The Philippine capital slid down eight places to 78th out of 156 cities in the latest edition of Kearney’s Global Cities Index. The report examines currently competitive cities and those “creating conditions for their future status as global hubs.” Meanwhile, Manila rose four places to 134th out of 156 cities in the Global Cities Outlook.
THE PESO weakened on Tuesday as the dollar stayed near its three-month high ahead of the US presidential vote next week.
The local unit closed at P58.275 per dollar on Tuesday, weakening by five centavos from its P58.225 finish on Monday, Bankers Association of the Philippines data showed.
The peso opened Tuesday’s session stronger at P58.20 against the dollar. Its intraday best was at P58.13, while its worst showing was at P58.335 versus the greenback.
Dollars exchanged went down to $1.17 billion on Tuesday from $1.33 billion on Monday.
The peso was dragged down by a generally stronger dollar as markets awaited the US presidential elections on Nov. 5, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“The dollar-peso traded within a tight range as players were cautious ahead of the release of US gross domestic product and jobs data this week,” a trader added in a phone interview
For Wednesday, the trader sees the peso moving between P58 and P58.50 per dollar, while Mr. Ricafort expects it to range from P58.15 to P58.35.
On Tuesday, the dollar drifted not far from a three-month high with one of the Federal Reserve’s preferred employment gauges — the Job Openings and Labor Turnover Survey or JOLTS job openings report — due on Tuesday, ahead of highly anticipated monthly nonfarm payrolls data on Friday, Reuters reported.
The dollar was little changed against a basket of six major peers, which includes the yen and euro. The dollar index stood at 104.29, after reaching 104.57 overnight, matching the high from Wednesday of last week, a level previously not seen since July 30.
Recent robust US economic data, including evidence of a resilient job market, have seen bets pared back for easing this year by the Federal Reserve, boosting the dollar.
The dollar slipped 0.23% to 152.92 yen, but that followed a rally to the highest since July 31 at 153.885 yen on Monday. — Aaron Michael C. Sy with Reuters
THE MAIN INDEX dropped to the 7,200 level anew on Tuesday, hitting an over one-month low, due to the peso’s decline against the dollar, which has strengthened amid market bets on the results of the US presidential election.
The bellwether Philippine Stock Exchange index (PSEi) fell by 1.4% or 103.26 points to 7,239.98 on Tuesday, while the broader all shares index sank by 1.45% or 58.89 points to 3,977.31.
This was the PSEi’s lowest close in over a month or since it ended at 7,202.16 on Sept. 19.
“The local market declined this Tuesday. The bourse was weighed by the weakness of the local currency against the dollar and the rise in local treasury yields. Investors are also taking a cautious stance amid the uncertainties caused by the upcoming US election,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Foreign investors were net sellers for the day, adding to the market’s decline,” he said. Net foreign selling surged to P933.59 million on Tuesday from P47.81 million on Monday.
The local unit closed at P58.275 per dollar on Tuesday, down by five centavos from its P58.225 finish on Monday, according to Bankers Association of the Philippines data.
The US election has entered its final stretch, with opinion polls still too close to call a winner, despite some betting sites and financial markets leaning toward a win for Republican Donald Trump over Democrat Kamala Harris, Reuters reported.
Recent robust US economic data, including evidence of a resilient job market, have seen bets pared back for easing this year by the US Federal Reserve, boosting the dollar.
The US currency has also been buoyed by rising market expectations for an election win for Mr. Trump, whose tariff, tax and immigration policies are seen as inflationary, thus negative for bonds and positive for the dollar.
The dollar slipped 0.23% to 152.92 yen, but that followed a rally to the highest since July 31 at 153.885 yen on Monday.
“Local equities snapped their two-day winning streak as traders locked in their gains ahead of the All Souls’ Day holiday and further assessed the latest corporate earnings reports,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
All sectoral indices closed lower on Tuesday. Property declined by 2.29% or 65.43 points to 2,791.84; financials slumped by 1.55% or 37.36 points to 2,370.96; services went down by 1.53% or 34.47 points to 2,211.82; mining and oil retreated by 0.98% or 85.76 points to 8,598.36; holding firms dropped by 0.93% or 57.63 points to 6,133.13; and industrials lost 0.74% or 74.06 points to end at 9,852.87.
Value turnover rose to P6.17 billion on Tuesday with 565.64 million issues traded from the P4.13 billion with 873.27 million shares that changed hands on Monday.
Decliners overwhelmed advancers, 147 versus 55, while 51 names were unchanged. — Revin Mikhael D. Ochave with Reuters
By Chloe Mari A. Hufana, John Victor D. Ordoñez and Kenneth Christiane L. Basilio, Reporters
FORMER PRESIDENT Rodrigo R. Duterte’s remarks about his deadly drug war before a Senate probe is likely to give impetus to the International Criminal Court’s (ICC) own investigation of the firebrand leader for alleged crimes against humanity, political analysts said.
“The ICC will now become more motivated in its investigation of the war on drugs,” Josue Raphael J. Cortez, a diplomacy instructor at the School of Diplomacy and Governance of De La Salle-College of St. Benilde, told BusinessWorld in a Facebook Messenger chat on Tuesday.
Mr. Duterte’s testimony at the Senate Blue Ribbon Committee hearing on Oct. 28 “fortified” claims of human rights violations by the international tribunal, he added.
The tough-talking leader said he offers “no apologies, no excuses” for his war on drugs, as he appeared for the first time at a Senate hearing probing the crackdown, where thousands of drug suspects died.
“Do not question my policies, because I offer no apologies, no excuses. I did what I had to do, and whether you believe it or not, I did it for my country,” he told senators.
He also admitted having told cops when he was still Davao City mayor to goad drug suspects to draw their guns and fight back to give cops a reason to retaliate.
“However, one must bear in mind that it is the law of the land that would still dominate, and it is our very own government who will be deciding whether or not they will be permitting the ICC to undertake their investigation regarding the matter,” Mr. Cortez said.
Despite both Houses of Congress having started separate investigations of the drug war, only President Ferdinand R. Marcos, Jr. could decide if the government would cooperate with the ICC probe, he added.
The President has said his government would not cooperate with the ICC investigation because the country has a working justice system.
The states estimates that at least 6,117 people died in Mr. Duterte’s drug war between July 1, 2016 and May 31, 2022, but human rights groups say the death toll could be as high as 30,000.
The Philippines under Mr. Duterte withdrew from the ICC in March 2018 amid criticisms that his government had systemically murdered drug suspects in police raids. It took effect a year later.
Meanwhile, Senate President Francis “Chiz” G. Escudero said the ex-President’s order for cops to goad criminals and suspects to fight back was unbecoming of a civilized government that should ensure due process for all Filipinos.
“We have what we call due process, and we cannot just forget about this and set it aside,” he told a news briefing in English and Filipino on Tuesday. “As a lawyer, he should know that. A civilized government can do nothing less than provide and ensure due process to anyone and everyone.”
During the hearing, Mr. Duterte admitted having used a hit squad that killed criminals in Davao, but denied giving out rewards for these killings.
Mr. Escudero said he would leave it to Senate Minority Floor Leader Aquilino “Koko” L. Pimentel III, who heads a subcommittee of the Blue Ribbon Committee looking into the drug war, to decide on whether to invited ICC representatives to answer questions about Philippine withdrawal from the tribunal.
“I leave it up to the chairman first of the committee and I leave it up to the House [of Representatives] as well,” he said.
The drug war led to more than 12,000 deaths, mostly urban poor, according to Human Rights Watch. It added that at least 2,555 killings have been attributed to the national police.
‘AS POWERFUL AS EVER’
“Presuming the hearings to be conducted would be in aid of legislation or policy to be conducted by the Marcos administration vis-a-vis our relationship with the ICC, it makes perfect sense to have them (representatives) there,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.
“Based on the rules of procedure for inquiries of both Houses, there’s nothing barring them from inviting international personages,” he added.
“The ICC has to step in because the mastermind of the drug war and perpetrators remain as powerful as ever,” Fides M. Lim, convenor of the human rights and political prisoners support group Kapatid, said in a Facebook Messenger chat.
Arjan P. Aguirre, who also teaches political science at the Ateneo, said only Senator Ana Theresia Hontiveros-Baraquel managed to stand her ground and call out Mr. Duterte for his vulgar statements at the hearing.
He said Mr. Pimentel was not assertive enough as a committee chairman to keep the former President from dominating the discussions.
“Senator Risa was assertive and was able to keep herself calm and objective,” he said. “No one was telling him to stick to the questions. He kept on digressing, which was his strategy to enthrall the crowd.”
Also on Tuesday, Sta. Rosa City Rep. Dan S. Fernandez said the Department of Justice (DoJ) should not mishandle the case against Mr. Duterte once it decides to prosecute him for alleged crimes against humanity under the law.
“If the DoJ fails to do their job on this matter, then the ICC will take more cognizance of it,” he said. “It’s really up to the DoJ to do their work. The international community is really watching,” said Mr. Fernandez, a co-chairman of the House of Representatives quad committee investigating Mr. Duterte’s war on drugs.
Manila Rep. Bienvenido M. Abante in a separate statement noted that by taking full responsibility for the thousands of extrajudicial killings under his watch, Mr. Duterte “has admitted to a level of command responsibility that the law considers criminal.”
The House quad committee would cooperate with the DoJ should it file a case against Mr. Duterte, Mr. Abante, a co-chairman of the House quad committee, told the news briefing.
THE STATE weather bureau on Tuesday said Kong-rey, locally named Leon, has intensified into a typhoon as it moved along the east coast of Cagayan province.
In a bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said Kong-rey had a high likelihood of becoming a super typhoon as it passes over the Philippine Area of Responsibility.
It said the storm would be closest to Batanes province by Oct. 31. A landfall in the province was not ruled out. “Leon will likely be at or near super typhoon intensity during its closest point of approach to Batanes,” it added.
As of 5 p.m., Kong-rey was last seen 505 kilometers (km) east of Tuguegarao City or 515 km east of Aparri, Cagayan province. It was moving in a west-northwestward direction at 10 kilometers per hour (kph).
The storm was packing maximum sustained winds of 150 kph near the center and gustiness of up to 185 kph.
Due to “rapid intensification,” the weather bureau hoisted tropical wind signal No. 2 over the provinces of Batanes, Babuyan Islands, mainland Cagayan, the northern and eastern portions of Isabela, Apayao, the northern portion of Kalinga, the northern portion of Abra and Ilocos Norte.
Meanwhile, signal No. 1 was raised over the rest of Isabela, Quirino, Nueva Vizcaya, the rest of Kalinga, Mountain Province, Ifugao, Benguet, the rest of Abra, Ilocos Sur, La Union, the eastern portion of Nueva Ecija, Aurora, the northern and eastern portions of Quezon including Polillo Islands, Camarines Norte, Camarines Sur, Catanduanes, Albay and the northern portion of Sorsogon.
“The highest wind signal which may be hoisted during the occurrence of Leon is wind Signal No. 3 or 4, especially in Batanes and Babuyan Islands. The hoisting of wind Signal No. 5 is also not ruled out,” the agency added.
PAGASA also issued a gale warning over the coastal areas of Northern Luzon and the eastern seaboards of Central and Southern Luzon. — Adrian H. Halili
PRESIDENT Ferdinand R. Marcos, Jr. on Tuesday ordered the Energy Regulatory Commission (ERC) to consider imposing a three-month halt on electricity bill payments in areas devastated by Severe Tropical Storm Trami.
The relief proposed by Mr. Marcos would also cover electricity disconnection, the presidential palace said in a statement. Staggered bill payments for October to December should be considered, he added.
In an 8 a.m. report, the National Disaster Risk Reduction and Management Council said 161 cities and municipalities in the country were under a state of calamity due to Trami, which is locally called Kristine.
There were 128 reported deaths, 14 of which had been validated, it said. Twenty-eight people were still missing, it added. It said 115 reported injuries, 10 of which had been confirmed.
Damaged houses hit 83,777, more than 5,400 of which had been totally destroyed, the agency said.
The crop and fishery sectors had logged P340 billion in damage, the Department of Agriculture said in an 8 a.m. report.
The report came from its regional offices in the Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol Region, Western and Eastern Visayas, Soccsksargen and Caraga Region.
“Damage and losses have been reported in rice, corn, cassava, high-value crops, livestock and poultry, fisheries and agricultural infrastructure.”
Greenpeace Philippines earlier said Trami, which submerged parts of the Bicol region in floodwaters, was the “third-most highly devastating weather event to batter the country this year.” — Kyle Aristophere T. Atienza
THE MARCOS administration should urgently address the online sexual exploitation of Filipino children by strengthening child protection laws and allocating funds for their programs, a party-list group said on Tuesday.
The Gabriela Women’s Party said that impoverished Filipino children are the “primary victims” of online sexual exploitation by foreigners.
“It is absolutely horrifying that the Philippines has become a global hotspot for online sexual abuse and exploitation of children,” Sarah Jane I. Elago, one of Gabriela Women’s Party nominees for the 2025 midterm elections, said in a statement.
Nearly one in every 100 children in the Philippines were trafficked to produce child sexual exploitation material in 2022, according to data from the International Justice Mission (IJM) and the University of Nottingham’s Rights Lab.
Demand for online sexual content of exploited children mainly hailed from the “United States, United Kingdom, Australia, Canada, and Europe,” they stated.
Justice department Spokesman Jose Dominic F. Clavano IV said in April that the government intensified efforts against cases of child pornography and abuses by putting in place policies and operational plans.
He said 74% of sexual abuse cases against children were found to be perpetrated by people closest to them or individuals within the victims’ “circle of trust.” This refers to parents, close relatives, and those who assert moral influence over the child.
The same IJM report found that nearly a quarter of a million adult Filipinos, or roughly three in every 1,000, were involved in trafficking children for such purposes.
Ms. Elago said the government’s “negligence and misplaced priorities” allowed child predators to abuse children with impunity.
“The Marcos Jr. administration’s negligence and misplaced priorities have created a perfect storm where predators can operate with impunity while our children suffer,” she said.
“Instead of allocating sufficient funds for child protection programs and social services, this administration continues to prioritize military spending,” she added.
Ms. Elago urged the government to establish a “comprehensive monitoring system” to catch child predators. “The internet should not be a playground for predators.”
International cooperation to prevent children’s sexual exploitation should be prioritized by the government, she said, while also pushing for more social protection and poverty alleviation programs to address their vulnerability of being sexually trafficked. — Kenneth Christiane L. Basilio
PRESIDENT Ferdinand ‘’Bongbong’’ R. Marcos, Jr. has appointed Hilario Bringas Paredes as the new chairman of the Bases Conversion and Development Authority (BCDA), replacing a retired police officer who was picked for the post just a month ago.
Mr. Paredes was appointed BCDA chairperson on Oct. 28, according to a letter signed by Mr. Marcos.
He replaced Retired Police General Thompson C. Lantion, who was appointed to the post just in September.
Mr. Paredes was an acting member of the BCDA Board of Directors before his new post.
The BCDA is a government-owned corporation under the Office of the President.
Mr. Paredes, a practicing lawyers for 26 years now, is chairman of the Asian Center for Legal Excellence, Inc.
Mr. Paredes currently sits as director of BCDA, Fort Bonifacio Development Corp., Filinvest BCDA Clark Inc., and Bonifacio Communications Corp., according to a statement from the BCDA Group.
“He brings with him almost three decades of experience as an accomplished lawyer, specializing in litigation, commercial and corporate law, real estate, and public-private partnerships, among other areas.” — Kyle Aristophere T. Atienza
THE JAPANESE government and the United Nations Population Fund (UNFPA) will work together to provide about $5 million or 724 million Japanese yen for women’s health services and support for victims of gender-based violence in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) over the course of three years.
The Babaeng Bangsamoro program will start within the year and will benefit women and girls in remote areas in the region, UNFPA country representative Leila S. Joudane told reporters on the sidelines of the International Conference on Women, Peace, and Security in Pasay City.
“We establish health mobile clinics so that these will go to very remote areas and serve women and girls mainly in terms of maternal health, family planning, sexual reproductive health in general,” she said.
“This is very important; it is not only providing services but about capacitating the planners to operate in women and children protection units.
The program aims to benefit at least 18,000 women and other victims or gender-based violence in these areas in 10 municipalities and 10 local government units.
Citing her meetings with Health Secretary Teodoro J. Herbosa, she cited the need to help young adults deal with HIV (human immunodeficiency virus), with the country averaging about 53 new cases daily from young Filipinos.
“A resilient health sector for BARMM will be a significant boost for the region’s women and the promotion of Women, Peace, and Security,” Japanese Ambassador to the Philippines Kazuya Endo said in his speech at the forum.
“Japan will continue to be a staunch advocate of the Women, Peace, and Security agenda in the region and the wider international community.” — John Victor D. Ordoñez
OIL COMPANIES came to the Bicol Region carrying fuel tankers of liquid petroleum products and liquefied petroleum gas (LPG) to provide access to fuel supply for consumers, the Energy department said on Tuesday.
“We assure the Bicolanos that the Department of Energy (DoE) and the oil companies of our strategic action in addressing their needs in the region,” Energy Undersecretary Felix William B. Fuentebella said in a statement.
“We are working tirelessly to expedite the replenishment process and ensure that fuel tankers can deliver additional supplies without delay to keep communities and emergency response operations running smoothly,” he added.
The Bicol Region was among the most affected regions by Severe Tropical Storm Trami, locally known as Kristine, with heavy rain causing floods and landslides.
As of Tuesday morning, a total of 42 tankers containing gasoline and diesel with approximately one million liter and 19 tankers with around 22,000 11-kilogram cylinders have reached provinces of the Bicol Region. This includes Albay, Camarines Sur, Camarines Norte, Sorsogon, and Masbate.
The LPG cylinders can supply 22,000 households and could last for about two to three weeks, while the petroleum products are enough to fuel around 25,000 units of ambulances.
The DoE said that 180 out of 236 retail outlets in the region are operational and able to supply fuel to communities and responders.
It said it has coordinated with oil companies to facilitate the immediate replenishment of stocks at the remaining 56 outlets that are currently non-operational.
According to DoE, oil firms that joined the fuel caravan are Petron Corp., Shell Pilipinas Corp., Chevron Corp., TotalEnergies Philippines, Phoenix Petroleum Philippines, Inc., Unioil Petroleum Philippines, Inc., Jetti Petroleum, Inc., Seaoil Philippines, Inc., and Isla Petroleum & Gas Corp. — Sheldeen Joy Talavera
THE Bureau of Internal Revenue (BIR) recently seized illicit cigarettes with a P636.94-million tax liability from a large-scale seller located in central Luzon.
In a statement, the bureau noted that the illicit cigarettes were found in a factory disguised as a rest house in Cabanatuan City, Nueva Ecija. Around 15 Chinese nationals were arrested during the raid.
“Inside the factory, they discovered illicit cigarettes, machines, fake tax stamps, raw tobacco and other materials used in manufacturing of cigarettes,” the BIR said.
The factory also failed to comply with hygiene standards as the raw tobacco used for manufacturing the cigarettes was placed on the floor.
The erring manufacturers are being investigated for violating the National Internal Revenue Code, particularly for the unlawful possession or removal of articles subject to excise tax without paying the proper tax dues, among others.
Beginning this month, the bureau said it will be conducting regular raids on illegal vape sellers.
The BIR last week seized illegal cigarettes with a tax liability of P107.76 million from a factory-warehouse in Cebu.
The agency seeks to collect P152.4 billion in excise taxes from tobacco products this year. Tobacco accounts for more than 40% of the BIR’s tax take.
As of end-September, BIR collections improved by a 12.73% annual growth to P2.09 trillion, according to Treasury data.
However, this fell short of the government’s P2.12-trillion tax target for the nine-month period. — Beatriz Marie D. Cruz
DAVAO CITY — Davao Tourism Association (DATA) President Nicole Bian-Ledesma underscored that the additional new routes of Cebu Pacific Air (CEB) from and to Davao City marked an achievement in enhancing connectivity that would bring in more tourism trade and investments, networking, and collaboration.
“Specifically, the international flights would open the region to the rest of the world as HK (Hong Kong) and Bangkok are major tourism hubs,” Ms. Ledesma told Businessworld.
Cebu Pacific Air has inaugurated the additional domestic and international flights from Davao City in dusitD2 in Davao City on Saturday, making Mindanao’s economic and cultural center even more connected with other parts of the Philippines and the rest of the world.
Starting October 27, CEB operated daily flights between Davao City and Caticlan and Puerto Princesa and four times weekly flights to Hong Kong. Meanwhile, thrice weekly flights to Bangkok-Don Mueang started on Oct. 28, and thrice weekly flights to Tacloban starting on Oct. 29.
Prior to this, passengers from Davao had to book connecting flights from Manila and spend up to eight hours traveling to reach Hong Kong and Bangkok with layovers.
“With CEB’s direct international flights from Davao, passengers will no longer need to pay more for an additional stop or wait at another airport during their layover,” it said.
CEB also stated that from Davao, passengers may now reach Hong Kong and Bangkok in 3.5 hours and save up to five hours in travel time. Passengers from Davao may also save up to 35% on one-way fares to Hong Kong and up to 99% on one-way fares to Bangkok on direct flights with CEB.
The airline also said that the direct flights from Davao to Caticlan, Puerto Princesa, and Tacloban will open new opportunities for travelers to explore each destination’s iconic attractions, delectable cuisine, and vibrant culture.
Currently, CEB operates direct flights to Manila, Cebu, Clark, Bacolod, Cagayan De Oro, Iloilo, Siargao, Tagbilaran, and Zamboanga from Davao.
“Davao City is more than ready to welcome tourists, and we encourage the private sector to maximize this connectivity by exploring new partnerships, creating new tourism products, and enhancing guest experiences,” Ms. Ledesma said.
Meanwhile, CEB Chief Marketing and Customer Experience Officer Candice A. Iyog said the airline is thrilled to expand its network to and from Davao, strengthening the city’s connectivity both locally and globally.
Ms. Iyog said with the addition of these domestic and international flights, Cebu Pacific reaffirms its commitment to supporting Davao’s growing role as a key economic hub.
She said these routes offer greater convenience for travelers and open new opportunities for tourism, business, and cultural exchange, all while promoting inclusive growth in the region.
Currently, CEB operates 35 domestic, and 26 international destinations spread across Asia, Australia, and the Middle East. — Maya M. Padillo
