Acting Bacolod Mayor Renecito Novero yesterday said he has recommended that the vendors, who have continued to occupy the Vendors' Plaza at the Reclamation Area in Bacolod City, be allowed to continue their business, while the Market Committee is still deliberating on what to do with the market.

Novero said that during a joint executive-legislative caucus held Tuesday, Assistant City Treasurer Lilia Ursos, attested that there are vendors who continue to pay "arkabala" or fees to the city although they have no contracts of lease, awards or certificate of occupancy with the city.

"Because they continue to pay, I recommended that they be given gracious attention and a little extension of their stay while the Market Committee is deliberating on what to do with the Vendor's Plaza," he said.

Lippo group leads backers putting $57
million into RP's Export Bank

MANILA - Indonesia's Lippo Group and partners from Hong Kong and Austria are investing some P3 billion ($57 million) to recapitalize a Philippine bank under a deal struck with the Manila government, company officials said yesterday.

Hong Kong-based investment bank AO Capital Partners, Raiffeisen Zentralbank of Austria, as well local investors are part of the Lippo consortium that would inject the fresh funds into the Export and Industry Bank within the next three months, Albert Cheok, representative of the Lippo Group, said.

The deal requires the state-owned Philippine Deposit Insurance Corp. to purchase P10 billion worth of non-performing assets for P3 billion, leaving the lender with a virtually clean slate.

Cancellation of forestry
contracts ordered

The Department of Environment and Natural Resources has sought the cancellation of the forestry contracts of erring holders in eight regions.

Secretary Michael Defensor said in a press release that he issued separate orders to regional directors in Regions 1, 4, 5, 6, 7, 8, 9 and Caraga, directing them to issue orders canceling all existing Industrial Forest Management Agreements, Industrial Tree Plantation Lease Agreements, Socialized Industrial Forest Management Agreements and Community-based Forest Management Agreements in their respective regions.

Defensor, however, said that holders, whose suspension of timber harvesting operations have been lifted will be exempted from the cancellation order, including those that have passed the validation.

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