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Main index ekes out gain on last-minute buying

By Arra B. Francia, Reporter
STOCKS eked out gains on Tuesday after posting losses for most of the session, as foreign investors continued to flee the market without any signs of new catalysts to bring them back.
The benchmark Philippine Stock Exchange index (PSEi) added 0.12% or 8.56 points to 7,059.38 yesterday, snapping a three-day losing streak amid relatively thin trading. In contrast, the broader all-shares index went down 0.27% or 12.15 points to 4,335.69.
“The index traded weakly the entire day, weighed down once again by net foreign selling… The PSEi was saved by a round of MOC (market on close) buying however, which caused it to close a bit higher,” Papa Securities Corp. trader Gabriel Jose F. Perez said in an e-mail.
Regina Capital Development Corp. Senior Equity Analyst Rens V. Cruz II noted the same, blaming foreign selling for the main index’s performance.
“Foreign outflow continues to be a drag..Both the absence of positive catalyst, and the combination of disappointing economic numbers drove investors to reduce exposure to the market, and prevents re-entry,” Mr. Cruz said in a mobile message.
While net outflows slowed to P158.01 million compared to Monday’s figure of P527.90 million, yesterday showed the 29th straight session that foreign investors logged a net selling position.
Analysts attributed this to foreign investors’ preference for more developed countries versus emerging markets, as the US economy showed its continued strength alongside rising yields on 10-year US treasury notes.
“Domestic funds with increased risk-appetite due to cheaper valuation of 2nd to 3rd tier stocks were not enough to attract volume,” Mr. Cruz added.
Four sectoral indices moved to negative territory, led by mining and oil which lost 1.39% or 122.11 points to 8,635.08. Services dropped 0.67% or 10.20 points to 1,497.14, financials shed 0.46% or 7.30 points to 1,566.15, while holding firms slipped 0.14% or 10.13 points to 6,906.09.
Meanwhile, property jumped 1.18% or 41.16 points to 3,519.61, followed by industrials which gained 0.92% or 95.36 points to 10,427.26.
Turnover was flat at P4 billion after some 953.28 million issues switched hands.
Decliners prevailed for the day at 103 names, versus 75 advancers and the 53 that ended unchanged.
International markets ended mixed overnight, with the Dow Jones Industrial Average climbing 0.15% or 39.73 points to 26,486.78. The Nasdaq Composite index slumped 0.67% or 52.50 points, while the S&P 500 index also dipped 0.04% or 1.14 points to 2,884.43.
Most Asian markets also closed in negative territory due to fears on the US-China trade war, with China stocks leading the decline as investors shrugged off the central bank’s efforts to inject more money into their economy.
Papa Securities’ Mr. Perez placed the PSE index’s initial support at 6,923, or its intraday low so far this year.

Senate says no time for House draft charter

By Camille A. Aguinaldo, Reporter
THERE IS no time to tackle the draft constitution proposed by House Speaker Gloria M. Arroyo in the 17th Congress, Senate leaders said on Tuesday.
“Because of time constraints, I really doubt if we will be able to consider it,” Senate President Vicente C. Sotto III told reporters.
Last Monday, the House committee on constitutional amendments presented to the plenary a draft constitution that removes term limits among lawmakers and the ban on political dynasties.
The proposed Charter was filed by Ms. Arroyo, separate from the draft created by the President’s Consultative Committee (ConCom).
Senate Majority Leader Juan Miguel F. Zubiri, for his part, said it would be difficult to tackle charter change since the Senate will be focused on the passage of the proposed 2019 budget when Congress resumes session in November.
“With all due respect to our colleagues in the House, we don’t have time. We have the budget coming up, so the whole November and December, we will be discussing and approving the budget,” Mr. Zubiri told reporters.
“Practically, we can discuss this on the 18th Congress,” he added.
The mid-term elections is scheduled in May 2019, which covers positions for all House representatives and 12 of the 24 senators.
Senate Minority Leader Franklin M. Drilon also noted that the Senate is still awaiting the report of the Senate committee on constitutional amendments and revision of codes on Charter Change.
He described Ms. Arroyo’s version as “dead on arrival” if the proposal is transmitted to the Senate.
“We are still awaiting the report of the committee whether or not the recommendation is to amend the Constitution and if it is through constituent assembly before we reconsider the substance of the proposal. There is simply no time,” he told reporters. .
Ms. Arroyo’s draft Constitution sets the Senate president, instead of the vice-president, as the successor of the President should he step down during the transition period to federalism.
House committee on constitutional amendments chair Vicente S.E. Veloso has said the provision was meant to ensure stability amid the ongoing electoral protest between Vice President Leni G. Robredo and losing candidate Ferdinand R. Marcos, Jr. However, Mr. Drilon held a different view, saying that the stability has already been assured in the succession provisions of the Constitution.
“Certainly at the very least, the rule of succession applies and therefore, the Vice President should take over. That is the role of the Vice President. I cannot support the proposal… If they want to achieve stability, the stability is to follow the rule of succession; otherwise, there will be instability because the Senate President can be replaced anytime,” he said.
Sought for comment, Ibarra M. Gutierrez III, spokesperson of Ms. Robredo told reporters: “The agenda of the House of Representatives has been clear in its proposed Charter Change. At first, they said they wanted to revise the economic provisions, to implement federalism and to help the country. But it turned out that there is no interest to address the problems facing the country today. The interest really is blatant power grab. There is no reason to skip over the Vice President in the terms of succession.”
Meanwhile, the House committee on constitutional amendments will continue working on its draft constitution with an aim for approval by year-end.
“We envisioned that by May 2019, we will have a ratified 2018 constitution,” Mr. Veloso told reporters in a press briefing, Monday.
He explained that with this target, the House has to pass its version by February at the latest.
Committee member Alfredo B. Benitez of the 3rd district of Negros Occidental said in mixed Filipino and English, “As far as we’re concerned, maybe this year we can pass this.” — with Charmaine A. Tadalan

Kasai nominated as WHO Western Pacific head

Dr. Takeshi Kasai — WWW.WPRO.WHO.INT

HEALTH MINISTERS and other senior officials from 30 countries voted on Tuesday in Manila for the next head of the World Health Organization’s (WHO) Western Pacific Regional Office (WPRO), with Japanese Dr. Takeshi Kasai as the nominee.
Mr. Kasai’s name will be submitted for appointment to the 114th session of the WHO Executive Board, scheduled January 2019 in Geneva, Switzerland, according to a WHO statement released yesterday.
The new regional director will take office on February 1 for a term of five years. Regional directors may serve up to two terms.
The Japanese government announced last April that it nominated Mr. Kasai as the country’s representative among the candidates for the WHO WPRO post.
Prior to his nomination, he was WHO Director of Programme Management and Deputy to the Regional Director of WPRO.
Mr. Kasai’s public health career has spanned 28 years, including 15 years with WHO beginning in 2000, working as a medical officer for the WHO WPRO. In 2003, he became WHO director of office, International Affairs Division, Ministry of Health and Labour and Welfare in Japan until 2004.
“Dr. Kasai has a strong conviction that health as human right and as the foundation for peace requires strong commitments by all stakeholders including national and local governments, as well as international organizations such as WPRO. He has been deeply committed to the work of WHO through his 15-year career,” his profile reads.
Incumbent WPRO Regional Director Dr. Shin Young-soo welcomed the nomination of Mr. Kasai.
“I warmly congratulate and sincerely wish Dr Kasai the very best as the next Regional Director,” Mr. Shin said in a statement on Tuesday.
“When he takes the reins in February, he will inherit a strong and robust Organization, and the honour of working with a diverse group of countries joined by a formidable bond of solidarity and an unwavering commitment to delivering better health for all.” — Gillian M. Cortez

Cat-calling bill up for House plenary approval

THE SENATE on Monday approved on third and final reading the bill penalizing cat-calling and other forms of street-based sexual harassment.
Senate Bill No. 1558, the Safe Streets, Workplaces, and Public Spaces Act, was approved with 21 affirmative votes, no negative vote, and no abstention.
It was authored and sponsored by Senator Risa N. Hontiveros-Baraquel, the chairman of the Senate committee on women, children, family relations and gender equality.
The bill imposes penalties against unwanted comments, gestures, and actions forced on a person due to his or her gender in a public space, without their consent. Violators may face a fine ranging from P1,000 to P10,000, imprisonment from 30 days to six months, and community service, depending on the gravity of the offense.
Specific acts include, but are not limited to, unwanted cursing, wolf-whistling, cat-calling, leering, sexist, persistent requests for someone’s name, number or destination after clear refusal, persistent telling of sexual jokes, use of sexual names, comments and demands, following, flashing, public masturbation, groping, and stalking. — Camille A. Aguinaldo

Nationwide round-up

Chinese envoy ‘concerned’ over US naval exercises with Xi’s Manila visit


MALACAÑANG ON Tuesday said the People’s Republic of China “has expressed concern” about the scheduled naval exercise that the United States will be conducting in the South China Sea during President Xi Jingping’s visit to Manila this November.
In a press briefing at the Palace on Tuesday, Presidential Spokesperson Harry L. Roque, Jr. said, Chinese Ambassador to the Philippines Zhao Jianhua had a courtesy call with the President Monday afternoon, where they discussed Mr. Xi’s visit.
He said, “The President and Ambassador Zhao discussed the upcoming visit of President Xi to the country this November, which both agreed would further cement the already strong relations between the Philippines and China. China of course expressed concern over a naval, a military exercise that the United States will be conducting in the area at about the same time that the Chinese President will be in the Philippines; the President said that we will not take part in that military exercise.”
Mr. Roque said both leaders “agreed that joint exploration in the disputed West Philippine Sea would be to each other’s interest… and China reiterated that they do not desire any military confrontation as a result of the West Philippine Sea, either with any of the claimant states or with any other powers because China is the biggest user of the West Philippine Sea, and any military confrontation in the West Philippine Sea will have dire consequences as far as Chinese commerce is concerned.”
Meanwhile, the Department of National Defense (DND) announced yesterday that the Philippines and other members of the Association of Southeast Asian Nations (ASEAN) will be joining China in a maritime exercise later this month in the disputed South China Sea.
The exercises is set Oct. 22 to 29 in Zhanjiang, China, DND Public Affairs head Arsenio R. Andolong told reporters in a text message on Oct. 8.
Mr. Andolong said China proposed not to hold the drills in the disputed areas, and the participating countries agreed to Zhanjiang as venue.
He added that the maritime drill will focus on the improvement of sea protocols.
Mr. Andolong said nations are hoping for “deepening understanding” of China and “we are also exploring the possibilities of finding ways to improve the unexpected encounters (and our) sea protocols.”
China continues to assert its claim in the entire South China Sea, parts of which are claimed by the Philippines, Malaysia, Vietnam, and Brunei, all members of the ASEAN. — Arjay L. Balinbin and Vince Angelo C. Ferreras

Carpio warns withdrawal from ICC leaves PHL with no legal deterrent vs China

THE PHILIPPINES is giving up a “legal deterrent” against an invasion of China in the Scarborough Shoal with the country’s withdrawal from the International Criminal Court, Associate Justice Antonio T. Carpio said.
Mr. Carpi, speaking in the oral arguments during his interpellation of Solicitor-General Jose C. Calida yesterday, said the ICC is the only international tribunal that can decide on territorial disputes unless both camps voluntarily submit the case to arbitration.
“This is the only treaty in the world that holds military and political leaders of a state that commits crime of aggression that will hold these political and military leaders individually accountable before an international tribunal. No other,” he said.
“We will be giving up this legal deterrent if we withdraw from the ICC we cannot bring President Xi Jinping to the ICC if he invades Pag-asa or builds a military base in Scarborough shoal. We will lose that defense,” he added.
Mr. Carpio emphasized the recent amendment in the Rome Statue on July 17, 2018 states that political and military leaders who commit aggression through invasion and occupation of the territory of another state will be held responsible and can be brought to the ICC.
The Philippines did not ratify this amendment as it already sent the notice of withdrawal to the United Nations Secretary General in March.
“I mean we could not take advantage of this legal defense anymore because we are withdrawing from the Rome Statute and we have to take advantage of this new crime, we must remain with the ICC and we must ratify the Kampala amendment, the fourth crime under ICC. But we will not be doing this because we are withdrawing, correct?” he asked Mr. Calida.
The solicitor general replied that there might be other international treaties that can be used even after the ICC withdrawal.
Mr. Carpio asked him if he knew any, but Mr. Calida was not able to name one.
Mr. Calida asserted before the interpellation that the Court cannot exercise its power of judicial review over the cases as this authority “is limited to the determination of actual cases and controversies.”
“No actual case or controversy has been presented by the petitioners for the court to exercise its power of judicial review. The absence of an actual case or controversy is fatal. It means that the court has nothing to resolve. As a rule, courts will desist from taking cognizance of speculative or hypothetical cases,” he said, adding that it did not cause direct injury to the petitioners.
President Rodrigo R. Duterte initiated the withdrawal from ICC following the court’s preliminary examination against him over the government’s war on illegal drugs.
Opposition senators filed a petition before the Supreme Court last May and sought to declare ththe withdrawal as invalid, claiming that the President cannot unilaterally withdraw from a treaty.
The Philippine Coalition for the International Criminal Court also sought to invalidate the withdrawal.
Both parties were asked to submit their respective memoranda after 30 days. — Vann Marlo M. Villegas

2 SC associate justice applicants up for JBC interview on Oct. 18

THE JUDICIAL and Bar Council (JBC) has set the public panel interview for two of the 13 applicants for the Supreme Court associate justice position vacated by Chief Justice Teresita J. Leonardo-Castro on Oct. 18.
The two applicants to be interviewed from 9 a.m. to 12 p.m. are Sandiganbayan Justice Alex D.L. Quiroz and lawyer Rita Linda V. Jimeno.
Eleven other candidates whose previous public interviews are still valid are: Courts of Appeals Justices Oscar V. Badelles, Manuel M. Barrios, Apolinario D. Bruselas, Jr., Rosmari D. Carandang, Stephen C. Cruz, Edgardo L. Delos Santos, Japar B. Dimaampao, Ramon D.R. Garcia, Ramon Paul L. Hernando, and Amy C. Lazaro-Javier, and former Ateneo Law Dean Cesar L. Villanueva.
Ms. De Castro vacated the position when she was appointed as top magistrate on Aug. 25.
Furthermore, the JBC has opened the application or nomination for SC associate justice, replacing Associate Justice Noel G. Tijam, who will retire on Jan 5, 2019. The deadline for the submission of application and requirements is Nov. 5.
The JBC has earlier opened the application for chief justice and set the deadline on Oct. 15. Ms. De Castro is retiring on Oct. 10. — Vann Marlo M. Villegas

Roque, gearing up to campaign, may not run for Senate after all

PRESIDENTIAL SPOKESPERSON Harry L. Roque, Jr. said on Tuesday that the previous pronouncement of President Rodrigo R. Duterte regarding his Senate bid “was a game changer.”
In a public speech last week, Mr. Duterte said he does not believe Mr. Roque will win in the 2019 senatorial race and that he will instead offer Mr. Roque another position for him stay in the administration.
“For the past five or six months, he’s been calling me senator; for all intents and purposes, endorsing my bid for the Senate. So I was taken aback with his statement also with the PMA (Philippine Military Alumni) alumni. So, it was a game changer so to speak. It was a change in tone. But I think there was an agreement on what I would be doing ahead of time,” Mr. Roque said in a press briefing at the Palace on Tuesday, Oct. 9.
Mr. Roque also confirmed that he shot a campaign advertisement over the weekend.
“Well, the truth is, I shot it because it’s been paid for. And, you know, I mean, we’ve had plans. Whatever has happened in the last few days were really major deviation from plans that even the President knew about,” he said.
As for his final plans, he said, “As I said, I’m discussing with the President and I’d rather that the President and I agree on a course of action.” — Arjay L. Balinbin

Andaya says SALN complaint ‘an ongoing hatchet’ job

THE TRUTH & Justice Coalition on Tuesday filed a complaint before the Office of the Ombudsman against House Majority Leader Rolando G. Andaya Jr. and his wife over alleged dishonesty in their Statement of Assets, Liabilities and Networth (SALN). Advocacy group President Greco Antonious B. Belgica said the complaint stemmed from the 2016 and 2017 SALNs of Mr. Andaya, who represents the 1st district of Camarines Sur, and wife Marissa Lourdes Andaya. “An analysis of the two SALNs readily reveal that these documents are exactly the same, save for the year when the SALN was dated,” said Mr. Belgica, who is also Commissioner Presidential Anti-Corruption Commission. In response, Mr. Andaya dismissed the complaint as “an ongoing hatchet” against him over his plans to run as Camarines Sur governor. “In a bid to keep their stranglehold on the province, my enemies are resorting to tactics most foul, because the most recent surveys show that I will beat their candidate, despite the private and public resources at their disposal,” Mr. Andaya said in a statement. — Charmaine A. Tadalan

Swine-raising learning center opens in lechon capital

LOCAL BREEDER Exelsior Farms, Inc. (EFI), along with four industry partners, opened a swine-raising learning center in Cebu City, the first such institution in the country. EFI, which operates a 20-hectare pig farm in Pinamungajan town in Cebu province, has partnered with Big Dutchman, a global market leader in pig production; Animal feed supplier Cargill; and London-based Pig Improvement Company (PIC) to establish the Swinenovation Learning Center in Mabolo, Cebu City, which is considered as the “Lechon Capital of the Philippines.” EFI Chairman and Chief Financial Officer (CFO) Alvin S. Hing, said the opening of the free learning center was prompted by the industry’s bid to uplift the standard of farming in the Philippines, particular in swine breeding and pork production. The center offers modules on farm management and production from breeding to harvest, genetic technology, facility design, operation maintenance, feeds, and feeding, animal health, and biosecurity. “The center will act as the catch-basin or landing-pad for all latest technologies in pig production in the Philippines — hopefully in Asia,” said Patrick Ty, BD Agriculture (Philippines) Inc., the local distributor of Big Dutchman products. — The Freeman
>> See full story on https://goo.gl/PkUFK3

International Banana Conference opens today as PBGEA reiterates call for lower tariffs

THE INTERNATIONAL Banana Conference, organized by the Philippine Exporters Confederation Inc. (Philexport)-Region XI Chapter, starts today as the major industry players reiterated their call on government to negotiate for lower tariffs in export destination nations. Pilipino Banana Growers and Exporters Association, Inc. (PBGEA) Executive Director Stephen A. Antig, in an interview, expressed frustration over government’s slow action on their appeals. Philippine banana exports are slapped an 8% tariff in Japan during summer and 18% during winter when it is harvest time for their fruits. A 30% tariff is being imposed by South Korea. “We still pay very high tariffs for our banana exports to Japan and Korea,” Mr. Antig said, noting that the country’s banana industry, which is mostly based in Mindanao, provides direct employment to more than 340,000 people with an estimated P51 billion salary per annum and a tax contribution to the government of P7 billion per year. One of the objectives of the three-day conference, to be held in Davao City, is to “enhance the country’s position in establishing market harmony with trading partners via reduction if not elimination of tariffs and regulatory impositions on said agricultural product,” according to Philexport. — Carmencita A. Carillo

Davao City passes law allowing Muslim women to wear head, face covers

Bai Halila Y. Sudagar, indigenous peoples representative in the Davao City council, is a member of the Kagan Tribe and also a Muslim. — BW FILE PHOTO/CACARILLO

THE MUSLIM community in Davao City welcomed the passage of an ordinance that respects their tradition of wearing head and face covers for women. “We welcome this initiative because it shows that the city government encourages its people to respect one another,” Aleem Mahmod M. Adilao of the Bishop Ulama Conference said. The city council approved last week the ordinance that protects Muslim women from discrimination if they wear head and face covers as a symbol of their faith, either in schools, workplaces, or business establishments. Halila Y. Sudagar, representative of the indigenous peoples to the city council who pushed for the law, said it is significant to have such a rule considering that some foreign countries ban this tradition. Under the ordinance, Muslim women can wear hijab, which covers the head and the chest; niqab, a face and head cover that only shows the eyes; or, burqa, which covers the entire body and leaves only a mesh screen for the eyes. — Carmelito Q. Francisco

Nation at a Glance — (10/10/18)

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

Final 4-bound Letran wins anew, beats San Sebastian

By Michael Angelo S. Murillo
Senior Reporter
THE LETRAN KNIGHTS sustained their strong finish in the wind-up of the elimination round of Season 94 of the National Collegiate Athletic Association as they won their fifth straight game with a 79-61 victory over the San Sebastian Stags on Tuesday at the FilOil Flying V Centre in San Juan.
Came out in their element right from the get-go, the Knights dominated their rivals and never allowed the Stags to gain much headway in their fight-back attempts to book their fifth win in a row and improve to 12-4, still with a shot at a top-two finish in the eliminations that could merit them a twice-to-beat edge in the Final Four.
Letran opened the proceedings with a 6-0 blast and never looked back the rest of the first quarter to go on top 19-10.
The Stags tried to claw their way back in the second period but Bonbon Batiller and Larry Muyang would not allow the Knights to skip a beat, helping their team to a 29-15 lead midway into the frame.
Letran went on to lord it over San Sebastian after to take a commanding 42-25 advantage at the halftime break.
Despite the continued fending off of them by the Knights, the Stags remained resilient.
Behind RK Ilagan, Jesse Sumoda, and Michael Calisaan, San Sebastian managed to recover some ground in the third period.
When the quarter ended, the Stags were just seven points down, 59-52.
Sensing that they gave San Sebastian much real estate in the third canto, Letran came out with more purpose and aggressiveness to start the final frame.
Muyang and JP Calvo propelled the attack of the Knights that had them stretching their lead to 18 points, 72-54, with five minutes left in the game.
From there the Knights sped some more all the way to the win.
Muyang led Letran with 15 points and 13 rebounds as he was named player of the game.
Batiller also had 15 points while Nico Galvelo and Christian Fajarito had 14 and 11 points, respectively.
Calisaan paced San Sebastian (4-12) with 16 points with Ilagan finishing with 13 and Sumoda 12.
“This is a big win for us because we are now assured of a Final Four spot. But this is not where we want to be and we know we still have to work hard to go even deeper,” said Letran coach Jeff Napa following their victory.
“As far as the top two, we will let fate take its course if we are to notch it or not. From our end we will just be ready for whoever we face in the Final Four and where we end up,” he added as he spoke of their chances of finishing in the top two.
The Knights currently trail the defending champions San Beda Red Lions (14-1) and Lyceum Pirates (14-2) in the race to the top.

On-fire teams Blackwater, Magnolia lock horns today

By Michael Angelo S. Murillo
Senior Reporter
TOP-FLIGHT teams Blackwater Elite and Magnolia Hotshots Pambansang Manok test each other today in their 7 p.m. Philippine Basketball Association Governors’ Cup tussle at the Cuneta Astrodome in Pasay City.
Both right smack of a winning run that has them flying high in the season-ending PBA tournament, the second-running Elite (6-1) and currently third Hotshots (5-1) gun for the victory to keep their respective streaks going and fortify their spot in the top four that will have them a twice-to-beat advantage in the quarterfinals.
Preceding the main game today is the battle between the Phoenix Fuel Masters (5-2) and NLEX Road Warriors (4-3) at 4:30 p.m.
Blackwater has won in two in a row after absorbing its first defeat of the season.
Its last victory was over the Rain or Shine Elasto Painters, 99-93, on Oct. 7, that had the Elite proving tough in the end en route to bagging the win.
The Elite showcased a balanced attack versus the Elasto Painters with five players finishing in double figures, led by Mike DiGregorio with 17 points and Nards Pinto adding 16.
Import Henry Walker had a triple-double of 14 points, 14 rebounds and 12 assists. Allein Maliksi and Paul Zamar were the two other Elite players in double figures with 13 and 11 points, respectively.
While they padded their push for the playoffs with the victory, Blackwater coach Bong Ramos said they are not thinking of the next round just yet and taking it a game at a time.
“We’re not thinking of the playoffs yet. For us it’s one game at a time and continue improving our game,” he said following their victory.
Their 6-1 start is the best for the Elite in franchise history.
ROLLING HOTSHOTS
The Hotshots, meanwhile, have racked three straight victories and have been steady of late.
They are off a 113-95 victory over the Columbian Dyip on Oct. 3 as they dominated from wire-to-wire.
Import Romeo Travis had a near triple-double of 32 points, 14 rebounds and seven assists to lead Magnolia to its third win in a row.
Mark Barroca finished with 16 while Paul Lee and Ian Sangalang had 13 and 11 points, respectively.
“We need to finish (the elimination round) strong. This (win over Columbian) is a testament to our defensive mindset. We need to have that best effort regardless of who we face. I’m proud of my players because they were able to do that for the entire 48 minutes in this game,” said Magnolia coach Chito Victolero following their win over winless Columbian (0-8).

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