BusinessWeek Mindanao (December 11, 2013)

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BusinessWeek MINDANAO

YOUR LOCAL ONLINE BUSINESS PAPER

www.businessweekmindanao.com

Volume IV, No. 31

Market Indicators

As of 5:56 pm Dec. 10, 2013 (Tuesday)

FOREX

PHISIX

US$1 = P44.29

5,886.40 points

14 cents

X

X

122.54 points

Briefly Economic enterprise GENERAL Santos City -- South Cotabato officials are pushing for the creation of more viable public economic enterprises or income-generating projects in a bid to improve the local government’s capacity to generate more revenues. Board Member Ellen Grace Albios, chair of the provincial board’s finance committee, said Monday they are currently evaluating possible projects and related strategies that the provincial government could pursue within the next three years to further enhance its income or revenue generation initiatives. “The provincial government has substantial resources to support its operations but it remains largely dependent on the IRA (Internal Revenue Allotment) and we want to eventually change that,” she said in a media forum.

Food coloring DAVAO City – The Department of Trade and Industry (DTI) in the region is reiterating the warning issued by the Food and Drug Administration (FDA) on the use of industrial grade coloring dyes by some food processors. In a communication issued by FDA, it was learned that the agency tested 34 samples of food products collected by its inspectors in the National Capital Region (NCR) and Region 7 for non-permissible colorants (NPC). Such samples were gathered from ambulant vendors, public markets, groceries, and supermarkets. The advisory stated that most of the samples were unregistered and noncompliant with food product labelling standards as embodied in the Department of Health (DOH) Administrative Order No. 88-B series of 1984. Out of the 34 products collected, three were found to contain NPC Rhodamine B while five needed further tests to confirm the presence of NPC Sudan.

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Power firm mulls to double capacity By CARMELITO Q. FRANCISCO Correspondent

D

AVAO City -- Aboitiz Power Corp. (AboitizPower) has asked the city government to allow it to more than double the capacity of the 300-megawatt (MW) plant the former is now building here.

In a presentation before the city council last Dec. 2, Manuel M. Orig, AboitizPower first vice-president, justified the proposed increase in capacity to 645 MW, saying this will “help ensure that Davao and Mindanao will have adequate supply to support its continued development and growth.” Planned expansion, which is about half the current capacity of the Mindanao grid, is expected particularly to boost Davao Region’s power supply which currently approaches a third of the grid’s capacity. power/PAGE 11

October exports grew by 14%

THE Philippines export performance for October 2013 has increased by 14 percent year-on-year (Y-o-Y) basis reaching a revenue of USD 5.026 billion from USD 4.41 billion in October 2012. Ten month-export revenues for this year has reached USD 45.085 billion against the same period of 2012’s USD 44.518 billion, a 1.6 percent increase. The National Statistics Office (NSO) said the positive growth of exports revenue over a year was brought by increase in nine major exports/PAGE 11

CAPACITY EXPANSION. Heavy equipment at the construction site of the Aboitiz Power Corporation’s Therma South’s 300-megawatt coalfired power plant in Barangay Binugao, Toril District, Davao City and Barangay Inayawan, Sta. Cruz in Davao del Sur taken on Oct. 5, 2013. The power firm plans to double the plant’s capacity to meet the projected increase in demand in the next few years. mindanews photo by froilan gallardo

THE National Electrification Administration (NEA) will seek “payment flexibility” on the unsettled electricity pu rchas e s of Yol and a -

mindanews photo by bobby timonera

PDIC takes over ailing rural bank in General Santos GENER AL Santos Cit y (MindaNews) -- The Philippine Deposit Insurance Corporation (PDIC) has placed one of the oldest rural banks here under receivership, stunning its more than 2,000 depositors. Nathanel Tumbokon, PDIC public information officer here, said Tuesday they took over the Sarangani Rural Bank Inc. (SRBI) located along the P. Acharon Boulevard effective last December 6 based on a memorandum issued by the PDIC central office’s monetary board. He did not cite the exact reasons for the takeover but hinted that it was due to problems with the bank’s operations. “We’re focused right now on the immediate processing of the claims of the banks borrowers,” he told reporters. SRBI, which is considered one of the pioneering rural banks in the area, celebrated its 55th anniversary last August 18. The bank reportedly has over 2,000 depositors, who are mostly vendors at the city’s central public market and operators of business establishments along the P. Acharon Boulevard. A bank information sheet posted at the website of the Rural Bankers Association of the Philippines identified its chairman and president as Francisco L. Laiz, Jr. Tumbokon said they have scheduled a meeting PDIC/PAGE 11

Flexibility for Visayas ECs sought By MYRNA VELASCO, Contributor

RO-RO. A roll-on, roll-off vessel prepared to dock at the Mukas Port in Kolambugan, Lanao del Norte. The RoRo, which carries passengers, cargo and even vehicles, connects Lanao del Norte and Ozamiz City.

P15.00

hit electric cooperatives (ECs) from the Wholesale Electricity Spot Market. Nine ECs in Eastern Vi s ay a s r e g i o n h av e

o u t s t a n d i n g “e n e r g y settlement amounts” with the electricity spot market, but they may be extended “payment leniency” because of the typhoon’s impact on sought/PAGE 11

Unemployment down despite record economic expansion THE number of jobless Filipinos fell only slightly last October despite the country’s record economic expansion

in the third quarter. In a report, the National Statistics Office (NSO) said the unemployment rate

slipped to 6.5 percent at the start of the fourth quarter from 6.8 percent a year ago. expansion/PAGE 11

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