BusinessWeek MINDANAO CREDIBLE
Volume VII, No. 054
Market Indicators
As of 6:10 pm october 6, 2016 (thursday)
FOREX
PHISIX
US$1 = P48.237
7,620.16
X Briefly
11.9
19.63
cents
points
X
Growing investments COTABATO City -Investments in the city continue to grow, making the city the fastest growing city in Region 12, providing livelihood and employment opportunities to locals, officials said. Mayor Cynthia Guiani Sayadi said the total investments in 2014 was Php1.2 billion while in 2015, it was pegged at Php1.3 billion. Sayadi said this year, the total projected investments in the city is Php1.5 billion. “We can attribute it to the economic vision set forth by Mayor Japal Guiani Jr. since he was elected to office in 2010,” Sayadi said. Mayor Guiani who died two weeks ago due to lingering illness, was Sayadi’s elder brother.
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By PAT SAMONTE, Caraga Bureau Chief
EP. Lawrence Lemuel Fortun of the First District of Agusan del Norte and Teddy Brawner Baguilat of Ifugao cofiled a measure seeking to repeal Republic Act No. 7942 or the Philippine Mining Act of 1995, overhaul the current social mining policy, and to “clearly establish social and environmental safeguards,” and “priorities towards sustainable development and food security.” In proposing House Bill No. 113 “An Act to Regulate the Rational Exploration, Development and Utilization
of Mineral Resources, and to Ensure the Equitable Sharing of Benefits for the State, Indigenous Peoples and Local
Friday | October 7, 2016
Communities, and for Other Purposes” or the “Philippine Mineral Resources Act of 2016,” Fortun and Baguilat note d t hat t he mining industry under the present law is “essentially extractive which has resulted to the continuing depletion of our country’s nonrenewable.” resources without giving back an equitable share of benefits.” They cited major disasters related to mining operations in several parts of the country which irreparably damaged various ecosystems. mining/PAGE 11
NO TO LARGE SCALE MINING. Rallyists stage a protest march in Surigao City reiterating calls to stop large scale mining operations in the Caraga Region. A new law is passed in Congress to replace the old Mining Act of 1995. MindaNews file photo by Roel N. Catoto
Region 12 nets P711M in investments in Q2 By MindaNews
GENERAL Santos City -Region 12 or Soccsksargen sustained its position as one of the country’s emerging investment destinations, with the entry of around P711 million worth of fresh ventures in the area during the second quarter of the year. Maria Felicidad Guerrero, chief economic development specialist of the National Economic and Development Authority (NEDA)-Region
Spare Agusan THE governor of Agusan del Norte, home to two mining operations, is appealing to the government to spare from suspension the companies they are hosting because this would result to a significant increase in unemployment in the province. SR Metals Inc. (SRMI) and Agata Mining Ventures Inc. are two of the 20 mining companies that are at risk of losing their permit to operate, based on the audit results filed by the Department of Environmental and Natural Resources (DENR) Mining Audit Team. “We are asking DENR to spare Agusan del Norte. We are not neglecting our environment. We have our people to protect,” Agusan del Norte Governor Angel Amante-Matba said.
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Alternative law sought to repeal mining act www.businessweekmindanao.com
STILT HOUSES. In spite of the dangers of the sea, some residents in Brgy. Macabalan in Cagayan de Oro City used to live in stilt houses along the shorelines. PHOTO BY GERRY LEE GORIT
PH power rates improves, no longer second highest in Asia A FOREIGN consultancy firm said the country’s power rates has significantly gone down and is no longer the second highest in Asia. “Albeit it is still relatively high compared to other countries in the region, the costs of electricity in the Philippines has improved and this can go lower if the
investment in new power generation in the country will increase,” International Energy Consultants (IEC) Managing Director John Morris said. The Philippines, ranked second highest in Asia in 2012 in terms of power rates, next to Japan, has now improved its ranking to fourth.
A study conducted by IEC showed that lower fuel costs, mainly coal, was a major contributor to the lower Luzon prices in 2016. This was backed by lower distribution charge, lower system loss, and the power utility’s sourcing strategy were also major contributors rates/PAGE 11
12, said the fresh investments generated during the period were among the bright spots for the region’s economy, which was severely affected by prolonged dry spell or El Nino phenomenon. Citing data from the Department of Trade and Industry-Region 12, she said six major ventures in the area were approved by the Board of Investments from April to nets/PAGE 11
Threatening journalists is criminal -- NUJP By MindaNews
M A L AY B A L AY C i t y -- Saying it has become common and alarming, a media group on Monday said it was worried “over the continued vilification of media and attempts to lay the predicate to muzzle freedom of the press and of expression.” In a statement, the Nat i on a l Un i on of Journalists said that two more journalists have been threatened for a story that
“does not sit well with people who consider criticism on President Rodrigo Duterte a violation of their article of faith”. NUJP emphasized that while journalists are not immune from criticism and will always welcome it in order to enrich public discourse, “threatening journalists when their reportage is disagreeable or erroneous is criminal, as is criminal/PAGE 11
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