BusinessWeek MINDANAO
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Volume IV, No. 91
Market Indicators
As of 5:56 pm Apr. 15, 2014 (Tuesday)
FOREX
PHISIX
US$1 = P44.49
6,589.55 points
X
7.41 points
X
3.5 cents
Briefly Normin’s devt plan THE National Economic and Development Authority (NEDA) presented the updates on the Regional Development Plan (RDP) 2011-2016 of northern Mindanao to the MultiStakeholder Advisory Committee (MSAC) through a quarter meeting on April 15. “The focus of this Regional Development Plan is in ensuring the attainment of inclusive growth,” said NEDA Senior Economic Development Specialist Peleta B. Abejo. According to the report, Region 10 remains as the economic leader in Mindanao with the fastest average growth in Gross Regional Domestic Product (GRDP) at 5.8 percent for 10 years. In the 4.6% decrease in unemployment rate in 2012, NEDA estimates 48,000 new jobs, but emphasizing that the underemployment rate is still big.
Foreign companies MORE foreign manufacturing companies operating in China and other ASEAN countries are seriously considering moving to Philippines due to its high-quality labor, the Foreign Buyers Association of the Philippines (Fobap) said. Fobap president Robert Young said two French investors are coming to Manila end of the month, while a number of Canadian, Chinese and American companies will also be here mid-May to scout for investment opportunities. Young said these are mid-sized manufacturers of garments, apparel, shoes, toys and housewares looking to invest around $500 million and employ 1,000 to 3,000 workers.
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Requirements cut for M’danao power plants By MYRNA VELASCO, Contributor
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ITH Mindanao grid excruciatingly distressed again with summer blackouts, the Energy Regulatory Commission (ERC) has temporarily waived requirements on certificate of compliance (COCs) for p o w e r g e n e r at i o n f i r m s , including embedded and selfgeneration facilities (SGF), as the government pleaded to them to offer their capacities for the grid’s use.
CRUCIFIXION OF CHRIST. A reenactment of the crucifixion of Jesus Christ during the Hinuklog Lenten street play in Medina town, Misamis Oriental on Good Friday last week. mindanews photo by froilan gallardo
Aboitiz Power sets geothermal exploration By MYRNA VELASCO, Contributor ABOITIZ Power is expanding its geothermal exploration and development niche in Mindanao via the new Geothermal and Renewable Energy Service Contracts (GRESC) awarded to it by the Department of Energy. The company, in a press statement, has emphasized that its two new exploration blocks straddle Mt. Apo traversing North Cotabato, Davao del Sur and Davao City.
C onsistent wit h t he work program submitted to the DOE, Aboitiz Power vice president for business development Artemio Magnayon noted that their kick-off point will delve with “project introduction to relevant government units and stakeholders.” He further said “we will just conduct surface exploration and there will be no construction of any kind that will commence.”
Geothermal power developments would typically start with exploration and reconnaissance, prior to conduct of pre-feasibility and feasibility studies. If steam production will eventually merit commercial development of a power facility, that is the only time that the project company would have to come up with its project design and related implementation works, such as award of turnkey and other contracts as well as operation aboitiz/PAGE 7
Foreign manufacturers keen on moving to PHL MORE foreign manufacturing companies operating in China and other ASEAN countries are seriously considering moving to Philippines due to its high-quality labor, the Foreign Buyers Association of the Philippines (Fobap) said. Fobap president Robert Young said two French
investors are coming to Manila end of the month, while a number of Canadian, Chines e and American companies will also be here mid-May to scout for investment opportunities. Young said these are mid-sized manufacturers of garments, apparel, shoes,
In a resolution, the ERC emphasized that the waived COCs will be for a period of 60 days, the anticipated timeframe when these power plants can already secure their respective ‘compliance license’ to operate their assets. The regulatory body noted that it “allowed operation of said facilities without the plants/PAGE 7
RELIGIOUS RELICS. Religious items and amulets ranging from 35 to 100 pesos are making a good sale along Shrine Hills road in Davao City on Good Friday as devotees flock to the Shrine of Infant Jesus of Prague for their annual pilgrimage. mindanews photo by toto lozano
toys and housewares looking to invest around $500 million and employ 1,000 to 3,000 workers. “ These people are financially capable, they are ready, they mean business, they are serious...We are lucky if we get at least 10 initially Foreign/PAGE 7
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