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Volume IV, No. 88
Market Indicators AS OF 6:10 PM APR. 10, 2014 (Friday)
FOREX
PHISIX
US$1 = P44.31
6,638.89 points
42.5 cent
X X Briefly 51.40 points
Market vendors TO ensure orderliness while selling their products, the Cagayan de Oro City Economic Enterprise Department, headed by CEED Manager Engr. Peter Abejuela, divided the 1,316 vendors at Cogon Market’s second floor into seven blocks as it introduced the re-sectioning system. Fruit vendors are now occupying the first block; second up to fifth blocks for fruits section; sixth block for food condiments; and assorted items and products for the seventh block. The re-sectioning system is part of City Mayor Oscar Moreno’s move to introduce reforms in the operations of the city’s public markets to make these facilities attractive and conducive to the buying public.
Palay production NORTHERN Mindanao registered a six percent growth in palay production in 2013, according to the National Economic Development Authority (NEDA) in the region. Engr. Cecilio Clarete of NEDA disclosed in today’s media forum that the region produced a total of 674,903 metric tons (MT) of palay in 2013, up by 5.89 percent from the 637,348 MT produced in 2012. Area harvested also went up by two percent to 158,338 hectares while yield increased from 4.12 MT per hectare to 4.26 MT per hectare. Clarete said the region still managed to post a growth despite a slowdown in production during the fourth quarter of 2013.
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Aboitiz 'coal dome' is first of its kind in PH By IRENE DAYO, Staff Writer
ABOITIZ Power's coal dome is not only a new landmark in Davao, but also the first of its kind technology for any coal-fired power plants elsewhere in the country. But more than just its imposing look, it serves a much bigger purpose -ensuring Mindanao has reliable power to bring it out of its power crisis. Ab oit iz subsidi ar y Therma South announced the erection of its "coal dome," the first of its kind in the Philippines, built as part of the company's commitment to the environment and the community. Although the facility will
COAL DOME. Therma South's coal dome is the first in the country.
not be officially completed until the end of April yet, with more equipment still to be installed inside, its tower ing pres ence and large aluminium roof has been getting attention by surrounding communities. Towering at close to 80 meters and with a diameter of more than 120 meters, it is bigger than any sports arena in the country, and its aluminium roof makes ABOITIZ/PAGE 5
Globe keeps $650-M capex, sells shares to boost modernization By NELSON V. CONSTANTINO Editor-in-Chief
TO further improve and expand its infrastructure towards complete modernization, Globe Telecom, Inc. (Globe) is raising at least P10-billion by offering the listing of its preferred shares to help f i nanc e t he c omp any ' s $650-million capital expenditure (capex) this year. In a disclosure to the Philippine Stocks Exchange, the Ayala-led
telecommunications firm said that its board of directors, in a meeting last Monday afternoon, “approved the issuance, offer, and listing of up to 20 million non-voting preferred shares with an issue volume of up to P10 billion” and appointed BPI Capital Corp. as issue manager for the transaction. Globe's chief finance officer and head of Finance & Administration Group Alberto M. de Larrazabal said the bulk of this year's capex would be used on
data-related investments, including deployment of L o n g Te r m E v o l u t i o n (LTE) technology and the improvement of the telco's broadband infrastructure. “We got approval to issue… P10 billion… in the form of preferred shares,” De Larrazabal told reporters during a media briefing following Globe’s annual stockholders’ meeting held at Fairmont Hotel in Makati City on Tuesday. He s a i d r e g u l a t o r y GLOBE/PAGE 5
STOCKHOLDERS' MEETING. Globe Telecom has earmarked a $650-million capital expenditure for this year that would finance the company's modernization program. The announcement was made during Globe Telecom's Stockholders' Meeting in Makati City on Tuesday. (L-R) Gil Genio, Globe's COO for Business and International Market; Atty. Froilan Castelo, General Legal Counsel; Ernest Cu, President and CEO; and Alberto M. de Larrazabal, Chief Finance Officer.
Metrobank eyes 10 more branches in Mindanao By MINDANEWS
MALAYBALAY City — The Metropolitan Bank & Trust Company (Metrobank) will open 10 more branches METROBANK/PAGE 5
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PHL stocks breach 6,600-mark Thursday noon LOCAL shares rebounded at the end of the morning trade Thursday, with the benchmark Philippine stock exchange index (PSEi) hitting a new high for this year. The PSEi soared 49.78 points or 0.76 percent to 6,637.27. The broader all shares index
also edged up 35.34 points to 3,994.65. All counters were in the positive territory, led by the 2.33-percent surge in share prices of mining and oil. The sub-indices of other sectors rose 0.03 percent to 1.28 percent. (PNA)
Economy
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BIR requires importers to use national single window for release of goods ALL applications for an Electronic Authority to Release Imported Goods (eATRIG) must be done by Philippine importers through the Bureau of Customs' (B O C) National Single Window (NSW) system. This is in line with Bureau of Internal Revenue (BIR) Revenue Memorandum 142014 dated March 5, 2014 for the release of goods imported into the country's ports to ensure proper payment of taxes and duties by companies. The order took effect immediately. The NSW was developed
in order to provide all importers of goods a onestop shop in online filing and processing of import entry declaration under which all concerned regulatory government offices issuing import clearances/permits like the BIR-issued ATRIG are issued. The BIR uses the e-ATRIG system in processing application for ATRIG and issuing the corresponding AT R I G f o r e x c i s e t a x purposes, particularly for all importation of articles subject to excise tax purposes (whether except or taxable),
including the raw materials in the production thereof, as well as the machineries, equipment, apparatus or any mechanical contrivances esp e ci a l ly us e d for its assembly/production to be released through the Port of Manila and Manila International Container Port. Under RMO 14-2014, BIR Commissioner Kim Henares said every application for ATRIG will be done online through the NSW system. A hard copy of the duly notarized application form will still be submitted by the importer or authorized
broker-representative to the BIR and no approved eATRIG sh a l l b e el e c t ron i c a l ly transmitted to BOC until such submission has been complied with. Only applications of imp or ter-applicant and broker-representative who are duly registered BIR taxpayers will be processed. An individual importerapplicant must present a photocopy of his/her latest annual income tax return together with the audited financial statements duly stamped received by the BIR. BIR/PAGE 5
Philippines, Indonesia to intensify trade, investment cooperation THE Philippines and Indonesia are leveraging on their strong cultural, historical, and geographical links to actively pursue a bro a d r an g e of t r a d e , investment, and cooperative activities for their mutual economic benefit. The ASEAN neighbors are currently looking further at strategic ways to promote business-to-business contacts a n d e x p l ore u nt app e d partnership opportunities in various areas, from trade show participation to improving logistics connectivity.
This as the two nations prepare to hold this year the 7th Meeting of the J o i n t Wo r k i n g G r o u p (JWG) of Senior Officials for the Implementation of the Philippine-Indonesia MOU on Trade, Investment, Handicrafts and Shipping. Meetings of the JWG, composed of executives from different government agencies of the Philippines and Indonesia, are held regularly to review and speed up the progress made in recent years toward continued partnership.
At the 6th JWG meeting held in December 2012, the two sides agreed to participate in each other's trade fairs. The Philippines showed its interest in launching business missions to Indonesia's trade exhibits and road shows to promote the products and services of the local food, furniture, garment, automot ive, cosmet ics, franchising, entertainment, and education sectors. Indonesia said it was considering an "ASEAN C or ner" at t he annu a l Trade Expo Indonesia to
showcase the products of the Philippines and other interested members of the Association of Southeast Asian Nations. The Philippines in tur n invite d Indonesia to participate in its major international fairs, including Manila FAME and International Food Exhibition. Both sides are likewise looking at joint efforts to improve air and sea connectivity through capacity expansion and new air and TRADE/PAGE 5
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Megaworld’s 2013 profit up by 22% to P9.03B P R O P E RT Y d e v e l o p e r Megaworld C or p. on Thursday said its profit expanded 22 percent last year on strong residential sales and high rental income. In a disclosure to the Philippine Stock Exchange, Megaworld said it posted a net income of P8.03 billion from P7.41 billion in 2012. “The country’s strong and stable economy as well as the continuous growth of the BPO (business process outsourcing) sector have propelled our growth in 2013. Last year was another banner year for Megaworld,” said Andrew L. Tan, chairman and chief executive officer of Megaworld. To t a l r e v e n u e s o f Megaworld, together with its subsidiaries Empire East Land Holdings and Suntrust Properties, rose by 18 percent to P36.24 billion from P30.6 billion. The Megaworld Group
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ALGEN’S DIVE RESORT (088) 3872015
PHILTOWN HOTEL 726295 / 8564402 Fax: 723104
APPLE TREE RESORT & HOTEL 735411 / 754525 Fax: 754497
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posted a record P68.2 billion in reservation sales in 2013 from the 18 projects launched. Its rental income from office developments and lifestyle malls also surged
to a record P6.04 billion in 2013, 21 percent higher than P4.99 billion in 2012. Megaworld is set to further solidify its position as the leader in of f ice
developments in terms of total office space inventory by completing another 112,000 square meters of office spaces this year. MEGAWORLD/PAGE 5
Cogon Market's second floor into seven blocks as it introduced the re-sectioning system. Fruit vendors are now occupying the first block; second up to fifth blocks for
fruits section; sixth block for food condiments; and assorted items and products for the seventh block. The re-sectioning system is part of City Mayor Oscar
Moreno's move to introduce reforms in the operations of the city's public markets to make these facilities attractive and conducive to the buying public. (CIO/PIA)
Fujitsu to sell Internet provider subsidiary Nifty TOKYO, April 10 (PNA/ Kyodo) -- Fujitsu Ltd. is considering selling its Internet service provider subsidiary Nifty Co. to concentrate on areas with greater growth potential, industry sources said Thursday. By withdrawing from the business focused on individual customers in Japan, a sector identified as having limited prospects amid the decline in the population, the company will focus on information technolog y systems for corporation clients, according to the sources. The electronics firm is likely to make a decision on its method of sale, including bidding, they said.(PNA)
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Economic department implements market re-sectioning in CDO TO ensure orderliness while selling their products, the City Economic Enterprise Department, headed by CEED Manager Engr. Peter Abejuela, divided the 1,316 vendors at
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The Stories of Luis Bag-ao HISTORY pages failed to mention the flight of Manuel Acuña Roxas who during the Second World War was imprisoned by the Japanese authorities in Davao City after his capture in Malaybalay, Bukidnon. The basement of the old Obusa house along J. P. Rizal Street become his detention cell for sometimes until he was set free by a Household Helper, named Luis Bag-ao who employed by the Japanese Army to serve meals to the prisoners. Luis Bag-ao did not even know who Roxas is and his importance to the Philippine Government. He feared that anyone who was imprisoned would be executed by the Japanese Imperial Army. One night after feeding the detainee, he unlocked the chain of the door and told Roxas to run for freedom while he himself went to a separate direction. After the Second World War, Manuel A. Roxas was elected the first President of the Philippine Republic in 1947 while Luis Bagao after the war managed to board a steamship from Butuan City to the Province of Bohol where he lived as a farmer. It was in 1948 that President Manuel A. Roxas while a
guest at the ancestral house of Senator Olegario Clarin in Loay, Bohol that Luis recognized him as the man he saved from prison. He approached the President and the two embraced each other with President Roxas announcing to the crowd that the man he embraced was the person who saved him. Without Luis heroics he could not have live to become President. President Manuel A. Roxas, offered him a job in the government but Luis declined because he lack the education and he was happy being a farmer. Luis Bag-ao has told many stories and as a young child I sat on the floor together with children of my age to hear the chornicle of his adventures. He was no Soldier or a Guerilla but a swashbuckler adventurer who travelled by Carabao sledge in Mindanao during the Japanese War. Along the way he picks up travelers and charge 15 centavos to bring them to the next municipal destination. The most unforgettable story Luis Bag-ao has ever told was the aerial battle along the skies of Surigao Street between the Japanese Tora Tora Fighters and the
TRAVERSING
career based P9-Cobras of the United States Navy. He climbed on top of coconut the Tourism H i - way By Ped Quiamjot tree to have a clearer view of the dogfights unmindful that a machine gun bullet could have gone astray and cut him to pieces. He has the exact number of how many Japanese and American warplanes went down at the penultimate stage of the war. The battle of Surigao Street was the turning point of the Pacific War. Other great story he has told was the goes on for the gold hunt. Surigao is no stranger barter trade between the liberating American soldiers to gold discoveries, its and the Filipino farmers in mountains have turned to Tagum who would exchange brown today after Chinese their produce of bananas and Japanese companies and sweet potato for the have extracted the precious soldiers combat ration of metal from the grounds. Target Corned Beef and These are not the missing Chocolates. He told stories Japanese treasures but the that the Japanese Navy natural resources of the which was anhilated by the Philippines exploited by Americans was probably big foreign mining firms c ar r y ing gold bu l lions in colloboration with big stashed from Singapore and names Filipino politicians Malaysia. Perhaps his account who sold the sovereigny of could be right because after the land. Politics is a dynasty the War, Surigaonons were in Surigao provinces, no scorching the seashores of one one will bulged from the tip of the province for their reign as the money the buried precious metal. from the gold mines continue No one can tell if indeed to flow. In Carrascal town, there was a gold find but farmers are complaining of until now the story by the the destruction of their rice folks of Surigao del Norte QUIAMJOT /PAGE 5
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T
Give an Ear
hink a minute…A guy was complaining to his f r iend ab out his wife’s nagging. He said: “All my wife does is talk, talk, talk, talk.” His friend asked: “Well what does she talk about?” He answered: “I don’t know, she don’t say!” You would think that with 2 ears and 1 mouth, we’d all be twice as good listeners as talkers! But not so. Research shows that we usually listen to only 20% of what others say to us. Yet good listening is one of the easiest, most important ways to be successful— whether it’s in our job and career, our marriage, with our children, or with our friends. It’s interesting that even though we can’t actually shut our ears, we somehow still manage to. We listen only to what we want. But when we don’t listen closely to others, we not only hurt them, we hurt ourselves. T h e re are 3 i mp or t a nt things we need to do when we listen to others. The first, is observation. Use your eyes and look at them. It’s just common courtesy and respect. Take your eyes off the T.V., newspaper, or whatever else, and give that person your attention. The second part of listening is concentration. Many of us are guilty of
THINK
A Minute
By Jhan Tiafau Hurst
looking someone in the eye, pretending we’re listening, when our mind is actually mi les away. Als o, w hen someone’s talking to us, we shouldn’t interrupt them, or just be thinking about what WE want to say. Hear them out. Listen to everything the y have to say b efore you respond. The third and probably most imp or t ant p ar t of listening, is consideration. T h i s me ans u s i ng you r heart. Really care about what that person is feeling or going through. Don’t just hear the person’s words, but try to understand their feelings. People usually k n o w i f w e’ r e r e a l l y interested and care about what they’re saying. This means we’re even willing to change something about ours elves if it’s hur ting them. Think a Minute…
There are many expariates,who haven’t yet reached the pensioner’s age but simply want to stay in the Philippines and do business. So far so good. I am 60 now, enjoy life in the Philippines while running some businesses. Am I allowed to do so? The Commercial Law of the Philippines (compiled by the AFA editorial staff and chaired by Aguedo F. Agbayani) says iit very clear in his 1994 edition chapter III: Authority to do business: NO ALIEN AND NO FIRM, association, partnership, corporation or any form of business organization formed, organized, chartered or
existing under any laws other than those of the Philippines, or which is not a Philippine national, or more than 40% of the outstanding capital of which is owned or controlled by aliens, shall do business or engage in any economic activity in the Philippines or be registered, licensed, or permitted by the Securities and Exchange Commission or by any other bureau, office, agency, political subdivision ... without first securing a written certificate from the Board of Investments to the effect: 1. That the operation of activity of such alien ... is not inconsistent with the investment priorities plans;
2. That such business ... will contribute to the sound and balanced development of the national economy...; 3. That such business ... by the applicant would not conflict with the Constitution or laws of the Philippines; 4. That the field of business ... by the applicant is not one that is being adequately exploited by Philippine nationals; and 5. That the entry of applicant therein will not pose a clear and present danger of promoting monopolies ... in restraint of trade. Chaper II, Art. 59 says also very clearly, that an alien has to check first his immigration status. Of course, a tourist is never allowed to do any
H ave M y Say
By Klaus Doring
business in the Philippines. Fact is: I am an expatriate in the Philippines with a “permanent stay visa” as well as my wife, a natural born Filipina but a German passport holder since 17 DORING/PAGE 5
Financially challenged THE Supreme Court ruling declaring the Reproductive Health law constitutional is a la nd ma rk decision wherein the Church is in effect reminded not to meddle in the affairs of the State. To recall, the law was passed by Congress after years of being mothballed, rev ived and mot hba l led again. If not for the headstrong resolve of the Aquino administration, this piece of legislation might have been mothballed again. When President Aquino signed it into law, those opposed to the new law, notably the Roman Catholic
Church, sought the court’s intervention by asking the latter to declare the law unconstitutional. The Roman Catholic Church is of the view that the law runs counter to the teachings of the Church. T he Chu rch ’s st rong opp osit ion to t he t hen proposed law caused its mot hba l l i ng by se vera l Congresses spanning about two decades. No one dared cross the path of the Church in regard this piece of legislation. The Church lobby was so strong that the previous administrations and Congresses would rather
have it left untouched by them than earn the ire of the Church. This made the Church behave a s i f it i s more powerful than the State. With the Church becoming bolder in its opposition to the proposed legislation, the more the politicians cowered against the opposition mounted by the Church by not passing it. The Church met its equal in Aquino who boldly stood for the passage of the proposed law notwithstanding the Church’s opposition. T he proposed law t hu s became a law under t he
A Deeper View By Jesse E.L. Bacon II
husbanding by the Aquino administration to ensure its passage. Aquino was criticized BACON/PAGE 5
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Quiamjot... from page 4
fields as the soil eroded from the mountains have covered their farms with siltation. Rivers which used to be a habitat of crustaceans and shell fish are drying as a result of the destruction of the water sheds. No one pays attention to the environmetal degradation in Surigao, not even the local Department of Environment and Natural Resouces staff who owed their appointments to their positions from the local policians. Luis Bag-ao, died as farmer story teller in 1990 in Bohol. His fabled stories about the Japanese occupation in Mindanao was a rich source of information to the living Filipino historians.
Doring... from page 4
years. We are doing business here, but the permit has been issued to my brother-in-law, a Philippine national. Don’t get me wrong: I am not talking about foreign corporations. For the purpose of this code, a foreign corporation is formed, organized or existing under laws other than those of the Philippines and whose laws allow Filipino citizens and corporations to do business in its own country and state. Philippine law also sets the guidelines for investment requirements of foreign corporations under Section 126 of the Philippine Corporation Code. Ask your lawyer, before you start any kind of business in the Philippines. Many expatriates asked me, “Can your morals allow you to do do that?” My answer is always very clear, “Yes, why not?” The problem is only, if you can trust your Philippine spouse and/or his/her family. And this, my dear readers, seems to be a problem sometimes.
Bacon... from page 4
a nd e ven m a l i g ne d for his sta nce. But t his d id not deter him from seeing to it t hat u nder his watch t his most important piece of legislation is f inally passed. Not even his ver y popular mother da red cross t he pat h of t he Church w it h rega rd this issue. The issue became a legal question when the Reproduc t ive Hea lt h law wa s finally passed in 2012. Its implementation was, however, suspended when the Church asked the Court to have it declared unconstitutional. A year after its constitutionality was questioned before the Supreme Court, the justices gave its verdict Tuesday declaring the law constitutional but striking down certain provisions it deemed not in accord with the constitution. I said this is a landmark
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BIR...
decision because it clearly established t he line be- from page 2 tween what the State could do without the interfer- These will be used in the ence of the Church. Here valuation of the individual the Court made clear that importer-applicant's financial formulation of State poli- capacity to import. The eATRIG will be cies such as reproductive health for women citizens processed, approved and is the domain of the State issued not later than the without the interference of next working day after actual any institution no matter receipt of the application how powerful or big that with complete documents/ requirements, provided institution may be. The vehement opposi- there is no legal issue on tion of the Church with the taxability of the imported regard this particular State article. Prior ocular inspection policy derailed its passage into law. Now the Church of the imported goods would is told that formulation of be conducted, if deemed State policies is an inher- necessary. Any appl i c at i on for ent power of the governeATRIG t hat has b e en ment. The Church can not just pending for least a month oppose a ny State polic y due to failure of the importersimply because such policy applicant and/or broker/ does not sit well with that representative to submit institution’s teachings. A the required supporting State polic y may not be documents would be tagged welcomed by the Church as rejected, Henares said. Importers are required but the litmus test in determining whether such State to first secure accreditation policy is constitutional or from the BIR before they not is not t he sta nce of can import goods through the Church toward such the Customs' ports. Finance Secretary polic y but whet her t hat policy ser ves the general Cesar Purisima said the accreditation system is weal. In this regard, the re- an essential step in the productive health law has government's efforts to ensure become a necessity, a must importer accountability and for the countr y to adopt. compliance. "With the database of the We can’t expect to solve the numerous social ills of BIR on registered taxpayers, Philippine society without we will be in a better position concretely addressing the to determine whether an r u n aw ay p opu l at ion of importer is doing legitimate the countr y. Besides, the business and when they are burgeoning population is paying the right taxes," he had taking its toll on the scarce said earlier. (PHILEXPORT/ government resources thus PIA) preventing the State from pursuing responsive social ser vices programs. from page 2 The bigger the populat ion is, t he lesser t he sea routes to facilitate trade gover n ment ’s abi l it y to and investments. del iver publ ic a nd ot hThere are also proposals to er socia l ser vices to the develop the fisheries industry p opu l ac e b e c ome s . Re - along the border areas of the member that government two economies, jointly invest resources are scarce. The in food and beverage canning more people demanding factories in Indonesia's North basic social ser vices, the Sulawesi, deepen tie-ups in more the resources become construction services and const ric ted. T his is t he furniture production, create e v i l t hat t he reproduc- an investment promotion t ive hea lt h law w i l l t r y taskforce, and form a rice to add re s s . A nd t h is is federation among ASEAN's t he reason why it made rice-exporting countries. the Church ’s opposition A d d i t i o n a l l y, t h e to the law misplaced and P h i l i p p i n e s r e q u e s t e d unthinkable. Indonesia to work out the But now that the Su- protocols for the export of preme C ou r t ha s r u le d beef after several Indonesian as to its constitutionality, importers showed interest in it is hoped t he gover n- Filipino meat products. ment i s a ble to del iver It also sought what it promises to de- g r e a t e r t r a n s p a r e n c y liver t hrough t his piece a n d p r e d i c t a b i l i t y o f of legislation. Indonesia's regulations on Apologies pharmaceutical products to The family reunion to ensure uninterrupted trade. com memor ate t he 10 t h Indonesia is among the death anniversar y of my Philippines' major export and father-in-law, Engr. John- import partners. According ny Grapa Villaluz, in Du- to statistics from the Bureau maguete City prevented me of Export Trade Promotion, from submitting columns Indonesia was the country's for Friday last week and ninth trading partner in yesterday’s issues. For this 2012, with total bilateral failure, I am very sorry to trade valued at US$3.6 billion you my dear readers. or 3.1 percent of the total (Reactions at jelbacon@ Philippine global trade of yahoo.com or at jelbaco- $114.2 billion. Indonesia nii@gmail.com. Read me ranked 12th as the country's also at www.raconteurme. export market and ninth as blogspot.com) its import source.
Trade...
Philippine exports to Indonesia in 2012 rose 33.8 percent to $839.6 million, while imports amounted to $2.7 billion, an increase of 12.5 percent. (Romelda Ascutia, PHILEXPORT/PIA)
Megaworld... from page 3
By the end of 2014, the company will have around 712,000 square meters of office spaces in its portfolio with the completion of new state‐of‐the‐art office towers in Uptown Bonifacio, The Mactan Newtown in Cebu, and Iloilo Business Park. On the retail side, Megaworld is also set to complete another 70,000 sqm in additional commercial and retail spaces with the completion of the Venice Grand Canal Mall in McKinley Hill, and some commercial strips at The Mactan Newtown, bringing its commercial and retail space portfolio to 240,000 square meters by the end of 2014. “Along with our sustained growth in the residential segment, we are committed to further expand our recurring income portfolio especially in our office and retail businesses," Tan said. "Year after year, we will be completing more office towers, malls, and commercial spaces. By 2017, we expect our rental income to reach P10 billion, double that of 2012,” he added.(PNA)
Aboitiz... from page 1
it visible from a significant dist ance around D avao Gulf, from the diversion road, even from the air w h e n p l a n e s ap p ro a c h the Davao International Airport. The coal dome will safely store more than 200,000 cubic meters of fuel for the 300-MW baseload power scheduled for commercial operations in the first half of 2015. Last March, a 650-tonne crane, the largest in M i n d a n a o, r a i s e d t h e roof from to the top of the concrete structure. The dome now sits dominantly beside the 150-meter chimney of Therma South, which is also the highest in Mindanao. "These facilities underline Therma South's commitment to use the latest technolog y to ensure the power plant will meet the standards set by government," Therma South President and COO Benjamin A. Cariaso Jr. said. "We remain true to our commitment to build a world-class power plant that will make our neighbors, the people of Davao and the people of Mindanao proud." Hu n d re d s of l o c a l community construction workers and Chinese workers took part in building the facility for
months as part of a major development to complete the power plant complex on time. More than 20 electric cooperatives and distribution utilities have signed up to receive power from Therma South. The Energ y Regulator y Commission (ERC) will review the contracts and approve the final rate for the power supply. In March, Therma South received endorsement from the Davao City Council to build additional capacity by 2017 and 2018 in response to Mindanao's g rowing energy needs.
Globe... from page 1
approval may come some time in July. "The preferred shares issuance is meant to diversify our funding sources," De Larrazabal said. The Ayala-led telco's board appointed BPl Capital Corporation as issue manager for the transaction. While the amount to be raised in that exercise will “pretty much cover most of what we need this year,” Mr. de Larrazabal said Globe may raise more afterwards. “There may be a smaller amount in the neighborhood of P2 billion towards the end of the year to just close off ever ything,” he said, adding however that this fund raising could take a different form. “There’s no specific offer on that one at this point in time. It could be just a straight loan from the bank.” In December last year, Globe borrowed P7 billion under a seven-year loan from the Land Bank of the Philippines to help finance its 2014 capex. “Last year’s capex was about $650 million and it seems like, for at least this year, we will be maintaining about that same level of capit al exp enditures to support the growth that we’re seeing in the business,” De Larrazabal said. The telco added that it will focus more on boosting 3G and 4G capacities n at i o nw i d e a s w e l l a s L o n g - Te r m E v o l u t i o n (LTE) standard in business districts and tourism spots. In a company statement, Glob e president Er nest Cu said data will remain a key investment area for the company this year in anticipation of significant demand for the service. “ We h a v e l o n g anticipated the age of mobile data, and the expected surge of communications options beyond traditional voice and SMS that it presents. We understand how we want the easiest and most convenient me ans to communicate and soon enough, most of their communication needs may be addressed by a simple connection to the Internet. This presents
a clear challenge to our core business and requires our business strategies to constantly evolve,” Cu said. Cu also took pride to announce its already modernized network infrastructure which is now well-equipped to aggressively advance its mobile data footprint amid growing customer demand for internet connectivity. Globe saw profit fall 28% to P4.96 billion last year from P6.845 billion in 2012, burdened partly by higher foreign exchange and increased depreciation costs related to its massive network upgrading program. Service revenues increased by 9% to P90.5 billion from P82.7 billion, while operating expenses and subsidies rose by a faster 13% to P53.986 billion from P47.728 billion.--with report from Wires
Metrobank... from page 1
in Mindanao t his ye ar, two of them in Bukidnon particularly Malaybalay City and Maramag town. Linjey Salmasan, Ozamiz branch manager, who will open the branch here later this month, said it will be its 73rd in Mindanao. So far, Metrobank has only one branch in the province, in Valencia City. He said the bank will op en its branch in Polomolok, South Cotabato ahead of its opening of the Malaybalay branch. The bank is also set to open a branch in Molave, Zamboanga del Sur, a fifth branch in General Santos City, and five more branches in cities they are yet to disclose. Salmasan said they opened a branch in Gaisano-Surigao City and Tandag, Surigao del Sur both in December 2013; in Bongao, Tawi-tawi; and Isulan, Sultan Kudarat, both in February 2014. Mi n d an a o i s on e of the seven bank regions of Metrobank. On its website, Metrobank reported consolidated net income of P22.5 billion in 2013, or 46 percent higher than the P15.4 billion earned in 2012. Total resources peaked at P1.38 trillion, a 32-percent increase from the previous year’s P1.05 trillion. Citing “strong domestic e c o n o m y ”, M e t r o b a n k booked P611.1 billion in net loans and receivables, up 16 percent from the previous year, and faster than the 15 percent growth reported in 2012. Demand for credit accelerated consistently across all segments. It s we b s it e s ai d t h e Metrobank Group is an i ndu st r y l e a d e r w it h a domestic network spanning 856 branches and close to 2,000 ATMs nationwide. ( Wa l t e r I . B a l a n e / MindaNews)
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Banking&Finance payments inflate IMF projects Asia’s GDP Higherdebtprincipal servicing in January growth to remain robust
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THE International Mon e t ar y Fu n d ( I M F ) said growth in Asia will continue to pick up amid robust domestic demand, i n p ar t i c u l ar w it h t h e Philippines and Malaysia. I n i t s l at e s t Wo r l d Economic Report (WEO), t h e I M F m ai nt ai n e d a growth a forecast of 6.5 percent for the Philippines in 2014 and 2015, a slower pace of growth from last
year’s 7.2 percent. “Global downside risks are still significant and are particularly relevant for e c onom i e s a l re a dy weakened by domestic and external vulnerabilities,” the IMF said. China, for one, continue to exhibit vulnerabilities in China coming from its credit side. But across the region, domestic demand has
been solid, and retail sales across much of Asia have been brisk, noted the IMF. “C ou nt r i e s w it h st rong fundamentals and policies managed to navigate the pressures seen in mid-2013 and early 2014 from slowing capital flows, with many in emerging Asia unscathed and looking more positive.” The IMF said Asia growth is seen to accelerate modestly from 5.2 percent in 2013 to 5.5 percent for this year and 2015. ASEAN-5 growth, in the meantime, is expected to slow down to 4.9 percent this year from 5.2 percent in 2013 but will pick up in 2015 to 5.4 percent. The modest growth outlook is still a positive with improving advanced economies, a more competitive exchange rates while will help boost exports. “Domestic demand will continue to b e supp or te d by st rong labor markets and stillbuoyant credit growth,” s ai d t h e I M F. “Pol i c i e s are e x p e c te d to re main accommodative, although in a few cases (India, Indonesia) interest rate hikes on the one hand will
attenuate vulnerabilities, but on the other hand could weigh on growth.” For ASEAN, economies will remain uneven, said IMF. Indonesia’s growth is seen to weaken while Thailand’s outlook is tied to its political situation. For the Philippines, though, the outlook is decidedly more positive. “(For the) Philippines (the outlook) is on a more p osit ive t raj e c tor y, and growth is expected to remain robust,” reported the IMF. As growth in the US improves, Asia will have to adapt to a steady increase in the global term premium, the IMF added. The IMF said the risks related to the normalization of monetary policy in the US of course includes tapering risks which will “diminish as asset purchases are projected to end in late 2014.” “Howe ve r, a ch i e v i ng such a major shift in the monet ar y p olic y st ance in a smooth fashion will be challenging and may entail renewed bouts of financial market volatility,” the report added.
Republic of the Philippines SUPREME COURT REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10TH Judicial Region Cagayan de Oro City OFFICE OF THE PROVINCIAL SHERIFF NOTICE OF EXTRA-JUDICIAL SALE EJF File No. 2014-072
PRYCE PLAZA HOTEL Carmen Hill, CDO, Tel. No.722791 to93/858-4537 E-mail:reservations@pryceplaza.ph
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CHANANTHON BED & BREAKFAST CM Recto Avenue, Cagayan de Oro City Tel. #: 856-81-89 / 309-3095 / 231-2103 Email ad : chananthonbb@yahoo.com Room @ P800.00
COMMERCIAL SPACE FOR RENT
Upon Extra-Judicial Petition for Sale under Act 3135 as amended, filed by SECURED BANK, INC., (a Rural Bank and formerly Secured Savings & Loan Association, Inc.) with office address at Capt. V. Roa St., Cagayan de Oro City, against SPS. JESUS M. JARDIN and JOSEPHINE A. JARDIN, with residence and postal address at Upper Corona Drive, Tibasak, Macasandig, Cagayan de Oro City, to satisfy the mortgage indebtedness which as of January 20, 2014 amounts to THREE HUNDRED NINETY TWO THOUSAND SIX HUNDRED NINETY EIGHT PESOS & 61/100 ( P392,698.61) Philippine Currency, as mortgagor’s principal indebtedness and interest including 25% of the outstanding balance as attorney’s fees, excluding other necessary fees, charges and expenses of Extra-Judicial Foreclosure and Sale, the undersigned Sheriff-in-charge will SELL at Public Auction on JUNE 9, 2014 at 10:00 o’clock in the morning or soon thereafter, at the court room of RTC, Branch 39, 2nd Floor,Hall of Justice Bldg., Arch. S. Hayes Street Cagayan de Oro City , to the Highest Bidder, for CASH and in Philippine Currency, the real property mortgaged together with all existing and future improvements thereon, to wit, as follows: TRANSFER CERTIFICATE OF TITLE NO. T-135193 Registered in the name of JOSEPHINE A. JARDIN “A PARCEL OF LAND (Lot 2988-A-9-B,Psd-10-031690, being a portion of Lot 2988-A-9,Psd-10-000633), Situated in the Barrio of Macasandig, City of Cagayan de Oro, Island of Mindanao. Bounded on x x x. Beginning at x x x, containing an area of Three Hundred Forty Four (344) Square Meters, more or less.” Prospective buyers/bidders may investigate for themselves the title herein above-described and encumbrances thereon, if any there be. In case June 9, 2014 will be declared holiday or non working day, the public Auction Sale shall automatically be held on the next working day without further notice, publication and posting.
Cagayan de Oro City, March 31, 2014.
CONTACT PERSON: RAYLYN LANTACA
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SETTLEMENT of maturing obligations kicked up debt payments at the start of the year. According to a Bureau of Treasury Report, debt servicing shot up 87 percent to P208.45 billion last January from P111.73 billion a year ago. Fueling the increase was the 167 percent jump in amortization payments to P151.98 billion from last year's P56.89 billion.By contrast, interest payments inched up by less than three percent to P56.47 billion this year from P54.84 billion in 2013. This cut interest payments to 31 percent of total spending from a year ago's 35 percent. For both principal and
interest payments, bulk went to local creditors at P107.93 billion and P56.47 billion, respectively. The government's debt is programmed to rise to P6.322 trillion this year, with 68.2 percent of the obligations owed to domestic creditors and the balance of 31.8 percent to foreigners. Despite the high nominal figure, the government's outstanding debt this year is projected to settle at 47 percent of gross domestic product (GDP). The debt-to-GDP ratio indicates how heavy a burden is the government's debt. GDP is the amount of final goods and services produced in the country and as such measures economic performance.
Sterling Bank sets sight on traveler, mass affluent markets STERLING Bank of Asia has launched the ShopNPay US Dollar Visa prepaid card, targeting the traveler and the mass affluent markets. In a briefing last Tuesday, Sterling Bank president Lamberto R. Villena told reporters that ShopNPay is the first US dollar prepaid card issued by a thrift bank and embedded with an EMV chip. He said the bank aims to issue 5,000 prepaid cards in the first year to businessmen, travelers, and overs eas Filipino workers (OFWs). The prepaid card reduces the risk that goes with
carrying large amounts of cash and minimizes the risk from foreign exchange fluctuations. It also translates to greater control of travel funds, as the cardholders can only spend what is available in their cards. For US dollar transactions, the merchants debit the actual value of the transaction from the prepaid card. Some merchants, however, give cardholders the option to charge the transaction in US dollars or in the local currency. It can also be used to shop online, where purchases are denominated in dollars. The STERLING/PAGE 7
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Japan's Toyota orders recall of 6.39-M vehicles worldwide
T O K YO — Toy ot a on Wednesday recalled 6.39 million vehicles globally over a string of problems, dealing another blow to the world’s largest automaker whose reputation for quality and safety has been dented in recent years. Despite record sales and bumper profits, Toyota has been fighting to protect its brand after earlier recalls involving millions of vehicles. Last month it reached a deal to pay $1.2 billion to
settle US criminal charges that it covered up a sticky pedal blamed for dozens of deaths. US rival General Motors has also been sideswiped by accusations that it hid a decade-long ignition and airbag problem linked to 13 deaths. There was no apparent link between GM’s woes and an airbag issue that Toyota announced Wednesday as part of its broad recall. Toyota shares were among
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the biggest losers in Tokyo, falling 3.07 percent to 5,450 yen ($53) by the close. The company issued five recalls involving 26 Toyota models, as well as the Pontiac Vibe and the Subaru Trezia, with some models affected by more than one recall. The Vib e, bas ed on Toyota’s Matrix model, was produced at a US factory which was jointly owned by the Japanese automaker and GM. The Trezia is a rebadged version of Toyota’s Ractis
subcompact. To y o t a s a i d “ w e sincerely apologise” for the recall, adding that it has “re-dedicated itself to strengthening its commitment to safety and quality”. “In part, this means refocusing on putting customers and people first, by listening better and taking appropriate action,” the firm added. Among the other problems are a driver’s seat defect, steering column problems and an engine starter glitch that posed a fire risk. Toyota said it had received two reports about fires due to the starter defect, but added that none of the issues had caused any accidents to its knowledge.
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Century Tuna gets IPO listing approval THE Philippine Stock Exchange has cleared the maiden share sale of the manufacturer of Century Tuna, the second company to join the bourse through the initial public offering (IPO) route this year. Century Pacific Food Inc of the Po family is raising P3.3 billion from the sale of 229.65 million shares at a maximum price of P14.50 per share, giving the food manufacturer a market capitalization of P32.33 billion after the share sale. The offer shares represent 10.30 percent of the company's outstanding capital stock. Last week, Century Pacific secured the green light from the Securities and Exchange Commission to launch its IPO. The final offer price will be set on April 21. The offer period will run from April 23 to 29, with the listing of the shares on the Main Board at the Philippine Stock Exchange
on May 6. Apart from Century Tuna, the company's brands include 555 Sardines, Argentina Corned Beef, Swift, Angel and Birch Tree. Proceeds of the share sale will be used to repay debt, fund working capital and potential acquisitions, expand production capacity and improve efficiency. Centur y Pacific is being advised by Evercore Asia Limited. BDO Capital Investments Corporation, BPI Capital Corporation and First Metro Investment Corporation were tapped to underwrite the offering. Centur y Pacific is the third company to go public this year after Top Frontier Holdings Inc, which joined the bourse through listing by way of introduction, and DoubleDragon Properties Corp.
Sterling...
The lender aims to add five branches this year to grow its consumer market. It aims to expand its consumer business from a market share of 25 percent to between 4555 percent. Villena said Sterling Bank’s net income is expected to grow by 35 percent this year from P61 million last year. Its capital stands at P2.1 billion.
Sensitive to quality issues The affected vehicles include the Corolla sedan, the RAV4 sport utility vehicle from page 6 and the Yaris subcompact. The vehicles were made prepaid card can be loaded over the past decade. Toyota with up to $2,000 every said the recall affects 1.08 month. million vehicles in Japan, 2.3 Established in 2007 with million in North America, 38 branches and 41 ATMs about 770,000 in Europe nationwide, Sterling Bank and 62,000 in China, with has a total loan portfolio of the rest from other regions. P3 billion, catering to the In 2012 Toyota announced small and medium enterprise TOYOTA /PAGE 8 (SME) and consumer markets.
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APPLICATION FOR PANASONIC ASIA SCHOLARSHIP Fostering a new breed of leaders for nation-building
MISAMIS ORIENTAL – Vice Governor JOEY G. PELAEZ led the ceremonial Flag Raising Ceremony during the Opening Day of the “A Happy MisOr Invitational Peace Jamboree” in Sta. Ana, Tagoloan, Misamis Oriental. The opening program was attended by prominent Scouting mentors such as BSP Senior Vice President and Acting Secretary-General Wendel E. Avisado and Regional Director Jose Rizal C. Pangilinan of the World Organization of the Scouts Movement-Asia Pacific Region. Also in attendance were local government officials of the province, the Barangay and the Municipality of Tagoloan. In his message, Vice Governor Pelaez thanked the different Local Councils of Mindanao for sending their contingents to participate in the Jamboree.
Toyota... from page 7
a global recall of 7.43 million vehicles, including its popular Camr y and Corolla models, over a possible fire risk, while in February it recalled 1.9 million of its signature Prius hybrid cars. L a s t m ont h Toy o t a agreed to pay $1.2 billion to settle US criminal charges t hat it lie d to regulators and the public as it tried to cover up deadly accelerator defects, w hich c aus e d vehicles to speed out of control and fail to resp ond to the brake. To y o t a e v e n t u a l l y recalled 12 million veh i cl e s worl dw i d e i n 2009 and 2010 at a cost of $2.4 billion over the issue. As part of the s e t t l e m e n t , To y o t a admitted that it lied when it insisted in 2009 that it had addressed the “root caus e” of t he problem by fixing floor mats that could trap the accelerator. Despite the damage to its reputation, We d n e s d a y ’s r e c a l l was unlikely to have a big impact on Toyota’s bottom line, said Shigeru Matsumura, an auto analyst at SMBC Friend Securities. “The company has put aside a plenty of reserves” for recalls, he added. “Au t o m a k e r s t h e s e days are tr ying to take early, voluntary measures as they have become more sensitive to quality issues.” Japanese rivals i n c l u d i n g Ni s s a n a n d Honda have also issued major recalls in recent
years. L a s t w e e k G M ’s c h i e f e x e c ut i v e Ma r y Barra pledged to be forthcoming with results of a sweeping internal probe into what led it to keep using ignition switches it knew were f au lt y for ye ars , t he n change the parts without aler ting the public or regulators. “ We w i l l s h a r e anything and everything related to vehicle s a f e t y,” B a r r a t o l d a S enate sub committe e,
as members accused GM of “criminal deception”. The Toyota recall came as Jiji Press news agency said Wednesday that the automaker’s global sales in the fiscal year to March topped 10 million units for the first time. The company, which d e c l i n e d t o c om m e nt on the report, kept the title of world’s biggest automaker in 2013 with sales of 9.98 million vehicles, outpacing Germany’s Volkswagen and GM.
31 March 2014, Philippines - Panasonic Manufacturing Philippines C o r p o r at i o n ( P M P C ) announced recently the opening of application for the Panasonic Asia S ch ol ars h ip pro g r am , w h i ch c om m e n c e d i n Ap r i l . T h i s p r o g r a m provides promising students an opportunity to pursue Master’s Degree or Vocational Course with financial assistance from t he c omp any ; as p ar t of its global Corporate Social Responsibility outreach effort for the next generation. “Panasonic is committed to foster the growth of new-age leaders and their talents in contributing to the development of the Philippines”, said Mr. Nobuo Yasuhira, President of PMPC. Panasonic Asia Scholarship package i nclu d e s tu it i on fe e s , an d ot h e r e du c at i on related fees or assistance. Master Program requires ap p l i c a nt s t o h a v e a b achelor’s deg re e and Vo c a t i o n a l C o u r s e applicants must be high school graduates. Ap p l i c a n t s f o r b o t h fields should obtain their respective certifications within 4 years, prior to the first enrollment (SY2014 ~ 2015). The Call-For-Entry ends 29 April 2014. About Panasonic Panasonic Corporation
is a worldwide leader in the development and engineering of electronic technologies and solutions for customers in residential, non-residential, mobility and personal applications. Since its founding in 1918, the company has expanded globally and now operates over 500 consolidated companies worldwide, recording consolidated net sales of 7.30 trillion yen for the year ended March 3 1 , 2 0 1 3 . C om m itt e d to pursuing new value through innovation across divisional lines, the company strives to create a better life and a better world for its customers. For more information about Panasonic, please visit the company’s website at http://panasonic.net/. About Panasonic Manufacturing Philippines Corporation Panasonic Manufacturing Philippines Corporation (PMPC), with factories located in Taytay, Rizal and Sta. Rosa, Laguna is a manufacturer, importer and distributor of a wide range of products bearing the brand name, “Panas on i c” i n the Philippines. PMPC primarily manufactures refrigerators, air conditioners, washing machines, and electric fans. The company has a wide base of sales, distribution, and ser vice centers strategically located at
key municipalities, cities, and provinces all over the Philippines. For more information about PMPC, please visit the company’s website at http://www. panasonic.com.ph. About Panasonic Asia Scholarship in the Philippines Panasonic Corporation funds the Panasonic Asia Scholarship program for its localized schemes in the region, including the Philippines. The program is administered by Panasonic Manufacturing Philippines Corporation (PMPC) and supported by Panasonic Precision Devices Philippines Corporation (PPRDPH), an affiliate of PMPC.
For more information on the Panasonic Asia S cholarship, please contact: Miss Jenelyn Garcia Tel: (02)635-2260 jenelyn.garcia@ ph.panasonic.com Mr. Lorenz Magsingit Tel: (02)635-2260 lorenzo.magsingit@ ph.panasonic.com Issued by Panasonic Manufacturing Philippines Corporation. For media queries, please contact: Mr. Lorenz Magsingit Tel: 635-2260, local 2814 lorenzo.magsingit@ ph.panasonic.com