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PSE index plunges to worst finish for the year

By Arra B. Francia, Reporter
THE MAIN INDEX tumbled to its lowest finish so far this year, dampened by the overall negativity across international markets due to the weakness of the global economy.
The 30-company Philippine Stock Exchange index (PSEi) plummeted 1.66% or 116.76 points to 6,884.38, marking its lowest close since June 25 when the market ended at 6,986.88. The PSEi fell to an intraday low of 6,790.58, but managed to bounce back to the 6,800 level by closing bell.
The PSEi is now 24% lower than its record-high of 9,058.62 last Jan. 29.
Meanwhile, the broader all- shares index likewise slumped 1.33% or 57.49 points to 4,241.25.
“Philippine shares felt the onslaught of regional markets, as equities were sold down on higher volumes. US stocks tumbled the most since February as fresh concern about the impact of the trade war with China… European equities ended sharply lower Wednesday, joining a global equity sell-off, with investors unable to shake concerns about growth prospects,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
The International Monetary Fund (IMF) recently reduced its growth outlook for the global economy to 3.7%, indicating a steady expansion from 2017 but a 0.2% downgrade from its 3.9% forecast announced last July.
The IMF also downgraded its growth forecast on the Philippine economy to 6.5% from its earlier projection of 6.7%.
Wall Street indices all ended in the red, with the Dow Jones Industrial average spiraling down 3.15% or 831.83 points to 25,598.74. The S&P 500 index gave up 3.29% or 94.66 points to 2,785.68, while the Nasdaq Composite index also lost 4.08% or 315.96 points to 7,422.05.
Papa Securities Corp. trader Gabriel Jose F. Perez also attributed the market’s decline to the sell-off in US markets, which trickled down to regional indices.
“Best to keep an eye out for how US markets also perform tonight as this could give an indication on how regional indices will perform tomorrow,” Mr. Perez said in an e-mail on Thursday.
Back home, all sectoral indices extended their declines. Holding firms gave up 2.26% or 155.05 points to 6,690.71, followed by property which lost 2.11% or 74.09 points to 3,423.23.
Services shed 1.94% or 28.93 points to 1,460.37; financials dropped 1.05% or 16.41 points to 1,534.30; mining and oil declined 0.83% or 71.91 points to 8,550.51; and industrials went down 0.17% or 17.59 points to 10,344.79.
Turnover firmed to P5.43 billion after some 1.03 billion issues switched hands, steady from Wednesday’s P5.37 billion.
Decliners were around quadruple the advancers, 167 to 39, while 34 names ended flat.
Foreign investors continued to pull out their funds from the market as net sales ballooned to P861.13 million from the previous session’s P507.96 million.

Filing of candidacies for midterm polls begins

REELECTIONIST Senator Aquilino Martin L. Pimentel III, singer-songwriter Freddie Aguilar, and former party-list congressman Neri J. Colmenares were among the early birds in the filing of certificates of candidacy (CoCs) that began on Thursday, Oct. 11, and is scheduled to end next Wednesday, Oct. 17.
Comelec Commissioner Rowena V. Guanzon said there will be 18,092 positions open for next year’s midterm elections. Besides the aforementioned candidates for senator, Marawi civic leader Samira Gutoc-Tumawis of the opposition Liberal Party, former Department of Health consultant Willie T. Ong, and former councilor Danilo Roleda of the Binay camp’s United Nationalist Alliance also filed their candidacies for senator. CoCs have also been begun to be filed for the local positions.
In an interview with Reuters, Earl Parreno of the Institute for Political and Electoral Reforms said, “The mid-term elections will test not only the president’s popularity and strength, but if he can continue to push for his agenda in the second half of his term.”
The latest senatorial poll, by the Social Weather Stations, showed allies of President Rodrigo R. Duterte still dominating the Top 12. But they are expected to deal with economic issues that have weighed down on Mr. Duterte’s own ratings.
Among Mr. Duterte’s Cabinet officials, Foreign Affairs Secretary Alan Peter S. Cayetano confirmed on Thursday that he will run as Taguig Representative in the 2019 midterm elections and will seek the House Speakership if elected in order to push the Duterte administration’s vision in the legislative branch.
“With all humility, I will seek another term in my hometown Taguig and Pateros and then let’s see where it goes from there….I will seek the leadership position in the House but, you know, it’s a complex matter. We have to win first in the district, and I want to focus on that first. And then you have to win the trust and confidence of the whole Congress,” Mr. Cayetano told reporters in Bali, Indonesia.
For its part, the Philippine National Police (PNP) said it plans to provide security assistance to “possible candidates, if they think they have threats to their lives,” said PNP spokesperson Senior Supt. Benigno B. Durana, Jr.
“They can avail of the security coverage services which will be provided by the Philippine national police,” said Mr. Durana.
Mr. Durana added that PNP chief director General Oscar D. Albayalde already tasked the Directorate for Integrated Police Operations in Northern and Southern Luzon, Visayas, Eastern, and Western Mindanao to provide extra security measures during the election period.
In this year’s elections, The PNP has also tagged 7,926 barangays and 896 municipalities in the country as areas of concern or election hotspots. —reports by Gillian M. Cortez, Camille A. Aguinaldo, Vince Angelo C. Ferreras, and Reuters

Panelo named new spokesman

CHIEF PRESIDENTIAL Legal Counsel Salvador S. Panelo was appointed the new presidential spokesperson, according to Mr. Panelo himself and Special Assistant to the President Christopher Lawrence T. Go.
Mr. Go said in a phone message to reporters on Thursday that the presidential legal adviser starts his “concurrent” role as presidential spokesman “today.”
Sought for comment, Presidential Communications Secretary Martin M. Andanar said: “SAP (Special Assistant to the President) has the last say. If he says now, then now,” referring to the effectivity of Mr. Panelo’s new position.
As for Presidential Spokesperson Harry L. Roque, Jr., Mr. Go said he is “on leave,” and “he is still weighing his options. Walang sibak (No one was fired).”
Mr. Roque, for his part, said in a phone message on Thursday: “People, I have not resigned. Thanks!”
“I will defer any comment until Monday since I am in China,” he also said.
Regarding the option to run for senator, Mr. Roque said, “Still not sure [if] I will run for Senate.”
The Palace announced also on Thursday the appointment of Major General Macairog S. Alberto as the new commanding general of the Philippine Army.
Finance Undersecretary Gil S. Beltran was also reappointed to his position. — A. L. Balinbin

House to restore VP in line of succession in draft charter

By Charmaine A. Tadalan, Reporter
THE HOUSE of Representatives on Wednesday recommitted the resolution, carrying its version of a draft Federal Constitution, to re-include the Vice-President in the presidential line of succession, a move backed by Speaker Gloria Macapagal-Arroyo.
Representative Raul V. del Mar of the 1st district of Cebu moved to recommit the Resolution of Both Houses (RBH) 15, which provided that in transitioning to a federal system, the Senate President shall succeed the President in the event of a vacancy.
Mr. del Mar on Thursday disclosed he made the motion as he had discussed with the Speaker. “I was in the Office of the Speaker to discuss CA (Commission on Appointments) matters… after we have already finished that, the issue came up. And so, both of us shared the sentiment that it needs to be corrected,” Mr. del Mar told reporters in a press briefing.
“I will introduce the amendment in that provision to put back the vice-president as the first line successor. Now, she not only readily agreed. She said, we can’t wait!”
Mr. del Mar also said, “There was no power grab, much less any participation of the Speaker. In fact, her participation was after the error was brought to floor, it was a power correction instead of a power grab.”
Leyte 3rd District Representative Vicente S.E. Veloso, chairperson of the House Committee on Constitutional Amendments, had earlier explained the omission of the vice-president was made in the light of the ongoing electoral contest between Vice-President Maria Leonor G. Robredo and former senator Ferdinand R. Marcos, Jr.
“We wouldn’t know who the Vice-President would be then. Would it be Robredo, would it be Bongbong Marcos? But look at the uncertainty, I’ve been jurist for (a) long time and there is no certainty when it comes to finality of decision,” Mr. Veloso said in a press briefing on Tuesday.
Also subject to controversy in the draft Charter is the absence of term limits and of any provision banning political dynasties.

US: No military exercise during Xi's PHL visit

By Camille A. Aguinaldo, Reporter
THERE is no scheduled military exercises between the United States (US) and the Philippines in November, the US Embassy clarified on Wednesday ahead of President Xi Jinping’s expected visit to Manila next month.
“There are no major U.S.-Philippine exercises planned for November. The U.S. and Philippines enjoy ongoing, close cooperation in areas central to our national and security interests, including counterterrorism, maritime security, cybersecurity, humanitarian assistance and disaster relief, and many other,” the embassy’s press attache Molly Koscina said in a mobile phone message to reporters Wednesday evening.
Presidential spokesperson Harry L. Roque, Jr. earlier cited China’s concerns on US’ planned naval exercise in South China Sea. He has also said the Philippines will not participate in the US military exercises in the region.
CNN earlier reported that a draft proposal from the US Navy’s Pacific Fleet indicated plans to conduct military exercises involving US warships, combat aircraft, and troops in the South China Sea in November as a show of force and a warning to China.
The US Armed Forces, the Armed Forces of the Philippines, and the Japan Ground Self-Defense Force conducted amphibious operations training in San Antonio, Zambales, on Oct. 6, as part of counterterrorism and humanitarian response exercises. Ms. Koscina also said the countries concerned agreed last September on 281 security cooperation activities in 2019.
“Every year, our two countries engage in a significant number of security cooperation activities that underscore the US-Philippine relationship as friends, partners, and allies,” she said.

Bersamin, Peralta accept nomination for SC top post

SUPREME COURT (SC) Associate Justices Lucas P. Bersamin and Diosdado M. Peralta have formalized their bid for the position of chief justice by accepting their nominations. This was confirmed yesterday by Justice Secretary Menardo I. Guevarra, an ex-officio member of the Judicial and Bar Council (JBC), to reporters. He said Mr. Bersamin was the first to accept his nomination while Mr. Peralta “submitted his papers” to the JBC on Wednesday. The two are among the five most senior SC justices automatically nominated for the high court’s top position. The other senior justices are Antonio T. Carpio, Mariano C. Del Castillo, and Estela M. Perlas-Bernabe. The deadline for the application and submission of requirements is Monday, Oct. 15. Former Chief Justice Teresita Leonardo-De Castro stepped down on Oct. 10 upon reaching the mandatory retirement age of 70. Meanwhile, two new associate justices of the Court of Appeals have been appointed: Loida S. Posadas-Kahulugan, replacing Socorro B. Inting who is now a Commission on Elections commissioner; and Evalyn M. Arellano-Morales, who is taking over the post vacated by Mechor Quirino C. Sadang who retired last year. — Vann Marlo M. Villegas and Arjay L. Balinbin

Trillanes seeks reversal of arrest, HDO order; hearing set Oct. 12

SENATOR ANTONIO F. Trillanes IV has filed an appeal before the Makati City Regional Trial Court (RTC) Branch 150, seeking to set aside its Sept. 25 order for a warrant of arrest and Hold Departure Order against him. A copy of the appeal, which was filed Oct. 1, was released by the court yesterday. Mr. Trillanes posted a bail bond of P200,000 on Sept. 25. In his motion, Mr. Trillanes also sought the denial of the motion of the Department of Justice (DoJ) “for lack of jurisdiction and/or lack of merit.” He cited that his rebellion case in connection with the 2007 Manila Peninsula siege has long been dismissed, and that the Sept. 7, 2011 decision was “final and executory.” He also asserted that the prosecution’s basis on his alleged non-admission of guilt is “strained and/or twisted interpretation” of what he said in a news report. Under existing jurisprudence, Mr. Trillanes cited that it is considered not only as “hearsay” but “double hearsay.” A hearing on the motion is set Friday, Oct. 12, at 9 a.m. — Vann Marlo M. Villegas

Saturday market

Goods from at least 30 farmers and fishermen’s organizations around the country will be available, direct from the producers and at farm gate prices, here at the Taguig Lakeshore Hall in Lower Bicutan on Saturday, Oct. 13 as part of the Department of Agriculture’s (DA) roving TienDA Malasakit Store. In a social media post, Agriculture Secretary Emmanuel F. Piñol said this would be the biggest TienDA so far with products such as tuna from General Santos City, bangus from Pangasinan, fruits and vegetables from Mindanao, and tomatoes from Laguna, where farmers recently lost money as they had to dispose tons of unsold harvest. Mr. Piñol said after this partnership with the Taguig City government and earlier with Muntinlupa, the DA aims to bring the TienDA to other parts of Metro Manila.

Trade chief assures no congestion problem at Manila port

port1-cargo-BW
BW FILE PHOTO

TRADE AND Industry Secretary Ramon M. Lopez has assured the business sector that there is no problem of congestion at the Port of Manila after he met last Oct. 9 with Bureau of Customs (BoC) Commissioner Isidro S. Lapeña. In a statement yesterday, Mr. Lopez said the “line of trucks that gave the impression of port congestion is caused by the policy of port operators to limit the port entry of empty container vans. The space for empty containers is already fully utilized and allowing more may eat up the space for filled containers.” He added, “The BOC is already increasing their capacity via inland container depots in Laguna and other areas to solve this issue. But rest assured that there is no delay in transporting shipments to and from the port. Mr. Lopez said companies should not worry and consider delaying their shipments, which could affect supply and lead to even higher inflation. The country’s inflation rate, which reflects the prices of basic goods and services, stood at 6.7% in September, the highest in nine years.

Oslob cuts down whale shark watching tourists to 800/day

STAKEHOLDERS IN Oslob town have agreed to reduce the number of daily tourists who can go whale shark watching to 800 from 1,000 as part of efforts to balance environmental protection with economic gains. Following a consultative meeting, Cebu Vice Governor Agnes A. Magpale said the number was agreed upon by the tour operators, boatmen, and government agencies that regulate tourism activities in the area. The 800 tourists will be divided among the current 182 boatmen operating in Barangay Tan-awan. The Department of Tourism recommended setting up a reservation center to centralize the booking of guests. Other measures that will be implemented in the popular tourist destination, such as new rates and public facilities, will be discussed in the coming weeks. “Let us not wait for the President to order the closure of Oslob for rehabilitation just like in Boracay,” Ms. Magpale said in Visayan. — The Freeman

7.9 ha in Boracay set as agrarian reform area

MEMBERS of the Ati indigenous people of Boracay, with assistance from the Department of Agriculture (DA), are setting up an organic high-value vegetables farm and restaurant in Boracay.

EIGHT LOTS with a total area of 7.9640 hectares has been set as agrarian reform land in Boracay island and will be up for distribution. The Department of Environment and Natural Resources-Western Visayas (DENR-6) turned over on Oct. 10 the technical documents for the land to the regional office of the Department of Agrarian Reform (DAR). DENR-6 Regional Executive Director Jim O. Sampulna said the two agencies conducted the joint ground verification on areas suitable for agriculture. Mr. Sampulna said the eight lots, all located in Barangay Manoc-Manoc, are free of structures but there are claimants to the land. DAR will be in charge of settlements prior to distribution to qualified beneficiaries, particularly members of the Ati indigenous group. DAR Assistant Regional Director for Operations Gideon A. Umadhay Jr. said the survey was in response to the statement of President Rodrigo R. Duterte to impose land reform on the resort island. “With that technical document turned over to us, we have now the jurisdiction to conduct survey, approval of survey returns of DENR as well, and likewise the disposition of the 7.9-hectare lots,” he said. DAR aims to distribute the lands by December 2018. — Louine Hope U. Conserva

2 Abu Sayyaf killed, 4 others nabbed in Sulu

TWO MEMBERS of the notorious Abu Sayyaf bandit group were killed early morning of Oct. 10 when they resisted arrest by a combined team of the police and Joint Task Force-Sulu, according to a report released yesterday by the military’s Western Mindanao Command (WesMinCom). Four other Abu Sayyafs were arrested in the operation in Barangay Kajatian, Indanan, Sulu. The government forces also recovered various weapons and a pack suspected to contain the illegal drug shabu (methamphetamine hydrochloride). WesMinCom said the four arrested suspects have been turned over to the municipal police for further investigation.

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