BusinessWeek MINDANAO THE BUSINESSMEN’S NEWSPAPER
2013 ppi’S Best in Business and Economic Reporting
Volume V, No. 89
Market Indicators
As of 6:16 pm jan. 13, 2015 (Tuesday)
FOREX
PHISIX
US$1 = P44.77
7,399.00 points
10
X X Briefly 40.64
cents
points
Biz permit payment THE City Treasurer here on Tuesday warned that an extension of the payment of business permits beyond January 30 is illegal. City Treasurer Glenn Banez said that under the local government code, the payment and renewal of business permits start on January 1 until January 20 every year. Banez issued the warning after receiving reports that the City Council has allegedly passed a resolution extending the payments and renewals of business permits until March 31,2015. He said that any extension of the payments and renewals of business permit fees must come from the recommendation of the City Treasurer only.
Sasa Port THE P18.99-billion Davao Sasa Port Modernization project will be the first public-private partnership (PPP) project to be rolled out this year, with the Transportation department set to publish the invitation to bid within the week. Department of Transportation and Communications (DoTC) Secretary Joseph Emilio A. Abaya told reporters on the sidelines of an event in Quezon City on Wednesday: “We have to meet again because Friday is our deadline to publish the invitation to bid. That’s what the BAC told us. We just have to finalize some minor details.” This represents a twoweek delay from his earlier announcement last month, saying “Davao Sasa will be able to publish an invitation to bid before Christmas.”
P15.00
Oro council overrides Oca’s veto on budget www.businessweekmindanao.com
A
By Philippine News Agency
N embattled City Mayor Oscar Moreno on Tuesday said he would not recognize the city council’s approved P2.08-billion budget for 2015. The majority bloc members of the City Council here on Monday approved the city government’s 2015 budget amounting to P2.08 billion after the august body decided to override Moreno’s veto of the proposed budget. A peeved Moreno announced over the radio that he would seek legal remedies with the Department of Budget and Management (DBM) to reject the approved 2015 budget here. Earlier, the City Executive submitted a proposed P3.8-billion budget for 2015. Moreno said that the proposed budget would cover the various projects of the city government this year.
The City Council, however, found Moreno’s proposed P3.8-billion budget unattainable and scaled it down to P2.08 billion, down by about P1.7 billion. More n o ve t o e d an d returned the P2.08 billion when the City C ouncil endorsed it for approval by the City Executive. During the regular session on Monday, the City C ouncil, however, overrode Moreno’s veto and approved an ordinance for the implementation of the P2.08-billion budget for 2015. City Councilor Prexy Elipe, chair of the city council’s committee on finance, ways and means,
Wednesday | January 14, 2015
said that the local august body approved the 2015 based on the income and expenditures of the city government in 2014. He said that Moreno h a s prop o s e d a “ lu mp sum” budget of more than P 1.2 billion in 2015 - in addition to the P2.3 billion budget in 2014 - without an accompanying program of works on what, where, and how the money would be spent. E l i p e s a i d t h at t h e city council has invited concerned department heads during the budget hearing in November to defend the proposed budget of their departments, but they did not come because they traveled abroad with the City Mayor. “ We , a t t h e C i t y C ouncil, cannot simply approve a budget without a corresponding program of work. We are simply protecting the interest of budget/PAGE 11
EMBATTLED. Cagayan de Oro City Mayor Oscar Moreno vows to seek legal remedies as the City Council rejected his veto power thereby approving the city’s P2.08-billion budget for 2015. photo by mark francisco
Water project proposed to rival Aboitiz venture By CARMELITO Q. FRANCISCO, Correspondent
DAVAO C it y - - C ebu based firm HelpMate, Inc. has submitted a proposal to develop the city’s main river system, the Davao River, into
a potable water source aiming to rival the P10-billion bulk supply project of Aboitiz Equity Ventures, Inc. (AEV) project/PAGE 11
Tourism law amendment mulled THE Land Transportation, Franchising and Regulatory Board (LTFRB) and the City Tourism Office are supporting the move to require all Tourist
Transport Drivers (TTD) to undergo tourism orientation seminars. This will be conducted law/PAGE 11
COAL DELIVERY. MV Sabrina, the Panamanian-flag vessel which delivered the first shipment of coal fuel starting last week to the Therma South 300-MW thermal power plant in Davao City. The power plant is on its testing and commissioning phase as it prepares for its commercial operations this year. The power plant will serve 23 electric cooperatives and distribution utilities in Mindanao, including Cagayan de Oro Electric Power and Light Co.
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