BusinessWeek MINDANAO
2013 ppi’S Best in Business and Economic Reporting
YOUR Mindanao-wide BUSINESS paper
Volume VI, No. 107
Market Indicators As of 6:12 pm march 3, 2016 (thursday)
FOREX
PHISIX
US$1 = P47.115
6,963.44
X X Briefly
14.5
80.99
cents
points
OIC confidence THE support of the international community will provide the necessary fuel in preserving and sustaining the gains of the Bangsamoro peace process as the legislative track involving the proposed Bangsamoro Basic Law (BBL) has been put on hold with the bill’s non-passage during the 16th Congress, Department of Foreign Affairs (DFA) Undersecretary for Civilian Security and Consular Concerns Rafael Seguis said recently. “The non-passage of the BBL does not mean the end of the unwavering efforts to achieve long lasting peace. It is not the end of the peace process,” Seguis said in a DFA briefing attended by the department’s regional offices yesterday. “As diplomats, it is our duty to continue to engage and to talk to the international community in general and in particular, our international partners and stakeholders in the peace process. This is how we can substantively contribute to the peace process here in the Philippines,” he said.
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6 shops padlocked for tax deficiencies www.businessweekmindanao.com
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Thu-Fri | March 3-4, 2016
By CHENG ORDOÑEZ, Executive Editor, BWM
HE Bureau of Internal Revenue Regional Revenue in Northern Mindanao has padlocked six establishments in Cagayan de Oro City yesterday for failure to comply with tax requirements set by the bureau. Among those ordered closed were four branches of Rika Pharmacy, owned and op erated by Rika Drugstore and Distribution Corp. These were the branches in Capitol Compound, Kauswagan, Upper Canitoan and Upper Puerto. T h e ot h e r t wo p a d l o cke d establishments were Empire 888 and the Brewsky & Fry CDO owned by CP2J88 Corporation, and operating within the Lifestyle District, along Corrales Extension.
The closure order was signed by Inte r na l R e ve nu e D e put y Commissioner for Operations Nelson M. Aspe and served by two top revenue officials from the Central Office headed by BIR’s Public Information and Education Division Chief Reymarie dela Cruz and Taxpayer Service Programs Monitoring Division Chief Marivic Galban. The six establishments were padlocked/PAGE 11
ORO SKYLINE. The Mindanao University of Science and Technology (MUST) campus serves as fore to the Port of Cagayan de Oro skyline and the Macajalar Bay as seen in this photo taken from the topmost 21st level of Limketkai Luxe Hotel, the second tallest building in Northern Mindanao. photo by mark francisco
PHL is the ‘it’ country for electric vehicles By BONG D. FABE, Contributor
THE country’s “backward” transport industr y with inefficient public utility service and the unfavorable interest rates in Japan are c ont r ibut i ng t he ma ke the Philippines become at present the “it” country
Networking scam THE Securities and Exchange Commission (SEC) has coordinated with the Department of Trade and Industry (DTI) in northern Mindanao to investigate an alleged networking scam, a SEC official said Thursday. In a letter, the SEC requested the DTI to conduct a parallel investigation on JDS Prime Trading after the sudden disappearance of its owner, James Decena Samson, along with the more than PHP1.5 million capital spending from its local investors. “Our own verification showed that JDS is not a corporation nor a partnership; and since it sells products, it must be under the jurisdiction of the DTI,” said lawyer Renato Egypto, SEC Regional Director in northern Mindanao.
P15.00
PADLOCKED. Bureau of Internal Revenue regional director Atty. Glen Geraldino (leftmost) led the closure of Rika Drugstore at the Capitol Grounds, Cagayan de Oro City, for various violations of tax requirements. Four of the Rika Drugstore branches in the city and two entertainment hubs along the city’s Lifestyle District were also padlocked for similar violations. photo by cheng ordoñez
USAID, ADB sign on for Mindanao ‘corridor’ By CARMELITO Q. FRANCISCO, Correspondent
THE Mindanao Development Authority (MinDA) has signed separate agreements
with the US Agency for International Development (USAID) and the Asian
Development Bank (ADB) for the development of the South Central Mindanao Corridor (SCMC), one of sign/PAGE 11
for investments in Asia, especially in the electric vehicle industry. Rommel Juan, president of the Electric Vehicle Association of the Philippines (EVAP), said that the above vehicles/PAGE 11
Free electricity to poor households in MisOr MISAMIS Oriental -- Poor residents in Misamis Oriental would be eligible for free electricity connections, an executive of a local electric cooperative said Thursday. E d n a D i a n g g o, t h e spokesperson of MORESCO 1, said that the poor households with no access to electricity in the province could now
receive a grant assistance for electrical connection and materials through MORESCO 1. MORESCO 1 is a local power cooperative that provides electricity to more than 20,000 subscribers in the west district of Misamis Oriental and part of Cagayan free/PAGE 11
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