NEWSFLASH

WAR CAUSES 70% DECREASE IN COTABATO BUSINESS

Cotabato City, May 18, 2000 - Guillermo Laureano, president of the Cotabato Chamber of Commerce and Industry (CCCI), revealed that weeks of armed clashes between government troops and the Moro Islamic Liberation Front have seriously affected the economy of the entire city and many businessmen may not be able to pay their second quarter sales and real property taxes, and even the mid-year bonus of their employees.

Laureano said business Cotabato City has gone down by almost 70 Percent and nearly came to a standstill in the past two weeks. Even the banking community reported a slowdown in business transactions.

Businessmen are thinking of requesting the city government to grant them some form of tax relief to help them recover from the slump.

"If the city government would grant us some tax relief, we may be able to pay the mid-year bonus of our workers. This is really a hard time for us and we are asking for some consideration from the government because it would be more difficult for our workers if we could not release their mid-year bonus considering that they already have reserved it for the enrolment of their children," Laureano said.

Laureano further added that some of their members have already requested their suppliers of manufactured goods from Cebu and Manila to temporarily stop their deliveries. These goods were being brought in by boat through the Port of Polloc in Parang, Maguindanao.

He said that dealers of manufactured goods in the city have a full inventory. “We have no shortage of manufactured goods because most of them (dealers) have high inventories.