Volume IV, No. 13
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Market Indicators
As of 6:15 pm Sep. 12, 2013 (Thursday)
FOREX
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US$1 = P43.89
6,195.61 points
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19.29 points
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Briefly Mining permits THE Cagayan de Oro City Council committee on environment and natural resources stressed the need to continue to find ways to strengthen the city’s campaign against illegal mining activities. During the recent meeting, Councilor Zaldy Ocon, chairman of the Cagayan de Oro City Council committee on environment and natural resources, said he will be filing a proposed measure which will require applicants of smallscale mining and quarrying to submit their documents to the committee. Ocon said he has proposed this so that his committee can thoroughly scrutinize their applications. From the committee these will be submitted to the City Local Environment and Natural Resources Office (CLENRO) and to the City Mining Regulatory Board, he said.
Road network DAVAO City -- The Department of Tourism in Region 11 and three other government agencies in the Davao Region will construct a road network in support to tourism development in the island of Mindanao. DOT regional director Art Boncato said the Department of Public Works and Highways (DPWH), Department of Environment and Natural Resources (DENR) and the Department of Trade and Industry (DTI) will coordinate in the implementation of the program. Dubbed as “Destination Mindanaw”, DOT-11 has teamed up with Davao Metro Shuttle Bus Company for the tour program. This will be formally launched on September 19.
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September 13-15, 2013
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Mindanao consumers to get P1.659B refund F
By MYRNA VELASCO, Contributor
OR a change, the Power Sector Assets and Liabilities Management Corporation (PSALM) is applying with the Energy Regulatory Commission (ERC) to refund some P1.659 billion worth of over-recoveries to Luzon and Mindanao electricity consumers.
POWER REFUND. A consumer paying his electric bill at a counter of the Cagayan Power and Light Co., Inc. (Cepalco). As soon as the Energy Regulatory Commission (ERC) approves the refund of P1.659 billion from overrecoveries, it will be reflected in the bills of Mindanao and Luzon consumers. (www.cepalco.com)
The payback amounts account for the true-up adjustment of fuel and purchas ed p ower costs (TAFPPC) of sp ecif ied power plants and true-up of foreign exchange related costs (TAFxA).
For Luzon customers, the applied refund will be P0.2068 per kilowatt hour (kWh); and for Mindanao end-users, it was calculated at P0.0506 per kWh. For Visayas customers, it will be a reversed scenario
as they might see an increase of P0.0778 per kWh in their electric bills, also on account of such cost recoveries. PSALM has sought the ERC’s provisional approval for it to immediately implement the refund process, which it proposed to be stretched over five years. The calculated refund amounts were reckoned from January to December 2012. For Luzon grid, the estimated over-recoveries amounted to P470.163 million for fuel and purchased power refund/PAGE 11
Exec: Hydropower costs cheaper than Minergy’s planned coal-fired plant By BWM News Bureau
A FORMER senior official of Cagayan Power and Light Co., Inc. (Cepalco) yesterday sounded alarm that the proposed coal-fired power plant by the Mindanao Energy Systems. Inc. (Minergy) could result to higher rates than the environmentally-friendly hydro power energy. T h i s i s c ont r ar y t o Cepalco’s contention that the establishment of the coalfired power plant could bring down power rates within its franchise area, said Engr. David A. Tauli, Cepalco’s former senior vice president for Engineering in a statement sent to Business Daily. Tauli also accused his former employer and the Minergy of betraying the
legacy of their late Chief Executive Officer (CEO) Ramon C. Abaya to brand the company as champion for renewable energy. A subsidiary of Cepalco, Minergy is an independent p ow e r pro du c e r [ I P P ] established in 1992 and is the first Independent Power Producer (IPP) in the region to sell power directly to a private distribution utility. The company has sought t he Energ y R egu l ator y Commission (ERC) approval for a provisionary rate to enter into a power supply agreement with a 110 megawatt (MW) coal-fired power plant to start operating in Balingasag, Misamis Oriental by 2018. cheaper/PAGE 11
BOUNTIFUL TUNA. Fresh tuna file-up in a fish landing in General Santos City ready for pick-up for export. mindanews file photo
64% rise in tuna exports seen next year GENERAL Santos City (MindaNews)— The countr y’s canned tuna exports to the European Union (EU) are seen to increase by about 64 percent by next year once it gains duty-free access to the
Mindanao Daily NEWS
28-nation trade bloc under the enhanced Generalized Scheme of Preferences or GSP Plus program. Francisco Buencamino, executive director of the Tuna Canners Association of the Philippines (TCAP),
said the projected increase in canned tuna’s export v o lu m e t o t h e E U i s equivalent to around 2 million cases based on last year’s total shipments of 3.202 million cases. tuna/PAGE 11
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