BusinessWeek Mindanao (January 5, 2015)

BusinessWeek MINDANAO THE BUSINESSMEN’S NEWSPAPER

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Volume V, No. 85

Market Indicators (CLOSED)

Briefly High employment GENERAL Santos City -The number of employed residents in Region 12 has slightly increased this year as local industries continued with their expansions amid the area’s improving socioeconomic condition.

Ofelia Domingo, Department of Labor and Employment (DOLE) Region 12 director, said Monday the region’s employment rate increased to 96.8 percent as of the end of November, increasing by 0.7 percent or from 95.9 percent in 2013.

Citing results of the agency’s assessment, she said the increase in the employment rate is equivalent to around 42,000 additional workers.

The agency listed the region’s employed individuals at a total of 2,742,000 as of November, up from the 2,700,000 in 2013.

Livelihood facilities SAN JOSE, Dinagat Islands -- The Department of Social Welfare and Development (DSWD) Caraga through the Provincial Social Welfare and Development Office (PSWDO) in coordination with the Office of Provincial Agriculture (OPAG) turnedover recently one unit of Corn Sheller and one unit of Corn Mill Building to Upper Laguna Corn Farmers Association in the municipality of Cagdianao, this province.

The said facilities are under the Sustainable Livelihood Program of DSWD-Caraga thru the Participatory Livelihood Opportunity Analysis and Cash for Building Livelihood Assistance, it was learned.

The corn sheller machine was given to the said association in order to have an easier and quicker production of corn which will eventually generate more income.

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Palace sees BBL passage first week of January

By JELLY F. MUSICO, Philippine News Agency

Air passengers have right for compensation if flight cancelled

PRESIDENTIAL spokesperson Edwin Lacierda last week said Malacanang is hoping for the passage of Bangsamoro Basic Law in the first quarter of this year. ”So hopefully, it will be passed in the first quarter so that we will have plebiscite and then during the time after the plebiscite, we will have capacity building so that in time by 2016, we will include it in the synchronized elections,” Lacierda said in a media briefing in Malacanang.

Lacierda said the BBL was one of the priority measures that Palace would push this year.

“We need to pass the BBL so that we will be able to capacitate the leaders of the new juridical entity,” Lacierda said.

The Bangsamoro entity will replace the Autonomous Region of Muslim Mindanao (ARMM).

“There are so many op-

portunities in the ARMM. So many untapped opportunities that have not been fully utilized. So that’s one thing that we can draw, create more opportunities for the people in Mindanao,” Lacierda said.

The proposed BBL is being discussed in Congress with the Senate conducting series of public hearings mostly in the areas to be covered by the Bangsamoro in Mindanao.

Aside from BBL, Lacierda said other priorities of the government this year are the measures on increase on government spending. ”You must remember that we are a little bit under spending tayo last year so, PALACE/PAGE 12

DANCING SANTA. Traffic aide Mark Mallorca (left) dances to the tune of Christmas jingles as he and colleagues manage the traffic in Kidapawan City in this photo taken Dec. 19, 2014. MindaNews photo by Geonarri Solmerano

OROQUIETA City -- An air passenger shall have the right to be notified beforehand via public announcement, written or published notice and flight status update service via text message, in case of flight cancellation attributable to the carrier.

This is specified in the “Right to Compensation and Amenities in Case of Cancellation of Flight,” which is among the 12 baFLIGHT/PAGE 11

New SMC power plant seen to start operation by 2016 SMC Global Power Holdings Corp. expects its 600-megawatt environmentally compliant power plant in Malita, Davao del Sur to commence full operation by first quarter of 2016 to help boost power supply, alleviate the power crisis and make affordable electricity available to consumers in Mindanao.

The Plant is designed to handle locally availaNO TO COAL. Iliganons attending a march to commemorate the third anniversary of Typhoon Sendong ble fuel thereby reducing last month express their opposition to the proposed coal-fired power plant to be built inside the compound of cement manufacturer La Farge Iligan. MindaNews photo by Roberto Klemente Timonera logistics cost.

San Miguel Corporation (SMC) president and chief operating officer and SMC Global Power Chairman Ramon

By Leslie D. Venzon S. Ang said the environmentally complaint pow- AC Energy Holdings Inc., Partners Ltd. Co. will coal-fired power plant in er plant’s first unit which a unit of conglomerate start the construction of Kauswagan, Lanao del POWER PLANT/PAGE 12 SMC/PAGE 12 Ayala Corp., and Power the 540-megawatt (MW)

Lanao’s 540-MW coal power plant to begin construction this year

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E conomy 2 BIR intensified collection drive continues to pay off Best in Business and Economic Reporting

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THE intensified collection efforts of the Bureau of Internal Revenue (BIR) in northern Mindanao and its implementation of reforms continue to pay off as the

region posted another double-digit collection growth in the third quarter of 2014.

Data gathered by the National Economic and Development Authority

(NEDA) in the region shows that BIR collected P2.47 billion, up by 19 percent from the P2.08 billion collected in the same period in 2013.

Revenues from income taxes remained the top source of revenue at P1.65 billion, contributing 67 percent to the total regional tax revenues for the quarter.

Collections from value-added tax (VAT) accounted for 23 percent of the total while the remaining 11 percent was

shared by percentage, excise, and other taxes.

The reference period marked the 15th consecutive quarter of double digit growth collection growth by BIR, according to NEDA-X. Among the revenue district offices (RDO), Cagayan de Oro City RDO posted the highest growth at 23 percent driven by notable receipts from income tax and VAT. It also topped anew

NGCP’s ‘Stay Safe’ campaign continues in Mis. Occidental OZAMIZ City – The “Stay Safe” campaign of the National Grid Corporation of the Philippines (NGCP) in Misamis Occidental continues.

“The campaign involves the distribution of information, education and communication (IEC) materials that NGCP has produced, Atty. Cynthia PerezAlabanza, head of Corporate Communications and NGCP spokesperson, said.

NGCP/PAGE 11

Davao del Norte to host Palarong Pambansa 2015

TAGUM City -- Davao del Norte bested four other provinces to earn the hosting rights to the Palarong Pambansa this year.

BIR/PAGE 11 The province nabbed

16 out of the 18 votes during the final bidding and deliberation of the Department of Education Management Committee at the Department of Education Main Office in Pasig City, Metro Manila. The committee was made up of DepEd regional department heads, representatives from their main office, and representatives from the Philippine Sports Commission. The voting was done through secret balloting.

The committee took into consideration the results of the visits of DAVAO/PAGE 3

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Davao... from page 2

the technical inspection team to the bidding provinces. The visits, which occurred during the last few months, mainly assessed the billeting sites and playing venues among other things.

The results showed Davao del Norte lead by a huge margin with a final score of 87.2 % followed by Surigao del Norte with 81.9 %. The other three provinces were Zamboanga del Norte, Lanao del Norte, and South Cotabato.

Also taken into consideration were the final presentations of the provinces, which summarized their capabilities to host as well as their responses to the improvements suggested by the technical inspection teams.

DepEd secretary Armin Luistro stated that it was the readiness of Davao del Norte to host that set it apart from the rest.

“When we ranked them, and Davao del Norte at Tagum was ranked number one. Talagang handang handa na yung kanilang facilities at konti na lang, if any, ang kailangan i-fine tune o kaya ay ayusin,” he said.

Assistant Secretary for Legal and Legislative Affairs Tonisito Umali also commended the nearness of the playing venues to the billet-

ing sites.

“Pag sinabi natin na kahandaan ng pasilidad, pinag-uusapan natin na pareho po yung playing venues at yung billeting quarters,” he said.

Davao del Norte boasts of an 11-hectare sports complex, the newest among the facilities of the provinces who bid. It includes a 3,000 capacity main grand stand fronted by an eightlane rubberized track oval and a football field, an Olympic-sized swimming pool with an adjacent warm up pool and a 500-capacity grandstand, a gymnasium, two tennis courts, and a club house. Currently under construction are basketball courts, a softball field, and a baseball field.

Luistro also praised the organized system of Davao del Norte in conducting the Palaro.

“They presented a very, very organized way of doing the Palaro, especially because the facilities are so oriented na hindi masyadong mahihirapan yung mga student athletes natin, technical officials, at yung mga manonood,” he said.

Undersecretary for Regional Operations Rizalino Rivera expected Davao del Norte to stage the smoothest Palaro yet.

“I hope it’s going to be the smoothest Palarong

Pambansa ever. From transportation, from the time the delegations arrive, their stay, security, everything,” he said.

Since the inauguration of the complex on December 12, 2012, Davao del Norte had hosted several sporting events, such as the 2014 Privates Schools Athletic Association Games, the 2013 and 2014 Davao Region Athletic Association Games, the 2013 Batang Pinoy Mindanao Leg, the PFF Regional Qualifiers, and an exhibition game between the Philippine Azkals and the Davao del Norte Police Provincial Office in July 2013.

Davao del Norte governor Rodolfo P. Del Rosario gave his assurance that the staging of the annual sports fest in his province would be the best experience ever.

“We assure them that we would give them the best Palaro, and that would be our battle cry. The best Palaro ever,” he said.

After the Palaro, Del Rosario plans on strengthening the sports development program of the Davao Region by setting up the first Sports Academy in the country, wherein athletes from all over the country would receive high quality training to prepare them for local and international competitions.

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Lakas ng Bombo …

Ramdam ng Mundo!

On a yearly basis, senior managers, station executives, and top officers of Bombo Radyo Philippines congregate for the annual Top Level Management Conference (TLMC) to assess the performance, set goals, and give award to those who were able to exemplify the network’s best practices. This is a week long strategic planning session with its vision to continue excellence in radio leader Dr. Rogelio M. of the poor in the philFlorete, Bombo Radyo ippine society. broadcasting.

From January 5 to 10, 2015, this year, Iloilo City will again host the top level management conference (TLMC) for 2015 with the theme: Lakas ng Bombo…Ramdam ng Mundo!

The theme of the conference reflects a reality: Through the dint of the creativity, hard work, visionary leadership and judicious reading of the sign of the times wherein Bombo Radyo Philippines has continued its dominance in the radio industry being preferred by choice of the majority of the radio listeners.

Under the handson leadership of media mogul and multi-awarded business

Philippines has maintained its front running position in the radio industry, leading the way in the application of cutting edge technology, the use of creativity in programming, the crucial delivery of content plus the harnessing of logistics to serve the public.

The network has retained its well earned reputation of having repeatedly launched various effective campaigns which ensured product movement of sponsor products. Its brand of corporate social responsibility has not remained in the dole out mentality but enjoined big business to forge a strategic alliance with the man on the street the poorest

The enhancement and betterment of services meant not just for the filipino listener who considers bombo radyo philippines as its primary source of news, information and entertainment. the ever expanding filipino diaspora (an estimated 11 million filipinos are working abroad), Bombo Radyo Philippines is reaching to the filipino wherever he might be.

With the bombo network news, the content emanating from bombo broadcast centers is made available in audio and video streaming 24/7 to include the network’s highly visited website.

Bombo Radyo Philippines under Dr. Rogelio M. Florete continues

to enhance and expand the capability of the network to be of better service to the filipino radio listeners. This kind of service oriented leadership is being gradually turned over to his children Senior Vice President Margaret Ruth C. Florete and Executive Vice President Rogelio C. Florete Jr. his firm commitment to improve the quality of life of the filipino has set the tone and direction of the network. Today media is being challenged to bring to the consciousness of our country men the effects of cli-

mate change and bring awareness of disaster to the lives and property of our countrymen.

Indeed lakas ng B omb o…R amdam ng Mundo affirms the commitment of Bombo Radyo Philippines to offer the best of radio to the filipino as well as imbibe to its listeners the ability to transform lives. This dynamics is a continuing love affair of the filipino listeners with bombo radyo philippines as an affirmation of being the number one radio network in the country…

Basta Radyo…Bombo!

Del Monte Pacific announces $180-M rights issue plan DEL MONTE Pacific Ltd. (DMPL) on Tuesday announced a plan to raise as much as $180 million through a rights offer in the Philippines and Singapore, as part of its bid to pay debts related to its purchase of a consumer food business in the US. In a disclosure to the Philippine Stock Exchange (PSE), the dual-listed company said the capitalraising plan involves a renounceable underwritten rights issue in Singapore and a stock rights offering in the Philippines.

DMPL is both listed on the PSE and on the Singap ore Exchange (SGX). The rights issue, according to the disclosure, will involve 641.9 million new ordinary shares. DMPL has so far issued a total of 1,296,600,071 shares, excluding treasury shares.

“The company intends to raise gross proceeds of up to $180 million,” the disclosure read. “The issue price will be priced at a discount within the discount range of 20% to 25% to a reference price,” the company said.

DMPL plans to tap DBS Bank Ltd. as the lead manager and underwriter for the Singapore rights issue; and BPI Capital Corp. for the Philippines right issue.

“Subject to the agreement on terms, the company will enter into a Singapore management and underwriting agreement with DBS and a Philippines management and underwriting agreement with BPI…” the disclosure read.

Teacher’s Role: Essential to the Development of Healthy Living

By Arlyn Andulana-Padilla, PhD “Teaching is not a profession but a vocation” is a common adage which guides and reminds those who are presently teaching and those who are aspiring to become one, that to be a teacher is not merely having a career and becoming professional, rather, to be a teacher is carrying out the missions entrusted to us in moulding the students not only their intellectual prowess but also their physical, emotional, social and spiritual aspects. But how can we do all of these? My dear teachers, the answer lies in our day-to-day encounter with them and that is to be the best visual aids for them. Let us be the role models to our students.

Teachers play different cru-

cial yet challenging roles for the students. These roles are vital in shaping the nation’s youth and in preparing them to make positive contributions to our society. In order to carry out these roles in educating students to become useful and successful members of the society, development of the teacher‘s physical, mental, social, emotional, occupational, and environmental wellness should be maximized first and foremost to the highest level.

The entire system of wellness is vital in attaining and maintaining optimum health. In other words, the teachers’ grand production of health principles is equivalent to healthy lifestyle and optimum wellness not only to oneself but

also to other people particularly the students.

“Mens Sana in Corpore Sano”, implies a healthy mind in a healthy body. Teachers, more than any other person, need to be healthy in both mind and body. To cope with the demands of their work, teachers should be healthy not only mentally and physically but also socially, emotionally, occupationally and environmentally.

By setting good examples, teachers can have direct and indirect impact on the students’ healthy lifestyle. Among the tasks that teachers can do to promote healthy lifestyle among the students are: teaching them useful

skills, developing their positive attitudes, imparting them knowledge on proper diet and nutrition, and encouraging them to actively engage in sports and other physical activities that they can do for total wellness.

One of the major tasks of the teachers in the classroom is to promote healthy living to ensure that the students will be able to attend classes regularly and perform other responsibilities in school. However, these can only be successfully implemented if teachers have sufficient knowledge and experience on what they are trying to promote. That is why, teachers should walk their talk, so the students would also be encouraged to do

the right things, as what they are being taught. Remember teachers, we cannot give what we don’t have.

So, for us to promote healthy lifestyle to our students, we too must have a healthy lifestyle that they can see and follow, and we too must also be fully equipped with the basic knowledge on the “how” and the “what” of it so our students would be filled with the information they needed in order to achieve total wellness.

Teachers, please do remember, we are the best visual aids! The future of the youth lies in our own healthy hands! Let us not forget Jesus, who is the Potter and we are the clay; teachers too are the potters and the students are the clay.

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Congratulations to the winners and THANK YOU to our valued Presenters and Sponsors In cooperation with…………………

• The ROTARY CLUB of CAGAYAN DE ORO

FINALISTS: FINALISTS FOR NEWS WRITING COLLEGIATE CATEGORY M9s1m1

1.

2.

3.

4.

5.

Ju Nice Marban, PhinMa, COC (WINNER) Rezza Mae B. Tolinero, Xavier University Yellen Dianara C. Bacolod, MUST DARYL H. BAO, Mindanao University of Science and Technology Alemania, Cristeah A., Gingoog Christian College

FINALISTS for NEWSWRITING HIGH SCHOOL CATEGORY 1.

KIMBERLY Q. LOFRANCO – Gingoog City Compr HS (WINNER) 2.

CARY LOVE YBANEZ - Kauswagan NHS 3.

PRINCESS LOU CARPENTERO - Bukidnon National High School 4.

CHRISTINE ROSE RANELIE – Ozamiz City National High School 5.

BENESS C. PANUGAN - Aloran Trade High School

FINALISTS for FEATURE WRITING COLLEGIATE CATEGORY 1.

Ariana Cristelle L. Pagdanganan, Xavier University 2.

Egypt F. del Rosario, Phinma-COC 3.

Gabrielle V. Aranas, MUST (WINNER) 4.

Regina Mitchell Louise T. Ador, MUST 5.

Alonto, Glysedi Vive B, Bukidnon State University

FINALISTS for FEATURE WRITING HIGH SCHOOL CATEGORY 1.

Maria Inez Roa, Corpus Christi, Cagayan de Oro 2.

Mharvy C. Carcallas, SCONCHS, 3.

Jilliane S. Bogida, Gingoog City Comprehensive National High School 4.

Liezl Evangelista, Aloran Trade High School, Mis Occ 5.

Warren Olimberio, Impasugong National High School (WINNER)

FINALISTS for SPORTS WRITING HIGH SCHOOL CATEGORY 1.

Justine Jay T. Cañeza, KNHS, Cagayan de Oro 2.

Jerlie V, Belida, Tudela NCHS 3.

Bern Erick M. Quinol, GRSHS-X(WINNER) 4.

Fidel Joseph L. Lopez, Bukidnon National High School 5.

Yvonne I. Lamigo, Valencia National High School

FINALISTS for SPORTS WRITING COLLEGE CATEGORY 1.

Crisanti B. Salde, Xavier University 2.

Jun Geiane Clyde Alih, Phinma-COC (WINNER) 3.

Jose Victor M. Bacsarpa, Phinma-COC 4.

Lumaban, Nonolzska W., Gingoog Christian College 5.

Orial, Lovelyn D., Bukidnon State University

FINALISTS for SCIENCE REPORTING COLLEGE CATEGORY 1.

Jaymaica P. Maraguinot, XU, Cagayan de Oro (WINNER) 2.

April Rose Gahucom, MUST 3.

Needheart Ranken A. Obenita, PHINMA-COC

FINALISTS for SCIENCE REPORTING HIGH SCHOOL CATEGORY 1.

Zaira Mae G. Dehing, KNHS, Cagayan de Oro 2.

Shienna Mane G. Amorio, GRSHS-X 3.

Justyn Clear P. Salise, Philippine Southfield School 4.

Rachelle B. Masinading, Bukidnon National High School (WINNER) 5.

Bellelyn A. Cabresos, Gingoog City Colleges

FINALISTS for PHOTO JOURNALISM COLLEGIATE CATEGORY 1. Jade Alfie V. Sale, Xavier University- (WINNER) 2. Jay Mark Crisostomo, PHINMA, COC 3. Renz Marion F. Osa, Mindanao University of Science and Technology 4, Regin Marie C. Gomez, Gingoog Christian College 5. Karl Oliver Delapeña, Mindanao University of Science and Technology

FINALISTS for CIVIC JOURNALISM CATEGORY 1.

Shiela M. Fernandez, DepEd Cag de Oro (WINNER) 2.

Jumel P. Parnocillo, Clarin Mis.Occ. 3.

Decius Esmedalla, Cag de Oro 4.

Cheeney C. Baula, Cag de Oro 5.

Joey C. Valenzuela

FINALISTS for PHOTO JOURNALISM HIGH SCHOOL CATEGORY 1. BRINKLEY ANGELI S. DETICIO, Bukidnon Natl High School, Malaybalay 2. RAFAEL JOHN G. VELOSO, Ozamiz City National High School (WINNER) 3. DOREEN DAITOL Kauswagan NHS Caption 4. ANGELOU D. LIBUTAN , Looc National High School, Plaridel, MisOcc 5. RITA ENDRINA, Gingoog City FINALISTS for BUSINESS REPORTING CATEGORY 1.

Charlin S. Mejorada, Mis. Occ. 2.

Jumel P. Parnocillo, Clarin Mis.Occ. 3.

Pablita A. Delgra, Cag de Oro 4.

Nicole N. Aballe, Cag. De oro 5.

Cesar Stefan Rago, Cag de Oro (WINNER)

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Live Your Dreams Think a minute…Someone said: “If you have more memories than dreams, then you’ve lost your passion for living.” Imagine if we all actually lived our dreams with our eyes wide open! The problem many times is not that most people aim too high and miss, it’s that they aim too low and hit. We’ll usually get what we aim for. One of the richest men in the world said: “You have to think anyway, so why not think big!”

Our dreams shouldn’t put us to sleep, they should wake us up to all our possibilities.

One great leader put it this way: “The prize goes to the person who sees the future the quickest.

And the best way to predict the future is to invent it. After all, if you don’t know where you’re going, how will you know when you get there?”

So if you and I can just set our goals, then concentrate on reaching them, we could actually begin to live our life on purpose instead of by chance.

But to make our dreams come true, we must live by 3 rules.

First: Start right now. Second: Do your very best. And third: There are no exceptions to the first 2 rules.

The former world record holder in the mile run, Jim Ryan, said: “Dreams are what get you started, but discipline is what keeps you going all the way.”

How many times have you seen exciting new businesses start up with great success? They were impressive and promising, but

THINK

A Minute

By Jhan Tiafau Hurst

then in only a short time they failed and went out of business.

They did not pay their debts, or they dropped the standards of their product or service so low that they lost their customers.

It’s like some of us who diet and lose heaps of weight, but then after awhile we gain most all of it back. Why? We just did not discipline ourselves to stay with it and permanently change our daily eating habits and lifestyle.

So how about you? Do you have a dream or goal that you dare to commit to, concentrate on every day, and then complete? Something that at the end of your life you don’t want to look back and wish you had done or lived differently.

Why not start now? Ask Jesus Christ to help you know the right, best dreams and goals for your life. Then, He will also help you with the discipline and will power you need to really live your dreams—with your eyes wide open. Just Think a Minute …

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A most precious gift Last January, my dearest wife Mira was diagnosed with aphasia. Aphasia is a ner ve disorder which has rendered her totally helpless, confined to bed, and completely deprived of her ability to speak.

Three days before Christmas, I received a most precious gift. For the first time in almost a year, Mira was able to sit up and watch a full-length HBO movie. I asked her if she wanted anything. I read her lips and clearly understood: “Popcorn”.

Thank you Jesus. You are so good and merciful.

- - On December 19, 1917, Muntinlupa, then a barrio of Taguig, became a separate Municipality by virtue of an Executive Order signed by Governor-General Francis Burton Harrison.

For a long time, Muntinlupa was a sleepy community, known only to the outside world as the site of the New Bilibid Prisons as well as the Alabang Stock Farm and Serum and Vaccine Laboratory.

The op ening of t he

South Super highway in 1956 provided the initial imp etus for t he tow ns development. Originally conceived as a short cut from Highway 54 (now EDSA) to the Makiling site of the 1958 Boy Scouts World Jamboree, the once two-lane dirt road attracted business and industry southward.

Factories sprouted on both sides of the highway and soon posh subdivisions were carved out from large tracts of mango orchards and grassland.

The once sleepy town awoke from its slumber.

Today, Muntinlupa is a first class, highly urbanized city.

As Muntinlupa observed its 97th anniversary the other week, it was altogether fitting and proper that Muntinlupa recognized some of its citizens who have devoted “Lakas, Talino at Buhay” and helped make what Muntinlupa is today.

Mayor Jimmy Fresnedi recognized Ten Outstanding Citizens of Muntinlupa as well as other individuals who have given honor and prestige to the City.

In no particular order, Mayor Fresnedi recognized The Ten Outstanding Citizens of Muntinlupa for 2014 as follows: Sherwin Gonzales Lomeda, scholastic achievement; Felicitas Carlos Rabonza, private education and community service; Danilo J. Carandang, entrepreneurship, community development and education; Daisy B. Rodenas, education and church service; Dionisio A. Alog, entrepreneurship and civic volunteerism; Mark Lester C. Collamar, youth leadership; Leonora Calubaquib, gender equality a d v o c a c y, c o m m u n i t y assistance; General Roberto P. Rongavilla, police and civic service; Dino P. Canlas, creative photography, out of school outreach; Rowena R. Hibanada, outstanding teacher.

Five other individuals who have given honor and prestige to the Muntinlupa were recognized as follows: Michael Christian Martinez , Olympic ice skater; Clemente Domingo III, advertising executive; Edwin Marollano, prize-

SPEAKING

O ut

By Ignacio Bunye

winning pop song writer; Pastor Paul Chase, senior Pastor, Newlife Christian Center and honorary citizen of Muntinlupa, and Ignacio R. Bunye, retired public servant.

Also recognized were the following board examinations topnotchers: Engineer Harvey Malolos, No. 1, civil engineering exam last May; R-J Esposo, No. 1, nutritionist-dietitian board, and Engineer Paul Lawrence Prado, No. 3, Mechanical Engineering Board exam last October.

Note: You may email us at totingbunye2000@gmail. com.

Rizal and the sickness called ‘indolence’ Now over a century since Dr. Jose P. Rizal was executed at Bagong Bayan in Luneta on December 30, 1998, let us be refreshed on one of the ways he championed our honor and integrity.

In the latter half of the 19th Century a debate broke out on the nature and disposition of our forefathers, the natives, whom the colonial rulers called “indios” and disparaged as backward and lazy.

On one side were the Filipino intellectuals of the time; on the other, the Spanish colonial authorities. The issue: “The Indolence of the Filipino.”

As was his wont, Dr. Rizal confronted the issue in an essay of the same title, befitting his role as an articulator of his generation’s nationalist sentiments. ***** Curiously, he addressed the issue not so much to deny the charge of indolence, as many vigorously did, but sought to turn the table against the Spaniards by confirming it.

In effect he said, “Of course Filipinos are indolent! How can they be otherwise? With all the abuse and mistreatment they have been subjected to, any people would become indolent!”

He clarified the word “indolence” as meaning sluggish or lazy as a result of illness; he was a doctor and he knew whereof he spoke. H explained how the illness develops; how it debilitates one subjected to repeated indignity and abuse; and how it ultimately weakens the will, making the victim appear indolent or lazy. But in fact, he is merely ill. His behavior is caused by the ravages of illness.

To place the issue in context,

he recounted how before the Spaniards came and imposed colonial rule Filipinos were among the most creative and productive of Asians, commercially active and adventurous, producing wares that were much in demand abroad. ***** He traced how Ferdinand Magellan and Pigaffeta witnessed and chronicled the prolific craftsmanship and output of Filipinos—describing how ships from India, Siam (Thailand), and other places would sail in to be loaded in Cebu with gold, silver, and other goods from the islands.

He cited Spanish, Dutch, Por tugues e, and ot her chroniclers who marveled at the masterful Filipino shipbuilders, miners and jewelers, weavers of silk and cotton and pina textile, farmers and fisherfolks, craftsmen and warriors, even distillers in their many barangays.

He quoted Morga and other witnesses who described the paraus and vintas and large vessels that plied Philippine seas, some so large they had a hundred rowers on each side. And he referred to the great alliances Filipinos had with Indonesia and outlying peoples, helping them quell revolt or liberate their islands from pirates. (Our memory of this was refreshed only a year ago when the issue of Sabah as a possession of the Sultan of Sulu surfaced—a gift of territory for helping quell rebellion there ages ago.)

We owe Rizal for portraying the true nature and character of Filipinos in their original state—when they were free and unspoiled by alien strictures

and demands, a people with boundless industry, creativity, and resourcefulness. ***** In his inimitable style, he told of how colonial abuse damaged the character of our simple folk, how the Spanish Regime dehumanized trusting people even as it appropriated the latter’s produce and services as “tribute,” treating them as little more than slaves or beasts of burden.

It was a scathing indictment of colonial exploitation—of imperious masters pushing the limits of citizen patience, of seemingly petty habits like taking long siestas while “indio” domestic workers fanned them, of their control of all facets of life, and of their levying all sorts of taxes.

Centuries of that drained the Filipino’s self-esteem and confidence, Rizal wrote.

Ultimately, it discouraged him from doing or producing anything that fed his master’s covetousness or intensify his sense of entitlement to anything an indio produced.

“Who would work, let alone work hard,” he wrote, “knowing that at harvest time his crop would only fatten the executioner?” They also had to render compulsory labor to maintain roads and other public works. And as if these were not bad enough, one had to respond to demands of spoiled señores and señoras, señoritos and señoritas, who reveled in having muchachos and muchachas at their beck and call. ***** No less devastating to the Filipino’s psyche was the narrow-mindedness of friars who urged him to devote more time to spiritual rather than

The Worm ’s

Eyeview

By Manny Valdehuesa

“material” pursuits. Simple people were told to eschew “material” undertakings such as working their mines, engaging in commerce, operating their looms—and instead look to heaven to save their souls!

Rizal would lament: “The friars were preparing Filipinos for death as their only consolation in life!” Dispirited and weakened, indolence ailed them. Colonial maltreatment turned them sluggish and made them regress to a backward state.

But what Rizal didn’t point out in this essay was that while indignity weakened the spirit of the Filipino of the time, it laid the premise for his ultimate awakening and defiance against colonial rule.

Manny is former UNESCO regional director for AsiaPacific; secretary-general, Southeast Asia Publishers A s s o c i a t i o n ; d i r e c t o r, development academy of Philippines; member, Philippine Mission to the UN; vice chair, Local Government Academy; member, Cory Govt’s Peace Panel; awardee, PPI-UNICEF outstanding columnist. He is president/national convenor, Gising Barangay Movement Inc. valdehuesa@gmail.com

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PH posts budget surplus in November

THE Philippines is poised to end the year with a budget deficit that is way below target after expenditures failed to live up to government promises of a takeoff.

In a statement, the Department of Finance (DOF) said the national government incurred a budget surplus of P6.8 billion last month, higher than a year ago's P1 billion.

The surplus stemmed from expenditures contracting 8 percent year-on-year, or double the 4 percent decline in revenues for November.

The surplus last month has narrowed the year-to-date budget deficit by 76 percent year-on-year to P26.8 billion. The end-November

deficit is way below the P266 billion full-year ceiling.

A deficit happens whenever expenditures outpace revenues, and a surplus the reverse. Last month, revenue reached P158.2 billion, whereas expenditures were lower at P151.4 billion, thus the surplus for November.

Revenue reached P1.7 trillion in the first 11 months of the year, whereas expenditures were higher at P1.8 trillion, thus the year-todate deficit.

"With the recent Moody's credit rating upgrade, as well as improved scores in the Millennium Challenge Corporation scorecard leading to our eligibility for a second com-

by banks — and the reverse repurchase agreement (RRP) – are substitutes for each other as alternative facilities to park excess funds in the BSP. BSP logo“The funds flowback from the banks to the BSP’s facilities has been lower than expected. In some sense, we look at this in a positive light because it means banks have been able to turn them around in terms of more produc-

and macroprudential to contain inflation growth – have yielded the desired results, so far. “These moves (are) aimed at moderating the growth of the money supply and domestic credits.”

Guinigundo said a 50 basis points adjustment in overnight RRP (July to September 2014), for example, had a passthrough rate of above 61 percent to bank lending rates (October). The avBSP/PAGE 12

China Bank/PAGE 12

pact, one thing is clear: the Philippines is in a virtuous cycle. Prudent fiscal management by the national government keeps us in this sweet spot, reaping rewards and raring to reach for more," Finance Secretary Cesar V. Purisima said.

Earlier this month, the Philippines bagged its second upgrade from Moody's Investors Service, cementing the country's status as an investment grade sovereign. At about the same time, the US government-run Millennium Challenge Corp also announced the Philippines' eligibility for a second grant based on the country's improving rankings in good governance.

tive loans or investment,” said Guinigundo.

SDA volume reached a high of over P1.9 trillion in February 2013.

In the same year the BSP implemented new measures to limit banks’ trust departments’ access to the SDA facility. Under pooled funds, only unit investment trust funds are SDA-allowed trust accounts.

Guinigundo said the BSP’s preemptive measures – both monetary

China Bank to further expand branch network LISTED LENDER China Banking Corp. (China Bank) is eyeing to open at least 50 new branches throughout the country next year as it closes 2014 with a network beefed up by its acquisition of Planters Development Bank (Plantersbank).

“For 2015, [China Bank] is kicking up its expansion program. In the pipeline are at least 50 additional branches, partly driven by the Plantersbank acquisition which granted the bank 65 branch licenses in restricted areas in Metro Manila,” China Bank said in a press release on Tuesday.

“China Bank is targeting to open half of the 65 as part of the planned 50 new branches next year,” the Sy-led lender said.

In the same press release, China Bank said it is opening seven branches this month to close the year with 470 branches nationwide: 314 branches for the main bank, and 156 branches for subsidiaries China Bank Savings and Plantersbank (at 78 branches each).

The main bank opened 19 branches this year, while the savings unit added seven branches, the press release said.

China Bank, the country’s eighth largest bank in asset terms, secured clearance from the Bangko Sentral ng Pilipinas in June to gain full control of Plantersbank, a major player in the small-to-medium enterprises sector.

In January, China Bank paid P1.579 billion -- or the bulk of the total purchase price of P1.863 billion -- for 84.77% of the capital stock of Plantersbank, held mainly by the Tambunting family and Dutch development bank FMO. The next month, China Bank’s board approved a plan to buy additional Plantersbank shares held by the Asian Development Bank to raise the Sy-led lender’s stake to 86.14%.

In June, China Bank said it will acquire the last 13.59% Plantersbank shares it does not yet own through a tender offer.

China Bank “launched its branch expansion program in 2006 when it had only 141 branches,” it noted in its latest press release.

“Since then, the bank has tripled its total branch network, boosted by the acquisition of Manila Bank in 2007, Unity Bank in 2013, and Plantersbank early

Parked funds fall below P1T – BSP THE central bank’s special deposit accounts (SDA) facility dropped below P1 trillion for the first time since October 2010.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo considered this a positive development since less bank funds in SDAs mean a non-inflationary and sustainable economic expansion. SDAs – which are fixed term deposits

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Happy New Year and have a prosperous

2015!

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Lucky, unlucky signs in Year of the Sheep A FENG shui expert has revealed his predictions for the various animal zodiac signs in 2015, as people prepare for the coming Chinese New Year.

Hanz Cua said the coming Year of the Sheep, which will start on February 19, will be a calmer and a more prosperous one compared to the previous year.

His charts suggest that luck and better opportunities will rain down on all but two animal zodiac signs, especially since all five elements --fire, wood, earth, water, and metal-- are present.

To compare, he said 2014 was a year of conflicts and misunderstandings due to the dominant presence of the fire element.

"There will be more cooperation with each other," he predicted for 2015. "Maraming pagtulung-tulungan between nations at maraming teamwork na mangyayari next year."

Rat (1924, 1936, 1948, 1960, 1972, 1984, 1996) Cua said those born in the Year of the Rat will be the "luckiest" among the 12 animal signs. He said 2015 will be a great year to start a business, but cautioned against

travelling frequently due to the heavy chance of being involved in "metalrelated" accidents.

He also added that married Rats will also need to be wary of third parties. He suggests the placing of an amethyst

crystal on the side table next to the couple's bed as it enhances fidelity.

Ox (1925, 1937, 1949, 1961, 1973, 1985, 1997, 2009) For those born in the Year of Ox, Cua warned them about being too

aggressive when it comes to the business opportunities. He said 2015 year will be a perfect time for the Oxen to lie low and assured them that money will come at the right time.

He also said that this

will not be a good year to enter a new relationship.

Granted that the Ox is the natural enemy of the Sheep, those born under the animal sign will likely experience little or no luck when it comes to finding partners, and will need to have their health checked at the start of the year.

Tiger (1926, 1938, 1950, 1962, 1974, 1986, 1998, 2010) Unlike the Ox, those under the Year of the Tiger will have plenty of reasons to smile about for the coming year ahead.

Cua said that those single will be "meeting someone special" and that those married will have a blissful 2015.

On the financial side of things, Tigers will have the benefit of both the "heavenly wealth star" and the "seal star," which suggest a prosperous year in terms of money.

Their careers will also receive a small boost, said SIGNS/PAGE 11

DSWD says give chance for reformation of CICL through cinema plugs

By Leilani S. Junio

WITH CONGRESSMAN GATCHALIAN – VICE GOVERNOR JOEY PELAEZ joins CONGRESSMAN SHERWIN ‘Win’ T. GACHALIAN of the 1st District of Valenzuela City during the visit of Vice President JEJOMAR BINAY in Iligan City, Lanao del Norte, Lanao del Sur and Marawi City. Both Vice Governor Pelaez and Congressman Gatchalian accompanied Vice President Binay in those areas for consultation of the Housing and Urban Development Coordinating Council, the housing arm of the government.

THE Department of Social Welfare and Development (DSWD) is calling on the public to closely examine the underlying reasons why problems on children in conflict with the law (CICL) are surfacing along with the need to give them a chance to reform themselves into better citizens of the country.

During the launching of DSWD’s three cinema plugs held Saturday night at the Cinema 7 of Trinoma Mall in Quezon City, DSWD Secretary Corazon J. Soliman emphasized that it is important to fully understand the reasons why some children end up in traversing the wrong direction of committing petty crimes at an early age.

Soliman said she is hoping that with the plugs that will be shown in Metro Manila SM cinemas for a week during the Metro Manila Film Festival (MMFF) from Dec. 25 to 31, the public will be be made aware and supportive of the campaign giving CICL second DSWD/PAGE 12

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BIR...

The public is also advised to avoid the construction of from page 2 houses or any structure imother RDOs in the region mediately under the transwith P1.49 billion collec- mission towers to avoid fire tions sharing 60 percent accidents, Alabanza added. to the total regional tax receipts.

Meanwhile, northern from page 9 Mindanao’s customs collections also improved but Cua. In regards to their at a slower pace than in the health, Cua added that Tiprevious quarters. gers will only need to look Data from the Bureau out for their immune sysof Customs (BOC) shows tems. that customs collections Rabbit (1927, 1939, during the third quarter of 1951, 1963, 1975, 1987, 2014 was recorded at P1.94 1999, 2011) billion, up by 7.2 percent Health issues aside, from the P1.81 billion col- which is said to be "not lections in the same period too strong," those born in 2013. under the Year of the Accordingly, this is Rabbit will see plenty of mainly attributable to the chances to enter business lower than expected collec- partnerships and collabotion growth registered by rations, ideally with those Mindanao Container Ter- considered as "allies" such minal (MCT). as the Sheep.

MCT was the region’s Rabbits will also be top district collector with blessed with promotions P1.56 billion customs col- and salary increments, aclections contributing 86.45 cording to Cua, and will percent to the total region- have a great year ahead al collections during the in terms of keeping relaquarter. (APB/PIA-10) tionships. He, however, warned: "Be careful with what you say."

Dragon (1928, 1940, from page 2 1952, 1964, 1976, 1988, 2000, 2012) Alabanza said foremost in Cua said those born in the campaign is the general the Year of the Dragon will reminder not to plant trees receive fame and recognithat will grow more than tion, and will experience three meters high beneath a relatively good financial electrical transmission tow- year. He added that Dragers. ons will have smooth year This is because when the when it comes to relationgrown up trees are left un- ships and that those single trimmed, they may cause the may find good fortune in transmission lines to trip, re- the coming year. sulting in blackouts, she said.

He said wearing the Meanwhile, Alabanza color rose quartz will furadvised the public never to ther enhance one's chancbuild fire under transmis- es of finding a partner, sion towers, as fire can cause and warned that Dragpower interruptions in the ons will only need to be area.

Signs...

NGCP...

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careful about abdominal problems.

Snake (1929, 1941, 1953, 1965, 1977, 1989, 2001, 2013) For those born under the Year of the Snake, Cua was brief. He said that "wealth will be flowing smoothly" for Snakes in the coming year, and those without a partner will likely find one due to the heavy presence of the "peach blossom star." He also warned of a failing immune system.

Horse (1930, 1942, 1954, 1966, 1978, 1990, 2002, 2014) Cua described those born in the Year of Horse as "one of the luckiest" due to the animal sign being closely tied with the Sheep. He said that the "Sui He Harmony Star" will bring in several business opportunities and partners for the Horses, but warned against taking more than one can handle.

He also said to avoid pressure and stress as much as possible, and that relationships in the coming year will be "very, very strong." Cua also sees no potential threat to the health of those born under the animal sign.

Sheep (1919, 1931, 1943, 1955, 1967, 1979, 1991, 2015) Cua explained that while 2015 is the Year of the Sheep, those born under the animal sign will only experience moderate luck. Due to the animal's docile nature, the Sheep will need to relax and take a conservative approach and avoid arguments as much as possible to make the best out of the coming

year.

Those who are still single will need to exert extra effort in finding the right one, according to Cua, and married couples will be prone to misunderstanding. He also said that those born under the animal sign should "try and think things over before doing anything."

He also suggests to always wear a citrine stone or the so-called "merchant stone" to try and attract financial luck.

Monkey (1920, 1932, 1944, 1956, 1968, 1980, 2004) For those born under the Year of the Monkey, Cua said success in 2015 can be found in the business side of things. While financial luck will be relatively average, Cua said that those interested may find the most success in the business of importation.

He also said a "snake is the monkey's best friend," and warned that those born under the animal sign will experience potential money loss related to government agencies.

He also added that Monkeys will need to focus on their diet.

Rooster (1921, 1933, 1945, 1957, 1981, 1993, 2005) Cua said that those born in the Year of the Rooster may have a "problematic" year ahead. He warned of lawsuits and unexpected problems for those under the animal sign, and encouraged going to church more often to increase luck.

In terms of relationships, Roosters will need to exert effort in finding

potential partners, and married couples will need to spend more time together. He also cautioned against engaging in "aggressive" sports as Roosters will be prone to accidents.

Dog (1922, 1934, 1946, 1958, 1970, 1982, 1994, 2006) Those born under the Year of the Dog will experience "growing wealth," according to Cua. He, however, warned that one must thoroughly check the contracts he will be entering in the coming year, and that Dogs will need to keep a cool head when dealing with those in higher positions.

He also warned of possible extramarital affairs that may come as a direct result of having several business partners and the need to mingle with several others in order to achieve or maintain the "growing wealth."

Pig (1923, 1935, 1947, 1959, 1971, 1983, 1995, 2007) For those born in the Year of the Pig, being an ally of the Sheep will bring in several business opportunities for the coming year, said Cua. One will, however, need to stay away from natural enemies such as Snakes. Cua also said to take advantage of this year's luck and make new friends.

11

With regards to health, Pigs will only need to watch their weight.— www.abs-cbnnews.com

Flight... from page 1

Norte this year.

“The plant will help alleviate the tight power supply situation in Mindanao,” Ayala Corp. told the local bourse.

The conglomerate said GNPower Kauswagan Ltd. Co. has signed definitive documentation for the financing to start the phased construction of four units of 135 MW each coalfired power plant.

GNPower Kauswagan Ltd. Co. is a joint venture company between AC Energy Holdings, Inc., a fullyowned subsidiar y of Ayala Corp., the Philippine Investment Alliance for Infrastructure (PINAI) Fund and Power Partners Ltd. Co. The total project cost will be funded by both debt and equity.

The debt will be financed by a syndicate of domestic banks with additional debt from international banks.

(PNA)

Republic of the Philippines SUPREME COURT REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10TH Judicial Region Cagayan de Oro City OFFICE OF THE PROVINCIAL SHERIFF NOTICE OF EXTRA-JUDICIAL SALE File No. 2014-358 Upon Extra Judicial Petition for Sale under Act 3135 as amended by Act No. 4118. Filed by RCBC SAVINGS BANK, a corporation duly organized and existing under Philippine Laws, with principal place of business situated at 31st Floor RCBC Savings Bank Corporate Center, 26th and 25th Sts., Bonifacio Global City, Taguig City and with branch office situated at Carmen, Cagayan de Oro City, against SPS. MARJARIE N. DELA ROSA and RUDYVONN D. DELA ROSA , both of legal age, husband and wife and residents of 0795 Zone Taurus Suarez ,Iligan City , to satisfy the mortgage indebtedness which as of November 14, 2014 amounts to ONE MILLION FIVE HUNDRED EIGHTY THOUSAND ONE HUNDRED EIGHTY NINE & 20/100 ( P 1,580,189.20), Philippine Currency, inclusive of interest and penalty charges, exclusive of attorney’s fees and other necessary fees and expenses of Extra-Judicial Foreclosure and Sale , the undersigned Sheriff will SELL at Public Auction on February 6, 2015 at 10:00 o’clock in the morning or soon thereafter at the main entrance of RTC Branch 40, A. Luna St., Capitol Compound, Cagayan de Oro City, to the Highest bidder, for CASH and in Philippine Currency, the real property mortgaged together with all improvements thereon, to wit: TRANSFER CERTIFICATE OF TITLE NO. 137-2012001049 Registered in the name of SPS. MARJARIE N. DELA ROSA and RUDYVONN D. DELA ROSA “ A PARCEL OF LAND ( Lot 6, Blk. 9, PSD-10-060565 Portion of Blk. 10, PSD-10-042845) situated in Lumbia, Cagayan de Oro City, Bounded on x x x , Beginning at x x x; CAD 237; containing an area of ONE HUNDRED SIXTY TWO (162) square meters more or less.”

Prospective buyers/bidders may investigate for themselves the title herein-above described and encumbrances thereon, if any there be.

All sealed bids must be submitted to the undersigned on the abovestated date, time and place.

In the event the public auction should not take place on the said date for whatever reason, the same will proceed on the following working day, without day, without further notice, posting and publication.

Cagayan de Oro City, December 22, 2014.

FOR THE EX-OFFICIO PROVINCIAL SHERIFF BY: ALLAN M. BANAAG Sheriff BWM: Dec. 29, 2014, Jan. 5 & 12, 2015

12

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DSWD... from page 9

chance to have a brighter future.

The 30-minute plug will also be simultaneously seen at selected cinemas in the cities of Cebu in the Visayas and Davao and Cagayan de Oro in Mindanao on the said dates.

“More than looking at the CICL with anger and rebuke, let us look at them with understanding, as most often they are the victims of circumstances,” Soliman stressed.

The DSWD chief noted that the public should be aware that sometimes the children, usually the poor ones, reached the point of committing petty crimes such as theft, robbery and physical injuries because more often than not, they were not given proper guidance by their families and the communities where they belong.

“Unfortunately, most of the wrong actions of these children were the ones they have seen or influenced by the adult members of their families and communities surrounding them who do not understand the serious implications,” she pointed out.

For this reason, she said it is the responsibility of the adults to ensure that they are giving the proper guidance to such children while the society itself should work toward making the environment or community conducive to the children in order for them not to become “problems” but potential

productive members of society with bright future.

She further said that if it is proven that certain adult persons influenced the CICL to perpetrate the crime, it is more upright to let them be the ones to be jailed instead of the CICL who are too young to understand what they have committed.

Secretary Soliman explained that the DSWD and the Juvenile Justice Welfare for the Children (JJWC) remain committed to the strong advocacy that it is important to rehabilitate CICL rather than send them to jail together with adult criminals.

The rehabilitation process is done by placing the children in “Bahay Pag-Asa” -- a 24-hour child-caring institution established and funded by local government units (LGUs) and licensed non-government organizations (NGOs).

The place serves as a short-term residential care facility for CICL where they undergo positive disciplinary interventions so that when they go out from there, they are converted into new individuals with positive outlook or have better understanding of what positive things they should pursue.

The cinema plugs are part of the campaign supporting Republic Act No. 10630 which strengthens the Juvenile Justice System in the Philippines.

R.A. 10630 amended R.A. 9344 or the Juvenile Justice and Welfare Act of 2006. (PNA)

Palace... from page 1

we hope to increase further,” he said. ”Again, our overall purpose is really to provide inclusive growth for all. So any specific measures will be lay it all out in the coming year,” the Palace official added.

(PNA)

SMC... from page 1

has a capacity of 150 MW will start producing commercial power by 1st quarter of 2016 while the second unit also with 150 MW capacity will enter the grid by 3rd quarter 2016.

“With the first unit in operation at that time, we expect to provide an affordable and a stable supply of electricity to an initial base of consumers in the religion,” Ang said.

In the meantime, site development, engineering design and manufacture of parts and pier and jetty construction are all in the final stages of completion.

Power Plant... from page 1

Norte this year.

“The plant will help alleviate the tight power supply situation in Mindanao,” Ayala Corp. told the local bourse.

The conglomerate said GNPower Kauswagan Ltd. Co. has signed definitive documentation for the financing to start the phased construction of four units of 135 MW each coalfired power plant.

GNPower Kauswa-

gan Ltd. Co. is a joint venture company between AC Energy Holdings, Inc., a fullyowned subsidiary of Ayala Corp., the Philippine Investment Alliance for Infrastructure (PINAI) Fund and Power Partners Ltd. Co. The total project cost will be funded by both debt and equity.

The debt will be financed by a syndicate of domestic banks with additional debt from international banks.

(PNA)

China Bank... from page 8

this year,” it said.

China Bank saw its net income for the first nine months of 2014 falling 12.8% to P3.4 billion from the P3.9 billion it recorded in the same period last year, as the lack of trading gains drag profits of Philippine lenders this year.

In the third quarter alone, however, China Bank’s net income rose 25% year-on-year to P1.2 billion from P959 million.

BSP...

from page 8

erage bank lending rate, he noted, increased from 5.391 percent in June to 5.697 percent in October.

“The lower passthrough of the policy rate adjustments to bank lending rates may be due in part to still ample liquidity in the financial system,” said Guinigundo. “In the period following the introduction of quantitative easing measures by advanced economy central banks, it has been observed that the pass-through of the policy rate reductions is stronger relative to the pass-through of rate increases, reflecting surplus liquidity conditions both in the domestic and global markets.”

The BSP in an earlier study has noted that the SDA placements of trusts entities do lead to a decline in bank lending whereas in contrast, an increase in SDA placements of banks had a milder im-

pact on bank lending.

The conclusion is that SDA placements do not deter the growth of bank lending. Between 2008 and 2010 when money in SDAs started to climb from P500 billion (January 2008) to P1 trillion (October 2010), the BSP had a continuing internal debate whether or not SDAs are the main reason why loan activities are limited despite increasing demand.

Still, SDAs continue to be effective in managing domestic liquidity. It has become one of the BSP’s key monetary policy tools, despite it being a liability, and so far it has been effective in dealing with liquidity concerns.

Maintaining SDAs and RRPs entail huge interest costs on the BSP, however. Banks’ overnight and term placements with the BSP have cost the central bank more than P300 billion in net operating and interest loss in the course of 10 years, data show.