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Volume IV, No. 103
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Briefly Shared services KAPATAGAN, Lanao del Norte -- The Department of Trade and Industry (DTI) here turned-over a solar dryer to Lapinig Multi-Purpose Cooperative (LMPC) in Kapatagan, Lanao del Norte in April this year. The solar dryer, amounting to P133,850.00, is acquired through Shared Service Facility (SSF) project implemented by DTI and would benefit micro, small and medium entrepreneurs (MSMEs) in making lampakanay ropes and baskets. Kapatagan is the biggest source of lampakanay grass and skilled weavers, hence the location of the solar dryer. Dr. Ruel B. Paclipan, provincial director, DTI–LDN, said the solar dryer will solve the problem on the supply of dried lampakanay leaves which will significantly shorten the number of days of drying to just one day compared to four days without using a solar dryer.
Coop helps drivers DAVAO del Norte -- In line with the 5th year anniversary of its Members Benefit Assistance (MBA) division and the General Assembly of the Pabilisang Saving sa mga Drivers Advocacy (PASADA), a local cooperative based in the province distributed accident insurance policies to all its members, who are public utility vehicle drivers. Last May 15, Around 50 public utility vehicle drivers in Tagum City availed the accident insurance policies given by the Tagum Cooperative. Ruel Molina, marketing assistant in the MBA division, said that the cooperative is looking into the welfare of the drivers especially its members and giving them the insurance will, in a way, secured them in any untoward incident that may happen.
P15.00
Hydro repairs boost M’danao grid supply www.businessweekmindanao.com
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Mon-Tue | May 19-20, 2014
By MYRNA VELASCO, Contributor
HE accelerated repair works for some generating units of the Agus hydropower complex had shored up the power supply in Mindanao grid by 70 megawatts, a relevant development primarily during these critical summer months.
The National Power Corporation (NPC) announced through its Mindanao Generation Group that it “fast-tracked the repair and maintenance work of Agus hydroelectric power plant’s two
generating units to augment additional power supply to the Mindanao grid this month in view of the power deficiency of the island brought about by the dry season.” repairs/PAGE 7
Surneco seeks supply deal with mining firm By ROEL CATOTO, MindaNews
SURIGAO City — Power distribution utility Surigao del Norte Electric Cooperative Inc. (Surneco) is negotiating with a mining firm Nickel Asia C orporation for a 10-megwatt (MW) supply deal to help offset the power
shortage in Surneco’s service areas. Narciso I. Caliao Jr., general manager of Surneco said Thursday they are working for the approval of the provisional authority mining/PAGE 7
WASH TIME. A fisherman washes his net with sea water along the shoreline in barangay Masao in Butuan City. mindanews photo by erwin mascarinas
CAUGHT IN THE RAIN. A child pushes a cart filled with cooked corn as rain pours along the national highway in Butuan City. mindanews photo by erwin mascarinas
NEA sets P2.7-B loan to power coops By MYRNA VELASCO, Contributor
THE National Electrification Administration (NEA) is aiding electric cooperatives (ECs) to be updated on their settlement of accounts with the Wholesale Electricity Spot Market (WESM) by allotting a fraction of its P2.68-billion loan facility for that purpose. The electrification agency said 10-percent or P265 million of the loan release had been intended “to finance monthly cash shortfall on the settlement of power accounts” of at least 11 ECs.
Still, the bulk of the amount at P1.552 billion will be for capital projects lined up by at least 45 electric cooperatives. The balance of P728 million had been set for c a l am it y l o an rel e as e s while P866 million will be earmarked for working capital of beneficiary-power utilities which may also cover their power accounts, retirements and taxes. NEA administrator Edita S. Bueno emphasized
that as part of the agency’s mandate, it “developed a credit guarantee program and facility for the ECs,” primarily for their supply purchases from the WESM and the Interim Mindanao Electricity Market. Part of the credit window may also be availed of by the ECs to settle outstanding obligations for their bilateral contracts with the generation companies (GenCos) as well as with the National Grid Corporation of the Philippines. loan/PAGE 7
Mindanao power plant IPPAs bid out THE POWER Sector Assets and Liabilities Management Corp. (PSALM) is seeking bidders for the selection and appointment of the independent power producer administrator (IPPA) for the Mindanao I and II Geothermal Power Plants. In a statement released on Friday, PSALM said all
that interested parties must submit a Letter of Interest (LoI) not later than 5:00 P.M. on 30 May 2014. Pro sp e c t ive bi d d e rs must also execute a Confidentiality Agreement and an Undertaking with PSALM, and pay a nonrefundable participation fee of P120,000 either in cash,
manager’s check or cashier’s check on or before 5:00 p.m. of June 6. A pre-bid conference for interested parties is scheduled for June 26 at 2:00 p.m. in preparation for the bidding on Sept. 24. “ The Mt. Ap o IPPA will manage government’s bid/PAGE 7
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NEDA: More employer investments needed for poverty reduction INCREASING investments from employers to generate high-quality and remunerative employment is vital in achieving rapid poverty reduction towards inclusive growth, according to the National Economic and Development Authority
(NEDA). Economic Planning Secretar y Arsenio M. Balisacan told participants of the 35th National Conference of Employers that while poverty incidence in the first half of 2013 has remarkably improved, more needs to
be done to substantially reduce poverty and ensure inclusivity. “ T h e g e n e r at i o n o f remunerative employment remains a big challenge in the country. Data show that the rate of employment generation has not kept pace with the labor force growth such that there is still a large stock of the unemployed,” he said in a speech delivered by NEDA Deputy DirectorGeneral Rolando G. Tungpalan during the event at the Marriott Hotel, Pasay City. However, Balisacan noted that more concern must be
directed toward the creation of high-quality jobs that provide adequate income for the Filipino workforce, rather than the quantity. He then outlined the strategies being done to accelerate job creation and to improve labor and employment situation in the country. “These strategies include continuous buildup of capital, promotion of priority sectors, s t a b l e m a c ro e c on om i c fundamentals, investment in research and development in the agriculture, industry and services sectors, and
reducing the cost of doing business,” said Balisacan, who is also NEDA DirectorGeneral. Also, Balisacan explained to the employers the country’s need for greater support for economic sectors with high growth potentials. “Investing in manufacturing, tourism, information technologybusiness process management (IT-BPM), construction, logistics, and agribusiness can provide remunerative jobs for a great number of the poor,” he said. Under the Philippine Development Plan 2011-
2016 Midterm Update, the government aims to reduce the unemployment rate from 7.0 percent in 2012 to 6.5 to 6.7 percent in 2016. An improvement in the quality of employment will also be reflected through a reduction in underemployment rate from the current 20.0 percent to about 17.0 percent in 2016. “ We h o p e t h at t h e Employers’ Confederation of the Philippines would continue supporting us in our efforts to generate highquality and remunerative employment that is key to rapid poverty reduction,” Balisacan said.
MisOr aids Brigada Eskwela Program MISAMIS Oriental – In supp or t of t he an nu a l Brigada Eskwela program implemented by the Department of Education, the provincial government of Misamis Oriental funded
a total of P2.9M financial aid to public schools in the province. The allocated P2.9M budget was appropriated from the province’s Special Education Fund. This is
chaired by the provincial Governor Yevgeny Vincente Emano in coordination with the Department of Education (DepEd) Superintendent C h e r r y Ma e L i m b a c o, Misamis Oriental Division.
The amount is intended for the renovation and cleaning of the school campus in order to create a conducive learning environment now that the school year is about to start aids/PAGE 7
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Get Hold Of Happiness
T
hink a minute…Have you heard of the new emotional sickness called Sudden Wealth Syndrome? It happens to people who suddenly become rich by winning a big lottery jackpot, inheriting a lot of money, or other quick ways. But then what these newly rich people often find out is that it doesn’t end up being the happy dream they expected. They soon discover what many other rich people already know: money can’t buy happiness that lasts. But that’s just our problem: we think that happiness is something out there that we have to find and get, like mone y, a p osition of respect and power, or physical pleasure and fun experiences. We think we’ll finally be happy after we get out of school or when we get married. But then even when we do finally get it, we find out it doesn’t last and make us happy for the rest of our lives like we expected. So how do we get hold of happiness that lasts for a lifetime? Well, the first big step is we must admit that we’re not totally happy and we need help. But that’s hard for us strong, independent human beings to do! We’re like the man who came home drunk one night. As his wife helped
THINK
A Minute
By Jhan Tiafau Hurst
him into bed she asked him if he wanted her to pray for him. He nodded yes. So she began: “Dear Lord, I pray for my husband who lies here drunk.” But her husband suddenly interrupted her and said: “Don’t tell Him I’m DRUNK! Just say that I’m… SICK!” In our own heart and conscience we all know that we’ve done things wrong and failed to live the way we know we should. We’ve not always lived in a close, right relationship with our Maker, and many of us won’t admit that we’re wrong and have failed. Neither will we admit that we can’t fix our life and make it right by ourselves. But until we finally face the facts that we’re not completely happy and at peace, our life won’t change. Yet today, if you’ll sincerely ask Jesus hurst/PAGE 7
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The Other Lists The dominant news last week (and probably for weeks to come) was the Napoles list and its different versions. Public reaction to the list has, in varying degrees, ranged from outrage to annoyance, to confusion, to amusement. But never did it elicit disinterest or indifference. With gusto, everybody seemed to read, watch or listen to everything that media could dish out on the matter. The fact is people are generally fascinated by lists. Lists are attention getters and favorite topics of conversation. Lists have been used for a variety of purposes. They have been used to honor (or conversely, to put to shame) people, places, institutions and even nations. Lists have also been used to entertain and/or to educate. The first Napoles-type list in the Philippines was that of American businessman Harry Stonehill in the ‘60s. It has infamously been labeled as The Blue Book. The Blue Book supposedly contained a list of around 200 public officials who allegedly received money from Stonehill in exchange for favors and/or business information. A popular series of books, which first appeared in 1977 in the United States, was the Book of Lists compiled by David Wallenchinsksky. The book contained a list of diverse topics such
as the world’s greatest libel suits, people suspected of being Jack the Ripper, worst places to hitchhike and famous people who died during sexual intercourse. More contemporary lists include the following: Transparency International annually lists the Most Corrupt Countries in the World. The list is based on surveys of experts and business people and their confidence in the public sector for investments. In 2013, Transp arenc y International came up with its 23 Most Corrupt. The Philippines was not among them. Great! TI listed the countries perceived as most corrupt in the following order: 1) Somalia 2) North Korea 3) Afghanistan 4) Sudan 5) South Sudan 6) Libya 7) Iraq 8) Uzbekistan 9) Turkmenistan 10) Syria 11) Yemen 12) Haiti 13) GuineaBissau 14) Equatorial Guinea 15) Chad 16) Venezuela 17) Eritrea 18) Cambodia 19) Zimbabwe 20) Myanmar 21) Burundi 22) Tajekistan and 23) Democratic Republic of Congo. Transparency International also came up with The Least Corrupt Countries. The Philippines was not in this list either. Sayang! T I ’s L e a s t C o r r u p t Countries in 2013 were the following: 1) Denmark 2) New Zealand 3) Finland 4) Sweden 5) Norway 6) Switzerland 7)
The Netherlands 8) Australia and 9) Canada. Travel publications and companies with expatriate deployments also come out annually with various versions the Most Livable Cities, the Best Airports in the World, and the Most Polluted Cities in the World. Here is one listing of Most Livable Cities: 1) Melbourne 2) Vienna 3) Vancouver 4) Toronto 5) Adelaide 6) Calgary 7) Sydney 8) Helsinki 9) Perth 10) Auckland. The list, of course, is contested by non-Anglo countries. Self-improvement gurus have their own lists. Stephen Covey , for example, initially listed 7 Habits of Highly Effective People, as follows: 1) Be proactive. 2) Begin with the end in mind. 3) Put first things first. 4) Think Win-Win. 5) Seek first to understand, then to be understood. 6) Synergize. 7) Sharpen the saw. (Continuous Improvement). Covey eventually added an 8th Habit: Find your voice and inspire others to find theirs. Hollywood media has its Best Dressed List, Worst Dressed List. Some movies even have titles such as “The Bucket List” and “Schindler’s List”. In the Philippines, there are lists wherein an individual or an institution would be proud to be included in, eg: Top 1000 Corporation, Top Taxpayers, TOYM, TOWNS, TOFIL,
SPEAKING
O ut
By Ignacio Bunye
Metrobank’s Most Outstanding Policemen/Soldiers/Teachers, 100 Most Influential Filipinos (published annually by Tony Lopez’ BizNews Asia) and the various lists of successful examinees in government examinations. There are some lists where one would not want to be included in, eg.: Any list similar to that of Napoles’ , The Philippines’ Most Wanted, BIR’s List of Delinquent Taxpayers, Bureau of Immigration’s Watch List, The AFP’s Order of Battle, the NPA’s Hit List, and for creditors, The Water List or Lista sa Tubig. My friend Gary Lising has his own list called Who’s Who Among Ateneo Alumni. Gary explains that years after graduation from college one can’t recognize anymore who is who. Note: For feedback, you may email us at totingbunye2000@ gmail.com.
Ombudsman Must Explain Inaction On Pork Scam LIFE’S INSPIRATIONS: “… There are those who turn justice into bitterness and cast righteousness to the ground…” (Amos 5:7, the Holy Bible). -ooo PLUNDER RAPS VS. SENATORS NOT FILED YET? Hey, wait a minute! I mean, I thought all along that Ombudsman Conchita Carpio Morales already filed the plunder charges against Senators Juan Ponce Enrile, Jinggoy Estrada, and Ramon “Bong” Revilla Jr. sometime last April 01, 2014 yet, when announcements were made that it already found enough evidence to charge the three in connection with the P10 billion pork barrel scam. What’s this that Morales told reporters at the Ninoy Aquino International Airport last Saturday, 17 May 2014, while she was preparing to fly to the US to attend a two-week conference on corruption, that, even now, the charges have not really been filed yet, and the filing of the cases against the three before the Sandiganbayan will have to wait for another two weeks? Well, don’t get me wrong! I am not rooting for the charges to be filed, vocal as I had always been, in my columns and radio programs,
that Enrile, Estrada, and Revilla are being sued with a non-bailable crime by the Aquino government only as a political strategy to stop them from running in 2016 to fight President Aquino’s candidate for the presidency. -ooo S H O C K I N G R E V E L AT I O N F R O M OMBUDSMAN: But then, the impression that Morales and her office had been giving out, from April 01, 2014, was that, it had already filed the charges against the three senators and that the issuance of non-bailable warants of arrest against them was just a matter of time, especially because the Office of the Ombusman said that it found probable cause to indict them for plunder. Hearing Morales say now that the charges actually had not been filed yet, and may have to wait until the end of May 2014 or even until the first week of June so she could first return to the country from the two-week official function at a US conference, was therefore a shocker as far as I was concerned. The fac t is t hat, in previous cases where the Ombudsman established probable cause---or the kind of evidence which shows that a crime was committed and
that the person or persons who were accused thereof probably committed the crime---the charges were filed with the Sandiganbayan right away, almost at the wink of an eye, without the Ombudsman even waiting for the accused to file a motion for reconsideration. -ooo OMBUDSMAN MUST EXPLAIN INACTION ON PORK SCAM: Now, why did the Ombudsman not follow the swift same process in the case of the three senators? Why did it not file the plunder case against them right away, as it was its practice in other cases which were investigated by it and where it found probable cause to indict the accused before the graft court? Is there something going on, behind the scenes, that warranted a deviation by the Ombudsman from its usual and routinary procedure? Or, was it simply a manifestation of the Ombudsman’s own hesitation in filing the plunder charges, due to a conviction that the charges would not really stick---in much the same way that the plunder charge against former President Arroyo relative to the so-called P728 million fertilizer fund scam did not also stick?
K akampi
Mo A ng Batas
By Atty. Batas Mauricio
Or, may be, it was a simple case of yet another double standard of justice, under the term of Morales? Morales owed it not only to the country and people but, more so, to God, to explain this clear discrepancy in treating the cases that come before it for preliminary investigation. -ooo REMINDERS: Please tune in: “Tambalang Batas at Somintac sa DZEC”, at 1062 kHz on the AM band, Mondays to Fridays, at 6 a.m.; “Kakampi Mo Ang Batas sa Radyo Trabungko FM”, at 103.7 mHz in Don Carlos, Bukidnon, Mondays to Fridays, at 7 a.m.; and “Kakampi Mo Ang Batas sa DYKA” at 801 kHz on the AM band (Panay Island), Mondays to Fridays, at 10 a.m.
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Banking&Finance
BIR fails to hit April collection target THE Bureau of Internal Revenue (BIR) failed to hit its collection goal in April, traditionally the agency’s strongest month because it coincides with the deadline for filing of income tax returns. In a statement, the BIR said it raised P156.1 billion in revenue in April, which was 4.78 percent more than the last year’s P163.22 billion. Last month’s growth was less than half the 10 percent year-on-year increase that the bureau enjoyed in March. Worse, collections last
month again failed to hit the P176 billion target for the period. This was in spite of the agency’s name-and-shame campaign, as well as its efforts to sue suspected tax evaders. The BIR blamed the weak performance last month on the slowdown in collections by the Large Taxpayers Service and of corporate taxpayers in Metro Manila. The LTS was tasked to raise P114.8 billion last month. The bureau said some form or another tax incentive had led to the failure of taxes to grow in line with the corporate
sector’s revenues. To arrest this, the BIR said Congress should pass the Fiscal Incentive Rationalization Bill. Even without the legislation, the bureau said it can still make up for last month’s poor performance in the remaining eight months of the year. In line with this, the BIR said it would intensify audit of taxpayers whose tax payments don’t increase in proportion to their incomes. The agency accounts for at least eight out of every P10 revenues the government
raises. Its failure to hit targets creates a budget deficit that forces government to borrow, which in turn inflates the country’s debt. Taxpayers ultimately pick up the tab for government’s failure to hit revenue targets. The release of the April collection figures comes on the heels of a second credit rating upgrade delivered by Standard and Poor’s (S&P), which had said it hiked the Philippines further into investment grade territory because of its fiscal reforms, among others.
PSBank 1Q income drops 77% on lower trading gains THE thrift banking arm of Metropolitan Bank and Tr u s t C o ( Me t ro b an k ) reported that its net income for the first quarter fell 77 percent on lower trading gains. Philippine Savings Bank (PSBank) told the Philippine Stock Exchange that its earnings for Januar y to March this year decreased to P468.67 million from P2.04 billion in the same period in 2013. Net interest income rose 23 percent to P1.9 billion from 1.53 billion a year ago as interest income from loans and receivables rose 12 percent to P2.16 billion from P1.92 billion. PS Bank’s loan portfolio grew 16 percent to P89.6 billion while total deposits increased 30 percent to
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P112.7 billion from first quarter 2013. It s o t h e r o p e r at i n g income, however, fell by 87.2 percent to P397.2 million from P3.1 billion as trading and securities gains slumped by 96.6 percent to P104 million from P3.03 billion. Financial markets during the quarter were volatile, owing to the flight of foreign capital on account of the US Federal Reserve’s withdrawal of economic stimulus. “PSBank’s focus this year is on growing its core business. Our outlook on retail loan expansion is positive as we see consumer confidence driving demand for the bank’s products.” PSBank President Vicente R. Cuna Jr. said in a statement. The bank’s net non-
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OROBANKERS DIRECTORIES CAGAYAN DE ORO CITY
A PUBLIC SERVICE BY:
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AMANAH/ISLAMIC BANK V. Neri Street Carmen, Cdoc 858988/8587965 / 722274
METRO BANK- COGON Osmeña Hayes St. Cdoc | 726438/8572057
ASIA UNITED BANK Cor.Camp Alagar Road Lapasan, Cdoc 729678 / 8568893
METRO BANK- CARMEN Max Suniel St. Carmen, Cdoc 8581722/ 8585162
BDO – VELEZ Velez-Rn Abejuela Street, Cdoc 2314246/8572075
METRO BANK- LAPASAN CM Recto Lapasan HW, Cdoc 724461/8561721
BDO – SM G/F SM City, Master Son’s Avenue Upper Carmen Cdoc | 8592623/8592637
METRO BANK- OSMEÑA Brgy Osmeña St. Cdoc | 722014 /8800924
BDO – XU XU Lib. Annex Corrales St. Cdoc 8574108 / 8573796
METRO BANK- CORRALES Corrales Avenue, Cdoc | 8572635/728731
BDO – CDO HAYES Trendline Bldg.,Hayes Street, 8568151/727405
METRO BANK- GAISANO 8561720
BDO – COGON Sky hi Bldg JR Borja St. Cogon, Cdoc 8577963/ 725209/ 725203 BDO – OSMEÑA Osmeña corner Ramon Chavez St. Cdoc 724567/8563727 BDO – LAPASAN Lapasan Highway Cdoc 8563233 /8563234 / 725178 BDO – RN- PELAEZ George Town CyberMall Rn Pelaez Blvd Kauswagan Cdoc | 8562617/729052 BDO – CARMEN Maxsuniel cor.V Neri St. Carmen, .Cdoc 8584854 /8581133 BANK OF COMMERCE- VELEZ Akut- Velez St.Cdoc | 8564371 / 726880 BANK OF COMMERCE- LAPASAN
CM Recto Ave. Lapasan, Cdoc, 8563991/727731
BPI FAMILY SAVINGS BANK RER kauswagan,HW Cdoc 8573733 /722519 BPI FAMILY SAVINGS BANK Gaston Park Cdoc | 8801518 BPI – LAPASAN Cm Recto HW Lapasan Cdoc 724076/ 8524602
performing loans (NPL) ratio remained low at 0.2 percent despite the increase in lending. PSBank has set aside additional loan provisions of P446 million in the first cover, keeping its NPL coverage at 107 percent.
Its capital adequacy ratio stood at 16.4 percent at end-March, well above the minimum requirement of 10 percent. PSBank ended the quarter with 224 branches and 558 onsite and offsite ATMs nationwide.
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Tiano Bros St. Cdoc | 727083 /727082 PHILTRUST BANK Ramonal OsmeñaSt. CDO 8807234/2316694/2316695 PNB- CORRALES Corrales Avenue Cdoc | 729500 / 729723
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LKK Mall N.Concourse Cdoc 8574149/8575682
PNB- CARMEN Elipe Bldg.Carmen, Cdoc | 8583158/ 8584203 PNB- LKK LKK Lapasan, Cdoc | 8564347/722872 PNB CDO– DIVISORIA Tiano Bros.Cruz Taal St., Cdoc 722861 /722816 PNB CDO– LAPASAN LKK Center Lapasan, Cdoc | 8564732 / 723992 PNB CDO– COGON LKK Center Lapasan, Cdoc 8571991/ 723992
BPI- VELEZ Velez-JR Borja St.Cdoc 8564213/722406
PHILIPPINE POSTAL SAVINGS BANK, INC. bels_domingo@yahoo.com.ph Rizal Chavez Cdoc 8572194/725438
BPI – CAPISTRANO Capistrano St. Cdoc 8574264/8574263
PS BANK Velez Corner A. Mabini St., Cdoc 8574183/725184
BPI- COGON Osmeña St. Cdoc 8571297/8571298
PHILIPPINE VETERANS BANK Tiano-Abejuela St. Cdoc 722644/8573386
CHINA BANK –GAISANO 745887/745880
QUEEN CITY DEVELOPMENT BANK, INC. Sacred Heart Mont. Cm RectoAve., Cdoc 8562390
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EAST WEST BANK #5 Juan Sia Bldg. Apolinar Velez St.Cdoc 8578801/720081 EAST WEST BANK Cogon De Oro Constraction Bldg. LKK Drive 8500339/8500331 ENTERPRISE BANK INC. Centro Mariano Bldg Osmeña St. Cdoc 723869/ 3093395 FIRST CONSOLIDATED BANK CM Recto Ave., Cor.Agudo Road Cdoc 8565360/2316678 LBP – CAPISTRANO Capsitrano St. Cdoc | 8565515/727678 LBP – VELEZ LunaVelez St. | 723549/8563198 LBP – PUERTO Puerto Cdoc | 8558858 MAYBANK JR Borja Tiano Cor. Bldg. Cdoc 8574439/726060
Misamis Oriental Governor Yevgeny Vincente B. Emano attends to the concern of a father from Brgy. Beray, Kinoguitan who seeks assistance to help his five-year old daughter diagnosed with cleft lip and palette. The child will undergo free operation at the Northern Mindanao Medical Center after series of thorough check up and assessment. Governor Emano assures Misamisnons specifically indigents of free hospitalization and other benefits under the new health care system of the Province, the Misamis Oriental Care System or the MisOr Cares. Photo supplied
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UCPB BANK SAVINGS- OPOL Gf forever Books Bldg.Bulua National CDO 754519/8588063 UNION BANK Lapasan Cm.Recto Cdoc | 8566847/8563805 WEALTHBANK Velez Gomez St. Cdoc | 8568942/722174 1ST VALLEY BANK Vamenta Blvd. CornerLirio St. Carmen, Cdoc 8501871/ 8584146 OROBANKERS CLUB Inc. Pnb Carmen | 09151850242
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THE parent firm of Philippine Airlines (PAL) said its loss fell by a quarter in the first three months of the year on higher international passenger traffic. In a disclosure to the Philippine Stock Exchange, PAL Holdings Inc said its loss narrowed by 25.8 percent to P931.28 million in the January to March period from P1.26 billion in the same three months of last year. The flag carrier’s revenue climbed 18.3 percent to P21.66 billion from P18.31 billion last year. PAL Holdings said the increase stemmed from the “favorable passenger revenue performance during the quarter as a result of the 40.1 percent increase in passenger traffic mainly in international routes.” Operating expenses rose 16.6 percent to P22.46 billion from P19.25 billion last year.
Flying operations, aircraft and traffic servicing, p a s s e n g e r s e r v i c e an d reser vation and sales contributed to the increase in expenses. Flying operating costs climbed 26.4 percent because of increases in
aircraft lease charges, jet fuel and cockpit crew costs, offset by depreciation-flight equipment. Fuel cost, which remains PAL’s biggest operating expense, amounted to P9.4 billion, higher by 25 percent from P7.5 billion in the same
period last year. “This was driven by the increase in volume from 1.4 million barrels in 2013 to 1.6 million barrels in 2014 due to the operation of new international routes such as London and various Middle pal/PAGE 7
Another First In Cagayan de Oro:
Yosi Samra sets grand opening at Centrio Ayala By Riza Ares
CAGAYAN DE ORO CITY – Yosi Samra, a worldwide famous creator of trendy shoes and footwear, patronized by international celebrities – the likes of Sarah Jessica Parker, Anne Hathaway, Amanda Seyfried, Reese Witherspoon, Kourtney Kardashian, Cindy Crawford, Jessica Alba, Eva Longoria, and Halle Berry – will be opening its store and shopping outlet at the 1st floor of Centrio Mall, this City on May 20. 2014. On hand to grace the grand opening and inauguration of the Yosi Samra Store are bigwigs, socialites and VIPs
of Cagayan de Oro. No less than City Mayor Oscar Moreno will be cutting the ceremonial ribbon according to organizers. Rev. Fr. Harnie Godinez is set to officiate the blessing. The opening of the Yosi Samra outlet has been the recent talk of the town, especially among its fans and customers. Yosi Samra , a famous secondgeneration shoe designer hails from New York where his father’s shoe factory is. Yosi Samra grew up in a fashion design atmosphere. He virtually immersed
himself in the fine art of shoemaking at his father’s factory. When the time came for him, he introduced and launched his own eponymous footwear line in 2009. Samra became a popular designer of the popular fold-up ballet flat movement. His own design elevated into one that was just as SUPERIOR IN STRUCTURE AND DESIGN, COMNFORTABLE AND CONVENIENT ballet flat shoes. He indeed has placed premium on high-quality genuine leathers with unique details, and cutting-edge fashion. Soon, the Yosi Samra brand eclipsed its competitors. His creations expanded in to matching children’s ballet flats;
flip flops, loafers, and handbags. The Yosi Samra brand is youthful, trendy and fun. This is a reflection of the Yosi Samra headquarters where everyone loves the relaxed, lesscorporate environment. The YS people has a high level of enthusiasm for their work and thus produce quality and fine products. They are motivated to succeed with the philosophy of ease and comfort combined. This is the secret of Yos Samra’s success. Yosi Samra’s runaway inspired styles have been featured in Voguer,
yosi samra/PAGE 7
SP COMMITTEE TO INQUIRE ON MISOR PEACE AND ORDER SITUATION MISAMIS ORIENTAL – The Peace and Order Committee of the Sangguniang Panlalawigan has invited
all Chiefs of Police in order to inquire about the peace and order situation of every municipality in the Province.
Vice Governor Joey Pelaez is the Chairman of the Committee. Vice Governor Pelaez is alarmed of the peace and order situation more specifically in Gingoog City where there are plenty of unresolved extrajudicial killings. “These killings hamper economic growth of the City. If this will continue, prospective investors will eventually hold off their plans of investing in the city for fear of their security,” Vice Governor Pelaez expresses. Members of the C ommittee are Hon. Donato N. Chan (PCL), Hon. Heckert V. Emano, Hon. Bing F. Dumadag, and Hon. Vincent K. Pelaez. But Vice Governor Pelaez invited all Members of the Sangguniang Panlalawigan and encouraged to attend in order to ask queries and VICE GOVERNOR JOEY G. PELAEZ is the Chairman of the decide as a whole on any Committee on Peace and Order, Public Safety, Police possible legislative measures and Jail Matters in the Sangguniang Panlalawigan.
to be passed to ensure the safety of the public. The Committee Meeting is scheduled on April 29 and April 30, 2014 at the Boy Scouts Building, Corner A. Luna – A. Velez Sts., Cagayan de Oro City. Resource Persons for the first day of the Hearing are the Chiefs of Police of the First District of the Province and on the second day are the Second District Chiefs of Police. Vice Governor Pelaez also invited PNP Provincial Director Leonilo Cabug and DILG Provincial Director Ernesto Bhagwani to shed light on the peace and order situation of the Province. Vice Governor Pelaez is optimistic that the outcome of the hearing will be for the good of the province and hopes that the Sangguniang Panlalawigan can aid the uniformed personnel on the current peace and order situation through legislation.
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Repairs... from page 1
The Agus generation facilities, so far, are already teetering at their minimum operating levels but they remained “manageable” compared to other hydro plants in Luzon. Mindanao though is not in a better place when it comes to available power supply, hence, all measures are being pursued just to beef up the grid’s electricity supply. NPC president G l a d y s C r u z - St a . R it a has emphasized that “the successful maintenance works on these generating units will certainly (reinforce) Agus plants’ reliability and will add to the grid a combined capacity of 70MW.” Within this week, the power firm noted that it was able to synchronize back to the grid the Unit 2 of the Agus 1 plant. The facility has a dependable capacity of 20MW. Meanwhile, for Unit 3 of the Agus 6 plant, its dependable capacity of 50MW is expected to improve upon the completion of its repair and maintenance works by May 17. Lake Lanao is the water source fueling the electricity generation of the Agus facilities. As of this week, water elevation was at 699.58 meters above sea level (masl). As assessed, the minimum operating level of 699.15 will likely be transgressed in 25 days. The saving grace for the Agus plants, according to NPC Mindanao Generation Group vice president Rudy Brioso, would be the expected downpour around June as forecasted by the Philippine Atmospheric, Geophysical and Astronomical Services Administration. Brioso stressed “while the present dry spell we experience poses a great challenge in our operations, we will continue carrying out our mandate to ensure optimum utilization and contribution of Agus and Pulangui plants in the overall supply of electricity in Mindanao.” Many stakeholders in Mindanao are keeping their eye on the goal that this year will be their last on punishing rotating power outages. They are highly anticipating a landscape change next year on their electricity supplydemand balance with the entry of new power capacities for the grid.
Mining... from page 1
with Nickel Asia Corporation before the Energy Regulatory Commission (ERC) which they expected to be out by June this year. O n T h u r s d a y, E R C held a jurisdictional and evidentiary hearing on the application for power supply agreement between Surneco and Nickel Asia at the jampacked conference hall of the power firm.
No one objected to the presentation. Instead the consumers urged Nickel Asia to fast-track the construction of its power plant and government agencies to expedite the approval of the application. But former city mayor Alfonso S. Casurra ERC h e ar i ng of f i c e r R ov i e l V. Masigan that while he was not objecting to the proposed power deal, he was questioning the loan for the purchase of 10-MW generating sets that will cost at least 200 million pesos. The loan is funded by the government through the National Electrification Administration. Calvin Genotiva, representative of Nickel Asia said the firm will set up at least three land-based power generators in Barangay Quezon, Surigao City with an investment of 1 billion pesos. G enot iva s aid t hes e Korean-made power generators are brand new and bunker-oil fed. He said the project is under build-operate-transfer scheme with the ownership going to Surneco after 15 years. He added that after getting the provisional authority from the ERC by June this year, the mining firm can the build the power plant within a nine-month period and start commercial operation by March 2015. Surneco serves Surigao City including some of its island barangays and 11 towns in Surigao del Norte province. But the power firm has been imposing daily rotating brownouts lasting five to six hours. Caliao said Surneco has pushed for the signing of a power deal with Nickel Asia to avert a major power shortage. Vi r bu e n U. L a d ag a , head of Surneco’s technical department said Surneco’s service areas will no longer experience brownouts once Nickel Asia starts its operations. Ladaga said Surneco currently has two power generator suppliers. These are National Power Corporation (NPC)-PSALM and Aboitizowned Therma Marine Inc. However, NPC-PSALM only gives 5.5 MW from the contracted supply of 12 MW, and Therma Marine only 3.3 MW of the 8 MW specified in their power supply agreement. Surneco has a standing power demand of at 28 MW. NPC has reduced its allocations to electric cooperatives in Mindanao due to the declining capacity of its hydropower plants in Bukidnon and Lanao del Norte caused by the prolonged dry season. Par ts of Mindanao have experienced rains the past few days, although the state-run Philippine Atmospheric, Geophysical and Astronomical Services Administration has warned that an El Nino phenomenon may occur starting June.
Loan...
Aids...
The other major focus of the agency’s credit guarantee program for ECs would be on rehabilitation efforts following the strike of natural or man-induced calamities. Bueno indicated that “NEA continues to find ways to make funds ready for the ECs particularly in times of natural and man-made calamities for them to serve their member-consumers.”
in June. Fifty-thousand pesos in form of cash were given to each of the 10 selected public schools during the Cash Assistance Turn-over Ceremony on May 16. These schools were recommended by the DepEd division office due to their dire need of repairs and major makeovers in their campus. The ten schools that received P50,000 cash were the Santa Cruz Elementary School (ES), Mat-i ES, San Alonzo ES in Balingoan, Punta Silum ES, Manticao C entral School (CS), Sugbongcogon CS, Hermano ES, Balingoan CS, Kinoguitan CS, and Laguindingan CS. The rest of the schools were also given cash aid according to the amount of repairs they need for their campus. The Brigada Eskwela repair-cleaning program is an annual activity by the DepEd in preparation for the opening of classes this school year.
from page 1
from page 2
Bid...
from page 1
contracted energies in the Mt. Apo 1 & 2 plants, which are 390 gigawatt-hours (GWh) and 398 GWh per year, respectively,” PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said. PSALM said the Mt. Apo 1 and Mt. Apo 2 geothermal power plants have a rated capacity of 54.24 megawatts each, and are located in Kidapawan City, North Cotabato. Owned and operated by the Energy Development Corp., the power plants were commissioned on Feb. 15, 1997 (Mt. Apo 1) and June 17, 1999 (Mt. Apo 2) under a build, operate, and own contract scheme. The cooperation period for both plants is 25 years, and the same will expire on Feb. 15, 2022 and June 17, 2024 for Mt. Apo 1 and 2, respectively. PSALM was formed under the Electric Power Industry Reform Act of 2001 (Republic Act No. 9136) to assume ownership of and manage all National Power Corp.’s (Napocor) assets, liabilities, contracts with independent power producers, real estate and other disposable assets. The f ir m is a ls o in charge of privatizing and disposing of these assets to liquidate Napocor’s financial obligations. Publication Notice R.A. 10172
to profitability this year as it retires some of its old aircraft. Ang said the company sold four Boeing 747 aircraft, four Airbus 340s and eight A330s to a big foreign company. The airline expects to save as much as $120 million annually in fuel an d m ai nte n an c e c o st s using the B777 on the US routes. PAL plans to fly to New York, Chicago or Florida by October this year. The airline stopped operating in New York because of the Asian financial crisis in 1997. PAL operates a total of
Yosi Samra... from page 6
InStyle, and Glamour magazines. Why are people charmed by Yosi Samra products? Its because every creation and design is Chic, timeless and eye-catching. The packaging is portable and compact!
from page 4
to forgive you for all your wrongs and living your way; then ask Him to take full control of your life every day, you’ll finally have peace with your Maker and the satisfying life you should be enjoying. So why not finally get hold of happiness that lasts? You’ve got nothing to lose and everything to gain. Just Think a Minute…
PAL... from page 6
East routes,” PAL said. Ramon S. Ang, president of PAL e arlier s aid t he airline is likely to return Publication Notice R.A. 10172
Republic of the Philippines Province of Misamis Oriental Municipality of Initao -oOo-
NOTICE TO THE PUBLIC Date : May 05, 2014
In Compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-1 Guidelines in the Implementation of the Administrative Order No. 1 Series of 2012 (IRR on R.A. 10172), Notice is hereby served to the public that JULIA B. CACANINDIN has filed with this Office, a petition for change of first name from “ ” to “ ” and correction of entry in sex from “MALE“ to “FEMALE“ or correction of entry in the date of birth from “ ” to “ ” in the certificate of live birth of Julia A. Bongot at Initao, Misamis Oriental and whose parents are Severo B. Bongot and Teodora D. Arceno. Any person adversely affected by said petition may file his written opposition with this Office not later than May 23, 2014. (Sgd.) ISAIAS A. JARALES Municipal Civil Registrar
NOTICE TO THE PUBLIC CFN- 0018-2014
(Sgd.) ISAIAS A. JARALES Municipal Civil Registrar
BWM: May 19 & 26, 2014
Publication Notice R.A. 10172
Publication Notice R.A. 10172
Republic of the Philippines Province of Misamis Oriental Municipality of Initao -oOoNOTICE TO THE PUBLIC Date : May 05, 2014
Date : May 12, 2014
In Compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-1 Guidelines in the Implementation of the Administrative Order No. 1 Series of 2012 (IRR on R.A. 10172), Notice is hereby served to the public that VIURINA M. BAGARES has filed with this Office, a petition for change of first name from “VICORINA” to “VIURINA” and correction of entry in sex from “ “ to “ “ or correction of entry in the date of birth from “ ” to “ ” in the certificate of live birth of Victoria M. Bagares at Initao, Misamis Oriental and whose parents are Victor G. Bagares and Carolina I. Matidios. Any person adversely affected by said petition may file his written opposition with this Office not later than May 30, 2014.
BWM: May 19 & 26, 2014
CFN- 0016-2014
26 weekly flights to the US, with frequencies to Los Angeles, San Francisco, Honolulu and Guam. The airline will be using Boeing 777-300 ER. The San Miguel Group is running both PAL and PAL Express, after Lucio Tan sold a 49 percent stake i n b ot h c ar r i e rs to t he d i v e r s i f y i n g fo o d - an d beverage conglomerate.
Hurst...
Republic of the Philippines Province of Misamis Oriental Municipality of Initao -oOo-
CFN- 0019-2014
7
Republic of the Philippines Province of Misamis Oriental Municipality of Initao -oOoNOTICE TO THE PUBLIC
CFN- 0017-2014
Date : May 05, 2014
In Compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-1 Guidelines in the Implementation of the Administrative Order No. 1 Series of 2012 (IRR on R.A. 10172), Notice is hereby served to the public that VERNA P. RAÑIN has filed with this Office, a petition for change of first name from “ ” to “ ” and correction of entry in sex from “ “ to “ “ or correction of entry in the date of birth from “AUGUST 3, 1973” to “AUGUST 8, 1973” in the certificate of live birth of Verna P. Rañin at Initao, Misamis Oriental and whose parents are Remegio G. Rañin and Restituta S. Patlunag. Any person adversely affected by said petition may file his written opposition with this Office not later than May 23, 2014.
In Compliance with the publication requirement and pursuant to OCRG Memorandum Circular No. 2013-1 Guidelines in the Implementation of the Administrative Order No. 1 Series of 2012 (IRR on R.A. 10172), Notice is hereby served to the public that GREGORY A. ORQUILLAS has filed with this Office, a petition for change of first name from “ ” to “ ” and correction of entry in sex from “FEMALE“ to “MALE“ or correction of entry in the date of birth from “ ” to “ ” in the certificate of live birth of Gregory A. Orquillas at Initao, Misamis Oriental and whose parents are Dionisio M. Orquillas and Irenea B. Arbiso. Any person adversely affected by said petition may file his written opposition with this Office not later than May 23, 2014.
(Sgd.) ISAIAS A. JARALES Municipal Civil Registrar
(Sgd.) ISAIAS A. JARALES Municipal Civil Registrar
BWM: May 12 & 19, 2014
BWM: May 12 & 19, 2014
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Strong sales boost Filinvest bottom line
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Section Editor: Shaun Alejandrae Yap Uy
Filinvest Development Corp.(FDC)’s revenues grew nine percent for the first quarter of 2014 compared to the same period last year with real estate subsidiaries raking in the sales during the period. In a re p or t to t he Philippine Stock Exchange, FDC’s first quarter revenues on a consolidated basis hit Php 9.05 Billion from Php 9.02 Billion recorded during the same period a year ago. The company recorded a consolidated net income of Php 1.27 Billion in 1Q 2014. Real Estate Business Top line growth of most subsidiar ies remained strong, led by the real
estate business, which includes listed subsidiary Filinvest Land, Inc. (FLI) and Filinvest City developer Filinvest Alabang, Inc., posting a year-on-year gain of 11% in revenues to Php 4.22 Billion from Php 3.81 Billion in the first quarter. The rise in real estate revenue was driven by growth across all types of construction– high rise buildings, FILINVEST/PAGE B3
Cherrielyn G. Dahan, the Top 8th placer for the Criminology Board Exam last April 2014, together with her parents, received a P30, 000 check from Cagayan de Oro College - PHINMA Education Network through its Dean of the College of Criminology - Dr. Gerry J. Caño, May 16 at the SM City CdeO Activity Center.
Photo by Shaun Alejandrae Yap Uy
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Primavera Residences continues support for CdO artists will feature Glenn Palacio in a solo photo exhibit
In its continuing bid to support the local art scene, Primavera Residences is once again opening its doors for a month-long photo exhibit featuring the works of local photographer Glenn Palacio. Starting May 24, photography enthusiasts can visit the photo gallery at the second floor of Primavera Residences, the first eco-friendly condominium complex in Cagayan de Oro. Glenn Palacio is a young professional photographer in Cagayan de Oro and an official brand ambassador of the Fujifilm X-series cameras. He was one of the winners in Microsoft Philippines' Upgrade My Business Promo contest last year. He was also one of the judges in Primavera Residences' recently concluded Earth Day Photography Contest. Palacio specializes in portraiture and fashion advertising. According to him, he loves to immortalize people through portraiture. "I started with street
photography. I've always kept my distance from people but as I grew in this profession, I learned that as a photographer you should interact with your subject. So I became a photographer that deals with people," shared Palacio. "I like shooting people because it makes them immortal. A few years from now when they look back and see themselves in those photos, they become timeless. Shooting portraits is shooting a landscape of emotions of people," he explained. A lso on May 24, Palacio will hold a free photography workshop at Primavera Residences. Aspiring photographers can learn more about street lighting in this workshop. “ I t ’s p a r t o f m y advocacy to help other
young photographers in Cagayan de Oro. This way, students who can’t afford to go to Manila can have their sessions here,” said Palacio. Primavera Residences is a two-tower, 10-storey green property located in Uptown Cagayan de Oro. It comprise residential, commercial and office units with energy-saving and energy producing features. It has been recognized by international awardgiving bodies for its energy efficient features. R e c e n t l y, i t w o n an award in the 2014 Asia Pacific Property Awards in the Mixed-Use Development category. In 2011, it was highly commended by the Southeast Asia Property Awards (SEAPA) as the Best Condo Development in the Philippines. For more information about the photo exhibit and free workshop, call (63) 917 7921080 or visit www. primaveraresidences. com.
COC-PHINMA awards Crim topnotcher by Mariejo Indira Ghandi L. Saligumba
Cagayan de Oro College PHINMAEducation Network recognizes their students who gives pride and glory to the school as they award the top 8 placer for the Criminology board exam on Friday afternoon at SM City. Cherrielyn G. Dahan, the top 8 placer for the Criminology Board Exam last April 2014, received a P30, 000 check from the said institution on May 16. “I aimed to place on the board
exam and with the help of my school I was able to achieve it.” Dahan said. She emphasized that through reading, hardwork and prayer one can pass the board exam like her. The ceremony is attended by the select deans of the school, the family, the previous topnotchers and the batch (Mapagkumbabaim not sure). Dr. Gerry J. Caño, dean of the Criminology Department said, since 2008, the school has produced topnotchers and acquired a good number of passers every board exam. The school is
able to get 87.7% passing rate on the last board exam. COC PHINMA Education Network ranked as the number one Criminology school in Visayas and Mindanao. “We made a commitment to be the breeding ground for the topnotchers.” Caño added. The institution is preparing to open their doors to the ASEAN market. “By 2015, we will accept students not just locally but also from the other countries as well and we will strive to send more criminologists to other countries in Asia.” Caño said.
COC-PHINMA Criminology graduate, Cherrielyn G. Dahan, placed 8th in the recent Criminology Board Exam in April of this year. Dahan received Php 30,000.00 from the school as reward for her accomplishment. Dahan was close to tears as she gave her accepantance speech, and was very thankful to her parents and to her teachers, and to her alma mater. The ceremony took place at the SM City Cagayan de Oro, May 16. Photo by Shaun Alejandrae Yap Uy
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The Night Stalker:
Extended Mother’s Day promo ongoing at Seda Centrio
The provincial government of Misamis Oriental turned over P2.9 million cash assistance to public schools last May 16 at Philtown Hotel, Cagayan de Oro City. This cash assistance will fund Department of Education’s (DepEd) “Brigada Eskwela” program which will start May 19. In the photo are some school heads and principals of the schools who received P50,000.00 each. All other schools were given P10,000.00 and P5,000.00 each. With the school heads and principals are Governor Bambi Emano (extreme right) and DepEd Misamis Oriental Schools Division Superintendent Cherry Mae Limbaco (third from the right).
Lest we forget, Mother’s Day didn’t end last May 11the at Seda Centrio. Their room promo at Php 4300 / room / night is still on till the end of the month so those who missed out on treating their Moms and beloved better halves still have time to make up. The promo is inclusive of a Complimentary Breakfast for two, Complimentary Wifi, Use of Pool and Gym, Complimentary in-room Massage for the Mom and a Special Gift for the Mom. And that’s not all! Their Mother’s Day Buffet continues till the end of the month as well for Saturdays and Sundays Lunch &
Dinner at Php 550 / head. If you choose to gift her on a weekday you can still avail of Seda’s Fiesta Dinner Buffet for Wednesdays, Thursdays and Fridays at Php 450/ head. “Normally our buffet line includes a mix of international and local food ranging from salads and appetizer, soup, main course, and dessert,” said Carol V. Valdez, Seda Centrio Director of Sales. “We normally change theme per month but we maintain a Wednesday to Friday buffet with seafood as highlight.” For reser vations, please call (088) 323-8888 today to place your reservations early or book directly with the front desk.
MisOr turns over 2.9M financial assistance to public schools By Irene Joy B. Dayo
The Misamis Oriental provincial government through its school board, headed by Governor Ye v g e ny Vi c e nt e B. Emano turned over P2.9 million cash assistance to public elementar y and secondary schools in the province. The turnover ceremony was held May 16 at Philtown Hotel, this city. It gathered school heads and principals coming from 349 elementary schools and 63 secondary schools in the province. The financial assistance will be used for the department’s annual program “Brigada Eskwela”. In this year, the program will start on May 19. Further, cash assistance will be spent on repair and maintenance of classrooms and other facilities in schools.
“I value the education of our pupils and students in the province and one factor for them to succeed is we prov i d e t he m convenient classroom environment,” Emano said in a media statement released recently. Eleven classrooms were given P50,000.00 each. These are Hermano Elementary School in Balingasag, Kinoguitan Central School, Balingoan Central S cho ol, S an A l on z o E l e m e nt a r y S c h o o l , Sta. Cruz Elementary School in Magsaysay, Sugbongcogon Central School, Mat-i Central S c h o o l i n C l ave r i a , Laguindingan Central School, Manticao C e nt r a l S c h o ol an d Punta Central School i n Mant i c a o. T h e s e schools are among the schools who needed
assistance the most. All other schools were given P10,000.00 and P5,000.00 each. Mis am is O r i e nt a l Division Schools Superintendent Cherry Mae L. Limbaco thanked the province for the financial aid given, for they also need such for their repainting, fencing and the like in their schools as preparations for the opening of classes this June. The governor, in his speech, said that he is looking forward to more partnership with DepEd. Brigada Eskwela is a nationwide voluntary effort that unites teachers, parents and the community to do clean up and repairs in public schools as preparation for t he Ju ne s cho ol opening. The program started on year 2003.
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division broke ground on its 405MW power plant in Mindanao late last year and will be operational by early 2016. Further, in November 2013, FDCUI was awarded 40MW Independent Power Producer Administrator (IPPA) contract for the Unified Leyte Geothermal Power Plant’s contracted capacity for turnover in November 2014. Banking subsidiary F D C ’s b a n k i n g subsidiary East West Bank’s (EWB) net interest income, representing majority of its earnings, increased by 24% in the first quarter as a result of strong growth
in its loan portfolio heavily focused on consumer and middle-market segments. EWB’s Non-interest income, excluding trading, which is largely composed of recurring fees income, increased by 23% as against the same period last year. Trading income was lower in 1Q 2014 compared to 1Q 2013 in line with the industry-wide decline in trading gains. “We have always aimed to focus and grow net interest income at East West Bank as this is considered our core business, a more steady and regular revenue source and a positive indicator
mid-rise buildings and horizontal housing. FLI currently has residential projects in Davao, Cagayan de Oro, Butuan and Zamboanga. Po w e r g e n e r a t i o n business FDC’s power affiliate, FDC Utilities Inc. (FDCUI) has 405 megawatt clean coal plant rising in Misamis Oriental and could bring more power generation re qu i re m e nt s for t h e Mindanao region. FDCUI, the c ong l ome r ate’s p owe r
of what we can expect in the future,” commented FDC President and CEO Josephine Gotianun-Yap. Jonathan Gotianun, Chairman of FDC stated that East West Bank is at the height of its branch/ store expansion program in 2014. “We have already reached 376 stores and expect to attain 400 by year end. The expansion program will temporarily put pressure on the bank’s earnings but will catapult it to higher levels once the branches become more productive and mature,” he added. Solid Financials
F D C ’s f i n a n c i a l condition remained healthy at the end of March 2014 with equity of Php 86.12 Billion. Total assets grew 5% to Php 285.01 Billion from Php 270.76 Billion in the previous period. The conglomerate ended the quarter with a cash balance of Php 33.61 Billion and long-term debt of Php 66.10 Billion. FDC ended the period with a long term debt to equity ratio of 0.77 and net debt to equity ratio of 0.38. Debt increased slightly as a result of the successful Php 8.8 Billion bond issuance last January 2014, proceeds
of which were earmarked for investments in power and hotels as well as for refinancing existing debt. Real estate and banking represented the bulk of 1Q 2014 revenues at 47% and 40% respectively. Sugar operations contributed 11% while hotels contributed 3% of total revenues. Both sugar and hotel businesses posted revenue g ai ns . Not a b l y, h ot e l revenues were up 5% over the same period last year due to sales generated by newly opened hotel Crimson Alabang, which formally began commercial operations in March 2013.
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mon-tue|may 19-20, 2014
Kagayanon International officials pose with Mayor Moreno and tourism officials for posterity
Duaw Kagayan 2014
Kagayanons from abroad, especially those permanently living and working in the United States, were treated to a night of dance, music and sumptuous dinner as City Mayor Oscar Moreno and city officials hosted “Barrio Fiesta” on Monday night at the City Tourism Hall as part of the ‘Duaw Kagayan Week’ celebration. The week-long activities kicked off with a mass at the St. Augustine Cathedral, a walking tour at the rehabilitated Gaston Park and visit at the much-improved JR Borja General Hospital. Mayor Moreno created Duaw Kagayan Steering Committee co-chaired by Ms. Dorothy Jean Pabayo of City Tourism Council & Dep’t of Tourism 10 regional director Catalino Chan lll to handle the affairs. (CIO)
Siblings Richard Arceo and Lucy Wise with Mayor Moreno and friends
The Duaw Kagayan 2014 contingent led by Roy and Gerlou Gaane presents their own song and dance number
Mayor Oscar S. Moreno welcomes the delegates led by Kagayanon International President Roy Gaane (left) Photos By Mike Baños