BusinessWeek Mindanao (February 3, 2014)

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BusinessWeek MINDANAO

YOUR LOCAL ONLINE BUSINESS PAPER

www.businessweekmindanao.com

Volume IV, No. 59

Market Indicators As of 6:04 pm jan. 30, 2014 (Friday)

FOREX

PHISIX

US$1 = P45.32

6,041.19 points

30 cents

X

28.65 points

X

Briefly Tourism jingle fest THE city of Cagayan de Oro is set to host the first Tourism Jingle Festival here on May 2014 at the Atrium, Limketkai Mall. City Councilor Lourdes Candy Darimbang, chair of the City Council committee on tourism, also announced that there will be a Tourism Video Competition where talents can show of their skills in composing original jingles and videos that will feature Cagayan de Oro City. The winning participants will receive huge prizes and their entries will be heard over local radio and television stations, major hotels and restaurants, at the airport and bus terminals, said the lady councilor. The city has partnered with GMA Network Inc. for these activities.

Irrigation project DAVAO City -- Davao Oriental Governor Corazon N. Malanyaon remains determined to pursue the completion of Mindanao’s largest irrigation system development—the Cateel Irrigation Project (CIP), amidst being hit by two major calamities that halted its construction. In a meeting held last week with teams from the Provincial Engineering Office, Mindanao Rural Development Program (MRDP) under the Department of Agriculture and the National Irrigation Authority (NIA), Gov. Malanyaon said that she is fixed and resolved to see the project through. “I am holding on and I am filled with so much faith and optimism that we will accomplish this novel project” she said. Both the Super typhoon Pablo in 2012 and the recent heavy flooding and landslides led by the Low Pressure Area have created massive damage not only to agriculture and infrastructures but as well as the multi-million irrigation system, thus, causing a heavy blow on the province’s already booming development milestones.

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Japanese firms to build Cepalco’s coal plant

J

By GRACE BEBER, Staff Writer

APANESE firms Mitsubishi Corp. and Toshiba Plant Systems & Services Corp. bagged the contract to build the proposed 110-megawatt coal power plant by power distributor Cagayan Electric Power and Light Co. (Cepalco).

The project, which will be constructed in the town of Balingasag, Misamis Oriental, about 52 kilometers f rom C a g ay a n d e O ro City, will be undertaken by Minergy Coal Corp. , a wholly- owned subsidiary of Mindanao Energy Systems Inc., a power generation company established by Cepalco. Expected for completion in the first quarter of 2017, Minergy Coal will be composed of two units of 55 MW each. This will be used to supply the power needs of Cepalco’s franchise areas which cover metropolitan Cagayan de

Oro City and the towns of Tagoloan, Villanueva and Jasaan in Misamis Oriental. The 110-MW Minergy coal plant, estimated to cost P14.55 billion, aims to reduce the power deficit in Mindanao to 68 MW by 2017. Mitsubishi said on its Web site the project would be undertaken on a full turnkey basis, which included engineering, civil work, procurement, erection and testing. Mitsubishi said in addition to the two units of 55 MW each, another unit might be ordered within the cepalco/PAGE 7

A Philippine Air Lines plane takes off from the newly-opened Laguindingan Airport. mindanews file photo by froilan gallardo

Premature opening delays Laguindingan airport completion by five months By BWM News & Features

THE completion of Laguindingan Airport has been moved back by five months due to the national government’s insistence to open it as a Visual Flight Rule (VFR) airport last June 15, 2013, raising the

specter of more losses to Northern Mindanao due to flight cancellations due to inclement weather. The yearend report of the Depar tment of Tr a n s p o r t a t i o n a n d Communication on the

Air Navigation System and Support Facilities (ANSSF) project component of the L aguindingan Air p or t D e v e l o p m e nt P r o j e c t (LADP) states that due to the June opening of the airport, the contractor is restricted to working delay/PAGE 7

Davao-based bank cites record profit for 2013 By CARMELITO Q. FRANCISCO Correspondent

HELPING THE ELDERLY. A traffic enforcer assists an elderly woman as she crosses the street in Davao City.

DAVAO City -- One Network Bank (ONB) topped its profit target for 2013 with a “record” net income, the company said in a statement released on Friday. ONB said it “concluded

Mindanao Daily NEWS mindanews photo by keith bacongco

the year with a record net operating income after tax of P743 million, an increase of 34% over 2012’s audited… P556 million,” adding that last year’s growth was also “20% better than projected

earnings for the year.” It added that it ended 2013 with 663,000 deposit accounts across its 97-branch network with value totalling P18 billion, about 27.6% more than in 2012. “Key financial ratios were also maintained at high levels, record/PAGE 7

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