BusinessWeek MINDANAO THE BUSINESSMEN’S NEWSPAPER
2013 ppi’S Best in Business and Economic Reporting
Volume V, No. 71
Market Indicators
As of 6:12 pm nov. 20, 2014 (thursday)
FOREX
PHISIX
US$1 = P45.07
7,268.95 points
no changes
no changes
X
X
X
Briefly Oil terminal PILIPINAS Shell Petroleum Corp., the country’s second largest oil refiner and distributor, said it is on track to complete the P3.8-billion oil import terminal in Mindanao by the end of the year. Shell Companies in the Philippines vice president for communications Ramon del Rosario told reporters the completion of the import terminal would support the growth of Mindanao and Visayas. “Mindanao is a huge market, but the import terminal can also cover Visayas…This will cut logistics costs,” Del Rosario said. “I think it will be able to serve requirements of industries that will be put up in Mindanao. With the peace process almost completed, we expect more investments from various industries and those will need fuel [supply],” he said
Real estate values DAVAO del Norte -- Assessors in the province will implement a new schedule of market values of real properties starting 2015. Engr. Joyce Gualberto, provincial assessor, revealed earlier today at Big8 Corporate hotel during the Seminar Workshop on the conduct of Real Property Tax Assessment (RPTA) that an average of 10-15% increase in the market values of real properties will take effect for the period of 2015-2017. She said that this was in line with the joint memorandum circular of the Department of Interior and Local Government (DILG) and the Bureau of Local Government Finance (BLGF) enjoining all local government units to prepare schedule of market values (SMV) and conduct general revision of property assessment. The provincial assessor said that new schedule of market values and general revision of property assessments were conducted every three years.
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Iligan seeks payment of steel plant’s P4.1-B tax T
By MIKE BAÑOS, Editor-at-Large
HE city government of Iligan has served notice of tax delinquency, warrant of levy and auction sale against moribund National Steel Corporation (NSC) amounting to P4.1 billion, a move seen as the start of a legal process towards taking over the erstwhile biggest steel plant in the country.
Being the single biggest stakeholder in the plant facilities of NSC, the city’s lone district Rep. Vicente F. Belmonte Jr. and City Mayor Celso G. Regencia said the city government must avail of all lawful remedies to collect real property taxes and to have the plant rehabilitated, operated and thereafter payment/PAGE 11
MOTHBALLED STEEL PLANT. The aerial view of the mothballed National Steel Corp. (NSC) in Iligan City. The steel plant, currently owned by Global Steel Philippines, Inc. (GSPI) and been idled since 1999, and has a pending tax delinquency to the city government amounting to P4.1 billion. (File Photo)
Japan economic recession not to affect banana industry, growers say By KEITH BACONGCO, MindaNews
DAVAO City -- Banana growers and exporters are confident that the recession in Japan will not affect the local banana industry. Last Monday, international news agencies reported that Japan’s economy is now in a recession after its gross domestic product (GDP) shrank. But despite this report, Anthony Alexander Valoria, president of the Pilipino Banana Growers and Exporters Association (PBGEA), said that purchases in the market have even increased. Banana, he noted, is the most important fruit in the world, saying that it is the
most consumed and the cheapest fruit in the world. “So this makes banana recession-proof. The housewife, budget-wise, she transitions from more expensive fruits to banana,” he told reporters shortly before the opening of the Davao Trade Expo 2014 at the SMX Convention Center in SM Lanang. Valoria disclosed that the country is exporting at least 200 million boxes of bananas every year and at least 70 million of which go to Japan. Each box of banana weighs 13 kilos. Aside from Japan, banana producers are exporting to recession/PAGE 11
NEW POWER PLANT. A big crowd gather to see the new 20-megawatt bunker diesel power plant unveiled by Peakpower Soccsargen, Inc. (PSI) in Barangay Apopong, General Santos City on Thursday. PSI, a wholly owned subsidiary of A. Brown Company, built the diesel plant for the South Cotabato II Electric Cooperative Inc., which needs the extra power, under a Build-Operate-Transfer Scheme. Peakpower will transfer the ownership of the diesel plant to Socoteco II after 15 years. mindanews photo by froilan gallardo
New 20MW power plant launched in GenSan By BONG S. SARMIENTO, MindaNews
GENERAL Santos City – Power supply in Mindanao will get an additional 20 megawatts (MW) soon. This after Peakpower
Soccsargen, Inc. (PSI) finally inaugurated on Thursday its brand new bunker dieselfired power plant in this city, the “Tuna Capital of
the Philippines.” PSI is a wholly owned subsidiary of Peakpower Energy Inc., a joint venture of A Brown Company Inc. (ABCI), Enterprise Holdings launched/PAGE 11
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