BusinessWeek Mindanao (November 7, 2013)

Page 1

INSIDE LOOK

Philex net income drops Corporate World

PAGE 15

First GMO rice set for launch in PHL in 2016: researchers Agri-Business

BPI rated investment grade by 2 int’l rating agencies

PAGE 16

Banking & Finance

PAGE 17

XCCA holds culture-based education symposium Arts & Culture

MINDANAO DAILY NEWS SECOND SECTION

www.businessweekmindanao.com

FOREX

PHISIX

6,477.30 points

9 cents

X

42.28 points

X

Briefly Islamic finance THE City of Golden Friendship recently hosted the first international conference on Islamic Finance, Muamalat and Financial Criminology (IFMFC) in Cagayan de Oro City. The two-day conference, held in Grand Caprice Restaurant, was participated by Islamic bankers, government officials and employees, financial and academic regulators, government auditors, accounting practitioners, financial and academic consultants from Malaysia, Indonesia, Myanmar, Nigeria, India and the Philippines. It was organized by the Accounting Research Institute (ARI), Universiti Teknologi MARA Malaysia, Philippine Association of Islamic Accountants (PAIA), Philippine Institute of Cer tified Public Accountants (PICPA) Cagayan de Oro-Misamis Oriental chapter, National Commission on Muslim Filipinos (NCMF), and Mindanao State University (MSU) Marawi campus. The IFMFC was aimed at discussing the issues and presenting peer reviewed researches related to Islamic financial products and ser vices development, Islamic accounting and auditing, as well as the challenges and opportunities in achieving a steadfast Islamic industry.

Science Expo DAVAO City -- The Mindanao Science and Technology Centrum Foundation Incorporated, first science-oriented facility in Mindanao opened Tuesday its more than a month-long Science Sparks exhibition at Barangay Bago Oshiro, Mintal aimed at enhancing the interest and knowledge among school-children the relevance of science and technology. Dr. M ar ia D elia M orad o s, president of the MSTCI said the significance of the exhibition is for the young to have a better understanding of the need to develop and to conserve sources of energy and to come up with scientific basis for new technologies that will derive new source of energy. She said there is also a need to motivate the young minds to come up with means and gadgets to conserve energy.

12:30 PM - 1:00 PM

FREE TV CH. 21 SkyCable Ch. 16 | Global Destiny Ch. 28 Cablelink Ch. 14 | Cignal Ch. 10

NEA clarifies FIBECO not an ‘ailing’ coop

CREDIBLE

US$1 = P43.29

PAGE 19

Thursday - November 7, 2013

YOUR LOCAL ONLINE BUSINESS PAPER

Market Indicators

Arts & Culture

PAGE 18

BusinessWeek MINDANAO As of 6:15 pm Nov. 6, 2013 (Wednesday)

SULAT DULA 3 gathers aspiring Mindanao playwrights

RELIABLE

IN-DEPTH

Page 13

T

By IRENE JOY B. DAYO Reporter

HE First Bukidnon Electric Cooperative Inc. (FIBECO) has instituted corrective measures clarif ying what they claimed an “erroneous” newspaper reports categorizing the local power distributor in Bukidnon as among the “ailing” electric cooperatives in the country.

ILLEGAL MINING. Policemen secure an illegal small-scale mining site raided by a joint task force before dawn Tuesday in Purok 8, Barangay Taligaman in Butuan City. Backed by Chinese financiers, it is supposed to be the biggest illegal mining operation in the area. mindanews photo by erwin mascarinas

According to the reports published in a nationa l broadsheet (Oct. 7) and in this paper (Oct. 21), FIBECO had been included in the list of “ailing” power utilities based on a presentation to the media made by NEA D e put y Ad m i n i s t r at or for Electric Distribution Utilities Services Edgardo R. Piamonte. I n h i s pre s ent at ion, Piamonte noted that out of the 114 ECs in the country, 18 of them have been posting net

loss and labeled as “ailing” power utilities. These include, among others, FIBECO. The rest were the Northern Samar Electric Cooperative I nc . ( NOR SA M E L C O), Ca ma rines Sur Elect ric Cooperative I; Province of Siquijor Electric Cooperative Inc., Marinduque Electric Cooperative Inc.; Davao Oriental Electric Cooperative I nc . ; A g u s a n d e l Su r Electric Cooperative Inc.; FIBECO/PAGE 23

2 companies investing P390-M in ARMM CdO to strictly enforce MARAWI City -- Two large companies are set to put up a combined investments of P39 0 m i l l ion i n t he Autonomous Reg ion i n Muslim Mindanao (ARMM) after getting the approval of the region’s board of investments. L a F r u t e r a , I nc . , a subsid ia r y of Uni f r ut t i Group of Compa nies will invest P300 million for the expansion of 300 hectares Cavendish banana

plantation in Pandag town in Maguindanao to increase its banana production by as much as 1.2 million boxes per year. Accordingly, La Frutera wants to take advantage of the increasing demands for bananas in the global market particularly in China, Japan and the Middle East. Meanwhile, Iron Blaze Petroleum, Inc., a company engaged in the importation, distribution and sales of

petroleum products, will put up a P90 million oil depot at the Polloc Freeport in Parang, Maguindanao with a capacity of 9 million liters. Lawyer Ishak Mastura, AR M M Reg iona l Board of I nvest ment s (R BOI) chairman, said they have provisionally approved the registration of investments of bot h companies in a joint board of governors and management committee companies/PAGE 23

Mindanao Daily NEWS

Anti-Mendicancy Law WITH t he increase of street children singing Ch r ist ma s c a rols a nd b e g ga r s k no c k i ng on vehicles here, the Cagayan de O ro Cit y C ou nc i l C om m it te e on S o c ia l Services calls for the strict implementation of t he Anti-Mendicancy Law. City Councilor Annie Daba has ex pressed concern about the safety

of the mendicant children. “Kuyaw mangaligsan ug ang pinakalooy ang pag gamit sa mga batang walay boot aron magpakilimos,” she said. Daba also appeals to motorists not to tolerate beggars or children on the streets singing Christmas carols and asking money in return. enforce/PAGE 23

northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
BusinessWeek Mindanao (November 7, 2013) by Mindanao Daily News - Issuu