The Daily News
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Vol. 16 No. 197 October 22, 2015 The Nation
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Lando's damage to agri rises to P6.4Bn
MRT buyout eyed by June next year
Importers called out over vague declarations
Corporate Briefs
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Currency
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Hong Kong (dollar)
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China (yuan)
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US (dollar)
The Economy and Business
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Currency
in Peso
COUNTRY
Lando death toll soars to 58
SC upholds indictment of ex-PEA execs over
road project
Chinese deputy consul, finance officer shot
dead in Cebu
Comelec can’t stop early poll campaigning
Megaworld Corp. to complete construction of
6 campus-type office towers by end 2016
Crown Asia Chemicals Corp. bags supply
contract for NAIA expressway phase II
Toyota recalling 6.5Mn vehicles worldwide
over a power window glitch
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PESO–DOLLAR RATE
30 trading days to October 21, 2015
Open: P 46.350
Close: P 46.470
45.00
45.50
High: P 46.335
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Low:
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P 46.490
47.00
W.A.: P 46.414
47.50
Vol.: $ 1,101.50 Mn
PSE COMPOSITE INDEX
30 trading days to October 21, 2015
7900
7700
7500
7300
7100
6900
6700
6500
6300
Open: 7,069.55
High:
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Low:
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Close: 7,092.90
Index: 7,092.90
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Disclaimer: The articles in this Daily News have been culled from various media sources. We cannot, therefore, vouch for the accuracy of what is reported.
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1
The Nation Lando death toll soars to 58
Interior and Local Government Secretary Mel Senen Sarmiento yesterday ordered the relief of the Benguet
police provincial director for inefficient preparation after the province suffered the highest number of casualties
at 14 during Typhoon Lando. Sec. Sarmiento directed Philippine National Police (PNP) chief Director General
Ricardo Marquez to relieve Sr. Supt. David Lacsan from his post. Widespread flooding in Central Luzon caused
by Lando had eased but the storm’s death toll climbed to 58 and tens of thousands of people remained in
evacuation centers. Lando (international name Koppu) melted into a low- pressure area yesterday as it crossed
Balintang Channel in the Batanes Islands, the state weather bureau said.
SC upholds indictment of ex-PEA execs over road project
The Supreme Court (SC) has upheld the indictment of the former officers of the Public Estates Authority (PEA)
over the anomalous construction of Diosdado Macapagal Boulevard in Pasay City. In a decision released
yesterday, the high court affirmed a resolution handed down in 2003 by the Office of the Ombudsman
approving the filing of graft charges against the former directors of the PEA before the Sandiganbayan. The SC
dismissed a petition filed by former PEA officials Victor Lacson, Raphael Pocholo Zorilla, Cristina AmpostaMortel, Manuel Berina Jr., Jaime Millan, Bernardo Viray, Frisco Francisco San Juan, Carmelita de Leon-Chan,
Daniel Dayan, Salvador Malbarosa, Leo Padilla and Elpidio Damaso. The PEA board in 1998 approved the road
project as well as the P1-billion loan facility in the form of convertible notes to finance the same. However, a
Commission on Audit report showed that apart from the original contract price of more than P584 million, the
total project cost of package I with contractor J.D. Legaspi amounted to more than P837 million.
Chinese deputy consul, finance officer shot dead in Cebu
Two Chinese diplomats were killed, while the Chinese consul general in Cebu City was wounded when a Chinese
woman went on a shooting rampage in a restaurant in Cebu City yesterday afternoon. Killed were Deputy
Consul General Sun Shan and finance officer Hui Li. They died from gunshot wounds while being treated in
hospital. Wounded Consul General Song Rong Hua was also taken to a hospital in Cebu City for treatment. Mr.
Song has been in his post for only a few weeks, it was learned from one of the Chinese diplomats. His condition
was not immediately known. Suspects Li Quing Liang and his wife Guo Jing are in the custody of the Cebu City
police, according to Central Visayas police director Chief Supt. Tom Banas.
Comelec can’t stop early poll campaigning
Due to a Supreme Court (SC) ruling in November 2009, the Commission on Elections (Comelec) cannot do
anything about candidates who campaign before the start of the official campaign period next year. According
to Comelec Chairman Andres Bautista, premature campaigning is no longer in the statute book because of the
SC’s decision on the Comelec vs. Penera case. Mr. Bautista said the SC ruling had superceded the election laws,
which used to consider electioneering outside of the campaign period as an election offense. “If you look at the
decision of the Supreme Court on the Penera case, you can only engage in prohibited campaign acts during the
campaign period. Essentially, before that, you are free to do anything,” he noted. The Comelec was planning to
come up with guidelines for activities that are allowed and not allowed in the wake of the Penera ruling.
The Economy & Business Lando's damage to agri rises to P6.4Bn
The cost of damage to agriculture in areas affected by Typhoon Lando has risen to P6.4 billion with the rice
subsector sustaining the most damage, the Department of Agriculture (DA) reported yesterday. Damage
incurred on rice soared to P5.7 billion with 383,668 metric tons of production (MT) lost. Damaged were 272,
006 hectares, 269,694 hectares of which have chances of recovery. Losses incurred on corn crops reached
P88.32 million with 5,954 MT of produce lost. Affected were 13,051 hectares, 12,634 hectares which may still
recover. The value of damage to high value crops is now placed at P528.9 million with 21,836 MT of produce
lost. Affected were 4,233 hectares of cultivation area, 2,808 hectares of which may still recover.
MRT buyout eyed by June next year
The government targets to buy out Metro Rail Transit Line 3’s (MRT-3) private partner before the Aquino
administration ends its term on June 30 in order to spare its successor from “a lot of headaches,” the state
Transport chief said yesterday. “We really want to push the EVBO (equity value buyout), or the right of the
private owner to be bought out,” Transportation Secretary Joseph Emilio Abaya said. Asked if the buyout can be
done before President Aquino steps down in the middle of next year, Sec. Abaya replied: “Hopefully.” The
department has been blamed for problems hounding the MRT. Both government and its private sector partner
have blamed each other for lapses that have led to the railway’s troubles.
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Importers called out over vague declarations
The Finance department yesterday singled out importers of various commodities for its Tax Watch campaign,
noting disparities in declared quantities for their shipments filed before the Bureau of Customs. “Importers are
required to describe import entries in sufficient detail to enable articles to be identified under the proper tariff
classification as per Customs Memorandum Order (CMO) 28-2007,” the advertisement said. The Finance
department called out Great Light Trading for declaring “cheese” in the goods description; Jobber Enterprises
for listing “green peas,” and Advances Impex International for listing its grape imports under the word “fresh.”
On the other hand, it also tagged Puregold Duty Free, Inc., for describing its shipments as “assorted chocolate
confectionery,” and Clark Trading Corporation for listing its goods as “condiments.”
Corporate Briefs
Megaworld Corp. said it expects to complete the construction of 6 campus-type office towers in its McKinley
West township in Fort Bonifacio by end 2016...Megaworld Senior Vice-President Jericho Go said the property
developer is fast-tracking the completion of the project ahead of schedule...the 6 office towers, which have a
total of 60,000 square meters of office space, are located in McKinley West, which was recently declared by
President Benigno Aquino as a “special economic zone” for information technology...Crown Asia Chemicals
Corp. said it bagged a supply contract involving the 2nd phase of the 7.15-kilometer Ninoy Aquino International
Airport Expressway, as the plastic compound manufacturer seeks to increase its exposure to government
projects...asked for the size of the deal, Crown Asia Vice President-Comptroller Tita Villanueva said:
“Regretfully, I have to beg off from disclosing the supply amount as we have confidentiality clause with the
principals"...Toyota said it was recalling 6.5 million vehicles worldwide over a power window glitch that
presented a fire risk, the latest in a string of such moves by the Japanese auto giant...in recent months, Toyota
has recalled nearly 10 million vehicles outfitted with defective air bags that have been linked to several deaths
globally.
Word‐for‐Word
Malaya columnist Amado Macasaet wrote:
Awakened to its efficacy and safety, herbal medicine now accounts for 12% of demand for drugs and medicines
in the Philippines. Herbal medicine is now practiced worldwide encouraged by an international group.
The biggest driver of growth in demand is the cheap price which, according to an official of Zuellig, is at least
30% cheaper than drugs and medicines produced by multinationals that have started going herbal. He pointed
out there is a growing awareness of the efficacy of herbal medicine proven to have no side effects.
That means, he said, the drug industry makes or imports drugs and medicines made of herbs and other
medicinal plants produced in large laboratories here and in foreign headquarters.
Demand in the Philippines is growing at 10% a year.
The Zuellig official said its wholly-owned toll manufacturer, Interpharma, has started producing herbal drugs
and medicines for a growing number of pharmaceutical firms including multinationals. However, Pascual
Laboratories, so far the biggest producer of herbal medicines, has enough capacity to produce its own herbal
products.
The official said supply of raw materials is adequate at present.
There are more than a dozen herbs and plants including vegetables which are rich raw materials that can be
made into medicines. Lagundi, for example, has long been known as effective against common colds. Yellow
ginger, also a wild plant, is crushed in antiquated ways but its juice is effective for fever. Bitter melon or
ampalaya is known to be effective against diabetes.
Malunggay leaves, nutritious vegetables long known as health food, are lately discovered as a cure or at least
dietary supplement that are now produced in capsules.
MX 3 is a brand of dietary supplement drawn from mangosteen peel. Its producer, Medical Supply Company in
Davao, sells mangosteen xanthone in 500 mg capsules. The producer states the xanthone has “no approved
therapeutic claims.”
Guyabano leaves and fruits, claimed to be prevention and cure for cancer, are now also available in capsules.
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The Zuellig official said there could come a time when vegetable supplies will compete for dietary and medicinal
products and food on the table. A source from the pharmaceutical industry pointed out, however, eaten as
vegetables or medicines the plants have the same effects on human health. He said it might take a little longer
to feel the effects of vegetables eaten as food than when it is taken as medicine or dietary supplements. He said
there are no studies in this aspect.
Bloated population which results in the growing number of poor people is the best assurance demand for herbal
drugs and medicines will grow faster than the present 10% a year. Efficacy and cheaper price will ensure the
growth of herbal drugs and medicines.
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