money matters

FDA orders retailers and sellers to stop sale of astringent brand

February 14, 2020

THE Food and Drug Administration (FDA), has directed drug stores, department stores, supermarkets and other establishments to stop the sale of an astringent formula which  continues to be sold commercially in Davao, CDO, Cebu and other parts of the country. The FDA says merchants who ignore the warning and continue to sell the product shall face regulatory actions and sanctions.   In the latest FDA Advisory No. 2020-061, the said brand has been found to be positive for the presence of HYDROQUINONE and TRETINOIN, ingredients that are NOT allowed to be part of a cosmetic. As per Administrative Order No. 13 s. 1999, the FDA says Hydroquinone and/or Tretinoin (Retinoic Acid) shall be classified as home remedy, over-the-counter, or prescription drug depending on the amount present. The products in question that are contained in the advisory constitute Lot/Batch No. AOH01 with a manufacturing date of August 2019 and expiry date of August 2021; and Lot/Batch No. 1041905 with a manufacturing date of April 2019 and expiry date of April 2021. In the label, the products were alleged to be manufactured in Apas, Cebu City.   Accordingly, because it failed to comply with these standards, the FDA says they are classifying the said brand as an adulterated cosmetics product which poses potential hazards to the consuming public.  Using the product may result in adverse reactions including skin irritation, itchiness, anaphylactic shock and even, organ failure.     For more information, please click on the following FDA advisory:   This is the second time in less than a year that this particular brand  failed to comply with the regulations of the FDA. Last year, the FDA also issued an advisory against the use and sale of this particular astringent after it was found that they were using Hydroquinone and Tretinoin beyond the levels  allowed for a cosmetic product.                                                                                                        To report any sale or distribution of the said brand, the online reporting facility eReport can be accessed at

More than 400,000 Northern Mindanaoans travel via Mactan in 2019

February 4, 2020

AROUND 420,000 persons from Northern Mindanao traveled via Mactan-Cebu International Airport last year.   In a press conference here, GMR Megawide Cebu Airport Corporation promotions head Aines Librodo reported that the number constituted a 22 percent increase in passenger traffic from Cagayan de Oro City and nearby areas.   That translates to 53 flights a week.   GMR Megawide Cebu Airport Corporation operates Mactan-Cebu International Airport, the second largest airport in the country.   The company conducted a roadshow here in Cagayan de Oro City Tuesday (February 4) as a gesture of gratitude to its Northern Mindanao patrons.   Despite the current coronavirus scare hitting the airline industry bad, airlines such as Philippine Airlines, Cebu Pacific, AirAsia, EVA Airways, Cathay Pacific and China Eastern Airlines were still bullish in introducing their latest routes.   In particular, Librado is optimistic that once this crisis blows over, there will be a surge in air travel.   Librodo recalled that by the end of the SARS crisis in 2002, people were hurrying to go on holidays everywhere. She is hopeful that a similar scenario will occur in this era of the novel coronavirus.   Mactan-Cebu International Airport has a lot of stake in its hands - China (Ground Zero of the virus) is its second largest market for both incoming and outbound flights.   It indeed will be a long journey ahead. Meanwhile as of presstime, Mactan-Cebu International Airport is in a state of emergency and airlines have momentarily suspended its China-bound flights except for Cathay Pacific which caters mostly to connecting flights.

FOPANORMIN launches Big Brother Small Brother concept

December 3, 2019

TRUE to its thrust to help fledgling food businesses among its members, the Food Producers' Association of Northern Mindanao (FOPANORMIN) launched over the weekend its Big Brother Small Brother program.   FOPANORMIN president Nenita Tan explained that under the scheme, the organization will partner with bigger stakeholders in the industry to assist its relatively smaller startups.   "We are looking for big players which are willing to provide guidance to our selected MSME members in terms of technical assistance, proper managrment of logistics, accounting, marketing, products processing, etc.," Tan said.   These so-called big players may be multinational companies, academe, government units, foundations or financial institutions.   In return, the selected micro, small and medium enterprises (MSMEs) must be committed to apply what they have learned during the corporate tutelage, according to Tan.   Tan said this program is part of FOPANORMIN's thrusts to provide food processors in this part of Mindanao to generate assistance both from government and private stakeholders.   Big Brother Small Brother concept is expected to be adopted next year.   Friday's launch coincided with the opening of the group's Christmas showcase at Limketkai Mall rotunda in Cagayan de Oro City.   "Whether it be as an association or as individual companies, we were able to share inputs with each other our own business experiences simply to be a catalyst for growth for each other within and outside the association," Tan said.   For almost 20 years now, FOPANORMIN has been instrumental in leading innovations to constantly upgrade and sustain the food processing industry in Region 10, partnering with such agencies as the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), among others.   It has a total of 32 industries as active members.   "We will continue to develop our products not just for membership upliftment but to showcase the best that Northern Mindanao can offer," Tan said.

PH releases Premyo bonds

November 28, 2019

THE Philippine government through the Bureau of Treasury has released a public offering of so-called Premyo Bonds which started last November 25 and will end until December 13 this year. In a public forum held last Wednesday at Seda Centrio in Cagayan de Oro City, Bureau of Treasury director Eduardo Anthony Mariño III reported that the minimum investment for the Premyo Bonds is P500 and in multiples of P500 thereafter. With an issue date of December 18 this year, the maturity date of each bond will be on December 18, 2020 with an interest rate of three percent that is paid quarterly. Mariño further said that a maximum acquired bond of 20,000 units or P10 million is eligible for inclusion in each cash rewards draw with one winner of P10 million, one winner of house and lot each from Hotel 101, Lessandra by Vista Land and Megaworld, ten winners of P100,000 and 50 winners of P20,000. Draws will be held quarterly within the period before maturity. The Premyo Bonds can be acquired by individuals, trust entities, employee retirement funds, provident funds, cooperatives and associations. It is initiated by the Bureau of Treasury to make government securities available to small retail investors, according to Mariño.

Social Mobility Tour in CDO

November 15, 2019

THE Philippine Business for Environemnt spearheaded the Social Mobility Project for Cagayan de Oro caravan last Wednesday, bringing together the Philippine Chamber of Commerce and Industry (PCCI), the local government of Cagayan de Oro City and Oro Chamber into a partnership agreement for a multi-stakeholder collaboration to improve land transportation management, reduce traffic congestion, minimize air emissions and support livable cities. The forum, which was held at Limketkai Luxe Hotel, seeks to understand the cities’ mobility situation and similar projects that aim to address current mobility issues and concerns and collect mobility data and information, analyze each mobility performance using a set of indicators and prioritize which among the identified indicators are applicable to the project. A dozen experts were invited to present their prototype solutions in areas of road clearing, policy review and infrastructure and alternative transport solutions. The presented solutions will form part of a roadmap on its simultaneous implementation. 

CDO leads the way for Minda industrialization with summit

October 21, 2019

MINDANAO is about to be transformed into the country's largest industrial hub and the city will be right at the heart of it.   Local and foreign industry leaders will be gathering here in Cagayan de Oro City for the Philippine Industrial Summit in Mindanao next month.   Leaders from various government bodies and foreign embassies are also invited to take part in the summit.   "Mindanao is on the roll. It's only proper to host the summit in the island," said PIEMO Industries Association president Augustus Adis.   Together with Phividec Industrial Authority administrator Franklin Quijano, they decided to launch the first ever Philippine Industrial Summit in Mindanao.   Their goal is to help fasttrack the country's industrialization in general and Mindanao in particular, gathering local and foreign industries and government institutions.   According to Adis, the island can provide dependable power for continuous processing and production.   Furthermore, it has an abundance of fuel and infrastructure which can help ensure that products are transported within the island, nationally and internationally.   So far, the Philippine Industrial Summit in Mindanao has gotten support from the European Chamber of Commerce of the Philippines (ECCP), the Japanese and Chinese consulates of Davao City, Philippine News Agency (PNA), Mindanao Development Authority (MinDA), Department of Tourism (DOT) and Philippine Institute of Certified Public Accountants (PICPA).   Cagayan de Oro - being one of the largest regional contributors to national GDP - make it the perfect location for the summit.   The Philippine Industrial Summit in Mindanao will be held November 26 to 27 at Limketkai Luxe Hotel. There will also be an exhibit and job fair at Limketkai Event Center.   To register for the event, visit For inquiries, contact 08279848513 or 09394360280 or


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