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Peso down on risk-off sentiment as Britain’s EU exit stays in limbo

THE PESO weakened on Wednesday after a plan for the United Kingdom’s exit from the European Union was thumbed down, adding more uncertainty to the market.
The local currency closed at P52.13 versus the dollar yesterday — its peak for the day — shedding 10 centavos from its P52.03-per-dollar finish on Tuesday.
It was relatively flat from its P52.14-per-dollar open for the session. Its intraday low, meanwhile, stood at P52.22 against the greenback.
The volume of dollars traded was thinner on Wednesday’s close at $679.2 million from $1.061 billion in the previous trading day.
Traders said funds returned to the dollar as plans for Brexit, set on March 29, remain in limbo.
“The local currency weakened today amid global risk-off sentiment after the Brexit deal proposed by Prime Minister Theresa May was overwhelmingly rejected by the British Parliament yesterday,” a trader said via email on Wednesday.
The rejection adds more pressure to UK’s prime minister to come up with a better deal on the country’s exit from the European Union in a shorter time frame — which may also lead to a vote of no confidence in the government that may trigger a general election.
Failing to make a clear arrangement on Brexit will also weigh on the UK’s economy.
Another trader shared this view, adding that the local currency tracked other currencies in the region.
“So the peso was lower today because of the dollar recovery overnight. We’re just moving in line with other currencies. There’s nothing specific on the peso, it’s really just the dollar strengthened overnight,” a trader said in a phone interview on Wednesday.
The first trader sees the peso trading stronger later this week ahead of data on US retail sales.
“Exchange rates might move within the 52.05 and 52.25 range,” the first trader said. — E.J.C. Tubayan

PSEi down as property stocks plunge on AC, SMPH

HEAVYWEIGHTS dragged the main index on Wednesday as Mitsubishi Corp. reduced its stake in Ayala Corp. (AC) while the Department of Interior and Local Government’s (DILG) intent to wipe out all reclamation projects in Manila Bay hurt SM Prime Holdings, Inc. (SMPH), which has ambitious projects set in the harbor.
The bellwether Philippine Stock Exchange index (PSEi) shed 1.85% or 148.72 points to 7,864.70. The broader all-shares index declined 1.53% or 73.49 points to 4,715.13.
“Two major headlines dragged the Philippine market, which failed to ride on the upswing of most of the region. First with respect to SMPH, reclamation plans in the Bay area were allegedly scrapped and environmental groups pointed out the potential damage this would cause,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Wednesday.
SMPH has a P100-billion reclamation project in the 600-hectare Manila Bay. Dubbed the Future City, the project will consist of commercial and residential components.
But the said project may be put in limbo as the DILG announced last week its plan to review the reclamation projects in Manila Bay in an attempt to protect the environment.
“As for Ayala Corp., a major shareholder, Mitsubishi Corp. divested a substantial portion of its shares, selling these at P900 per share, which is a substantial discount from the previous closing price,” Mr. Limlingan said.
Mitsubishi reportedly sold on Tuesday night some 13 million shares of AC amounting to P225 million. The move was a sequence to the Japanese trading giant’s 2018 selldown of 8.5 million of the conglomerate’s shares at P934 apiece, which then marked a 7.53% discount.
“As both AC and SMPH carry a significant weight in the PSEi, it was natural to witness a big drop today,” he said on Wednesday, noting that the benchmark PSEi failed to ride on the upswing seen across other Asia-Pacific markets.
AC shares dropped 5.31% to P919 each share and SMPH declined 6.92% to P37 apiece.
Foreigners dumped shares on Wednesday, logging net sales worth P1.19 billion, a reversal of the net inflow worth P258.98 million recorded on Tuesday. Losers outnumbered gainers, 127 to 64, while 50 names were unchanged.
All subindices were in the red, except for financials which inched up 0.05% or 1.03 points to 1,804.64.
Property booked the biggest loss, diving 4.49% or 180.11 points to 3,831.58; holding firms plunged 1.79% or 143.47 points to 7,833.12; industrials slid 1.31% or 153.21 to 11,500.58.; mining and oil edged down 0.35% or 31.41 points to 8,798.52; and services dropped 0.07% or 1.21 points to 1,543.68.
Value turnover surged to P20.15 billion as 1.13 billion issues switched hands, compared to Tuesday’s P6.52 billion.
“If the market decides to give back more of its gains, we can find support at 7,700,” said Manuel Antonio G. Lisbona, PNB Securities, Inc. president. — J.C. Lim

House OK’s on 2nd reading amended Road Board bill

By Charmaine A. Tadalan, Reporter
THE HOUSE OF Representatives on Wednesday approved on second reading an amended version of the Road Board abolition bill, in time for a Bicameral Conference Committee scheduled next Monday, House Majority Leader Rolando G. Andaya, Jr. said.
“It has been withdrawn on third reading, we will put it back here on second reading then we will introduce amendments to be passed on second reading today,” Mr. Andaya, who represents the 1st district of Camarines Sur, said in a briefing ahead of the plenary session on Wednesday.
The approval came even after Buhay Rep. Jose L. Atienza, Jr. raised the lack of quorum. The House secretariat had counted 163 lawmakers present, but Mr. Atienza said there were only 142.
“We expect to hold a bicam on Monday, as requested by the Senate,” Mr. Andaya said, adding, “Aabot ‘yan (It can be done), we will get a certification kung kailangan (as needed).”
The Majority Leader had met on Tuesday evening with his Senate counterpart, Senator Juan Miguel F. Zubiri, and also with Senate President Pro Tempore Ralph Recto, to discuss how to proceed with the Road Board abolition.
The legislators had agreed to abolish the Road Board and have its collection remitted to the National Treasury.
“Tatanggalin na po ‘yung (We will delete the) special account in the General Fund. It will no longer be a separate account. It will now be part of the National Budget or the General Fund to be used sa (in the) GAA (General Appropriations Act),” he said.
The funds collected will be allocated for repairs and maintenance of roads and bridges, but may also be tapped for calamity relief, upon approval of President Rodrigo R. Duterte.
House Bill No. 7436, which the Senate had adopted, proposes to abolish and transfer the function of the Road Board to the Department of Public Works and Highways (DPWH), Department of Environment and Natural Resources (DENR), and Department of Transportation (DoTr).
Mr. Andaya also said the bill was tackled in the House committee on government reorganization, which should have been discussed by the House ways and means committee.
“We have discovered that there was an erroneous referral to the particular bill. It was passed by the committee on government reorganization. But in reality, this bill is a tax measure,” he said, noting that the creation of the Road Board is “merely incidental.”
For his part Mr. Zubiri said he will discuss with the other senators the bill’s recall and its proposed amendments.
“We will take it up with the senators tomorrow, but I’m sure we will all agree to the recall and quick bicam to approve these amendments,” he said on Tuesday evening.
“We don’t need to make bawi (recall) the 3rd reading approval. We will just recall our adoption of the House measure and reconstitute the bicam.”

Fugitive wanted in China nabbed

By Vann Marlo M. Villegas
THE BUREAU of Immigration (BI) and the Presidential Anti-Corruption Commission (PACC) on Wednesday handed over to Chinese police authorities a Chinese fugitive arrested on Jan. 13 for alleged economic crimes and corruption.
Xie Haojie, 49, a former general manager of a Chinese state-owned enterprise, was nabbed by agents of the BI Fugitive Search Unit in a condominium in Pasay City.
According to BI Commissioner Jaime H. Morente, Mr. Xie fled to the country in March last year.
La Yifan, director for international cooperation of China’s Central Commission for Discipline Inspection, said in a press conference that evidence had been gathered indicating that Mr. Xie breached the public trust, embezzled government funds, and took bribes.
The PACC said it met with Mr. La and vice-chairman Li Shulei of China’s National Supervisory Commission in Beijing last December after they sought the Philippines’ assistance in capturing the fugitive.
Chinese Ambassador to the Philippines Zhao Jianhua thanked the PACC and BI for “their high efficiency in capturing the fugitive.”
“It clearly demonstrates the determination of both sides to further cementing our cooperation in anti-corruption,” he said.
“Through this successful cooperation in capturing the fugitive, I can see a promising future in our… efforts in cracking down corruption. And I’m sure the anti-corruption cooperation and law enforcement cooperation in cracking down on all kinds of transnational crimes will become an even more important part of our bilateral relations,” he added.
PACC Executive Director Eduardo V. Bringas, in a statement, said the cooperation with China will enable easier access to information when similar crimes occur. “The mutual cooperation with the Chinese government will further allow the Commission better and faster access to information involving such officials.”
PACC Chairman Dante L. Jimenez, for his part, said, “Lastly, let me warn all foreign fugitives hiding in the ph[hilippines], the law will catch up w[ith] you including coddlers in various agencies. The commission likewise assures the public that those coddling such persons will be investigated according to existing laws.”

Congress impleaded in petition vs martial law

THE SUPREME COURT has impleaded Congress as respondents in a petition against the third extension of martial law in Mindanao, according to a media briefer on Tuesday.
Oral arguments are set on Jan. 21 for the Jan. 4 petition filed by Albay 1st District Rep. Edcel C. Lagman, together with Representatives Tomasito S. Villarin of Akbayan, Teddy B. Baguilat Jr. of Ifugao, Edgar R. Erice of Caloocan City (2nd District), Gary C. Alejano of Magdalo, and Jose Christopher Y. Belmonte of Quezon City (6th District), and Arlene “Kaka” J. Bag-ao of Dinagat Islands.
Their petition only included as respondents Executive Secretary Salvador C. Medialdea, Defense Secretary Delfin N. Lorenzana, Armed Forces Chief of Staff Lt. Gen. Benjamin R. Madrigal, Jr., and Budget Secretary Benjamin E. Diokno.
The Office of the Solicitor-General commented on the petition on Jan. 15, arguing that terrorist groups “continue to defy the government by perpetrating hostile activities during the extended period of martial law.”
Congress on Dec. 12 approved a third extension of martial law in Mindanao to the rest of 2019.
The martial law was declared by President Rodrigo R. Duterte first declared martial law in Mindanao on May 23, 2017, following the siege of Marawi City that began that day by the terrorist Maute group. The city was declared liberated on Oct. 17, following the killing of the group’s leaders Isnilon Hapilon and Omar Maute.
Apart from the said petition, seven party-list representatives on Wednesday also petitioned the Supreme Court (SC) to strike down the third extension of martial law in Mindanao. — V.M.M.V.

RTC judge appointed to Sandiganbayan

PRESIDENT Rodrigo R. Duterte has appointed Makati City Regional Trial Court Judge Ronald B. Moreno as Associate Justice of the Sandiganbayan.
Mr. Duterte signed Mr. Moreno’s appointment paper on June 8, 2018, which Malacañang released just this Wednesday, Jan. 16, after it was certified by the Palace Records Office.
Mr. Moreno assumes the seat vacated by Alexander G. Gesmundo who was appointed to the Supreme Court in August 2017.
Former president Benigno S.C. Aquino III appointed Mr. Moreno in 2012 as presiding judge of the Makati Regional Trial Court Branch 147.
Mr. Moreno earned his Bachelor of Laws from the University of Santo Tomas in 1995 and was admitted to the Bar the following year.
The Palace also released on Wednesday the appointment paper of Aldwin F. Alegre as Deputy Commissioner III of the Bureau of Immigration (BI).
Mr. Duterte signed the document of Mr. Alegre on Jan. 15.
“Pursuant to the provisions of existing laws, you are hereby appointed Deputy Commissioner III, Bureau of Immigration, Department of Justice, vice Aimee S. Torrefranca-Neri,” Mr. Alegre’s document reads. — A.L. Balinbin

Comelec to maintain party-list sequence in ballots based on raffle

VOTERS in the May 13 midterms elections could expect to see blank items in the ballot as the Commission on Elections (Comelec) on Wednesday ruled that it will maintain the order of raffled party-list (PL) groups despite expected disqualification announcements later this month. Last Dec. 5, Comelec conducted an automated raffling that determined the order of the party-list groups in the ballots. “PL Groups will retain the numbers they drew at the raffle; if a PL group is later disqualified and its name doesn’t make it to ballot, the numbers of the other qualified PL groups will NOT be affected,” Comelec Spokesperson James B. Jimenez said in a social media post on Wednesday. Comelec, in a statement, said the Comelec en banc “resolved to maintain the numbers as raffled… Those Party-List Groups and their respective raffled numbers adjudged as disqualified to participate in the 2019 NLE will be cancelled.” Comelec will release the final list of PL groups and senatorial candidates by the last week of January. Earlier this week, Comelec Vice Chairperson of the Printing Committee Maria Victoria S. Dulcero said printing for the midterm election ballots will start on Jan. 22. — Gillian M. Cortez

DILG directs police to take proactive measures in securing candidates

THE DEPARTMENT of the Interior and Local Government (DILG) has directed the Philippine National Police (PNP) to ensure the safety and security of local officials and candidates even before the campaign period starts for the May midterm elections. “The PNP should take offensive and preventive measures. We should be several steps ahead of those who resort to violence to win an election,” said DILG Secretary Eduardo M. Año in a statement on Wednesday, citing the recent killings of AKO Bicol Party-list Rep. Rodel M. Batocabe and former mayor Joelito Talaid of Kadingilan, Bukidnon last December. Mr. Año also said that the PNP-Police Community Relations Group will soon be coming out with the “Handbook on Personal Security for Candidates to Government Elective Positions,” which gives useful precautionary tips to candidates and their security teams as they carry out their campaign during the election season. “The police cannot secure every single candidate or citizen every single moment of the day,” he said. Meanwhile, PNP Spokesperson Senior Supt. Benigno Durana Jr. reported that 83 have so far been arrested nationwide since the election gun ban took effect last Jan. 13. — Vince Angelo C. Ferreras

Elliptical Road yellow-lane dry run starts

THE METROPOLITAN Manila Development Authority started on Wednesday a dry run of the yellow lane policy — a strict stay-in-your-lane rule — along Elliptical Road in Quezon City. EDSA Special Traffic and Transport Zone chief Edison Nebrija, in a phone interview with BusinessWorld on Wednesday, said the trial period is intended to allow drivers to “get the feel” of the “no overtaking, stay in your lane” rule, and there will be no apprehensions yet. However, Mr. Nebrija noted that drivers could still be apprehended for disregarding traffic signs or reckless driving. “This is just a mere violation for example of disregarding traffic sign… reckless (driving due to) swerving,” he said. MMDA General Manager Jose Arturo S. Garcia, in a separate text message, said they have not set a definite date yet for the yellow lane policy’s full implementation, during which violators could be fined up to P1,000. — Vince Angelo C. Ferreras

Duterte says dismissed Bacolod police chief a drug lord ‘protector’

PRESIDENT Rodrigo R. Duterte on Wednesday said that dismissed Bacolod police chief Senior Supt. Francisco B. Ebreo “might not be” in the illegal drug trade, but revealed that he is a protector of a certain drug lord in the city. “Well, it seems to me that at the very least he’s a protector. He might not be into the trafficking business, but he was really into….” Mr. Duterte said in a chance interview with reporters at the Palace. “There was this si Cano (Bacolod City Councilor Ricardo ‘Cano’ Tan), a councilor who has been tagged by PDEA (Philippine Drug Enforcement Agency) almost a decade ago to be engaged in trafficking na na-ambush (who was ambushed)… There were about three ambushes before the incident. Pumunta sila sa ospital, silang dalawa ng deputy niya (Ebreo and his deputy went to the hospital). What’s the f*cking business of going to the hospital of an ambushed drug lord?” the President narrated. Presidential Spokesman Salvador S. Panelo, meanwhile, said Mr. Duterte met with Mr. Ebreo and other local officers of the Philippine National Police at the Palace last Tuesday evening. “PRRD gave the police officers a dressing down and castigated them for allowing the proliferation of illegal drugs to persist in Bacolod. The President particularly expressed his frustration as to why they had no knowledge about the presence of certain personalities in Bacolod who are involved in the illegal drug industry,” Mr. Panelo said. Mr. Ebreo and four other Bacolod police officers have been relieved from their posts and placed under investigation. — Arjay L. Balinbin

Magnitude 6 ‘aftershock’ recorded off Davao Oriental

A MAGNITUDE 6 earthquake jolted parts of Mindanao at 4:03 a.m. Wednesday, with the epicenter recorded 127 kilometers southeast of Gov. Generoso town in Davao Oriental. The Philippine Institute of Volcanology and Seismology (Phivolcs) bulletin said the tremor was an aftershock of the magnitude 7.2 earthquake that hit the same spot on Dec. 29, 2018, triggering a tsunami warning that was withdrawn several hours later. The Jan. 16 earthquake was felt at intensify 4 in Davao City and San Josefa, Agusan del Sur; intensity 3 in Alabel, Sarangani; intensity 2 in General Santos City, Kiamba in Sarangani, Kidapawan City, Gingoog City, and Tupi in South Cotabato; and intensity 1 in Cebu City and T’boli in South Cotabato. The Davao Oriental provincial information office said there were no reported damage. Phivolcs said aftershocks were expected. — Carmelito Q. Francisco

Another Indonesian hostage rescued from Abu Sayyaf

ANOTHER Indonesian held by Abu Sayyaf militants was rescued in Sulu on Jan. 15. the Western Mindanao Command (WesMinCom) reported yesterday. Juragan Kapal Samsul Saguni was rescued through the efforts of former Sulu governor Abdusakur M. Tan and various divisions of the Philippine Army. Mr. Saguni, along with fellow Indonesian Usman Yunos, were taken by Abu Sayyaf members aboard a Malaysian fishing vessel in waters off Semporna, Sabah on Sept. 11, 2018. Mr. Yunos was rescued last Dec. 6. Brigadier General Divino Rey Pabayo, Jr. said the Abu Sayyaf is still holding five foreigners and three Filipinos in the hinterlands of Sulu. “Our Joint Task Force Sulu is committed in rescuing captives of the Abu Sayyaf and in ending the terrorist group’s kidnap and ransom ploys through the consistent conduct of counter operations against the militants and through the strengthened cooperation with the local government and the people of Sulu,” said Lt. Gen. Arnel B. Dela Vega, WesMinCom commander. — Tajallih S. Basman

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