Volume IV, No. 11
www.businessweekmindanao.com
August 30 - Sep. 1, 2013
BusinessWeek MINDANAO
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com
Market Indicators
As of 6:10 pm AUG. 29, 2013 (Thursday)
FOREX
PHISIX
US$1 = P44.56
5,903.71 points
19 cents
X
X
165.65 points
Briefly Housing loans DAVAO City -- While accessing loans for real estate in the country continue to increase, the housing sector faces major challenges, according to Atty. Wendel Avisado, deputy secretary general of the Housing Urban Development Coordinating Council (HUDCC). Avisado said real estate loans now pegged at P154 billion in 2008 to P250 billion in June 2012. “As we start to enjoy the harvest, a lot still has to be done and the task is not easy as these challenges could not be resolved in the short term,” he said.
Tax review ZAMBOANGA City -- The local government is set to review the existing revenue ordinances after it was noted the tax collection of this city is “quite low” and may not be sufficient to sustain next year’s proposed budget of P2.169 billion. Vice-Mayor Cesar Iturralde said the existing revenue ordinances should be amended to ensure high collection of taxes to sustain the local government operations and to be able to finance the proposed projects for 2014. “Iturralde said the city government must increase its revenue collections since the 2014 proposed budget of P2.169 billion is higher than this year’s budget.”
P15.00
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DESPITE SLOWDOWN
PH’s Q2 7.5% growth outpaces neighbors
B
U O Y E D - U P largely by robust manufacturing and construction industries coupled with strong services sector, the Philippine economy grew faster than its Asian neighbors and on the same pace with the emerging world economic giant China.
National Statistical Coordination Board (NSCB) Secretary General Jose Ramon Albert said the Philippine gross domestic product (GDP) expanded by 7.5 percent in the second quarter, above the 6 to 7 percent growth goal this year. The latest figure is higher than the revised 6.3 percent posted in second quarter of 2012, but slower than the revised 7.7 percent recorded in first quarter of 2013 which was the fastest in Asia. outpaces/PAGE 15
FACE OF POVERTY. A waste picker at the landfill in Zayas in Barangay Carmen, Cagayan de Oro on July 25. Braving foul smell, a waste picker earns an average of P300 a day from the garbage at the dumpsite. mindanews file photo by froilan gallardo
SM expands in CDO, Butuan Construction confab to explore new opportunities for growth MALL giant SM Investments Corp. (SMIC) is building its second mall in Cagayan de Oro City and a new one in Butuan City to take advantage of the region’s strong economic growth. Debby Go, assistant vicepresident for Mindanao operations of Shopping Center Management Corp., said that new shopping malls would start contributing expands/PAGE 15
DAVAO City – The 4th PhilConstruct Mindanao slated on September 5-7 here is expected to bring about new opportunities for the construction industry growth on the island, an industry official said. Engr. Ramon Allado, event chair and past president of explore/PAGE 15
Mindanao’s robust construction industry.
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