BusinessWeek Mindanao (August 20, 2016) by Mindanao Daily News

BusinessWeek MINDANAO CREDIBLE

Volume VII, No. 033

Market Indicators As of 6:21 pm august 19, 2016 (friday)

FOREX

PHISIX

US$1 = P46.389

7,930.75

8.3 cents

22.06

points

Briefly Budget for change THE Department of Budget and Management (DBM) said that the proposed budget for Fiscal Year (F.Y.) 2017, dubbed as “A Budget for Real Change”, focuses resources on programs and projects that achieve the country’s 10-point socioeconomic development agenda. Of the P3.35 trillion proposed budget for 2017, 40 percent will be for empowering human resources through education, healthcare, social welfare, and other social services; 27.6 percent for economic services to fix the broken infrastructure network, boost agricultural and rural sector, and generate more jobs and livelihood; and 22 percent for general public services and defense. Budget Secretary Benjamin E. Diokno earlier said that the Philippine economy is “deficient in all types of infrastructure.” The DBM is committed to hike infrastructure spending from a low 5 percent to a high of six to seven percent of the gross domestic product (GDP) next year. The total proposed budget for infrastructure is P860.7B or 13.8 percent higher than this year’s budget.

Farm output drop VALUE of the country’s agricultural production dropped further last quarter, but at a slower pace than the fall seen in January-March, the Philippine Statistics Authority (PSA) reported yesterday, blaming drought due to El Niño that was, at that time, winding down. “The prolonged dry spell due to the El Niño phenomenon negatively affected the production of the crops and fisheries subsectors,” PSA said in a statement. “These losses were not offset by the increases in livestock and poultry production.” Value of agricultural output fell 2.34%, PSA said, but this was nearly half the 4.53% contraction recorded in JanuaryMarch period that bore the brunt of drought, whose impact was felt by farms starting the second quarter last year that itself saw an upwardly revised 0.01% slip.

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Inclusive growth plan on track with 7% GDP www.businessweekmindanao.com

By JOSEPH ALBERT A. GAMBOA Philippine News Agency

One Network Bank gears up for more network expansion

HE Philippine e c o n o m y ’s robust 7% gross domestic product (GDP) g row th in the second quarter will enable the new government to keep its targets on track up to next year. This, as Finance Secretary Carlos Dominguez said on Thursday the Duterte administration would build on previous efforts to effectively implement its 10-point socioeconomic agenda, with the country’s growth momentum remaining strong. He said the 10-point agenda focuses on sustaining this upward growth trajectory and making its gains felt by all Filipinos. The finance chief noted that last quarter’s growth rate was the highest for b oth quar terly and semestral growth since 2014. “The numbers are good for the Duterte government to hit its growth targets of at least 7 percent this year’s second semester and 6.5 to 7.5 percent in 2017,” Dominguez said in response to the official release of GDP data by the National Economic and Development Authority growth/PAGE 11

P15.00

Saturday | August 20, 2016

By CARMELITO Q. FRANCISCO Correspondent

LOVE OR EXPULSION? Sign on tarpaulin at the Golden Heritage College in Cagayan de Oro City prohibits love affairs between male and female students. Students caught in a relationship will face expulsion, according to Capt. Tito Dichosa, owner and president. Dichosa also operates a branch in Tagum City. MindaNews photo by FROILAN GALLARDO

NEDA cautions gov’t against taking easy on good economic numbers By LILIAN MELLEJOR, PNA

D AVA O City -Socioeconomic Planning S ecretar y and National Economic Development Authority (NEDA) DirectorGeneral Ernesto Pernia has cautioned government against taking easy on the

robust economy achieved in the first semester. During a press conference on the country’s 2016 second quarter output at SMX Convention Hall Thursday, Pernia said there is still a risk of seeing lower growth in the

second half of the year as a normal occurrence during an election year. He said consumer sentiments will likely to normalize given the postelection scenario. What is important, he said, is for government to continue neda/PAGE 11

DAVAO City -- One Network Bank, Inc. (ONB), the biggest Mindanao-based rural lender acquired by listed BDO Unibank, Inc. in 2014, is set to expand its network of branches nationwide, the financial institution’s chair said over the weekend. Nestor V. Tan, BD O president and ONB chair, said the goal now is to set up a presence in unbanked and underbanked areas that ONB, as an independent rural bank, was unable to reach. At the ONB appreciation night at SMX Convention Center here Saturday, Mr. Tan cited the recent opening of four branches in the northern Luzon area as the signal for the planned expansion. “We need to prepare for growth,” he said. As of April this year, ONB had 107 branches, Majority of the bank’s branches are in Mindanao, but it has one office each in Tarlac and Cavite and also one in Antique and 10 in Iloilo province in Western Visayas. In August 2014, BDO bought 96% of ONB which, based on its April 2015 report, expansion/PAGE 11

Sison expresses optimism over peace talks By AMALIA CABUSAO, Mindanews

LOW AGRI-PRODUCTION. Prolonged dry spell has brought down agri production in the first two quarters of this year. (Photo courtesy of Anthea M. Mordeno)

NATIONAL Democratic Fro nt c o n s u l t a nt s h a s expressed optimism on the resumption of peace talks with the government, saying the Duterte administration has shown sincere efforts to implement needed political and social reforms. NDF finance officer Benito Tiamzon—arrested in 2014 along with wife Wilma

on murder charges and released Friday afternoon— said their release, along with 16 other political prisoners is a good will measure that will contribute to an environment conducive to progress in the peace talks, which will resume in Oslo, Norway over the weekend. “O pt i m ist i c k am i, bagamat di kami magtataka

kung magkakaroon ng mga twist. Pero optimistic kami na may will ang magkabilang panig na magpatuloy,” he told reporters at a televised press conference. He thanked Duterte for ordering the release of the political prisoners, whom the courts granted temporary liberty for the peace talks. He declared full support and trust to members of the peace/PAGE 11

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Economy

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Revamp in Misor’s provincial capitol looms By MARK FRANCISCO, Staff Writer

A MAJOR revamp among department heads of the provincial Capitol in Misamis Oriental looms in order to maximize efficienc y in the services, Governor

Yevgeny Vincente Emano said Thursday. Although he did not mention those who might be affected by the shakeup, E m a n o s a i d t h at f ou r

department heads at the provincial capitol office would be relieved of their post next month. He said that he announced the impending revamp during the regular flag raising ceremony last Monday.

DOLE bent on whittling down ENDO in R9 By JOCELYN P. ALVAREZ, Contributor

ZAMBOANGA City -- Bent on purging contractualization and Endo or “555” practices in the region, the Department of Labor and Employment 9 (DOLE) will meet with the Regional Tripartite Industrial Peace Council (RTIPC), and other TIPCs in the region on August 16, 2016 for a dialogue. The discussion is aimed to lay down all necessary measures to rid the region with unscrupulous

employers who practice the illegal form of endo. The labor department targets to scrap at least fifty percent (50%) contractualization practices in the region by the end of 2016 and 100% by the end of 2017, this revealed Gay Iris T.S. Tangcalagan, Information Officer of DOLE 9 as she relayed confirmation from DOLE Regional Director Sisinio B. Cano that there are

establishments in the region involved in this practice. Tangcalagan said the department’s Labor Laws Compliance Officers (LLCOs) have come up with updated list of establishments for assessment and this will be one of the subjects for discussion during the Aug 16 meeting. This aggressive move to strike down ruthless employers with their illegal practices is consistent with endo/PAGE 11

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Emano s aid t hat he discovered the lackluster performance of some department heads after holding a general strategic planning meeting among department heads last week. The meeting was meant to identify loopholes of services of each Capitol department for the past three years and provide solutions to improve

these services. “Eve n i n t he i r ow n department, they could not assess what went wrong. It’s been three years after I have assumed office as governor and until now, these department heads failed to improve public service,” a frustrated Emano said. Ac c o r d i n g t o h i m , he pl an ne d to re pl a c e

t h e d e p a r t m e nt h e a d s with someone within the department itself or look for someone new from outside the provincial government. Emano, however, said that he would not terminate these department heads, but merely reassign them to other departments, yet retain their salaries as stipulated in the Civil Service Code. (PNA)

Value System in the Workplace By Glomela Sale Lofranco-T1 San Miguel Elementary School

As I sit back and pondered at a dark corner in our house, I happened to pick a book from my bookshelf and scanned a page which invited my attention. This page contains system of values that everyone should possess in a workplace. So I decided to share it to everyone because this is very important for us to be aware of these as professionals. There are seven strong pillars for good teamwork and professionalism in the workplace, a way of achieving personal achievement at work. 1. Communicationlisten, asks, notify and clarify with special esteem and consideration of others. It is more commendable to ask than to presume that you know about everything that you are doing. 2. Cooperation- Take initiative to help or provide assistance, little help means a lot to other staff.However,be aware that there are staffs that will take advantage of your diligence and not do their job conscientiously. Leave

the responsibility at work to where it truly belongs. 3. Organization- keeps your workplace clean and organized. 4. Appreciation- one of the deepest needs of a human being is need for recognition. Staff will make an effort to improve their performance and enjoy job when their work and contribution are appreciated. 5. Accountability- Take responsibility for your actions and decisions. Admit and learn from your mistake. Be humble enough to accept corrections and advices. 6. C onf ident i a lit ykeeps all personal matters and information concerning the residents and employees confidential. They should not be shared or disclosed without the individuals permission.. Keep confidential information confidential. 7. Respect- keeps family and personal problems to you. We have no right to make others miserable with our personal problems and bad attitudes. Respect the privacy

and property of others. The tongue is the most dangerous part of the body, if it is not properly used or controlled, it can destroy relationships. “What comes around goes around”. In a workplace it is safer and wiser to keep your mouth shut if you have nothing good to say about others. The only person to stop a gossip from spreading is YOU. Gossiping, and favoritism have harmful effects and destructive to the group. Remember that people who gossip to you eventually gossip ab out you. The more you don’t know about others personal problems and minding your own the better you are. (MMSDTC BOOK) Success in the workplace depends largely on one’s att itude. L et us a l l b e accountable to our actions and share happiness to achie ve success in t he workplace, because to be successful is achoice.Success like happiness is not given, it is made from within.

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Opinion

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The Redeeming Death Penalty

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Secret Service Think a minute…This is a true stor y a man told of when he was a young t e e n a g e r. He w a s j u s t hanging out listening to the radio one day when his father came in from working outside. His dad looked at him and said: “Son, in 24 hours you won’t even remember what you’re l i s t e n i n g t o n ow. How ab out doing s omet hing for the next 20 minutes that you’ll remember for the next 20 years? I promise you’ll enjoy it every time you think of it “What is it?” the son asked. His dad said, “Well, our neighbor, Mrs. Brown, needs her grass cut. Why don’t you go cut her lawn while she’s gone, and then get back quickly so she won’t know you are the person who did it?” The son said he hurried over and cut their neighbor’s grass in just 20 minutes. Mrs. Brown came home later and never knew who had mowed her lawn for h e r. T h at s on s a i d h i s father was right. It’s now more than 20 years later, and every time he thinks of secretly cutting Mrs. Brown’s grass for her he really enjoys the memory. Jesus Christ said that when we do good so people

A frequent reason provided by those who oppose death penalty is about morality. The rationale is based on the argument that death penalty is cruel—the premise that it is wrong to respond to violence with violence. We also hear of administrative issues involved like risking the innocents who are wrongfully accused of heinous crimes. Moreover, there are allegations of unfairness in applying the death sentence. But have we ever pondered about how death penalty saves lives? Perhaps we are naively bombarded with nonvalidated studies that favour the moratorium of sentencing c r i m i n a l s w i t h d e at h . Likewise, faulty philosophies that are internationally funded like the one espoused by human rights groups could possibly influence some sectors. I say they are faulty because they do not serve the goals of societies but rather help criminals and their idiosyncratic vision—at least that is the clearest message they are communicating when they deafen us with their silence about innocents who are butchered everyday and we wonder why they are more passionate about criminals’ rights. Let us then find more viable reasons that these ideas cannot provide. Supp or ters of death penalty argue that implementing the ultimate verdict for vile offenders bring in deterrence, incapacitation of criminals and becomes the most effective instrument in maintaining law and order. I would like the readers to find more explanations about

THINK

w i l l s e e and prais e us, then that’s the only reward we’ll ever get for it. He said we should try to do our giving and helping in a way that doesn’t draw atte nt i on to ou rs elve s , but simply do it because we care and want to help people. We shouldn’t tell p e ople w hat we did or how much we gave. We know it, God knows it, and that’s all the reward we need. The reward that humans give cannot ever match t he re ward G o d gives. So if all we want is the approval of other people, then that’s all we’ll get. But if we give our help and service secretly, for God and others, then we’ll be rewarded and blessed much more during this life, and even after we die. Just Think a Minute…

results of studies that have only single before-and-after intervention measures. Employing a panel data set of more than 3,000 count ies f rom 1977 to 1996, Professors Hashem Dezhbakhsh, Paul R. Rubin, and Joanna M. Shepherd of Emory University established that each execution, on average, results in 18 fewer murders. Another separate inquiry: utilizing state-level panel data from 1960 to 2000, Professors Dezhbakhsh and Shepherd were able to compare the relationship between executions and murder incidents before, during, and after the U.S. Supreme C our t’s death penalty moratorium. They verified that executions had a highly significant negative relationship with murder incidents. Moreover, the implementation of state moratoria is linked with the increased incidence of murders. Professor Shepherd made a separate inquiry from 1977 to 1999 and she verified three important findings. First, each death sentence, on average, is associated with three fewer murders. The averted murders include both crimes of passion and murders by intimates. Second, executions stops the murder of whites and African-Americans. Each execution prevents the murder of one white person, 1.5 African-Americans, and 0.5 persons of other races. Third, shorter waiting times on death row are linked with increased deterrence. For each additional 2.75-year cutback in the death row wait until the capital punishment,

lucell larawan one murder is deterred. Tw o r e s e a r c h e s b y Paul R . Z immerman, a Federal Communications Commission economist, also corroborate the deterrent effect of death penalty. Employing state-level data from 1978 to 1997, Zimmerman verified that each additional execution, on average, results in 14 fewer killings. These studies I just mentioned should persuade us that death penalty, indeed, redeems lives. Give me a more believable argument that says otherwise. If someone argues that our judicial system is not yet “capable” of handling death penalty due to imperfections in terms of system and credibility of justices, I should bring to remembrance how President Duterte initiated a revamp of any governmental branch. His shame campaign is already a deterrent to executing credibility among them. The congress and the senate should also pass bills that strengthen the integrity of the judges although we, traditionally, are accustomed to believe that the judicial branch should be independent larawan/PAGE 11

EJK and human rights

A Minute

Jhan Tiafau Hurst

reasons not expounded in this article: I need to concentrate on the rationale which supposes that increasing the risk of apprehension and punishment for crime deters individuals from committing crime. This theory is backed by Nobel laureate Gar y S. Becker’s seminal 1968 study of the economics of crime: it assumes that individuals resp ond to the costs and benefits of committing crime. Like lawabiding netizens, criminals “rationally maximize their own self-interest (utility) subject to constraints (prices, incomes) that they face in the marketplace and elsewhere,” Becker asserted. Individuals decide based on the perceived and actual net costs and benefits of each alternative. Isaac Ehrlich, University of Buffalo distinguished professor of economics, rigorously examined the deterrent effect of capital punishment. His research found that the death penalty had a strong deterrent effect. Even if ot her s cholars debate about the results of his study, Professor Ehrlich reconfirmed his original f i n d i n g s . In a d d it i on , Professor Stephen K. Layson of the University of North Carolina at Greensboro strongly confirmed Ehrlich’s previous findings. Volu m i n ou s s tu d i e s using panel data sets and sophisticated social science techniques demonstrate that the death penalty saves lives. We should be aware that panel studies observe data over several periods, thus making them substantially more credibility than the

The Cebu clergy had their monthly recollection the other day. The invited guest speaker, both a lawyer and journalist, among other things, was one known for her advocacy in human rights. We were given a drill on human rights, rule of law, due process and other related topics, all of them as some kind of reaction to the rise of extra-judicial killings that we are hearing about these days. From where I sat, I noticed that the priests were especially attentive, except of course for a few. There will always be exceptions, but this time, I noticed more rapt attention. The archbishop was around, together with the two auxiliary bishops. There were also all ears. I was happy to note that the talk presented the nuances of human rights as articulated by institutions like the UN and, of course, our constitution, and other personalities of some standing. Since the speaker was a lawyer and not a theologian, there was hardly any theological explanation beyond the fact that human rights spring from man’s being the image and likeness of God.

The reaction of the priests in general was mainly that of grave concern, since it cannot be denied that the drug problem we have is a first-class crisis. Recent developments have lifted the lid on this crisis whose scary dimensions are getting far worse than what are generally suspected. Somehow priests get to know more details about this crisis because they preside over funerals of drug-related deaths in their parishes, they get to receive information from their parishioners, they hear confessions and they also are sought for some pieces of advice from people. They are near the frontline. They have mixed feelings about this issue. While they are somehow happy with the current campaign against people involved in drugs, they are also alarmed at the rise of these extra-judicial killings whose perpetrators we cannot be sure of-whether they are done by some vigilantes, or the police, or drug people themselves in their own internecine conflicts. What comes to my mind is that this development we are having at this time, provoked

by the ascendance of our new president, has good aspects as well as poses new challenges that we have to tackle. Def initely, the dr ug problem has to be tackled head-on before it gets any worse. As it is now, it is really ugly. But we need to further develop our systems-police, judicial, penal, medical, political, economic, social, etc.-to cope with this highly complex problem. L e t’s hop e t hat ou r lawmakers can craft better laws that are more effective in blending our need to get the culprits as well as our need for respect of human rights, rule of law and due process. We obviously cannot remain at the current state of our laws that are now found to be ineffective or lacking in something necessary. We have to understand that our human laws need to evolve without abandoning their essential purpose. They need to be updated to adapt to current situations. A more appropriate system of checks and balances among the different branches and agencies of our government should be put in place.

HINTS

and

Traces

Fr. Roy Cimagala This should be a serious affair that should not be trivialized by too mu c h p o l i t i c k i n g a n d grandstanding. Let’s hope that we can choose lawmakers and public officials who are competent to carry out their responsibility. As to the clergy, a great challenge befalls us. But before we start thinking of building rehab centers and the like, we should intensify our spiritual and pastoral ministry. We have to keep the priority of Mary over Martha. While the state and civil society aim at making people responsible citizens, we in the Church have to focus on encouraging people to be saints.

CorporateWorld 5 Megaworld launches Robina buys Australian new Iloilo tower snacks firm for P21-B Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

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MEGAWORLD Corp. is launching its sixth residential tower within its 72-hectare Iloilo Business Park, which could generate P1.5 billion in sales for the company. In a statement issued on Thursday, the listed developer of integrated urban townships unveiled the condominium project called Saint Honore in Mandurriao, Iloilo City. The development will rise 10 storeys, and will be modeled on Paris blocks with shophouses on the lower floors. Megaworld pl ans to complete the residential tower

by 2021. “Ilonggos will get to e x p e r i e n c e t h e wor l d renowned beauty of Paris with Saint Honore,” Jennifer Palmares-Fong, Megaworld vice-president for sales and marketing of the Iloilo Business Park, said in the statement. Saint Honore will offer 168 units in configurations ranging from studio to executive two bedrooms. Selected units will have a lanai or balcony. In addition, the residential tower will have on the third megaworld/PAGE 11

RC International C o m p a n y, a s u b s i d i a r y of Univers a l Robina Corporation (URC) -- one of the country’s largest food and beverage manufacturer, will acquire 100 percent stake in C ons olidate d Snacks Pty Ltd. (CSPL) for AUD 600 million or around P21 billion. “The transaction has been approved by the Board of Directors of both companies

and is expected to close by September 30, 2016 subject to the approval of the Australian Foreign Investment Review Board (FIRB) and fulfillment of customar y closing conditions,” URC disclosed to the Philippine Stock Exchange on Wednesday. CSPL, trading under the company name Snackbrands Australia, is Australia’s second largest salty snacks company. With the acquisition of

Snackbrands, the Filipino firm will widen its footprint i n Au s t r a l i a an d Ne w Zealand. In Nov e mb e r 2 0 1 4 , URC has acquired Griffin’s Foods Limited -- a snack food manufacturer based in Auckland, New Zealand. “URC in the past three years has started to look for strategic options on acquisitions or partnerships given the emerging competitive challenges being

brought upon by the lifting of trade barriers and the attractiveness of the region where we operate,” said URC Chief Executive Officer Lance Gokongwei. “The categories of both SB, URC and Griffins are fully complementary and will offer a wider range of on trend, on the go, ready to eat snacking categories namely biscuits, wrapped snacks and salty snacks,” Gokongwei added. (PNA)

Siam Cement PHL sales slow; outlook ‘bright’ Cebu Pacific celebrates SIAM Cement Public Co. Ltd (SCG) said revenue from the Philippines in the second quarter totaled P1.67 billion, down 3% year-on-year after a decline in its packaging and trading businesses. “We see a bright future for markets across the region, with steady growth rates,” said Roongrote Rangsiyopash, president and chief executive officer of the Thai regional conglomerate. SCG, which operates within the Association of Southeast Asian Nations (ASEAN), also said first-half revenue in the Philippines was P3.65 billion. It did not disclose the year-earlier total.

E x c lu d i n g it s T h a i operations, SCG revenue from its ASEAN businesses rose by 20% to the equivalent of P17.34 billion during the second quarter and accounted for 12% of total revenue from sales. First-half revenue also grew by 20% to P34.02 billion. Its assets amounted to P9.81 billion in the Philippines, where it has granted scholarships to 230 Filipino high school students from areas where its subsidiaries operate. It has so far granted scholarships to 1,400 public school students since 2008 under its “SCG Sharing the Dream Program.” SCG, one of the leading conglomerates in ASEAN,

has three core businesses: cement and building materials; chemicals, and packaging. It has more than 200 companies under it and employs around 53,000 people. Within the region, Mr. Rangsiyopash identified Vietnam as showing a rise in demand for building materials and packaging on the back of a construction boom, “with several infrastructure, residential and industrial projects, as the country has become a key production base of the world.” “Cambodia also continues to see steady growth of industries, while Indonesia has also begun to see improvements in the

economy, with construction of several government megaprojects. At the same time, trade around the borders of Thailand and neighboring countries is also doing well,” he said. “Investments in other countries are progressing according to plan,” he added. Mr. Rangsiyopash said a cement plant in Myanmar is expected to begin commercial operation in the third quarter, while a plant in Laos “is moving faster than scheduled and should be operational in early 2017.” “SCG will continue to expand investments by focusing on existing business partners and growing our businesses together,” he said.

first baby born inflight Awards 1 million GetGo points to Baby ‘Haven’ CEBU Pacific celebrates the birth of a baby girl, born while the aircraft was halfway from Dubai to Manila. This is the first time a baby has been delivered onboard a CEB aircraft. Baby girl ‘Haven’ was born approximately four hours after the departure of flight 5J015 from the Dubai International Airport last Sunday, August 14, 2016. CEB cabin crew, along with two

registered nurses who were also passengers on the flight, assisted with the delivery. The flight diverted to Hyderabad, India, to ensure the mother and baby received medical assistance. Both mother and baby, who was born premature at 32 weeks, are being assisted by CEB’s Customer Care team. “We are happy t hat both mother and daughter cebupac/PAGE 11

Banking&Finance 6 Bangko Sentral raises term deposit offering volume T

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HE BANGKO SENTRAL ng Pilipinas (BSP) will increase the volume of term deposits it will auction off we ek ly by month’s end, as yesterday’s offer remained oversubscribed, with excess liquidity in the local financial system still apparent.

Of ferings under the term deposit facility (TDF) yesterday saw bids again surpassing the P70-billion volume set by the central bank, fetching the 2.5% floor rate seen since the weekly offers started on June 8. Bids for the BSP’s P10billion offer of term deposits with a seven-day tenor

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reached P51.08 billion, or more than five times the program. Meanwhile, bids for the 28-day term ballooned to P171.927 billion, nearly thrice the P60-billion offer. The central bank will again put up P70 billion worth of term deposits on the auction block next week before it raises the total volume to P90 billion by Aug. 31 as a response to strong demand. “The increase takes into account the sustained ample supply of liquidity in the system. It will facilitate the migration of excess funds to the TDF,” BSP Governor

Amando M. Tetangco, Jr. said in a text message to reporters. Broken down, the weeklong term deposits will remain at P10 billion, while the volume for the monthlong tenor will be raised to P80 billion. The higher volume is in keeping with an observed trend of the central bank raising its auction offers every four weeks, and will be the third hike since the facility was launched in June. Entities can vie for a minimum of P10 million and a maximum of 20% of the total auction size being

offered per tenor each week. The TDF is currently the central bank’s main tool to actively capture excess liquidity in the financial system. Banks and trust companies ask for a certain rate which the BSP will pay for them to park their surplus funds with the central bank, which has so far remained at the minimum rate under the BSP’s interest rate corridor. Monetary officials expect interest rates to trend closer to the central bank’s 3% benchmark rate once a sizeable amount of excess money supply is shored up under the TDF, as funds

parked under the old special deposit account window are transferred to the new window. “The BSP will continue to ensure sufficient liquidity for economic activities, making adjustments as may be necessary, while keeping an eye on price and financial stability,” Mr. Tetangco added. A reduction in the current 20% reserve requirement imposed on banks may soon follow once a sizeable amount is migrated from the old deposit window to the TDF, BSP Deputy Governor Diwa C. Guinigundo said last week.

HSBC says PHL economy growth drivers remain solid HSBC Global Research, the research arm of Hong Kong and Shanghai Banking Corp., said on Thursday that fundamental growth drivers of the Philippine economy remain solid. C ommenting on the 7-percent gross domestic product (GDP) growth for the second quarter of the year and 6.9-percent expansion for the first half, HSBC Global Research noted that strong private consumption -- supported by election campaign spending -- and

government infrastructure spending accelerated the country’s economic growth at a faster pace. “The second quarter GDP print is yet another reminder that the Philippine economy is dancing to a very different tune compared to the rest of the region,” HSBC Global Research said. “The election impact will fade out in second half of 2016, and base effects will turn less supportive (infrastructure expenditure s t ar t e d t o t a ke of f i n

second half of 2015), but the fundamental drivers of growth will nonetheless remain intact,” it stated. Year-on-year, private consumption increased 7.3 percent and government spending grew 13.5 percent. The b ank’s res e arch arm expected private consumption to remain resilient with the robust growth in remittances while government infrastructure spending will continue to boost employment in construction and other

related sectors. “ M o r e o v e r, d e s p i t e concerns about long-term growth, BPO employment remains a key driver of employment expansion for now,” it added. However, HSBC Global Res e arch said that the agriculture sector should be given focus as it employs large number of the workforce and output of this sector weighs heavily on inflation. Agriculture sector declined 2.1 percent in Q2 2016.

PDIC to continue processing claims of GSIS Family Bank depositors THE Philippine Deposit Insurance Corp. (PDIC) said that deposit insurance claims from depositors of the closed GSIS Family Bank (A Thrift Bank) may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City until May 14, 2018. Claims may also be filed by mail. GSIS Family Bank, which was ordered closed on May 13, 2016, has P748.8 million in total estimated insured deposits involving 13,800 accounts. A total of P481.3 million in insured deposits covering 2,192 accounts was paid during the onsite claims settlement operations (CSO). Another P159.2 million was settled thru postal money orders sent via registered

mail to 10,642 accounts of depositors with balances of P100,000 and below where filing of claims was waived by PDIC. As of June 17, 2016, PDIC has yet to receive deposit insurance claims for P102.4 million, covering 852 accounts. In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the said bank is on May 14, 2018. After said date, PDIC shall no longer accept any deposit insurance claim. When filing deposit insurance claims at the PDIC Public Assistance Center, depositors are advised to present an original evidence of deposit and two valid photo-bearing IDs with signature. When filing claims

through mail, the same set of documents, including a duly accomplished Claim Form, must be enclosed. The Claim Form may be downloaded for free from the PDIC website, www.pdic.gov.ph. Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement, with the Claim Form signed by the parent. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney. In the case of a minor depositor, the Special Power of Attorney must be executed

by the parent. The format of the Special Power of Attorney may be downloaded from the PDIC website. In addition, all depositors who have outstanding loans or payables to the bank have to coordinate with the duly authorized PDIC Loans officer prior to the settlement of their deposit insurance claims. The procedures and requirements for filing deposit insurance claims are likewise posted in the PDIC website. For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). (PNA)

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ROTARY IN ACTION

(photos provided)

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69th Joint Induction of Club Officers and Turnonver Ceremonies of the Rotary Club of Cagayan de Oro and the Rotary Anns of the Rotary Club of Cagayan de Oro held at Pryce Plaza Hotel.

DSWD reminds TV programs to be mindful of children rights Department of Social Welfare and Development (DSWD) Secretary Judy Taguiwalo reminded all television and radio stations to be mindful of children’s rights when casting them in any kind of program or when putting them in situations that make them vulnerable. This is in reaction to the current issue involving Badjao teenager who felt

ridiculed by her housemates in the Pinoy Big Brother (PBB) re a lit y prog ram produced by the ABS-CBN tv network. “Ang mga nagpapatakbo ng programa ay may responsibilidad na tiyakin ang kaliktasan ng kabaataang bahagi ng show laban sa pang-aabuso at exploitation. Dapat maging gabay nila ang Republic Act 7610,

na nagt at a kda ng mga karapatan ng mga bata na dapat pangalagaan. Although reality show ang PBB at hindi hawak ng programa ang magiging reaksyon ng mga kabataan sa loob ng bahay, dapat masiguro na ang kagandahang asal ay malaking bahagi ng mensahe ng programang ito (The production staff has the responsibility to ensure that

the teenagers in their show are protected from abuse and exploitation, especially as we have a law, Republic Act (RA) 7610, which provides for their rights. Although PBB is a reality show and the staff does not have a hold over the reactions of the youth real time, they should ensure that the program imparts positive messages),” Sec. Taguiwalo stressed.

RA 7610 or the “Act Providing for Stronger Deterrence and Special Protection against Child Abuse, Exploitation and Discrimination, and for other Purposes” stipulates that child abuse includes words, action, deed, or any condition prejudicial to the child’s development. The same law specifically notes that the children

who are employed must be protected from any form of abuse and exploitation which may affect or degrade the child’s development. The same law also has clear stipulations against children being exploited in programs. Sec. Taguiwalo said that the other children who made fun of the Badjao girl’s clothing must also be made dswd/PAGE 11

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Feature

GOVERNOR JING DELA CALZADA FIRST ADDRESS TO ZONE 1-RD 3870

“A Governor Who Inspires, Guides and Motivates Us All to Serve Humanity” By Rtn Joe Palabao/President Susan Lonkey

A convergence of two hundred (200) Rotarians from Zone 1-RD 3870 comprising of Past District Governors (PDGs), Assistant Governors (AGs) All Star Presidents, Vice Presidents, Officers, Committee Chairmen and active Rotarian Members are expected to attend the most awaited first address of the dynamic and inspirational District Governor Meriam Ruth ‘Jing’ D. dela Calzada for Rotary Year 20162017-this Sunday-21 August 2016, 6:30PM at the Ballroom of Pryce Plaza Hotel, Cagayan de Oro City. This year’s prestigious “The Rotary Year Governor’s Address is being hosted by the Council Presidents of Zone 1, led by Council Chair, President Dufel ‘Dodie’ M. Lagrosas of RC Cagayan de Oro with the ever active President Susan Lonkey

as Vice Chair of the Council and Chair of Program and Invitation from RC Carmen Valley. Working for the success of the event are President Dino L. CamoniasRC CDO Premier, President Erna ‘Erns’ G. Maagad –RC West CDO, President Roel ‘Kim A. Libutaque-RC CDO South, President Alejo ‘Xelors’ F. Rola, Jr.-RC Metro CDO, President Celso BalatRC East CDO, President Paterno Arnulfo ‘Teng’ A. Sazon 11-RC Bay Area, President Rachaille Astrid ‘Ching’ Ferrer-RC CDO East Urban, President Elmo E. Lagrosas-RC CDO Centerpoint, President Mario ‘Mar’ B. Sumalinog-(RC Uptown CDO, President Emma ‘Ems’ B. Tan- RC Kalayaan CDO and President Fernando “Nanding” B. Gurrea-RC Opol. In an interview,

District Governor Meriam Ruth “Jing” D. dela Calzada

District Governor Jing dela Calzada told Business Week Mindanao that her magnificent and inspiring address will focus more on the Vision of Rotary International Founder PAUL HARRIS, the Vision of ARCH KLUMPH, the Organizer and Founder of Rotary Foundation which 100 years founding anniversary – Rotary International

is celebrating this Rotary Year 20162017 and the Vision of Rotary International President JOHN GERM. Furthermore, she also told BWM that she will lay down her Vision as a District Governor of RD3870, making these visions and dreams into reality through teamwork for the plans and programs being outlined by each Club. She said as a District

Governor in order to achieve all the activities laid down she will be there to INSPIRE, GUIDE and MOTIVATE each one of us. Help each one to become Best Rotarian, Best Club and to be become the BEST DISTRICT in the Philippines. She also said that we should work together with the younger generation like the Rotaracts, helping each other in organizing, the RCC and Interactors. We work together with the Inner Wheel, our youth, our children, encourage spouses to help, our families and work together for the Good Public Image of Rotary Organization in the District. Thus we are all ROTARIANS HELPING AND SERVING HJMANITY. Also in an interview-Vice Chair and President of RCCV-Susan Lonkey told Business Week Mindanao that “The Governor’s Official

Club Visit is the most important meeting for each Rotary year prior to the Governor’s Address, because it is when each club’s Goals and Objectives, Plans and Programs are presented to the District Governor. Furthermore, she said that these are normally based or geared towards attainment of the Rotary International President John Germ’s goals for the Rotary Year, and District Governor Jing dela Calzada’s goals for the district. For clubs who want to, say ‘Go for the Gold”, get and IR award, we also consider our planning for projects whose criteria are under the Presidential Citation. District 3870 Goals for RY 2016—7 are Club Administration, Membership Attraction and Engagement, Foundation Giving and Online Tool Adoption. MABUHAY KA GOVERNOR MERIAM RUTH ‘JING’ D. DELA CALZADA. KUDOS.

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Events

Saturday | August 20, 2016

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Growth... from page 1

(NEDA). Acknowledging the “good policies of both the Aquino and Arroyo administrations to sustain the countr y’s st rong ma c ro e c onom i c fundamentals that made this growth possible,” he outlined plans to accelerate infrastructure spending and human capital investments, along with an overhaul of the tax system and rationalization of fiscal incentives to further stimulate the economy. “But we still have a big task ahead of us to lower the poverty rate that have been stuck at 26% of our population,” Dominguez added. Data released by the NEDA showed that the GDP grew by an average of 6.9 percent in the first semester of 2016, and averaging 6.2 percent in the past six years. (PNA)

NEDA... from page 1

with the smooth transition of power and commits to its agenda of maintaining consistent macro-economic policies so that business and consumer confidence will remain strong. He a ls o h i g h l i g hte d the need to continue the government’s recovery efforts from the effects of El Niño to get the agriculture sector back to its feet. “Over the medium term the new administration is aiming still for a steady, accelerat ion of g rowt h towards a seven to eight percent beyond this year supported by sustained reforms,” he said. Among the reforms are the comprehensive tax reforms, sustained investment and infrastructure building, easing of restrictions of foreign investments, reduction on the cost of doing business and strengthening of agri-industrial linkages. Pernia also referred to the administration’s 10-point socioeconomic agenda and adopting a human capital approach to development to sustain growth and prevent further of the agriculture sector decline. NEDA announce d Thursday a seven percent output, as measured by gross domestic product (GDP), in the second quarter of the year driven by more investments, and stronger construction activities in the country. “The previous a d m i n i s t r at i o n g av e a st rong st abl e e c onomy that we can build on by maintaining further sound macro-economic, fiscal and monetary policies already in place,” Pernia said Pernia also cited strong business confidence, low interest rates and strong performance of the construction sector. He said public spending also remains strong driven by the boom in private construction at 27.8 percent and government consumption growth at 13.5 percent. This was due

mainly to low inflation and interest rates, improved labor market conditions and steady consumers’ confidence. Also, the overall domestic demand soared by 12.3 percent in the second quarter from 12 percent in the first quarter. But while investments and construction boomed, Pernia said external demand weakened further as exports of g o o d s an d s e r v i c e s continue to slow down to 6.6 percent despite attaining 15.3 percent of export services. On the hand, imports of goods rose to 22.9 percent. Pernia said this is largely due to increased purchase of capital goods and durables which indicate an increase in investments from firms. Pernia, however, said s e r v i c e s i mp o r t s w e re “significantly higher than the 10.3 percent in the previous quarter” after it rose to 13.3 percent. He also underscored the gains in the industry sector, which rose to 6.9 percent from the previous quarter’s 6.1 percent due to p e r for manc e of t he manufacturing, construction and utilities sub-sector. The services sector posted a growth of 8.4 percent, backed by trade, transport, communications, public administration and real estate business activities. Given the stronger economy in the first six months of the year, Pernia said this is a challenge for the government to make the growth inclusive so that more people contribute to and benefit from the gains in the first semester. H e said the administration aims to improve competitiveness of the Philippine markets and business climate to take advantage of the new business climate in the region. “ I m p o r t a n t l y, w e must look at the centers of geographic areas that have been lagging behind and d e te r m i ne how to improve their access to these opportunities,” Pernia said. Dismal performance Pernia was concerned of the dismal performance of the agriculture sector. He said the agriculture service sector remains dismal at negative 2.1 percent because of the lingering El Niño. The continued decline was noted since the past five quarters. The agriculture sector is also facing risk with the expected La Niña starting August towards October. That is w hy, Per ni a said, there is a need for the government to craft a holistic development policies that include disaster resiliency to benefit the sector, which employs the largest chunk of the labor force. He, however said, the Department of Agriculture (DA) is working towards the crafting of an action plan identifying the most vulnerable municipalities focusing on appropriate investments, preparedness, response, immediate recovery and rehabilitation. (PNA)

Expansion... from page 1

had a capitalization of P3.7 billion. Last June, San Franciscobased equity firm TPG Growth bought 40% of ONB from BDO. ONB President Alex V. Buenaventura, who was also at Saturday’s event, said ONB is now the “biggest rural bank in the country” and not just in Mindanao. Mr. Buenaventura said BDO has made improvements to the rural bank’s services, particularly on Internet banking and payment system, as well as the remittance business. He said ONB clients have also been benefitting from an expanded network of automated teller machines (ATM), with the bank’s merger with BDO facilities. “ON B h a s b e c om e s t r o n g e r ,” s a i d M r . Buenaventura. ONB was formed in 2004 following the consolidation of the Consunji-led Network Rural Bank of Davao, the Buenaventura-owned Rural Bank of Panabo, and the Diocese of Kidapawan-run Provident Bank of Cotabato with a capitalization of about P608 million at that time. BDO -- the country’s largest bank in terms of assets, loans, deposits, capital and trust funds, with more than 1,000 branches and 3,000 ATM kiosks nationwide -- reported net earnings of P25.055 billion in 2015, up from P22.828 billion in 2014.

Peace... from page 1

newly created negotiating panels from both sides whose members had been involved in the peace process during the Ramos administration. “Now we have again the same leading negotiators of both sides who were responsible for the 10 major agreements made during the Ramos administration,” Sison said in a video message shown during a press conference after the multi-sectoral gathering when “Blue Meets Red” held at the Ateneo de Davao University Wednesday night. These agreements ranged from the Hague Joint Declaration of 1992 as the framework agreement for the peace negotiations t o t h e C ompre h e n s i v e Ag re ement on R esp e c t for Human Rig hts and International Humanitarian Law (CARHRIHL) of 1998. “ There is far greater chance than ever before for producing the comprehensive agreements at a faster rate to the mutual satisfaction of both parties and most importantly to the satisfaction of the people who need and demand reforms,” Sison said. Sison added the meeting between Duterte and NDF spokesperson Fidel Agcaoili was very fruitful as well and the NDFP is ready to resume the peace negotiations in accordance with the existing agreements. “We are now preparing for the preliminary talks in Oslo, Norway next week to

agree to the agenda for the resumption of formal talks in July, We are also ready to agree on the drafts of important documents for finalization and signing by the negotiating panels and for approval by the principals in July,” Sison said. He said the three remaining substantive agenda for peace negotiations are: social and economic reforms, political and constitutional reforms, and end of hostilities and disposition of the armed forces. “The negotiating panel must produce the comprehensive agreement on each items. In 1998, they succeeded in producing a Comprehensive Agreement in Respect for CARHRIHIL. But unfortunately, when the Ramos government came to an end it was succeeded by regimes obsessed with obtaining the capitulation of the NDFP and less interested in the success of the peace process,” Sison said. President-elect Rodrigo Duterte has recently appointed Incoming Office of the President for Peace Process Jesus Dureza and Former Justice Secretary Silvestre Bello III as chief negotiators from the government. Agcaoli, who was present during the same conference Wednesday said the NDFP will have five-member team. “It’s five because we need lawyers. None of us are lawyers while Dureza and Bello are lawyers,” Agcaoili said. Dureza, in a separate cideo interview shown on Inquirer Facebook Page, said that he is optimistic that the peace talks will be productive under Duterte. “The difference now we have a president who thinks out of the box, who is very bold, who will spend political capital just to see we will achieve something in the negotiations. So I’m very optimistic,” Dureza said.

Endo... from page 2

the directive of President Rodrigo R. Duterte to totally remove contractualization and endo practices in the country. It can be recalled, Labor and Employment Secretary Silvestre H. Bello III issued Depar tment Order No. 162-16 and Labor Advisory No. 10-2016 suspending the registration of new applicants as contractors or subcontractors under Department Order 18-A and the prohibition of the Labor-Only Contracting, respectively. Frustrating as it may be, but endo has been in practice, af fe c t ing t he count r y’s contractual labor force for so many years. For most minimum wage workers, endo brings anxiety, frustration and hopelessness. Endo is a Filipino slang, short for end of contract, also called as 555. Ac c ord i ng to Ju l ius Cainglet, vice president of the Federation of Free Workers, endo is the illegal

practice of terminating a worker before he reaches six months of employment in order to avoid regularization and the benefits that go with it. In the Philippines, it is mandated by law that an employee working for a company automatically becomes regularized after six months as provided for in Article 281 of the Labor Code. Regularization means the employee will enjoy the benefits of a regular employee such as leaves, bonuses, health, social security and other similar perks. Many hardnosed companies tr y to avoid this and employ the endo scheme –hiring employees for five months and ending their contracts to avoid regularization and rehire s am e e mp l oy e e s f or a chronicle of endo cycle. Vi c t i ms of e n d o succumbed to this scheme thinking this is way better than having no work at all. As posted by Inquirer, most victims of endo are minimum wage earners and student workers. (ALT/JPA-PIA9)

Larawan... from page 4

(but look how independently tarnished the judicial branch can be). The upper and lower house cannot miss the passage of a law that makes one year a standard waiting time from the conviction to the execution of one who should be a public example. A strong leader, like Duterte, can establish systems that ensure fairness in implementing the capital punishment. He should immediately pursue these support strategies. The st rengt h of t he research data that I stress here has caused some scholars, originally opposed to capital p u n i s h m e nt o n m o r a l grounds, to re-evaluate their case. A professor commented: “If the recent evidence of deterrence is shown to be correct, then opponents of capital punishment will face an uphill struggle on moral grounds. If each execution is saving lives, the harms of capital punishment would have to be very great to justify its abolition, far greater than most critics have heretofore alleged.”

Megaworld... from page 5

floor a lifestyle amenity deck composed of a swimming pool, a pool lounge, a kiddie pool, a Jacuzzi, function halls and a fitness center. “Saint Honore will be a short walking distance to and from Richmonde Hotel, Marriott Courtyard Hotel, the Iloilo Convention Center and the Festive Walk Mall. Walkability around the township is a key selling point of this development,” Ms. Palmares-Fong said. Megaworld launched its first residential project One Madison Place in Iloilo Business Park in 2013. The value of residential properties there has since increased 58% or an average of 18% annually, according to the company.

Cebupac... from page 5

are doing well, and would like to commend our flight and cabin crew for handling the situation with utmost professionalism and efficiency. We also express our sincerest gratitude to the two volunteer nurses who helped ensure the baby’s safe delivery,” says Lance Gokongwei, CEB President and CEO. “ To c e l e b r a t e t h i s momentous occasion in the life of one of our passengers, CEB awards Baby Haven one million GetGo points, which she can use to fly with us for free,” he said. GetGo is CEB’s lifestyle rewards program. The baby’s points have no expiry, and may be shared with her family. CEB, the Philippines’ largest airline, offers flights to a wide network of over 100 routes on 36 domestic and 30 international destinations, spanning Asia, Australia, the Middle East, and USA. Its 57-strong fleet is comprised of seven Airbus A319, 36 Airbus A320, six Airbus A330, and eight ATR 72-500 aircraft. Between 2016 and 2021, CEB expects delivery of 32 Airbus A321neo, two Airbus A330, and 16 ATR 72-600 aircraft orders.

DSWD... from page 8

aware of the consequences of their action, which can already be considered to be a form of bullying. They should be made to realize that their actions were disrespectful and hurtful,” she said. The secretar y also expressed caution against w hat she s aid was t he tendency of the show to create situations that will prompt emotional – good or bad – responses from the “housemates” who happen to be, in this latest installment of the show – minors. The secretary emphasized, “Youth-oriented programs must impart positive messages that encourage viewers to be more socially aware and compassionate towards others. We are against censorship and we fully support freedom of speech and expression, but the television networks must also exercise responsibility in the exercise of these rights. It would be better if they do not create situations which make the youth emotionally vulnerable to make their actions in the show more “ratings friendly” and to have them “trend” on social media. They should instead, produce programs that help young audiences find effective role models they can emulate.” (DSWD)

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