BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 120
Market Indicators
As of 6:11 pm February 23, 2017 (thursday)
FOREX
PHISIX
US$1 = P50.240
7,031.01
6.5
X X Briefly
cents
14.56 points
Federalism
ABOUT 5,000 residents from all over Misamis Occidental gathered Monday at the Medina College Gymnasium in Ozamiz City for the grand launching of the Mayor Rodrigo Roa Duterte-National Executive Coordinating Committee (MRRD-NECC). Gracing the event were San Luis, Batangas Mayor Samuel Ocampo, MRRD Peoples National Movement for Federalism national president, and Commissioner Manuel Serra Jr. of the Presidential Commission for the Urban Poor and MRRDNECC campaign manager. During the launching on Monday morning, members of the MRRD-NECC from the cities and towns in Misamis Occidental were sworn in.
Sasa modernization DAVAO City -- A homegrown cargo handling firm is throwing its all-out support to the Sasa Port modernization in order to address the growing demand of increasing cargo ships docking at Davao’s main port. Harry Lopez-Chua of Filipinas Port Services (Filport) said modernizing Sasa Port would improve services and result in faster turnaround while an additional space would accommodate some new equipment. He said currently, the port handling remains traditional using only short cranes. If there is improvement in cargo handling, it is private-initiated to improve their service and cope with competition.
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TAX REFORM ROADSHOWS - The Department of Finance presented roadshows to on tax reform policy drafts.
Solon wants 1995 Mining Act scrapped On the occasion of the 22nd anniversary of the country's mining law, House C ommitte e on Natura l Resources chairperson and Bayan Muna partylist Rep. Carlos Isagani Zarate said "now is the time to finally replace a deeply problematic and plunderous mining law." "The time is long ripe to scrap the Mining Act of 1995. What is crystal clear, in the more than two decades of liberalized mining, is that it does not work for the development of our economy and the betterment of our people. Instead, liberalized mining has abused, violated the rights of the people, wreaked havoc on our environment, and raped our national patrimony. There are several alternative scrapped/PAGE 11
Quarry in San Simon, Cagayan de Oro near the bridge. shows the long arm of the backhoe penetrating the river bed at full length. (photo by Dr. Bob Ocio)
HE government and private sector had expressed its support to the tax reform proposals by Congress and the Department of Finance (DOF), stressing on the benefits the reforms will provide to the economy.
The government’s bid to reform the Philippine tax policy is a way to address inefficiencies, inequalities, and complexities in the tax system while also raising the funds needed to invest in the country’s infrastructure and people, according to the DOF. “We are redesigning our tax system to be simpler, fairer, and more efficient for all,” the DOF said in its presentation at a recent national roadshow on the draft tax reform policy. The revised Package 1 of the administration’s tax reforms/PAGE 11
EastWest Bank’s income surged 70% EASTWEST Bank registered a net income of P3.4 billion in 2016, 70% higher than the P2.0 billion booked in 2015. Its total assets increased by 25% to P292 billion, led by the 51% increase in its consumer loan portfolio. EW's core recurring income was up by 25%. The Bank sustained its industry-
leading net interest margin of 7.7%. Net interest margin, net of provisions for loan losses, was recorded at 4.9%, still the highest among universal and commercial banks. EastWest is the most consumer-focused universal bank in the country with more than half its loan portfolio lent to consumers.
Last year, the bank had targeted 50% earnings growth for 2016 as it expected to see the early result of its aggressive expansion program that saw EastWest's nationwide store network almost triple in five years to 445, including its rural bank subsidiary. income/PAGE 11
EastWest President & CEO Antonio C. Moncupa, Jr.
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