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Peso weakens vs dollar

THE PESO traded sideways on Wednesday as the US widened its trade black list to include Chinese artificial intelligence firms.

The local unit ended at P51.79 against the greenback on Wednesday, dropping two centavos from its P51.77-to-a-dollar close on Tuesday.

The peso opened at P51.90 versus the dollar. Its weakest point was recorded at P51.92, while its intraday best was at P51.77 against the greenback.

Dollars traded on Wednesday rose to $1.23 billion against the $1.13 billion recorded on Tuesday.

“The peso weakened after the US and China both banned more tech companies which heightened worries ahead of their scheduled trade talks this week,” a trader said in an email.

“There was a narrow range trading as people await the results of the trade negotiations with some Chinese officials already in the US,” a second trader said in a phone call.

The US government widened its trade blacklist to include some of China’s top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week.

The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

The action bars the firms from buying components from US companies without US government approval — a potentially crippling move for some of them.

For today, the first trader expects the peso to rise anew.

“The local currency might strengthen ahead of possible dovish cues from the US Federal Reserve September policy meeting minutes due to be released overnight. Exchange rates might move within the P51.70 and P51.90 range,” the first trader said.

Meanwhile, the second trader said the peso’s performance will depend on the US-China trade negotiations.

“If it’s risk-off then the peso could fall to around P52-52.20. If it’s risk-on, then it could go to the P51.50-51.70 range,” the second trader said. — L.W.T. Noble with Reuters

PSE index falls to 7,600 level ahead of trade talks

THE MAIN INDEX dropped to the 7,600 level on Wednesday as investors stayed on the sidelines in anticipation of the trade talks between United States and China.

The bellwether Philippine Stock Exchange index (PSEi) shed 75.47 points or 0.97% to close at 7,681.25 yesterday. The broader all shares index likewise lost 32.4 points or 0.69% to end at 4,655.99.

“Local stocks fell once again today on very light trading activity, despite reassurances on monetary policy by Federal Reserve chairman Jerome Powell, after earlier reports on the progress of US-China trade relations disappointed investors,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message on Wednesday.

Total volume was at 321.84 million yesterday with a total value of P4.8 billion, down from P6.95 billion last Tuesday.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez echoed this sentiment, saying in an e-mail: “It seems like the market’s still waiting on the results of the upcoming US and China trade talks which would determine much of the movement in the immediate term.”

Eagle Equities, Inc. Research Head Christopher John Mangun said in an e-mail that investors are “pessimistic” with the developments and “most Asian markets followed suit including here at the PSE.”

Most Southeast Asian stock markets dropped on Wednesday, as tensions between the United States and China heightened hours ahead of high-level negotiations, denting hopes of a trade deal.

Washington imposed visa restrictions on Chinese government and Communist Party officials over abuses of Muslim minorities. The move came only hours after the Trump administration widened its trade blacklist to include some of China’s top artificial intelligence startups.

High-level talks between the world’s top two economies on trade are due to resume on Thursday. The negotiations, which are the global markets’ most important catalyst for months, have weighed on investor sentiment.

Singapore shares were on track to snap two sessions of gains, dragged by industrial and financial sectors.

Bucking the sombre mood, Vietnam index traded marginally higher.

Back home, all sector indices tallied declines at the end of trading. Holding firms fell 99.9 points or 1.3% to 7,539.14; services went down 14.49 points or 0.95% to 1,498.96; and mining and oil dropped 84.65 points or 0.92% to 9,073.02.

Industrials went down 71.51 points or 0.67% to 10,523.33; financials dropped 11.58 points or 0.64% to 1,780.83; and property slid 24.49 points or 0.6% to 4,019.42.

Decliners edged up advancers, 114 to 60, while 58 names were unchanged.

Foreigners turned net sellers on Wednesday, with net outflows totalling P1.87 billion, a reversal of the net purchases worth P5.21 million recorded on Tuesday. — Denise A. Valdez with Reuters

SWS: Duterte’s rating dips but still ‘very good’

PRESIDENT RODRIGO R. Duterte’s overall satisfaction rating dropped in the third quarter this year, but remains at a “very good” level of +65, according to the latest Social Weather Stations (SWS) survey released Wednesday.

In its Third Quarter 2019 Social Weather Survey, SWS reported that 78% of Filipinos are satisfied with the President’s performance while 13% are dissatisfied and 9% undecided.

Mr. Duterte’s net satisfaction rating of +65 — representing the percentage satisfied minus those dissatisfied — was lower than his +68 score in June 2019.

SWS’ Net Satisfaction Ratings are classified as: +70 and above, “excellent”; +50 to +69, “very good”; +30 to +49, “good”; +10 to +29, “moderate”, +9 to -9, “neutral”; -10 to -29, “poor”; -30 to -49, “bad”; -50 to -69, “very bad”; -70 and below, “execrable.”

Mr. Duterte’s rating soared for Class ABC at +70 (79% satisfied, 9% dissatisfied) in September, up by 12 points from +58 (76% satisfied, 18% dissatisfied) in June.

SWS said the rating “also stayed very good in class D or the masa, at +66 (79% satisfied, 13% dissatisfied) in September, although down by 2 points from the personal record-high +68 (79% satisfied, 11% dissatisfied) in June.”

For Class E, the rating was “very good” at +57 (73% satisfied, 16% dissatisfied) in September 2019, but lower by 11 points from +68 (81% satisfied, 13% dissatisfied) in June.

The rating drop was reflected in both urban and rural areas.

Rural net satisfaction was at +64 in September, lower by 4 points from +68 in June, while urban net satisfaction was +66, down by 1 point from +67.

Satisfaction also decreased in Mindanao, Mr. Duterte’s home turf, though still at an excellent level at +76 (85% satisfied, 9% dissatisfied) from +81 (88% satisfied, 8% dissatisfied, correctly rounded) in June.

The net satisfaction rating among Filipinos in Luzon, excluding Metro Manila, was also lower at +54 (71% satisfied, 17% dissatisfied), down by 11 points from +65 (78% satisfied, 13% dissatisfied).

INSIGNIFICANT
Presidential Spokesperson Salvador S. Panelo, reacting to the latest SWS survey, said the Palace welcomes the results and they see the slight decrease in ratings as “insignificant.”

“(T)he President would simply shrug off his survey numbers, saying he is not interested in any popularity contest relative to his governance because with or without a soaring satisfaction rating, he is unaffected and will just continue to do his constitutional task of serving and protecting the people even at the loss of his life, liberty and honour,” Mr. Panelo said in a statement on Wednesday.

The non-commissioned survey was conducted on 1,800 adults nationwide last September 27–30 this year and has an error margin of ±2.3% for national percentages, ±4% for Balance Luzon and Mindanao; and ±6% for Metro Manila and the Visayas. — Gillian M. Cortez

SC rules gov’t nurses should get higher pay

THE SUPREME Court (SC) has ruled that nurses working in government health institutions should receive higher basic pay.

In a statement, the SC Public Information Office (PIO) said the high court declared as valid Section 32 of Republic Act (RA) No. 9173, or the Philippine Nursing Act, which states that the minimum base pay of nurses in public health facilities should be at salary grade (SG) 15.

The case stemmed from the petition of Ang Nars Party List in 2015 questioning the validity of Executive Order (EO) No. 811, signed by then president Gloria Macapagal-Arroyo, mandating that the salary for the position of “Nurse I” should be increased from SG10 to SG11.

The EO is based on Joint Resolution No. 4, which authorized the president to modify the compensation and position classification system of civilian personnel as well as the base pay schedule for military and uniformed personnel.

RA 9173, which provided for an SG15 as basic pay for government nurses, was signed into law by Ms. Arroyo on Oct. 21, 2002.

“(T)he Court declared as valid Section 32 of the Philippine Nursing Act,” the SC PIO said.

“In ruling in favor of the petitioners, the Court ruled that Joint Resolution No. 4, being a mere resolution, cannot amend or repeal a prior law such as RA 9173 or the Philippine Nursing Act. The same applies to EO 811 which is also not a law, but an executive directive,” it added.

The high court, however, said it cannot grant the petition to compel the implementation of increased base pay for nurses “since its implementation would necessarily require a law passed by Congress providing necessary funds for it.”

Based on Department of Budget and Management data, an SG11 earner receives a monthly pay of P20,754 to P22,829 monthly, while SG15 earns P30,531 to P33,279. — Vann Marlo M. Villegas

Another witness says Albayalde had a take from resold drugs

A NEW testimony in the Senate’s probe on the 2013 multi-million reselling of illegal drugs seized during police operations claims Philippine National Police (PNP) Chief Oscar D. Albayalde had a share from the transaction.

Retired PNP general Rudy G. Lacadin on Wednesday recounted a telephone conversation between him, who was then central Luzon regional director, and Mr. Albayalde, wherein the latter claimed receiving some of the money from the reselling of drugs.

He narrated that part of the conversation was: “‘Yes, Oca (Oscar Albayalde)… Nagkaroon kami ng (We had an) investigation, but if you’re in the right, wala ka naman dapat katakutan (you have nothing to fear).”

In response, Mr. Albayalde allegedly said, “actually konti lang naman ang napunta sakin d’yan (just a small share went to me.”

Mr. Lacadin said he does not know if it was said “jokingly.”

Mr. Albayalde defended himself saying if he was liable, he should have been charged in previous investigations.

He said, “It seems that everybody’s ganging up on me,” he said, “why was I not charged? After all these investigations… why was I not charged?”

Senator Richard J. Gordon, committee cheer, expressed support for Mr. Albayalde’s question, but said the statement of Mr. Lacadin serves as a strong evidence against the police chief, who may face charges for neglect of duty or graft.

After the hearing, Mr. Gordon told reporters that the testimony of Mr. Lacadin is strong, him being a “former general, former regional director.”

“(A) retired general would normally not say that,” he said, noting that such have nothing to gain in testifying against Mr. Albayalde.

Others who have testified against Mr. Albayalde were former PNP Chief Alan Purisima, who was in the position at the time of the buy bust, and Baguio City Mayor Benjamin B. Magalong.

Mr. Magalong was the director of the Criminal Investigation and Detection Group that conducted the probe on the alleged cover up of the confiscation of around 200 kilograms (kgs) of drugs in a Nov. 2013 drug buy bust.

The report submitted by the thirteen Pampanga cops declared only around 38 kgs. — Charmaine A. Tadalan

3 NPA leaders, member arrested in Tuguegarao

THREE LEADERS and one member of the New People’s Army (NPA), the armed wing of the Communist Party of the Philippines, were arrested in Tuguegarao City Tuesday evening, police and military authorities reported on Wednesday. In a statement, the three tagged as the “most wanted persons” of the NPA were identified as Violeta Ricardo, Delilah Padilla and Cristeta Garcia, while the member was named as Carol Ballesta. The National Police Criminal Investigation and Detection Group (PNP-CIDG) said Ballesta was arrested for harboring the three, who are facing charges for murder, assault and homicide. — Marc Wyxzel C. Dela Paz

Report on LRT-2 fire out Thursday

DEPARTMENT OF Interior and Local Government (DILG) Undersecretary Epimaco V. Densing III said the Bureau of Fire Protection (BFP) is expected to release today its report on the fire incident on a portion of the Light Rail Transit-Line 2 (LRT-2). “I have already spoken with Fire director Leonard Bañago,” Mr. Densing said during a hearing by the House committee on transportation. “What is significant here, once the report comes out, he will immediately order or issue a clearance, so that the LRT could start with their repairs,” he added. During the hearing, Muntinlupa City lone district Rep. Rufino B. Biazon asked the LRT Authority (LRTA) LRTA if it has any disaster recovery playbook. LRTA Corporate Board Secretary Hernando Cabrera explained that what the agency has is a risk management plan.

PANELO
Meanwhile, Presidential Spokesperson Salvador S. Panelo explained on Wednesday that the government is providing solutions to ease the mass transport woes in the capital. Mr. Panelo has drawn flak over his comment on Tuesday that there is no mass transport crisis despite worsening traffic and commuter difficulties. Among the recent contributing factors was the LRT-2 fire. — Vince Angelo C. Ferreras and Gillian M. Cortez

PACC recommends charges vs 12 NHA officials over Yolanda housing

THE PRESIDENTIAL Anti-Corruption Commission (PACC) on Wednesday recommended the filing of administrative charges against 12 officials of the National Housing Authority (NHA) due to alleged anomalies in the P4-billion housing program for Typhoon Yolanda victims in the Eastern Visayas Region. PACC chairperson Dante LA. Jimenez, in a chance interview with reporters, said the case particularly involves projects in Eastern Samar. PACC, in its filing before the Office of the Ombudsman, said the construction of 2,559 units in four municipalities were bagged by a sole contractor, identified as J.C. Tayag Builders, Inc., with a total contract cost of P741.53 million. However, only 36 housing units were completed as of November 2017. “The case of J.C. Tayag Builders, Inc. was also uncovered in a public hearing of the House Committee on Housing and Urban Development in September 2017. In spite of this, no legal actions have been taken to bring them to account,” said Mr. Jimenez.—Vince Angelo C. Ferreras

NEA asks PALECO to draft sustainability plan

STATE-LED National Electrification Administration (NEA) has called on the Palawan Electric Cooperative (PALECO) to come up with a sustainability plan as rehabilitation activities for its power distribution system continues. “We cannot do this all the time whenever they have a problem. PALECO must have a sustainability plan in terms of vegetation management, line clearing and maintenance. Otherwise, the problem would recur always,” said NEA Deputy Administrator Artis Nikki L. Tortola in a statement on Wednesday. In his meeting with the PALECO management on Sept. 26, Mr. Tortola said he emphasized the need for power cooperatives to come up with a sustainability program so that the hard work and efforts extended by the “Task Force Kapatid” would not go to waste. Rehabilitation works for PALECO’s power distribution system will continue as the initial batch of electric cooperatives completed their tasks last month. The second batch of cooperatives from the Visayas is now preparing to be deployed to Puerto Princesa City. “The rehabilitation activities are not finished yet but we are making progress,” NEA Administrator Edgardo R. Masongsong said. — Victor V. Saulon

Davao del Norte governor backs down on ‘road clearing’ at Tadeco facility

DAVAO DEL NORTE Gov. Edwin I. Jubahib backed down Wednesday on his order to undertake supposed road clearing operations at the entry point of Tagum Agricultural Development Co. Inc.’s (Tadeco) banana plantations in the towns of Sto. Tomas and Braulio Dujali. A Regional Trial Court in Panabo City issued a temporary restraining order (TRO), according to Tadeco legal counsel Nicolas A. Banga. Also, Secretary Emmanuel F. Piñol, chair of the Mindanao Development Authority (MinDA), intervened in the situation. In a social media post, Mr. Piñol confirmed the issuance of the 72-hour court order and that even before it was released, Mr. Jubahib “already relented” to “settle the problem amicably.” The Floirendo-owned company sought the issuance of the TRO after Mr. Jubahib threatened to enter the plantation which, Tadeco said, will jeopardize bio-security measures and facilities. The company said among those that would have been destroyed are the tire dips for vehicles and foot baths for pedestrians, which are intended to block entry of diseases, including the soil-borne Fusarium Wilt or Panama disease. “If successful, the effort of Gov. Jubahib can spell the collapse of our country’s banana industry,” Mr. Banga earlier said. — Carmelito Q. Francisco

DepEd orders closure of Salugpongan schools in Davao

THE DEPARTMENT of Education-Region 11 (DepEd-11) has ordered the closure of private schools owned and operated by the Salugpongan Ta Tana Igkanogon Community Learning Center Inc. effective Monday, Oct. 7. In a press conference Tuesday, DepEd-11 Spokesperson Jenielito S. Atillo presented the resolution, which cites several violations of the schools supposedly catering to children of indigenous people (IP) communities. An ad-hoc fact-finding committee reported that the Salugpongan does not comply with the curriculum standards set by the DepEd, brought students away from their home without the parents’ consent, and its teachers are not licensed. The resolution also noted that Salugpongan schools have been operating within the ancestral domain of IP communities without obtaining the requirements set by the National Commission on Indigenous Peoples (NCIP). Meanwhile, the Save Our Schools (SOS) Network condemned “in the strongest possible terms” the DepEd order. In a statement Wednesday, SOS said, “We cannot consider validity of the DepEd resolution and investigation when they only lent their ears to the false narratives of the Armed Forces of the Philippines (AFP) and its paramilitary troops about the Lumad (IP) community schools.” — Maya M. Padillo

Nationwide round-up

SC warns parties against public comments on VP election protest case

PHILSTAR

THE SUPREME Court has again reminded the parties of Vice President Maria Leonor G. Robredo and former senator Ferdinand “Bongbong” R. Marcos, Jr. to refrain from discussing the electoral protest filed by the latter before the public. SC Public Information chief Brain Keith F. Hosaka, in a mobile-phone message to reporters, said they are reiterating the warning based on the sub judice rule, which prohibits parties from commenting on a pending case. Mr. Hosaka also declined to give further comments, noting that the report on the recount is “confidential” and that the SC justices are carefully studying it. Mr. Hosaka announced on Tuesday that the court did not take action on the report submitted by Associate justice Alfredo Benjamin S. Caguioa on the recount in the three pilot provinces of Iloilo, Negros Oriental and Camarines Sur. “The case remains pending and is still being deliberated by the members of the tribunal,” he said. Mr. Marcos filed the election protest in 2016 after losing the vice presidential race to Ms. Robredo. — Vann Marlo M. Villegas

Saudi Arabia lists 19 public decency offenses subject to fines

SAUDI ARABIA has identified 19 offenses to public decency punishable by fines, the Department of Foreign Affairs (DFA) said Wednesday. The DFA advised Filipino travelers to Saudi Arabia to follow the new regulation, which will primarily be implemented by the Saudi police. “The new regulation helps ensure that travelers to Saudi Arabia are reminded of laws that concern public behavior,” the department said in a statement. The offenses include immodest clothing, public display of affection, taking photos or videos of people without permission, playing music at a residential area without permit or at prayer times, non-removal of pet excrement, littering in non-designated areas, and spitting. Others are writing or drawing without authorization on public transportation vehicles and walls, wearing clothing that promote discrimination, porn or drug use, and skipping waiting lines, among others. The penalty for first time offenders range from 50 to 3,000 Saudi riyals; while repeated violation will have a fine of 100-6,000 Saudi riyals.–Charmaine A. Tadalan

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