BusinessWeek MINDANAO Your daily business paper
2013 ppi’S Best in Business and Economic Reporting
Volume V, No. 146
Market Indicators
As of 6:32 pm apr. 18, 2015 (saturday)
FOREX
PHISIX
US$1 = P44.27
7,946.89 points
16 cents
X
X Briefly 1.31
points
Silangan mine PHILEX Mining Corp. is planning to tap the debt market by the end of the year to raise as much as US$840 million, which the Manuel V. Pangilinan-led firm will use to complete the USD1.2-billion total funding requirement for Silangan Mine. Located in Surigao del Norte, the Silangan project combines the development of the Boyongan and Bayugo deposits, which are comprised of gold, copper, and silver. Silangan Mine is considered as the next big prospective mine of Philex Mining, next to Padcal mine in Benguet, which is expected to close by 2020. Manuel V. Pangilinan, the chairman of Philex Mining, said the company will tap the debt market for the project as soon as the feasibility study for the mine is done.
Higher water rate DAVAO City -- The Davao City Water District (DCWD) has applied for a 10 percent water rate increase that is expected to take effect once approved by the Local Water Utilities Administration (LWUA). DCWD spokesperson, Atty. Bernard Delima said the application for the increase is now pending with LWUA in Manila. LWUA is the government-owned and controlled corporation (GOCC) mandated by law to promote and oversee the development of water supply systems in provincial, cities and municipalities outside of Metropolitan Manila. Delima said the proposed water rate increase is imperative in light of the P2 billion loan acquired by the water firm from the Development Bank of the Philippines (DBP) to fund major projects aimed at improving the utility company’s service to Davao consumers.
More M’danao ports eyed for upgrading www.businessweekmindanao.com
P15.00
Monday | April 20, 2015
By CARMELITO Q. FRANCISCO, Correspondent
D
AVAO City -- Five airports and 21 seaports around Mindanao are being proposed for funding by the Mindanao Development Authority (MinDA), though much of the estimated P14.68-billion cost cannot be funded from this year’s approved budget. The projects on the list, a copy of which was obtained by BusinessWeek Mindanao, are grouped into two priority levels, the first covering those that are proposed to start this year and the second will be pursued by 2016. This year’s approved budget has only P1.41 billion covering several of the listed projects. MinDA Executive Director Janet M. Lopoz said these
projects, identified under the Mindanao Development Corridors program, are crucial to the efforts both of government and the private sector to develop economic zones on the southern island. “The development of these infrastructure facilities will provide better logistical support to the efforts of expanding our agricultural production areas as well as ports/PAGE 11
CONQUER YOUR FEARS. A boy does a free fall from a height of 70 feet at the Dahilayan Forest Park in Barangay Dahilayan, Manolo Fortich, Bukidnon. mindanews photo by h . marcos c . mordeno
Modern int’l port terminal to rise in CDO 12 companies interested A S TAT E - o f - t h e a r t passenger terminal will soon rise at the Macabalan Port area in Cagayan de Oro City, a lawmaker said Friday. Rep. Rufus Rodriguez, of the 2nd District here, said that the construction of the passenger terminal
worth some P 350 million will likely commence on June 2015. He said that the port terminal would be designed to cater to the needs of both domestic and foreign tourists who are expected to flock to Mindanao via the port of Cagayan De
Oro City. “The modern passenger port terminal, equipped w it h air condit ion and w a l k a l a t o r, w o u l d b e the f irst in Mindanao,” Rodriguez said. Rodriguez said that the passenger port terminal terminal/PAGE 11
to buy Steag’s contract AT least twelve of country’s biggest energy companies are vying for the contract to manage the output of the largest coal-fired power plant in Misamis Oriental. The state-run Power Sector Assets and Liabilities Management Corporation (Psalm), in a statement, said 12 groups had complied with the initial requirements for the independent power producer administrator (IPPA) contract for the 205-megawatt (MW) Steag State Power, Inc. (SPI) coal-
fired thermal power plant. T h e I P PA g i v e s t h e winning bidder the right to manage the electricity produced by Steag. The plant was built in 2006 under a 25year build-operate-transfer (BOT) scheme that ends in 2031. Psalm identified those that complied with the init i a l re quirements as follows: • C on a l Ho l d i n g s Corporation • F D C D av a o D el buy/PAGE 11
DROUGHT. There used to be water in the rice fields of Tamontaka in Cotabato City. But the drought has dried up the farmlands. mindanews photo by ferdinandh b . cabrera
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