BusinessWeek M I N DA N A O CREDIBLE
Volume XI, No. 99
Market Indicators FOREX
X
US$1 = P 48.110
3.50 cents
PHISIX
X
6,851.84
11.77
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Briefly M'danao spot market THE Independent Electricity Market Operator of the Philippines (IEMOP) said Thursday that it hopes to begin commercial operations in Mindanao by late June, while also launching the enhanced design of the market in the Luzon and Visayas over the same time frame. Last month the Energy Regulatory Commission approved the WESM’s (Wholesale Electricity Spot Market) Price Determination methodology, in the form of a manual of WESM guidelines, principles and pricing mechanisms. IEMOP is a non-profit corporation that operates the WESM and the central registration body for the retail competition and open access. WESM is the venue for generators to sell excess power not covered by contracts, and where customers can buy additional output on top of these contracts.
Positive outlook ECONOMISTS expect 2021 will remain to be a challenging year for the Philippines after posting a -9.5 percent contraction last year, but they remain optimistic on a positive economic performance on the back of fiscal spending. Citing the 2020 economic data, HSBC economist Noelan Arbis said the Philippine economy “remains far from recovering” as although sequential data shows improvement, with the fourth quarter gross domestic product (GDP) posting a smaller contraction of -8.3 percent from the previous quarter’s revised -11.4 percent, “underlying data suggests that the economy remains sluggish.” Arbis attributed the still weak private consumption to cautious spending among households due to the pandemic.
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MinDA: Mindanao LGUs urged to be self-reliant T
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By WARREN ELIJAH E. VALDEZ, MindaNews
HE Mindanao De velopment Authority (MinDA) has urged local government units (LGUs) to initiate “self-reliant food production programs” to increase local food sufficiency as the country faces an increase in the demand and prices of food supplies amid the coronavirus disease (COVID-19) pandemic.
S ecretar y Emmanuel Piñol, MinDA chairman, said in a statement Tuesday that during his consultations with various LGUs, he pointed out
NO CATCH. Fishing, this man says, gives him joy even if he goes home empty-handed. photo taken in buenavista , agusan del norte by h . marcos c . mordeno
DOLE says no minimum wage hike petitions yet THE Department of Labor and Employment (DOLE) said it has not yet received any formal petition seeking a minimum wage hike. “Petition for (wage) increase has yet to reach us. We only knew about these petitions on radio and television. If they want to have an increase in their salary, they need to file a petition,” Labor Secretary Silvestre Bello III said in a Laging Handa briefing on Thursday. Bello added that setting a standard minimum wage for workers in the country
is up to Congress. He, however, said they will thoroughly study wage increase petitions once these have been filed before the agency. “Assuming that they will file a petition for increase... we have to consider so many things. First, we have to balance the interest of the workers with that of the employers. I think during this time of pandemic, what is important to workers is status of employment, it is important to them that they do not lose their jobs,” he added.
In 2018, progressive lawmakers filed House Bill 7787 seeking a PHP750 across the board minimum wage for workers nationwide. The PETITIONS/PAGE 7
that while Mindanao could sufficiently supply the needs of its population, “the rising prices of goods in Metro MINDANAO/PAGE 7
Court battles continue to grip Yansons' bus empire COURT battles between the feuding Yanson siblings continue to grip the familyowned bus company over control and shareholders rights following the stockholders meeting held recently. In a statement, Atty. Carlo Joaquin Narvasa, counsel for the contending Yanson siblings Roy, Emily, Ricardo,
Jr. and Ma. Lourdes Celina Lopez, or otherwise known as "Y4", cases and countersuits are still pending as to who has rightful control over Yanson Group of Bus Companies (YGBC). The courts will determine the real majority shareholders and to unmask the impostors,” said Narvasa. BATTLES/PAGE 7
BAD FISHING DAY. Due to bad weather, fisherfolk in Barangay Bonbon Cagayan de Oro City only catch a few fish. A vendor sells a bunch for P200. photo by gerry lee gorit
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