BusinessWeek M I N DA N A O CREDIBLE
Volume VIII, No. 93
Market Indicators As of 6:00 pm Dec. 21, 2017 (thursday)
FOREX
PHISIX
US$1 = P50.194
8,378.28
X X Briefly
10.8
15.67
cents
points
Value of minerals DAVAO City -- Sellers of minerals particularly gold now have more value of their precious commodities when sold to Bangko Sentral ng Pilipinas (BSP) which has brought down the withholding tax from five percent to only one percent. In the meeting of Macro Economy and Finance Committee (MEFC) of the Regional Development Council (RDC) XI, BSP Davao Regional Office Director, Atty Sonia S. Delos Reyes announced that the Bureau of Internal Revenue (BIR) issued on October 26, 2017 Revenue Regulations No. 7-2017 to this effect. Signed by Finance Secretary Carlos G. Dominguez and Internal Revenue Commissioner Caesar R. Dulay, such Revenue Regulation, however, mandates the retention of the 2 percent excise tax.
YOUR Mindanao-wide BUSINESS paper
RELIABLE
www.businessweekmindanao.com
IN-DEPTH
Wednesday | December 27, 2017
Lapasan Highway, Cagayan de Oro City
M’danao growers block banana GM field-testing D By CARMELITO Q. FRANCISCO, Correspondent
AVAO City — Major banana growers and exporters said they oppose a plan to conduct fieldtesting of genetically modified (GM) bananas in Mindanao, saying this will affect the marketability of the region’s produce.
Stephen A. Antig, executive director of the Pilipino Banana Growers and
Exporters Association, Inc. (PBGEA), said in an interview last week that such trials pose
a danger to the country’s second-biggest agricultural export commodity as “it might send a wrong signal to the markets where we sell our bananas.” Mr. Antig said those behind the plan to conduct the test should consult industry stakeholders. “They must remember that any news will have a very huge impact on the industry,” he cautioned. block/PAGE 11
Banana growers in Mindanao are up in arms in opposing the field-testing of genetically-modified banana.
71% Pinoys satisfied with Duterte but 62% oppose martial law extension By CAROLYN O. ARGUILLAS, MindaNews
DAVAO City— Seventy one per cent of the Filipinos are still satisfied with President Rodrigo Duterte’s leadership but 62% oppose martial law
Irrigation subsidy DAVAO City Rep. Karlo Nograles, chairman of the House appropriations committee, on Friday said there is a P2.6-billion allocation in the recently signed P3.767-trillion 2018 national budget for irrigation fee subsidy. “Included in the P3.767trillion General Appropriations Act (GAA) for 2018 is a P2.6-billion allocation for free irrigation as part of the Duterte administration’s farmer assistance program,” Nograles said. “From the outset, President Duterte has vowed to help boost farmers’ production by subsidizing their irrigation needs. He highlighted this yet again when he signed the 2018 GAA on Tuesday. It’s our responsibility as lawmakers to facilitate the Chief Executive’s worthy causes,” he added. Nograles noted that the P2.6-billion irrigation budget for next year is 30 percent higher than the 2017 allocation of P2 billion.
P15.00
Cagayan de Oro
extension, a move Duterte requested should be until December 31, 2018. His request was approved by oppose/PAGE 11
BRIDGE OVER TROUBLED WATER. Ysalina Bridge in Cagayan de Oro City was closed to traffic on Friday, December 22, 2017, as floodwaters triggered by tropical storm Tembin reached critical level. mindanews photo by froilan gallardo
UN ready to support PH in wake of ‘Vinta’
TUBA GATHERER.A coconut farmer readies his receptacle used to gather tuba (coconut wine), which could also be made into vinegar. mindanews photo by bobby timonera
OFFERING sympathies to the victims of Tropical Storm “Vinta” (internationally known as Tembin), the United Nations has expressed readiness to extend support to Philippines’ humanitarian response to the badly-hit regions. O n C h r i s t m a s Ev e , Ola Almgren, UN resident coordinator said the preparation and response efforts of the
Philippine government are “acknowledged,” and as in the past, UN “remains ready to render support in response to humanitarian need.” The statement comes after Secretary-General António Guterres on Saturday offered his sympathies to the families and victims of the calamity. “[Secretar y-General Guterres] salutes the efforts of the national rescue and support/PAGE 11
RESCUED. Police officers rescue a child as some villages in Cagayan de Oro were flooded due to the heavy rains brought by tropical storm Vinta in Burgos St., on Friday, Dec. 22. photo by gerry lee gorit
Sara: Pulong on leave until resignation is accepted By LILIAN MELLEJOR, PNA
DAVAO City -- Vice Mayor Paolo Duterte will remain on leave until President
Rodrigo Duterte approves his resig nat ion, Mayor on leave/PAGE 11
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776