BusinessWeek Mindanao (October 11, 2013)

MINDANAO DAILY NEWS SECOND SECTION

Friday - October 11, 2013

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Briefly Misocc energization OROQUIETA City – Nine more villages in the region have been energized recently following the completion of the P4.67 million electrification project in nine sitios of Misamis Occidental.

The project is part of the Fostering Rural Electrification and Energization (FREE) Program of energy-firm STEAG State Power Inc. (SPI) and undertaken in partnership with the Department of Energy (DOE), the Misamis Occidental I Electric Cooperative (MOELCI), and the concerned local government units of the recipient communities.

Recipient communities are situated in remote areas of Aloran, Sapang Dalaga and Oroquieta City, in Misamis Occidental.

Model OFW family SIX overseas Filipino workers (OFW) and their families were awarded Tuesday for being model OFW Family in their respective communities.

S p e a r h e a d e d by t h e Overseas Workers Welfare Administration (OWWA) in Region 10, the awarding and recognition of the model OFW families in the region were held October 8 in Grand Caprice Restaurant and Convention Center, this city.

Given special commendations were Rosalinda Suico-Costaña and family from Manolo Fortich in Bukidnon for their success in managing meager resources and proper channeling of funds into sound investments which led to the financial stability of the family’s income generating projects.

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IN-DEPTH

15 small-scale miners eye contracts in Caraga Page 13

By ROEL CATOTO, MindaNews

SURIGAO City – The Mines and Geoscience Bureau in the Caraga Region (MGB-13) has received a total of 15 small-scale mining contract applications from the different provinces in the region.

Engr. Noli Arreza, acting re g iona l d i re c tor, s a id four applications are from Surigao del Norte. Three are from Barangay Cansayong, Cantapoy and Hanagdong i n t he mu n ic ipa l it y of M a l i mono a nd one i n Barangay Magsaysay in Placer town.

He said four applications are from Agusan del Sur located in the municipalities of Rosario and Bunawan.

There were a lso four applications from Agusan del

Norte, in Barangays Del Pilar and Bayabas in Cabadbaran City; and Barangays Matinge, Kantikol and Mt. Banahaw in Santiago town.

Two applications are from Barangay Maibo and B a r a ngay S a lv ac ion i n Butuan City.

There was one application from San Miguel town in Surigao del Sur. Arreza said a ll these applications will be mining for gold and silver under miners/PAGE 23

GOLD MINING. Small-scale miners dig for gold along the national highway in Barobo, Surigao del Sur. mindanews file photo by keith bacongco

PSALM resets auction More revenues targeted from provinces first vice-president, said these for Agus plant upgrade areas contribute about 25%

By CARMELITO Q. FRANCISCO Correspondent

By LOVELY MAE CASENAS, Staff Member

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has moved the auction for the contract to upgrade two units of the Agus VI hydroelectric plant in Northern Mindanao — originally scheduled last week — to give more time for bidders to conduct due diligence, an official said last Wednesday.

At lea st eig ht f i r ms have expressed interest to participate in the auction for the uprating project of the first two units of the Agus VI hydroelectric power plant,

PSALM President and Chief Executive Officer Emmanuel R. Ledesma, Jr. said.

But Ledesma said the bidding that was scheduled last Sept. 30 did not push through after bidders asked for more time.

“The bidding was moved to Oct. 25 to give them more time to conduct due diligence,” Ledesma said.

INTERESTED The eight f irms were ident i f ie d a s: Gu a ng x i Hydroelectric Construction Bureau; Alstom Philippines, PSALM/PAGE 23

DAVAO City -- Gotianunled Filinvest Land, Inc. is looking at increasing by a fifth this year revenues from its Visayas and Mindanao projects, a senior company

off icial said in a recent interview here.

While he declined to give specific figures for Visayas and Mindanao sales, Tristan L. Las Marias, Filinvest Land

to total company revenues.

Although Metro Manila has been a mainstay for the company’s growth, Mr. Las Marias said the Visayas and revenues/PAGE 23

Gov’t applies for increase in power rates THE government is seeking an increase in electricity rates to pay for National Power Corporation’s (Napocor) unsettled loans.

In a petition filed with t he E nerg y Reg u lator y Commission (ERC), staterun Power Sector Assets and Liabilities Management Corporation sought a P0.0382

Mindanao Daily NEWS

per kilowatt-hour increase in rates.

The increase is meant to pay for P41.1388 billion in financing costs Napocor incurred from 2011 to 2012.

“The aggregate amount if collected would lessen add it iona l loa ns to be incurred by Psalm in behalf of [Napocor]. Provisional

approval [will] also keep Psalm from resorting to refinancing to service its maturing debts and lease obligations, if not totally el i m i nat i ng , add it iona l borrowing costs so as not to increase the UC burden,” Psalm said.

UC refers to the universal increase/PAGE 23

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Economy

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Electricity rate lower by P0.54/kWh in Oct MANILA -- Electricity consumers will see a 54-centavo per kilowatthour (kWh) reduction in their October rates, as the generation charge along with other components of the electricity bill registered downward adjustments.

The bi l l of a t y pica l household using 200 kWh will decrease by around PhP 108 this month.

Generation charge

went down by 49 centavos per kWh from P5.17 per kWh to P4.68 per kWh, its lowest level since October 2010. This was driven by

the significant P8.99 per kWh reduction in the cost of power sourced from the Wholesale Electricity Spot Market (WESM).

Spot market prices were genera l ly dow n ma i n ly as a result of the higher availability of hydroelectric plants.

Another contributor to the decline in the generation charge is the end of the I n c r e m e nt a l C u r r e n c y Exchange Rate Adjustment (ICERA) collection by the

National Power Corporation (NPC).

Average cost of power sourced from plants selling to Meralco under the Power Supply Agreements (PSAs), meanwhile, also decreased by 4 centavos per kWh from P4.21 to P4.17. PSAs remained the lowest cost of supply among the power suppliers.

The Independent Power Producers (IPPs) likewise reg istered a 26 -centavo reduction. From the previous lower/PAGE 21

IMF warns major transitions in global financial system WA SH I NGTON -- T he global financial system faces several major transitions accompanied by substantial risk s, t he Internat iona l Monetary Fund (IMF) said Wednesday.

“The f irst one is t he transition in the United States from a prolonged period of monetary accommodation towards a normalization of monetary conditions,” Jose Vinals, head of the IMF’s Monetary and Capital Markets Department, said at a press conference to unveil its Global Financial Stability Report.

“This process will be unprecedented and complex ... Containing longer-term interest rates and market volatility has already proven

to be a substantial challenge, as shown by the sharp rise in bond yields and volatility si nc e M ay,” t he I M F ’s financial counsellor said.

U.S. Federa l Reser ve Chairman Ben Bernanke laid out a tentative tapering plan to exit quantative easing (QE) three months ago and caused investors to withdraw money from emerging markets and restructure their portfolios, stoking volatility in currency, bond and equity markets around the globe.

Given the prospect of higher interest rates and greater volatility, investors will naturally adjust their portfolios by reducing their fixed income holdings. The IMF ’s Globa l Fi na ncia l warns/PAGE 21

The coal storage facility for the300-megawatt coal-fired power plant of Therma South in Barangay Binugao, Toril District, Davao City and Barangay Inawayan, Sta. Cruz in Davao del Sur on Oct. 5, 2013. mindanews photo by froilan gallardo

PHL construction boom hikes demand for cement

CEBU CITY -- The construction boom in both the public and private sectors in the Philippines has increased the demand for cement products, a top official of a Cebu-based cement firm said.

Satoshi Asami, Taiheiyo Cement Philippines president and chief executive officer, said most of the projects in the country needing cement are public construction works and projects of large companies.

The Taiheiyo Cement Philippines plant in San Fernando town in southern Cebu produced 1.2 million tons of cement last year, providing solely for the local market.

It has a capacity to produce 1.5 million tons, but Asami said they will be increasing capacity by 15 percent this year to meet the demand of the country’s booming construction industry.

The company will be investing US$ 5 million to increase its capacity, higher than the US$ 3 million it regularly spends for expansion.

For the next two years, the company plans an investment of US$ 10 million to increase its production capacity.

After securing its third investment grade rating from Moody’s, Asami said the Philippines will have an even demand/PAGE 21

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CorporateWorld

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DHL set to invest $25-M in PH

AirAsia to infuse $100-M into Philippine operations THE Philippine unit of Southeast Asia’s largest budget airline is pouring $100 million into the rebranded AirAsia Zest, one of its executives said Wednesday. “ We w i l l re -l au nc h AirAsia Zest by October 26 and the group is pumping in $100 million,” Michael Romero, vice chairman of Air Asia Inc. told reporters.

Romero, who is a lso chairman of AirAsia Zest, said the carrier will acquire three more Airbus A320s and will end the year with 16 aircraft.

He said the company is talking to AirAsia X to operate long-haul f lights i n Cla rk a f ter A i rA sia

Philippines temporarily suspended operations in t he former US mi litar y base. AirAsia X is a longhaul budget airline based in Malaysia.

“We are trying to convince AirAsia X to locate in Clark for long-haul flights, but it would take about a year or two. Our business model in Clark as regional hub is not working because Clark is being converted now into long-haul services,” Romero said, adding that AirAsia

Zest will concentrate on two- to four-hour f lights out of Manila.

Earlier, Emirates Airline launched its Manila-Dubai destination, the first longhaul flight in Clark.

Jose Victor Lucia no, president of Clark Inter nat iona l A i r por t Corporation, had said the agency was courting US carriers to fly out of Clark in preparation for the upgrade of the Philippines’ aviation ratings to Category 1 from Category 2.

Air Asia Philippines had suspended operations in Clark to support Zest Air, airasia/PAGE 21

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The Philippine economy grew by 7.6 percent in the f i rst si x mont hs of t he yea r, a mong t he fastest in Asia and higher than the government’s full-year target range of 6-7 percent.

DH L o p e r a t e s f o u r businesses, namely express, global forwarding, supply chain and mail.

Accroding to its website, DHL Philippines employs 400 and serves over 100 cities and provinces nationwide. It has over 200 outlet locations.

DHL has about 475,000 employees in more than 220 countries and territories, generating more than 55 billion euros in revenues.

DHL yesterday announced a $25 million investment in the Philippine supply chain business, brushing aside a local court decision barring rival Federal Express from operating in the country.

“My understanding is there is no final decision in the case of FedEx. We w ill continue to do our business here,” Frank Appel, chairman of the board and chief executive of Deutsche Post DHL said.

Citing a Constitutional ban on foreign ownership of public utilities, the Court of Appeals last July voided the permit granted in 2011 by the Civil Aeronautics

Board (CAB) to Federa l Express Pacific Inc. Appel however said DHL is committed to expand in the Philippines and “plans to invest $25 million in the next two years.”

He said the investment w i ll be poured into t he express and supply chain businesses.

“We have seen a very he a lt hy g row t h i n t he Philippines in recent years and we see Philippines as a very promising market for many industries, and also for ours because we are helping many industries to develop their business,” Appel said.

Vista Land raises $100M

Ayala Land to hike capex

VILLAR-LED Vista Land & Lifescapes, Inc. has raised $100 million from an offshore bond sale to partially fund capital expenditures, the company said in a disclosure Wednesday.

“We hereby d isclose that the company’s wholly ow ned subsid ia r y, V LL International, Inc., completed the issuance, offer and sale of $100 million, 6.75% Senior Guaranteed Notes Due 2018,” Vista Land said.

The notes are guaranteed by the company and its subsidiaries, namely: Brittany Corp.; Crown Asia vista/PAGE 21

AYALA Land Inc (ALI) w ill increase its capita l expenditure for next year to support more project launches, as the real estate giant hits its earnings target ahead of schedule.

Jaime Ysmael, ALI chief financial officer, today told reporters that the higher c apex w i l l f i na nce t he development of residential projects and support the expansion of its property portfolio, which includes malls, offices, hotels and resorts.

“Naturally that number has to move up for as long as we continue to invest heavily,” Ysmael said on the sidelines

of the listing ceremony of ALI’s P6-billion bonds at the Philippine Dealing and Exchange Corporation.

ALI this year earmarked P65.5 billion for its capex, P46 billion of which will bankroll the completion of ongoing projects. It will also launch 69 new projects with a combined value of P129 billion.

To finance its 2014 capex, the property firm will return to the debt market next year with a bond issuance, the company’s “preferred mode of raising funds.”

“A t t h e r a t e w e ’r e developing, even our ayala/PAGE 21

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AgriBusiness

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DA: Chicken, pork supply enough for the holidays THE Philippines will have enough supply of pork and chicken during the holidays and that there is no need to import, the Department of Agriculture (DA) said.

Agriculture Secretary Proceso J. Alacla said there will be enough ham for the Christmas season as there is no shortage of pork.

“With adequate supply, t he ma rket w i l l not be bothered by sudden price increases,” Alcala said in an in interview.

The DA chief, however, said the average farmgate price of chicken is lower due to oversupply.

The Philippines usually imports chicken during the fourth quarter of the year to prop up supply. Demand for poultr y meat shoots up during the holidays as Filipinos cook dishes using this as one of the main ingredients.

Meat products are also in demand during the holidays, causing prices to go up.

Based on figures from the National Meat Inspection Service as of September 9, the inventory of local dressed chicken reached 9,904.89 metric tons (MT). Compared to last year’s inventory, this is higher by 150 percent.

Inventory of imported dressed chicken in government-accredited cold storages reached 2,858.86 MT, double the 1,921.14 MT registered last year.

Total dressed chicken inventory as of September 9 reached 12,763.85 MT, or 12.76 million kilograms.

Meanwhile, frozen pork supply/PAGE 21

‘Pili’ nuts, cassava among most profitable crops: BAS FARMERS could earn more from pili nuts, cassava, carrots and onions, according to the latest report released by the Bureau of Agricultural Statistics (Bas).

I n it s re p or t t it le d “Updated Production Costs and Returns of Selected Agricultural Commodities,” the Bas said these are among the crops that have yielded the most profit for every peso invested by farmers.

Farmers who planted pili nuts last year, the Bas noted, incurred a production cost of P30,295 per hectare. At

an average yield of 3,461 k i log r a ms per hec t a re, the average gross return

was P107,014 per hectare.

“The cost per kilo in pili crops/PAGE 21

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Banking&Finance

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BSP sees higher 4Q inflation INFLATION could accelerate in the fourth quarter, but would still end the year near the lower end of target, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

“The estimate that we have that there could be some increase but on the whole, we’ll still be well within the target.” BSP Governor Amando M. Tetangco Jr. told reporters on the sideline of yesterday’s Microcredit Summit.

“So even if there is some increase, the likelihood is that we’ll be closer to the lower end of t he target range,” he said.

“In fact for 2013, as you

know we’re slightly below the target at this point in time. The estimate is that inf lation for 2014 will be below the mid-point of the target range,” he added.

The BSP set a 3-5 percent target range for inf lation this year, and 2-4 percent for next year. Inflation is the average increase in prices of goods and services.

Consumer prices averaged 2.7 percent last month, higher than the 2.1

percent last August, and at the higher end of the BSP forecast range of 1.9-2.8 percent for September.

The National Statistics Office (NSO) said prices of vegetables, particularly those from Northern Luzon, shot up when “Maring” struck the northern part of the country. The armed conflict in Zamboanga also raised prices of vegetables in the region during the month.

Despite last mont h ’s uptick, inf lation averaged 2.8 percent in the first nine months of the year, still at the lower end of the BSP’s full-year target range.

Microfinance gaining ground

IBOT UBAN. A vendor plucks white hair from her mother while waiting for customers in their sari-sari store in Barangay Day-asan, Surigao City in this file photo. The country is expected to post higher inflation during the last quarter of this year.

Microfinance loans stood at P8 billion, serving over one million clients.

The level was unchanged from the year before, the BSP chief said, because microfinance loans are shortterm in nature, having a tenor of up to 90 days.

The savings of clients, he pointed out, surpassed the loans they took out during the period. “This tells us that microfinance clients have attained a level of financial independence from gaining access to microcredit.”

He added that the default rate of borrowers remained “low.” micro/PAGE 22

Cooperative banks consolidate

MICROFINANCE continues to grow in the country, the Bangko Sentral ng Pilipinas (BSP) chief said, as the regulator and the private sector work to create a viable environment for the industry.

“One of our principal t hr usts is to develop a f inancia l system that is inclusive and reaches out to the unbanked,” BSP Governor Amando M. Tetangco, Jr. said in his speech during a summit on poverty.

“An inclusive financial system makes for a more stable f inancia l system; equally important, it enables us to help improve the lives of our people,” he added.

This led the central bank to venture into microfinance -- its flagship program for poverty alleviation -- in 2000.

“Clearly, there is a need for intervention to accelerate the process of bringing down the benefits of growth to the grassroots,” Mr. Tetangco said.

He noted that more and more Filipinos have kept savings and gained access to credit through the spread of microfinance.

The combined savings of banks’ microfinance clients reached P8.9 billion as of June, 8.27% higher than the P8.22 billion registered in the first quarter.

PDIC generates P35.8m from foreclosed assets THE PHILIPPINE Deposit Insurance Corp. (PDIC) raised P35.8 million last week from an auction of its foreclosed assets.

“The PDIC raised a total of P35.8 million from the public bidding of corporate and closed banks’ assets last week, the third public bidding conducted for the year,” the state deposit insurer said in a statement yesterday.

The estates, which consisted of assets of five

shuttered banks and one corporate property, were sold for a premium of P5.8 million from their minimum disposal price of P30 million. “ T he rea l proper t ies sold were located in Makati City, Mandaluyong City and Taguig City and in the provinces of Isabela, Ilocos Sur and Pangasinan,” the PDIC said.

T h e PDIC i n i t i a l l y planned to sell 91 real estate PDIC/PAGE 22

mindanews photo by roel catoto

THE BANGKO Sentral ng Pilipinas (BSP) has approved the consolidation of si x cooperative banks, it said in a statement released Wednesday.

The banks are: Cooperative Bank of Agusan del Sur; Capiz Settlers Cooperative Rural Bank, Inc.; Cooperative Bank of Camarines Norte; Cooperative Bank of Leyte; Sorsogon Provincial banks/PAGE 23

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Against All Odds

Editor : Shaun Uy, E-mail: shaun_alejandrae_uy@yahoo.com

P

over t y has always been cont i nuously def i ned i n many ways. Lots of for mulas have been developed on how to eradicate such. Many ways were already done to somehow lessen its impact to the community. Many were done but none of them were effective enough in addressing the needs and meeting the demands. I came for a poor family and that is why I can say these things.

I met Leonisa Mahusay in a small village called Camalan in the municipality of Lala, province of Lanao del Norte. By just the sound of her name, I knew that she was someone fierce. The 29-year-old single mother, who prefers to be called as Ate Ayang, juggles three responsibilities: caring three toddlers singlehandedly, a parent leader for the Department of Social Welfare

and Development’s (DSWD) Pantawid Pamilyang Pilipino Program, and a treasurer of an association created through DSWD’s Sustainable Livelihood Program (SLP).

Before involving herself to community activities, she admitted that she was the kind of person who did not have a care in the world . She c on side r e d herself apathetic towards community development.

Young as she was, she did not even know what good parenting means. Let alone, she did not even know her obligations in raising her family. “Everybody knew I was the last person to know all these things,” Ate Ayang recalls.

When Ate Ayang became a beneficiary and a parent leader of Pantawid Pamilya, she realized how big her responsibility was in raising her children. It was also in

FEATURE

the same Program where she learned how to deal with people with different personalities. “It was kind of intimidating talking to people whom I think had more experiences than I did, but I did not let my age bother me. I want to help, that’s why I involve myself in development activities.”

When I asked her about how she feels being a beneficiary of the SLP of the DSWD, she smiled. “Like I said, I was immature and apathetic. I spent my money on things that were irrelevant. Ever since I was a member of the SLP, I began to see the value of every penny that I have worked for.”

Because she wants good a nd healt hy t h i ngs for her children, a personal conv ict ion she lea r ned through Pantawid Pamilya, she made a family budget plan through the help of

the SLP. “With the budget plan, I get to spend on things that are healthy for my children and I. I now buy fruits, vegetables, and other supplies for the house.

With SLP, my finances are

now well managed. Gone are the habitual mistakes of spending on things that were not beneficial to my children.”

She also added that through SLP, she was able to effectively manage her own crab-fattening business.

“I had this business long before I was a beneficiary of SLP. Before, all my earnings from the business would go directly on buying anything I wanted; I spend more than what I earned to the point that there is nothing left to sustain the business.

“But through SLP, I learned how to account my income.

It was in this program that I learned the Entity Concept in which I separate money for personal expenses and another for the business,” she shared.

Although her crab-fattening business has some low points due to seasonal disruptions, she came up with strategies to ensure that her business will sustain and that her

budget will not be diverted to something else. “I guess SLP has taught me to be smarter now,” she laughed.

Ate Ayang said that she and her children are now enjoying a good quality of life because of the values and lessons she learned from the two programs of the DSWD. When asked what lessons from the programs did have a great impact on her, she replied, “Well, three things.

I learned how to be more responsible. I learned how to be more sensitive to the needs of the people around me, and I learned how to be smarter.”

The article is written by Johnson Rubelle M. Acolacol, a DSWD worker who has personally witnessed how a young single mother survives her three kids through the Pantawid Pamilyang Pilipino Program and the Sustainable Livelihood Prog ram of the Department of Social Welfare and Development.

Mindanao Daily News Staff Lavie Casenas has a close encounter with a calf at the Misamis Oriental State College of Agriculture and Technology (MOSCAT) dairy farm in a tour of the school’s facilities, October 9, Claveria, Misamis Oriental.

The tour was facilitated by MOSCAT President, Dr. Rosalito A. Quirino, the school’s 4th president.

Photo by Shaun Alejandrae Yap Uy

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Cebu Pacific first Philippine carrier to land in Dubai in 15 years

T

he Philippines’ leading low-cost carrier, Cebu Pacific (PSE:CEB) sent off its first long-haul flight at 4:40pm today. The daily 9-hour Manila-Dubai direct service serves as a milestone for the airline that has made its mark in short-haul regional and domestic operations.

CEB President and CEO Lance Gokongwei said during the flight launch ceremony, “When you, dear guests, land in Dubai later tonight, it will be aboard the first Philippine carrier to land in Dubai in 15 years. We proudly carry the Philippine flag in this historic moment.”

“When we say we fly to where Filipinos are, we mean it. This was our mindset when we launched our first international flight to Hong Kong in 2001. This remains our mindset as we launch our 22nd international destination now,” he added.

Data from the Philippine Overseas Employment Administration (POEA) shows that UAE ranks second to Saudi Arabia in terms of number of land-based new hires and rehires. In 2012, there were 259,546 land-based workers deployed to UAE. Department of Transportation and Communications Undersecretary and Chairman of the Philippine Air Negotiating Panel Hon. Jose Perpetuo Lotilla and key officials from the Embassy of the United Arab Emirates, Civil Aeronautics Board, Civil Aviation Authority of the Philippines and Manila International Airport Authority sent off the maiden flight passengers from Manila.

In Dubai, the send-off ceremony was graced

by Her Excellency Grace Princesa, Ambassador Extraordinary and Plenipotentiary of the Republic of the Philippines in the United Arab Emirates.

The maiden return flight departed Dubai at 11:10pm (Dubai time) and will arrive 11:40am the following day. The flight also carried 100 Global Filipinos Cebu Pacific is flying home for free, as part of its “100 Lucky Juans” contest.

The 100 Lucky Juans, whose length of stay in the Middle East without returning to the Philippines is at least a year, will be welcomed with a homecoming party upon their arrival in Manila.

CEB’s Manila-Dubai-Manila service utilizes CEB’s brand-new Airbus A330 aircraft, recently delivered from Toulouse, France.

With lowest year-round fares starting at PHP4,999 (AED 349), CEB offers passengers fares that are up to 35% lower than other carriers. It also offers the fastest and easiest same-day connections with CEB's extensive Philippine route network.

Earlier this year, CEB announced its support to Global Runner Cesar Guarin, the first Filipino set to run the length of the globe. Guarin did its Middle Eastern leg last May and met Overseas Filipino Workers (OFWs) in Dubai, Abu Dhabi, and Jeddah among others.

CEB’s 47-strong fleet is comprised of 10 Airbus A319, 27 Airbus A320, 2 Airbus A330 and 8 ATR-72 500 aircraft. It is one of the most modern aircraft fleets in the world. Between 2013 and 2021, Cebu Pacific will take delivery of 15 more brand-new Airbus A320, 30 Airbus A321neo, and 4 Airbus A330 aircraft.

It flies to 34 Philippine and 22 international destinations, on over 90 routes from 6 Philippine hubs. This includes flights to Boracay, Cebu, Palawan, Beijing, Osaka, Seoul, Bali, Singapore, Hong Kong and Bangkok.

For bookings and information, visit www. cebupacificair.com or call (02)7020-888 or (032)230-8888. The latest seat sales can also be found on the Cebu Pacific Air official Facebook Fan Page and @CebuPacificAir on Twitter.

20 Mindanao Daily NEWS

SpeacialEvents Teachers called heroes on World Teachers Day northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Cheng Ordoñez, E-mail: cheng.ordonez@gmail.com

The Depar tment of Education (DepEd) led a massive celebration of World Teachers’ Day at tended by representatives from NCR and Regions 3 and 4A. Held at the PhilSports Arena (formerly ULTRA), over 7,000 teachers were entertained and paid tribute to by DepEd officials, private organizations, and members of the entertainment industry on Saturday, October 5.

As early as 5:30 a.m., busloads of teachers arrived at t he DepE d C omplex and were entertained by marching bands and cultural performers before the start of the main event. The program began at 8:00am. heroes/PAGE 22

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President Benigno Simeon Aquino III is being welcomed

by Brunei and Philippine officials upon his arrival at the Bandar Seri Begawan International Airport to join fellow regional leaders attending the 23rd ASEAN Summit and Related Summits. Discussions in the 23rd ASEAN Summit will revolve around the ASEAN Community 2015 and beyond, ASEAN’s central role and external relations and regional and international issues. Before leaving the country, President Aquino III has signed into law a bill amending the Juvenile Justice and Welfare Act of 2006, in order to exempt a child 15 years of age or under at the time of the commission of the offense from criminal liability. photo by malacañang photo bureau

GK celebrates 10 years of transforming Pinoys to modern ‘bayanis’ Aquino signs amended Celebrating 10 years of servant leadership and social t ra nsfor mat ion, Gawad Kalinga (GK) rejoiced for continuously bringing out heroism in every ordinary citizen, through the spirit of bayanihan.

Tony Meloto, founder of GK, signified the power of love to tra nsform communities, to turn slums into beautiful villages and to turn criminals into good

citizens.

“The power of GK is the power of love. We change many people’s lives and make everything possible because we know how to love. And the only way to really heal a broken life is through love.

That is GK,” Meloto said during the closing ceremony of its 10th Anniversary at Enchanted Farm in Angat, Bulacan.

T h e o r g a n i z a t i o n’s

aspirations have been focused in building the nation for the next generation and taking part in resolving social dilemma.

“GK is people power. We are all part of the solution to our social problems. This is what we do. We light up the torch of hope and the whole world believes we can change the Philippines,” Meloto explained.

As t he orga n i z at ion

turned 10, GK is committed to achieve its 2024 mission of ending poverty for five million families.

“W hate ver we bu i ld now is a legacy to the next generation. Together, let us build our nation and end poverty by 2024. Remember to live more for others and less for us. Let’s love our country more than anything else,” Meloto ended. (CLJD/ LGCC-PIA 3)

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HEAVY DUTY TRUCK MECHANIC QUALIFICATIONS: 1. MALE 2. At least HIGH SCHOOL graduate 3. Preferred Certified TESDA NC2

Juvenile Justice Act

President Benigno S. Aquino III has signed into law a bill amending the Juvenile Justice and Welfare Act of 2006, in order to exempt a child 15 years of age or under at the time of the commission of the offense from criminal liability.

D e put y P re sident i a l Spokesperson Abigail Valte said during the regular press

brief ing in Ma laca na ng on Tuesday that the Chief Executive signed on October 3 Republic Act No. 10630 otherwise known as “An Ac t St reng t hen i ng t he Juvenile Justice System in the Philippines,” amending for the purpose Republic Act No. 9344, otherwise known as the “Juvenile Justice aquino/PAGE 23

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10 OCTOBER 2013

Mindanao Daily 21 NEWS

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Lower... from page 14

month’s level of P5.26 per kWh, IPP rates was down to P5.00 per kWh this month.

Among other reasons, PSA and IPP rates went down with the strengthening of the peso.

In terms of sha re to Meralco’s power requirements for the supply month of September, PSAs, IPPs, and WESM accounted for 52, 40, and 8 percent, respectively.

A 200 kWh household will also experience a slight decrease of 0.2 centavo per kWh in the transmission charge. Taxes, which consist of the value added tax (VAT) and local franchise tax (LFT), meanwhile, decreased by 1.1 centavos per kWh. Other bill components, which include subsidy and system loss, had a tota l reduction of 3.4 centavos per kWh. Meralco reiterated that it does not earn from these passthrough charges, the la rgest of wh ich is t he generation charge. Payment for the generation charge goes to the power suppliers such as the IPPs, plants selling to Meralco under the PSAs, NPC and WESM. The rest of t he pass t h r ou g h c o s t s i nc lu d e transmission, taxes, universal charges, and other charges.

Mer a lco’s d i st r ibut ion, supply, and metering charges account for only about 18 percent on the average of the total electricity bill. (PNA)

Warns... from page 14

Stability Report estimates that a 100 basis point increase in interest rates from current levels could generate US$ 2.3 trillion losses on global bond portfolios.

“Engineering a smooth t ra nsit ion to moneta r y normalization will require a clea r a nd wel l-t i med communication strategy by the Federal Reserve to minimize interest rate volatility, as well as effective execution in line with economic developments,” Vinals said.

Emerg ing economies are faced with severe capital outflows, Vinals said, urging policymakers to address domestic vulnerabilities and enhance policy credibility, in addition to facilitate an orderly adjustment in their financial markets.

Vina ls a lso out lined other major transitions in the global financial system: a move to a more balanced and sustainable financial sector in emerging economies, the drive to bolster weak banks and address corporate debt overhang in the euro area, and efforts to reinvigorate Japan’s economy through the new policy regime of Abenomics.

If these policy challenges are not properly managed, the transition towards greater financial stability could be bumpy. “Policymakers need to steer carefully to navigate the bumps in the road ahead--so that we can arrive safely at our destination,” the senior IMF official said. (PNA/Xinhua)

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

Demand...

The company has planned to spend P18.6 billion this from page 14 year, with nearly P10 billion higher demand, as investors allotted for new projects and are expected to come in and the rest for land acquisition. put up their own projects. T he c omp a ny s p e nt Cu r rent dema nd for around P12 billion last year. cement in the Philippines is at 18 million tons.

A s a m i a s s u re d t h at from page 15 Ta i heiyo Cement wa nts prognosis of the property to be part of the country’s market, we believe the runway d e v e l o p m e n t t h r o u g h is still long enough for us the manufacture of high to take advantage of. Now quality cement products for we have more land across infrastructure development, many geographies, plus adherence to environmental a more complete product protection and enhancement offering spanning all income policies and active corporate segments,” Ysmael said. s o c i a l r e s p o n s i b i l i t y He said ALI sustained its programs. (PNA) growth momentum in the third quarter despite the blast that rocked Two Serendra in from page 15 May, considered a “non-event” which recently incurred in the company’s performance. losses because of a four-day “The take-up of projects suspension imposed by the remains to be very buoyant.

Civil Aviation Authority of Other markets are quite good as well,” Ysmael said, referring the Philippines.

Zest Air had said losses to the mall, office and hotel reached P70 million a day, or businesses. about P280 million during ALI will meet its target to post a net income of P10 the four-day suspension.

I n M a y, A i r A s i a billion this year, a year ahead Philippines completed its of its commitment, he said. acquisition of 49 percent of “We’re almost there...that the voting rights and an 85 should be achieved within the percent economic interest year,” Ysmael said. However, the goal to raise return on in Zest Air. The transaction a lso equity to 15 percent will “take includes the acquisition of 100 a bit more time” to achieve percent of the shareholdings after the property company sold shares in the last two in Asiawide Airways Inc. In exchange, Zest Air years. owner Alfredo Yao will get a Last year, ALI hit record 13 percent stake in Air Asia profits of P9.04 billion, 27 Philippines for $16 million. percent higher than the P7.14 billion recorded the previous year. At end-June, the real from page 15 estate giant’s earnings jumped Properties, Inc.; Camella 30 percent to P5.62 billion Homes, Inc.; Communities from P4.33 billion last year.

Philippines, Inc.; and Vista The company is on the Residences, Inc., it added. penultimate year of its 5-10 “The proceeds of the 15 plan, launched in 2009 n o t e o f f e r i n g w i l l b e with the world economy still used to partially finance reeling from the effects of the t h e c omp a ny ’s c a pit a l global financial crisis. expenditures and for general L a n d r e c l a m a t i o n corporate purposes,” Vista ‘interesting’ area Land said.

When asked if it will T h e c o m p a n y h a d submit a competing proposal e a rl ier app oi nte d U B S on SM’s plan to reclaim and AG, CLSA Ltd. and The develop land from Manila Hongkong and Shanghai Bay, Ysmael said that has been Banking Corporation Ltd. an “interesting” area for ALI as joint lead managers and even in the past. joint bookrunners; BDO “There are some challenges Capital & Investment Corp. there for reclaimed land so as domestic lead manager; we have to make sure we Citicorp International Ltd. are comfortable with the as trustee; Citibank N.A., regulatory environment. As London Branch as principal you know, iba yung reclaimed paying agent and transfer land. It’s a patrimony of the agent; and Citigroup Global state. There are some issues Markets Deutschland AG as that we have to be comfortable registrar. with,” he said.

T he compa ny i n t he SM Land Inc recently second quarter borrowed submitted an unsolicited P6 billion from banks also proposal to the Pasay City mainly to bankroll capital Public-Private Partnership expenditures.

C om m it tee for a joi nt Vista Land, the country’s venture that would reclaim largest home builder, has and develop 300 hectares of projects in 65 cities and land from Manila Bay. Pasay municipalities under the City is seeking competing brands Camella, Crown Asia, proposals from companies and Brittany, according to until November 4. its Web site.

Its profit grew 17.89% to P2.57 billion in the first from page 16 semester from P2.18 billion pr o du c t ion w a s P 8 .75. in the same period last year. Farmers’ selling price was This, as revenues climbed P30.92 per kilo in 2012. by 21.34% to P10.52 billion A net profit of P2.53 was from P8.67 billion, while the realized for a peso invested cost and expenses went up in pili nut production [last by 22.97% to P7.87 billion year],” the report read. from P6.40 billion.

For cassava, the Bas said

Ayala...

AirAsia...

Vista...

Crops...

farmers spent P20,783 per hectare to produce 10,171 kilos of the crop. The net profit averaged P51,431 per hectare.

The Bas said the average cost per k i lo was P2.04 while farmgate price was P7.10 per kilo. About P2.47 were earned for every peso of investment in cassava production in 2012.

Producing carrots in a 1-hectare farm, said the Bas, would entail cost averaging P86,511. With a yield per hecta re of 13,908 k i los, gross receipts amouted to P292,763.

“On the average, cost per kilogram was P6.22, while farmgate price was P21.05 during t he sa me period. For every peso of investment, carrot farmers earned P2.38,” said the Bas. On ion bu lb, t he Ba s repor t s a id , i s a not her profitable crop. The cost of producing onion bulb ave r a ge d P14 4 ,176 p e r hectare in 2012. With a yield of 8,102 kilos per hectare, gross receipts amounted to P447,311 per hectare.

“On a per kilo basis, the average production cost was P17.80. The selling price of farmers averaged P55.21 in 2012. For every peso of investment, a profit of P2.10 was earned in onion bulb produc t ion,” t he repor t read.

Other profitable crops are calamansi and caulif lower.

T he B a s not e d t h at farmers who planted these crops earned more than P2 for every peso they invested in planting them.

The Bas report covered 26 commodities classified i nt o f r u it s , nut s , r o ot crops, vegetables, legumes, commercia l crop a nd fisheries. It covers a threeyear reference period, from 2010 to 2012.

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Supply...

CHANANTHON BED & BREAKFAST

inventory reached 13,117.63 MT, or 13.11 million kilos as of September 9. This is 1,000 MT higher compared to the stock last year.

Alca la a lso disclosed that South Korea is coming over to the Philippines to inspect local facilities and determine whether producers can start exporting bird-flu free poultry meat.

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from page 16

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Fun Page

22 Mindanao Daily NEWS northmin . westmin . caraga . davao Your Mindanao-wide Community Newspaper

Editor : Clifford Santillan, E-mail: santillan.clifford@yahoo.com

Micro... from page 17

At present there are about 186 banks with microfinance operations.

Aside from rural banks, big banks have also entered the lucrative business of microfinance.

Among them are Rizal Microbank, one of the thrift bank subsidiaries of Rizal Commercial Banking Corp.; East West Banking Corp., t hrough its purchase of Mindanao-based Green Bank of Caraga; and Robinsons Bank Corp.

Meanwhile, the central ba n k has launched a nationwide survey to measure the impact of microfinance on its clients.

“Aside from anecdotal evidence, it would be ideal to have metrics that will give us solid data on how we are doing and how we can make things even better,” Mr. Tetangco said.

P i a R o m a n -Ta y a g , w ho he ad s t he c ent r a l bank’s financial inclusion department, added: “We want evidence-based policy making ... to see if we are making progress.

PDIC... from page 17

properties with a combined minimum disposal price of P46.73 million.

“Unsold properties from the public bidding will be offered for negotiated sale,” it said.

clifford’s

Daily HOROSCOPE AQUARIUS (January 20 – February 18) - Your network is supporting you more than ever -- and more than you would have expected. It’s a really good time for you to reach out and ask for help from someone who feels kind of distant.

PISCES (February 19 – March 20) - An authority figure makes life difficult for you, but that doesn’t mean that you have to just sit there and take it.

Though it’s not a good time for confrontation, you can start to attract allies to your cause.

ARIES (March 21 – April 19) - It’s a really good time to take action -- even if that means you’ve got to wing it! Your good energy is perfect for leaving your mark on the world, whether you’re at work or looking for love.

TAURUS (April 20 – May 20) - You need to avoid the temptation to invest too heavily in one person or offer -- spread yourself out a bit! You should see that while intensity has its place, for now it’s better to go easy.

GEMINI (May 21 – June 21) - You have got to step up and take direct action -- your people are too confused to make the first move. Once you lead the way, they should see what needs to happen and then make it so.

CANCER (June 22 – July 22) - Sometimes you have to take care of yourself before you can help anyone else. It’s a good time to focus your attention on yourself and try to spur real growth. A clue comes your way this morning.

As the liquidator of closed banks, PDIC sells off their assets to help recover the deposits and investments of uninsured depositors and creditors.

The state deposit insurer, in its strategic road map up to 2016, aims to expediently d ispose of proper t ies absorbed from banks placed under its receivership by the Monetary Board.

Heroes... from page 20

Actress and singer Joy Viado joked “Teacher din po ako… sa [TV series] ‘Got to Believe’” but turned serious when she thanked teachers for b ei ng k id s’ s e c ond parents. ABS-CBN artist Tippy dos Santos received

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cheers when she announced that she was majoring in pre-school education and stated “walang engineer at doc tor k u ng wa la ng teacher.”

Si nger/ac t iv i s t No e l C aba ngon s a ng h is h it “A ko’y Isa ng Mabut i ng Pilipino” just as Guest of Honor Chief Justice Maria Lourdes Sereno arrived.

As Sereno took her seat with Education Secretary Armin Luistro, Cabangon sang the lyric “Tapat ang serbisyo ko sa mamamayan, di ko ibinubulsa ang pera ng bayan” bringing the house down.

David Linao, a student f rom C or a z on Aqu i no E l e m e nt a r y S c h o o l i n Quezon City led the “prayer

Mindanao Daily News’ If you like to greet your friends or just wanted to have some text mates through our publications, just text this number : 09269919077 or you can message it to our FB Fan Page ( Mindanao Daily Fan Page )

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CIRCLE A WORD holiday choice

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handa ang ating kaguruang P i l ipi no na ibigay a ng kanilang sarili, ang kanilang buhay para lamang hawakan at alagaan ang kanilang mga anak.”

At t hat sa me school Lu ist ro a lso rec a l led a teacher who wa s bei ng offered a bribe by candidates.

The teacher returned the money a nd sa id “Hindi ko kayang tanggapin ‘yan dahil ako ay isang guro.”

Lu ist ro i nt roduced Sereno as “Punong guro ng katarungan.”

There are over 600,000 teachers in the DepEd ’s roster with around 102,000 hired within the past three years. 33,194 new positions are proposed in the 2014 national budget. (DepEd)

-MovieWatch-

Social Section

-- I’m Richard. Nangita ko ug textmate o gf nga girl 25-40 years old kanang liberated girl o mom from Iligan or Cagayan de Oro or nearby. My # 09269422829

for teachers,” which was recited simultaneously at different WTD celebration venues in the Philippines.

Luistro then addressed the crowd, saying that the longe st c elebr at ion for teachers is in the Philippines.

Reminiscing his decision to pursue teaching, Luistro said that there was a saying that teachers did not need advocates to get to heaven, students will usher them in.

Lu ist ro a lso pra ised the heroism of teachers, recalling an incident early in his term as secretary where teachers protected their students from a rampaging madman in a Zamboanga school.

“Ito’y isang patunay na

summwer tent tour trek villa week winter yatch

Following Daniel Domscheit- Berg (Daniel Brühl), an early supporter and eventual colleague of Julian Assange (Benedict Cumberbatch), the movie The Fifth Estate traces the early days of WikiLeaks, culminating in the release of a series of controversial and histor y changing information leaks. The website’s overnight success brought instant fame to its principal architects and transformed the flow of information to news media and the world at large.

T h e d o cu m e nta r y We Ste a l Secrets: The Story of WikiLeaks bombed at the movie box office during its theatrical release in May 2013.

However, this movie, The Fifth Estate, is from Dreamgirls and Breaking Dawn director Bill Condon. So, who knows? It may make a few bucks.

The quite hideous looking Benedict Cumberbatch, or Cumbersnatch, as he is referred to by friends, is a dead ringer for the equally as creepy looking real life Julian Assange.

THE FIFTH ESTATE release date : october

18, 2013

SUDOKU How to play the game?

Fill in completely every rows, columns and diagonals of each puzzle without repitition

of the same digit.

Yesterday’s Answer

LEO (July 23 – August 22) - You’re having a blast with almost everything today -- even the chores and drudgery of your home or work life.

Somehow, you need to instill this spirit of fun in those around you.

VIRGO (August 23 – September 22) - Your practical side catches up with the promises you’ve made some time today -- and forces you to let someone down. You can do it gently, and may be able to salvage this situation before long.

LIBRA (September 23 – October 22) - Explore new territory today -- you can’t just stick to the same old haunts! You may find that your energy is best spent on reinventing yourself or pioneering some new activity.

SCORPIO (October 23 – November 21) - Take a risk today -- but don’t count on it paying off. Just push yourself a bit, as the particulars don’t matter nearly as much as your personal need to keep from playing it safe.

SAGITTARIUS (November 22 – December 21) - You admire a friend or colleague for their hidden qualities -- so let them know you can see what they’re best at! You may find that things start to get a little easier between you.

CAPRICORN (December 22 – January 19) - You need to dig deeply into your feelings -- your idealism is a driving force, and you should find that your energy is just right for making a real difference in the world. Enlist support!

Amazing Facts!

Did you KNOW?? ..

The language of a society changes slowly but steadily with the result that an educated person will not be able to read or understand words in his language written 500 years ago.

CROSSWORD puzzle across 1. Fist sport 6. Beget 10. Musical tone 11. Midday 13. Under (prefix) 14. Of itself 16. Savage 18. Preposition 19. Hoax 21. Superficial 23. Cripple 25. Dull in color 27. All (comb, form) 28. Conversation 29. Metallic element 30. Ninoy’s brother 32. Granular snow 34. Scream 36. _and behold

38. Upset 40. In no way 41. Condition of decline 43. Vivacity _Colores 46. Public disorder 47. Rubber expunger DOWN 1. Complete happiness 2. Swear word 3. , Preposition 4. Strong ale 5. Canyon 7. Linking verb 8. Groove 9. Hard wood 12. Nothing 15. Food fish 17. Powerful 20. Habitual conduct 22. Made of brass

24. Musical tone 26. Preposition 27. Conjunction 28. Copper symbol 29. Loafer 30. Attractive woman 31. Change 33. Compete 35. Ore deposit 37. Japanese sash 39. Attention 42. _Derek 44. Sodium symbol Yesterday’s Answer

Mindanao Daily 23 NEWS

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Miners... from page 13

groups or cooperatives.

He said two small-scale mining contracts had been issued so far by his office after they have complied with and met all the requirements. One is from Dinagat Province, which has been mining for sand chromite and chromite ore, and the other in Bunawan in Agusan del Sur that has been mining for gold with an area 593 hectares.

However, Arreza said that the small-scale mining permit of MAMBISMA, Inc. was held in abeyance by Agusan del Sur Gov. Adolph Edward “Eddiebong” Plaza pending the release of the Revised Implementing Rules and Regulations of Republic Act 7076 or the People’s Small-Scale Mining Act of 1991 which up to now the Mine Industry Coordinating Council has yet to come up with as stipulated in Executive Order 79.

Under the Executive Order 79 in Section 11, it says that small-scale mining activities shall comply with RA 7076 a nd t he Env ironmenta l Impact Statement System requirement under Presidential Decree 1586.

Before, applicants will only get permits from the office of the governor.

Pursuant to the executive order issued on Ju ly 6, 2012, operations shall be undertaken only in locations declared as “People’s SmallScale Mining Areas,” also known as “Minahang Bayan.”

It further said that only gold, silver and chromite can be mined in these areas, and the use of mercury shall be prohibited.

Arreza said the MGB is exerting efforts to legalize all small-scale mining activities in the region but stressed that these shall be regulated.

He assured that adverse effects to the environment due to these activities could be contained as they are closely monitoring adherence to the guidelines as far as responsible and safe mining practices are concerned.

PSALM... from page 13

Inc.; China International Water and Electric Corp.; Hyd roChina ZhongNa n Engineering Corp.; Kaltimex Energy Philippines, Inc.; PH P Ph i l ippi ne Hyd ro Project, Inc.; Vicente T. Lao Construction; and Zhejiang Fuchunjiang Hydropower Equipment Co. Ltd. In a pre-bid conference last July 30, the interested f i r m s were br ie fe d on bidding procedures, as well as technical specification and requirements of the project.

The uprating project intends to increase the power output of the first and second units of the Agus VI plant from 25 megawatts (MW) to 34.5 MW each, PSALM said.

“The project will include the investigation, design, engineering, manufacturing, installation, testing and commissioning of the new

hydro power turbines and blades of t he t wo Ag us VI power units, as well as replacement of electrical equipment, materials and devices necessary for the safe and reliable operation of the power facilities,” PSALM had said.

The state-run firm said the project is expected to be completed within 900 calendar days upon awarding of the contract. PSALM has approved a P2.598-billion budget for the contract.

VITAL FACILITY The 200-MW Agus VI run-of-river hydro plant is located in Iligan City, Lanao del Norte.

The plant consists of two units with combined capacity of 50 MW; and three units with total capacity of 150 MW. The power plant is part of the Agus-Pulangui hydro power facility, which provides more than half of Mindanao’s electricity needs.

Under the Republic Act 9136 or the Electric Power Industr y Reform Act of 2001, PSALM is mandated to manage the privatization and maintenance of the power generation assets, liabilities and contracted capacities of the National Power Corp.

Revenues...

from page 13 Mindanao have also been growing as Filinvest Land continues to invest in these areas.

About four years ago, the company had projected that revenue from Mindanao alone could reach P2 billion annually.

The latest project that Filinvest Land launched here last month was 3.8-hectare 8 Spatial Davao, a joint venture with Carlos Villa Abrille and Sons, Inc., which owns the land.

Mr. Las Marias said this project should boost the sales of the company which already has 14 projects across Mindanao, including this latest venture.

TARGET MARKET “ We a re lo ok i n g at younger buyers,” Mr. Las Marias said of the project.

8 Spat ia l Davao is designed as an eight-building condominium, the company’s second such project next to One Oasis behind SM City Davao at Ecoland district.

The company is trying to attract the middle and lower-middle markets to its medium-rise condominiums.

M r. L as Ma r ias sa id that Filinvest Land has also signed up with banks to provide financing schemes to lure and help buyers of its projects.

Mr. Las Marias also said the company is still studying whether to develop its prime property fronting Abreeza complex, a partnership of Ayala Land, Inc. and Anf lo Investment and Management Corp. “ We a re lo ok i n g at whether it is time to develop that land,” he said, adding that prices of properties within the area have gone up these past months.

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

Increase... from page 13

cha rge , a l i ne item i n consumers’ electricity bills that reflects that part of what we pay that goes to servicing Napocor’s stranded debts, or obligations in excess of the amount raised from selling the company’s assets.

Under the Electric Power Industry Reform Act of 2001, Psalm is tasked with selling off Napocor’s power plants and other assets to raise money to settle its debts.

The ERC earlier set a zero UC for Napocor’s stranded debts, but allowed Psalm to file a regular variance analysis (VAR) report to account for adjustments.

Banks... from page 17

C ooperat ive Ba n k ; a nd Southern Leyte Cooperative Bank.

T he ne w b a n k w i l l be na med t he Net work Consolidated Cooperative B a n k ( NC C B). T he Nat iona l Confederat ion of C o op e r at i ve s - - a n association of cooperatives in the country -- will invest in the new bank, the BSP said.

T he d e a l w a s m a d e under the Strengthening Program for Cooperative Banks, which was launched by the BSP, the Philippine Deposit Insurance Corp. and Land Bank of the Philippines i n 2 011 t o e n c o u r a g e mergers, consolidations and acquisitions of cooperative banks to create a stronger industry.

“The operation of NCCB will start upon the issuance of authorizations from the BSP and the Cooperative Development Authority,” the BSP said.

“The consolidation will create a larger and stronger financial institution with a wider market as a result of synergy, cost savings and competitive advantage,”it explained. “ T his major event heralds the acceleration of the consolidation of the cooperative banking industry, aimed at contributing further to the health and soundness of the entire banking system.

U lt i mately, t his shou ld redound to the benefit of the various stakeholders including the public.”

Aquino... from page 20

and Welfare Act of 2006 and appropriating funds therefor.”

T his Ac t which is a consolidation of Senate Bill No. 3324 and House Bill No. 6052 was finally passed by the Senate and the House of Representatives on June 5, 2013.

The law aims to protect t he welfa re of chi ld ren in conf lict with the law, majority of whom are guilty of petty crimes such as petty theft, vagrancy and sniffing glue.

Under the law, a child 15 years old and under at the time of the commission of the crime, will be exempted

from criminal liability.

H o w e v e r, t h e s a i d child sha ll be subjected to a c om mu n it y-ba s e d i nter vent ion prog ra m supervised by the local social welfare and development of f icer, u n less t he best interest of the child requires the referral of the child to a yout h care facilit y or Bahay Pag-asa managed by local government units (LGUs) or licensed and/or accredited non-government organizations monitored by the Department of Social Welfare and Development (DSWD).

The law provides that a child above 15 years but below 18 years of age shall likewise be exempt from criminal liability and be subjected to an intervention program, unless he/she has acted with discernment, in which case, such child shall be subjected to the appropriate proceedings in accordance with this Act. These minors can face civil liabilities in accordance with existing laws.

A child who is above 12 years of age up to 15 years of age and who commits parricide, murder, infanticide, kidnapping and serious illegal detention where the victim is killed or raped, robbery, w it h homicide or rape, destructive arson, rape, or carnapping where the driver or occupant is killed or raped or offenses under Republic Act No. 9165 (Comprehensive Dangerous Drugs Act of 2002) punishable by more than 12 years of imprisonment, shall be deemed a neglected child under Presidential Decree No. 603, as amended.

The chi ld sha l l be mandatorily placed in a special facility within the youth care faculty or Bahay Pag-asa called the Intensive Juvenile Intervention and Support Center.

Repeat of fenders, or children who have committed crimes more than three times, be considered as neglected ch i ld ren a nd , a s such, must undergo intervention programs super vised by the local social welfare and development officers.

The law provides the m a x i mu m p e n a lt y for those who exploit children such as syndicates, for the commission of criminal offenses.

The law mandates the creation of t he Juvenile Justice and Welfare Council (JJWC) to ensure the effective implementation of this Act. As an attached agency of the DSWD, the JJWC shall be chaired by a DSWD Undersecretary. The JJWC will be required to conduct a periodic study on the age of discernment to provide basis for a legislative review.

The law also provides assistance to victims of crimes committed by children.

The amount necessary to carry out the provisions of this Act shall be charged against the current year’s appropriations of the JJWC under the budget of the Depa r t ment of Ju st ice.

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