BusinessWeek Mindanao (April 28, 2015)

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BusinessWeek MINDANAO “we grow minds” 2013 ppi’S Best in Business and Economic Reporting

Volume V, No. 153

Market Indicators

As of 6:23 pm apr. 27, 2015 (monday)

FOREX

PHISIX

US$1 = P44.27

7,958.07 points

3 cents

X

X Briefly 10.82 points

El Niño toll DAVAO City -- Rice and corn farmers in the Davao Region have so far incurred an estimated P60 million in losses due to the El Niño phenomenon with more than 2,000 hectares affected, the Department of Agriculture (DA) reported. In Region 11, 494 hectares of rice land are classified as damaged while 933.81 hectares are destroyed, affecting 1,800 rice farmers with lost production estimated at 3,674.75 metric tons (MT) worth about P51 million. Areas considered damaged are those where part of the harvest can still be recovered, according to Maria Febe T. Orbe, DA-11 assistant regional director for operations. However, Ms. Orbe said the affected agricultural areas and lost production are expected to rise as the dry spell continues.

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Connectivity to propel sub-reg’l development 11th BIMP-EAGA Leaders Summit:

K

EDAH, Malaysia -- Leaders from BIMP-EAGA are pushing for projects that will enhance connectivity among member countries in a bid to strengthen trade and increase investments within the ASEAN sub-regional group. In the 11th BIMP-EAGA Leaders Summit to be held today (April 28) here at the L angkawi International Convention Centre, leaders from the member countries will discuss priority infrastructure projects aimed to improve roads within EAGA, as well as the current expansion of sea ports and airports that will help sustain socioeconomic development in the sub-regional economic bloc. “While other BIMP-EAGA countries are connected

through land transport, the Philippines is working on the establishment of air and sea linkages to be fully accessible to our EAGA neighbors,” said Luwalhati Antonino, chair of the Mindanao Development Authority (MinDA) and Philippine Signing Minister for BIMP-EAGA. BIMP-EAGA stands for Brunei Darussalam Indonesia Malaysia the Philippines East ASEAN Growth Area. The initiative was launched in 1994 as a key strategy propel/PAGE 11

Deposit-taking BUTUAN City – The Bangko Sentral ng Pilipinas (BSP) warns the public against transacting with unscrupulous individuals or entities who engage in unauthorized deposittaking activities. BSP in its advisory advised and reminded the public that only banks are allowed to accept deposits from the public. Bank deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor per bank. Non-stock savings and loan associations (NSSLAs) are also allowed to accept deposits but only from their eligible members and they are not authorized to accept deposits from nonmembers.

P15.00

Tuesday | April 28, 2015

STREET ART. A graffiti artist adds details to his works in an abandoned wall along Ponciano Reyes Street in Davao City.

WELCOME TO DAVAO. A soldier inspects a passenger bus from Cagayan de Oro City at the Task Force Davao checkpoint in Calinan, Davao City. mindanews photo by erwin mascarinas

Mall Expo showcases homemade products of 4Ps beneficiaries DAVAO City -- Showcasing the products of program beneficiaries of the Department of Social Welfare and Development (DSWD), the DSWD Livelihood Unit participated in the recent Mi nd an a o Tr a d e E x p o Foundation, Inc. (MTEFI) Bazaar held at Abreeza Mall, this city. “Opportunities like this

mindanews photo by toto lozano

POWER OUTLOOK

Of pseudo cooperatives and power aggregation (Third of a series) By CARMELITO Q. FRANCISCO

DAVAO City -- In this country, power distribution is dominated by cooperatives. In Mindanao, there are only three big power distribution companies while the rest of the island is being served by cooperatives. Under Section 37 of Republic 6038, these electric cooperatives must be nonprofit “for the mutual benefit of its members and patrons.” This mechanism is specified so that their members, who happen to be their main consumers, will not be in a disadvantaged position in relation to setting up rates and implementing services.

Under that section, a cooperative is not allowed to “give, pay or receive any rebate or bonus, directly or indirectly, or mislead its members in any manner as to rates charged for its services, and shall furnish service on an area of coverage basis.”

link our program participants to a broader market where they can aggressively promote and sell their homemade and handmade products,” said DSWD 11 Regional Director Priscilla N. Razon. ”We aim to highlight the products of our Pantawid Pamilya and Sustainable Livelihood program participants, promote

our indigenous products, address the demand for native products, as well as generate employment in the community since most of these products are labor intensive,” Razon added. The bazaar is one of the varied citywide events supp or ting the monthlong Visit Davao Fun Sale expo/PAGE 11

More graft cases readied vs Oca THE Cagayan de Oro City Council here is filing graft cases against incumbent City Mayor Oscar Moreno for the alleged purchase of lots without the approval of the local august body. City Councilor Prexy Elipe, chair of the city council committee on finance, ways and means, on Monday did not disclose the amount involved although he hinted that Moreno had purchased

a lot for a school site worth millions of pesos without the knowledge of the City Council. He said that Moreno reportedly transferred the “Deed of Sale” immediately to the School Division to make it appear that the local School Division purchased the lot. “We are now collating evidences about this graft/PAGE 11

The same law grants the National Electrification Administration (NEA) the authority to oversee these cooperatives in terms of borrowing money or disposing of their properties, based on its Section 18. outlook/PAGE 11

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