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Volume IV, No. 46
Market Indicators As of 6:00 pm jan. 6, 2014 (Monday)
FOREX
PHISIX
US$1 = P44.70
5,985.81 points
5 cents
X
X Briefly 37.88 points
Price rollback SHELL Philippines gives its first roll back on fuel prices for 2014 effective 1 a.m. this morning, January 7. Shell cut down the prices of kerosene by 25 centavos per liter while it lowered the prices of diesel by 45 centavos per liter. The oil company announced no movement in prices of gasoline. According to Department of Energy (DOE), average price of diesel in Metro Manila as of December 31, 2013 posted at P45.25 per liter. Common price for gasoline shall remain at P55.50 per liter.
Bangka loan STA. CRUZ, Davao del Sur – A hundred fisher folks here have recently benefited from a bangka (outrigger) loan project which forms part of the agri-fishery development program of the provincial government of Davao del Sur. The program specifically provided livelihood opportunity for the fisher folks of Sta. Cruz through shallow water fishing. Ten beneficiaries each from the ten coastal barangays of Sta. Cruz were the initial recipients who hail from barangays Inawayan, Darong, Astorga, Coronon, Zone 1, Zone 3, Zone 4, Tuban, Tagabuli and Bato. The fisher folk beneficiaries received motorized bangka for their livelihood during the launching of the Banca Loan project on December 23 last year at Barangay Zone 3.
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Despite hiccup, 6.7% growth seen in 2014 By NELSON V. CONSTANTINO Editor-in-Chief
Exporters urged to seek Halal clearance
D
ESPITE recent devastations that seem to undermine recent gains, the United Nations (UN) macroeconomic projections for Asia-Pacific region indicate that the Philippines is still capable of attaining robust growth this year.
In its report entitled: “E c on om i c an d S o c i a l Survey of Asia and the Pacific 2013: Year-end Update,” the Bangkok-based Economic and Social Commission for Asia and the Pacific (ESCAP) said the country could still manage to grow by 6.7 percent in 2014. The Philippines’ could be Asia’s second fastest growing economy in the Asia-Pacific region next to China given its dynamic gross domestic product (GDP), the report said. Overseas remittances would continue to serve as a stable source of support growth/PAGE 7
By DANIELLE VENZ Contributor
ROBUST GROWTH. Robinsons Place Butuan is one of the many big malls that opened last year in Mindanao. Despite setbacks wrought by recent typhoons and armed hostilities in Mindanao, overall growth for the entire country is forthcoming, economists say.
PCCI head urges gov’t to lift constraints to high growth By DANIELLE VENZ, Contributor
T H E e c o n o my s h o u l d continue its momentum for long-term high growth, but the government should implement measures to lift constraints make that growth inclusive, according
to the head of the Philippine Chamber of Commerce and Industry. “ In d e e d , w h i l e o u r economy is riding high with more than 7% in GDP growth over the last three quarters
and the industr y sector experiencing gradual revival, decisive action is needed to keep the momentum going,” PCCI president Miguel B. Varela said. In his statement at the year-end conference of the pcci/PAGE 7
MORE Filipino exporters have been called to seek Halal certification for their products and services in a bid to tap the huge global Halal market and further expand their business overseas. Har Man Ahmad, Trade Commissioner of Malaysia External Trade Development Corp. (MATRADE), said that apart from food and beverage (F&B), non-food products and services like logistics, financial, insurance and health care-related goods should be Halal certified. “Halal industry is very much big... For you (the Philippines) to benefit the Middle East market which actually has a very huge potential, Halal certification is one of the compulsory things that you have to undertake,” he advised. Ahmad said exporters need to seek such certification if they want to further expand their markets abroad. He believed that the Philippines has a competitive advantage in food ingredients, cosmetics and supplements. seek/PAGE 7
Davao Light projects to cost P2B By CARMELITO Q. FRANCISCO, Correspondent
SUNSET BY THE BAY. A young family enjoys the sunset in Dapitan City.
Mindanao Daily NEWS
mindanews photo by bobby timonera
DAVAO City -- This city’s power distributor, Davao Light and Power Co., is spending about P2.198 billion for its projects in the next two years, according to a recent statement. The capital expenditure, approved by the Energy Regulator y Commission (ERC) on Dec. 2 last year, will be funded largely by borrowing from the Land Bank of the Philippines. About half of the planned expense will be used to upgrade distribution lines as the company is set to purchase
about 100 megawatts (MW) from sister company, Therma South, Inc., which is expected to complete the first phase of its 300-MW coal-fired power plant by the first quarter of 2015. Both are subsidiaries of listed Aboitiz Power Corp. (AboitizPower). T h e b a l an c e of t h e budget will be used to build three new substations and rehabilitation of three existing ones, land acquisition, as well as construction new buildings, among others. project/PAGE 7
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Furniture firms see PHL exporters asked 10% growth in 2014 to seek Halal certification More Filipino exporters h av e b e e n c a l l e d t o seek Halal certification for their products and services in a bid to tap the huge global Halal market and further expand their business overseas. Ha r Ma n A h m a d , Trade Commissioner of Malaysia External Trade D e velopment C or p. (MATRADE), said that ap ar t f rom fo o d and beverage (F&B), non-food products and ser vices like logistics, financial, insurance and health
care-related goods should be Halal certified. “Halal industry is very much big... For you (the Philippines) to benefit the Middle East market which actually has a very huge potential, Halal certification is one of the compulsory things that you have to undertake,” he advised. Ahmad said exporters need to seek such certification if they want to further expand their markets abroad. He b elie ved that
the Philippines has a competitive advantage i n f o o d i n g re d i e nt s , cosmetics and supplements. “ There are a lot of p ote nt i a ls ( for t he s e products). Just by having a small Halal seal will bring big difference to you r pro du c t s b e i ng exp or ted abroad,” he stressed. Meanwhile, Admad invited local exporters to participate in the 11th Malaysia International Halal Showcase (MIHAS)
slated this April 9 to 12 in Kuala Lumpur, Malaysia. “We are able to get a lot of businessmen from all over the world. So it is time for you to look at new products for you to bring in to the Philippine market as well,” he said. In 2 0 1 3 , M I HA S was participated in by 463 exhibitors from 30 countries and attracted 18,223 quality visitors from 65 countries. - - D a n i e l l e Ve n z , PHILEXPORT News and Features
Local furniture makers project a 10-percent growth this year on the back of robust local and export markets. Myrna Bituin, PHILEXPORT trustee for the furniture sector, said exporters and even nonexporters can serve the huge domestic market. “The local market buys billions of pesos (worth) of furniture overseas... Majority of companies that do researchers, are open to the market, invest in design and in their people, they have always survived,” she said. Bituin said there are some local companies that focus on the country, citing as an example a small group of manufacturers in Aklan which just cater to hotels and resorts in the area. “You save on your freight cost and you are here... serving your country. For those who are mechanized, for those who know about design, they can serve the local market,” she said. Bituin also stressed that
the project of the Center for International Trade Expositions and Missions (CITEM) about branding also plays an important role in boosting the sector. “Companies have to work hard to brand their firms and their products,” she noted. Bituin said the export market, meanwhile, is still growing despite the slowdown in demand from the United States. She noted the Middle East is one of the growing markets for the local wood sector; while Philippine exports to Japan is still huge due mainly to the high demand for pre-fabricated housing components. “Europe is (also) a good market...Europe is ver y traditional, they can sell your product for 10 to 15 years. So you become good in what you are doing because it is the same product that you have been doing for the past 10 years,” she added. -Danielle Venz, PHILEXPORT News and Features
UAE real estate prospering due to economic boom DUBAI -- Two major real estate firms in the United Arab Emirates (UAE) said they would settle outstanding d e bt mont hs a he a d of maturity. On Saturday, Dubai stateowned developer Nakheel said it would pay four billion Dirham or 1.09 billion dollars worth of debt in 2014. The sum represents more than Ms. Zenaida O. Trambulo, Museum Curator 1 of the Philippine Postal Corporation (PhilPost), shows the newlyissued 2014 Year of the Horse stamps during the first-day sale on Thursday (Jan. 2, 2014). (PNA photo by Avito C. Dalan)
half of debt worth 6.8 billion Dirham (1.8 billion dollars) which matures in Sept. 2015. N a k h e e l ’s f l a g s h i p developments are the manmade islands Palm Jumeirah and the Palm Jebel Ali whereas the latter is still under construction. Earlier last week on Dec. 30, Ras al-Khaima (RAK) uae/PAGE 6
Promoting food chain approach to strengthen food safety systems The Philippines can promote a food chain approach to strengthen food quality and safety systems crucial for promoting international trade and protecting consumers’ health. “Food safety assurance has increased impact on global food trade,” said Maria Theresa Cerbolles, food-
drug regulation officer of the Center for Food Regulation and Research. Cerbolles said the entire food chain includes production, transport and processing, retail and storage, preparation and consumption. “Food safety and quality is food/PAGE 6
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CorporateWorld 3 Steniel board approves sale of shares in lone operating unit Cebu Pacific in talks to buy Tiger Air’s PH unit YOUR LOCAL ONLINE BUSINESS PAPER
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STENIEL Manufacturing Corp has sold shares in its lone operating subsidiary. In a disclosure to the Philippine Stock Exchange, Steniel said its board of directors approved in a special meeting last week the sale of its 9.25 million common shares in Steniel Mindanao Packaging Corp (SMPC). The shares were sold to Greenkraft Corp, Corbox Corp, Goldenbales Corp, Rex Chua and Clement Chua. Steniel didn’t say how big a stake in SMPC was sold. The Steniel group manufactures industrial packaging materials with its revenues coming mainly from the manufacture and sale of corrugated boards and boxes. Only S M P C ’s manufacturing facility in Davao remains operational. Business operations of Steniel Cavite Packaging Corp were shut down in 2007 because of continued losses amid difficult economic and
business conditions, while a court ruling prompted Treasure Packaging Corp to vacate a property in Cebu for failure to settle rental fees, leading to the cessation of its operations in 2009. Two years ago, Right Total Investments Ltd, an investment firm incorporated in the British Virgin Islands, entered into a share purchase agreement for the acquisition of Steniel (Netherlands) Holdings B.V. (SNH), which holds a 72.09 percent stake in Steniel. Rights Total has offered to buy out the minority investors at a price of P0.0012 per share. Trading of Steniel shares remains suspended after it defaulted on certain loans. They were last traded on July 5, 2006 at P0.26 apiece. Steniel in 2009 began talks with key creditors to restructure its outstanding debts. Parties to the talks signed an Amended and Restated Omnibus Agreement a year later.
SEAOIL finalizes term contract for gasoline supply in 2014 F U E L re t ai l e r SE AOI L Philippines has finalized its term contract to buy gasoil and gasoline for 2014, with
term volumes 50 percent higher from the previous year, industry sources said seaoil/PAGE 6
CEBU Pacific is acquiring the Philippine unit of Singaporebased Tiger Airways, a source privy to the negotiation said. Another source from another airline on Thursday said Cebu Pacific is “buying” Tigerair Philippines. Carmelo Arcilla, executive director of the Civll Aeronautics Board (CAB) confirmed the impending deal, saying Cebu Pacific has filed an application to acquire 100 percent of Tigerair. He said that CAB is evaluating the planned buyout, adding that the agency expects to complete the review in the next two weeks. “We will look into the competition angle and how it will affect competition. We will look at the slots, routes and passenger traffic,” Arcilla said. Another CAB source earlier said that the Department of Transportation and Communications (DOTC) had given a “heads up” about the matter as early as November. The bureau approves the assignment or reallocation of flight entitlements. Transport Secretary Joseph
Emilio Abaya also confirmed the looming buyout. “Yes, got a call from Mr. Gokongwei a month ago. No need to instruct CAB. There are established processes,” the DOTC chief said, referring to Cebu Pacific chief executive Lance Gokongwei. JG Summit Holdings Inc senior vice president Bach Johann Sebastian said there was nothing to confirm at this time. “Nothing definite yet, we
are looking at all opportunities like this, including Tigerair,” Sebastian said. “Midst of negotiating” Also on Friday, Tiger Airways said it “confirm[s] that it is in the midst of negotiating a proposed transaction involving Tigerair Philippines.” “However, no definitive agreement has been signed at this time,” the budget airline told the Singaporean Stock Exchange.
Tiger Airways’ unit, Roar Aviation II Pte Ltd, earlier acquired a 40 percent stake in Southeast Asian Airlines (Seair) from its existing foreign shareholders for $7 million. The remaining 60 percent stake in the Philippine budget airline is owned by Filipino shareholders led by Tomas B. Lopez. The Centre for AsiaPacific Aviation (CAPA) earlier said mergers and cebupac/PAGE 7
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Father and Friend THINK
hink a minute…Recently on TV I watched an interview of A Minute a man named Kuklinski who is By Jhan Tiafau Hurst in prison for murder. This man has tortured and killed more than 100 people. He was interviewed by a professional counselor who explained that Kuklinski became a murderer mainly because of the kind of parents who raised him. Kuklinski’s father often beat him terribly for simply no reason, and Kuklinski’s mother never showed him any love at all. After years of painful torture and abuse, Kuklinski eventually had no conscience. He says that is why he did not feel anything or care at all about the 100 people he tortured and killed. Since he has never been loved or had even one friend, he says the only thing that keeps him going in life is his hate for other people. Another man, Henry Luce, had a very different father than Kuklinski’s. Henry Luce is the man who started the very successful Time-Life company which published both Time and Life magazines. In fact, many people think that Henry Luce has probably influenced world opinion more than any other publisher in history. Luce often talked about his years as a missionary’s son growing up in China. When he was a young boy, he and his father went for a long walk and talked almost every evening. He said: “My father treated me as if I was an adult.” Henry said that his close relationship with his Dad was more than just between a father and son; they were close friends. You know, our children will become like the people who spend the most time with them being their friend. This is often why a teenager makes bad choices. He follows the example of other teenagers because they spend more time being his friend than his parents do. Jesus Christ shocked everybody when he said that God created us to be not only his children, but also His close friends. Jesus said God loves us so much that He wants us to spend time with Him every day and feel so close to Him that we call Him “Dad.” And today, if you will ask Jesus to forgive you for living your own way, He will make you God’s child and friend. Then, as we learn to live Jesus’ way, we who are fathers can learn to become the loving dad and friend our children need. Just Think a Minute…
LOCAL lenders are up to their ears in liquidity but are faced with the challenge of lending more to remain competitive. Roberto de Ocampo, former secretary of finance and chairman of the RFO Center for Public Finance and Regional Cooperation, said the banks have plenty of money because of funds forced by regulation to be taken out of the special deposit accounts (SDA) of the Bangko Sentral ng Pilipinas. He said a lot of banks have taken in profits not
by real lending business but from profits gained from trading and investments. “Now that the stock market
FEATURES is not as vibrant as last year, banks return [once again to] lending even though profits [do not] come not as fast as in dealings at the stock market,” he said. Some banks forecast they will have lower net income this year due in part to the decline in trading gains. He said there are plenty
of opportunities for lending to the infrastructure sector, the better to increase the country’s growth potential measured as its gross domestic product (GDP). Aside from PPP projects such airports, ports, roads, hospitals and schools which all need financing, the rehabilitation of Tacloban and other provinces hit by Supertyphoon Yolanda should also require rebuilding damaged or destroyed infrastructure. De Ocampo also said the Philippine Veterans Bank (PVB) is being positioned to become a combination private bank and public depository. PVB hopes to become a major player in local government finance, as well as preferred choice for small and medium enterprise (SMEs) who are often not given the attention they deserve as development partners by other banks.
PVB chairman appointed to GRI Board THE International non-profit organization Global Reporting Initiative (GRI) recently appointed Roberto de Ocampo, to its board of directors. GRI promotes the use of sustainability reporting as a way for organizations to become more sustainable and contribute to sustainable development. De Ocampo recently assumed chairmanship in Philippine Veterans Bank (PVB). He is also the founding partner of Centennial Group International and chairman of Centennial
Asia Advisors. Formerly the president of the Asian Institute of Management, De Ocampo also served as: Secretary of Finance of the Philippines from 1992 to 1998; chairman and CEO of the Development Bank of the Philippines from 1989 to 1993. He was named ‘Finance Minister of the Year’ and subsequently ‘Asian Finance Minister of the Year’ by Euromoney and Asiamoney magazines, and conferred the Legion of Honor by the Republic of the Philippines in 1998.
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AgriBusiness
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Twenty-three (23) delegates from region 10 brainstorm on how they could improve the implementation of CSBs in their respective areas during the conduct of a workshop in the first ever nationwide CSB Conference, held in Clarkfield, Pampanga. Meanwhile, DA USec. for Operations and National Rice Program Coordinator Dante S. Delima opens the conference saying that it is the small farmers who actually have the foremost right in the availment of seeds here in our country.
Delima cites value of sustaining CSBs Clarkfield, Pampanga – TO further promote the agency’s target of ensuring food sufficiency and farmers’ access to seeds, the Department of Agriculture (DA) recently conducted its first ever nationwide Community-Based Seed Bank (CSB) Conference at the Fontana Hotel and Leisure Parks, in this province. “Ang CSB ay matagal ng practice ng mga magsasaka pero hindi na-institutionalize. Sa pamamagitan ng Agri-Pinoy Rice Program,
ginawa natin itong isang programa para seryosohin at mabigyan nang tamang pansin at pondo para ito ay lalago,” DA Undersecretary for Operations and National Rice Program Coordinator Dante S. Delima said in his welcome remarks. He added that it is an alternative source for marginalized farmers in having a better and cheaper access to quality seeds, particularly those not served by formal seed systems in various ecosystems.
Government positions PH as major corn-exporting country THE Aquino administration is positioning the country to be one of the major exporters of corn in the Southeast Asian region by 2015. “While we are already s e l f - s u f f i c i e nt , w e a re reviewing our production targets because we need to expand corn cultivation areas because the livestock sector is growing, and we need to align it with the ASEAN Free Trade Area (AFTA),” Agriculture Secretary Proceso Alcala said in an interview. Wit h t h is pl an , t he Department of Agriculture (DA) plans to expand corn areas to meet the growing needs of the local livestock and poultry sectors while aiming to be more competitive amid free trade agreements in
the region. The government is pushing for corn to be the main crop that can be traded internationally after 2015. “For an instance, we have Malaysia nearby which is still importing corn from the United States… if we can only take advantage of the market,” Alcala said. T h i s y e a r, t h e DA is investing heavily on infrastructure and more posthar vest facilities to prepare the corn industry for trade liberalization. Before it can enter the global arena, Philippine corn has to be fully compliant with international export standards by planting high-yielding, pest-resistant seeds and by using modern machinery and post-harvest major/PAGE 7
DAVAO City (MindaNews) — Some 12,513 coconut trees toppled by Typhoon Pablo in 2012 were processed into lumber and distributed to households in Davao Oriental, Davao del Norte, and Compostela Valley , Remelyn Recoter, OIC regional executive director of the a Department of Agriculture (DA) reported. According to their 2013
i nte r ve nt i on re p or t on Pablo, the super typhoon t hat st r uck t hes e are as on December 4, 2012, the lumber amounted to around 2 million board feet and was distributed to 3,430 hous eholds in the typhoon-devastated provinces, Recoter said, adding the conversion into lumb er was among t he department’s interventions f o r t h e Pa b l o - a f f e c t e d
T h e C S B o p e r at e s through the provision of registered seeds by the national government to qualified irrigator’s associations (IAs), farmer’s associations, people’s organizations (POs) and non-government organizations (NGOs) through a 1:1.5 or 1:2 repayment scheme. This means that for every kilo of registered seeds received, the recipients pay 1.5 kilos of certified seeds if outright payment is made. However, if payment is made right after harvest,
the recipients pay 2 kilos. During the conduct of an open forum, participants consisting of nearly 500 regional seed coordinators, agricultural technicians and farmers have expressed recurring issues and concerns towards a better implementation of CSBs. These include the provision of additional registered seeds and the fine-tuning in the repayment scheme, among others. In response, USec. Delima explained that the
CSBs are established with the foremost intent to train and empower farmers to produce quality seeds at a cheaper price for their use and sale to fellow farmers while also urging seed exchange among farmers. He added that the Program also looks forward in eliminating the ‘dole-out’ system, which has been previously practiced by the government in assisting its populace. Accordingly, USec. Delima stressed that it is the responsibility of every
farmer to settle transactions in their assigned CSBs as this would be a participatory approach in sustaining the operations of the Program. He futher said that the 20 kgs. of seeds from the RFOs is just enough for farmers to determine whether seed varieties are adaptable or not in their respective farmlands. “Hindi uunlad ang mga magsasaka kung lahat ng binhi ay iaasa natin sa ibang sektor sa lipunan,” he concluded. # (JLOlson, DA-10)
Palm oil plummets as crude slump reduces appeal of vegetable oil PALM oil fell for a second day as crude oil’s biggest decline in almost 14 months on January 2 reduced the appeal of vegetable oils as biofuel feedstock and Indonesia forecast a jump in production this year. The contract for March delivery fell as much as 0.7 percent to 2,630 ringgit ($799) a metric ton on the Bursa Malaysia Derivatives, and ended the morning session at 2,632 ringgit in Kuala Lumpur. Futures are unchanged this week after rallying 2.7 percent in the previous two weeks. West Texas Intermediate crude declined 3 percent on palm/PAGE 7
Coconut trees toppled by Pablo distributed as lumber areas. T h e re p or t s ai d t h e coconut industry suffered around 66.42% damage, affecting 70,096 hectares of the provinces’ 105,527 hectares planted to coconut. C oconuts were the hardest hit in terms of land area but the coconut industr y was not the hardest hit in terms of damaged areas, the report
showed. The banana, vegetable, abaca, and cacao industries were worse off, each posting more than 80% in damaged production areas. The vegetable industry suffered the most, in terms of area damage, at 86.92% of total hectares damaged followed by abaca (85.41%) or a total of 5,188 out of 6,074 hectares.
Damage to the banana industry in the region was placed at 82.82%, or 24,701 out of a total of 29,824 hectares. Recoter said losses i n t h e a g r i c u ltu re an d f i s h e r i e s s e c t or i n t h e provinces amounte d to around P30.5 billion. C o m p o s t e l a Va l l e y province suf fered most of the damage, at P13.6 billion or around 45% of
the damage suffered by the three provinces in the region. Davao Oriental, meanwhile, suffered P10.7 bi l l i on i n d amage, and D av a o d e l Nor t e , P 6 . 3 billion. Total damage to livestock a n d p ou lt r y a m ou nt e d to P306 million while damage to the fisheries sector amounted to P761 million. (MindaNews)
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Family Quarrels, Signs of the End
IFE’S INSPIRATIONS: “…`Even so, when you see these things happening, you know that it is near, right at the door’…” (Jesus Christ, our God and Savior, on His Second Coming and end of the world, in Mark 13:29, the Holy Bible). -ooo FAMILY QUARRELS, SIGNS OF THE END: The Heart Evangelista-Cecilia Ongpauco mother and daughter quarrel which is being played up in media right now should no longer surprise us. This is a “family division” that is wracking up not only the Evangelista-Ongpauco family, but many other Filipino families as well. Right now, Filipino fathers and sons, mothers and daughters, and even siblings, are quarreling bitterly, even for the flimsiest of reasons. Why is this happening? It is a sign of the end times, a sign that signals the end of the world. Jesus Christ, our God and Savior, predicted this in Luke 12:49-53 in this manner: “…`I have come to bring fire on the earth, and how I wish it were already kindled! But I have a baptism to undergo, and what constraint I am under until it is completed! “Do you think I came to bring peace on earth? No, I tell you, but division. From now on there will be five in one family divided against each other, three against two and two against three. They will be divided, father against son and son against father, mother against daughter and daughter against mother, mother-in-law against daughterin-law and daughter-in-law against mother-in-law’...” -ooo NOT VISITING THE SICK IS ANTI-BIBLICAL: So, President Aquino is not visiting former President Arroyo in her sick bed? That is a decision he is bound to regret later. Again, Jesus Christ taught us that visiting the sick and the detained is an act that merits rewards in heavens, entitling the visitor to an eternal life in Paradise. Someone who will not visit the sick and the detained, like the President, will go some place else, Jesus said. Let us read Matthew 25 of the Bible for this warning. Jesus said those who visited the sick and the detained actually did not visit the sick and the detained themselves, but visited Him. Anyone who does good things to the least of our citizens does them for God. -ooo FIGHTING MEASLES WITH THE BIBLE? WHY NOT? Dr. Erick Tayag, the very capable spokesman of the Department of Health who sometimes outshines Health Secretary Enrique
Ona by his brilliant media akampi reactions to health issues, Mo A ng Batas should be commended for By Atty. Batas Mauricio asking parents to have their children vaccinated to fight measles, or a form of sickness which induces high fever. But, Erick should also add one more thing that must be done to fight the ailment. This is reading the Bible and obeying the commands of God. The fact is, the resurgence of measles in this country is an event that the Bible predicted in its Deuteronomy 28:15 and 22. A people who no longer listens to God, which means, who no longer reads the Bible, and who no longer obeys Him, will be stricken by Him with “wasting diseases, with fever and inflammation.” Reading the Bible and obeying Him are the cure to measles. -ooo BOY HANGS SELF, PARENTS’ STRICTNESS BLAMED: The case of the effeminate boy who killed himself by hanging inside their house in Bgy. Garreta in Badoc, Ilocos Norte demonstrates once more the Biblical truth, in Ephesians 6:4, that parents should not be too strict on their children lest the children are driven to great hatred. Instead, parents should raise their children in the training and instruction of the Lord, by the precepts of spirituality in the Bible. -ooo ROTARIANS BRING SCHOOL ITEMS IN YOLANDA HIT AREAS: The Rotary Club of Intramuros-Manila, in coordination with the Rotary Clubs of Canberra, Australia and Kishiwada, Japan, are bringing 1,000 “Gamit Aral bags” to school children of Yolanda-stricken places in the Visayas on January 14 and 15, 2014, to entice the children to resume their studies with free papers and pencils, crayolas and other school items. Congratulations to all Rotarians behind this project, led by District 3810 Past District Gov. Lyne Abanilla. -ooo REACTIONS? Please call me at 0917 984 24 68, 0918 574 0193, 0922 833 43 96. Email: melaniolazomauriciojr@outlook. com, batasmauricio@yahoo.com and mmauriciojr111@ gmail.com.
UAE...
conform to safety and quality requirements. -- Danielle Venz, PHILEXPORT News and Features
from page 2
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Properties said it settled a loan worth 22.33 million dollar (81.77 million dollars). The loan was granted by the Investment and Development Office Government of Ras al-Khaima and is due in July 2014. RAK Properties which runs a number of tourism, residential and commercial developments in the UAE’s northern emirate said he opted for settling the loan and for paying an early settlement fee. It is the first since the global financial crisis hit the UAE heavily in 2009 that developers announced prepayment of outstanding debt. Thanks to an economic boom, real estate is prospering in the Gulf state which lures investors, businesses and tourists also due to its political stability. The International Monetary Fund expects the UAE gross domestic product to grow by 3.9 percent in 2014. As a direct reaction to Naheel’s announcement, Emaar Properties, the biggest developer in the UAE gained 1.27 percent at the local bourse Dubai Financial Market, closing at 7.98 Dirham or 2.17 dollars. Emaar shares briefly rose during trading on Sunday above 8 Dirham, a first in the post-crisis era. Back in Nov. 2009, Nakheel nearly defaulted on an Islamic bond with a nominal value of 3.52 billion Dirham (960 million dollars) in the wake
of the global financial crisis and the following real estate crash. Only an emergency loan of the oil-rich neighbor emirate of Abu Dhabi, also the UAE capital, saved Nakheel and the Dubai government from bankruptcy. At the time of restructuring, in August 2011, Nakheel had a total bank debt of 7.9 billion Dirham (2.15 billion dollars), due for repayment in 2015, 2016 and 2018. (PNA/Xinhua)
Food... from page 2
the responsibility of everyone along the food chain,” she noted. Apart from this initiative, C e r b o l l e s u n d e r s c o re d the need to promote the introduction of quality and safety assurance schemes in food business. She cited pre-requisite programs such as Sanitation Standard Operating Procedures (SSOP) and Good Manufacturing Practices (GMP). Cerbolles said other food safety assurance schemes include the Hazard Analysis & Critical Control Point (HACCP) which can be implemented along the food supply chain; as well as Good Agricultural Practices (GAP) and Good Handling Practices (GHP). She pointed out that food control is a mandatory regulator y activity of enforcement by national or local authorities to provide consumer protection and ensure that all foods
K
SEAOIL... from page 3
on Thursday. The company will buy 1.8 million barrels of 92-octane gasoline from SK Networks and 1.8 million barrels of gasoil with 500 parts-permillion (ppm) sulphur from PTT Singapore this year, one of the sources said. This is higher than the 1.2 million barrels of each product it bought through term contracts in 2013. Te r m v o l u m e s w i l l comprise 80 percent of its total fuel needs for this year, with the rest to be imported in the spot market, the source said. Exact prices for the 2014 contracts are not clear, but gasoil was likely concluded at a premium of lower than 50 cents a barrel to Singapore quotes, while gasoline was done at a premium of less than $5 a barrel, the source added. The gasoil term was negotiated on a free-on-board (FOB) Taiwan basis, while the gasoline was on a cost, insurance and freight (CIF) basis, the source said. Gasoline prices were likely higher than 2013 due to a change in domestic gasoline specifications, the source said. The company is now importing gasoline with a reid vapour pressure (RVP) of 8 PSI instead of 9 PSI as it did previously, the source
said. RVP is the vapour pressure of gasoline measured at 100 degrees Fahrenheit. Fuels with higher RVP evaporate more easily and hence are cheaper than those with lower RVP, and typically result in more air pollution. SEAOIL Philippines is one of the largest independent fuel companies in the Southeast Asian nation where it operates more than 340 petrol stations, according to the company website. It plans to add 120 new stations in 2014, and expects to have 500 stations by 2015, which is likely boosting its demand for diesel and gasoline imports. The company also announced in December that it is strengthening its oil distribution network by adding a second oil depot with a capacity of 40 million litres in January. Strong economic growth and rising car sales are also likely boosting domestic demand for the oil products, industry sources said. Domestic demand, buoyed by strong remittance inflows, and higher government spending have kept the economy growing by at least 7 percent for five straight quarters, making the Philippines the fastest growing nation in Asia, next to China.
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Growth... from page 1
for the Philippine economy given the better outlook for receiving countries as well as the general lack of shortterm volatility in remittance flows, the ESCAP noted in its report. It c ons i d e re d t h e economic performance of the Philippines a “bright spot” among the major economies with large domestic markets in the region. The Philippines has seen its highest growth in years -above 7 percent in the last four quarters through the third quarter of 2013. “The role of remittances in supporting buoyant domestic consumption in the country has been important,” ESCAP said. It also cited the robust investments in the country, the benign inflation and a relatively low budget deficit that allowed for substantial government spending this year in infrastructure and other basic services. “ The prospects are positive in 2014, despite the losses resulting from Typhoon Haiyan in 2013. Concerns remain, however, regarding the high unemployment rate and relatively low investment level compared to other similar South-East Asian economies,” it added. Meanwhile, the ESCAP also sees improving prospects for growth of developing Asia and the Pacific, which is forecast to expand by 5.6 percent in 2014 from an expected 5.2 percent this year. It said the projected growth, however, depends on the gradual recovery in developed economies, particularly an increase in growth momentum in the United States, expansion in Japan and progression to positive growth territory of the European Union. “If the positive outlook in the advanced economies does materialize, import volume growth by these economies is expected to reach a threeyear high in 2014. Growth performance in developing economies is thus expected to resume some strength after a sluggish 2013,” the UN Survey said. Meanwhile, financial firm Banco de Oro Unibank has also projected an almost s i m i l a r g row t h t o t h e country’s GDP. “The Philippine economy is projected to sustain a robust growth of 6.5 percent this year, slightly lower than the 2013 growth estimate of 6.75 percent, on the back of buoyant infrastructure investments and stronger consumption,” said Jonathan R av e l a s , c h i e f m a r k e t strategist of Banco de Oro Unibank. “The administration’s main thrust is infrastructure spending which is seen t o b e t h e c at a l y s t for the development of other industries such as manufacturing and tourism,” Ravelas said.
He said the implementation of the government’s public private partnership (PPP) program is also imperative in the expansion of these industries. The government has doubled its infrastructure budget to P400 billion this year. “Even though legislative and political issues hamper the growth of public and private investments, we believe that these will be one of the major growth drivers in the year ahead,” he noted. On the consumption side, the Bank expects demand will continue to come from those working for business process outsourcing (BPO) companies and recipients of OFW remittances. Ravelas noted that the local economy continues to be consumer driven and has “pretty much been insulated from external factors.” “While the countr y’s financial market was significantly affected by the signal of the Fed (Reserve) to start tapering QE (quantitative easing), the Philippine economy has re mai ne d re s i l i e nt amidst the uncertainty and volatility brought about by the European and U.S. markets,” he noted. Nevertheless, the expected improvement in the economies of trading partners will awaken the country’s lackluster exports sector, Ravelas said. “Despite the setbacks and adversities the country faces, our strong fundamentals support the growing economy. We may not be immune to the effects of factors beyond our control, but our robust macroeconomic fundamentals serve as buffer for such headwinds in the future,” he added. T he c ount r y’s g ro ss domestic product (GDP) grew 7.4 percent in the first nine months of 2013, making it the fastest growing country in Southeast Asia. Despite the devastation caused by super typhoon Yolanda, BD O sees the economy growing by 6.75 percent in 2013 given the small contribution of about 2 percent of Eastern Visayas. –with PNA
PCCI... from page 1
PCCI, Varela noted the Asian Development Bank and World Bank have observed the growth has not really translated to quality and better jobs. To remove the constraints to inclusive growth, he urged specific reforms such as: • E n s u r i n g t h e adequacy and costcompetitiveness of fuel and electricity to power the growth of business and industries; • R e h a b i l i t a t i o n , expansion and modernization of airports and seaports to accommodate the growing number of tourists and travellers and rising volume of traded good domestically and internationally; • C onst r uc t ion of
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roads, rails and bridges with a priority given to linking airports and seaports to cities and key destinations and farm-to-market roads; • S t r e a m l i n i n g business permits and licenses to facilitate the entry of investments as well as encouraging micro and small industries to be registered into the mainstream economy; • I m p r o v i n g customs administration and procedures to facilitate trade while improving border controls; • Strengthening our capacity to participate in regional trading activities including enhancing the count r y’s inter nat iona l market intelligence and networks; • Improving education standards and enhancing the current curriculum based on market analysis and emerging trends, giving priority to industry needs; and • P r o m o t i n g competition to seize the benefits of expanding and liberalizing trade and investment environment, specifically the AEC 2015 and possible new free trade agreements such as the RCEP and the TPP. “Certainly, the rosy picture painted by our economic managers cold result in the transformation of the Philippine economy into a powerhouse economy if the government, with the support and partnership of the private sector, is able to address the constraints to growth.” Varela said. He said the rising cost of fuel and electricity was an annoying issue, but the core issue to be resolved was to ensure the adequacy, reliability and reasonable pricing of energy. The rate hike by Meralco, he said, would hurt consumers, and, particularly in the emergency meeting of PCCI on the Meralco rate increase issue, the exporters were among the most vocal about the impact on their competitiveness in the global market. “Open access, which has earlier been touted as something that could help large users, will not be much help as there is not enough power supply, a situation that has come to the fore with the latest increase in rates’” he said. The coming year, he said, is critical year for action that requires decisive movement on variety of issues such as rebuilding the devastated cities and towns in the Visayas following the visit of super typhoon.
Seek... from page 1
“ T he re are a l ot of potentials (for these products). Just by having a small Halal seal will bring big difference to your products being exported abroad,” he stressed. Me a n w h i l e , Ad m a d invited lo cal exp or ters to participate in the 11th Malaysia International Halal
Showcase (MIHAS) slated this April 9 to 12 in Kuala Lumpur, Malaysia. “We are able to get a lot of businessmen from all over the world. So it is time for you to look at new products for you to bring in to the Philippine market as well,” he said. In 2013, MIHAS was p ar t icip ate d in by 463 exhibitors from 30 countries and attracted 18,223 quality visitors from 65 countries.
coconut, through the help of the Philippine Coconut Authority (PCA). From Januar y to September, domestic corn production, rose to 5.92 million metric tons, up by 0.40 percent year-on-year on improved harvest in Northern Mindanao, SOCCSKSARGEN and Western Visayas. Production this year is expected to reach 8.2 million MT, up 10 percent from 7.408 million MT in 2012.
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from page 5 January 2, the biggest drop since November 2012, as an improving US economy added to speculation that the Federal Reserve will further curb stimulus. About 6.34 million tons of palm oil was probably processed into fuel last year, according to industry researcher Oil World. “The drop in crude oil has discouraged buyers,” Donny Khor, deputy director of futures and commodities at RHB Investment Bank Bhd., said by phone from Kuala Lumpur. Output in Indonesia, the
Project...
Davao Light ended 2012 with a net income of P1.37 billion, about 6% more than its P1.29-billion profit by the end of 2011. In approving Davao Light’s budget and plans, ERC cited the company’s capability to pay its obligations and noted that its “high asset utilization over the years 2011-2012 indicates potential in generating earnings in proportion to resources placed in business operations.” The regulator added that implementation of the projects “will redound to the benefit of its consumers in terms of continuous, reliable and efficient power supply.”
CebuPac... from page 3
acquisitions (M&As) are inevitable in the Philippine airline business amid an 84-percent penetration rate, which is considered high in the region. The Philippines’ penetration rate is higher than Thailand’s 58 percent, Indonesia’s 57 percent, Malaysia’s 49 percent and Vietnam’s 29 percent. CAPA said there are “too many” low-cost carriers (LCC) in the Philippines, with the “over-capacity and irrational comp etition” resulting in losses for budget airlines other than Cebu Pacific. Last year, the Philippine unit of Malaysia’s AirAsia acquired 40 percent of Zest Airways Inc, which is owned by Zest-O juice maker and former ambassador Alfredo Yao. With this acquisition, the number of budget airlines in the country has gone down to four, namely AirAsia Zest, Cebu Pacific, PAL Express and Tigerair.
Major... from page 5
facilities. On top of these, the cost of production must be reduced to remain competitive. The Philippines is a signator y to the AFTA, set to take effect on 2015, which brings down the duties on products coming from ASEAN countries to zero. At present, the country enjoys production surplus as areas planted to corn were expanded. The government has allowed growers to export their produce, shipping corn silage to South Korea. The DA has already identified 300,000 areas where corn be intercropped with
Palm...
world’s largest producer, will increase 15 percent to 28 million tons this year from 24.4 million tons in 2013, the Agriculture Ministry said on January 3. “If production is set to rise, the likelihood is that it might cause some downward pressure on palm oil as the higher production may contribute to higher stockpiles,” said Tan Chee Tat, an analyst at Phillip Futures Pte. in Singapore. Soybean oil for March delivery rose 0.7 percent to 39.06 cents a pound on the Chicago Board of Trade. Soybeans climbed 0.4 percent to $12.75 a bushel. Refined palm oil for May delivery declined 0.8 percent to 6,100 yuan ($1,008) a ton on the Dalian Commodity Exchange. Soybean oil lost 0.9 percent to 6,862 yuan.
CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011
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