BusinessWeek Mindanao (February 8-9, 2021)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XI, No. 103

Market Indicators AS OF 6:00 PM FEB. 5, 2020 (FRIDAY)

FOREX US$1 = P 48.070

PHISIX 7,019.18

X X Briefly

1.00

115.43

cent

points

Top priorities DAVAO City's business leaders are looking to regain the growth momentum lost last year due to the coronavirus pandemic, with digitalization and stronger trade ties in the sub-regional grouping known as the East ASEAN Growth Area (EAGA) among the priorities. “The economies of Davao and Mindanao need to recover the lost ground and momentum they had before the pandemic,” said Maria Lourdes G. Monteverde on Friday after formally taking the helm as this year’s president of the Davao City Chamber of Commerce and Industry. Davao Region’s economic output had been increasing steadily between 2017 and 2019, with gross regional domestic product recorded at P900.4 billion in 2019 driven mainly by the wholesale and retail trade, according to the Philippine Statistics Authority. Regional output in the two previous years amounted to P785.1 billion and P841.4 billion, respectively.

Bamboo devt push STATE-RUN Development Bank of the Philippines (DBP) has committed P1.2 billion to help jumpstart the Mindanao bamboo industry development program, which is intended to protect watersheds and provide livelihood to farmers and remote communities. Funding from the DBP Forest Program will help set up a processing facility in each of the eight initial bamboo cluster sites located in major river basins, according to Secretary Emmanuel F. Piñol, chairman of Mindanao Development Authority (MiNDA), which organized the Mindanao Bamboo Summit on Jan. 19 in Cagayan de Oro City. DBP President Emmanuel G. Herbosa was among the signatories to the Pledge of Commitment for the bamboo program signed during the event.

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ORTHERN Mindanao's formal sector was the top contributor to the increase of the region's economy in 2018, according to data released by the Philippine Statistics Authority in Region 10 (PSA-10) on Friday.

Based on the 2018 Census of Philippine Business and Industry (CPBI), which is conducted every five years, the region registered 16,575 establishments belonging to the economy's formal sector, or a 104.1 percent increase

compared to the 2012 data. PSA-10 estimates the region's average increase of new businesses at 1,409 per year. PSA-10 Regional Director Dr. Janith Aves said the ECONOMY/PAGE 7

Davao opens first route for Interim Bus System TOURIST SPOT. Local tourists enjoy the breathtaking sight from a viewdeck in Vista West Café in Barangay Kiliog, Libona town in Bukidnon. The café is enjoying brisk business from local tourists in search of scenic spots where they can enjoy the cool mountain air after months of being under community quarantine due to COVID-19. mindanews photo by froilan gallardo

Convicted by Sandiganbayan, CDO ex-lawmaker says he is innocent By GERRY LEE GORIT, Reporter

CAGAYAN DE ORO CITY – Following his conviction along Janet Napoles and several others over the P10 billion pork barrel scam by the Sandiganbayan, former congressman Constantino Jaraula said Saturday he is innocent of any wrongdoing. Jaraula said he will file a motion for reconsideration to reconsideration to Sandiganbayan.

Jaraula, 83, who served as this city’s congressman for three terms from 1998 to 2007, insisted he has no participation in the Priority Development Assistance Fund (PDAF) scam. Napoles was said to be the mastermind of the PDAF scam where public funds were pocketed in cahoots with senators and members of the House of Representatives

and other public officials and private individuals. The former legislator said he was not involved in the INNOCENT/PAGE 7

By ANTONIO L. COLINA IV, MindaNews

DAVAO City– The city government rolled out Friday the first route of Interim Bus System (IBS), deploying an initial fleet of seven fullyair conditioned bus units of Davao Metro Shuttle Corp. to “bring convenience and ease of transport to the local passengers.” During the launch of the project on Thursday streamed live over the Land Transportation Franchising

an d R e g u l at or y B o ard (LTFRB)-Davao’s Facebook page, Mayor Sara Duterte said her vision of a more efficient transport system when she came back as mayor of this city in 2016 was starting to realize. She said buses will make the transport system here more efficient as they have bigger capacity compared to jeepneys. ROUTE/PAGE 7

COCONUTS FOR SALE. A familiar scene during "tabo" (market day) in Malaybalay City. photo by h. marcos c. mordeno/mindanews

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