BusinessWeek Mindanao (September 1, 2017)

BusinessWeek MINDANAO CREDIBLE

Volume VIII, No. 37

Market Indicators

As of 6:00 pm August 31, 2017 (thursday)

FOREX

PHISIX

US$1 = P51.166

7,958.57

0.7 cents

X

1.84 points

Briefly

X

Power deal THE Energy Regulatory Commission (ERC) has granted provisional approval to the power supply contract between San Miguel Consolidated Power Corp. and Cotabato Light and Power Co.(CLPC) jointly filed by the two companies.

San Miguel Corp.’s unit has offered to supply 5,000 kilowatts to the distribution utility, which is to maintain a minimum hourly requirement of at least 40% of the contracted capacity for the duration of the deal.

Under the contract, the power generation company will supply power from its planned 300-megawatt (MW) circulating fluidized bed coal-fired thermal power plant in Barangay Culaman, Malita, Davao Occidental.

Bakwits’ veggie farm MARAWI City -- The Department of Agriculture in Lanao del Sur has opened four more vegetable production project sites for internally displaced persons (IDPs) from Marawi City.

The project is part of the early recovery interventions of the Department to ease the lives of displaced Marawi residents by giving them opportunities to generate income and address their need for nutritious foods.

It is being implemented in coordination with Food Agriculture Organization (FAO) and the municipal government of Saguiaran.

The additional sites are located in Barangay Sunggod (1.5 ha.), Barangay Bubong Punud (2.0 ha.), Barangay Panggao (1.0 ha.), and Barangay Bubong (.75 ha.), all in Saguiaran town.

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House to strengthen PHL’s Ro-ro network www.businessweekmindanao.com

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Friday | September 1, 2017

T

HE House C ommitte e on Transportation (COTr) outlined the priority resolutions it plans to pursue to improve travel convenience for Filipino commuters and expedite the flow of commodities by land, air, and sea.

DESTRUCTION IN MARAWI. Damaged buildings loom in the background as Philippine Marines backed by a V300 armored vehicle cross Mapandi Bridge in Marawi City on Wednesday (Aug. 30, 2017), 100 days since the Islamic State-inspired Maute group started a siege that has made the city a ghost town. Government troops recaptured the bridge from the militants late last month. mindanews photo by froilan gallardo

Committee chair Rep. Cesar V. Sarmiento said that House Resolution (HR) No. 940, which aims to improve the roll-on/roll-off (ro-ro) network in the countr y, is one of the committee’s priority measures in the immediate term.

Sarmiento said HR No. 940 came ab out after a Lower House inspection of the Philippine eastern and western nautical highways last March, in which “we s aw var ious issues relating to connectivity,

a d e qu a c y of p a s s e nge r lounges and parking areas, a n d e f f i c i e n c y of p or t operations, facilities, and traffic flow that contribute to the overall commuters’ experience.”

T h e c om m itt e e a l s o pl ans to move for ward with other priorities that include the Civil Aviation Authority of the Philippines (CAAP) Amendment Law, which seeks to separate the operator and regulator y functions of the agency. ro-ro/PAGE 11

Alcantara Group’s 105-MW plant to supply Zambo City exclusively

By CARMELITO Q. FRANCISCO, Correspondent

DAVAO City — The Alcantara Group is going ahead with its 105-megawatt (MW) power plant project in Zamboanga City, with the supply taken up by the Zamboanga City Electric Cooperative (Zamcelco) for the city’s exclusive use.

Alcantara Group President Nicasio I. Alcantara said the dedicated power source will serve growing demand in the city, the economic center of western Mindanao.

“We are optimistic that the plant will serve as a catalyst in growing the economy of Zamboanga City,” Mr. Alcantara said.

The new plant, initially planned five years ago and now targeted for ground-breaking before the end of 2017, will cost about $300 million. It is expected to be completed within the next three years.

The 105-MW coal-fired plant supply/PAGE 11

INFINITY POOL. A foreigner and his children enjoy cooling down at the infinity pool on top of Luxe Hotel located at the bustling Limketkai Center in in Cagayan de Oro City. photo by gerry lee gorit

DPWH clears obstruction CDO mayor keeps seat on coastal road project

as CA intervenes

By MARK FRANCISCO, Staff Writer

FINALLY, the long wait is over.

The Department of Public Works and Highways (DPWH) has acquired a written consent from the owner of the property that obstructs the construction of the coastal road in Barangay Lapasan.

The property, owned by former coastal/PAGE 11

By JIGGER JERUSALEM, PNA

Cagayan de Oro City’s coastal road. photo courtesy of cdodev . com

THE Court of Appeals (CA) Mindanao Station has issued an injunction that temporarily stopped an order of the Office of the Ombudsman to dismiss Mayor Oscar Moreno from office.

In an 11-page order dated August 29, the CA granted Moreno a Writ

of Preliminary Injunction (WPI) in order to “prevent grave and irreparable injury to petitioners, and so as not to render the instant petitions moot and academic pending their resolution.”

The Ombudsman’s decision to remove Moreno from office stemmed intervenes/PAGE 11

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2

Economy

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Davao grants tax incentives to P12B projects

D

AVAO City – The Davao City Investment and Promotion Center (DCIPC) has granted incentive package to three big projects worth P12 billion.

The three projects – a feedmill, low-cost housing, and a green project -- came in during the first quarter of this year.

Also under review are four other projects worth P400 million that all sought tax incentive covering a three-year fiscal and incentive on real property tax for two years.

“Hopefully the Board of DCIPC can act on them (four projects) by October,” he said.

Ortonio said there

are other new businesses that did not apply for incentives, but the city will extend services in securing permits and refer them to the right agencies for the smooth processing of the required permits.

Meanwhile, Ortonio said the city’s Business Bureau is in the process of perfecting the system on business permit application procedure from three to two days provided that the applicants submit complete and correct corresponding documents otherwise it will be sent back to them.

The city government has been riding high on positive business climate.

Ortonio said that in the first half of the year,

the city’s Business Bureau registered a total value of investments a little over P247 billion which is higher by P17 billion as compared to 2016 annual data of P230 billion.

Also, the city posted a six percent increase in the number of businesses from 32,000 in 2015 to 38,000 in 2016.

Ortonio said he will still discuss with the Business Bureau on the total investment targets for the remaining months of 2017.

The city is also coming up with industry profile of different investments.

DCIPC started the profiling for the agribusiness, health and

wellness, and property development.

“We saw this as an effective measure so we would know whether there is a need to invite more on these type of investments,” he said.

He said DCIPC also received several unsolicited proposals mostly on solid waste

management and street lighting projects under the Private Public Partnership (PPP) scheme.

“What we did was provide the prospective investors the requirements so they could comply and these will be reviewed by the Davao City PPP secretariat,” Ortonio said.

(Digna D. Banzon/PNA)

Livestock stakeholders urged to be GAHP certified LIVESTOCK raisers from the provinces of Bukidnon and Misamis Oriental convened during a Livestock Stakeholders’ Forum on 18 August 2017 through which they were encouraged to apply for Good Animal Husbandry

Practices (GAHP) certification.

Agribusiness Industry Support Section Chief Sonia E. Oliveros emphasized that GAHP certification will enable livestock raisers to compete with other

agribusinesses since it sets out the standard quality of livestock products that meet the consumers’ expectation for safe and healthy food.

“GAHP certification is already a trade language and more importantly,

it gives assurance to our consumers that we are producing food that is safe for consumption,” Oliveros said.

For her part, Bureau of Agriculture and Fisheries Standards (BAFS) Regional certified/PAGE 11

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In Talakayan sa Limketkai Luxe, Ruben Vegafria, president of MinBizCon 2017 and member of Oro Chamber Inc. says that they are well on their way in the preparation of 6th Mindanao Business Conference (MinBizCon) 2017 in Xavier Estates Sports and Country Club in Cagayan de Oro City on 7-9 September 2017. Hee says that an American group cancelled their reservation in the conference but this was easily saved by the EU delegation who are committed to participate in the event.

(Rodolfo Mendoza/PIA10)

CAGAYAN DE ORO MAIN BRANCH P & J Lim Bldg., Tiano Brothers Kalambagohan Sts., Tel. # (08822) 727-829 * Telefax # (088) 856-1947 CAMIGUIN BRANCH B. Aranas St., Poblacion, Mambajao, Camiguin Tel. # (088) 387-0491 CORRALES BRANCH Corrales Ave., Cagayan de Oro City DIVISORIA BRANCH Atty. Erasmo B. Damasing Bldg., #61 Don A. Velez St., Cagayan de Oro City Tel. # (088) 857-3631 LAPASAN BRANCH Lapasan Hi-way, Cagayan de Oro City Tel. # (088) 231-6739 CARMEN BRANCH Vamenta Blvd., Cagayan de Oro City Tel. # (088) 231-2011

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3

CorporateWorld

Puregold acquires B&W stores

P

UREGOLD Price Club, Inc. on Tuesday said it acquired five B&W stores in Roxas City, Capiz, as the listed grocery operator continues to broaden its footprint in the Visayas region.

In a disclosure to the stock exchange, Puregold said the acquisition would bring its total store network in the Visayas

region to 17, six of which are in the Panay province and 11 in the Negros province.

“This will give Puregold a total of 307 Puregold stores nationwide. Puregold expects the purchase to bolster its store presence in the Western Visayas region,” the company owned by billionaire Lucio L. Co said.

Puregold earned P2.49 billion in the first six months of 2017, up 9.8% growth from the P2.27 billion in the same period in 2016. Consolidated net margins was flat at 4.4% in the six months through June.

Consolidated net sales went up by an annual 10.8% — a shade above the upper end of its 8-10% guidance for the full year

Colliers International sees demand for hotels in Bacolod, Davao, Bohol HOTEL DEVELOPERS should target projects in key destinations outside Metro Manila as more Filipinos travel around the country, Colliers International said.

“Hotel developers should zero in on the rising number of domestic tourists and the growing popularity of staycations by building two- to fourstar hotels particularly in Iloilo, Cagayan de Oro, Bohol, Bacolod, and Davao whose regional airports are up for expansion and modernization,” Colliers International said in a report dated Aug. 22.

Colliers released the report titled “Infra-led GDP to buoy property,” a week after the government announced the Philippine gross domestic product (GDP) accelerated by 6.5% in the second quarter.

The property consultancy noted that domestic travelers have continued to drive hotel demand. Philippine Statistics Authority (PSA) data showed the other services segment, which covers restaurants and hotels, grew by 5% in the second quarter of 2017.

“PSA data also reveal that Filipino households’

hotel and restaurant spending has been growing by 7.3% annually over the past seven years, faster than the increase of other household spending subsectors such as food and beverage (7.3%), education (4.8%), and clothing and footwear (1.4%),” Colliers said, adding this shows more Filipinos are spending more of their income on leisure-related activities.

Also, Colliers said Department of Tourism data showed local travelers made more than 90 million trips from April to September 2016.

By destination, only 15% of the trips were made in Metro Manila. Other top destinations included Negros Occidental (7%), Pangasinan (4.6%), Cavite (4.3%), Quezon Province (4.1%) and Bohol (4.1%), and Cebu with 3.7%.

“Given the continuously rising domestic travel market buoyed by millennial spending and rising popularity of staycations, we recommend that developers put up more affordable hotels in the preferred destinations outside of Manila,” Colliers said.

Colliers identified Bacolod, Bohol, Cagayan de Oro and Davao as demand/PAGE 11

— to P56.6 billion in the first semester from P51 billion, fuelled by the 26 Puregold stores and two S&R Membership warehouse that opened in 2016.

Same-store sales inched up 4% for Puregold stores and 10% for S&R stores, driven by robust consumer demand and the country’s strong economic growth momentum.

At end-June, the retailer was operating 345 stores comprising 288 Puregold stores, 12 S&R membership shopping warehouse, 28 S&R New York Style outlets, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.

AirAsia urges Finance dep’t to scrap departure tax THE Finance department is considering the proposal of Malaysia-based AirAsia Berhad to lower or scrap the departure tax in small airports.

A Department of Finance (DoF) statement quoted AirAsia Group CEO Tony Fernandes as saying the lowering of airport or departure tax in small airports “will help in realizing the airline’s expansion plans in the Philippines.”

Mr. Fernandes broached the matter during a recent courtesy

call with Finance Secretary Carlos G. Dominguez III. Mr. Dominguez said he will look into Mr. Fernandes’ proposal, which is seen to cut travel costs as well as boost trade and tourism.

Airline passengers leaving the Philippines are levied a full travel tax of P1,620 for those riding on economy class while P2,700 for those on first class package, according to the Tourism Infrastructure and Enterprise Zone Authority (TIEZA.) scrap/PAGE 11

Cebu Pacific boosts frequencies in select international routes

Leading Philippine airline Cebu Pacific (PSE: CEB) increases the number of flights between the Philippines and select international routes, on the back of higher demand during the peak yuletide season. From the fourth quarter of 2017 until the first three months of 2018, CEB will add frequency in selected routes in Japan, Vietnam and Indonesia.

From the current five times weekly (Sun/Tue/ Wed/Thurs/Sat), CEB will fly six times a week (Sun/Tue/Wed/Thurs/ Fri/Sat) between Manila and Osaka, Japan starting November 3, 2017 until December 06, 2017. The Manila-Osaka route will increase further to daily operations by December 15, 2017 to March 2018, in time for the Christmas season. For the ManilaNagoya route, CEB will fly six times a week (Sun/

Mon/Tue/Thu/Fri/Sat), up from the current four times weekly (Sun/Tue/ Thu/Sat), starting October 29, 2017. For Tokyo (Narita), on the other hand, CEB will boost frequency by 100%, from the current seven times a week, to 14 times weekly, starting October 29, 2017 until March 24, 2018.

CEB will also increase flights to and from Bali (Denpasar), Indonesia from the current four times a week to five times weekly, starting December 04, 2017 until March 06, 2018. From five times weekly, CEB will increase flights between Manila and Hanoi, Vietnam to daily, or seven times a week, from December 1, 2017 to January 9, 2018.

“We constantly review our route network and frequencies to respond to changing market needs and operational

requirements. Depending on seasonal factors, we make flight schedule changes as necessary, while keeping in mind the bookings of our passengers, many of whom book flights way in advance,” explained Atty JR Mantaring, Vice President for Corporate Affairs of Cebu Pacific.

Cebu Pacific had earlier expressed interest to mount operations between Manila and Tokyo-Haneda, citing strong demand to fly to Japan’s Haneda Airport, which is closer to Tokyo’s city center. The carrier has been requesting the Philippine government to ask its Japanese counterparts for bilateral air talks for the last two years.

For the first half of 2017, Cebu Pacific carried 10.1 million passengers, roughly the same volume

in the same period in 2016—the height of the electoral campaign season.

Of the total, 7.5 million flew domestic routes, while 2.6 million travelled via CEB’s 26 international destinations.

The carrier is planning to sell-off three Airbus A319 aircraft over the next 12 months, to make way for brand-new aircraft, the first of which are scheduled to arrive by the first quarter of 2018.

CEB is awaiting delivery of seven Airbus A321CEO (Current Engine Option) in 2018; and from 2018 to 2022, an additional 32 Airbus A321NEO (New Engine Option) planes. The carrier also has an existing order for ten ATR 72-600 aircraft from Franco-Italian manufacturer Aerei da Trasporto Regionale, set for delivery from 2017 to 2020.

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When you become a member you automatically can avail of our zumba, yoga and step dance classes dependent on your availability PLUS get an access to the use of our Sauna and Infinity Pool.

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4

Opinion

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Plastic Problem

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Justice and Mercy think a minute

jhan tiafau hurst Think a minute…Have you ever missed a bus or plane because you were just a little too late? Recently I had to catch a plane for a very important meeting, so I got to the airport early and waited for the announcement to board the plane. The announcement never came. When I finally went to the gate, I was shocked to see it was closing and the airplane engines had started!

I panicked and tried to get the airline worker to let me on. I had nothing to lose and was desperate so I told her I wasn’t asking for justice, I was begging for mercy. Well, she did not give it to me.

You know that terrible feeling when you’ve done something wrong and you know you deserve to suffer the consequences? Every religion, except Christianity, has certain rules or rituals and good deeds

that people must do to try to earn their god’s forgiveness for their wrongs. Some religions even make people torture and punish themselves to pay the penalty for their own wrongs.

But Jesus Christ showed that there is absolutely nothing we can do to earn or deserve God’s forgiveness for all the wrongs we’ve done. Not even our religious prayers, duties, and deeds come close to paying our debt to Him for all our sins. We don’t need justice, we need mercy! None of us can ever reach God’s standard of perfect goodness in everything we think, say, and do.

That’s why God the Son became a human being to do it for us. Jesus said that our only hope is His mercy, because He has already paid the penalty for all our sins by giving His own perfect life for us on the cross. We just have to ask and believe that He will give us His free gift of forgiveness and new, eternal life. Then we can start life all over again, loving Him and living His right way that He plans for us to enjoy. So today, won’t you ask Jesus for His free gift of forgiveness and new life? Then ask Him to start changing you so you can live His successful and satisfying way He created you for.

Just Think a Minute...

Ruffy magbanua WITH sadness, Mother Earth has a plastic problem.

More than a billion tons of plastic of any kind and in any form are produced on Earth annually and dumped into open spaces -- landfills, seas and oceans, mountains, plains and plateaus.

Name it, planet Earth have it. Plastic is everywhere.

Even in an emerging small city like Cagayan

de Oro, the problem on plastic is widespread. In this city with more than a million inhabitants, plastic constitutes the bulk of wastes collected daily in both commercial and residential areas.

The challenge now lies in the sustainability of the implementation of Republic Act 9003 or the Ecological Solid Waste Management Act and Ordinance No. 8975-2003 requiring the mandatory waste segregation. Sadly, the implementation of these laws has just taken off the ground.

In Baguio, the sale and use of plastic bags and styrofoam containers in all establishments, including malls, restaurants, market stalls and even sari-sari stores are totally banned.

The city government has passed a city ordinance

citing the negative effects on the use of plastic bags and polystyrene foam containers.

The us e of pl ast i c constitutes a percentage of litter which is unsightly, costly and can cause serious negative environmental impact.

Baguio hauls 130 tons of waste each day, excluding wastes generated by business establishments. To copy this Baguio ordinance would be a welcome move for Cagayan de Oro. On October 17-19, 2017 in Pittsburgh, Pennsylvania, the issue on the use of plastic form part of the agenda prepared by the Alliance for Climate Protection and the Climate Reality Project, a U.S. non-profit, public charity founded by former U.S. Vice President Al Gore, host of the three-day event

aimed at training hundreds of climate reality leaders from over the world.

Through this program, participants (including this writer) shall have the opportunity to hobnob with Al Gore in spreading the message about the urgency and solvability of the climate crisis planet Earth is facing these days.

Now b ack to g lob a l numbers. At the current pace, over 13 billion tons of plastic waste will be discarded in landfills or in the environment by 2050.

This amount -- which converts to 12 billion in metric tons -- is about 35,000 times as heavy as the tallest building on the planet.

Most plastic do not biodegrade in any meaningful sense, so the plastic waste plastic/PAGE 11

In defense of lawyers like Atty. Mans Carpio Kakampi mo ang batas

Batas Mauricio LIFE’S INSPIRATIONS: “… Do not entertain an accusation against an elder unless it is brought by two or three witnesses…” (1 Timothy 5:19, the Holy Bible).

-ooo IN DEFENSE OF LAWYERS LIKE AT T Y. MANS CARPIO: First a disclaimer: I do not have any acquaintance with lawyer Manasseh (Mans) Reyes Carpio and his wife, Davao City Mayor Sarah Z. Duterte Carpio, and, I am sure they also do not know me, nor are

they even aware that I exist.

This should be true, even if in the 2016 elections I campaigned hard and voted for the Duterte patriarch, now President Duterte, in my capacity as the leader of a Christian Church which publicly supported him, and as the legal counsel of two organizations that pushed for his election.

That being the case, let me make the assurance here that I am writing my thoughts in this column to day ab out the issues hounding Mans recently, not to defend him in anyway, for he can do that better himself. I was compelled to speak up if only to say that, contrary to insinuations by Sen. Antonio Trillanes IV, there is no prohibition for a legal practitioner who has relatives in power to engage in the practice of law in the Philippines.

-ooo LAWYERS CANNOT

CHOOSE THEIR CLIENTS: In t his count r y w hos e fascination for the law and for lawyers knows no bounds, lawyers like Mans and many others like myself are obliged to take on the representation of anyone, or any group, rich or poor, that retains their services. It is not for the lawyer to refuse, especially if what is being asked of him is simply to uphold the law in his defense of his clients.

In fact, even if a client in a criminal case confesses his guilt to his lawyer, the lawyer can not just abandon the client’s cause. He is in duty bound to fully exercise his duties and responsibilities as a legal counsel, not to bend the law and the evidence to favor the client, but to see to it that, as far as the law permits, the client’s rights are not ignored or disregarded in any way.

This is of course problematic for many legal counsellors, especially if the

opponents of their clients are rich and powerful, and wields influence on almost every rung of power in the society. Too often, the lawyer becomes the enemy of their client’s foes, and in cases where the lawyer cannot be swayed to give up the interest of his clients, the lawyer himself is the one targeted for destruction.

-ooo NO L AW AG A I N ST LAWYERS WHO HAVE RELATIVES IN POWER: I should know, because I have become a victim of this unsavory situation myself, but that is another long story which may have to await another column. Today, however, the emphasis should be on the fact that lawyer Manasseh Reyes Carpio--the son of equally illustrious law yers---could not b e dragged into a controversy simply because of his being a lawyer.

Defense/PAGE 10

Patience and self-forgetfulness hints and traces

roy cimagala I believe that the practice of patience is unavoidable in our life. We have problems, difficulties and all sorts of negative things that can happen every day, and one way or another we are forced to bear them, even if we don’t quite like bearing them.

Of course, the ideal is to develop patience as a virtue, something that we should willingly and lovingly do, based on our faith in God who knows what to do with every predicament we may get into.

We should also willingly and

lovingly do it, fully aware that a lot of good can be derived from practicing this virtue in the spirit of Christ.

Patience is first of all a grace of God that we should constantly ask for. But it is also a virtue that we need to develop ourselves. And as a virtue, a good part of it consists in simply forgetting ourselves.

We have to discipline ourselves so that we can develop the attitude of readily doing the will of God no matter what it costs. God’s will is expressed in his commandments and implied in the events of our day that we have to learn to relate to God. With self-forgetfulness, many of the difficulties that we have would actually just disappear, since these difficulties usually arise due to the exaggerated consideration our egos give them. When we manage to forget ourselves, that is, when we try to slay our egos, life is cleared of many of

its problems and difficulties.

To slay our egos, we have to learn not to take ourselves too seriously. In fact, we should regard ourselves as nothing but servants, always thinking of God and of the others, ever eager to serve them. In this way we follow what St. Paul suggested: “In humility count others better than yourselves. Let each of you look not only to his own interests, but also to the interests of others…”

(Phil 2,3-4) From there, St. Paul talked about imitating Christ in his self-emptying.

Our self-forgetfulness should reflect this selfemptying of Christ. It may take the form of not getting over-sensitive, especially when we are insulted and mocked. In fact, it may be a good idea to expose ourselves as early as possible to insults and mockeries, so we can develop a certain immunity towards them.

We have to learn the art

of holy indifference and the practice of dismissing certain stray thoughts and reactions that are not helpful at all to us or pleasing to God. We have to learn not to worry and, instead, develop that healthy sense of abandonment in the hands of God. Somehow we have to learn to be sport in the sense that whatever happens in our game of life, we continue to be of good spirit, to be calm and cool. We have to learn to be quick to forgive and to forget, not allowing resentments to settle in our hearts.

We should be cheerful all the time, positive in our outlook and encouraging in our words. In this way, we would actually be identifying ourselves in a very concrete way with Christ who went through his passion and death with serenity.

Let’s empty ourselves so as to be filled only with the things of God and of the others. roycimagala@gmail.com.

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Banking&Finance

BSP to cut 28-day term deposit offer

T

HE Bangko Sentral ng Pilipinas (BSP) has cut the volume of the 28-day term deposit facility (TDF) that will be offered for auction next week from P140 billion to P110 billion.

The 28-day TDF has been offered at P140 billion since May 3.

The move will be the second time for the central bank to cut the 28-day TDF offering this year.

“The decision to reduce the volume offering for the 28-day TDF is based on the recognition that the sustained economic expansion has also given rise to higher demand for credit,” BSP Deputy Governor Diwa Guinigundo said.

Guinigundo added that the volume of offering was also based

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on BSP’s liquidity forecast, which is consistent to its inflation and growth projections.

“Banks are now lending more to their clients instead of placing their excess funds with the BSP. Corporates are also using their peso funds in the banks to buy FX for their import requirements; some of them have also been investing outside the Philippines. Some are pre-paying their

external obligations.

Thus, it is the excess liquidity of the banks that has declined recently and not the domestic liquidity per se,” Guinigundo said.

“BSP therefore does not have to do as much mopping up as before because funds are being used for productive uses instead of just being parked with the BSP,” the central bank official noted.

During the TDF auction Wednesday, the P140-billion 28-day

term deposit fetched a total bid of P109.86 billion at 3.45 to 3.50 percent yield, the same rate from last week’s auction.

On the other hand, tenders for the sevenday TDF reached P32.44 billion at 3.25 to 3.40 percent yield, slightly lower than last week’s rate of 3.28 to 3.50 percent.

For the Sept. 6 auction, the seven-day TDF will still be offered at PHP40 billion.

(PNA)

5

Regulators, stakeholders start currency debt market reforms REGULATORS are now formulating measures to further deepen the local currency debt market, with the program set for gradual implementation within the next 18 months.

Bangko Sentral ng Pilipinas (BSP) Gov. Nestor A. Espenilla Jr., in his speech during the Economic Journalists Association of the Philippines (EJAP) economic forum in Ayuntamiento de Manila in Intramuros, Manila Friday, said the first meeting was held Friday among the representatives of the central bank, the Bureau of the Treasury (BTr), the Securities and Exchange Commission (SEC), the Department of Finance (DOF) and other stakeholders.

“We are unveiling soon, in fact this afternoon, with partner government agencies, a definite game plan to accelerate the development of the local currency debt market,” he said.

The regulators are proposing three major operational priorities, first of which is the deepening of the local bond market.

This will be done by implementing reforms on government securities

eligible dealers (GSED) system, increasing supply of short-term securities, and developing an effective regulatory framework on derivatives and repurchase markets.

The second priority is the institution of reliable financial benchmarks and valuation of financial instruments while the third is the establishment of an integrated financial market infrastructure targeted “to promote price discovery, transparency, and orderly trading clearing and settlement of a full range of financial transactions.”

Espenilla said the central bank will ensure that its regulated institutions “have the capacity to manage risks so that we don’t get into situation of financial instability.”

BTr, in turn, is tasked to “improve supplies of government securities.”

The central bank chief said supply of government securities (GS), to date,” is “relatively fragmented” and that despite the over-all high liquidity system in the economy some market segments are illiquid.

Ensuring that GS supply remains ample and that these are liquid is “an reforms/PAGE 10

6

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Sports

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Spectacular closing ceremony as SEA Games flag goes to PH T

By Primo Agatep, PNA

he 29th Southeast Asian Games ended Wednesday night with a spectacular cultural-inspired closing ceremony and the official handover of the SEA Games federation flag to the 2019 host, the Philippines.

Malaysia’s contingent arrives at the opening ceremont of the Southeast Asian Games at Bukit Jalil Stadium, Kuala Lumpur. photo by edgar su, reuters

Antique guv gives P10T to taekwondo gold medalist

By Annabel Consuelo Petinglay

SAN JOSE De BUENAVISTA, Antique -- Antique Governor Rhodora J. Cadiao on Tuesday awarded PHP10,000 cash to a taekwondo jin who won a gold medal in recent competition held in Los Angeles, USA. Antiqueno athlete Jean Albert Tunguia was encouraged by his trainer to compete in an

international event after failing to win a medal during the Palarong Pambansa held in the province last April.

Thirteen-year-old Tunguia, a grade 7 student of John B. Lacson Maritime University in Iloilo City, said in an interview Wednesday that his experience at the Palaro challenged him to gives/PAGE 10

Alora settles for silver in taekwondo

By Primo Agatep, PNA

Taekwondo jins Kirstie Elaine Alora and Francis Aaron Agojo on Tuesday settled for the silver and bronze medals in the final day of competition in taekwondo and penultimate day of the 29th Southeast Asian Games here.

Alora displayed solid kicks on the body and face of opponent Sorn Seavy of Cambodia, who took advantage of her height

and long reach to capture the gold in the women’s under 73kg (Kyorugi) of taekwondo held at the Kuala Lumpur Convention Center.

“I’m trying to score, get some points, but siguro kulang pa ang follow-up.

It’s a big fight, I think I did my best,” said Alora admitting “nahirapan ako talaga” - referring to the height advantage of her alora/PAGE 10

Among the highlights were Malaysia’s impressive showcase of a vibrant cultural presentation, the Terima Kasih Daun Kelaci.

In celebrating the games, an upbeat, celebratory show featured communal singing and dancing, a way of giving thanks to the athletes, officials, and volunteers.

Najib Razak, Prime Minister of Malaysia, declared the games closed and invited the people of the region to gather in the Philippines in 2019 for the 30th edition of the regional biennial meet.

Foreign Affairs Secretary Alan Peter

Cayetano, also Chairman of the 2019 Southeast Asian Games Organizing Committee, received the Southeast Asian Games Federation Flag during the turnover ceremony for the next edition of the games.

The Philippine anthem was played right after the turnover ceremony, followed by thunderous applause and cheers from thousands of spectators and guests who gathered at the ultramodern National Stadium at Bukit Jalil.

The ceremony, watched by millions around the region, featured the parade closing/PAGE 10

an example, the loss-loss-win card in the last three fights which is within the 2-outof-loss and maybe given a chance to fight for a regional or even world championship by a governing body for sport. It really depends.

In such case, since the 2-of-3 rule is in effect, we have thrown away the big opportunity for Filipino boxers.”

“In the world bodies of boxing, the top 15 rated boxers are qualified to fight for the world, international or regional championship belts. They don’t use the 2-of-3 Rule and only needed rated boxers to qualify to fight,” the letter said.

The signatories urged GAB to be more objective, rather than subjective on the matter.

“If the record of the boxer, who is being invited to fight overseas, looks inferior, maybe your committee on the matter may evaluate the opponent of the boxer. There are many ways to see if the fight is not lopsided,” the

letter said.

It cited cases of several potential boxers who are affected by the regulation.

They also appealed to GAB to give more consideration to female boxers, who are just very few in the Philippines.”

“As long as it is not mismatch, we believe the Filipina fighters should be allowed to fight abroad, regardless of their records, as long as they pass all the medical clearances and that the bout is not a mismatch,” the letter said.

They are confident that GAB Chairman Abraham Kahlil Mitra will help them with their request given the many good things he gave to boxing like the extension of the licensure and the recent approval of the free medical and CT scan for professional boxers. GAB also gave a free registration to all the participants of the highly-successful 3rd GAB Philippine Boxing Convention held in Davao City last April. (Lito delos Reyes/PNA)

64 Pinoy boxers banned from fighting abroad DAVAO CITY -- A total of 64 Filipino boxers rated by the Philippine Games and Amusements Board (GAB) can no longer fight abroad after a regulation came out requiring a boxer to score at least two wins of his last three fights.

Among the rated boxers are current Philippine featherweight champion Randy “The Master” Braga (lost-win-lost), Philippine Boxing Federation (PBF) lightweight champion Rosekie “Kapre” Cristobal (win-lost-lost), Asian Boxing Federation (ABF) flyweight champion Merlito “Tiger” Sabillo (win-lost-lost) and former WBF Asia Pacific featherweight champion Rimar “Terminator” Metuda (win-lost-lost).

“We have formally written a letter requesting the GAB to reconsider the 2-of-3 rule for the boxers to fight abroad,” said international promotermanager-matchmaker Brico Santig of La Trinidad, Benguet.

The letter, which was received by GAB main office in Makati, has been signed by almost 250 boxing promoters, managers, matchmakers, trainers and professional boxers from all over the Philippines.

These include the country’s top promoters and managers Gabriel “Bebot” Elorde Jr. of Paranaque, Jim Claude Mananquil, Dexter Tan and Art Advincula of Gen. Santos City, Dino Olivetti of Binan, Juan Monis of Valenzuela, Jun Gandez of Batangas, Jennifer Javellana of Iloilo, Wowie Lalanto of Cagayan de Oro, Troy Agustin Jr. of Tarlac and Joven Jimenez of Cavite.

“We would like to inform GAB that we are now deeply affected by 2-of-3 Rule,” they said.

Part of letter stated that “the Philippine ratings of the 64 boxers are useless because they still cannot fight abroad and so they lost their opportunity to earn money or become an international or world champion. To cite

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Army, PNP nab another 3 NPA bandits in intensified operations in Bukidnon

C

By Norman M. Tagros

AMP OSITO B A H I A N , Ma l ay b a l ay C ity — An ot h er t h re e Ne w Pe o p l e’s A r m y ( N PA ) bandits were arrested in a joint law enforcement operation of the Philippine Army’s 1st Special Forces Battalion and Bukidnon Provincial Public Safety Company of Philippine National Police (PNP).

R e y L om i n g k a a l i a s Pat r i c k or Ti k b oy a n d Roger Ayombo alias Delfin, both residents of Barangay Licoan in Sumilao town— along with a certain Romeo Salilo alias Piolo or Rose of Nangka village in Libona, Bukidnon—were arrested

morning last 23 August at Licoan village, after they were found to have been illicitly possessing firearms and explosives.

Found in their possession are the following: one M653 rifle with two magazines and 45 live ammunitions; one M14 rif le with two magazines and 40 live ammunitions; one caliber .22 rifle; two fragmentary hand grenades; one caliber .38 revolver with nine live ammunitions; subversive documents; and other personal belongings.

The joint forces’ law e n forc e m e nt op e r at i on was in response to a

Defense...

market is important for creating liquidity for government securities.”

Repurchase facility allows GS dealers to sell the securities and buy it back, normally the following day.

Role of the SEC in this partnership is to “elevate game in market conduct so market becomes a wellregulated market,” Espenilla said.

“The approach is we have put together a definitive roadmap which was informed by technical assistance from international experts.” “ We’ l l p u t o u t t h e roadmap to engage industry.

(It will be) finalize(d) shortly thereafter and implement in phases over the next 18 months after launch today.

That’s a very definite game plan,” he added. (PNA)

from page 4

I repeat, there is no law, nor canon of legal ethics, that prohibits any lawyer like Mans who is blessed with friends and relations in the corridors of power from performing his duties and responsibilities as a lawyer, no matter who or what his clients may be. In law, both in theory and practice, every practitioner is to be treated on the basis merely of the merit of his case, and nothing else.

It was therefore scurrilous for anyone, Sen. Trillanes included, to be even mentioning the name of Mans in a clear attempt to link him to a wrongdoing even if there is absolute no proof of that wrongdoing, simply because he visited former Customs Commissioner Nick Faeldon at the Bureau of Customs.

What Trillanes has done here is smearing the name of a lawyer with insinuations, with no other evident end but grandstanding.

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Reforms... from page 5

imp or t ant piece of t he reform,” he said.

Espenilla added that “primary market is important because it is also directly connected to secondar y market for government securities .”

“Government security market, in effect, is most important element because it sets the risk-free yield curve which is foundation for pricing all other kinds of instruments,” he said.

Espenilla said BTr is also tasked to lay down the foundation of repurchase market, noting that “repo

Closing... from page 8

of athletes -- the heroes of the regional meet, and a dramatic extinguishing of the SEA Games flame.

Yam Tunku Tan Sri Imran Tuanku Ja’afar, president of the Olympic Council of Malaysia and Southeast Asian Games Federation, expressed his gratitude to His Excellency Najib Razak for supporting the games. He also congratulated the victors, all athletes and officials.

He also gave special thanks to the KL 2017 Malaysian Southeast Asian Organizing Committee (MASOC) for a “job well done.”

Thousands of volunteers -- the unsung heroes of the sports conclave -- also joined the parade.

The role of the games is to bring all citizens of Southeast Asia together in celebration of achievements and continuous commitment towards sportsmanship, as it aims also to uplift and inspire the entire region.

Host Malaysia captured the overall championship with 145-92-86 (gold-silverbronze); Thailand ranked 2nd with 72-86-88; Vietnam came 3rd with 58-50-60; Singapore 4th place with 5758-73; Indonesia 5th place

c on c e r n e d c it i z e n’s t ip on the presence of armed men, which incite people’s fears that terroristic and extortion activities may crop up anytime in the community.

Immediately, the bandits were turned over to PNP for filing of appropriate criminal charges.

It c an b e re c a l l e d that early this month at Kibur i ao, Q ue zon, B u k i d n o n , P N P- A F P combined troops ap pre h e n d e d t w o N PA members identified as Ruel C a lolot, a k now n IEDmaking expert, and his younge r brot he r R ami l Calolot.

Philippine Army’s 403rd In f a nt r y ( Pe a c e m a k e r )

Brigade Commander Col Eric C. Vinoya, meanwhile, appreciated the tro ops' professionalism during the successful conduct of law enforcement operations. “ I c o n g r at u l at e o u r troops, as well as our PNP counterparts, not only for this successful operation but also for the high level of professionalism displayed in the performance of their mandate by respecting the provisions of Human Rights and by upholding the provisions of the International Humanitarian Law during t h is i nci d e nt ,” he s ai d.

(Capt. Norman M. Tagros, C M O, 4 0 3 r d I n f a n t r y Brigade, 4ID, PA/RLRB, PIA 10-Bukidnon)

with 38-63-90; Philippines in 6th place with 24-33-64; Myanmar 7-10-20; Cambodia 3-2-12; Lao PDR 2-3-21; Brunei 0-5-9; and Timor Leste 0-0-3. (PNA)

Alora...

Gives...

from page 8 train harder that he was able to get a gold medal in International Taekwondo Festival in Los Angeles in May 2017.

“The cash award is a way for the provincial government to show its support to the athletes”,Cadiao said. The governor has established a sports academy in the p r o v i n c e f o r s t u d e nt s excelling in sports.

The Antique government has also invited a water polo Olympian to train children who are swimmers.

Albert Espanol, a Barcelona-born Olympian, vacationing in the Philippines, this month, conducted a free clinic among the Antiqueno swimmers at the Binirayan Sports Complex in San Jose de Buenavista.

The Spanish athlete is with Spain’s national team for the last 10 years and competed in the Olympic Games in London 2012 and in Rio 2016.

Among the medals he won was a silver in the World Championship in Rome in 2009. (PNA)

from page 8

Cambodian opponent who took command early in the fight, 3-6 points. “‘Pag susugod na ako, nauuna pa rin ang tuhod niya (Seavy).

Sa first round I think lamang ako, pero sa last round medyo careless na ako kasi naghahabol na ako ng score,” Alora said.

She added her concentration was bothered by the “calls” of the referee during the entire match.

Agojo, for his part, also gave all his best until the dying seconds of the match but bowed to Vietnam’s Nguyen Yan Duy, 17-30.

Taekwondo gold medalists include Samuel Morrison who ruled the Kyorugi under 74 kg and Poomsae team event composed of Dustin Mella, Raphael Enrico Mella and Rodolfo Reyes, Jr. The other medalists are: (Silver) Rhenzie Cana Aragon (Kyorugi under 53 kg) and Arven Alacantara ( Kyorugi under 68kg); (Bronze) Pauline Louise Lopez (Kyorui under 62kg), R. Reyes (Poomsae –Individual) and the women’s Poomsae team – Jocelyn Ninobla, Juvenile Faye Crisostomo and Rinna Babanto.

The Philippine taekwondo team ended its campaign with 2-3-4 (gold-silver-bronze) medals, one gold shy of their 3-3-2 output in the 2015 games held in Singapore. (PNA)

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Ro-ro... from page 1

Other priority measures include the establishment of the National Transport Safety Board; the Sustainable Transport Act; the Harbor Pilotage Act; merging of the Land Transportation Office and the Land Transportation Franchising and Regulatory Board into the Land Transportation Authority; and establishment of the Philippine Railways Authority.

Also set for filing within the week, according to Sarmiento, is the Philippine Airport Development Corporation Bill, which “will provide institutional reform for a unified aerodrome policy.”

The COTr assured that it “will make sure every pending matter listed in our accomplishments will advance or be completed this second regular session.”

On the measures that have been approved by the committee, Sarmiento asked for support in particular for the Traffic Crisis Act of 2017.

“This bill is up for plenary deliberation. We request your support for this. We need strength in numbers to implement this law and solve the traffic crisis that has infested our lives and our economy.”

He said t hat after 14 hearings and several dialogues with stakeholders, “we believe that we have already fine-tuned this bill as an urgent immediate and comprehensive response to the traffic crisis.” “ This bill is replete with easily implementable programs that have immediate and far-reaching implications in our transportation sector in contrast to the big-ticket transp or tation projects which usually take years to complete.”

At t h e s a m e t i m e , Sarmiento asked the transportation-related agencies not just to pursue big-ticket projects that require large budgets but to focus on “low-lying fruits,” referring to easily implementable programs that have an immediate effect on traffic congestion and transport safety.

To ensure that transport agencies heed this call, S a r m i e nt o a d d e d t h at COTr will “scrutinize your performance and review the utilization of your budgets.”

He added, “We will only support the budget of those deserving and capable.”

Present at the meeting were representatives of several transportation agencies, led by Secretar y Arthur Tugade of the Department of Transportation. Also at the session were ranking officials of the D OTr’s attached agencies such as CAAP, Subic Bay Metropolitan Authority, Philippine Ports Authority, Metropolitan Manila Development Authority, Manila International Airport Authority, Philippine National R ailways, and Maritime Industry Authority.

(M. Francisco)

Supply... from page 1

will be backed up by the existing 100-MW diesel-fired facility of the Alsons Power Group’s Western Mindanao Power Corp.

The diesel power plant currently supplies about 50 MW to Zamcelco.

“We need to take advantage of the growing demand for power brought about by new investments,” Mr. Alcantara said.

He added that the group is confident that Zamcelco, which has been operating at a loss, will eventually be able to settle its debts and improve its financial standing with enough power to distribute.

About two years ago, Zamcelco was proposed for privatization as its debt at that time hit about P1.3 billion.

However, two auctions failed after prospective bidders withdrew from the investment and management contract bidding.

Coastal... from page 1

Barangay 33 chairperson Conrad Lim, lies along the 12.77-kilometer coastal road project which spans from barangay Gusa to Opol, Misamis Oriental.

In was learned that on August 10 this year, Lim signed a permit for DPWH and its construction firm Equi Parco Construction Co. to enter the area and demolish the obstruction before August 25.

DPWH 10 spokesperson Vinah Maghinay said that the permit allows the conduct surveys, construction and other related activities for the completion of the coastal road project. The consent was signed by Lim in the presence of Public Works Undersecretary Rafael Yabut and regional director Virgilio Eduarte.

Maghinay said that there was no expropriation for

the subject property except that Lim retains his rights as owner and that the signed document was merely a permit to enter. Earlier, the city government was firm on its stand that the Philippine Reclamation Authority had erred in its decision to grant reclamation status to Lim and thus, could not qualify for expropriation.

Lawyer James Judith, who brought the standoff issue before presidential assistant Christopher Go, welcomed the new development.

“Nagbunga na g’yud ang atong pagpaningkamot. Para kini sa katawhan sa Cagayan de Oro,” Judith said.

The coastal road is seen to decongest the heavy traffic in Cagayan de Oro, particularly along the northern part of the city. In the economic side, it will reduce travel cost to at least 30 percent, according to DPWH estimates.

With the hindrance out, the coastal road is targeted to open in November. Along this line, Maghinay also reported that six expropriation cases involving properties in barangay Puntod are currently being worked out before the Office of the Solicitor General.

Intervenes...

from page 1 from a series of complaints filed by Antonio Nuñez Jr. for grave misconduct, conduct prejudicial to the interest of public service, serious dishonesty, and gross neglect of duty.

Nuñez accused Moreno of approving the lease of heavy equipment without a public bidding when he was the governor of Misamis Oriental.

The Ombudsman indicted Moreno for each of the six charges, issuing six dismissal orders for the embattled local chief executive.

Moreno said he got hold of a copy of the court injunction late Tuesday afternoon, issued by the appellate court’s Former Special 23rd Division and was signed by Associate Jutices Louis Acosta, Edgardo Camello, and Oscar Badelles.

L aw y e r D a l e B r y a n Mordeno, Moreno’s legal counsel, said he is hoping the CA will issue a consolidated WPI just like what it did in its August 29 resolution.

The CA issued a single WPI for the Ombudsman’s six dismissal orders, docketed as OM B - M - A- 1 5 - 0 5 3 0 , OMB-M-A-15-0528, OMB-M-A-15-0529, OMB-M-A-15-0532, OMB-

M-A-15-0531, and OMBM-A-15-0533.

Aside from granting Moreno a temporary reprieve, the CA also prohibited the Ombudsman “to resolve petitioner’s Joint Motion for Reconsideration with utmost dispatch.”

Mordeno said Moreno is facing 48 complaints, 42 of which are still pending at the Office of the Ombudsman awaiting implementation.

He said it would be better for the CA to issue a consolidated WPI since most of the cases contain similar details.

For his part, Nuñez said he was dismayed with the CA’s issuance of WPI but accepted the decision of the court.

He added his motive for filing complaints against Moreno is not personal but for the “common good.”

(PNA/Jigger J. Jerusalem)

Certified... from page 2

Focal Person Arlene Culgue presented the scope, objectives and, compliances for GAHP certification.

GAHP was established pursuant to the Republic Act No. 10611 also known as the Food Safety Act of 2003.

This forum was spearheaded by the Agribusiness and Marketing Assistance Division (AMAD) of t h e D e p a r t m e nt of Agriculture – Regional Field Office 10 (DA-RFO 10) aimed to provide participants the updates on the agency’s thrusts on the livestock industry, discuss issues and concerns, and raise suggestions and recommendations. (DA-10)

Demand... from page 3

attracting hotel and leisure investments, as their regional airports are being expanded and modernized.

“These projects, once completed, should result in the mounting of more direct flights to these provincial hubs,” the report said.

The government’s plan to construct infrastructure projects outside of Metro Manila and into the provinces could also result in increased domestic tourism in the future.

This year, the tourism department targets to attract a total of 7 million tourists, higher by 17% than the 6 million tourist arrivals recorded in 2016.

In the January to May period, foreign arrivals were up by 14% to 2.88 million.

The growth was driven by the department’s marketing efforts alongside the arrival of delegates for the Association of Southeast Asian Nations summit last April.

Colliers said the increase in tourist arrivals will sustain the growth of the hotel sector, which is set to add around 1,700 hotel rooms during the second half of 2017. This will include the opening of the 460-room Grand Hyatt Manila in Fort Bonifacio in Taguig City, the 200-room TRYP by Wyndham Manila in the Mall of Asia complex, and units in I’M Hotel in Makati City and Seda Vertis North in Quezon City.

Scrap... from page 3

Republic Act No. 9593 o r t h e To u r i s m Ac t o f 2009 states that 50% of proceeds gained from travel cost collections will be given to TIEZA while 40% is to be received by the Commission on Higher Educat ion for tour ismrelated educational pro g r a m s a n d c ou r s e s , while the remaining 10% will be given to the National Commission for Culture and the Arts.

Mr. D omingue z s aid he is also considering the possibility that airports impose different leasing or selling rates on airlines’ use of the gates, depending on the landing time.

“I have asked the DoF representatives in the airports to tell them to consider this differential pricing, selling gates, rather than a fixed tax,” the Finance chief said.

The DoF statement also quoted Mr. Fernandes as saying the reduction of airport tax would boost its expansion plans in the countr y.

Mr. Fernandes has said the budget carrier is keen to add more routes from D avao to C hina, S out h Korea and Malaysia. At present, AirAsia has f lights from Davao to Singapore. “ T h e r e’s a b i g population here. There’s a good business here. We me t s ome f ar me rs w ho wish to send their cargos directly to these places,” Mr. Fernandes was quoted saying in a statement.

NOTICE OF EXTRA-JUDICIAL SETTLEMENT Notice is hereby given that the heirs of the kate Ricardo F. Fabe and Victoria T. Fabe, who died in Cagayan de Oro City on June 2, 2016 and April 16, 2016, respectively, have extrajudicially settled and distributed among themeselves the following properties: (1) TCT No. T-103989, a parcel of land at Kauswagan, Cagayan de Oro, with an area of 200 sq.m.; abd (2) TCT No. T-58308, a parcel of land Kauswagan, Cagayan de Oro, with an area of 150 sq.m., all by means of a public document executed on January 28, 2014 and ratified before Atty. Ian Sol C. Llego, notary public in and for Cagayan de Oro City, Misamis Oriental, as per Doc. No. 59, Page No. 12, Book No. 1, Series of 2017 of his Notarial Register.

BWM: Sept. 1, 8 & 15, 2017

Plastic...

11

from page 4

we have generated could be with us for hundreds or even thousands of years.

In Kenya, producing, selling or even using plastic bags will risk imprisonment of up to four years or fines of $40,000, t he world’s t ou g h e s t l aw a i m e d at reducing plastic pollution came into effect.

The East African nation joins more than 40 other countries that have banned, partly banned or taxed the single use of plastic bags, including China, France, Rwanda, and Italy.

Many bags drift into the ocean, strangling turtles, suffocating seabirds and f i l ling t he stomachs of dolphins and whales with waste unt i l t he y die of starvation.

Study shows that by 2050, we will have more plastic in the ocean than fish. Sad indeed to know about the problem of plastic. Sigh. (ruff y44_ph2000@yaho. ocom)

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Primavera City Co-Sponsors Higalaay Pyro Festival 2017

T

he night sky was set ablaze once again during the breathtaking fireworks display of Higalaay Pyro Festival at SM City Cagayan de Oro that drew thousands of Kagay-anon.

Primavera City, the latest sustainable condominium of Italpinas Development Corporation (IDC), was among the sponsors of the most watched event of Cagayan de Oro’s fiesta, last August 28, in Uptown Cagayan de Oro. “The Pyromusical festival has been the most favorite part of fiesta of all Kagayanon and is the most celebrated event for years held in Uptown Cagayan de Oro. We wanted to be part of this prestigious event and continue partnerships with neighboring industries. At the same time, we are also actively promoting Uptown, Cagayan de Oro” said Ms. Clara Elizaga, Vice President for Sales and Marketing of IDC. Furthermore, Primavera Residences, the first condominium of IDC, warmly welcomed the celebrity guests of Higalaay Festival, namely Spongecola with frontman, Yael Yuzon, Ms. Earth Philippines 2017, Nellza Bautista, International DJs,

Joel Robbie and Geer Morja, and FHM model, Cathy Frey.

In addition to its breathtaking view of Macajalar Bay and Uptown, Cagayan de Oro, Primavera City is an excellent investment opportunity.

Investing in Primavera City brings passive income by enrolling to affiliate property management company Damiani Property Management and Services, Inc (DPMSI).

The sustainable project is located in the booming district of Uptown Cagayan de Oro. The 12-storey building sits 110 meters above sea level providing scenic views of Macajalar Bay. Primavera City is designed as a seventower development.

The first phase of the project consists of Towers A and B that is on its way to completion in 2018.

The seventh tower is designed to be a high-rise hotel with commercial spaces, an icon of the new and modern face of Uptown CDO. Visit our Sales Office at the 2F Primavera Residences, Pueblo de Oro Business Park, Upper Carmen, Cagayan de Oro. To know more about the project, visit at www.primaveracity. com. Please free to contact us anytime at sales@italpinas. com.