Demand for cement and other construction materials in Mindanao is expected to go down this year compared with last year’s.
William C. Sumalinog, Holcim Philippines, Inc. head for Mindanao, said demand for cement in Mindanao was down by 18% compared with the same period last year.
“Last year was an abnormal year [for the construction industry],” he said, as demand for construction materials was very high because of the government’s infrastructure program particularly the repair of national roads and bridges.
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Davao-based One Network Bank, owned by businessmen Victor A. Consunji and Alex V. Buenaventura, has sought Bangko Sentral ng Pilipinas (BSP) approval to consolidate with Rural Bank of New Corella of Davao del Norte.
The bank, considered the largest in the Visayas and Mindanao areas, entered into a memorandum of agreement (MOA) with RB New Corella in August last year, after its board of directors approved the acquisition. It is the fourth bank in the merged One Network Bank, which included the former Rural Bank of Panabo of Davao del Norte, Provident Rural Bank of Cotabato and Network Rural Bank of Davao del Sur.
Based on its proposal with the BSP, the bank wants to consolidate with the RB New Corella, thereby absorbing its operations since it will be renamed as One Network Bank Inc.
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