corporate

DA-10 brings Kadiwa on Wheels to Oro barangays

April 27, 2020

Elson Jalapong, a sari-sari store owner in Barangay 23 is thankful to the Department of Agriculture - Regional Field Office 10 (DA-10) for bringing the Kadiwa Market direct to their barangay.  Since the city-wide implementation of the community quarantine, his family has been making do with little income to provide for their daily needs.  "I am thankful that DA brought the Kadiwa Market to our barangay. The products sold are cheaper and affordable that helps us save, especially now that our daily earnings are much lesser under the quarantine," Jalapong said.  "I am looking forward for the next round when the Kadiwa Market visits our place," he added.  For the Northern Mindanao Federation of Dairy Cooperatives (NMFDC), better known for its brand name, Highland Fresh Dairy Products, the Kadiwa Market has helped their group get by the pandemic by maintaining steady sales.  "Our production has been affected since the implementation of the quarantine. Our sales have dropped significantly. One of our strategies is to continue joining DA's Kadiwa. This helps us to maintain our daily sales," Jhuryvie Sardovia Highland Fresh accounting staff-turned-saleslady shared.  "More importantly, the Kadiwa Market has helped me keep my job during the quarantine," she added.  Barangay 23 Chair Mario Balsarza said his constituents not only saved money because of the Kadiwa Market, but it also kept them from going to congested places like the public market, a precautionary and safe measure against COVID-19.  "I will look into inviting the Kadiwa Market some other time to our barangay. This is very helpful to our people during this time. I am very thankful that DA has considered our barangay as one of its display areas," Balsarza said.  The Kadiwa Market also enabled barangay residents to display their homemade products, he added.  DA-10 aims to bring together individual farmers, farmer-groups, small, medium and large enterprises and corporations in Cagayan de Oro as vendors and suppliers of the Kadiwa Market as it roams around the city, supplying fresh and cheap food products to Kagay-anons.  The agency provides logistics and links Kadiwa vendors to target barangays to sell their products.#(DA RFO-10/ATalib)

READ MORE
Fruitas Holdings partners with Mindanao dairy farm operator

April 26, 2020

FRUITAS Holdings, Inc. has teamed up with a Mindanao-based dairy farm operator to be the exclusive carrier of its products.     The food and beverage kiosk operator told the stock exchange on Wednesday it forged a partnership with Bukidnon Milk Company to have the rights to carry its products via carts, kiosks and stalls.     Before this partnership, Fruitas has been carrying Bukidnon Milk Company’s fresh milk and yogurt products through its delivery platform.     “We have received very positive feedback on Bukidnon Milk Company products from our customers… [W]e are glad to partner with a top-notch local producer of fresh dairy. This new collaboration is in line with our vision for Fruitas to be synonymous with fresh products and become an essential part of Filipinos’ daily lives,” Fruitas President and Chief Executive Officer Lester C. Yu was quoted in the statement as saying.     Products of Bukidnon Milk Company will now be featured in Fruitas’ fresh store concept under the Babot’s Farm brand. As announced in March, the company wants the new concept to carry three major verticals of fresh products: a buko beverage line, a soy-based products line and a fresh dairy line.     “(The fresh store concept) will prominently feature Bukidnon Milk Company products alongside Fruitas’ leading buko beverage line, and Soy & Bean’s soy-based products,” it said.     Partnerships such as this is part of Fruitas’ strategy to generate revenues amid the challenges brought by the coronavirus disease 2019 (COVID-19) pandemic.     “As constraints brought about by the COVID-19 pandemic continues to present challenges to all businesses from large conglomerates to small operators, Fruitas commits to mitigate the impact by adding new revenue and profit streams,” it said.     It also assured investors that it has “more than sufficient funds” to survive the pandemic, noting it raised P820 million when it did an initial public offering last year.     “Since its initial public offering, Fruitas has completed the acquisition of Heat Stroke Grill, Kuxina, The Tofu Store, and CocoDelivery and forged partnerships with Pan de Manila and Bukidnon Milk Company, which have made the company bigger and stronger,” it said.     Fruitas has not disclosed its earnings for 2019 yet, but in the year prior, its consolidated revenue stood at P1.58 billion to increase 37% year on year.  

READ MORE
PSALM hands over P46M to LGUs to lower power rates

April 26, 2020

GOVERNMENT-LED Power Sector Assets and Liabilities Management Corp. (PSALM) on Thursday said it remitted its quarterly share in the national wealth to local government units (LGU) hosting renewable power plants to bring down electricity costs.     The agency tasked to privatize the government’s power assets handed over P46 million to host LGUs in Luzon and Mindanao, 80% of which must be used to lower costs of electricity, as called for by Republic Act No. 9136 or the Electric Power Industry Reform Act.     “We did our best to process the releases immediately and we even coursed them through bank transfers in order for the LGUs to access the funds and perhaps utilize them for their Covid-19 (coronavirus disease 2019) response activities,” PSALM President and Chief Executive Officer Irene B. Garcia said in a statement.     LGUs in Benguet, Laguna, Pangasinan, Bukidnon, Lanao del Norte and Lanao del Sur are beneficiaries of the PSALM shares.     According to the Local Government Code, LGUs are entitled to a 40% share of proceeds from energy assets, such as petroleum, coal, geothermal, hydrothermal, and wind resources, collected in the past fiscal year.     These proceeds are directly routed to treasurers of concerned provincial, city, municipal, or barangay.     The agency’s shares in national wealth are released quarterly, with the next remittance to be done in July.     Recently, PSALM extended its order putting on hold the payments of fees on power billings and ancillary services which due dates fall during the enhanced community quarantine (ECQ), following the recent advisories of the Department of Energy and the Energy Regulatory Commission on bills settlements within the energy sector.     It has provided distribution utilities, industries, ecozones, and government entities with a grace period for paying said fees. It likewise allowed them to pay the deferred bills in installments in the next four billing months starting mid-May.  

READ MORE
CebuPac cancels all flights from May 1-15 due to ECQ extension

April 26, 2020

CEBU Pacific announced on Friday, April 24, that all domestic and international flights from May 1 to 15, 2020 are canceled, following the extension of enhanced community quarantine in the most part of Luzon and the implementation of “general community quarantine” over other provinces.     “We will provide updates on when we will restart passenger operations as soon as possible,” Cebu Pacific said in a statement. The local airline assured the public that they will continue to mount all-cargo flights of vital goods, including medicine and personal protective equipment (PPE) across the country. Passengers on canceled flights are encouraged to manage their bookings online through the airline’s website before the scheduled travel dates.     For those passengers with booked flights from May 16 to September 30 can also manage their bookings online and can rebook to any other travel date within one year or place the full cost of the ticket in a travel fund valid for one year.     

READ MORE
Manufacturers asked to slash canned goods prices

April 23, 2020

LABAN Konsyumer, Inc. (LKI) has urged canned goods manufacturers to lower the prices of their products as world oil prices continue to stumble.      During the virtual presser of Tapatan sa Aristocrat on Wednesday, LKI President Victorio Mario Dimagiba said they should implement at least a 5-percent price cut on their canned goods products.     “Five percent at the minimum, but let the manufacturers decide if they can do it higher,” said Dimagiba, who is also the former undersecretary of the Department of Trade and Industry-Consumer Protection Group.     Federation of Filipino-Chinese Chamber of Commerce Henry Lim Bon Liong also agreed that manufacturers should look into lowering prices of canned goods amid the falling crude prices in the world market.     As of this writing, World Texas Intermediate crude is trading at $12.67 per barrel while Brent crude at $18.63 per barrel.     Data from the DTI show that suggested retail prices (SRPs) of 155-gram canned sardines range from P13.25 to P17.25.     SRP of 150-gram corned beef is between P18.50 and P32, while for 170-gram ranges between P29 to P37.     Other canned goods considered as basic necessities and prime commodities include condensed and evaporated milk, luncheon meat, meatloaf, and beef loaf. (PNA)  

READ MORE
SEC tracks down 4 additional unauthorized investment schemes

April 23, 2020

THE Securities and Exchange Commission (SEC) has identified four more unauthorized investment schemes, including rackets possibly operated by previously flagged groups under new names.      In separate advisories issued on April 21, the commission warned the public against dealing with Viceem Help Worldwide/Viceem Help by Millionaire Maker Team, Nexus P Capital by GK Marketing Limited, and My Profit Robot (MPR).     In an earlier advisory dated April 15, the SEC likewise flagged the unauthorized investment-taking activities of Norway International OPC.     Viceem Help Worldwide/ Viceem Help, Nexus P Capital and its operator GK Marketing, MPR, and Norway International have not secured from the Commission the necessary licenses to solicit, accept or take investments from the public, as required under Republic Act 8799, or The Securities Regulation Code.     Based on reports from the public and as posted on its Facebook Messenger Group, Viceem Help Worldwide/ Viceem Help is simply the new name of Azenzo-Online whose unauthorized investment-taking activities have been flagged earlier.     The investment scheme of Viceem Help Worldwide/ Viceem Help resembles that of Azenso-Online, which promises a 30 percent to 100 percent return on investment within five to 20 days under a scheme similar to that of Kapa-Community Ministry International.     Nexus P Capital also operates an investment scheme that the SEC has warned the public about earlier this month. Like Cryptec, the scheme operated by a company purportedly incorporated in the United States offers cryptocurrency and foreign exchange trading accounts promising lucrative returns.     Its online trading platforms are supposedly tailored to minimize the chances of an unsuccessful trade, offering a 1:2 to 1:20 leverage for cryptocurrency trading and 1:100 to 1:400 for forex trading.     The leverage system essentially allows investors to cover a fraction of the value necessary for the trade or transaction, as the rest of the amount is provided or lent by their brokers or agents subject to certain fees and/or commissions.       Nexus P Capital also uses a trading bonus system in its credit token scheme to discourage investors from withdrawing their investments until they have complied with the minimum trade volume requirement. In case of non-fulfillment, credit tokens are forfeited and losses incurred are deducted from the investors’ deposits, which shall then be subject to a 20-percent withdrawal fee.   MPR, meanwhile, claims to be a unique trading robot that trades cryptocurrencies around the clock using BXTCoins and Property Arbitrage. It further claims that it buys and sells cryptocurrencies over several markets in order to make a profit from small to massive price differences across different markets.   As posted online, MPR touts an average daily profit of 1 percent per day or 365 percent per annum. To earn, one will need to purchase a six-month license for $200 and deposit bitcoins in his or her BXT wallet.   An initial investment of P5,000 will supposedly yield a profit of P1,739 in 30 days, or a 1 percent daily profit, to as much as P20,022 in six months. In addition, an investor may earn from referral fees and receive up to 35 percent commission on sales.   On the other hand, the investment scheme of Norway International involves beauty products and food supplements. One may purchase starter packages worth P1,500 to P4,500 to earn retail profits, cash rewards, direct referral bonuses, pairing bonuses, direct match bonuses, and car and travel incentives, among others.   The investor may earn even without selling any of the products under the so-called Norway International Binary System. For instance, a member or future investor availing of the P1,500 starter package is promised P90,000 to P270,000, an equivalent to a 6,000 percent to 18,000 percent return on investment, within a month.    Those who act as salesmen, brokers, dealers or agents of fraudulent investment schemes may be held criminally liable and penalized with a maximum fine of P5 million or imprisonment of 21 years or both under the Securities Regulation Code.   Republic Act 11469, or the Bayanihan to Heal as One Act, further penalizes those participating in cyber incidents that make use or take advantage of the coronavirus disease 2019 (Covid-19) pandemic to prey on the public through scams, phishing, fraudulent emails, or other similar acts with two-month imprisonment or a maximum fine of P1 million or both. (PR)  

READ MORE


Subscribe Now!

Receive email updates from Business Week.