BusinessWeek M I N DA N A O
YOUR MINDANAO-WIDE BUSINESS PAPER
CREDIBLE
Volume XII, No. 26
Market Indicators
AS OF 6:00 PM AUGUST 10, 2021 (TUESDAY)
FOREX
PHISIX
US$1 = P 50.385
6,632.57
X X Briefly
0.15
92.66
cents
points
MisOr coco plant A COCONUT processing facility worth P500 million will soon be established in the town of Claveria, Misamis Oriental, according to the Mindanao Development Authority (MinDA). MinDA Chairperson Emmanuel F. Piñol said in a Facebook post over the weekend that the facility is planned on the site of a former Virginia tobacco drying facility owned by Philip Morris International. The drying facility was recently donated to the provincial government after Philip Morris halted operations in Claveria.
Out of recession HOUSE Majority Leader Martin Romualdez on Tuesday welcomed the country's emergence out of economic recession as the country's gross domestic product grew 11.8 percent year-onyear during the AprilJune period. Romualdez credited the “spirit of teamwork and cooperation” in the Philippines as the one responsible for the dramatic growth of the country’s economy in the second quarter. He particularly noted that the solidarity among branches of government, as well as the private sector, is unprecedented.
We strive for Excellence!
Philippine Press Institute Civic Journalism Community Press awardee for the following: 2013 Best in Business and Economic Reporting 2014 Best in Environmental Reporting 2017 Best in Business and Economic Reporting 2018 Best in Business and Economic Reporting
RELIABLE
IN-DEPTH
Chinese firms win bid for M'danao rail mngt www.businessweekmindanao.com
P15.00
Wed-Thu|August 11-12, 2021
Thank you for trusting us!
A
CHINESE consortium will take the management aspect of the Mindanao Railway Project after winning the P3.08 billion contract, the Department of Transportation and Communications (DoTC) announced yesterday.
DISINFECTED. Hotel personnel disinfect luggages of repatriated overseas Filipino workers from Dubai upon their arrival in Davao City on Friday. mindanews photo
In a st ate me nt , t he DoTC said, the consortium of China Railway Design Corp. and Guangzhou Wanan Construction Supervision Co., Ltd. took the winning bid worth P3.08-billion to undertake the project management consultancy contract for the first phase of the railway project. “After the award of the contract, contract signing and loan negotiations will
follow,” the department saidin a statement. O n it s we b s ite, t h e department said it requires “comple t i on of a l l t he detailed design and works for revenue operation” of the first phase of the railway project “within approximately 19 months, and the (project management consultancy services) are required within approximately 33 months to RAIL/PAGE 7
P617-M loans seen to boost NorMin recovery program THE National Economic Development Authority i n R e g i on 1 0 ( N E DA10) on Saturday said two government-owned banks have approved P617-million
worth of loans to help local government units (LGUs) and the private sector in Northern Mindanao (NorMin) boost the local economy amid the LOANS/PAGE 7
Silver medal worth more than gold for Paalam’s loved ones CAGAYAN de Oro City pride Carlo Paalam may have failed in his bid to snare a gold medal in the Tokyo Olympics but his family couldn’t care less. To them, he will always be a winner.
“It doesn’t matter that he ended up with a silver medal. For us, my son will always be a gold medalist. My son, you are the gold in our lives,” Paalam’s father, Pio Reo, said in the vernacular WORTH/PAGE 7
OFF TO SEA. Two fishermen prepare their net for another fishing trip in Buenavista, Agusan del Norte. mindanews photo by h . marcos c . mordeno
WHO, gov’t, industry urged to take advantage of tech to reduce deaths from smoking A global health expert said the World Health Organization, governments and the tobacco industr y should use the opportunity made by the advancement in nicotine delivery technology to reduce
up to 4 million deaths from smoking each year. At the 8th Global Forum on Nicotine held recently, Dr. Derek Yach, president of the Foundation for a SmokeFree World, said the world is
experiencing a revolution in nicotine delivery technology, as there are now more than a hundred million people using harm reduction products. An example of the noncombustible nicotine delivery
alternative is IQOS. The heated tobacco device use a patented HeatControl™ Technology that precisely heats, without burning, tobacco-filled sticks wrapped in paper called SMOKING/PAGE 7
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776