BusinessWeek Mindanao (May 13-14, 2022)

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Volume XII, No. 142

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Yakult MisOr plant YAKULT Philippines, Inc. groundbreaks its new plant in El Salvador City, Misamis Oriental to bolster its prooduction capacity for the Visayas and Mindanao markets.

Mr. Alberto R. Dy Sun President of Yakult Philippines Inc, together with Mayor Edgar Lignes of El Salvador City, Misamis Oriental, headed the unveiling of the marker where the Yakult El Salvador (Y.E.S) plant will rise in Barangay Quibonbon.

The event was also attended by the executives of Yakult Philippines Inc. and CCT constructors Corporation.

The project, which started back in 2021, is set to rise on a 4.2-hectare property, is considerably larger than the plant located in Calamba, Laguna.

The Yakult El Salvador plant is meant to fulfill the demand for the iconic drink and start the expansion of its production to Visayas Mindanao. It targets to significantly increase the total daily product production of both Yakult original and the Yakult Light.

UniTeam sweeps Normin THE UniTeam tandem of Ferdinand Marcos Jr. and Davao City Mayor Sara Z. Duterte dominated all of Northern Mindanao's five provinces, according to the unofficial results of the Commission on Elections (Comelec) transparency server.

With 98.3 percent of election returns counted as of Wednesday, Marcos and Duterte also led in major cities of the region following Monday's polls.

In this city, Marcos topped the votes with 233,325, and Duterte with 258,826.

Overseas voting results THE results of the overseas absentee voting would be finalized within the week, the Department of Foreign Affairs -Overseas Voting Secretariat (DFA-OVS) said Wednesday.

In a Laging Handa briefing, DFA-OVS Director Zoilo Velasco said the special board of canvassers (SBOC) in different Consulates and Embassies are currently consolidating and canvassing the votes.

Meanwhile, he described as a "success" the conduct of the 2022 overseas absentee voting, citing a record 32 to 33 percent that already surpassed the 31.45 percent voter turnout in 2016.

IN-DEPTH

Fri-Sat|May 13-14, 2022

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SPC terminates ‘purchase deal’ with STEAG Power L

By MYRNA M. VELASCO, Contributor

ISTED firm SPC Power Corporation, through its affiliate-firm Intrepid Holdings Inc. (IHI), has terminated its sale and purchase agreement (SPA) with German firm STEAG GmbH, aborting the former’s plan to acquire majority shareholdings in the 232-megawatt Mindanao coal-fired power facility sited in Misamis Oriental.

NEWLY ELECTED OFFICIALS IN CDO. Election winners in Cagayan de Oro City, Second District Rep. Rufus Rodriguez (left), First District Rep. Lordan Suan (partly hidden), Vice Mayor Jocelyn Rodriguez (center) in a huddle with elected Mayor Klarex Uy (right) following their declaration by the City Board of Canvassers.

Comelec proclaims local poll winners in NorMin THE Commission on Elections' (Comelec) Boards of canvassers (BOCs) in Northern Mindanao Region have proclaimed all local winners in the May 9 elections.

In Cagayan de Oro City, incumbent first district Rep. Rolando “Klarex” Uy was declared mayor-elect late Tuesday evening.

He will succeed outgoing Mayor Oscar Moreno on June 30.

Lawyer Rowell Valledor, city election officer, said Uy garnered 160,312 votes to prevail over former Phividec Industrial Authority Administ rator Jos e Gabr iel “Pompee” La Viña who obtained 128,071 votes.

Uy thanked supporters for giving him a chance to lead the

city and vowed to provide the "best quality of public service" for residents.

“Finally, it’s done and this is the time to go back to work as we need to serve the people,” Uy told reporters.

Incumbent City Councilor Jocelyn Rodriguez, the running mate of L a Viña, was a ls o proclaimed vice mayor-elect.

Rodriguez won with 178,162 votes over incumbent Councilor Edna Dahino, Uy's running mate, who garnered 99,017 votes.

“What will happen is we will prioritize the people, strengthen our policy and programs to provide benefits to them,” Rodriguez said.

WINNERS/PAGE 7

The SPA that was sealed on February 10, 2022 had stipulated that the SPCowned subsidiary firm can purchase the 51-percent equity of STEAG in the Mindanao coal plant for $52 million.

But it was primarily provided in the deal that the closing of the transaction shall be subject to regulatory approvals, as well as on the need for it to secure a waiver for the transaction.

SPC, nevertheless, disclosed that “securing completely the transaction

or waiver of the conditions precedent is highly unlikely, thus, the parties have mutually agreed to terminate the PSA.” As previously agreed by the parties-in-interest, SPC qualified that “among the terms and conditions of the PSA, is the satisfaction or waiver of the conditions p r e c e d e nt – w h i c h i s a pre re qu i s it e f or t h e completion of the transaction.’

The other shareholders in the Mindanao coal plant are Filipino firms Aboitiz Power Corporation and La Filipina TERMINATES/PAGE 7

OPOL, Misamis Oriental Mayor-elect Jay Bago (right) and Vice Mayorelect Vox Daroy (left) proudly present their certificates of canvass of votes proclaiming them as newly elected officials in their respective positions.

Brownouts plague poll proceedings

By MYRNA M. VELASCO, Contributor

WIDESPREAD incidents of power interruptions in roughly 1,500 barangays nationwide plagued voting proceedings during the synchronized national and local elections on Monday, May 9.

The National Electrification Administration (NEA), in particular, reported that about 1,456 barangays temporarily lost power, majority of which occurred in Mindanao affecting 768

barangays, followed by Luzon with 437 barangays and Visayas with 251 barangays.

In the franchise area of Manila Electric Company (Mera lco), 20 cas es of protracted brownouts were registered in various areas including Santa Ana, Santa Mesa and Tondo in Manila; Valenzuela City; Batasan in Quezon City; Talon in Las Pinas City; Cavite City, Naic and Amadeo in Cavite; Batangas City; Hagonoy, San

Francisco and San Jose del Monte in Bulacan; as well as Antipolo and Cainta in Rizal.

When aske d on t he power outages reported in various parts of the country, Energy Secretary Alfonso G. Cusi dismissed these p ower interr uptions as “isolated trippings” which are being checked with the DUs (distribution utilities).

“There is no problem on supply,” Cusi assured.

Within the areas served PLAGUE/PAGE 6

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Sulu records first-ever peaceful polls: Army official

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SABELA City, Basilan – For the first time in history, the election in Sulu province was peaceful except for two recorded mauling incidents, a military official said Tuesday.

This came as most of the key elective posts, except in five of the 19 municipalities, were uncontested during the May 9 national and local elections.

The five hotly-contested towns include Panguntaran, with six candidates for mayor and three for vice mayor; Lugus, five mayoral bets and three for vice mayor; Omar, four mayoral aspirants and six for vice mayor; Parang, three mayoral candidates and two for vice mayor; and Patikul, two mayoral candidates and two for vice mayor.

Col. Alaric Avelino

Delos Santos, Joint Task Force (JTF)-Sulu information officer, said one of the two mauling incidents involved a poll watcher, Alhasil Asani, 29; and Maay Sahilun, electoral board chairperson in Barangay Simbahan, Pangutaran.

Asani, a poll watcher of incumbent Pangutaran Vice Mayor Radzmin Nanoh, allegedly punched Sahilun around 7:40 a.m. Monday

due to disagreement over a voter who inaccurately cast his vote.

Delos Santos said the troops of the 20th Special Forces Company (20SFC) immediately intervened to contain the situation.

“Medical specialists of 20SFC provided immediate treatment to Mr. Sahilun,” Delos Santos said in an interview Wednesday.

He said Asani was taken into custody by the

Panguntaran police.

Voting resumed around 8:30 a.m. at the Simbahan polling center.

Delos Santos said the second mauling incident transpired around 9 a.m.

Monday at Mundjun Elementary School in Barangay Anuling, Patikul town.

He said two supporters

of incumbent Patikul Mayor Kabir Hayudini mauled Sherhamir Nunie, 32, a supporter of mayoral aspirant Jing Schuck inside a voting center.

“The troops responded quickly and successfully quelled the incident, which did not affect the flow of elections in the area,” he said. (PNA)

Army to probe poll-related harassment involving troops in MisOr THE Army’s 4th Infantry Division (ID) here said Monday it would investigate electionrelated harassment involving soldiers in the Misamis Oriental town of Villanueva.

The Army's 58th Infantry Battalion (58IB) identified two of the five

suspects as Corporals Joel Cabahug of Gingoog City, Misamis Oriental, and Client Japuz of Balingasag town.

Along with three other suspects, including a government militiaman and an Army private, Cabahug and Japuz were accused of election-related

“harassment” in Barangay Looc, Villanueva town on Sunday night.

Maj. Dennis Cerilla, Villanueva police chief, said the suspects harassed the supporters of a Misamis Oriental gubernatorial candidate “by illegally searching the victims’ body for weapons,

slapping the nape, and indiscriminately pointed a firearm in the faces of the victims."

The other suspects are identified as Pvt. Rey Hilogon, Citizen Armed Auxiliary member John Carlo Solde, and retired soldier Aladino Hulleza Layam.

Lt. Col. Ricky Canatoy, the 58IB commander, condemned the harassment and expressed PROBE/PAGE 7

MINORITY BLOC IN MISOR SP.The Commission on Election (Comelec) in Northern Mindanao has declared, among others, newly elected Provincial Board members in Misamis Oriental's second district Princess Emano, Pangky Acain and Abing Bernaldez of 1st district. The three belong to Team Unity and shall comprise the minority in the Sangguniang Panlalawigan. photo by gerry gorit

The Role of Parents in Child Development By: ANNALYN L. ENLAWAN Teacher III/ Panampawan Elementary School Claveria Central District

A child-rearing attitude is a set of cognitive constructs that describe an individual’s behavior toward a child. Most commonly, it involves the degree to which a person accepts or rejects their child’s feelings. Parents are also likely to be restrictive when it comes to setting their child’s limit.

Misbehavior of a child is the most common problem of the parents nowadays.

“Parents are the single greatest inf luence on children”- Ariel Kalil. In terms of where kids spend their time, it is usually in a family environment. They

spend less time in school and more time with parents and caregivers. This suggests that parents play a huge role in shaping their children’s lives and influencing their values and skills during these childhood development stages. For instance, they can make their children’s environments their own based on their own ideas about what is best for them. There are also constraints that parents have to consider. Humans rely heavily on learning for child development. Because we are not born knowing how to behave in society, we have to

learn many of the behaviors from the environment around us growing up. For the most of us, this learning starts with the family at home.

Learning comes in many forms. Sometimes children learn by being told something directly. However, the most c om m on w ay c h i l d re n learn is by obser vation of everyday life. A child’s learning and socialization are most influenced by their family since the family is the child’s primary social group.

Child development happens physically, emotionally, socially, and intellectually during this time.

A good way to teach your child values is to discuss with them the importance of healthy and unhealthy values. Even when your child is little, giving them some responsibilities, such as cleaning the table, sweep the floor or helping sibling when they’re sick, will begin to teach them the importance of these values. Additionally, explaining the importance of values will help your child understand consequences.

So, as the family, it is your job to teach your children about the values that they will use to guide their own lives. This requires a lot of work for you because not only do you have directly teach these values to your children, such as through explaining and tasks but your child will notice if you do behave in the same way that you expect of them. Your child watches your behaviors to gauge how to behave themselves. Trying to always exhibit your values is important more than ever with a family because a child’s presence must then always be taken into consideration.

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FRI-SAT|MAY 13-14, 2022

SM Prime income, revenues up 15% as economy reopens

PROPERTY developer SM Prime Holdings, Inc. reported on Tuesday that its consolidated net income grew 15% to P7.4 billion in the first quarter due to higher revenues.

“The significant improvement in mobility restrictions and the continuous reopening of the local economy in the first three months of 2022 have provided SM Prime further boost to expand its businesses and reach more customers through its integrated property developments,” SM Prime President Jeffrey C. Lim said.

First-quarter consolidated revenues likewise increased by 15% to P23.9 billion, while operating income grew by 17% to P10.1 billion.

SM Prime’s mall business reported a 40%

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CorporateWorld

growth in revenues to P8.2 billion. Rental income was also up by 34% to P7.6 billion.

“The easing of community quarantine levels in key areas in the country, which allowed more shops to operate,” SM Prime said.

The company’s cinema, event ticket sales, and other revenues increased by 172% to P600 million in the first quarter from P200 million.

Meanwhile, SM Prime’s residential business group, led by SM Development Corp., reported P12 billion in revenues, almost the same as the previous year.

Sales reached P31.1 billion, with no comparative figure given, mostly coming from vertical residential developments in Mandaluyong, Parañaque and Makati.

“Despite the sudden COVID-19 (coronavirus disease 2019) cases surge in January 2022, we were able to maintain our growth momentum in the succeeding months while prioritizing the health and safety of all our REVENUES/PAGE 7

Cebu power utility firm, workers' union sign 5-year CBA

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EBU City – The management of Cebu’s biggest power distributor, Visayan Electric Co. (Veco), and its employees’ union have signed a 5-year collective bargaining agreement (CBA), marking a milestone for the labor sector here.

Engr. Mark Anthony Kindica, head of the management panel, said negotiations for the 2022-2026 CBA were by far the most peaceful and harmonious the firm has experienced.

“This was a milestone for Visayan Electric but we still have so much to do in terms of strengthening the relationship with VECEU (Visayan Electric Co. Employees Union). This is just the beginning and we are off to a good start,” he said in a statement on Saturday.

For his part, VECEU president Arnel Zapanta expressed his gratitude to the utility management team for considering the union’s concerns.

“For the first time in 15 years, CBA negotiations were made easy. This is

also the first time that we signed two CBAs in less than a month. We hope that this harmonious relationship will continue.

Management and labor should be a tandem,” Zapanta said.

The VECEU was supposed to sign a CBA with the Veco management in 2017 after a previous CBA already expired.

However, negotiations for the 2017 CBA failed when the union and management did not reach an agreement on a number of issues, including the amount of yearly

across the board salary increase that should be implemented for rank and file employees.

It was only in April of this year that the union and the management signed the 2017 CBA. Negotiations and the current CBA followed thereafter.

President and COO Engr. Raul Lucero, for his part, thanked the union and the management panel for finally resolving the CBA concerns.

“We are looking forward to years of UTILITY/PAGE 7

SB Corp. releases P7.2-B microloans for MSMEs DEPARTMENT of Trade and Industry (DTI) Secretary Ramon Lopez said the agency’s financing arm has released a total of P7.2 billion worth of loans to micro, small and medium enterprises (MSMEs) to help them recover from the pandemic.

At the launch of the Rise Up Program Friday, Lopez said the P7.2billion loan disbursed to MSMEs came from the Coronavirus disease 2019 Assistance to Restart Enterprises (CARES) program of Small Business (SB) Corp.

Lopez said CARES loan has assisted around 42,100 borrowers.

SBCorp launched the CARES program, a zero-interest loan, in 2020 with a P1-billion budget funded

internally.

With the success of the program, Congress allocated PHP10 billion under the Bayanihan to Recover as One (Bayanihan 2) for the CARES loan.

However, the Department of Budget and Management (DBM) only released PHP8.08 billion to the DTI’s financing arm.

Of the total released fund, PHP4 billion was allotted for multi-sectoral MSMEs and P4 billion for tourismrelated MSMEs. The rest was spent for the mobilization and operating expenses to roll out the microfinancing program.

Lopez said loans for multi-sectoral MSMEs were fully utilized while the facility for the tourism sector was underutilized as tourism-related

enterprises were reluctant to borrow money even at zero-interest rate due to their low operating capacity.

To date, some P2.7 billion is still available for MSMEs in the tourism sector, Lopez said.

To continue this microfinancing program, SBCorp has launched its online loan facilities available to multisectoral MSMEs. Lopez said SBCorp is allocating P6 billion for the Rise Up Program, which has three sub-programs including RiseUp Multi-Purpose Loan for multisectoral MSMEs, RiseUp Tindahan for MSMEs under a fast-moving consumer goods network, and RiseUp Turismo for MSMEs engaged in tourism activities.

(PNA)

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Opinion

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Dr. Jesus Guiab Cures the Sick & Ills of Society KIM'S DREAM

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Determination dies hard Think a minute… This is the true story of a young lady who told all of her friends she was going to be an actress.

At the young age of 16 she went off to drama school in New York City. Unfortunately after only a short time the school sent a letter to her mother saying, “Please take your daughter home. She has no acting ability at all!”

Instead of giving up and going home, this tough teen got a job in a musical, but she was soon fired from that job also. In fact, she worked in three other musicals and was fired from every one of them! In two years, she had not earned one dollar as an actress.

Finally she got a job as a model, but soon lost that job too. Then she became seriously ill. The doctor told her she might never walk again. However, she bravely fought this terrible disease for two years, until eventually she was able to walk again.

After six years in New York City she had nothing to show for herself except rejection and obstacles she had overcome.

Yet amazingly, 20 years

THINK A MINUTE

FRI-SAT|MAY 13-14, 2022

After Debunking the Mundane, Leaping to the Sublime

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ORLAN R. RAVANERA It has been said that when the body (form) suffers, the spirit (consciousness) rejoices because we are more than forms, we are consciousness even prior to taking a body.

Consciousness is eternal, the body is just transient. Based on this truism, I now fully understand why an excellent young doctor then named Dr. Jesus Guiab turned down an offer to work in the United States in the early sixties as a medical doctor with a gargantuan monthly salary and opting to go to work in far flung troubled municipalities in Mindanao to serve the sick and the downtrodden, and for free at that!

In a world that is giving high veneration to the profitmotive, deeply buried in unbridle materialism and consumerism , addicted to the whims and caprices of the mundane, no way will the young doctor’s selfless attitude be understood. The spirit of service, amidst morale collapse and religious apathy, seems to have vanished in a world that is suffering from collective insanity, controlled by egoic mind that prioritizes self-aggrandizement and instant pursuit of wealth and power.

I can liken Dr. Guiab whom I I had known before in Wao Lanao del Sur as an excellent young doctor in the sixties during my elementary years to no less than the great Mahatma Gandhi who liberated India from an

Imperial Power, the British Empire, where the sun does not set. Mahatma Gandhi, who was then a popular lawyer left his profession, worked as a farmer with the Indian People and led a peaceful revolution called Satyagraha or Love Force. Knowing how God-loving Dr. Guiab is, what also came to my mind is a young Prince named Siddhartha who abandon his princely title and opted to live simply but with high spirituality who later became the much revered Buddha.

Humble as he is, the good doctor will not accept such comparison but after reading his amazing book entitled, “Lives in the Hands of God,” I truly believe that his compassionate life has already leaped to the sublime through transcendental spiritual dimension. As Chairman then of the Cooperative Development Authority, I had travelled to different regions of Mindanao and I was so happy to hear his name being mentioned as the best doctor providing excellent medical services to poor patients for free.

It is biblically mentioned in the Ecclesiastes that “for everything there is a purpose under Heaven.” Why must a tall, good looking young doctor who could easily have wealth, fame or power opted to serve the least of his brethren and even face threats and a dangerous life in troubled municipalities of Lanao del Sur? Veneration to wealth, fame or power that has already captured the mindset of all governments, all institutions, all universities and even of religious groups are all transient in the world of forms.

What matters is the oneness with all of God’s creation as we are all consciousness (spirit) and must be well-rooted to the Unseen Being, the Eternal called God. Indeed, “what

would profit a man if he gains the whole world but suffers the loss of his soul.”

S er ving the least of his brethren is not only passionately pursued by the great doctor by curing the sick and the downtrodden but of compassionately responding to the urgent call of the times by liberating the poor and the oppressed from the cudgel of poverty, inequities and social injustice. With his lovely wife, Atty. Remedios Galutera Guiab, becoming a mayor in 1988 up to 1998in of Wao Lanao del Sur, her ten-year stint as a transformative leader had transformed Wao to scale the heights to make life better for the people, to heal the blighted land back to life and for peace to reign. The amazing couple can be likened to the two wings of an eagle to scale the heights in serving the people of Wao. Indeed, Wao became a developmental show window as then Mayor Guiab was so excellent in accessing resources directly from the Central Government as many Secretaries and Senators then were her former classmates in the college of law especially the late Sen. Bobby Tañada and Sen. Romulo.

If one’s consciousness has debunked the mundane to leap to the sublime, Dr. Guiab’s spiritual development has brought him to that level of transcendental dimension where a higher intelligence is miraculously in control.

There were multitude of events that support that contention.

One of these happened on February 12, 1973 during the height of the Christian and Moslem Conflict called the “Ilaga Offensives.” A group of Christians were so alarmed on on-going exchange of gun shots between the Ilagas led

by Kumander Kidlat and the Moslem combatants. They ran to Guiab’s residence and inform him of the on-

going battle. In his pajamas, he rode to the place of the shooting that centered on the home of no less than Sultan Mamaco Salipada. As narrated by those who were present, “Dr. Guiab walked into the melee and asked everyone to stop shooting. Kung hindi dumating si Dr. Guiab, patay na sana si Sultan Mamaco.”

In my dialogue with Tito Jess, I asked him why must be put himself in the firing zone when he could have then and there be killed? He told me that the killing of Sultan Mamaco who is considered the “Father of Wao,’ who was the original Sultan who had welcomed the thousands of settlers coming from all over the country and declared Wao an “open land,” could have triggered an all-out war, like the “Marawi Siege,” and Wao would not be livable anymore.

The killing of Sultan Mamaco could result to the expansion of “war” that would involve the “Blackshirts” and the ISIS and hundreds, if not thousands, would have been killed.

That higher intelligence had made the God-loving doctor an instrument for peace, to rectify that collective insanity that have categorically shown the fallacies of life and religions in contemporaneous global society amidst the nonstop denigration of spirituality.

Yes, these fallacies of life and religions have buried humanity deeply into the mundane of forms which should now be debunked to give way to that higher transcendental dimension that Dr. Jesus Guiab is now exemplifying, being true to his name, JESUS. Please remember that we are all consciousness deeply rooted to that Eternal Source of all life forms and of ONE LIFE itself. This truism is embodied in his book, “ Lives in the Hands of God.” Please read that book.

Can we truly be 'another Christ'?

JHAN TIAFAU HURST later 40 million people watched this actress in her very first television show. In fact, more people watched I Love Lucy than the coronation of Queen Elizabeth and the inauguration of the U. S . Pre s i d e nt D w i g ht Eisenhower. For five years Lucille Ball’s program was the #1 television show in America! Later, she became the first woman to be the head of her own television production company.

Some people think successful stars like Lucille Ball simply get discovered and success just falls into their lap. But we do not see all their years of work and determination overcoming HURST/PAGE 7

Incredible as it may sound, we truly have been created

by God to be like him, patterned after his son who became man, Christ, so that we would have “the way, the truth and the life” to attain our ultimate goal of sharing the very life of God. That’s how God wants us to be and we, on our part, should also want it for ourselves. And the means to attain that goal have been given to us abundantly.

That, in fact, is the gist of the readings of these days of Easter where Christ acts as if trying his best to convince us that we should not only go to him but rather to be like him.

“Whoever believes in me believes not only in me but also in the one who sent me, and whoever sees me sees the one who sent me,” he said. “I came into the world as light, so that everyone who believes in me might not remain in

darkness.” (Jn 12,44-46) We need to realize that we are meant to assume the identity of Christ. And that is not a gratuitous, baseless assertion, much less, a fiction or a fantasy. It is founded on a fundamental truth of our faith that we have been created by God in his own image and likeness.

And this truth of faith has been vividly shown to us, since it is acted out in the whole history and economy of salvation that culminated in Christ offering his life and his very own self as the Bread of Life so we can have the eternal life with him, and so that he and us can be one even while we are still on earth, though in an ongoing and not in definitive state yet.

But we have to arrive at that point where we can make St. Paul’s words as our own too: “I no longer live, but Christ lives in me.

The life I live in the body,

I live by faith in the Son of God, who loved me and gave himself up for me.”

(Gal 2,20) We just have to learn to set aside whatever difficulty or awkwardness we may have in dealing with this basic truth of faith about ourselves. We have to try our best to know Christ and to adapt his very own mind and will, his own ways, behavior and reactions to whatever situation we may find ourselves in.

What is also clear is that Christ is actually already living with us. He is in us as the pattern and perfecter of our humanity, and the savior of our damaged humanity.

We just have to learn to live with Christ. He is never far or indifferent to us. Even in our miserable and wounded condition, he continues to be with us, helping us with greater solicitude. It’s rather us who tend to ignore and contradict him.

HINTS AND TRACES

ROY CIMAGALA And Christ gave us a concrete way of how we can be with him, or how he and us can be one. And that is simply to follow the new commandment that he gave us: “A new commandment I give you, that you love one another, that as I have loved you, you also love one another.” (Jn 13,34) It is that simple, albeit also quite challenging.

But with God’s grace, we can hack it. We just have to persist in following that commandment no matter what it takes!

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FRI-SAT|MAY 13-14, 2022

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Banking&Finance

Loan growth at 21 mos. high in March as economy reopens

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ENDING GROWTH continued to pick up in March, even as the expansion of liquidity slowed, as the economy reopened further amid declining coronavirus cases.

Data from the Bangko Sentral ng Pilipinas (BSP) released on Wednesday evening showed outstanding loans by big banks rose by 8.9% to $10.055 trillion in March from $9.253 trillion a year earlier.

This is faster than the 8.8% in February and is the quickest expansion since the 9.6% posted in June 2020.

Inclusive of reverse repurchase agreements, bank lending rose by 8.7%. Month on month, credit growth stood at 0.2%.

“Lending activity has gained further traction as the country’s improved coronavirus disease 2019 (COVID-19) caseload continues to support market confidence,” BSP Governor Benjamin E. Diokno said

in a statement.

Metro Manila and some provinces have been under the most relaxed Alert Level 1 since March as infections gradually declined after the Omicron surge that peaked in January. With restrictions eased, more businesses were able to increase their operating capacity.

The continued expansion of bank lending in March likely also reflected some borrowers’ rush to secure financing amid expectations of higher interest rates in the coming months as central banks begin tightening their policy settings, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US Federal Reserve in March started its tightening cycle with a 25-basis-point (bp) hike. At its meeting this week, the Fed fired off a bigger 50-bp increase and unveiled its plan to reduce its asset holdings to help tame multi-decade high

inflation.

Meanwhile, Mr. Diokno last month said they may consider a rate hike in June if there is evidence that economic recovery has gained ground. This is more hawkish compared with previous statements that the BSP would only start increasing borrowing costs in the second half of the year.

The Monetary Board will have its next policy review on May 19.

Credit for production activities increased 9.5% in March, slower than the 9.7% growth seen in February. The increase was driven by borrowings for real estate activities (19.7%); information and communication (28.4%); manufacturing (10%); wholesale and retail trade, repair of motor vehicles and motorcycles (8.7%); and financial and insurance activities (6.2%).

Household borrowings likewise LOAN/PAGE 7

Landbank Q1 digital transactions top P567-B THE Land Bank of the Philippines (Landbank) facilitated a total of 39.14 million transactions amounting to PHP567.61 billion from its major digital banking channels in the first three months of 2022, translating to a 36 percent and 22 percent year-on-year growth in volume of transactions and value, respectively.

“Landbank’s digital transformation is geared towards providing accessible financial

services to meet the growing needs of our customers. We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” Landbank president and chief executive officer Cecilia Borromeo said.

Borromeo said the demand for Landbank’s digital services continue to rise as more customers shift to using more

convenient, reliable, and safe digital banking solutions, especially in the new normal.

In particular, the Landbank Mobile Banking App (MBA) recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, or upsurges of 37 percent in volume and 46 percent in value year-on-year.

The Landbank weAccess, the bank’s corporate internet banking platform, recorded over

six million transactions worth nearly P143.19 billion, which translates to growths of 37 percent and 25 percent, respectively.

Meanwhile, the bank’s web-based payment facility, Link.

BizPortal, facilitated around 1.38 million transactions equivalent to a 42-percent increase with corresponding total value of P3.41 billion or 58-percent growth rate.

Landbank’s online retail DIGITAL/PAGE 7

BSP eyes AI applications to enhance functions THE Bangko Sentral ng Pilipinas (BSP) is exploring applications of machine learning (ML) techniques, particularly in the areas of natural language processing, nowcasting, and banking supervision.

“Central banks’ interest in ML has been increasing over the years, mainly due to its potential to enhance the existing tools used for regular monitoring as well as its ability to uncover underlying relationships between data to better

understand the economy and the financial system,” BSP Governor Benjamin Diokno said.

Machine learning is a subfield of artificial intelligence (AI) involving algorithms that deliver output based on patterns learned from data.

Natural language processing at the BSP is used to convert text into data to produce a quantitative summary, such as the news sentiment index and economic policy uncertainty index that are

currently being developed.

The BSP also employs ML approaches to generate nowcasts of regional inflation and domestic liquidity. These models supplement the BSP’s existing suite of models for macroeconomic forecasting.

In banking supervision, the BSP aims to utilize ML techniques to enhance its data validation processes and better identify atypical data.

Diokno said ML offers diverse opportunities in

central banking, especially when combined with techniques from other disciplines, such as econometrics and network science.

Diokno also highlighted several challenges associated with ML processes. The most often-cited limitation is the black-box approach to ML, which could result in difficulties in interpreting the causal relationships in ML models.

Like traditional ENHANCE/PAGE 7

Mr. NAEEM ALI a Pakistani National, Desire to apply as a Mechanic Supervisor in our Company HAZARA TRADING CORPORATION located at District 1, Zone 1, Diversion Road Bulua, Cagayan de Oro City, Misamis Oriental.

QUALIFICATION: * Male * Driver's License * Thorough knowledge of standard highway equipment and other vehicles and modern repair methods. * Physically capable of performing the duties assigned. * Must be 30 years old and above SALARY RANGE: 15-20k/Month Any local person in Cagayan de Oro City who is competent, able and willing to perform the Job/Position may file an objection at the DOLE-RO within thirty (30) days after publication.

Learners and the social networking sites By: JUDITH B. DELA CRUZ Teacher III Claveria Central School

With the abrupt innovation of the new technology and the social media, everyone has been influenced and has been affected nowadays. The Facebook, Twitter, Youtube and a lot more has been part of our daily lives already.

Some can’t even go out of their houses without checking their Facebook posts and status or even checking their Twitter account. That is why with the abrupt change, pupils who are into this modern technology has been as well affected.

Thus, aside from our primary function of providing our pupils, our school children the best quality education, our accessory function of reminding them to use the new

technology wisely and responsibly is of much importance and significance.

As it has adverse effects to our pupils nowadays, as teachers we must barely institute that to remind our pupils to use it responsibly is necessary.

That is why, during classroom discussions and activities, we can therefore get updates from our pupils and indirectly remind them to be responsible when using the social media and they must always think before they click the mouse.

Today, we have the world at our fingertips. Literally, with the touch of a fingertip or the click of a mouse, we can be connected to someone from

another country, stream live footage to family members, or update friends with pictures and statuses. To say the society, we live in is technologically advanced would be an understatement.

With everything available to us, it seems as if anyone with opposable thumbs can document, broadcast, and stream just about anything — with smartphone in hand of course. The list of innovations society has crafted is a long one, capping off at the most recent apps and tools available to us on a daily basis. Our ability to interact in this way can be a great thing, as long as that power is used for good and not for evil.

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Plague... from page 1

by the electric cooperatives (ECs) nationwide, NEA noted that out of the 111 ECs which lodged their reports, majority of them or about 61 ECs suffered brownout incidents.

By region, the highest scale of power interruptions had been registered in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with 321 barangays affected; followed

by Region IX in Mindanao which cover the provinces of Zamboanga del Norte, Zamboanga Sibugay and Zamboanga del Sur. In Luzon, bulk of the power outages affecting 118 barangays had been in Region II which comprises Batanes, Cagayan, Isabela, Nueva Vizcaya and Quirino; and followed by Region IV-B or the MIMAROPA area which is in the enclaves of Mindoro, Marinqudue, R omb l on a n d Pa l aw a n provinces.

High incidents of brownouts were likewise log ge d in Reg ion V or the Bicol Region; Region VI which consists of the

provinces of Iloilo, Negros Occidental, Aklan, Antique, Capiz and Guimaras; Region X which encompasses Bukidnon, Camiguin, Lanao del Norte, Misamis Occidental and Misamis Oriental provinces; then Region XI which covers the provinces of Davao de Oro, Davao del Norte, Davao del Sur, Davao Occidental and Davao Oriental; and Region III or Central Luzon that has the provinces of Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales.

As of press time, NEA reported that the brownoutincidents happened between 4:00 to 11am; and there had been “a total of 210 interruptions recorded with an average duration of 70 minutes (one hour and 10 minutes).”

The particular ECs strained with brownout episodes include Camarines Sur Electric Cooperative (CASURECO); Oriental Mindoro Electric Cooperative (ORMECO); Iloilo Electric Cooperative (ILECO); Leyte V Electric C o o p e r at i v e ( L E Y E C O V ) ; Pe n i n s u l a E l e c t r i c Cooperative (PENELCO) in

EXTRA-JUDICIAL SETTLEMENT WITH A DEED OF ABSOLUTE SALE OF MOTOR VEHICLE KNOW ALL MEN BY THESE PRESENTS:

Bataan; Tablas Island Electric C ooperative (TIELCO); Dinagat Island Electric Cooperative (DIELCO); Davao del Norte Electric Cooperative (DANECO) and Maguindanao Electric Cooperative (MAGELCO).

NEA emphasized t h at t h e c au s e s of t h e brownouts had been mainly due to unknown factors (33-percent); equipment failure (16-percent); trees (15-percent) and others (32-percent).”

For Meralco, it indicated that the occurrences of brownouts within its service areas had been mainly due to “isolated troubles; and these were immediately addressed and restored accordingly.”

The country’s biggest p owe r ut i l it y c omp any added that its crew, field personnel and customer care groups “will be on full alert until the conclusion of the elections.”

Me r a l c o a l s o issu e d an assurance, “We have contingenc y measures in place so that we can immediately address any emergency and trouble.

We have more than 270 generator sets and more than 500 flood lights ready to be deployed.”

DEED OF EXTRA-JUDICIAL SETTLEMENT AMONG HEIRS KNOW ALL MEN BY THESE PRESENTS:

That the late JOSELITO SALMO who died somtime last December 30, 2016 at Muco St., Carmen, Cagayan de Oro City, that during his lifetime he left a MOTOR VEHICLE with Make: KIA; Model: 2013; Type: SEDAN; Color: Signal Red; Serial No.: KNADN412BD6270067;Motor No.: G4FADS542222; Plate No.: 100810; File No.: 1008-00000127979; and has been the subject of an EXTRAJUDICIAL SETTLEMENT WITH A DEED OF ABSOLUTE SALE OF MOTOR VEHICLE, filed by the heirs of JOSELITO SALMO, per DOC #405; PAGE #81; BOOK #XIX; Series of 2021 under the Notarial Registry of ATTY. EMELITO J. MARQUIÑO.

That the late WILLIAM C. MAAGAD, SR. who died intestate on March 01, 2014 at Mialen, Clarin Misamis Occidental, Philippines, leaving real property, with Original Certificate of Title No. 137-P-1614 situated in the Barrio of Bulua, City of Cagayan de Oro, Island of Mindanao, containing an area of SEVEN HUNDRED SEVENTY-FOUR square meters (774 sq.m.), more or less and has been the subject of an DEED OF EXTRA-JUDICIAL SETTLEMENT AMONG HEIRS, filed by the heirs of WILLIAM C. MAAGAD, SR., per DOC #318; PAGE #65; BOOK #IV; Series of 2022 under the Notarial Registry of ATTY. JAYSIE T. MICABALOMAHUSAY, CPA.

BWM: May 13, 20 & 27, 2022

BWM: May 13, 20 & 27, 2022

Mr. JAHAN ZEB a South African citizen, Desire to apply as a Mechanic Supervisor in our Company JALAL TRADING CORPORATION located at Zone 2A, Diversion Road Igpit, Opol, Misamis Oriental.

QUALIFICATION: * Male * Driver's License * Thorough knowledge of standard highway equipment and other vehicles and modern repair methods. * Physically capable of performing the duties assigned. * Must be 30 years old and above SALARY RANGE: 15-20k/Month Any local person in Cagayan de Oro City who is competent, able and willing to perform the Job/Position may file and objection at the DOLERO within thirty (30) days after publication.

AFFIDAVIT OF SOLE ADJUDICATION That the late PIEDAD LAGOPADILLA who died intestate on April 6, 2009 at Bayabas, Cagayan de Oro City; that at the time of his death, she was the sole direct intestate heiress of her father TEODOLO LAGO estate located at Alubijid, Misamis Oriental, known as Lot No. 12207 and decreed under Cadastral Decree No. 756723 issued on August 28, 1941 in Cadastral Case No. 27, GLRO Cadastral Record No. 1592, with an area of 7, 100 square meters, and has been the subject of an AFFIDAVIT OF SOLE ADJUDICATION, filed by the heirs of PIEDAD LAGO-PADILLA, per DOC #1; PAGE #1; BOOK #40; Series of 2022 under the Notarial Registry of ATTY. REYNALDO A. VITORILLO. BWM: April 29, May 6 & 13, 2022

EXTRA-JUDICIAL SETTLEMENT OF ESTATE WITH DEED OF ABSOLUTE SALE OF PARCEL OF LAND KNOW ALL MEN BY THESE PRESENTS: That the late ESLA OMONGOS MUGOT who died on May 23, 2016 in Northern Mindanao Medical Center (NMMC) Capitol Compound, Cagayan de Oro City; at the time of their death, left parcel of land with Tax Declaration No. 02-013210 situated at Poblacion El Salvador City, Misamis Oriental, Island of Mindanao, containing an area of SIXTY ONE (61) Square Meters, more or less, and has been the subject of an EXTRA-JUDICIAL SETTLEMENT OF ESTATE WITH DEED OF ABSOLUTE SALE OF PARCEL OF LAND filed by the heirs of ESLA OMONGOS MUGOT, in favor NELFA OMONGOS MUGOT, per DOC #262; PAGE #53; BOOK #V; Series of 2021 under the Notarial Registry of ATTY. ALBERT WENCES C. DABA III. BWM: April 29, May 6 & 13, 2022

Commission on Elections (Comelec) 10 Regional Director Lawyer Francisco Pobe says in an interview that the credibility of the National and Local Election results would not be affected even if some problems were experienced. (Angelo Dologmandin/ PIA-10/ Lanao del Norte)

COMELEC-10 assures credibility of election results TUBOD, Lanao del Norte--Commission on Elections (Comelec) 10 Regional Director Lawyer Francisco Pobe said the credibility of the National and Local Election results would not be affected even if some problems were experienced.

This, after some paper jam issues on vote-counting machines, were experienced during the election polls. Pobe emphasized that is not a problem because it is manageable and negligible.

He emphasized that the poll workers are welltrained and are aware of the contingency plans when there are issues.

Extrajudicial Settlement among Heirs with Special Power of Attorney KNOW ALL MEN BY THESE PRESENTS: That the late NESTOR A. MORENO who died last December 4, 2021, intestate without Will or Testament and without any outstanding debts in favor of any person or entity; that the deceased left among others a SAVINGS ACCOUNT with Land Bank, and has been the subject of an Extrajudicial Settlement among Heirs with Special Power of Attorney, filed by the heirs of NESTOR A. MORENO, per DOC #78; PAGE #16; BOOK #CXXXIII; Series of 2022 under the Notarial Registry of ATTY. DALE BRYAN D. MORDENO. BWM: April 29, May 6 & 13, 2022

EXTRA-JUDICIAL SETTLEMENT OF ESTATE OF A DECEASED PERSON AMONG HEIRS WITH SALE KNOW ALL MEN BY THESE PRESENTS: That the late BRIGIDA SALON who died intestate on April 03, 2018 in Purok 4, Portulin, Medina, Misamis Oriental at the time of her death the said decedent left a parcel of land situated in CIVOLEG, Barangay Lunotan Gingoog City, Tax Declaration No. F-017975 containing an area of FIFTEEN THOUSAND (15,000) square meters, more or less and has been the subject of an EXTRA-JUDICIAL SETTLEMENT OF ESTATE OF A DECEASED PERSON AMONG HEIRS WITH SALE, filed by the heirs of BRIGIDA SALON, in favor of RICKY L. CANATOY, per DOC #217; PAGE #42; BOOK #XIII; Series of 2022 under the Notarial Registry of ATTY. ISIDRO L. REVELO. BWM: April 29, May 6 & 13, 2022

“The Commission on Elections [is] always in their mission and vision to make sure that elections shall not only be successful, shall not only be transparent, shall not only be order and meaningful but most of all, it shall be acceptable to the public, that whoever the winner shall be considered to be the true winner and whoever the loser really failed to come up with the winning number,” he said.

Pobe explained that minutes were written to record issues or problems that were encountered during the elections.

This is also signed by the members of the board and the poll watchers including the Parish Pastoral Council for Responsible Voting that EXTRA-JUDICIAL SETTLEMENT OF ESTATE OF THE LATE DOTHY AVANCEÑA-ESTRELLA WITH DEED OF ABSOLUTE SALE KNOW ALL MEN BY THESE PRESENTS: That the late DOTHY AVANCEÑAESTRELLA who died intestate on April 17, 2015 in Cagayan de Oro City, the deceased DOTHY AVANCEÑAESTRELLA owned and left behind a parcel of residential land with Transfer Certificate of Title No. 1372012008733 situated in Nazareth, Cagayan de Oro City, containing an area of EIGHTY EIGHT AND SEVENTY FIVE HUNDRETHS (88.75) SQUARE METERS, more or less, and has been the subject of an EXTRA-JUDICIAL SETTLEMENT OF ESTATE OF THE LATE DOTHY AVANCEÑA-ESTRELLA WITH DEED OF ABSOLUTE SALE, filed by the heirs of DOTHY AVANCEÑAESTRELLA, in favor of DONNA AVANCEÑA ESTRELLA, per DOC #483; PAGE #98; BOOK #127; Series of 2021 under the Notarial Registry of ATTY. FELIX D. LACUBTAN. BWM: May 6, 13 & 20, 2022

will stand as witnesses to inform everyone that transparency is always considered.

In Lanipao Central School in Lala town in Lanao del Norte, voters experienced a paper jam issue but it was immediately addressed.

Roldan Mutia, Department of Education Supervisor Official supervisor, said that the poll workers assigned are well-trained by the Comelec and are aware of the contingency plans. He also assured that the ballots are secured and safe.

Furthermore, according to Pobe, there was a sufficient number of personnel from the Armed Forces of the Philippines and Philippine National Police to ensure that peace and order in the province is preserved. (LELA/PIA10/Lanao del Norte) DEED OF EXTRA-JUDICIAL SETTLEMENT OF ESTATE AMONG HEIRS WITH SPECIAL POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That the late PEDRITO BAYLIN ABREGANA who died intestate on March 19, 2022 at Cagayan de Oro Polymedic Medical Plaza, Cagayan de Oro City; during his lifetime, the decedent left a certain sum of money deposited at the Landbank of the Philippines located in Capistrano Branch, Cagayan de Oro City, and has been the subject of an DEED OF EXTRA-JUDICIAL SETTLEMENT OF ESTATE AMONG HEIRS WITH SPECIAL POWER OF ATTORNEY, filed by the heirs of PEDRITO BAYLIN ABREGANA, per DOC #151; PAGE #31; BOOK #III; Series of 2022 under the Notarial Registry of ATTY. ROY I. MACUA. BWM: May 6, 13 & 20, 2022

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FRI-SAT|MAY 13-14, 2022

Hurst... from page 4

all kinds of obstacles and disappointments to reach their life’s goal. Lucille Ball did not get her first TV show until she was 40 years old!

Remember: “Delay is not denial … Success is hanging on after others have let go.”

If Lucille Ball had given up and quit trying, no one would have blamed her. No one would have remembered her either!

Your determination can enable you to eventually live your dream. No matter what gets in your way, if you’re living God’s way, you cannot lose since Jesus either gives you what you want or something better—even if you do not understand it at first. He knows much more than you what will bring you true, lasting happiness and success. Won’t you give Him your life today—and with His divine help, determine to live His way? Just think a minute.

Probe... from page 2

disappointment over the suspects' involvement in the incident.

“This is an unfortunate thing to happen during this election period, especially s i n c e ou r s ol d i e rs are involved. We condemn all forms of criminal activity carried out and committed by some soldiers,” Canatoy said.

Cerilla identified the victims as Renz Ceasar Gelizon, Kay Jacob Uban, B e r nab e D om i L a d i c a , Markhent Ubalde, and Gerry Baac, all of Barangay Looc, Villanueva.

Based on the initial investigation, Cerilla said the suspects introduced themselves as members of the Criminal Investigation and Detection Group (CIDG) when they accosted and accused the victims of illegally bearing firearms.

Police recovered from the suspects' possession two government-issued .45 caliber pistols, four magazines, one .38 revolver pistol, and military identification cards.

Me anw hi le, C anatoy assured the suspects would face the consequences of their actions.

“We will also course through an investigation on this matter. Rest assured that they will be dealt with accordingly to the fullest extent,” he said.

The suspects are currently detained at the custodial facility of the Villanueva municipal police station for the filing of cases.

for growth and inflation,” Mr. Diokno said.

“Moving forward, the BSP stands ready to take appropriate preemptive action as needed in ensuring noninflationary and sustainable growth in line with our primary mandate to promote price and financial stability,” he added.

Mr. Ricafort said loan growth may quicken further in the coming months as the economy continues to reopen.

“Resumption of in-person schooling, further boosting of local and foreign tourism, would help to further increase economic activities as well as demand for loans,” he said.

However, higher inflation and interest could drag down bank loans as well as domestic liquidity, Mr. Ricafort noted.

Headline inflation in April surged to 4.9%, the fastest since the 5.2% logged in December 2018. This is above the BSP’s 2-4% target and the 4.6% median estimate in a poll last week.

The central bank expects inflation to average by 4.3% this year mainly due to rising oil and commodity prices brought about by the RussiaUkraine war.

Enhance... from page 5

econometric techniques, ML algorithms may also encounter some challenges in accurately predicting tail risk or low likelihood events.

The adoption of ML models would also necessitate investments in information technology (IT) infrastructure and capacity building, as well as a change in the organizational mindset.

As the country builds a stronger and more technologically advanced Philippine economy, the BSP will continue to explore ML applications that can be useful in the conduct of its key functions, while carefully taking note of the associated challenges. (PR)

Digital...

from page 5 banking channel, iAccess, also logged a 26-percent jump in transactions value, at P4.46 billion compared to the P3.55 billion in the same period last year.

The Landbank Electronic Modified Disbursement System (eMDS) for national government agency partners also posted an increase of 36 percent in transactions volume amounting to P368.06 billion, or 18-percent rise in value.

With the continuous increase in the use of digital banking channels, the staterun bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams. (PR)

Utility... from page 3

industrial peace with the signing of the CBA. Hopefully, this is the start of a true and trusting relationship between the management and the employees union,” Lucero said.

All Veco rank and file employees will be receiving a signing bonus equivalent to their one-month salary, while confidential employees and supervisors will receive a loyalty bonus equivalent to their one-month salary.

Veco, the second-largest electric utility in the country, is owned and managed by Aboitiz Power Corp. and Vivant Corp. It serves the cities of Cebu, Mandaue, Talisay, Naga, and four municipalities of the greater part of Metro Cebu -- Liloan, Consolacion, Minglanilla, and San Fernando. (PNA)

Revenues... from page 3

stakeholders. We remain optimistic this year as the government continues its efforts in containing the spread of COVID-19,” Mr. Lim added.

The firm’s other key businesses, which include offices, hotels, and convention centers, reported a 30% growth in revenues to P2 billion.

SM Prime has 76 malls in the Philippines and seven shopping malls in China.

It also has 53 residential projects, 19 commercial projects, eight hotels, five convention centers and three trade halls.

The company owns Sky Ranch, an amusement park in Tagaytay City and within SM City Pampanga and SM City Baguio.

Terminates... from page 1

Uygongco Corporation.

It is worth noting that Henares-led SPC and Aboitiz Power had ‘intense r i v a l r y ’ a n d t h e y w e nt through fierce legal tussle when they both joined the government’s auction for the privatization of the Na g a t h e r m a l p l a nt i n Cebu in 2014. The plant

Loan... from page 5

expanded by 3.6% in March, faster than the 0.9% in February. This was driven by credit card loans (12.1%), as vehicle loans (-4.2%) and salary-based borrowings (-5.5%) continued to decline.

“The BSP continues to see scope to safeguard the momentum of economic recovery amid increased uncertainty over the outlook

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eventually landed into the hands of Aboitiz Power after winning the court battle.

SPC has not stated what kind of waiver it has not been able to secure on its t arge te d a c qu i s it i on of the majority stake in the Mindanao coal plant.

Under the pact signed with STEAG early this year, SPC Power indicated that it purchased the 40.5-percent s t a ke of t h e c o a l - f i re d power asset; while its affiliate IHI acquired the remaining 10.5-percent.

It w a s f l e s h e d out t h e n t h at t h e t e r m s of payment for the transfer of ow n e r s h ip r i g ht s t o the buyers SPC and IHI compr is e of US$33.889 million for common shares; and U S $ 1 8 . 1 1 0 m i l l i on worth of redeemable s h a r e s ; p l u s t h e r e ’s consideration for accrued interest to be placed on a locked box.

SPC explained then that a ‘locked box interest rate’ would refer to an amount “e q u a l t o t h e i nt e r e s t , accrued on a daily basis – and that should have been at a rate of 4.0-percent per an nu m c a l c u l ate d ove r the period starting from January 1, 2021 until and including completion, or March 31, 2022, whichever is earlier.”

The SPI-operated Mindanao coal plant was developed through a buildop erate-t ransfer (B OT) arrangement with the government – and it has been state-run National Power Corporation (NPC) that served as the original counterparty to the 25year power purchase a g r e e m e n t ( P PA ) o f t he f a c i l it y ’s ge ne r ate d capacity. That contractual obligation was eventually transferred to Power Sector Assets and Liabilities Management Corporation, the successor-company of NPC. That co a l-fe d p ower asset, in particular, is being targeted by the government as a candidate-plant for eventual phaseout under the energy transition mechanism (ETM) that is underpinned by financing package as anchored on the decarbonization goals of the Paris Agreement.

Winners... from page 1

Misamis Oriental In Misamis Oriental, the Provincial BOC (PBOC) pro c l ai m e d i n c u mb e nt Gingoog City vice mayor Peter Unabia as the new provincial governor.

L awyer Aleli Dayo Ramirez, the PBOC chairperson, said Unabia garnered 248,859 votes from 23 municipalities and two cities in the province.

Unabia won over closest rivals for the gubernatorial post that included incumbent Misamis Oriental 2nd District Rep. Juliette Uy with 182,130 votes, and Moreno with 89,404.

In a statement, Moreno conceded to Unabia and described the election results as "the will of the people."

In the vice-gubernatorial race, Unabia's running mate Jeremy Jonahmar "Jigjag" Pelaez also won with 251,042 votes to secure a second term in the same post.

Pelaez won over his brother, former vice governor Jose Mari "Joey" Pelaez, who garnered 154,314 votes.

Iligan City Meanwhile, it was almost a “Solid 15” in Iligan City when Frederick Siao and running mate Marianito "Dodong" Alemania were declared winners for mayor and vice mayor, respectively.

Siao obtained 81,205 votes, while Alemania got 69,424.

S i a o r a n o n “S o l i d 15” slogan in challenging incumbent candidates led

by Vice Mayor Jemar Vera Cruz, who garnered 52,766.

Vera Cruz's running mate, Ian Uy, got 61,239.

Vera Cruz's ally, incumbent Mayor Celso Regencia, won as the city's lone district representative with 75,462 votes over Varf Belmonte's 70,272.

Siao's allies have taken nine out of 12 council seats, with the remaining three seats won by Vera Cruz's local party.

Bukidnon In Bukidnon province, incumbent 4th District Rep. Rogelio Neil Roque broke the decades-old reign of the Zubiri family after winning the gubernatorial seat with 365,999 votes, based on the unofficial Comelec transparency server.

7 The BOC also proclaimed Ro que's r unning mate, incumbent Manolo Fortich Mayor Clive Quiño, as vicegovernor.

Roque and Quiño won against incumbent 3rd District Rep. Manuel Antonio Zubiri with 361,426, and Pastor Dan Dangallo for vice governor with 198,201.

Incumbent Governor Jose Maria Zubiri will serve as a representative in the 2nd district of the province with 128,887 votes.

Misamis Occidental The province of Misamis Occidental has become an "Asenso Country" after almost all candidates of the "Team Asenso (progress)" won the elections.

Incumbent House of R e pre s e nt at ive D e put y Speaker Henry Oaminal won the gubernatorial seat with 238,302 votes against incumbent Governor Philip Tan, who obtained 94,025 votes.

Oaminal's running mate, the late Michael Gutierrez, garnered 199,504 votes for vice governor, against Richard Centino with 90,256.

After his untimely death due to a shooting last year, his wife, Rowena, will assume the position.

Even in Tangub City, the bailiwick of Tan, Oaminal's allies won the local executive and council seats over the incumbent governor's slate.

Camiguin, Lanao del Norte The Romualdos and their allies will continue their elective mandates in the province after the BOC proclaimed them winners in the province of Camiguin.

Xavier Jesus Romualdo is the highest vote earner for governor at 37,183 votes; Rodin Romualdo obtained 35,893 votes to be proclaimed vice governor; and Jurdin Jesus Romualdo with 33,079 votes for the lone congressional district.

In L anao del Norte, Imelda Dimaporo will serve another term as governor with 245,958, along with her running mate Allan Lim as vice governor with 202,282 votes.

Dimaporo's children, Khalid and Aminah, will serve as representatives in the province's first and second districts, respectively. (With a report from Nef Luczon/ PNA)

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FEATURE

IN-DEPTH

Fri-Sat|May 13-14, 2022

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DSWD Region X’s TS Odette Operation continues W ITH the onslaught of Tropical Storm Odette in Northern Mindanao, the DSWD Field Office X continuously augments assistance and services to its affected families in the region.

As of May 10, 2022, DSWD through its Regional Disaster Response Management

Division has provided financial assistance to a total of 2,909 survivors who failed to receive assistance from the local government unit.

The ongoing payout in Region 10 is in response to the request of their respective LGUs who have not foreseen the additional number of the typhoon’s affected families.

The TS Odette financial assistance is based on DILG-DSWDDND Joint Memorandum Circular No. 4 Series of 2021 and Local Budget Circular (LBC) No. 141.

These provisions state that the affected individuals shall receive an amount of PhP 1,000.00 per affected individual, with a maximum amount of PhP 5,000.00 per family.

DSWD workers distribute assistance to Typhoon Odette survivors in Mainit, Catarman, Camiguin.