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Main index ends lower on profit taking after rally

THE MAIN INDEX tumbled on the last trading day of November, failing to sustain early morning gains due to the MSCI rebalancing and dovish comments from the US Federal Reserve chief, accompanied by window dressing.
The bellwether Philippine Stock Exchange index (PSEi) hit a high of 7,482.35 intraday on Thursday before falling 0.19% or 14.58 points to close at 7,367.85 — its low for the day.
The broader all-shares index likewise dipped 0.04% or 2.05 points to 4,441.33.
“Philippine shares finished slightly lower, but overall closed the month on another strong rally on the combination of window dressing, MSCI rebalancing and the comments made by Fed Chairman Powell,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
Fed Chairman Jerome Powell on Wednesday said that the key benchmark interest rate is “near the neutral rate,” which analysts took to mean that the Fed will stop hiking rates sooner than expected.
Wall Street’s major indices soared following this comment, with the Dow Jones Industrial Average jumping 2.5% or 617.70 points to 25,366.43. The S&P 500 index climbed 2.3% or 61.62 points to 2,743.78, while the Nasdaq Composite index rose 2.95% or 208.89 points to 7,291.59.
Most Asian markets also rallied following Mr. Powell’s comments.
“A couple weeks ago, the MSCI released the new weighting for its Philippine index, and most fund managers aligned with the portfolio. The biggest change was Metrobank, which saw huge fund flows this week,” Mr. Limlingan added.
Stocks in Metropolitan Bank & Trust Co. were the most actively traded yesterday, dropping 1.65% or P1.25 to close at P74.60 each.
Philstocks Financial, Inc. Research Associate Piper Chaucer Tan, meanwhile, noted that the PSEi broke its two-month losing streak despite the lower daily performance for Friday.
“The market at last trading seemingly saw investors take profit from the rally this week,” Mr. Tan said via text.
Four sectoral indices moved to negative territory, led by holding firms which fell 0.71% or 51.99 points to 7,230.90. Services slipped 0.68% or 9.63 points to 1,401.55; industrials shed 0.52% or 55.65 points to 10,655.14; while mining and oil declined 0.26% or 22.29 points to 8,487.63.
Meanwhile, the property counter surged 1.67% or 59.47 points to 3,601.14, while financials climbed 0.26% or 4.62 points to 1,758.25.
Turnover swelled to P20.09 billion after some 1.32 billion issues switched hands, versus the previous session’s P7.22 billion.
Advancers outnumbered decliners, 112 to 78, while 52 names were unchanged.
Foreign investors returned to a net selling position after two straight sessions of net purchases. Net foreign outflows reached P680.48 million against Wednesday’s P265.94-million net inflow. — Arra B. Francia

Satur Ocampo, 73 others held at Davao del Norte

A GROUP with former Bayan Muna Rep. Satur C. Ocampo is being held at the Talaingod police station in Davao del Norte province after they were stopped at a checkpoint Wednesday evening, according to the military’s Eastern Mindanao Command (EastMinCom).
In a statement released Thursday morning, EastMinCom said the group, which included schoolchildren, were on board five vans. “(The) group is carrying a still undetermined number of minors…who are allegedly students of Salugpungan School. This happened after the Salugpungan School at Sitio Dulyan, Palma Gil, Talaingod Davao Del Norte was padlocked by the IP (indigenous people) Leaders in the area.”
“Currently, the group (is) still at the Talaingod Police Station for blotter and for the MSWDO (Municipal Social Welfare and Development Office) to conduct profiling to the affected children,” EastMinCom added.
Non-government group Save Our Schools (SOS) Network condemned what they called “fascist attacks against human rights defenders and children in Talaingod” and called for the release of the “Talaingod 74.”
In a statement, SOS said the group also includes members of the National Solidarity and Fact Finding Mission (NSFFM) who were investigating cases of attacks on IP schools and communities.
“The NSFFM team rescued the children and teachers but were met with indiscriminate firing, harassment and questioning” from the military and police, SOS said. “They were brought to the police precinct and were threatened with trumped up charges of kidnapping and violation of RA 7610,” it added. — Carmelito Q. Francisco

Cops in Kian delos Santos murder convicted

By Vann Marlo M. Villegas
OVER A YEAR after his death, a Caloocan City Court has found three policemen guilty of the Aug. 16, 2017, murder of 17-year-old Kian Loyd delos Santos, the first conviction involving police officers in connection with the government’s war against illegal drugs.
Caloocan City Regional Trial Court (RTC) Branch 125 has sentenced Police Officer (PO) 3 Arnel G. Oares, PO1 Jeremias T. Pereda, and PO1 Jerwin R. Cruz to reclusion perpetua, or 20 to 40 years of imprisonment, without eligibility for parole.
However, they were acquitted of planting evidence/firearms and violation of the Comprehensive Dangerous Drugs Act of 2002 as the prosecution failed to prove their guilt in these charges.
Judge Roldolfo P. Azucena, Jr. of Branch 125 directed the accused to indemnify the family of Mr. delos Santos in the amounts of P100,000 as civil indemnity, P100,000 as moral damages, P45,000 as actual damages, and P100,000 as exemplary damages.
In the decision, Mr. Azucena stated that the prosecution witnesses “positively identified” that Messrs. Pereda and Oares shot Mr. delos Santos in a dark alley while Mr. Cruz stood guard and did not prevent his co-officers from killing the minor.
The decision also stated that there is treachery as the accused deliberately attacked the victim and he was not given the opportunity to defend himself. “He was in a sitting position, covering his head with his hands and pleading, ‘Sir, huwag po’ (Sir, please don’t).”
“The court commiserates with our policemen who regularly thrust their lives in zones of danger in order to maintain peace and order and acknowledges the apprehension faced by their families whenever they go on duty. But the use of unnecessary force or wanton violence is not justified when the fulfilment of their duty as law enforcers can effected otherwise,” the decision read in part.
“A shoot first, think later attitude can never be countenanced in a civil society. Never has homicide or murder been a function of law enforcement. The public peace is never predicated on the cost of human life,” it added.
Mr. Oares claimed that they were conducting “One Time Big Time” Operation in Barangay 160, Libis Baesa, Caloocan City, when they were met by gunshots and he chased the gunman and retaliated by firing. Mr. Pereda denied that he shot the victim. However, closed-circuit television footage from the barangay showed the accused were manhandling the person.
Mr. Azucena ordered an alias warrant of arrest against police informant Renato P. Loveras who still remained at large.
Justice Secretary Menardo I. Guevarra said the conviction of the three cops “debunks the myth that there is a culture of impunity in the government’s war against drugs.”
Human Rights Watch Asia Director Brad Adams in a statement said the conviction is “a triumph of justice and accountability and a warning to members of the Philippine National Police to respect due process and the rights of civilians as they do their job.”
“But at the same time that we are heartened by this, we are also wary because Duterte has promised to pardon police officers convicted in the ‘drug war’ killings. There is reason to suspect that he will keep that promise,” he said. “This is why it remains important that the government create an independent commission to investigate these killings.”
Asked if there is assurance that the President will not pardon the police officers, Presidential Spokesperson Salvador S. Panelo said: “Of course. You must remember that this is a murder, there is intention to kill; the President will never tolerate that. What he said was, ‘If you do it in accordance with your job, in the performance of your duty, then I will help you — not when you violate the law,’ that is what he said.”
Philippine National Police Director General Oscar D. Albayalde said the ruling is a reminder to the policemen to be “extra diligent” in their work.
“But this will not cause us to waiver a bit in our resolve to rid this society of the menace of illegal drugs. We will be equally resolute in standing behind our front line personnel toiling in this war while fully upholding the constitutional rights of everyone,” he said.

Lizada moved to Civil Service

By Arjay L. Balinbin, Reporter
PRESIDENT RODRIGO R. Duterte has transferred Land Transportation Franchising and Regulatory Board (LTFRB) Member Aileen Lourdes A. Lizada to the Civil Service Commission (CSC).
He also promoted to undersecretary Department of Agriculture (DA) Assistant Secretary Waldo R. Carpio, brother of his son-in-law Manases “Mans” R. Carpio.
The Palace released to reporters on Thursday the Nov. 27 appointment paper of Mr. Carpio, who was first appointed DA assistant secretary on Sep. 4 last year.
For her part, Ms. Lizada’s appointment paper dated Nov. 9 states: “Pursuant to the provisions of the Section 16, Article VII of the 1987 Constitution and existing laws, you are hereby appointed ad interim commissioner, Civil Service Commission, for a term expiring on 02 February 2025, vice Robert S. Martinez.”
To recall, the LTFRB called out Ms. Lizada on Nov. 23 for airing her dissenting opinions to the media in relation to an unofficial memorandum circular regarding the Parañaque Integrated Terminal Exchange (PITX).
“We were informed that she called media reporters to air the unofficial document with her dissenting opinion and notes,” the LTFRB said.
“Note that BM Lizada was already reminded several times in the past not to release to media documents that are not officially issued to avoid any confusion nor unnecessary speculations. One may have noticed that the unofficial document she prematurely released was unnumbered, and was not even attested by LTFRB Executive Director Sam Jardin,” the agency added.
The President also signed the appointment papers of Nayong Pilipino Board of Trustees members Ruth Marie I. Equipaje and Cesar D.G. Aljama; Philippine National Railway Board of Directors member Roy M. Villa; Department of the Interior and Local Government Undersecretary Carim L. Panumpang; and Department of Trade and Industry Assistant Secretary Allan B. Gepty.

Businessman assassinated in Subic

BUSINESSMAN Dominic L. Sytin was shot dead on Wednesday night by a still unidentified assailant, police said as of Thursday.
Mr. Sytin is CEO of United Auctioneers, Inc., chairman of Chinese truck brand Foton Philippines, and director and chairman of the board of listed company LMG Chemicals Corp.
He and his bodyguard Efren Espartero were shot at by a still unidentified male suspect in front of the Lighthouse Hotel along Waterfront Road at Subic Bay Freeport Zone on Wednesday night, Nov. 29. Mr. Sytin died on the spot and Mr. Espartero was rushed to the nearest hospital and remains critical as of this reporting.
The suspect drove away in a black Mio motorcycle heading towards the Kalaklan Gate of the Subic Bay Metropolitan Authority (SBMA).
SBMA chairperson Wilma T. Eisma in a statement said, “The Subic Bay Metropolitan Authority condemns in the strongest possible term what is apparently a targeted assassination of a business locator in the Subic Bay Freeport Zone.”
She added, “This is sad news for us, not only because a prominent businessman who has been a very active member of the Subic Freeport community has fallen prey to violence, but also because one life has been snuffed out just like that.”
“In this light, we ask for the cooperation of the public as we impose strict security measures in the Subic Bay Freeport, and urge any person with information to help authorities solve this crime,” she also said. — Vince Angelo C. Ferreras

Sea dispute stance not a factor in CJ selection, Palace insists

MALACAÑANG on Thursday said the South China Sea issue was not a factor in the selection of the new Supreme court chief justice even as President Rodrigo R. Duterte had criticized Senior Associate Justice Antonio T. Carpio’s position in his remarks in Lanao del Norte last Wednesday. In his speech at the groundbreaking ceremony of the Panguil Bay Bridge in Tubod, Lanao del Norte last Wednesday evening, Mr. Duterte announced that he appointed Court of Appeals Associate Justice Rosmari D. Carandang as Supreme Court justice and Associate Justice Lucas P. Bersamin as the country’s 25th chief justice. “Carandang, she’s actually the most senior in the Court of Appeals. She’s a woman. She and Carpio were classmates. But Carpio was only salutatorian. He was not the valedictorian. It was Carandang. But Carandang was stuck in the Court of Appeals,” the President said. Mr. Duterte then questioned Mr. Carpio’s stand on the South China Sea issue. “Just because you’re a salutatorian, it does not mean a shi* to me. You keep on hankering that you’ll attack the — you do something. What do you want me to do? Arbitration, so I’ll order my military and the police to go there in Palawan and shoot it out? It will be a massacre. We will not win there. We won’t get anything from it,” he said. Mr. Carpio, who has written a book and lectures on the country’s rights to a portion of the South China Sea, was part of the legal team in the arbitration case that was won by the Philippines in an international tribunal. For his part, Presidential Salvador S. Panelo said in an interview with reporters on Thursday that Mr. Carpio’s position on the South China Sea issue had nothing to do with the selection, and reiterated that such decisions were “discretionary” for the President. — Arjay L. Balinbin

A day for Bonifacio

Teens take a selfie in this Nov. 29 photo in front of the shrine of Andres Bonifacio, whose Nov. 30 birthday is celebrated as a national holiday. One of the country’s national heroes, Bonifacio was among the founders of the Kataas-taasan, Kagalang-galangan, Katipunan ng mga Anak ng Bayan (KKK) — also known simply as the Katipunan — the revolutionary movement against Spanish colonization.

Cebu provincial gov’t completes 49 trash facilities for localities; P40M set for processing equipment

THE PROVINCIAL government of Cebu has so far completed and turned over 49 material recovery and composting facilities (MRCF) to various localities, including towns and barangays under its jurisdiction. The latest of which was to the municipality of Alcoy, which was inaugurated on Nov. 21. The new MRCF can be used by the town as recovery, temporary storage, composting and final sorting facility, as well as a transfer station. Provincial Environment and Natural Resources Office (PENRO) administrative officer Thebazile Anthony Monserate, in a statement from the provincial information office, said a P40 million fund will be allocated for the purchase of processing equipment that will be placed in each of the host towns for clustered local government units. Alcoy, for example, is clustered with the towns of Boljoon and Dalaguete. “In this set up, Dalaguete will serve as the host for the equipment that will process biodegradable waste, residuals like plastics and bottles that can no longer be used,” the province said. Cebu has six component cities and 44 municipalities.

BoC assures it is fast-tracking return of Korean waste

THE BUREAU of Customs (BoC) yesterday assured that is it doing “everything within its means” to have the waste shipments from South Korea immediately sent back. In a statement, BoC Spokesperson Erastus Sandino B. Austria said the BoC, through the Collection District of Cagayan de Oro, has already initiated talks with the South Korean government to fast-track the “reexportation of the waste shipments which came from Pyeongtaek City.” The Korean Embassy in the Philippines, in a statement on Nov. 22, vowed to address the issue. “Korean authorities will have the wastes in question be repatriated and properly disposed of and work to prevent recurrence of the problem,” it said. Environmental groups, however, have warned that they will continue to protest until the wastes, which entered the Mindanao Container Terminal in Misamis Oriental on July 21 and just recently reported, are shipped out. The Environmental Management Bureau of the Department of Environment and Natural Resources-Region X has examined the shipments consigned to Verde Soko Philippines Industrial Corporation and found these to contain household hazardous waste.

Smart Padala to increase partners in Mindanao next year to help micro enterprises

SMART Padala, PLDT, Inc.’s mobile remittance brand under PayMaya Philippines, is aiming to increase its partners in Mindanao next year to help more micro-entrepreneurs. “Next year we will establish more partners in Mindanao,” Smart Padala Channel Development head Butch Conejos said in an interview, noting that they currently have 1,700 active partners in the southern islands. Mr. Conejos said they want to help address the more than 70% of provinces around the country that have low access to financial services. He said with majority of their partners being sari-sari stores (small neighborhood convenience shops), Smart Padala services are able to reach far-flung communities. Its services include bills payment, money transfer to PayMaya accounts, loans disbursement, and QR payment. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Maya M. Padillo

Nation at a Glance — (11/30/18)

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

‘Battle of Katipunan’

By Michael Angelo S. Murillo
Senior Reporter
FOR the first time in the basketball tournament of the University Athletic Association of the Philippines the Ateneo Blue Eagles and University of the Philippines Fighting Maroons are battling it out in the championship.
A “Battle of Katipunan” between the neighboring school, the titular was set after UP completed the upset of the higher-seeded Adamson Falcons in their Final Four with a gutsy 89-87 victory in overtime on Wednesday in their do-or-die match that saw the Maroons overhaul the twice-to-beat advantage that the Falcons had in the semifinals.
The win thrust the Diliman-based Maroons to a meeting with the defending champions Eagles, who was first to barge into the finals of Season 81 and are out to notch back-to-back titles.
Ateneo comes into Game One of the best-of-three affair on Saturday on a major roll, winning eight straight, including an 80-61 shellacking of the Far Eastern University Tamaraws in their own Final Four pairing on Nov. 25.
They have been in the top two in the league in nearly all categories, punctuated by a UAAP defensive-best 61.8 points allowed per game, with no signs of slowing down.
Big man Ange Kouame is leading a very balanced Ateneo attack with numbers of 14.7 points, 13.5 rebounds and 3.3 blocks per ball game.
Veteran Thirdy Ravena has been steady for 12.8 points and 6.3 rebounds with Matt Nieto, Anton Asistio, Raffy Verano and Isaac Go among the players providing ample support for the Eagles.
Ateneo has had the number of UP this season, taking their first two encounters previously by an average margin of 12.5 points, taking their first-round encounter, 87-79, and the second, 83-66.
While they are the defending champions and currently in top form, the Eagles are not taking any chances and vowed to continue work to see their cause through.
“Hopefully the experience we have as champions would help us but it’s going to be a new game in the finals. It’s not a guarantee that we know what would happen,” said Ravena following their victory over FEU in their last game.
STAYING THE COURSE
After 32 years of finals absence, the Maroons are back in championship mix after surviving a tough challenge from the Falcons.
Faced a twice-to-win handicap in the Final Four, UP rose over it with two spirited victories that had them just refusing to lose despite the all-out efforts shown as well by its opponent.
The Maroons broke their finals drought with the courageous overtime victory over Adamson on Wednesday that had captain Paul Desiderio once again providing clutch baskets down the stretch in front of a mammoth 20,909 crowd.
UP is the top offensive team in the UAAP with an average of 80.4 points per game, led by soon-to-be-named league most valuable player Bright Akhuetie with 17.7 points per game to go along with 14.8 rebounds.
Juan Gomez De Liano backstops him with 17.3 points, 6.6 rebounds and five assists a game with Desiderio steady for 14.2 points.
Happy that they are now in the finals, UP coach Bo Perasol said they are not yet done and that they will try to go deep as they can against a team he admits to be the best this season.
“It was not an easy journey for us this season but it was all worth it. We are in the finals. No basketball aficionado in his right mind would give us a chance against Ateneo but there is something in us that will keep us going in the finals. We are going to show courage and resilience no matter the odds are, that has been our team principle this season,” said Perasol, who incidentally coached Ateneo from 2013 to 2016 before taking the UP job.
Game One of the finals between Ateneo and UP is on Dec. 1 at the Mall of Asia Arena at 3:30 p.m. It will shown live over ABS-CBN S+A.