BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 155
Market Indicators As of 5:45 pm May 26, 2017 (friday)
FOREX
PHISIX
US$1 = P49.839
7,867.49
X Briefly
3.6
4.16
cents
points
X
Undeterred economy THE economy has ample buffers to withstand adverse effects of the current unrest in Mindanao as traders favored the Philippines, the Department of Finance (DOF) said on Friday. Finance Secretary Carlos Dominguez III said that the country’s solid macroeconomic fundamentals buoyed the local bourse and the peso despite President Duterte’s declaration of Martial Law in Mindanao. National Treasurer Rosalia De Leon said the Philippines’ ample buffer positioned the country to weather changes in global environment, noting the nation’s external debt-togross domestic product at 24.5 percent is one of the lowest in the region.
‘DuterteNomics’ T H E D u t e r t e administration’s economic and development blueprint for the Philippines is on the right track, particularly its massive infrastructure program, according to an economist. “The mantra is build, build and build… We need a lot more to be able to be more competitive,” said former National Economic and Development Authority (NEDA) Director-General Dr. Cielito Habito. Habito hoped that the government will succeed in delivering such massive ‘DuterteNomics’ infrastructure program, which he considered among the imperatives for sustained growth. The government planned to spend PHP8.64 trillion to fund the “golden age of infrastructure” over the next six years.
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HE Bankers Association of the Philippines (BAP) on Friday allayed fears on possible banking services disruption in Mindanao following the declaration of martial law on Tuesday. “BAP member banks with branches in the region shall continue with normal banking operations,” the group said in a statement. “We are committed to bring regular banking services even in the areas of conflict to serve clients and the general public,” it said as it urged bank clients “to call or visit your respective branches for assistance.” normal/PAGE 11
DTI identifies areas under price control ‘BAKWITS’. A Maranao girl asks for four packs of meals for her family after evacuees from neighboring Marawi City temporarily seeking refuge in Iligan City patiently wait for President Rodrigo Duterte to arrive Friday, even if it means skipping meals. But the President, after visiting government troops and the wake of slain soldiers, opted to skip meeting the evacuees, who are housed in Sitio Fuentes, seven kilometers away from downtown Iligan. They finally got their relief goods and meals past 5 p.m. mindanews photo by aubrey rocin llamas
Mindanao bishops say martial law imposition must be temporary COTABATO City — Catholic bishops in Mindanao have expressed no opposition to the martial law declared by President Rodrigo Duterte but urged the public to be vigilant. In a statement issued Friday by His Eminence Orlando Cardinal Quevedo, OMI, DD, archbishop of Cotabato “with the approval of bishops of Mindanao”, the bishops emphasized that “martial law must be temporary”. “We have many fears. But at present, we simply do not have solid and sufficient facts to absolutely reject the declaration of martial law as morally reprehensible. But we are certainly agreed that martial law must be temporary,” Quevedo said. bishops/PAGE 11
CRAMPED SHELTER. Muslim and Christian civilians have to endure cramped living conditions at an evacuation center in Barangay Maria Cristina, Iligan City. The evacuees fled Marawi following the firefight between the Maute Group and government troops since May 27. 2017. photo by gerry lee gorit
THE Department of Trade and Industry (DTI) is informing all consumers and retailers that prices of basic necessities in an area proclaimed or declared under martial law shall be automatically frozen at their prevailing prices or placed under automatic price control. DTI said the price control is pursuant to Section 6 of the Republic Act 7581 or the Price Act, which provide protection to consumers by stabilizing the prices of basic necessities and prime commodities including measures against undue price increases “during emergency situations and like occasions.” The regions in Mindanao where the automatic price control shall be implemented are the following: • Region IX – Zamboanga Peninsula • Region X – Northern Mindanao price/PAGE 11
Street vendors cry foul over new policy By MARK FRANCISCO, Staff Writer
AMBULANT vendors around Cogon public market in Cagayan de Oro City are protesting a new Roads and Traffic Administration (RTA) policy that cuts short their time to display their merchandise in the area. Representing a group of sidewalk vendors, Ben Teleron, said the RTA has imposed a 8 p.m. start of their vending time along the city’s biggest public market. The group said the designated time is vendors/PAGE 11
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PROTESTING VENDORS. Ambulant vendors want RTA to revert back to the old policy of 4pm-5am where they can sell their merchandise outside Cogon Market, Cagayan de Oro’s biggest public market. photo by mark francisco