BusinessWeek Mindanao (February 24-25, 2021)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XI, No. 110

Market Indicators AS OF 6:00 PM FEB. 23, 2020 (TUESDAY)

FOREX

PHISIX

US$1 = P 48.640

6,814.67

X X Briefly

6.00

4.33

cents

points

Contingency supply THE Department of Energy (DOE) has directed power firms to prepare ‘contingency measures’ to guarantee uninterrupted power supply in Visayas and Mindanao, especially during the summer months and on the anticipated ro ll out of t he C ov i d -19 vaccines. The energy department has already convened key stakeholders such as the National Grid Corporation of the Philippines (NGCP), the generation companies (GenCos), Energy Regulatory Commission, National Power Corporation, National Transmission Corporation and the Independent Electricity Market Operator of the Philippines (IEMOP), which is the operator of the Wholesale Electricity Spot Market (WESM), for a strategic planning as the country braces for the peak demand months of summer. As laid down by the Electric Power Industry Management Bureau (EPIM B) of t he DOE, coordination has to be assured, so the industry could systematically address possible issues that may affect the power situation in the two regions.

Rural devt grant THE government has asked the World Bank for a two-year extension on the validity of a $7-million rural development grant due to the slow implementation of an agricultural productivity enhancement project in selected provinces. A c c o r d i n g t o Wo r l d Bank documents obtained by B u s i n e s sWo r l d , t h e government requested a twoyear extension of the Global Environment Facility (GEF) grant to May 31, 2023 from the original ending date of May 31, 2021. The grant targets projects in six regions, supporting livelihood programs and capacity-building at coastal local government units (LGUs) and communities.

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MinDA, DBP to create OFW investment fund www.businessweekmindanao.com

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HE De velopment Bank of the Philippines (DBP) and the Mindanao Development Authority (MinDA) have agreed to establish an investment vehicle where Overseas Filipino Workers (OFWs) can deposit their hard-earned money for modest earnings while at the same time help rebuild the country's economy.

In a post on his Facebook Page Tuesday, Secretar y Emmanuel Piñol said the initiative arose from his discussions with top DBP officials led by its president, Emmanuel Herbosa, on Monday. Both parties agreed to work on the details and

mechanics of the "MinDA OFW Investments Fund," which is expected to offer the country's foreign workers a secure investment program. “The country's OFWs remit to their families an estimated PHP1.6 trillion every year, and many of FUND/PAGE 7

Body formed to look into infra projects in Mindanao THE Mindanao Development Authority (MinDA) will forma l ly orga nize on We d ne s d ay t he D av a o del Norte Infrastructure Monitoring and Advisory Group (IMAG) to oversee the implementation of major i nf rast r uc ture projec ts, includ ing t he PHP20 -B Davao City-Samal Island Bridge.

M i n DA S e c r e t a r y Emmanuel Piñol said the organization of the Davao del Norte IMAG was agreed upon during the meeting on Thursday between MinDA, Governor Edwin Jubahib, and project engineers of the Department of Public Works a nd Highways (DPW H) involved in the Davao-Samal PROJECTS/PAGE 7

'AURING'S' WRATH. Army soldiers clear the highway in Jabonga, Agusan del Norte Sunday (21 February 2021) after a landslide brought about by Tropical Storm “Auring.” photo courtesy of the philippine army ’ s 901 st infantry brigade

Lake Sebu waterfall eyed as hydro power source By MINDANEWS

GENERAL Santos City -- The provincial government of South Cotabato is pushing

for a partnership with a renewable energy company for the development of a t h r e e -m e g aw a t t (M W ) hydropower plant in one of the waterfalls of Lake Sebu town, an official said. Siegfred Flaviano, head of the Provincial Environment Management Office, said the local government is in advanced negotiations with proponent Euro Hydro Power (Asia) Holdings Inc. for the rollout of its hydropower project t hrough PublicPrivate Partnership (PPP).

T h e P r o v i n c i a l Environment Management O f f ic e , s a id t h e l o c a l government is in advanced negotiations with proponent Euro Hydro Power (Asia) Holdings Inc. for the rollout of its hydropower project t h roug h P ubl ic-Pr ivate Partnership (PPP). He said the proposed hydropower plant will be established in one of the famed seven waterfalls of Lake Sebu. “We’re currently working SOURCE/PAGE 6

FISHING IN SARANGGANI. A resident of Maitum in Sarangani province cast a line at the municipal fishing port amid the setting sun on Tuesday M. mindanews photo by bong s. sarmiento

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