BusinessWeek Mindanao (February 18-19, 2022)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XII, No. 106

Market Indicators

AS OF 6:00 PM FEBRUARY 17, 2022 (THURSDAY)

FOREX US$1 = P51.285

PHISIX 7,452.82

X X Briefly

0.10

142.88

cents

points

Agri and fishery THE Department of Agriculture (DA) is inviting foreign investors to look for opportunities in the country’s agriculture and fisheries sector, particularly tuna. "We are proud exporters of tuna. We send this high-quality fish from General Santos City in Mindanao to the various parts of the world like the United Kingdom, Germany, and Japan -- their sashimi are from the Philippines," DA spokesperson Noel Reyes said in a virtual press briefing on Thursday. Agriculture Secretary William Dar is participating at the five-day Gulf Food Hotel and Equipment Exhibition and Salon Culinaire (Gulfood) at Dubai World Trade Centre, United Arab Emirates until Thursday to take on the global stage in promoting the country's agricultural products.

Coal block auction THE Department of Energy (DOE) is seeking “investorchallengers” in the auction of at least 10 coal blocks in Mindanao covered by the unsolicited proposal of Manilabased Grand Thermal Power Corporation. In a notice published by the energy department, the submission of offers of the interested companies will be on March 15 this year, also the date when the tenders will be formally opened. The coal blocks that are up for “bid-matching” are sited in Bislig City and Trento, Agusan del Sur in Mindanao – and these are offered under the precept of the Philippine Conventional Energy Contracting Program (PCECP) which was devised by the outgoing Duterte administration.

Steag sale PUBLICLY-listed firm SPC Power Corporation and its affiliate-firm Intrepid Holdings Inc. (IHI) have acquired the 51 percent shareholdings of German firm STEAG GmbH in the 210-megawatt coal-fired power plant in Mindanao in a transaction valued at $52 million. In a disclosure to the Philippine Stock Exchange (PSE), SPC Power said it purchased the 40.5 percent stake of STEAG in the coal-fired power asset while its affiliate IHI acquired 10.5 percent. The buyer-company conveyed that the sale and purchase agreement (SPA) of the shares of the German firm in the coal plant, which is under corporate vehicle STEAG State Power Inc. (SPI), was sealed on February 10 this year.

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P52-B Vis-Min grid to add 300-MW to Luzon www.businessweekmindanao.com

Fri-Sat|February 18-19, 2022

T

By MYRNA M. VELASCO, Contributor

HE P52-billion M i n d an a o - Vi s ay a s Interconnection Project (MVIP) of transmission firm National Grid Corporation of the Philippines (NGCP) will add an initial 300-megawatt to energy-star ved Luzon grid starting June this year, according to the Department of Energy.

That will then help save Luzon grid from predicaments of rotational blackouts especially when demand would surge as the Philippine economy recovers from the coronavirus pandemic. Energy Assistant Secretary Redentor E. Delola said the interconnected power grids will be partially energized next month, thus, that will already enable the initial export GRID/PAGE 7

ILIGAN PUBLIC MARKET. Laborers work on the construction of the public market in Palao, Iligan City on Wednesday. The P538-million two-story building will replace the old market built on thise site in 1960. mindanews photo by bobby timonera

DOT, telco tap content creators for NorMin tourism

CORAL REEFS. Tubbataha Reefs Natural Park has some of the highest density of reef sharks in the Coral Triangle. In the photo, 34 individual juvenile grey reef sharks were seen cruising the reef. photo by david choy / asean center for biodiversity

THE Department of Tourism in Nor thern Mindanao ( D O T- 1 0 ) a n d S m a r t Communications have tapped content creators to promote tourist destinations in the region. In a statement on Wednesday, the DOT-10 and Smart launched “the 10.10 #LimitlessAdventures Tiktok Challenge," a campaign to boost domestic tourism hit by the Covid-19 pandemic.

DOT-10 Director Marie Elaine Unchuan lauded Smart for its consistent support in promoting Northern Mindanao. “Smart is a big part of the success of the program, and we look forward to more collaborations with them, especially in our social media marketing and sustainable tourism promotions,” she said. TOURISM/PAGE 7

Fate of Davao-Samal Bridge project up to next admin - exec By ANTONIO L. COLINA IV, MindaNews

DAVAO City — After several postponements of the start of its construction the outgoing administration is now pinning its hopes on its successor to prioritize the multi-billion Davao City-Samal Bridge

project. Mabel Sunga-Acosta, newly appointed chair of the Mindanao Development Authority (MinDA), said construction could not start without the loan agreement

between the Philippines and China, which is until under negotiation. In a virtual press conference via Zoom on Thursday, Acosta said the P19.321 billion project is being worked out despite PROJECT/PAGE 7

C OTA BATO C it y - - A lawmaker in the Bangsamoro Autonomou s R e g i on i n Mu s l i m M i n d a n a o (BARMM) has proposed a

bill authorizing the regional government to grant its officials and employees economic assistance package during the fasting month of

Ramadhan. Member of the Parliament Omar Yasser Sema has filed Parliament Bill 171, also RAMADAN/PAGE 7

Ramadan gratuity pay for BARMM execs, workers pushed

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