BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 038
Market Indicators
As of 6:20 pm august 30, 2016 (tuesday)
FOREX
PHISIX
US$1 = P46.34
7,794.03
X
14 cents
50.56
X
points
Briefly Aid for coco farmers BUTUAN City -- Agusan del Norte’s coconut farmers sought assistance from the Department of Agriculture’s Philippine Rural Development Project (PRDP) for the development of geonet production and marketing that would provide additional supply of geonets in the region. The Libas Farmers MultiPurpose Cooperative in Jabonga recently presented its P10 Million business proposal on Geonet Production and Marketing during the 2-day PRDP Investments for Rural Enterprises and Agricultural and Fisheries Productivity (I-REAP) Business Plan and Technical Review. “The successful geonet production of the neighboring provinces has inspired us to duplicate its business for the purpose of creating additional source of income among the farmers in the locality,” said Tomas Tener, Provincial I-PLAN Component Head.
Jica commitment JAPAN International Cooperation Agency (JICA) remains committed to supporting infrastructure projects in the Philippines. This was declared by Philippines Chief Representative Mr. Susumu Ito when he called on Foreign Affairs Secretary Perfecto R. Yasay, Jr. recently. Mr. Ito presented to Secretary Yasay an overview of JICA’s operations in the Philippines. Japan’s Official Development Assistance (ODA) to the Philippines, through JICA, spans more than six decades, with its first assistance starting in 1954. Japan is the Philippines’ biggest ODA donor and has identified important priority areas from northern to southern Philippines. Mr. Ito said that JICA remains committed to continue supporting infrastructure projects in the country. Apart from improvements in infrastructure, JICA’s development plans also integrate other key issues such as improving business environment, disaster resilience and poverty reduction. Mr. Ito also discussed JICA’s operation in agriculture projects, Typhoon Yolanda recovery and capacity building program for the Philippine Coast Guard.
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Malnutrition costs PH’s economy P328B; report www.businessweekmindanao.com
Wednesday | August 31, 2016
M
ALAYBALAY City -- The c ou ntr y i s losing at least P328 billion a year due to the impact of childhood stunting on workforce productivity and education, a report released Tuesday by Save the Children said.
FIREWORKS. Fireworks light up the sky during the traditional and yearly pyro festival at SM City Cagayan de Oro last Sunday as part of fiesta festivities. PHOTO BY MARK FRANCISCO
Stunting, considered the most prevalent form of und e r nut r it i on, has permanent effects on a child’s growth and development, the report said. The report titled “Cost of Hunger: Philippines” suggests that, in 2013, childhood stunting cost the Philippines almost 3 percent of its GDP. The economic loss consisted of: report/PAGE 11
Wage Board-Caraga orients 142 firms on wage order By PAT SAMONTE, Bureau Chief Butuan City
CABADBARAN City -- The Regional Tripartite Wages and Productivity Board (RTWPB) in Caraga has conducted an orientation on Wage Order No. 14, Productivity Toolbox and Productivity to
142 establishments last week during a Barangay Micro Business Briefing sponsored by the Department of Trade and Industry (DTI)-Agusan del Norte Provincial Office at the Cabadbaran City Hall.
The activity was aimed at informing the public especially employers about the Barangay Micro Business Enterprise (BMBE) law and its importance to MSMEs. Under the BMBE law, one of the benefits of a BMBE registrant is exemption from orients/PAGE 11
PSALM to fold up in 9 years By MYRNA VELASCO, Contributor
THE government is seriously c on s i d e r i n g t o f i n a l l y terminate the operations of the Power Sector Assets and Liabilities Management Corporation (PSALM) at the culmination of its corporate life in 2026, just more than nine years away. “We are not batting for any extension of our corporate
life,” PSALM Officer-inCharge Lourdes S. Alzona has noted, indicating further that this is also the direction that their principals at the Departments of Finance and Energy have been looking at. PSALM, which was set for corporate longevity of 25 years, was established in 2001 when the Electric Power
Industry Reform Act took effect. It was vested with the dual mandate of privatizing the assets of the National Power Corporation (NPC) and managing the power sector’s liabilities. Alzona explained that, if there would be some undisposed assets at the end of PSALM’s corporate life, “these will be turned over psalm/PAGE 11
FIESTA. A huge statue of the Virgin Mary is carried on a boat along the Cagayan de Oro River during the fluvial procession of in Cagayan de Oro City on Sunday, August 28, 2016 on the feast of St. Augustine, the city’s patron saint. MindaNews photo by FROILAN GALLARDO
BDO to further expand rural bank branches By DIGNA D. BANZON, PNA
DAVAO C i t y - - A f t e r acquiring ownership of One Network Bank (ONB), the BDO is expanding its rural bank branches to the different parts of the country. SM Investment Corp.
(SMIC) senior vice president f or Inv e s t or R e l at i on s Corazon Guidote said the acquisition of ONB expanded the regional presence of BDO particularly in its target expand/PAGE 10
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Economy Bukidnon guv is new RDC-10 chair
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HE Regional Development Council of Northern Mindanao (RDC-X) expressed its affirmation and support to Bukidnon Governor Jose Maria Zubiri, Jr. as RDC-X Chairperson for the term 2016-2019 during the August 25 RDC reorganization meeting. Governor Zubiri conveyed appreciation for the members’ support and vowed to fight against criminality, graft and corruption, and poverty in the region. Describing himself as a hands-on government official, he urged everyone to work together especially in providing livelihood for the people. He reiterated that, under his headship, changes in the RDC processes will be introduced to make the Council be more effective and
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truly responsive to the needs of the local governments. The action agenda would include bi-monthly En Banc me et ings and const ant dialogues with the governors and mayors making one to two-day visits to each of the local government units (LGUs) as a way of ensuring that programs and projects implemented respond to what they truly need. Three private sector representatives (PSRs) were nominated to the co-chair’s seat, namely: Jaime Rafael U. Paguio of Gonzalo and Carmen Abaya Memorial Foundation, Inc.; Arsenio L. Sebastian III of Philippine Institute of Certified Public Accountants, Cagayan de O ro - M i s a m i s O r i e nt a l Chapter and Engr. Modesto C. Babaylan of the Philippine Institute of Civil Engineers,
Inc. The three PSRs will be endorsed to President Rodrigo R. Duterte who will choose one for formal appointment as RDC-X CoChair. Presided over by NEDA-X R e g i on a l D i re c tor and RDC-X Vice-Chair Leon M. Dacanay, Jr., the Council elected the chairs and vicechairs of the RDC sector committees, as follows: Macro and Development Administration Committee – Mayor Leonardo Genesis T. C alingas an (L ib ona, Bukidnon) and Director Arnel M. Agabe (DILG); Economic Development C ommittee – Governor Herminia M. R amiro (Misamis Occidental) and Director Linda O. Boniao (DTI); Social Development Committee – Mayor Nelieta Q. Noval (Tubod, Lanao
del Norte) and Director Nestor B. Ramos (DSWD); Inf rast r uc ture/Ut i lit ies Development Committee Mayor Philip T. Tan (Tangub City) and Director Annabelle M. Atillo (DBM). The Council also
confirmed the private sector re pre s e nt at ive s ( P SR s ) elected during the PSR Convention on July 15, 2016. Director Dacanay then presented the timelines for t he for mulation of the Northern Mindanao
Regional Development Plan (RDP), 2017-2022. The RDP 2011-2016 assessment was already done and the new plan is expected to be released by the first quarter of 2017. (Peleta B. Abejo/ NEDA-X/PIA-10)
GINGOOG City -- With the advent of economic innovations of the Department of Trade and Industry (DTI), the city government of Gingoog is spurring local economic potential by coaching small and medium entrepreneurs who venture to various startup investments in the city. Valuing the success on ‘Go Negosyo,’ Gingoog city Mayor Marie Guingona is optimistic that her executive agendum on employment
generation will be certainly boosted by DTI’s thrust ‘trabaho at negosyo’ which has been translated into various forums, trainings, seminars, technical assistance, supplemental funds and other forms of capability buildings that impacts to local business. In ensuring closer tie-up with DTI’s vision-mission to the local governments, Mayor Guingona has designated Epifanio Cuerdo Zarate as a focal link to DTI.
“DTI’s supervision and coordination with our local price coordinating council assures our consumers on their rights and obligations in purchasing their daily basic commodities. Hence, I thank the men and women of DTI for recognizing our city as an active and supportive LGU partner in implementing its programs and projects relevant to trade, industry, economy and investments,” said the mayor. dti/PAGE 10
Gingoog, DTI to boost SME anew
RPN Radyo Ronda Stations Nationwide
CNN Philippines Stations Nationwide Audy Maagad Department of Agriculture Supervising Agriculturist for Northern Mindanao stressesduring press conference held in Cagayan de Oro on 30 August 2016, the health benefits of using brown or unpolished rice. He said brown rice has retained the fibers, vitamins and minerals, while the while the residual white bits or white rice gives only pure carbohydrates. (Rodolfo Mendoza, PIA-10)
CNN Philippines TV-9 Manila CNN Philippines TV-12 Baguio CNN Philippines TV-12 Dagupan CNN Philippines TV-26 Tarlac CNN Philippines TV-10 Iriga CNN Philippines TV-4 Iloilo
CNN Philippines TV-8 Bacolod CNN Philippines TV-9 Cebu CNN Philippines TV-5 Cag. de Oro CNN Philippines TV-5 Zamboanga CNN Philippines TV-7 GenSan CNN Philippines TV-9 Davao
DZBS 1368 Baguio DZRL 639 Batac DZTG 621 Tuguegarao DZKI 1332 Iriga DYKW 936 Binalbagan DYKB 1404 Bacolod DYKC 675 Cebu DXKO 1368 Cagayan de Oro DXKS 1080 Surigao DXKD 1053 Dipolog DXKP 1377 Pagadian DXXX 1008 Zamboanga DXKT 1071 Davao DXDX 693 General Santos
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Opinion
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Poverty amidst the affluence that is Clark Freeport
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LIFE’S INSPIRATIONS: “… `The King will reply, ‘Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me’…” (Jesus Christ, our God and Savior, in Matthew 25:40, the Holy Bible). -ooo P OV E RT Y A M I D ST THE AFFLUENCE THAT IS CLARK FREEPORT: Serving the poor and the needy as a Rotarian has many “ups and downs”. One of these “ups” is the feeling of satisfaction that the duty to help those who cannot repay in any way is fully complied with without conditions and the usual hassle of bureaucratic red tape. One of t he “dow ns” is t he re a lizat ion t hat, despite the huge money of government for projects aimed at uplifting the lives of the poor, many Filipinos remain severely deprived, lacking in even the most basic amenities of life like foot sandals, in a place where the soil is literally crawling with worms and other possible infectious maggots from decaying pets, human waste, and even animal discharge. This was what I saw (and what other Rotarians from the Rotary Club of Intramuros Manila of Rotary International District 3810 and from the Rotary Club of
Oro Chamber
my sense of compassion. But then, nothing really prepared me for the subhuman condit ions t hat assaulted my sensibilities in Sitio Babo, amidst the wealth and affluence of a government agency called the Clark Development Corporation (CDC), and the billion-peso businesses that sprouted at the Freeport. -ooo WHY IS NO ONE DOING SOMETHING FOR SITIO BAB O? Maybe, I thought, nobody from the national government, or Mabalacat, or from CDC, or from the big businessmen that have made Clark their playing field for increasing their wealth some more, gave a thought to the people in Sitio Babo because they belong to a tribe whose members have no political clout, nor the ability to speak out about what they need. And this, perhaps, is the reason why the natives at Sitio Babo, who are the Aetas from the ZambalesPa m p a n g a b o u n d a r i e s and hinterlands, would always have a ready smile and welcoming arms for Rotarians who come to them, because Rotarians come with projects that would address their needs, like sanitary toilets. Toilets should, of course, be the responsibility of each and every family, but for
K akampi
Mo A ng Batas
Atty. Batas Mauricio Aetas who have no means of earning a living because of their lowly station in life, disposing of their feces would be the least of their concern. I am glad the Rotary Club of Intramuros, aided by its sister-club, the Rotary Club of Batemans Bay of Australia, and the Rotary Club of Mabalacat Clark, is doing all they can in this regard. -ooo PLEASE WATCH OR LISTEN: “Tambalang Batas at S om i nt a c”, a n e w s commentary radio program, aired at DZEC 1062 kHz and other R adyo Agila provincial stations, and is aired live (and which can be subsequently accessed) at https://www.facebook.com/ RadyoAgila1062/?fref=ts, and at www.youtube.com, 6 to 7 in the morning, Philippine time. Phone: 0922 833 43 96, 0918 574 0193, 0977 805 9058. Email: batasmauricio@yahoo.com.
Human life is sacred
Complain or Change Think a minute…A young woman named Cherie was telling about her childhood. Both her parents worked outside of their home from the time she was a very young girl. Her mother was an actress and was only interested in her own career and selfish ambition, so she spent very little time with her kids. Even when she wasn’t working she was away from home socializing with her friends. Cherie and her brother were left alone everyday, so they got into trouble at a very young age. Their parents finally divorced and her dad remarried. Cherie was a teenager when she overdosed on drugs and almost died. The next day her stepmother, who was very loving and wise, said this to her: “Cherie, how long are you going to use your past as an excuse for your life now? You can continue hating yourself and blaming others for the way you are, or, you can choose to change.” Well, as a teenage girl Cherie chose to change. After finishing her education, she started her own business and now she travels across her nation as a public speaker to teenage kids, talking to them about their life choices. One person said: “Little people with little hearts live their life in little ruts, refusing to change anything in their
Mabalacat Clark of Rotary International District 3970 also saw) during a visit we made to Sitio Babo, a place right inside the bustling Clark Freeport Zone which was the former home of the US Armed Forces in the Philippines. -ooo PEOPLE LIVING IN SUBHUMAN CONDITIONS: Clark Freeport Z one is of course the place where the Clark International Airport is located. It is also the place where posh hotels and duty-free shops abound. It is also an upscale tourist-entertainment spot, featuring expensive and glitzy array of events which only the rich, the mighty, and the powerful can afford. Much to my shock and bewilderment, however, I discovered that it is also a place where people live not as human beings, but as mere cre at ions w ho are literally just slightly higher than animals, and whose only identification with life is being able to breath and move about, not experiencing what it is to eat three times a day, or to have sanitary toilets, or garbage disposal systems, or, as I said, even just foot sandals to protect their feet. I had been forewarned b e f ore h a n d , I h av e t o concede, that what I would be seeing in Sitio Babo would jolt me out of
THINK
A Minute
Jhan Tiafau Hurst little world.” So when things are not the way we think they should be, we have two choices: we can keep complaining about them, or start changing them. A wise man said: “Stop complaining about what you have allowed.” It’s kind of like the old saying, “Put up or shut up.” In other words, either do something to help change and improve the situation, or stop complaining about it. We can “light a candle or curse the darkness.” God is just waiting for you to ask for His help to change your dark situation. But Jesus Christ can’t help you until you ask Him to take charge of your life everyday. If you keep shutting out His light and love, then your life will just stay as it is. Remember, “If things don’t change, they’ll stay the same.” It’s your choice. Just Think a Minute…
Nowadays, when the value of human life has been greatly reduced, we need to recover its true worth by revisiting the pertinent Christian doctrine about it. It c annot b e denie d that in many parts of the world, an open anti-life culture is taking place and it’s slowly coming also into our country. Abortion is legal in many countries. Euthanasia is fast gaining g rou n d . Su m m ar y an d extra-judicial killings are getting rampant. Of course, there is now a creeping wave of terrorism in many places. We need to reaffirm the truth that human life, no matter how deformed and depraved in its earthly condition, is always sacred, because it’s a life that has a special and very intimate re l at i on w it h G o d , it s creator. No one can just put it away on his own volition or that of another or even of t he st ate. It’s a l i fe whose death can only come properly by God’s will. This usually takes place through natural causes-sickness, old age, etc. Though God can allow d e at h to o c c u r du e to human volition, such event is clearly against his will and would constitute a grave sin. Our Christian faith also teaches that if some evil is allowed to happen,
it’s because a greater good can also be derived from it. We shou ld b e quick to discern God’s designs when some evil takes place, so we avoid falling into a vicious cycle that sin usually generates. In this, we should tr y not to be scandalized by evil, not by affirming that evil is not evil but rather by acknowledging evil in the context of God’s merciful and wise providence. From there, we can start to perceive the good God has in mind for it. This effort may be aided by our legal and juridical system, some conventional wisdom that we have accumulated through the ages, etc. But we should also be aware that these elements are never perfect. At best, they can lead us to divine wisdom but can never replace it. In fact, the way things are now, we may have to do a lot of purging, since many distortions if not errors insofar as the moral law is concerned may already have contaminated these systems. Human life is sacred because it is always a life intimately linked with the very life of God. And that’s because we have been made the image and likeness of God, children of his, endowed with faculties that would enable us, together
with his grace, to enter into the very life of God. Thus, the Compendium of the Catechism of the Catholic Church teaches that “from its beginning human life involves the cre at ive ac t ion of G o d and it remains forever in a special relationship with the Creator, who is its sole end.” (466) In another point of the Catechism, we are told that “of all visible creatures only man is able to know and love his creator. He is the only creature on earth that God has willed for its own sake.” (CCC 356) In other words, our life somehow reflects the life of God. That is how each one of us is designed by God. T he f u l l re a l i z at i on of that original design may be thwarted by the many manifestations of our sinfulness. Just the same, in spite of such condition, we also know that God became man to save us and has given us all the means so we can be what we ought to be, according to God’s providence. This brings us to the conclusion that human life is always sacred no matter how sinful it is. God is so in love with man that he cannot abandon him. He will do everything to bring him back to him while respecting man’s freedom. That’s why in Christ, God
HINTS
and
Traces
Fr. Roy Cimagala is made to die, which is the greatest proof of one’s love for another. We need to counter the attack on human life by spreading this fundamental truth about us. That may sound quixotic, but with faith in God’s powers and with our persistent effort, we know that the good and the truth will always prevail. In this regard, St. Paul gave us a relevant piece of advice: “Purge out the old leaven, that you may be a new paste, as you are unleavened. For Christ our pasch is sacrificed.” (1 Cor 5,7) This will certainly take a lot of time, effort and suffering. But we need to convince ourselves that this is all worthwhile. We should pray, offer a lot of sacrifices, and do whatever we can, individually or with others, to do a battle of love to uphold that human life is sacred.
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PLDT changes corporate name to PLDT Inc. THE PLDT Board of Directors has amended its by-laws, changing its corporate name Philippine Long Distance Telephone Company to PLDT Inc. during a board meeting Tuesday. The amendment revises Article XV Section 1 of its corporate seal which states: “The corporate seal of this corporation shall bear upon its face, in a circle, the words PHILIPPINE LONG DISTANCE TELEPHONE COMPANY and within the circle a desk telephone and the words and figures, INCORPORATED 1928 (amended on March 29, 2001).” The amended provision now states: “ARTICLE XV SEAL Section 1. The corporate seal of this corporation
shall bear upon its face, in a circle, the words ‘PLDT Inc.’, and within the circle the logo of the corporation and the words and figures, INCORPORATED 1928.” The amendments to its by-laws will be effective upon the approval of the Securities and Exchange Commission. Meanwhile, PLDT Inc.’s d iv i d e nd amou nte d to PHP2.44 million on all of the outstanding shares of its voting preferred stock for the quarter ending Oct. 15, which will be payable on Oct. 15, and to the holder of record on Sept. 20. It was derived from the unaudited unrestricted retained earnings of the company as of June 30, sufficient to cover the amount of declared dividend. (PNA)
AirAsia quarterly profit jumps 41% on high demand, low oil AIRASIA Bhd , Asia’s biggest budget airline, reported a 41 percent surge in secondquarter profit on Monday as it benefited from stronger demand and lower fuel costs. The airline also said it was seeing strong demand for the third quarter, and expects a load factor – a measure of how full planes are – in home country Malaysia of 90 percent in the third quarter, from 87 percent in the second quarter.
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CorporateWorld
“In Malaysia, demand remains extremely robust and we foresee this to improve in the coming quarters as consumer sentiment is picking up in the domestic economy,” AirAsia Group C h i e f E x e c u t i v e To ny Fernandes said in a statement. Fernandes, best known for transforming AirAsia into Asia’s biggest budget carrier after founding it with two aircraft a decade ago, is now airasia/PAGE 10
Globe goes full steam ahead on LTE 700 MHz deployment
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T’S full steam ahead for Globe Telecom in its aggressive deployment of the 700 megahertz (MHz) band by rolling out recently more than 150 sites mostly in Metro Manila as part of its commitment to improve the mobile internet in the country. Jo el Agust in, Glob e Senior Vice President for Program Governance, Network Technical Group revealed that Globe is fasttracking the rollout of LTE service nationwide using the 700 MHz frequency under the co-use agreement approved by the National Te l e c o m m u n i c a t i o n s Commission (NTC). “We are confident that more and more of our customers will experience improved services as adoption of LTE-capable devices increases and as we continue to deploy LTE 700 in more sites. This is consistent with our strategy of continuously improving internet services using the previously idle 700 MHz spectrum that the NTC now allowed us to co-use,” Agustin said. According to Agustin, the LTE 700 sites cover major business districts and highlyurbanized and populated areas in the country, noting
that customers using LTE 700 devices are steadily increasing in these areas. Citing Quezon City, where Globe activated the first LTE 700 site in the country, Agustin said the technology now covers a majority portion of the city after the LTE 700 sites activated by Globe increased four times from the initial rollout of just 11 sites. The company plans to activate more than 500 LTE 700 sites across the country by the end 2016, Agustin said. He added that majority of these sites are located in Metro Manila, enabling Globe to deliver close to 100% coverage of LTE 700 for the entire metropolitan area. This is turn, is expected to substantially improve mobile internet experience of customers in the region. G l o b e Te l e c o m i s maximizing the use of the 700 MHz band in fulfillment of its commitment in the couse agreement with BellTel following the sellout of San Miguel’s telco assets. The company committed to deploy about 4,500 multiband, multimode software defined radio base station equipment to 95% of total municipalities and cities in the country. This will improve overall customer experience in terms
of speed and reliability of mobile internet services. Aside f rom t he 700 MHz, the NTC-approved
c o - us e ag re e me nt a ls o provided Globe with access to additional allocation in globe/PAGE 10
GLOBE Telecom is fast-tracking the rollout of LTE service nationwide using the 700 MHz frequency under the co-use agreement approved by the National Telecommunications Commission (NTC). Globe plans to activate more than 500 LTE 700 sites across the country by the end 2016.
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Billboard 6 Déjà vu: A Solution to the Philippines’ Looming Power Supply Crisis Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
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The Philippines has achieved impressive economic growth numbers in recent years, and has further reinforced its status as one of the major economies of Asia. Now, the country finds itself amidst a power crisis that may portend a pronounced economic slowdown.
I
n spite of the slow global economic growth, the Philippines remained a strong economic performer in Southeast Asia. A recent World Bank communiqué substantiates this when it reported that the Philippines’ near-term economic growth was likely to remain strong, and was projected to accelerate to 6.4 per cent in 2016, before slightly tempering to 6.2 per cent in 2017. Despite the positive economic outlook, there is a persistent power shortage being experienced in key industrial and commercial
areas in the Philippines threatening to fade the lights on this promising growth story. The power supply shortage is most pronounced during peak summer months, when hydropower is reduced f rom t he s e as ona l dr y spell, and when a random shutdown of a power plant on the grid can initiate a disastrous widespread power outage. Yes, the Philippines is still grappling with rolling power outages similar to what bedeviled the country in the 1990s. The Philippines has an enormous energy potential to free itself from the shackles of
BSP Honors its Stakeholders in Region IX The 2016 Awards Ceremony and Appreciation Lunch for BSP Stakeholders in Region IX was held at the Mu l t i - P u r p o s e R o o m , New Generation Building, BSP Zamboanga Branch, Z amboanga City on 30 August 2016. Z.C. Integrated Port Services, Inc. was chosen as the Outstanding Respondent among Large and Medium Firms for the Business Expectations Survey (BES) in Region IX while A.I. Gonzales and Sons, Inc. was recognized as the Outstanding Respondent among Small F i r ms . T h e Ph i l ippi n e Statistics Authority (PSA)Region IX received the award for Outstanding Partner for the Report on Regional Economic Developments. Lastly, the Outstanding Regional Partner for Implementing BSP Advocacy
on the Conduct of Public Information Campaigns was granted to Ateneo de Z amb oanga University. E ach awardee received the "D ynamic B alance, Philippine Eagle" trophy crafted by visual artist and multi-awarded sculptor, Mr. Ferdinand Cacnio. The awards ceremony acknowiedges the successful alliances that have helped the BSP maintain price ~nd fimmcia I stability and ensure an efficient payments and settlement system. The awards ceremony in the National Capital Region was held last 13 July 2016 at the asp Main Complex, Manila. This year's stakeholders' awards in Region IX marks the seventh time that the BSP has awarded stakeholders in the region, and eighth in a series of 12 regional events for this year.
the power supply conundrum, given its notable geothermal energy capacity, if not for a slew of transmission and distribution limitations, inadequacy in domestic energy production and a challenging geography. Other aggravating factors include the countr y’s obser ved dependence on imported fuel, non-subsidy of fuel on the part of the government, high electricity tariffs, and ageing existing power infrastructure. While the Philippines has managed to continually achieve impressive economic growth rates in the face of its power supply challenges, the need for a resolution is growing ever more urgent. The country’s economic expansion, among other factors, has prompted a spike in its requirement for electricity, and now the Philippines’ electric power systems are struggling to keep up. The onus is now
on its leadership and on key power industry stakeholders to prevent a power crisis that can negate the economic successes that the country has achieved in recent years. A turning point Industry and economic exp er ts opine t hat t he p ower supply shor t age in the Philippines is part of a decades-old chronic insufficiency in the country’s power sector. They point to the country’s mothballing of its sole nuclear plant in 1986 as a vital reason why the Philippines is still struggling to satiate its national electricity demand. Because no new capacity was introduced to the country’s power network, what ensued were sustained day-long power outages that fended off foreign investment, suppressed the growth of various heavy industries and stalled the country’s economy. The incoming
government of President Ramos (1992-1998) resolved the power challenge through emergency powers granted by the 1991 Energy Crisis Act to conclude contracts for new power generation. The country was, then, afforded some breathing room. Now, 18 years on, the Philippines has come full circle and is again confronting a potentially debilitating power crisis. What is being done? One of the countr y’s foremost, albeit stop-gap, response to the power supply shortage is the “Interruptible Load Program”, which entails large establishments, such as shopping malls, office buildings and factories, to voluntarily switch their power source from the main grid to their proprietary generators when a shortage is impending. It is a program established by the Department of Energy and the Energy Regulatory
Commission to help ease the energy supply deficiency in the country until new capacities are introduced to the grid. As of press time, even as details of compensation are yet to be finalized, a number of large firms have already pledged their participation. There has also been an interest on the part of the government to review, revise and reinforce the Electric Power Industry Reform Act (EPIRA) of 2001, which mandated the privatization o f s t at e - ow n e d p ow e r enterprises in the hope of encouraging the availability of affordable electricity and fair market competition. The government intends to amend the EPIRA to allow it to intervene in the power sector as need be. For instance, the government proposes to have its own power generation facilities so that it is able to instantly fill in the power solution/PAGE 9
Globe now blocks 100,000 per day spam/scam messages from other networks Aimed at further reducing, if not eliminating, spam/ scam messages that goes through its network, Globe Telecom further stepped up its anti-spam/scam campaign and is now able to block annoying unsolicited messages coming from other telco providers. Anton B onifacio, Globe Chief Information Security Officer revealed that Globe started blocking an e s t i m at e d 1 0 0 , 0 0 0 spam/scam messages per day coming from other networks, beginning last August 16. “We now block an average of 300,000 spam/ scam messages daily coming from both Globe and other networks,” Bonifacio said.
The company activated in February this year a fully automated mechanism to rid its network of spam and scam messages. Under t he f irst phas e of t he program, the anti-spam mechanism blocked spam/ scam messages coming from Globe network SIMs. Entering into the second phase of the program, Globe further enhanced its anti-spamming tool to include messages sent by other network SIMs. “Globe is now a step clos er towards tot a l ly eradicating the transmittal of spam and scam messages to our customers. The company will continue with the optimization process of
the blocking mechanism to stamp out transmittal of such messages whether or not they are coming from the Globe network,” Bonifacio said. “ T h e c omp any h a s already blocked around 50 million spam/scam messages since February this year when its new blocking tool was set in place, with a daily average blocked messages of around 200,000 from Globe network alone,” Bonifacio said. The enhanced mechanism now covers the company’s mobile postpaid customers of more than 2.5 million and majority of its prepaid customers of close to 59 million.
G l o b e Te l e c o m ’s blocking tool comprises a new hardware and software solution with complex ant i-sp am a lgor it hms, with a capacity that can filter up to 1 billion SMS a day. By design, the filtering mechanism can be reconfigured to address the kind of spam and scam messages that goes through the Globe network. Prior to the establishment of a new blocking mechanism in February this year, Globe first operationalized an automated filtering functionality that reduced the number of messages going through the Globe network in S eptember 2014.
Banking&Finance 7 DOF unveils final draft of 4 tax reform packages Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
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T
HE Duterte administration will submit to Congress next month four tax re for m p a c k a g e s t h at supp or t prog r ams for infrastructure and human capital, while bringing down the oppressive tax burden on wage earners, Finance Secretary Carlos G. Dominguez III said. Described as “a truly imaginative tax reform package,” Dominguez said the new administration’s proposed measures are consisted of personal income tax (PIT) and consumption tax; corporate income tax (CIT); property tax; and
capital income tax. “This program, which will be presented to Congress by September, 2016, will comprise four packages. Each of the package will correspond to a bill that balances policy trade-offs,” Dominguez said in a recent briefing with lawmakers. While Dominguez admitted that their tax reform will have hurdles in Congress along the way, the finance chief said the government’s fiscal authorities are prepared to “make the challenge more interesting.” “Today, the Philippines has among the highest tax rates in the region and among
the narrowest tax bases. This is a condition tax reform should reverse,” Dominguez said. “We should aim to bring down tax rates while at the same time broadening the tax base.” Wage earners First on the list is the people’s top demand, the adjustment of the tax brackets to inflation, lowering of personal income tax rates to 25 percent except for the highest income earners, and the shift to a modified gross system. If passed into law, the Department of Finance’s (DOF) first package will provide middle and lower
income classes more money in their pockets, but at the same time, would result in revenue losses amounting to P159 billion. To offset these losses, the DOF has proposed to expand the value-added tax (VAT) base by limiting exemptions to only raw food and other necessities like education and health. The DOF is also proposing to raise oil excise and impose a levy on sugary products, while indexing these rates to inflation. To alleviate the effects on poor Filipinos, Dominguez has recommended programs for indigent individuals, like
SSS quickly responds to more complaints referred by CSC THE Social Security System (SSS) resolved 347 queries out of the 390 complaints coursed thru the Civil Service Commission (CSC) from April to Aug. 24 this year, showing an 89 percent resolution rate. SSS Department Manager II for Member Relations Department Fernando F. Nicolas said that out of the 390 complaints, 136 were made thru the 8888 Hotline which was only launched last August. “Out of the 136 complaints received thru 8888 Hotline, SSS resolved 99
referrals already, showing a 73 percent resolution rate. Our commitment is to resolve complaints within five working days from receipt of referral from CSC,” said Nicolas. Based on records, CSC started referring cases to SSS coming from the 8888 Hotline on Aug. 4 with the latest referral received on Aug. 24. Aside from the 8888 Hotline, complaints against SSS were also received thru CSC’s Contact Center ng Bayan and Public Assistance Center. “On a daily average, SSS process
more than 180,000 transactions so the number of complaints course thru the 8888 Hotline is very small percentage only. But of course, all our processes undergo continuous improvements so we hope to still reduce the number of complaints,” said Nicolas. Most of the complaints referred to SSS were follow-up on benefit claims, too many documentary requirements, delay in UMID card production, long lines in SSS branches and other customer service issues. sss/PAGE 9
targeted subsidies. Also under the package is the relaxation of the bank secrecy law for fraud cases and the inclusion of tax evasion as a predicate crime for money laundering. Should Congress adopt the DOF’s first tax reform package, the government would generate fresh revenues amounting to P359.7 billion. Minus the P159 billion losses from PIT, the ultimate net revenue gain is seen to reach P200.7 billion.
Corporate tax The second tax reform package is the reduction in CIT rate to 25 percent and the simplification of other corporate income tax provisions aimed at improving taxpayers compliance. The DOF has estimated that foregone revenues from lower CIT would amount to P34.8 billion, but will be somehow compensated by the P33.8 billion proceeds from fiscal incentive reform/PAGE 10
ADB water security report tracks Asia Pacific progress WATER security in Asia and Pacific has progressed overall in the past five years, but major challenges remain, including overexploited groundwater, demand from rising populations, and climate variability, according to a new report from the Asian Development Bank (ADB). The Philippines was singled out along with two others among the laggards in urban water security; but it was cited - together with Pakistan and Taipei - for s h ow i ng m ar ke d improvement in resiliency to water-related disasters. The new edition of the Asian Water Development Outlook (AWD O 2016)
released August 30 at World Water Week in Stockholm provides a snapshot of the water security status of 48 of the region’s countries, using latest data sets. According to these, the number of countries assessed as water-insecure has dropped to 29, compared to 38 (out of 49 countries) identified in the previous issue of the report in 2013. “Asia and Pacific remains the world’s most vulnerable region to water insecurity and cannot sustain its recent economic growth without addressing this issue,” said ADB Vice-President for Knowledge Management and Sustainable Development progress/PAGE 9
8
Events
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OROBANKERS DIRECTORIES CAGAYAN DE ORO CITY
A PUBLIC SERVICE BY:
AMANAH/ISLAMIC BANK V. Neri Street Carmen, Cdoc 858988/8587965 / 722274
METRO BANK- COGON Osmeña Hayes St. Cdoc | 726438/8572057
ASIA UNITED BANK Cor.Camp Alagar Road Lapasan, Cdoc 729678 / 8568893
METRO BANK- CARMEN Max Suniel St. Carmen, Cdoc 8581722/ 8585162
BDO – VELEZ Velez-Rn Abejuela Street, Cdoc 2314246/8572075
METRO BANK- LAPASAN CM Recto Lapasan HW, Cdoc 724461/8561721
BDO – SM G/F SM City, Master Son’s Avenue Upper Carmen Cdoc | 8592623/8592637
METRO BANK- OSMEÑA Brgy Osmeña St. Cdoc | 722014 /8800924
BDO – XU XU Lib. Annex Corrales St. Cdoc 8574108 / 8573796
METRO BANK- CORRALES Corrales Avenue, Cdoc | 8572635/728731
BDO – CDO HAYES Trendline Bldg.,Hayes Street, 8568151/727405
METRO BANK- GAISANO 8561720
BDO – COGON Sky hi Bldg JR Borja St. Cogon, Cdoc 8577963/ 725209/ 725203 BDO – OSMEÑA Osmeña corner Ramon Chavez St. Cdoc 724567/8563727
Wicked, a group of students from Liceo de Cagayan University, participate in the Higalaay Dance Battle as part of the Higalaay Street Festival last Sunday at CDO Bar. PHOTO BY MARK FRANCISCO
Solution... from page 6
shortfalls. Nevertheless, the project still remains to be cost-prohibitive. The countr y’s energy department estimates that, with the current economic trajectory, the Philippines’ power demand will balloon to approximately 29,500 MW in 2030. The country’s power generation capacity in the same year, however, is only predicted to be at 26,500 MW – 3,500 MW short of the requirement. Here’s the caveat: In order to bridge the power supply gap, the Philippines reportedly needs USD 46 billion to set up modern power generation facilities in the country. The government is thus taking a proactive stance to woo power investors to invest in the country and help increase its generation capacity. Not helping this effort, however, is the country’s observed excessive bureaucracy and adherence to official rules and formalities. The energ y department itself estimates that it takes approximately 165 signatures and a minimum of three years only to secure the necessary permits for a permanent power plant project. Further delays may ensue in case of an e ventua l judicia l dispute. Other processes like finalizing financial concerns, signing off project designs, sourcing equipment and materials, securing allied ser vice providers, let alone constructing the permanent power plant also take a considerable amount of time. Thus, many foreign power companies have expressed dismay over the situation, saying that the requirements have been a deterrent to enter a market demanding a sizeable initial outlay and a commitment of at least 20 years. There is no better time There is no better time for the Philippines to resolve its power challenges than now.
The country cannot afford to invalidate its economic achievements of recent years by risking going through a similar power crisis that reined in its economic and industrial growth. If the country wishes to go on living its Cinderella story, the Philippines should do what it can to erase serious concerns about its economic and social sustainability. While permanent power solutions require a substantial capital outlay, temporary power technologies do not involve capital expenditure. In fact, the government, p ower utility providers and other interested industry holders can pay for the rente d ele c t r icit y f rom their operating incomes. Temporary power solutions may represent a short-term restorative measure, but when employed in crucial times like this, they can be the difference between a c a l amitous e conomic collapse and a momentous economic feat. While the government is revisiting the EPIRA, and while concerned agencies are working to streamline their regulatory processes, the Philippines can readily benefit from the temporary power solutions, which can be swiftly delivered to the Philippines and installed an d p ow e re d on i n a s little as days. Contrary to permanent power plants that require long lead times to be completed, rental power plants can immediately supply electricity as soon as the equipment arrive at site owing to its inherent ease of installation and grid connection. CAGAYAN DE ORO MAIN BRANCH Brothers T Ph& JoLim uBldg., g hTianoSts., recent Kalambagohan Tel. # (08822) 727-829 * governments Telefax # (088) have 856-1947 made great strides in the resolution CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, of the power there are Camiguin Tel. crisis, # (088) 387-0491 more toCORRALES be done to ensure BRANCH Corrales Ave., Cagayan de Oro City that the Philippines’ powerDIVISORIA BRANCH generation facilities are Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City adequate to(088)cope with the Tel. # 857-3631 country’sLAPASAN increasing BRANCHdemand Lapasan Hi-way, Cagayan de Oro City for electricity. Until the Tel. # (088) 231-6739 government and the relevant CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City i n d u s t Tel. r y# (088) s t a231-2011 keholders
encounter an appropriate solution to the persistent power supply challenges, the Filipino will continue to struggle with what has notoriously become a staple of life in the Philippines.
Progress... from page 7
Bambang Susantono, who led the launch in Stockholm. “Meeting the region’s socioeconomic challenges and achieving Sustainable Development Goal 6 on water will require bridging the gap in provision of water services between rich and poor in urban areas, and between rural and urban areas.” In Asia and the Pacific, 1.7 billion people lack access to basic sanitation, the report said. Recent estimates suggest that by 2050, 3.4 billion people could be living in water-stressed areas in Asia and the Pacific, while water demand will increase by 55%.
SSS...
from page 7
SSS follows the procedures provided under the law in processing benefit applications to ensure that it is given to the rightful beneficiaries. The various documentary requirements, on one hand, are needed to avoid fraudulent claims. “We understand our members’ concern on the number of documentary requirements that they have to submit to process their applications. However, the
documentary requirements are needed to ensure that the provisions of the Social Security Law are met and observed,” said Nicolas. To address concerns on the long queues in SSS branches, management is continuously establishing and relocating offices to reach out to members. As of June 2016, SSS already has 166 SSS branches including the one located at POEA, 73 service offices, 32 representative of f ices and 21 foreig n representative offices. Automation of processes are also under way. For instance, members can create an online account at the SSS wesbite (www.sss.gov.ph) for them to verify monthly contributions and salary loan balance, submit salary loan application and sickness and maternity notifications. “ We e n c o u r a g e o u r members to register at My.SSS to use the online facility for faster and more convenient transactions with SSS. We are continuously improving our online services for our members, ” said Nicolas. Meanwhile, the regular UMID card production will resume by third week of September. “ We ap p r e c i at e t h e feedback given by members thru the CSC. We also ask our members that if they encounter problems with our employees’ attitude, they can report it immediately to the branch head or supervisor for appropriate intervention,” said Nicolas. (PNA) CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City
DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011
BDO – LAPASAN Lapasan Highway Cdoc 8563233 /8563234 / 725178 BDO – RN- PELAEZ George Town CyberMall Rn Pelaez Blvd Kauswagan Cdoc | 8562617/729052 BDO – CARMEN Maxsuniel cor.V Neri St. Carmen, .Cdoc 8584854 /8581133 BANK OF COMMERCE- VELEZ Akut- Velez St.Cdoc | 8564371 / 726880 BANK OF COMMERCE- LAPASAN
CM Recto Ave. Lapasan, Cdoc, 8563991/727731
BPI FAMILY SAVINGS BANK RER kauswagan,HW Cdoc 8573733 /722519 BPI FAMILY SAVINGS BANK Gaston Park Cdoc | 8801518 BPI – LAPASAN Cm Recto HW Lapasan Cdoc 724076/ 8524602 BPI- VELEZ Velez-JR Borja St.Cdoc 8564213/722406 BPI – CAPISTRANO Capistrano St. Cdoc 8574264/8574263 BPI- COGON Osmeña St. Cdoc 8571297/8571298 CHINA BANK –GAISANO 745887/745880 CHINA BANK- JR BORJA JR Borja St. Cdoc 8572212/8573274 CHINA BANK- LAPASAN CM Recto Lapasan HW Cdoc 8561325 /722240 CHINA BANK – CARMEN Max Suniel, Cor. Yakal St. Cdoc 8583903/723091 CHINA BANK – DIVISORIA RN Abejuela St. Divosoria Cdoc 8575759/722641 CITY SAVINGS BANK TS Fashion Ave.Justo Ramonal Corner St.Cdoc 2316060/ 2316059 CHINATRUST Suite U&5 G/LGateway Tower Lapasan Lkk Cdoc 8521846/8521844 D’ASIAN HILLS BANK HW. Lapasan Cdoc | 8564201/ 8564201 D’ASIAN HILLS BANK Vamenta Carmen Sts. Cdoc | 8585366 DBP – CORRALES Corrales Ave., St. Cdoc | 8572087/722649 DBP – CAPISTRANO JR Borja Capistrano St. Cdoc 8567776/722819 CDO MAIN BRANCH
P & J Lim Bldg., Tiano Brothers EAST WEST BANK Sts., #5Kalambagohan Juan Sia Bldg. Apolinar Velez St.Cdoc Tel. # (08822) 727-829 * 8578801/720081 Telefax # (088) 856-1947 CAMIGUIN EAST WEST BRANCH BANK B. Aranas St., Poblacion, Cogon De Oro Constraction Mambajao, Camiguin Bldg. LKK Tel. # (088) 387-0491 Drive 8500339/8500331 CORRALES BRANCH Corrales Ave., Cagayan de Oro City ENTERPRISE BANK
INC. Centro Mariano Bldg Osmeña St. Cdoc 723869/ 3093395 FIRST CONSOLIDATED BANK CM Recto Ave., Cor.Agudo Road Cdoc 8565360/2316678 LBP – CAPISTRANO Capsitrano St. Cdoc | 8565515/727678 LBP – VELEZ LunaVelez St. | 723549/8563198
CDO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947
DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631
CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491
LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739
CORRALES BRANCH Corrales Ave., Cagayan de Oro City
CARMEN BRANCH Vamenta Blvd.,Cagayan de Oro City Tel. # (088) 231-2011
LBP – PUERTO Puerto Cdoc | 8558858 MAYBANK JR Borja Tiano Cor. Bldg. Cdoc 8574439/726060 METRO BANK- DIVISORIA Pabayo Abejuela St. Divisoria Park, Cdoc 724783/8576999 METRO BANK- VELEZ A. Velez St. Cdoc | 8561724/726054 METRO BANK- JR BORJA JR Borja St. Cdoc | 8572999/724415
PBCOM Tiano-HayesSt. Cdoc | 726519/8571558 PLANTERS DEVELOPMENT BANK
Tiano Bros St. Cdoc | 727083 /727082 PHILTRUST BANK Ramonal OsmeñaSt. CDO 8807234/2316694/2316695 PNB- CORRALES Corrales Avenue Cdoc | 729500 / 729723
PNB- LKK MALL NORTH CONCOURSE
LKK Mall N.Concourse Cdoc 8574149/8575682
PNB- CARMEN Elipe Bldg.Carmen, Cdoc | 8583158/ 8584203 PNB- LKK LKK Lapasan, Cdoc | 8564347/722872 PNB CDO– DIVISORIA Tiano Bros.Cruz Taal St., Cdoc 722861 /722816 PNB CDO– LAPASAN LKK Center Lapasan, Cdoc | 8564732 / 723992 PNB CDO– COGON LKK Center Lapasan, Cdoc 8571991/ 723992 PHILIPPINE POSTAL SAVINGS BANK, INC. bels_domingo@yahoo.com.ph Rizal Chavez Cdoc 8572194/725438 PS BANK Velez Corner A. Mabini St., Cdoc 8574183/725184 PHILIPPINE VETERANS BANK Tiano-Abejuela St. Cdoc 722644/8573386 QUEEN CITY DEVELOPMENT BANK, INC. Sacred Heart Mont. Cm RectoAve., Cdoc 8562390 RCBC- VELEZ Velez-Borja St. Cdoc | 8564982/8568888 RCBC- COGON Simplex Bldg. Osmeña St. Cdoc 8562888/725863/8521329 RCBC- LAPASAN Cm. Recto Lapasan HW. Cdoc 8561888/722449 RCBC- LKK Gateway, Tower 1 LkkCenter, Cdoc 8563707/722449 RCBC SAVINGS- CARMEN Walingwaling St.,Carmen St. Cdoc 8585793/ 8586248 RCBC SAVINGS- VELEZ Velez St. Cdoc | 729083/8562460 RCBC SAVINGS- AGORA 8807891/8807892 RURAL BANK OF CABADBARAN, Inc.
#58 Tiano FernandezSt.CDO 727215/ 8563552 *805
SECURITY BANK- OSMEÑA Osmeña St. Cdoc | 8563965/ 723411/728774 SECURITY BANK- LKK Limketkai | 8801258/8801625 DIVISORIA BRANCH SECURITY BANKVELEZ Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez Velez Montalvan St.,St., Cdoc | Cagayan de Oro City 728334/856632 Tel. # (088) 857-3631 LAPASAN BRANCH STERLING BANK OF ASIA Lapasan Hi-way, Tiano Velez CDO | 8528171/8528168 Cagayan deSt. Oro City Tel. # (088) 231-6739
UCPB BANK- LAPASAN
CARMEN BRANCH Osmeña Corner Lkk Drive,de Cdoc Vamenta Blvd.,Cagayan Oro City Tel. # (088) 231-2011 85771842/ 725135
UCPB BANK- VELEZ Velez Corner C. Pacana St. CDO 8564474/8564527 UCPB BANK SAVINGS-CAPISTRANO
Capistrano Corner CruzTaal St. CDO 8524099/722695
UCPB BANK SAVINGS- OPOL Gf forever Books Bldg.Bulua National CDO 754519/8588063 UNION BANK Lapasan Cm.Recto Cdoc | 8566847/8563805 WEALTHBANK Velez Gomez St. Cdoc | 8568942/722174 1ST VALLEY BANK Vamenta Blvd. CornerLirio St. Carmen, Cdoc 8501871/ 8584146 OROBANKERS CLUB Inc. Pnb Carmen | 09151850242
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Expand... from page 1
market in the south and opened up business lines for the bank. She said BDO Unibank has a total of 182 branches in Visayas and Mindanao and over 100 branches under ONB in the region. On the other hand, she said China Banking Corp. has 87 branches in VisMin and 16 branches under China Bank Savings in the region. BDO Unibank, Inc. senior vice president for Investor Relations and Corporate Planning Luis Reyes, Jr. said it would carry the name One Network Bank, a rural bank of BDO. He said there was not much changes in its operation except that they needed to strengthen the funding base and more flexibility with regards to their clients. Reyes did not, however, explain the details but he said they welcomed the move of Bangko Sentral ng Pilipinas for some policy changes with regards to rural banking, saying that streamlining of some policies would benefit their bank clients more especially on documentation. ONB officers were also retained but with changes in the composition of the Board of Directors, he said.
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He also disclosed that they have 3,300 ATM machines deployed in different parts of the country and these could be used both by their BDO and ONB clients. Reyes said they were also launching their micro-finance product in partnership with the Texas Pacific Group (TPG). He said they would be using the platform of ONB and once ready, it would be carried out in all ONB branches. (PNA)
DTI... from page 2
The city exec is very grateful upon learning, through Zarate, that DTI will conduct mentoring program to city’s business groups via its Small and Medium Enterprise Roving Academy (SMERA) in September this year. “Initiatives like SMERA by the national government agencies (NGA’s) truly inspire and give hope to our local entrepreneurs who strive for more income and for comfortable living,” the mayor said. Further, mayor Marie has expressed her profound acknowledgments to DTI’s c o nt r i b u t i o n s t h ro u g h shared ser vice facilities (SSF) that wind up business opportunities such as the coco-sugar production in
Brg y. Agay-ayan which financially helps cooperative members, tuba gatherers (mananggiti) and other stakeholders. She has thanked the department for mentoring housewives in producing sweetened banana chips. (Buboy Pabia, Gingoog media bureau)
AirAsia... from page 5
focussed on accelerating the company’s growth in large markets such as India. The airline also forecast 80-percent-plus load factors for Thailand, Indonesia, India and the Philippines. Net profit for the three months through June jumped to 341.9 million ringgit ($84.59 million) from 243.0 million ringgit a year earlier. That compared with the 326 million ringgit average of four analyst estimates compiled by Thomson Reuters. Revenue was 1.62 billion ringgit, 23 percent higher than a year ago. L ast week, AirAsia confirmed it was considering options for its leasing arm, Asia Aviation Capital (AAC), including a potential sale, weeks after Reuters reported the airline was looking to sell a majority stake in AAC, or possibly the entire business, which the carrier values at
4.1 billion ringgit. AirAsia’s share price has more than doubled this year and closed at 2.99 ringgit on Monday after rising to a three-year high this month, lifted by plans for AAC and as analysts raised their earnings estimates for the airline.
Globe... from page 5
the 1800 MHz, 2300 MHz, and 2 6 0 0 M Hz b ands . This supports the capacity en hancement init iat ive launched by the company early this year amid growing customer requirement for bandwidth-intensive multimedia content. Globe also launched early this year an initiative of creating an internet superhighway by deploying fiber optic cables in 20,000 barangays all over the country to provide faster and more reliable Internet access in about 2 million homes nationwide.
Reform... from page 7
rationalization. Along with this proposal, Dominguez also wants to provide sunset provisions to existing incentives and is considering setting up a five-year adjustment period. Likewise, the finance chief proposed to expand the coverage of the Fiscal
investment and job creation,” Dominguez said. The reduction of estate and donor’s taxes entail P3.5 billion in revenue losses, while centralize and increase property valuation would generate P43.5 billion in fresh income. The government expects a net revenue gain of P40 billion from this package. Dominguez is asking Congress to pass this measure by January, 2019. Interest income cut The fourth and final tax reform package is capital income tax. Under t he pl an, Dominguez said the administration is proposing to re du c e t a x l e v y on interest income from peso deposits to 10 percent, w h i l e h ar m on i z i ng a l l capital income tax rates at 10 percent. He is also proposing to increase tax on stocks traded in the local bourse from 0.5 percent to one percent on gross selling price. “ Wi t h t h e h e l p o f Congress, we aim to pass this fourth package by January, 2019,” Dominguez said.
Incentives Review Board to include all incentives recipients beyond government owned and controlled companies. The DOF also wants to replace the gross income earned tax rate of five percent to a reduced corporate income tax rate of around 15 percent as well as limit VAT zero-rating to direct exporters. Dominguez is also proposing to remove the use of tax credit certificate, instead give full and timely VAT refunds in cash. The DOF is now asking Congress to pass tax reform packages one and two by June next year. Property taxes The third package is about property tax, which once passed into law, will lower estate and donor’s tax rates by around six percent. It will also rationalize valuation of properties by raising it closer to market prices. “We aim to simplif y the property tax system to unlock the land market and encourage more efficient land use that can help foster
Republic of the Philippines REGIONAL TRIAL COURT OF LANAO DEL NORTE 12TH Judicial Region OFFICE OF THE CLERK EX-OFFICIO SHERIFF Tubod, Lanao del Norte NOTICE OF EXTRA – JUDICIAL SALE EJF NO.: 205-07-2016 Upon the Extra Judicial Petition for Sale UNDER ACT 3135/1508, as amended, filed by the MISAMIS BANK, INC., A Rural Bank kolambugan Lanao del Norte against Bienvenido L. Salac And Perlita R. Salac of Purok 2 Libertad, kolambugan, Lanao del Norte to satisfy the indebtedness which as of June 22, 2016 amounting to ONE HUNDRED TWELVE THOUSAND SEVEN HUNDRED ONE & 74/100 PESOS ONLY (Php 112, 701.74) excluding penalties, changes, attorney’s fee and expenses of foreclosure, the undersigned or his duly authorized deputy will sell at Public Auction on 14th day of October 2016 at 10:00 AM or soon thereafter at the Regional Trial Court, Branch 07, Provincial Capitol of Lanao del Norte, Pigcarangan, Tubod, Lanao del Norte to the highest bidder for cash or manager’s check and in Philippine Currency, the following property with all its improvements, to wit: TRANSFER CERTIFICATE OF TITLE No. T-23-234 A parcel of land with all the improvements thereon known as (Lot 7124-A. Csd-123508-00508, situated in the Barrion of Libertad, Municipality of Kolambugan, Province of Lanao del Norte, Island of Mindanao. Bounded on the NORTHEAST, SOUTH AND WEST along lines 1-23-4-5-6-7-1 and lot 7124-B, Csd-123508-005408. All points marked BL. Cy. Conc. Mons. Containing an area of FIVE HUNDRED FORTY SEVEN (547) SQUARE METERS, more or less. ‘’All sealed bids must be submitted to the undersigned on the above stated time and date. In the event that the Public Auction cannot take place on the said date, it shall be held on October 24, 2016 without further notice.
Tubod, Lanao del Norte, Philippines, this August 24, 2016.
For the clerk of Court and Ex-Officio Sheriff (Sgd.) CONRADO V. HINGCO, JR. Sheriff
BWM: Aug. 31, Sept. 7 & 14, 2016
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wednesday|august 31, 2016
Report... from page 1
1) P166.5 billion worth of lost income as a result of lower level of education achieved by the working population who suffered from childhood stunting; 2) P160 billion in lost productivity due to premature deaths among children who would have been members of our current working-age population; 3) P1.23 billion in additional education costs to cover grade repetitions linked to undernutrition. “If we add up health costs, the likely impact would be an additional 0.05 – 1.6 percent,” Ned Olney, Save the Children Philippines Country Director, said: “The report shows that stunting is the best predictor of productivity and income, and that undernutrition is linked to lower human capital. Children who are stunted in the first two years of life are more likely to repeat grade levels, drop out of school, delay school entry and have lower income levels when they enter the workforce,” a statement from the group quoted Olney as saying. “If stunting rates continue to rise, it would be difficult for families to break free from poverty. It is the poor and neglected sectors of society that carry the burden of stunting. Any investment i n re du c ing chi l d ho o d undernutrition will reduce suffering and poverty, and will ultimately stimulate economic growth for all Filipinos,” he added. Save the Children noted that the country’s investment in nutrition programs was 0.52 percent of general
government expenditures compared to the global average allocation of 2.1 percent. It cited the need to invest in nutrition programs during the child’s first 1000 days, from pregnancy up to the second birthday, which is considered a critical period of care to avert stunting. “Nut r it ion is t he cornerstone of all development efforts. This new report tells us that for every US$1 spent on programs to avert stunting in children below 2 years old, the Philippines could save over 100 US dollars in health, education, and lost productivity costs. “It should outrage us that 95 children will die every day because of malnutrition,” Olney said. In addition to investing in the child’s first 1000 days, Save the Children recommended the following measures for the national and local governments, private sector and donors to end malnutrition in the Philippines: E q u i t a b l e nu t r i t i o n policies and programs and budgetary allocations that address the immediate, underlying and basic causes of malnutrition. Security of tenure and sustained training of the community front-liners e.g. such as barangay health workers and nutrition officers and scholars. Health and nutrition workers are highly politicized, lack incentives and support for trainings, have no security of tenure, the report said. Clear and separate budget for nutrition-specific i nte r ve nt i ons to avoi d confusion between health and nutrition budgets.
Intensification of health and nutrition-related t r ai n i ng , re s e arch and extension support activities to support the First 1000 Days Program throug h the Barangay Integrated Development Approach for Nutrition Improvement Network Program of the Ru r a l Po or a n d o t h e r relevant approaches, thereby st re ng t h e n i ng d e l ive r y systems in partnership with the local governments. Scaling up of cost-effective and affordable high-impact nutrition interventions to prevent undernutrition that cripples the country, such as promotion of exclusive breastfeeding, complementary feeding, vitamin A and iron supplementation, treatment of acute malnutrition and maternal nutrition. Strengthened enforcement of the Milk Code (Executive Order Number 51), and the Expanded Breastfeeding Promotion Act (Republic Act Number 10028) to protect, promote, and support optimal infant and young child feeding, both in private and public facilities and spaces. Save the Children also said the conditionalities under the government’s Pantawid Pamilyang Pilipino Program must include mandatory breastfeeding and education sessions on infant and young child feeding. (MindaNews)
Orients... from page 1
coverage of the Minimum Wage Law provided that employees shall be entitled to benefits given to regular employees such as social security and health care.
Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Cagayan de Oro City Branch 22
Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Cagayan de Oro City
OFFICE OF THE PROVINCIAL SHERIFF SHERIFF’S NOTICE OF SALE File No. 2016-384
OFFICE OF THE REGIONAL TRIAL COURT SHERIFF NOTICE OF EXTRA JUDICIAL SALE EJF File No. 2016-297 UPON Extra-Judicial Petition for Sale under Act No. 3135 as amended by Act No. 4118, filed by HOME DEVELOPMENT MUTUAL FUND (Pag-IBIG Fund) against LUZ B. VENDER married to AMADEO VENDER, JR., with postal address at Villa Corito Subdivision, Surigao City, Surigao del Norte, to satisfy the mortgage indebtedness which as of May 18, 2016 amounts to ONE MILLION FORTY NINE THOUSAND SEVEN HUNDRED TWENTY SEVEN PESOS and 39/100 (Php 904,227.39) inclusive of interests and penalty, charges, and expenses of foreclosure, the undersigned Sheriff will sell at public auction on September 13, 2016 at 10:00 am to 4:00 pm, at the Office of the Clerk of Court, Regional Trial Court, City Tourism Hall, Cagayan de Oro City, to the highest bidder, for cash or manager’s check and in Philippine Currency, the following property described below including all existing improvements found thereon; TCT No. T-175948 “A PARCEL OF LAND (Lot 35, Block 13, of the consolidated subdivision plan, (LRC) Pcs 6631, being a portion of the consolidation of LOT 2905, to 8 Cagayan de Oro Cadastre xxx situated in the Barrio Macasandig, City of Cagayan de Oro, Island of Mindanao, containing an area of Two Hundred Forty (240) sq. m. more or less. Xxx
In the said program, DTI stressed that Negosyo Center, which it promotes, is to facilitate MSME registration applications with the Philippine Business Registry (PBR) and the Barangay Micro Business Enterprise (BMBE). Mr. Earl Dela Victoria, RT W P B - C a r a g a B o a r d Secretary VI, emphasized the importance of c omp l i a n c e w it h Wa g e Order No. 14. He informed t hat t he ne w minimum wage for Caraga Region is P275.00 effective July 01, 2016 and P280.00 effective October 01, 2016. The said Order shall be applicable to all minimum wage earners regardless of their position, designation, and status, irrespective of the method by which their wages are paid. He p oi nte d out t hat “O w n e r s mu s t prov i d e equitable wages and benefits to our workers in order to mot ivate t hem to work hard. Workers’ productivity is high if they are properly c omp e n s at e d .” He a l s o s a i d t h at p r o d u c t i v i t y concepts and ideas must be inculcated to every worker to enable him or her to be more productive. Since RTWPB-Caraga offers free trainings/ seminars on Productivity, Mr. Dela Victoria urged employers to avail themselves of its services to gain additional knowledge and ideas on how to promote t heir business and c ap acit ate worke rs t o b e c o mp e t i t i v e a n d productive.
Upon Extra-Judicial petition for sale under Act 3135 as amended filed by NATIONAL HOME MORTGAGE FINANCE CORPORATION (NHMFC), mortgagee, with postal address at 104 Amorsolo St., Legaspi Village, Makati City against REYNALDO SERINA MORENO, single, mortgagor/s, of legal age/s, Filipino/s with postal address at Block 4, Lot 14, Scions Elite 400 Subdivision, Kauswagan, Cagayan de Oro City, to satisfy the mortgaged indebtedness which was as of February 18.2016 amounts to EIGHT HUNDRED SIXTEEN THOUSAND SIX HUNDRED NINETY NINE PESOS AND 41/100 (P 816,699.41) Philippine Currency excluding, penalty charges, attorney’s fees and expenses of foreclosure, the undersigned sheriff will sell at public auction on September 26,2016 at 10:00 a.m. or soon thereafter at the RTC Branch 22 Office, City Tourism Hall, City Hall, Cagayan de Oro City, to the highest bidder, for CASH and in Philippine Currency, the herein described property and all improvements thereon to wit: TRANSFER CERTIFICATE OF TITLE NO. T-60280 A PARCEL OF LAND (Lot 14, Block 4, Psd-10-013199, being portion of PCS-10-000133), situated in the Barrio of Kauswagan, City of Cagayan de Oro, Island of Mindanao. Containing an area of ONE HUNDRED EIGHTY EIGHT (188) SQUARE METERS more or less, and all other improvements thereon.
All sealed bids must be submitted to the undersigned on the above stated time and date.
Prospective bidders may investigate for themselves the title of the herein described property and encumbrances thereon, if any there be.
In the event auction sale cannot take place for whatever legal reason, the same will proceed on the following working day, without further notice, posting and publication.
All sealed bids must be submitted to the undersigned on the above stated time and date.
Prospective buyers may investigate for themselves the title herein above described and encumbrances thereon, if any there be. DONE this 10th day of August, 2016, in the City of Cagayan de Oro. BWM: Aug. 17, 24 & 31, 2016
(Sgd.) ENRIQUE M. TALAG, JR Sheriff IV
In the event the public auction should not take place on the said date, it shall be on the next working day without further notice.
PSALM... from page 1
as net assets to the national government.” She said this will likely include the Agus-Pulangui hydrop ower plants that may b e blo cke d on t he privatization route because of the continuing opposition of stakeholders; and the remaining c on c e s s i on f e e s of t h e National Grid Corporation of the Philippines (NGCP) as well as the remittances of the Independent Power Producer Administrators ( I P PAs ) f o r p r i v at i z e d power supply contracts. At this stage, Alzona noted that their fer vent goal is to just wipe out the universal charge (UC) component in the electric bills, as she stressed that “it is not a practical reason extending PSALM’s corporate life just because of the UC recoveries.” The national g ov e r n m e nt i s a l r e a d y scouring for measures to address that. Thus, the only remaining job for PSALM is to continue divesting power assets to beef up its coffers so it can fully retire its estimated P245 billion worth of stranded liabilities and f inancial obligations. PSALM still has several assets up for disposal – not just power plants
and supply contracts of t he indep endent p ower producers (IPP), but also re a l e s t at e an d t h e ar t collection of the National Power Corporation. For the power plants alone, previous estimates of the company portend that they can still fetch additional privatization revenues of roughly $3.0 billion. These could cover the Leyte bulk IPP capacity, Mindanao coal plant, Caliraya-Botocan-Kalayaan (CBK) hydro plant, Malaya thermal facility; Casecnan hydropower plant as well as the Agus-Pulangui hydrop ower facilities; and the decommissioned power facilities that are being sold as “scrap” to interested takers. The company also cast strategic plans to unload its real estate properties, such as the sites of de commissione d p ower plants; lands not related to power generation; l ands u nd e r l and l e as e agreements – including those previously offered to new power plant owners but remain uns old; t he lands adjacent to or near privatized power plants; or the lands adjacent to or near the remaining unsold power plants as well as the facilities of PSALM which are still under contracts with independent power producers.
Republic of the Philippines REGIONA TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Cagayan de Oro City Branch 40 OFFICE OF THE PROVINCIAL SHERIFF SHERIFF’S NOTICE OF SALE EJF File No. 2016-383 Upon Extra-Judicial petition for sale under Act 3135 as amended filed by BALIKATAN PROPERTY HOLDINGS, INC., mortgagee, with postal address at 23/F RCBC Savings Bank Corporate Center, 26th & 25th Streets, Bonifacio South, Bonifacio Global City, Taguig City against EMILDA B. OCO, mortgagor/s, of legal age/s, Filipino/s with known address at Villa Candida Subd., Barangay Bulua, Cagayan de Oro City, to satisfy the mortgaged indebtedness which was as of July 20,2016 amounts to TWO HUNDRED FORTY ONE THOUSAND SEVEN HUNDRED FORTY EIGHT PESOS AND 76/100 (P 241,748.86) Philippine Currency excluding interest, penalty charges, attorney’s fees and expenses of foreclosure, the undersigned sheriff will sell at public auction on September 23,2016, at 10:00 a.m. or soon thereafter at the RTC Branch 40 office, Capitol Compound, Cagayan de Oro City, to the highest bidder, for CASH and in Philippine Currency, the herein described properties and all existing and future improvements thereon to witTRANSFER CERTIFICATE OF TITLE NO. T-80235 REGISTERED IN THE NAME OF EMILDA BACULIO OCO A PARCEL OF LAND (Lot 20,Block 14, Psd-104305-017783, being a portion of Lot Block 22, Psd-10-015484), situated in the barrio of Bulua, City of Cagayan de Oro, Island of Mindanao.Bounded on x xx, Beginning at x xx; Cad-237, Cagayan Cadastre, Containing an area of ONE HUNDRED (100) SQUARE METERS more or less, and all other improvements thereon. Prospective buyers/bidders may investigate for themselves the title of the herein described property and encumbrance thereon, if any there be. All sealed bids must be submitted to the undersigned on the above stated time and date. In the event the public auction should not take place on the said date, it shall be on the next working day without any further notice.
Cagayan de Oro City, August 15, 2016.
Cagayan de Oro City, August 15, 2016.
FOR THE PROVINCIAL EX-OFFICIO SHERIFF: (Sgd.) JOEL LYDVEL G. PAKINO Sheriff IV
BWM: Aug. 24, 31 & Sept. 7, 2016
FOR THE PROVINCIAL EX-OFFICIO SHERIFF:
(Sgd.) ALAN M. BANAAG Sheriff IV
BWM: Aug. 24, 31 & Sept. 7, 2016
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