BusinessWeek Mindanao (December 26, 2016)

BusinessWeek MINDANAO CREDIBLE

Volume VII, No. 090

Market Indicators

As of 6:14 pm December 20, 2016 (Tuesday)

FOREX

PHISIX

US$1 = P49.984

6,658.66

X

5.4 cents

55.47

X

points

Briefly

Online tax payment

STARTING January 2017, taxpayers in Cagayan de Oro will experience comfort and convenience with the newest innovation of the City Treasurer’s Office (CTO) -- the online tax payment and billing system.

The online tax payment and billing system of City Hall can be accessed through the city’s official website, www. cagayandeoro.gov.ph.

CTO Computer Division Chief Engr. Leonil Mistula said the new system aims to give ease to taxpayers when applying and paying for their business permit renewal or new application, including payment on real property tax and others such as building fees, traffic violation and market stall rental.

Aside from online tax payment, taxpayers can also personally view and even print their tax billing as the system is capable of processing real time online tax assessment, anytime, anywhere as long as internet connection is available.

E-payment with DBP THE 18th City Council during its 20th Regular session enacted ordinances authorizing the city mayor of Cagayan de Oro to enter into several agreements with the Development Bank of the Philippines.

The agreements involve the implementation of electronic payment systems, Point of Sale payment, Visa Credit & Debit Transactions, Point of Sale-Regular ATM/ Debit Transactions, Internet Payment Gateway-Visa and Internet Payment GatewayBancnet.

Under the agreement, the City shall honor, without any discrimination, all valid cards when properly presented as payment from cardholders for the purchase of goods and/ or services at its accredited outlet.

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Banana exporters see tougher days ahead www.businessweekmindanao.com

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Monday | December 26, 2016

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By ANTONIO L. COLINA IV, MindaNews

ARELY recovering from the recent drought that hit the agriculture sector this year, large banana exporters in Mindanao will be faced with yet another problem in 2017 amid the looming stiffer competitions with other banana-growing nations now entering the Philippines’s traditional market like Japan.

Stephen Antig, executive director of the Pilipino Banana Growers and Exporters Association (PBGEA), said in an interview that competition will be a major issue that industry players must address next year.

He s a i d t h a t t h e i r competitors like countries in Latin and Central America banana/PAGE 11

Tougher competition looms for the country’s banana industry.

MSMEs create 32,858 jobs in region 10: DTI

By URIEL C. QUILINGUING, Contributing Editor

NORTHERN Mindanao’s micro, small and medium enterprises (MSMEs) generated 32,858 jobs for the past 11 months this year, a trade and industry regional official reported in a forum

at Limketkai Luxe Hotel in Cagayan de Oro City last week.

Department of Trade 10 regional director Linda O. Boniao said the employment jobs/PAGE 11

PDIC starts paying depositors of closed Top firms to invest P3-B for Sulu dev’t Xavier- Tibod Bank

PASKO FIESTA. This free carousel ride is one of the attractions of the annual Pasko Fiesta of the City Government of Davao at Rizal Park. MindaNews photo

THE Philippine Deposit Insurance Corporation (PDIC) has declared that deposit insurance claims from depositors of the closed Xavier-Tibod Bank,

Cagayan de Oro’s XavierTibod Bank, Inc. recently closed down by Bangko Sentral ng Pilipinas.

Inc. (A Microfinance Bank) who have not filed their claims may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. Claims for deposit insurance may be filed until December 2, 2018. Claims may also be filed by mail.

When filing deposit insurance claims at the PDIC Public Assistance C enter, depositors are required to submit their original evidence of deposit and present two (2) valid photo-bearing IDs with signature of the depositor directly to PDIC. Depositors may also file their claims pdic/PAGE 11

CLOSE to 20 top businesses have committed to invest P3 billion in the development of Sulu province over the next few years.

The top businessmen pledged their support for the “Negosyo para sa Kapayapaan sa Sulu” (Business for Peace in Sulu) during a town hall

meeting in Malacañan Palace. “ This is remarkable.

This is the first time actually in the peace effort of the government that the private sector participated,” Agriculture Secretary Manny Piñol said last week.

Piñol cited San Miguel Corp. president Ramon

Ang, who has pledged to construct school buildings and a 50-megawatt coal-fired power plant over the next three years.

He said Ang also planned to start a poultry production project in Sulu wherein the conglomerate will process invest/PAGE 11

Durian council seeks new facility worth P350-M

By ANTONIO L. COLINA IV, MindaNews

DAVAO City – The Davao Durian Council Inc. has urged the Department of Trade and Industry (DTI) to construct a processing center worth P350 million to back the growing demand for durian in the global market.

Davao Durian Council president Larry Miculob

said that they are proposing that a five-hectare durian processing center be erected beside the Agri-Pinoy Trading Center in Daliao, Toril here.

He said that the DTI has yet to respond on their proposal which will include, among others, processing area, packaging area, and

conveyor system.

A bigger processing area, Miculob said, is necessary as they see a growing demand durian/PAGE 11

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2

Economy

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monday|december 26, 2016

ARMM remains last on list of HIV-infected regions in PH

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ARAWI City -The Autonomous Region in Muslim Mindanao (ARMM) remains at the bottom of the list among regions with cases o f Ac q u i r e d I m m u n e D e f i c i e n c y Sy n d r o m e ( A I D S ) an d Hu m an Immunodeficiency Virus (HIV).

This comes as the region’s prevalence rate on the disease and infection stayed still at less than one percent by end of October this year.

Despite these figures, the Infectious Diseases

Cluster (IDC) of the ARMM Department of Health (DOH) warned citizens not to be complacent.

“Whether we like it or not, we have HIV cases in ARMM,” Soraida Amilil, Cluster head of IDC said. It is still important for the public to be properly informed for their prevention and cure, Amilil said, noting the region is targeting zero HIV/AIDS case each year.

As of October this year, 13 cases of HIV have been reported while none emerged as an AIDS case. Nineteen

percent of the HIV cases come from the heterosexual demographics, while 81% come from the homosexual demographics, mainly from men who have sex with men.

In 2014, the region has reported two AIDS cases, while seven were reported with HIV. Since 1984, the region’s Health department has reported a total of 76 positive cases of HIV while 11 were reported to have led to AIDS. None of these cases were diagnosed within the region as the provincial health units

still lack social hygiene clinics for HIV diagnostic testing, hence these cases were referred to regions 9 (Zamboanga Peninsula), 10 (Northern Mindanao), and 11 (Davao Region) who have the capability to do the screening. This is about to change in 2017 the IDC of DOH-ARMM noted.

Amilil said the agency has been working on the establishment of social hygiene clinics in the region to serve as satellite treatment centers for HIV. This will be piloted in the province of Tawi-Tawi by

2017, and then in Sulu, being the farthest islands to the mainland. The agency, she added, is currently complying with the requirements set for the treatment centers to be operational by next year.

DOH-ARMM continues to strengthen its AIDS/HIV Prevention and Control Program through campaigns that aim at educating the public, as well as to eliminate the stigma and discrimination associated with people living with HIV and AIDS. Doctors have been reiterating that the virus is not transmittable by merely

socializing with them as it only thrives inside the body and cannot be transmitted by mere skin-to-skin contact.

“Hindi ito dapat ikahiya,” Amilil said, noting it is not acquire d on ly t hroug h unprotected sexual activities.

90 to 98% of transmission is through blood transfusion, organ transplant, sharing used needles and needle pricks.

There are also preventive measures for HIV leading to AIDS and this is provided free to people living with HIV and AIDS. (BPI/PIA10)

B U T UA N C i t y – T h e Department of Trade and Industr y (DTI) Caraga called on the consuming public to utilize and access their “e-Presyo” application, wherein consumers, retailers, distributors, and manufacturers can check for the Suggested Retail Price (SRP) and prevailing prices of all basic and prime goods being monitored by the DTI including those stores selling at the lowest prices.

“The e-Presyo app can be accessed through the DTI website at www.dti. gov.ph or can be downloaded

from Play Store using any Andriod device,” disclosed D T I re g i on a l d i re c t or Brielgo Pagaran during the last media briefing with the civil society organizations (CSOs) recently conducted at the DTI regional office here.

Pagaran further emphasized that through the e-Presyo, netizens would become updated from time to time on the prices of the all the basic and prime commodities without any hassle.

The DTI is the executive department of the Philippine

Government tasked to expand Philippine trade, industries and investments as the means to generate jobs and raise incomes for Filipinos. It acts as catalyst for intensified private sector activity in order to accelerate and sustain economic growth through comprehensive industrial growth strategy, progressive and socially responsible trade liberalization and deregulation programs and p olic ymaking designed for t he exp ansion and diversification of Philippine trade - both domestic and foreign. (JPG/PIA-Caraga)

DTI calls on public to utilize ‘e-Presyo’ app

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3 Tunnel of Lights at SM Lanang Premier T Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776

monday|december 26, 2016

o bring joy and magic this holiday season, SM Lanang Premier has recently opened a walkable light installation at the Fountain Court Grounds.

City Tourism Operations Office Head Regina ‘Gene’ Tecson with SM Lanang Pre-

mier Assistant Mall Manager Junjie Crisante led the launch of the ‘Tunnel of Lights,” a 38-meter (125 ft.) long structure adorned with 20,000 LED lights.

Mallgoers can walk through the said Tunnel and marvel at such a magnificent

display of string lights.

The opening of the Tunnel of Lights was sponsored by Krispy Kreme branch at the 1st Level of SM Lanang Premier. Krispy Kreme also launched its mouthwatering limited-edition Holiday Doughnuts, which will be on sale until

Microsoft Selects SAP® SuccessFactors® HCM Suite to Transform HR Globally SAP® SuccessFactors® Employee Central Adoption Grows to More than 1,350 Companies Leading HR Transformation in the Cloud SAP SE (NYSE: SAP) today announced that Microsoft has chosen the full SAP® SuccessFactors® HCM Suite, including SAP SuccessFactors Employee Central, for its 114,000 full-time employees.

Microsoft selected the SAP SuccessFactors HCM Suite for its global capabilities, flexibility and extensibility, and open platform strategy.

Microsoft expects not only to reduce costs and drive greater operational efficiency but also to deliver an enhanced employee experience consistent with its mobilefirst, cloud-first philosophy that attracts and retains talent, fosters employee engagement and drives improved business outcomes.

Microsoft is the latest addition to a group of global organizations that have selected SAP SuccessFactors human capital management (HCM) solutions to run human resources (HR) in the cloud. As more companies are transforming HR to meet the demands of the digital economy, they are embracing market-leading SAP SuccessFactors solutions to help standardize, simplify and optimize HR processes, and to help increase employee engagement and accelerate innovation through cloudbased HCM. More than 1,350 leading companies, including Microsoft and Ernst & Young, have selected SAP SuccessFactors Employee Central, an innovative core HR system that goes beyond automation to help businesses manage global workforces more efficiently in the cloud.

“HR today has become overly complex, especially for large global enterprises contending with hundreds of legal and regulator y jurisdictions,” said Mike Ettling, president of SAP SuccessFactors.

“Microsoft recognizes that transformation requires

simplifying that environment, but just as importantly, as a global technology innovator, it also realizes the importance of providing its people with cloud-based solutions that are cool and easy to use.

We’re proud to partner in supporting Microsoft’s continuing journey.”

Market-leading, cloudbased SAP SuccessFactors solutions provide a consumer-oriented user experience including modern user interface design and embedded collaboration capabilities, delivered with device of choice – all which will enable Microsoft to drive user adoption, engagement and employee collaboration.

With the SAP SuccessFactors HCM Suite, Microsoft will be equipped to improve employee engagement and realize the business benefits and ROI of its HR technology investment.

T h i s an n ou n c e m e nt is a cont inu at ion of a longstanding partnership between SAP and Microsoft, including the recent news that SAP has selected Microsoft Azure as a preferred public cl ou d s e r v i c e for S A P SuccessFactors solutions.

“As we accelerate digital transformation at Microsoft and define the future of the industry, it is important that we have world-class platforms to develop our talent, enable them to build meaningful careers and drive employee productivity,” said Jacky Wright, vice president of IT at Microsoft. “Our people are the key to our continued success and SAP shares our commitment to simplifying our global processes and building modern, integrated employee experiences. As an industry leader, SAP has the human capital management expertise to help us further our mission to empower every person and organization on the planet to achieve more, microsoft/PAGE 9

January 8, 2017.

Experience a merry magical Christmas at SM Lanang Premier! For event updates, visit SM Lanang Premier’s official account on Facebook, Twitter and Instagram and search for #iLoveSMLanang and #MerrySMChristmas.

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Opinion

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The Tour of the Geese

Businessweek Mindanao Corporation Publisher DANTE M. SUDARIA President/CEO

ALLAN mario MEDIANTE

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Executive Editor

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Feature Editor

Associate Editor

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Stick Out Your Tongue Think a minute…Have you noticed that one of the first things a doctor does when he examines you is ask you to stick out your tongue.

It’s sometimes possible to know what’s wrong inside a person’s body just by looking inside a person’s mouth.

Some diseases and sicknesses can actually be seen on a person’s tongue. In fact, our tongue gives away many other things about us. Our accent and way we talk shows where we’re from. Our tongue also reveals what’s inside our heart and mind. We usually talk about the things we really care about, such as money, status, food, gossip about others, or sports.

But even more than our words and actions, it’s our reactions that show what kind of person we really are inside. Most of the time we can be good actors and control our tongue, especially when we want to impress and look good in front of others. So we carefully choose our words before we say them. But then if somebody suddenly wrongs and hurts us, we may react quickly out of anger and try to hurt them back with unkind words. It’s in those unexpected pressure times that you and I show what is

THINK

A Minute

Jhan Tiafau Hurst really in our heart by what comes out in the words on our tongue. We show our true feelings of anger, pride, prejudice, or unforgiveness, which we usually hide under the nice mask or act we put on in front of others.

But Jesus Christ loves us and knows we cannot clean and change our talking until we’ve first cleaned and changed our heart inside. Just like clean water cannot come out of a water tank that’s dirty inside, Jesus already sees what we are inside our heart and mind. He also knows that we are not able to change our heart by ourselves. So why not ask Him to take control of your life, so He can start cleaning and changing your heart today and for the rest of your life? Just Think a Minute…

In our culture, we cherish the Christmas season because it is the yearly time for family and friends reunions and giftgiving. A child always wants the wonders and love that abound this time. Even the “child long ago” still values the celebration because our culture gives premium to family-orientation.

Years back, I used to spend days before Christmas in a tour with my production management students where we visited Manila and nearby provinces for a five-day obs er vat ion to var ious manufacturing firms. We had a good time, especially in our side-trip to Baguio, where I used to exchange gifts with the late vice mayor Fariñas.

We had e ducat iona l tours because we could not separate theory and practice in teaching students.

What we emphasized in the classroom would just be imaginary theorems in which learners grasp for meanings and applications in real companies. So in our search for company exposure—an essential part of learning—I can sense that we met our aim. Without a long journey, we had

only talked about strange concepts in the classroom.

Without a journey from heaven to earth, men would just think God is too alien for them to cling to.

I came across a similar analogy. There was a man who neither believed God nor observed holidays. His wife, however, did believe and she helped her children grow in faith in lieu of her husband’s criticisms.

One winter, the wife was taking her children to a church in a farm community where they live. They were to reflect about Jesus’ birth.

When she invited him to go, he said: “That story is nonsense! Why would God belittle Himself to come to earth as a man? That’s ridiculous!”

So she and the children went, and he stayed home.

Hours later, there was a blizzard. As he looked out the window, there was a blinding snowstorm. He sat down to keep warm before the evening fire. Then he heard a loud thud.

He we nt out s i d e to check what went on and he saw a flock of wild geese.

Apparently the geese were caught up in the storm and

could not go on. They were helpless, with no food or shelter. They just flew around the field in circles, blindly and haphazardly. Two of them had flown into his window.

The man felt sorry and would like to help. He thought the barn would be a great place for them to stay. It’s more comfortable and safe; surely they could wait out the storm.

Thinking about welcoming the geese, he opened the barn doors wide, then watched and waited, hoping they would notice the open barn and go inside. But the geese just flew around aimlessly; they didn’t notice the barn or realize what it could mean for them. As the man tried to get their attention, his presence only scared them away.

“Why don’t they follow me?” he uttered. “Can’t the geese see this is the only place where they can survive the storm?”

He thought for a while and realized that they just wouldn’t follow a man. “If only I were a goose, then I could convince and save them,” he asserted. Then he made an idea: he got one of

lucell larawan his own geese, and carried it in his arms as he circled around behind the flock of wild geese. He then released it. His bird flew through the flock and went back into the barn. And one-by-one, the other geese followed it to safety.

He stood silently for a moment and recalled what he t houg ht e arlier : “If only I were a goose, then I could save them!” Then he pondered about what he had said to his wife a while ago.

“Why would God want to be a human? That’s ridiculous!”

Suddenly it all made sense.

We were like the geese— stranded and perishing.

As the snowstorm died down, he pondered this wonderful thought.

Pinoy Christmas traditions and practices In a predominantly Catholic country like the Philippines, the main Christmas tradition is one of preparation for the coming of the Savior in an atmosphere of family togetherness and in the spirit of sharing.

A regular feature of the Christmas season is the traditional lighting of the Christmas Tree and the explosion of light and color in homes, streets, commercial establishments and even some government buildings. Colorful lanterns or “parol” start to make their appearance by September.

By this time also, Christmas carols begin to pervade the air.

Traditions and practices vary according to time and place so I asked my FB friends, here and abroad, how they observe Christmas.

Here are some of their thoughts: What is unusual in the Philippines, notes Amelia H. Lopez, is the early advent of the Christmas season. “(M)erry-making starts from the -ber months, adorning homes with all the trimmings befitting the Birth of our Saviour...”

Whether here or abroad, the main prelude to Christmas is the Simbang Gabi in joyful expectation of the arrival of the Savior.

This is usually followed on Christmas eve/ Christmas day, by the family reunion.

“It is a tradition to sing “Happy Birthday Jesus” and all will blow the candle in the cake and have our own wishes. We also list the things we are thankful for in a card and share it

during our noche buena meal, followed by (the) giving of gifts.” – Awee Raton-Hibanada “Millions of Filipinos may be miles away from the Philippines but Christmas is a perfect time to relive traditions that bring back memories of childhood.

In California, Simbang Gabi is celebrated by many faithfuls…. Last night, at the St. Philomena Church in Carson, CA, mass was celebrated by Archbishop Oscar S olis. There was a chora l e g roup and a parol contest, too. A gettogether with food and entertaiment sponsored by an organization or company concludes the evening each t ime. The nost a lg i a of Pasko­­­­­­­­ - - -early dawn mass, puto bumbong, bibingka, carolers, parols, presence of families and friends- - is hauntingly present during this season. Nothing can make one feel more homesick for the Philippines than the holidays.” - Malou C. Mariano “Going to Christmas eve church service to remember the birth of Jesus, going on Skype to greet family in the Philippines…. Reading the first Christmas story before our kids open their presents on Christmas morning, then eating lunch/dinner w it h A me r i c an f am i ly, watching Christmas lights on our way home. Months before Christmas, we send a balikbayan box for relatives.”

– Shirley Kessler “Christmas is a Reunion Day. Since all of our 7 children have their own famillies now, we do not

expect them anymore to spend their Noche Buena i n our hous e. But on O ut Christmas day, they come to the house and stay for the whole day till late at night.

We have games, programs, presentations by the “apos”, etc. Some spend the night with us. (F)eeling sad and lonely, we will wait again for a year to see everybody and be together again even for a day or two only.” - Babie Ignacio Bunye H. Dulay “ S i n c e b o t h o f u s greeting each other ‘Buon ( KO I C H I a n d I ) w e r e Natale’. Then we go to sleep hoteliers, we were usually because tomorrow is another working on Christmas eve, work day in the middle of so the children joined us the sea.” – LJ in the hotel for dinner.” - Others celebrate with Chelie Teofisto Tanaka t h e i r d e ar d e p ar t e d . I Those who cannot be remember a poignant scene together, relive and pine years ago when I was a child. for the good old days.

Just before we started our “We used to always Noche Buena, my father spend our Christmas Eve stood silently in prayer in the Church together with before the oil portraits of the whole family. But this his parents. In one brief year we cannot do it again unusual moment, I thought because we now live far I saw my father teary-eyed. apar t f rom each other. R a q u e l Ramos Because of poverty, we c om m e nt s : “Wh e n ou r looked for greener pasture nanay die d, we st ar te d in far away places. I hope celebrating Christmas in the t h at w e w i l l c e l e br at e cemetery. Now that they’re the next Christmas time both gone, the more reason together again.” - Wilma to celebrate Christmas in Nacionales the same place.”

Others, make an effort The spirit of sharing and to at least be ‘virtually” giving, especially to the less together with their families. privileged, is a common “As a s e afarer, we practice and tradition. celebrate our Christmas “Christmas to me is with our family by at least making poor children happy getting online for a couple to let them feel the spirit of of minutes (due to time Christmas…. I keep busy difference) just to greet thinking, buying simple e ver y b o dy at home on things, simple gifts for the Christmas Eve. Afterwards, simple happiness of these we go back to duty. After poor children”. – Rachel duty, we celebrate with a Duran Ruelo can of beer with colleagues, bunye/PAGE 11

SPEAKING

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monday|december 26, 2016

Shell forecasts stronger growth in demand for gas in Asia region

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By MYRNA M. VELASCO, Contributor

ARCELONA, Spain – Despite its temporarily snagged Asian investment in recent years, Royal Dutch Shell plc foresees a giant leap in demand of liquefied natural gas (LNG) in the region in the coming years.

According to Steve Hill, executive vice president for Gas and Energy Marketing and Trading of Shell, “we still expect major growths to be coming from Asia particularly China and India and Southeast Asia.”

He said that would be complemented by increasing demand in many ‘emerging markets’ primarily propelled by “faster lead times enabled by floating regas facilities.”

As previously reported, the Philippines is one of the growth markets that Shell has been eyeing.

Hill added “the LNG supply is growing faster than the Asian demand and that sets some changes on how the market works … but from where the markets are on, we’re seeing fragmentation within the markets – so unlike in the past where there was just one buyer, now we’re seeing many different buyers.”

He explained that such “combination of new supply

particularly from the United States; the more and different buyers in different markets, we think that to be leading to more liquidities in the markets and much more varieties in contract terms – in indexation and length of contracts, and flexibilities in markets would be growing.”

The restructured terrain of gas markets propelled by the ‘shale revolution’ in North America had seen growing diversification in pricing indices, such as the US Henry Hub; United Kingdom’s NBP (national balancing point) index; and quite a puzzle yet is a new index to reflect changes in the Asian LNG market.

Citing data from c onsu lt i ng f i r m Wo o d Mackenzie, the executive of the Anglo-Dutch multinational company noted that growth in Asian gas demand is at a sizeable 39 percent from a slower climb of 20 percent in 2015.

O t her markets w it h relevant gas demand growths had been the Americas at 25 percent, tapering off from 31 percent in 2015; rest of the world (ROW) at 21 percent from a high growth of 36 percent last year; then a slight jump for the Middle

East at 15 percent from the previous year’s 13 percent.

The numbers will change again by the year 2030 though – with Asian demand slowing down to 25 percent; Americas growing at 30 percent; Middle East markets roughly steady at 15-percent; and the rest of the world progressing anew with 30 percent share.

Demand growth, the Shell executive said, is still led by the power sector with a 45 percent share of the pie; followed by industrial endusers at 26 percent; next had been residential, commercial and agriculture (RCA) sectors at 22 percent; and still at the tail-end is transport sector with 7.0 percent share.

Globe Business advances the expansion of the contact center industry in PHL As innovations rise and industries become more competitive, businesses are faced with the pressure to produce the next “big” idea and still be able to provide reliable customer support.

But juggling these two different aspects can exhaust a company of its resources and keep it from focusing on its vision. In order to constantly come up with better products, businesses have opened up doors for ITBPMs—specifically, contact centers—to flourish and undertake the crux of any enterprise—its customers.

T h e c o nt a c t c e nt e r industry, which is expected to e ar n $25 bi l lion in re v e nu e s t h i s y e a r, i s

especially thriving in the Philippines—contributing to 10% of the economy and creating employment for more than 1 million Filipinos.

In fact, the country has been dubbed the “Ultimate Customer Experience Pa r a d i s e” i n t h e 1 1 t h International Contact Center Conference & Expo (ICCCE) where Globe Business, the e nte r pr is e in for mat ion and communications arm of Globe Telecom, acted as co-presenter.

According to Benedict Hernandez, President of the Contact Center Association of the Philippines (CCAP), there are many reasons for foreigners to land their globe/PAGE 8

Byline: Don’t Neglect Security in M&A Due Diligence

By Drew Del Matto Chief Financial Officer at Fortinet

Look at any M&A due diligence checklist and you’ll see the same things: financials, customer information, sales, real estate, intellectual property, contracts—and the list goes on. One thing you may not see is information security, and that can be a crucial mistake.

Like any other critical component of running a business, security needs to be right at the top of the list for M&A due diligence.

Wh e n c ombi n i n g t w o companies, they often have different and sometimes even incompatible systems and data. That can create opportunities for hackers.

If a company is in the news for a merger or acquisition, it’s a fair bet that hackers and data thieves are going to try their hand at breaching its security. A good business decision can turn bad very

5

CorporateWorld

quickly if security is an afterthought.

A CFO’s job is to realize the optimal business case, mitigate the risk, and protec t t he company’s assets, both tangible and intangible. In addition to data, some of a company’s most critical assets are its reputation and the loyalty of customers. An acquisition can make customers of both companies apprehensive.

I f t h at’s f o l l o w e d u p by a massive breach of sensitive customer data, the companies’ customers will flee in droves.

To avoid that worst-case scenario, here are some things to keep in mind during the M&A process.

Before the Merger Companies going through a merger or acquisition need to start their security due diligence early in the deal and ensure that the target’s data and environment are clean. That starts with a full audit of the target’s network. Look not only at their tools and systems, but also at their policies and procedures.

Is t h e i r s e c u r it y we l l documented, with logs and reports?

If it is, the buyer’s team will need to go through all that documentation to find any previous cybersecurity

incidents. How did the target respond to the incident and how did it remediate the issue to avoid a repeat? If that documentation does not exist, the organization may have much bigger issues that could require a comprehensive review by a qualified third party.

From t h e t i m e t h e m e rge r or a c qu i s it i on becomes public knowledge, through to the time when the two companies are finally combined, both companies’ networks need to be monitored daily for attacks and suspicious activity. Twothirds of attacks come from within organizations, from either careless or disgruntled employees. Since an M&A pro cess often includes restructuring and layoffs, employees can feel nervous and threatened. Fearful or disgruntled employees with access to the data and systems can be a dangerous combination. It’s imperative t h at c u s t om e r d at a i s protected throughout the process and that the value of the merger or acquisition (and other details) is not being leaked.

Bring Two Companies Together, Securely From a security standpoint, the first thing the IT team must do is combine and align two different network security policies.

This can be complicated.

There are a lot of decisions

to make. Which elements of each policy will be kept?

Does the buyer combine the two policies or create an entirely new one? Whatever approach the buyer takes, make sure the decisions result in improved security for the new organization and that they leave no gaps that can be exploited.

Consider an Integrated Security Platform M & A d e a l s a l w ay s pre s e nt opp or tu n it i e s to increase efficiency by combining systems and eliminating redundancies, and the security side is no different. A merger or acquisition is an opportunity to look at both organizations’ network security systems and consider moving to an integrated, common platform. Most organizations have many different security devices, often from many different vendors, and most likely, those devices don’t talk to each other. That makes it very difficult to share information across the network and respond to threats quickly.

Now, imagine combining two sets of these siloed security solutions. Instead of improving the combined company’s security, they are more likely to slow detection and response times dramatically. The ideal solution is an architectural approach that ties together security/PAGE 11

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Billboard

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Fortinet Predicts Tipping Point For Cybersecurity as Threats Become More Intelligent, Autonomous, and Difficult to Detect Than Ever Before in 2017 Evolution of Threat Landscape Creates Urgency for Increased Security Accountability at Multiple Levels to Avoid Impact to Global Digital Economy “The expanding attack surface enabled by technology innovations such as cloud computing and IoT devices, a global shortage of cybersecurity talent, and regulatory pressures continue to be significant drivers of cyber threats. The pace of these changes is unprecedented, resulting in a critical tipping point as the impact of cyber attacks are felt well beyond their intended victims in personal, political, and business consequences.

Going forward, the need for accountability at multiple levels is urgent and real affecting vendors, governments, and consumers alike.

Without swift action, there is a real risk of disrupting the progress of the global digital economy.”

News Summary Fortinet® (NASDAQ: FTNT), the global leader in high-performance cybersecurity solutions, today unveiled six predictions from the FortiGuard Labs threat research team about the threat landscape for 2017.

These predictions reveal the methods and strategies that Fortinet researchers anticipate cyber criminals will employ in the near future and demonstrate the potential impact of cyber attacks to the global digital economy. For a detailed view of the

2017 predictions visit our blog. Highlights of the predictions follow: 1. From smart to smarter: automated and human-like attacks will demand more intelligent defense Threats are getting smarter and are increasingly able to operate autonomously. In the coming year we expect to see malware designed “human-like” with adaptive, successbased learning to improve the impact and efficacy of attacks.

2. IoT manufacturers will be accountable for security breaches If IoT manufacturers fail to better secure their devices, the impact on the digital economy could be devastating should consumers begin to hesitate to buy them out of cybersecurity fears. We will see an increase in the call to action from consumers, vendors and other interest groups for the creation and enforcement of security standards so that device manufacturers are held accountable for their device’s behaviors out in the wild.

3. 20 billion IoT devices are the weakest link for attacking the cloud The weakest link in cloud security is not in its architecture.

It lies in the millions of remote devices accessing cloud resources. We expect to see attacks

designed to exploit endpoint devices, resulting in client side attacks that can effectively target and breach cloud providers.

Organizations will increasingly adopt fabric-based security and segmentation strategies that enable them to create, orchestrate, and enforce seamless security policies between their physical, virtual, and private cloud environments from IoT to the cloud.

4. Attackers will begin to turn up the heat in smart cities As building automation and management systems continue to grow over the next year they will be targeted by hackers. The potential for massive civil disruption should any of these integrated systems be compromised is severe, and are likely to be a highvalue target for cybercriminals.

5. Ransomware was just the gateway malware We expect to see very focused attacks against high-profile targets, such as celebrities, political figures, and large organizations.

Automated attacks will introduce an economy of scale to ransomware that will allow hackers to cost-effectively extort small amounts of money from large numbers of victims simultaneously, especially by targeting IoT devices.

6. Technology will have to close the gap on the

critical cyber skills shortage The current shortage of skilled cybersecurity professionals means that many organizations or countries looking to participate in the digital economy globally will do so at great risk. They simply do not have the experience or training necessary to develop a security policy, protect critical assets that now move freely between network environments, or identify and respond to today’s more sophisticated attacks.

Threat Predictions Trends and TakeAways The Internet of Things (IoT) and cloud continue to play heavily in the predictions but a few trends have become apparent.

The digital footprint of both businesses and individuals has expanded dramatically, increasing the potential attack surface. Additionally, everything has become a target and anything can be a weapon. Threats are becoming more intelligent, operate autonomously, and are increasingly difficult to detect.

Lastly, old threats keep returning, but enhanced with new technologies that push the boundaries of detection and forensic investigation.

Additional Resources Read a complete overview of the 2017 predictions on the Fortinet blog.

Visit our website

Derek Manky, global security strategist, Fortinet

for more details about how Fortinet’s Security Fabric can deliver integrated, high-performance security across the IT infrastructure from IoT to the cloud in 2017.

Follow Fortinet on Twitter, LinkedIn, and Facebook.

About FortiGuard Labs FortiGuard Labs consists of more than 200 expert researchers and analysts around the world. The researchers work with world class, inhouse developed tools and technology to study, discover, and protect against breaking threats. The team has dedicated experts studying every critical area including malware, botnets, IoT, and zero-day vulnerabilities.

Service analysts study breaking code and develop mitigation signatures while technology developers continually create new defense engines to combat continually evolving threats. FortiGuard Labs uses data collected from more than two million

sensors around the globe to protect more than 290,000 customers every day.

About Fortinet Fortinet (NASDAQ: FTNT) secures the largest enterprise, service provider, and government organizations around the world.

Fortinet empowers its customers with intelligent, seamless protection across the expanding attack surface and the power to take on ever-increasing performance requirements of the borderless network - today and into the future. Only the Fortinet Security Fabric architecture can deliver security without compromise to address the most critical security challenges, whether in networked, application, cloud or mobile environments.

Fortinet ranks #1 in the most security appliances shipped worldwide and more than 290,000 customers trust Fortinet to protect their businesses.

Learn more at http:// www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

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7

Feature

credits to Arman Porlucas

Bukidnon State University - HRM Tourist Students Trip to Bohol and Cebu

By Joe P. Palabao

Around 164 Hotel and Restaurant Management tourist students from the known Bukidnon State University from the Province of Bukidnon, together with university staff, cruise escorts and media made an educational tour to the historic Province of Bohol and the seat of Christianity in Asia Cebu City last December 2-5, 2016.

The known Mediterranean Cruises and Travels was the official travel and tour outfit who took charge in bringing the tourist students to their desired destination and travel interests related to their course and field of discipline for course enhancement and prepare them to their actual field of work in the tourism industry. The prime province destination of the HRM students of Bukidnon State University was Bohol with a total population of 1.3 Million people and rank #3 in tourist destination, with

Cebu as #2 and Palawan as #1 tourist destination in the country today.

On the first day, the tourist students were billeted at the beautiful, magical and breathtaking scenic view of Bohol Plaza Hotel situated at the worldwide famous Panglao Island. The hotel is overlooking the City of Tagbilaran. Panglao Island is a known tourist destination because of its pristine, ethereal white beaches and now is the home of an International Airport which will operate soon.

The tourist students practically toured the wonderful, beautiful and scenic towns of Duero Anda, Guindolman, Candijay, Mabini, Alicia and Pilar. The elite and Department of Tourism Region 7 accredited Tour Guides brought the students to the famous major destinations, one of which is world famous Chocolate Hills located the Municipality of Carmen,

credits to Kathryn Faith Amarille

Bohol. The tourist students enjoyed the mesmerizing scenic view of the more 1776 haycock hills. The hills are spread over an area of 50,000 hectares and vary in size from 20 to 120 meters in height. Indeed, it is a magnificent view of nature and its beauty is beyond the capacity of human describing. Tourists were entertained by school children rondalla whose music captivates the hearts of the visitors.

While at Bohol Plaza Hotel, Panglao Island, the tourist students marked a very memorable and unforgettable night of their tour. They entertained the staff, their fellow college students with their prepared numbers and their one of a kind Fashion Show which delighted the audience. Couple of the Tour was captured by the watchful eye of media. The choosing of Mr. & Miss Business Week Mindanao and Mindanao Daily News, the presentation of a framed feature of the travel

credits to Jessa Gabales

and cruises activities of Mediterranean Cruises and Travels Agency courtesy from Cagayan Times Magazine to Jules Baril which was received by the staff of Bukidnon State University (BSU), Indeed, it was night of fun and exciting moments for all.

The students were toured to one of the best destination of Bohol, the Loboc River situated at Valladolid, Loboc, Bohol, Philippines was a destination which would never be forgotten by the tourist students. Loboc is endowed with gifts of nature with waterfalls, springs, rivers, hills, mountains and vast fields.

Here is also situated the famous Loboc Village Floating Resto and cruises which is their main attraction. The students enjoyed the sumptuous food in dining while cruising with soothing music melody of music ad superb entertainment.

It is where the students

never miss the thrills, the enjoyment, the glamour, the satisfaction and most of all the peace of mind, heart and soul of Loboc.

The famous Tarsiers Sanctuary was also visited and along the way the students saw the ruins of centuries old Baclayon Church destroyed by earthquake and is now being renovated by the National Commission of the Culture and the Arts (NCCA). Proceeded to Tagbilaran City, refreshed and made shopping at the Island Mall. The tourists proceeded to Cebu via a fast craft.

In Cebu the tourist students were billeted at the famous Diamond Hotel. Took an Eat-AllYou-Can treat at the famous Royal Concourse had running tours around the historic City of Cebu went to Sto. Nino Shrine, Cebu Heritage Monument, Magellan Cross, SM Seaside Chapel of San Pedro Calungsod and had a

fine dining at the Diamond Hotel.

The tourist students also enjoyed the Mactan Shrine-Battle of MactanLapulapu’s Monument.

Visited Gardenia, Magic Melt. Bought lots of Pasalubong and bring them back home. Ayala Malling.

Had Dinner at Hotel Fortuna and departed for the Pier and took the 8:00 PM back home.

The success of the tour was also possible by the Staff and Instructors of BSU-HRM Instructors: John Mark Timay, Ms. Jesse Ve Marie AntoyTour Focal Person, Annie Leah Roxan Emata, Staff-Josue Bustamante, and Ms. Nancy C. PasiaChairperson-Hospitality Management Department, accompanying Nurse Robert Neo, Sir Milo-Tour Coordinator and all those who were present to make the trip very successful and enjoyable.

Kudos guys. Till next trip.

8

Globe... from page 5

investments on the contact center industry. Aside from having “a very supportive business environment”, the country is growing a young population that has mastered the English language and has a natural liking for different cultures, not to mention a “ wor l d - c l a s s s e r v i c e centricity”.

Although the industry’s essence revolves around customers, contact centers are now shifting to more complex jobs, leaving lowskill work like data entry, assistance and processing to machines. Mike Frausing, Globe Senior Advisor for Enterprise and IT-Enabled Services Group, mentioned during his speech at the 11th ITCCCE, “Companies are now cutting down on costs and making processes more efficient. Tasks that were once done by several people can now be delegated to gadgets, which are operated by one person,” In addition, Frausing said “Nonetheless, this

transformation does not mean a decline on the employment rates. The change brought about by technology will help the contact center industry grow beyond customer care.

This is a chance for Filipinos in the industry to be trained for more technical jobs in finance, human resources, d at a a n a l y t i c s a n d I T development.”

Because of the industry’s optimistic future, contact center companies are looking into expanding outside Manila and hiring skilled workers in the provinces. Globe Business is addressing the need for connectivity solutions by providing IT-BPM companies with a wide service portfolio ranging from domestic data services to trans-continental voice connectivity and even allowing information storage at the Globe Data Center.

In fact, Globe Business has invested around US$500 million to extend its corporate data network, allowing enterprises in the contact center industry to provide remarkable customer support, therefore, sealing customer loyalty.

Banking&Finance

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OFW bank seen in place by Q3 2017 THE GOVERNMENT ’S planned bank for overseas Filipino workers (OFWs), which was promised by President Rodrigo R. Duterte during his presidential campaign, is targeted to be operational by Sept. 1, 2017, pending the necessary regulator y approvals, officials said yesterday.

T h e D e p a r t m e nt of Finance (DoF) said in a statement yesterday that the Land Bank of the Philippines (Landbank) is expected to set up by September next year the new lender which will be borne out of its acquisition of Philippine Postal Savings Bank (Postal Bank) as a subsidiary that will be 30% owned by OFWs. “The acquisition of the Postal Bank will be completed by the third quarter of 2017, after all required procedures are completed and approvals are secured. The Landbank has sufficient resources to complete this transaction,” Finance Secretary Carlos G. Dominguez III said in the statement.

L andB an k President Alex V. Buenaventura said that once 2017 rolls in, the bank will begin undertaking due diligence to start the process of converting Postal B ank into a L andB ank subsidiary, together with the Commission on Audit and the Bangko Sentral ng Pilipinas.

Landbank will also draw up a purchase agreement and amend its articles and bylaws to formalize its acquisition of the Postal Bank, he added.

He said it would take eight months to accomplish the requirements that would convert the Postal Bank into a Landbank subsidiary.

Landbank needs to get clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine

Competition Commission (PCC), as well as approvals from the Bangko Sentral ng Pilipinas and its Monetary B o a rd , a s w e l l a s t h e Securities and Exchange Commission (SEC) for the OFW bank to be operational

by Sept. 1, 2017.

“The OFW bank will be a listed company with an authorized capital of P3 billion and a subscribed capital of P2 billion, of which P1 billion is paid-up by the Landbank. Another P1 billion will be open for subscription to OFWs who can acquire them by buying shares in the bank,” Mr. Buenaventura said.

As the bank is being set up, Landbank will open a representative office in Saudi Arabia to cater to the banking needs of some 800,000 Filipino workers based in that country. “ The L andbank unit will be opened near the Philippine labor office or near a place where OFWs usually converge and meet,” Mr. Buenaventura said.

Mr. Buenaventura added that Landbank decided to open the unit in Riyadh because 40% of OFWs based in Saudi Arabia reside there.

Mr. Buenaventura said the Riyadh unit will initially offer financial education and investment counseling services to OFWs. “We are going to do focus group discussions with representatives of our target markets to determine where and what services are needed, and what name and logo to adopt for the bank,” Mr. Buenaventura added.

Landbank was ranked as the countr y’s fourth largest commercial bank as of September this year with a total capital of P90.9 billion and assets amounting to P1.3 trillion.

PERA ADMINISTRATOR

In a related development, Landbank yesterday said it has no plans yet of becoming an administrator of the recently rolled out and longdelayed personal equity and retirement account (PERA), according to one of the bank’s officials.

“Not in the immediate future,” Landbank First VicePresident and Corporate Information Officer Antonio V. Hugo, Jr. said in a text message when asked if the bank has any plans in applying as a PERA administrator.

“We may need more time to prepare for the accreditation process,” he said.

The Bangko Sentral ng Pilipinas on Dec. 16 formally launched the investment tool, eight years after the PERA Law or Republic Act 9505 was passed in 2008, to which Landbank will serve as the cash custodian for the new savings scheme.

During the launch, the central bank announced PERA’s two administrators: Sy-led BDO Unibank, Inc. and Ayala-led Bank of the Philippine Islands.

S e n at o r E d g a r d o J. Angara, who is the principal author of the PERA Law, said during the launch that the new investment tool has three main purposes: as a “voluntary savings program, widen the domestic capital -- because it’s a very good mobilizer of savings -- and [in the] long term it may serve as a model for pension reform.”

“The PERA will set a model... on long term steady retirement income and I think it will,” he said.

Contributions to PERA is on top of the mandatory contributions for workers through: the Government Service Insurance System (GSIS) for state employees; and the Social Security

System (SSS) for employees in the private sector.

However, signing up for the PERA is voluntary, against the automatic salary deductions for GSIS and SSS premium payments.

Under the law, a Filipino can contribute up to a maximum of P100,000 yearly under the PERA, but the amount may be as much as P200,000 for overseas Filipino workers.

A qualified contributor may place money in five PERA accounts at once across five recognized investment products such as trust funds, mutual funds, insurance, pre-need, government bonds and listed equities, for the money to grow.

In turn, the individual can enjoy a 5% tax credit that can be deducted in his/ her annual tax liabilities to encourage saving up for the future.

The contributor may claim his or her income g e n e r at e d f rom P E R A contributions once the individual reaches the age of 55 on a periodic or lump sum basis or has contributed to the investment product for at least five years.

Proceeds from PERA contributions would be tax-free up to the P100,000 cap, and may be reinvested unless withdrawn ahead of retirement.

Landbank saw an almost flat growth in its income as of September, but moved closer to its full-year target following steady expansion seen throughout the year.

T h e s t at e - r u n b an k reported a net income of P10.3 billion for the period, almost unchanged from last year’s P10.27-billion earnings but still bringing it closer to its P13.5-billion full-year income target.

The tally also exceeded the period’s target of P10.13 billion in earnings.

BSP, PNOC-RC ink deal for solar panel installation in all central bank offices THE Bangko Sentral ng Pilipinas (BSP) has added another achievement in its list – becoming a st ate agenc y t hat t aps solar power to boost t he gover nment’s goal to incre as e t he us e of renewable energ y.

O n We d n e s d a y, officials of the central bank and the Philippine National Oil Company – Renewables Corporation (PNOC-RC) signed a Memorandum of Agreement (MOA) for the installation of solar panels on roof decks of BSP buildings in Manila starting in the first quarter of 2017.

Solar panels will also be installed on roof de cks of BSP regiona l offices and branches nationwide as well

as on the Philippine International Convention Center (PICC), which the central bank owns and maintains.

BSP Deputy Governor Vicente S. Aquino signed the MOA for the central bank and PNOC-RC Vice President for Operations Pedro L. Lite signed for the energ y agency.

L ite, in his sp e e ch, said 200-kilowatt (kW) capacity solar photovoltaic panels would initially be installed on the central bank’s Electronic Data Processing Building (EDPC).

He s aid t he centra l bank’s initiative to heed Republic Act (RA) 9513, other wise known as the Renewable Energ y Act of 2008, was a big help

t o s upp or t t h e bi d t o install solar panels in all government buildings.

He s aid t he 200kW panels initially targeted for the central bank was enough to avoid 200 tons of carbon equivalent and save 5,000 trees.

The initiative was a small way to address the new normal as a result of climate change, he said.

“The BSP, aside from being an energy-efficient faci lit y, is a le ader in pushing for the use of renewable energy and we salute it for its efforts.

We look forward for more installations,” he added.

Aquino, meanwhile, d u b b e d t h e B S P ’s contribution to the use of renewable energ y as a giant leap towards the bid to address climate

change.

“This is also the BSP’s way of supporting the government’s program to move towards the use of clean and green and efficient energ y technolog y,” he said.

Aquino said PNOCRC would procure and install the solar panels at no-cost to the central bank and the latter would only pay for the electricity consumed.

He s a i d ow n e r s h i p of the panels would be turned over to the BSP after 15 years. “ We’re h opi n g t h at this will also pave the way for and inspire other government agencies to h ave s o l ar p owe r an d not to depend on other s ou rc e s of p ow e r,” h e added. (PNA)

9

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Microsoft... from page 3

including our employees.”

In addition to Microsoft, the following organizations also chose SAP SuccessFactors solutions during the third quarter of 2016, when SAP recorded strong doubledigit cloud growth. SAP now has more than 4,100 customers that have chosen SAP S/4HANA® globally and thousands of customers across North America that have selected SAP solutions to enable t heir dig it a l transformation journeys.

Ernst & Young (EY), a globally integrated professional ser vices organization headquartered in the U.K., has selected the full SAP SuccessFactors HCM Suite to support its business of 212,000 employees across 150 countries. As the firm expands its global presence, it is putting its people first, embracing diversity and employing professionals who can work across cultural and generational divides. EY has chosen to invest in SAP SuccessFactors solutions to help improve automation and self-service, enable regional HR teams to focus on strategic talent needs and standardize global processes.

Cint as C or p orat ion, based in the United States, is a trusted leader that keeps companies at their best with products and services ranging from uniforms, floor care, restroom supplies and first aid and safety products to fire extinguishers, inspection and safety and compliance training. More than 900,000 businesses of all types and sizes get “Ready for the Workday” with Cintas. The company selected the full SAP SuccessFactors HCM Suite to help transform the way it provides HR services.

With the SAP SuccessFactors solutions, Cintas expects a much higher level of employee self-service to help drive costs down, as well as an integrated solution that enables strategic decision making in the moment to give the company a “Live Business” advantage.

SIX Group, which operates Switzerland’s financial market infrastructure, selected SAP SuccessFactors Employee Central and SAP HANA® Cloud Platform, integration service to help gain visibility into the workforce and improve transparency. By choosing SAP SuccessFactors HCM solutions, SIX expects to increase operational efficiency while driving HR transformation forward through a more agile HR organization.

JTI, a leading international tobacco manufacturer based in Switzerland, marketing brands such as Winston, Camel, Mevius and LD, with operations in more than 120 countries and employing around 26,000 people worldwide, has chosen the SAP SuccessFactors Talent Management Suite. With the SAP SuccessFactors solutions, JTI expects to further modernize its HR processes where attracting,

capability by providing realtime HR analysis data to support its core business transformation. With the SAP SuccessFactors solutions, Seven Brand expects to eliminate time spent on daily HR paperwork and build a world-class talent management system to help retain its high-performing employees.

Zhong Ou Asset Management Co., Ltd. (Zhong Ou) is an industry leader in corporate governance and incentive mechanisms in China. Zhong Ou chose SAP SuccessFactors solutions to help improve HR management through automation, deploy employee goal setting and KPI management, align people and organizational strategy with the company’s business objectives, and support strategic human capital needs.

For more information, visit the SAP SuccessFactors website. Follow SAP SuccessFactors solutions on Twitter at @SuccessFactors and SAP at @sapnews.

developing and retaining talent is a key focus area.

CPFL Energia is the largest non-state-owned group of electric energy generation and distribution companies in Brazil and the third-largest Brazilian electric utility company. In a win against Oracle, Salesforce.com and IBM, and to replace Oracle Database, CPFL selected SAP S/4HANA and SAP HANA Cloud Platform. The company also chose SAP SuccessFactors s o lut i on s , S A P A r i b a ® solutions, SAP Fieldglass® solutions, SAP Hy bris® Cloud for Sales and many more. The SAP solutions will support the company’s digital transformation of business models and processes to help achieve greater efficiency and innovation and lower TCO. Seven Brand, a design and clothing manufacturer based in China, chose SAP SuccessFactors solutions, including SAP SuccessFactors Employee C entral, to help improve its global management governance

Republic of the Philippines REGIONAL TRIAL COURT 10th Judicial Region Branch 24 Cagayan de Oro City GOLDEN SUN FINANCE CORPORATION,

Plaintiff,

-versus- for: COLLECTION OF SUM OF MONEY CECILLE TABACUAN RADAZA,

Defendant. x--------------------------------------x ORDER

The Motion For the Publication of Judgement filed by the plaintiff’s counsel on September 29, 2016, being meritorious, is granted.

Atty. Mario Paul Labis is notified.

Let a copy of this Order be furnished to defendant Cecile Tabacuan Radaza, at her last known address.

SO ORDERED.

GIVEN IN OPEN COURT this 18th day of November 2016, here in Cagayan de Oro City, Philippines.

(Sgd.) HENRY B. DAMASING

Presiding Judge Republic of the Philippines REGIONAL TRIAL COURT 10th Judicial Region Branch 24 Cagayan de Oro City GOLDEN SUN FINANCE CORPORATION,

Plaintiff,

CIVIL CASE NO. NO. 2012-147-R

-versus-

for: COLLECTION OF SUM OF MONEY

CECILLE TABACUAN RADAZA,

Defendant. x--------------------------------------/ JUDGMENT

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

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

Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Branch 25 Cagayan de Oro City OFFICE OF THE PROVINCIAL SHERIFF SHERIFF’S NOTICE OF SALE EJF File No. 2016-534 Upon extra-judicial petition for sale under Act 3135 as amended, filed by HOME DEVELOPMENT MUTUAL FUND or PAG-IBIG FUND, Mortgagee, with address at J.R. Borja Street, Cagayan de Oro City, against CHRISTIAN JAY A. BALILI, Mortgagor, with postal address at Lot 4, Block 10, Silver Creek Subdivision, Carmen, Cagayan de Oro City, to satisfy the mortgaged indebtedness which as of October 28, 2016, amounts to ONE MILLION THREE HUNDRED SEVEN THOUSAND SEVEN HUNDRED FIFTY EIGHT PESOS & 86/100 (P1,307,758.86) inclusive of interest and penalty charges that may accrue thereafter, plus the expenses of the foreclosure, the undersigned Sheriff will sell at public auction on January 20,2017, at 10:00 o’clock in the morning or soon thereafter at Regional Trial Court, Branch 25, City Tourism Hall, City Hall Compound, Cagayan de Oro City, to the highest bidder for CASH and in Philippine Currency, the property mentioned in the said mortgage which is described as follows: TRANSFER CERTIFICATE OF TITLE NO: 137-2011004035

LOT

Portion of Lot

As Surveyed for

Location

: LOT 4, Blk 10, Psd-10-053352 : 3891-P-2, Psd-10-050786 : Corelco Inc., (Silver Creek Subd.) : Brgy. Canitoan; now Carmen, City : Of Cagayan de Oro, Island of Mindanao : Eighty (80) square meters, more or Less, including all improvements Found thereon.

All sealed bids must be submitted to the undersigned on the abovestated date, time and place.

In the event the public auction on January 20, 2017 should not take place, on the said date for whatever reason, the same will proceed on the following day, without further notice, posting and publication.

Prospective buyers/bidders may investigate for themselves the title of the herein above-described property and encumbrances thereon, if any there be.

Cagayan de Oro City, December 2, 2016.

FOR THE EX-OFFICIO PROVINCIAL SHERIFF:

(Sgd.) LOVE M. VERDADERO Sheriff IV

BWM: Dec. 19, 26 & Jan. 2, 2016

CIVIL CASE NO. NO. 2012-147-R

This is a compliant for collection of Sum of Money filed by the Plaintiff against herein defendant.

Record shows that the Summons issued was not duly served on the defendant for the reason that the latter is no longer residing at her given address. Likewise, the Summons, together with a copy of the Compliant and its annexes, sent to the defendant at her last known address was returned, unserved.

On August 15, 2012, Plaintiff filed an Ex-parte Motion for leave of Court for the Issuance of Issuance of Summons by Publication, which was granted in an Order dated December 10, 2012.

The Summons was published in the Newspaper called Golden Chronicle for three consecutive weeks, namely: on its June 11-17, June 18-24, and June 25-July 1, all of 2013 issues.

On Septrember 4, 2013, the Plaintiff filed a Motion to Declare Defendant in Default, as the latter failed to file an Answer despite the lapse of Sixty (60) days from the last day of publication. The said Motion was scheduled for hearing on September 26, 2013, but was reset on October 29, 2013, for the reason that Atty. Mario Paul Labis, counsel for the Plaintiff, had another legal commitment before Branch 8 of the Regional Trial Court of Malaybalay City, Bukidnon. At the latter date, the Court granted the Plaintiff’s Motion, as shown in the hereunder quoted order:

‘’The Court is in receipt of the Motion to Declare defendant in Default, filed on September 4, 2013, by the plaintiff through counsel, for the reason that the defendant failed to submit an Answer despite the Summons by Publication. The movant’s counsel has manifested that a copy of said Motion was furnished to the defendant at her last known address, but the same was returned, unserved, bearing the notation that the latter has moved without leaving any forwarding address. Thus, the present motion.

Wherefore, finding the motion meritorious, being in accordance with Section 3, rule 9 of the Revised Rules of Court, it is hereby granted. X x x’’

In the same Order just-quoted, the Plaintiff was directed to present its evidence, ex-parte, before the Clerk of court of this Branch, who was appointed as Commissioner. Thus, this case being decided on the basis of Plaintiff’s evidence alone, consisting of the testimony of its Branch Manager, Candido B. Amolato, and the following documentary evidence, thus: Exhibits

‘’A’’ ‘’B’’ ‘’C’’ and ‘’C-1’’ ‘’D’’ and ‘’D-1’’ ‘’E’’ and ‘’E-1’’ ‘’F’’ and ‘’F-1’’’ ‘’G’’ and ‘’G-1’’ ‘’H’’ and ‘’H-1’’’ ‘’I’’ and ‘’I-1’’

- Secretary’s Certificate; - Promissory Note; - Credit Application; - Notarized Chattel Mortgage; -Demandletterdated,March16,2011; - Demand letter dated, April 8, 2011; -Demand letter dated, April 20, 2011; - Statement of Account; and -Judicial Affidavit.

From the allegations in the Complaint, testimony of Candido B. Amolato, and the supporting documents submitted, it appear that on August 26, 2010, the defendant applied for a loan with the complainant in the amount of P600,000.00, which was approved, but the amount released to her was only P500,000.00.

To secure Plaintiff’s interest for the loan extended, the defendant executed a Promissory Note in the amount of P755,000.00 which included interest of 51% covering a period of 24 months, payable within two (2) years in installments at P31,458.33 per month. Further, the defendant executed a Chattel Mortgage over her Isuzu Truck with Plate No. YGA 365. However, said defendant failed to pay even a single installment of her loan obligation, so the Plaintiff sent a series of Demand letters to the former on the following dates: March 16, 2011, April 8, 2011 and April 20, 2011, giving her five (5) days from receipt of each to settle her obligation in the amount of P157,291.65, for that period, but with an outstanding balance due still in the amount of P755,000.00, but the latter failed to pay. Hence, the filing of this case with a prayer that Defendant be ordered to pay the following: 1. The principal of the loan in the amount of P755,000.00; 2. Liquidated Damages in the amount of P306,089.65;

3. Litigation expense, interest on litigation and attorney’s fee in the amount of P79.178.42; 4. Reimbursement of the amount of P10,000.00 as acceptance fee, exclusive of the attorney’s fee of 25% of the whole amount of the loan; 5. Litigation and other necessary expenses in connection with the filing of this complaint; and 6. To surrender the Isuzu Dump Truck with Plate No. YGA365 in accordance with the application of plaintiff for a preliminary attachment, or in the alternative, the original copy of the owner’s duplicate copy of TCT No. T-208412.

The Rules of Court provide that a defending party may be declared in default upon motion of the claiming party, with notice to the former, and proof of failure to file answer within the time allowed for it. Thus ‘’Rule 9. Sec. 3. Default; declaration of.- If the defending party fails to answer within the time allowed therefor, the court shall, upon motion of the claiming party, with notice to the defending party, and proof of such failure, declare the defending party in default.

Thereupon, the court shall proceed to render judgment granting the claimant such relief as his pleading may warrant, unless the court in its discretion of evidence may be delegated to the Clerk of Court.’’

Hence, this Decision.

The evidence of plaintiff is uncontroverted.

Contracts freely entered is the law between the parties, such that defendant Cecille Tabacuan Radaza is bound by the terms and conditions of the Promissory Note and the Chattel Mortgage.

The Promissory Note dated September 13, 2010 signed by defendant Radaza, shows her having entered into a loan agreement with the plaintiff for P755,000.00, Inclusive of interest equivalent to 51% for a period of 24 months, payable in installments within the justmentioned period. The first installment in the amount of P31,458.33 was due on October 13,2010, and the succeeding installments the following months thereafter, until the whole obligation is fully paid. It further provides for liquidated damages set at 5% per month on each unpaid installment until fully paid, plus 25% attorney’s fees reckoned from the amount due. Said defendant did not pay the plaintiff even a single monthly installment.

A person who receives a loan of money is bound to pay the creditor. From the testimony of Mr. Amolato, through his Judicial Affidavit, It appears that the principal amount granted to defendant was only P500,000.00, while in the Promissory Note the amount is P755,000.00, as it already includes an additional 51% interest, covering a period of 24 months. The defendant is held liable for the unpaid obligation applied for, which is P500,000.00, plusinterest, though reduced to legal rate only, which is twelve (12%) percent per annum, per ruling of the Supreme Court in a case, and as the Court is empowered to equitably reduce interest rates and penalty charges when it is iniquitous and unconscionable.

Furthermore, for being unconscionable, the Court reduces the penalty on each unpaid installment of Five (5%) percent per month designated as liquidated damages, to one (1%) percent per annum, as stipulations authorizing excessive interest are contra bonos mores, if not against the law, and when reduction is proper.

Lastly, as stated in the Promissory Note, the defendant promised to pay Twenty Five (25%) of the amount due as attorney’s fees in case of non-payment. The Court, however, notes that the litigation in this case is relatively short and easy, the plaintiffs’s evidence having been presented ex-parte only, thus reduces it accordingly.

WHEREFORE, the quantum of preponderance of evidence having been established by Plaintiff Golden Sun Finance Corporation from the allegations in its complaint, the testimony of its witness and documentary evidence, Judgement is hereby rendered in favor of Plaintiff and against defendant Cecille Tabacuan Radaza, ordering the latter to pay the former the following: 1. The sum of P500,000.00, representing the principal obligation, plus interest set at 12% per annum, starting on October 13, 2010 untill fully satisfied; 2. Penalty or Liquidated Damages at 1% per annum, computed from the total amount due, starting from finality of this Judgement until fully satrisfied; 3. Litigation and filing expenses, and attorney’s fees in the amount of P75,726.00.

SO ORDERED ISSUED this 4th day of April, 2014 at Cagayan de Oro/ City, Philippines.

(Sgd.) HENRY B. DAMASING Presiding Judge

BWM: December 12, 19 & 26, 2016

BusinessWeek MINDANAO www.businessweekmindanao.com

Feature

Monday | December 26, 2016

10

Jayson Monding & JS Espejon Sanchez

Fashion Designers of the Millennium

By Joe P. Palabao/Fashion Enthusiast

JaYson Monding & JS Espejon Sanchez are young and promising designers who are tagged by the wonderful world of the fashion industry as “Fashion Designers of the Millennium.” The duo Jason and JS create beautiful designs with futuristic touch which have an aura of sophistication and

finesse that suits the fashion trends of the millennial generation. The travelers’ cut attire shown during the fashion show segment of the event last September 2016 “LAKAW TAH 2016” Travel and Destination Expo held at Centrio Mall, Ayala are designs and creations fitted for millennial travelers which

are extraordinary but are wearable by any young adult with ease and comfort. They own the Monding Sanchez Atelier which has gained fame and recognition in the fashion industry of Cagayan de Oro City.

The beautiful and handsome models projected an image of happy travelers and as domestic tourists they enjoy the amenities of life. Giving audacity to their travel and vacation luggages they carry along with them with ease and comfort. They carry and project an aura of beauty and sophistication. The designers Jayson and JS see to it that their models look the best as the ramped for their quarter turn as they show off how glorious the creations which they wore.

The first millennial

sophisticated wedding gown created by the dou-Jason and JS was modelled by the ever beautiful ramp model Angeliza Navajo who happens to be the 4th Runner-up of Miss Cagayan 2016, whose aura and essence of beauty are beyond the capacity of human describing. She projects her inner beauty into one millennial walk which awed the crowd during the Lakaw Tah 2016 Fashion Show of the dou. Kate Darryl is also one of their prized model who is a head turner whenever she wears the beautiful creations.

These young and talented designers will go places as they design more creations to suit the present fashion trends of the millennials.

Someday, they will be at par with Fashion Icon Mimi P. Pimentel, Prince of Haute

Couture Gil Macaibay 111, Pillar of the Fashion Industry of Cagayan de Oro-Benjie Manuel, Fashion Icon of Wedding Gowns-Alma Mae Roa, Boogie Rivera designer of swim wear and beautiful swim suits and the many designers of Cagayan de Oro City.

To date - Cagayan de Oro designers catapulted Cagayan de Oro City as the FASHION CAPITAL OF MINDANAO. For particulars Jason Monding Atelier is located at Bgry. 18-Corner CapistranoLuna, House 10 ( Beside Eldie’s House) 9000, Cagayan de Oro City. facebook.com/ Monding Sanchez Email Add mondingsanchez@gmail.com and visit their Website at www.mondingsanchezatelier. com Cell Phone Number 0936142455; Land Line ((088) 881 1969.

11

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monday|december 26, 2016

Banana... from page 1

and neighboring nations in Southeast Asia have entered the Philippines’s international markets when it suffered from a low production output due to the El Niño in 2016.

“We’re hoping that the increase in production will continue until next year but the problem is more and more countries are starting to produce and export bananas to the same market,” Antig said.

He said that one of the solutions that would be viable is for the government to negotiate for the elimination of the tariffs with the governments of their international markets “because that’s the only way we can survive and remain competitive.”

Antig said that if the Philippine government would fail to heed their calls, they will be left behind in the competition.

He said that their global competitors are able to lower the cost of their bananas because their governments are supportive.

Records from PBGEA showed that Japan is the top buyer of Philippine Cavendish bananas, followed

by Gulf countries (United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar and Bahrain), China, South Korea, Iran, Hong Kong, Singapore, Russia, New Zealand, and the United States.

It a ls o showe d t hat Ecuador was the largest exporter of bananas in the world with $2.7 billion worth of export in 2015, followed by Costa Rica with $834 million, Guatemala with $771 million, Colombia with $757 million, Philippines with $440 million, and USA with $427 million.

Antig said that Myanmar, for instance, is attracting foreign banana growers to locate and expand there by offering incentives.

“In the Philippines, they cannot do that. That’s the reason why some investors are shying away from coming to the Philippines,” he said.

He added that aside from the “unf riendly or not very friendly investment p olicies,” investors are also worried “because our laws are changing all the time, especially when the administration changes and members of the cabinet have also changed.”

Agriculture Secretary Manny Piñol announced on October 27 that he struck a deal with a Japanese company, Farmind Corp., who promised to buy 20 million boxes a year of Cavendish bananas from the Philippines.

In a statement, he said the deal will earn the country P5 billion a year and generate 14,000 jobs in Mindanao. “ The signing of the agreement will mark the start of the development of about 7,000 hectares of banana farms which the Japanese company, Farmind Corp., would like to be located in former conflict areas in the Southern Philippines,” Piñol said.

He said that the Farmind C orp. project will also support the former rebel returnees and beneficiaries of agrarian reform program get livelihood opportunities.

Piñol said that the project was referred to him by Davao del Norte Rep. and Speaker Pantaleon Alvarez immediately after he assumed as agriculture chief two months ago.

He said Alvarez relayed to him the intention of Farmind president Tatstuo Horiuchi to “provide livelihood to agrarian reform beneficiaries, as well as former rebels, to support the President’s peace efforts.”

Jobs... from page 1

the MSMEs created, as of November 30, this year, already surpassed their 27,500 annual job generation target.

Boniao said existing and newly registered business ventures, under the MSME categories, generated job opportunities benefitted from the 18 Negosyo Centers her office established and are strategically situated in the five provinces of the region.

DTI 10 report showed the provinces of Lanao del Norte, Camiguin and Misamis Oriental exceeded their respective job generation targets for the year while Bukidnon and Misamis Occidental are 93 and 95 percent off their goals with 6,529 and 5,314 jobs created, so far.

MSMES in Lanao del Norte, including those in Iligan City, provided some 10,958 jobs over a 7,000 target; Misamis Oriental with 8,524 while aiming for 8,500 for this year; and Camiguin with 1,533 more than its 1,334 target.

DTI-supervised Negosyo Centers, the establishment of which is provided for under The Go Negosyo Act (Republic Act 10466) assist would be entrepreneurs and those of existing MSMEs in business registration, extends business advisories, and engages in business information advocacy.

Boniao the services of Negosyo C enters come in the form of seminars, trainings, technical assistance in financial management, facilitate financing, and access to market.

“Most of the products, many of these of worldclass quality, are showcased in trade fairs in the region, at the national and even international levels,” the DTI regional director said.

She said many of the MSMEs who are engaged product and processing industries find trade fairs favorable since they can have either on-the-spot sales or booked orders unlike in department stores where, most often, they would be in consignment basis.

Meantime, DTI 10 has been regularly monitoring, either weekly or monthly, some 3,695 business and commercial establishments in Northern Mindanao in their compliance of fair trade laws, specifically on prices of basic commodities due to the Christmas season.

PDIC... from page 1

through mail and enclose their original evidence of deposit and photocopy of two (2) valid photo-bearing IDs with signature together with a duly accomplished Claim Form which can be downloaded from the PDIC website, www.pdic.gov.ph.

PDIC reminds depositors to deal only with PDIC authorized officers.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional re qu i re m e nt , w it h t h e Claim Form signed by the parent. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney. In the case of a minor depositor, the Special Power of Attorney must be executed by the parent. The format of the Special Power of Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or payables to the bank have to coordinate with the duly authorized PDIC Loans officer prior to the settlement of their deposit insurance claim.

The pro ce dures and requirements for filing deposit insurance claims are likewise posted in the PDIC website.

Xavier-Tib o d B ank was ordered closed by the Monetary Board through Resolution No. 2133.A dated December 1, 2016. It is a twounit rural bank with Head Office located on Pabayo St., Divisoria, Cagayan de Oro City (Capital), Misamis Oriental. Its other banking office (OBO) is located along National Highway, Brgy.

Poblacion, Salay, Misamis Oriental.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC at pad@pdic.gov.ph.

Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-8001-888-PDIC (7342).

Invest... from page 1

chicken into ready-to-eat food for export to nearby Sabah.

The agriculture chief said the group of tycoon Lucio Tan would also resume Philippine Airlines (PAL) flights to and from Sulu.

Likewise, businessman M a n n y V. P a n g i l i n a n of the MVP Group committed to rehabilitate telecommunication facilities and provide hospital equipment and training of medical practitioners in Sulu.

On housing, the MVP Group committed to build at least 40 houses in the next two years. Pangilinan also said Maynilad Water and Meralco will be there to provide the needed power

and water services.

The newly launched “Save Sulu project” aims to reduce poverty incidence in the island province of Sulu by 25 percent in three years.

Durian...

from page 1 for durian both in the local and export markets.

Once constructed, he said that it will benefit the city generate 1,000 jobs.

Citing the Chinese market, Miculob said that the demand for next year is 100 40-footer container vans.

At present, the growers here are only able to ship out four 40-footer containers due to lack of bilateral trade agreement between China and the Philippines that will allow entry of durian in the Chinese market, he said.

Miculob said they are coursing their durian exports t h rou g h T h ai l an d an d Malaysia, then to China.

He said local growers are able to meet the requirement as the demand by the Chinese market is just around 60 percent of the city’s production capacity, except that they lack a bigger facility.

He said the Chinese market’s buying price is pegged at P200 a kilo.

Miculob said durian growers in Davao City are trying to increase the productivity of the existing trees while they are trying to rehabilitate the areas damaged by the recent El Niño since it “takes durian seven years to commercially produce.”

Some 1,600 hectares planted to durian were destroyed by the El Niño phenomenon.

Of the destroyed areas, Miculob said that some 420 hectares were totally damaged and need to be replanted while those trees that were partially damaged will take about three to four years before they could bear fruit again.

He said they are educating the other farmers on how they can improve productivity as he emphasized the need to develop cooperation among the durian growers to keep sustaining their international buyers.

“We are helping even the nonmembers because we cannot do it on our own,” Miculob said.

He said the city, widely known as the “durian capital” of the country, has 2,800 has. planted to durian but they are proposing to the City Government to allocate another 2,500 to 3,000 has. for durian farming.

Miculob added they want to develop at least 8,000 has. in the whole Davao Region.

Bunye... from page 4

“In (Ateneo) grade school and high school, we used to have a Christmas package drive to raise goods for the poor. This was a contest between classes (sections)” – Eli H. Navarrete Still, some, like A l i c e S am e r a , c an n ot help but notice the “c om me rc i a l i z at i on” of Christmas. She hopes that

we all remember: “Christmas is all about Him! Me handa o walang handa, my family celebrates the season by thanking God. This is our Thanksgiving

Day.” Note: You may email us at totingbunye2000@gmail. com. You may also like us on Facebook at “Speaking Out”.

Republic of the Philippines Regional Trial Court 10th Judicial Region Branch 26 Medina, Misamis Oriental -oHOME DEVELOPMENT MUTUAL FUND EJF NO. 348-M (Pag-ibig Fund), Cagayan de Oro Branch, rep. By REYNALDO P. CUE, FOR:

Mortgagee, EXTRAJUDICIAL FORECLOSURE

-versus- OF REAL ESTATE MORTGAGE UNDER ACT 3135, as AMENDED HYACINTH S. CABANA, BY ACT 4118

Mortgagor.

X-----------------------------------------------/ SHERIFF’S NOTICE OF EXTRAJUDICIAL SALE

Upon extrajudicial petition for sale under act 3135, as amended by Act 4118, filed by HOME DEVELOPMENT MUTUAL FUND (Pag-ibig Fund) Cagayan de Oro Branch, rep. By Reynaldo P. Cue, mortgagee against Hyacinth S. Cabana married to Sylvester P. Cabana, mortgagor, with residence and postal address at Lot 37, Block 6, Perlita’s Executive Homes, North Poblacion, Medina, Misamis Oriental to satisfy the indebtedness of the mortgagors to the former in the amount of FIVE HUNDRED TWENTY FIVE THOUSAND NINE HUNDRED FORTY FOUR PESOS 7 55/100 (P525, 944.55) Philippine Currency, including interest due, penalties and other charges excluding 10% attorney’s fees and other liquidated damages as of September 26,2016 plus all other expenses incurred in connection with this petition and sale, the undersigned RTC Sheriff sell at Public Auction on January 27,2017 at 10:00 oçlock in the morning or soon thereafter at the Hall of Justice, RTC Branch 26, Medina, Misamis Oriental to the highest bidder for cash and in Philippine Currency, the following property with all improvements thereof to wit: Transfer Certificate of Title No. 136-2014002250

A Parcel of Land situated in the Poblacion, Municipality of Medina, Province of Misamis Oriental, Philippines, bounded and described as follows:

Lot Portion of Lots

: 25, Block 7, PCS-10-001586 : 16-G-3-A and Lot 16-G-3-B Psd-10-019173

Is registered in accordance with the provisions of the Property Registration Decree in the name of Hyacinth S. Cabana married to Sylvester P. Cabana, spouses, Filipinos of lawful ages, with residence/postal address at Perlita’s Executive Homes, North Poblacion, Medina, Misamis Oriental.

As owner thereof in fee simple, subject to such of the encumbrances mentioned in Section 44 of said Decree as may be subsisting.

IT IS FURTHER CERTIFIED that said land was originally registered as follows:

Case No: Record No :48250

Orig. Reg. Date : 06 10 1935 Decree No.:559832

Original RD : MISAMIS ORIENTAL OCT No. : OCT-179 Volume No. : A-3 Page No. : 179

Original Owner:

This certificate is a transfer from Transfer Certificate of Title 2013000239 (Totally Cancelled) by virtue hereof in so far as the above-described land is concerned.

TECHNICAL DESCRIPTION:

On the NW., along line 1-2 by Lot 16-G-4 Psd-10-004519;

On the NE., along line 2-3 by Lot 24;

On the SE., along line 3-4 by Road Lot 7;

On the SW., along line 4-1 by Lot 26, all of the Cons. Subdivision Plan PCS-10-001586.

Beginning at a point marked ‘’1’’ on plan being N., 61 deg. 15’ W., 807.06 M. from BLLM No. 1, Cad 347, Medina, Cadastre, THENCE: N., S., S.,

W., N.,

77 deg. 04’ E., 7.60 m. to Point 2 12 deg. 56’ E., 9.60 m. to Point 3 77 deg. 04’ 7.60 m. to Point 4 12 deg. 56’ W., 9.60 m.

To point of beginning, containing an area of Seventy Three (73) square meters more or less. All points referred to are indicated on the plan and marked on the ground by PS Cyl Conc. Mons 15 x 40 cm. bearings true.

Area Bearings Description of corners Date of original survey Date of subd. Survey Date approved Geodetic Engineer

: SEVENTY THREE (73) sq. m. more or less : True : by PS Cyl Conc. Mons 15 x 40 cm. : November 6-December 15, 1931 : March 2, to April 11, 1995 : July 13, 1995 : Calvin C. Fernandez

In the event of failure of bidding or auction sale cannot take place for whatever reason, the same will proceed on the following working day, without further notice posting and publication.

Prospective bidders/buyers may investigate for themselves the title herein above described and encumbrances thereon,, if any there be.

Medina, Misamis Oriental, November 22,2016.

(Sgd.) ELLOGENE C. ATIENZA RTC Sheriff IV BWM: December 12, 19 & 26, 2016

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monday|december 26, 2016