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1 Abu Sayyaf killed in military operations to rescue kidnap victims

MILITARY FORCES conducting operations to rescue the remaining kidnap victims of the Abu Sayyaf Group (ASG) in the hinterlands of Sulu had an encounter with some 60 members of the bandit group early Monday, which left one ASG dead. Lt. Gen Arnel B. Dela Vega, commander of the Western Mindanao Command (WesMinCom), said the 21st Infantry Battalion of the Philippine Army exchanged fire with the ASG under Almujer Yadah and Idang Susukan in the mountainous village of Bungkaong. “This latest encounter only shows how persistent our forces are to track down the terrorist groups wherever they go to make sure that they are decimated and that remaining kidnap victims are also rescued,” Mr. Dela Vega said in a statement released late Monday. He said there was no casualty on the military side. WesMinCom records show that since January this year, 38 ASG members have been killed during encounters, 32 in Sulu and six from Basilan. The ASG is still holding at least 10 kidnapped foreigners and locals. Last May, the military leadership ordered WesMinCom to “wipe out” the ASG by end-2018. — Albert F. Arcilla

Nation at a Glance — (09/12/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

ECoP fears ‘excessive’ wage hikes due to inflation

AN ASSOCIATION of employers said the economy is not yet in crisis due to high inflation but added that its main concern is the potential for wages to rise to an “excessive” degree.
In a statement on Monday, the Employers Confederation of the Philippines (ECoP) said the difficulties experienced by the Philippines are nowhere near Venezuelan levels, but “an abnormal and unfettered rise in prices could also hurt employment and economic development.”
The Philippine Statistics Authority (PSA) said inflation in August was 6.4%, up from 5.7% in July. The Philippines currently has the highest inflation rate in Southeast Asia.
ECoP added: “There is anxiety on the part of business that wage boards might even grant an excessive salary hike to show compassion to labor and shift the burden to employers.”
It said, “Business too is equally affected by the inflation arising from the high cost of production, and the wage boards must be cautioned in granting such a non-correctible salary hike.”
ECoP expects labor groups to file for large wage increases, and added: “Granting such a petition will hurt the very engine that fuels economic growth in this country and will not help the more than 2 million jobless, the self-employed and the under-employed.”
The Associated Labor Unions — Trade Union Congress of the Philippines (ALU-TUCP) said earlier this month that the average daily minimum wage in the Philippines is P338, though buying power has been much eroded.
In June, TUCP party-list Representative Raymond C. Mendoza filed House Bill 7805 or “The Living Wage Act of 2018” which sought an across-the-board wage increase of P320 for all minimum wage earners in the private sector nationwide.
TUCP also filed a petition for a wage increase with the National Capital Region’s (NCR) Regional Tripartite Wage and Productivity Board (RTWPB), which ECoP asked the wage board to dismiss.
The daily minimum wage for NCR is between P475 and P512. The region will mark the anniversary of its last wage action this month, paving the way for another order to be issued.
ECoP said interest rate hikes represent monetary policy levers resorted to by the Bangko Sentral ng Pilipinas (BSP) but dismissed interest rates as a driver of prices of key commodities.
“While BSP is implementing monetary measures to address inflation, the surging price of rice is a purely supply and logistics issue,” ECoP added.
ECoP asked the National Food Authority (NFA) to address rice supply issues, and called for the speedy passage of the rice tariffication bill to liberalize the importation process and increase supply.
ECoP added that the government needs to consider suspending automatic tax increases on petroleum products, a move which “will temper further increases in the cost of transport and power and most importantly, rein in inflation expectations.”— Gillian M. Cortez

PCCI sees inflation curbed with quick action on agri

THE Philippine Chamber of Commerce Industry, Inc. is seeking a more liberalized importation scheme that would allow even domestic processors that use sugar as a raw material to bring in sugar at any time. — BW FILE PHOTO

THE business lobby said inflation can be kept in check with changes to agricultural policy, particularly with long-term reforms to address systemic production shortfalls in the sugar, rice and fishing industries.
“It’s not alarming in the sense that it’s obvious what is causing the problem. Rice, sugar, fish, vegetables, services and delivery, those are the factors driving prices… There are solutions for these things. The only thing out of our control is fuel,” Philippine Chamber of Commerce Industry, Inc. (PCCI) treasurer and honorary chairman Sergio R. Ortiz-Luis, Jr., said at a news press conference in Taguig City on Tuesday.
Also the president of Philippine Exporters Confederation, Inc., Mr. Ortiz-Luis said according to studies he has commissioned, an 8% inflation rate is still manageable.
Nevertheless, PCCI regrets the impact of inflation on consumers and advised the economic team to set a timetable for its eight-point action plan.
“There must have to be a timetable of implementing this action plan,” PCCI’s Agriculture Committee Chairman Roberto C. Amores said during the briefing, noting however that these are only for the short-term.
On sugar, Mr. Amores said that the group is seeking a more liberalized importation scheme that would allow even domestic processors that use sugar as a raw material to bring in sugar at any time.
Mr. Amores, also the president of the Philippine Food Processors and Exporters Organization, Inc., said sugar shipments brought in by the government failed to resolve the price crunch as the imported sugar was resold at a price still unfavorable to food processors.
Sugar imports are restricted to international traders registered with the Sugar Regulatory Administration, usually those who have participated in the agency’s sugar export program.
PCCI proposes that domestic food processors directly import an initial amount sufficient to service the needs of 4,000 micro, small and medium-sized domestic food processors.
The PCCI also backs a more liberal rice import regime, in which tariffs will be levied on imports.
“The pending Rice Tarrification Bill in Congress is a welcome development that we support if it would mean helping stabilize the price of rice and ensure its sufficient stock, not to the detriment of our farmers,” Mr. Amores said.
In August, the House of Representatives approved on third and final reading House Bill 7735 or the Rice Tariffication bill.
For the fisheries sector, the PCCI is asking the Department of Agriculture to review the ban on the use of the modified Danish seine (MDS) method of fishing.
Mr. Amores said the ban has set back the fish supply by about two million kilos per day leading to “prohibitive” fish prices.
The government banned MDS due to the damage caused to sea grass and coral.
“It’s about time that our policy makers review and revise certain policies that are no longer contributing to the agenda of government,” Mr. Amores said. — Janina C. Lim

PHL rice inventory falls 25%

THE Philippine Statistics Authority (PSA) said the national rice inventory was 1,520.76 thousand metric tons at the start of August, down 25.01% from a year earlier and down 23.61% from a month earlier.
The PSA said on a year-on-year basis rice inventories declined across the board, including a 0.26% drop in stocks held by households, a 42.51% decline in commercial inventories, and a 6.94% drop in rice held by the National Food Authority (NFA).
On a month-on-month basis, household rice stocks fell 24.79% and commercial holdings declined 28.77%. NFA inventories were up 100%.
PSA said rice held by households accounted for 49.08% of the national total, while commercial warehouses held 44.27%, and the NFA 6.65%.
Agriculture Secretary Emmanuel F. Piñol said high prices of commercial rice were caused by a delay in the procurement of rice by the NFA. The depletion of NFA inventories helped drive low-cost rice off the market, emboldening commercial dealers to raise prices and creating a political crisis for the government, because the NFA is expected to service the food requirements of the poor.
“We had a request to import as early as October last year, but this was not approved, which is why NFA rice disappeared from the market,” Mr. Piñol said.
He also expects the supply of rice to be tight next year with China projected to import 5% of its requirements.
Corn stocks rose 75.45% year-on-year to 1,221.91 thousand MT at the start of August, the PSA said.
Driving the increase was the 89.44% increase in inventory held by commercial warehouses, which offset the 15.9% decline in corn held by households.
Month-on-month, corn stocks held by households rose 16.51% and tripled in commercial warehouses. — Reicelene Joy N. Ignacio

DTI says price caps will worsen supply problems

THE Department of Trade and Industry (DTI) said it expects a system of price caps imposed on key goods to worsen shortages in the market.
“We appreciate all these suggestion by Senator (Cynthia A.) Villar. So we considered and we studied it… however, when we were looking into the situation, we considered the possibility of worsening the shortages, which has happened in previous administrations,” Trade Secretary Ramon M. Lopez said in a television interview on ANC Tuesday.
“Goods could disappear from the markets. The situation has to be addressed by expanding supply,” he added.
Mr. Lopez said in a mobile message that price caps discourage producers from delivering goods if they run the risk of losing money due to price restrictions.
Republic Act No. 7581, or the Price Act of 1992, authorizes the government to cap prices on “any basic necessity or prime commodity” sold to the public in case of calamities, emergencies, or a finding of “artificial or unreasonable” price increases.
Such interventions in price-setting can be ordered by the president, upon the recommendation of the National Price Coordinating Council.
Mr. Lopez, nevertheless, said the DTI’s suggested retail price (SRP) scheme is largely being observed.
The SRP currently covers at least 241 items, as defined by their inventory identification number, or stock keeping unit (SKU).
The DTI also expanded its price monitoring to 600 businesses from 400 previously in the National Capital Regional and an additional 500 outlets elsewhere in the country. — Janina C. Lim

Health care inflation seen topping 13% in 2018

INFLATION in health care costs will remain in the double digits in 2018, driven by non-communicable diseases, an international employee benefits firm said.
According to the 2018 Medical Trends Around the World survey conducted by Mercer Marsh Benefits, health care inflation in the Philippines based on the cost of private health care plans is expected to hit 13.1% this year.
If the forecast pans out, the Philippine rate will run ahead of the 9.1% global estimate and will be well ahead of the 4.9% inflation forecast by the Bangko Sentral ng Pilipinas for 2018.
It will also outpace the 2017 rate of 12.4%.
The study, conducted among 225 insurers across 62 countries, attributed the rise in costs to the “increasing incidence of non-communicable diseases” such as cancer, stroke, chronic respiratory disease, diabetes and kidney disease.
Teng E. Alday, Chief Executive Officer of Mercer Philippines, Inc. said the increase in chronic non-communicable diseases in the country may become a “big economic hurdle.”
“The upwardly-mobile young population has been one of our country’s key economic drivers. However, if more of them are getting sick, their long-term treatments will be a financial burden both the private and public sectors have to bear,” Ms. Alday, who is also the Health Business Leader of Marsh Philippines, Inc., was quoted as saying in the statement.
Workplace or personal-related stress or pressure were also cited as another trend driving health care inflation.
She advised employers to promote healthy lifestyles including addressing mental health.
“Traditional medical insurance designs are mainly based on receiving crisis treatment in a clinic or hospital setting while seldom involve the principle of encouraging a healthy lifestyle. Adding the preventive elements into the design will help lower the employee health care cost.” — Karl Angelo N. Vidal

Foreign investment easing seen as achievable goal ahead of federalism shift

THE GOVERNMENT should make foreign investment liberalization its priority as Congress moves to amend the constitution, instead of being sidetracked by the long process of adjusting to federalism, a former Secretary of Finance said.
Margarito B. Teves, who was finance secretary in the Arroyo administration, said the government needs to meet certain prerequisites before being deemed capable of running a federal state, and meeting these milestones could take a long time.
He said for now, Congress should move to remove or at least relax restrictions against foreign investment contained in the 1987 constitution.
“Meeting preconditions for federalism will take time. In contrast, lifting economic restrictions can be done immediately,” Mr. Tevez said in a forum during the Management Association of the Philippines’ general membership meeting in Makati.
These conditions include expanding the capacity of local government units (LGUs), and a strong and efficient bureaucracy in both the federal government and the federated regions.
“The removal of economic provisions can stand on its own regardless of whatever form of government the Con-Ass (Constitutional Assembly) will decide on, and later ratified by the people. It sends a dramatic signal to foreign investors that they are welcome to invest in the Philippines to create jobs and level the playing field that will lead to more competition, to the benefit of the Filipino consumers,” he said.
“If the target is to have something approved by May 2019, it is easier if we just remove the restrictive economic provisions, and then eventually… there’s no consensus later on whether we should go federalism or continue with our present system of government it does not matter. The economic provisions can go with any form of government,” added Mr. Tevez.
Areas with foreign investment restrictions are: mass media, the practice of professions, the utilization of marine resources, contracts for public works, advertising, natural resource exploration, land ownership, operation of public utilities, educational institutions, and weapons manufacturing, among others.
Some sectors are also governed by special laws such as the retail trade, cooperatives, private security agencies, small-scale mining, ownership of cockpits, private radio networks, private recruitment firms, and enterprises producing and processing rice and corn, among others.
The government is seeking to ease foreign ownership restrictions, starting with those that can be done without legislation, via its 11th Foreign Investment Negative List currently with the Office of the President, and awaiting President Rodrigo R. Duterte’s signature.
“If we go through amending the restrictive economic provisions, we don’t have to go through this negative list anymore. Some portions in the negative list have to hurdle the issue of whether the constitution will allow us to accept foreign investment. If the constitution should delete those restrictions, then any areas now can be worked out by foreign investors. That should not be very difficult,” said Mr. Tevez.
Separately, a former member of the 1987 Constitutional Commission said that it has not been established whether federalism will lower poverty in regions.
“Federalism is a risky political experiment that is vulnerable to unintended consequences. Federalism is not even mentioned in the Philippine Development Plan 2017-2022 and Ambisyon Natin 2040,” according to Christian S. Monsod.
“If the government’s road map works without federalization, how much do we save?,” he added.
The National Economic and Development Authority estimated that the shift in government structure would cost P150-247 billion.
“We have largely failed in addressing mass poverty and gross inequalities and the underdevelopment of outlying areas not because of the Constitution. But because we have not fully implemented it, especially its social justice provisions and its mandate of local autonomy,” said Mr. Monsod.
“Devolution can be done with or without federalism. There’s no consensus of the superiority of federal or unitary system, or vice versa. So why shift?” he added.
He added that a prerequisite to an efficient federal form of government is a functioning political party system. “We don’t have that,” said Mr. Monsod.
“Federalism tends to serve the interest of, and thus further entrenches, existing dominant groups in the region, in our case political dynasties.” — Elijah Joseph C. Tubayan

PNR to validate Dalian MRT train repair findings

THE Department of Transportation (DoTr) has directed the Philippine National Railways (PNR) to supervise the testing of train sets manufactured by China’s CRRC Dalian Co. for the Metro Rail Transit Line 3 (MRT-3).
PNR General Manager Junn B. Magno said he was instructed by Transportation Secretary Arthur P. Tugade to validate the report of third -party auditor TUV Rheinland on the train sets before Sumitomo Corp. takes over as the railway’s maintenance provider.
“The report enumerated the reliability factors and the hazard factors of the train sets so we need to test that before we put it into revenue service,” he said during the Senate budget hearing of the DoTr on Tuesday.
He said the PNR was tapped since it has a division in the agency which deals with the reliability and maintainability of its trains.
Mr. Magno said the PNR will conduct simulations next week to check for possible major hazards with the train sets that the Chinese firm may have missed in its repairs.
After the simulation, the train sets will be placed in provisional revenue service by the MRT-3 for at least 150 hours. Mr. Magno said the testing may be conducted this month or October.
Mr. Magno said the PNR will then provide a recommendation to Mr. Tugade whether the train sets are suitable for revenue service or whether there is still a need for CRRC Dalian Co. to rectify some issues.
“If there are still hazards, we will not finish the 150 hours and will return the trains to (CCRC) Dalian so they will rectify it,” the PNR General Manager said.
DoTr Undersecretary for Rails Timothy John R. Batan said Toshiba Infrastructure Systems will also assist the government to validate whether CCRC Dalian has repaired the issues raised with the train sets identified by TUV Rheinland.
“We will run the trains first outside revenue hours so it would not affect operations when there are passengers and later on we will do it during revenue hours… Then, we will gradually deploy the trains in the existing fleet for longer period of time,” he told reporters after the legislative hearing.
He said the process of the simulation and testing will be discussed in a meeting with the various parties on Thursday.
The DoTr hopes to deploy the Dalian trains by the end of the year after it obtained the Chinese firm’s assurance it will shoulder the costs of any modifications.
Mr. Tugade stressed the importance of the deployment of the Dalian trains during the MRT-3 rehabilitation.
“We really need to use the Dalian trains. They said it can be used. If rehabilitation starts with MRT, only 10 trains may be operational. That would be a problem to the commuters. How can we meet the ideal target of the 600,000 passenger ridership with only 10 or 12 trains?” he said during the budget hearing.
The DoTr and the Japanese government, through the Japan International Cooperation Agency (JICA) finalized in May the terms of the rehabilitation for the MRT-3, which will take 43 months. — Camille A. Aguinaldo

Rice handling, storage losses estimated at nearly 900,000 MT/year

THE Philippines loses nearly 900,000 metric tons of rice each year between farm and market, according to the Philippine Rice Research Institute (PhilRice).
In a Senate budget hearing, PhilRice Deputy Executive Director Flordeliza H. Bordey said in a senate budget hearing on Tuesday that the losses were due to mishandling and poor storage practices.
“Almost 889,000 metric tons is the estimate used by the PSA (Philippine Statistics Authority) from all types of losses,” Ms. Bordey said.
Agriculture Secretary Emmanuel F. Piñol said the PSA loss assumption is a 6.5% wastage rate every year. The PSA estimates 2017 production at 19.28 million metric tons of palay.
“It is a constant 6.5% year-on-year. These losses actually occur during distribution,” Mr. Piñol said.
Senator Francis N. Pangilinan said that the Department of Agriculture could have lowered the import requirement by minimizing handling losses. The Philippines imports about 7% of its rice requirement.
Senator Loren B. Legarda said that the DA should look into ways to reduce waste.
“One of the recommendations is packaging rice in the public markets. If we can sell rice in packets of one or two kilos, it will be safe,” Mr. Piñol said, adding that such packaging measures are being implemented by the National Food Authority.
Mr. Piñol said that open sacks are prone to losses due to spillage. — Reicelene Joy N. Ignacio

Peso nears P54:$1 level on trade tensions, data

THE PESO weakened against the dollar on Tuesday as it inched closer to the P54 level amid continued cautiousness over trade tensions abroad fuelled by a wider local trade deficit in July.
The local unit closed Tuesday’s session at P53.94 versus the greenback, six centavos weaker than the P53.88-per-dollar finish on Monday. This is a fresh low for the peso in nearly 13 years or since it closed at P53.985 per dollar on Dec. 7, 2005.
The peso opened the session weaker at P53.94 versus the dollar, sinking to an intraday low of P53.97. Its best showing was at P53.87 per US unit.
Dollars traded slipped to $434.1 million from the $434.9 million that exchanged hands the previous day.
UnionBank of the Philippines chief economist Ruben Carlo O. Asuncion said the peso slipped further as the “trend is still toward weakness.”
“There is still lingering cautiousness on the escalation of US-China trade war,” Mr. Asuncion said in a text message.
China said it will respond if the United States takes new steps on trade as US President Donald J. Trump said he is ready to slap $267 billion in fresh tariffs on Chinese goods on top of the $200 billion to be implemented soon.
“The trade deficit also did not help to shore up the peso,” Mr. Asuncion added.
The country’s balance of trade in goods stood at a $3.55-billion deficit in July as imports accelerated while exports grew relatively flat.
Exports grew 0.3% to $5.85 billion in July, slower than the 2.8% growth in June as well as the 21.9% in July the previous year.
On the other hand, the country’s import bill increased 31.6% to $9.4 billion during the month, faster than the 24.2% the previous month while reversing the 0.3% decline in July 2017.
“Domestic demand continues to drive strong import growth which has not been matched by exports,” Nicholas Antonio T. Mapa, senior economist at ING N.V. Manila branch, said in an e-mail.
He added that the weak peso contributed to the weak trade performance, noting that the recent strong rhetoric from the Bangko Sentral ng Pilipinas (BSP) in response to elevated inflation and weakening local unit “could help stem the currency’s weakness and prevent the trade gap from widening further.”
Last Friday, BSP Governor Nestor A. Espenilla, Jr. said the central bank will take “strong immediate action” to address threats to price increase and inflation expectations.
For Wednesday, Mr. Asuncion expects the peso to move between P53.75 and P53.95, while a foreign currency trader gave a P53.80-P54 range.
PESO A VICTIM OF EM ROUT
Meanwhile, the Department of Finance (DoF) Tuesday, September 11, sought to dispel worries over the depreciation of the peso, which is among the victims of the emerging markets rout over the Turkey crisis, saying that macroeconomic policies are best indicators of resiliency.
“The Philippine peso has been moving in tandem with Asian currencies amid severe exchange rate volatility spawned by the global trade war, the Turkey-Argentina crisis and the Fed[eral Reserve] monetary normalization,” the DoF said in an economic bulletin on Tuesday.
“Maintaining good macroeconomic policies, through manageable fiscal and BoP (balance of payments) balances, and adopting economic reforms through tax reforms and still the best way to sustain growth and investment and, at the same time, steel the economy from external economic shocks,” the DoF said.
As of the first half, government revenues were above target by 8% due to the Tax Reform for Acceleration and Inclusion law as well as improved tax administration.
The peso fell to its lowest level in nearly 13 years last week, nearing the P54-a-dollar mark.
Following the local currency is the Chinese yuan, down 4.97%; the Korean won, down 4.46%; and Taiwan dollar, which lost 3.46%.
The DoF said the economies that saw their currencies depreciate the most saw the fastest growth rates among 12 emerging markets as of the first semester, with India at 8.2%, the Philippines at 6.3% and Indonesia at 5.2%.
“Since July 31 when emerging markets were the target of adverse hot money movements as contagion spread from problems in Turkey and Argentina, the Philippine peso depreciated by 0.82%, ranking 5th among 8 Asian countries whose currencies depreciated,” the DoF said.
According to the DoF, the Philippine peso depreciated by 7.39% since the start of the year, the third worst among 12 currencies of the fastest-growing Asian countries, behind the Indian rupee’s and Indonesian rupiah’s decline of 11.7% and 9%, respectively. — KANV and EJCT

Stocks slump on US-North Korea meet concerns

LOCAL EQUITIES slumped on Tuesday as the second meeting between United States and North Korean leaders alongside the delay of President Rodrigo R. Duterte’s scheduled speech in the afternoon dampened investor sentiment.
The bellwether Philippine Stock Exchange index (PSEi) dropped 1.02% or 78.14 points to close at 7,518.01 Tuesday, September 11, managing to rise from its intraday low of 7,492.40 before the closing bell. The broader all-shares index likewise fell 0.93% or 43.43 points to 4,597.28.
“Participants may have been anticipating President Duterte’s supposed address to the nation. This was, however, moved from the original schedule of 3 p.m. to a later time,” Papa Securities Corp. trader Gabriel Jose F. Perez said by e-mail.
Mr. Duterte announced on Monday that he will be addressing the nation at 3 p.m. on Tuesday, Sept. 11. Malacañang, however, canceled the supposed appearance and later said that the president will have a “tête-à-tête” with Chief Presidential Counsel Salvador Panelo.
“Local shares slid once more as FANG weakness, apprehension over a second meeting between Trump and Kim Jong Un, and lingering concern over US and China trade tensions weighed on investor optimism,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a text message.
FANG stocks are those of four of the largest technology companies in the world, namely Facebook, Amazon, Netflix and Google. The stocks have been declining in previous days which some analysts attribute to seasonality.
North Korean leader Kim Jong Un was also reported to have requested for a second meeting with US President Donald J. Trump to continue nuclear negotiations. This will be a follow-up to their first meeting in Singapore last June.
Wall Street indices ended mixed overnight, with the Dow Jones Industrial Average dipping 0.23% or 59.47 points to 25,857.07. In contrast, the S&P 500 index gained 0.19% or 5.45 points to 2,877.13, while the Nasdaq Composite index added 0.27% or 21.62 points to 7,924.16.
Most Asian indices also posted slower performances following the announcement of Kim Jong Un’s second summit with Mr. Trump.
Back home, all sectoral indices closed in negative territory, led by the mining and oil sector which closed 2.19% or 212.43 points lower at 9,447.46. Holding firms shed 1.8% or 136.12 points to close at 7,396.41; industrials gave up 0.8% or 91.04 points to 11,227.99; financials slipped 0.75% or 12.85 points to 1,692.92; services lost 0.48% or 7.37 points to 1,510.32; while property went down 0.37% or 13.93 points to 3,728.90.
Some 1.12 billion issues switched hands valued at P5.40 billion, thinner than the previous session’s P7.40 billion.
Decliners were almost triple advancing stocks, 150 to 58, while 42 names ended flat.
Foreign investors were net sellers for a ninth straight day, with net outflows reaching P577.03 million on Tuesday, albeit lower than the P852.58 million in net sales posted on Monday. — Arra B. Francia

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