BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 027
Market Indicators As of 6:00 pm august 9, 2016 (tuesday)
FOREX
PHISIX
US$1 = P46.889
8,055.06
X
6 cents
61.48 points
X
Briefly Oil price rollback VARIOUS oil companies have announced another round of price cuts for petroleum products effective Tuesday, reflecting the movement of oil prices in the world market. In an advisory, Pilipinas Shell Petroleum Corp. said it will reduce the price of gasoline by P0.10 centavos per liter, diesel by P0.75 centavos per liter, and kerosene by P0.85 centavos per liter, effective 6 a.m. SeaOil Philippines and Flying V will also implement the same reductions for all fuel products beginning at 12:01 a.m. Meanwhile, Phoenix Petroleum Philippines, PTT Philippines, and Eastern Petroleum Corp. said they will reduce the price of gasoline and diesel by the same amounts at 6 a.m.
MSME support DEPARTMENT of Trade and Industry Secretary Ramon M. Lopez urged participating CEOs to support micro, small and medium enterprises. He made the call during the 47th National Marketing Conference at Pasay City. Secretary Lopez said they can do this by adopting the inclusive business model, by involving communities as partner in mainstream business and allowing them to become part of the ASEAN region’s production network and supply chain. (DTI)
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Unstable prices affect canned tuna industry www.businessweekmindanao.com
Wednesday | August 10, 2016
S
By LILYBETH G. ISON, PNA
EVERE fluctuations of the prices of raw materials are making it even tougher this year for tuna canners in the Philippines, which may drag bottom line figures downward. According to the Alliance Foods Select Inc., the cost of tuna meat has been unstable since January, not just in the Asian markets but even in the European and U.S. markets. Tuna Market Intelligence,
a report published every fortnight by the Parties to the Nauru Agreement, a committee formed by countries advocating for sustainable fishing in the Pacific Ocean, shows that
fish costs, tuna in particular, have unexpectedly spiked in the past seven months. Tuna costs since the start of the year have risen from USD950 per metric ton (MT) to a surprising USD1,400 per MT this July. The highest price recorded was USD1,650 per MT in May 2016. “Bangkok tuna market insiders say Skipjack tuna prices have inched its way tuna/PAGE 11
TUNA TO GO. Workers at General Santos City Fishport Complex remove gills of Yellow Fin Tuna before shipping to local and international markets. MindaNews File Photo By Ruby Thursday More
Oro Chamber says ‘endo’ stoppage may result to large-scale bankruptcy By MARK D. FRANCISCO, Staff Writer
T H E C a g ay a n d e O ro Chamber of Commerce and Industry Foundation (Oro Chamber) has expressed reservations on President Duterte’s “endo” or end-ofcontract for laborers saying this may result to large-scale bankruptcies. Speaking on behalf of his group, Oro Chamber president Jeffrey T. Ang said that thorough consultations
must first be done by the national government before they finally implement this new policy. Mr. Ang said that “endo” can easily be enforced by small and medium-scale enterprises (MSMEs) that employ one to five workers, but his would be a burden for bigger companies. “If you are a large firm stoppage/PAGE 11
President Duterte engages in his signature fist sign with soldiers from the 4th Infantry Division during his visit at the unit’s Camp Evangelista headquarters in Cagayan de Oro City Tuesday. PHOTO BY GERRY GORIT
PRDP calls for more irrigation projects By CARMELITO Q. FRANCISCO, Correspondent
POOR PROVINCE NO MORE. A girl climbs up a wooden plank as she returns home from school for lunch at a coastal community in Tandag, Surigao del Sur. The province with rich mineral resources had been delisted from among the top poorest provinces in the country since 2012. Photo by Jun Ayensa
DAVAO C it y - - L o c a l government units (LGUs) have been urged to shift their priorities from farm-tomarket roads to water-related projects such as irrigation facilities and potable supply systems when submitting proposals for the World Bank-funded Philippine Rural Development Project (PRDP). Lealyn A. Ramos, PRDP project head for Mindanao,
said there is a P337-million allocation for communal irrigation projects and potable water systems, which is part of the P810-million budget for infrastructure other than farm-to-market roads. “Demand for farm-tomarket roads has exceeded its allocation. The budget has been saturated,” said Ms. Ramos in a statement. Water-related proposals,
on the other hand, are few, she added. The PRDP, with the Department of Agriculture (DA) as lead implementation agency, “cannot reallocate funds for water and other infra (into farm-to-market roads)... because this is part of our loan agreement with World Bank,” Ms. Ramos explained. LGUs are required to prov i d e a c ou nt e r p ar t equivalent to 10% of the prdp/PAGE 11
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Economy
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Audit of all mining operations nationwide welcomed
D AVA O C i t y - - T h e incumbent chair of the Mindanao Business Council welcomes the government’s effort to audit the mining
industry, aimed at knowing those which are operating and no longer operate at present. Vic Lao, chair of the Mindanao Business Council
said that the mining industry though regulated by the government must be monitored if there are abuses or lapses.
DA, ATI train rural women on organic veggie production MARAWI City – To boost the advocacy on organic farming, the Department of Agriculture Provincial Office in collaboration with Agricultural Training Institute (ATI) Region XII conducted a training on organic vegetable production for rural women on August 2-4, 2016.
Twenty women and 10 farmers from the different barangays of the municipality of Balindong participated in the training to learn the basics of organic farming. Aside from orienting them about Republic Act 10068 or the Organic Agriculture Act of the Philippines, the participants were taught
on the concepts and best practices on organic vegetable production and integrated pest and disease management on organic vegetable farms particularly on the preparation of liquid organic fertilizers and vermicompost production. The participants also train/PAGE 11
He stressed that if the benefits derived from the industry exceed the risks that have to be undertaken, then players would rather mitigate the risk and continue with the industry. “The industry has helped generate revenue for the government, has created employment for the people and consequently helps the
economy in the community,” Lao said. He said an employment generated out of the industry will have a multiplier effect on its economy. Lao said that the Mindanao Business Council only wants that all stakeholders will be provided with a venue for a forum where they ventilate their issues, to be heard and
to be answered. He stressed that the holding of an anti-mining forum is welcome provided that the media will raise the issues to other stakeholders of the industry who have a say on the concerns affecting them. “It would have been better if all participants were audit/PAGE 11
RPN Radyo Ronda Stations Nationwide
CNN Philippines Stations Nationwide CNN Philippines TV-9 Manila CNN Philippines TV-12 Baguio CNN Philippines TV-12 Dagupan CNN Philippines TV-26 Tarlac CNN Philippines TV-10 Iriga CNN Philippines TV-4 Iloilo
CNN Philippines TV-8 Bacolod CNN Philippines TV-9 Cebu CNN Philippines TV-5 Cag. de Oro CNN Philippines TV-5 Zamboanga CNN Philippines TV-7 GenSan CNN Philippines TV-9 Davao
DZBS 1368 Baguio DZRL 639 Batac DZTG 621 Tuguegarao DZKI 1332 Iriga DYKW 936 Binalbagan DYKB 1404 Bacolod DYKC 675 Cebu DXKO 1368 Cagayan de Oro DXKS 1080 Surigao DXKD 1053 Dipolog DXKP 1377 Pagadian DXXX 1008 Zamboanga DXKT 1071 Davao DXDX 693 General Santos
Designer Gil Macaibay's creation as seen during the third day of the 5th Mindanao Fashion Summit last Saturday at Limketkai Rotunda, Cagayan de Oro City. PHOTO BY MARK FRANCISCO
CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011
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Century Pacific H1 income grows 46% to P1.36 B
T
H E P h i l i p p i n e s’ largest canned f o o d c o m p a n y, Century Pacific Food Inc. (CNPF), grew its first half net income by 46 percent to P1.36 billion, buoyed by robust demand for its branded food products. For the second quarter alone, net income reached P725 million, a 46-percent growth from last year and a 14-percent increase from the quarter before.
Year-to-date revenues grew by 15 percent to P13 billion. Second-quarter revenues also grew by 3 percent compared to the first three months of the year. “Top line growth across our 3 M’s - Marine, Meat, and Milk - continues to be driven almost completely by increases in volume. These can be attributed to our various sales and marketing campaigns, plus a strong local economy boosted by
election spending,” said C N P F ’s C h i e f F i n an c e Officer Oscar Pobre. “However, we also faced some challenges due to the El Niño weather disturbance and slowness in certain export markets,” Pobre added. L o c a l l y, r e v e n u e growth through modern t rade outp er for me d as retailers pursued aggressive expansion plans. Globally, a fast-rising trend towards
healthy and organic coconut products is offsetting sales weakness in private-label tuna. CNPF also saw profitability improve, thanks to successful buying strategies, subdued input costs, and increased revenue contribution from higher margin segments. Gross profit margins grew to 30 percent from 26 percent the year before, while net income margins
PETRON CORP. is looking to take on more debt with a plan to raise up to P40 billion through the sale of fixed-rate retail bonds. In a disclosure to the stock exchange on Monday, Petron said its board of directors approved the “public offer and issuance of up to P40 billion worth of peso-denominated fixedrate retail bonds via a shelf registration for a period of three years.” The company said the initial offering would be up
to P20 billion worth of retail bonds. BDO Capital & Investment Corporation, BPI Capital Corporation and SB Capital Investment Corp. were also appointed as joint issue managers, joint bookrunners, and joint lead underwriters. Meanwhile, Petron said its consolidated net income surged 55% to P5.28 billion for the first half of 2016, from P3.4 billion logged for the same period last year. The company attributed
its first half performance to “a surge in sales volumes supported by its aggressive network expansion, improved production and cost efficiencies, and a deeper focus on customer programs.” C onsolidated sales volumes in the Philippines and Malaysia stood at 51.8 million barrels for the first half of 2016, a 9% increase from 47.4 million sold for the same period last year. However, lower crude oil prices pulled down its consolidated sales revenue
by 13% to P161.9 billion in the January to June period, from P186.1 billion a year ago. Dubai crude averaged $36.80/barrel in the first half of 2016, compared to $56.59/barrel last year. “Petron continues to deliver strong results amid the prolonged slump in oil prices. This is a direct effect of much improved operational productivity and the expansion of our markets,” Petron President and CEO Ramon S. Ang said in a statement.
increasedto 10 percent from 8 percent in 2015. The Company behind household names Century Tuna, Argentina Corned Beef, 555 Sardines, Angel M i l k , a n d B i r c h Tr e e continued its program of building and investing in brands, most notably staging during the first half of the year the tenth cycle of its nationwide “Century Tuna Superbods” event. Pobre said, “We are
confident that the positive momentum will continue into the rest of 2016. We look forward to the second half where the rainy season, school openings, and Christmas holidays boost domestic sales.” In 2016, the company is expected to end the year maintaining its double-digit growth rates. In 2015, CNPF saw consolidated revenues and net income expand by 14% and 21%, respectively.
Petron to raise up to P40B from retail bonds GLASS NOODLES SEAFOOD SOUP -
Emerging Philippines First Metro Investment Corporation, the investment banking arm of the Metrobank Group, remains confident that the Philippine economy will maintain its steady growth until the end of the year and still be one of the highest performers in the region. The country’s GDP is projected to expand at 6.57% on grounds of strong economic fundamentals, heightened electionrelated spending, increased domestic demand that is now investment-led, coupled with steady consumer spending from money poured in by OFWs and the BPO sector, as well as stronger government spending, and the overall high optimism for the new leadership of President Rodrigo Duterte. First Metro president Rabboni Francis Arjonillo said, “We remain optimistic on the performance of the Philippine economy for the rest of the year. With the anticipated 6.5-7% GDP growth, the countr y is expected to continue its rapid growth, outperform it s re g i on a l p e e rs and weather any further global economic and financial market headwinds. The country’s fiscal position remains healthy and the monetary policy, that is supportive of growth, is seen to persist even after the change in government leadership.” In f l at i on is s e e n to average around 2-2.2% due to the slight recovery of oil prices and the effects of El Niño. The growth of OFW remittances will continue to be tempered by the impact of low oil prices, particularly
in the Middle East, but will maintain a positive growth of around 2-4%. E xp or ts are s e en to improve marginally at 2-5% but may continue to reel due to weak global economy. Imports are expected to grow 7-10% this year driven by robust domestic consumption and investment demand. The peso will be trading between 46.50 and 47.50 against t he g re enb ack, slightly stronger than the start of the year projection of 48-49, as a result of robust investment inflows. Bond yields are projected to stay at the current levels due to high domestic l i qu i d it y. None t h el e ss , volatility is expected to persist due to uncertainties brought about by global events (i.e. Brexit, possible China hard landing): 5-year at 2.69-3.09%, 10-year at 3.13-3.53%, and 25-year at 4.16-4.56%. Infrastructure spending will remain at 4.5-5% on expectation of smooth and faster implementation of PPP projects and other public infrastructure. In equities, the market may challenge its previous a l l - t i me h i g h of 8 , 1 2 7 (achieved in April of last year) towards yearend, buoyed by the strong momentum of foreign flows, increased investors’ confidence in the sound fundamentals of the domestic economy and clear political mandate of the Duterte administration. The policy pronouncements of the Duterte administration have been so far marketfriendly and ensure policy continuity. That made a whole lot of difference in prop elling the equities
market post elections plus the up weight of the Philippines in the MSCI index and the delay in the Fed rate hiking cycle expected last June. Consistent with the strong positive outlook following the elections, First Metro affirms its earlier expectation that capital raising will accelerate in the second half. Coupled with benign interest rates, corporates are expected to further beef-up growth and CAPEX plans. First Metro also anticipates invigorated infrastructure financing needs even outside
power. The capital markets, both debt and equity, will broadly be available to fuel these strategies. While equity markets may be marked by volatility, equity deals will be completed subject to timing. Given the robust local economy vis-à-vis the global front, strong interest on inbound M&A is highly exp ec ted. As Europ e an v a lu at ions d e cl ine due to Bre xit , st rong l o c a l corporates may consider Euro/UK acquisition opportunities. emerging/PAGE 11
KAVE RESTAURANT’S LATEST MENU
Limketkai Luxe Hotel takes pride with Kave Restaurant’s new addition to its menu. The Glass Noodles Seafood with Tofu in Coconut Milk Kaffir Lime Soup is a Thai-style soup that captured the judges attention and taste buds during the recently concluded Food Solution Elite Chef Challenge 2016, by no less than Limketkai Luxe’s Sous Chef Benjie Gaviola who was declared Champion during the Chefmanship. We are offering this menu starting August 11, 2016 at KaVe Restaurant. For reservations : 09178524786 or (088)880-0000 Socialize with us @ Facebook : limketkai Luxe Hotel Instagram : limketkai_luxe Twitter : limketkai_luxe
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Opinion
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Geovanni Abing’s All That Remains
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Bread and Butter Think a minute…There was a baker who bought his butter from a local farmer. One day the baker decided to weigh the butter. He was surprised that the farmer had been giving him less butter but still charging him the same price. The baker got very angry! He told the farmer he was a dishonest crook and took him to court. In court the judge asked the farmer: “Do you have measuring weights and scales? The farmer answered no. So the judge asked: “Then how do you weigh the pound of butter you sell to the baker?” The farmer said: “When the baker started buying butter from me I wanted to help him too, so I started buying his bread for my family. Since then I’ve been using the baker’s 1-pound loaf of bread as the weight to measure my butter. So if the weight of the butter is wrong, that means the baker has been dishonest and selling less than a full pound loaf of bread to me!” Many of us are quick to see the faults and wrongs of others, but we’re slow to see and admit our own. In fact, many times we draw attention to other people’s problems and faults precisely because we don’t want to face
THINK
A Minute
Jhan Tiafau Hurst our own. We think we’re wise experts at knowing what’s wrong with everyone else, yet we’re completely blind to our own weaknesses and character flaws. But even if that other person does have something wrong with them, our own wrong of judging them can be even worse than what we’re judging them for! This is why Jesus Christ warned us that we will end up being judged by the same judgment we made on someone else! But if we will honestly admit to Jesus what’s wrong with our own character and way of living, Jesus will forgive us and give us His inner power. He can start fixing and changing our heart, so we’ll be free to genuinely love others instead of looking for their faults. Just Think a Minute…
As Boholano artist Geovanni Abing will soon open his third solo exhibit on August 18 at Qube Gallery, Cebu City, I am optimistic that his art’s magnetic qualities assure his promising journey. His pacesetting art attests this. The following is my art criticism for his coming show: Individuals may choose a course of action off the beaten track. At times, these pathfinders affect popular culture by their individuality; likewise, culture inspires their individualism. What the mind feeds, that is what he or she becomes. The human mind begins as a complete but receptive blank slate or a “tabula rasa” as Aristotle conceptualizes it; we learn and transmute our lives from the information about the objects in the world that our senses carry. Thus, Ralph Waldo Emerson penned: “… man is a bundle of relations,
a knot of roots/whose flower and fruitage is the world.” Much of what we are comes from our beliefs— our map of the world and our place in it. Beliefs are powerful because it is our sense of reality filtered by life experiences. Our beliefs, however, are not real but are mere constructs. The map is not the jurisdiction—just a subjective representation of it. But beliefs are either empowering or limiting depending on how we nurture them. In this exhibit, Geovanni Abing figuratively presents the influencing and influenced constituent of urban culture. His “All That Remains” focuses on the causality between memories and day-to-day encounters, and the fabric of pop tastes, perspectives and practices: the outcome is a function of the inputs. Abing’s collage
images reminds of subsuming materialistic values which—if remained unchecked and unchallenged—sacrifices o n e’s s p i r i t u a l i t y a n d catalyzes a less meaningful communal and personal existence.His p or t raiti ns pi re d pre s e nt at i ons metaphorically reveal what happens if individuals are filled with the time’s many delusions. For the online screen slaves, for instance, they can reflect whether or not they are “made or unmade” by what consumes them. The artworks reveal surreal faces with eyes or necks forcing out cartoon characters, animals and other symbols of pop culture. Comical and bizarre, they obviously communicate a satire. The unique medium— upcycled magazines and books—and imagery cannot more reinforce on the theme
lucell larawan of identity crisis evoked by the subjects of Abing’s artworks. The oeuvres are informed by the search for and scholarly debate over Filipino national identity, and the seeming dearth of values in urban culture. The quest and deliberations? These arise from the reality that information about who we are, what we are about, and what we are expressing— is lacking.
Do we love our Mother Earth? Th. Campbell said in his “Lochiel’s Warning”, “Coming events cast their s h a d o w s b e f o r e”. A n d here we are again: super typhoons and floods, after several months of El Nino. Already before, most of us learned, that prevention is indeed better than cure. Let’s face it, if we don’t try to alter our lifestyle NOW, we may once again face to face with disastrous effects of new typhoons and heavy rain. Much effort has already been undertaken by our local and national governments in segregate wastes properly. But many of us really don’t seem to learn! We are enthusiastic at the beginning, but we gave up halfway. Why can I still observe so many garbage at innumerable c or n e r s ? Why re m ai n s indiscriminate dumping one of the causes of flash floods? Most of our drainage
systems are still clogged by wastes of different kinds, rendering them useless. Guys, tr y to become “intelligent consumers”, meaning to say: “we must be conscious of those products we consume and where they will go after we are done using them.” September was actually declared as the National Cle an Up Mont h. E ach 17th - 23rd of this month e ach ye ar is t he World Clean and Green Week. It shouldn’t be in our minds and activities for this one week only! Natural disasters indeed occur all the time. But, they are getting more and more worse. It seems, we are no more having control over our beloved Mother Nature, which is suffering to death - because of us! There are a lot of environment destroyers! Already four years ago, I really got shocked being infor me d t hen by t hen
director of the Protected Areas and Wildlife Bureau of the Department of Environment and Natural Resources (DENR), saying that the havoc wrought by poachers on coral reefs of Southern Mindanao is “much worse” than earlier estimated. How much more now in 2016? The damages areas could reach almost five times the size of Manila and not just almost twice its size as former reports said in 2015. Poachers damaged a reef complex almost twice the size of the city of Manila when they harvested more than 21,000 pieces of black coral and killed (!) 161 (!) endangered tur tles and other marine life. I also learned from Gary Williams of the California Academy of S ciences, estimating that the area damaged or destroyed could reach up to 190 square kilometers. It makes me happy and satisfied learning “vowing
H ave M y Say
Klaus Doring
to do a Duterte thing for t h e e nv i ron m e nt”, t h at E nv i ron me nt S e c re t ar y Regina Lopez announced he is putting up an action arm in the department and will enter into an agreement with the PNP and military to help in the crackdown of people who destroy the country’s natural resources. +++ Email: dor ing klau s@ gmail.com or follow me in Facebook or Twitter or visit www.germanexpatinthephilippines.blogspot.com .
The secret of receiving what we ask LIFE’S INSPIRATIONS: “… your Father knows what you need before you ask him…” (Jesus Christ, our God and Savior, in Matthew 6:8, the Holy Bible). -ooo THE SECRET OF RECEIVING WHAT WE ASK: I don’t know if you’ve not ice d, but t he re are advertisements masquerading a s p o s t s i n Fa c e b o o k nowadays ostensibly offering ways to ask positively what we want and desire in life, and then receive them in just a matter of hours. Testimonies are then offered, allegedly coming from people who received what they asked for, to prove the authenticity of the entire thing! It would have been great, but there is just one kink: you are required to buy, in
US dollars yet, a manual that would show how to ask positively. If you do not buy the manual, you do not get to learn the process of asking positively, and therefore you will not receive anything. Wow ! S o m e p e o p l e can really resort to a lot of gimmickry just to take our hard-earned dollars---and pesos to us Filipinos---away from us. The truth is that, if ever there is a secret to successfully receiving what we ask for, it is something that had been written before and is staring at us in our faces all along. -ooo ASK AND IT WILL BE GIVEN: The secret I refer to is an advice that had been publicly---not in secret, of course---voiced out over and over to millions and
millions of people around the world: ask and it will be given to you, seek and you will find, knock and the door will be opened to you. We are told that everyone who asks receive, the one who seeks finds, and to the one who knocks, the door will be opened. But when we ask, we must believe and not doubt. The reason is that, the one who doubts is considered like the wave of a sea, blown and tossed by the wind. That person should not expect to receive anything. So then, to whom do we ask what we need or what we desire? Who is going to give us what we ask and seek, and who is going to open doors of opportunities for us? The One who created the heavens and the earth
K akampi
Mo A ng Batas
Atty. Batas Mauricio and every other thing in the whole universe, that’s who! Certainly, this Creator can give us anything we ask of Him through His sheer power, in much the same way that He created everything from nothing. This is the Creator who created and gave us life, who gave us this planet, who batas/PAGE 11
5 Nonperforming loan Syndicated estafa raps vs. ratio of banks down top Banco Filipino execs Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
wednesday|august 10, 2016
SOURED LOANS held by big banks sustained a decline in May from a year ago, central bank data showed, even as these firms expanded its lending activities further. T h e share of nonperforming loans (NPLs) -- which are debts left unpaid at least 30 days beyond due date -- held by universal and commercial banks improved to 1.68% of their total loan portfolio for the month, lower than the 1.94% ratio tallied in May 2015. Bad loans grew marginally despite a 17.33% rise in total credit handed out by the banks, according to the Bangko Sentral ng Pilipinas (BSP). Bank loans hit P5.866 trillion at end-May, rising
Banking&Finance
from the P5.748 trillion recorded in April and the P4.999 trillion granted a year ago. In contrast, the share of bad loans slightly rose to P98.805 billion against P96.922 billion previously, data showed. T h e value of nonperforming assets, which are properties seized by the lenders from defaulting clients, also dropped to P179.122 billion, 3.16% lower than the P184.97 billion held in May 2015. With the lower share of bad loans, banks also reduced their allowance for credit losses to P130.193 billion from P137.568 billion. Taken relative to total loans, bank reserves against potential loan/PAGE 10
THE Philippine Deposit Insurance C or p orat ion (PDIC) has filed with the D e p ar t me nt of Ju st i c e a criminal complaint for syndicated estafa against the former directors, officers, employees and consultants of the closed Banco Filipino Savings and Mortgage Bank, estimating losses to the bank at P669.6 million. The complaint is scheduled for setting of initial hearing by the DOJ Task Force on Financial Fraud. Banco Filipino is a 62-unit bank ordered closed by the Monetary Board and placed under receivership of the
PDIC on March 17, 2011. Charged with committing syndicated estafa in violation of Presidential Decree No. 1689 (1980) were Albert C. Aguirre (former Vice Chairman), Teodoro O. Arcenas (former Chairman and President), and 31 other former officers, employees and consultants of Banco Filipino. Funds misused for overseas travels In its ComplaintAffidavit, PDIC alleged that the respondents, with abuse of confidence as bank directors/officers, conspired and misappropriated Banco
Filipino funds solicited from the depositing public approximating P669.6 million to pay for their travels abroad from January 2000 to July 2003. The syndicated estafa led to bank losses. Even after the bank was ordered closed on March 17, 2011, respondents failed to return the amount. Banco Filipino, which started operations in 1964, was first ordered closed in January 1985. It was in 1991 when the Supreme Court ordered its re-opening and three years later, Banco Filipino resumed operations under the comptrollership
of the Bangko Sentral ng Pilipinas (BSP), in compliance with the Supreme Court order. Due to the Bank’s good f inanci a l he a lt h, BSP’s compt rol lership of t he Bank was lifted in January 2000. PDIC alleged that based on investigation, the crime of syndicated estafa was committed after BSP’s comptrollership was lifted. With a net loss of P1.778 billion and a net asset decline of almost 50% for a three-year period since 2000, Banco Filipino was again placed under BSP comptrollership. estafa/PAGE 11
Candidates of Miss Cagayan de Oro 2016 bask in their swimsuit provided by Cococabaña with support from Gibi Shoes and SM Accessories, all of them original products from SM Store. The swimsuit competition occurred last August 6 at Limketkai Luxe Hotel. PHOTO BY MARK FRANCISCO
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8 BDO Capital given ‘Triple A’ awards for major role in power infra projects B Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
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DO Capital & Investment Corp. (BDO Capital), the investment banking arm of BD O Unib an k, Inc. (BD O), has been f e t e d w i t h Tr i p l e A Aw a r d s b y T h e A s s e t magazine in the recently held Asia Infrastructure Awards 2016. The Hong Kong-based publication gave awards to notewor thy energ y projects wherein BD O C apit a l pl aye d a maj or role. Thes e include: Energy/Renewable Energ y D e a l of t he Ye ar in Asia-Pacif ic, for t he P3.25-bi l lion f inancing of San Carlos Sun Power, i n w h i c h B D O C apit a l was one of the mandated le ad ar rangers. B est Power Deal, Phi lippines, for t he San Buenaventura Power Lt d . ' s P 4 2 - bi l l i on l o an f a c i l it y, i n w h i ch BD O Capital has acted as one of the joint mandated lead arrangers, book runners and issue co ordinators; Project Finance
D e a l o f t h e Ye a r, B e s t Energ y D e a l, and B est Renewable Energ y DealSolar, Philippines, for the P3.25-bi l lion f inancing of San Carlos Sun Power, i n w h i c h B D O C api t a l was one of the mandated le ad ar rangers; Most Innovative Deal, Philippines, for t he P31.97-bi l lion lo an faci lity for t he Ab oit izowne d Ther ma Vis ayas, Inc. in which BDO C apit a l ac te d as one of the joint lead arrangers; and, The Tr iple A Awards i s r e g a r d e d a s A s i a’s defining recognition for excellence in the i n du s t r y. It re pre s e nt s t h e i n d u s t r y ’s m o s t p re s t i g i o u s aw a rd s f o r banking, finance, treasury and the capital markets. Issuers and investors, w ho const itute t he bu l k of The Asset’s readership base, are consulted in the pro c e ss e it he r t h rou g h the Asset Benchmark Sur veys or in the course of the Triple A selection.
INNERS ALL. BDO Capital and Investment Corp., along with other companies, received the prestigious Triple A W Awards from The Asset magazine. Proudly showing their plaques are Eduardo V. Francisco, BDO Capital president (far right); Eleanor Lee Hilado, head of debt practice at BDO Capital (far left); Nicolo Daniel Subido, Business Development Manager at Aboitiz Power Business Development (second from left); Clarice Marucut, assistant vice president for Treasury at Aboitiz Equity Ventures, Inc. (AEV, middle); and Gabriel Mañalac, senior vice president and Group Treasurer at AEV (second from right).
Reconstituted City Tourism Council takes oath of of office
T h e n e w l y reconstituted Cagayan de Oro City Tourism Council take their oath of office before Mayor Oscar S. Moreno 05 August 2016 at the City Mayor's Office with five new members. Former Dept of Tourism 10 Regional Director Dorothy Jean B.. Pabayo remains as chairperson of
the private sector counterpart of the C i ty T ou ri s m & Cultural Affairs Office. The CTC leads the celebration of the city's four landmark festivals Cagayan de Oro Chinese New Year Festival (1st quarter), Himugso (June 12-15), HIgalaay Festival (month of August) and Pasko de Oro (December).
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Catarman constructs multipurpose hall through community-driven development Volunteers of Barangay Compol in the Municipality of Catarman, Camiguin Province constructed a 1-storey 1 unit multipurpose hall through the Kapit-Bisig Laban sa Kahirapan-Comprehensive Integrated Delivery of Social Services: National Community Driven Development Program (KALAHI CIDSS-NCDDP). During the sub-project implementation, women participation is strongly encouraged; those who answer the call were women residents – majority of who are Pantawid Pamilya beneficiaries. As safety measure during the construction, engineers working on the project strictly imposed the use of personal protective equipment during work hours, and whenever inside the construction site. The total project cost is Php 811,286.00 with the KALAHI CIDSS-NCDDP grant at Php 777,859.77 and local government unit counterpart of Php 33,426.23. Photos by Alfredo S. Aguilar III, Technical Facilitator, DSWD KALAHI-CIDSS: NCDDP, Catarman, Camiguin Republic of the Philippines REGIONAL TRIAL COURT OF LANAO DEL NORTE 12th Judicial Region OFFICE OF THE CLERK OF COURT EX-OFFICIO SHERIFF Tubod, Lanao del Norte NOTICE OF EXTRA-JUDICIAL SALE EJF No.: 2014-07-2016 Upon the Extra Judicial Petition for Sale Under Act 3135/1508, as amended, filed by the LAND BANK OF THE PHILIPPINES Branch Office Cagayan de Oro Lending Center, 2/F Green Tower Bldg. Velez- Luna Sts., Cagayan de Oro City against BONITA AND CESAR CABATAÑA SR., CHERRY CABATAÑA AND CHRISTIAN CABATAÑA, Kolambugan, Lanao del Norte to satisfy the indebtedness which as of October 30, 2015 amounting to ONE MILLION NINE HUNDRED NINETY-FOUR THOUSAND EIGHTEEN PESOS AND 91/100 (Php 1,944,018.91) excluding penalties, changes, attorney’s fee and expenses of foreclosure, the undersigned or his duly authorized deputy will sell at Public Auction on 21st day of September 2016 at 10:00 A.M. or soon thereafter at the Regional Trail Court, Branch 07, Provincial Capitol of Lanao del Norte, Pigcarangan, Tubod, Lanao del Norte to the highest bidder for cash or manager’s check and in Philippine Currency, the following property with all its improvements, to wit: 1. TRANSFER OF CERTIFICATE OF TITLE NO. T-12,770 A parcel of land (Lot 6468) situated in the Barrio of Rebucon, Kolambugan LN Municipality of Kolambugan, Province of Lanao del Norte, Island of Mindanao. Bounded on the S. along line 1-2 by Lot 6505, Pls-89 Ext. on the SW, W., and NW., along lines 2-3-4-5-6-78-9 by Rebucon Creek; on the N., along lines 9-10-11 by Lot 6475. Pls 89 Ext., and on the N., and NE., along lines 11-12-13-14-15-1 by Muntay Creek. With an area of SIXTY TWO THOUSAND SEVEN HUNDRED AND FORTY FOUR (62,744) SQUARE METERS. With all the improvements found thereon. 2. TRANSFER OF CERTIFICATE OF TITLE NO. T-12,771 A parcel of land (Lot 4525) situated in the barrio of Kolambugan Lanao del Norte Municipality of Kolambugan, Province of Lanao del Norte. Island of Mindanao. Bounded on the N., by Lot 6468 of Maigo Pls-89; on the E., by Lot 6467, of Maigo Pls-89; on the SE., by Lot 6467 of Maigo Pls-89 and Rebucon Creek; and on W., Rebucon Creek; with an area of (69,883) Square meter with all the improvements found thereon.
DTI brings ‘Negosyo, Konsumer at Iba Pa’ to Northern Mindanao
DTI -10 Senior Management led by RD Linda O. Boniao during a Media Briefing last December hosted by Atty. Fel Lester Brillantes. photo by mike baños , npn
The Department of Trade and Industry Region 10 brings to Northern Mindanao a national event showcasing the agency’s integrated menu of services and programs dubbed as the “Negosyo, Konsumer at iba pa” (NKATBP) on August 17 to 19. Homegrown micro, small and medium enterprises (MSMEs) and consumers alike will now have the chance to experience the breakthrough event that brings together the services of DTI closer to the people and under one roof. This initiative serves as a strategy to showcase programs and projects dedicated to consumers and the development of businesses through an integrated delivery of various assistance being extended by different DTI units. On the first day, DTI will launch dti/PAGE 10
Happy 4th Year Anniversary!
3. TRANSFER OF CERTIFICATE OF TITLE NO. T-16,510 A parcel of land (Lot 7346) situated in the barrio of Magpatao, Lala Lanao del Norte, Island of Mindanao. Bounded on the W., along line 1-2 by Lot 362, Pls-13; on the NW., along line 2-3 by Lot 7347, swo-24530; on the E., along line 3-4 by National Highway; and on the SE., along line 4-1 by Lot 7345, swo-24530. With an area of (585) square meter with all the improvements found thereon. 4. ORIGINAL CERTIFICATE OF TITLE NO. P-466 A parcel of land (Lot_______) situated in the barrio of Tubod, Lanao del Norte, Island of Mindanao. Bounded on the NE., along line 1-2 by Maciano Maghinay; along line 2-3 by BUREAU OF FORESTRY; on the SE., along line 3-4 by ALEJO CAPAMPANGAN and RONOLFO CABYLE; on the SW., along line 4-5 by DOMINADOR BIHAG; and on the NW., along line 5-1 by NATIONAL HIGHWAY. With an area of (427) square meter more or less with all improvements found thereon. “All sealed bids must be submitted to the undersigned on the above stated time and date. In the event that the Publication Auction cannot take place on the said date, it shall be held on September 28, 2016 without further notice.
Tubod, Lanao del Norte, Philippines, this August 2, 2016.
BWM: Aug. 10, 17 & 24, 2016
For the Clerk of Court and Ex-Officio Sheriff (Sgd.) CONRADO V. HINGCO, JR. Sheriff
Greetings from:
hon. rolando “klarex” uy 1st District Representative Cagayan de Oro City
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wednesday|august 10, 2016
DTI... from page 9
a Negosyo Center and unveil the Fab Lab Mindanao at the Iligan Institute of TechnologyMindanao State University (MSU-IIT) to give local designers and entrepreneurs the opportunity to avail of an advance prototyping and fabrication Shared Service Facility (SSF). Simultaneously, DTI 10 will conduct trainings and learning sessions on Expanding Business through E-Commerce and E-Services, Standard Blitz and Consumer Forum at Cagayan de Oro City. The newly appointed Trade and Industry Secretary Ramon Lopez will be the keynote speaker for the opening ceremony which will include the recognition and awarding of DTI-10’s best SSF, partner agencies and Consumer Organizations in the implementation of its programs, BAGWIS award (DTI Certified Establishment) and the high school students who won the Best Feature story. The Northern Mindanao leg will also be highlighted w it h t he s i mu lt ane ou s conduct of the Kahimunan R e g i o n a l Tr a d e F a i r, Diskwento Caravan and REPUBLIC OF THE PHILIPPINES ) PROVINCE OF LANAO DEL NORTE ) SS TUBOD, LANAO DEL NORTE ) AFFIDAVIT OF ADJUDICATION BY SOLE HEIR OF THE ESTATE OF DECEASED PERSON I, ROSALINA V. QUIÑOLA, of legal, Filipino, widow, with residence and post office address at Poblacion, Baroy, Lanao del Norte, Philippines, after been duly sworn to in accordance with law, hereby depose and say. 1.
That I am the sole heir as the surviving spouse in the second marriage of deceased FORTUNATO Q. QUIÑOLA who died intestate and without any issue in Baroy, Lanao del Norte, Philippines, on December 24, 1994 as evidenced by Certification of Fact of Death dated April 8, 2015 issued by the Office of the Municipal Civil Registrar, Tubod, Lanao del Norte, hereto attached as Annex “A” and made an integral part of this affidavit;
2.
That the said deceased FORTUNATO Q. QUIÑOLA at the time of his death left an estate which is a parcel of agricultural land situated at Barangay Princesa, Baroy, Lanao del Norte, more particularly described as follows: “A parcel of land, designated as Lot No. 2390, Pls-13 situated at Barangay Princesa, Baroy, Lanao del Norte, Island of Mindanao Philippines, Bounded on the NW., along lines 2-3 by Lot No. 1377 ,Pls 13; on the NE ., along lines 3-4-5 by Ininguian River; on the SE., along lines 5-6-1 by Lot No. 1376 and on the NW., along lines 1-2 by Lot No. 1367 , Pls-13; Beginning at a point marked “1” OF Lot 2390, Pls-13 being N, 48 deg., 07’E, 228.28 m from BLLM No. 112, Pls-13, thenceN 41 deg 57’W 52.78 m. to pt. 2; N 43 deg 59’E 251.85 m to pt. 3 N 76 deg 36’E 108.90 m. to pt. 4; S 70 deg 36’E 68.56 m to pt. 5 S 66 deg 11’W 15.23 m. to pt. 6; S 60 deg 42’W 339.77m to pt.1, Point of beginning.” Containing an area of TWENTY EIGHT THOUSAND NINE HUNDRED THIRTY (28,930) square meters more or less, Covered with Original Certificate of Title No. P-7954 issued by the Office of Register Deeds for Province of Lanao del Norte in the name of Felisa Q. Quińola married to Fortunato Q. Quiňola, with Tax Declaration No. G1500627 in the name of Felisa Q. Quiňola and with an assessed value of ₱55,420.00
That Felisa Q. Quiňola is the wife of Fortunato Q. Quiňola in his first marriage who died without any issue leaving Fortunato Q. Quiňola as her sole heir; That to the best knowledge and information of the party hereto, the deceased Fortunato Q. Quiňola left no debts; That aside from the herein party the deceased has no other legal heirs and he died without any issue; That pursuant to Rule 74,Sec. 1 of the Revised Rules of Court, I hereby adjudicate unto myself the whole portion of the above-described real property by means of this Affidavit and hereby files the same with the Register of Deeds of the Province of Lanao del Norte, with the request that the said adjudication be made effective without judicial proceedings as prescribed by the aforementioned Rules of Court, IN WITNESS WHEREOF, I have hereunto set my hand this 6th day of August 2016 in the Tubod, Lanao del Norte, in the Province of Lanao del Norte, Mindanao, Philippines.
ROSALINA V. QUIÑOLA Affiant WITNESS: _______________________________
__________________________________
ACKNOWLEDGMENT
SUBSCRIBED AND SWORN to before me this 6th day of August 2016 in the Municipality of Tubod, Lanao del Norte, Philippines. Affiant exhibited to me her document of identity which is her Senior Citizen ID No. 6387 issued on December 10, 2012, known to me to be the same person who executed the foregoing affidavit, and she acknowledged to me that the same is her free act and deed. WITNESS MY HAND AND NOTARIAL SEAL on the date and at the place first above written.
Doc. No. 429 Page No. 86 Book No. LXXN Series of 2016
BWM: Aug. 10, 17 & 24, 2016
Atty. DOROTHEA SALIGAN BASALO Notary Public Until December 31,2016 PTR No. 2849374/ Jan. 04,2016/Tubod,LDN IBP OR NO.1016148/ Jan.08,2016 LANAO DEL NORTE CHAPTER Roll No.53300 MCLE Certificate of Compliance No. V-0001332
seminars catering to Food Safety Awareness for MSMEs and Investment Briefing on Policies & Procedures for the Availment of Board of Investment Incentives. Interested participants may get in touch with any of the Provincial Offices of DTI Northern Mindanao.
131.77%, coming from May 2015’s 141.94% coverage. The central bank monitors the NPL ratios of b an k s and f i nanc i a l
entities to monitor asset quality, in keeping with its mandate of keeping a sound and stable banking system.
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Loan... from page 5
defaults still stood at 2.22%, a slight slip from last year’s 2.75%. Still, banks have more than enough to cover for the share of bad loans at DEED OF EXTRA-JUDICIAL PARTITION OF ESTATE OF SOLE HEIR WITH DEED OF ABSOLUTE SALE KNOWN ALL MEN BY THESE PRESENTS: that we, CIRILO J. SOBRIO of legal age, widower, Filipino and resident of Zone 9, Patag, Cagayan de Oro City, hereinafter referred to as the HEIR-VENDOR, and MARIA IDA J. MORENO, of legal age, married to Jaime Moreno, Sr., Filipino and resident of Zone 9, Patag, Cagayan de Oro City, hereinafter referred to as the VENDEE; MANIFEST: That I am the only, sole, legitimate and surviving legal heir of the late LILIOSA ADANZA SOBRIO, who died intestate on 27 May 2013 and died without any child nor adopted children, at Cagayan de Oro City, Misamis Oreintal; that the deceased at the time of her death left a Residential Land, known as Lot 16, Block 22, Psd-10-011967 situated in the Barrio of Patag, City of Cagayan de Oro, Island of Mindanao. Containing an area of NINETY ONE (91) SQUARE METERS declared in the Heirs of late LILIOSA ADANZA SOBRIO is the subject of “DEED OF EXTRAJUDICIAL PARTITION OF ESTATE OF SOLE HEIR WITH DEED OF ABSOLUTE SALE” Under Notary Public BUENAVENTURA E. SAGRADO. Per Doc No. 246; Page No. 50; Book No. 114; Series of 2016. BWM: Aug. 10, 17 & 24, 2016 DEED OF EXTRA-JUDICIAL PARTITION OF ESTATE OF SOLE HEIR WITH DEED OF ABSOLUTE SALE KNOWN ALL MEN BY THESE PRESENTS: that we, CIRILO J. SOBRIO of legal age, widower, Filipino and resident of Zone 9, Patag, Cagayan de Oro City, hereinafter referred to as the HEIR-VENDOR, and CHERRY ANN G. POPERA, of legal age, married to Judy P. Popera, Filipino and resident of Zone 9, Patag, Cagayan de Oro City, hereinafter referred to as the VENDEE; MANIFEST: That I am the only, sole, legitimate and surviving legal heir of the late LILIOSA ADANZA SOBRIO, who died intestate on 27 May 2013 and died without any child nor adopted children, at Cagayan de Oro City, Misamis Oreintal; that the deceased at the time of her death left a Residential Land, known as Lot 16, Block 22, Psd-10-011967 situated in the Barrio of Patag, City of Cagayan de Oro, Island of Mindanao. Containing an area of NINETY ONE (91) SQUARE METERS declared in the Heirs of late LILIOSA ADANZA SOBRIO is the subject of “DEED OF EXTRAJUDICIAL PARTITION OF ESTATE OF SOLE HEIR WITH DEED OF ABSOLUTE SALE” Under Notary Public BUENAVENTURA E. SAGRADO. Per Doc No. 245; Page No. 49; Book No. 114; Series of 2016. BWM: Aug. 10, 17 & 24, 2016
Republic of the Philippines SUPREME COURT REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Cagayan de Oro City OFFICE OF THE PROVINCIAL SHERIFF NOTICE OF EXTRA JUDICIAL SALE File No. EJF-2016-367 Upon Extra-Judicial Petition for Sale under Act 3135 as amended, filed by ORO INTEGRATED COOPERATIVE, a cooperative duly organized and existing under the laws of the Philippines, with principal office address at Yacapin-Tiano Streets, Cagayan de Oro City, against SPS. NICANORA M. OBSIOMA and LOREMIER M. OBSIOMA and NOEL ANTONIO A. MONTEBON, with residence at Jesus Seriña Street, Carmen, Cagayan de Oro City, to satisfy the mortgage indebtedness based on the Statement of Account dated July 11,2016 amounting to EIGHT HUNDRED TWENTY SEVEN THOUSAND FIVE HUNDRED FUFTY FIVE PESOS & 43/100 (P 827,555.43) Philippine Currency, as mortgagor’s principal and outstanding balance of indebtedness including interest, penalty and attorney’s fees, excluding other necessary fees and expenses of Extra-Judicial Foreclosure and Sale, the undersigned Sheriff-in-charge will SELL at Public Auction on OCTOBER 17,2016 or soon thereafter at 10:00 o’clock in the morning, at the City Tourism Hall, City Hall, Cagayan de Oro City, to the highest bidder for CASH and in the Philippines currency, the real properties mortgaged together with all existing and future improvements thereon, to wit: TRANSFER CERTIFICATE OF TITLE NO. T-159315 Registered in the name of MRS. NICANORA M. OBSIOMA “A PARCEL OF LAND (Lot 11,Block 1, Psd-104305-020294, being a portion of Lot 3868-B, Psd-10-004700). Situated in the Barrio of Carmen, City of Cagayan de Oro, Island of Mindanao. Bounded on the x x x. Beginning at x x x x; containing an area of One Hundred Twenty (120) Square Meters, more or less” Prospective Buyers/Bidders may investigate for themselves the titles herein above described and encumbrance thereon, if any there be. -In case October 17,2016 will be declared holiday or non-working day, the Public Auction Sale shall be held on October 21,2016 without further notice, publication and posting. Cagayan de Oro City, August 5, 2016. FOR THE EX-OFFICIO PROVINCIAL SHERIFF By: BWM: Aug. 10, 17 & 24, 2016
(Sgd.) JOSEPH C. MAAGAD Sheriff IV
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Tuna... from page 1
up to USD1,650 per metric ton this month,” the Tuna Market Intelligence said in its May report. Wit h t he c ont i nu e d lowering market price of tuna globally, the competitive landscape continues to create even more pressure on market players in the fish industry. Tuna canners and fishers from the Philippines are also experiencing the same predicament, more so now that the annual three-month fishing ban has commenced. The seasonal fishing ban from July to September was put in place to ensure sustainability of pelagic ocean fish such as Skipjack and Yellowfin Tuna. In the Philippines, there are seven tuna canning companies -- six are located in General Santos City and one in Zamboanga City, namely: General Tuna Corporation, Philbest Canning Corporation, Ocean Canning Corporation, Celebes C a n n i n g C o r p o r at i o n , Seatrade Canning Corporation, Alliance Select Foods International Inc., and Permex Producer & Exporter Corporation. (PNA)
Stoppage...
from page 1 e mploy ing around 100 people or more, then they will definitely be affected. The last thing we need is for these firms to go bankrupt and close shop. There will
be massive unemployment as a consequence,” he said. Mr. Ang’s statement runs counter to Mr. Duterte’s remarks in Davao City last week that he would not give in to excuses by businesses that “endo” stoppage would affect their operations. “If it cou ld me an a reduction of your corporate profits, fine, share it to the people. If you think that you would lose, close shop. You can turn to farming,” Mr. Duterte earlier said.
PRDP...
from page 1 budget for their proposed projects while the rest is bankrolled by the PRDP fund. OTHER FARM FACILITIES Aside from water facilities, PRDP applicants are also being encouraged to submit proposals for facilities related to farm output, particularly the post-harvest stage of production, such as solar driers, slope stabilization works, tram lines, and communal fish landings. Ms. Ramos said these infrastructure projects are as important as farm-tomarket roads in improving agricultural productivity. “We need to improve, especially on our post-harvest facilities to minimize losses of harvest and provide proper storage areas to avoid wastage. Doing so increases (the) net income of farmers,” she said. The six-year PRDP, which picks up from the Mindanao Rural Development Program
Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Cagayan de Oro City BRANCH 22
t hat was conclude d in December 2014, has nationwide coverage and g ive s sp e ci a l fo c us on disaster-hit areas such as parts of the Visayas that suf fere d f rom typho on Yolanda (international name: Haiyan) in 2013. “We hope to get proposals by the end of August so that we still have enough time to process them,” Ms. Ramos said. T h e re i s a p e n d i ng proposal for an additional $450-million funding from the World Bank to cover more proposals. The PRDP has an original P27.5 billion overall budget, of which about two-thirds is for infrastructure.
Audit... from page 2
hosted in one single forum where the issues be raised simultaneously,” Lao said. He said that it is the duty of the media to raise the issues to all concerned particularly the players in the mining industry to also answer. Lao said issues must be floated to the society so that the people can decide what is right or wrong. “Issues raised by the antimining advocates must be answered by the pro-mining operators. It is because if these issues are not answered and they constitute irresponsible mining practices, then the mining operation has to be shut down. However if they are properly addressed and the issues are not valid and relevant, then that should not be used against the industry,” he said. (PIA 11-Joey Sem G. Dalumpines)
SHERIFF’S NOTICE OF SALE EJF File No. 2016-299
TRANSFER CERTIFICATE OF TITLE NO. T-136-2014000583 Lot Portion of As surveyed for Land Use Location Area
: Lot 31, Block 17, Psd-10-059077 : Lot 2, Pcs-10-003972 : JOHNDORF VENTURES CORP. Pag-ibig Citi Homes Phase 2 : Residential : Malanang, Opol, Misamis Oriental, Island of Mindanao : ONE HUNDRED TEN (110) SQ.M. MORE OR LESS
Prospective buyers/bidders may investigate for themselves the title of the herein described property and encumbrances thereon, if any there be. All sealed bids must be submitted to the undersigned on the above stated time and date. In the event the public auction should not take place on the said date, it shall be on the next working day without further notice.
Cagayan de Oro City, July 25,2016.
from page 2
received packets of vegetable seeds after finishing the training. The municipality of Balindong is a member of the League of Organic Agriculture Municipalities (LOAM) of the Philippines. LOAM is a national organization of local chief executives that commits to actively promote and implement the sustainable organic agriculture program in their respective municipalities. (APB/PIA-10)
Emerging... from page 3
A r j on i l l o a l s o s ai d , “Clearly the Philippines has emerged as one of the highest performing economies in Asia, running up to 6 years of strong growth and has remained resilient in the face of global economic and financial markets turbulence. With the change in government and the promise of the Duterte administration’s decisiveness and action, and end to the most debilitating problems that the country has seen in the recent past, the country is poised to become an emerging global frontrunner.”
Batas... from page 4
gave our parents who sired us, and who, obviously, loves us so much He caused us to exist! -ooo T RY A S K I N G T H E “FATHER” WHO GIVES WHAT IS ASKED OF HIM:
Republic of the Philippines REGIONAL TRIAL COURT 10th Judicial Region BRANCH 24 Cagayan de Oro City
OFFICE OF THE PROVINCIAL SHERIFF
Upon Extra-Judicial petition for sale under Act 3135 as amended filed by HOME DEVELOPMENT MUTUAL FUND or PAG-IBIG FUND, mortgagee, with office address at Pag-ibig Building, J.R Borja St., Cagayan de Oro City, against MELVIN S. CALIZA, married to Rina A. Caliza, mortgagor/s, of legal age/s, Filipino/s with postal address of Block 17 Lot 31, Pag-ibig Citi Homes, Malanang, Opol, Misamis Oriental, to satisfy the mortgaged indebtedness which was as of June 10,2016 amounts to FOUR HUNDRED SEVENTY SIX THOUSAND SIX HUNDRED NINETY SIX PESOS and 41/100 (P476,696.41) Philippine Currency including interest and penalty charges, excluding attorney’s fees and expenses of foreclosure, the undersigned sheriff will sell at public auction on September 5, 2016, at 10:00 a.m. or soon thereafter at the City Tourism Hall, City Hall, Cagayan de Oro City, to the highest bidder, for CASH and in Philippines Currency, the herein described property and all improvements thereon to wit:
Train...
HOME DEVELOPMENT MUTUAL FUND, EJF FILE NO. 2016-289 Mortgagee, FOR: EJF OF REAL -versus- ESTATE MORTGAGE UNDER ACT 3135 SPS. EVANGELINE & JULITO MANLANGIT, Mortgagors. x---------------------------------------------------/ SHERIFF’S NOTICE OF SALE Upon extra-judicial petition for sale under ACT 3135 as amended filed by HOME DEVELOPMENT MUTUAL FUND (PAG-IBIG), mortgagee, against EVANGELINE S. MANLANGIT, married to JULITO S. MANLANGIT, mortgagors, resident of Lot 6, Block 19, WESTFIELD HOMES SUBD., IPONAN, CAGAYAN DE ORO CITY, to satisfy the mortgage indebtedness which as of June 10, 2016, amount to (P 380, 252.29) excluding penalties, charges, attorney’s fees and expenses of foreclosure, the undersigned Sheriff will sell Public Auction on August 30,2016 at 9:00 A.M. or soon thereafter at the main entrance of Tourism Hall, City Hall, Cagayan de Oro City, to the highest bidder, for CASH and in Philippine currency, the properties with all its improvements to wit: TRANSFER CERTIFICATE OF TITLE NO. T-209220 A PARCEL OF LAND,Lot 6, Block 19, Psd-10-053603, Portion of Lot 4177, Cad. 237, Cagayan Cadastre, as surveyed for LIBERTY LAND CORPORATION (WESTFIELD HOMES PHRASE 2) Land use Residential, Located at Iponan, Cagayan de Oro City, Bounded NE., along line 1-2 by Lot 5, Block 19, SE., along line 2-3 Lot 4, Block 19. Containing an area of EIGHTY (80) SQUARE METERS MORE OR LESS. Prospective buyers may investigate for themselves, in the event of Auction Sale cannot take place for whatever legal reason the sale will proceed on the following day, without further notice, posting and publication, the title here in above describe an encumbrance thereon, if any there be
CAGAYAN de Oro City, Philippines, July 29,2016.
FOR THE PROVINCIAL EX-OFFICIO SHERIFF BWM: Aug. 3, 10 & 17, 2016
(Sgd.) JOEL LYDVEL G. PAKINO SHERIFF IV
BWM: Aug. 3, 10 & 17, 2016
(Sgd.) TERESITO C.SETENZO Sheriff IV
We have been told that this Creator---who had been given many Names, including the Name “Father”---is far better than our own parents who, despite their mortal and sinful nature, give good gifts to us, their children. The question had been asked: Which of you, if your son asks for a bread, will give him a stone? Or, if he asks for a fish, will give him a snake? If you then, though you are evil, give good gifts to your children, how much more will your Father in heaven give good gifts to those who ask Him. So, if we need or desire anything, we should ask the “Father”, in the following manner : “Our Father in heaven, hallowed be your name, your kingdom come, your will be done, on earth as it is in heaven. Give us this day our daily bread, and forgive us our sins, as we forgive those who sin against us. And lead us not into temptation, but deliver us from evil.” Try this manner of asking now. Surely, the “Father” will respond favorably! -ooo PLEASE LISTEN: “Ang Tanging Daan” (The Sole Way): a Bible study and prayer session online could now be heard, 24 HOURS a day, in the Philippines and the world at www.facebook.com/ angtangingdaan or www. facebook.com/ANDKNK (and look for “Ang Tanging Daan” broadcasts). Phone: 0922 833 43 96, 0918 574 0193, 0977 805 9058. Email: batasmauricio@yahoo.com.
Estafa... from page 5
In 2011 when the Monetary Board ordered the bank’s closure again, PDIC discovered several anomalous e x p e n d it u re s i n c u r re d by the Bank starting 2000 until July 2003 representing travel expenses of the Bank’s directors, officers, consultants,
and employees in the total amount of P669.6 million. Of this amount, P621.2 million was unliquidated. Another amount of P48.4 million was spent for the activities of Los Tamaraos Polo and Equestrian Center, Inc., an affiliate company of respondent Aguirre, and sponsorship of a tournament in London, England as well as personal expenses such as clothing, toiletries, perfume and accessories, groceries, freight services, vehicle repair and maintenance, license registration, drugstore purchases, and medical fees. The respondents justified that their travel expenses were incurred to prepare for Banco Filipino’s operations as a universal bank, conduct image buildup activities, expand contacts, and explore unspecified business opportunities. Upon investigation, the expenses were found to be not at all related to the business of the Bank. Syndicated estafa is a non-bailable criminal offense punishable by life imprisonment. PDIC had earlier filed criminal complaints against former directors, officers and employees of Banco Filipino for conducting business in an unsafe and unsound manner, in violation of the PDIC Charter. The filing of charges is in support of its efforts to bring to justice parties who engage in acts that will put depositors and the Deposit Insurance Fund (DIF) at risk, PDIC said. The PDIC added that it continues to pursue legal actions against bank officials and personnel who engage in unscrupulous banking practices that pose grave threats to the stability of the country’s banking system. The PDIC is mandated to generate, preserve, maintain faith and confidence in the country’s banking system, and protect it from illegal schemes and machinations.
AFFIDAVIT OF SELF-ADJUDICATION That I, MARCELO Z. ABAO, of legal age, Filipino citizen and a resident of Binuangan, Misamis Orieantal, after having been duly sworn to in accordance with law do hereby depose and say; That I am the only brother of GLORIA ABAO GREY, wife of the late WILLIAM GREY who died on June 12, 2015; That at the time his death, WILLIAM GREY had no debts, liabilities or obligations to any persons, agency or institution but then left a savings account at BPI; That I hereby adjudicate myself the above described savings account which I am going to withdraw. IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of July, 2016, at Balingasag, Misamis Oriental. MARCELO Z. ABAO Affiant SUBSCRIBED AND SWORN, to before me this 30th day of July, 2016, at Balingasag, Misamis Oriental.
WITNESS MY HAND AND SEAL.
Doc. No. 371 Page No. 70 Book No. V Series of 2016
ISACIO A. PELAEZ Notary Public Until December 2016 Balingasag Misamis Oriental PTR NO. 6635191. IBP No. 759156 ROLL NO. 17282, TIN NO. 105546958 MCLE COMPLIANCE NO. IV-0020914
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Heart Evangelista-Escudero Actress A proud member of Member: PDIC. Maximum Deposit Insurance for Each Depositor P500,000 Veterans Bank is regulated by the Bangko Sentral ng Pilipinas.
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Feature
Wednesday | August 10, 2016
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The Night Stalker:
Oca invites Harbin mayor to experience Higalaay Festival
C
ity Mayor Oscar S. Moreno has invited the mayor of its sister city in China, Harbin City, to join the festivities of the Higalaay Festival, Cagayan de Oro’s flagship festival during its fiesta month of August. In a letter to Harbin City Mayor Song Xibin dated 14 July 2016, Moreno said: “In the spirit of friendship and partnership, we would like to cordially invite you to join us in our festivities this August. It would be the City’s honor to host you in this important event.” Earlier, the Harbin Mayor invited Moreno to join the Harbin Summer Concerts on 6-15 August 2016 in Harbin City, People’s Republic of China (PROC). H o w e v e r, M o r e n o
expressed his regrets of being unable to honor the invitation with his presence, due to the previous commitments arising from the monthlong celebration of Higalaay Festival covering the same dates. “Concurrently, the City of Cagayan de Oro will be celebrating its annual Higalaay Festival, a monthlong celebration held in August. The festival will include events such as Kumbira , the Philippines longest-running culinary
show and competition (1719 August), Cagayan de Oro Carnival Parade (20 August), and The Magnificence of Mother Nature 2016, an interschool dance competition hosted by the Misamis Oriental Filipino-Chinese Chamber of Commerce and Industry Inc. (MOFCCCII),” the mayor wrote. Among the other core events the Harbin mayor is also expected to experience should he choose to honor Mayor Moreno’s invitation are the Kahimunan Regional Trade Fair (19-28 Aug. at SM CDO); Cowboy Festival: The Annual Cagayan de Oro Horseman Show (20-21 Aug. at PN Roa property, Upper Carmen); Kagay-an Festival Marathon (20 Aug. at Centrio Harbin City Mayor Xibin Song welcomes the CDO Delegation led by Mayor Oscar higalaay /PAGE B3 Moreno at the Friendship Palace.
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Fortinet FortiGuard Labs Cites Increased Cyber Threat Activity in Brazil Deserving Special Attention in Coming Weeks
wednesday|august 10, 2016
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By: Ladi Adefala, Senior Security Strategist, Fortinet
Fortinet’s FortiGuard Labs cybersecurity threat report takes a look at the nature of attacks – how attackers get in, how they manage to persist inside networks, what they want, and who they are. It also provides insight into three key areas of concern that our FortiGuard Labs team has identified, and they bear reviewing here. 2016 Rio Olympics: Cyberattacks during the Olympic games are not new. We have seen a spike of attacks focused on the Olympics – including targeting vendors and spectators – beginning as far back as the 2004 Summer Olympics in Greece. However, there are three main reasons why the 2016 Rio Olympics deserves special attention: 1. Analysis seems to indicate that cyberthreats and attacks are not (yet) a priority for Brazil. According to the World Economic Forum’s (WEF) ranking of global risks, Brazil only ranks concerns about cyberattacks as #23,
and data fraud/theft at #16. This is concerning since countries like the US, Japan, Germany, Netherlands, and a few others rank cyberattacks as their #1 business risk. Given the high profile of the Olympic games, we would expect the risks of cyberattack and data theft to be ranked much higher for Brazil. 2. The volume of malicious and phishing artifacts (i.e. domain names and URLs) in Brazil is on the rise. In June, Brazil’s percentage increase was higher in three of four categories in Fortinet’s report when compared with the global percentage increase. The highest percentage growth was in the malicious URL category at 83% compared to 16% for the rest of the world. 3. As the 2016 Rio Olympics unfold, the history of these increased attacks will undoubtedly continue and FortiGuard Labs is already seeing indicators of repeat
techniques such as domain lookalikes for payment fraud and malicious websites or URLs targeting event and government officials. “Behavior Blending”: We are seeing signs of increasingly sophisticated methods to help attackers persist inside systems they have breached. It is something we call “behavior blending.” As the name implies, behavior blending is a technique used by criminals that allows them to blend in with everyone else on a compromised network. Once an attacker succeeds in acquiring valid user credentials, they proceed to assume the identity of the user through monitoring and learning the online behaviors of the authorized credential owner. They then attempt mimic as closely as possible the normal behavior patterns of that user. This allows them to remain unnoticed by the latest generation of fortinet/PAGE B3
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Fortinet... from page B2
automated analysis tools searching for anomalous behaviors. Of course, this requires considerable research for success. As it’s very difficult to understand and replicate normal behavior patterns right away, we have been able to identify threat actors before they become camouflaged. Traditionally, this sort of obfuscation is difficult even for seasoned penetration experts with authorized access to systems. But new tools are emerging to speed up and enhance this process. Because this evasion technique has a lot
Higalaay... from page B1
Mall); and t he Higalas Parade of Floats and Icons (27 Aug.). Harbin is the capital and largest city of Heilongjiang province in the northeastern region of the People’s Republic of China. Holding subprovincial administrative status, Harbin has direct ju r i s d i c t i on ov e r n i n e metropolitan districts, two county-level cities and seven counties. Harbin is the eighth most populous Chinese city and the most populous city in Northeast China. According to the 2010 census, the
of potential for thwarting detection, we expect to see more of it as the technique is refined and new tools are developed to better mimic the behavior of a credentialed target. It also represents a new challenge for defenders and security vendors looking to identify sophisticated attacks based on behavior analysis. Increased Threats: Overall, we continue to see an increase in threat activity. This isn’t news, per se, but the implications are worth considering. First, we are seeing the return of old threats and attack vectors, as well as the continued persistence of classic attacks, such as Conficker and ransomware,
through updated variants. Of course, this begs the question: Why, after all the money and research being spent on security, are not only the number of attacks increasing, but many older attacks continuing to persist? Surely, the sophisticated cybercriminal community wouldn’t still be using these if they weren’t successful. The answer, of course, is complicated. New user devices and applications, new communications methods, the rise of virtualized and cloudbased networking, and things like IoT continue to expand the attack surface. And many organizations continue to
built-up area made of seven out of nine urban districts (all but Shuangcheng and Acheng not urbanized yet) had 5,282,093 inhabitants, while the total population of the sub-provincial city was up to 10,635,971. Ha r b i n s e r v e s a s a key political, economic, scientific, cultural, and communications hub in Northeast China, as well as an important industrial base of the nation. According to the Cagayan de Oro City Information Network, The sisterhood relationship between Cagayan de Oro and Harbin City, China was formally signed in 2007. Last January, 2015, Mayor Moreno le d an of f icia l
delegation that included members of Misamis Oriental Filipino Chinese Chamber of C ommerce and Industry Inc. and the business community to Harbin City in the People’s Republic of China to strengthen the sisterhood ties between the two cities. The visit followed Mayor Xibin invitation to witness t he 31st C hina Harbin International Ice and Snow Festival. During the visit, Mayor Moreno expressed opt imism t hat t he t ies between Cagayan de Oro and Harbin would prosper, especially in business and trade, tourism, education and technological sharing on environmental protection and preservation.
adopt and deploy these new technologies before security has rotated to protect them. And far too many organizations are simply skating by on doing the absolute minimum hoping they get overlooked, or because the tradeoff between productivity and security seems too high. But there is another issue at work here: it’s the industry’s general approach to security that is a critical part of the problem. It’s clear that increased spending on traditional, isolated security devices isn’t working, because networks are still getting broken into pretty consistently. Like the old
saying goes, we keep doing the same thing over and over again hoping for a different result. It turns out that the classic arms race approach is a zero sum game. Companies need something different. Which is why Fortinet, the original innovator of cutting edge ASIC technology designed to increase performance while keeping costs under control, has recently announced the Fortinet Security Fabric. Of course, a number of vendors have made noise about security platforms and solutions. But until now, none have truly delivered an integrated security architecture
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designed to unify management, centralize and coordinate threat detection and intelligence, and provide a dynamically coordinated response to threats anywhere across the distributed network, from IoT to the cloud. The Fortinet Security Fabric represents a complete rethinking of how security is to be designed, implemented, and managed, allowing organizations to stop playing catch-up with cybercriminals and finally get out in front of the threat community. Download and read the report. Learn more about the Fortinet Security Fabric.
MOFCCCII Pres. Greg Marten Lao hands over a token to Mr. Yang Chen president of the Harbin Federation of Chambers of Commerce & Industry.
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