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Stocks rise above 8,000 on improved outlook

By Denise A. Valdez, Reporter

THE Philippine Stock Exchange index (PSEi) finished above the 8,000 level on Wednesday as investors returned to the local market on an improved outlook.

The bourse closed at 8,020.06 after rising by 28.87 points or 0.36% at yesterday’s session. The broader all-shares index also added 13.94 points or 0.29% to end at 4,801.11.

“The bulls were finally able to pierce 8,000 and re-establish a beach-head at 8,020,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a mobile-phone message. “Value turnover is still a bit on the thin side, but should improve if the bulls are able to keep the market above 8,000.”

Mr. Lisbona said the local bourse attracted back investors who anticipated “a year-end rally that should follow through until around January.”

“The economic picture moving forward is rosy, given tame inflation and an accommodative monetary policy stance on top of the positive economic effects of the government’s infrastructure program,” he said.

Luis A. Limlingan, sales head at Regina Capital Development Corp., traced the PSEi’s growth to “window dressing” as the US-China trade talks and the reporting of corporate earnings drew positive sentiments from investors.

The main index moved opposite the decline in most foreign markets. Wall Street was flat on Tuesday — the Dow Jones Industrial Average and the S&P 500 both inched lower by 0.07% and 0.08% while the Nasdaq Composite fell 0.59%.

In Asia, Japan’s Nikkei 225 index slipped 0.57%; Hong Kong’s Hang Seng index declined 0.44%; China’s Shanghai SE Composite index slipped 0.5%; and South Korea’s KOSPI index lost 0.59%.

At the PSE, sectoral indices ended mixed. Property increased 18.43 points or 0.44% to 4,207.22; financials advanced 28.64 points or 1.49% to 1,940.95; and holding firms added 5.09 points or 0.06% to 7,828.98.

On the other hand, mining and oil lost 42.57 points or 0.45% to close at 9,243.34, while the industrial index slid by 14 points or 0.13% to 10,473.73. Services fell by 10.72 points or 0.7% to 1,515.97.

Value turnover stood at P5.99 billion, lower than Tuesday’s P6.63 billion, with 1.13 billion shares changing hands.

Gainers beat decliners 90-80, while 54 stocks were unchanged.

Foreign investors remained bullish with a net buying of P619.53 million from Tuesday’s P432.68 million.

If the PSEi, which has risen by 3% this month, can keep its growth momentum on Thursday, it will be the index’s best performance since January, said Christopher John Mangun, research head at AAA Southeast Equities, Inc.

“November will be a very interesting month as we will see the direction that the market is going to take until the end of the year,” he said in an e-mail.

Peso strengthens on Fed rate-cut prospect

By Luz Wendy T. Noble

THE PESO rallied against the dollar on Wednesday amid market expectations of another rate cut by the US Federal Reserve, whose members were set to decide on policy hours later.

The peso closed at P50.885 against the greenback, 20.5 centavos stronger than a day earlier, according to data from the Bankers Association of the Philippines. It was also its strongest level for the trading day.

The peso opened at P51.07 and weakened to as much as P51.09 a dollar.

Trade volume rose to $1.05 billion from $1.036 billion on Tuesday

“The peso closed stronger today, among the best in three months, ahead of the widely expected decision by the Federal Reserve to cut its short-term interest rates,”

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in an email.

He also cited improved global risk appetite that resulted in gains in some emerging market currencies.

The Fed’s policy-setting committee was largely expected to announce a quarter-percentage-point cut to the overnight benchmark lending rate when it releases its latest policy statement, Reuters reported.

US Fed Chairman Jerome Powell will hold a news conference to elaborate on the decision half an hour later.

A rate cut would be the third this year, bringing the policy rate to a target range of 1.5% to 1.75%. Investors will also be tuning in for clues as to whether policy makers feel like they have acted appropriately to address the potential headwinds to the US economy or if more easing was needed.

Meanwhile, the US GDP report will be published hours before Fed officials wrap up a two-day policy meeting. The Fed cut rates in September after lowering borrowing costs in July for the first time since 2008.

The world’s biggest economy posted a 2% growth in the second quarter. The economy is expected to grow by less than 2.5% this year from 2.9% last year.

Mr. Ricafort expects the peso to trade from P50.70 to P51 a dollar today.

Marcos wants more time to comment on recount

LOSING VICE-PRESIDENTIAL candidate Ferdinand “Bongbong” R. Marcos, Jr. has asked the Supreme Court to defer the submission of comments on the recount of votes in three pilot provinces, where the lead of Vice President Maria Leonor G. Robredo has further increased by 15,000.

Mr. Marcos, in an omnibus motion filed Oct. 23, asked the high court, sitting as the Presidential Electoral Tribunal (PET), to allow him to photocopy the “voluminous documents” on the recount report for him to comply with their order to comment.

“(C)onsidering that the photocopying of the reports has yet to commence, protestant Marcos is likewise constrained to move for the deferment of his deadline to submit his comments on the said report/s on the revision and appreciation of votes until the requested photocopying of documents reports is granted and completed,” he said in the motion.

Mr. Marcos, a former senator, also designated representatives for the photocopying and noted they are willing to comply with rules and guidelines to be set by the tribunal regarding their request.

The PET on Oct. 15 ordered the release of the recount results in Iloilo, Camarines Sur, and Negros Oriental, the three pilot provinces chosen by Marcos where he claimed election fraud was observed.

The court also ordered Mr. Marcos and Ms. Robredo to submit within 20 days their comments on the report as well as submit their memoranda on various issues and matters relating to Mr. Marcos’ motion for an annulment of election results in three provinces in Mindanao.

The Oct. 15 resolution states that the lead of Ms. Robredo against Mr. Marcos widened by more than 15,000 votes after the revision and appreciation of ballots in the three pilot provinces.

Ms. Robredo’s lead increased to 278,566 from 263,473.

Despite this, the PET still required the parties to comment on the report before it rules on the effects of the recount results to the second cause of action of Mr. Marcos, which is to recount votes in 27 other provinces.

PET also said the order to comment on the annulment of election results in parts of Mindanao, the third cause of action filed by Mr. Marcos, is to meet “due process requirement.”

Associate Justice Alfredo Benjamin S. Caguioa, who wrote the recount report, and retired senior associate justice Antonio T. Carpio dissented on the Oct. 15 resolution, both saying the election protest should be dismissed under Rule 65 of the PET Rules.

Rule 65 allows the tribunal to require the person who filed the election protest to indicate three pilot provinces “best exemplifying frauds or irregularities” for recount. If after the examination of ballots and the tribunal sees that the protestee “will most probably fail to make out his case,” the protest may be dismissed, without consideration to the other provinces. — Vann Marlo M. Villegas

Duterte’s APEC attendance still depends on doctor’s advice

PRESIDENT RODRIGO R. Duterte’s attendance to the Nov. 16-17 Asia-Pacific Economic Cooperation (APEC) summit in Chile still depends on his doctors’ advice as well as developments in the ongoing unrest in the host country.

“According to Chief of Protocol (Robert A.) Borje, they’re still preparing for Chile but the participation of the President will depend on the doctor’s advice,” Presidential Spokesperson Salvador S. Panelo told reporters on Thursday.

He also said, “We will have to wait for the Chile government to advise us… The health of the President comes foremost in mind and his safety.”

Chile’s Foreign Minister Teodoro Ribera has said that there was “no chance” of calling off the APEC meet or the United Nations climate change conference COP25 in December despite recent violent protests in the capital Santiago, Reuters reported on Oct. 25.

Mr. Panelo said Trade and Industry Secretary Ramon M. Lopez will substitute for the President should he fail to attend the summit.

Mr. Duterte cut short his working visit to Japan last week due to “unbearable pain” following a fall from a motorbike the week before.

The Palace reported that Mr. Duterte was told by his doctors to take pain killers and limit physical activity to decrease his muscle spasms. Nonetheless, a photo of the President sitting on a motorbike was later posted by Senator Christopher Lawrence T. Go, former presidential special assistant. — Gillian M. Cortez

Delegation of power to VP needs document

PRESIDENT RODRIGO R. Duterte can delegate the power to lead the crackdown on illegal drugs to Vice President Maria Leonor G. Robredo, but this will require a written authority, a retired Supreme Court magistrate said.

Retired senior associate justice Antonio T. Carpio said the President’s authority to delegate certain powers needs to be clearly specified in writing.

“(T)here are responsibilities once you assume certain powers but what I am saying is that it’s all speculation because the vice president, we don’t know whether she will accept or not, and we don’t know the extent of the delegation of authority,” Mr. Carpio told reporters Tuesday evening.

He said the offer of Mr. Duterte is a “very broad proposal and it’s very difficult to define what kind of work the person to whom it is delegated will do.”

Mr. Duterte on Monday said he would offer Ms. Robredo the role of drug czar for six months following her criticisms on the government’s anti-drug campaign.

The vice president has declined to comment on the offer, saying she was unsure if the President is serious.

Presidential Spokesman Salvador S. Panelo has said “the ball is in (Ms. Roberdo’s) court.”

Ms. Robredo said last week that the President should “assess and tweak” the war against illegal drugs, which he promised to end in six months during his campaign in 2016.

Senate President Vicente C. Sotto III on Tuesday recommended the appointment of Ms. Robredo as Dangerous Drugs Board chair and concurrently director-general of the Philippine Drug Enforcement Agency. — Vann Marlo M. Villegas

Agreement signed for better higher education in Bangsamoro areas

THE BANGSAMORO Autonomous Region in Muslim Mindanao (BARMM) and the national government signed an agreement on Wednesday to improve access to higher education, especially in conflict-affected areas.

The memorandum of understanding, outlining a 10-point agenda, was signed by BARMM Minister of Basic, Higher and Technical Education Mohagher Iqbal, Commission on Higher Education (CHEd) Chairman J. Prospero E. De Vera III, and Secretary Carlito G. Galvez Jr. of the Office of Presidential Adviser on the Peace Process (OPAPP).

Under the partnership, CHED will provide financial assistance to students and technical support to BARMM’s higher education institutions, Mr. Galvez said during the signing ceremony held in Quezon City.

Mr. Iqbal stressed the role of education in countering violence and promoting reconciliation and unity.

“We aim to produce at least one professional in a family in the Bangsamoro…The 10-point agreements in the MOU emphasizes the significance of education in peace-building,” Mr. Iqbal said.

Mr. De Vera, for his part, said funding has already been allocated for the BARMM programs under the CHED’s 2020 budget.

“I saw how important and vital this potential partnership will be in making sure that education will be the anchor of development to push forward peace and development in the region,” he said.

During an initial meeting with BARMM last April, CHED also committed to tap various universities to help in the Bangsamoro, including the following: Mindanao State University’s Iligan and Naawan campuses; University of the Philippines (UP) Los Baños, Manila, and Diliman; and Ateneo de Davao.

Maynilad backs Kaliwa Dam project

MAYNILAD WATER Services, Inc. has backed the development of Kaliwa Dam, calling the new water source as a “viable long-term solution” to the shortage suffered by Metro Manila residents. The China-funded project, which has been issued an environmental compliance certificate by the Department of Environment And Natural Resources, faces opposition from local communities, environmental groups and some legislators. Maynilad’s expression of support for Kaliwa Dam comes after the company started implementing water rationing last week as the water in Angat Dam has fallen below normal level. “As a water distributor, Maynilad can only distribute the water volume that it receives from existing raw water sources. The government has claimed responsibility for the development of raw water sources, but we have been working with them to expedite the process because we understand the urgency of meeting the supply needs of our customers,” the water concessionaire serving the west zone of Metro Manila said on Wednesday. Maynilad also said it is maximizing the limited supply to allow it to mitigate the impact of the current reduced allocation from Angat Dam. The company has also added 300 million liters per day (MLD) to its water production capacity after the construction of its treatment facilities sourcing raw water from Laguna Lake. “We intend to further boost this by another 150 MLD supply. We continue to aggressively implement our Non-Revenue Water reduction program, reactivate deep wells as needed, and deploy mobile treatment plants to source additional raw water from dams in Cavite,” Maynilad said. — Victor V. Saulon

P3.5M pork, meat products from China seized at Manila Port

TWO CONTAINERS of pork and other meat products estimated to be worth P3.5 million, misdeclared as food seasoning and tomato paste, were seized at the Port of Manila. In a statement on Wednesday, the Bureau of Customs said the smuggled goods, which arrived at the South Harbor on Oct. 8 from China, was consigned to JRA & Pearl Enterprises and was processed by Customs Broker Arlene De Mateo Gonzales. The Philippine government has a temporary ban in effect against pork and pork meat products from China and 19 other countries affected by the African Swine Fever.

LTFRB warns 3 firms for lack of security cameras in provincial buses

THE LAND Transportation Franchising and Regulatory Board (LTFRB) on Wednesday said it will issue show cause orders against three bus companies for not having security cameras in some of their units. In a statement, the LTFRB said it conducted inspections of several buses on Wednesday and found five units that violated the required CCTV camera. “Ito ay isang paglabag sa (This is a violation of the) Bus Inspection Report Guidelines,” LTFRB said. The violators are: Five Star Bus (two units); First North Luzon Transit (two); and Cisco Bus (one). The five units have been temporarily seized. — Arjay L. Balinbin

LTFRB Bicol regional head, 2 others suspended

THE LAND Transportation Franchising and Regulatory Board’s (LTFRB) director and two other employees of the Bicol regional office have been suspended alleged corruption, the agency said in a statement Wednesday. Region V Director Vladimir Kahulugan and employees Andres Tabunda and Arnel Sabello are facing charges of grave misconduct, gross neglect of duty, and conduct prejudicial to the best interest of the public. LTFRB said the cases against Mr. Kahulugan were filed based on verified reports of cash solicitations, for allowing a certain Mark Sumulong to misrepresent the agency in collecting money from operators with pending cases, and allowing his enforcement team to demand monthly “protection” money from Public Utility Vehicle (PUV) operators. Messrs. Tabunda and Sabello, meanwhile, are charged with falsification of documents and for deliberately tampering and falsifying the minutes of deliberation in relation to the appointments of some LTFRB Region V personnel. LTFRB also reported that another regional officer, Gerard del Rio, was dismissed from service last July for accepting cash in exchange for the speedy issuance of Certificate of Public Convenience to PUV operators in Catanduanes and in Masbate. Along with Mr. Del Rio, the LTFRB also ordered the dismissal of 13 job order employees in relation to the cases filed.

DBP installs ATMs in Palawan towns

STATE-OWNED Development Bank of the Philippines (DBP) has installed automated teller machines (ATM) in two Palawan towns as part of its financial inclusion program in remote parts of the country. The ATMs, located in the municipalities of Quezon and Narra, will provide 24/7 electronic banking services to some 200,000 residents, DBP President and Chief Executive Officer Emmanuel G. Herbosa said in a statement on Wednesday. He added that the facilities will also benefit residents of the “neighboring unbanked town of Rizal.”

P5B bond offering. Meanwhile, DPB is also set to issue and list its two-year bond offering worth P5 billion on Nov. 11, the first tranche of its P50-billion program under its Sustainability Finance Framework. The fundraising activity is intended to finance eligible environmental and social projects. The bank’s first-half net earnings grew 12.3% year-on-year to P3.1 billion, boosted by lending growth. — Beatrice M. Laforga

P95M smuggled cigarettes intercepted in Sulu

SMUGGLED cigarettes worth P95 million were confiscated in Siasi, Sulu last Sunday, the Bureau of Customs (BoC) reported on Wednesday. The 2,727 master cases of Cannon and Fort cigarettes, which did not have proper importation permits from the National Tobacco Administration, were confiscated from a motorboat by the BoC and the Naval Task Group Sulu. “The operation stemmed from a confidential information received by authorities that more or less 3,000 alleged smuggled cigarettes were onboard ML Three Brothers anchored in the vicinity waters off Siasi Sulu,” BoC said, describing it as the “biggest haul in the history of the Port of Zamboanga.” — Beatrice M. Laforga

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