BusinessWeek M I N DA N A O CREDIBLE
Volume XI, No. 131
Market Indicators AS OF 6:00 PM APR. 20, 2021 (TUESDAY)
FOREX
PHISIX
US$1 = P 48.32
6,500.42
38
X X Briefly
cents
40.66 points
Pork tariff FINANCE Secretary Carlos Dominguez III has called on lawmakers to support President Rodrigo Duterte’s directive allowing increased pork imports at lower tariff rates for a temporary period to address the scarcity in the domestic supply of hog meat and ensure that pork remains affordable to Filipino families already reeling from the economic impact of the coronavirus disease 2019 (Covid-19). D o minguez s ai d t he re c o mmend at io n to t he President to temporarily reduce pork import tariffs and increase the minimum access volume (MAV) on pork imports was made by him and the Cabinet’s Economic Development Cluster (EDC). This, af ter ex tensive deliberations and consultations among concerned agencies and the public, with all the tradeoffs considered in the cost benefit analysis done on this major consumer concern.
Loan window THE L and Bank of t he Philippines (Landbank) is raising its available loan window in support of local pork producers and feed millers to P30 billion from P15 billion for distressed swine industry reeling from the adverse impact of the Asian swine fever (ASF). This c ame following the directive from Finance Secretary and Landbank chairman Carlos Dominguez III for the state lender to double its support for hog raisers, feed millers, and other industry players dealing with supply shortfalls and retail price spirals of pork products. “Landbank is doubling its funds available for financing swine repopulation, feed milling operations and facility upgrades in order to help address at the soonest the supply shortfalls and subsequent retail price spirals affecting both hog producers a n d p o r k c o n s u m e r s ,” Dominguez said in a statement Tuesday.
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Moro investors pouring P1-B for banana venture I Thank you for trusting us!
SULAN, Sultan Kudarat – A group of Moro investors is pouring almost P1 billion for the production of exportgrade Cavendish or table-dish banana variety in neighboring Maguindanao province, a project that will generate at least 1,000 jobs, including to members of the former separatist group Moro Islamic Liberation Front (MILF), an official said Tuesday.
Lawyer Ishak Mastura, chair of the Regional Board of Inv e s t m e nt s i n t h e Bangsamoro Autonomous Region in Muslim Mindanao (RBOI-BARMM), said that Al Muzafar Agriventure, Inc., also known as Amavi Sweet Banana (Amavi), has forged
a partnership with Bahraini firm Nader & Ebrahim Group of Companies for the venture that seeks to revive the banana industry in restive Maguindanao province. “To preserve and sustain the gains of the Bangsamoro INVESTORS/PAGE 6
TIPS VS COVID. Local government workers install tarpaulins bearing tips on how to prevent COVID-19 infections, along MacArthur Highway in Matina, Davao City. mindanews photo by gregorio bueno
Electric coop asked to settle debts By MYRNA M. VELASCO, Contributor
A P OW E R suppl ier of Bantayan Island Electric Cooperative Inc. (BANELCO) i n Cebu has dema nded payment of P116.5 million of outstanding obligations that the utility firm allegedly failed to settle under their supply deal. The ‘notice of execution’
under a management services agreement was forma lly ser ved by supplier-f irm Ba ntaya n Isla nd Power Corporation (BIPCOR) to BANELCO, and had also urged the latter to pay the duly calculated arrears. According to BIPCOR, “ f i n a l d e m a nd on t he
outstanding accounts was made on BA N ELCO i n October last year, but to date, BANELCO has not yet settled its obligations.” The power firm explained that the MSA “is an option open to BIPCOR as a means of enforcing collection of overdue accou nts when BANELCO is in default.” SETTLE/PAGE 7
SPREAD KINDNESS. A man carries food packs and other items from the Matina Community Pantry established along Quimpo Boulevard in front of SM Ecoland in Davao City on Monday, 19 April 2021. Malu Abella and Nelia Partoza organized the community pantry inspired by Ana Patricia Non of Maginhawa, Quezon City in response to the economic crisis brought by the COVID-19 pandemic. mindanews photo by gregorio bueno
Gov’t buyout of old coal plants mulled By MYRNA M. VELASCO, Contributor
THE Philippine government is currently discussing with the Asian Development Bank (ADB) the viability of a plan to ‘buy out’ the older fleets of coal-fired power facilities in Mindanao grid. Finance Secretary Carlos G. Dominguez III, who is also the board chairman of the Power Sector Assets and Liabilities Management C or p or at ion (PSA L M), divulged “We’re studying the economics of it and we
should be able to come up with a model by sometime in the third quarter of this year.” He acknowledged that the proposed State acquisition of the coal plants, “will require long term and lowcost funds, so we are working together with the ADB to study the actual viability of this concept.” Energy Secretary Alfonso G. Cusi indicated they are supportive of the plan, and
they have been collaborating with the DOF in prudently evaluating how that can be successfully executed. The energ y chief noted that the figures on prospective loan amount for the recommended purchase of the coal plants are still being firmed up, with him emphasizing that “these are concepts still being studied.” Dominguez explained that the game plan of the government is to acquire the older coal plants, and place BUYOUT/PAGE 7
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