BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 116
YOUR Mindanao-wide BUSINESS paper
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Coops’ financial capacity X X Briefly is WESM biggest concern www.businessweekmindanao.com
Thu-Fri | February 23-24, 2017
Market Indicators
As of 6:11 pm February 23, 2017 (thursday)
FOREX
PHISIX
US$1 = P50.240
7,031.01
6.5
cents
14.56 points
By CARMELITO Q. FRANCISCO Correspondent
WESM support
GIVEN the excess in power generation capacity in Mindanao, preparatory activities for the launch of the Wholesale Electricity Spot Market (WESM) in Mindanao are being undertaken by the Department of Energy (DOE). This is in coordination with the Philippine Electricity Market Corporation (PEMC) and the National Grid Corporation of the Philippines (NGCP). The DOE has already completed two public consultations this month in Cagayan de Oro and in Zamboanga City. It focused on a draft circular that will govern the operation of WESM Mindanao in fulfillment of the DOE’s mandate to ensure the security, reliability, and availability of transparent and reasonably-priced electricity in the country. The above-mentioned mandate of the DOE, under the stewardship of Energy Secretary Alfonso G. Cusi, is underlined in Republic Act 9136 or the Electric Power Industry Reform Act of 2001.
Emergency loan THE Government Service Insurance System (GSIS) is allotting almost Php1.2 billion in an emergency loan for its active members and old-age pensioners who were affected by a low-pressure area in Misamis Oriental; rat and bug infestation and flash flood in Kabacan, Cotabato; and tropical depression Auring in Prosperidad, Agusan del Sur. A total of 34,685 active members working or residing in the calamity-declared areas, as well as 6,100 oldage pensioners, may apply for the loan until February 26. To qualify, active members must not be on leave of absence without pay, have no arrears in paying premium contributions and have no unpaid loans for more than six months.
D
AVAO City -- The financial capacity of electric cooperatives remains the biggest concern in the planned opening of the wholesale electricity spot market (WESM) in Mindanao, according to the head of the Philippine Electricity Market Corp. (PEMC).
BUSINESS AS USUAL. One of the oldest nickel mining companies in Surigao – Taganito Mining Corporation – operates in the mountains of Claver, Surigao del Norte, as can be seen in in the background in this photograph taken Monday, February 20. The subsidiary of Nickel Asia Corporation has been in business for decades, causing the water bodies nearby to turn rusty-red with laterites. It is not among the 14 erring mining firms in the Caraga Region ordered closed by Environment Secretary Gina Lopez as it is reportedly among those who passed the audit. MindaNews photo by Roel N. Catoto
Region-wide transport strike looms in Northern Mindanao TRANSPORT organizations in Northern Mindanao are preparing to join a planned nationwide transport strike on February 27, a transport leader said Wednesday. Jo e G a b at an of t h e Solidarity of Transport in Region 10 (STAREX), said that the STAREX would join the local Pinagkaisang
Samahan ng mga Tsuper at Operator Nationwide (PISTON) in the nationwide strike that might last for three days. He said that all transport organizations in Northern Mindanao that include taxicab drivers and operators, public utility jitneys, passenger strike/PAGE 11
Melinda L. Ocampo, president of PEMC, the governance arm of WESM, said in a news conference here Tuesday that the government must ensure that there is “discipline among electric cooperatives.” “We are asking the government to ensure that there is a policy (on cooperatives participating in the WESM),” said Ms. Ocampo, noting that payments in the spot market are usually one of the main burdens in implementation. Energy Undersecretary Felix William B. Fuentebella, in the same news conference organized by the Department of Energy (DoE), admitted that there are power generators that have yet to be paid by cooperatives for concern/PAGE 11
Local miners vow to fight closure order By CHRIS V. PANGANIBAN, Correspondent
TAGANAAN, Surigao del Norte--- Residents of the mining island village of Talavera with a population of about 3,000 people will fight tooth and nail if the operations of a mining company would be closed for good since it has been the source of their economic livelihood for more than two decades. The island villagers, some of them plastering fight/PAGE 11
NOT GIVING UP MINING. Mine workers of Hinatuan Mining Corp. plastering laterite muds on their faces mimics their protest against the closure of the company. CHRIS V. PANGANIBAN
Public warned of nationwide ECC scam By MARK FRANCISCO, Staff Writer
MADE IN BAROBO. A blacksmith sharpens the blade of a custom-made hand weed slasher in the town of Barobo, Surigao del Sur on February 22, 2017. Photo by Jun Ayensa
THE Employees Compensation Commission (ECC) on Wednesday warned the public of a nationwide scam initiated by people purportedly connected with
the ECC, an executive said Wednesday. Stella Banawis, ECC executive director, said that a letter is now circulated nationwide, asking ECC
beneficiaries to pay a certain amount in exchange for ECC benefits. Banawis said that the letter reportedly bears the signature of a certain Arnold Magalong who claimed to be scam/PAGE 11
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