).

Pa ma la k aya issued the statement after Levito Baligod, counsel of the P 10-billion pork-barrel scam whistle blower Benhur Luy, said Alcala’s office allegedly endorsed the release of funds to Napoles’ agency despite t ig htened accred itat ion employed by the Department

of Ag r icu lt u re (DA) to NGOs requesting funds for development projects.

Ba ligod conf irmed t he wh ist le-blower had documents, including special allotment release orders, showing that 11 “pet” projects of eight representat ives i n t h e 15 t h C o n g r e s s used Kaupdanan para sa Mangunguma Foundation Inc., which was allegedly set up by Napoles.

Alcala is known to be a close ally of President Aquino and a stalwart in the Liberal Party (LP).

France lamented that despite t he pork-ba r rel scandal hounding the DA, the Aquino administration is

keeping Alcala as a member of its Cabinet.

“It seems to us Secretary Alcala is an untouchable pol it ica l a ni ma l i n t he Aquino administration,” he said.

At least eight congressmen, including allies of President Aquino in t he LP were implicated in the alleged P89.2-million pork-barrel fund released to fake NGOs identified with the group of Napoles.

This is on top of the P 10-billion pork-barrel scam earlier exposed by t he whist le-blower t hat implicated six senators and 28 congressmen. probe/PAGE 10

Farmers benefit from PAMANA FMR projects PROSPERIDAD, Agusan del Su r—T hou s a nd s of farmers especially those in agricultural producing areas are already benefited of the government’s farm-to-market roads (FMR’s) in the different parts of Caraga region.

Some of these multimillion worth of FMR’s have already been completed while other projects are also ongoing.

Not a bl y t he s e F M R projects under the government’s Payapa at Masaganang Pamayanan or PAMANA program are already seen in the rice producing prov inces of Agusan del Sur and Surigao del Sur. In Agusan del Sur alone, President Benigo S. Aquino l l l ’s PA M ANA progra m already poured in more than Php 56 million worth of FMR’s in the province.

These completed and ongoing FMR’s are implemented in the municipa lities of Veruela, Sta. Josefa, Sibagat and Prosperidad.

“The FMR’s program of President Aquino in our province is really a big boost to our food security program while assisting farmers to bring their farm produce benefit/PAGE 10

CMU bags top spots in ‘13 agriculturist board exam

By Walter I. Balane

MALAYBALAY CITY—A graduate of the Central Mindanao University (CMU) topped the 2013 agriculturist licensure examination last month while two others from the same school also landed in the top 10 spot.

Raul Margate, a faculty member of the CMU College of Agriculture – Horticulture, got the highest rating of 90.17 percent.

CMU also landed in the top 10 spot with Eddiemar Lagua (86 percent) and Jerilyn Peligro Gabato (85.17 percent) placing in the fifth and ninth spots, respectively.

Two other top achievers are also from Mindanao, Douglas Doloriel of Xavier University and Melani Provido of Ateneo de Davao University, both with 85 percent rating and ranked 10th.

The Professional Regulation Commission (PRC) announced that 1,712 out of 4,861 passed the Agriculturist Licensure Examination given by the Board of Agriculture in the cities

of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legazpi, Lucena, Tacloban, Tuguegarao and Zamboanga last July.

Of the 342 CMU graduates who took the board examination, 181 passed, giving CMU/PAGE 10

Clay effective against red tides

By Melpha Abello

IT takes a ball clay technology to lessen the effects of the catastrophic phenomenon called harmful algal blooms (HAB), popularly known as “red tides”.

A study conducted by experts from the Marine Science Institute of the University of the Philippines Diliman (UP-MSI) showed that clay particles can effectively remove harmful algae cells from the affected areas of water.

The study was part of the program “Detection and Mitigation Technology and Early Warning System for Philippine Harmful Algal Blooms (HABTech)” supported by the Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD).

The technology, which will be available soon, involves the application of clay formed into balls through a clay dispersing machine. The machine mixes ball clay particles with seawater drawn from the bloom area to form a slurry which is then applied to the algal bloom.

Project leader Dr. Rhodora V. Azanza explained that mixing clay with seawater improves the efficiency of the clay to collide and eventually aggregate with the algal cells.

Within 2 to 3 hours of application, the clay particles settle, bringing along with them the algal cells to the bottom of the sea where they eventually die due to inhibited movement and light deprivation.

Azanza said that ball clay has high removal efficiency against 3 of 6 HAB species tested. In 2011, Azanza’s team tested the technology during a bloom of Pyrodinium, a type of toxic algal bloom and the main causal organism of paralytic shellfish poisoning in Southeast Asia, including the Philippines. The results showed that no cells of Pyrodinium were found at the surface and bottom of the sea after application.

The technology was also tested and found successful in HAB affected areas, particularly in Manila Bay, Sorsogon Bay, Bolinao and Anda in Pangasinan, Matarinao Bay in Eastern Samar, and Murcielagos Bay in Misamis Occidental and Zamboanga del Norte.

Azanza added that unlike the clay technology being used in other countries, the ball clay technology developed by UP-MSI has a controlled-release mechanism and has no harmful effects on non-target organisms clay/PAGE 10

Coco leaf beetles continue to attack farms KIDAPAWAN CITY—Brontispa longissima or coconut leaf beetles, considered one of the most damaging pests of coconut and other palms, continue to attack wide hectares of coconut farms here, reports from the City Agriculture Office said.

Of the more than 100 hectares of coco farms infested by Brontispa, at least five percent could not be recovered, data showed. The worst hit were the barangays of Gayola, San Roque, and Balabag.

As of July, Brontispa damaged at least 25 percent of the total lands planted to coconut in Barangay Gayola; 17 percent in Barangay San Roque; and 15

percent in Balabag.

City DA officials said that prolonged attacks on young coconut leaves can lead to their death.

In May last year, the DA in Central Mindanao reported that Brontispa had already infested at least 2.71 percent of the total coconut trees in North Cotabato.

Other than Brontispa, the so-called Asiatic palm weevil had also infested their crops.

Weevil is a newly-discovered coconut pest that damages the stems of plants. Continued attacks of beetles/PAGE 10

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BANK of the Philippine Islands (BPI) registered a 27 percent hike in net income to P12.0 billion in the first half of 2013 from the P9.4 billion made during the same period last year.

In a disclosure to the Philippine Stock Exchange, the bank said the increase in earnings was a result of a 14 percent increase in total revenues coupled with a relatively modest 6 percent increase in operating expenses.

“BPI’s financial results for the first half of the year are strong. The growth in our loan book is well balanced and funded by a deposit base that is low cost and growing,” said BPI president Cezar Consing.

He added that “we shortened the duration of our securities portfolio to reflect the changing market conditions, and our overall business is well poised to take advantage of a rising interest rate environment.”

The increase in BPI’s total revenues was accounted for by a 6 percent increase in net interest income and a 23 percent increase in non-interest income.

Gains were recorded in all major types of non-interest income, with fees and commissions, foreign exchange, securities trading, insurance income and other operating income growing by 17 percent, 24 percent, 14 percent, 70 percent, and 34 percent, respectively, over the same period a year ago.

Ref lective of the robust expansion of the Philippine economy, the bank ’s total assets reached P1.02 trillion at the end of the first half of 2013, a 13 percent increase year-on-year.

The bank’s loan portfolio grew by 17 percent year-on-year, well balanced between an 18 percent growth in corporate loans and a 15 percent growth in consumer loans.

Asset quality remains strong, with a gross 30-day non-performing loan ratio of 2.2 percent.

Loan loss reserves covered 117 percent of the gross amount of 30-day non-performing loans.

The bank’s growth in assets was supported by a 12% increase in deposits, which at the end of the first half of 2013 amounted to P823 billion.

Current account and savings account deposits (CASA) grew by an impressive 25% year-on-year, resulting in a CASA to time deposit ratio of 2:1, unprecedented for the bank. (MB)

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By Ricardo D. Cruz

THE country’s four leading investment-promotion agencies (IPAs) registered a 39-percent increase in approved investments in the first quarter of 2013 to P300.91 billion.

The Board of Investments (BOI) and Philippine Economic Zone Authority (PEZA), both attached agencies of the Department of Trade and Industry (DTI), registered the highest approved investment commitments.

Investments committed by local investors totaled P193.68 billion, 14 percent higher from P170.63 billion last year.

Foreign investors, on the other hand, committed P91.91 billion, up by 139 percent from P38.49 billion last year.

“The increase in investment commitments is attributed to the government’s effort to address issues that affect the business sector, such as corruption, infrastructure and the business

environment leading to improved investor confidence in the country,” the DTI said.

The BOI registered the highest investment commitments among the four agencies with an increase of 22 percent from last year amounting to P201.9 billion.

PEZA followed, registering a 92-percent growth to 83.69 billion.

The Subic Bay Metropolitan Authority (SBMA) ranked third with P13.95 billion in approved commitments, an increase of 440 percent.

The biggest contribution to the SBMA’s approved investments came from Resom Resorts Philippines Inc., which is building a P21.3-billion resort complex, theme park and golf course. (BM)

MBTC net income up P18.1-B in 1H

Maybank board appoints new PCEO MANILA—The Board of Directors of Malayan Banking Berhad (“Maybank”) named Datuk Abdul Farid bin Alias president and chief executive officer (“PCEO”) of Maybank, effective 2 August 2013.

The PCEO position had been vacant with the departure of Dato’ Sri Abdul Wahid bin Omar, who resigned on 4th June 2013, to join the Malaysian Government as Minister in the Prime Minister’s Department.

Datuk Farid, 45, has been Maybank Deputy President and Head of its Global Banking business since July 2010.

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Investments up by 39% in Q1 to P300 billion net profit rises 27% to P12-B in 1st half

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“I am delighted to announce the appointment of Datuk Abdul Farid bin Alias as Maybank President and Chief Executive Officer,” said Chairman Tan Sri Dato’ Megat Zaharuddin bin Megat Mohd. Nor. “Datuk Farid has extensive knowledge of the banking industry in this region and proven executive experience across a range of businesses.

He will continue to sustain the recent momentum of the Maybank Group in its aspirations to be a leader in the financial services sector in our area of focus, the ASEAN region, enhancing further maybank/PAGE 10

METROPOLITAN Bank & Trust Co. (Metrobank) posted P18.1- billion net income in the first half, more than double the P7.4 billion earned in the same period last year, and exceeding its 2012 net income of P15.4 billion.

Metrobank attributed its strong performance to the steady growth in core revenues, robust expansion in treasury and investment activities and increase in miscellaneous income.

Operating income grew by P16.6 billion to P45.9 billion on the back of a 13-percent increase in net interest income to P17.3 billion coupled with a P14.7-billion increase in noninterest income to P28.6 billion.

“Met roba n k susta i ned its moment u m with year-on-year loan growth of 16 percent to close the period at P545.8 billion. Credit demand was consistent across all sectors, with the consumer segment leading the growth,” it said. Total deposits reached P876.6 billion, up 32 percent, predominantly from current and savings accounts. Deposits spiked in the second quarter as excess domestic liquidity was placed in the banking system.

Non-interest income on the other hand, was driven by strong earnings from treasury and investment activities of P14.3 billion, the steady increase in service charges, fees and commissions to P4.2 billion, and miscellaneous income of P10.1 billion.

The one-time gain was derived from the sale of non-core assets, which includes the bank ’s remaining 15-percent stake in Toyota Motor Philippines Corp., sold in January 2013 and a 20-percent stake in Global Business Power Corp., which Metrobank subsidiary First Metro Investment Corporation sold in June 2013.

“The transactions were done to strengthen Metrobank ’s capital base in preparation for Basel 3 implementation next year,” it said.

The bank said the increase in operating expenses were mainly due to manpower related costs, in particular the renewal of a threeyear collective-bargaining agreement with unionized employees. The bank also incurred an increase in miscellaneous expenses for taxes related to the sale of noncore assets. (BM)

Purisima dares BIR to hit P2-T collection by ‘16 FINANCE Secretary Cesar Purisima challenged the Bureau of Internal Revenue (BIR) to double its 2012 revenues and hit a P2 trillion collection by 2016.

“We challenge the BIR to double their collection 2012 collection by 2016 to hit the P2-trillion level…This will make Comm. Henares the first BIR Commissioner to hit the P2-trillion mark,” he said in his speech during the BIR’s 109th anniversary program Friday.

Last year, the Internal Revenue agency’s revenues totalled to P1.057 trillion, slightly short of its P1.066 trillion goal.

Amid the shortfall, the agency was able to increase its collection from 2011’s P924.15 billion due to more stringent measures against tax evaders among others.

Rel at ively, BI R Commissioner Kim Henares, during t he sa me event, vowed to double their 2010 collections of P822.62 billion by 2015.

“We target to double our collections by 2015 from the 2010-level,” she said.

In an inter view with reporters, the BIR chief said they are primarily focusing on broadening the tax base of estate tax and those of profe s siona ls a nd sel femployed individuals as well as the cross verification of data on value added tax (VAT) and withholding tax and the suppliers of government.

For one, Henares cited t hat of t he 1.8 mi l l ion registered self-employed and professionals around 400 filed their income tax returns last year.

“So we have to look for those who did not file a return. We have to compare it to the record of PRC (Professional Regulatory Commission (PRC),” she said. purisima/PAGE 10

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How to debate with your mate

T

THINK

hink a minute…A wise marriage counselor asks A Minute every couple wanting to get By Jhan Tiafau Hurst married if they have had a real argument yet.

Often they answer: “Oh, no! We love each other. We never fight!”

This marriage counselor tells every couple to fight first before they get married.

He says that when couples disagree, they must learn to listen and understand each other’s feelings so they can solve their differences and forgive each other each time they disagree.

A very important skill in building a happy marriage and life together is learning how to debate with your mate.

But there are rules you must follow to have a fair, good debate, so you will still be close friends afterwards. First, before you start, both of you should agree to stick only to that issue.

Don’t bring up past problems and hurts.

Second, remember that your goal is not to win the argument, but to understand each other’s feelings.

In other words, TUNE IN. Really listen to what each other is thinking and feeling.

Try to understand how you are causing them to feel hurt or wronged.

Put yourself in their place and see things from their side.

Remember, feelings are not right or wrong, but they are very real to your mate.

So how your wife or husband feels should be important to you.

Third, never argue and talk about personal, private matters in front of other people.

Number four, stop the fight if either of you loses control of your anger or words.

And the final rule on how to debate with your mate is TONE DOWN. This means we must try to stay calm, kind and gentle.

They say that 90% of the tension and anger in families hurst/PAGE 7

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Secret of Forbes’ wealthiest Filipinos

L

IFE’S INSPIRATIONS: “… But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today…” (Deuteronomy 8:18, the Holy Bible).

-ooo SECRET OF FORBES’ WEALTHIEST FILIPINOS: Did you notice the foreign-sounding names of the Filipinos who have been listed in the Forbes’ list of wealthiest around the world? Yes, those who have the fortune of being called not only the Philippines’ wealthiest, but also the world’s richest, are descendants of Filipinos who were once foreigners, or are themselves of foreign descent.

And, no matter how we rue this truth, it is the truth which even the Bible told us will happen, for very specific reasons. In Deuteronomy 28:43-44, the Bible said, quite clearly: “The foreigners who reside among you will rise above you higher and higher, but you will sink lower and lower. They will lend to you, but you will not lend to them.

They will be the head, but you will be the tail.”

If we read Deuteronomy 28:15, we will understand why foreigners have been destined to reign supreme in our own land, economically, politically, and socially. This verse says: “However, if you do not obey the Lord your God and do not carefully follow all his commands and decrees I am giving you today, all these curses will come on you and overtake you…”

-ooo SPIRITUAL DIMENSION OF WEALTH AND RICHES: That being the case, we cannot go around blaming those

T

who have been making it in akampi the Forbes’ list of wealthiest, Mo A ng Batas year in and year out. Clearly,

By Atty. Batas Mauricio they have been specifically favored by God over Filipino natives. Clearly, they have been enjoying the good life, because that is what the Bible has been saying all along.

What then can Filipino natives do to become successful a nd prosperous l i ke t he Filipinos of foreign descent who have a massed g reat wealth in our own country?

The answer is so simple it is a source of wonder that not many natives have been able to do it and thereby become similarly wealthy and rich. What, really, must be done?

Filipino natives must understand that they would have to read the Bible, meditate on it day and night, and obey God’s commands carefully all the time. This is provided for by many verses of the Bible. In Joshua 1:8, we are told that we must not forget to read the Bible everyday, study it day and night, and obey it every second of our lives. The promise is that, if we do all these, then we shall become prosperous and victorious.

-ooo READ AND OBEY THE BIBLE FOR SUCCESS AND PROSPERITY: Deuteronomy 28:1-13 tells us that if only batas/PAGE 7

K

Fostering an ideal banking culture

he local banking community got together in Makati Shangri-La last July 17 to witness the induction of the new board of directors and committee heads of the Bankers Institute of the Philippines (Baiphil).

Founded in 1941 as the National Association of Bank Auditors and Comptrollers, Baiphil has become the education and training arm of the banking sector.

It has promoted excellence and productivity in the industry through capacity building training, research, and information exchange.

In his message, newly inducted Baiphil President Francis M. Puzon unveiled the organization’s thrust of “fostering a culture of good governance and compliance.”

For Puzon, good governance and compliance should no longer be aspirations or targets for its member banks and partners. He said these should come out naturally and should become a way of life for all.

BSP Governor Amando M. Tetangco, Jr., who was guest speaker and inducting officer, wholeheartedly agreed: “What we want to achieve is having that comfort that values, beliefs and practices are fully in place and updated… even when no one is looking,” Tetangco said.

Tetangco emphasized the need to step up protection of the financial consumer – from improved awareness to redress mechanisms.

Given the increasing size of the financial system and the

SPEAKING

complexity of new products, Tetangco also encouraged O ut Baiphil to reach out to more By Ignacio Bunye bank practitioners and to continuously stay in tune with global practices.

“In an industry of over 140,000 officers and staff, we need to find ways to ensure that good governance is not only a nice-to-have training but a must-have perspective among bankers.”Finally, Tetangco lauded Baiphil not just for its efforts in training bankers but also for reaching out to the so-called under-banked and unbanked.

He praised the organization’s efforts during the last four years (under Past Presidents Susan Uranza-Alcala, Emmanuel Barcenas, Agnes Brillantes-Santos, and Salvador Serrano) and now continued by Puzon.

Tetangco noted that Baiphil has been active in the development of a financial system that is inclusive and able to sustain inclusive growth.

Baiphil has been supporting the Bangko Sentral’s bunye/PAGE 7

The bully and the bullied: After effects

T

he bully and the bullied. The victimizer and the victim. Both have psychological problems that need be addressed. It is a social ailment that we cannot just turn a blind eye. This happens in school, and even at work, It can affect the very young and even professionals at that.

When bullying happens in school, parents and guardians at times give excuses to it, saying that it is part of growing up, and a learning experience in order to strengthen one’s character. Really?

Bullying happens when a student or anybody ( even professionals, mind you ), is exposed to a negative action/s, which maybe verbal or physical in nature. A very common practice of bullies is the spreading of rumours , repeatedly or over time, that brings shame or embarrassment to the victim. The bully is usually of greater strength or power and can be a person of authority. I have had the honour and privilege of interviewing teens who were bullied in their younger years in one of my episodes in Dynamic Living the Total You. It kind of tugs at your heart hearing them relate the ordeal. It is already very difficult handling the bully/ies in class or school- but more so, if the one who does the bullying is your very own Professor: who cannot delineate the thin line that separates her vision for excellence and that of bullying.

Studies are a plenty with the mental health problems that may arise from bullying. The bully himself/herself may grow out of it with or without help. At the time of the occasion, he/she is likely to use violence or intimidation in resolving the problems, and are more likely to have a higher probability of going into a violent or aggressive behaviour

HEALTH

later in life. As they grow older , they can manifest other antiI n Focus social behaviours like dropping

By Dr. Mary Jean Loreche out of school, engaging in shoplifting , fighting and use of alcohol and drugs. The victims on the other hand experience extreme loneliness, depression , with feelings of isolation. They suffer from humiliation, insecurity, loss of self esteem. It is a devastating experience too for a parent or guardian to see his/her child , who, once before was full of life and enthusiasm , confidence and love for life, exhibit a lack of interest for excellence , with self- doubts of his/ her capacity even in the performance of a skill that he/ she used to do. And, there may be instances wherein they might even consider suicide. I came across a book “ Thirteen Reasons “ by Jay Asher, a very beautiful story of how the victim of bullying ended her life. There was no beauty in the taking of her own life, but the beauty of the book lies in the simplicity of narrating the events and circumstances where one’s actions and word/s can become part of the entire event that led to its tragic ending. It is a MUST read book as it can be an eye opener to us and make us realize that our actions or words, more so, if we are the authority figures , can impact the lives of the loreche/PAGE 7

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Hurst... from page 6

is caused by the wrong tone of voice.

Many times it’s not what we say, but how we say it.

What we say may be right, but how we say it is wrong.

We need to kindly and gently say how we feel without attacking and hurting each other with our words.

In just one moment, our hurtful words can do years of damage.

So why not ask Jesus Christ to take charge of your heart and marriage?

He will help you start communicating with your mate both honestly and kindly.

Then you will both win each debate, and only become happier, better friends.

Just Think a Minute…

Batas... from page 6

we will listen to God and obey His commands, many blessings shall come upon us: we will be exalted among the nations; all of God’s blessings will come upon us; we will be blessed in the city and blessed in the country; our children will be blessed; our works and other means of livelihood will be blessed.

L et ’s hea r t he ot her blessings from this part of the Bible: “You will be blessed when you come in and blessed when you go out. The Lord will grant that the enemies who rise up against you will

be defeated before you. They will come at you from one direction but flee from you in seven. The Lord will send a blessing on your barns and on everything you put your hand to. The Lord your God will bless you in the land he is giving you.

“The Lord will establish you as his holy people, as he promised you on oath… Then all the peoples on earth will see that you are called by the name of the Lord, and they will fear you. The LORD will grant you abundant prosperity... You will lend to many nations but will borrow from none… The Lord will make you the head, not the tail… you will always be at the top, never at the bottom…” What then are we waiting for? Read and obey the Bible.

-ooo REACTIONS? Please call me at 0917 984 24 68, 0918 574 0193, 0922 833 43 96. Email: batasmauricio@yahoo.com, mmauriciojr111@gmail.com.

Bunye... from page 6

financial education program for parents and teachers in the public schools.

This is a para llel program that complements t he le s s ons on s av i ng , money management and ent repreneu rsh ip bei ng taught in public elementary schools under a joint program of the Bangko Sentral ng Pilipinas and the Department of Education.

Certainly, we can look forward to another fruitful Baiphil year.

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.

Loreche... from page 6

victims, which can last them a lifetime: the significant mental health problems that they eventually end up with into adulthood.

T he negat ive ef fec t s of bully ing may require consu ltat ions a nd even treatment under the care of t he s p e c i a l i s t s , ou r Psychiatrist friends. The parental inf luence surely has a great role in instances where their child may be a victim of bullying. The emot iona l suppor t t hat the parent shows and the unconditional love that is given, may not totally negate the ill effects of the experience but it will somehow restore some degree of security and confidence in the affected child. The presence of friends is like-wise important to the victim’s restoration of self- worth.

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Mindanao Youth conquers Greeneration Summit

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

Solidarity Walk for Peace

by Irene Joy B. Dayo, Correspondent

Student par ticipa nts from different schools over Mindanao have invaded Cagayan de Oro City to attend the Greeneration Summit, a gathering for yout h empowerment on climate change, August 2 at the Capitol University Gym, this city. The summit centers its theme on "Generation towards a Greener Nation."

Lucille L . Sering, Secretary of Climate Change Commission is one of the speakers. She shared ideas and theories on climate change. She also said that Tropical Strom Sendong is one of the disasters caused by climate change.

“We will not allow it to happen again,” she said.

Along with Sering were Greeneration Ambassadors t hat i nclude Ms. A n na Rosario Remulla Oposa, chief merma id a nd cofounder of Save Philippine

Seas Movement.

Anna Oposa discussed on Youth-led Climate Change Initiative. She also tackled on how she began on being an environmentalist and also her experiences on it.

Further, Oposa explained how her title “chief mermaid” became a legit one.

“I invented the Chief Mermaid title for marine conser vation to be hip, young and fun,” she said, stating how she loves the marine environment. Oposa also reported that there are 5 -10 shark attacks a year but 70M-100M sharks are killed every year.

She further encouraged the students to be good “seatizens” because if all will take care of the ocean, it will take care of them back.

She further mentioned that students should learn how to swim since 6,000 Filipino children drown every year

because they do not know how to. Oposa then told the audience not just to discuss but act for the environment.

“Stop global whining. Be the beacon of hope. It's not cool to be negative,” she said, stressing that complaining especially in social media will not do any good.

Along with the chief mermaid, other Greeneration Ambassadors and Mayors Maria Carmela Alvarez of San Vicente of Palawan and Alfredo Matugas Coro II of Del Carmen, Siargao Islands of Surigao del Norte also spoke in the summit. They, on the other hand, discussed on Government’s Initiative and shared their and their municipalities’ experiences as the eco-town framework beneficiaries.

Eco-town Framework is a program of Climate Cha nge Commission in developing municipalities

into climate change-resilient communities.

Further, an eco-town is a planning unit composed of municipalities or a group of municipalities located w it hi n a nd a rou nd t he boundaries of critical key biodiversity areas which are at high risk to the effects of climate change based on the climate scenarios done by t he Phi lippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA).

Present in t he event a re At t y. C a si m i ro B .

Juarez Jr. and Hon. Earl P. Saavedra who talked Higher Educat ion Inst it ut ions’ Good Practices to Address Climate Change and Youths’ Role in Addressing Climate Change, respectively. Mayor Oscar Moreno also graced the event and welcomed t he c it y g ue st s on t he Greeneration Summit.

XU confers honoris causa on Cardinal Tagle

As part of its Ruby Jubilee celebration, Xavier University bestowed an honorary doctorate in the humanities on Manila Archbishop Luis Antonio G Cardinal Tagle in a special academic convocation on Aug 1 at the university’s Immaculate Conception Chapel.

“We are indeed privileged to have you as our honoree for we look up to you as a servant leader,” XU President Fr Roberto Yap SJ said to the Cardinal. “We look up to you as a leader formed the Ateneo Way,” he added.

XU’s theme for its Ruby Jubilee celebration is “Forming Leaders the Ateneo Way.”

The Call to a New Evangelization In his response, Tagle offered three points for reflection based on the Catholic Church’s call to a New Evangelization for the transmission of the faith.

He explained the phrase simply by relating the story of the Samaritan woman who meets Jesus at a well.

First, he said, Jesus is presented in the Gospel as a traveler who experiences weariness, tiredness and thirst. The Samaritan woman is fetching a jar of water from the well when Jesus, tired from the day’s journey, asks her for a drink.

“The New Evangelization is inviting the Church to be a co-traveler to people in their weariness, tiredness and thirst,” Tagle said.

Given that in Jesus’ time Jews did not associate with Samaritans, the Cardinal echoed Pope Francis’ call to “get out of ourselves and go toward the periphery.”

Tagle bid XU to “go to the wells frequented by our people,” just as Jesus reached out to the woman and spoke to her about the life-giving water.

His second point was on the encounter

“The New Evangelization is about the truth of God. People will encounter the truth when the ones who communicate it are also truthful.”

While all of these lessons are not new, the Cardinal shared that going back to Jesus makes the mission ever new.

“Evangelization will not become new in fervor…if the evangelizer is not renewed in the spirit of Jesus,” he said.

Manila Archbishop Luis Antonio G Cardinal Tagle (XU Photo)

between Jesus and the Samaritan woman, which involved a conversation. He said that like Jesus, the Church comes as a beggar, a listener and a giver.

“Everyone can be a giver to the Church,” he said, adding that the New Evangelization calls for the Church to be a listening Church. “ This is a Church that is not embarrassed to admit its confusion… its lack of answers,” Tagle remarked. He asked, “What type of Church are we? Can we receive? Can we listen?”

Lastly, the Cardinal related that the encounter at the well centered on truth, particularly truth about the woman who was living in sin. Tagle said that Jesus conveyed the truth with much compassion and love that the woman experienced enlightenment and a renewed spirit.

“Let us utter with humility and sympathy a word of truth,” Tagle said.

Ignatius, Francis and Pope Francis Cardinal Tagle’s speech was not all serious. It was also peppered with humor. He made audiences laugh when he recalled his casual conversations with Pope Francis. He even joked that the Pope is, indeed, a Jesuit because when he gives a sermon, he always talks about three points.

In his personal encounters with the Pope, Tagle mused, “He leads us back to the Gospel and the call to spiritual indifference.” He called on everyone to pray for the Pope and the Society of Jesus.

“We pray that the sons and daughters of Ignatius, Francis (Xavier) and Pope Francis… learn about the truth of Jesus,” Tagle said.

Responding to the call and challenge of the Cardinal, Fr Yap renewed XU’s commitment as a Jesuit institution.

“We recommit today that XU is and always will be an apostolic instrument of the Church,” he said. “We will always strive to foster the ideals of cura personalis, magis, and finding God in all things."

Furthermore, Yap said that XU will apply the three words that Pope Francis gave the Jesuit community at La Civiltà Cattolica to characterize XU as a Jesuit university. These words are dialogue, discernment and frontier.

Mayor Oscar Moreno and wife Arlene along with former Vice Governor Norris Babiera of Misamis Oriental, CSWD chief Teddy Sabugaa joined the Solidarity Walk for Peace, August 2, in response to the recent bombing at Limketkai Mall, that killed eight innocent lives and injured 47 persons. The activity was initiated by CDO for Peace, a multi-sectoral group composed of business, medical, Church, civil society, the academe and other agencies.

Members of the Philippine Dental Association Cagayan de Oro - Misamis Oriental Chapter also joined the Solidarity Walk for Peace, August 2.

Members of the Cogon Market Stall Awardee Association (COMSAA) also joined the Solidarity Walk for Peace, August 2.

The Xavier University Community cries “justice” for the victims of the recent bombing in Cagayan de Oro City that lead to the death of 8 people and left almost 50 people injured also joined the Solidarity Walk for Peace, August 2.

Photos Courtesy of the Cagayan de Oro City Info Network

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Drop... from page 3

“The market was spooked by t he SM dea l because the shares were sold below market price so there was a n adjust ment. T here was also this issue about potential dilution so there was a selloff,” said Astro del Castillo, managing director at First Grade Finance Inc. This morning, SM announced it raised $150 million from an overnight top-up equity placement.

It sold 7.25 million new common shares at P900 each, a discount of 6.4 percent from Thursday’s closing price of P961.50 apiece.

“The market’s decline can also be attributed to t he onset of t he ‘g host month.’ We have a lot of good news but the market is not reacting,” said Joseph Roxas, president at Eagle Equities Inc. O ver n ig ht , t he Dow Jones industria l average jumped 128.48 points or 0.83 percent to 15,628.02. Asian markets rallied on Friday after a string of positive US economic data and a pledge by central banks to keep loose monetary policy in place.

NGCP... from page 3

help the system adapt to sudden loss of power supply to prevent the occurrence of massive blackouts. AS also provides assistance to back-up generating plants to recover from a shutdown to temporarily augment lack of supply in the system, thereby, normalizing the system during a power loss.

Apart from contracting AS providers, NGCP is also responsible for dispatching t he c apacit y needed to supply the required ancillary services and for developing and proposing wheeling

charges and ancillary service tariffs to the ERC. As grid operator, NGCP is tasked to bill and collect AS charges based on the ERC-approved rates. These charges, however, do not form a part of NGCP’s revenues and are only pass-on charges remitted entirely to t he generation companies from which the AS are sourced.

NGCP is a privatelyowned corporation in charge of operating, maintaining, and developing the country’s power grid. It transmits highvoltage electricity through “power superhighways” that include the interconnected system of transmission lines and towers, substations and related assets. (PNA)

Probe... from page 4

Ba l igod a l leged t hat funds came from the Priority Development Assistance Fu nd of M a s bate Re p.

Scott Davies Lanete,P30 m i l l ion; L a nao del Su r Rep. Mohammed Hussein Pangandaman (P15 million); An Waray Rep. Neil Benedict Montejo (P14.2 million); Davao City Rep. Isidro Ungab (P13 million); Bukidnon Rep. Florencio Flores Jr. (P6 million); Abante Mindanao Rep. Maximo Rodriguez (P5 million); Camarines Sur Rep. Arnulfo Fuentebella (P5 million); and Davao del Norte Rep. Antonio Lagdameo Jr. (P1 million.)

Alcala, for his part, denied his involvement in the matter and said he was unaware of such anomaly. He was quoted in previous reports as saying that “in good faith, [he does] not sign anything that has not passed the scrutiny of [his] staff.”

He also said that his department had stopped cha n nel i ng f u nds f rom lawmakers’ pork barrel since 2011 and that, following a stringent screening process,

there are now only 26 DAaccredited NGOs. The Kilusang Magbubukid ng Pilipinas (KMP) and the claimants’ movement Coco Levy Funds Ibalik sa Amin, however, rejected Alcala’s response to the allegation.

“Instead of submitting h i msel f to t he people’s scrutiny and axe officials i nv o l ve d i n t h e p or kbarrel scandal, Alcala has resorted to a ridiculous alibi in a desperate attempt to exonerate himself,” said Willy Marbella, deputy secretarygeneral of KMP. (BM)

Benefit... from page 4

ea si ly to t he ma rkets,” stressed Agusan del Sur Gov. Adolph Edward G. Plaza.

I nTa g b i n a , S u r i g a o Del Sur, la rge nu mbers of f a r m e r s , e s p e c i a l l y those in far-f lung village communities in Tagbina town, in that province have been observed as benefitting from the completed FMR’s.

The 16-kilometer road stretching along Barangays Po b l a c i on , M a g s ay s ay, Osmeña, and Villaverde will serve a holistic approach in bringing economic relief i n t he a rea wh ich w i l l consequent ly el i m i nate armed conflicts and episodes of insurgency.

The formal turn over and opening of the rehabilitation and repair of these FMR’s for t he mu nicipa lit y of Tagbina was spearheaded by the top regiona l and provincial officials of the Department of Interior and Local Government (DILG13) led by Regional Director Lilibeth A. Famacion.

During the turn over ceremony, jubilant Surigao del Sur Gov. Johnny T. Pimentel also gratefully signify acceptance of the FMR’s project which is aimed at helping farmers in transporting their farm products to t he nearest ma rket s a nd prov id i ng an easy road access to the residents despite being a conflict-affected area. “ This is rea l ly a big help to our farmers and re sident s com i ng f rom f a r-f lu ng c om mu n it ie s when transporting their farm products here and to neighboring areas,” stressed G ov. P i mentel, add i ng “Students can now a lso benefit from these roads going to their respective schools”. (MB)

CMU... from page 4

giving the university a 52.9 percent performance rating, including those who took the exam for the second time.

One hundred fifty-six passed out of a tota l of 286 who took the board examination for the first time, giving the university a 54.55 percent performance rating.

CMU, based in Musuan, Maramag, Bukidnon, prides itself as t he “Center of Excellence in Agriculture Education.”

According to its website,

it started as the Mailag Industria l School (MIS) by virtue of Act 74 of the Phi lippi ne Com mission at Ma i la g , Ma lay ba lay, Bukidnon in 1910. Eight years later, it became the Bukidnon Agricultural School (BAS).

It bec a me C ent r a l Mindanao University (CMU) by virtue of Republic Act 4 498 on Ju ne 19, 1965.

(MindaNews)

Clay... from page 4

such as mussels, siganids and milkfish, among other species.

To detect the presence of HAB, Azanza and her tea m have developed a predictive tool called Solid Phase Adsorption Toxin Tracking (SPATT) which is being deployed in the field twice a month. They are also able to develop a semi-automatic operational predictive system for realtime monitoring of HABs. Aside from the development of mitigation and detection technologies, UP-MSI experts are also conduct ing molecu la r studies on HAB genomics which aims to utilize HAB organism and their toxins.

These, Azanza said, will be used to develop molecular and genetic monitoring tools and other products.(MB)

Beetles...

from page 4 weevil can reduce yield, kill seedlings and young palms.

K i d a p a w a n C i t y, considered second fruit basket of the Philippines next to Davao City, is also abundant in other crops, including abaca, rubber, and coconut. Reports from DA-12 said that Brontispa infestation has been observed to be quickly increasing in the region.

In fact, at least 12 towns in four provinces in Central M i nd a nao a re a l re ady infested with coconut leaf beetles. Brontispa or coconut leaf beetle feed on young leaves and damages seedlings and mature coconut palms.

This insect belongs to the order Coleoptera and Chrysomelidae family along with a number of beetle species. (MB)

Maybank... from page 5

f ur t her t he strategic reg iona l isat ion agenda, mindful of the tightening regulatory environment and keen competition to enable the group to provide superior returns to the stakeholders while keeping true to the m ission of hu ma n isi ng financial services.”

“Datuk Farid’s selection came after a comprehensive re v iew a nd a s s e s sment of internal and external c a nd id at e s le d by t he Boa rd Nom i nat ion a nd Remuneration Committee,” said Tan Sri Megat.

Datuk Farid, a M a l ay si a n, s t a r te d h i s ca reer i n t he May ba n k Group in Aseambankers in 1992 after graduating

from Pennsylvania State University, USA in 1990 with a B.Sc degree in Accounting, a nd f rom Universit y of Denver, USA in 1991 with an MBA in Finance. He a l s o at tende d Ha r v a rd Business School’s Advanced Management Programme earlier this year.

He broadened his career in investment banking and capital markets with multinational institutions like Schroders and JP Morgan, as well as with Malaysia’s Ma laysian Internationa l Mercha nt Ba n kers a nd Khazanah Nasional Berhad, the latter as Investment Director from 2005 to 2008.

While he was at Khazanah Nasional Berhad, he sat on the boards of several public listed companies such as PLUS Expressway Berhad, UEM World Berhad and U E M Bu i lders B erhad .

Since re-joining Maybank on 1st January 2009, he has held the position of Head of International Business and subsequently Deputy President and Head, Global Banking (formerly known as Global Wholesale Banking).

In this latest role, he was responsible for driving the Group’s regionalisation initiatives for investment banking, corporate banking, transaction banking, and global markets, as well as its asset management business.

He spent eight years with JP Morgan in the investment banking division between 1997 and 2003, and was assigned to the equity capital markets division in Singapore in 2001.

He is married to Datin Satina binti Mohd. Noor and has two sons and a daughter.

He enjoys music, movies, travelling with the family and the occasional chance of playing golf.

Datuk Farid’s previous position as Head of Global Banking will in the meanwhile be part of the responsibilities of Tengku Dato’ Zafrul bin Tengku Abdul Aziz, who is currently the CEO of

Maybank Investment Bank a nd Mayba n k K im Eng Group of Companies.

The Board of Directors would also like to record their appreciation to Encik Mohamed Rafique Merican bi n Mohd Wa h idudd i n Merican, the Group Chief F i n a n c i a l O f f i c e r, f o r performing t he dut y as Maybank’s Officer-in-Charge since 4 June 2013, while the Board undertook the process of selecting the new PCEO. (PNA)

Purisima... from page 5

I n 2010, t he a genc y c o l l e c t e d a r o u n d P10 billion from self-employed individuals and professionals.

A major daily recently came out w it h a repor t quoting Henares as saying that about 90 percent of selfemployed individuals in the Philippines are not paying correct taxes.

However, the BIR chief denied about the level of ta x evasion among selfemployed individuals or t he ent re preneu r s a nd professionals cited in the article pointing out that she “was not interviewed for that article.”

“We didn’t say anything like that. What we’re saying is here’s the data and it’s up to the people to interpret it,” she said.

Henares stressed that of the 1.8 concerned tax payers only 22 percent filed for return and 78 percent did not.

“So that’s what we’re looking at,” she said.

The BIR has a collection target of P1.253 trillion this year and Henares said they are focused on achieving this through the strengthened programs that have been put in place.

“We’re still trying to hit the P1.253 trillion. Whatever people are saying that’s where our eyes are at. If we hit it then very good, if we don’t, then we explain why,” she added. (PNA)

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Rebound... from page 1

the 1st Mindanao Exporters Congress, Thursday at SMX Convention Center.

The slight reduction came in the wake of the lingering recession in the European Union and the United States coupled with increasing costs of doing business and a fluctuating peso that has repeatedly put the export industry in turmoil.

However, the month-tomonth decline appears to be slower especially for the electronics sector, that gives hope for the industry to still post a positive growth, he said.

He said they are getting their confidence on the core product strategies spelled out in the Philippine Export Development Fund (PEDP) which focuses on moving up the value chain; capturing higher-value processes in the global supply chain; and developing product linkages for organic, natural, “green” and certification-enabled products.

Ortiz-Luis pointed out that core market strategies refer to ma ximizing the b e n e f it s of f re e t r a d e agreements; target highgrowth emerging markets; and attracting the migration of supply chain nodes to the Philippines.

He said PhilExport is also banking confidence on PE DP ’s k e y e x p or t promotion strateg y that integrates tourism, services a nd mercha nd ise t rade to ma ximize returns on promotional spending and achieve sustained growth in market share.

“We found it useful for export promotions to focus more on precision or quality rather than profusion or quantity,” he said.

Ortiz-Luis also pointed out that indigenous exports, those that use mainly local raw materials making full use of the creativeness of Filipino artisans, artists, and craftsmen especially on ga r ment s , f i ne a nd fashion jewelry, furniture and home furnishings next to electronics are gaining position of their own in the international markets.

Filipino creativeness on animation, movie making, book publishing and interactive media is also potential for exports.

The garments industry is another emerging bright spot, he said with garments players receiving inquiries for sizeable orders from the United States and other markets. The banning of the US of garment imports from Bangladesh is an opportunity deser ving to be grabbed by the country’s garment players.

In the domestic market, Or t i z-Lu is ident i f ied furniture to have gained big markets.

This will however be strengthened further if policy issues on raw materials’ importation and certain gray areas in the log ban

moratorium will be addressed to remain competitive, he added. (PNA)

Mining... from page 1

by Philsaga Mining Corp. in Rosario, Agusan del Sur and Greenstone Resources Corp. in Tubod, Surigao del Norte.

Greenstone Resources a few months ago stopped its mi ni ng a nd mi l l i ng operations because of 240 tension cracks that appeared at one of its tailings storage facility last April 24. The compa ny is work i ng to resume the operations.

Noli Arreza, OIC regional director of MGB Caraga, said the mining sector in the region contributed at least P3 billion in revenues to the government in 2012.

The mining companies paid P1.4 billion in royalties, P681 million in excise tax and P923 million for other taxes and fees, he said.

In 2011, the mining sector in Caraga paid P2 billion in revenues.

Raagas said they expect the export shipments to further increase in 2014 as four mining companies are set to operate this year.

Two of them are Willex Mining Corp. and Libjo Mi ni ng Cor p. based i n Dinagat Islands.

DOE... from page 1

5 of the bio-diesel (B-5) is excluded in the Bio-fuels Law, though this policy encourages the use of more Bio-fuel to substitute the petroleum-based fuel.

“From the DOE perspective, it is aimed at reducing dependence on imported oil, while using locally-produced substitute,” Monzada said.

She said the use of Biofuel lessens the outflow of foreign exchange.

Monzada also said the use of Bio-fuel also supports the advocacy for clean air given that its by-product is Oxygen and not Carbon dioxide which contributes to global warming.

She said the demand for Bio-diesel also aims to improve the plight of coconut farmers.

“The DOE is now looking into how to use more the Bio-fuels,” Monzada said.

She also explained that the use of five percent Biodiesel in the mixture of diesel fuel is encouraged, because of its proven compatibility with diesel-fuel engines.

Monzada said based on the Worldwide Fuel Charter, five percent of Bio-diesel blend is compatible with diesel-fed engines.

She said car engine no longer needs modification even with the use of five percent Biodiesel Blend.

Monzada said the current Bio-fuels Law only mandates the use of up to two percent of Bio-diesel.

“It means B-5 can be used on conventional vehicles and it is advantageous to the country because of the many coconut plantations in

the country which guarantee supply of Bio-diesel,” she said.

Mon z a d a u r ge d t he Nationa l Economic and Development Aut horit y to come up with its own national study on the impact on increasing the price of the Bio-diesel to various sectors.

Rating... from page 1

reserves brought about by t he “sustained ” current account surplus and the “steady progress of fiscal consolidation.”

With its finances in order, the government “is now able to allocate more fiscal budgets, albeit gradually, to infrastructure projects and educational policies,” R&I said.

It also pointed to gains on t he p ol it ic a l f ront , principally the peace efforts in western Mindanao, which in turn would improve the investment climate.

“If f unda menta ls for econom ic g row t h a re solidified and steady increases in per-capita income become more promising, R&I will consider a rating upgrade,” the rating firm said.

“Opportunity for catching up” It noted t hat t he Philippines is the only one among the Asean-5 that has yet to attain a per capita gross domestic product (GDP) of $3,000, but added that “at long last, the country sees a clearer opportunity for catching up.” Apart from the Philippines, the other founding members of Asean are Indonesia, Malaysia, Singapore and Thailand.

The Philippines’ GDP grew a record 7.8 percent in the first quarter of this year, well above the fullyear official target of 6-7 percent . T he cou nt r y ’s economic managers have since expressed confidence that full-year GDP expansion would hit a fresh record.

But poverty has been stubborn, refusing to budge from levels seen six years ago. Likewise, the record economic expansion has fa i led to da mpen

u nemploy ment , ra isi ng concerns about “ jobless growth.”

R & I however acknowledged that addressing the above problems “is not an overnight task.”

“A focus will be placed on whet her t he Aquino ad m i n ist r at ion w i l l be able to make the best use of positive factors, such as the strong economic growth and political stability, in efforts to break a stalemate in investment, a structural problem that has haunted the Philippine economy,” the rating firm said.

“Great strides for lasting peace” Finance Secretary Cesar V. Purisima welcomed R&I’s outlook upgrade, saying, “The gains of good governance are again recognized by those who monitor world economies, with our tax collection reforms and our landmark sin tax reform law contributing greatly to the positive outlook.”

“I commend R&I for noting not just the prudent fiscal management we have implemented under President Aquino, but the great strides we have taken towards lasting peace in Mindanao. With the recent signing of the wealth sharing annex to the Framework Agreement on the Bangsamoro, we have come closer to enshrining perpetual inclusive growth in law for all Filipinos,” Purisima said in a statement.

Another Japanese rating firm, Japanese Credit Rating Agenc y (JCR), last May upgraded the Philippines, a f ter Fitch Ratings a nd Standard & Poor’s promoted the country to investment grade.

R&I’s rev ision in its outlook comes a week after Moody’s Investors Service served notice that it placed the Philippines on review for a possible upgrade to investment status.

Competitive... from page 2

was San Francisco, Agusan del Sur, followed by Guagua, Pampanga; Carmona, Cavite; Date, Camarines Norte; and

General Trias, Cavite.

While more than half of the top 50 cities and top 50 municipalities were located in Luzon, NCC noted that the highest-ranked city and municipality were both in Mindanao.

“The results indicate that government initiatives to harness the potential of the Mindanao region are on the right track,” NCC said.

“What this tells us it is very inspiring because we would have looked at the usual suspects but actually there are small places that must be doing very good.

Maybe they are doing far better in running their cities and municipalities,” Luz said.

On economic dynamism, which collects figures on business registration, employment, and financial institutions, the top three cities were Quezon City, Koronadal, South Cotabato; and Marikina City. The top municipalities were Calasiao, Pangasinan; San Nicolas, Ilocos Norte; and Sta. Cruz, Laguna.

T h e s e c o n d f a c t o r, gover n ment ef f ic ienc y, which tracks transparency and accountability, public f ina nce, per forma nce recognition, business responsiveness and basic government services, the top cities are Iloilo City, Bacolod City, and Cagayan de Oro City. The best municipalities were Kabugao, Apayao; Ponteved ra, Capiz; a nd Nueva Valencia, Guimaras.

On infrastructure categor y, which gat hers data on indicators such as road network, basic utilities, and registered vehicles, the top cities were Naga, San Fernando of Pampanga; and Cagayan de Oro. The top municipalities were Daet, Camarines Norte; Mexico, Pa mp a n ga ; a nd Vi r a c , Catanduanes.

O n s e l e c t e d competitiveness indicators, Bacolod ranked first in terms of new business registrations as well as in the renewal of business registrations.

In terms of power cost, Penabla nca of Cagaya n

11

Valley was number one as having the lowest power rate per kilowatthour while Taragona of Davao Peninsula ha the lowest water cost per cubic meter.

In terms of fastest processing time for new and renewal of business registration, Bogo of Central Visayas was top of the list while Naga of Bicol Region has the fastest processing t i m e f o r c on s t r u c t i on permits.

Mexico, Pampanga has the least number of steps to register a new business while Calbayog of Eastern Visayas having the least number of steps to process a construction permit.

Luz said that NCC will be conducting annual report to provide LGUs a means to evaluate performance and formulate development plans.

The report, Luz said, w i l l n o t on l y pr ov id e potentia l investors with information on cities and municipalities but also enable local governments to better management their localities.

Based on ind icators, lo c a l gover n ment s c a n n ow b e n c h m a r k t h e i r performance against each other and eventually against other cities in the ASEAN. Luz said that by next year, the Competitiveness Index aims to include more cities and municipalities.

He also said it is still too early and difficult to assess the impact of the recent bombing in Cagayan de Oro on the city’s competitiveness.

(MB)

Faster... from page 2

go.

He s a id b e c au s e of the countr y’s boundless potentia ls, Sta ndard Chartered adjusted upward its 2013 growth projection for the Philippines to 7 percent from the previous 6.9 percent.

He said the country’s more exposure to the US economy than China would be a plus factor. He said while China’s economy was on a high growth recently, it was “slowing down.” (MST)

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