BusinessWeek Mindanao (May 23, 2014)

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BusinessWeek MINDANAO Best in Business and Economic Reporting Philippine Press Institute Civic Journalism Community Press Awards 2013

Volume IV, No. 105

Market Indicators

As of 5:56 pm may 22, 2014 (Thursday)

FOREX

PHISIX

US$1 = P43.66

6,830.58 points

12 cents

X X Briefly 68.20 points

Hydro plant A 68-megawatt (MW) hydropower project of Aboitiz Power Corp.’s (AboitizPower) unit is expected to proceed this year, the listed parent said in a disclosure last week. “Hedcor Bukidnon, Inc. is currently undertaking feasibility studies of Manolo Fortich, which is composed of the 43-MW Manolo Fortich 1 and 25-MW Manolo Fortich 2,” AboitizPower’s latest quarterly report read. Hedcor Bukidnon, according to AboitizPower, has already executed memoranda of agreement with local governments for the project. “It is currently completing the permits and licenses until the end of May 2014, after which a 24-month construction period will follow,” the report said further.

Food terminal CHEAP and fresh agricultural products of farmers from Cagayan de Oro and nearby areas are now sold at the Westbound Terminal and Public Market in barangay Bulua, Cagayan de Oro City with the launching of the Food Terminal Project of the Department of Agriculture (DA) and the City Government. City Mayor Oscar Moreno, together with Roxanne Hojas, technical director of the Department of Agriculture 10; city agriculturist Dr. Hector San Juan and WTPM manager Honorio Diputado, led the formal turnover of the Food Terminal on May 20, including P1 million worth of equipment from DA. Mayor Moreno assures to develop and improve the city’s agricultural sector as he vowed to hasten up access of farm-to-market roads in order to give farmers easy transport of farm products and produce to the markets.

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Friday | May 23, 2014

Rural banks merging ahead of integration

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By CARMELITO Q. FRANCISCO Correspondent

AVAO City -- Consolidations and mergers among rural banks are expected as they prepare to compete with those of other countries under the Association of Southeast Asian Nations (ASEAN) economic integration next year. At the Rural Bankers Association of the Philippines’ (RBAP) national convention, w hich op ene d here on We dnes d ay, C huchi G. Fonacier, supervision and e x am i nat i on m anag i ng director of Bangko Sentral ng Pilipinas, said several rural banks have been negotiating lately to consolidate or merge. “There is an appetite for that. They have recognized that they need to strengthen their financial conditions for them to be able to compete,” Ms. Fonacier told BusinessWeek Mindanao on the sidelines of the two-day event.

She said rural banks must be creative so they can provide products that are needed by their communities; there is no single template that the banks need to follow because the areas served are diverse. “It is always a challenge to tap the market, so they must come up with products that suit the places where they are,” she said. Ms. Fonacier added that there are about 10 small banks now that are in discussions on possible mergers and consolidations but declined to name any of them, in order to not pre-empt negotiations. merging/PAGE 7

Gov’t assures Mindanao power sufficiency by 2016 By ADRIANA CRISTELLE L. PAGDANGANAN Contributor

THE government is optimistic that the power supply in Mindanao will be sufficient by 2016 as it is now working on the repair and rehabilitation of the Agus-Pulangi hydroelectric power plant to address the power shortage. Secretary Luwalhati R. Antonino, chairperson of

Mindanao Development Authority (MinDA), in a press conference on May 21 here, said the project amounts to P4.5 billion. “Now we all know what President Aquino always says that the planning and rehabilitation of power generation will take a long Power/PAGE 7

RITE OF MANHOOD. A government health worker holds on a kid who is in pain during a circumcision procedure. The city government of Cagayan de Oro conducts annual Operation “Tuli” or circumcision every summer. mindanews photo by froilan gallardo

CdO hosts multi-sectoral meeting on energy issues By CRIS DIAZ of Mindanao Daily News

THE Cagayan de Oro City council’s energy committee has invited civic groups, people’s organizations and media to a meeting on power

crisis in this trading hub of Northern Mindanao today, May 23. City Councilor Teodulfo Lao, Chair of the Committee

o n E n e r g y, s a i d t h e stakeholders will discuss the current power situation and continued rotating brownout that pestered this seaport capital for months. Issues/PAGE 7

PVB inaugurates GenSan branch GENERAL Santos City Philippine Veterans Bank (PVB) continues to be optimistic on the economic growth of General Santos City that it has recently relocated its local branch signifying its commitment to remain a steadfast financial partner of the city government, local businesses and the local populace. With the bank’s new location at the Tri-Star Building along Santiago Boulevard just a few meters from its old site, PVB has made itself more convenient and more comfortable to its clients in the area, especially pvb/PAGE 7

NEW LOCATION. The Philippine Veterans Bank (PVB) General Santos City branch has just transferred office at Tri-Star Building along Santiago Boulevard. The inauguration of it’s new location was led by PVB President/CEO Joey Bermudez, PVB Director Percianita Racho, EVP & Branch Banking Group Head Jesus Vicente Garcia along with General Santos City Mayor Ronnel Rivera and Sarangani Provincial Governor Steve Solon.

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