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Tuesday, July 19, 2011

Important Notice to CEPALCO Customers Subject: Scheduled Power Interruption on Sunday, July 24, 2011

CAGAYAN ELECTRIC POWER & LIGHT CO., INC.

Important Notice to CEPALCO Customers
Subject: Scheduled Power Interruption on Sunday, July 24, 2011

The Cagayan Electric Power & Light Co., Inc. (CEPALCO) would like to inform all customers that power supply will be interrupted on JULY 24, 2011 as shown below:


Reasons:
FACILITATE THE RECONFIGURATION OF THE 34.5KV LINE PASSING AT LKKS COMPLEX, WHICH WILL BE AFFECTED BY THE ONGOING CONSTRUCTION AND DEVELOPMENT. CEPALCO WILL ALSO CONDUCT LINE MAINTENANCE WORKS ALONG MAHARLIKA HIGHWAY.

Date:

Sunday, July 24, 2011
A. Interruption Time:
7:00 AM – 5:00 PM (10 hours)

Affected Areas:
CAMAMAN-AN FEEDER #4 (34.5-KV):
1.       RER Subdivision Phase 2; towards Fortune Express Shop along Maharlika Highway; including all of NHA-KSS Subdivision and portion of Bayabas near Manila Broadcasting Radio Station.
2.      Greater part of Bulua from Bulua Rotonda towards all of Iponan.

B. Interruption Time:
7:00 AM – 11:00 AM (4 hours);
4:00 PM – 5:00 PM (1 hour); switching works

Affected Areas:
CAMAMAN-AN FEEDER #4 (34.5-KV):
1.       Part of Limketkai Center, Lapasan including Mc Donalds, PNB and Allied Bank.
2.      Portion of Camaman-an near and including the San Jose and St. Vianney Seminaries, greater portion of Camaman-an proper towards Bontong, Bolonsori up to Upper Camaman-an and Hayes Subdivision including Tipolohon including Allegria Subdivision.

C. Interruption Time:
7:00 AM – 8:30 AM (1 hour and 30 minutes); switching works
4:00 PM – 5:00 PM (1 hour); switching works

Affected Areas:
CAMAMAN-AN FEEDER #4 (34.5-KV):
1.       Along Recto Ave. from corner Agora Road towards the new bridge including, MUST, COCACOLA Plant & Osmeña Ext.
2.      Portion of A. Luna St. towards all of Mabulay Subdivision including portion of the Provincial Capitol and Provincial Hospital Area.
3.      Medical Center area along and bounded by Capistrano St., Echem St., A.Velez St., and Recto Ave., including all of Consolacion.
4.      Corrales Ext. from Gaabucayan Street towards most of PPA area.
5.      J. Pacana St. from Recto Avenue towards all of Macabalan area.
6.      Agora Market area including Gaabucayan St..
7.      RER Subdivision Phase I including Dolores compound.
8.     Greater part of Patag including Calamansi Drive, Apovel subdivision, Terry Hills subdivision and Anhawon, Bulua area.

D. Interruption Time:
7:00 AM – 8:00 AM (1 hour); switching works
4:00 PM – 5:00 PM (1 hour); switching works

Affected Areas:
CARMEN FEEDER #3:
1.      Portions of Carmen: along vicinities of Villarin St. towards portion of Canitoan-Pagatpat Road; including St. Mary’s Academy (formerly Cathedral School of Technology), Golden Village, City Hospital-DOH Area, COWD reservoir and Seriña St. from Villarin St. down to Madonna and Child Hospital.
2.      M. Suniel St. from Villarin St. down towards portion of Mabolo St.; including Matilde Neri St., Dabatian St. and Cagayan de Oro College area; and; portion of Lirio St. area.
3.      Portions of Upper Carmen towards Dagong including SM CITY; PRYCE HOTEL; SPUM & SEARSOLIN.


Power will however be restored immediately without further notice
when line works are completed earlier than scheduled.

We hope the affected customers and the public in general
will be guided by this announcement. Thank you.






Released by:
Ms. Marilyn A. Chavez
Senior Manager
Customer & Community Relations Dept.

Philippine Markets: 19 July 2011


19 July 2011 

USD/PhP:          42.83           - 0.21                PSEi:             4485.65                        + 9.64 
USD/JPY:           79.03                        PFINC:                   1005.65                        + 1.43 
EUR/USD:         1.4160                        BDO:                  58.85                        - 0.15 
GBP/USD:         1.6123                        BPI:                  59.05                        + 0.05 
PDSTF3M:         2.7962                        MBT:               78.95                        + 0.45 
Prices as of  4:00pm                        Source: Bloomberg, Reuters 



Local stock exchange closes at new high
By: Doris C. Dumlao
Philippine Daily Inquirer

MANILA, Philippines—The local stock market inched up to a new record high on Tuesday, defying jittery global investor sentiment, as mining stocks continued to sizzle.The main-share Philippine Stock Exchange index added 9.64 points or 0.21 percent to 4,485.65, closing at a record high for the third day in a row.
The mining/oil counter continued to outperform other sectors, rising by 4.89 percent. The financial and industrial counters also ended in positive territory, making up for the slump in the holding firms, property and services counters.
Turnover was heavy at nearly P7 billion. The index, however, was fueled by selected buying. Despite the overall index gain, the 71 advancers in the overall market were slightly outnumbered by 73 decliners while 48 stocks were unchanged.
The index was led higher by Lepanto “A” (reserved for local investors) and “B” (open to both local and foreign investors), Metrobank, URC, Philex, BPI and ICTSI. Non-index stocks San Miguel, Semirara, Boulevard Holdings, Atlas, Manila Mining and Petron also gained in active trade.
On the other hand, index gains were tempered by the profit-taking on BDO, EDC, PLDT, Aboitiz Power and SM Investments. Non-index stock East Asia Power, a favorite in previous days, also succumbed to profit-taking.


BDO UNIBANK, INC.

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher

(632) 858-3001 

Morning Brief: 19 July 2011


Focused state spending urged by IMF official

MORE SOCIAL development projects are needed to achieve the government’s anti-poverty aim, an International Monetary Fund (IMF) official yesterday said, as current growth has not been inclusive.
“Policy makers need to make sure that growth will be balanced,” IMF Asia-Pacific Department Assistant Director Vivek Arora told a forum at the University of the Philippines, adding that this would require “more focus on health care, education, among other social services.”
Analysts present agreed, with one noting that this would require President Benigno S. C. Aquino III to abandon a campaign pledge not to raise new taxes.
Albay Governor Jose Clemente “Joey” S. Salceda, an economic adviser of the previous government, said ensuring inclusive growth was the biggest challenge facing the Aquino administration.
“Rapid growth can lessen poverty, but the reduction of that will be very gradual and not dramatic,” he added.
University of the Philippines economist and former Budget Secretary Benjamin E. Diokno said new taxes were needed for “new or enhanced” social projects.
“New taxes are needed, so the government can spend for additional CCTs (conditional cash transfers), building of hospitals and classrooms,” he said.

Regulators set to rule on telco purchase deal

REGULATORS have wrapped up hearings on Philippine Long Distance Telephone Co.’s (PLDT) plan to purchase rival Digital Telecommunications Philippines, Inc. (Digitel) and a decision could be issued early next month.
“The evaluation process would be around two to three weeks, or it may even extend depending on circumstances,” National Telecommunications Commission (NTC) hearing officer Dennis R. Babaran told reporters after public hearings concluded yesterday.
Both the legal and technical aspects of the deal, originally scheduled to have been completed last month but now moved to end-July, will be evaluated in the en banc decision, Mr. Babaran said.
PLDT’s planned acquisition of JG Summit Holdings, Inc.’s 51.55% stake in Digitel for P69.2 billion, announced in March, would give the dominant telco some some 70% of the domestic mobile market.
Second ranked Globe Telecom, Inc. claims it would lead to a virtual monopoly and Malacañang subsequently ordered regulators to conduct an investigation.
Shares of PLDT closed P30 higher at P2,400 per yesterday.
Mediaquest Holdings, Inc., a subsidiary of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld

U.S. Stocks Drop Amid Debt Limit Concerns, Banks Fall on Europe

U.S. stocks fell, pushing the Standard & Poor’s 500 Index to its worst seven-day period in more than a month, amid concern lawmakers will fail to reach a deal on the nation’s debt limit two weeks before a deadline.Financial shares slumped the most among 10 S&P 500 industry groups, with European leaders planning a summit this week as they seek to contain the region’s debt crisis. News Corp. fell 4.3 percent after two people familiar with the matter said independent directors are questioning whether a leadership change is needed after a phone-hacking scandal. LinkedIn Corp. slid 6.9 percent after JPMorgan Chase & Co. cut its rating.
The S&P 500 lost 0.8 percent to 1,305.44, the lowest level since June 28, at 4 p.m. in New York. During the past seven trading sessions, the index has dropped 3.5 percent, the most in the same period since June 9. The Dow Jones Industrial Average slumped 94.57 points, or 0.8 percent, to 12,385.16. A default by the U.S. would cause more panic than the collapse of Lehman Brothers Holdings in 2008, former Treasury Secretary Larry Summers told CNN in an interview broadcast yesterday.
“It looks like more partisan fighting is delaying any debt-ceiling resolution,” Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc. in Boston, wrote in an e-mail. “Words being thrown around like ‘catastrophe and Armageddon’ are certainly not soothing investors’ confidence.”
House Speaker John Boehner, a Republican from Ohio, said his party wouldn’t accept any tax increases as he worked on a deal to lower the deficit. As negotiators near the Aug. 2 deadline for raising the $14.3 trillion U.S. debt ceiling, President Barack Obama, a Democrat, is pushing to close tax loopholes for the richest Americans and corporations and cut discretionary spending by government.

Longer-Term Treasuries Drop From 2011 Highs Amid U.S. Debt-Limit Debate

Treasury 30-year bond yields climbed from almost the lowest levels this year as President Barack Obama vowed to veto a House Republican proposal to impose mandatory budget cuts as Senate leaders pressed for a compromise to raise the federal debt limit.
Declines in benchmark 10-year note yields were tempered as some traders bet that their drop sparked by the European debt crisis wasn’t sustainable. China increased its holdings of U.S. government securities to the highest level this year, Treasury Department data showed. Fitch Ratings reiterated its plan to cut its U.S. rating in the event of a debt default.
“If the government defaults and the debt ceiling isn’t passed, there’s a reticence to hold the long-term debt of any nation that’s going to be in that situation,” said Dan Mulholland, a Treasury trader in New York at Royal Bank of Canada’s RBC Capital Markets, the investment-banking arm of Canada’s biggest bank, and one of 20 primary dealers that trade Treasuries with theFederal Reserve.
Yields on 30-year bonds rose six basis points, or 0.06 percentage point, to 4.31 percent at 5 p.m. in New York, according to Bloomberg Bond Trader prices, The 4.375 percent securities due in May 2041 decreased 1 1/32, or $10.31 per $1,000 face amount, to 101 3/32.
U.S. 10-year note yields gained two basis points to 2.93 percent after falling as much as four basis points. The yield fell to 2.81 percent on July 12, the least since Dec. 1.


Crude Oil Trades Near Two-Day Low in New York on Europe, U.S. Debt Concern

Oil traded near a two-day low in New York as investors bet the debt crisis in Europe and the U.S. may slow the economy and crimp fuel demand.Futures were little changed after falling 1.4 percent yesterday. Euro-area leaders will meet in Brussels on July 21 to discuss the “financial stability” of the region. Prices also slipped amid concern that U.S. lawmakers will fail to reach a deal on the country’s debt limit two weeks before a deadline. An Energy Department report tomorrow may show U.S. crude oil stockpiles dropped a seventh week.
“It seems the focus is back on concerns with Europe,” said Phil Flynn, vice president of research at PFGBest in Chicago. “Over the weekend, it looks like some of the solidarity with the bailouts has gone.”
Crude for August delivery was at $95.95 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 9:04 a.m. Sydney time. The contract yesterday declined $1.31 to $95.93, the lowest since July 14. Prices are 25 percent higher the past year.







Sources: Bloomberg, Reuters, www.inquirer.netwww.philstar.comwww.bworldonline.comwww.cnnmoney.com 

BDO UNIBANK INC. 

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher
 
(632) 858-3001 
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