BusinessWeek Mindanao (July 29, 2020)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XI, No. 23

Market Indicators AS OF 6:00 PM JULY 28, 2020 (TUESDAY)

FOREX US$1 = P 49.190

6

PHISIX 5,927.11

X X Briefly 66.17

cents

points

Stimulus package

THE House of Representatives on Tuesday adopted a resolution expressing its commitment to enact the proposed P66-billion supplemental budget of the Department of Agriculture to support its programs in addressing the impact of the coronavirus disease 2019 (Covid-19) pandemic. During plenary session, the lower chamber adopted House Resolution No. 925 as a pledge to pass the budget for the stimulus package to the agriculture sector to ensure food security, food supply, availability, and price stability. "As part of its commitment and resolve to help in the efforts to alleviate the condition of every Filipino affected by the enhanced community quarantine and variants thereof, during these difficult times, the House of Representatives pledges to pass the proposed supplemental budget of the Department of Agriculture to address the urgent need of ensuring the country's food and nutrition security, and for the sector to contribute to the country's faster economic recovery," the resolution read.

Rental discounts AS President Rodrigo Duterte asked lessors of commercial spaces to come up with amenable arrangements with their tenants, Trade Secretary Ramon Lopez has cited ways to give rental discounts to micro, small and medium enterprise (MSME) lessees amid the pandemic. In a radio interview Tuesday, Lopez said landlords may adopt the arrangement implemented by a big mall operator for their lessees, which is waiving the fixed rental fee and only getting a percentage of the lessee’s sales as rental payment. For instance, the arrangement before the pandemic was that lessors charged a tenant for commercial space rental at a fixed rate of PHP100,000 plus 8 percent of the tenant’s sales.

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2 steel plants to stir M’danao’s economy www.businessweekmindanao.com

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N response to the call of President Duterte’s State of the Nation Address (SONA) to bring to life the country’s economy, two big foreign funded steel projects in Mindanao are now on stream seen to create thousands of jobs and open up downstream businesses amid the ongoing threat of Covid-19.

HOPE FOR STEEL INDUSTRY. The revival of the mothballed National Steel Corp. in Iligan City and the planned Chinese-led steel plant at the Phividec Industrial Estate are expected to reinvigorate Mindanao’s slumping steel industry.

The coming of these twin steel plants in Mindanao, one for the revival of the old National Steel Corporation (NSC) in Iligan City and another in Phividec Industrial Estate in Tagoloan, Misamis Oriental will place the country as the “steel center of Asia”. After years of hiatus, the defunct National Steel Corporation is being readied

to regain its lost glory at this of pandemic with a new, state-of-the-art fully integrated steel mill facility. Reconstruction of the old NSC into a modern steel plant is set to start soon by a leading European supplier of equipment and physical plants to the metal industry. City Mayor Celso Regencia PLANTS/PAGE 10

MinDA wants motorcycle barrier policy suspended DAVAO City – The Mindanao Development Authority (MinDA) has asked the Inter-Agency Task Force (IATF) on Covid-19 to reconsider suspending the policy

requiring barriers for people riding in tandem on a motorcycle. In a statement on Saturday, Secretary Emmanuel Piñol said BARRIER/PAGE 10

Over 4,000 MW power projects seen until 2022 THE Department of Energy (DOE) said the country will have an additional 4,078 megawatts (MW) from committed power projects until 2022, the last t wo ye ars of t he D uter te administration. In its accomplishment report

released Monday, the DOE said the bulk of the new capacity or around 2,518 MW will come online this year and 1,560 MW will be ready by 2022. In terms of sources, the majority of the additional power POWER/PAGE 10

FACE SHIELD. A boy wears face mask while playing in a street in Brgy. Kauswagan, Cagayan de Oro City while an adult opted not to wear any mask despite the government warning that all residents must wear face shield when outside their residences. photo by gerry lee gorit

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