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BusinessWeek Mindanao (November 21-22, 2022)

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BusinessWeek M I N DA N A O CREDIBLE

Volume XIII, No. 69 AS OF 6:00 PM NOV 21, 2022 (FRI)

X

US$1 = P 57.36

0.01

cents

PHISIX

X

6,403.74

11.65

RELIABLE

points

Briefly

Agri trade deficit THE agricultural trade deficit widened 15% year on year in the second quarter to $2.72 billion, according to preliminary data issued by the Philippine Statistics Authority (PSA). The PSA said in a report released on Oct. 28 that overall agricultural trade during the second quarter rose 25% year on year to $6.95 billion. The PSA said agricultural exports rose 32.4% year-on-year to $2.12 billion during the period, accounting for 11.1% of all exports, while agricultural imports rose 22% to $4.84 billion or 13.5% of all imports.

P500M investment

DAVAO DE ORO province is trying to close on at least P500 million in agricultural investment leads during its annual business forum on Oct. 25-26, with the focus on poultry, coconut, and transport and logistics. Trade and Industry Provincial Director Lucky Siegfred M. Balleque said the province is promoting poultry raising in communities as the first AGEdressing 7 plant in the province is now under construction. “We recently (broke ground for) the multimillion poultry dressing plant and we will be highlighting that because we want to encourage the residents of Davao de Oro to go into poultry raising,” he said at the Habi at Kape forum last week.

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Mon-Tue| November 21-22, 2022

P15.00

eyes review of coops’ supply aggrements

N a bid to bring down the high cost of electricity in the country, the Energy Regulatory Commission (ERC) said it is reviewing power supply agreements (PSAs) entered into by electric cooperatives. “We can look at PSAs (to) find immediate and long-term solutions for the DUs (distribution utilities) to sustain themselves and for the consumers also to enjoy lower electricity rates,” ERC Commissioner Alexis M. Lumbatan said in a statement on Wednesday. In a statement, the ERC s ai d the re v i e w, which it calls the “PSA

Caravan,” is focused on the generation component of p ower bi l ls, w hich accounts for about 60% of what consumers pay. The ERC said generation charges in August were up about 20% from a year earlier. “The generation rate increase is driven mainly by the pass-through (nonfixed) component of the rates for the cost of fuel, specifically coal, and the upward adjustment in foreign exchange rate,” the ERC said. I n O c t o b e r, t h e ERC said that about 50 distribution utilities are under evaluation for not providing a breakdown of ONION SHORTAGE. A laborer piles bags of Bombay onions at a stall in their generation charges Bankerohan Market, Davao City on Wednesday, Nov. 16, as the price of this essential cooking ingredient soars to as much as P300 a kilo. MindaNews photo

P3.3-B hydropower to boost power supply in DavOr town

Energy diversification PRESIDENT Ferdinand R. Marcos Jr. on Thursday emphasized the importance of diversifying energy sources to sustain global economic growth and avoid the worst impacts of climate change. In his opening remarks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Bangkok, Thailand, Marcos lamented that the progress made to address climate crisis is "not enough," despite the implementation of global climate pacts such as the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. Marcos said a "stronger" action is needed, considering that climate change is "the most pressing existential challenge of our time" that may cause adverse impact on the global economy.

IN-DEPTH

ERC keen to bring down power rates www.businessweekmindanao.com

Market Indicators FOREX

YOUR MINDANAO-WIDE BUSINESS PAPER

DAVAO City — Former Sarangani Governor Miguel Rene Alcantara Dominguez has joined the 60-year-old Alsons Development and Investment Corporation (Alsons Dev) as its new director who will oversee the business strategy and operations of the premier property developer and real estate pioneer in Davao City. Alsons Dev is the real estate

DAVAO City – Residents of Caraga town in Davao Oriental province will soon benefit from the P3.3 billion worth of hydropower project, which consists of three minihydropower plants with a total capacity of 20.9 megawatts.

In

a statement Friday, Governor Corazon Malanyaon said the project will address the power woes in the municipality.

“This is truly a welcome development, as we have been keen on looking at renewable sources of energy to help energize

communities in the province,” Malanyaon said.

Meriam Buguis, consultant of the Volga Power Corp., said they will be using a “run-of-the-river” hydropower facility to tap the flowing waters of the Caraga

BUTUAN City – Dinagat Is l a n d s G o v e r n o r N i l o Demerey Jr. has welcomed the move made by Agusan d e l Nor t e 2 n d D i s t r i c t Representative Dale Corvera to include the municipal waters in the National Tax Allocation (NTA), as provided in Republic Act (RA) 7160 or

the Local Government Code of 1991.

“This is a good piece of legislation, and I believe that this will become a law as this will gain support by the other lawmakers,” said Demerey, concurrent chair of the Regional Development Council in the Caraga Region (RDC-13), in a phone interview

Friday.

On Nov. 14, Corvera filed House Bill No. 6102 that seeks to amend Sec. 285 of RA 7160, which will include the municipal waters, aside from the land area and population, to the NTA.

“The proposed measure will bring justice to the island local government

BOOST/PAGE 7

RDC-13 hails move to include municipal waters in tax share

WATERS/PAGE 7

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