BusinessWeek M I N DA N A O CREDIBLE
Volume XI, No. 83
AS OF 6:00 PM DEC. 15, 2020 (TUESDAY)
FOREX
X
US$1 = P 48.063
1.30 cents
PHISIX
X
7,227.73
53.62
YOUR MINDANAO-WIDE BUSINESS PAPER
RELIABLE
points
Briefly Economic slowdown THE multiple shocks that hit the Philippines, including the coronavirus health crisis, will likely shrink the economy by 8.1 percent this year, but sustained improvements in managing the pandemic and a possible rebound in the global economy can help the country recover in 2021 and 2022. These are among the key findings of the Philippines Economic Update (PEU) released Tuesday by the World Bank. The current economic forecast is a revision from the -6.9 percent World Bank forecast in October, resulting from the deep contraction in the third quarter and the extensive damage and losses suffered by the country from the typhoons and floods in November.
Worker's aid SOME 93% of the funds designated for distribution as worker aid by the Department of Labor and Employment (DoLE) has been disbursed to DoLE regional offices, the Labor department said. In a briefing Monday, Labor Undersecretary Renato L. Ebarle said most of the funds provided by the Bayanihan to Recover as One Law (Bayanihan II) have been disbursed to the regions offices. It expects complete payout of the aid by next week to all beneficiaries. “We have downloaded 93% of the P16.4 billion for aid and it is with the regional offices,” he said.
IN-DEPTH
CdO, MisOr seen as agro-industrial hub www.businessweekmindanao.com
Market Indicators
We strive for Excellence!
Philippine Press Institute Civic Journalism Community Press awardee for the following: 2013 Best in Business and Economic Reporting 2014 Best in Environmental Reporting 2017 Best in Business and Economic Reporting 2018 Best in Business and Economic Reporting
T
Wednesday|December 16, 2020
P15.00
Thank you for trusting us!
By MARK FRANCISCO, Reporter
AGOLOAN, MisOr— Cagayan de Oro and Misamis Oriental will bolster its position as major agro-industrial exporter in the region following the launch of an international shipping route of the Thailandbased Regional Container Lines (RCL) at the Mindanao Container Terminal (MCT) as its newest port of call inside the PHIVIDEC Industrial Authority complex.
PH I V I DE C - IA Administrator and CEO Jose Gabriel “Pompee”La Vina congratulated the management of RCL as the newest player in international shipping routes through the expansion of its container fleet. L e t u s c o nt i nu e t o work together to lead our organizations and country to a bright economic future, La Vina said during the inaugural event held at the MCT Port. La Vina cited RCL’s weekly service connecting
MCT in the PHIVIDEC Industrial Estate to Singapore as transshipment hub. “This could only mean higher incomes, more jobs, and a more comfortable life for our people”, La Vina said. This will not only increase the transshipment capacity but extends the reach of the international port as welll with other leading ports of call in the Asean region, he said. The weekly service of RCL multiplies the options for importers and exporters HUB/PAGE 10
Mindanao Container Terminal inside PHIVIDEC Industrial Authority complex in Tagoloan, Misamis Oriental
BARMM economic team bullish on investment prospects with Cotabato City to its fold By BONG S. SARMIENTO, MindaNews
KORONADAL City– The e c on om i c te am of t h e Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is bullish on the
area’s investment prospects with the formal inclusion of Cotabato City to the region, particularly in boosting BARMM’s financial system.
BARMM is slated to formally welcome to its fold tomorrow, December 15, Cotabato City, the seat of government of the BARMM as wel l as t he def unc t PROSPECTS/PAGE 10
7 e-buses offer free rides to Davao passengers By ANTONIO L. COLINA IV, MindaNews
Lake Holon in T'boli, South Cotabato is one of the popular tourist destinations in Soccsksargen or Region 12. mindanews photo by bong s . sarmiento
DAVAO C i t y – S e v e n modern electric and fully airconditioned Business for Environmentally Sustainable Transformation (BEST) buses have started plying around the streets of downtown Davao
City, offering free rides to local passengers for the first six months. During her live interview over Davao City Disaster Radio (DCDR 87.5), Mayor Sara D uter te s aid t hat
the e-buses have started servicing local passengers since last Monday after she and Davao Light and Power Company (DLPC) president and chief operating officer Rodger S. Velasco signed a memorandum of agreement RIDES/PAGE 10
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776