How PSEi member stocks performed — July 3, 2018
Here’s a quick glance at how PSEi stocks fared on Tuesday, July 3, 2018.
Palace expresses confidence in PNP solving political murders after second mayor killed
By Dane Angelo M. Enerio
Malacañang Palace on Tuesday evening (July 3) said it was confident the Philippine National Police (PNP) “would be able to conduct a fair and thorough investigation” on the assassinations of Tanauan (Batangas) Mayor Antonio C. Halili and General Tinio (Nueva Ecija) Mayor Ferdinand P. Bote.
Mr. Bote was ambushed on Tuesday afternoon by unidentified motorcycle-riding gunmen outside the office of the National Irrigation Administration in Cabanatuan City while Mr. Halili was shot the day before by an unidentified assailant during his city government’s weekly flag ceremony.
Aside from being able to solve the murders, Presidential Spokesperson Harry L. Roque also said PNP Director-General Oscar G. Albayalde would be able to “bring the perpetrators to justice.”
“We assure everyone that we would discharge the state obligation for every murder,” Mr. Roque told reporters hours after the death of Mr. Bote.
According to him, the government, “will spare no effort in getting to the bottom of this latest violent crime.”
President Rodrigo R. Duterte had accused Mr. Halili of being involved in illegal drugs as he was named in the government’s “narco-list” of suspected drug personalities and cohorts. When asked if the same could be said for Mr. Bote, Mr. Roque told reporters the General Tinio mayor was “not (in) the narcolist” and that he was even “a supporter of (Mr. Duterte.)”
Sought for comment on the death of Mr. Bote, Justice Secretary Menardo I. Guevarra on Tuesday evening told reporters in a text message he has “given direct orders to the NBI (National Bureau of Investigation) to investigate (the) two murders in a row.”
The assassinations are the latest in a trend of violent crimes committed in broad daylight, following the murders of former state prosecutor Salvador Soliman on Monday and Nueva Ecija priest Richmon Nilo last June 10.
Mr. Soliman was the fifth prosecutor while Mr. Nilo was the third priest to have been killed in a similar manner in the past six months.
In a press statement released on Tuesday night, Senator Francis “Kiko” N. Pangilinan described Mr. Bato’s death as, “a wrenching reminder of the breakdown of law and order in the country.”
“This administration ran on a strong anti-crime platform, but two years after, what we see instead is widespread criminality, lawlessness, and corruption,” he said.
According to him, “Mayor Bote was a humble, hard-working, and upright public servant in our community.”
Senator Emmanuel J. Villanueva, for his part, said, “the series of killings in broad daylight are seriously alarming.”
“We urge the authorities to investigate the brazen killing of our local officials. Perpetrators must be immediately held liable and justice must be served,” he said in a statement also released on Tuesday night.
Meanwhile, opposition Senators Risa N. Hontiveros-Baraquel and Antonio F. Trillanes IV blamed Mr. Duterte for bringing what they described as “the dark ages” to the country as he had introduced a “culture of violence” with his remarks and actions.
Mr. Duterte, known for throwing expletives and making threats, has been criticized by local and foreign watch groups, politicians, and activists due to his administration’s ongoing anti-drug campaign which the PNP said has resulted in the deaths of 4,200 suspected drug dealers. — with a report from Arjay L. Balinbin and Camille A. Aguinaldo
Coca-Cola Philippines ties up with government to support returning women OFWs
Coca-Cola Philippines will partner with the government in supporting overseas Filipino workers (OFW) through livelihood programs.
Coca-Cola Philippines has signed a Memorandum of Understanding with the Overseas Workers Welfare Administration (OWWA) to help support returning female OFWs. Coca-Cola said that 50.5% of the 2.3 million OFWs recorded in 2014 are female.
“This reinforces the commitment of Coca-Cola Philippines to support the reintegration of women OFWs through economic empowerment. As a partner of the government and the Filipino people, the Company will continue to find ways to help contribute in the development of a better society,” said Jonah De Lumen-Pernia, Coca-Cola Philippines public affairs and communications director.
The beverage company also teamed up with the Technical Education and Skills Development Authority (TESDA) to create and implement the Sari-Sari Training and Access to Resources (STAR) Program, which has helped 140,000 women. This program is part of Coca-Cola’s 5by20 initiative to help women become more empowered in business.
“This is in line with the global initiative of Coca-Cola to economically empower 5 million women by 2020. While we have initially focused on the women sari-sari store owners and carinderia owners, we have expanded it to include marginalized OFWs, especially returning women OFWs from the domestic and care work sectors. We thank the government in seeing the importance of the program and how it can contribute towards the successful reintegration of our OFWs to their families and communities,” said Gilda C. Maquilan, Coca-Cola Philippines 5by20 lead and sustainability manager. — Gillian M. Cortez
ConCom completes draft federal charter
THE CONSULTATIVE Committee (ConCom) tasked to review the 1987 Constitution unanimously approved on Tuesday, July 3, a draft Federal Constitution, almost five months after the body appointed by President Rodrigo R. Duterte first convened on Feb. 19.
In a briefer sent to the media, ConCom said it “hopes to submit the draft to the President on or before July 9 — as originally planned — in time for the SONA (Mr. Duterte’s State of the Nation Address) on July 23.”
Highlights of the draft charter, according to the briefer, are its definition on National Territory, provisions on political parties, the ban on political dynasties and turncoatism, and the establishment of a Democracy Fund to finance any given election campaign.
The draft charter also proposes 18 regions — 16 federated regions, the Bangsamoro and the Federated Region of the Cordilleras — as distinguished from the existing 17 regions in the present system under the 1987 Constitution.
National Territory, in Article I of the draft charter, is defined thus: “The Philippines has sovereignty over its territory, consisting of the islands and waters encompassed by its archipelagic baselines, its territorial sea, the seabed, the subsoil, the continental shelf, and its airspace. It has sovereignty over islands and features outside its archipelagic baselines pursuant to the laws of the Federal Republic, the law of nations and the judgments of competent international courts or tribunals. It likewise has sovereignty over other territories belonging to the Philippines by historic right or legal title.”
“The Philippines has sovereign rights over that maritime expanse beyond its territorial sea to the extent reserved to it by international law, as well as over its extended continental shelf, including the Philippine Rise. Its citizens shall enjoy the right to all resources within these areas,” reads Section 2 of Article I.
On political parties, the draft charter said, “Every political party shall be registered with the Federal Commission on Elections which shall require that the political party submit its constitution and by-laws, platform, principles, policies and general program of government, a verified list of national officials, members of the executive board or its equivalent, and the heads of its regional, provincial, and highly urbanized city chapters.”
“Financial contributions from religious organizations, foreigners and foreign governments, and illegal sources are prohibited,” Article V on Suffrage and Political Rights also read in part.
Section 7 on turncoatism has such provisions as follows:
“Members of any political party elected to public office are prohibited from changing political parties within their term of office.”
“Candidates and officials of any political party are prohibited from changing political party two (2) years after the election and two (2) years before the next election.”
“Those who violate the foregoing provisions shall be: (1) removed from the office to which they have been elected; (2) barred from appointment to any government position for one electoral cycle; (3) prohibited from running for public office in the next election; (4) required to return any party funds they used for the campaign. The Federal Commission on Elections shall initiate the appropriate proceedings in the proper court.”
“No political party shall accept any member in violation of sub-section (a) and (b). Any violation thereof shall be a ground for the cancellation of its registration.”
“The Federal Republic shall guarantee equal access to opportunities for public service and prohibit political dynasties to prevent the concentration, consolidation, or perpetuation of political power in persons related to one another,” Section 8 under Article V read, adding:
“Persons related within the second civil degree of consanguinity or affinity, as described above, are prohibited from running simultaneously for more than one national and one regional or local position. However, in the event that two or more members of the same family are running, the member who shall be allowed to be a candidate shall be determined by the drawing of lots.”
Section 6(c) of Article V read “There shall be a Democracy Fund, which shall serve as a repository of campaign funds. The Federal Commission on Elections shall administer the Democracy Fund and promulgate rules and regulations therefor. The Federal Commission on Audit shall have the power, authority, and duty to examine and audit all funds pertaining to the Democracy Fund.”
The draft charter also said citizens contributing from P10,000 to P100,000 to the Fund, and corporations, partnerships or associations contributing P100,000 to P3 million to the Fund “shall be allowed a full credit against income tax due for the taxable year coinciding with the elections in which such political party or presidential candidate (supported by the citizen or corporation) participated.”
Section 6 (g) read, “Unless ordered by the Federal Electoral Court, all information pertaining to the contributors and the amount of their contributions shall be deemed confidential and shall be made available only to the Federal Commission on Elections, the Federal Commission on Audit, and the Internal Revenue officials for purposes of regulation, auditing, and tax credit, respectively.”
“The draft covers basically all the problems faced by a citizen in this country,” former Senate leader Aquilino Q. Pimentel Jr. said when sought for comment.
“Therefore, (the citizen) economic, social, and political rights are protected and (he) can already participate in determining the future for himself and for this country,” he added.
“All the basic principles, which we have approved today, I have absolutely no reservations,” retired associate justice Antonio Eduardo B. Nachura said.
“I believe that this first draft was arrived at honestly, independent of any personal motives, and insulated from any political bias,” said lawyer and ConCom member Rodolfo D. Robles when also sought for comment.
Despite every member having positive comments with their approval, some have their reservations towards it.
“I voted yes, with reservation. That’s all I have to say,” ConCom member Atty. Victor S. de la Serna said in his short speech before the committee.
In Executive Order No. 10 issued by Mr. Duterte in 2016, the ConCom shall have six months to finish drafting the proposed federal charter. — interviews by G.M. Cortez
Duterte, CBCP leader to meet on July 9
MALACAÑANG on Tuesday announced that President Rodrigo R. Duterte is set to meet next week, July 9, with the president of the Catholic Bishops’ Conference of the Philippines (CBCP), Davao Archbishop Romulo G. Valles.
Meanwhile, Manila Auxiliary Bishop Broderick S. Pabillo challenged Presidential Spokesperson Harry L. Roque, Jr. on the latter’s remarks on Monday that some members of the clergy are “united with the CCP-NPA (Communist Party of the Philippines-New People’s Army) in an effort to oust President Duterte.”
Regarding the meeting on Monday, Mr. Roque said on Tuesday: “Well, I confirm that this Monday, July 9, Archbishop Valles will be meeting with the President here in Malacañang. So, that’s the update on the dialogue. Although the President highlighted that this is really not unusual because they have had open communication lines with Archbishop Valles since he became President.”
Mr. Roque also clarified anew his remarks on Monday. “I should highlight that I did not generalize. Some may see it as a very minor clarification, but I was very clear. [I said] ‘some’ — not the [Catholic] institution itself.”
He noted that “some high-ranking leaders of the Church, prior to [Monday’s] statement,” made unnecessary comments about Mr. Duterte.
“You heard what Manila Auxiliary Bishop Broderick Pabillo said about the President — that God did not ordain him to be President. So, I think it’s always bilateral. If there is going to be a cessation of hostile language, I think it has to be from both institutions,” Mr. Roque said.
He said “it’s not just the President who should be told as we hold this dialogue, that perhaps there should be a ceasefire; it should also be told to some leading Church leaders as well.”
He added: “It’s been established. The CPP-NPA has been here for what, how many years already, 60 years, hindi pa ba tayo (are we not) familiar with the strategy — which is to build a National Democratic Front? There will be efforts on the part of the CPP-NPA to penetrate all sectors of society. That’s not new,” he said.
In a report by CBCP News on Tuesday, Mr. Pabillo was quoted as saying, “[Mr. Roque] should name names. (Otherwise), he is just spreading rumors. That is not responsible reporting. This is one way of spreading false news.”
Mr. Roque’s statement, according to Mr. Pabillo, “shows how insecure” the administration is. “They are so blinded by their fears and their biases that they cannot see their mistakes. They deflect on others their inefficiencies.”
The President’s spokesman, for his part, said the purpose of his statement was to “alert all institutions now that there’s all out — now that there’s no peace talks ongoing, expect the CPP-NPA to go back to its old ways.”
“There will be more of this noise, not just coming from the CPP-NPA, but also from forces that have embedded themselves in a different society. So, it’s a warning to everyone: we’re back to where we were in the past now that apparently we have set aside peace talks for the time being,” Mr. Roque said.
The spokesman likewise stressed that it is not the intention of Mr. Duterte’s administration to silence the Church.
He added: “We both serve the people. We should work for the benefit of the people. Pag nagtuligsa sila, asahan nila sasagot ang Presidente (If they denounce the President, expect him to respond)…. They can talk, but expect the President to talk back.” — Arjay L. Balinbin
DoJ awaits ruling on petition to tag Reds as terrorists
THE DECISION to declare as terrorists 649 people allegedly affiliated with the communist rebellion in the country is now with the Manila Regional Trial Court (RTC) Branch 19, Justice Secretary Menardo I. Guevarra told reporters on Tuesday in a text message.
The Department of Justice’s (DoJ) petition to tag as terrorists people allegedly connected with the Communist Party of the Philippines (CPP) and its armed wing, the New People’s Army (NPA), followed after CPP founder Jose Maria Sison’s announcement last week to end peace talks with President Rodrigo R. Duterte and his government.
According to Mr. Guevarra, “The petition to declare CPP-NPA-NDF (New Democratic Front) as a terrorist organization under the Human Security Act is now pending in the court. We will leave it to the court to make the final determination.”
Under Section 17 of Republic Act No. 9372, or the Human Security Act of 2007, the Department of Justice (DoJ) must get clearance from a regional trial court before any organization, association, or group of persons can be declared terrorists.
DoJ submitted its petition on Feb. 21 and included Mr. Sison, alleged CPP leaders Benito and Wilma Tiamzon, NDF consultant Rafael Baylosis, former NDF peace panel chief Luis Jalandoni, United Nations (UN) Special Rapporteur on the rights of indigenous peoples Victoria Tauli-Corpuz, and former Bayan Muna party-list representative Satur Ocampo, among others.
Ms. Corpuz had labeled her inclusion in the list as “baseless” and “malicious.” — D.A.M. Enerio
Ambush on Gen. Tinio, Nueva Ecija Mayor Ferdinand Bote
MULTIPLE reports say General Tinio, Nueva Ecija Mayor Ferdinand Bote was gunned down on Tuesday afternoon. Bote was reportedly shot in front of the city hospital of Cabanatuan City. His death came a day after Tanauan Mayor Antonio Halili’s murder. — philstar.com
President’s men to hold pre-SONA forums
THE OFFICE of the Cabinet Secretary and the Presidential Communications Operations Office are set to hold a series of forums at the Philippine International Convention Center to discuss the policies, programs, and projects implemented during the second year of President Rodrigo R. Duterte’s administration prior to his State of the Nation Address (SONA) on July 23, Malacañang announced on Tuesday. According to Presidential Spokesperson Harry L. Roque, Jr., the first forum will be held on July 6, where economic cluster Secretaries Carlos G. Dominguez and Mark A. Villar will present the accomplishments and plans of their respective departments. The July 11 forum will feature the participatory governance cluster headed by Secretary Eduardo M. Año and the human development and poverty reduction cluster headed by Acting Secretary Virginia N. Orogo of the Department of Social Welfare and Development. The third forum on July 18 will feature the climate change adaptation and mitigation, national disaster risk reduction and resiliency cluster with Environment Secretary Roy A. Cimatu, and the security, justice and peace cluster with Defense Secretary Delfin N. Lorenzana. — Arjay L. Balinbin
DoJ vows to assist probe in Cebu ex-prosecutor’s slay
JUSTICE SECRETARY Menardo I. Guevarra on Tuesday said his department is “ready to assist the police” in solving the murder of Cebu lawyer and former state prosecutor Salvador Soliman. “We at the DoJ (Department of Justice) are saddened by his tragic death,” Mr. Guevarra told reporters in a text message. Mr. Soliman and his wife, Verose, were shot on Monday afternoon by two still unidentified gunmen inside their home in Barangay Guadalupe, Cebu City, according to a report from The Freeman on Tuesday morning. Both were brought to a hospital but Mr. Soliman was reported to have died from a bullet wound to the head while Ms. Soliman was in critical condition as of writing. Mr. Guevarra, however, said, ”I don’t think the murder had anything to do with his duties when he was still a prosecutor 20 years ago,” pointing out that Mr. Soliman retired from the DoJ in 1998. — Dane Angelo M. Enerio
Intermodal transport system to be implemented in Metro Cebu
THE DEPARTMENT of Transportation (DoTr) announced Tuesday, July 3, that it will implement an intermodal Integrated Transportation System (ITS) in Metro Cebu within the next two years.
“There is no single solution to address transportation issues. It needs a basket of solutions, that is why we are pursuing the implementation of the Integrated Transportation System in Cebu in the next two years,” DoTr Secretary Arthur P. Tugade said in a statement.
The ITS includes a point-to-point (P2P) bus system similar to MyBus, which is already operational in the city; a monorail in Lapu-Lapu City; the Bus Rapid Transit (BRT) in three-lane roads; and the Light Rail Transit (LRT) lines from Carcar to Danao, and Mandaue to the Mactan-Cebu International Airport.
“The ITS was developed after due consideration of Metro Cebu’s road profile, and the fast-growing need of efficient mass transport systems in bigger, inter-connected cities,” said Mr. Tugade, who met with World Bank representatives in June, during which the transport plan was drafted.
Among the ITS components, Mr. Tugade sees the P2P bus system as the fastest to implement.
“There’s already an established system which the DoTr sees its potential to complement with other mass transit systems. All we need to do is to add more units,” he said.
The monorail, meanwhile, will become Mactan Island’s transport system, connecting the airport to different hotels and resorts in the tourist island.
The LRT system, which will run from Carcar to Danao City, is intended to cater to inter-city passengers.
A Singaporean-Chinese and Filipino consortium has submitted a proposal to construct a $3-billion LRT system with a subway component in Cebu City, an above ground component from Talisay to Carcar and from Mandaue to Danao, with an airport line from Mandaue to the MCIA complex.
“The LRT will become the main arterial backbone of Cebu’s mass transportation, with other ITS components as feeder lines serving internal peripheries,” Mr. Tugade said.
The metro-wide mass transit program is planned to converge in a Common Station, which will link the different ITS components.
The DoTr is studying two areas where the Common Station will be put up, one in a coastal district and the other in a city center.
Aside from the ITS, the DoTr is also considering the construction of flared intersections, road widening, and intelligence signaling systems as “other basket of solutions” to traffic congestion in Metro Cebu.
2 Zamboanga ex-mayors charged, fined over unliquidated travel funds
THE OFFICE of the Ombudsman has slapped Wilson M. Nandang, former mayor of Labangan, Zamboanga del Sur, with 10 counts of malversation over P1.25 million in unliquidated funds. Mr. Nandang will also be facing charges for failure to render accounts to the public auditor. “Documents show that (Mr.) Nandang received 10 cash advances for travel expenses from January 2011 to August 2011 totaling P1,250,000.00,” the Office of the Ombudsman said in a statement on Tuesday. Commission on Audit (CoA) Circular No. 97-002 states that cash advances for local travels must be liquidated within 30 days upon return to official station. Meanwhile, a former mayor of La Libertad, Zamboanga del Norte, Anjanette Sulit-Manglag, was fined P6,000 after pleading guilty for failure to render accounts before the Sandiganbayan. The anti-graft court said Ms. Manglag received P92,476.13 as cash advance for travel expenses, which she failed to render within the period allowed by CoA. The former mayor has presented a certification, dated Feb. 19, 2018, proving she has returned the full amount to the municipal government. — Charmaine A. Tadalan
Peso up ahead of inflation report
THE PESO rebounded slightly on Tuesday as the market waits for the release of local inflation data and as the dollar weakened due to positive developments in Germany.
The local unit ended at P53.375 against the greenback on Tuesday, strengthening by 5.5 centavos from its P53.43-per-dollar finish on Monday.
The peso opened the session slightly weaker at P53.44 versus the greenback, logging an intraday low of P53.485. Its best showing meanwhile stood at P53.37 per dollar.
Dollars traded rose to $511.5 million from the $467.85 million logged the previous day.
UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the peso’s strength on Tuesday “probably came from an expectation of easing inflation.”
“Inflation has been easing month on month. [We can see that] momentum is slowing,” Mr. Asuncion said in a text message.
In a BusinessWorld poll, economists gave a median forecast of 4.7% for the month of June. If realized, the inflation print will accelerate from May’s 4.6% print to a fresh five-year low. This consensus also falls in the middle of the 4.3-5.1% inflation estimate given by the central bank on Friday.
Mr. Asuncion noted one of the main factors that could have kept inflation in check is lower fuel and electricity costs.
Meanwhile, a foreign exchange trader attributed the strengthening of the peso to a weaker greenback overseas.
“The peso closed stronger today as positive news from the Euro zone concerning an agreed migration stance boosted the euro against the greenback,” the trader said in an e-mail on Tuesday.
The German government’s conservatives have settled a row over illegal immigration that threatened to topple Chancellor Angela Merkel’s governing coalition, Reuters reported.
The trader noted that the peso opened the session weaker as trade concerns continue to linger among investors.
For Wednesday, the trader expects the peso to move between P53.20 and P53.40 versus the dollar, while Mr. Asuncion gave a weaker P53.30-P53.50 range.
“The peso might continue appreciating [today] as investors might secure gains ahead of the official release of inflation figures on Thursday,” the trader noted. — Karl Angelo N. Vidal