BusinessWeek MINDANAO
2013 ppi’S Best in Business and Economic Reporting
YOUR Mindanao-wide BUSINESS paper
Volume VI, No. 136
Market Indicators As of 6:20 pm May 12, 2016 (thursday)
FOREX
PHISIX
US$1 = P46.584
7,325.04
5.4
X Briefly
cents
71.48
X
points
Energy outlook DAVAO City -- From 2018, Mindanao will be experiencing excess power supply with new power plants being completed. This according to Mindanao Development Authority Director for Investment Promotions and Public Affairs Romeo Montenegro. Guesting at the weekly Habi at Kape media forum in Abreeza Mall today (May 11) Montenegro said that new power plants being set up in Mindanao will answer the current need plus the growth in demand. After which in 2025 if no power plants will be set up the power supply and demand will be equal. This year, Mindanao will get an additional 550 megawatts from coal-fired plants these include; the 150 MW unit of the Therma South Incorporated Davao coal plant the San Miguel power plant in Malita will have two units of 150 megawatts each coming online this 2016.
High voters turn-out VOTERS turnout already reached 60 percent after 1:00 p.m. on elections day in Cagayan de Oro City. In an interview with NAMFREL Misamis Oriental and Cagayan de Oro City chapter revealed that people really came to the polling precincts to vote. Marlon Libot of NAMFREL Clean Inc. said that by 1:00 p.m., more than half of the voters in the city have already casted their votes. He also shared that COMELEC had come up with good innovation for this year’s election. Among them is the putting up of waiting areas at polling precincts. He said this allowed people to have a place to sit while waiting for their turn to vote and emphasizing to prioritize the senior citizens, persons with disabilities and pregnant women.
2014 ppi’S Best in ENVIRONMENTAL Reporting
P15.00
DOE gets ready policy push to Duterte admin www.businessweekmindanao.com
Friday | May 13, 2016
T
By MYRNA VELASCO, Contributor
HE current energy officials are drafting several policy recommendations that they would have to lodge to the next administration for consideration. In a briefing with reporters, Department of Energy (DOE) Secretary Zenaida Y. Monsada said “we are drawing up in written form the recommendations after elections.” As of press time, the leading Presidential contender in the unofficial
count is Rodrigo Duterte, who at present is reportedly scouting for his prospective Cabinet members. The set of policy proposals, according to Monsada, will delve on prioritizing investments in the renewable energy sector, fortifying the policy/PAGE 11
Duterte camp confident of an ally as House Speaker HOT ITEMS. Duterte souvenir car plates made by enterprising businessmen – apparently without authorization from the Land Transportation Office – are selling like hotcakes in Davao City on Tuesday (10 May 1016) as Mayor Rodrigo Duterte emerges as the presumptive winner in the recent national elections. MindaNews photo by Keith Bacongco
Italpinas targets P1.4-b sales from Oro mixed-use project GREEN energy property firm Italpinas Development Corp. (IDC) expects to generate P1.4 billion from the sale of the phase 1 of Primavera City, a mixed-use development in Cagayan de Oro City. T he I D C on Fr i d ay s i g ne d a P 3 5 0 - m i l l i on loan agreement with the
Development Bank of the Philippines (DBP) to partially finance the construction of the project’s two-tower first phase costing P572 million. IDC Senior Vice President Harold Dacumos said the company would launch the two towers comprising the residential, commercial and
office units on June 18, and will begin construction in July. “We hope to sell out (all the units at the first phase Italpinas/PAGE 11
By ANTONIO L. COLINA IV, MindaNews
DAVAO City -- The camp of incoming president Rodrigo R. Duterte, during a meeting here today, is confident they can have an ally to win the speakership of the House of Representatives. In an interview at the Marco Polo Davao, thirdtime Davao City Rep. Karlo Alexei Nograles said that Pantaleon “Bebot” Alvarez (PDP-Laban), one of the representatives from Davao del Norte, is the top choice
to vie for the speakership. Nograles, who is congressman since 2010, w a s i n t h e m e e t i n g of D u t e r t e ’s t r a n s i t i o n committee and allies which started in the morning; he left at past 2 p.m. He said that he believes t he y have t he numb ers to get enoug h votes in the lower house to elect a Duterte ally as House Speaker. confident/PAGE 11
Winning candidates in Cag. de Oro proclaimed By MARK FRANCISCO, Staff Writer
WINNING candidates in Cagayan de Oro City during the last election have been proclaimed Thursday dawn. Officially proclaimed by the city board of canvassers were reelected Mayor Oscar Moreno, Vice Mayor-elect Joaquin Raineir Uy, reelected first district Rep. Rolando Uy and outgoing party-list Rep. Maximino Rodriguez
Jr. as the new second district representative. Based on official canvass, Moreno garnered 97,033 votes and ahead of his closest rival, former Mayor Vicente Emano (80,786) and outgoing Rep. Rufus Rodriguez (61,804). Uy, a barangay kagawad in the vote-rich village of Carmen, received 93,360 candidates/PAGE 11
Misamis Oriental reelected Governor Bambi Emano and Vice Governor Joey Pelaez raise the hands of some of their colleagues who won the race in the Sangguniang Panlalawigan lead by the newly-elected Provincial Board Member Boboy Sabal (left) of the province’s second district. PHOTO BY GERRY LEE GORIT
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776
BusinessWeek MINDANAO
2
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
Economy
DOST intensifies technology innovation aid to MSMEs VJANDEP Pastel, Salay Handmade Paper, SLERS, D a r l i n g’s Fo o d , Pa r a s Machineries, Angel’s Log Pastries, Cakebook Pinasitas are only a few of the many micro, small and medium enterprises (MSMEs) that Department of Science and Technolog y (D OST) in region 10 has extended its technology and innovation assistance to through the Small Enterprises Technology Upgrading Program or SETUP. Since its inception in 2000, DOST Region 10 has assisted 169 MSMEs, with a total project cost of P161M. Every
year, an increasing number of enterprises adopt new technologies and equipment under this program. S E T U P i s D O S T ’s nationwide strateg y encouraging and assisting micro, small, and medium enterprises (MSMEs) to adopt technological innovations to improve their products, services, operations and increase their productivity and competitiveness. Further, it is a response to the public’s demand for improved access to technologies and breakthroughs developed by the different facilities of
DOST. The program focuses assistance on the following priority sectors: food processing, furniture, gifts/decors/handicrafts, agriculture/marin/ aquacultur/forestry/livestock, metals and engineering, ICT, health and wellness products and services, halal products and ser vices, and other regional priority products. The technology intervention enables MSMEs to address their technical problems and improve productivity and efficiency through infusion of upgraded technologies to improve
products/services and/or operations, human resource training, technical assistance and consultancy services, design of functional packages and labels, assistance in the establishment of product standards including testing, and database management system. The following can apply for SETUP assistance: a company or individual firm based in the Philippines and wholly owned by Filipino citizens; a micro, small and medium scale business firm that can be classified under the identified priority sector; a company or individual firm willing to apply technological innovations to their existing products, services and/or operations; any government e nt it y ( inclu d ing st ate colleges and universities), cooperative, civil society organization, and academic institutions operating dost/PAGE 10
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
Local artists converge for ‘Art for Rice’ DUBBED ‘Art for Rice,’ artists and fans of art came together to echo the call for justice and unite for a cause. X a v i e r U n i v e r s i t y, through the Xavier Center for Culture and Arts (XCCA) and Department of English Language and Literature, and Nagkahiusang Magsusulat sa Cagayan de Oro (NAGMAC), together with Liceo de Cagayan University and Capitol University, organized the event in support of the more than 3,000 farmer-protesters in Kidapawan who, in late March, demanded government assistance in the wake of the effects of extreme dry spell, but were instead shot at and dispersed violently by the police. When news of what had happened in Kidapawan struck, XCCA director Hobart Savior immediately called out to his friends in the art scene through a Facebook post for help in staging a series of benefit shows to raise funds for the victims. As soon as the post was made, interest from artists to lend a hand poured
BROADCASTING DAILY AT 1368 ON AM BAND AND ON PARASAT CABLE TV AT CHANNEL 5
in. About 200 local artists – poets, writers, dancers, musicians – joined forces to stage “Art for Rice” in behalf of the El Niño phenomenon victims not only in Kidapawan, but also in parts of North Cotabato and Maguindanao. “Maganda ang social dimension ng art, it breaks insularity and barriers,” said Savior. “What happened tonight was a convergence of all the artists who come from different institutions and even those who came in their own personal capacities. We have Xavier University, Liceo de Cagayan University and Capitol University in one stage. And that is something.” He said, “Art has a meaning, art has a form, and at the same time, has a function. The role of the arts and the artist is to facilitate change, facilitate development and at the same time, challenge the status quo.” “It’s also important that artists move out of their own cocoons, and link and work with other artists because, if there are many of us, art becomes stronger; it will define our humanity,” the director said. Musicians and singers delivered songs of hope. Interpretive dancers portrayed the horrors and struggles of the farmers, and the role of farming in the lives of our ancestors. Poets recited pieces on the meaning of rice to us as Filipino, reminding audiences of how parents admonish their children not to leave a grain on their plates and to be grateful for having something to eat. Bawat butil ng bigas na mailigpit ligaya rin kapag nagigipit. The Art for Rice held at the Capitol University Gymnasium on May 6 served as the grand finale show of a series of smaller shows held at the XU Little Theatre from April 18 to 19. The grand finale show was able to gather nearly P50, 000 and donations in kind from numerous organizations and individuals. (Alyssa Michelle Viado/XU)
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
CorporateWorld
BusinessWeek MINDANAO
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
3
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
AirAsia to resume Manila-Shanghai flights
B
UDGET carrier Philippines AirAsia will resume direct flights from Manila to Shanghai in June, as it expands its international network in China. In a statement, AirAsia said it will restart the thrice weekly flights from Ninoy Aquino International A i r p o r t Te r m i n a l 3 to Sh ang h ai P u d ong
International Airport on June 10. Flights will leave Manila at 11:20 p.m. on Tuesday, Friday and Sunday, arriving in Shanghai at 2:40 a.m. Shanghai flights will depart 3:40 a.m. every Monday, Wednesday and Saturday, arriving in Manila at 7:05 a.m. “Shanghai is one of the biggest cities by population and we are confident
that this new route will st imu late ne w t ravel demand, boost tourism and business of both countries,” Philippines AirAsia’s Commercial Head Gerard Peñaflor was quoted in the statement as saying. All-in promotional fares for a one-way ManilaShanghai flight starts at P888, for travel from June 10 to Oct. 29, 2016.
EDC calls for geothermal FIT at P 5.50-6/kWh E N E RG Y D e vel opme nt C or p. (ED C) president and chief operating officer Richard Tantoco is urging the government to allow geothermal generation to have a feed-in-tariff (FIT) amounting to PHP5.50-6 per kilowatthour (kWh). “It takes a long time to develop geothermal, but many will develop if they give a FIT of PHP5.50-6 per kWh,” he said in a press conference Thursday. The president stressed developing a geothermal field could take six years from exploration to production. Ta n t o c o s a i d t h e government could start with an allocation of a few hundred megawatts. He cited the Philippines could grow its geothermal capacity by another 1,1001,500 MW from 1,900 MW, which could be used instead of coal for the country’s baseload requirements. “ The Department of Energy’s (DOE) estimate just two days ago. We can grow geothermal from 1,900 (MW) to about 3,000 (MW). We think it could reach 3,400 MW,” the president said.
Tantoco further pointed out the incoming geothermal capacity should be given the FIT, while the existing geothermal power plants will supply its capacity to distribution utilities and electric cooperatives through the renewable portfolio standards. He als o urged t he government to not only focus on the initial power prices and accept there are other incurred costs for coal fired power plants, such as environment and health costs. The president warned the factories using low-cost coal are not affected by climate change, but the marginalized public. “When a “Yolanda” occurs, the most vulnerable people are actually subsidizing the artificially low cost coal... But the people benefitting most from the low coal prices -large factories -- they won’t be affected,” Tantoco said. He further called on the government to issue a guideline on the fuel mix policy and utilize the permitting powers of the DOE to limit permits for edc/PAGE 10
Puregold to expand footprint outside Luzon PUREGOLD Price Club, Inc., controlled by Lucio L. Co is studying takeovers of smaller supermarket operators to ramp-up the expansion of its store network outside Luzon. On the sidelines of the c omp any ’s sh arehol d e r meeting in Alabang yesterday, Puregold Director Leonardo B. Dayao told reporters the countr y’s second-largest grocery retailer is constantly in talks with owners of supermarkets, with offers to pay a multiple of “8-12 times of the net income we think we can make out of it.” “We’re still not well represented in the Visayas and Mindanao so if we can find an acquisition in those areas that will hasten our presence,” Mr. Dayao said. At end-2015, Puregold was only operating six stores in the Visayas and seven outlets in Mindanao out of its nationwide network of 255 stores. The retailer was running 104 stores in Metro Manila, 64 in North Luzon
and 74 in South Luzon. Mr. Dayao said there are several chains of supermarkets outside of Luzon comprising a network of as much as 10 stores “except that many of (the owners) are not yet ready to retire.” “Most of those that we bought, the owners are in an advanced age, they’d like to cash in and the children are not ready to run the business,” Mr. Dayao said. Puregold sealed two major deals in 2015 comprising eight Budgetlane supermarkets and nine NE, Inc. supermarkets. B oth acquisitions are expected to record their initial contribution to the group’s results this year. Apart from acquisitions, the company is looking at organic growth for expansion, with plans to open 25 new Puregold and two S&R Membership Shopping stores to its network to boost sales by 12%-15%. puregold/PAGE 10
BusinessWeek MINDANAO
4
Opinion
2013 ppi’S Best in Business and Economic Reporting 2014 ppi’S Best in ENVIRONMENTAL Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
friday|may 13, 2016
BusinessWeek MINDANAO
YOUR LOCAL ONLINE BUSINESS PAPER
www.businessweekmindanao.com
Businessweek Mindanao Corporation Publisher DANTE M. SUDARIA President/CEO
ALLAN mario MEDIANTE
Vice President for CorporateAffairs
Joe felicilda
Vice President for Administration
joe palabao
Vice President for Marketing
NELSON CONSTANTINO Editor-in-Chief
Cheng ordoñez
gilbert y. chao
Executive Editor
Motoring Editor
BONG FABE
CLIFFORD SANTILLAN
JUN AYENSA
mel-rose codilla
Associate Editor
Layout Artist Advertising
Regional Editor Caraga
ATTY. MARIO T. JUNI
Cris diaz mike baños Uriel quilinguing Contributing Editors
Cell No: 09352379999
Juni Law Office Cruz Taal St., CDO Legal Counsel
MARKETING staff manila office: Unit 310 Valero Plaza, Valero Street, Salcedo Village, Makati City; lani vallido-Marketing Manager ARJAY FELICILDA Marketing Staff - CDO
The BusinessWeek Mindanao is published by BusinessWeek Mindanao Corporation every Monday to Friday with office address at Tanleh Building, Abellanosa, Cagayan de Oro City. It is registered with the Securities and Exchange Commission under Company Registration No. CS201531633 with BIR Certificate of Registration No. 2RC0000831068, TIN No. 463826-272-000 – VAT. Reg., and with Business Permit No. 201512879. Tel. Nos.: (088)8578447, 74-5380, 0923-432-0687, 0917-7121424 Website: www.businessweekmindanao.com E-mail : businessweekmindanao@gmail.com
Member: Philippine Press Institute Oro Chamber
Marriage Builders Think a minute…Someone said, “Getting married is like building a house—the stronger the foundation, the stronger the marriage.” But if the foundation is weak, it won’t take much to bring that marriage down. So what do we need to build a strong foundation for a satisfying marriage that will last our lifetime together? Number one: When we get married we must grow up and stop depending on our mother and father. This does not mean we dump them or cut off our relationship with our parents. But we must stop depending on them— emotionally and financially. This also means that as parents, the best wedding gift we can give our kids is to cut those unhealthy, over-dependent ties with our adult, married children. Let them make their own decisions and solve their own problems. Hands off! Number two: Separating or divorcing can never be an option—no matter how big our differences and disagreements. During World War II, Sir Winston Churchill refused to give in to Hitler’s Nazis. Churchill said, “Wars are not won by escaping!” So friend, divorce is not the answer to your problems. Number three: You must
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
THINK
A Minute
Jhan Tiafau Hurst become “one” with your wife or husband. Two different people from different families and backgrounds cannot become one overnight. It’s a lifelong process and adventure of accepting, forgiving, changing, communicating and growing together daily. It’s choosing your spouse every day! Finally, number four: Show your love to your wife or husband intimately and passionately. When your marriage has the first three ingredients, then physical closeness is exciting and special for both partners. A famous actor said: “A great lover is someone who can satisfy his wife all her life, and can himself be satisfied by one woman all his life. Any dog can go through many partners.” Think a Minute…
We’re half-hearted The Republic of the Ph i l ippi ne s got a ne w president. The f irst in history from Mindanao. C ongratulations Mayor R o d r i g o D ut e r t e . O n e term is on everybody lips now: unity! Yes, besides all black propaganda and smear campaigns from the past - this Philippine nation should continues as an united country. Who is half-hearted? Let’s take a look again to Europe. The looming Europe crisis seems to continue. Can Greece deliver on its promises this time? Five years, three bailouts, two governments and countless emergency meetings later, neither the country’s government nor its people - 25 percent of whom are unemployed in an economy that shrunk by a quarter in five years fully back the latest austerity deal that was agreed on last Monday. In fact, there have been m aj o r d e m o n s t r at i o n s against the €5.4 billion worth of measures, which will increase social security
and pension contributions and raise taxes. Since the crisis broke out in 2010, similar deals have not borne fruit. So why would anything be different this time? In order to make a repayment due in July and receive the first tranche of funds from the EU bailout program, Greece desperately needed additional funds. The bailout money largely goes towards paying off Greece’s debt - and therefore has little effect on the economy. ‘Our agreement is a compromise’ In an exclusive interview with DW, Nikos Pappas, Greek Minister of State, has now admitted the Tspiras government was “halfhearted in measures that we believe that could be implemented in a different way”. “Our agreement is a compromise. The agreement itself has got the elements that our partners asked us to implement, and our wishes. So, the program is not totally ours, it is a compromise,” Pappas added when Michel Friedman confronted him with a statement by the
German Munich based Ifo Institute that said Athens were dragging its feet on economic reforms. Nikos Pappas currently serves as a Minister of State in Alexis Tsipras’ second cabinet. Syriza - the far-left party that took government in 2015 - failed to deliver on its promises, posing a problem to Greek citizens, its creditors and EU diplomats in Brussels. German Klaus Regling, head of the Eurozone’s rescue fund EFSF said that although Greece has made some progress with its reforms, the overall “implementation capacity” has been slow - and in fact the “weakest in the European Union”. Questions like Is your tax collection office on a permanent vacation?’ have been noticed several times. When Friedman asked whether the constant emergency meetings don’t have a certain resemblance to a bad drama, with Athens simply repeating the same old lines, Pappas said: “We have never denied they were internal problems in the Greek state, the Greek
H ave M y Say
Klaus Doring
economy and the Greek society, never. But these problems were matched with a totally wrong approach that resulted in such a severe recession.” Pappas also refused to take responsibility for the 17 billion EURO that escape state coffers every year, so that the Greek shadow economy represents up to a quarter of the country’s GNP. Pappas called this figure “another extreme expression that does not reflect reality”. Greece - quo vadis? Europe - quo vadis? +++ Email: dor ingklau s@ gmail.com or follow me in Facebook or Twitter or visit www.germanexpatinthephilippines.blogspot.com.
Comelec permitted computer tampering? LIFE’S INSPIRATIONS: “… `and the truth shall set you free’…” (Jesus Christ, our God and Savior, in John 8:32, the Holy Bible). -ooo RECOUNT OF VOTES FOR VICE PRESIDENTIABLES NEEDED: Whether one is pro-Bongbong Marcos or not, there is no escaping the necessity of the Commission on Elections ordering a recount of the votes for vice presidential candidates, at least insofar as the votes that were supposedly counted after an official of the Smartmatic altered the computer system or program that was used to release the results in the evening of May 09, 2016. The recount is necessary i f on l y t o up h o l d t h e integrity of the results showing administration vice presidential candidate Leni Robredo winning over Marcos, despite the fact that, before the alteration effected by Smartmatic of the computer system, Marcos enjoyed a one million lead over her. The Comelec owes it, first to God, second to the Filipino people, and third to the candidates themselves, to conduct a recount, to make sure that the altering
of the computer system or program responsible for releasing the results for vice presidential candidates did not take away votes from Marcos and added them to Robredo. -ooo COMELEC PERMITTED COMPUTER TAMPERING? This is not just a simple sour-graping on the part of Marcos, or of his rabid supporters. It is a reasonable a n d h i g h l y a c c e pt a b l e recourse to find out the truth. The situation would have been different if there was no reason for Marcos or his voters to be alarmed, such as what Smartmatic did on May 09, 2016. But, Smartmatic, apparently with the official consent and permission of the Comelec and of its chairman and commissioners, committed the illegal act, in full view of election observers yet, of changing the computer system or program of the computers which are being used to release the results of the political exercise. Who else but a person authorized by Comelec can change the computer system being used by Comelec computers? Indeed, the confrontation with the Smartmatic official was recorded, both through
a tape recorder and a video camera, and even the computer program that was changed had been formally disclosed and reported by media (see these links, http:// thestandard.com.ph/…/ e v i d e nc e - show - bre a ch in-transpa… and http:// newsinfo.inquirer.net/…/ c om e l e c - t r an s p are n c y server-…). -ooo RECOUNT: A SMALL PRICE TO PAY FOR THE TRUTH: In short, there is evidence of tampering here. And it is the clear obligation of Comelec not only to investigate this tampering, but to make sure that the results that were released after the tampering reflected the will of the electorates. It might have been a pure coincidence, that after the tampering of the computer program used in releasing the results, Marcos’ lead over Robredo started to dwindle, until Robredo got on top of the list. But, the only way to dispel the doubt and suspicion generated by this “pure coincidence” is to have a recount, with the original computer system program restored. And yes, Marcos may be heckled by calls for a “recount” of what he and his family got, legally or
K akampi
Mo A ng Batas
Atty. Batas Mauricio illegally, as financial benefit during the 20-year reign of his father. But this should not stop him, his supporters, and the entire Filipino nation, from wanting to know the truth, and rectifying any che at ing or f raudu lent manipulation of their votes. A recount is a small price to pay for establishing the truth on this matter. -ooo PLEASE LISTEN: “Ang Tanging Daan” (The Sole Way): a Bible study and prayer session online could now be heard, 24 HOURS a day, in the Philippines and the world at www.facebook.com/ angtangingdaan or www. facebook.com/ANDKNK (and look for “Ang Tanging Daan” broadcasts). Phone: 0922 833 43 96, 0918 574 0193, 0977 805 9058. Email: batasmauricio@yahoo.com.
One of the challenges in networking is everybody thinks it’s making cold calls to strangers. Actually, it’s the people who already have strong trust relationships with you, who know you’re dedicated, smart, a team player, who can help you. -- reid hoffman ,
entrepreneur
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
Banking&Finance
BSP says PHL made good in financial system in ‘15 THE challenging global financial environment has not deterred the Philippines’ f i n an c i a l s y s t e m f rom sustaining its growth in 2015. “With the banking system at its core, the financial system continued to provide needed funding to a growing economy,” the Bangko Sentral ng Pilipinas (BSP) said. Data released by the central bank showed that the banking system’s total operating income rose by 2.8 percent to P473.5 billion amidst the global volatility. Total capital rose by 2.7 percent to P1.4 trillion and total assets went up 8.3 percent to P12.1 trillion. “As the Bangko Sentral ng Pilipinas (BSP) pursued sustained reforms with financial sector stakeholders, the banking system posted sufficient capitalization, improved asset quality and continued growth in assets, loans and deposit liabilities,” the BSP said. The central bank said financial institutions’ “risktaking activities and overall operations had manageable imp ac t on c apit a l and profitability.” “ The current capital adequacy ratio (CAR) at 14.9 percent on a solo basis of universal and commercial banks indicates sufficient capitalization. Net profit was relatively stable at P134.6 billion despite tempered trading gains on the back of rising interest rates,” it said referring to the 0.2 percent drop in net profit. Banks’ continued to be funded by resident’s retail and peso deposits while liabilities from foreign currency deposit accounted for 16.7 percent of total deposit liabilities. The central bank said
it s re g u l ate d f i nanc i a l institutions “were generally compliant with the required asset and liquid asset cover ratios of 100 percent and 30 percent, respectively.” T h e c ou nt r y ’s t r u s t industry posted a slight or 0.3 percent growth to P2.7 trillion boosted by “increasing concentration and faster growth in financial assets particularly corporate debt securities over equity investments.” “O verall dollardenominated assets propped up the expansion in trust assets,” it said. Branches and subsidiaries of foreign banks also posted improvement on solvency, asset quality and liquidity, it said. “Profitability was maintained on higher interest income,” it said. T h e B SP c it e d t h at “other non-bank financial institutions exhibited prudence in their overall risktaking activities and provided sufficient capital buffers for unforeseen shocks from their operating environment.” “In particular, non-bank financial institutions with quasi-banking functions (consisting of investment houses and finance cor p orat ions) rep or te d positive net profit and sufficient capitalization with borrowings mostly in the form of deposit substitutes,” it said. “Notwithstanding t h e s u s t ai n e d p o s it ive performance of the financial system, the BSP continues to bolster the banking system’s c ap abi lit ies to address potential risks. This is in line with the BSP’s objective of promoting greater financial stability,” it added.
Landbank books higher Q1 earnings, meets target LAND BANK of the Philippines (Landbank) saw its net income expand by more than a tenth in the first quarter, hitting the state lender’s target for the period. In an e-mailed statement yesterday, the state-owned bank reported that its net income increased 15% to P4.14 billion in the first three months of 2016 from the P3.6 billion reported recorded during the same period the year prior. Its latest performance was 23% higher than the year-to-date target of P3.38 billion. Interest income on loans increased 20% as the bank’s gross loan portfolio grew to P464.8 billion from P398 billion during the comparable period in 2015, it said. Total deposits rose to P1.14 trillion, up 25% from P911.4 billion previously. Landbank said its earnings translated to a 17.03% return
on equity, or the net income earned as a percentage of stockholders’ investment -- a key measure of performance, while net interest margin stood at 3.14%. Landbank President and CEO Gilda E. Pico said the increase in profit was mainly buoyed by the rise in its loan portfolio amid tepid growth in investment income. “We are well-positioned for sustained growth this year as we continue to boost revenue and manage expenses in order to further drive support to our priority sectors, foremost to farmers and fishers, microenterprises and SMEs (small and medium enterprises), agribusiness and other development players,” Ms. Pico was quoted as saying. The bank’s capital stood at P90.12 billion or 24% above the year-ago level. Its total assets also expanded by 22% to P1.28 trillion from landbank/PAGE 10
BusinessWeek MINDANAO
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
5
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
Peso regains strength vs dollar after national polls T HE Philippine peso gained P0.34 against the greenback Tuesday, a day after a long weekend due to the national elections Monday. It finished the trade at P46.75 from P47.09 Friday last week, which Banco de Oro Unibank Inc. (BDO) chief strategist Jonathan Ravelas partly attributed to the long weekend.
“Still, external factors will remain the key focus now that elections are behind us,” he said. A trader said the improvement of the peso this week was as expected “as long as there are no anomalies” with the elections. The trader explained that markets had been expected not to react negatively if there was a clean election. Presented by
Results of partial unofficial vote count of the poll watchdog Parish Pastoral Council for Responsible Voting, which is accredited by the Commission on Elections (Comelec), shows Davao City Mayor Rodrigo Duterte leading the presidential race with 15,698,601 votes from 94.25 percent of clustered precincts as of 9:45 p.m. May 10.
Investors’ decision to cut long dollar positions to book gains after the dollar’s runup in the previous week also improved the local unit, the trader said. The trader, however, said that the peso’s strength would be limited given that the greenback remained stronger against other currencies due to decline in oil prices. peso/PAGE 10
BusinessWeek MINDANAO
6
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
CivicAction
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776 Editor: Cheng Ordoñez
Capacitate SMEs through improved access to finance and production networks: PIDS DESPITE the increasing contribution of small and medium enterprises (SMEs), particularly in terms of job generation and contribution to GDP in the Association of Southeast Asian Nations (ASEAN) region, experts argue that they remain one of the region’s untapped resources. In a recent forum organized by state think tank Philippine Institute for Development Studies (PIDS), Asian Development Bank (ADB), Department of Trade and Industr y, Management Association of the Philippines, and Financial Executives of the Philippines, experts concurred that a lot can still be done to unleash the potential of SMEs. Currently, SMEs comprise
the largest number of firms in the ASEAN region. They generate the majority of jobs and substantially contribute to ASEAN’s GDP. ADB’s Vice President for Knowledge Management and Sustainable Development Bambang Susanto stressed in his keynote address the importance of opening access and opportunities for micro and small and medium enterprises. To help SMEs play their role in the domestic, regional, and g lob a l pro duc t ion networks, Susanto suggested that the ASEAN Economic Community (AEC) must build the physical connectivity of SMEs, raise their labor productivity and skills to standards of global value chains, and improve
their access to finance. Meanwhile, PIDS Senior Research Fellow Erlinda Medalla and ADB Advisor G an e s h an Wi g n ar aj a discussed how to improve SMEs’ access to market and investment opportunities in the AEC. “SMEs play a role not just as a vehicle for poverty reduction but also as an engine of growth,” said Medalla. She emphasized the sector’s employment and value added contributions to the Philippine, which peaked at 65 percent and 35 percent, respectively. Across Southeast Asia, Wignaraja noted that SME employment makes up 74 percent of all jobs, and contributes 41 percent of the GDP of ASEAN economies. Yet, Wignaraja lamented
that these contributions are not yet reflected in inter nat iona l t rade. Wignaraja observed that hig h-p er for ming SMEs make up only 21 percent of direct exports across ASEAN economies. Many factors obstruct the growth of SMEs, but one of the oft-cited problems is the lack of access to finance and credit. Wignaraja explained that the current banking and credit structure does not know how to deal with SMEs. Bank requirements on collateral and business and finance plans are strict. Unable to comply and lacking financial literacy, SMEs are often forced to rely on informal resources. SMEs simply do not have access to the capital they need
to expand or participate in larger business and trading activities. According to Wignaraja, total credit gap, or the difference between formal credit provided to SMEs and estimated SME financing needs in ASEAN, amounts to as much as USD 52.8 billion. Wignaraja also pointed out that as China begins to slow down and move out of labor-intensive industries, firms in countries like the Philippines, Malaysia, and Thailand will have more bus i ne ss opp or tu n it i e s as suppliers of a range of products. “International trade itself has fundamentally changed in the 21st century and is no longer about direct exports. Instead, trade increasingly
means global supply chains where different production on stages are located across geographical space and linked by trade in intermediate inputs and final goods,” Wignaraja pointed out. Meanwhile, Medalla said the Philippines does not have much of a choice whether or not it wants to partake in this new landscape. In an increasingly economically integrated ASEAN, she said, “SMEs have to work within a globalized setting.” However, she added that “not all SMEs can export, and they do not need to. The goal should be for them to have all the opportunities to participate and engage in business in order to help them grow and contribute pids/PAGE 10
NorthMin fosters peace, security efforts
Kolambugan Enjoy Benefits of Community Driven Development. A resident of Barangay Lumbac, Kolambugan, Lanao del Norte walks through the completed 235 (Linear Meter) LM Concrete Farm-to-Market Road through the Department of Social Welfare and Development (DSWD) Kapit Bisig Laban sa Kahirapan Comprehensive and Integrated Delivery of Social Services - National Community Driven Development (Kalahi CIDSS-NCDDP). Photo courtesy of Carolyn P Caw-it, DSWD Area Coordinator, Kolambugan, LDN
CAGAYAN DE ORO CITY – The interior and local government department in Northern Mindanao initiated a collaborative meeting of its Multi-Stakeholders Advisory Council (MSAC) members and Civil Society Organizations (CSOs) concerned on the peace and development in the region. The MSAC is the advisory b o d y of D I L G’s L o c a l Governance Resource Center (LGRC)—its knowledge hub on local governance and special thematic areas. It is composed of national government agencies, nongovernment organizations and academic institutions and is dynamically extending its network for collaborators and partners in development work in the field of local governance. The meeting was initiated as a pro-active strategy to align and enhance the region’s
peace and security efforts with the national and regional development frameworks, and development plans at the national, regional and local level. Local Government Monitoring and Evaluation Division (LGMED) Chief Corazon S. Vicente said both development, and peace and order councils, in a joint RDC-RPOC-X adopted on March 3 a regional Peace and Development Convergence Framework (RPCDF), a general and directional framework that puts in coherent and results oriented form the relationship between the region’s peace initiatives, and the societal goal of inclusive growth and poverty reduction. To f u r t h e r e n h an c e the framework, DILG, as RPOC secretariat, initiated the cooperation with GIZ peace/PAGE 11
BusinessWeek MINDANAO
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
7
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
Unseen Dangers—Obfuscation Tools & Cybercrime By Derek Manky Global Security Strategist FORTINET
Ever since the arrival of advanced persistent threats, obfuscation technologies have existed to help cybercriminals evade security detection and tracing. It’s an ongoing evolution of technology on the bad guys’ end. It really started with antivirus evasion, years ago. Today, we have about 500,000 virus samples coming into FortiGuard Labs every day. A lot of those are from the same virus family, but they’re polymorphic—which means they use binary packers to shift the nature of the code every few seconds to try and bypass antivirus detection technology. Attackers have moved on to adapt similar obfuscation techniques in other vectors and channels. For example— with websites, web filtering technology protects users by blocking access to malicious sites in order to serve up a virus. Over a decade ago, cybercriminals started using fast-flux networks to shift IP addresses and domains very frequently—in some cases one threat can use over 50,000 websites in just a day to disguise where they’re coming from. Things like Tor networks introduce an even more
sophisticated adaptation of deep web activity. Tor (which stands for “ The Onion Router”) is designed to enable anonymous sending and receiving of web traffic. Users not only have the ability to remain unidentifiable, but they can also access content that’s blocked to them. Tor manages this by custom encrypting traffic and then randomly forwarding it via a network of relays. Each individual relay features its own encryption layer to help cover the tracks and conceal the user’s identity. These kinds of nextgeneration security evasion tools use the deep web to hamper inspection and tracing. When it comes to law enforcement trying to attribute where an attack is coming from, criminal operators are continually creating new communication protocols and encryption schemes to “go dark” and shif t t ac t ics w hen l aw enforcement and security intelligence are on their trails. This opens up channels for all sorts of potential illicit ac tivity—s elling stolen goods, drug trafficking, child pornography, and even espionage. The most important thing
that we as an industry can do to combat these sorts of threats is to work together— including computer emergency response, security experts, vendors, and law enforcement. Because the technical aspects of cybercrime aren’t a core strength of policing agencies, researchers in the private sector should be sharing their expertise with the public sector to help pursue and shut down nefarious operations. And there have been several special interest forums and working groups in the past that have enjoyed success. When the Conficker threat came out back in 2008, it used a domain generation algorithm (DGA) to produce up to 50,000 different websites that it would try to connect to in a day. The bad guys would pick one of those out of the 50,000 to actually make active for communication. For anyone outside the hacking group, finding that site was the proverbial needle in a haystack. So the industry (intel operators and security vendors) got together and created the Conficker Working Group to try and proactively block all these new domains that the threat was generating and protect users. Those disruption efforts helped to buy time for people to deploy
the MS08-067 security patch, and allowed the working group to sinkhole and track infections. To d a y, F o r t i n e t i s contributing to groups like the Cyber Threat Alliance (CTA). When CTA released our CryptoWall Version 3 report in October 2015, it showed evidence of approximately $325 million in ransomware damages via this operation. And as soon as we published that paper, the cybercriminals behind CryptoWall 3 went completely dark and shifted their tactics. The power of collaborative research and information sharing proved to be a major disruptive force against these attacks. At Fortinet, we also contribute to Interpol’s expert cybercrime working group. We also work with the FBI and other relevant agencies to support research and consume intelligence that can further protect our customers. Certainly Fortinet’s latest partnership agreement with NATO is also worth mentioning in this context. We recently signed an agreement to boost two-way information sharing with a particular emphasis on pursuing cyber criminals and their campaign playbooks. This kind of private/public collective intelligence helps combat advanced threats,
deploy security controls to counteract the latest moves, and deliver greater security for our customers and all organizations. While we fully expect the bad guys to continue finding new tools to conceal illegal activities and evade identification, our industry has proven the ability to fight back against those threats through cooperative problem solving and sharing relevant research. Putting more resources into
these sorts of common-ground alliances only makes sense as attackers develop new and better tools to exploit users. Cyber criminals are becoming more clever and hiding their tracks since they know they are being tracked and are at risk. For the first time, we are seeing fear within cyber criminal organizations. Read more: https://blog. fortinet.com/post/unseendangers-obfuscation-toolscybercrime
BusinessWeek MINDANAO
8
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
CEB inks sale of four Airbus A319 aircraft
The Philippines’ leading c ar r ier, C ebu Pacif ic (PSE: CEB), signed a forward sale agreement w it h a su b s i d i ar y of Allegiant Travel Company ( NA SDAQ : A LG T ) , covering Cebu Pacific’s sale of four Airbus A319 aircraft. Allegiant is the parent company of Las Vegasbased low-cost airline, Allegiant Air. Delivery of the four aircraft to Allegiant is scheduled from 2017 to 2018. “As we aim to expand our operations both in the Philippines and abroad, we remain invested in upgrading our fleet with fuel efficient, versatile aircraft. Between 2016 and 2021, we are anticipating the delivery of 30 Airbus A321neos, for long-range capability, and 16 ATR 72-600 turboprop planes, for better inter-island connectivity,” says CEB President and CEO Lance Gokongwei. CEB currently operates one of the youngest fleets in the world, with an average age of 4.82 years. Its 57-st rong f le et is comprised of 7 Airbus
A319, 36 Airbus A320, 6 Airbus A330, and 8 ATR 72-500 aircraft. As part of its conser vative fleet renewal program, CEB will be taking delivery of 30 brand-new Airbus A321neo aircraft, the l arge st mo d el i n t he A320neo series. The A321neo incorporates new engines and wing-tip devices called Sharklets, which could deliver fuel savings of 20 percent and additional payload or range capability. The aircraft has a flying radius of over 6 hours and can be configured to have up to 240 seats, allowing CEB to access new markets in the Indian subcontinent and Australia. CEB also ordered 16 ATR 72-600 turboprop aircraft, to meet increasing demand in the Philippines for inter-island services. The ATR planes enjoy a high reputation not only for versatility but also for their ability to operate on short runways. These planes will enable CEB to expand its operations on several smaller airports
in its home count r y, and to contribute to the development of regional transp or t, trade, and tourism. Speaking on the agreement, Jude Bricker, Allegiant Travel Company Chief Operating Officer, s ay s : “By t he e nd of 2 0 1 6 , A l l e g i a nt w i l l b e a majority Airbus carrier, as measured by available seat miles. This agreement to purchase
additional aircraft from Cebu Pacific is an important step in our long-term transition to a single fleet type.” Allegiant previously agreed to purchase six Airbus A319 aircraf t from CEB, with three re m ai n i ng d e l i ve r i e s scheduled to occur later this year. The younger A320 family aircraft will help Allegiant to increase operational efficiency in
the coming years. The enhanced operating economics of the aircraft will also open up new growth opportunities for the company by making longer routes and offpeak flying profitable. CEB offers flights to an extensive network of more than 90 routes on 64 destinations, spanning A s i a , Au s t r a l i a , t h e Middle East, and USA. For b o o k i n g s a n d
inquiries, guests can visit www.cebupacificair.com or call the reservation hotlines (+632)7020888 or (+6332)2308888. The latest s e at sales can be found on CEB’s official Twitter (@CebuPacificAir) and Facebook pages. G u e s t s m ay a l s o download the Cebu Pacific official mobile app on the App Store and Google Play.
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
Billboard
BusinessWeek MINDANAO
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
9
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
INTELEX SUMMER MUSIC PROGRAM ENDS WITH A BEAT AND A BANG YAHSHUA Intelex graciously ends its Summer Music Program at XU Little Theater, last May 7, 2016 with popular beats and a magical Disney bang. This graduation concert is one of the culminating activities of the summer-long workshop, which is the second leg of the YAHSHUA Intelex ULTIMATE SUMMER BRAINFEST; covering Math, Music and Art trainings. The first leg, “Learn Art the Easy Way” was also recently concluded
last April 28, 2016. It was considered a gathering of family and friends of the aspiring musicians – celebrating their talents and skills in voice, keyboard, acoustic guitar, and violin. The Summer Music Program has successfully unleashed the musical potentials of children as young as 5-years-old. The event was graced by the management of YAHSHUA Intelex; Ptr. Ron Bayron, CEO; Dr. Ruth Bayron, VP; Ms. Tina D. Peligro, Head of Operations;
Mr. John Paul Cabelin, Lead Musical Instructor and Ms. Mel
Cabelin, Lead Vocal Coach. The INTELEX Summer Music Program was created as one of the three programs in the ULTIMATE SUMMER BRAINFEST. The BRAINFEST program is designed to make tough disciplines; Math, Music and Arts, a little easier than traditional training. The training is based on the scientific
premise that the brain is basically tissue – like muscle, it grows stronger with practice. When people learn new ways to study, the brain changes and grows. According to American author, Jodi Picoult, music is the language of the memory. Researchers have found this to be true as music will help you learn and recall information better, depending on how much you like
music, or whether or not you like music. This is the exciting fact of science, which YAHSHUA Intelex has employed in its trainings for almost four years and counting. The training has seen conversion of kids who are not confident – to kids who have found a new sense of selfesteem, thereby improving in school performance and in daily life.
SSS outperforms investment benchmarks, earns over P28-B in 2015 The Social Security System (SSS) attained a full-year investment income of P28.65 billion last year while its return on investments (ROI) reached 6.9 percent, outpacing key market indicators such as the 10-year Treasury bond and 364-day T-bill rates which averaged 4.0 percent and 2.1 percent, respectively. S S S E x e c u t i v e Vi c e President for Investments Sector Rizaldy T. Capulong noted that the agency’s ROI l ast ye ar a ls o re mai ne d ahead of national economic indicators, particularly the 5.8 percent growth in gross domestic product (GDP) and 1.4 percent inflation rate for 2015. “Our investment ac t iv it ies are guide d by SSS charter and adhere to t he pr inciples of s afety, good yield and liquidity. S S S p e r for m anc e u nd e r present management has consistently outdone major investment benchmarks, and we continue to do our best amid the prevailing market conditions,” Capulong said. From 2011 to 2015, the SSS annual ROI averaged 9.1 percent, outperforming the five-year annual averages of 5.9 percent for the GDP growth, 4.8 percent for the 10-year T-bond, 3.3 percent for the inflation rate, and 1.8 percent for the 364-day T-bill.
Government securities, the largest contributor to SSS investment earnings at 38.6 percent, registered a 7.1 percent ROI and brought in P11.05 billion last year, improving on the P10.98 bi l l i on e ar n e d i n 2 0 1 4 . C ombine d income f rom government securities and equities make up two-thirds or P19.18 billion of the entire SSS investment earnings for 2015. “Equity investments have been generating good returns for the funds of our members, earningP8.13 billion last year while the ROI reached 8.2 percent despite the 3.9 percent PSEi (Philippine S t o c k E x c h a n g e In d e x ) decline in 2015. Equities accounted for 28.4 percent of our total investment income last year, and remain a major component in our investment strategies,” Capulong said. Earnings from salary loans amounted to P4.86 billion, higher than P4.79 billion the previous year, on the back of a 7.8 percent ROI. Meanwhile, income from corporate notes and bonds rose from P1.03 billion in 2014 to P1.41 billion last year with nearly a five percent ROI. The P426.66-billion SSS investment portfolio is currently comprised of government securities (39.9 p e rc e nt ) , e qu it i e s ( 2 3 . 0 percent), salary loans (15.6 percent), corporate notes
and bonds (8.0 percent), bank deposits (5.9 percent), real estate (4.7 percent), and housing and development loans (2.9 percent). “Real estate, while only about five percent of the SSS investment portfolio, contributed P2.2 billion or seven percent of the total S S S i nv e s t m e nt i n c om e last year. Real estate also recorded the highest ROI among the different types of SSS investments in 2015,” Capulong observed. The SSS, t hroug h its investments, supports the g ov e r n m e nt’s e c on om i c and social programs such as education, infrastructure, w ate r, c om mu n i c at i ons , power and electrification. The pension fund generated earnings of over P11 billion last year from its investments with the government, which is SSS’ biggest borrower. “Earnings of about P10 billion came from SSS placements in the private s e c t o r, i n c l u d i n g s o m e P3 billion in stable cash dividends from financial, power and utility companies,” Capulong said. About 1.5 million SSS members benefited from salary loan releases in 2015 alone, while over 70,000 student-beneficiaries have availed themselves of SSS Educational Assistance Loans as of end-2015. SSS investment decisions
are super vised by the Investment O versight Committee (IOC) and Risk Management C ommittee (RMC) of the Social Security Commission, which serves as the SSS governing board and highest policy-making body. “Functions of the IOC include ensuring our compliance with the SSS C h ar te r’s prov i s i ons on the investment of reserve funds, and spearheading the development and adoption of guidelines to ensure transparency in the investment performance of SSS. The RMC, meanwhile, is tasked to ensure SSS’ compliance with risk management policies and practices,” Capulong explained. Limitations on the SSS reserve funds allotted per type of investment are specified u n d e r t h e S S S C h ar te r, namely 40 percent for private securities, 35 percent for housing, 30 percent in real estate, 10 percent in short and medium term member loans, 30 percent in government financial institutions and corporations, 30 percent in infrastructure projects, 15 percent in any particular industry, and 7.5 percent in foreign currency dominated investments. “While SSS investments are performing well, even in spite of a down market,
these cannot be expected to adequately fund substantial benefit increases such as the proposed P2,000 pension hike, which would require
an extra payout of least P56 billion annually, nearly double our entire investment income for 2015,” Capulong noted.
BusinessWeek MINDANAO
10
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
2014 ppi’S Best in ENVIRONMENTAL Reporting
friday|may 13, 2016
DOST... from page 2
bus i ne ss - l i ke proj e c t s / activities (such as Common Service Facilities, Innovation/ Incubation Centers) for entrepreneurs/graduates of entrepreneurship). Proponents shall submit the following documents to the DOST regional office through the Provincial Science and Technology Center (PSTC): letter of intent to avail of the SETUP assistance, stating commitment to refund the cost of innovation system support and cover the insurance cost for acquired equipment; fully accomplished DOST TNA Form 1, “Application for Te ch n ol o g y Ne e d s Assessment”; proposal using SETUP Form 1 “SETUP Project Proposal Format”; copy of business permits and licenses issued by LGUs and other government offices. For more details, please visit the nearest DOST Provincial Science and Technology Center or regional office in your area. (Teresita Superioridad Baluyos/DOST10)
EDC... from page 3
coal fired power plants. “We should come up with a very clear guideline on the energy mix and apply the
Empress... from page 12
leaders of our times.” Singapore is a small island city-state that started as a British colony, then a part of the Malaysian Federation, then gained independence in 1965 and turned from a Third World Economy to a First World affluence in a single generation. W i t h all the accomplishments of LKY for Singapore, it leaves a question that begs to be answered… What if the Philippines had a Lee Kuan Yew? Mr. Leviste asked me why I did not engage into politics. My answer was very simple. I love politics but I do not see myself engaging with our current system of government. Maybe in the future at the right time with the right system of government. If I’m the leader, I would expect everyone to follow and trust that I would do what’s best for them. Of course, I said it in a funny way. He asked me what my Zodiac Sign is. I said, I’m a Leo. He smiled... When I read the book, I saw a lot in common between LKY and me, which made me even more interested to read further. We both have focus and attention to details. We both like everything to look nice, clean and perfect. And, we both have a disinterest in surveys. What caught my attention the most was when he was on his way back to the hospital coming from his wife’s wake, he took an evening stroll along the Singapore River bank remembering how he used to do that with his wife. In his grief, he still noticed
permitting powers of the DOE to rationalize that,” the president said. Nat i on a l R e n e w abl e Energy Board vice chairman Ernesto Pantangco, for his part, said the Philippines has a renewable mix of 26 percent, which is near the current DOE target of 30 percent. Tantoco, on the other hand, reported the company lost PHP1.5 billion due to the forced outages of its power plants. EDC vice president and head for Corporate Finance Division added the firm expects a modest year, with a flattish income from last year. Its net income attributable to equity holders of the parent amounted to PHP8.8 billion for 2015. EDC has an installed geothermal capacity of 1,169 MW. The renewable energy firm, which has a total capacity of 1,455 MW, also has hydro, wind and solar projects. (PNA)
Puregold...
from page 3 Puregold is allocating P2.6 billion for capital expenditures comprising P1 billion for 25 new Puregold stores and another P1 billion for two S&R stores. Another
some garbage floating on the river wherein he asked his security detail to take a photo of it so that he could send to the proper office. When his car runs through a pothole, a radio message would immediately be sent to the office that should fix it. If there are fading road signs, the office that is in-charge of that would definitely receive a call from the Prime Minister’s office. Singapore today as an economic powerhouse with high-income citizens was built with those small details (perfected by LKY) as the building blocks and strong foundation instead of merely looking at the big picture. The attention to details matters the most. But of course, his nation building was accompanied by economic blueprints, infrastructure plans, housing programs and all. Aside from his attention to details, what I like about him as well is his disinterest in surveys. He even said, “I ignore polling as a method of government. I think that shows a certain weakness of mind.” The problem with too much democracy is that the so-called leaders tend to do what’s popular than what the people really need. He often sailed against the wind which gave him more progress. Whenever I’m in the car, I always visualize. Some of my thoughts while being dissatisfied with what I see around me are: when you vandalize, when you litter, when you don’t follow the rules, when you spit in public, there should be fines. Everything should look nice, clean and perfect. People should have discipline. Then after my visualizations, I ask myself if my thoughts are
P150 million will be spent to put up 10 S&R New York Style Pizza stores and P450 million to establish 75 Lawson convenience stores. Consolidated net profit climbed 10.6% to P5 billion last year. Consolidated net sales rose 14.7% to P97.17 million due to the strong consumer demand from existing stores and newly opened stores.
Landbank... from page 5
the P1.05 trillion seen as of March 2015. Landbank is the biggest credit provider to small farmers, fishers, local government units as well as micro, small and medium enterprises among government financial institutions. It is t he on ly b an k present in all of the country’s provinces, with a nationwide network of 361 branches and 1,526 automated teller machines as of end-March. These are complemented by 24 other banking offices across the country. Latest comparable data from the Bangko Sentral ng Pilipinas showed that Landbank was the fourth biggest among universal and commercial banks as of endDecember 2015 in terms of
normal. After reading the book, I realized that I am not alone. I also will not decide on something just to please the people or because it’s popular. I always think for myself but with compassion and decide firmly based on what’s best for the majority if not for all. There is a thin red line here. Sometimes, majority simply means that all the fools are on the wrong side. When you are a leader, you must be a well informed person. You have access to information that the vast majority do not know yet or do not understand wherein you will have to decide for your people. And sometimes, those matter of life and death decisions must be made at an instant even if the majority
assets. The state-run lender, which held assets worth P1.197 trillion at endDecember, trailed BDO Un i b a n k I n c . ( P 1 . 9 4 3 trillion), Metropolitan Bank and Trust Co. (P1.461 trillion) and Bank of the Philippine Islands (P1.241 trillion).
Peso... from page 5
For the day, the local unit opened at P47.20, an appreciation from the P47.35 in the previous session. It traded between its opening and closing levels resulting to an average of P46.92. Volume of trade reached $824.65 million, higher than the previous session’s $725 million. The currency pair is seen to trade between P46.80 and P47.00 Wednesday.
PIDS... from page 6
in sustaining the expansion of the economy.” To do t his, Me da lla enumerated a number of factors that the Philippines has to address to encourage SMEs to par ticipate in value chains. She reiterated Wignaraja’s point about addressing the lack of access to finance and credit, but would not agree at the time. Call it a benevolent dictator but it worked for Singapore. It is not easy being feared by your people. It is actually a sacrifice for the greater good. Mr. Leviste then asked me, “Why Empress?” (He was pertaining to my website.) I answered him, I just love the sound of it. On my way home, I pondered on why I used that exact title on my website. Empress literally means ruler, monarch, queen and sovereign. Well, we are limited only by our own imaginations. I was so happy that I read this book because it made me feel that my ideas are not at all weird because LKY had those kinds of ideas as well and even successfully
added that enabling the environment for SME firms to develop competitiveness and connectivity must be prioritized as well. While Wignaraja believes that much of the work must be done by business and private sector in boosting labor productivity, improving the investment climate, raising infrastructure spending, improving information and communication technology infrastructure, and increasing financial access for SMEs, both experts are in agreement that the government also has a critical role to play in SMEs’ success. “Government’s role is to enable and facilitate the linkages and access to markets, finance, and technology, and to remove various barriers to entry and exit. The role of the new Competition Law will be very important,” Medalla said. Policymakers should also concentrate on enhancing
strategic opportunities. Medalla said the kind of policies needed depends on which SME sector polic ymakers intend to help. She recommended policies that would raise SMEs’ capability to comply with AEC standards, such as developing the halal industry, improving trade facilitation, and identifying standards to enable them to access a “duty-free” ASEAN market. She also recommended helping each sector gain c omp e t it i v e a d v ant a g e through industry clustering, sharing services facilities, and developing industry roadmaps. “ The opportunities are there in the supply chains,” said Wignaraja. The business sector has to adopt smart strategies to capture opportunities to participate in the production networks, and policymakers must create the enabling business environment for SMEs to thrive.
implemented them. Before, I used to feel weird because whenever I told people about my ideas and visions, they looked at me as if I’m crazy. But, after reading this book, it just proved to me that the crazy ones are the best kinds of people. I believe that our leader should be strong, compassionate, decisive, have big visions, could instil discipline and have a perfect system. A leader must have big dreams, not mediocre, because if the leader of a countr y have mediocre dreams, he would also give mediocre results. I would choose a leader with big dreams for the country so that the citizens would have the best lives as well.
If the Philippines had a Lee Kuan Yew, our country would have been great and very rich. Below are some of my favorite LKY quotes: “If you want to reach your goals and dreams, you cannot do it without discipline.” “The Philippines needs more of discipline than democracy.” “If you can’t force or are unwilling to force your people to follow you, with or without threats, you are not a leader.” “Between being loved and being feared, I have always believed that Machiavelli was right. If nobody is afraid of me, I’m meaningless.” To learn more about Lee Kuan Yew, grab a copy of the book from leading bookstores.
Photo from Left to Right: Mr. Jose “Joey” P. Leviste, Jr., Michelle Francisco and Melissa San Jose
BusinessWeek MINDANAO
Advertising and Editorial E-mail : businessweekmindanao@gmail.com Contact nos. : 0917-7121424 • 0947-8935776
2013 ppi’S Best in Business and Economic Reporting
YOUR DAILY Mindanao-wide BUSINESS NEWSPAPER
friday|may 13, 2016
Confident...
Policy...
Italpinas...
“We need to have a House Speaker who will support the policy legislative agenda and the directions of the Duterte administration,” he said. Sen. Alan Peter Cayetano, the running mate of the incoming president, arrived at the hotel past 3 p.m. to join the meeting of the transition committee, which was still ongoing as of press time. P e t e r T. L a v i ñ a , spokesperson of Duterte, in his Facebook post disclosed the members of the transition committee: c amp aig n manager Jun Evasco, assistant campaign manager and exe c ut ive assistant Christopher Bong Go, former cabinet member an d h e a d of c amp ai g n finance committee Carlos G. Dominguez, law yers Medialdea and Loreto Ata (Duterte’s personal lawyers), and Laviña himself. In a press conference at t h e R oy a l Ma n d ay a Tuesday, Laviña said that they are working out for t h e f o r m at i o n o f f o u r committees, namely : transition committee, selection committee, policy group, and inauguration committee. He said the transition committee will work for the smooth transition of the incoming president with outgoing President Benigno Simeon Aquino III, the selection committee will help Duterte vet and select prospect personalities to be appointed as members of the cabinet, while the policy group will work on programs that need immediate actions for the next three to six months of the incoming administration. D ute r te e arl i e r s ai d that he would like a simple inauguration with select guests, as he does not want to disturb the public with traffic congestions. The 71-year-old Duterte was elected mayor in 1988. He served as mayor until 1998, and again for three terms from 2001 to 2010. He served as first district representative from 1998 to 2001 and vice mayor to daughter Sara from 2010 to 2013. He was elected mayor again in 2013, and by June 30 shall have completed 22 years as mayor of Davao City.
Philippine Energy Plan as well as the Transmission Development and Distribution Development Plans. For RE, the plan is to draw up policies that will further whet the appetite of investors primarily after the era of feed-in-tariff (FIT) incentives. Nu cl e ar, a s a f utu re pathway for the country’s power sector, will also be fleshed out and shall be included in the propounded p ol i c i es for t he energ y sector. She said the country will be hosting the ASEAN Forum about nuclear energy latter part of the year – and this may guide the next energy planners on policies on this sphere. “There are a lot of things that we would want to be continued,” she stressed, thus they will be engaging the next administration to give attention to specific programs that they have already started. In the petroleum sector, for example, Monsada is batting for the elimination of the tricky “bote-bote” system of retailing fuel products. Similarly for the liquefied petroleum gas ( L P G ) , t he d e p ar t me nt would want to push for safer handling of the products and to also stop illegal refilling and other trade practices.
in) two years. In fact, we are pre-selling now, we are just waiting for the license to sell,” he said in an interview. Dacumos said the company hoped to start the construction of the project’s second phase on June 2018 after the completion of first phase. The development of the third phase will begin after 20 months. He added total construction cost for the three phases is expected to reach P1.8 billion. “The last (fourth) phase is the high-rise condotel. Once the CAAP (Civil Aviation Authority of the Philippines) height restriction limit is lifted in that area, it is designed as a 34-storey building,” he said. Dacumos said the overall masterplan for the sevenbuilding cluster comprising three twin towers and the high-rise condotel project, is planned to be completed in 2020. (PNA)
from page 1
from page 1
E X T R A J U DI C IA L S E T T L E M EN T OF THE ESTATE OF THE DECEASED MANDIONSING SABUWAN WITH SPECIAL POWER OF ATTORNEY
from page 1 votes over reelectionist Vice Mayor Caesar Ian Acenas ( 8 4 , 3 2 4 ) and out goi ng Councilor Roger Abaday (42,201). Reelected first district Rep. Rolando Uy gained 57,094 votes over challenger Councilor Lourdes Darimbang (51,208), while
COSERAM (Conflict Sensitive Asset and Resource Management) for a joint endeavor towards peace in the region. GIZ COSERAM will
Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10TH Judicial Region Cagayan de Oro City Cagayan de Oro City SHERIFF’S NOTICE OF AUCTION SALE EJF File Number 2016-100
LOT: 22, BLOCK 1, PSD-10-040101 PORTION OF LOT: BLOCK 23, PCS-10-002317 AS SURVEYED FOR: PUEBLO DE ORO DEVELOPMENT CORPORATION (GOLDEN GLOW VILLAGE) LAND USE: RESIDENTIAL LOCATION: UPPER CARMEN, CAGAYAN DE ORO CITY, XXX, CONTAINING AN AREA OF THREE HUNDRED FOURTEEN SQ. MTRS. (314) MORE OR LESS.”
“TRANSFER CERTIFICATE OF TITLE NO. 137-2014002968 (Registered in the name of Danilo C. Trugillo married to Lilibeth A. Trugillo)
Prospective buyers/bidders may investigate for themselves the Title of the property above described and all encumbrances thereon, if any there be. In the event that said auction sale on June 1, 2016 will be declared holiday or non-working day, the same will continue on the next working day without need of further notice, publication and posting. Cagayan de Oro City, April 25, 2016. FOR THE EX-OFFICIO PROVINCIAL SHERIFF:
(Sgd.) REYNALDO L. SALCEDA Sheriff IV
BWM: May 6, 13 & 20, 2016
TWG on tools, concepts, principles and approaches for conducting the PCA per province; Conduct of PCA workshops per province; conduct of focus group d i s c u s s i on ( F G D ) an d key informant interviews with stakeholders involved with Kalabugao Plains and Balatucan Range Natural Park; analysis and validation of results through workshops and FGDs; and Integration of provincial PCA results and Peacebuilding needs into the Regional Peacebuilding and Development Framework and Agenda. Since January 1, 2011, COSERAM program supports an integrated approach of poverty reduction and peacebuilding in the country. COSERAM) Program is a joint undertaking of the Philippine and German Governments, implemented by GIZ, the German Development Bank (KfW) and the local partners. (Krizzia Segovia)
from page 6
May 13, 20 & 27, 2016
(Sgd.) BELEN F. LINGANAY City Civil Registrar
support the region in the development of a regional peace agenda, the formulation of Peace and Order and Public Safety Plan (POPS) plans and the strengthening of the peace and order councils. DILG 10 and GIZ COSERAM joint undertaking shall focus on the formulation of a regional peacebuilding and development framework, and strengthening of peace and order councils in the region. Among the activities include: organization of Technical Working Group (TWG) for the Enhancement of Regional Peacebuilding and Development Framework and Formulation of Regional Pe acebui lding Agend a; leveling and orientation among RPOC, PPOCs, TWG on the Peace and Conflict Analysis (PCA) process, tools and on basic concepts of conflict-sensitivity, cultures e ns it iv it y and ge nd e r sensitivity. Training of trainers for
Peace...
UPON EXTRA-JUDICIAL PETITION FOR SALE under Act 3135 as amended, filed by HOME DEVELOPMENT MUTUAL FUND (Pag-IBIG Fund), mortgagee, with branch office at Pag-IBIG Fund, J.R. Borja Street, Cagayan de Oro City, against DANILO C. TRUGILLO married to Lilibeth A. Trugillo, with postal address at 0046 P-9A, Bayug, Hinaplonon, Iligan City, to satisfy the mortgage indebtedness which as of March 10, 2016, amounts to One Million Five Hundred Seventy Eight Thousand One Hundred Forty Nine Pesos & 74/100 (Php 1,578,149.74) Philippine Currency, inclusive of interest and penalty charges, excluding other necessary fees and expenses of extra-judicial foreclosure and sale, the undersigned Sheriff or his deputies will sell at public auction on June 1, 2016, at 10:00 o’clock in the morning or soon thereafter, at Regional Trial Court, Branch 38, temporarily holding office at the City Tourism Hall, City Hall Compound, City Hall, Cagayan de Oro City, to the highest bidder, for CASH and in Philippine Currency, the real property described herein-below, with all its improvement found thereon, viz:
In Compliance with Section 5 of R.A. 9048, a notice is hereby served to the public that DIOSCORO JR. GILLAMAC TIGOL has filed with this office a petition for a (CFN) Change of First Name from “DIOSDADO” to DIOSCORO JR.” in birth certificate of DIOSCORO JR. GILLAMAC TIGOL who was born on November 11, 1957, at Manolo Fortich, Bukidnon and whose parents are DIOSCORO SR. G TIGOL and CAMILA GILLAMAC. Any person adversely affected by said petition may file his/her written opposition to this office not later than 28 May 2016.
BWM: May 13 & 20, 2016
Candidates...
Notice is hereby given that the intestate estate of the late MANDIONSING SABUWAN died November 28, 1979 at San Fernando, Bukidnon, left certain parcel of land located at NONAPAN MARAMAG, BUKIDNON OCT NO. 5251 FREE PATENT NO. 349833 containing an area of Seventy five Thousand One Hundred twenty five (75,125) sq. m more or less is the subject of EXTRAJUDICIAL SETTLEMENT OF T H E E S TAT E O F T H E DECEASED MANDIONSING SABUWAN WITH SPECIAL POWER OF ATTORNEY Under Notary public ATTY. MARIO T. JUNI per doc. No. 67; page No.14; book No.193; series of 2016
NOTICE TO THE PUBLIC
from page 1
Rep. Maximino Rodriguez Jr. (46,363) was able to stave off Councilor Ramon Tabor (34,123 votes), ex-Councilor Edgar Cabanlas (29,343) and lawyer Evangeline Carrasco (4.905) for the vacated second district congressional seat. Proclaimed councilors in Cagayan de Oro City were reelected Councilor Zaldy Ocon (51,892), lawyer Lordan Suan (49,430), reelected Councilor Edna Dahino ( 4 5 , 9 3 8 ) , Ti g n ap o l o a n barangay chair Jay Pascual (45,158), retired Brig. Gen. Romeo Calizo (39,175), entrepreneur George Goking (37,311), reelected Councilor Annie Daba (34,797) and dentist Reuben Daba (32,836) for the first district; reelected C ouncilor Nadya Elipe (53,721), physician Maria Lourdes Gaane (45,953), reelected Councilor Dometilo Acenas Jr. (45,433), exCouncilor Ian Mark Nacaya (44,700), reelected Councilor L eon Gan Jr. (43,244), reelected Councilor Teodulfo Lao (42,266), daughter-ofa-former-mayor Suzette Daba (41,096) and reelected Councilor Enrico Salcedo (38,523) for the second district.
11
2014 ppi’S Best in ENVIRONMENTAL Reporting
Republic of the Philippines REGIONAL TRIAL COURT OF MISAMIS ORIENTAL 10th Judicial Region Branch 43 Gingoog City NOTICE OF EXTRA-JUDICIAL SALE File No. 217-2016 Upon Extra-Judicial Petition for sale under Act 3135 as amended by Act 4118, filed by FIRST VALLEY BANK INC, represented by its Manager Gingoog City Address at Baroy, Lanao Del Norte and a Branch Office at Brgy. 22, Gingoog City against Felidelfa De Casa of Brgy. 26, Gingoog City, to satisfy the Mortgage indebtedness which as of April 28, 2016 have amounted to THREEE HUNDRED FIFTY THOUSAND NINE HUNDRED FIFTY SEVEN PESOS AND 28/100 ONLY (P 350,957.28) embracing the principal interest and other charges, excluding foreclosure expenses, attorney’s fees, and other litigation expenses and excluding other expenses that may be hereinafter incurred, the undersigned Sheriff will sell at public auction to the highest bidder for CASH on July 4, 2016 at 9:00 o’clock in the morning to 4:00 o’clock in the afternoon at the afternoon at Regional Trial Court, Branch 43, Hall of Justice, Dugenio St., Gingoog City, the following properties with all the improvements existing thereon, to wit: TRANSFER CERTIFICATE OF TITLE NO. T-14402 A PARCEL OF LAND (LOT 3-C, Psd-10-049571, Portion of Lot 3, Pcs-104308-001320, located at Poblacion, City of Gingoog, Island of Mindanao. Boundaries: SW., NW., NE.,
Along line 1-2-3 BY Lot 3-B Along line 3-4 by Lot 3-A; both of the subd, plan Psd-10-049571 along line 4-5 by Lot 4, Pcs-104308-001320 along line 5-6 by Lot 3-D
Beginning at a point marked “1” on the plan being S. 20 deg., 59’E., 2449.59 M. From B.L.L.M. 1, Gingoog Cadastre; All sealed bids must be submitted to the undersigned on the above stated date and time. In the event the public auction should not take place on the said date, it shall be held on the next working day without further notice and republication. The prospective buyer/s may investigate for themselves the title of the herein described property/properties and the encumbrances thereon, if any there be. Gingoog City, May 3, 2016. FOR THE EX-OFFICIO PROVINCIAL SHERIFF BY: (Sgd.) FLORA C. PEREZ Sheriff IV RTC-Branch 43 Gingoog City BWM: May 6, 13 & 20, 2016
BusinessWeek MINDANAO
WE ACCEPT
TARPS
STICKERS BusinessWeek MINDANAO
Lifestyle If The Philippines Had A Lee Kuan Yew 2013 ppi’S Best in Business and Economic Reporting
YOUR Mindanao-wide BUSINESS NEWSPAPER friday | may 13, 2016
You can follow me at the following social media: https://www.facebook.com/ EmpressMCF https://instagram.com/ empressmichellefrancisco https://twitter.com/ empressmcf
2014 ppi’S Best in ENVIRONMENTAL Reporting
Weeks ago, I was invited by my good friend, Melissa San Jose - General Manager of Italpinas Development Corporation, at Primavera Residences - Cagayan de Oro City for the book launch of Mr. Jose “Joey” P. Leviste, Jr. He gave me a copy of his book entitled “If The Philippines Had A Lee Kuan Yew” then he wrote a dedication and signed it for me. I remember that I had been posting quite a number of quotes from Lee Kuan Yew among others at Instagram and Facebook. So, the book triggered my curiosity. Yes, I love politics. But maybe not the kind of politics that most people are used to. Mr. Leviste invited me again the next day to discuss more about the book, politics and life as we did not have enough time to talk the night before as he was so busy with the book signing. The book is a compilation of articles and write-ups mostly as a tribute to Lee Kuan Yew (The First Prime Minister of Singapore) after his demise
in March 2015. As the book’s editor Ivy Lisa Mendoza said, “It gives a glimpse of what kind of a man LKY was - a competent, strong, decisive, disciplined and principled statesman who singlemindedly, even stubbornly, built and governed Singapore for 30
Corporation
12
0915-563-6246
years. A ‘Lion among Leaders’ he was called, Lee Kuan Yew was truly an inspiration to Asia and beyond.” She added, “The articles in this book also present the Singapore that LKY built, his legacy, and what he thought of
the Philippines throughout the changes in leadership that the country has had. Finally, the book includes essays by some Filipinos who had the honor and the privilege of coming faceto-face with one of the greatest empress/PAGE 10
Mr. Leviste writing his dedication and signing the book for me.
Freewaters Tall Boy— Head And Shoulders Above the Competition In a country known for its gorgeous beaches and countless malls, we need footwear that is light and comfortable, something we can slip into and last us all day and all night. When it comes to sandals, nothing comes close to Freewaters’ Tall Boy sandal. Freewaters, a progressive footwear brand founded on the surf waters of Malibu by likeminded individuals who wanted to use business as a social platform to do good, has created one of the most comfortable slippers that people have been raving about—the Tall Boy. Imagine the comfort and protection you get from a running shoe. Now translate that into the lightweight structure
of a sandal. This is what you get with the Tall Boy sandal. The high rise midsole makes for thick, bouncy cushioning without being mushy, and the full arch support and deep heel cup cradles your foot, giving you extra support that will keep your feet more comfortable for longer. The Flex Groove Outsole of this sandal provides a natural, soft flex that moves with you, all the while protecting your feet with a strong grip so you don’t have to worry about slipping up and messing up your game. The hydro leather strap and water friendly material used to make the Tall Boy will get you packing up this insanely comfortable pair of sandals to take with you on all your beach travel and
adventures. A purchase of the Tall Boy sandal is more than just you getting a pair of awesome footwear, it is also a step towards providing a community with clean, drinking water. Freewaters is committed to its cause of getting to impoverished and hard to reach places and giving them access to clean water. Every 1% of the sale of every footwear goes to fund Freewaters’ clean water projects in Kenya, Haiti, California, and now the Philippines. There is nothing in the market like the Tall Boy sandal. Extremely comfortable, shockingly lightweight, and made to last, Freewaters delivers the goods with the Tall Boy sandal.
You can purchase Tall Boy at any of the Freewaters kiosks in Trinoma, as well as ResToeRun, Grind and ROX
BHS. . Follow @ freewatersph at their Facebook and Instagram page for updates on your favorite sandals and footwear.
The Primer Group of Companies, Asia’s next retail giant, is the exclusive distributor of Freewaters in the Philippines.