PHL exporters earn $US 1.1-B from coconut exports Economy
Vista Land eyes partners for mall expansion move Corporate World
Rice, corn seen below production targets: DA Agri-Business
Inflation seen to remain low
Banking & Finance
MINDANAO DAILY NEWS SECOND SECTION
Briefly CROWN awardee THE Province of Misamis Oriental has been a consistent advocate for nutrition in Northern Mindanao. Hence, the province received a new award in the National Level for being a Consistent Outstanding Winner in Nutrition (CROWN) in the region. Gov. Yevgeny Vincente B. Emano cited the province is focusing on the improvement of the quality of life for its people through efficient and effective implementation of health, nutrition and other related social services. Emano said the Provincial N u t r i t i o n C o m m i t te e (PN C) composed of the local chief executives, the chairperson of the 23 municipalities of Misamis Oriental and members of respective nutrition committees aim to continue the decline in the occurrence of malnutrition among preschool children.
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By IRENE DAYO Contributor
H E Ma ni labased Asian Development Ba n k (A DB) ha s chosen the city of Cagayan de Oro as one of its partners in a project that aims to boost citizens’ involvement in mitigating risks in local governance.
“We are pleased to advise that Cagayan de Oro City pilot/PAGE B11
OASIS ONE. Mayor Oscar S. Moreno welcomes the Filinvest Group of Companies to Cagayan de Oro during the groundbreaking yesterday of One Oasis Cagayan de Oro Mid-Rise Condo at the project site along Rosario Avenue, Limketkai Center. At right, FLI President/CEO Josephine Gotianun-Yap and Vice Mayor Ceasar Ian Acenas cut the ribbon to Filinvest’s new office along Don A. Velez St. photos by mike baños
255 businesses fined for violation of labor laws
Balikbayan boxes ILIGAN City -- The Department of Trade and Industry, through its Philippine Shippers’ Bureau (DTI-PSB), steps up its information campaign to urge Overseas Filipino Workers (OFWs) to transact only with DTI-accredited Philippine sea consolidators or freight forwarders and their counterparts or agents abroad. Ruel B. Paclipan of DTI said, OFWs have a penchant in sending holiday gifts for their loved ones and we intend to lessen, if not eradicate, complaints or cases of undelivered balikbayan boxes in the months ahead if these OFWs will send their boxes through fraudulent foreign sea consolidators. We intensify our campaign in Iligan City and neighboring places against fake cargo forwarders that often victimizes Overseas Filipino workers that send packages and cargoes to their families, added Paclipan.
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CdO picked pilot for ADB-funded project
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BusinessWeek MINDANAO As of 6:13 pm Nov. 19, 2013 (Tuesday)
Special Advance Screening of ILO ILO set for Nov 21 at SM
Dr. Myra G. Yee, Chapter Administrator of Philippine Red Cross, Vice Governor Joey G. Pelaez and 1st District Board Member Virgelia F. Dumadag.
GEN ER A L Sa ntos Cit y -- T he D e pa r t ment of Labor a nd Employ ment (DOLE) in Region 12 has penalized a total of 255 business establishments in
the region during the first three quarters of the year for violation of the government’s labor standards. Ofelia Domingo, DOLE Region 12 director, said
such move was based on the inspections conducted by the agency’s personnel on 915 establishments in the region regarding their compliance with the general fined/PAGE B11
Typhoon-hit Eastern Visayas Misor SP donates blood, cash for Yolanda victims among PH’s poorest regions By JENNIFER D. LAGUNAY, Contributor
THE Off ice of the Sangguniang Panlalawigan (SP) of Misamis Oriental
headed by Vice Gov. Joey G. Pelaez has donated donates/PAGE B11
By CHINO LEYCO, Contributor
EASTERN Visayas, hardest hit by killer typhoon Yolanda, is the country’s third poorest region with 37 percent of its
Mindanao Daily NEWS
population or an estimated 4.2 million people living below poverty line, according to the National Statistical
Coordination Board (NSCB) latest report. In 2012, about 37.2 percent of Region VIII’s estimated 4.2 poorest/PAGE B11
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Gulf airlines order 342 Boeing passenger planes DUBAI -- The United States aircraft producer Boeing announced on Sunday, the first day of the 13th Dubai Airshow, that Gulf airline carriers ordered a total of 342 passenger planes valued
at 100 billion U.S. dollars. The airlines included D u b a i ’s s t a t e - o w n e d Emirates Airline and its low-cost carrier FlyDubai, Etihad Airways from Abu gulf/PAGE B10
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PHL exporters earn $US 1.1-B from coconut exports DAVAO CITY -- Coconut products took a big slice of export revenues generated by Philippine exporters during the last nine months from January to September this year. A l l i n a l l , c o c onu t products racked up a total of USD 1.1 billion in export revenues, rising by 10 percent compared to last year’s USD 1.0 billion which included the combined total revenues earned by copra, coconut oil, desiccated coconut, copra meal, copra cake and other coco products, according to latest data released by the National Statistics Office (NSO). coconut/PAGE B10
Government to revisit 2014 economic growth targets MANILA -- The government will revisit its 2014 economic growth targets considering the impact of supertyphoon “Yolanda” on key domestic sectors, Socio-economic Planning Secretary Arsenio Balisacan said. “We are not at this point revising the growth rate expectations yet for next year. But we will see, we will be meeting in the next two to three weeks to look at our growth targets for
next year,” Balisacan said in an interview with the Philippines News Agency. He s a id t h at w h i le t he re h a bi l it at ion a nd reconstruction efforts in t he areas devastated by Yolanda would help boost grow t h, t he production capacities of some sectors particularly agriculture have been reduced. “(Its impact is) broadbased because the typhoon a f fected a l l t he sectors
e s p e c i a l ly a g r ic u lt u re . Region 8 in particular is largely agricultural,” added Balisacan, also the Director General of the National Economic and Development Authority (NEDA). Eastern Visayas, that includes Tacloban, is the area hardest hit by the monster storm. NEDA is lead ing a n interagency task force to craft post-Yolanda rehabilitation and reconstruction plan,
focusing on immediate and near-term actions needed to rebuild facilities, restore social services and revive economic activities. “It should immediately be implemented as soon as it is finished. We are giving ourselves two to three weeks to complete the plan. We still need to deploy groups to make a quick assessment of the extent of the damage, the location of the damaged growth/PAGE B10
AMENITIES : ZORBIT * ATV * TREE TOP ADVENTURE BUGGY * BUNGEE * PICNIC GROUNDS PLAYGROUND * CAFE * LUGE * MINI GOLF * ROOM ACCOMODATIONS
B3 CorporateWorld Leyte geothermal power plant sustains damage from ‘Yolanda’ Vista Land eyes partners for mall expansion move wednesday | november 20, 2013
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ENERGY Development Corp (EDC) yesterday said its Unified Leyte geothermal power complex sustained heav y da mage from t he on s l au g ht of Ty p ho on ‘Yolanda’. In a disclosure to the Philippine Stock Exchange, Lopez-owned EDC said the following equipment have been rendered inoperable: - C o ol i ng towers of the 232-megawatt (MW) M a l i t b o g , 11 2 . 5 - M W Tongona n a nd 180 -M W Mahanagdong power plants; - Par t of t he cooling system of 130-MW Upper Mahiao power plant; and - Cont rol systems of Tongonan, Mahanagdong and Upper Mahiao power plants. “C onsequent ly, none of the main power plants constituting the 650-MW are current ly operable,” EDC said. Besides the said equipment, Unified Leyte’s small optimization plants -- consisting of the 15-MW Tongonan Topping Cycle and the 16-MW Malitbog Bot tomi ng Cycle -- a re undergoing assessment for any damage. “The company is exerting all best efforts to return all the power plants back to service at the soonest possible time,” EDC said. The Unified Leyte’s steam field appears to be operable despite manifest damage susta ined, t he compa ny said.
Hefty increase in gasoline prices set G A S OL I N E pr ic e s went up sta r t i ng yesterday by P1.10 a l it er. Pilipinas Shell however s a id “s e le c t e d sit e s” i n t he fol low i ng t y pho onhit a reas however wou ld be spared from this latest pr ice h i ke: A k la n; A nt iqu e ; C api z ; I loi lo; B o g o , C e b u ; Ta c l o b a n Cit y a nd ot her p a r t s of L e y t e ; a nd S a m a r. Pet ron wou ld a lso spa re t y phoon-h it a rea s from t he latest price hike. “This reflects movements in the i nt e r n a t i o n a l m a r k e t ,” t h e c o u n t r y ’s b i g g e s t oi l re f i ner a nd re t a i ler s a id . No simi lar movement i n t h e pr i c e s o f d i e s e l a nd kerosene however is for t hc om i ng t h i s we e k . O t her oi l f i r m s h ave yet to make similar announcements, but t he y u s u a l ly t r a c k e a c h ot her’s movements since t he countr y impor ts 90 percent of its f uel re qu i rement s . Shell and Petron a c c ou nt for at le a s t 6 0 percent of the Philippine f u e l m a rk e t .
However, almost all of the company’s buildings in the geothermal complex have sustained varying degrees of damage, EDC said. All of Unified Leyte’s work force have also been accounted for but less than a third has reported back to work “due to the fact that all of our employees and their families are residents of Leyte,” the company said. The output of t he Unified Leyte plant, which was contracted by stateowned National Power Corp (Napocor), was recent ly auctioned off. Among those that made qu a l i f y i ng of fers for a portion of Unified Leyte’s generated electricity were FDC Utilities Inc, EDC, Trans-Asia Oil and Energy Development Corp, Aboitiz E n e r g y S o lu t i o n s I n c , Waterfront Mactan Casino Hotel Inc, Good Friends Hydro Resources Corp, and Vivant Energy Corp.
Vista Land & Lifescapes Inc., the country’s largest home builder, is talking to both foreign and local prospective partners for its mall business which it is pla nning to expand aggressively starting next year. In an interview, Vista Land Chairman Manuel B. Villar said “we hope to increase our investments in BPO and malls. Over time, we expect their contribution to our revenues increase. He noted that they have been learning the ropes of the business in the past years and have more learnings through sister company Starmalls. “We are ready to launch for next year. We are ready to expand. Starting next year, we will be far more active,” said Villar. expansion/PAGE B10
VISTA RESIDENCES GROUND-BREAKING. Shown (from left) during the ground-breaking ceremonies on November 16,2013 for Vista Residences, a condominium project located in Katipunan, Quezon City of Vista Land & Lifescapes, Inc . are: Architect Rod Evans Encinares, Production Head, Vista Residences; Arch. Marlo Asinas, Ms. Elizabeth Kalaw, Division Head , Vista Residences, Arch. Eric Asinas, Wilfred Uy, Eng. Allan Santos, Engr. Sherwin Ventura, Ms. Chai Rada-Lopez, Project Head, Vista Residences; and Noel Bautista Jr., General Manager NJ Construction. photo by kj rosales
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Rice, corn seen below production targets: DA PRODUCTION of rice and corn this quarter is expected to be less than forecasted by the Bureau of Agricultural Statistics (BAS) due to the damage to agriculture by super typhoon Yolanda, the Department of Agriculture (DA) chief said on Monday. “O u r out put w i l l be l o w e r,” DA S e c r e t a r y P ro c e s o J. A lc a l a s a id yesterday, in an interview on t he sidel i nes of t he agency’s budget hearing in the Senate, when asked how Yolanda (international name Haiyan) will impact the rice and corn production out lo ok for t he fou r t h quarter. In its R ice a nd Corn Situation and Outlook report released last Friday, BAS said that palay production was to increase by 10.3% to 7.22 million metric tons in the fourth quarter from 6.54 million MT in the same period last year. Corn production, on the other hand, was forecast to reach 1.45 million MT, 3.8% less than the 1.51-millionMT output of the fourth quarter of 2012. However, the BAS report did not take into account
the eight typhoons that hit the country since October, particularly super typhoon Yolanda. Yolanda, described as the world’s most powerful storm this year, battered the central Philippines more than a week ago, sending tsunami-like waves onshore with sustained winds of over 300 kilometers per hour. Thus, Mr. Alcala said it will be challenging for the government to hit its target 3-5% growth in farm output this year.
Even without Yolanda, howe ver, produc t ion is already short of the target as it increased only 1.1% in the first nine months of the year. Rolando T. Dy, executive director of the University of Asia and the Pacific’s Center for Food and Agribusiness, said upon the release of the report that agriculture growth would have to hit 6% in the fourth quarter for the full-year goal to be achieved. “That will be difficult to
attain. Yolanda came in the fourth quarter and severely hit the central Philippines, which accounts [for] 17% of the whole agricultural production,” he said. “If the fourth-quarter agricultural output becomes negative because of Yolanda, the full year might even be negative,” Mr. Dy added. Agricu lture output accounts for about a fifth of gross domestic product, third-quarter data for which is scheduled to be released before the end of the month.
NESTLÉ Philippines and the Department of Trade and Industr y (DTI) are establishing more satellitebuying stations for coffee so farmers can sell their beans directly to buyers without having to go through middlemen. The plan is to set up two buying stations right away in the Cordillera Administrative Region (CAR), Myrna Pablo, DTI-CAR director for and National Industry Cluster manager for coffee said in a statement Wednesday. On the other hand, Nestlé
Philippines is now developing a station in Quirino Province, said Corporate Affairs vice president Ruth Novales. The company has buying stations in Silang in Cav ite, Lipa Cit y in Batangas, Tuguegarao City in Cagayan Valley, Dumaguete City in Negros Oriental, Tagbina in Surigao del Sur, Cagayan de Oro City in Misamis Oriental, Tagum City in Davao del Norte, General Santos City in South Cotabato, and Iloilo City in Iloilo. Nestlé Philippines has
a single ru le in setting up a satellite station: the c om mu n it y b e able to produce 350 to 400 metric tons of coffee per year, said Novales. According to the DTICAR chief, Nestlé Philippines mainly buys Robusta coffee. “I n t he Ph i l ippi nes , Robusta coffee is most in demand due to instant coffee requirements, and can be planted in various parts of the archipelago,” said Nestlé ‘s Novales. Howe ve r, Ne s t lé Philippines buys only 20
percent of its coffee from Filipino farmers and imports 80 percent Vietnam and Indonesia. “The sooner we minimize the country’s importation of coffee, the better,” Novales said. DTI intends to work with other government agencies on boost i ng t he cof fee industry. “We want to work closer with the Department of Agriculture because they are more into production to complete the chain,” said Pablo.
DTI, Nestlé Philippines plan more coffee-buying stations
Govt to give out seeds, new boats to farmers, fisherfolk in E. Visayas FARMERS and fisherfolk affected by super typhoon Yol a nd a (H a i y a n) w i l l receive free seeds and new fishing equipment from the government, Agriculture Secretary Proceso Alcala said Monday. During a Senate hearing, Alcala said his agency will g i ve f re e f a s t- g row i n g seeds to fa rmers whose ag ricu lt u ra l la nds were d a ma ged by t he recent
weather disturbance. “We will be giving a lot of green, leaf y vegetable seeds kasi po itong petsay at mustasa, 20 to 30 days la ng , ha r ve s t na siy a ,” the Cabinet official told senators during the hearing. The agriculture chief added that over 1,000 small boats and 4,000 nets will be given to fisherfolk affected by Yolanda. These forms of assistance
w i l l b e on t o p of t h e c a sh-for-work prog ra m to be implemented by the Department of Labor and Employ ment (DOLE) in typhoon-hit areas, Alcala said. Some 150 power saws will also be dispatched to areas affected by Yolanda so that survivors can use coconut trees toppled by the ty phoon to get coco lu mber to rebui ld t heir
houses. Over 3,976 individuals have been confirmed dead a f t e r Yo l a n d a — on e of t he st rongest t y phoons on record to ever ma ke landfall—whipped through the Visayas and parts of Luzon over a week ago. The total cost of damage le f t by Yol a nd a to t he country’s agriculture was at P9.08 billion, based on latest government data.
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Citi offers debt relief to clients in storm-hit areas CITI is offering debt relief to clients in areas hard-hit by Typhoon ‘Yolanda’. The debt relief is on top of donations worth at least a quarter of a million dollars for the ongoing relief and rehabilitation efforts. In a statement, Citi said it is providing debt payment relief to credit card holders, who can request a 60-day payment extension. Late payment charges will also be waived, the US-based bank said, adding that special concession can be arranged on a case-to-case basis. Clients wanting to avail of the debt relief can call the 24-hour CitiPhone at 632-995-9999 for more details. Citi said it has launched a series of initiatives around the world to help in the relief and rehabilitation efforts. The bank’s Asean equities business donated $500,000 in commissions from equity sales and trading operations last November 13 to the Philippine Red Cross for rebuilding typhoondevastated areas. Citi Foundation meanwhile provided the American Red Cross Pacific Typhoon Fund a $250,000 disaster relief grant to help in relief efforts in the Philippines. “Our thoughts are with the people of the Philippines and our focus is on supporting those who have lost families and homes,” said Stephen Bird, Citi chief executive for Asia Pacific.
“Citi has operated in the Philippines since 1902 and we have a long history of supporting local communities,” he said. “The pledges of support from Citi employees around the world have been simply overwhelming,” said Batara Sianturi, Citi country officer for the Philippines. “Colleagues who have worked in the Philippines or have relatives and friends here are deeply concerned and want to help in any way they can. We have mobilized the collection of relief goods, coordinated volunteer efforts, and continue to campaign for contributions to aid the ongoing rescue work,” he said. Other initiatives in different Citi offices around the world include the following: - In the U.S., Citi has activated American Red Cross fundraising microsites to facilitate donations from U.S. employees and clients. Citi’s ThankYou Rewards customers can also redeem their points toward a donation to the American Red Cross at www.thankyou.com; - Citi Canada employees are donating to UNICEF, with the Government of Canada and UNICEF corporate supporters matching these donations; - Citi Philippines is inviting cardholders to donate to relief operations using their Rewards Points, with the Philippine Red Cross as beneficiary (1,000 Rewards Points is equivalent to P100 donation).
Mindanao Daily B5 NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper
Inflation seen to remain low THE Bangko Sentral ng Pilipinas’ (BSP) quarterly survey of 29 private economists showed that the mean inflation forecasts for this year and in 2014 dropped to 2.9 percent and 3.5 percent, from the previous’ 3.1 percent and 3.6 percent. The survey, which was conducted at the end of the third quarter, also indicated that inf lation forecast for 2015 remains at 3.6 percent. “Analysts expect inflation to be benign due mainly to wellbehaved global commodity prices,” said the BSP. In assessing the survey results and based on the probability distribution of the private forecasters’ take on inflation, the central bank noted that there seemed to be a 68.2 percent chance as far as majority of the private economists are concerned, that average inf lation for this year could still settle within the 2.1-3 percent range, which is below the official 3-5 percent target for 2013 and 2014.
About 24.8 percent think average inf lation will hit higher at 3.1-4 percent by the end of this year. The BSP said t he consensus was that inflation could still be lower for this year as was their opinion at the end of the second quarter, but 2014 average inflation is steady. A s of e nd- O c t o b e r, inflation average was at 2.8 percent. The consumer price index rose in October from September’s 2.7 percent. Tig ht dome s t ic supply cond it ions — t riggered by recent weather-related production disruptions — led to higher prices of key food items, particularly rice, meat, fish, fruits, and vegetables. The BSP regularly tweaks
its inflation forecasts based on current economic, financial and market conditions. B a s e d on t he l ate s t inflation end-third quarter report, the central bank said the prevailing inflation and output dynamics support the maintenance of current monetary policy settings. “Baseline forecasts indicate that inflation will continue to track the lower bound of the inflation target range for 2013. Inflation is also likely to remain within-target in
2014 and 2015,” said the BSP. While the risks to the inflation outlook are slightly skewed to the upside, the report continued, inflation dynamics remain favorable g iven ben ig n i n f lat ion readings and well-anchored inflation expectations. Fi r m i nd ic at ion s of domestic demand suggest that prevailing monetary pol ic y se t t i ngs rema i n appropriately calibrated to support non-inf lationary growth.
PHILIPPINE Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, posted record-high net income as of the third quarter as it saw huge gains from its investment portfolio. Its net income stood at P3.21 billion as of September,
surging 82.39% from the previous year’s P1.76 billion, the Ty-led bank said in a disclosure Monday. Net interest income brought in P4.88 billion, climbing 16.47% from P4.19 billion. Gross loan por tfolio expanded by 17% to P83.7
billion on the back of strong consumer demand, and interest income from loans and receivables increased 15% to P6.01 billion. Despite the increase in lending, non-performing loans fell to 0.1% of the total portfolio. The bank also set
aside enough money to cover for more than 100% of the bad loans. Total deposits reached P100 billion, up 14% amid high liquidity in the financial system and new retail clients of the bank. psbank/PAGE B10
PSBank notches record profits as of Q3
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CAGAYANTIMES de Oro
Special Advance Screening of ILO ILO set for Nov 21 at SM Cinema 2 It’s all systems go for El Circulo Zamboangueño de Cagayan de Oro’s special advance screening for the award-winning movie ILO ILO on Thursday, 21 November 2013 at 8PM, SM Cagayan de Oro Cinema 2. For a minimum donation of P250, the donor gets a free movie pass to the special screening for the movie which will begin its commercial run in Philippine cinemas on December 4. Proceeds of the benefit show will go towards the rebuilding of Zamboanga City. The special advance screening will be graced by Angeli Bayani, the Filipina indie actress who plays “Auntie Terry” the beloved Filipina nanny in the movie on whose experience it was based, and Charles Lim, the Singaporean PR
consultant based in Cebu who was responsible for reuniting her with her 3 wards 16 years later following the successful run of ILO ILO in various film festivals abroad where it has so far garnered 11 awards, including the “Camera d’Or” at the prestigious Cannes film festival in France. Tickets for this special advance screening are now available at the SM Global Pinoy Center at the 3rd floor of SM Cagayan de Oro City, La Ilongga Lapaz Batchoy across city hall and BusinessWeek Mindanao office at Tanleh Building, F. Abellanosa St. near UCCP City Church. For further inquiries please contact mobile numbers 0926-9511777/0917-714-8484/0908-817-9588 or land lines 857-8447 or 74-53-80.
Photo screen grabbed from http://www.iloilomovie.com/
Avaya names MSI-ECS new Ph Distributor Avaya, a global provider of business collaboration and communications solutions, providing unified communications, contact centers, networking and related services to companies of all sizes around the world announces its appointment of MSI-ECS as the new distributor for Philippines. Formally announced during a reseller launch, photo shows (L-R) Edgar T. Doctolero, country manager Avaya Phil., Inc. handing over the distribution certificate to Jimmy D. Go, president and CEO, MSI-ECS Phil. Avaya's simple, intuitive solutions help employees to work more effectively, engage more easily, and make decisions faster so organizations can experience the advantages of a new age of collaboration.
The Safer River, Life Saver Foundation Inc. (SRLSFI) continues its donation drive for the victims of Super Typhoon Yolanda (Haiyan) in the Visayas. The drive is located in front of the SRLSFI office, RN Pelaez Blvd., Kauswagan, this city. They also sell food, and two big water bottles as money bank for donations. In the photo is Ms. Tanya Golez helping out in the drive. Photo by Shaun Uy
The Safer River, Life Saver Foundation Inc. (SRLSFI) and Bohemian Express Travel & Tours continue its donation drive for the victims of Super Typhoon Yolanda (Haiyan) in the Visayas. A “Donate 2 Sell” booth is also setup for the drive, where a “garage sale” of items like clothing, shoes, bags, and other are displayed. Photo by Shaun Uy
CAGAYANTIMES de Oro
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Seda Centrio presents Pacquiao vs Rios
et a chance to watch Manny Paquiao’s comeback fight vs. Brandon “Bam-Bam” Rios on Sunday, November 24 (Manila time) in style at Seda Centrio. Seda will host the live broadcast of the event at its Misto and Coffee Lounge for only PhP600 per person (actually, the cost of your meal so you get to see the fight live for free). Enjoy Seda’s incomparable Brunch for 10.30am to 2PM while you sit back and relax while viewing what promises to be a humdinger of a fight. Here’s a Predictions Roundup from the staff of Pro-Boxing-fans. com: So how do we think the fight will play out? Do we have anybody backing Rios to score the upset and send Pacquiao fleeing into retirement? Read on below to see for yourself. Scott Levinson: I just don’t see it. If Rios had 40+ rounds to get a big punch across like Marquez did, then maybe. But in this single 12-rounder, I see Pacquiao having his way and I don’t think it goes the distance. Pacquiao’s pronounced advantage in speed will be telling. Rios’ heart will serve him well, even as his face doesn’t oblige. Cuts and swelling will render Rios a diminished force by the 7th, with Pacquiao closing escrow by the 9th round. Pacquiao via KO 9 Jake Emen: Rios is a tough guy, and he's a true ring warrior. He's
also a damn good fighter, even if the story is still out on him above the Lightweight division. Ultimately though, come-forward tough guys without defense are made to order for Manny Pacquiao. Rios is in his prime, and is a fiercer specimen, but expect this to be reminiscent to Pacquiao vs. Margarito. Pacquiao may have to shake off some ring rust in the early going, and he may even be jolted by Rios somewhere in the first few rounds, but he'll recover and dominate. Pacquiao via Unanimous Decision Blair Newman: This fight is a difficult one to predict because of the circumstances surrounding it, not necessarily the fighters or styles involved. Prime for prime, Pacquiao takes Rios within the distance, but Pacquiao isn't in his prime and hasn't been for a while. Will he recover from a huge knockout loss to his biggest rival? Will the environmental tragedy in his native Philippines affect him? These uncertainties can only open the door for Rios, the naturally slower but bigger man. I think Pacquiao will start promisingly, but eventually Rios will close the distance, having taken the best that Pacquiao can give, and land his own shots through the middle. Rios is arguably the hardest puncher Pacquiao has faced since Miguel Cotto, and I expect Pacquiao to wear down and show his age in this fight. Rios will grind him down through relentless,
merciless, constant aggression, to a late rounds stoppage. Rios via TKO 11 Matt Andrzejewski: Manny Pacquiao is coming off a devastating one punch knockout loss to Juan Manuel Marquez. How much did that take out of him? We won’t know until he steps in the ring but I think Pacquiao still has enough in the tank to beat Brandon Rios. Rios comes straight forward with little defense and no head movement. From a stylistic stand point, this could not suit Pacquiao better. I see this fight resembling the Hatton fight and see a similar result. Pacquiao knocks Rios out late in the 2nd with a hard left hand. Pacquiao via KO 2 Paul Ready: My heart says Rios, head says Pacquiao. Career defining fight for both men. I fancy Rios to upset the odds. He will relish boxing on the inside and trading with Pac Man. I think Bam Bam can wear him down with rib shattering body shots and uppercuts. Manny will start brighter of the two, fighting on the outside, moving in and out. But he will be vacuumed into a war and be stopped around round 8. Rios via TKO 8 Ryan O'Hara: Both fighters come into this fight coming off tough losses. Pacquiao is going to fight smarter in this fight. Rios will try and turn this into a brawl, but he will take a beating for it. I can see Rios hitting the canvas multiple times and punching himself out in the
process. I will not be surprised if we see Rios throw more punches than Manny, but Manny will be accurate and cruise to an easy unanimous decision. Pacquiao via Unanimous Decision Steve Bateseon: Knockouts like the devastating one which Pacquiao suffered against Marquez can take a lot out of a fighter and I will be interested to see if Pacquiao's punch resistance has been affected. If he still has even half of his ability left then I expect to see him walk out victorious after a mid-round stoppage of the very game, but limited, Brandon Rios. Pacquiao's movement and use of angles, as well as his punching power, should be enough to bamboozle Rios and beat him into submission, similar to his win over Cotto. Rios has power and a ton of heart but he is a one dimensional slugger and I don't see this going past round seven. Pacquiao via TKO 7 Pacquiao vs. Rios Predictions Tally: Pacquiao: 5 (3 by knockout, 2 by decision), Rios: 2 by knockout Coming off that devastating KO loss, two members of our team project that Pacquiao will lose this fight by knockout. Against that, those siding with Pacquiao stick to the story that Rios, despite his own objections, is just too tailor-made for Pacquiao's aggressive, speedy attack. But there's some hope for the upset with his hard-punching, aggressive, tough as nails ways.
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PNoy: Gov’t working on all-weather emergency communication system ALANGALANG, Leyte -President Benigno S. Aquino III on Monday said t he government is working on a basic communication system that will not be dependent on external power sources or on cellular networks. In an inter view with media here, the President said he had asked the Department of Science and Technology to draw up a plan for the system. “I’ve been asking the DOST to come up with a communication system ... something that is not as dependent on external power sources, something that does not rely on cellular networks. Something we can rely on 24/7 regardless of what the weather conditions are,” he said. The lack of power and communications caused by super typhoon Yolanda had
hampered the delivery of relief goods and services to some affected areas. The President said the government is tr ying to improve its capabilities in dealing with disasters. “Perhaps we are trying to improve all the processes. We want to be able to respond fa ster, more ef f icient ly and more completely,” the President said. On the other hand, the Chief Executive said he cannot afford to despair at this time because it may rub off on the people. Instead, he said he would rather have the people practice bayanihan, the Filipino trait where communities help each other. T h e P r e s i d e nt a l s o sa id his Cabinet had been tak ing extra roles, including Transportation system/PAGE B10
Philippine Air Force (PAF) rescue personnel assist two injured victims of typhoon “Yolanda” upon their arrival at Villamor Air Base in Pasay City Friday afternoon (Nov. 15, 2013) aboard a C-130 plane from Tacloban City. pna photos by jess m . escaros jr .
DOH’s Yolanda efforts shift focus 3,420 more trees to public health to avert outbreak planted along SLEX MANILA -- The Department of Health (DOH) has shifted its focus to public health as postYolanda efforts enter the early recovery period to avert outbreak of diseases in the affected communities.
The DOH move even as it said there is still no reported outbreak of any disease in the typhoon devastated areas. T he DOH however said it w i l l continue to send waves of med ic a l teams to ensure that those who remained in affected communities will have access to emergency, basic and even comprehensive services, if these are what will be required as thousands of displaced residents continue to find safe shelter outside of Leyte and Samar. The DOH explained that it started to focus more on public health as threats of
epidemics loom in vulnerable communities that do not have access to safe water and which suffer from poor or inadequate sanitation or vector control. “Although there are still no outbrea k s recorded, we instructed the newlydeployed replacement teams to step up measles, teta nus, ora l polio a nd rabies vaccinations in all evacuation centers,” Health Secretary Enrique Ona said. Secreta r y Ona a lso announced plans for the rebuilding or rehabilitation of destroyed or damaged health facilities, as the phase
UNITED NATIONS -- A senior U.N. official Monday called on the coal industry to radically transform and diversify so as to avoid the worst impacts of climate change, saying that companies must assess the risks of doing business as usual. Add ressi ng i ndust r y chiefs gathered in Warsaw, Poland, for the International Coal and Climate Summit, organized by the Polish government and the World Coal Association, Christiana Figueres said her presence at the meeting is neither a tacit approval of coal use nor a call for the immediate end to its use, according to a news release issued at UN
Headquarters in New York. “I am here to say that coal must change rapidly and dramatically for everyone’s sake,” said Figueres, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC). The summit is taking place at the same time as the UN Climate Change Conference, also in Warsaw, and shortly after the release of t he f i nd i ngs of t he Intergovernmental Panel on Climate Change (IPCC), which shows that humangenerated climate change is real and accelerating. The IPCC’s f indings have been endorsed by 195 governments, including
of early recovery has already started. He appealed to the private sector and non-governmental or g a n i z at ion s to of fe r resources and personnel that will address serious gaps in infrastructure, equipment and manpower requirements. In response to this appeal, the Makati Medical Center has pledged to partner with Remedios T. Romualdez Hospital in Tacloban for its rehabilitation needs. “This adopt-a-hospital campaign, at least during the holidays, is one way our private sector partners can spread the Christmas spirit. We hope to see more hospital partnerships as rehabilitation of health facilities continues”, Secretary Ona said. Meanwhile, the health chief Tuesday led
t he Phi l ippi ne Med ica l Association in sending-off a 100-strong contingent of the “PMA Doctors on Boats,” a relief medica l dental psychosocial mercy mission, in affected areas in Bantayan Island, Cebu. The team, which consists of doctors, nurses, dentists, mental health experts, and even priest, will be deployed from November 19-25. “ T he gover n ment i s extending maximum efforts to provide relief assistance,” Ona said, adding that such efforts are a result of local, national, and international cooperation.” He also reiterated that the government has enough supplies and that the big challenge lies in bringing these supplies to affected municipalities. (PNA)
QUEZON CITY -- Hundreds of volu nteers f rom t he government and private sectors turned out in force on Saturday to plant an add it iona l 3,420 nat ive t re e s a lon g t he S out h Luzon Expressway (SLEX) in support of the National Greening Program (NGP), a f lagship reforestat ion progra m of t he Aquino administration. The activity was part of a public-private partnership that aims to fill the pavements of the 60-kilometer road network with native trees that would suck up carbon dioxide, dust particles and pollutants, and help control runoff. The participants include members of the humanitarian group Rotary International; of f icia ls a nd employees of t h e D e p a r t m e nt of
Environment and Natural Resources (DENR); South Luzon Tollway Corp. (SLTC) and their partners; and the Career Executive Service Board (CESB). They planted various seedlings 3,420 bitaog, golden shower, narra, banaba and firetree seedlings covering the 16-kilometer northbound portion of SLEX, bringing to around 14,600 the number of seedlings already planted since the annual tree-planting activity started in November 2010. DENR Secretary Ramon J.P. Paje said the undertaking was a good exa mple of an “ef fective sharing of responsibility” to protect the environment. “This shows what can be achieved when environmental stewa rd sh ip becomes a SLEX/PAGE B10
a l l of t ho s e i n w h ic h you operate. We a re at unprecedented greenhouse gas concentrations in the atmosphere; our carbon budget is half spent. “If we continue to meet energy needs as we have in the past, we will overshoot the internationally agreed goal to limit warming to less than two degree Celsius,” she told leaders. Figueres said that the coal industry faces a business continuation risk that it cannot afford to ignore. “Like any other industry, you have a fiduciary responsibility to you r work force a nd shareholders. avert/PAGE B10
MANILA -- Metro Manila congressmen are ready to adopt displaced families from provinces severely affected by supertyphoon “Yolanda” last Nov. 8. At the weekly Ugnayan sa Batasan Forum on Tuesday, Rep. Sherwin Gatchalian (Valenzuela City) and Winnie Castelo (Quezon City) said t hat each congressiona l district is ready to accept 300 “Yolanda” victims. “Let us not underestimate the power of generosity,” Gatchalian replied when asked where they would get their funds to feed the displaced families three times a day.
Gatchalian said that a group of Koreans have talked to him about what to buy for Yolanda victims after they have donated USD 10,000. He said local businessmen in the city have also pledged to help in the project to be more meaningful. He na r rated t hat he briefed the Koreans that the needs of the victims vary each day and explained to the foreign donors that for now, there is outpouring of relief goods and what the victims need are construction materials for their shelter. He said that it is part of their “Project Yakap” and the Metro Manila congressmen
agreed that they will fetch some of the typhoon victims from Villamor Air Base in Pasay City and help them locate t heir relatives in Luzon. “For those who flew to Manila without relatives, we will be the one to adopt them and give food supplies plus temporary shelters,” Gatchalian added. For his part, Castelo s a id t h at t h i s i s on l y temporar y arra ngement until the victims recover and overcome the trauma they have experienced, adding that they will shoulder their fares when they are ready to victims/PAGE B10
Coal industry must diversify to avert Metro congressmen ready to worst impacts of climate change adopt 300 ‘Yolanda’ victims
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Mindanao Daily B9 NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper
B10 Mindanao Daily NEWS
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from page B2
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CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491
LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739
CORRALES BRANCH Corrales Ave., Cagayan de Oro City
CARMEN BRANCH Vamenta Blvd.,Cagayan de Oro City Tel. # (088) 231-2011
Dhabi and Qatar Airways. Boeing announced the orders of the 777X planes at a joint media conference with the airlines, while Etihad announced in a separate media briefing the purchase of the jetliners as well as Boeing 787-10 Dreamliners. Etihad Airways’ chief execut ive Ja mes Hoga n announced the carrier would buy 25 new Boeing 777s valued at 25.2 billion dollars. The deal included 7778X, the latest version of the 777-series, making Etihad the first airline to order the new version which Boeing launched in April this year. Et i had a lso ordered 30 Boeing 787-10 Dreamliner aircraft. The latter order increased Boeing’s backlog for dreamliner to 1,000 sold units. Etihad also ordered one 777-200 freighter plane. Emirates Airline chairman Sheikh Ahmed Bin Saeed Al-Maktoum also chairman of FlyDubai, and Qatar Airways chief executive said the Dubai carrier had purchased 150 Boeing 777X aircraft valued at 76 billion dollars with additional 50 purchase rights. FlyDubai ordered 86 Boeing 737 planes and 738s for 8.8 billion dollars. Qata r A i r ways ch ief executive Akbar Albaker said the Doha-based stateowned carrier would order 50 Boeing 777-9Xs for 18.9 bi l lion dol lars. A lba ker said the 777 has been the backbone of the carrier ‘s fleet. Emirates chairman Sheikh Ahmed and Albaker said their orders would secure over 100,000 jobs in the American and Emirati civil aviation industry over the next decade. Hogan said with order of the Boeing widebody generation planes would bring the Etihad Airways to the next level.(PNA/Xinhua)
Coconut... from page B2
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Coconut oil generated the biggest export sales at USD 770 million, lower by 1 percent compared to last year’s exports of USD 778 million. This was followed by desiccated coconut which racked up exports of USD 143 million from foreign buyers, down by 9 percent compared to exports of USD 158 million during the same period last year. Export data shown here are quoted in U.S. dollars and “Free On Board” (FOB), accord i ng to t he NSO, meaning the export figure includes only the cost of the product plus profit margin, trucking, wharfage fees, etc. and does not include the cost of shipping to foreign ports. More exports of copra meal and copra cake were recorded in the latest NSO repor t, show i ng ex por t r e v e n u e s o f U S D 19 9 million, surging higher by 174 percent compared to last year’s exports of only USD 73 million. Industry sources said foreign buyers find it cheaper
to import the copra meal and cake which are processed into refined coconut oil and other products in their own countries. Activated carbon, which uses huge quantities of coconut shell, took in a total of USD 95 million in expor t revenues t his year, rising sharply by 69 percent compared to last year’s revenues of only USD 56 million. The report was attributed by industry sources to the big demand for active carbon in the U.S., Canada and Europe which use this cocobased product for purifying water, industria l f ilters, batteries and hundreds of other industrial products. Most of the activated carbon processing plants are found today in Davao and Cagayan de Oro cities. (PNA)
Growth... from page B2
infrastructures before we can start implementing the rehabilitation,” he said. In 2013, Balisacan said full-year economic growth could reach only 6.5 percent to 7 percent, still within the 6 to 7 percent target, taking into account the negative impact of the typhoon. Prior to the onset of calamities, the Philippine economy was expected to grow by 7.3 percent for 2013, after registering a 7.6-percent growth in the first half of the year. NEDA also estimated that economic growth could slow down to 4.1 percent this fourth quarter based on preliminary data on the damage and production losses. Balisacan also believed that the third-quarter growth, meanwhile, were “probably good” numbers on the back of robust manufacturing data. He said netting out the impact of ty phoons and ear t hqua ke t hat hit t he country, 2013 “would have been a good year.” The third-quarter gross dome s t ic pro duc t d at a is slated for release on November 28. (PNA)
Expansion... from page B3
To speed up the expansion, Villar said they are also t a l k i ng to pro s p e c t i ve partners for their leasing business. “Certainly, there is a need for people to tie up. It’s a shortcut,” he said. “We know that (is the case) in malls and retailing business, Our people are talking but there’s no rush. We want to learn more about these areas. We don’t want to rush into closing deals,” he said. Villar said they are talking to big players in the business, both local and foreign. “You can expect more partnerships in the next few years, malls, real estate and retailing,” he said. He said their prospective pa r t ner must k now t he business better than they do. “You are looking for a business proposition with
sy nerg ies w it h ex ist ing strengths,” Villar said. “Our strength is we have the communities. I think we are the only one who can say that. Our middle class communities have purchasing power. And it is nationwide, that we can offer to people,” he said. Villar said the properties where they will be putting up Vista Malls will be properties of Vista Land where there are Camella homes, which a re l a rge m idd le c l a s s communities. “Every year we’ve been improving. Every year our knowledge of these things are improving. Our confidence is going up every year. We have started looking seriously at these proposals,” he said. Villar added that “we have a decent expansion program, not too aggressive, we are following our targets.”
PSBank... from page B5
“We are pleased with the strong growth posted not only by our auto and mortgage loans, but also of our retail deposits,” PSBank President Vicente R. Cuna, Jr. said in an accompanying statement. However, interest income on investment securities slid 70% to P318.9 million from P1.05 billion “ due to the disposal of various government securities.” Moreover, PSBank booked sizable non-interest gains as of the third quarter. The foreclosure of investment properties yielded P177.81 million, rising by more than half compared to the same period in 2012. The sa le of proper t y and equipment brought in P136.7 million, more than 27 times the P4.9 million last year, while the sale of investment properties added P29.49 million, overturning t he P16. 31-m i l l ion loss previously. PSBank’s capital adequacy ratio (CAR) stood at 18.4% as of September, well above the 10% minimum required by the central bank. Its Tier 1 CAR was 15.2%, also beating the 7.5% requirement.
System... from page B8
Secretar y Joseph Emilio Abaya becoming transport logistics czar, and Labor Secretary Rosalinda Baldoz being the point person for all the donations, whether in kind, in cash, and in physical services. “So many members of the Cabinet are actually under ta k ing more t ha n their portfolio and nobody’s complaining,” he said. (www. pcoo.gov.ph/PND (jl)
SLEX... from page B8
shared responsibility by every member of the society,” the environment chief said. Paje said that aside from its environmental benefits, the greening of SLEX also promotes road safety and efficiency as trees also serve as windbreakers. The SLEX tree-planting
project was the brainchild of former DENR Undersecretary Rolando Metin, who then thought of tapping all 28 chapter s u nder Rot a r y International for the planting and growing of trees that are endemic to the Philippines along the SLEX. District 3820 and 3830 consists of 71 chapters from the cities of Makati, Las Piñas, Munt in lupa, Parañaque, Taguig, Pateros, and the provinces of Rizal and Palawan. For its part, the SLTC had agreed to ensure the growth and maintenance of the planted seedlings provided by the DENR, CESB, Rotary Clubs and SLTC. The tree-planting activity has been drawing hundreds of volunteers each year and had already planted a wide variety of native trees, including Palawan cherry, balitbitan, molave, supa white lauan and alibangbang. (DENR)
Avert... from page B8
And by now it is abundantly clear that fur ther capital expenditures on coal can only go ahead if they are compatible with the 2 degree Celsius limit.” She urged the coal industry to honestly assess the financial risks of business as usual, to anticipate increasing regulation, growing finance restrictions and diminishing public acceptance and to leverage technology to reduce emissions immediately across the entire chain of coal output. The industry also needs to diversity its portfolio beyond coal, she said, noting that the bottom line for the atmosphere is that most existing coal reserves will have to stay in the ground. “Some major oil, gas and energy technology companies are alread y i nve s t i ng i n renewables, and I urge those of you who have not yet started to do this to join them. By diversif ying your portfolio beyond coal, you too can produce clean energy that reduces pollution, enhances public health, increases energy security, and creates new jobs,” she said. (PNA/APP)
Victims... from page B8
go back to their provinces. “We have our own problems in the metropolis and we are not prepared to build another layer of urban poor,” Castelo stressed. He said that they can temporarily accommodate school children even without documentation on their status in school just to keep them busy and forget the trauma they experienced. “Again, we already have problems of classroom shortage and we have not yet addressed this, but if the families have already found the source of income and ready to face the reality of urban living, then we will help them grow economically,” Castelo said. He added that the Valenzuela City government will advise the residents of Basey and Marabut not to leave the two towns and be part of rebuilding their communities as they vow to help them until they fully recover. (PNA)
Mindanao Daily B11 NEWS
from page B1
has been selected by the Project Steering Committee as one of the projects sites in Region 10 to pilot the engagement initiative in the area of budget formulation and execution or public procurement monitoring and evaluation,” ADB project manager Dante de los Angeles said in his emailed message to City Mayor Oscar Moreno. For his part, Moreno said, the ADB-funded project ent it led “St reng t hening Cit i z en Involvement i n Mitigating Governance Risks in Local Government Units in the Philippines” is a big boost to his administration’s thrust on transparency and good governance. The project which i s a i me d at en ha nc i ng productive and successful LGU-citizen engagement in local governance will be supported by a grant from ADB under its Small Grant Facility, de los Angeles said. With the city’s selection as ADB project partner, Moreno said he is extremely pleased and grateful as he looked forward to working with the Asian Development Bank on the project implementation. “We are all very happy for Cagayan de Oro City and its people for this project,” he said. I n t he wa ke of t h is development, the ADB will invite city representatives to a workshop to be held later this month to discuss the salient features of the project. It can be recalled that about a month ago, Ms. Claud ia Buentjen, A DB Principal Country Specialist and De Los Angeles visited 10 local government units in North Eastern Mindanao purposely to identify and select potential partners for the ADB-funded project.
Donates... from page B1
P200,000 to the Philippine Red Cross as cash assistance for v ic t i ms of t y phoon
Yolanda in the provinces of Leyte and Samar. The donation was personally handed over by Pelaez to Red Cross’ chapter administrator Dr. Myra G. Yee during the “Dugong Bombo”, a blood donation activity initiated by local radio station BomBo RadyoCagayan de Oro held on November 16 at the Limketkai Atrium. Also during the activity, SP members, employees, friends and their relatives donated blood for calamity victims in the Visayas region. In a statement, Pelaez said that this is a time to help our fellow Filipinos who suffered from the wrath of the recent super-typhoon Yolanda which devastated Leyte and Samar provinces. He also urged everyone to pray for the fast recovery and resiliency of the victims on the t y phoon-ravaged areas in spite of the seeming insurmountable problems and for the repose of the souls of those who were not fortunate to live. Prior to the donation, the Pelaez issued a memorandum directing all SP employees to actively participate in the blood donation or to bring representatives and friends in their absence to genuinely show the sincerity of the Office to help the victims in all means possible. T h e V ic e G ove r nor h i m s el f had h i s blo o d donated during the event.
from page B1 labor standards. The local establishments were inspected for their compliance with the payment of holiday pays, cost-of-living allowance or COLA, overtime pay, rest day pay and service incentive leave pay. It a lso covered t heir compliance with provisions on the wage of piece-rate workers; payments of night shift differential; anti-child labor law; and, coverage of social welfare benefits. Domingo said the 915
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establishments that they inspected represented 91.5 per cent of their annual target of 1,000 establishments. “Of the establishments inspected, 660 or 72.10 percent were found compliant w it h t he gener a l labor standards,” she said. In September alone, the official said they were able to cover 119 establishments within the region’s four provinces and five cities. Region 12, which is also known as the Soccsksargen R e g ion , c ompr i s e s t he provinces of South Cotabato, Sultan Kudarat, Sarangani, North Cotabato and the cities of General Santos, Koronadal, Tacurong, Kidapawan and Cotabato. She said their accomplishment for t he period covered a total of 8,363 workers of various local industries and business establishments. “Out of 119 establishments, 30 were found violating the general labor standards. Four establishments were corrected at plant level with a total of P585,357 in payments benef itting 53 workers,” Domingo said. Eleven establishments or 36.7 percent did not enroll their workers either with the Social Security System, Philippine Health Insurance Corporation or the Pagibig Fund, she said. “On t he ot her ha nd, 89 establishments or 74.8 percent were found compliant with general labor standards,” she added. (MindaNews)
from page B1 million people were living below poverty line. They were just behind the poorest regions of Autonomous Region in Muslim Mindanao (46.9 percent) and central Mindanao (37.5 percent), NSCB data showed. Of the entire populations of Eastern and Northern Samar, in particular, 59.4 percent and 43.7 percent, respectively, were considered to be living below the government’s poverty threshold.
Extreme poverty incidence in Western Samar, on the other hand, was seen at 36 percent of the whole population, while in Leyte and Southern Leyte, the proportion of people living below the poverty line was at 31.9 percent and 36.4 percent, respectively. Baliran, meanwhile, has the lowest extreme poverty incidence in the whole region with 20.7 percent. Last year, Eastern Visayas was the only region in the Philippines that registered a negative growth of 6.2 percent, the biggest drag on the country’s entire economic output, NSCB data showed. The economic growth in Eastern Visayas last year, accounted for 2.2 percent of Philippines’ gross domestic product (GDP), nosedived by 8.3 percentage points from 2.1 percent expansion in the previous year. Of the total P228 billion economy of Eastern Visayas, the services sector accounted for 39.6 percent, industry cornered 38.6 percent, while agriculture, hunting, forestry and fishing secured the remainder 21.8 percent. Meanwhile, the biggest contributors to the region’s economy last year were the services sector sharing P90.42 billion to its annual output, while industry sector shared P88.05 billion. But while contributions of the Yolanda’s hardest-hit areas to the country’s whole GDP was insignificant, the overall destructions caused by the year’s most powerful typhoon on the entire central Philippines is expected to be material to government’s macroeconomic targets. Earlier, Finance Secretary Cesar V. Purisima said that the central region accounts for about 12.5 percent of the nation’s economy, thus a rough one percent reduction in next year’s economic output may be likely. On the entire central Philippines, Purisima estimated that its economic growth may decline by as much as 10 percent next year.
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Mayor Oscar S. Moreno and Filinvest Land Pres & CEO Josephine Goltianun-Yap cuts the ribbon to the One Oasis Cagayan de Oro mid-rise condos project at Rosario Limketkai Drive, Cagayan de Oro City 21 Nov. 2013.
Pause for prosperity.
Viewing the scale model.
photos and captions by mike baĂąos