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Stocks drop further ahead of Powell testimony

By Arra B. Francia, Senior Reporter

SHARES CONTINUED to drop on Tuesday, following the negativity in Wall Street as investors waited for further clues from the US Federal Reserve on their decision on interest rates.

The benchmark Philippine Stock Exchange index (PSEi) slipped 0.11% or 9.48 points to close at 8,042.04 yesterday, extending the previous session’s losses. The broader all-shares index likewise shed 0.25% or 12.73 points to 4,900.74.

“The index weakened again today, largely following moves of the Dow and S&P 500 last night, as the market could still be on a wait and see mode on Fed Chair Powell’s comments to Congress in the coming days — looking for any indications on the Fed’s move later this month,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Tuesday.

Fed Chairman Jerome Powell will appear before the US Congress for his semiannual testimony on July 10-11, which should give investors an opportunity to gauge near-term monetary policy direction. Investors previously anticipated more rate cuts to counter the supposed economic slowdown from the US’ trade war with China.

The Fed is also scheduled to release the minutes of its June meeting on Wednesday.

With lower expectations of an interest rate cut, the Dow Jones Industrial Average went down 0.43% or 115.98 points to 26,806.14. The S&P 500 index declined 0.48% or 14.46 points to 2,975.95, while the Nasdaq Composite index retreated 0.78% or 63.41 points to 8,098.38.

Asian markets were mixed, with Japan’s Nikkei 225 up by 0.14% or 30.80 points to 21,565.15. The Shanghai Composite was down 0.18% or 5.13 points to 2,928.23, while the Hang Seng index fell 0.76% or 215.41 points to 28,116.28.

“Lack of catalysts amid tempered rate cut hopes from the Federal Reserve pulled the local market… Asian markets were mixed while US and European indices were pointing downwards ahead of the Fed Chairman Jerome Powell’s speech,” Philstocks Financial, Inc. said in a market note.

Locally, four sectoral indices closed in negative territory, led by services which plunged 1.68% or 28.17 points to 1,647.83. Holding firms lost 0.32% or 24.87 points to 7,699.22; property dropped 0.14% or 6.12 points to 4,345.68, while industrials declined 0.05% or 6.74 points to 11,966.43.

In contrast, mining and oil climbed 0.46% or 34.51 points to 7,503.10, while financials rose 0.3% or 5.33 points to 1,733.42.

Turnover improved to P5.89 billion after some 1.57 billion issues switched hands, compared to the previous session’s P5.63 billion.

Decliners were almost double the advancers, 125 to 71, while 44 names were unchanged.

Foreign investors turned net buyers at P735.12 million, snapping a three-day selling streak that ended with P319.03 million in net outflows on Monday.

Martial rule still an option for Duterte presidency

PRESIDENT RODRIGO R. DUTERTE — PHILSTAR/JOVEN CAGANDE

PRESIDENT Rodrigo R. Duterte may still declare martial law, assume emergency powers or set up a revolutionary government as a last resort to solve the country’s worsening illegal drug problem, his spokesman said yesterday.

Mr. Duterte won’t hesitate to act if he cannot get Congress to change the 1987 Constitution to address issues that also include corruption, traffic congestion and terrorism, presidential spokesman Salvador S. Panelo told a briefing in Malacañang.

Mr. Duterte’s spokesman issued the explanation when asked what the president meant by alluding to a “last card” during a speech in Leyte province last Friday. “He can impose martial law, he can declare a revolutionary government, he can use other emergency powers,” Mr. Panelo said.

“Do not force me to declare war, because I have something else,’’ the president warned on Friday. “I have a card which I can throw anytime and you won’t like it. But at least it will give a sense of order.”

On Monday, Mr. Duterte reiterated his desire for a constitutional change, adding that the military has become more concerned about government corruption.

Mr. Duterte placed Mindanao under martial law in 2017 after extremists linked to Islamic State raided Marawi City in southern Philippines, leaving about 100 people dead and displacing thousands after clashes with the military.

Lawmakers extended the 60-day martial rule until the end of 2017 to help state troops end the siege that lasted about five months. Congress again extended martial law, as requested by Duterte, in the restive south until the end of this year to help quell terrorism.

Mr. Panelo said changing the Constitution would ensure foreign investors can come in without restrictions. Duterte also thinks getting emergency powers from Congress would let him solve traffic congestion on the main highway of EDSA, he said. — Arjay L. Balinbin

Maritime regulator seeks more perks for shipbuilders

By Denise A. Valdez, Reporter

THE MARITIME Industry Authority (Marina) is seeking more incentives for the shipbuilding and ship repair industry to drive investment growth, the agency said in a statement yesterday.

The maritime industry regulator said it had appealed to the Philippine Economic Zone Authority (PEZA) to give more incentives to shipyards not registered with PEZA, particularly on the duty-free importation of shipbuilding and repair facilities and equipment.

Marina sought the additional incentives, which is thinks will improve the maritime industry’s overall investment climate, during a meeting with PEZA officials, it said.

Sought for comment, PEZA Deputy Director General Tereso O. Panga said incentives may only be given to proponent-developers that have a so-called ecozone status.

“Any proponent-developer has to apply with PEZA to get an ecozone status and avail itself of standard PEZA incentives,” Panga said in a message. “We cannot grant additional incentives other than what is provided in the PEZA law,” he said, adding that they won’t let companies get incentives by registering with both the agency and the Board of Investments.

Shipbuilders seeking more perks may apply for an ecotone status for their sites as long as they meet the minimum area for manufacturing and special economic zones.

“If they qualify, we will grant them incentives either as an ecozone developer or as an ecozone locator,” he said.

In such a case, Marina intends to do build a global maritime hub under the management of PEZA. The global hub will transform the country into a one-stop maritime destination in Asia, it added.

The Philippines is the fourth-largest ship producer in the world based on gross tonnage, with 2,161 vessels made locally in 2017.

Palace says Duterte still trusts Customs chief Guerrero

PRESIDENT Rodrigo Duterte still trusts his Customs chief even after threatening to fire more officials at the agency for corruption, his spokesman said on Tuesday.

Customs Commissioner Leonardo B. Guerrero still enjoys the trust and confidence of the president, who hasn’t mentioned anything about firing him, presidential spokesman Salvador S. Panelo said at a briefing in Malacañang.

Mr. Duterte named Mr. Guerrero, his former Armed Forces chief of staff, as his Customs chief in October last year, asking him to “double the zealousness” in ridding the agency of corruption.

On Monday, the president vowed to fire more Customs officials who he did not identify. “There will be a lot of dismissals, I hope,” he said. — Arjay L. Balinbin

Transport regulator looking at relaxing ride-sharing rules

By Denise A. Valdez, Reporter

THE LAND Transportation Franchising and Regulatory Board (LTFRB) said it might relax the application process for ride-sharing services in the country after a dialogue with operators yesterday.

The agency is looking at removing the need for a so-called bank certificate of conformity for aspiring transport network vehicle service operators, said LTFRB Chairman Martin B. Delgra III, who presided over the meeting at the agency in Quezon City.

“We will have to take it up to the banks and with LTO (Land Transportation Office) as well,” he said.

This comes after Ernesto V. Perez, deputy director general of the Anti-Red Tape Authority (ARTA), proposed changes to the LTFRB’s application process.

The agency should relax the rules on bank conformity so it will not be used as grounds to dismiss a petition for provisional authority, Mr. Perez said.

Operators want to remove the bank certificate requirement, which has made it difficult for them to get permits to operate as drivers for ride-sharing services such as Grab Philippines.

The LTFRB is also seeking to hold more weekly hearings on ride-sharing applications to accommodate the backlog.

As of end-May, the LTFRB said it had issued certificates of public convenience and provisional authority to 40,522 ride-sharing units, composed of 5,293 drivers with certificates and 35,229 drivers with provisional authority.

Cebu City gov’t files complaint vs Osmeña, 44 others for ‘malicious demolition’ of mayor’s office

FORMER CEBU City mayor Tomas R. Osmeña and 44 others are facing criminal and administrative complaints before the Office of the Ombudsman for the “malicious demolition” of the mayor’s office. Mejelito C. Cajes of the city’s Building Maintenance Services filed the complaints Monday with the assistance of City Legal Officer Rey M. Gealon. “We anchored our arguments on the premise that these properties are supposed to be protected considering that these properties are deemed properties of the government pursuant to Article 415 of the Civil Code, these are considered immovable properties already,” Mr. Gealon told reporters. The other respondents are: Ronald Malacora, who was head of the city’s general services office; Anna Ruby King, an engineer at the city’s planning office; Mr. Osmeña’s staff members Cindy Montermoso, Jimpaul Saavedra, and Venlentino Ontong, Jr.; Lance Samuel Co, and Edgardo Ong who are security guards of the city government’s executive building; Paul Taboada; Francisco Fernandez; Benjie Dolino; and Pericles Dakay, owner of Dakay Construction and Development, Corp., along with his 32 workers who stripped the mayor’s office of furnishings as well ceilings and flooring. The Department of Engineering and Public Works estimates the damage to the office at almost P858,000. Mr. Osmeña’s lawyer, Amando Virgil Ligutan, said they have documents to disprove the “malicious imputations” against the former mayor. “On behalf of the respondent to the case, it is good that finally, Labella’s camp filed a complaint in court by the Ombudsman instead of parading the complaint in front of the media and the public. It’s good because respondents will be able to prove that the complaint filed against them is baseless and purely politically-motivated,” Mr. Ligutan told reporters. — The Freeman

Kadayawan main events spread out to accommodate more tourists

THIS YEAR’S Kadayawan Festival will have the main events spread out on different weekends instead of the usual one week for an opportunity to accommodate more visitors. “There were a lot of people who had wished to visit the city for the Kadayawan Festival but they weren’t able to come because our hotels and other accommodations were fully booked. So this year, they will have more time to come since the big events are already spread out throughout the entire month of August,” City Tourism Officer Gene Rose D. Tecson. The 34th Kadayawan will also have more activities highlighting the 11 indigenous peoples (IP) and their role in shaping Davao City’s history and future. “A future defined by our own terms, progressive yet sustainable, modern but guided by lessons of the past and the wisdom of our forebears,” Mayor Sara Duterte-Carpio said during the festival’s formal opening last Monday at the dusitD2 Hotel. Among the events lined up are the bantawan, or cultural shows, featuring the traditions and dances of the 11 IP groups and the dula Kadayawan, or tribal games. “This year more collaboration with the 11 tribes with regards to the cultural events,” Ms. Tecson said. The city government is expecting around 250,000 tourists during the Kadayawan month. — Maya M. Padillo

Petitioners in West PHL Sea protection case before SC agree to drop case

Solicitor-General Jose Calida
SOLICITOR-GENERAL JOSE C. CALIDA — PHILSTAR/KRIZ JOHN ROSALES

SOLICITOR-GENERAL Jose C. Calida said both parties in the petition for Writ of Kalikasan seeking the enforcement of environmental laws and protection of territories in the West Philippine Sea have agreed to dismiss the case. Mr. Calida said the petitioners, composed of a group of fisherfolk and the Integrated Bar of the Philippines (IBP), agreed to drop the case by Friday. “The parties, petitioners and respondents, agreed that case be dismissed… To us that’s a win because we are the respondents, I’m the lawyer of the respondents,” Mr. Calida told reporters after the oral arguments for the petition. On the other hand, Supreme Court (SC) Public Information Chief Brian Keith F. Hosaka said the court cannot confirm what was agreed upon by the parties of the case. “The Supreme Court decided to suspend the oral arguments in view of the submissions of the Solicitor General and the manifestations of counsels during today’s oral arguments,” he said in a text message. Before he delivered his opening statement in the oral arguments, Mr. Calida moved to submit 19 affidavits from petitioners who withdrew their petition. He also noted that the IBP did not include in what capacity they are suing and what injury they have sustained. — Vann Marlo M. Villegas

CoA flags past Pasig City administration for over P755M in unused supplies

THE COMMISSION on Audit (CoA) has flagged the past administration of Pasig City under former mayor Robert C. Eusebio for buying P951.787 million worth of supplies, but only used P196.137 million. The annual audit report of CoA showed that the city government made excessive procurement of supplies and materials such as food for distribution worth P22.432 million, medicines worth P12.610 million, textbooks and other educational materials worth P15.284 million. “Procurement of supplies and materials were made beyond the normal three-month requirements,” said CoA. In the report, the Pasig City government commented that “it is presently executing a more comprehensive plan that would tend to correct erroneous procurement projections.” On the other hand, CoA noted that Pasig City recorded P10.883 billion in revenue collection in 2018, a 22% increase from 2017’s P8.942 billion. — Vince Angelo C. Ferreras

DoJ orders NBI to probe killing of Dinagat Islands provincial board member

JUSTICE SECRETARY Menardo I. Guevarra has ordered the National Bureau of Investigation to probe the killing of a member of the Dinagat Islands Sangguniang Panlalawigan (provincial board) last July 7. In a department order, Mr. Guevarra directed the NBI to conduct and investigation and case build-up on the murder of Wenefredo R. Olofernes in Surigao City, and file appropriate charges against persons responsible. “Further, Director Gierran is hereby directed to submit reports on the progress of the subject investigation and case build-up directly to the Office of the Secretary,” the order read. — Vann Marlo M. Villegas

Nationwide round-up

Fugitive behind illegal Japanese Manga site nabbed

THE ALLEGED manager of “Manga-Mura,” an illegal viewing Web site of Japanese cartoons or Manga, a fugitive wanted in Japan for copyright law infringement, was arrested last July 7 by the Bureau of Immigration. In a press release, BI Intelligence Office Bobby R. Raquepo identified the Japanese-German-Israeli suspect as 28-year old Romi Hoshino, also known as Zakay Romi. The Association of Copyright of Japan said the cost of damages inflicted by Manga-Mura, which operated from January 2016 to April 2018, is approximately 320 billion yen ($2.9 billion) and was said to be the “worst violation of the Copyright Law of Japan.” Mr. Raquepo said the Embassy of Japan in Manila requested the NBI’s help in locating and arresting the suspect. “The Japanese embassy informed us that they will conduct the necessary coordination with the Israeli and German Embassy regarding the fugitive’s deportation to Japan,” Commissioner Jaime H. Morente said. — Vann Marlo M. Villegas

New PhilHealth president to prioritize reorganization, better IT system

THE NEWLY-appointed president and chief executive officer of Philippine Health Insurance Corp. (PhilHealth), Ricardo C. Morales, said he will prioritize the agency’s reorganization and improvement of its information technology (IT) systems. “We are conducting a study on this, on changes that have to be made, positions that will be created, positions that will be merged. Ang purpose diyan (The purpose for that) is to be efficient and economical,” Mr. Morales said on Tuesday as he made his first appearance as PhilHealth head during the agency’s Kapihan with Media. The retired general stressed that the reorganization is particularly crucial with the impending implementation of the Universal Health Care (UHC) Law. Under the UHC, all Filipinos will automatically become PhilHealth members.

IT SYSTEMS
Mr. Morales also said that he will look at improving the IT systems to make PhilHealth less prone to fraud. “(We want to) reduce the face-to-face transaction and rely on an information system that will be more efficient and less prone to corruption,” he said, adding that they are currently studying the health systems of other countries. PhilHealth Senior Vice President Rodolfo B. Del Rosario Jr., meanwhile, said they are currently reviewing the available budget for better IT systems, with most of the related services being outsourced. “Isa yung problema namin ay (One of our problems is the) procurement because most of these are outsourced. We are reviewing now the budget because sometimes, either no one bids or the bidding fails,” he said in an interview with reporters on Monday. — Gillian M. Cortez

Police launches ‘revitalized’ cleansing program amid series of reported abuses by cops

THE PHILIPPINE National Police (PNP) launched on Tuesday a “revitalized” internal cleansing program amid recent reports of abuses by cops as well as continued criticism over alleged human rights violations in the government’s war against illegal drugs. “[This is] to revitalize their knowledge and appreciation of Human Rights Principles and Standards, and most importantly to keep on reminding them not to repeat the same mistakes especially on operation of our anti-illegal drugs campaign,” said PNP chief Gen. Oscar D. Albayalde during a press briefing at Camp Crame, July 9. The cleansing program will put emphasis on values formation and spiritual development and strengthening of families of PNP personnel. Further, Mr. Albayalde pointed out that 2,400 policemen have been dismissed from service for various administrative cases and 422 for involvement in drug-related cases. In response to the latest report by rights group Amnesty International, Mr. Albayalde said he respects their findings but pointed out that the number of alleged killings have never been proven. “Allegations of killings were never proven. All our anti-illegal drugs operations continue to be conducted within the bounds of the law with utmost respect for human rights,” said the PNP chief. PNP data from July 2016 to date show the police arrested a total of 240,565 drug personalities and cleared over 12,000 barangays of illegal drug trafficking and abuse. — Vince Angelo C. Ferreras

President’s spokesman excited to ‘educate’ Amal Clooney on Ressa case

PRESIDENTIAL Spokesperson Salvador S. Panelo. — PHILSTAR/JOVENCIO CAGANDE

HUMAN RIGHTS lawyer Amal Clooney will lead a team of international lawyers that will represent online news site Rappler Chief Executive Officer and Executive Editor Maria A. Ressa, who is facing various charges, including tax evasion and cyber-libel. Presidential Spokesperson Salvador S. Panelo, in a briefing in Malacañang Tuesday, said he is excited to debate with Ms Clooney and “educate” her regarding Ms. Ressa’s cases. In a press release, law firm Doughty Street Chambers said Ms. Clooney and lawyer MS. Gallagher will work closely with the US counsel at law firm Covington & Burling LLP, and will coordinate with Ms. Ressa’s domestic counsel in Manila. “Maria Ressa is a courageous journalist who is being persecuted for reporting the news and standing up to human rights abuses. We will pursue all available legal remedies to vindicate her rights and defend press freedom and the rule of law in the Philippines,” Ms. Clooney was quoted as saying. In the release, Ms. Ressa said: “I have been targeted and attacked simply for being an independent journalist. I am delighted that Amal Clooney and her team will be representing me at the international level to challenge the violations of my rights and those of the media organization I represent.” Aside from tax evasion charges, Ms. Ressa and Rappler are also charged for alleged violation of the Anti-Dummy Law in connection with Philippine Depositary Receipts (PDRs) it issued to Omidyar Network Fund, LLC in 2015. Mr. Panelo said Ms. Clooney cannot appear in Philippine courts representing Ms. Ressa as she is not a member of the Integrated Bar of the Philippines. “Kumbaga baka (Maybe just as as) consultant (or) spokesperson,” he said. He added that he is “excited to debate” with Ms. Clooney, who once filed a case against the Philippine government before the United Nations over the detention of former president Goria M. Arroyo. — Vann Marlo M. Villegas and Arjay L. Balinbin

Nation at a Glance — (07/10/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (07/10/19)

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