BusinessWeek Mindanao (April 27, 2016)

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BusinessWeek MINDANAO

2013 ppi’S Best in Business and Economic Reporting

YOUR Mindanao-wide BUSINESS paper

Volume VI, No. 129

Market Indicators As of 5:00 pm april 26, 2016 (tuesday)

FOREX

PHISIX

US$1 = P46.77

7,250.13

X

19 cents

X

5.26

points

Briefly ‘Memo’ probe MISAMIS Oriental Governor Yevgeny Vincente Emano on Monday ordered a probe into the alleged memorandum, which reportedly ignited a protest against the government’s alleged rundown treatment of farmers hard hit by the El Nino phenomenon. Emano decried the alleged memorandum purportedly issued by the provincial governor’s office as despicable and mean that could only be conceived by a frustrated political opponent who dwell on black propaganda during the election season. In a statement issued Monday, Emano denied the issuance of the memorandum and sought an investigation to expose “those responsible” and to hold them liable for maligning the office of the governor.

Greenhouse emission VARIOUS government agencies, non-government organizations and civil society groups have committed to helping reduce the country’s greenhouse gas emissions by 70 percent by 2030. The commitment was the gist of a covenant signed on Friday at the Department of Environment and Natural Resources (DENR) in Quezon City on the occasion of Earth Day. The covenant signing happened on the same day the Paris agreement on climate change was signed by world leaders at the United Nations headquarters in New York.

2014 ppi’S Best in ENVIRONMENTAL Reporting

P15.00

NGCP warns of possible brownouts during polls www.businessweekmindanao.com

Wednesday | April 27, 2016

By JUZEL L. DANGANAN, Philippine News Agency and PAT SAMONTE, Butuan City Bureau Chief

P

OWER-grid operator National Grid Corporation of the Philippines (NGCP) warned against the possibility of brownouts for the national elections due to the unresolved transmission issues in Mindanao.

NGCP sp okesp ers on Cynthia Alabanza cited the power firm is targeting to clear seven more right-of-way claims, while six claimants are difficult to settle with. So far, NGCP already settled 16 claims, allowing them to restore the transmission lines. The Agus 2-Baloi 138-kiloVolt line, however, is yet to be restored. It

connects the Agus 1 and Agus 2 hydroelectric power plants to the grid, which is currently transmitting power through another transmission line. Alabanza further said some of the demands for the right-of-way are excessive, with some claiming P10 million for a lot which is only worth P586,000. brownouts/PAGE 11

AGIPO GOLD AWARD. The youths of Barangay Gusa, with Gloria Ablon, their mentor; Barangay Chairman Marlon Tabac; Mayor Oscar Moreno; Ariel Hernandez, BMFI senior director; Paul Andro Subere, president of JCI Kagayhaan Gold; Archimedes Velasco, AFIMindanao location lead; and Romcy Madronio, LeadCom program lead. photo by bong d. fabe

Coops want control over Gusa romps away with 7 out of 14 local water distributor awards in the 2nd Agipo Awards By MARK FRANCISCO, Staff Writer

A GROUP of cooperatives from Cagayan de Oro City has endorsed the candidacy of mayoral bet Rep. Rufus Rodriguez, believing that he would initiate moves to cooperativize the Cagayan d e O ro Wat e r D i s t r i c t (COWD) if he wins.

C o o p e r a t i v e Development Council chair Edgardo Micayabas said they declined to endorse reelectionist Mayor Oscar Moreno, s ay ing he was n on c om m itt a l t o t h e i r cause. control/PAGE 11

By BONG D. FABE, Contributing Editor

BARANGAY Gusa romped away with seven out of the 14 awards available in the recently-concluded 2nd Agipo Awards of the Ayala Foundation, Inc. (AFI)-initiated Leadership Communities (LeadCom) at

the Xavier University Little Theater in Cagayan de Oro City. The youths from Barangay Gusa, a focus barangay of Balay Mindanaw, took home the major prize — Agipo Gold Award — for their project

entitled Kabatan-onan Kontra Kalayo or Youths Against Fire. They also took home the Special Award for the Best Youth Empowerment Program. Gusa also won three of the five available Merit Awards: Most Outstanding awards/PAGE 11

Italpinas posts 142% rise in gains in 2015

MISS EARTH IN BUKIDNON. Miss Earth England 2015 Katrina Kendall, of Filipino-British descent, receives blessings from Bae Inatlawan Adelina Tarino in a ritual during her visit to the village of the Bukidnon tribe in Olanguhon, Brgy. Dalwangan in Malaybalay City on Saturday. Kendall said she is interested to know how the tribe protects its ancestral domain from environmental destruction. She also expressed support to the Lumad Festival in Mindanao. MindaNews photo by H. Marcos C. Mordeno

PUBLICLY-listed green condo developer Italpinas Development Corp. (IDC) has posted an increase in sales by 62 percent to P216.5 million in 2015, a reflection of the success of its award winning Primavera Residences, a green building in Cagayan de Oro City. In its disclosure for the year ending 2015, IDC said its operating income more than doubled to P51.1 million in 2015, or 129 percent higher than 2014’s P22.3 million. This resulted in a huge 142-percent jump in its net income to P44.476 million in 2015 from P18.356 million in 2014. Its net profit margin, meanwhile, improved by 50 percent from 14 percent in 2014 to 21 percent in 2015. The return-on-assets rate doubled from 4% in 2014 to 8% in 2015,

while the return on equity was 14% in 2015. IDC total resources jumped to P579.1 million, more than 20% higher that its 2014 asset level of P480.2 million. IDC was listed at the Philippine Stock Exchange and commenced trading on December 7, 2015. With the approval of the PSE and by the SEC, a total of Fifty Seven Million Six Hundred Twenty Two Thousand ( 57,622,000) common shares, representing 26% of the company’s outstanding share capital, was offered and subscribed at P3.60 per share through an initial public offering (IPO) from November 23 to 27, 2015. IDC is on track in pursuing its business plan for 2016. It is gearing italpinas/PAGE 11

Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776


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