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Main index climbs as investors pick up bargains

By Arra B. Francia, Senior Reporter

THE MAIN INDEX firmed up on Thursday, recovering from the previous session’s slump as investors went bargain hunting.

The 30-member Philippine Stock Exchange, Inc. (PSEi) rose 0.25% or 20.78 points to close at 8,051.76 after moving sideways for most of the session that saw it fall to the 7,900 level intraday. The broader all-shares index likewise climbed 0.13% or 6.44 points to 4,914.12.

“Investors (went) bargain-hunting after the holiday as the theme shifted to President Trump versus the Federal Reserve,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

Local investors were coming back from a holiday on Wednesday for the Philippine Independence Day. Meanwhile, news from overseas focused on US President Donald J. Trump’s statements against the Federal Reserve, as he criticized the central bank for hiking interest rates that supposedly helped China.

Mr. Trump has repeatedly called on the Fed to lower interest rates, calling its decision to raise the benchmark rates last December a “big mistake.”

Recently, Fed Chairman Jerome Powell hinted they will reduce interest rates sooner than expected, in response to the US economy’s potential slowdown because of its trade war with China.

Meanwhile, Papa Securities Corp. Sales Associate Gabriel Jose F. Perez attributed the market’s slow start to negative sentiment on Wall Street.

“The index surged in the afternoon after a bloody morning to close 20 points in the green at 8,051.76. Note that the index fell by as much as 77.7 points early on in the day, which may have been caused by US markets closing in the red last night,” Mr. Perez said in an e-mail.

Wall Street indices were mostly down overnight, as the Dow Jones Industrial Average slumped 0.17% or 43.68 points to 26,004.83. The S&P 500 index fell 0.20% or 5.88 points to 2,879.84, while the Nasdaq Composite index dropped 0.38% or 29.85 points to 7,792.72.

Back home, four sectoral indices moved to positive territory yesterday, led by services which gained 0.59% or 10.05 points to 1,697.47. Financials added 0.18% or 3.28 points to 1,735.23; industrials went up 0.15% or 17.78 points to 11,796.07; holding firms increased 0.12% or 9.24 points to close the session at 7,650.47.

In contrast, mining and oil plunged 2.06% or 149.35 points to 7,100.34, while property slipped 0.06% or 2.9 points to 4,369.63.

Foreign investors extended their net buying streak to a third day at P318.98 million, higher than the previous session’s P244.02 million.

Turnover was valued at P9.10 billion after some 993.50 million issues switched hands, higher than Tuesday’s P7.78 billion.

Decliners outpaced advancers, 104 to 82, while 52 names were unchanged.

Military says West PHL Sea collision ‘accidental’

PHILSTAR

By Vince Angelo C. Ferreras, Reporter

THE ARMED Forces of the Philippines (AFP) Western Command said the collision last Sunday between a Filipino boat and a Chinese vessel at Recto Bank in the West Philippine Sea was “accidental.”

“Initial reports reaching this Command from our operating unit that they have received info from the Boat Captain of FB 076 stating that a certain Chinese vessel accidentally collided with a Filipino fishing boat on June 09 2019 at around 12 midnight,” AFP said in a statement on Thursday, June 13.

However, the military confirmed that as earlier reported, the Chinese vessel immediately left after the collision.

“According to the Boat Captain of F/B 076 the said Chinese vessel immediately left the vicinity after the collision leaving F/B GIMVER 1 sinking,” said AFP.

Defense Secretary Delfin N. Lorenzana, in a statement on Wednesday, denounced the Chinese vessel for leaving the scene and abandoning the sinking Filipino boat with 22 crew members on board.

At the time of the collision, the Filipino boat was anchored at Recto Bank, which is within the Philippine’s Exclusive Economic Zone.

AFP said a joint task force will investigate “on how the collision happened to document evidences for the possible filing of diplomatic complaints if the alleged information against the Chinese Vessel that did not even bother to stop and rescue the Filipino Fishing Boat with its crew onboard is true.”

Malacañang, meanwhile, said on Thursday that the Philippines is ready to cut diplomatic ties with the People’s Republic of China if the incident is proven to have been done with intent.

“We will cut off diplomatic relations,” Mr. Panelo said in a press briefing at the Palace on Thursday when asked about the country’s next move should an investigation prove that the collision was not accidental.

He added that a diplomatic protest will first be filed.

“Our responses will always be calibrated, depende sa (depends on the) degree. But definitely, we will not allow ourselves to be assaulted, to be bullied, to be the subject of such barbaric, uncivilized and outrageous actions from any source,” the spokesman said.

“We call the Chinese government to probe the incident and to impose punitive action against those at fault,” he added.

Lawmakers and various sectors also condemned the actions of the Chinese fishing vessel’s crew.

“There are laws like the International Convention for the Safety of Life at Sea or SOLAS and Article 98 of the 1982 UN Convention on the Law of the Sea or UNCLOS that mandate vessels, especially after a collision, to render assistance to the other ship, its crew and its passengers, and where possible, to inform the other ship of the name of his own ship, its port of registry and the nearest port at which it will call,” Senator Richard J. Gordon said in a statement on Thursday.

Reelected Senator Aquilino L. Pimentel III said leaving the scene “was a total breach of that duty to help.”

“I urge the authorities to immediately find out the Flag State of the offending vessel so that the Philippines can file the appropriate diplomatic protest,” Mr. Pimentel added.

Senate Minority Leader Franklin M. Drilon also said a diplomatic protest should be immediately filed by the Department of Foreign Affairs (DFA).

“I urge the DFA to file a diplomatic protest immediately. This incident demands strong and immediate action. We cannot let this incident pass. No self-respecting nation will allow that.” — with Arjay L. Balinbin and Gillian M. Cortez

Duque assures ‘anti-corruption’ health care rules

HEALTH SECRETARY Francisco H. Duque III gave assurance that “anti-corruption” measures will be included in the guidelines for the implementation of the Universal Health Care (UHC) Act amid the ongoing probe on irregularities involving service providers and the Philippine Health Insurance Corp. (PhilHealth).

“I have instructed my colleagues at the Department of Health to ensure anti-corruption measures are in place for the implementation of the Universal Health Care as we write the Implementing Rules and Regulations (IRR). This is to highlight the provisions in the UHC Act that were intended to improve the health financing system,” Mr. Duque said in a statement on Thursday.

The UHC, passed into law last Feb. 20, provides that all Filipinos will automatically be PhilHealth members and be able avail of primary health care services.

At the same time, Mr. Duque warned that the government will be looking into other anomalous transactions and make those involved accountable.

“I am warning all health providers and PhilHealth officials in the strongest possible terms: Do not cheat the system nor even attempt to do it…. I will ensure that justice will be served to those who defraud the system,” he said.

The National Bureau of Investigation (NBI) yesterday said it will also investigate PhilHealth officials and other medical service providers that are possibly involved in “ghost” claims.

“That is the next phase of the investigation of the NBI. We will go into that plus of course we are not singling out WellMed (WellMed Dialysis and Laboratory Center Corp.). We’re also investigating the claims of the other medical entities,” Deputy Director for Investigation Vicente De Guzman III said in a press conference.

Meanwhile, Malacañang on Thursday confirmed that the members of the PhilHealth Board, whom President Rodrigo R. Duterte asked to resign while an investigation into alleged irregularities in the agency is being conducted, had filed their resignations on June 11.

“Nag-file lahat (Everyone filed),” Presidential Spokesperson Salvador S. Panelo told reporters in a chance interview at the Palace.

Asked if the President has accepted the resignations, he said: “That goes without saying siguro (I suppose).” — Gillian M. Cortez, Vann Marlo M. Villegas, and Arjay L. Balinbin

VP Robredo asks SC to immediately resolve Marcos electoral protest

VICE-PRESIDENT Maria Leonor G. Robredo on Thursday asked the Supreme Court, acting as the Presidential Electoral Tribunal (PET), to immediately resolve all pending incidents involving the electoral protest of former senator Ferdinand “Bongbong” R. Marcos, Jr. after the termination of the ballots recount.

Lawyer Romulo B. Macalintal, legal counsel of Ms. Robredo, said there is an additional 15,000 votes credited to the vice-president after the recount of ballots in the pilot provinces of Camarines Sur, Iloilo and Negros Oriental, consequently widening her lead against Mr. Marcos compared to the initial post-election count.

“Without pre-empting the resolution of the Honorable Tribunal, the result of the revision, recount and re-appreciation of the ballots clearly confirm the victory of protestee Robredo,” the motion read.

Mr. Marcos filed the election protest in June 2016.

Lawyer Victor Rodriguez, legal counsel of Mr. Marcos, in a statement countered that there are “no official findings yet by the PET as to figures recovered by either party.”

“What they have at the moment are all self-serving assumptions meant to mislead the Filipino people who have long been waiting for the result of the election protest filed by Sen. Bongbong Marcos the early resolution of which Mrs. Robredo have time and again suppressed by her delaying tactics,” Mr. Rodriguez said. — Vann Marlo M. Villegas

Police bust Organico offices in Cebu, Davao

LAW ENFORCERS on Tuesday swooped down on the offices of Organico Agribusiness Ventures Corp., a company that the Securities and Exchange Commission (SEC) has declared to be running an illegal investment operation. The operations came amid the government’s crackdown on investment scams. In Cebu City, the Criminal Investigation and Detection Group (CIDG)-Region 7, led by Metro Cebu chief Major Niño Briones, served a search warrant at the office of Organico along Pope John Paul Avenue in Barangay Kasambagan, which they found closed and empty except for some computer sets and scattered documents. “There were computers that were unplugged and documents were all over the place. They must have received a tip about the raid and vacated the building,” Mr. Briones said in Filipino. In a separate operation on the same day, a team led by CIDG-7 chief Lito Patay also raided the headquarters of another illegal investment firm, Ada Farm Agriventures, along MC Briones Highway in Mandaue City. Police confiscated drafts of contracts, receipts, computers, logbooks, bankbooks, checkbooks, documents and other gadgets. Like at Organico, no one was arrested at Ada Farm. Lester Bautista, a securities specialist from the SEC in Manila, said the two companies are considered as investment scams for selling, unlicensed securities under the cover of selling livestock.

DAVAO CITY
In Davao City, a CIDG team led by Police Major Milgrace C. Driz, accompanied by two SEC officials, served a search warrant at the Organico office, which was also closed upon their arrival. The raiding team seized boxes of coffee drinks, pouches of fertilizers, draft contracts, fliers, official receipts, bank books, investment ledger, among other documents and items. Ms. Driz said there were two women who were waiting outside for the office to open and “receive their payouts.” One of them claimed she invested about P300,000 into the company. In an advisory against the firm issued in May 2018, the SEC said Organico was found to be soliciting investments of at least 10 shares priced at P1,800 each from the public, with a promised return of P450 per share every 15 days. Organico also had a 90-day scheme, where investors are promised a profit of P7,000 after three months, alongside their initial P3,600 investment. Ms. Driz said the company’s officials would be charged with violating the Securities Regulation Code.

MONITORING
Meanwhile, Police Major Jason L. Baria, Davao regional office spokesperson, said police intelligence units have heightened the monitoring of officials as well as members of these schemes to prevent potential untoward incidents. Mr. Baria said there is a “need to intensify monitoring to prevent incidents like the one that happened in a mall in Tagum City (Davao del Norte).” He was referring to the recent incident wherein a glass wall of the mall collapsed after a big crowd of members rushed to claim their payouts from one operator. Mr. Baria said they are also on alert for rallies that these groups might launch to pressure government to let their companies resume operations. “Our units and stations are prepared to prevent possible incidents to happen,” he added, pointing out that the monitoring include activities on social media. — The Freeman and Carmelito Q. Francisco

‘Air pollution is a problem that is not easy to see’ — expert

ENVIRONMENTAL POLLUTION Studies Laboratory (EPSL) founding head Mylene G. Cayetano has called on the health care sector to take a more active role in addressing the ‘invisible killer’ that is air pollution. “Air pollution is a problem that is not easy to see. Oftentimes, the threat/harm is not perceived important and immediate, because our naked eye cannot see right away the air pollution shrouding us, whether indoor or outdoor,” Ms. Cayetano said during a public health forum hosted by the Health Care Without Harm (HCWH) Southeast Asia at the National Children’s Hospital last June 6. She said emissions from vehicles are the major sources of pollution in Metro Manila, while “Particulate Matter (PM)” or dust also contribute to the poor air quality. “Knowing that air pollution is now the leading cause of cancer deaths worldwide, the problem is not just environmental; it is environment, health, socioeconomic caused by human activities, hence it can be solved by humans if we work together. Let us all act to clean the air,” Ms. Cayetano stressed. EPSL is under the University of the Philippines Institute of Environmental Science and Meteorology. The Philippines observes June as Environment Month in line with the annual June 5 World Environment Day.

KAPA officials face securities regulation violation, but no estafa complainant yet

THE NATIONAL Bureau of Investigation (NBI) said complaints may be filed against the founder and officers of the Kapa-Community Ministry International, Inc. (KAPA) for violation of the Securities Regulation Code, but no complainants have so far come forward for an estafa charge. “As of this time wala pa (there are none). Wala pang private complainants or victims na gustong mag-file ng reklamo (There are still no private complainants or victims who want to file a complaint),” NBI-National Capital Region Director Cesar A. Bacani said. “One of the elements of estafa is damage,” he added. KAPA, a non-stock and independent religious corporation, was found by the Securities and Exchange Commission (SEC) to be soliciting investments from the public without the secondary license to be authorized for it. SEC issued a cease-and-desist order against KAPA in February but it still continued to operate. Its certificate of registration was revoked in April. The Court of Appeals has also issued a freeze order on KAPA’s several accounts and assets. President Rodrigo R. Duterte on Thursday warned the Land Reform beneficiaries in the southern part of Mindanao that if they sell their lands and invest their money in KAPA, he will “punch” them one by one. “Ayaw lagi mo ana (Do not do it)… because KAPA is a continuing [crime]…. Large scale estafa is non-bailable,” Mr. Duterte said in his remarks in General Santos City after the distribution of certificates of land ownership to Agrarian Reform beneficiaries there. — Vann Marlo M. Villegas and Arjay L. Balinbin

Comelec extends SOCE deadline

THE COMMISSION on Elections (Comelec) yesterday extended by several hours its deadline for the filing of campaign contributions and expenses by candidates in the May 13 midterm elections. Comelec Director Education and Information Director Frances A. Arabe told reporters in a message that the poll body’s Campaign Finance Office (CFO) would be open until 8 p.m., instead of the regular 5 p.m. closing, to receive the Statement of Contributions and Expenditures (SOCE) of candidates. By around noon on June 13, only five elected senators submitted their SOCEs: Pilar Julian “Pia” S. Cayetano, Christopher Lawrence “Bong” T. Go, Grace Poe-Llamanzares, Cynthia A. Villar, and Maria Lourdes Nancy S. Binay. Around the same period, the Comelec CFO has received only 82 SOCEs out of all the senators, party list groups, and political parties involved in the 2019 elections. Under Comelec rules, a penalty of P10,000 will be imposed on senatorial candidates, political parties, and party-list groups who file late. An exemption is given to winning candidates, who can submit their SOCEs within six months after the May 13 elections but will not assume office until they comply with the requirement. — Gillian M. Cortez

President hints on abolishing ‘exploited’ party-list system

PRESIDENT RODRIGO R. Duterte has said that the party-list system is being exploited by wealthy politicians, citing that many of the party-list leaders do not represent the marginalized sectors. “The rich people fund the party-lists. They are named after laborers but their nominees are…millionaires,” he said in his speech in Cagayan de Oro on Wednesday night. The President did not name names. Based on the summary of Statements, Assets, Liabilities, and Net Worth (SALN) of congressmen as of December 2018 released on Wednesday, Rep. Michael L. Romero of the One Patriotic Coalition of Marginalized Nationals (1 PACMAN) Party-list remained the richest member of the House of Representatives with a P7.858-billion net worth, up from P7.291 billion in 2017. Sought for comment during a press briefing at the Palace on Thursday, Presidential Spokesperson Salvador S. Panelo said that it could be possible that the President wants the party-list system in the country abolished. “Baka papunta roon kung ganyan ang sentimyento niya or baka gusto niya na iyong nagre-represent (Perhaps that is where his sentiment is going, or maybe he wants that representative should be) coming from the sector[s],” Mr. Panelo said. Mr. Panelo, however, said the matter is up to the Commission on Elections (Comelec) and that the President was just floating an idea. “He is expressing an idea and that’s for the Comelec to respond to it.” — Arjay L. Balinbin

Nation at a Glance — (06/14/19)

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 — (06/14/19)

Raptors take 2nd crack at title in Oracle Arena

OAKLAND, CALIF. — The Toronto Raptors hope to celebrate the closing of Oracle Arena with a party of international magnitude when they take a second shot at the championship (today) in Game 6 of the NBA Finals against the Golden State Warriors.

The Raptors were two minutes away from securing Canada’s first-ever NBA title Monday in Game 5 before falling victim to a barrage of 3-pointers from Klay Thompson and Stephen Curry in a 9-2 finish that was historic on at least two levels.

The 106-105 final not only produced the first one-point Finals margin since 2007, but it also made the Warriors just the sixth team in NBA history to win a potential elimination game on the road.

History remains on the Raptors’ side entering Game 6, even though the scene has shifted back to Oakland. Of the 34 teams that have led a Finals 3-1, 33 have gone on to win the championship. The only exception was the Warriors in 2016, when the Cleveland Cavaliers rallied to win in seven games.

“We understand that the moment is the moment, but we still are staying in it,” Raptors guard Kyle Lowry said Wednesday. “We’re not too up, we’re not too down. We’re just one game, hey, we lost it, now we got to move on to the next one.”

The Warriors move on without Kevin Durant, who returned from a calf injury to score 11 points in 12 minutes in Game 5, only to sustain a ruptured Achilles in the same leg. The Warriors led 39-34 at the time of the season-ending injury.

Durant confirmed Wednesday from New York that he had undergone surgery to repair the rupture.

“I expect our fans to be the loudest they have ever been, especially in the name of Kevin and bringing his type of spirit he would bring to the fight and the competitiveness,” Warriors guard Klay Thompson said Wednesday. “I know our fans will do that because we deserve it, but more importantly, Kevin does for what he gave this team, this organization. There wouldn’t be banners if it wasn’t for his presence.”

The game will be the Warriors’ last at Oracle Arena, which opened as the Oakland Coliseum Arena 47 years ago. Golden State will move to the Chase Center in San Francisco next season.

“This has been just an incredible environment in which to coach and play back in the day,” Warriors coach Steve Kerr said Wednesday. “Even when the Warriors weren’t any good, to come in here as a visitor and feel the energy in this building, you could tell that the fans loved the game.

“This was a basketball hotbed. And just the atmosphere out there, the energy, the noise, over the last five years with our team’s rise, combined with that organic energy that this place has always had, it’s just been an incredible experience to coach here.”

That energy wasn’t enough to prevent Raptors wins in Games 3 and 4 after the Warriors earned a split in the two series-opening games in Toronto.

Raptors coach Nick Nurse said Wednesday he’s not surprised the road team has won four of the first five games in the best-of-seven.

“Both teams are really good road teams and have been all season,” he said. “Two really tough-minded teams playing, and you got to be a little more tough-minded on the road. And I think a lot of those games probably could have went either way.”

The team that had the upper hand in 3-point shooting has prevailed in the first five games of the series.

The Raptors outscored the Warriors 120-96 from beyond the arc in their three wins, while Golden State had a 99-57 dominance in long-range points in its two victories. — Reuters

Winless San Miguel, Magnolia look to catch a break

STILL WINLESS in the ongoing Philippine Basketball Association Commissioner’s Cup after two games, the San Miguel Beermen and Magnolia Hotshots Pambansang Manok look to barge into the win column when they take on separate opponents in league action today at the Mall of Asia Arena.

The Beermen (0-2) play league-leading Blackwater Elite (5-1) in the 4:30 p.m. curtain-raiser while the Hotshots (0-2) take on the NLEX Road Warriors (0-5) in the main game at 7 p.m.

Admitting to still finding its collective groove in the midseason PBA tournament, Philippine Cup champion San Miguel has struggled in its first two games, falling prey to Northport Batang Pier and TNT KaTropa, in that order, with an average losing margin of 23 points.

Returning import Charles Rhodes is leading the way for the Beermen with averages of 23.5 points and 11.5 rebounds with June Mar Fajardo adding 16 points and nine rebounds per ball game.

Reserve guard Von Pessumal is also off to a good start with 17.5 points per game.

But as a team San Miguel has yet to find its rhythm, something it hopes to finally notch when it collides with Blackwater, which has been playing solid ball under new coach Aris Dimaunahan and boosted by import Alex Stepheson (22.2 ppg and 22 rpg) and rookie Ray Parks Jr. (23.5 ppg, 4.8 rpg and 3.3 apg).

Despite their struggles, the Beermen are not deterred by it, recognizing that they have been in similar starts before and just need to put in the needed work and effort to turn things around.

MAGNOLIA
Magnolia, for its part, is out to get into the upswing as well after a rough going to begin its campaign.

Its latest loss came just last Wednesday against Northport, 102-99.

They had a better showing in said game, parading a new import in James Farr, than their opener but the result was similar with the team at the raw end of things.

Ian Sangalang top-scored for Magnolia with 21 points in the loss with Robbie Herndon adding 18.

Mr. Farr had 11 points and 14 rebounds in his PBA debut.

Magnolia coach Chito Victolero said that despite the loss, the Northport game provided some positives from which they could take cue from.

“We had a good start but just could not sustain it. We were able to recover in the end but just did not have enough time. The team rhythm is not yet there but hopefully come next game we will play better,” Mr. Victolero said postgame.

Out to stop Magnolia is NLEX, itself struggling to five defeats sans a win to this date.

Import Tony Mitchell is leading the squad with numbers of 31 points, 11.7 rebounds and three assists per game.

The Road Warriors recently acquired the services of explosive guard Jericho Cruz in a three-way trade involving Northport and TNT to help their cause. — Michael Angelo S. Murillo

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