BusinessWeek Mindanao (October 26, 2020)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XI, No. 61

Market Indicators AS OF 6:00 PM OCT. 23, 2020 (FRIDAY)

FOREX US$1 = P 48.480

12

PHISIX 6,484.06

X X Briefly 139.43

cents

points

13th month subsidy THE Department of Finance (DOF) has yet to commit to the proposal for the government to subsidize the 13th month pay of workers of micro, small and medium enterprises (MSMEs) greatly affected by the pandemic. “I have asked Sec. (Silvestre) Bello (III) for the details of his proposal so we can determine if we have the budget cover for it,” Finance Secretary Carlos Dominguez III told journalists in a Viber message Wednesday. Bello, in a radio interview, said the Labor Department is considering the proposal of employers for government aid for their workers.

Closed airports THE Civil Aviation Authority of the Philippines (CAAP) said 16 airports remain closed to commercial flights, while the local governments in charge of 33 others have given their consent for operations, subject to safety rules. In a statement late Wednesday, CAAP said the 16 airports that are still closed are Calbayog, Camiguin, Catarman2, Catbalogan, Dumaguete, Guiuan, Hilongos, Laaog, Maasin, Puerto Princesa, Roxas City, Tuguegarao, San Vicente, Sanga- Sanga, Siargao, and Surigao. It said flights to and from the 33 airports that are allowed to operate are required to obtain prior approval from local governments.

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Normin economy grows slower at 5.9% in 2019

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By MARK FRANCISCO, Reporter

HE economy of Northern Mindanao expanded at a slower pace by 5.9 percent in 2019 as compared with the recorded growth in the previous year of 7.1 percent.

In a press release attributed to Philippine Statistics Authority (PSA) 10 director Ruben Abaro Jr., it disclosed that the slower growth was due to the slowdown in manufacturing, construction and transportation and storage. Manufacturing – which constituted 11 percent of the region’s economy – posted a decelerated growth of 1.5 percent from the 2018 growth of 9.1 percent. Construction, which shared 8.6 percent of the regional economy, also grew slower at 8.4 percent from the previous year’s

growth of 15.9 percent. Transportation and storage, with a share of 3.6 percent to the total economy, showed a slower growth of 6.5 percent from the 2018 growth of 17.8 percent. O f t h e 5 . 9 p e r c e nt economic growth in the region, trade and repair of motor veh i cl e s and motorcycles was the top c ont r i but or t o g row t h of 1.9 percentage points, followed by construction at 0.7 percentage point; and education at 0.6 percentage point. ECONOMY/PAGE 11

ECONOMIC SLOWDOWN. Aerial photo of Cagayan de Oro, the premier city of Northern Mindanao. Despite the slowdown in manufacturing and construction in 2019, the region’s gross regional domestic product (GRDP) expanded by 5.9% and remains the seventh fastest growing economy nationwide. photo courtesy of cdodev . com

Davao Region GRDP shrinks By ANTONIO L. COLINA IV, MindaNews

DAVAO City— The gross regional domestic product (GRDP) of Davao Region decreased to 7 percent in 2019 from 8.6 percent reported

NUTS & BOLTS

WOODWORK. A carpenter works on a piece of wood at a furniture shop in Del Carmen in Siargao Island. With or without COVID-19 he always wears a mask to protect himself against dust and particles. mindanews photo by roel n . catoto

JEROME DE LA FUENTE

for the entire year of 2018, according to the data released by the Philippines Statistics Authority. Despite the deceleration,

t h e re g i on’s e c on om i c p e r for m an c e re m ai n e d one of the strongest in the Philippines, being the highest in Mindanao and the third highest among the 17 regions SHRINKS/PAGE 11

Fr. Francisco Loidi: A blessing to the poor C AT H O L I C p r i e s t F r. Francisco Loidi, 91, died on October 14 in El Salvador, but his legacy lives on among the poor, the oppressed and the marginalized whom he loved and gave preferential treatment to.

For Patxi, as he preferred to be called without the ‘Father’title, Jesus and the poor are inseparable and that humanity’s deep wound - the suffering of victims of poverty, hunger, injustice, BLESSING/PAGE 11

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