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What's On & Expat - Philippines

October 14-20, 2007   
BUSINESS

New Cebu-Cagayan de Oro Route Now Open

 By Richard A. Ramos

CEBU PACIFIC (CEB) recently inaugurated its first Cebu-Cagayan de Oro flight, marking its ninth domestic route from its Cebu operations hub.
   The thrice-weekly route operates every Tuesday, Thursday and Saturday, using CEB’s 150-seater Airbus 319 aircraft. The flight leaves the Mactan Airport in Cebu at 1:05pm and arrives in Cagayan de Oro at 1:50pm. From Cagayan de Oro, the plane leaves at 2:20pm and arrives at the Mactan airport at 3:05pm. The route opens up new opportunities for moving Cebu businesses forward to several cities and provinces in Region 10 and vice versa.
   Department of Tourism (DOT) officer-in-charge Regional Director Elena Manalo said the

 

airline’s entry will benefit the neighboring areas such as Iligan, Gingoog, Bukidnon, Tangub, Oroquieta, Ozamis, Camiguin, Misamis Occidental and Misamis Oriental.
   In ceremonies held at the Lumbia Airport in Cagayan de Oro, Manalo said Cebu Pacific will greatly contribute to the region’s growing tourism market because it will intensify DOT’s promotions in Northern Mindanao. She noted the crucial role of air transportation in boosting tourism growth and awareness in a locale while, at the same time, acknowledging the role of CEB as a valuable industry partner.
    CEB director for advertising and promotions Charlie Mano said that Cagayan de Oro has a passenger load
 

 

factor of 87.74 percent while the airline’s market share accounts for 45.42 percent of the national average. CEB public relations consultant Charles Lim said that Cagayan de Oro’s adventure tourism along with its counterparts in the region will compliment Cebu’s upscale beach resorts for visitors who seek varied beach activities and amenities.
   “The new flight route took some time coming in order to cater to the market demands and presence. This will also enable tourists from Hong Kong, Korea and Singapore to explore new opportunities in another region,” he continued. In a statement, CEB vice president for marketing and products Candice Iyog said, “We hope to further contribute

 

to a healthier tourism economy for both Cebu and Cagayan de Oro with the start of our direct service between these two progressive cities. We know that our low fares and convenient schedule for this new route will encourage more people to explore these local destinations.”
   CEB also flies to Bacolod, Clark, Iloilo, Kalibo, Manila, Puerto Princesa, and Zamboanga. Internationally, CEB offers direct flights from Cebu to Hong Kong, Singapore, Pusan, and Incheon Korea.

One Town One Product Opens in Cebu

By Richard A. Ramos
 

LOCALS AND FOREIGNERS alike who seek specialized town products and souvenirs will take comfort at the One Town, One Product (OTOP) Permanent Showcase for the Visayas due to formally open this October 13 in Ayala Center Cebu.
   Department of Trade and Investments (DTI)-Central Visayas Regional Director Asteria Caberte said that the OTOP Showcase will feature products of some 15 to 20 Micro, Small and Medium Enterprises (MSMEs) in theVisayas like raffia bags, fashion accessories, souvenir items, capiz-based products and handicrafts made from local fibers.
    The presence of a permanent OTOP Showcase at Ayala Center, where retail product orders may be made and OTOP

 

enterprises matched with wholesale buyers, is seen to further boost the product sales of SMEs in the Visayas region.
   OTOP-Philippines is a priority program of President Gloria Macapagal Arroyo. It aids in promoting entrepreneurship and creating new jobs thereby improving the quality of life of the people in the long term. Comprising a staggering 99.7 percent of all businesses in the country, MSMEs have been acknowledged by local leaders as major job providers for Filipinos, aiding the government in its goal to reduce unemployment and alleviate poverty.
    The opening and blessing of the Visayas OTOP Showcase is a joint activity of theDepartment of Trade and Industry, or DTI, and Aquarose Designs, Inc.

 
PRA Bullish on Its Goals

By Ana Kristine B. Valenzuela
 

The Philippine Retirement Authority (PRA) recently issued dividends with Chairperson Edgar B. Aglipay handing a total of PhP59.7 million to Secretary Margarito B. Teves of the Department of Finance.
   “We are proud of our accomplishments,” Aglipay declared. “This check represents the results of our commitment. PRA’s 2006 revenues increased by 44 percent totaling PhP87 million, PhP55 million of which comes from retiree application fees.”
   Since 1995, PRA has been sourcing its corporate budget from internally generated funds. The PRA, a government-owned and controlled corporation established by Executive Order No. 1037 under the Office of the President, intends to attract foreign nationals and former Filipino citizens to retire in the Philippines. The agency gears itself

 

towards accelerating socioeconomic development, contributing to foreign currency reserve and providing the best quality of life to its retirees.
   PRA’s goal in 2008 is to issue PhP80 million in cash dividends based on a forecast of PhP158 million in net profit after taxes. “We know we can meet our targets. We incessantly strive to strategically manage the resources of PRA to further develop the retirement industry, strengthen our foreign exchange position and contribute to the country’s prosperity.” Aglipay disclosed.
   To date, PRA posted a strong financial position for the first semester of 2007. Gross revenues for the period went up by as much as 31 percent, compared with the same period last year. This amounted to PhP130,213.420. Also, net income taxes increased by 19 percent, summing up to PhP53, 661,733.00.

 
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