BusinessWeek Mindanao (December 15, 2014)

BusinessWeek MINDANAO THE BUSINESSMEN’S NEWSPAPER

2013 ppi’S Best in Business and Economic Reporting

Volume V, No. 80

Market Indicators As of 6:10 pm dec. 12, 2014 (friday)

FOREX

PHISIX

US$1 = P44.58

7,224.21 points

10 cents

X

152.11 points

X

Briefly Power shortage THE Palace said Friday it hopes Congress would soon come up with a legislation aimed at addressing the looming power shortage in Luzon in the summer months of next year.

Commenting on reports that a senator does not see the urgency of passing the legislation, Presidential Spokesperson Edwin Lacierda said the Palace is hopeful that Congress could provide a solution to the impending power crisis by reconciling resolutions from both the House or Representatives and the Senate.

Malacañang has certified the legislation as urgent, asking for special powers for the President to effectively come up with a remedy to the possible power shortage.

Overstated figures ENERGY officials got an earful from the House of Representatives over their supposed failure to reconcile their figures on the power shortage situation.

During the Joint Congressional Power Commission (JCPC) hearing, energy committee chair Oriental Mindoro Representative Reynaldo Umali noticed that according to the Department of Energy’s (DOE) new outlook, at least 120 megawatts (MW) were included as committed additional capacity under the Manila Electric Company (Meralco) in the Interruptible Load Program (ILP).

But according to Meralco, at least 169 MW are committed ILP capacity. Meanwhile JCPC data shows that least 623 MW are usable ILP capacity.

P15.00

Cheaper ILP okayed to address shortfall www.businessweekmindanao.com

Monday | December 15, 2014

T

By MIKE BAÑOS, Editor-at-Large

HE House Committee on Energy is championing a much cheaper alternative to what the Department of Energy is proposing to address the expected power in Luzon next year.

Better still, it figures not to be a burden on consumers.

“I was the first to react to the proposal to give the president emergency powers to enable him to purchase an additional 300 megawatts of electricity for P6-12 billion which could be an added burden to the people,” said Rep. Edgardo R. Masongsong

(1-CARE Party List) during the Dec. 8 inauguration of the new Peakpower Energy Inc. 5.2MW peaking plant for the Agusan del Sur Electric Cooperative Inc. (ASELCO) in San Francisco, Agusan del Sur where he was the keynote speaker. “I offered ILP or the Interruptible Load cheaper/PAGE 6

MUSUAN PEAK. Mount Calayo, a dormant volcano popularly known as Musuan Peak, stands close to the campus of Central Mindanao University in Musuan, Maramag, Bukidnon where a bus was bombed on Dec. 9 killing 10 people, five of them students of CMU. mindanews photo by aries sandino . m . mordeno

Peakpower addresses critical gap in Mindanao power mix

By MIKE BAÑOS, Editor-at-Large

A MEDIUM sized power company with roots in Mindanao is addressing a

perceived gap in the island’s emerging power mix.

In his keynote speech

during the blessing and inauguration of the 20MW bunker-fired power plant of Peakpower Socsargen peakpower/PAGE 7

MAIDEN FLIGHTS. Thirty street kids from partner NGOs in Cebu and Davao join AirAsia’s maiden flight from Cebu City to Davao and Cagayan de Oro Friday last week.

AirAsia revives Cebu-Mindanao flights A I R A SIA P h i l ippi n e s has launched its twice-aday flights from Cebu to Mindanao.

“We’re extremely excited to celebrate the return of AirAsia flights from Cebu to Davao and Cebu to Cagayan

d e O ro,” C apt . D e xte r Commendador, AirAsia Zest director for operations said in a statement.

Accompanied by caretakers, 20 children from Batang Opon Foundation and Cebu City Task Force on

Street Children Foundation flew via AirAsia Zest flight Z2 523 from Cebu to Davao at 9:10 am on Friday and another batch of kids from SOS Children’s Village took the first flight from Cebu airasia/PAGE 6

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Best in Business and Economic Reporting

Philippine Press Institute Civic Journalism Community Press Awards 2013

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Economy

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Mindanao-wide summit underscores cacao industry growth DAVAO City -- With the common goal of making Mindanao’s cacao globally competitive, industry leaders convened here Wednesday for a three-day summit aimed to provide a platform for the discussion of industry issues and the creation of strategic alliances that will help strengthen the region’s cacao sector.

Dubbed as Mindanao Cacao Summit and Interagency Convergence, the recently concluded event was spearheaded by the Cacao Industry Development Association of Mindanao Inc. (CIDAMi), in collaboration with the Departments of Agriculture, Trade and Industry, and the Mindanao Development Authority (MinDA).

“I see this convergence as our initial step in ensuring a brighter future for the region’s cacao industry, as we aim to develop a distinct brand for the cacao and

cacao-based products from Mindanao,” said MinDA chair Luwalhati Antonino.

A nt o n i n o, w h o h a s declared full support for c a c a o d e v e l o pm e nt i n Mindanao urged the industry leaders to utilize the summit as an opportunity to craft strategic steps in helping Mindanao cope with the increasing domestic and international demand for chocolate.

In her opening speech she reported that the global supply deficit for cacao currently stands at 160,000 metric tons (MT), and Mindanao aims to produce at least 80,000 to 100,000 MT of cacao beans targeted for both the increasing domestic and global markets.

The Philippines’ share to world production is less than one percent or only about 4,800 metric tons in 2012. Mindanao contributes 90 percent of the country’s total production.

“The challenge is huge and the road ahead for this target is not easy. This means that we have to plant more than 41 million trees by 2018, and I am more than happy to announce that we have already started our massive campaign for the planting of cacao trees,” she said.

A production and trading agreement between Marihatag, Surigao del Sur and Kennemer Foods International that will initiate the massive planting of four million cacao trees in the town’s 5,000 hectare pilot site was sealed in July this year.

Other initiatives that strategically complement efforts to push for cacao industry development are also being implemented in the island-region.

Cacao is identified as priority crop in the region’s industry roadmaps which aim to firm up links between agri-based products and

the needed infra and logistics support through the Mindanao Development Corridors Program.

The Mindanao Inclusive Agribusiness Program, a public-private sector collaboration aimed to ensure that farming communities

become integral components in the agri-industry supply chain was launched by MinDA and the Philippine Business for Social Progress in September this year.

“We also assist in the implement at ion of t he Barangay StraTREEgic Forest

Project that supports the National Greening Program targets by intercropping at least half of the targeted 34,000 hectares with cacao trees, which we anticipate to yield at least 6,000 MT of cacao by 2016,” Antonino said.

GSIS records remarkable growth in assets, revenues PAGADIAN City -- “The Government Ser vice Insurance System (GSIS) ranks no. 1 among government-owned and controlled corporations (GOCCs) in terms of assets and revenues. Assets of GSIS is equivalent to the combined assets and revenues of PhilHealth, Pag-ibig Fund and Social Security System (SSS),” said GSIS Vice President for Mindanao,

Atty. Lourdes C. Dorado, in a meeting with representatives of public sector unions held December 5 at Chandler Suites here.

Dorado assured that GSIS is financially sound. “The premiums we collect, we use to pay our members and pensioners when any of t hes e cont ingencies happen; separation, disability, retirement, survivorship and death. We should pay our

loans because we will be depriving others of their benefits if we fail to pay our obligations,” the lady VP said.

“When we reach the age where we could not anymore work and we need money to provide and sustain our needs, the question is, does GSIS still have the money to pay?” she asked the participants.

Dorado reported that in 2010, revenues reached records/PAGE 7

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CorporateWorld

Philex unit to raise P7.2-B for planned Surigao mine A W H O L LY o w n e d subsidiary of listed miner Philex Mining Corp. plans to raise P7.2 billion by issuing convertible notes to partly finance a feasibility study for a mine in Surigao del Norte.

In a disclosure last week, Philex said that its board and that of Silangan Mindanao Exploration Company, Inc. (SMECI) “approved the offer and issuance of Convertible Notes (CN) by SMECI (the Issuer) amounting to P7.2 billion.”

SMECI is the holding company of Silangan Mindanao Mining Co., Inc., which in turn develops the Silangan project located in Surigao del Norte.

“The proceeds of the CN [convertible notes] shall be used primarily by the Issuer to finance the project’s Definitive Feasibility Study and repay advances from Philex (Mining),” the statement read.

Philex said it used as basis for the offer size a valuation

made by an independent party for the Silangan project.

Philex Mining’s Silangan project involves the development of Boyongan and Bayugo mineral deposits comprised of gold, copper and silver.

The company gained full ownership of the mine site when it consolidated its interest by purchasing the 50% equity interests of Anglo American Exploration BV and Anglo American Exploration (Philippines),

Inc. in February 2009 for $55 million.

Shares of Philex Mining shed 18 centavos or 2.1% to close at P8.40 apiece on Wednesday.

Asia Link B.V. - a subsidiary of First Pacific Co. Ltd. and the Philippine Social Security System (SSS), which are existing shareholders of Philex Mining, will have a say in the terms of the offer.

The notes carry a coupon rate of 1.5%, payable semiphilex/PAGE 6

MOTOR vehicle sales surged through another record growth of 34.6 percent in November to 21,422 units bring year-to-date sales to 213,427 units, the joint Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA).

According to the report,

CAMPI said the November volume is over 34 percent higher than the 15,917 units sold in the same month in 2013. This growth is mainly attributed to new model introductions, aggressive promotional activities and increasing consumer demand.

Both Passenger Car (PC) and Commercial Vehicle ( C V ) c at e g or i e s’ s a l e s

increased compared with November 2013 results. The passenger car segment’s sales reached 8,040 units and a significant growth of 46.7 percent year-on-year. On the other hand, the commercial vehicle segment achieved 13,382 sales and grew by 28.2 percent versus October 2013.

Within the CV category,

all segments exceeded the sales of same month last year.LCV registered 8,850 sales with 33.5 percent increase; AUV accounted for 3,757 sales and 15.3 percent growth; Light Trucks reached 44.2 percent increase, and; Categories 4 and 5 had a combined growth of 34.8 percent. sales/PAGE 6

Auto sales accelerate by 35% in November to 21,422 units

monday|dECEMBER 15, 2014

3

Globe Project Wonderful wins 9th ARAW Values Awards

PROJECT Wonderful, Globe Telecom’s corporate response to the devastation caused by Typhoon Haiyan, wins the 9th ARAW Values Award for the promotion and inculcation of positive values for social change and nation building.

The ARAW Values Awards recognize outstanding and excellent advertising and marketing messages and/ or materials for Branded Communications and Ad vo c a c y / Ins t itut i on a l Advertising that promote the ARAW 7 Cornerstone Values, a cluster of select and well-defined values.

The biennial program is organized by the Advertising Foundation of the Philippines, the social development institution and advocacy body of the multi-sector Philippine advertising and marketing communications industry.

“We are proud of this award since it proves that

t hroug h dig it al me dia, we can inspire bayanihan using a clear, provocative message: That anyone, from an ordinary person to a known model, rockstar, sports icon – even a corporate CEO – could help rebuild the nation,” said Yoly Crisanto, SVP for Globe Corporate Communications.

Project Wonderful won in the Branded Communications – Digital category which espouses “Love of Country and Respect for National Customs and Traditions.”

It served as a consolidated platform of Globe products and services that empowered Filipinos to donate time, finances, and talent towards rebuilding the nation.

For Project Wonderful, Globe came out with compelling, documentarystyle YouTube videos which recounted the stories of Globe ambassadors Bamboo, globe/PAGE 7

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Success is Mostly Failure

T

hink a minute…A successful man said: “Success is mostly about failing.” What we don’t know about the world’s most successful people is the many times they failed before they finally succeeded.

Successful people know how to keep going and learning from their failures until they finally reach their goal. As a famous entertainer put it: “If you want the rainbow, you’ve got to put up with the rain.”

This is a tr ue stor y of a man who when he was 22 years old failed at business. The next year he tried for public office in the government and lost; so he tried again at business, but failed at that again.

Then, at age 25 he tried for government office again and this time he won. But the next year his wife-to-be died, and at age 27 he had a nervous breakdown.

In the next 7 years he tried for government office 3 more times and lost all 3 times. Then 3 years later, at age 37, he tried again for government office and finally won. But only 2 years later he lost it again. In the next 10 years, he tried 2 more times for the Senate and lost both times. Then he tried for Vice President and lost that also. Finally, 2 years later, at age 51, this man was elected President

THINK

A Minute

By Jhan Tiafau Hurst

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Revisiting Andres Bonifacio (2)

I

n the preceding article, I started to introduce the individuals who used their collective expertise to re-assess the true role of Andres Bonifacio in our country’s history.

Leading the group of experts is Dr. Milagros C. Guerrero. Dr. Guerrero is the co-author (with Teodoro Agoncillo) of the widely used history textbook “History of the Filipino People”. She is a retired history professor of the University of the Philippines and has served as chair of the Department of History from 1989 to 1992.

She is also a former president of the Philippine Historical Association. In 2007, Dr. Guerrero received an award from the National Research Council of the Philippines in recognition of her work in “the holistic synthesis of historical materials in the field of history”.

Colloborating with Dr. Guerrero is a young historian Michael Charleston “Xiao” Chua. He taught history at the University of the Philippines (where he completed BA and MA in History) and is currently an Assistant Professional Lecturer in De La Salle University. Chua is currently completing his Doctorate in Anthropology.

His articles have been published in various historical and social science journals. He has also appeared as history consultant and commentator in historyrelated TV programs aired

by TV-5, GMA-7 and PTV 4.

T h e ot h e r re s ou rc e persons are Ramon Villegas, a historian and a collector, and Emmanuel Encarnacion, a historian, an antiquarian and a holder of some original

Bonifacio documents.

Hereafter, we will refer to them as Dr. Guerrero et al. In their historical investigation, Dr. Guerrero et al. received a providential boost from recently- accessed Katipunan documents.

These documents formed part of the collection of noted historian and former Director of the pre-war Philippine Librar y and Museum, Epifanio de los Santos. These consisted mainly of letters and other important documents signed by Andres Bonifacio which more fully explained Bonifacio’s revolutionary government. Interestingly, these documents became accessible only in 1988.

In addition, documents accessed just last year from the Archivo General Militar de Madrid (AGMM) provided more detailed insights into the workings of Bonifacio’s revolutionary government.

D r. Gu e r re ro e t a l. also reviewed memoirs of contemporaneous revolutionary figures (eg.

Santiago Alvarez , Artemio Ricarte, Pio Valenzuela).

They re-read documents available at the National Historical Insitute and the archives of Madrid and Barcelona.

They revisited the interpretative accounts and conclusions of distinguished earlier historians, among t h e m G re g o r i o Z a i d e , Teodoro Agoncillo, Jose P. Bantug, Jose P. Santos, Fathers Pedro S. Achutegui, SJ , Miguel Bernad, SJ and even US military historian John R.M. Taylor.

Using both primar y historical documents and inter pretative accounts of earlier historians, Dr.

Guerrero et al, are submitting the proposition that : 1.

When the plans of a general uprising were discovered, Bonifacio called a general meeting of the Katipunan on August 24, 1896 . According to Santiago Alvarez, a thousand people came, indicating that there was already a government working when they declared the national government.

2.

In that meeting, the Katipunan assembly made three decisions – a.

They declared a nationwide armed revolution to win freedom from Spain. b. They established a national government. c. They elected officials who would lead the nation and the army.

3. From a secret organization, the Katipunan became an open de facto government.

4. This de facto government had its constitution – the Kartilya ng Katipunan. An important document called “Casaysayan” defined the de facto government’s leadership and various positions.

5.

Early documents referred to the de facto government as Haring Bayan ng Katagalugan. Haring Bayan means pamahalaan o republika.

6. Katagalugan encompassed not just the Tagalogs but all ethnic groups from the entire archipelago.

7.

Katagalugan was preferred over the use of “Filipinas” to symbolize the complete break of the natives or “Indios” from the “Filipinos” . At the time, “Filipinos” referred only to Spaniards born in the islands – the so-called Insulares.

8.

Haring Bayan ng Katagalugan had a near

SPEAKING

O ut

By Ignacio Bunye

complete cabinet: a Secretary of War, a Secretary of State, a Secretary of Interior, a S e cre t ar y of Just i ce, a Secretary of Finance.

9.

Haring Bayan ng Katagalugan had a diplomatic component – a “Commission” which tried to negotiate for Japanese political, military and financial aid. The same “Commission” also tried to touch base with the US and French governments through their respective consulates in Hong Kong.

1 0 . Har i ng B ay an ng Katagalugan had its own flag consisting of the red and white sun with the baybayin K in the center.

1 1 . Har i ng B ay an ng Katagalugan had its own national anthem “Marangal na Dalit ng Katagalugan” which was composed by Julio Nakpil.

12.

Haring Bayan ng Katagalugan commanded the loyalty of a significant portion of the population.

13. While it existed, the government held territory w here it exercis e d t he functions of a state, especially in Pasig and Morong.

More on this in the concluding article. Abangan.

Note: You may email us at totingbunye2000@gmail. com.

Have We Properly Thanked God?

L of the United States. Today, he is considered by many Americans to be the greatest Pres i dent i n Amer i c a’s history. This is the true life story of Abraham Lincoln.

Failing should make us better, not bitter. You can tell how strong a person is by how much failure it takes to stop him or her from continuing to tr y.

Jesus Christ wants to give you His inner strength in your heart and character, so you will be able to handle your life’s difficulties and disappointments. In fact, you will actually learn to use them to make you stronger and wiser. Jesus wants to guide and help you reach the real success He created you to enjoy, both personally and professionally. So won’t you ask Him to take full charge and control of your life every day, for the rest of your life?

Just Think a Minute…

IFE’S INSPIRATIONS: “…

The virgin will conceive and give birth to a son, and will call him Immanuel… he will be called… Mighty God, Everlasting Father…” (Isaiah 7:14, 9:6, the Holy Bible).

-ooo GOD IS IN CONTROL OF OUR LIVES: Here’s a repost from December 30, 2010: “Stephanie Kho, a former member of the Rotary Club of Intramuros, Manila, under Rotary International District 3810, posted in our e-group a very nice piece entitled `Handy Little Chart’, detailing Biblical verses that confirm God is in control in many of the problems in our lives.

“I am reproducing the first part of that piece here as a timely message for all our readers.

The article: `HANDY LITTLE CHART - God has a positive answer: You say `It’s impossible’; God says `All things are possible’ (Luke 18:27). “ `You say: `I’m too tired; God says: `I will give you rest’ (Matthew 11:28-30). You say: `Nobody really loves me; God says: `I love you’ (John 3:16 & John 3:34). You say: `I can’t

go on’; God says: `My grace is sufficient’ (I2 Corinthians 12:9 & Psalm 91:15) “You say: `I can’t figure things out’; God says: `I will direct your steps’ (Proverbs 3:5-6). You say: `I can’t do it’; God says: `You can do all things through Christ who strengthens you’ (Philippians 4:13). You say: `I’m not able’; God says: `I am able’ (2 Corinthians 9:8).

-ooo CHRISTMAS STORY: ACCEPTING JESUS AS GOD AND SAVIOR: From December 24, 2013: “This is not to discourage those who are now furiously celebrating Christmas, but, all of us must take time out to pause and consider: why are we even remembering Christmas every year? Because of the extra money brought about by bonuses? Or of the new clothes, new toys, new acquisitions, and other new material possessions?

Partly yes, but then, in the mad scramble for these material blessings, almost all of us seem to have already forgotten that we are celebrating Christmas because it is the greatest evidence of all that God dearly loves us, so that, to save us from the penalties due

us for our persistent sinfulness, He Himself came down from heaven and already paid for those sins by his crucifixion and death.

He Himself did this so that no one who will accept Him as God and Savior will ever have to go to hell, but will have a chance to live in Paradise with Him, for all eternity. This is the real message of Christmas, and this is the message that we should all be proclaiming and telling others---that God so loved the world He assumed human form, teaching us that His name is “Jesus”, to allow us to be with Him in heaven despite ours sins.

-ooo HAVE WE PROPERLY THANKED GOD? “Therefore, as we celebrate Christmas 2013, we must ask ourselves: have we already thanked God for His decision to come here on earth to save us from hell? Many of us will say, yes, we have already thanked God, but then, have we thanked Him properly, in the way that the Bible says we should thank Him? “As far as I am concerned, thanking God properly means

K akampi

Mo A ng Batas

By Atty. Batas Mauricio

recognizing, believing, and accepting Jesus as God and Savior, and, thereafter, endeavoring to listen to His Word in the Bible, and obeying all His commands.

This is the real thanksgiving that we must do, the real celebration of Christmas that we must carry out not only annually, but even daily.”

-ooo REACTIONS? Please call me at 0917 984 24 68, 0918 574 0193, 0922 833 43 96. Email: melaniolazomauriciojr@outlook. com, mmauriciojr111@gmail. com, and batasmauricio@yahoo. com.

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Budget deficit declines to P31.1B in 9 months

THE National Government reported a P5.2-billion budget gap in September, reversing a surplus in August, while on a nine-month tally the deficit amounted to P31.1 billion which is P70.2 billion lower compared to the same period in 2013.

T h e D e p ar t m e nt of Finance (DOF) in a statement yesterday said the JanuarySeptember budget deficit was “well within the P235.5-billion program” for the period.

Tax collections improved to P154.6 billion in September, up 21 percent year-on-year.

On a year-to-date number, it also increased 13 percent to P1.4 trillion.

The Bureau of Customs (BOC) posted a 28-percent increase year-on-year to reach P32.9 billion for September.

Overall it has collected P265.8 billion, up 18 percent yearon-year however the DOF said the collections were still 12 percent off the target for 2014.

The Bureau of Internal Revenue (BIR), on the other hand, reported P105.7 billion for September, 23-percent higher year-on-year. The yearto-date collection also grew

11 percent to P996.4 billion.

But similar to BOC, it’s about seven percent behind the program.

DOF Secretary Cesar V. Purisima said revenue collections continue to be “fast growing.”

“News of record highs in the collections of the BOC and the BIR comes on the heel of our second non-deal roadshow this month, which happened in four major cities in the United States. Whereas the Philippine officials in the Tokyo roadshow covered several sectors, the Philippine delegation in the US met with key executives in banking to drum up even greater interest in the industry, which was recently liberalized to foreign companies,” said Purisima.

Purisima said the government will continue with its “holistic, revenueneutral, and equitable reforms to the tax system” to improve collections.

“Our fiscal performance through the past four years has shown that through efficient tax administration alone, we have come a long way in augmenting revenues.

However, in the light of

efforts to accelerate ASEAN integration and boost the Philippines’ competitiveness, the DOF expresses openness to a change in the tax system, particularly in the review of our income tax structure,” explained Purisima.

“Lowering income tax rates will attract even more foreign investors into the country but will be detrimental to our fiscal health if they are not offset by revenue-generating measures,” he added.

For the month of September, the government expenditures amounted to P159.8 billion, nine percent higher year-on-year, and on a year-to-date tally, it increased six percent to P1.5 trillion.

Still, expenses were 16 percent off the budget.

As a part of expenditures, the country’s interest payments slid one percent lower to P28.8 billion for September. For the first nine months, interest payments has “remained relatively stable” and seven percent below the program.

The primary surplus – computed net of interest payments – stood at P23.6 billion for September and P226.3 billion for the total.

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6 Kia Motors posts 8.1% global Cheaper... sales growth in November monday|dECEMBER 15, 2014

from page 1

KIA Motors Corporation announced today its global sales figures (export sales, domestic sales and sales from overseas plants) for passenger cars, recreational vehicles (RVs) and commercial vehicles for November 2014, recording a total of 257,487 units sold.

This figure represents a 8.1% year-on-year increase.

In November, Kia posted year-on-year sales increases in China, Korea, General Markets* and Europe* of 16.2% (64,915 units sold), 14.2% (44,500 units sold), 7.7% (46,580 units sold) and 5.9% (52,096 units sold), respectively.

Cumulatively, through the first eleven months of 2014, Kia’s global sales have increased by 4.6% year-onyear, reaching 2,655,365 units. China, North America

and General Markets have experienced cumulative gains to date in 2014 of 15.7% (609,085 units sold), 5.3% (601,302 units sold) and 1.4% (482,996 units sold), respectively.

Kia’s bestselling model in overseas markets for the month of November was the B-segment Rio (known as ‘K2’

in China) with 46,106 units sold. The Sportage compact CUV was the second bestseller with 37,296 units delivered, while the C-segment Cerato (known as ‘Forte’ or ‘K3’ in some markets), Optima D-segment sedan and Sorento CUV followed with 35,945, 28,712 and 15,945 units sold, respectively.

VP BINAY’S VISIT – VICE GOVERNOR JOEY G. PELAEZ exchanges pleasantries with VICE PRESIDENT JEJOMAR BINAY as the latter visits parts of Mindanao. Vice Governor Pelaez accompanied Vice President Binay during his 3-day visit in Iligan City, Lanao del Norte, Lanao del Sur and Marawi City. The Vice President met with political and community leaders of these areas for consultation as Head of the Housing and Urban Development Coordinating Council, the housing arm of the government.

Malipayong gipahibalo kaninyo sa COWD nga adunay pipila ka mga pamaagi nga inyong mapilian sa inyong pagbayad sa water bill.

 CASH PAYMENTS – didto sa mga buhatan sa COWD ug sa mga accredited collecting banks

 ATM /DEBIT CARD o VISA CREDIT CARD didto sa Admin Building sa Corrales Avenue

Program as a solution which would only cost a maximum of P450 million and will not have pass-on costs to the consumers.”

Filed by the Speaker and the House majority floor leader and members of the Joint Congressional Power Committee (JCPC) House Joint Resolution No. 21 authorizes the president to procure power through the ILP and order the fast tracking of new power plants due to be commissioned after the summer of 2015 to earlier than March 2015 in preparation for the thinning reserves.

Masongsong moved for the approval the measure which provides that once Luzon power grid’s reserves are threatened, the standby generating sets of commercial/industrial consumers in Luzon and Metro Manila can be tapped through the ILP. Instead of passing the cost to the consumers, the President is authorized to allocate funds to pay for ILP participants for the cost of running their gensets.

“In this manner, government will pay the ILP program participants and not pass on the burden to the consumers.

ILPI costs something like 60 centavos per KwH,” he added.

Unlike the ILP in Mindanao and the Visayas which are implemented under normal conditions for which the consumers are billed the cost of the program, Masongsong said the ILP in Luzon would be limited from March 1, 2015 until July 31, 2015 so massive brownouts in Luzon can be avoided by authorizing the President to contract out the ILP. “This should serve as a precedent so that if a power shortage ever this happens again in the Visayas and Mindanao, we can cite this as an antecedent,” he explained.

If only commercial and industrial establishments that are based in the metropolitan cities like Davao and Cagayan de Oro and maybe Butuan, are convinced by the DUs and coops to participate in the ILP, then the existing power supply from PSALM can be used for the rural areas, Masongsong added.

During eight technical working group meetings conducted by the House Energy Committee with stakeholders across Luzon, Masongsong said it was determined that Metro Manila has approximately 1,944MW which can be tapped for ILP. For the entire Luzon, over 3,600MW is available while an estimated 1,000MW can be tapped in Mindanao for the program.

The Lower House already passed the measure on its third and final reading but Masongsong hopes the Senate version can also be passed by the Upper House soon.

“Definitely it has to be passed by December before we take a Christmas break since it mandates the President to contract out the participants to the ILP until December 31, 2014. So those who choose to run their gensets during the summer months but are not ILPI participants will not be refunded their costs of fuel and operations,” he added.

“We are allocating P450

million which is reasonable enough compared to the P612 billion being proposed by the DOE,” Masongsong said.

However, he clarified that the fund cannot be used if there would be no shortage in terms of thinning reserves. So if the ILP will not be implemented, the amount would only serve as a contingency fund for that eventuality.

“The House Joint Resolution will serve as the guidelines for the ILP although the DOE is still expected to come up with the Implementing Rules and Regulations (IRR) once this is passed,” he added.

Still another measure proposed by the solon was for embedded power plants to be contracted out by the utilities since almost all of the utilities and electric cooperatives have no contracts for replacement power.

“By proposing an embedded generation like this we cut down on transmission costs and the cost to the consumer will not increase. Peaking plants with a load factor of 30 percent running 5-6 hrs a day during peak demand does not significantly affect the price of power for the consumer,” Masongsong said.

The solon proposed that all distribution utilities, whether private or electric coops, should emulate what ASELCO has done by contracting with Peakpower for embedded generation of peaking plants to address the shortfall during peak demands.

He cited how Mindanao already has 101MW capacity of diesel/bunker fueled peaking plants which will be operational by year end.

“We have been unjustly accused of being responsible for the power crisis in Mindanao by not forecasting correctly and not providing for future increases,” Masongsong said. “But the coops by themselves have already provided 101MW additional peaking capacity even before the new capacities from coalfired baseload plants are rolled out by 2015.”

He further suggested that DUs like Meralco, instead of entering into PSA with Independent Power Producers (IPPs) for replacement power, instead contract out for an embedded power plant like ASELCO. “Current PSAs of DUs do not provide for replacement power, perhaps because of WESM. But in the absence of WESM or replacement power, the answer would be an embedded generation plant for peak power demand.”

AirAsia... from page 1

to Cagayan de Oro City via AirAsia Zest flight Z2535 departing on time at 12:35 pm.

In Davao City, 10 kids from Tambayan Center for Children’s Right were on board AirAsia Zest flight Z2524 from Davao to Cebu. They were given a tour of Mactan Shrine, Bluewater Resort and guitar factory – famous attractions in Cebu hosted by Galeon San Pedro Tours.

Aside from free airfare the kids also toured famous tourist spots and parks in Davao, Cagayan de Oro and Cebu in partnership with Department of Tourism.

They also received surprised Christmas gifts and toys from AirAsia while passengers get welcome presents from Mactan Cebu International Airport management.

To commemorate the event, AirAsia Philippines is offering promo fares from as low as P1 for flights to or from Cebu City to Manila, Davao and Cagayan de Oro, including flights to or from Manila, Kalibo (Boracay), Puerto Princesa (Palawan), Tagbilaran (Bohol) and Tacloban.

Airfares for international destinations from Manila to Macau, Kuala Lumpur, Kota Kinabalu, Shanghai, and Incheon/Seoul are also available for P1, one-way and base fare only for travel period starting January 7 to June 30, 2015.

AirAsia Berhad earlier lent $55 million to AirAsia Philippines to support the latter’s operation.

Malaysia’s Air Asia through AA International owns 40 percent of Philippines’ AirAsia, while Filipino businessmen Marriane Hontiveros, Michael Romero, Antonio Cojuangco and Alfredo Yao hold the remaining 60 percent.

AirAsia Philippines holds a 49 percent stake in AirAsia Zest after signing an agreement with former ambassador Yao, the owner of Zest Airways Inc, in March last year.

AirAsia Zest operates a fleet of 16 aircraft and serves 9 domestic and 4 international routes from the Ninoy Aquino International Airport (NAIA).

Philex... from page 3

annually every 18th of June and December.

With an eight-year maturity period, the CN has one-time redemption option that can be exercised by the issuer on the first anniversary of the issuance.

“A premium, payable at a rate of 3% per annum, retroactive from issue date and compounded semi-annually, will apply if the Issuer exercises the redemption option,” the statement read.

Under the deal, every P18,000 worth of the CN is convertible into a common share of SMECI starting Dec. 19, 2015.

Upon full conversion, a total of 400,000 new shares -accounting for 40% of SMECI’s expanded capital - will be issued.

Sales... from page 3

“For the month of December, we are expecting to have stable to higher sales with anticipated high demand coming from Christmas season,” explained by CAMPI president Atty. Rommel Gutierrez.

2014 year-to-date sales reached 213,427 units or a growth of 30.1 percent. Toyota Motor Philippines Corporation remains the market leader with 45.4 percent share, an increase of 41.1 percent year-on-year.

In the 2nd spot is Mitsubishi Motor Philippines Corporation with 21.4 percent share. Ford Motor Philippines is in the 3rd spot with 8.6 percent share.

Isuzu Philippines Corporation displaced Honda Cars Philippines Inc.in the 4th position with 5.9 and 5.6 percent market shares, respectively.

BusinessWeek MINDANAO

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Peakpower... from page 1

Inc. (PSI) in Bgy. Apopong, General Santos City 20 November 2014, Energy Sec. Jericho Petilla said he was worried there are not enough peaking plants in the Mindanao grid.

“While there will be many new plants opening soon in Mindanao, most of them are baseload plants,” Petilla said.

“I’d like to encourage more peaking plants because in the end, you cannot just rely on baseload plants. There will never be enough if there is no demand and you’re left with the peaking part hanging.”

The Department of Energy’s latest list of upcoming power projects show that while there are many base load power plants expected to be rolled out in the next 15 years, only 90 megawatts of the projected 500MW peaking energy requirements from 20152030 is now online.

Thus even if new plants are coming in, Petilla fears this will not ensure a net addition to the capacity available to the Mindanao Grid since most of the new plants would be tied down by bilateral contracts with industrial utilities and industries.

“In the future we will need many plants across cooperatives because that is the best way to make adjustments when our demand and supply don’t match every now and then,” he said. “This will also encourage IPPs like Peakpower to set up merchant plants if they like the way the market is behaving.

Peakpower Energy To address this gap in the island’s emerging power mix, A Brown Co. Inc. (ABCI) through its subsidiary Peakpower Energy Inc. (PEI) was set up to implement at least 12 projects designed to generate an aggregate 110MW of peaking energy across various A+/Greenrated electric cooperatives in Mindanao.

“Through a 15-year Build-

Operate-Maintain and Transfer Agreement, PEI will provide brand-new bunker fired engines to address the peaking requirements of qualified electric cooperatives,” said Roel Z. Castro, president and chief executive officer of PSI. “We chose the Wartsila because of two major things: it is very fuel efficient and environmentally compliant, using cleaner Euro 4 compliant bunker fuel from Shell.”

Earlier last month, PEI inaugurated a 20.9MW peaking power plant for the South Cotabato II Electric Cooperative (SOCOTECO II) through its wholly-owned subsidiary Peakpower Socsargen Inc. (PEI) and its second project last December 8 in San Francisco, Agusan del Sur, a 5.2MW peaking plant for the Agusan del Sur Electric Cooperative, Inc. (ASELCO) through its subsidiary y Peakpower San Francisco Inc. (PSFI). It is set to roll out another 10MW peaking plant for the Bukidnon II Electric Cooperative, Inc. (BUSECO) by 2015 through another subsidiary, Peakpower Bukidnon Inc. (PBI).

ASELCO’s Example “All distribution utilities (DUs) whether private or electric coops, should emulate what ASELCO has done by contracting for embedded generation of peaking plants to address the shortfall during peak demands,” said Rep. Edgardo R. Masongsong (1-CARE Party List) during his keynote speech at the San Francisco launch.

“Mindanao already has 101MW capacity of diesel/ bunker fueled peaking plants which will be operational by year end. This proves electric coops in Mindanao has been helping government address the power shortage in Mindanao,” the party list solon stressed.

Masongsong cited how embedded generation plants for DUs cut down on transmission costs and cushion the rate impact on the consumer.

“Peaking plants with a load

Republic of the Philippines REGIONAL TRIAL COURT OF LANAO DEL NORTE 12TH Judicial Region BRANCH 07 Tubod, Lanao del Norte

factor of 30 percent running 5-6 hrs a day during peak demand does not significantly affect the price of power for the consumer,” he noted.

Public-Private Partnerships Dr. Walter W. Brown, PEI Chairman of the Board noted the how the projects in Gensan and San Francisco could blaze a trail for similar Public-Private Partnership (PPP) undertakings in the future.

“It is not a common situation where we get the full cooperation of the provincial government, the municipal officials and the private sector. I think this project is a good example of what the government should be planning on: it’s really effecting maybe on a small scale, the concept of a public-private partnership,” he said during the San Francisco launch. “I’d also like to convey to Sec. Petilla and [National Electrification Administration] Administrator Edith Bueno, we also have the full support of the national government.”

“This is what I hope can be an example for other provinces and other projects,” he added.

“If government and the private sector work together, there is nothing to stop us from making good progress.”

Dr. Brown also hopes the coming of power to underdeveloped areas could convince more people to join the development bandwagon to prosperity instead of hindering it.

“Bringing power to one of your municipalities here, enhancing the investment here, cannot but lead to the development also of the hinterlands,” said Dr. Walter W. Brown, PEI/PSFI Board Chair. “The long range future of this country is not just the development of power projects.

Malls are good, but they are not the most important aspect of our country. Most important is to develop the countryside

ATTY. NICOLAS J. LIM, Petitioner.

X------------------------/

NOTICE OF HEARING NOTICE is hereby given that a summary hearing on the petition for notarial commission of Atty. Nicolas J. Lim shall be on February 6, 2015 at 8:30 in the morning at RTC, Branch 07, Tubod, Lanao del Norte. Any person who has any cause or reason to object to the grant of the petition may file a verified written opposition thereto, received by the undersigned before the date of the summary hearing.

(Sgd.) DENNIS P. VICOY

Acting Presiding Judge BWM: Dec 8, 15 & 22, 2014

Records... from page 2

P96.7 billion; 2011 - 123.42 billion; 2012 – 137.35 billion; 2013 – 138.93billion; and JanSept. 2014 – 119.52 billion, considering that it is still September and books have not been finished yet. Notably, 2013 posted a fairly low income because many of those in government service availed of the rationalization plan.

GSIS assets including real properties, buildings, lots, investments in stocks and bonds amounted to billions. In 2009 -P506.19 billion; 2010566.71 billion; 2011 – 633.64 billion; 2012 -731.93bilion; 2013786.47 billion; Jan-Sept. 2014 – 883.93 billion. “The challenge of our present leadership is to attain the trillion mark and all signs show that the target is attainable,” assured VP Dorado.

Dorado said she wants all members and pensioners to know what is the GSIS Citizen’s Charter. “Here you have your benefits, the processing time, documents and other requirements and those who are eligible to avail of the benefits.

“Frontline workers should never ask you to come back several times. Clients should know their rights, assert them and fight for their rights. This is also a way to help us improve our services by providing a feedback mechanism,” Atty.

Dorado appealed.

Republic of the Philippines REGIONAL TRIAL COURT 10th Judicial Region Branch 16, Tangub City IN THE MATTER OF THE CORRECTION OF THE DATE OF BIRTH IN THE CERTIFICATE OF BIRTH OF CORAZON DELOS REYES FROM 31 AUGUST 1948 TO 31 JULY 1949 AND SUPPLEMENTALS OF MIDDLE NAME AS ALEGRADO AS WELL AS THE PLACE OF BIRTH FROM ONLY LILO-AN TO LILO-AN, BONIFACIO, MISAMIS OCCIDENTAL. CORAZON DELOS REYES,

-versus-

PETITION FOR APPOINTMENT Pet. for Not. Com No. AS NOTARY PUBLIC FOR THE 031-07-2014 PROVINCE OF LANAO DEL NORTE

to remove the constraints that provide support for those that fight progress and private sector development.”

“We value and appreciate the support we’ve gotten and we dedicate ourselves to looking not only at this project, but other projects that will develop this community, this province, and Mindanao in general,” he added.

SP. PROC. TC-2014-004

Petitioner,

THE MUNICIPAL CIVIL REGISTRAR OF BONIFACIO, MISAMIS OCCIDENTAL, Respondent, x------------------------------------------------------/ NOTICE OF HEARING

WHEREAS, after alleging certain facts in a verified petition filed on November 24,2014, petitioner prayed that after notice, publication and hearing, an order be issued directing the Municipal Civil Registrar of Bonifacio, Misamis Occidental, to make the necessary corrections in her record of birth, to wit: 1) 2) a) b)

Date, month and year of birth: From 31 to August 1948 to 31 July 1949; For the supplemental thereof: Middle Name: ALEGRADO; Place of Birth: Lilo-an, Bonifacio, Misamis Occidental

WHEREFORE, finding the petition to be in due form and substance, the hearing of the same is hereby set on January 13, 2015 at 8:30 o’clock in the morning, at the Session Hall of this Court at which date, time and place, any person may appear and show cause why said petition should not be granted.

The Sheriff of this Court is hereby ordered to post copies of this Notice in three (3) conspicuous public places, preferably in the Bulletin Board of this Court, the Municipal Hall of Bonifacio, Misamis Occidental and the Barangay Hall of Lilo-an, Bonifacio, Misamis Occidental.

Moreover, let a copy of this petition and notice be published once a week for (3) consecutive weeks in a newspaper of general circulation in the province of Misamis Occidental, all the expense of the petitioner, for the information and guidance of all concerned. Also, let copy of this petition and notice be furnished to the petitioner, the Office of the Solicitor General, and the Municipal Civil Registrar of Bonifacio, Misamis Occidental. Any person having or claiming any interest under the entry whose correction is sought may, within fifteen (15) days from notice of this petition, or from the last date of publication of such notice, file its opposition thereto.

WITNESS, the Honorable SYLVIA A. SINGIDAS-MACHACON.Presiding Judge, this 3rd day of December,2014.

(Sgd.) FULGENCIA G. ABELLANA

OIC-Clerk of Court MDN: Dec 8, 15 & 22, 2014

The GSIS leadership continues to conduct dialogues across the country in keeping with its commitment to be consultative, transparent, and member-focused.

Globe... from page 3

Georgina Wilson, Liz Uy, and Chieffy Caligdong as they helped deliver 2,000 Christmas toys to kids in Ormoc, build 100 homes for Ormoc families, and distribute almost 1,000 learning kits to Iloilo schoolchildren.

Likewise, using the hashtag #ProjectWonderful on social media and blogs, Globe spurred Filipinos from various walks of life to voice hopes and wishes for the country and ultimately, drove Publication Notice R.A. 10172

7

them to the Project Wonderful website where they got to know the many ways to donate or even volunteer.

Project Wonderful was able to raise over P50 million in cash and kind which was used to build homes and school buildings and provide livelihood opportunities to families affected by Typhoon Haiyan.

The campaign received 779,239 combined YouTube views, 306 million impressions from 112,588 Twitter mentions by 23,894 users on Twitter and Instagram, 136 unique blogger stories, and an average of 50,000 unique visits to www.

ProjectWonderful.ph per month for the first quarter of 2014 which resulted in over 1,000 registered volunteers and supporters.

Republic of the Philippines Province of Misamis Oriental Municipality of Initao -o0oNOTICE TO THE PUBLIC

CFN- 0006-2014

Date : DECEMBER 8, 2014

In Compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-1 Guidelines in the Implementation of the Administrative Order No. 1 Series of 2012 (IRR on R.A.10172), Notice is hereby served to the public that FERDINAND L. PADREGORI has filed with this Office, a petition for change of first name from “FERDIE” to “FERDINAND” and correction of entry in sex from “_____” to “____” or correction of entry in the date of birth from “____” to “____” in the certificate of live birth of FERDINAND L. PADREGORI at Initao, Misamis Oriental and whose parents are PABLO G. PADREGORI and MATILDE V. LACAPAG.

Any person adversely affected by said petition may file his written opposition with this Office not later than January 6, 2015.

(Sgd.) ISAIAS A. JARALES

Municipal Civil Registrar BWM: Dec. 15 & 22, 2014

Republic of the Philippines REGIONAL TRIAL COURT 10TH Judicial Region Branch 43 Gingoog City -oOoJERRY C. BAGGAYAN, SP. CIVIL NO. 2014-1044 Petitioner,

FOR:

-versus- SUMMARY DECLARATION OF PRESUMPTIVE DEATH WINDY P. REA-BAGGAYAN, OF ABSENTEE SPOUSE Respondent.

X----------------------------------------/ ORDER

The petition being sufficient in form and substance, the same is given due course. Let the hearing of this Petition be set on February 18, 2015 at 8:30 o’clock in the morning.

Any interested party is hereby required to file within fifteen (15) days from notice of the petition or from the last day of publication whichever comes first, an Answer or an Opposition to the petition alleging that: 1. The petitioner and respondent were married at Metropolitan Trial Court Branch 63, City of Makati on November 23, 2004, solemnized by Hon. Judge Evelyn S. Acaya-Chua and witnessed by four (4) witnesses.

2. That barely two (2) months of their union as husband and wife, petitioner decided to apply job in Cagayan de Oro City while his wife was left at Brgy. 24-A, Don Soriano Drive, Purok 4, Gingoog City, Misamis Oriental , Philippines; 3. While the petitioner was applying for job at Cagayan de Oro City, his wife called and told him that she must have to leave Gingoog to visit her parents at Brgy. Kibungsod, Magsaysay, Misamis Oriental while her husband was applying for a job in Cagayan de Oro City; 4. After a week at Cagayan de Oro City the petitioner decided to come home in the City of Gingoog to visit his wife. Upon reaching his residence at Brgy.24-A, Don Soriano Drive, Purok 4, Gingoog City, Misamis Oriental, Philippines, he waited for his wife to come home that night but the latter failed to come. Despite calls and text messages the respondent failed to answer; 5. The Following day that was third week of January 2005 the petitioner went to Brgy. Kibungsod, Magsaysay, Misamis Oriental to fetch her wife at the latter’s residence but upon reaching thereat he was informed by his wife’s relatives that his wife went to Manila to apply for a job; 6. The petitioner called again his wife but the cellphone of his wife at this time was already outside telephone coverage. The respondent did not leave a telephone number where she could be contacted in case of emergency; 7. The petitioner without any hesitation left for Manila within the week after her wife could not be contacted by telephone. He went to Block 56, Lot 1, Mansanas Street, Rizal , Makati City, the forming boarding house where the respondent stayed and upon arriving thereat, the land lady told him that the respondent had not visited the place; 8. The petitioner searched his wife by asking the latter’s friends who lived at Sta. Cruz, Manila and at Bagong Barrio, Caloocan City, however he was informed that his wife had not contacted them neither visited their place; 9. The petitioner wasted no time in locating her whereabouts by going back to respondent’s house at Brgy. Kibungsod , Magsayasay, Misamis Oriental but her parents could not answer the whereabouts of the respondent but he was just informed that his wife left their house to look for a living; 10. However, before resorting to this petition, the petitioner published the picture of his wife in a newspaper in the Province of Misamis Oriental and in a newspaper of general circulation in entire Philippines.

11. The petitioner’s relative of reported the petitioner’s missing wife to the Police Authorities in the City of Gingoog, Misamis Oriental and to the National Burreau of Investigation.

The Clerk of Court is directed to cause the publication of this Order at the expense of the petitioner once a week for three (3) consecutive weeks in a newspaper of general circulation.

Likewise, let copy of this Order and Petition be furnished the Office of the Solicitor General, the Office of City Prosecutor and the Local Civil Registrar of Makati City.

SO OREDERED.

08 December 2014, Gingoog City, Misamis Oriental (Sgd.) MIRABEAUS A. UNDALOK

Presiding Judge BWM: Dec 15, 22 & 29, 2014

8

monday|dECEMBER 15, 2014

Banking&Finance

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Gov’t seals WB funding for Cebu rapid trail project THE national government and the World Bank (WB) sealed the financial package for the Cebu Bus Rapid Transit (BRT) project.

Finance Secretary Cesar V. Purisima and World Bank officials signed the loan agreement for the $141-million BRT

Local banks ‘outliers’ in Asia CREDIT quality among Philippine b an ks is s e en to improve next ye ar, Mo o dy’s Investors S er v ice yesterd ay s aid, e ven as t hat of ot her lenders in the Asian region is expected to remain just “ bro ad ly st able.”

In a rep or t t it le d “2015 O ut lo ok: Asian Banks on Solid Footing Against R i s i ng C re d it He a d w i n d s” re l e a s e d y e s t e r d ay, t h e g l o b a l d e b t w at c h e r said: “We expect the credit quality and rat ings of Asi an b an ks to b e bro ad ly st able in 2015... e ven as cre dit costs incre as e and ass et qu a lit y we a kens.”

It added that most banking systems remain well capitalized and profitable, p r o v i d i n g a “s o l i d f o o t i n g f o r t h e banks to withstand a mild increase in credit costs, and will support a gradual st rengt hening in t he reg ion’s g rowt h m o m e nt u m a s w e e x p e c t a m o d e s t improvement in external demand, esp e ci a l ly f rom t he US.” But, the differing monetary policies adopted by large economies such as the Unite d St ates, t he Unite d Kingdom, a n d Eu ro p e c o u l d “c h a l l e n g e s o m e Asi an b an k ing systems.” “ Those systems with high leverage and ele vate d dep endence on c apit a l inf lows are vulnerable to adjust ment c h a l l e n g e s ,” M o o d y ’s M a n a g i n g D i re c t or f or F i n a n c i a l In s t it ut i on s Group Stephen L ong was quote d as s ay ing in a st atement.

M o o d y ’s p o i n t e d t o C h i n a a n d Indonesia as systems where banks remain at risk of adjustment pressures after a period of strong credit growth, but note d t hat t heir ban king systems st i l l have st able out lo oks due to loss abs orbing buf fers.

Banks in Hong Kong and Singapore, m e a n w h i l e , a r e “c l o u d e d b y s i g n s of widening imbalances in their e c o n o m i e s” t h a t i n c l u d e c o n c e r n s over re a l est ate bubble and reg iona l exposures. These risks, Moody’s noted, could put Hong Kong and Singaporean banks’ very high ratings under pressure.

Banks in Mongolia likewise continue to deal with “difficult credit challenges in ter ms of t heir cha l leng ing macroenvironment, high levels of asset i mp ai r me nt , and v u l ne r abl e c apit a l p osit ions.”

B an ks in Aust ra li a, Jap an, Kore a, M a l a y s i a , Ne w Z e a l a n d , T h a i l a n d , Ta i w a n a n d S r i L a n k a w i l l b e t h e stable performers in the current env ironment, w hi le lenders in Indi a and Viet nam are st i l l coming out of re cent dow ntur ns.

On t he ot her hand, b an ks in t he Philippines are considered “outliers,” with their credit profiles on an “improving trend as they benefit from a s t ron g e c on om i c out l o o k , s t ron g remittance inf lows and improving monet ar y management.”

Ass et qu a lit y of Phi lippine b an ks is a ls o exp e c te d to remain st able.

“The favorable operating env ironment limits t he for mat ion of ne w N PL s ( non - p e r for m i ng l o ans ) , and legac y problem ass ets cont inue to be gradually remediated,” Moody’s s aid.

NPLs -- obligations that remained unpaid for at least 30 days after their due date -- made up 2.21% of universal a n d c o m m e r c i a l b a n k s’ t o t a l l o a n portfolio from Januar y-August, lower than the 2.67% seen in the comparable 2013 p er io d.

The NPL rat io is a ke y indic ator

of t he qu a lit y of ass ets held by t he b an k ing indust r y.

Big banks’ s oured loans decre as ed by 0.72% to P101.2 billion in the first eight months of 2014 from the P101.93 bi l lion re corde d in t he s ame p er io d l ast ye ar, according to cent ra l b an k d at a.

Similarly, non-performing assets -which include bad debts and foreclosed h o m e s - - f e l l by 3 . 4 3 % t o P 1 9 7 . 1 1 bi l lion f rom P204.11 bi l lion.

The decline in bad loans came e ve n as b an k s e x p and e d t he i r tot a l p or t folio by 20.2% to P4.588 t r i l lion at e nd - Au g u st f rom P 3 . 8 1 7 t r i l l i on log ge d a ye ar ago, BSP d at a showe d.

project, which is set to improve the overall performance of the urban passenger transport system in Cebu City.

The Cebu BRT project includes the development of segregated BRT bus-ways from Bulacao to Ayala, with a link to Cebu’s South Road Property. The 33 BRT stations are expected to service about 330,000 people per day.

The World Bank will provide funding of $116 million from the International Bank for Reconstruction and Development (IBRD) and $25 million from its Clean Technology Fund (CTF).

The project, once complete, is expected to service an average of 433,000 individual trips per day and projected to save 25 minutes of travel time and P7.50 in fares.

“Our improved public finances have enabled us to spend more confidently on public investments supporting our rapid growth,” Purisima said.

“As Cebu City is fast becoming one of our prime urban centers. Investing in sound infrastructure lays solid groundwork for a

more sustainable growth trajectory,” added.

Purisima said the government and the World Bank chose to undertake the development of a bus rapid transit system because of its low cost, quick construction (around two years), and its higher quality of service despite having the same capacity as rail.

Cebu City was also a prime location for the BRT system, as it is governed by a single local government unit supportive of the project and has high public utility jeepney dominance with no significant bus presence.

The Department of Transportation and Communications will serve as the implementing agency. The project is expected to run from 2013 to 2018, and will be operation from 2018 to 2030 and beyond.

Earlier, World Bank clarified that the financial package is only a partial for the construction of the Cebu BRT system.

The Philippine government will provide counterpart financing amounting to $87.5 million.

BusinessWeek MINDANAO THE BUSINESSMEN’S NEWSPAPER 2013 ppi’S BeSt in BuSineSS and economic RepoRting

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AirAsia starts twice daily flights from Cebu to Davao and CDO MONDAY | DECEMBER 15, 2014

editor: ShAuN AlEjANDRAE YAp uY

30 street kids and NGOs among those on board AirAsia’s inaugural flights

AirAsia Philippines, the Filipino Low Cost Carrier that flies hand in hand with AirAsia, voted the World’s Best Low Cost Carrier in the annual World Airline Survey by Skytrax for six consecutive years from 2009 – 2014, today started its twice daily flights from Cebu to Davao and Cagayan de Oro City with 30 street kids from Batang Opon Foundation, Cebu City Task Force on Street Children Foundation, SOS Children’s Village and Tambayan Center for Children’s Rights Incorporated on board its maiden flights.

AirAsia Zest Director for Flight Operations Captain Dexter Commendador said, “We’re extremely excited to celebrate the return of AirAsia flights from Cebu to Davao and Cebu to Cagayan de Oro – and what’s more memorable is that we celebrated our inaugural flights by fulfilling the AIR ASIA | Page B2

Captain Dexter Commendador helps a young boy place his message in a Christmas tree during the launching of AirAsia’s newest flight from Cebu to Davao.

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Globe Project Wonderful nation-rebuilding campaign wins 9th ARAW Values Awards Project Wonderful, Globe Telecom’s corporate response to the devastation caused by Typhoon Haiyan, wins the 9th ARAW Values Award for the promotion and inculcation of positive values for social change and nation building.

The ARAW Values Awards recognize outstanding and excellent advertising and marketing messages and/ or materials for Branded Communications and Advocacy/Institutional Advertising that promote the ARAW 7 Cornerstone Values, a cluster of select and well-defined values.

The biennial program

is organized by the Advertising Foundation of the Philippines, the social development institution and advocacy body of the multi-sector Philippine advertising and marketing communications industry.

“We are proud of this award since it proves that through digital media, we can inspire bayanihan using a clear, provocative message: That anyone, from an ordinary person to a known model, rockstar, sports icon – even a corporate CEO – could help rebuild the nation,” said Yoly Crisanto, SVP for Globe Corporate Communications.

Project Wonderful won in the Branded Communications – Digital category which espouses “Love of Country and Respect for National Customs and Traditions.”

It served as a consolidated platform of Globe products and services that empowered Filipinos to donate time, finances, and talent towards rebuilding the nation.

For Project Wonderful, Globe came out with compelling, documentarystyle YouTube videos which recounted the stories of Globe ambassadors Bamboo, Georgina Wilson, Liz Uy, and Chieffy

Caligdong as they helped deliver 2,000 Christmas toys to kids in Ormoc, build 100 homes for Ormoc families, and distribute almost 1,000 learning kits to Iloilo schoolchildren.

Likewise, using the hashtag #ProjectWonderful on social media and blogs, Globe spurred Filipinos from various walks of life to voice hopes and wishes for the country and ultimately, drove them to the Project Wonderful website where they got to know the many ways to donate or even volunteer.

Project Wonderful was able to raise over P50 million in cash and

kind which was used to build homes and school buildings and provide livelihood opportunities to families affected by Typhoon Haiyan.

The campaign received 779,239 combined YouTube views, 306 million impressions from 112,588 Twitter mentions by 23,894 users on Twitter and Instagram, 136 unique blogger stories, and an average of 50,000 unique visits to www.ProjectWonderful. ph per month for the first quarter of 2014 which resulted in over 1,000 registered volunteers and supporters.

30 street kids from partner NGOs in Cebu and Davao join AirAsia’s maiden flight from Cebu City to Davao and Cagayan de Oro in the Philippines.

In Davao City, 10 kids from Tambayan Center for Children’s Right were on board AirAsia Zest flight dreams of 30 kids. Like these kids, AirAsia started Z2524 from Davao to Cebu. with a dream – to make They were given a tour of Mactan Shrine, Bluewater flying affordable for everyone."

Resort and guitar factory – famous attractions in Cebu Accompanied by caretakers, 20 children from hosted by Galeon San Pedro Batang Opon Foundation Tours.

Aside from free airfare and Cebu City Task Force on Street Children Foundation the kids also toured famous tourist spots and parks in flew via AirAsia Zest flight Z2 523 from Cebu to Davao Davao, Cagayan de Oro at 9:10AM and another batch and Cebu in partnership of kids from SOS Children’s with Department of Village took the first flight Tourism. They also received from Cebu to Cagayan de surprised Christmas gifts Oro City via AirAsia Zest and toys from AirAsia while passengers get welcome flight Z2535 departing on time at 12:35PM. presents from Mactan

AIR ASIA from Page B1...

Cebu International Airport management.

A ceremonial ribbon cutting and brief program at the Mactan-Cebu International Airport (MCIAA) was held attended

by MCIAA General Manager Nigel Paul Villarete, MCIAA Assistant General Manager Ahmed Cuizon, GMR Megawide President Louie Ferrer, Department of Tourism Region 7 Senior Tourism Operations Officer Judilyn Quiachon, Cebu Provincial Tourism Officer Grace Paulino and Capt.

Dexter Comendador, AirAsia Philippines Director of Flight Operations. During the program, guests and

kids placed their messages of hope and wishes on a Christmas tree. AirAsia, MCIAA and partner NGOs will join forces to help fulfil the kids’ wishes.

To commemorate the event, AirAsia Philippines is offering promo fares from as low as P1.00 base fare for flights to/ from Cebu City to Manila, Davao and Cagayan de Oro including flights to/from Manila, Kalibo (Boracay), Puerto Princesa(Palawan), Tagbilaran (Bohol) andTacloban.

Airfares for international destination from Manila to Macau, Kuala Lumpur, Kota Kinabalu, Shanghai,

and Incheon/Seoul are also available for P1.00, one-way and base fare only for travel period starting January 7 to June 30, 2015.

All promotional fares are available for booking via www.airasia.com starting today until 14 December 2014. Guests may also get as much as 20% discount on pre-book meals and other online bargain deals.

For more updates on AirAsiaPhilippines and its latest promotions and activities, follow them on social media through Facebook (facebook. com/AirAsiaphilippines) and Twitter (twitter.com/ AirAsiaPh).

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Enjoy the holidays while cuddling this Family bear set from Toy Kingdom.

Santa’s picks at Toy Kingdom M

ake a wish, as Toy Kingdom makes a list of its top toys for the season. After all Christmas is that magical time of year for kids and kids at heart.

Have fun playing Santa as you complete the list of Top toys available at Toy Kingdom Express at The SM Store and Toy Kingdom Store in SM City Cagayan de Oro. Visit www.toykingdom.ph.

Also type ToyKingdomPH for more amazing updates at Twitter, Facebook and Instagram.

Explore the exciting spots of Malibu Avenue with Barbie! There are plenty of shops to visit like the pretty Grocery store or the wonderland Pet Boutique. Barbie doll included.

Join Princess Sofia on her delightful vacation in the sea with this Sofia the First Vacation Place playset.

This enchanting floating palace includes a mermaid cove with a seashell throne, and a Sofia the First doll that transforms into a mermaid upon removing her purple skirt.

Relive your favorite Frozen moments with the Disney Frozen Snow Glow Elsa Doll.

Touch her magical snowflake necklace to hear Queen Elsa speak magical phrases from the film. Lift her arm and hear her sing the classic song, “Let It Go,” while her dress sparkles. Elsa doll comes with her crown, true dazzling eyes and Olaf the snowman.

Avengers Superhero Mashers is an exciting way of creating your own Avenger superhero. All parts of the figure are removable so you can swap parts from other Super Hero Mashers figures.