Documente Academic
Documente Profesional
Documente Cultură
TACLOBAN, Leyte A
donors forum here has been
conducted to help clarify
and sort out needed pro-
cedures and information
related to the status of re-
leases of assistance funds
in Haiyan affected towns.
The forum sough to accel-
erate the actual realisation
of various rehabilitation and
shelter programs of the local
governments in areas severely
affected by the super typhoon.
Attended by representa-
tives and leaders from local
government units including
that of the Province of Leyte,
the donors forum was meant
to speed up the recovery ef-
forts of the affected local
governments, according to
Vol. I, No. 1 10 Secons P12 TUESDAY, 1 APRIL 2014
twitter @Visayanbizpost
P15.00 NATIONWIDE
web page visayanbizpost.com
Inside
Rehabilitation: improved coordination sought between fund agencies
Dr. Andreas Lange, Chief
Adviser and Team Leader
of the GIZ reconstruction
group working here in Leyte.
Among the donor agen-
cies represented in the fo-
rum were UNICEFf, World
Food Organization, the Red
Cross, the United Nation
Development Program, Save
the Children, OXFAM and
the Japanese international
cooperation agency JICA.
The forum sought to match
the needs of the Yolanda-
affected local governments in
Eastern Visayas with what
available resources exist-
ing donor agencies have at
the present in the region.
GIZ, which co-sponsored
the event with the Leyte
remained was a potent
mix of warplanes, helicop-
ter units, artillery, infan-
try, and commandos with
!eld hospitals and suf!-
cient logistics to sustain
an incursion into Ukraine.
We believe that it can
move within 12 hours, he said.
Essentially, the force is ready
to go. We believe it could
accomplish its objective
between three to !ve days.
General Breedlove said
the Russian presence might
be intended as a coercive
force during the Wests
talks with Russia about
Ukraines future and as
Ukraine prepares for a presi-
dential election in late May.
If the Kremlin decides to
intervene militarily, Gen-
eral Breedlove added, the
force could be used to estab-
lish a land link to Crimea,
the peninsula in southern
Ukraine that Russia an-
nexed last month, so that it
does not have to supply it
by sea. The Russian force
is also capable, he said, of
carrying out a thrust to
Odessa; moving to Transn-
istria, the Russian enclave
in Moldova; or intervening
in areas in eastern Ukraine.
I think they have all the
NATO Sees threat from Russia
EUROPE Gen. Philip M. Breedlove said
Wednesday that the Russian troops near Ukraine
were poised to attack on 12 hours notice.
Brussels top commander
said on Wednesday that
the 40,000 troops Russia
has within striking dis-
tance of Ukraine are poised
to attack on 12 hours no-
tice and could accomplish
their military objectives
within three to !ve days.
President Vladimir V.
Putin of Russia told Chan-
cellor Angela Merkel of Ger-
many on Monday that the
Kremlin was beginning to
withdraw troops from the
border area near Ukraine.
But the NATO command-
er, Gen. Philip M. Breedlove,
said in an interview with
The New York Times that
so far only a single battalion,
a force of 400 to 500 troops,
was on the move and that
NATO intelligence could
not say whether it was ac-
tually being withdrawn.
What we can say now is
that we do see a battalion-
size unit moving, but what
we cant con!rm is that it
is leaving the battle!eld,
said General Breedlove, of
the United States Air Force.
Whether that movement is
aft to a less belligerent con-
!guration or returning to
barracks, we do not see that.
General Breedlove said
that the Russian force that Russian Troops/p7
provincial government, the
United Nations Of!ce for the
Coordination of Humanitar-
ian Affairs, and the Alliance
for Safe and Sustainable Re-
construction gave technical
support for the various reha-
bilitation plans of the partici-
pating local government units.
Meanwhile, explaining the
apparent delay of the release of
Xiamen Lifestyle, p8 Entertainment, p9
funds for post Haiyan rehabili-
tation efforts to reporters also
invited to the forum, Leyte
provincial Governor Leopoldo
Mic Petilla said that the pre-
sent national pork barrel issue
and the reported substandard
construction of bunkhouses
has made the national gov-
ernment more careful in the
By MICHAEL R. GORDON
NYT News Service
V
i
s
a
y
a
n
BUSINESSPOST
Indigenous people support Iloilo water project
ILOILO The Nation-
al Irrigation Administra-
tion (NIA) here is positive
that the informed consent
of indigenous communities
needed for the stage 2 im-
plementation of the JALAUR
RIVER MULTI-PURPPOSE PRO-
JECT will soon be completed.
Project manager Gerardo
P. Corsiga con!rmed that the
P11.212 billion economic as-
sistance program funded by
the Korean Export-Import
Bank is gaining wide sup-
port from indigenous people
and other communities who
are starting to appreciate the
need for potable water, devel-
opment irrigation and power
generation facilities in Panay.
Philippine senator Franklin
Drilon who helped facilitate
the project stressed that the
implementation of the project
by NIA and its Korean coun-
terparts will not only gener-
ate 17,000 jobs in Western
Visayas but also augment agri-
cultural production, stimulate
agriindustrial activities, and
spur the local economy as well
Rex Rapi
Staffwriter, VBP
FOREX: US$=P44 UKL=P74 HK$=P5.72 BRUNEI$=P34.90 EURO=P61.65 JAPAN Y=P0.43 AUST$=P40.35 BAHRAIN D=P117.87 SAUDI R=P11.84 UAE DIR=P612.09 SING$=P35.04
MAROONED. One of the many sea vessels that plowed through houses and lives of the residents of Anibong, Tacloban City during
the onslaught of Super Typhoon Haiyan (local name: Yolanda). Photo by Aaron J.P. Almadro
4,606 jobs/p5
4,604jobswaitinginCebu
CEBU CITY Seventy-one
of the companies who joined
in the recent Mega Local Job
Fair at the Cebu City Sports
Development Center have
announced the existence of
4,604 job vacancies still wait-
ing to be !lled up in this city.
Mostly call center !rms,
these potential employers
were given the go signal by
the Department of Labor and
Employment (DOLE) to assist
the Cebu City Department of
Manpower Development and
Placement as it conducted
GREGGY JIGGS SANTOS
Staffwriter, PIO Cebu
Codilla: Grow your own food
CITY HALL Ormoc city
Mayor Edward Codilla is
working to strengthen the
citys backyard garden-
ing program. The mayor
is aiming to achieve faster
food sustainability for the
citys almost 200,000 citi-
zens after typhoon Yolanda.
The city government is
distributing varieties of
vegetables and corn seeds,
planting materials for root
crops, as well as fruit seeds
so that these can be grown.
Root crops like sweet po-
JOHN ALFRED KABALICAN
Staffwriter, VBP
Grow your own food/p3
JEAN MAMASPAS
VBP Leyte
Indigenous support/p3
Rehabilitation/p2
SPECIAL REPORT
Muslim deal signed:
will the guns now go
away? /3
IMF: Slow Economic
Recovery /p4
The Game Vortex
experience /p5
Child learner /p7
Needs-match for Haiyan towns
Motoring&Sports, p12
Editor JOHN ALFRED KABALICAN
editor@visayanbizpost.com
breaking
News
Tuesday, 1 April 2014
2
THE TRUTH AS IT HAPPENS.
Godofredos Car Care Center
Repair and maintenance of of vehicle models including heavy equipment.
Services ofered:
Engine overhaul
Body & chassis repair
Body work and repainting
Change oil and general engine work
Electrical, mechanical & car-aircon systems repair.
We repair Yolanda damaged vehicles.
Come and visit us at our at Maharlika Highway
(in front of Tacloban Ultrasteel), Tacloban City.
Contact: 0998-171-1428 or 0949-429-1868
UKs Alex Jones climbs rock to raise P96M for Haiyan victims
By NICOLA CHRISTEEN BEVAN
VBP LONDON, UK
Rehabilitation: needs-matching sought for Haiyan towns
release of Yolanda rehabili-
tation funds. There is that
tendency because they dont
want those things to happen
again, Petilla said. He said he
was optimistic, however, that
the funds will be downloaded
within the next several days.
Improve coordination
In an interview with the
Visayan Business Post Mr.
Yolando De Guzman of the
GIZ stationed in Leyte, mean-
while, also noted the need to
improve ef!ciency in the co-
ordination of rehabilitation
efforts between local gov-
ernment units, the national
government agencies, foreign
governments, international
humanitarian agencies, pri-
vate donors and nongovern-
mental organizations who
are all overseeing their indi-
vidual approaches to rehabili-
tation management activities.
The GIZ has an ongoing en-
vironment and rural develop-
ment program in Leyte, assist-
ing Local Government Units in
reformulating their Land Use
Plan, disaster management
needs, and integrating climate
change adaptive strategies.
Dif!culty relocating
Meanwhile, local govern-
ment units are still !nding
it dif!cult to acquire per-
manent sites for the reloca-
tion of Haiyan victims whose
houses were totally washed
out by the super typhoon.
Municipal mayor Reme-
dios Petilla of Palo, Leyte
which was one of the lo-
calities hardest hit conceded
the lack of suf!cient lo-
cal funds for this purpose.
This problem is shared by
all LGUs. Our municipality
is not wealthy. It is dif!cult
to !nd a cheap tract of land
that we can readily acquire
for relocation, the mayor ex-
plained. Mayor Petilla how-
ever added that there are do-
nors who have committed to
help build the shelter units.
A total of 500 houses are
presently being built by the
local government here for the
survivors. Many families re-
main homeless in this munici-
pality despite efforts by the
local government !ve months
after Haiyan struck. We are
very concerned of their welfare
and safety, the mayor added.
No building zones
In the city of Tacloban,
residents whose houses were
FROM PAGE 1 once situated prior to the
storm surge in what have
now been declared as no
build zones by the govern-
ment are also !nding it dif!-
cult to establish homes. Some
have resorted to0 rebuilding
abodes in the prohibited ar-
eas where monitoring is low.
We have to build homes or
we will be forever under the
mercy of the elements, Er-
linda Nolasco, 41, a resident of
Barangay San Jose reasoned. I
have children to feed and they
need shelter too, she added.
She is not alone in this tight
spot. Complaining that the
bunkhouses are taking too
long to be built and seeing that
these bunkhouses may not be
enough for everyone, many
families have started rebuild-
ing homes in the hazard-prone
areas like Barangay Anibong
and coastal areas, making
do with whatever scrap and
light materials they could !nd.
This is going to become
a problem in the near future
even if relocation areas are
provided. We have been try-
ing to convince them not to go
back, said Governor Petilla.
He expressed concern that,
despite government efforts to
forbid rebuilding in hazard-
identi!ed places, many still
want to return to their old resi-
dences. There is a probability
that they will oppose reloca-
tion later, the governor said.
The provincial government
is also looking to provide
livelihood for the families sev-
erly affected by the typhoon.
Leyte Governor Mic Petilla
Inpatient Coverage
PhilHealth provides subsidy for room and board, drugs
and medicines, laboratory exam, use of operating room
complex and professional fees for con!nements of not
less than 24 hours.
(Please refer to the table of rate ceilings/maximum allow-
ances for inpatient coverage.)
Outpatient Coverage
Day surgeries, dialysis and cancer treatment procedures
such as chemotherapy and radiotherapy in accredited
hospitals and free-standing clinics.
Special Bene!t Packages
Case Rates
TB Treatment through DOTS
SARS and Avian In"uenza
Novel In"uenza A(H1N1)
Exclusions
The following shall not be covered except when, after
actuarial studies, PhilHealth recommends their inclusion
subject to approval of its Board of Directors:
Fifth and subsequent normal obstetrical deliveries
Non-prescription drugs and devices
Alcohol abuse or dependency treatment
Cosmetic surgery
Optometric services
Other cost-ineffective procedures as de!ned by Phil-
Health
For individually paying members
Bene!t Coverage
LONDON Te UKs Te
One Show television presenter
Alex Jones visited Tacloban
City early in March to see for
herself the devastation ty-
phoon Haiyan lef in its path
back in November 2013.
During her time there she
met with some families, heard
their miraculous stories of
survival, and visited the grave-
yards of lost relatives. From
her report on Te One Show
it was clear she was visibly
moved by the experience, but
deeply shocked by what she
had seen. Te typhoon hit in
November, but it looks like it
only happened two days previ-
ously, its a mess, said Jones.
Miss Jones then turned
those feelings into determina-
tion, when she bravely accept-
ed Sport Relief s challenge to
climb the Moonlight Buttress,
a staggering 1,200f rock-face
in Utah, USA. Te challenge,
named Alex Against the Rock
saw Miss Jones spend two and
a half days climbing the rock,
one of North Americas tallest
vertical rock faces.
Alex raised an incredible
1.3 million (96.2 million pe-
sos) for the charity. A large
part of the money raised will
be spent to help the families
afected by the typhoon.
Every two years the British
non-proft charity Sport Relief
holds a series of events across
the UK, with hopes of raising
money for causes both in Brit-
ain and worldwide. Ms. Jones while visiting with victims of typhoon Haiyan in Tacloban.
(Photos by Sport Relief)
Editor REX RAPI
editor@visayanbizpost.com
Tuesday, 1 April 2014
3
Visayan Business Post
Topstories
Task Force
Cocaine
DAVAO City -- The
local chief executive here
has declared total war
against the smuggling
of cocaine into the city.
Acting mayor Paolo Du-
terte has issued Execu-
tive Order No. 17, creat-
ing Task Force Davao
Against Cocaine and
Illegal Drugs. The task
force, composed of EIIB,
PDEA, PNP, Customs,
Navy , and Coast Guard
was given investigation
and enforcement pow-
ers. It will look into all
types of cases involving
illegal drugs in the city.
The issuance was in
response to the recently
discovered cocaine at a
private shipment yard
in Tibungco, Bunawan,
Davao. (LGU DAVAO)
New Cebu
Tour Points
Cebu City has now
of!cially listed its Free-
dom Park, the Warwick
Barracks, Carbon and
the Taboan Public Mar-
kets as tour destinations.
These places, considered
to represent the citys
heritage, will be adopted
in the itineraries of Tour
Operators in the city.
Mayor Michael Rama
who visited the new
tour sites with City
Tour Guide Operators,
Cebu City Tourism
Commission, and Media
announced that the in-
clusion of these sites for
tourism purposes is part
of the citys program to
help the city become a
more pleasant and beau-
tiful place to visit and
live in. (GJ SENADOS)
Refugees
No More
CEBU CITY After
almost !ve months of
seeking refuge at the
Tent City provided by
the city government at
South Road, all of almost
3,000 refugees from East-
ern Visayas who "ocked
to this city after super
typhoon Yolanda have
now been able to return
home to their provinces.
The local government
bid farewell to their
guests with Mayor Mi-
chael Rama announcing
that the typhoon vic-
tims will be going home
through the Balik-Probin-
sya Program which gave
the refugees not only free
fare to Leyte and Samar
but some pocket money.
(GJ SENADOS)
NewsBrief
as its eco-tourism industry.
As a multi-purpose pro-
ject, it will provide potable
water to Iloilo and give en-
vironmental bene!ts such
as "ood mitigation and con-
trol. And with the project
expected to be completed by
year 2015, we are con!dent
that this enterprise will make
Western Visayas the rice gra-
nary of the Philippines once
again, the senator added.
Sen. Drilon earlier stated
that the Jalaur project, the
!rst large-scale reservoir dam
to be built outside Luzon, will
provide uninterrupted irriga-
tion water supply to 32,000
hectares of farm land and ben-
e!t more than 783,000 farm-
ers. He said he is con!dent
that, with the projects com-
pletion, annual rice produc-
tion in Region 6 would signi!-
cantly increase. The project is
also expected to expand the
production areas of sugarcane
and other crops in the region.
Korean Finance Minis-
Indigenous people support Iloilo water project
FROM PAGE 1
ter Bahk Jaewan supported
Drilons statements saying
this project will signi!cantly
help improve the agricultural
productivity and ultimately
increase the rice self-suf!-
ciency of the Philippines.
The projects detailed
engineering plan is cur-
rently being prepared by
Korean consultants with
their local counterparts.
IRRIGATION AND POWER GENERATION PROJECT. An interim design for a dam to be built through Phase 2 of the JALAUR RIVER MULTI-PURPPOSE PROJECT.
The plans are being prepared by Korean Consultants with their Philippine counterparts in Iloilo. (NIA Region 6)
Development project will give potable water, environment and economic benefts -- Sen. Drilon
Muslim deal signed: will the guns now go away?
MANILA The govern-
ment has recently signed with
the secessionist Moro Islamic
Liberation Front (MILF)
what Senator Miriam Defen-
sor Santiago fears to be an il-
legal document that creates an
independent sub-state in the
southern Philippines.
The deal requires the Phil-
ippine legislature to pass a
new Bangsamoro Law that
will allow the Muslim com-
munity to effectively govern
themselves in de!nite parts of
Mindanao.
Guns decommissioned
The peace framework re-
quires all rebels of the greater
MILF faction to decommis-
sion their arms and embrace a
peaceful manner of existence
so that development efforts
can be pursued as an alterna-
tive to the protracted war in
the south.
The military establishment
was quick to clarify that the
peace deal brokered in Ma-
laysia in no way automati-
cally mean that full cessation
of hostilities have !nally
been gained. There is a lot of
groundwork to be covered,
says Defense Secretary Vol-
taire Gazmin who pointed out
that crucial to the peace ac-
cord would be the sincerity of
the MILF to follow the various
stages described in the deal
necessary to achieve lasting
peace in Mindanao.
The full political dexterity
of the Aquino administration
would now be summoned
as the Bangsamoro law goes
through the delicate plenary
of both House of Representa-
tives and the Senate.
Reduction of forces
The peace accord is a sig-
ni!cant step towards the dis-
mantling of not only the MILF
armed organization but those
of private armies that are com-
mon in Mindanao. The De-
partment of National Defense
is keen on ending the presence
of armed groups in the area
because of the cost of forces
and equipment necessary to
maintain its peace.
The military seeks to re-
duce its forces in the region
under the accords program
for normalisation, with the
maintenance of peace and or-
der to be taken over by a civil-
ian police force composed of
Bangsamoro elements.
AFP security forces can
then be repositioned to take
assignments related to the
protection of the countrys
territorial sovereignty against
external threats.
The deal is a positive and an
ambitious high point in the re-
lationship between Mindanao
and Manila. Though it will
not be a walk in the park for
those who will ultimately be-
come responsible for the min-
ute details necessary to avoid
misunderstanding between
governments national securi-
ty intentions and the future of
supposed 11,000 MILF armed
combatants.
Expectations
MILF leader and chief ne-
gotiator Mohagher Iqbal has
warned that the decommis-
sioning of MILF !rearms will
be an emotional matter for
MILF !ghters. It is has been
considered a norm for them to
carry arms.
The MILF then will cease
to exist as an armed group and
start positioning itself as a so-
cial movement, said Iqbal.
Meanwhile, a lot is expect-
ed from the MILF itself as its
members maintain close fam-
ily ties with private armies
and other armed groups like
the MNLF and Bangsamoro
Islamic Freedom Fighters.
This is where the implementa-
tion of the peace deal becomes
tricky.
Private armies
Under the new accord,
the MILF and the Philippine
military will cooperate and
From this shared security, we shall enhance the era of prosperity that is drawing upon our region.
Pres. Benigno C. Aquino III, 27 March 2014
act jointly to control not only
loose !rearms and private ar-
mies but to keep the cease!re
in Mindanao.
The BIFF is a breakaway
group of the MILF and is still
seen together with the MNLF
as a signi!cant threat to the
peace process.
For most observers in
Mindanao, including experi-
enced military operatives sta-
tioned there, the BIFF ques-
tion is something the MILF
will have to deal with squarely
in order for the peace accord
to gain proper momentum on
the ground and for develop-
ment to move forward in all
aspects of the soon to be en-
acted Bangsamoro law.
Respect for culture
But there is a genuine rea-
son to celebrate the signing of
this much awaited deal owing
to the changing of relations
between military and MILF
elements in the region.
There is a marked improve-
ment in the way Bangsamoro
members are behaving in re-
lation to peace efforts, some-
thing that was uncommon a
few years back, said Col. Ra-
mon Zagala, military spokes-
man. Part of the change can
be attributed to how Filipino
soldiers have learned to re-
spect Muslim culture, he
added.
At the days end, the posi-
tive leaf growing from the
peace that has germinated
from this new deal must not
be taken lightly. Zagala was
correct to emphasize that
the problems of insurgency
are multi-faceted: economic,
political, religious, and leg-
islative issues need to be an-
swered. (visayanbizpost.com news team)
NEWS ANALYSIS
MILF child warriors are sought to become a thing of the past.
> Your dream Our focus <
Editor ANDY BEVAN
info@visayanbizpost.com
business
Week
Tuesday, 1 April 2014
4
IMF: Slow economic recovery will keep interest rates at historic lows
A slower-than-expected
recovery across the global
economy will keep interest
rates in rich countries at his-
toric lows for several years,
the International Monetary
Fund has warned in its
World Economic Outlook.
Interest rates will rise
gently over the next cou-
ple of years in response to
higher GDP growth, but will
likely be pegged back by a
stuttering performance by
Europe and slower growth
in China, the Washington-
based organisation said.
The gloomy diagnosis will
dismay savers, who have
seen the value of their sav-
ings whittled away by in!a-
tion since the "nancial crisis.
Savers are seen as the big
losers from the "nancial
crash, which forced cen-
tral banks to slash rates
to almost zero to prevent
commercial and residen-
tial borrowers from go-
ing bust in large numbers.
The IMF blamed the
Asian savings glut along-
side a longstanding demand
for safe haven assets and a
lack of investment oppor-
tunities, especially in the
developed world for the
persistence of low inter-
est rates across the world.
It said that while the 2008
"nancial crisis had exacer-
bated the problem, low in-
terest rates stretched back
30 years and many of the
fundamental drivers will
remain in place when the
crisis is a distant memory.
It has been known for
many years that the accu-
mulated savings of Asian
workers, western pension
savers and the oil rich coun-
tries in the Middle East have
outstripped the capacity of
the world economy for in-
vestment. Many economists
have highlighted how savers
cannot "nd enough produc-
tive industries in which to
invest and have increasingly
come to rely on buying gov-
ernment bonds to supply an
income. The traditionally
low interest rates paid by
government bonds has fallen
further since the "nancial
crash in countries seen as
a safe haven, including the
UK, US and Switzerland.
The IMF said low interest
rates might spur risk-taking
behaviour by investors who
demand a higher rate of re-
turn on their investments. It
said: A protracted period of
low real interest rates would
have negative implications
for pension funds and in-
surance companies with
de"ned-bene"t obligations.
An environment of contin-
ued low real (and nomi-
nal) interest rates might
also induce investors and
"nancial institutions more
broadly to search for higher
real (and nominal) yields
by taking on more risk.
Increased risk tak-
ing, in turn, might increase
systemic "nancial sec-
tor risks, and appropriate
macro- and micropruden-
tial oversight would there-
fore be critical for main-
By PHILLIP INMAN
Economic Correspondent
taining "nancial stability.
The World Economic
Outlook is the IMFs ma-
jor analysis of the global
economy ahead of its spring
conference in Washington
next week. The meeting
runs alongside the annual
meeting of the World Bank
and get-togethers of G20
ministers and the Finan-
cial Stability Board, an off-
shoot of the G20 of nations
that is attempting to bring
calm to global markets.
Analysts at the IMF said
a slowdown in China and
many emerging markets
would slow the general
pace of the recovery and be
another reason for cen-
tral banks to keep interest
rates low. It said a return to
health in the US would not
be enough to reignite the
Asian tiger economies that
did so much to propel global
growth ahead of the "nan-
cial crisis and in the years
immediately afterwards.
The analysis ties in with
predictions that interest
rates will begin to rise in
the UK and US next year,
but only slowly and peak-
ing at no more than 3%.
The G20 has urged
greater cooperation and
co-ordination by govern-
ments to prevent rising in-
terest rates from slowing
the recovery. Some coun-
tries have borrowed heavily
to maintain growth in the
past few years and encour-
aged capital in!ows with
higher than average inter-
est rates. The prospect of
higher rates in the US has
caused a reversal of the !ow
of funds to the detriment
of many emerging markets.
In a speech in Washing-
ton on Wednesday, the
IMF head, Christine La-
garde, said that without
greater co-ordination and
reforms to outdated labour
protections and cosy busi-
ness arrangements, global
growth would remain sub-
dued for many years. (TG)
IMF Chief Christine Lagarde
The WORLD BANK Headquarters in Washingtton DC
East West to merge with Greenbank
BSP, MANILA -- Heres
good news to East West
bank depositors and inves-
tors: there is no stopping
now to the expected merger
of EastWest Banking Cor-
poration, which owns East
West bank, and the Green
Bank Inc., an Agusan del
Norte concern which is
popularly known as the Ru-
ral Green Bank of Caraga.
The Bangko Sentral ng
Pilipinas has approved
the deal between the two
banks. Awaiting the green
light from the Securities
and Exchange Commission,
the merger will have East
West as the surviving entity.
The Philippine Deposit In-
surance Corporation which
insures the deposits of both
banks has earlier given
its go-signal for the deal.
East West is publicly
listed. It has made a disclo-
sure to the Philippine Stock
Exchange that it will make
its announcement once
the Philippine SEC gives
its approval to the merger.
Both banks have formally
informed the SEC that the
Bangko Sentral ng Pilipi-
nas has formally approved
the Plan of Merger and
East West, one of the fast-
est growing !nancial institu-
tions which offers affordable
small and medium business
loans has branches in Lu-
zon, Visayas and Mindanao.
The institution is try-
ing to boost its position in
the national banking scene,
with its strategy of spreading
fast services to people in un-
banked places, EW president
and chief executive Antonio
Moncupa in a statement said.
By JEAN MAMASPAS
Bizpost Leyte
Avida Towers. Cebu City
Dare to be cool.
Te new Nissan Navara.
Nissan Palo Tacloban
Editor JOHN ALFRED KABALICAN
editor@visayanbizpost.com
Tuesday, 1 April 2014
5
Visayan Business Post
the
metro
star
Travel &Tours