Mindanao Daily NEWS BUSINESS . ECONOMY . CORPORATE . BANKING Your Mindanao-wide Business Newspaper
Volume III, No. 084
Editor : Cheng Ordoñez
Monday
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See story1, on2014 Page 12 September
Proceeds of sale of Lumbia airport eyed to finance Mindanao railway T
PHL gov’t sustains rise in revenues in July ‘14 By Joann Santiago
The government’s revenue collection sustained its rise in July 2014 when it increased by 15 percent year-on-year to P166.7 billion from the P144.6 billion in the same period in 2013. On the other hand, government spending fell 15 percent year-on-year to P168.5 billion from the P197.8 billion. This brought the budget gap last July to P1.8 billion, a 97 percent drop compared to the P53.3 billion in the same period in 2013. For the seven-month period, government deficit stood at P55.7 billion, 47
percent decline from the P104.5 billion in end-July 2013. Of the total revenues last July, the Bureau of Internal Revenue (BIR), which collects about 70 percent of government revenues, shared in P119.9 billion, 20 percent higher than the P100.1 billion in the same period in 2013. Collections of the Bureau of Customs (BOC) expanded 10 percent to P30.5 billion from P27.7 billion a year ago. On the other hand, the Bureau of the Treasury (BTr) and the Other Offices registered a drop in their See revenues, page B7
LUMBIA AIRPORT - Soldiers of the Army 1st Special Forces Battalion arrived in Lumbia Airport, Cagayan de Oro City, on Thursday, Jan 23, 2014. Ferried by two Air Force C130 planes, the soldiers were deployed in Northern Mindanao to counter a growing Communist insurgent threat. Mindanao lawmakers are eyeing the proceeds of the sale of this airport to fund Mindanao Railway System (MRS) that can entice investors both local and foreign. (MindaNews file photo)
S. Cotabato allots P5M for dev’t of agribusiness The provincial government of South Cotabato has allocated an initial P5 million for the development of a remote village in Tupi town into a prime agribusiness production area. Jerry Gamo, acting head of South Cotabato’s barangay affairs unit, said the funds will be utilized to improve the access road leading to the production area’s within the village, which hosts plantations of various fruits and other high-value crops. He said the project is currently under the bidding process and they are target- Ribbon Cutting of Aray Ko Doc clinic and Tambali ko Doc Pharmacy - Ms. Jocelyn Velez ing to award its contract (left) and Ms. Marinela Neri Velez (right) cut the ribbon for the San Ignacio Fundacion de Salud’s “Tambali ko Doc” pharmacy 28 August 2014 at the ground floor of the Lim Bldg., Don A. Velez cor. M.H. del Pilar Sts., with the assisearly next month. See cotabato, page B7
tance of BWM Group Editor-at-Large Mike Baños. Also in photo are are Dr. Meneleo Navarro, president & CEO (left back), Omar Jayson Vallejera (right back) and Merlyn P. Auxillo, head pharmacist (extreme right). (photo supplied)
PHL, Singapore keen to expand bilateral investments
The Philippines and Singapore intend to pursue projects that aim at expanding their bilateral investments and promoting increased awareness on opportunities. In a letter to Trade Undersecretary for Trade and Investment Promotions Group Ponciano Manalo, Foreign Affairs Undersec-
retary for International Economic Relations Laura del Rosario said these projects include regular exchange of missions with business matching such as the Philippines-Singapore Business Council (PSBC) annual, the International Enterprise (IE) Singapore missions to the country
and business seminars in Singapore. Del Rosario said the Singapore Business Federation (SBF) will conduct a mission to the Philippines during the latter part of this year. SBF is the apex business chamber that champions the interests of Singapore busi-
ness community in trade, investment and industrial relations. Del Rosario said other projects include adopting a Manila + Strategy to look at opportunities in other areas such as Cebu and Davao and identifying projects in preparation for the Asean Economic C ommunity
(AEC) next year. She said these projects were identified during a meeting last month of Philippine Ambassador to Singapore Antonio Morales and Commercial Counselor Glenn Penaranda with Mr. Siong Seng Teo and Mr. Ho Meng Kit, Chairman See expand, page B7
wo lawmakers from Mindanao are eyeing the proceeds of the sale of an old airport to fund Mindanao Railway System (MRS) that can entice investors both local and foreign. Rep. Rufus Rodriguez and his brother, Abante Mindanao party-list Rep. Maximo Rodrguez are pushing for the enactment of HB 4059 which would earmark and appropriate the proceeds of the privatization and sale of the old Lumbia Airport in Cagayan de Oro City to finance the MRS project. “With the opening of the Laguindingan International Airport in Laguindingan, Misamis Oriental in June last year, the old Lumbia Airport is not being used anymore,” the Rodriguez brothers revealed. T h e aut h or s n ot e d reports that the Lumbia Airport will be privatized through a public process in accordance with Executive Order No. 323, which covers the rules on the government’s privatization program. “This has been confirmed by the Department of Transportation and Communications (DOTC),” Rodriguez pointed out. The authors also recalled statements by DOTC that the proceeds of the privatization of the old Lumbia Airport in Cagayan de Oro City can be used to finance other government infrastructure programs. The MRS project is one of the more notable and impact projects of government for Mindanao from Cagayan de Oro City to Iligan City and passing through the modern Laguindingan International Airport. “It stands to reason therefore that the proceeds of the privatization of the old Lumbia Airport be devoted exclusively to finance the Cagayan de Oro-Iligan Railway project,” the authors argued. HB 4059 has been pending with the House Committee on Transportation since March 10, 2014. Congress opens its second regular session in July when the President delivers his annual State of the Nation Address (SONA) before a joint session of the 16th Congress. (PNA)
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