Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10197

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

Duterte fires HUDCC official

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte on Thursday announced the firing of another official, Housing and Urban Development Coordinating Council (HUDCC) Secretary-General Falconi V. Millar.
“Just before I left my office, I signed the dismissal order [versus] the Secretary-General of Housing, a certain Millar,” Mr. Duterte said in his remarks at the inauguration of the Cavite Gateway Terminal (CGT) in Tanza, Cavite, on Thursday afternoon, Nov. 22.
He added: “It is really difficult, you know, when you are there, Secretary-General, you have the power, you have the authority. You can do corruption, and it can corrupt you.”
In a statement, Presidential Spokesperson Salvador S. Panelo said: “The Palace is announcing the termination of services of Housing and Urban Development Coordinating Council (HUDCC) Secretary-General Falconi V. Millar due to allegations of corruption. The President’s order takes effect immediately.”
Mr. Panelo said there are “no sacred cows” in Mr. Duterte’s administration, “especially in its drive against corruption.”
“As the President said, he will not tolerate even a whiff of corruption in the Executive Branch of Government,” he added.
The Palace also assured the public “that the delivery of public services shall unimpededly continue,…especially in rehabilitating Marawi City and other affected areas.”
In a phone message to reporters, Mr. Millar said: “It is an obvious demolition job. In protecting the interest of the government, I have annoyed some personalities. I filed my resignation this morning.”
Also in his speech, the President said he has been “practically firing top echelons every month….”
“Frankly [speaking], I am having a hard time combating corruption. Please do not make it really very hard for me to do it,” he also said.

Missing resource speakers in drug inquiry cited in contempt

By Camille A. Aguinaldo, Reporter
THE Senate Blue Ribbon Committee on Thursday cited in contempt former Philippine Drug Enforcement Agency (PDEA) official Ismael G. Fajardo, sacked police officer Eduardo Acierto, and two others allegedly linked to the shipment last August of P11 billion worth of illegal drugs into the country for their continuous absences in the committee’s investigation.
Aside from Messrs. Fajardo and Acierto, committee chair Senator Richard J. Gordon cited in contempt a certain Emily Loquigan and SMYD Trading owner Marina Dela Cruz Signapan.
Mr. Gordon issued the contempt orders during the continuation of the Senate investigation on the illegal shabu shipments that slipped past the Bureau of Customs (BoC).
“I have already invited certain people here who are crucial to the investigation and they have not been showing up….We are now going to issue contempt orders so that we can get these people back here,” Mr. Gordon said.
Former Customs officer Jimmy S. Guban has alleged that Messrs. Acierto and Fajardo were behind the entry of the shabu shipments into the country.
SMYD Trading has been identified by the PDEA as the consignee of the four magnetic lifters, which contained shabu worth P11 billion, found in Cavite.
Ms. Loquingan is the former wife of a Chinese national spotted at the Cavite warehouse where the magnetic lifters were found.
Also during the hearing, Mr. Gordon castigated the Anti-Money Laundering Council (AMLC) for failing to respond to the requests of the PDEA and the Senate Blue Ribbon committee for information on the bank accounts of personalities linked to the illegal shabu shipment.
“My gosh, you guys are very cavalier. This is one of the biggest drug busts in the country and you’re not moving,” he said.
In response, Roland Villacruz from the AMLC Secretariat’s investigation and enforcement department said the agency needed to establish probable cause before recommending that the AMLC Secretariat look into the bank accounts.
He said they are about to submit to the council for its approval to look into the bank accounts.
“We will expedite, your honor, the request for approval… It’s the council that should grant the authority for the secretariat to examine these accounts,” Mr. Villacruz said.
Mr. Gordon then told Mr. Villacruz to convey to Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., who is also chairman of the AMLC, that he intends to file a complaint to the Senate President regarding the “disregard” of the agency to the letters of PDEA and the Senate committee.
“I think you may tell the Central Bank Governor that we intend to amend the law and that I will make a complaint to the Senate President that AMLA has rejected letters from the PDEA which is the rightful entity that should write this letter. You’re delaying it,” he said.
“We will not take kindly to this disregard of a legitimate request to act because this is a matter of national security and national peace and order,” he added.

Honasan nominated DICT chief

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte has officially nominated Senator Gregorio B. Honasan II as Secretary of the Department of Information and Communications Technology (DICT).
Malacañang released on Thursday the nomination paper of Mr. Honasan as next DICT chief.
“Pursuant to the provisions of Section 16, Article VII of the 1987 Constitution and existing laws, you are hereby nominated Secretary, Department of Information and Communications Technology,” Mr. Honasan’s nomination paper read in part.
Signed on Nov. 20, the document also read: “By virtue hereof, and upon consent by the Commission on Appointments, you may qualify and enter upon the performance of the duties of the office, furnishing this Office and the Civil Service Commission with copies of your oath of office.”
Presidential Spokesperson Salvador S. Panelo said in a press briefing that Mr. Duterte chose Mr. Honasan to head the DICT for his “integrity and competence.”
In a statement, Senate President Pro Tempore Ralph G. Recto said: “My unsolicited advice is for Senator Honasan to retain Acting Secretary Eliseo Rio as his Senior Undersecretary, and for the latter to continue serving the public in that capacity. For one to step up, there is no need for the other to step out. The nation will benefit from the combined skills of this good tandem. Two workhorses are better than one.”
He said it will be a waste of “talent” if Mr. Rio, given his “good credentials — double engineering degree holder, ECE (Electronics & Communication Engineering) board topnotcher, academic, and ex-general who has had 50 years experience in the field of telecommunications — will be let go.”
“He is good for one last tour of duty, at a crucial point in our nation’s life when important developments in the ICT sector are happening, including the authorization of a third telco-which must, like any public utility, be subjected to oversight and held to its promised deliverables,” Mr. Recto added.

Trillanes files reply to petition to SC seeking to nullify voiding of amnesty

By Vann Marlo M. Villegas
SEN. ANTONIO F. Trillanes IV has cited an order by a Makati City court which affirmed his application for amnesty to support his petition to the Supreme Court (SC) to nullify Presidential Proclamation No. 572 which voided his amnesty claiming that it is unconstitutional.
In a reply filed on Nov. 7 to the comment of respondents including Executive Secretary Salvador C. Medialdea to his petition, Mr. Trillanes noted that the decision of Judge Andres B. Soriano of Makati regional trial court (RTC) Branch 148 has junked the claims of the presidential proclamation that he did not file his application form and admit his guilt as requirements for amnesty.
“(T)he Honorable Court of of Makati City Branch 148 rendered an order which shattered to smithereens all the factual allegations of Respondents regarding the supposed non-filing by Petitioner of a sworn application for a grant of amnesty under Proclamation No. 75 and his alleged failure to admit his guilt,” he stated.
Mr. Trillanes added that Branch 148 relied on factual findings “on the categorical and unrebutted testimonies and affidavits” of the witnesses that he filed his application form for amnesty.
“(T)he Honorable RTC of Makati City, Branch 148 aptly gave credence to the overwhelming and unrebutted testimonial, photographic and documentary evidence proferred by Petitioner to support his claim of the due filing of his application for amnesty and his express admission of guilt,” he said.
On Oct. 22, Makati RTC Branch 148 denied the prosecution’s motion to issue an arrest warrant and hold-departure order against Mr. Trillanes as it deemed that the senator filed his application form based on the testimonies of the witnesses. It added that the coup d’etat case has long been dismissed in 2011 following the grant of amnesty to Mr. Trillanes.
However, it upheld that the presidential proclamation is constitutional as it was an executive act.
With this, the Senator in his reply also sought the SC “to make a final and conclusive determination on the legality and/or constitutionality of Proclamation No. 572, Series of 2018, which purportedly revoked Petitioner’s amnesty coverage under Proclamation No. 75, series of 2010.”
The decision of Makati RTC Branch 148 is contrary to the Sept. 25 decision of Makati RTC Branch 150 handling the rebellion case over the 2007 Manila Peninsula Siege which ordered the arrest and hold-departure order against the senator. The senator posted bail on the same day.
President Rodrigo Duterte issued Proclamation No. 572 on Aug. 31 declaring void from the beginning the amnesty granted to the senator claiming that he did not submit his application form and did not admit his guilt over the 2003 Oakwood Mutiny and 2007 Manila Peninsula Siege.
Mr. Trillanes then asked the SC on Sept. 6 to issue a temporary restraining order or preliminary injunction against the proclamation saying the act is unconstitutional as the revocation of amnesty should have the concurrence of the Congress.
The SC on Sept. 11 resolved to refer to the lower courts to determine the factual basis of the case of whether or not he applied his application form and admitted his guilt.

Navy faces budget constraints for submarines

THE PROCUREMENT of submarines for the capability upgrade of the Philippine Navy remains hanging due to financial constraints.
“We are processing the procurement. We already presented it to the leaders of the Department of National Defense,” Philippine Navy Flag Officer-in-Command Vice Admiral Robert A. Empedrad said during the test firing activity of new missiles in Bataan on Nov. 21.
However, he noted, that it is not that simple to purchase such a vessel. “If you will buy a submarine, it will take six years for the delivery… It has lots of preparations and budgetary constraints,” he said.
Last June, the Navy and the Department of National Defense (DND) announced the plan to acquire diesel-electric submarines as part of its modernization projects for 2018 to 2022.
Defense Secretary Delfin N. Lorenzana, for his part, pointed out that purchasing a submarine also requires the development of a base.
“(A) submarine base takes lot of money too,” he said.
In the meantime, the Navy has been building up its fleet, along with helicopters and other military equipment.
“Next year, we are expecting the arrival Pohang Class Frigate, it is given to us by the Republic of Korea. But it has a weapon system on board already like torpedoes and gun system that will level up our training,” Navy Spokesperson Commander Jonathan Zata told BusinessWorld.
“We are also expecting on the first quarter of next year anti-submarine capable helicopter… It will complement yung existing fleet ng helicopters (that) this time, capable to detect underwater objects and targets,” he added.—Vince Angelo C. Ferreras

DoTr meets tech experts on Cebu intermodal transport system

TRAFFIC CONGESTION has been a long-standing problem in the different cities and towns comprising the Metro Cebu area. — FREEMAN

THE DEPARTMENT of Transportation (DoTr) recently met with technical consultants to discuss the proposed Integrated and Intermodal Transport System for Metro Cebu and find determine catch-up implementation programs for the long-standing project. The DoTr, in a statement, said Transportation Secretary Arthur P. Tugade met the project’s technical support consultants last Monday. Officials from the DoTr, along with key officials from the Land Transportation Office and Land Transportation Franchising and Regulatory Board, had also met with officials from the World Bank and the French Development Agency. “The officials discussed the catch-up implementation plan for the said project,” DoTr said. Mr. Tugade stressed the need for transport projects to be integrated with other existing and proposed transport modes for Metro Cebu. — The Freeman
>> See full story at https://goo.gl/H9uDeU

Partial judgement on Maguindanao massacre case expected by Q1 2019

A PARTIAL judgement could be forthcoming by the first quarter of 2019 on the cases against former Datu Unsay mayor Datu Andal “Unsay” Ampatuan Jr., the primary suspect in the 2009 Maguindanao massacre where 58 people, including 32 media workers, were killed.
Lawyer Gilbert T. Andres, legal counsel for some of victims’ families, told reporters yesterday that the admission of formal offer of evidence of Mr. Ampatuan, claiming that he was in the city hall when the massacre occurred, has been submitted for resolution at the Quezon City Regional Trial Court (RTC) Branch 221.
This came after the filing of comment of the prosecution last Nov. 19.
“The determination of criminal liability is another issue… that will be the full promulgation of judgement,” Mr. Andres said, speaking in mixed English and Filipino.
While there is no exact date set yet, Mr. Andres said the prosecution is hopeful that it would be “within the first quarter of next year.”
The massacre took place on Nov. 23, 2009 when family members and associates of then-gubernatorial aspirant Esmael G. Mangudadatu, accompanied by members of the media, were ambushed.
The party was on their way to filing the certificate of candidacy of Mr. Mangudadatu, who was running against the Ampatuan political clan.
Mr. Andres said the case has been dragging mainly because of the significant number of accused who remain at large, about 70, and the replacement of lawyers among the accused.
The lawyers called on the police and Department of Interior and Local Government to double efforts in catching all the suspects so that there will be “total criminal hearings” and establish “total criminal responsibility.”
Justice Secretary Menardo I. Guevarra, in a text message last Nov. 20, said the “pending incidents in the Maguindanao murder cases will be resolved by next month. So we expect that the court will render its decision in 2019.”
In a statement, the families of the victims said they welcome the news of the expected promulgation of the case “with renewed vigor and relief, for we have waited too long and have been given so much to the case over the years.”
“We have full confidence that the evidence presented is enough to prove Datu Unsay’s guilt beyond reasonable, and we wait the verdict with cautious hope,” they said.
The Department of Justice filed 25 counts of the first batch of “Information” against Mr. Ampatuan at the Cotabato RTC last Dec. 1, 2009. The Supreme Court, on Dec. 8, 2009, granted the request to transfer the case to Quezon City.
Andal Ampatuan, Sr., father of Mr. Ampatuan, who was tagged as the mastermind of the massacre and among those charged, died of cancer on July 15, 2015.
Last September, former presidential spokesperson Harry L. Roque said some of the witnesses have retracted their testimonies against Mr. Ampatuan, but prosecutors assured that the case remains strong. — Vann Marlo M. Villegas

Korean government vows to take back trash

THE SOUTH Korean government has assured that it is taking measures to bring back to their country the garbage-filled containers that entered the Mindanao Container Terminal in Misamis Oriental on July 21 and just recently reported. “The Government of the Republic of Korea — the Ministry of Environment, the Korea Customs Service, and the Ministry of Foreign Affairs — has embarked on the investigation of a Korean exporter which caused a controversy in the Philippines this month; the Government stated that it would take measures to have the wastes in question be brought back to Korea soon as possible,” the Korean embassy in the Philippines said in a statement released on Thursday, Nov. 22. It reported that Korea’s Ministry of Environment and the Custom Service inspected on Nov. 16 the exporter of the waste, which is located in Pyeongtaek City. They found out that the exporter made a declaration on synthetic wastes in January this year. Further, the two Korean agencies also confirmed that the exported wastes did not go through proper recycling process and the required documents were forged. “Korean authorities will have the wastes in question be repatriated and properly disposed of and work to prevent recurrence of the problem,” it said. — Vince Angelo C. Ferreras

SPMC to set up breast clinic in partnership with Avon

THE GOVERNMENT-owned Southern Philippines Medical Center (SPMC) in Davao City is setting up a breast clinic in partnership with Avon Philippines. The clinic, to be funded by Avon, aims to offer free breast consultation and ultrasound screening to more women, as well as men, in the Davao Region. Avon Philippines General Manager Razvan Diratian said they would allocate around P2.2 million to set up of the clinic and equipment procurement. “We decided to come here as SPMC is the biggest in Mindanao. This is the first hospital outside Manila,” Mr. Diratian said during the partnership signing with SPMC. “Not only that, we also want to create awareness on the importance of early protection and detection against breast cancer,” he added. Dr. Leopoldo J. Vega, SPMC chief of hospital, for his part, said with the additional ultrasound machine, they would be able to cater to up to 50 patients a day for breast cancer ultrasound diagnostics. “This is just diagnostics ultrasound making sure that the proper treatment and management is given for breast cancer patients,” Mr. Vega said. Avon launched its Kiss Goodbye To Breast Cancer campaign in 2002. Dr. Corazon A. Ngelangel, president of the Philippine Cancer Society, said there are breast cancer patients as young as 18 years old.— Maya M. Padillo

Davao cities, towns under election watch list due to political rivalries, NPA threat

LAW ENFORCEMENT agencies have placed in the election watch list several villages in 43 towns and six cities in the Davao Region, mainly due to political rivalries and the threats of disruption from communist rebels. Based on the list released by the Eastern Mindanao Command and the Police Regional Office Wednesday, those placed under tight watch are 20 in Panabo City, two in Tagum City, and several in the cities of Davao, Mati, and Digos. The other areas are: Malalag, Hagonoy, and Padada Kiblawan, Magsaysay, Matanao Bansalan, and Sta. Cruz in Davao del Sur; Jose Abad Santos and Malita in Davao Occidental; Asuncion, Carmen, Kapalong, New Corella, San Isidro and Talaingod in Davao del Norte; and Lupon, Banaybanay, Gov. Generoso, Tarragona and Manay in Davao Oriental; and all municipalities in Compostela Valley. Lt. Gen. Benjamin R. Madrigal Jr., Eastern Mindanao Command commander, explained that the basis for the list is the perceived intense political rivalries in these areas as well as the presence of New People’s Army rebels. Sr. Supt. Nolasco K. Bathan, regional police deputy director for administration, said the political rivalries and the presence of organized armed groups — including rebel movements, gangs and private armies — could trigger violence. “These armed groups are perceived to be committing terrorism, fraud, and other election irregularities,” said Mr. Bathan. — Carmelito Q. Francisco

1...10,19610,19710,198...12,761Page 10,197 of 12,761
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube