BusinessWeek M I N DA N A O CREDIBLE
Volume X, No. 91
AS OF 6:00 PM JAN. 21, 2020 (TUESDAY)
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Briefly Minimal impact THE Taal Volcano’s eruption has so far had a minimal impact on the economy as the government starts laying down the groundwork for the rehabilitation of the affected areas, a ranking official of the socioeconomic planning agency said Monday. “We don’t see it having a major effect unless there will a violent eruption,” National Economic and Development Authority (NEDA) Undersecretary for Regional Development Adoracion Navarro said in a press briefing. Navarro said some establishments in Tagaytay City have begun operating again.
IN-DEPTH
Wednesday|January 22, 2020
T
By ERCEL MAANDIG, Reporter
HE groundbreaking for the $4-billion integrated steel mill to be established in Misamis Oriental will be set in March this year, the chief of the Phividec Industrial Administration (PIA) said Monday.
MOA Signing. Signing of the memorandum agreement to lease the 305-ha property of Phividec for the $4-B integrated steel mill by a Chinese consortium. (L-R) Huili Fund Philippines President Jun Hou; Phividec Administrator Atty. Franklin Quijano; Misamis Oriental Gov. Yevgeny “Bambi” Emano as witness; and Simple Homes CEO and President Robertino Pizarro.
Lawyer Franklin Quijano said the groundbreaking will be spearheaded by the Cagayan de Oro Chamber of Commerce and Industry (Oro Chamber) under its new president, Robertino E. Pizarro. Quijano called on all
stakeholders in Mindanao to support the project, which will be located in the Tagoloan town side of the governmentown industrial estate. Pizarro described the steel mill as the country’s biggest single investment, expected to spur economic
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activity in Mindanao to "an unprecedented level". "Preparations for the groundbreaking event are now taking shape in coordination with various stakeholders and partners of the project," he said. This first Mindanao Integrated Steel Mill i nclu d e s C h i n a’s t h re e leading companies -Huili Fund, Baowu Steel Group Corporation Ltd (China Baowu), and China Metallurgical Group Corporation’s subsidiary, CISDI Group Co Ltd. (CISDI). STEEL/PAGE 11
M’danao organic rice set for export to US market By ANTONIO L. COLINA IV, MindaNews
Lesser poverty THE National Economic and Development Authority (NEDA) expects the country’s poverty rate to be halved by the end of the current administration’s term in 2022. “This would be the first time in history that the poverty rate will be halved in just six years, a significant contribution and achievement of this administration,” Socioeconomic Planning Secretary Ernesto Pernia said in a statement. This is in line with the more ambitious target reduction of poverty incidence to 11 percent from the original 14 percent by 2022, which was approved in the previous meeting of the Development Budget Coordination Committee.
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DAVAO City -- Mindanawon farmers will start the initial shipment of organic rice to the United States next month, Mindanao Development Authority (MinDA) assistant secretary Romeo Montenegro
said on Monday. He told MindaNe ws that there is an ongoing preparation for the trial shipment of 500 bags of organic rice at 50 kilos per EXPORT/PAGE 11
SCAVENGING. A young resident looks for recyclable items from a sack of household wastes in a facility in Villanueva, Misamis Oriental. mindanews photo by froilan gallardo
Tampakan mining extended for 12 years By BONG S. SARMIENTO, MindaNews
KORONADAL City -- Set to expire on March 21, 2020, the 25-year Financial and Technical Assistance
Agreement (FTAA) awarded to the Tampakan project, has been extended for 12 years – or until March 21, 2032 — in
an order issued June 8, 2016 but known only recently. Sagittarius Mines, Inc. (SMI) is developing the Tampakan project, Southeast MINING/PAGE 11
‘LARAY’. The “laray” market in Maitum, Sarangani province comes alive before daybreak every Thursday as farmers and entrepreneurs from the locality and nearby towns sell their produce at the town plaza. This “laray” on January 16, 2020 gives market-goers a wide array of crops, spices and fruits to choose from, freshly picked from local farms. photo by beth n. ramos
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