BusinessWeek M I N DA N A O CREDIBLE
Volume XII, No. 64
Market Indicators
AS OF 6:00 PM NOVEMBER 6, 2021 (SATURDAY)
FOREX US$1 = P 50.33
PHISIX 7,340.77
X X Briefly
0.26
137.05
cents
points
Noche buena prices THE price of some foods typically consumed on Christmas Eve may rise between 4% and 8%, according to the Philippine Amalgamated Supermarkets Association (Pagasa). Pagasa President Steven T. Cua said in a television interview Thursday that selected foods for Christmas Eve dinner, known as “Noche Buena” could see price increases of up to P2 depending on the size of the product. “We have to plan what we need to buy so that we can meet our budget. Always have a list of things to buy. Consumers can stick to a budget,” Mr. Cua said.
YOUR MINDANAO-WIDE BUSINESS PAPER
RELIABLE
IN-DEPTH
Easing pork prices AUTHORITIES are looking into the possibility of relaxing rules on the selling of imported pork around the country, noting the elevated inflation outside of the National Capital Region (NCR) due to supply constraints. This, as the rate of price increases of pork in areas outside of the National Capital Region (NCR) continues to surpass the government’s 2 percent to 4 percent target due to supply issues caused by the African swine fever (ASF). “And one reason for that is some restrictions that prevent some of these imported supplies from being sold elsewhere, especially in the wet markets. So, this is something that we think should be relaxed so that more people can benefit,” Socioeconomic Planning Secretary Karl Kendrick Chua said during the Economic Journalists Association of the Philippines’ virtual briefing on Thursday.
P15.00
ERC scrutinizes supply overcontracting by DUs www.businessweekmindanao.com
T
Mon-Tue|November 8-9, 2021
By MYRNA M. VELASCO, Contributor
HE Energy Regulatory Commission (ERC) is rigidly scrutinizing the power supply agreements (PSAs) entered into by distribution utilities (DUs) in its bid to strictly disallow ‘overcontracting’ in the electricity supply procurements of regulated power utilities.
“Our priorities now, we are looking into those expiring and we have started looking into those which have overcontracted. We have to be very firm that we do not allow overcontracting.” ERC Chairperson Agnes T. Devanadera stressed. She indicated that if DUs will be found to have over-
contracted on their power supply purchases, the ERC will have to reduce their capacities, just so the endconsumers will not be saddled with expensive electricity rates. “We have to be ver y ‘solomonic’ in our decisions on overcontracting because there will be direct benefits to the consumers when we reduce the capacity of the overcontracted and that will be reflected in the reduction of the rates,” the ERC chief explained. Devanadera qualified the regulatory body is currently in the process of evaluating at least 512 pending PSA applications – and some of
Thank you for trusting us!
these are up for renewal; while the rest are new filings. Nevertheless, the ERC chairperson specified that “it doesn’t mean these PSAs have not been implemented just because they are pending. All of these have been issued e it h e r t h e prov i s i on a l authority on the 75th day or interim relief if beyond 75 days.” Of the power supply deals being reviewed by the ERC, the bulk or 221 contracts have been pending from 2011 to June 29, 2015; while 129 PSAs have been affected by the Supreme Court decision in 2019 that requires all power supply contracts SCRUTINIZES/PAGE 9
BARMM provides banana plantation project for IPs
High cost of producing rice THE average cost to produce palay, or unmilled rice, rose 1.7% in 2020 to P47,089 per hectare (/ha), according to the Philippine Statistics Authority (PSA). The PSA said in a report that rice farmers absorbed costs during wet season cropping of P47,196/ha compared to the dry season cost of P46,650/ ha. The PSA said the average production cost of rice farmers on a per kilogram (/kg) basis was P11.52/kg in 2020, up 0.6%.
We strive for Excellence!
Philippine Press Institute Civic Journalism Community Press awardee for the following: 2013 Best in Business and Economic Reporting 2014 Best in Environmental Reporting 2017 Best in Business and Economic Reporting 2018 Best in Business and Economic Reporting
COSTLY SPICES. As inflation continues its upward trajectory at over 5% in October, consumers have to contend with the rising costs of basic commodities like spices sold inside the Cogon public market in Cagayan de Oro City. And despite the dumping of agri productz from China at the local markets, a kilo of red onion still costs P160. photo by gerry lee gorit
Hontiveros: Heads will roll over anomalous gov't-Pharmally deal By CHRIS V. PANGANIBAN, MindaNews
ROSARIO, Agusan del Sur — Heads will likely roll as a result of the Senate investigation into the alleged anomalies attending the transaction between the government and Pharmally Pharmaceutical Corp. for the purchase of medical supplies for the response to the COVID-19
pandemic, Senator Risa Hontiveros said Friday. “Posible, posible po yan,” (Possible, that’s possible) Hontiveros said when asked if prosecution could be expected after the investigation. S ome s e nators have accused Pharmally of selling overpriced medical items to
the government. They also questioned how the company managed to bag a multibillion peso procurement deal when it only had a paid-up of P650 DEAL/PAGE 8
COTABATO City -- Two regional lawmakers in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the region’s invest ment of f ice have pooled resources for the establishment of a banana plantation to provide liveli ho o d for Te duray farmers in the mountains of Maguindanao. On Thursday, the BARMM government started the construction of the banana plantation following the groundbreaking ceremony at Barangay Labungan, Datu Odin Sinsuat town. A joint project of the BARMM’s Bangsamoro Board of Investments (BBOI) and the offices of Bangsamoro Transition Authority (BTA) Members of Parliament
Suharto Ambolodoto and Ministr y of Indigenous People’s Affairs (MIPA) repres ente d by D eputy MIPA Minister Guialel Abdurahman, an initial five-hectare land area at the Datucampong plantation will be planted with the Cardava banana variety. In the coming months, it is expected that planting of the Cardava variety will expand within the total 50-hectare plantation area of the firm. The BBOI has earlier established the link between the Datucampong firm, a new banana investor, and the Usman banana plantation in Matanog, Maguindanao, for banana plants supplies. The BBOI also will provide the firms with technical PLANTATION/PAGE 9
ADB-funded projects in Zambo up for completion next year THE Department of Public Works and Highways (DPWH) said Friday that civil works for three Asian Development Bank (ADB)-funded road projects in Zamboanga are now in the advanced stages of completion. T h e “c omp l e t i on of
the 68.78-kilometer core road projects under ADBs ‘Improving Growth Corridors in Mindanao Road Sector Project’ will be achieved by f irst ha l f of 2022,” the department said in a statement. COMPLETION/PAGE 9
NO MORE BARRIERS. Motorcycle riders ply the streets of Davao City on Nov. 4, 2021 without the pillion barriers, the use of which the government has lifted after over a year of imposition. mindanews photo
Editorial and advertising email : businessweekmindanao@gmail.com • Cell Number : 0917-7121424 • 0947-8935776