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QC ordinance freezing property tax hike clears 2nd reading

THE PROPOSED ORDINANCE to suspend the amendments to Quezon City’s fair market value table and real property tax hike until after 2019 was approved on second reading on Nov. 19 and is targeted for third reading approval on Dec. 3.
The City Council’s Majority Floor Leader Franz S. Pumaren updated BusinessWorld on progress in a mobile phone message when asked for an update.
He also said the target approval for third reading is Dec. 3, and if passed on the same day, might be signed by Vice Mayor and Presiding Officer Ma. Josefina G. Belmonte and be forwarded to the mayor for approval “after a week.”
The proposed Ordinance No. 20CC-497 was debated by the plenary following approval on Nov. 14 by the Ways and Means, Appropriations, and Laws, Rules and Internal Government committees, the last of which Mr. Pumaren heads.
The proponents on Oct. 26 moved to suspend the implementation of the QC Ordinance No. SP-2556, Series of 2016, which raises fair market values for property, after the Supreme Court lifted the April 2017 temporary restraining order on its implementation on Sept. 18. — Vann Marlo M. Villegas

NEDA targets 2019 launch of new poverty index

THE NATIONAL Economic and Development Authority (NEDA) hopes to fully implement next year a new indicator that more accurately measures poverty, known as the Multidimensional Poverty Index (MPI).
The Philippine Statistics Authority (PSA) released the details of the MPI last week. It measures levels of deprivation in education, health and nutrition, housing, water and sanitation, and employment, through 13 sub-indicators.
“Hopefully, PSA will finalize its methodology soon and report on this measure periodically starting next year,” Socioeconomic Planning Secretary Ernesto M. Pernia said in a statement.
“Not only do we now know if a family is poor, but also the aspect of quality of life in which they are suffering the most deprivation from, and in response, the intervention that is most needed,” he added. — Elijah Joseph C. Tubayan

DA to recommend tariffs on palm oil imports

AGRICULTURE SECRETARY Emmanuel F. Piñol is batting for tariffs on palm oil from Malaysia and Indonesia, claiming that imports have been flooding the Philippine market to the detriment of Filipino producers.
In a briefing on Thursday, Mr. Piñol said he will recommend “trade remedies” citing the huge increase in imports of palm oil from both Malaysia and Indonesia. “From only 20 million kilos in 2016, Malaysian palm oil arriving in the country breached about 200 million kilos. Indonesia was at about 120 million kilos for 2017,” Mr. Piñol said.
“According to our WTO (World Trade Organization) negotiators, the Philippines could invoke a claim of injury to the industry and for the next 200 days, we could impose tariffs on these items so that we’ll be able to protect our local farmers and local industry from further injury.,” Mr. Piñol added. — Reicelene Joy N. Ignacio

House approves bill streamlining power permits

THE HOUSE OF REPRESENTATIVES, voting 215-7, has approved on third and final reading the bill establishing an Energy Virtual One Stop Shop (eVOSS).
House Bill 8417, or the Energy Virtual One Stop Shop Act, seeks to streamline the permitting process for power generation, transmission and distribution projects.
The measure proposed to put in place an online system to improve processing as well as reduce high transaction costs, which is intended to attract more investors.
The eVOSS, which will be under the supervision of the Department of Energy (DoE), will eliminate “duplication, redundancy, and overlapping mandates of various government agencies in documentary submissions,” according to the bill’s committee report. — Charmaine A. Tadalan

Senator proposes triggers for fuel excise freeze

SENATOR Joel J. Villanueva has filed a bill seeking the automatic reversal of fuel excise tax rates to levels before to enactment of the tax reform law, setting as trigger events for the reversal the movements of fuel and food prices.
The bill’s trigger events are inflation exceeding the government target, average food prices increasing more than 7%, and crude oil prices exceeding P4,080 per barrel.
Senate Bill No. 2014, filed on Nov. 19, seeks to amend fuel excise tax provisions under Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law.
In a statement, Mr. Villanueva said the proposed three conditions will serve as “circuit breakers” against the undue burden of higher taxes. It also intends to help reduce the aggravating effects of fuel taxes if inflation exceeds the government outlook. — Camille A. Aguinaldo

Mine safety group says gov’t too uncoordinated to regulate ‘Minahang Bayan’

THE Philippine Mine Safety and Environment Association (PMSEA) said that the government is uncoordinated in regulating small-scale mining operations and the creation of Minahang Bayan reserves will only make matters worse.
Speaking on the sidelines of the 65th Annual National Mine Safety and Environment Conference, PMSEA president Walter B. Brown said: “Our problem has been really, up to now, (the absence of) good coordination between the various agencies because there are so many departments involved and they’re not coordinated well.”
“We talk to them but we’ve got too many laws and some of them need to be amended. Like Minahang Bayan, the intention is good but solution makes things because… you can’t use chemicals, explosives, any heavy equipment and who can operate under those conditions?” Mr. Brown added.
The Minahang Bayan scheme sets aside certain areas for small-scale miners. Environment Secretary Roy A. Cimatu has ordered the fast-tracking of Minahang Bayan applications.
Mr. Brown, however, said that the government should close all Minahang Bayan sites and begin establishing a program proposed by the association featuring partnerships with major mining firms.
“The should close all existing Minahang Bayan and institute a program which we propose, what we call the ‘big brother approach’ under which we get the established big mining company that’s working in the area to work in coordination with the government and with the small-scale miners,” Mr. Brown said.
“You have to take a unified approach. Some of them you can integrate into mines but deal with the established mining companies because the small miners also have small capital to comply. In the mining industry now, the first thing we do before we begin to mine is to look where we can build a new acceptable tailing span,” Mr. Brown said. He said that a ‘big brother’ approach has already been started in Compostela Valley which is working well for the sector. — Reicelene Joy N. Ignacio

IPR, private property and prosperity

“Every Man has a Property in his own Person. This no Body has any Right to but himself. The Labour of his Body, and the Work of his Hands, we may say are properly his.”

— John Locke, Two Treatises of Government (1689)

Private property, not collective or communal or state property, is the cornerstone of social order, innovation and prosperity in the history of humanity. The most prosperous economies are those that respect and protect private property of the means of production. Backward communist China and Vietnam realized this later so they instituted reforms that allow and protect private property even if they retain the one-party socialist government.
Such private ownership apply to both physical and nonphysical or intellectual property, the latter including trademark and brand, patent on inventions, copyright on compositions, and trade secret.
In Asia in particular, economies with high per capita income — Singapore, Hong Kong, Japan, South Korea, Taiwan — are also those with high scores and global ranking in intellectual property rights (IPR) protection. And countries with poor or low per capita income also have low scores and ranking in IPR protection. Exception here is Brunei, high per capita income due to gas and oil-based economy and not FDIs-based like the five economies mentioned, and low scores and global ranking.
Per Capita GDP at current prices and IPR Protection
Data below are from four sources. (1) International Monetary Fund’s (IMF) World Economic Outlook (WEO) October 2018 database, (2) Property Rights Alliance’s (PRA) International Property Rights Index (IPRI), (3) World Economic Forum’s (WEF) Global Competitiveness Report (GCR), and (4) US Chamber of Commerce’s Global Innovation Policy Center (GIPC).
IPRI is composed of three factors, one of them is IPR protection. WEF’s global competitiveness index is composed of 12 pillars, pillar #1 is about Institutions and among the sub-pillars is intellectual property (IP) protection, and global rank is out of 137 countries in 2017 and 140 countries in 2018.
Now there are IPR-busting policies in several governments like plain packaging for tobacco products. Australia was the first country in the world to do it in 2012, and in the ASEAN Thailand wants to do it too.
Plain packaging (PP) is a ban on branding, it removes trademark, certain graphics, colors and logo, and allows only a generic name in a standard font/size with graphic warnings. And this is where the danger lies.
Corporate branding is elaborate and complicated, the bar codes can even show where the product was manufactured and when. By removing corporate branding via PP, generic branding is less complicated, less elaborate, and very easy to copy and reproduce by illegal producers and smugglers. Since these smugglers did not invest decades of business developing their brand, they can sell at a much cheaper price. And this will attract more smokers, more smoking, not less.
IPR issues like forced technology transfer and outright IPR robbery are among the thorny issues in the ongoing US-China mild “trade war.” The US says its companies are losing as much as $600 billion per year via piracy, counterfeits, imitations, trademark infringement and other IPR robbery, but China denies it.
Health socialists and activists who hate tobacco, alcohol, soda, confectionery companies and their products should realize that both nature and the market hate a vacuum. Remove the legal products and demonize their manufacturers, and that gives room for smugglers, criminal gangs and terrorist organizations to produce and sell their own fake, substandard but cheap products. This results are more smuggling and corruption, more smoking and drinking, not less.
 
Bienvenido S. Oplas, Jr. is the president of Minimal Government Thinkers.
minimalgovernment@gmail.com

Death and body parts

The National Transplant Ethics Committee (NTEC) was created for the purpose of overseeing “ethical issues and dilemmas regarding organ donation and transplantation.” Such matters are apparently on the rise and it is a good thing indeed for people to be aware of the concepts and discussions surrounding this highly sensitive topic.
Department of Health Personnel Order No. 4821-2018 reconstituted the NTEC recently and your columnist happens to be one of its members. The NTEC shall also assist in formulating national ethical standards and guidelines on organ donation and transplantation; assist in developing legislation, rules, and regulations; provide opinions, recommendations and final resolution of cases referred to it; foster awareness on the subject: and collaborate with other organizations working in the field.
Am honored by the appointment and look forward to working with the other NTEC members. As readers of this column would know, natural law plays a major role particularly when it analyzes relevant social issues, such as marriage, family, and those surrounding death (such as euthanasia and assisted suicide).
The same goes for vital organs transplant, where one profound question has to do with death’s definition, i.e., when does death occur so that vital organs could indeed be transplanted.
In the olden days, such was simple. As The Economist (“When death is not the end,” April 2018) points out, “a lack of pulse and breath was the standard sign. But that changed in the 1950s and 1960s with advances in modern medicine. Machines could, for the first time, keep pumping blood through a person’s arteries and veins, and aerating their lungs, long after they lost the ability to do so themselves. That lengthened the dying process: no longer must all organs shut down around the same time.”
Accordingly, a few definitions cropped up. Thus, in “1968 a committee at Harvard Medical School recommended that brain death be the standard definition, and came up with criteria for assessing it. In 1981 America drew on this report in the Uniform Determination of Death Act, which suggests states use brain death as the definition, and that it can be determined either by the end of the heartbeat and breath, or by permanent damage to the whole brain.”
Other countries, like Japan, go by cardio-respiratory death. Britain, on the other hand, looks at the death of the brainstem.
The definitional difference is crucial as “more organs can be used from a donor who is dead according to brain criteria than after cardio-respiratory failure.”
The Philippines, going by RA 7170, defines death as “the irreversible cessation of circulatory and respiratory functions or the irreversible cessation of all functions of the entire brain, including the brain stem.” Nevertheless, a reliance on brain death, however, seems to be the practice.
An unfortunate rationale for the brain dead criteria is the philosophical belief on the “distinction between mind and body. And while in other cultures the heart is often viewed as the central organ, Western societies emphasize the importance of the mind, for which the brain is used as a proxy. Bioethicists argue that using brain death as the standard definition values what is unique about humans.”
This is where natural law comes in, albeit with certain difficult questions. Bioethicist William May (Catholic Bioethics and the Gift of Human Life, 2008), argues that, with the brain dead criteria, “an individual living human body capable of breathing, circulating blood, and assimilating nourishment on its own, without the aid of any technological instrumentation, may well be a living human body but it cannot be regarded as a ‘person’ because it is not capable of doing what persons do; on this view, the ‘person’, i.e., the being endowed with rights, is already dead and non-personal living body can be regarded as a cadaver, a corpse, and hence a potential source of vital organs for those in need of such. This way of viewing death, dualistic in nature and utilitarian in practice, is utterly inimical both to the Christian understanding of human life and to sound philosophy. Many people, nonetheless, advocate it today.”
A Working Group of the Pontifical Academy of Sciences instead posits that “a person is dead when there has been total and irreversible loss of all capacity for integrating and coordinating physical and mental functions of the body as a unit.” This definition is more in conformity with our Judeo-Christian/Aristotelian-Thomistic thought that has substantially found its way into our constitutional system (more so than many care to admit).
Of course, the definition of death has implications beyond vital organ donation: in the areas of insurance payments, contractual obligations, widowhood and re-marriage, property succession, and even succession to the presidency.
And note: vital organ donation by live donors also presents a different set of ethics inquiries.
So clearly, the NTEC’s work is of great interest and vital importance. And counter-intuitively, by inviting rational and thoughtful discussions about death, we actually open ourselves to a better appreciation of life.
 
Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence.
jemygatdula@yahoo.com
www.jemygatdula.blogspot.com
facebook.com/jemy.gatdula
Twitter @jemygatdula

Misreading the news media

Denmark’s Ambassador to the Philippines said he “reads” the media, but has apparently been misreading them. He said “some media” are “systematically negative” in their reporting on the government, but his subsequent statements sounded as if he was describing most, or even all of them.
If anything can be said about the news media today, it is that they are too often deliberately positive when it comes to reporting on the present regime. But in his message to the “Multi-Stakeholder Consultation on Crafting the Philippine Plan of Action on the Safety of Journalists” last Nov. 7, Ambassador Jan Top Christensen said the Philippine media have not acknowledged such “progressive developments” as President Rodrigo Duterte’s Executive Order mandating public access to information held by government agencies under the Office of the President; the Tax Reform Acceleration and Inclusion (TRAIN) Act; the campaign against illegal drugs; and the creation of the Presidential Task Force on Media Safety (PTFOMS).
Christensen blamed this alleged negativism on “lack of ethical standards [and] lack of professionalism,” and assured his audience of journalists, communication academics, UNESCO officials, and members of media advocacy and publishers’ groups that his opinion is based on his “read [ing] many different media everyday.”
Apparently the ambassador is unfamiliar with the many threats to journalists, about which the speakers after him were, in contrast, so eminently aware. And neither, it seems, has he been reading a widely circulated Manila broadsheet whose editorial policy has always been supportive of whatever regime is in power, including, and most specially, the present one. One of this newspaper’s more recent offenses against the truth was its urging its readers to remember how Ferdinand Marcos “saved and transformed our country” by declaring martial law on Sept. 21, 1972.
Neither, it seems, has Christensen been reading another that’s in the running for the Most Badly Edited Newspaper of the Decade Award, which, in furtherance of its mindless support for the same regime, uses its news columns as opinion vehicles and is every day in violation of such basic journalism canons as truth-telling, fairness, and even correct grammar.
There is a third rag in contention for the same category, primarily because of its so-called columnists, one of whom is the unashamed and long-time mouthpiece of Duterte ally Gloria Macapagal-Arroyo, in whose behalf he knowingly spreads false information, and invites State repression of regime critics.
It is these “positive” newspapers that most qualify for criticism for being ethically and professionally challenged. It is completely wrong to describe those other media organizations that are not in the same shoddy league as “systematically negative,” by which term Ambassador Christensen probably meant those he perceives to be critical of the Duterte regime.
Despite their supposedly critical stance, these newspapers, TV networks, and online news sites nevertheless religiously report Mr. Duterte’s tirades, his threats to block their franchise renewal applications, and even the regime’s attempts to suppress them through various “legal” and underhanded means. Neither do they ever fail to quote whatever nonsense past and present presidential spokespersons say, as well the daily absurdities and evasions of the Philippine National Police (PNP). Some even cover the early campaign sorties of the regime’s candidates for the House of Representatives and the Senate.
Every one of them also reported the “progressive” developments Christensen mentioned, among them Mr. Duterte’s freedom of information (FOI) EO, with, in fact, a great deal of enthusiasm — until they discovered that it has not made getting information even from Malacañang itself any easier, and that despite the EO, an FOI law is still needed for the sake of government transparency and the regime’s own claims that it is against corruption.
These media organizations did the same thing in the case of TRAIN. They dutifully quoted the assurances of government economic managers that it will not boost the inflation rate and that it would help bring the country out of its present Third World status. If they can be faulted for anything, it is for the rarity of the follow-up reports and analyses the media audiences need to understand why, in the wake of TRAIN, the prices of such necessities as food have gone sky-high together with the unemployment rate.
The creation of PTFOMS was similarly widely reported, among other reasons because of the continuing killing of journalists (158 since 1986, 14 of which occurred during the past two years of the Duterte regime). So were its activities chronicled by much of the media, among them its executive director’s demanding that a community newspaper take down a report that wasn’t to his liking, and its proposal for government licensing of journalists. It again proposed licensing during the Nov. 7 consultation — by which time, however, Ambassador Christensen had left, and could no longer appreciate how “progressive” the creation of PTFOMS has been.
As for the anti-drug campaign, every PNP, Philippine Drug Enforcement Agency (PDEA), Malacañang spokesperson and Duterte act, statement, plan and justification for it has been so amply reported that its immense cost in lives (estimated by human rights groups at 24,000 and rising) is increasingly being regarded by media readers and viewers as necessary and even normal.
There is of course also the smuggling through of billions of pesos worth of drugs for which no one has been held responsible, and which all the media except the three “positive” newspapers headlined, simply because it met all the criteria of newsworthiness. Does Christensen think it shouldn’t have been that well reported?
If he does, he should be assured by the fact that thanks to the present regime, even some of the more responsible media organizations, in their attempt to not be seen as solely “negative,” have practically abdicated the journalistic duty of providing their audiences the context and meaning of the news in these dangerous times.
Most of them — there are exceptions — have succumbed to merely quoting what this or that source said without interpretation and discernment. It is in this sense that Christensen’s criticism may apply. In their fear that they will be seen as biased and partisan — and harassed even further by the regime and its online trolls — many of these media organizations are failing to meet the primary ethical responsibility of truth-telling as well as the imperative of adhering to the professional standard of providing their audiences reports that are of significance to their lives. What some of them are doing is not journalism, but what the journalist and documentary filmmaker John Pilger calls stenography.
What was so deeply ironic about Christensen’s message was that the Nov. 7 consultation organized by the Asian Institute of Journalism and Communication (AIJC) was supported by the European Union and Denmark’s own Foreign Ministry in recognition of the dangers journalists in the Philippines are facing today, which include not only being insulted, cursed and barred from coverage, but also threatened, harassed, and even murdered.
But a further and even worse irony is that by echoing Mr. Duterte’s and his fellow bullyboys’ tirades against the media, Ambassador Christensen was helping validate the regime’s attacks on the press and media as indispensable sources of the information citizens need in this alleged democracy. That as an ambassador he has to be in the good graces of a regime widely known for its antipathy to the slightest criticism doesn’t excuse his buying into the fairy tale horrors it has been passing off as truth to intimidate and silence those sectors of the Philippine press who take the responsibilities of their craft seriously.
An apology will not be enough, but would be a good start.
 
Luis V. Teodoro is on Facebook and Twitter (@luisteodoro). The views expressed in Vantage Point are his own and do not represent the views of the Center for Media Freedom and Responsibility.
www.luisteodoro.com

Superpower rivalry puts the squeeze on Southeast Asia

The Editorial Board
Financial Times
HENRY PAULSON, former US Treasury secretary, warns of an “economic iron curtain” descending as rivalry between the US and China deepens. Lee Hsien Loong, Singapore’s prime minister, says that, as tensions flare, Southeast Asian nations may be forced to choose which side to be on. The position of smaller nations caught in the middle is already uncomfortable. It will become more so if Washington and Beijing persist in imposing their own exclusive rules. Yet neither side appears willing to work towards an accommodation that is in their own interests.
The annual heads of government meeting of the Asia-Pacific Economic Cooperation (APEC) last weekend showed the shape of things to come. APEC is usually little more than a feel-good photo opportunity for leaders from a jumble of nations that happen to border the Pacific. But on Sunday, for the first time in its 29-year history, the group failed to agree on a joint communiqué. The reason for this dysfunction was a standoff between the US and China after Beijing objected to language about “unfair trade practices” that it saw as an American attack.
It was just the latest example of a fraying multilateral institution falling victim to great power rivalry. Donald Trump’s disdain for traditional allies and multilateral action is well-documented. High-handed and clumsy Chinese diplomacy receives less attention but is no less an obstacle to the global cooperation Beijing claims to seek.
During the APEC meeting in Papua New Guinea, accredited journalists were arbitrarily shut out of some events by Chinese security officials. According to widespread reports, confirmed by Papua New Guinea’s foreign minister but denied by Beijing, several Chinese diplomats tried to barge their way into the foreign minister’s office in an attempt to change the APEC communiqué at the last minute. Several Papua New Guinea officials also complained that they were “bullied” by members of the Chinese delegation.
Just when the US President’s bluster and belligerence have given Beijing a chance to offer a more graceful alternative, Chinese officials seem bent on abandoning their diplomatic skills. In doing so, they damage China’s case.
Beijing has showered much recent largesse on Papua New Guinea. Even the road leading to the APEC meeting venue was built with Chinese money. But over the weekend, the US agreed to join Australia in expanding a naval base in the tiny nation, a move calculated to counter rising Chinese influence in the Pacific. As one western diplomat put it: “China paid for the road and a lot of the meeting but America got the naval base.”
The outcome of this evolving battle is no more certain to go Beijing’s way elsewhere. Take the Philippines. Xi Jinping, China’s President, offered billions of dollars in investment and joint oil exploration in the South China Sea during a visit to Manila this week. But the desire of Rodrigo Duterte, his Philippine counterpart, to tilt towards China is not shared by all his country’s institutions or indeed the populace. The inroads that Beijing makes with such forays will be vulnerable to reversal the day Mr. Duterte goes.
Financial Times (FT) logo
In the short term, superpower rivalry might allow smaller nations in the region to leverage more from both the US and China. That will only be the case so long as the curtain Mr. Paulson warns of does not actually fall. Few nations in Asia want to pick a side if it does. Nor, aside from a handful of client states, would they necessarily choose the hegemon on their doorstep if forced to do so. That is good reason for Beijing to row back on the more imperious tactics it has deployed of late.

Peso weakens vs dollar

THE PESO ended its rally against the greenback on Thursday as market participants covered for their short dollar positions.
The local unit closed Thursday’s session at P52.41 versus the greenback, six centavos weaker than its Wednesday finish of P52.35 per dollar.
The peso opened the session stronger at P52.23 a dollar, climbing to as high as P52.20 intraday. However, it declined to its worst showing of P52.43 in the afternoon session.
Dollars traded went up to $914.63 million from the $727.65 million that switched hands the previous day.
Traders interviewed yesterday said the peso weakened slightly even though it only consolidated throughout the day.
“We saw nothing extraordinary about the trade today. We’re continuing within the range, so we’re consolidating for now,” a trader said in a phone interview on Thursday, adding that market players covered their short dollar positions.
“Market players were riding on the trend that the peso is recovering,” the trader said. “But towards the end, when we saw a short squeeze or the ascent of the dollar, we saw some players try to cover their short dollar position.”
Meanwhile, another trader said the peso weakened as the dollar rebounded on risk-off sentiment brought by the “news across euro and pound.”
“I think this is more of profit taking and more of the reflection of the dollar strength,” the second trader said. It was more of the news across euro and pound, so I think it was the risk-off tone that caused the peso to go lower.”
For today, the first trader expects the peso to move between P52.20 and P52.50, while the other gave a P52.30-P52.50 range. — KANV

Shares rebound on improved inflation prospects

LOCAL EQUITIES recovered on Thursday due to improved market sentiment, with inflation expected to continue easing amid softening oil prices.
The bellwether Philippine Stock Exchange index (PSEi) gained 2.93 points or 0.04% to close at 7,268.38, up from the previous finish of 7,265.45. The broader all-shares index was also up by 3.64 points or 0.08% to close at 4,375.28.
Manuel Antonio G. Lisbona, president and director of PNB Securities, Inc. attributed the recovery to improved market sentiment.
“The market was buoyed by the improving sentiment, as softening oil prices and progress on the rice tariffication bill will have a positive effect on the country’s inflation picture,” Mr. Lisbona said via text.
Senate Bill No. 1998 or the rice tariffication bill was approved on its third and final reading last Nov. 14. This amends the Republic Act No. 8178 or the Agricultural Tariffication Act by replacing current quantitative import restrictions for rice with tariffs.
Papa Securities Corp. Head of Research Arabelle C. Maghirang shared the same view, also noting that net buying was recorded in yesterday’s trading.
Net foreign buying was logged at P224.06 million, a reversal of Wednesday’s net sales worth P70.26 million.
“Sentiment may be gaining ground due to a slew of healthy macroeconomic indicators: inflation is seen to ease in the coming months from rice importation and suspension of the oil excise tax…,” Ms. Maghirang said in an e-mail.
“Recent dovish comments by the central bank (tightening cycle nearing its end) could also be propping up investor risk appetite for equities,” she added.
Ms. Maghirang added that the flat performance of US markets benefitted emerging markets.
On Wall Street, the Dow Jones Industrial Average ended flat at 24,464.69; the S&P 500 gained 8.04 points or 0.30% to 2,649.93; and the Nasdaq Composite added 63.43 points or 0.92% to 6,972.25.
Back home, sub-indices were split between gainers and losers. Advancing counters were led by industrials, which went up 50.93 points or 0.47% to close at 10,716.76. Financials gained 4.46 points or 0.26% to end at 1,709.28, and services added 0.79 points or 0.05% to 1,392.28.
On the other hand, losers were led by mining and oil, which went down 20.20 points or 0.24% to finish at 8,222.28. Holding firms dropped 4.63 points or 0.06% to 7,149.02 and property declined by 1.19 points or 0.03% to 3,491.91.
Value turnover dropped to P5.40 billion on Thursday from the previous day’s P7.06 billion as 888.05 million issues changed hands.
Advancers outnumbered decliners, 107 to 75, while 53 names were unchanged.
“At this point, we are very near immediate resistance of 7,270-7,300. If the market breaks out, we can see a retest of 7,500 otherwise, we can see the market head back to support at 6,850,” PNB Securities’ Mr. Lisbona said, adding the market may correct in the coming days following its recent uptrend.
Meanwhile, Papa Securities’ Ms. Maghirang said the index could retest the 7,500 level today. — VMPG