BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 024
Market Indicators As of 5:35 pm august 2, 2016 (tuesday)
FOREX
PHISIX
US$1 = P47.026
8,037.78
X
7.1 cents
32.03
X
points
Briefly Russian market THE Department of Agriculture (DA) said it will seek to break into the Russian market to benefit small-scale banana growers, starting with a trade fair in the eastern port city of Vladivostok. “The first marketing breach will be in Vladivostok. We will bring banana exporters there, and then bring the product,” Agriculture Secretary Emmanuel F. Piñol told reporters last week. He added that the Mindanao Banana Federation of Exporters Association (MBFEA), the organization representing small growers from the island, is willing to participate in the trade fair, which Russian President Vladimir Putin is expected to visit.
YOUR Mindanao-wide BUSINESS paper
RELIABLE
P15.00
Steag privatization plan takes a new twist: Psalm www.businessweekmindanao.com
T
Tue-Wed | August 2-3, 2016
By MYRNA VELASCO, Contributor
HE privatization of Steag State Power, Inc. coalfired power plant in Misamis Oriental is taking a new course, the state-run Power Sector Assets and Liabilities Management Corp. (PSALM) said. “The privatization track for Mindanao coal plant will change,” PSALM Officer-in-Charge Lourdes S. Alzona said, noting that they are more inclined at pursuing buyout of the facility’s contracted capacity then divest the plant on “straight asset sale” subsequently. Alzona said the plan to engage indep endent p ower pro ducer administrator (IPPA) may already be scrapped, and that is the option that they have initially presented to
their principals at the Departments of Energy and Finance. “We are currently undertaking a study on Mindanao coal plant’s privatization…we no longer want to do it as IPPA deal,” Alzona stressed. The proposed direction, she said, “is to study the buy-out option, and then we will sell the asset as a full privatization exercise.” She qualified that they would want to re-assess if the ‘buyoutSteag/PAGE 11
The Steag’s coal-fired power plant in Villanueva, Misamis Oriental. The government-owned Power Sector Assets and Liabilities Management Corp. (PSALM) has announced another twist on the plant’s privatization.
ERC penalizes 4 power utilities By MYRNA VELASCO, Contributor
FOUR more power utilities have been penalized by t he Energ y Regu lator y C ommission (ERC) for failing to comply with
PhilHealth service center PHILHEALTH opened its new business center in Carmen, Cagayan de Oro city on 01 August 2016. It caters for membership enlistments, and other inquiries such as premium contributions, except for payments. Philippine Health Insurance Corporation (PHIC) Regional Vice President and Area VP for Mindanao Datu Masiding M. Alonto, Jr. said this is one of their ways of advancing the interest of government, bringing services closer to the people. Alonto said barangay Carmen was chosen because it’s the biggest in the city and holds about 35 percent of the population. Additional branches are likewise set to be opened next year.
IN-DEPTH
mandatory submissions of their respective five-year Distribution Development Plan (DDP). In this round, the ERC
imposed penalties on: First Bay Power Corporation Inc. (FBPC), Albay Electric C o op e r at ive (A L EC O ), Abra Electric Cooperative (ABRECO) and Maguindanao erc/PAGE 11
Go Hotel to open in Iligan next year By CARMELITO Q. FRANCISCO, Correspondent
hotel in Lanang on Friday, Robinsons Hotels and Resorts General Manager Elizabeth Kristine D. Gregorio said the company chose Iligan City hotel/PAGE 11
SUPER FAST WI-FI CONNECTION. Cagayan de Oro bloggers enjoy the newly-launched fast Smart wi-fi connection at the Laguindingan Airport. (Photo courtesy of CDODev.com)
DAVAO City -- Go Hotel, the budget hotel brand of Robinsons Land Corp. (RLC), is opening one in Iligan City
next year, its second in the northern part of Mindanao and third on the island. At the soft opening of its
City with combined gross floor area of about 9,400 square meters (sqm). The company also utilizes a 3,000-sqm warehouse in Cagayan do Oro that supports the three De Oro Pacific Home Plus Depot stores. “ The purchase of De Oro Pacific Home Plus Depot stores demonstrate the bullish stance of Robinsons Retail group in the DIY business which is currently riding to the
sustained strong growth of the construction sector driven by the huge backlog in residential housing,” RRHI said. It did not disclose the purchase amount but it noted that the acquisition would add to Robinsons Retail’s big box hardware store portfolio. In Ju ly 2 0 1 4 , R R H I acquired RHI Builders and Contractors Depot Corp., ow ner and op erator of robinsons/PAGE 11
PANGUIL BAY BRIDGE. A man’s sun-visor reflects the area where the planned multi-billion-peso Panguil Bay Bridge will be constructed that would decongest the route between Mukas Port in Lanao del Norte and the Port of Ozamiz City. The P4.9 billion project will be financed through a loan agreement between the Philippine Government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIMEDCF). (PHOTO BY GERRY LEE GORIT)
Robinsons Retails acquires CDO-based hardware chain
GOKONGWEI-led retailer Robinsons Retail Holdings Inc. (RRHI) on Monday acquired a majority stake in a big box hardware store chain in Mindanao in a bid to strengthen its presence in the builders’ hardware business segment. RRHI, through its subsidiary RHI Builders and C ontractors Depot Corp., purchased De Oro Pacific Home Plus Depot with three stores located in Cagayan de Oro and Iligan
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776