BusinessWeek Mindanao (August 13-14, 2021)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XII, No. 27

Market Indicators

AS OF 6:00 PM AUGUST 12, 2021 (THURSDAY)

FOREX

PHISIX

US$1 = P 50.38

6,666.86

0.1

X X Briefly

cents

43.63 points

Lower agri target THE Department of Agriculture (DA) has adjusted the country's agricultural growth target this year to 2 percent from the earlier announced 2.5 percent. “Before, our projection is 2.5 percent, but with the continuing two pandemics affecting the country -Covid-19 (coronavirus disease 2019) and African swine fever (ASF)-- we have set it to 2 percent growth target this year,” Agriculture Secretary William Dar said during the virtual forum of the Economic Journalists Association of the Philippines (EJAP) on Wednesday. Philippine Statistics Authority (PSA) data showed that the contraction of Philippine agriculture this second quarter of 2021 is only .1 percent.

Economic rebound THE demand was strong for the fresh seven-year Treasury bond (T-bond) during the auction on Tuesday, which was partly driven by the report about the economic rebound. The Bureau of the Treasury (BTr) offered the debt paper for P35 billion and bids amounted to P63.696 billion. The auction committee made a full award. The T-bond fetched a coupon rate of 3.750 percent.

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HE boom-and-bust cycle in the electric power industry will not likely spare the country’s May 9, 2022 elections from rotational blackouts following the Department of Energy’s (DOE) pronouncement that power supply within the polling period will be thin.

“For 2022, we see the thinning of supply on election day and thereafter,” Energy Undersecretary Felix William B. Fuentebella stated. “That is why we are closely monitoring the situation; and we are coming up with more policies so that we can ensure that we have more supply.” Even Energy Secretary Alfonso G. Cusi cannot give a commitment to Congress during a hearing last month, July. This early, the power distribution utilities and electric cooperatives SUPPLY/PAGE 7

CARABAO BATHE. A farmer rewards his hard-working carabao, towing a bamboo cart full of coconuts, with a splash of water as they cross the river in Barangay Bitaogan, San Isidro, Davao Oriental. mindanews photo by gregorio bueno

IPCC: Climate change closer to irreversible tipping points Fishing firm given By H. MARCOS C. MORDENO, MindaNews

MALAYBALAY City – Time to act on climate change is running out, according to the Intergovernmental Panel on Climate Change (IPCC) in the first instalment of its

Sixth Assessment Report released Monday. The report warns that the planet is set to pass 1.50C warming by 2040, and that it is happening almost

everywhere on earth. It says limiting warming to 1.50C or even 20C will be beyond reach without rapid, large-scale reductions in greenhouse gas emissions. The report warns about CLIMATE/PAGE 6

AFTER THE FLOOD. Residents of Barangay Buayan in General Santos City try to catch eel, catfish and tilapia as floodwaters subside in the area on Sunday. Several parts of the city submerged in chest-deep floodwaters that went into homes amid heavy rains that lasted hours the night before. Amid the rains and flood, three houses went up in smoke, mainly due to faulty electrical wiring. mindanews photo by rommel g. rebollido

closure order after cases of 'gas poisoning' By FRENCIE CARREON, MindaNews

ZAMBOANGA City — A fishing company has been issued a work stoppage order after four crew members of its fishing vessel died allegedly after inhaling a toxic gas inside one of the boat’s compartments, the Department of Labor and Employment (DOLE) Regional Office 9 said. DOLE-9 Director Roy Buenafe said the order was issued Friday afternoon, Aug. 6, to Nancy Fishing C or p orat ion, owner of Fishing Vessel 558 Julius. The alleged gas poisoning i n c i d e nt o c c u r re d l a st Thursday, Aug. 5, off the coastal village of Talisayan, this city.

The victims were identified as boat captain Joseph Oro, third mate Marjon Oro, both residents of Sangali, Zamboanga City, and crew members Charlie Caspe and Billy Lamag, both from Negros Occidental. They were brought to local hospitals but three of them were declared dead on arrival. The fourth died around 12 noon. The Oros died of asphyxia secondary to drowning, while Caspe and Lamag succumbed to acute respiratory distress syndrome secondary to toxic inhalation of unknown gas, according to the attending physicians. CLOSURE/PAGE 6

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