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PSEi climbs past 8,000 on US-China deal hopes

By Arra B. Francia, Senior Reporter

THE MAIN INDEX clawed its way back to the 8,000 level on Wednesday, rising along with the rest of the world on hopes of a trade deal between the United States and China.

The benchmark Philippine Stock Exchange index (PSEi)jumped 1.19% or 94.97 points to close at 8,017.01 yesterday. The broader all-shares index likewise advanced 0.76% or 37.07 points to 4,882.57.

“Philippine stocks surged as investors increased bets on a trade deal after President Trump announced a meeting with Xi Jinping at the G20 summit. Hopes of easier monetary policy also lifted sentiments,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

US President Donald Trump confirmed he will be meeting with Chinese President Xi Jinping at the G20 Summit in Japan at the end of the month to discuss a possible trade deal. He, however, noted that the agreement between both sides must be fair.

The announcement comes amid Mr. Trump’s threats that he will impose tariffs on another $300 billion worth of Chinese goods if they fail to strike a trade agreement. This will come on top of tariffs already imposed on $200 billion worth of Chinese goods.

This prompted a positive reaction from Wall Street, as the Dow Jones Industrial Average racked up 1.35% or 353.01 points to 26,465.54. The S&P 500 index edged higher by 0.97% or 28.08 points to 2,917.75, while the Nasdaq Composite also rallied 1.39% or 108.86 points to 7,953.88.

Asian markets also got a boost from hopes of the renewed trade deal.

Back home, all sectoral indices were in positive territory, led by holding firms which soared 1.39% or 105.34 points to 7,656.44.

Property climbed 1.38% or 58.88 points to 4,321.44; services rose 1.19% or 19.98 points to 1,698.87; financials went up 1% or 17.18 points to 1,732.11; mining and oil gained 0.53% or 37.97 points to 7,157.34; while industrials firmed up 0.25% or 29.19 points to 11,690.28.

Some 1.33 billion issues valued at P7.30 billion switched hands, lower than Wednesday’s P7.96 billion.

Advancers outpaced decliners, 106 to 81, while 53 names were unchanged.

Foreign investors switched to a net selling position at P26.43 million, versus the previous session’s net inflow worth P173.55 million.

“Events to watch out for now would be the decision of two central banks — the Fed’s which would come out very early in the morning tomorrow, and our very own BSP (Bangko Sentral ng Pilipinas) in the afternoon,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

The US Federal Reserve was set to conclude a two-day meeting earlier in the day, while the BSP will meet this afternoon to review its own policy settings.

Piñol: Fishermen ‘not certain’ about boat sinking

By Arjay L. Balinbin, Reporter

AGRICULTURE Secretary Emmanuel F. Piñol on Wednesday said the 22 fishermen of the sunken boat F/B Gem-Vir 1 are now “uncertain” whether their boat was intentionally sunk by the Chinese vessel it encountered off Recto Bank in the West Philippine Sea on June 9.

Mr. Piñol was in Mindoro on Wednesday to meet with the 22 fishermen with an offer of government assistance.

Jonel Insigne, the captain of the Filipino boat, said in an interview with News5 last week: “Sinadya ‘yon. Kasi kung hindi…dapat tutulungan kami (It was done purposely. Because if it was not intentional, they should have rescued us).”

Asked on Wednesday if he was still standing by his statement, Mr. Insigne told reporters in a televised news conference: “‘Yun lang talagang sinadya nila yung pag-iwan po sa amin (The only thing that was done on purpose was when they abandoned us).”

At one point, Mr. Piñol grabbed the microphone saying: “I would like to clarify kasi parang lumalabas dito na dumidepensa kami (because it appears as if we are defending ourselves here). We would like everything to come out in the open. The truth. We are not slaves to anybody, but we adhere to the truth.”

When the captain was asked again why he was changing his tune on the matter, he said: “Masama po ang loob ko dahil iniwan po kami (I feel bad because they left us).”

Then Mr. Piñol interjected saying: “They are not certain anymore.”

‘I WILL JUST FRAME WHAT HE SAID’
“Kaya nga ang pinakamaganda… i-frame ko lang ang sinasabi nya. Ang sinasabi n’ya…nasabi n’ya na sinadya silang banggain sa sama niya ng loob na dahil iniwanan sila (That is why it’s better to… I will just frame what he said. He is saying that the reason why he said they were intentionally hit by the Chinese vessel was because he felt bad that they abandoned them).”

“Right now they are not certain anymore. So my view is that the right thing to do is to conduct an impartial inquiry so that the truth will come out,” Mr. Piñol said further.

Mr. Insigne also clarified to reporters, in Mr. Piñol’s presence, that the President did not invite him to the Palace.

“Humihingi po ako ng paumanhin sa ating mahal na Presidente na hindi po pala ako pinatawag n’ya, kundi po si Secretary Piñol po ang nagpatawag sa akin. Hindi po ako tumuloy, umatras po ako dahil masama po ang pakiramdam ko (I would like to apologize to our beloved President. It was Secretary Piñol who invited me, not him. I backed out because I was not feeling well),” he said.

He added, “‘Yun nga po humihiling po ako sa ating mahal na Presidente na sana po ma, ma ano po ‘yong bumangga sa amin na ‘yong kapitan po, gusto ko po ma– (I am asking for help from our beloved President that hopefully the captain of the vessel that hit us will be-).”

Mr. Piñol was heard coaching the captain saying: “Mapanagot (will be held liable).”

The captain continued, “Mapanagot po ‘yung kapitan ng… ‘yun lang po ang hinihingi ko sa ating mahal na Presidente (Will be held liable. That is all I am asking from our beloved President).”

Mr. Piñol said he will recommend to the President to “secure” the Recto Bank area and make it an “exclusive” fishing ground for Filipino fishermen.

“The fishermen are asking the President that the Recto Bank should be their exclusive fishing ground. [I will] ask the President to secure the area,…” he said.

In a phone interview, University of Santo Tomas Political Science professor Marlon M. Villarin said when sought for comment: “He (the captain) changed now. Diba nagbago talaga s’ya ng tono eh. But this will not change the public perception that Filipino fishermen are being belittled and being bullied in our maritime territory.”

Also sought for comment, UST Political Science Department chairperson Dennis C. Coronacion said in a phone message: “Secretary Piñol must have said something in that meeting that convinced the Filipino fishing boat captain to change his statement.”

“It’s obvious that Malacañang is on the move to put a stop on the mounting critical public opinion about the President’s soft statement. And their strategy is quite simple: to make the source of the story change, or doubt, his own account of what actually happened. The new story should be in line with the President’s downplaying of the incident. It should diffuse the tension created by the original account, which aroused the Filipinos’ nationalist sentiment.”

For his part, Defense Secretary Delfin N. Lorenzana on Wednesday described the incident as “just an accident.”

“Maybe the other side didn’t mean to brush against our boat,” Mr. Lorenzana said at a televised briefing in Manila.

LOAN TO FISHERMEN
Mr. Piñol, for his part, said that 11 fiberglass fishing boats and P550,000 worth of loans or P25,000 for each of the 22 fishermen will be provided to them, while the boat owner, Arlynda Dela Cruz, will receive P1.2 million as grant.

The financial assistance will come from the Survival and Recovery (SURE) Loan Assistance of the Agricultural Credit Policy Council (ACPC), which is payable in three years with no interest. Each of the fishermen also received one sack of rice from the DA.

Mr. Piñol said that he has tapped Philippine Amusement and Gaming Corp. (PAGCOR) for additional funding.

The said incident caused the fishermen P2 million worth of damage, which includes three tons of fish with an estimated cost of P1 million, as well as P500,000 in capital, and P700,000 for the fishing boat.

For his part, Senior Associate Justice Antonio T. Carpio called on the youth to continue defending the country’s rights on the West Philippine Sea as well as other resources in the territory.

“We have to continue defending West Philippine Sea because that’s our duty,” Mr. Carpio said during the oath taking of re-elected Kabataan Party-list Representative Sarah Jane I. Elago.

“My generation laid the foundation by winning the arbitral ruling that the West Philippine Sea belongs to Philippines and the next generation, including your generation, must build on this foundation so that our exclusive economic zone (EEZ) in the West Philippine Sea will belong truly to the Filipinos and all the resources there — the fish, oil, gas and other resources — will be enjoyed exclusively by Filipino citizens — including Reed Bank because that’s part of our EEZ,” he added.

For her part, Ms. Elago said that the youth accepts the challenge to take care of the resources belonging to the Philippines.

“Sa part naman po ng kabataan, tinatanggap po naming ang hamon na pangalagaan po ang ating yamang lakas, ang mga napanalo niyo na noon na para sa mga susunod pang henerasyon,” she said.

(For the part of the youth, we accept the challenge to take care of our natural resources, and what you have won before for the next generations.) — with reports by Vincent Mariel P. Galang, Vince Angelo C. Ferreras, Vann Marlo M. Villegas, and Bloomberg

Duterte to decide on speakership contest

By Arjay L. Balinbin, Reporter

PRESIDENT Rodrigo R. Duterte is set to decide by June 28 on the candidate he will endorse for the House speakership, according to Senator-elect Christopher Lawrence T. Go.

In an interview with reporters on Wednesday, Mr. Go said the President “hosted a dinner” for neophyte congressmen on Tuesday night where he appealed for more time to decide on the matter.

“Doon po [sa dinner] napag-usapan. Doon po nabanggit ni Pangulong Duterte na bigyan siya ng kaunting panahon (It was tackled during the dinner. The President asked for more time),” Mr. Go said.

In a Facebook post, Quezon City 1st District Rep. Peter Anthony “Onyx” Crisologo said the “fellowship dinner of newly-elected congressmen,” which took place at the Malago Clubhouse in Malacañang, was “hosted by [Davao City 1st District] Congressman [Paolo] ‘Pulong’ [Z.] Duterte.”

Mr. Go said further, “Actually humingi po ng konting panahon si Pangulong Duterte. Talagang nahihirapan po siya. Lahat naman po ng mga kandidato ay magagaling. Competent naman po sila. Qualified po sila maging… Speaker po ng House (Actually, President Duterte is asking for more time. He is really having a hard time. All of them are competent, qualified to be Speaker of the House).”

“At humihingi si Pangulong Duterte up to June 28, kung gusto nila na si Pangulo…. Mas nanaisin ni Pangulo na hindi na po siya ang pumili subalit talagang binabalik sa [kanya ng] mga miyembro ng House na pumili siya para makatrabaho na po kaagad sila bago pa po dumating iyong SONA (The President is asking for time until June 28, if they really want him [to choose]. The President prefers not to choose, but House members are really asking him to choose so they can start working already even before the State of the Nation Address).”

One of the guests, according to Mr. Crisologo’s post, is reelected Marinduque Rep. Lord Allan Q. Velasco.

Mr. Duterte said in a speech last month that Mr. Velasco and Congressmen-elect Alan Peter S. Cayetano of Taguig, Pantaleon D. Alvarez of Davao del Norte, and Ferdinand Martin G. Romualdez of Leyte had informed him of their intent to run for speaker.

On May 27, the President told newly-appointed officials at Malacañang, “Sa speakership, wala akong kinakampihan (I am not taking anyone’s side regarding the speakership). I am on my last three terms. Gusto ko lang (All I want is) to do good and if that good is not good for everybody, well I’m sorry. ‘Yan lang ang makaya ko (That is all I can do).”

Pag-IBIG defends pay ‘increments’ as aboveboard

THE HOME Development Mutual Fund (Pag-IBIG) in a statement on Wednesday defended the pay raise for its officers and employees as “merely salary step increments to address years of inflation,” not salary increases which require approval from Malacañang.

The statement was in response to a report by the Commission on Audit which flagged P248.319 million in increases last year as illegal.

Quoting Secretary Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and of Pag-IBIG Fund’s Board of Trustees, the statement said ‘the step increments are within the powers of its Board based on Pag-IBIG’s Compensation Plan. Since there was no increase in salary rates nor new benefits granted, Presidential approval is not required.”

“I want to assure the public that the grant of step increments in 2018 was proper, done according to the right process and, most importantly, was not excessive. We have only adjusted the salaries of Pag-IBIG Fund officers and employees to be, more or less, on the same level of SSL (Salary Standardization Law)-4, which is currently being received by employees of other government institutions. We would like to assure all, our members in particular, that we continue to adhere to the directive of President Rodrigo Roa Duterte in safeguarding the workers’ fund,” Mr. del Rosario said in the statement.

For his part, Pag-IBIG Fund CEO Acmad Rizaldy P. Moti was quoted as saying, “The Board considered all bases when the step increments were granted in 2018. The intention behind the grant of step increments under the Compensation Plan of Pag-IBIG Fund was not to raise the salaries of officers and employees — but rather to maintain the purchasing power and value that they had in 2009 or 10 years ago when the Fund’s Compensation Plan was first adopted.”

Mr. Moti “clarified that the agency’s Board went through all the requisite processes and ensured that all conditions were met prior to the granting of the step increments,” the statement said.

“We have to put things into context here. The step increments were granted, in strict accordance with existing rules, to employees of the Pag-IBIG Fund who are occupying permanent positions. The members of the Board who approved the grant, which include myself, were not covered by the step increments because we are presidential appointees. The grant went to career employees and officers who worked hard in order to achieve record-breaking feats and made 2018 the best year ever for Pag-IBIG Fund,” Mr. Moti also said. — with Vince Angelo C. Ferreras

New envoy to Libya appointed

By Charmaine A. Tadalan, Reporter

PRESIDENT Rodrigo R. Duterte has appointed Charge d’es Affaires Elmer G. Cato as the new ambassador to Libya, Foreign Affairs Secretary Teodoro L. Locsin, Jr. said, Wednesday.

“It must have been after I announced that the President gave me the okay to make you ambassador so the last foreign post in Tripoli is complete with an ambassador should worse come to worst,” Mr. Locsin said in a social media post, Wednesday.

The Philippine Embassy in Tripoli, Libya has been monitoring Filipino migrants, affected by the fighting in Tripoli, which started on April 4. This stemmed from military operations intended to take the capital from the United Nations-recognized government.

“Please refer to him as Ambassador Cato. No man more deserves the title. I asked the President and he said (go) for it. If the embassy falls with him in it I want it to be reported the embassy fell with its ambassador,” he said in a separate post.

Mr. Cato, for his part, has been actively assisting overseas Filipino workers who’ve decided to stay in the conflict-stricken area and those who have sought the government’s repatriation offer.

Just recently, Mr. Cato met with H.E. Ambassador Charles Saliba of Malta in Tripoli to discuss the current situation. Tripoli is home to over 1,000 Filipino migrants.

Mr. Cato welcomed his appointment, saying in a social media post, “It was Lean Alejandro who once said: ‘In the line of fire is the place of honor.’ The men and women of the Philippine Embassy in Libya are honored to be here in the frontline serving our country and our people. Not all are given this opportunity.”

“We are not going anywhere, Sir. With or without body armor or helmets, we will stay here with our people,” he assured.

The Embassy reported as of May 29, a total of 70 OFWs have been repatriated with the assistance of the government.

2 Filipinos dead in New Zealand accident

THE Department of Foreign Affairs (DFA) on Wednesday reported the train-car crash in New Zealand left two Filipinos dead and three others wounded.

“Ambassador to New Zealand Jesus S. Domingo reported that the Embassy is closely coordinating with authorities to ascertain the identities of the Filipinos and check their condition,” DFA Assistant Secretary Emmanuel R. Fernandez told reporters over phone message, Wednesday.

“Two of the five Filipinos passed away due to the accident, while three were injured.”

Mr. Fernandez said the DFA, in coordination with the Philippine Embassy in Wellington, is closely monitoring the aftermath of a train and car accident in New Zealand this morning.

“The incident happened at the Bay of Plenty on Pongakawa School Road near Te Puke in northern New Zealand,” he noted.

“The Embassy stands ready to provide the necessary assistance to the Filipinos and their families.”

In a separate development, the DFA said it is still monitoring the aftermath of thee 6.8-magnitude quake in Yamagata Prefecture in northern Japan on Tuesday evening.

“The Embassy is closely monitoring the situation and the well-being of Filipinos in the area and is ready to assist as needed. Both the Embassy and the Consulate General have also issued urgent advisories to Filipinos in the affected areas,” the DFA said in a separate statement, Wednesday.

The Embassy recorded 815 registered Filipinos in Yamagata Prefecture. — Charmaine A. Tadalan

Palace bares new appointments

By Arjay L. Balinbin, Reporter

PRESIDENT Rodrigo R. Duterte has appointed three new officials, including former Department of Social Welfare and Development (DSWD) acting chief Virginia N. Orogo as new undersecretary at the Department of Agrarian Reform (DAR).

Mr. Duterte also appointed Aldrin A. Darilag as new commissioner at the Commission on Higher Education (CHEd).

Malacañang released to reporters on Wednesday copies of the appointment papers of Ms. Orogo, Mr. Darilag, and the new member of the Philippine Racing Commission, Aurelio P. De Leon.

The President signed their appointment papers on June 13.

Ms. Orogo was replaced by retired Army Commanding General Rolando Joselito “Rolly” D. Bautista at the DSWD while Mr. Darilag is taking over the position of J. Prospero E. De Vera III, who has been appointed CHEd chairman, for a term expiring on July 21, 2020.

Ms. Orogo, as a new DAR official, will now take part in the agency’s efforts to fast-track the processing of land-use conversion applications.

In February, Mr.Duterte expressed his exasperation over the slow processing of land-use conversion applications.

He then created an inter-agency task force that would streamline land conversion processes to 30 days from at least 24 months.

Lacson flags PhilHealth office in Duque’s building

SENATOR Panfilo M. Lacson flagged a possible “conflict of interest” on the part of Health Secretary Francisco H. Duque III after the senator learned that a PhilHeath office in Region 1 is established in a building owned by the Secretary. “I found out that the Regional Office 1 of PhilHealth is housed in a building. I have here a copy of the contract of lease, owned by Secretary Duque,” Mr. Lacson said in a briefing, Wednesday. Mr. Duque, in response, said, “They were planning to move to a permanent site in Calasiao pero nag-botch, hindi natuloy ‘yung kanilang transaction na dapat bibilhin nila. (but the transaction did not push through). They started asking for renewal of contract kasi wala din silang mapupuntahan (because they had nowhere to go),” he told BusinessWorld over a phone interview, Wednesday. Mr. Duque said he was not a signatory in the renewal of contract. — Charmaine A. Tadalan

DAR grants land titles to 307 Ifugao farmers

AGRARIAN Reform Secretary John R. Castriciones led Wednesday’s distribution of certificates of land ownership award (CLOAs) to 307 farmers in Lagawe, Ifugao. Mr. Castriciones said DAR will not stop at land distribution. His agency has also lined up holistic support services for the farmers, including housing projects for the ARBs, scholarships from the Technical Education and Skills Development Authority for the children, the Pantawid Pamilyang Pilipino Program of the Department of Social Welfare and Development, provision of crop insurance from the Philippine Crop Insurance Corp., and credit assistance from the Land Bank of the Philippines and other financial institutions.

Queuing for water

PHILSTAR/ MIGUEL DE GUZMAN

RESIDENTS affected by the rotational service interruption of Manila Water queue with their containers at Barangay South Triangle in Quezon City on Wednesday midnight.

BoC orders collection of ‘just’ customs fees, charges

BUREAU of Customs Commissioner Rey Leonardo B. Guerrero signed on Tuesday Customs Memorandum Order (CMO) No. 30-2019 which provides for a list of customs fees and charges that may be imposed and collected by the Bureau. According to the CMO, any unauthorized collection or illegal imposition of fees and charges not covered by the list shall be criminally and administratively charged and punished to the full extent of the law. All customs officials and employees entrusted with the collection of taxes, fees, and other imports are enjoined to strictly comply with the said order. Stakeholders are also reminded to remain vigilant against illegal practices such as collection and imposition of unjust fees and charges by dishonest individuals, and to report such incidents to the Office of the Commissioner.

DoJ forms inquiry on killing of leftists

JUSTICE Secretary Menardo I. Guevarra approved the creation of two Special Investigating Teams that will probe the killing of three activists in the Bicol Region. In a statement, spokesperson and Usec. Markk L Perete said the Secretary, pursuant to Administrative Order (AO) No. 35, directed prosecutors to lead the teams tasked to determine if the killings were politically motivated and assist in the buildup of cases for prosecution of those responsible. The prosecutors are required to submit their report to the AO No. 35 secretariat within 30 days upon creation of investigating teams. Last June 15, Ryan Hubilla and Nelly Bagasala, alleged members of human rights group Karapatan, were gunned down in Sorsogon, and former Bayan Muna Bicol regional coordinator Naptali Moraga was killed in Naga, Camarines Sur on June 17. For its part, Human Rights Watch in a statement on Tuesday said in part, “The recent killings underscore that attacks on leftist activists is a serious human rights problem in the Philippines that has never gone away.” — Vann Marlo M. Villegas and Vince Angelo C. Ferreras

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