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PSE index inches higher ahead of Fed meeting

By Arra B. Francia, Senior Reporter

THE MAIN INDEX eked out gains on Monday as investors mostly stayed on the sidelines ahead of the US Federal Reserve’s policy meeting.

The benchmark Philippine Stock Exchange index (PSEi) added 0.05% or 4.53 points to close at 8,188.52, managing to post gains despite being sold down for most of the day. The broader all-shares index likewise rose 0.15% or 7.44 points to 4,963.04.

“The main index was down for most of the day on below average trading volumes. Investors are on the sidelines as we await the outcome of the US Federal Reserve meeting on Wednesday,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The US central bank’s policy-setting Federal Open Market Committee (FOMC) will hold its two-day policy meeting from July 30-31, where it is expected to cut key interest rates by 25 basis points.

“Many expect the FOMC to cut the funds rate by 25 bps at the July meeting, as virtually all the signals from the Committee point this way. However, decision will be released only on Wednesday night (Manila time), and this event has kept many at bay,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

Four sectoral indices moved to positive territory, led by mining and oil which jumped 0.62% or 49.44 points to 7,920.41. Property climbed 0.43% or 18.76 points to 4,365.85; holding firms gained 0.12% or 9.56 points to 8,008.68, while financials firmed up 0.01% or 0.36 point to 1,848.85.

In contrast, services plunged 0.99% or 16.51 points to 1,635.39, while industrials shed 0.16% or 18.53 points to 11,449.21.

Turnover was thin at P4.84 billion after some 667.34 million issued switched hands, lower than Friday’s P5.90 billion.

Foreign investors remained in net selling position at P180.74 million, lower than the previous session’s P278.02 million.

Decliners outpaced advancers, 100 to 91, while 53 names were unchanged.

“The PSEi was able to stay above the support at 8,150. However, it is looking weaker and weaker by the day. We will not see the market go up until we get more volume. Hopefully it can still trade between the range of 8,150 and 8,300,” AAA Equities’ Mr. Mangun said.

Meanwhile, Wall Street indices ended higher last Friday on the back of strong earnings and better-than-expected US economic growth data. The Dow Jones Industrial Average climbed 0.19% or 51.47 points to 27,192.45. The S&P 500 index jumped 0.74% or 22.19 points to 3,025.86, while the Nasdaq Composite index surged 1.11% or 91.67 points to 8,330.21.

Positive sentiment failed to touch Asian stocks, as most also focused on FOMC’s decision as well as the resumption of trade talks between the US and China set on July 30.

Peso weakens vs dollar on US GDP growth data

THE PESO declined due to better-than-expected US economic growth. — BW FILE PHOTO

THE PESO weakened against the dollar on Monday due to a stronger-than-expected US gross domestic product (GDP) report.

The peso closed Monday’s session at P51.09 versus the greenback, 3.5 centavos weaker than its P51.055-per-dollar finish on Friday.

The peso opened the session at P51.005 per dollar, surging to as high as P50.93 intraday. However, its worst showing stood at P51.10 against the US currency.

Trading volume thinned to $767.25 million from the $859.34 million that switched hands the previous session.

A trader said the peso traded within a tight range yesterday, strengthening initially as it rode on Friday’s momentum.

“However, it was quickly supported at around P50.95 and it eventually (weakened) in line with other currencies as the dollar strengthened during Asia time,” the trader said in a phone interview.

Another trader said the local unit weakened on reduced bets of a 50-basis-point cut in the US Federal Reserve policy rate cut following the release of a stronger-than-expected second-quarter GDP report.

US economic growth slowed to 2.1% in the second quarter from 3.1% the previous quarter, even as strong consumer spending tempered the effects of declining exports and smaller inventory build.

However, the economy slowed less than expected from the 1.8% expected by economists polled by Reuters.

“I think the market is just on a wait-and-see mode and trade within range ahead of the Fed meeting this week,” the first trader added.

The US central bank is widely expected to cut interest rates by at least 25 basis points during the July 30-31 meeting of its policy-setting Federal Open Market Committee.

Earlier this month, Fed chair Jerome Powell hinted on a cut in benchmark rates, saying the central bank will “act as appropriate” to sustain expansion as “crosscurrents” such as trade tensions and concern on global growth are weighing on the economy.

For today, the first trader expects the peso to trade between P50.95 and P51.15 versus the dollar, while the other gave a P51-P51.20 range.

Most Asian currencies also lost steam on Monday as the dollar strengthened on the back of strong US GDP data and investors remained cautious ahead of this week’s Federal Reserve meeting where a rate cut has been largely priced in.

Investors will also be watching the resumption of Sino-US talks as the world’s top two economies make yet another attempt to resolve their differences on trade and other issues that have roiled financial markets for over a year now.

The dollar clung to a two-month high against a basket of currencies in Asia after better-than-expected US GDP data last week enhanced its yield attraction against rival currencies. — Karl Angelo N. Vidal with Reuters

Duterte wants Batanes patrols amid China row

PRESIDENT Rodrigo R. Duterte wants regular patrols near the islands of Batanes province amid China’s land reclamation activities in the South China Sea.

The president, who visited the northern province on Sunday after a series of earthquakes hit Itbatan town at the weekend, said the Philippine Coast Guard should ensure Batanes “remains ours.”

“You might want to ask the Coast Guard to come here,” Mr. Duterte told Defense Secretary Delfin Lorenzana during a briefing with Batanes officials, according a transcript emailed by the presidential palace. “Not everyday but just to assure that those islands will remain ours.”

Mr. Duterte said the government had bought a fast boat that the Coast Guard could use to patrol the northern islands.

He said China is known to have grabbed some lands and the Philippines cannot afford to do the same. “If we steal from China, we might get fired at by missiles,” he said in Filipino. It’s the government’s job, he added to “preserve the Republic of the Philippines.”

The Coast Guard last week took delivery of assets meant to upgrade its sea patrol capabilities and response to natural disasters. The assets included 73 rubber boats with outboard motors, 12 rigid-hulled inflatable boats, 90 pickup trucks, seven buses and five ambulances.

China’s neighbors are racing to empower their Coast Guard fleets amid increasing tensions in the South China Sea.

China claims sovereignty over more than 80 percent of the South China Sea based on its so-called nine-dash line drawn on a 1940s map.

It has been building artificial islands in the disputed Spratly Islands and setting up installations including several runways.

Mr. Duterte has sought closer investment and trade ties with Beijing, including over resources in the disputed sea, since he assumed office in 2016.

His predecessor, Benigno S. Aquino III, sued China before an international arbitration tribunal over its territorial claims, and won. He also strengthened Philippine alliance with the US to try to check China’s expansion in the main waterway. — Arjay L. Balinbin

Senate may probe DoH ‘conflict of interest’

THE SENATE will consider a probe of Health Secretary Francisco H. Duque III for alleged conflict of interest involving a family company, Senator Christopher Lawrence T. Go said yesterday.

“I’m willing to investigate,” Mr. Go, who heads the health committee, told reporters. He added that he trusts Mr. Duque until proven guilty.

Senator Panfilo M. Lacson earlier said Doctors Pharmaceuticals Inc., a company allegedly owned by Mr. Duque’s family, had won contracts from the agency.

Mr. Go said newly appointed Philippine Coconut Authority Administrator Gonzalo T. Duque, the Health chief’s brother, had denied “conflict of interest” during a conversation.

Mr. Lacson earlier said in a privilege speech, three of the company’s five directors were related to Mr. Duque.

“Is it just a mere coincidence that Doctors Pharmaceuticals, Inc. became an accredited government contractor and supplier on the same year that Secretary Duque was confirmed by the Commission on Appointment as secretary of Health during the Arroyo administration in 2005?” he asked.

Mr. Duque did not immediately reply to a text message seeking comment. — CAT

Appellate court denies lawyers’ protection plea

THE COURT of Appeals (CA) rejected the plea of a lawyers’ group seeking protection against government threats on its members.

In a 26-page ruling, the appellate court’s Special Fifteenth Division said the National Union of Peoples’ Lawyer had failed to prove that their life, liberty, and security had been violated.

The lawyer’s group earlier sought court protection from alleged government harassment of its members. Named respondents were President Rodrigo R. Duterte, Defense Secretary Delfin N. Lorenzana, and Armed Forces of the Philippines Chief-of-Staff Gen. Benjamin R. Madrigal, Jr., among others.

“However, the totality of the evidence presented by petitioners fails to meet the requisite evidentiary threshold,” the court said.

The court also denied their plea for the government to produce data, saying they failed to show how their rights to privacy were violated given that their names and their office locations were already known by the public.

In a statement, NUPL President Edre U. Olalia said he was not surprised by the ruling. “We shall nonetheless contest this adverse decision before the Supreme Court to push the envelope,” he said.

Meanwhile, human rights groups Karapatan, Gabriela, and Rural Missionaries of the Philippines asked the Supreme Court to reconsider its dismissal of their similar plea for protection.

In a related development, the Integrated Bar of the Philippines (IBP) denounced the killing of lawyer Anthony H. Trinidad, who was ambushed in Negros Oriental on July 23.

In a statement, IBP demanded that authorities “do their job well” to ensure justice for the victim.

“For if lawyers who are sentinels of the rule of law and who serve the poor are themselves assassinated with impunity, no one would be safe and no one would expect justice in our country,” it said.

Mr. Trinidad and his wife, who was critically wounded, were shot several times while they were on his way home in Guihulngan City, Negros Oriental.

Justice Secretary Menardo I. Guevarra on July 26 ordered the National Bureau of Investigation to probe the ambush and file appropriate charges.

An international delegation of lawyers last March said at least 37 members of the legal profession were killed in the exercise of duty since President Rodrigo R. Duterte took office in June 2016. — Vann Marlo M. Villegas

Health chief’s brother asked to head PCA

PRESIDENT Rodrigo R. Duterte has appointed Gonzalo T. Duque, brother of Health Secretary Francisco T. Duque III, as administrator of the Philippine Coconut Authority (PCA), his spokesman said yesterday.

The new PCA chief served in the Social Security Commission where he represented the labor sector, presidential spokesman Salvador S. Panelo said in a statement.

He also served as a vice-governor of Pangasinan from 1987 to 1992. He later became a director and later promoted to deputy administrator at the Philippine Overseas Employment Administration (POEA).

“With his credentials, we expect a man of competence and integrity in the likes of Mr. Duque to champion the cause of the Filipino coconut farmers,” Mr. Panelo said.

The Duque brothers are facing corruption complaints at the Ombudsman.

Mr. Gonzalo also served as chancellor, executive vice-president, chairman and fourth president at Lyceum Northwestern University for 17 years. — Arjay L. Balinbin

TNT shoots for series end vs Ginebra today

By Michael Angelo S. Murillo
Senior Reporter

ON THE VERGE of returning to the Philippine Basketball Association finals for the first time in over two years, the TNT KaTropa seek to take advantage of the opportunity and close out the Barangay Ginebra San Miguel Kings in Game Three of their best-of-five Commissioner’s Cup semifinal series today at 7 p.m. at the Mall of Asia Arena in Pasay City.

Up 2-0 after an 88-71 victory in Game Two on Sunday, the KaTropa now go for the clincher against the defending champions Kings which would push them to their first finals appearance since the 2016-17 Commissioner’s Cup.

TNT dominated Barangay Ginebra for much of Game Two last weekend on the solid all-around game by import Terrence Jones and shooting, especially from beyond the arc.

The contest was knotted at 21-all at the end of the first quarter before the KaTropa cranked things up both on offense and defense and never looked back after.

Mr. Jones finished with 15 points, 19 rebounds, 10 assists, four blocks and two steals in their Game Two victory.

Jayson Castro top-scored for the KaTropa with 20 points, going 4-of-7 from three-point land.

Roger Pogoy had 18 points with Troy Rosario and Brian Heruela adding 16 and 11 points, respectively.

As a team, TNT shot 36% from beyond the arc, going 16-of-44.

“We’re just lucky that Ginebra had a bad game. We did not expect that as we were expecting them to come back stronger,” said TNT coach Bong Ravena after their Game Two victory.

“Next game our preparation will be the same, expecting a more determined Ginebra team with its back against the wall. But we will come out strong and prepare. There is nothing to celebrate yet. We have to go out and get it,” he added.

For the Kings, primary is to make the needed adjustments come Game Three, said forward Japeth Aguilar.

“They did a good job defensively. We couldn’t get anything from our offense. We have to be more assertive in the next game, assert ourselves and capitalize on every opportunity that we can get,” said the Barangay Ginebra big man, who ended up with 14 points and five rebounds in their last game.

Import Justin Brownlee led the Kings with 25 points and 13 rebounds.

Scottie Thompson finished with 13 points, followed by LA Tenorio with 11.

Blazers seek to remain unbeaten in NCAA 95

By Michael Angelo S. Murillo
Senior Reporter

ONE OF JUST two teams left sans a loss in Season 95 of the National Collegiate Athletic Association, the College of Saint Benilde Blazers look to continue to roll when they return to league action today at the FilOil Flying V Arena in San Juan City.

Set for 4 p.m., the Taft-based Blazers (3-0) collide with the suddenly skidding San Sebastian Stags (2-2) with an eye on keeping its slate clean and staying in step with league-leading San Beda Red Lions (4-0) on top of the standings.

Also playing today are the streaking Letran Knights (4-1) against the tailending Mapua Cardinals (0-4) at 12 noon and middling squads Perpetual Help Altas (1-3) and Arellano Chiefs (1-3) at 2 p.m.

The Blazers are fresh from their 71-67 win over Mapua in an NCAA on Tour fare on July 25 at the Cardinals’ turf in Intramuros.

The trio of Justin Gutang, Clement Leutcheu and James Pasturan led Saint Benilde to the victory, finishing with 12, 11 and 11 points, respectively.

They combined for the 18 of the team’s 25 points in the payoff quarter, which proved to be the difference as they made their way to the win.

Unfortunately for the Blazers, Gutang was helped out in the dying seconds of the match after hurting his left leg.

Despite the strong start they are having in the ongoing season of the country’s oldest collegiate league, Blazers coach TY Tang said they are not getting ahead of themselves, recognizing that it is still too early in the race, and that they are taking things one game at a time.

Looking to send Saint Benilde crashing is San Sebastian, which has seen its promising 2-0 start to the tournament negated after losing back-to-back matches since.

The latest of the defeats of the Stags came at the hands of rival San Beda, 73-59, on July 26, in a game where San Sebastian once again could not sustain their solid game to start things, much like what happened against the Lyceum Pirates in a previous loss.

The Stags had control of the opening half, 35-32, but just could not keep in step with the Lions for the remainder of the contest.

In four games to date, Allyn Bulanadi leads San Sebastian with 12.8 points a game, followed by RK Ilagan with 12 points per contest and Alvin Capobres 10.3 points per outing.

Meanwhile, San Beda forward Calvin Oftana is the reigning NCAA player of the week, boosted by his solid outing against San Sebastian last Friday.

Oftana finished with a near triple-double of 10 points, 10 rebounds and seven assists. Eight of his points came in the payoff period, helping his team to the win over the Stags.

In winning the weekly award, handed by media covering the league, Oftana beat out Renzon Navarro of Lyceum, Ato Ular of Letran, CSB’s Pasturan and Ken Salado of Arellano.

Nationwide round-up

Local governments given 60 days to clear roads, sidewalks


THE DEPARTMENT of Interior and Local Government (DILG), following a directive from the President during his State of the Nation Address last week, has released a memorandum circular directing all local government units (LGUs) to clear all roads and sidewalks from obstructions, such as illegal vendors and illegally-parked vehicles. DILG Secretary Eduardo M. Año said the 60 days period given to officials starts July 29. “Ang ating (Our) countdown starts today,” he said in a press conference on Monday. The memorandum states: “Within 60 calendar days, significant results must be achieved, documented, and reported together with the efforts of the LGUs to sustain the same.” Following the directive, the National Capital Region Police Office said they will provide additional forces to help barangay tanods (watchmen) in ensuring the implementation of the order. “We will provide the necessary police force… so even at night time, we will increase the number of police personnel to provide assistance to barangay tanods and other force multipliers to see to it the policies and guidelines will be implemented,” said NCRPO chief Maj. Gen. Guillermo T. Eleazar. The Metropolitan Manila Development Authority (MMDA), meanwhile, expects that the clearing operations will open more routes for vehicles. “Lahat ng kalsadang pwedeng idagdag sa dami ng sasakyan ay malaking tulong (All roads that could be added in view of the volume of vehicles would be a big help). Just imagine our alternate routes, more than 20% niyan ay ‘di madaanan (of those are obstructed),” said MMDA General Manager Jose Arturo S. Garcia Jr. Local chief executives who fail to implement the order could face a two-month preventive suspension and administrative charges. — Vince Angelo C. Ferreras

4 KAPA officials fail to file counter-affidavit as preliminary investigation resumes

THE DEPARTMENT of Justice (DoJ) resumed on Monday its preliminary investigation into the complaint filed by the Securities and Exchange Commission (SEC) against Kapa-Community Ministry International, Inc. (KAPA) over its alleged investment scam. Through their legal counsel, KAPA’s founder, Joel A. Apolinario, Corporate Secretary Reyna L. Apolinario, Rene Catubigan, and Catherine Evangelista submitted their joint counter-affidavit to the prosecution panel. The SEC has been given until Aug. 5 to submit its reply to the counter-affidavit. Four other respondents in the complaint who have yet to submit their counter-affidavits are trustee Margie A. Danao, Marisol M. Diaz, Adelfa Fernandico and Moises Mopia. The SEC recommended the charging of KAPA and its eight officials for violating provisions of the Securities Regulation Code. The corporate regulator said the organization’s “donation” and “blessing” scheme is the same as selling or distribution of securities in the form of investment contracts. SEC revoked KAPA’s registration last April 3. A freeze order was also secured from the Court of Appeals against its bank accounts and assets. The National Bureau of Investigation and three KAPA investors also filed a syndicated estafa against the organization and its officers. — Vann Marlo M. Villegas

Koepka dominates one-sided bout with McIlroy in Memphis

MEMPHIS — What loomed as a blockbuster bout between two four-times major champions ended up a technical knockout as Brooks Koepka floored Rory McIlroy on the way to a three-stroke victory at the WGC-St. Jude Invitational in Memphis on Sunday.

Koepka had McIlroy reeling with early blows in the final round and never eased up on his out-of-sorts rival at TPC Southwind as he underlined his world number one status.

The American sank a series of clutch putts and carded a five-under 65 for his first victory in the World Golf Championships series.

“I’ve been playing so well as of late and everything just kind of comes if you let it happen and stay patient,” said Koepka.

After starting the final round a stroke behind McIlroy, Koepka finished at 16-under 264, notching his third PGA Tour victory outside the majors.

On top of the $1.745 million winner’s cheque, he also picked up a $2 million bonus as winner of the regular season points race.

It was the first time Koepka and McIlroy had been paired in a final round, raising hopes of a day-long duel.

But McIlroy missed a short birdie putt at the third hole from inside four feet and never recovered.

The Northern Irishman failed to birdie until the 14th hole in his round of 71 and finished equal fourth, five shots adrift of Koepka.

American Webb Simpson (64) claimed second place on 13-under, a stroke ahead of Australian Marc Leishman (67).

Koepka won the PGA Championship in May for his fourth major title in less than two years, and if not for an uncooperative putter, he might have challenged Shane Lowry at last week’s British Open.

The 29-year-old hit a couple of loose shots early on Sunday but chipped and putted precisely, and three birdies were enough for a three-shot lead over McIlroy at the turn.

“These last few years have been unbelievable. It’s been an incredible run,” said Koepka, who spoke of his record of nine runner-up finishes.

“Every time I come second I’m learning something, watching the guy who wins if I’m playing with him, or trying to figure out how I handle shots under pressure.

“I’ve come into my own, figuring out my game, especially under the gun.” — Reuters

Gasoline price drops P.90/L, other fuel products up

OIL COMPANIES are cutting the prices of gasoline products this week by P0.90 per liter (/L), while slightly increasing those of diesel and kerosene. Based on their advisories, most of the companies are implementing the price adjustment at 6:00 a.m. on Tuesday, July 30. Diesel will increase by P0.15 per/L, while kerosene by P0.10/L. Ahead of them, Phoenix Petroleum Philippines, Inc. announced on Saturday a decrease in the price of gasoline by P1.00/L. It did not announce any adjustment for the other petroleum products. The company implemented the price cut at 6:00 a.m. on Sunday. Last week, oil companies cut the per liter prices of gasoline, diesel and kerosene by P0.25, P0.20 and P0.40, respectively. — Victor V. Saulon

2 Itbayat health facilities damage cost at P47M

THE TWO main health facilities in Itbayat could not be used in the aftermath of the twin earthquakes that struck the island Saturday, with total damage estimated at P47 million, according to the National Disaster Risk Reduction and Management Council (NDRRMC). In its situational report as of Monday, the NDRRMC said cracks were reported on the Itbayat District Hospital and the Itbayat Rural Health Unit and “both hospitals are no longer functional due to the continuous aftershocks.” President Rodrigo R. Duterte, during the briefing in Itbayat Sunday afternoon with officials of local government units and national agencies, pledged the release of P40 million for the island’s hospital. In the meantime, Department of Health officials reported that doctors from Tuguegarao are going to Batanes to help tend to the seriously injured who have been airlifted to the hospital in Basco island. A team of medical, mental health, and psychosocial support staff will also provide assistance to affected residents.

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