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Investor caution, thin volume make PSE end flat

THE MAIN INDEX ended flat on the first day of this week’s trading amid lack of clear leads and persistently low volumes.

The benchmark Philippine Stock Exchange index (PSEi) inched up 0.07% or 5.90 points to close at 7,891.13 on Monday, while the broader all-shares index lost 0.02% or 1.29 points to 4,753.75.

Timson Securities, Inc. Trader Jervin S. de Celis said trading was slow in the morning and afternoon sessions until last-minute buying of shares of Ayala Corp. and SM Investments Corp. helped the market pick up. Ayala and SM Investments closed 0.53% and 0.20% higher, respectively. “This flat performance may be implying that investors are staying cautious in the absence of fresh local catalysts despite the overseas news about trade wars,” he said in a mobile phone message.

Research Associate Piper Chaucer E. Tan of Philstocks Financial, Inc. said lackluster trading was due to investors’ anticipation of third-quarter earnings and minimal impact of foreign markets. “The market today has been muted… due to investors’ sentiments… waiting for the earnings…” Mr. Tan said via text. “Overseas markets are not much of an effect right now since US markets are focused on earnings as well.”

Reuters reported that negative news about Johnson & Johnson and Boeing, as well as China’s slowing economy weighed on Wall Street on Friday, sending the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite down 0.95%, 0.39% and 0.83%, respectively.

Most major Asian markets gained yesterday, with Japan’s Nikkei 225 and Topix indices adding 0.25% and 0.41%, respectively, while India’s S&P BSE Sensex index, South Korea’s KOSPI and Singapore’s Straits Times index climbed 0.63%, 0.20% and 0.96%, respectively. Shanghai SE Composite, Hong Kong’s Hang Seng Index ended flat at 0.05% and 0.02%, respectively.

At the PSE, the six sectoral indices were equally divided between those that gained and those that lost. Those that gained consisted of industrials that went up by 47.1 points or 0.44% to 10,690.11, financials that added 15.55 points or 0.84% to 1,856.81 and services which increased by 6.68 points or 0.43% to 1,536.93. Those that fell were mining and oil by 35.93 points or 0.4% to 8,871.42, property by 32.66 points or 0.78% to 4,144.59 and holding firms by 5.28 points or 0.06% to 7,671.61.

Trading volume on Monday reached 403.794 million shares worth P3.35 billion, compared to last Friday’s 830.78 million shares worth P5.47 billion.

“Drastically low volume of only P3 billion (ex-blocks) plagued the PSEi once again today on a lack of catalysts,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail, putting resistance level at 7,900-8,000 until there are compelling developments in the US market and local third-quarter earnings.

Mr. De Celis of Timson Securities expects trading volume to pick up pace next month “in anticipation of the 3Q GDP (gross domestic product) data as well as the MSCI rebalancing.”

More shares declined than improved, 98 to 86, while 59 names closed flat. Monday saw the second trading day of net foreign selling at P2.97 million from Friday’s P244.46 million. — Denise A. Valdez

Duterte’s ex-police chief faces graft, drug suits

By Vann Marlo M. Villegas and Vince Angelo C. Ferreras
Reporters

PHILIPPINE police have recommended the indictment of President Rodrigo R. Duterte’s former police chief and 13 other cops accused of recycling illegal drugs from legitimate police operations.

In a 32-page amended complaint, the police’s Criminal Investigation and Detection Group (CIDG) sought the filing of charges against resigned police chief General Oscar D. Albayalde.

Mr. Albayalde quit after being accused of trying to stop in 2016 the firing of the rogue cops from Pampanga over a questionable anti-drug operation in 2013.

The CIDG accused him of graft for interfering and getting a small share from the rogue cops’ operation.

Mr. Albayalde was also accused of lying in his report in 2013 regarding the police operation and failing to prosecute the 13 policemen.

“All elements are present in this case when Police Superintendent Albayalde deliberately failed to file and prosecute the case against Police Major Rodney J. Baloyo IV and his team, because they were his men,” according to a copy of the complaint.

Meanwhile, three of the 13 cops have been dismissed for another offense involving a buy-bust operation in Antipolo early this year, police officer-in-charge Lieutenant General Archie Francisco Gamboa said at a briefing at the police headquarters in Camp Crame on Monday.

“We will abide by whatever will be the final outcome of the review by the Department of Justice regarding the Nov. 29, 2013 drug bust in Pampanga,” he said.

Philippine Drug Enforcement Agency Director General Aaron N. Aquino told senators investigating corruption inside the country’s jails that Mr. Albayalde had asked him to review the cases of the 13 officers because they were his men.

Mr. Aquino was the regional director for Central Luzon back then, while Mr. Albayalde was the acting director for the National Capital Region. He also used to be the director of Pampanga province when the drug raid took place in 2013.

Mr. Albayalde has confirmed the conversation but said he was only checking the status of the cases against the policemen.

Baguio City Mayor Benjamin Magalong, who used to head the CIDG, had first divulged the involvement of rogue cops in the illegal drug trade inside jails.

He earlier told the Senate that on Nov. 29, 2013 the Pampanga Provincial Police Office conducted a buy-bust operation, and reported seizing only 38 kilograms of drugs and the arrest of a Chinese drug trafficker.

But further investigation showed the police had seized about 200 kilos of illegal drugs worth P648 million and about P10 million in cash. Findings also showed the drug trafficker had paid P50 million to the police to present a different Chinese national in his place, Mr. Magalong said.

Mr. Magalong said he later filed a case against the cops in 2014. An order for their dismissal was never implemented, he said.

Retired police General Rudy G. Lacadin told a Senate hearing the former police chief had admitted receiving a share from the police raid. He said he was unsure whether it was made in jest.

Senator Richard J. Gordon on Friday released the first part of the report of the Senate blue ribbon and justice committees recommending graft charges against Mr. Albayalde.

The Justice department will conduct a “fair and thorough investigation of the old and new charges and will accord General Albayalde his right to due process,” Justice Secretary Menardo I. Guevarra said in a mobile-phone message yesterday.

Oil companies to cut prices starting today

OIL COMPANIES are cutting the prices of petroleum products this week, with gasoline decreasing by 25 centavos a liter, equivalent to the amount of increase last week.

Diesel will go down by 10 centavos a liter, the fourth straight week of decline worth a total of P1.80. This is equivalent to the amount of increase in the fourth week of September.

Kerosene prices will go down by 25 centavos a liter, also the fourth consecutive week of decrease after a P1.75 hike in the last week of September.

Oil companies that sent advisories as of 5:00 p.m. on Monday said they would implement the price cuts at 6:00 a.m. on Oct. 22. — VVS

Former Muslim rebels get P100M in assistance

THE LABOR department will give P100 million to former Muslim rebels as part of the government’s normalization efforts in the Bangsamoro Autonomous Region in Muslim Mindanao.

The agency and the Office of the Presidential Adviser on the Peace Process signed a memorandum of understanding on the implementation of the assistance.

“As more Moro Islamic Liberation Front combatants undergo the decommissioning process, we must accelerate our efforts to create the conditions where they can earn a sustainable living, provide for the needs of their families and become productive and peaceful members of society,” peace adviser Carlito G. Galvez Jr. said during ceremonies yesterday.

Some investors are also looking at investing in the new autonomous region, which would make the Labor department’s assistance timely, he added.

Under the deal, the agency will provide jobs and livelihood to six rebel camps in the autonomous region, which is undergoing rehabilitation and normalization.

This will also help the government enforce the comprehensive agreement on the Bangsamoro, particularly the socioeconomic development aspect of deal.

The Bangsamoro normalization is an important part of the Duterte administration’s efforts to achieve peace in Mindanao by 2022, Labor Secretary Silvestre H. Bello III told reporters at a briefing. — Gillian M. Cortez

New DAR Cagayan Valley head vows to speed up land distribution

THE NEW regional director of the Department of Agrarian Reform (DAR) in Cagayan Valley (Region 2), Samuel S. Solomero, has vowed to expedite the land acquisition and distribution (LAD) program in line with the agency’s zero backlog target by 2022. “Following the marching order of DAR Secretary John R. Castriciones, I am very determined to cleanse the database on LAD balance and ensure that all the workable and even problematic landholdings are addressed accordingly,” said in a statement released by DAR Monday. He noted that in Isabela alone, the biggest province in the region and second in the country in terms of land area, 31,000 hectares have yet to be distributed under the Comprehensive Agrarian Reform Program (CARP). “Among the initial concrete actions include the maximization and rationalization of manpower and concentrating in the high-LAD municipalities,” said Mr. Solomero, a career official who has been with DAR for 30 years. Aside from Isabela, Cagayan Valley is composed of Batanes, Cagayan, Nueva Vizcaya, and Quirino. In May this year, Mr. Castriciones announced that the goal to complete the LAD program in three years is possible. He said more than 600,000 hectares of land are still to be covered under the CARP.

DTI underscores sustainability in barangay rounds for SMEs

THE DEPARTMENT of Trade and Industry (DTI) in Iloilo province has so far covered 78 barangays with 8,714 participants in its capacity-building program for small and medium enterprises (SMEs) outside the urban areas. Mutya D. Eusores, DTI-Iloilo senior trade and industry development specialist, said the main goal of the program is to increase the level of awareness on DTI programs and services and encourage entrepreneurs to grow their businesses. “Their products have the potential, but they lack the idea where to consult for help for mentoring or coaching. Since it is the first engagement of DTI to the SMEs and even sa (among) potential entrepreneurs, at least they were made aware where to go, not only to the DTI office but to the nearest Negosyo Centers,” Ms. Eusores said in press conference last week. She also said that the main challenge is changing the mindset of micro-enterprises and SMEs in terms of developing and sustaining their businesses. “What they need is to change their mindset that business is supposed to be sustainable and there should be a path of growth” she said. DTI will hold follow-up sessions to the Negosyo Serbisyo sa Barangay program. “After meeting these SMEs, our business counsellors will go back to them to further give services, mentor and coach them in areas of entrepreneurship where they can be improved and to introduce them also to succeeding programs activities of DTI and even other partners which will provide technical assistance,” she said. — Emme Rose S. Santiagudo

Cebu mayor warns water district board directors after defying termination order

CEBU CITY Mayor Edgardo C. Labella has warned the members of the Metropolitan Cebu Water District’s (MCWD) board of directors of the legal ramifications of their refusal to follow his order terminating them from their posts. Mr. Labella declined to elaborate when asked if he is taking legal action against the five board members, led by Chairman Joel Mari Yu, who publicly announced that they are not heeding the mayor’s order for being “illegal and invalid.” “If the chairman, who happens not to be a lawyer, does not realize this, he better consult a lawyer and maybe to some of the lawyers who are members of the board,” said Mr. Labella. In a letter dated Oct. 17, Mr. Yu told the mayor that they are not complying with the termination order. “After a careful perusal of your termination letter, it is with deepest regret that the MCWD BOD, with the full support of the entire MCWD organization, cannot imprudently accede or comply to the same,” the letter read. Cebu Governor Gwendolyn F. Garcia, who earlier expressed support to Mr. Labella’s decision, said the five MCWD directors should observe delicadeza (sense of propriety). “In light of the present situation nga (that) eight local government units expressed dismay, frustration, and dissatisfaction of the present service of MCWD, which necessarily reflects upon the performance of the board, perhaps it would be good to think about delicadeza,” said Ms. Garcia. Under the law that created MCWD, the Cebu city mayor has the authority to appoint or remove the members of the board. Apart from Cebu City, MCWD’s coverage area includes the cities of Mandaue, Lapu-Lapu, and Talisay, and the towns of Compostela, Liloan, Consolacion, and Cordova. — The Freeman

Davao hog raisers assure enough pork, ham supply for Christmas season

A GROUP of hog raisers in Davao City called on Mayor Sara Duterte-Carpio to maintain her order temporarily banning the entry of live pigs and pork products amid the African Swine Fever (ASF) outbreak in parts of Luzon, giving assurance that there is enough local supply, including ham for the Christmas celebrations. They made the call after Interior and Local Government Secretary Eduardo M. Año issued a memorandum encouraging local government units (LGUs) in the Visayas and Mindanao to lift their respective bans in consideration of the industry. “(Mr.) Año is not imposing but he is suggesting to LGUs to lift the ban… Their concern is more on the losses of the production sa mga (among) meat processors. Meat processors import, they don’t buy local,” Mae Ann C. Cortez, secretary of the Hog Farmers Association of Davao Inc. (HOGFADI), said during the Habi at Kape forum. Alvin T. Teves, past HOGFADI president, said in the same forum that hog raisers and processors in the Visayas and Mindanao can meet local demand. “There will be ham this coming Christmas season, let us not believe reports that there will be none in December… We have local producers and meat processors,” Mr. Teves said in the vernacular. — Maya M. Padillo

OFWs in hurricane-hit Bahamas seek gov’t assistance

OVERSEAS FILIPINO workers (OFWs) in the Bahamas, through private enterprise Lilac Center for Public Interest Inc., are calling for help from the Philippine government as they reel from the impact of Hurricane Dorian which struck in August. “We have received a distress call for help from on OFW in the island of Abaco in Bahamas, one of the islands most devastated by Hurricane Dorian, who told us OFWs in the island were rendered homeless and penniless and who badly need assistance,” Lilac Center President Nicon P. Fameronag said in a statement on Monday. Myrna Famadico, a Filipina nurse residing in Abaco who contacted Lilac Center, said she is asking help from the Philippine government on behalf of all Filipinos living in Abaco and Grand. She said only OFWs in Nassaud were given assistance worth US$100 or a little over P5,000.

Lilac Center addressed its appeal for emergency assistance to the Department of Foreign Affairs, Department of Labor and Employment and its attached agency, Overseas Workers Welfare Administration. Hurricane Dorian was classified as a Category 5 storm and left thousands of people homeless and countless of infrastructure in ruins. It is considered the strongest hurricane to hit the archipelago. — Gillian M. Cortez

Infra damage initial assessment from 6.3 earthquake at P86M

DAMAGE TO infrastructure from the magnitude 6.3 earthquake that struck parts of Mindanao last Oct. 16 has been initially assessed at P86 million, the Department of Public Works and Highways (DPWH) reported on Monday. The DPWH-Regional Office 12 said while all major roads and bridges in the region remain passable, some infrastructure were partially damaged and are continuously being monitored due to aftershocks. The tremor’s epicenter was in Tulunan, Cotabato in Region 12. Together, let us address the outcomes of the tremor that jolted Mindanao,” DPWH Secretary Mark A. Villar said in the statement. The National Disaster Risk Reduction and Management Council (NDRRMC), in its Oct. 21 update, said 3,160 infrastructure, both public and private, have been reported to have incurred total or partial damage. “We are encouraging each and everyone to contact our office to report vulnerabilities and request rescue operations.

CASUALTIES
The NDRRMC also said the reported death toll from the tremor has gone up to seven, while 215 have been injured. A total of 877 families also remain displaced.

Nationwide round-up

Carpio retires from high court with no case backlog

JUSTICE ANTONIO T. CARPIO — PHILSTAR/MICHAEL VARCAS

RETIRING SENIOR Associate Justice Antonio T. Carpio on Monday took pride in having a zero backlog record as he leaves the Supreme Court (SC). Mr. Carpio will be retiring on Oct. 26 upon reaching the age of 70. In his 18 years of service in the high court, Mr. Carpio said his “long journey” allowed him to write “935 full-blown long decisions, 79 dissenting opinions, 30 concurring opinions, 13 separate opinions and four concurring and dissenting opinions, leaving no backlog.” The retiring justice, appointed by former president Gloria Macapagal-Arroyo in 2001, also said that as he leaves the court, he is “both happy and sad” for having done his best to serve the country and having to bid farewell “to my family of the last 18 years.” “I dare say that my colleagues in the en banc and my co-workers in the SC family have always shown the utmost dedication and professionalism in their work and service to the Filipino people,” he added.

CJ PRIVILEGES
Former chief justice Artemio V. Panganiban on Friday said the court, without Mr. Carpio taking part, passed a resolution granting him the retirement privileges of a chief justice. “I think this is the least the court could do for its esteemed member who faithfully served the longest term, 18 years, as associate justice,” he said in the testimonial lunch for the retiring justice. Mr. Panganiban also said that although Mr. Carpio was never appointed as top magistrate, he acted as chief justice “intermittently” for a period of more than eight months, longer than some the chief justices. — Vann Marlo M. Villegas

Nation at a Glance — (10/22/19)

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 — (10/22/19)

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