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SEC files complaint against Kapa ministry

THE SECURITIES and Exchange Commission (SEC) filed a criminal complaint against Kapa-Community Ministry International, Inc. along with its president Joel A. Apolinario and seven others before the Department of Justice for alleged involvement in an investment scam.

In a press release, the SEC said it filed a criminal complaint against KAPA, Mr. Apolinario, trustee Margie A. Danao, and Corporate Secretary Reyna L. Apolinario, among others, “for perpetrating an investment scam” in violation of Republic Act No. 8799, or the Securities Regulation Code (SRC). Respondents Marisol M. Diaz, Adelfa Fernandico, Moises Mopia, Catherine Evangelista, and Rene Catubigan were included “for promoting the investment scam.”

SEC said “(i)t will name more respondents as it identifies other persons who have participated in the unlawful public offering and/or selling of securities by KAPA.”

SEC said it found KAPA enticing the public to “donate” at least P10,000 in exchange for 30% monthly return referred to as “blessing” or “love gift” for life. It added that the scheme “involved sale and offering for sale or distribution to the public of securities, in form of investment contracts.”

The commission said KAPA violated Sections 8 (8.1) and 28 of the SRC which prohibits selling or offering of securities and engaging in buying or selling of securities as broker or dealer, respectively, unless registered and approved by the SEC.

SEC also said KAPA violated Section 26 (26.3) of the SRC by employing a Ponzi scheme, offering high returns.

Convicted violators face a maximum fine of P5 million or imprisonment of seven to 21 years or both.

The Court of Appeals issued a freeze order on June 4 on assets linked to the organization following a petition filed by the SEC through the Anti-Money Laundering Council. — Vann Marlo M. Villegas

New NFA administrator takes oath

By Arjay L. Balinbin, Reporter

NATIONAL Food Authority (NFA) Council Member Judy Carol L. Dansal took her oath as the new NFA Administrator on Tuesday, replacing Jason Laureano Y. Aquino, according to NFA Officer-in-Charge Administrator Tomas R. Escarez.

Mr. Escarez made the announcement on his Facebook page on Tuesday afternoon, saying: “Let’s welcome our new Administrator, Atty. Judy Carol Layus Dansal!”

He added, “As I revert back to my position as Deputy Administrator, I wish to thank you for your support, trust and confidence on me, as your temporary leader — during my stint as OIC-Administrator for the past several months…battling all odds and problems to keep our beloved agency afloat!”

Mr. Escarez also posted a photo showing Ms. Dansal taking her oath before Agriculture Secretary Emmanuel F. Piñol.

President Rodrigo R. Duterte appointed Ms. Dansal as NFA Council Member on June 11.

Ms. Dansal used to serve as Deputy Administrator for the grains agency’s Marketing Operations.

She also served as Department Manager III of the Industry Services Department with concurrent capacity as NFA Alternate Ex Officio Representative to the Center for International Trade Expositions and Missions Governing Board.

Mr. Duterte began “scouting” for a new NFA Administrator in September last year to replace Mr. Aquino who had requested to be relieved from the post.

Mr. Duterte had said the official told him he was “tired” and could not “cope up with the workings inside” the agency.

In April last year, the President ordered the transfer of the NFA, which was formerly under the supervision of the NFA Council, to the Department of Agriculture (DA).

Nationwide round-up

PhilHealth revokes WellMed’s accreditation

PhilHealth
OFFICER-IN-CHARGE Ruben John A. Basa of the Philippine Health Insurance Corporation (PhilHealth) aid in a statement on Monday that his agency “has withdrawn the accreditation of WellMed Dialysis Center and Laboratory Corporation in view of the fraudulent claims for dialysis services filed on behalf of deceased patients.” WellMed has earned the ire of President Rodrigo R. Duterte over claims of fraud. Its owner and vice-president Bryan Christopher W. Sy was indicted last week by the Department of Justice (DoJ) for estafa.

Losses flagged in aerospace unit of DND

The Commission on Audit (CoA) in a report flagged losses by the Philippine Aerospace Development Corporation (PADC) totaling P177.904 million in the last six years. “In the CY 2017 audit, it was reported that PADC’s operational losses for the past five consecutive years (CY 2013-2017) had amounted to P149.615 million. CY 2018 is no different as PADC’s sales revenue totaled only to P5.918 million, with cost of sales and operating expenses of P34.207 million, resulting to operating losses of P28.289 million,” the report said. CoA recommended a comprehensive review of PADC’s operations. PADC was established in 1973 under the Department of National Defense (DND) to develop and maximize the country’s aviation and aerospace industry. — Vince Angelo C. Ferreras

Pilipinas Shell refinery strike up for mediation

REPRESENTATIVES of Pilipinas Shell Petroleum Corporation will meet with the National Conciliation and Mediation Board (NCMB) following a notice of strike filed by employees of the company’s Tabangao Plant. In its disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Pilipinas Shell said it was given a notice of strike by the Tabangao Shell Refinery Employees Association, the union of the company’s Tabangao Refinery Plant. The board, for its part, said, “Both parties have been invited to attend a Mediation Conference before the National Conciliation and Mediation Board on 21 June 2019 to facilitate negotiations with a view of reaching an agreement and resolving the issue.”

Oral argument for writ of kalikasan petition reset

THE SUPREME COURT has moved the oral argument for the April 16 petition for writ of kalikasan filed by fisherfolk in Palawan and Zambales and the Integrated Bar of the Philippines (IBP) seeking to enjoin the government to protect the country’s shoals in the West Philippine Sea. In an advisory, the SC Public Information Office said the justices moved the oral argument from June 25 to July 2. The petitioners said the government has refused to take legal action against violators of environmental laws and thus sought the Court to compel it to protect Panatag Shoal (Scarborough Shoal), Ayungin Shoal (Second Thomas Shoal) and Panganiban Reef (Mischief Reef). The respondents include Environment Secretary Roy A. Cimatu, Agriculture Secretary Emmanuel F. Piñol, and Philippine Coast Guard Admiral Elson E. Hermogino.

Osmeña bids farewell, cites accomplishment

AS HE BID farewell to City Hall employees yesterday, outgoing Mayor Tomas Osmeña made a special mention of the Office of the City Civil Registrar, which secured for the city a certification for International Organization for Standardization (ISO) 9001:2015. Osmeña considers the certification as one of the city’s achievements in the last three years with him as mayor because it is reportedly difficult for government offices to secure an ISO 9001: 2015 Quality Management System rating. — The Freeman

>> See full story on (https://bit.ly/2ZBVQ4N)

Cop wounded in buy-bust

A POLICE OFFICER was wounded in an anti-illegal drug operation in Barangay Cansojong, Talisay City last Sunday night. Police Corporal Renante Academia sustained a gunshot wound to his chest after suspect Miler Batayola alias “Mylene” shot him.

>> See full story on (https://bit.ly/2ZxCJJ4)

Consumer group demands refund from PECO

AMID the protracted battle between Panay Electric Co. (PECO) and More Electric Power Corp. (MORE) over power distribution in Iloilo City, consumer group i-Konsumidor on June 13 filed a Complaint in Intervention before Regional Trial Court Branch 37 in Iloilo City. “In effect, we are informing the court of our petition which is a pending resolution sa ERC because of the fact that this an expropriation case and we believe that PECO should settle this because number one they don’t have franchise,” i-Konsumidor executive director Ted Aldwin E. Ong said. “The transition provision was embodied in RA 11212. Based on the provision, ERC should settle refundable amounts due to consumers of PECO. We want the ERC to act on it because we are estimating that the amount due to the consumers is much bigger compared to the amount being discussed on the expropriation case,” he added. “It has become incumbent on us to take a critical step in order to inform the court that PECO has outstanding liabilities to its consumers which require a priority for settlement considering the filing of a case for expropriation of its assets by MORE Power.” — Emme Rose Santiagudo

Minerals accounting

Government agencies monitoring responsible mining in the Philippines visit Taganito Mining Corp.(TMC) for a pilot project of the national government referred to as “Minerals Accounting.” the aim of which is to do an accounting of the country’s minerals resources in order for the government to draft a roadmap that will define the economic characteristics of the mining industry and other related industries. TMC, a subsidiary of Nickel Asia Corp. (NAC), with mining operations in Claver, Surigao del Norte, is the first company the group is engaging for relevant data for this project.

Nation at a Glance — (06/19/19)

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 — (06/19/19)

Peso rebounds to P51:$1 level

THE PESO rebounded to return to the P51-per-dollar level on Tuesday.

THE PESO recovered against the dollar on Tuesday to return to the P51 level as market participants took profit ahead of the policy meeting of the US central bank.

The local currency closed yesterday’s session at P51.99 versus the greenback, 15.5 centavos stronger than the P52.145-per-dollar finish on Monday.

The peso opened the session at its intraday low of P52.20 per dollar. However, it bounced back to close the session at its best showing for the day.

Dollars traded thinned to $763.91 million from the $995.73 million that changed hands the previous day.

Traders attributed the peso’s rebound to market players’ position taking ahead of the policy meeting of the US Federal Reserve.

“The market is not expecting a rate cut…,” a trader said in a phone interview. “The expectation is they will be dovish and will have two rate cuts for the year. The first one should be in July.”

The Fed’s policy-making Federal Open Market Committee (FOMC) is widely seen to keep benchmark rates steady during its June 18-19 meeting, although the central bank is seen to trim its interest rates sometime this year.

“The peso strengthened as market participants bet on some dovish shift from the US Federal Reserve meeting this week despite expectations of keeping US policy settings steady,” another trader said in an e-mail.

Meanwhile, the first trader said the peso strengthened 10 minutes before closing following comments from Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

“The BSP Governor issued a statement that the Philippines has a lot of idle dollars due to hefty flows. We have a surplus of dollars, which means weaker dollar for the Philippines,” he said.

“Actually, maraming idle na dollars kami ngayon. Hindi namin nagagastos (We have a lot of idle dollars we’re not spending),” Mr. Diokno said in a chance interview with reporters yesterday when asked if he’s willing to allow the peso to stay on its level.

“The inflow of tourists is very hefty also. Then FDIs (foreign direct investments) are also there. Walang problema ‘yan (There’s no problem),” he added.

Minutes ahead of Mr. Diokno’s comments, the trader said the peso was trading at P52.09 per dollar.

For today, the first trader expects the peso to trade between P51.90 and P52.20 versus the dollar, while the other gave a P51.90-P52.10 range.

“Market players will be on a wait and see stance ahead of the policy meeting. Most likely, we will see a quiet trading [today],” the first trader said.

Meanwhile, most emerging Asian currencies held in a narrow range on Tuesday, reflecting investors’ caution ahead of a US Federal Reserve meeting that is expected to lay the groundwork for a rate cut later this year.

“With scant data releases and no significant developments on the trade front, the mood in Asia will likely remain cautious with investors awaiting the FOMC meeting and possible adjustments to the dot plots before taking on substantial bets,” ING said a note.

Leading declines in the region, the Thai baht shed 0.2% against the greenback, while the Singapore dollar was largely unchanged.

Investor focus will also turn to a slew of regional central bank meetings later this week. — K.A.N. Vidal with Reuters

PSE index rises ahead of central bank reviews

By Arra B. Francia, Senior Reporter

THE MAIN INDEX firmed up on Tuesday despite moving sideways for most of the session as investors remained cautious ahead of several central bank meetings this week.

The 30-member Philippine Stock Exchange index (PSEi) climbed 0.16% or 13.05 points to close at 7,922.04, snapping a two-day decline. The broader all- shares index likewise eked out gains of 0.05% or 2.78 points to 4,845.50.

“Our index managed to close slightly higher than [Monday]’s close as investors stay cautious by selling when the PSEi goes above 8,000 and hunt bargains when it pulls back,” Timson Securities, Inc. Equity Trader Jervin S. de Celis said in a mobile phone message.

“Market players will be watching the announcements of three central banks that will be released on Thursday (US Federal Reserve, Bank of Japan, Bangko Sentral ng Pilipinas) and this could be the reason why the PSEi has been struggling to stay above the 8,000 level.”

The Federal Open Market Committee will conclude its two-day policy meeting on Wednesday, June 19, while the Bank of Japan is holding its own review on June 19-20.

Meanwhile, the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board is also set to meet this Thursday, June 20. Six out of 10 economists in a BusinessWorld poll expect the Monetary Board to keep key interest rates steady, while the rest are projecting a 25-basis-point reduction.

“If the BSP cuts interest rates on Thursday, I guess that will bolster the risk appetite of investors in the local market and the PSEi may finally be able to break out of 8,100 level,” Mr. De Celis said.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez also attributed the market’s performance to the upcoming Fed and BSP central bank meetings.

“The index could still continue to consolidate until we get word from the two aforementioned central banks on what their decisions would be. Until then, support remains around 7,830 (May 22’s high and recent breakout point),” Mr. Perez said in an e-mail.

Sectoral indices were equally split between advancers and losers. Holding firms led those in positive territory after it jumped 0.75% or 56.74 points to 7,551.10. Industrials racked up 0.59% or 69.15 points to 11,661.09, while services added 0.48% or 8.10 points to 1,678.89.

In contrast, property slumped 0.74% or 31.99 points to 4,262.56. Financials dropped 0.5% or 8.75 points to 1,714.93, while mining and oil shed 0.19% or 14.20 points to 7,119.37.

Turnover stood at P7.96 billion after some 1.66 billion issues switched hands, higher than the previous session’s P5.02 billion.

Foreign investors turned net buyers on Tuesday with P173.55 million, compared to Monday’s net outflow of P587.43 million.

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