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Shares end higher as market hunts for bargains

By Arra B. Francia, Senior Reporter

SHARES firmed up on Wednesday as investors continued their bargain hunting after the heavy sell-off seen in the previous week.

The Philippine Stock Exchange index (PSEi) jumped 1.21% or 93.51 points to 7,815.07, extending gains for the fourth straight session. The broader all-shares index likewise climbed 0.83% or 39.71 points to 4,821.85.

“This is still due to investors taking positions out of the selling streak from May 9 to 16. The sell-off may have been overdone given that our company fundamentals remain sound, which is why investors especially local ones, are coming back causing the four-day rally,” Philstocks Financial, Inc. Research Associate Japhet Louis O. Tantiangco said in a text message.

Mr. Tantiangco said first-quarter net income of index-member firms went up 8.71% to P140.04 billion on the back of a 10.89% increase in revenues to P1.287 trillion.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez noted how several index heavyweights posted strong gains.

“Ayala Corp. (+6.5%) had the highest gain of the day after news early on in the day about AC buying back its shares from Mitsubishi. JG Summit Holdings, Inc, (+4.3%), and Aboitiz Equity Ventures, Inc. (+4.0%) followed,” Mr. Perez said in an e-mail.

The PSEi also got a boost from positive sentiment in Wall Street overnight after the US Commerce department on Tuesday granted Chinese tech giant Huawei Technologies Co. Ltd. a temporary license to buy American goods, which will allow the firm’s smartphones to still receive Android software updates. This will minimize disruption for its customers.

This led to a rally in tech shares on Wall Street. The Dow Jones Industrial Average advanced 0.77% or 197.43 points to 25,877.33. The S&P 500 index rose 0.85% or 24.13 points to 2,864.36, while the Nasdaq Composite index was up 1.08% or 83.35 points to 7,785.72.

Meanwhile, Asian indices were mixed as investors digested how Washington’s temporary reprieve for Huawei will affect the company, even as Huawei founder Ren Zhengfei called the reprieve “meaningless” because it has already “prepared for the worst.”

Back home, mining and oil was the lone counter that dropped, ending 1.1% or 80.98 points lower at 7,228.88. The rest were in positive territory, led by holding firms which soared 2.78% or 200.89 points to 7,416.26. Services edged higher by 0.47% or 7.84 points to 1,661.66; industrials added 0.44% or 50.92 points to 11,397.19; property was up 0.37% or 15.71 points to 4,211.73; while financials gained 0.19% or 3.38 points to 1,726.99.

Turnover rose to P10.14 billion — almost double Tuesday’s P5.41 billion — after some 850.19 million issues switched hands.

Net foreign outflows, however, ballooned to P3.52 billion versus the previous session’s P327.80 million.

Advancers outpaced decliners, 112 to 78, while 43 names were unchanged.

Peso drops on US-China issues

THE PESO declined against the dollar on the ongoing US-China trade war.

THE PESO weakened against the dollar on Wednesday as investors flocked to safer currencies following news of possible ban on Chinese firms in the United States.

The peso closed Wednesday’s session at P52.53 versus the greenback, 5.5 centavos weaker than P52.475 finish on Tuesday.

The peso opened the session a tad stronger at P52.47 per US currency, strengthening to as high as P52.425 intraday. Meanwhile, its worst showing for the day was logged at P52.54 against the dollar.

Trading volume thinned to $777.95 million from the $1.102 billion that changed hands the previous day.

“The peso weakened amid safe-haven demand from the heightening US-China conflict following reports that the US is considering to blacklist additional five Chinese surveillance companies in dealing with US companies,” a foreign exchange trader said in an e-mail on Wednesday.

The New York Times reported that US President Donald J. Trump is considering blacklisting Chinese video surveillance technology firm Hikvision, a move seen to further fuel trade tensions between the world’s two biggest economies.

Last Thursday, the US Commerce Department issued a rule prohibiting US companies to purchase equipment from Chinese technology firm Huawei Technologies Co. Ltd.

Washington and Beijing started imposing tit-for-tat tariffs on each other’s imports once more earlier this month, starting with higher levies on $200 billion worth of Chinese goods to 25% from the previous 10%. China retaliated by raising tariffs on American goods worth $60 billion.

“We saw the market trade higher after lunch after we saw the US looking to ban five surveillance firms from China. This triggered slight risk off sentiment,” another trader said.

The second trader added that investors trimmed their positions in the morning session ahead of the release of the minutes of the US Federal Reserve’s policy meeting.

For today, both traders expect the peso to move between P52.35 and P52.65 versus the dollar, while a third trader gave a P52.40-P52.70 range. — Karl Angelo N. Vidal

Comelec proclaims winners in senatorial race

By Gillian M. Cortez, Reporter

THE Commission on Elections (Comelec) on Wednesday proclaimed the top 12 in the 2019 senatorial race as the official winners in that contest.

The Comelec en banc, sitting as the National Board of Canvassers (NBoC), proclaimed the newly elected senators on Wednesday morning, after the NBoC finished its canvassing at midnight of a total of 167 certificates of canvass (COCs).

As per NBoC Resolution No. 002-19, the following are proclaimed senators serving the term of June 30 this year to June 30, 2025:

1. Cynthia A. Villar — 25,283,727; 2. Grace Poe-Llamanzares — 22,029,788; 3. Christopher Lawrence “Bong” T. Go — 20,657,702; 4. Pilar Juliana “Pia” S. Cayetano — 19,789,019; 5. Ronald “Bato” M. Dela Rosa — 19,004,225; 6. Juan Edgardo “Sonny” M. Angara — 18,161,862; 7. Manuel “Lito” Lapid — 16,965,464; 8. Maria Imelda Josefa “Imee” R. Marcos — 15,882,628; 9. Francis N. Tolentino — 15,510,026; 10. Aquilino Martin “Koko” D. Pimentel III — 14,668,665; 11. Ramon “Bong” Revilla Jr. — 14,624,445; and 12. Maria Lourdes “Nancy” S. Binay — 14,504,936

“These 12 now stand with us here today to accept the responsibility and duty that we the voters have entrusted to them,” said Comelec Chairman Sheriff A. Abas in his opening statement at the proclamation.

Five of the proclaimed are reelectionists: Mses. Villar, Llamanzares, and Binay, and Messrs. Angara and Pimentel.

Three are former senators to serve fresh terms: Ms. Cayetano and Messrs. Lapid and Revilla.

And four are new personalities to serve in the Senate: Messrs. Go, Dela Rosa, and Tolentino, and Ms. Marcos.

As of this reporting, the NBoC will proclaim on Wednesday evening the 51 winning party-list groups. The top five leading party-list groups in the unofficial count are ACT-CIS, Bayan Muna, Ako Bicol, CIBAC, and Ang Probinsyano.

Mr. Abas said the Comelec is aware of criticisms on the character of some groups availing themselves of the party-list systems. “We will send our recommendations to Congress,” he said.

For his part, House Minority Leader Danilo E. Suarez said in a news conference that the poll body should look into the technical malfunctions in the automated elections. “Given the existing policies, the Minority calls for a revisit(ing) of the procurement process. We understand the intent of the laws. However, this should not lead to the deterioration of the quality of the supplies provided to the government, especially when it involves activities affecting the fundamental rights of the citizens,” he said. — with Vince Angelo C. Ferreras

Speaker Arroyo to Senate: Tackle Duterte’s agenda

OUTGOING House Speaker Gloria Macapagal-Arroyo is calling the Senate to push for the legislative agenda of President Rodrigo R. Duterte before the 17th Congress ends in three weeks.

“We want to achieve the legislative agenda of President Rodrigo Roa Duterte as he listed in his 2018 State of the Nation Address (SONA), plus the bill lowering the age of criminality that he personally requested last January,” said Ms. Arroyo in her letter addressed to Senate President Vicente C. Sotto III dated May 21. The Senate has scheduled a caucus on Wednesday.

The 11 bills that were already passed on third and final reading by the House of Representatives are the Security of Tenure Act (approved by the Senate as of Wednesday afternoon), An Act Creating the Coconut Industry Trust Fund, the National Land Use Act, Department of Disaster Resilience Act, Tax Reform for Attracting Better and High Quality Opportunities, An Act Establishing the Fiscal Regime for Mining Industry, An Act Amending the Excise Tax on Alcohol Products, An Act Increasing the Excise Tax Rate on Tobacco Products, An Act Instituting Reforms in Real Property Valuation and Assessment in the Philippines, the Passive Income and Financial Intermediary Taxation Act of 2019, and a Resolution Proposing the Revision of the 1987 Constitution of the Republic of the Philippines.

Ms. Arroyo also pointed out that the House reintroduced a bill on the creation of the Coconut Industry Trust Fund which she hopes would “conform more to the policy direction of the Executive and thus constitute…our main priority for our last three weeks’ work in the House of Representatives.” The said bill was vetoed by the President.

The 17th Congress will end on June 7 and a new Congress will start on July 22. — Vince Angelo C. Ferreras

PNP chief names possible successors

PHILIPPINE National Police (PNP) chief General Oscar D. Albayalde on Wednesday named his three possible successors.

“I think we have the same list,…the same as Gen. Bato Dela Rosa,” Mr. Albayalde said, referring to his predecessor who also made recommendations regarding Mr. Albayalde’s successor.

“Kasi sila naman ang medyo senior at sila ang next in line (Because they are the seniors and they are the ones next in line), besides, of course,…General Eleazar who is [part of] Class ’87. Pero doon sa performance naman niya (But based on his performance), I think he will do good, also the same as the other two, General Cascolan and General Gamboa,” Mr. Albayalde told reporters on Wednesday, May 22, at Camp Crame.

Mr. Albayalde was referring to National Capital Region Police Office (NCRPO) chief Maj. Gen. Guillermo T. Eleazar, PNP deputy chief for operations Lt. Gen. Archie Francisco Gamboa, and PNP Directorial Staff chief Lt. Gen. Camilo Cascolan.

Mr. Albayalde was the former NCRPO chief and he was succeeded by then Quezon City Police chief Mr. Eleazar.

The PNP chief added, “I think sa kanila naman tatlo (I think that among the three of them), they all have the credentials and they all deserve to be the next chief of PNP.”

Mr. Albayalde will retire in November. — Vince Angelo C. Ferreras

Palace: PHL to ‘shoulder all expenses’ in shipping back Canadian trash

By Arjay L. Balinbin, Reporter

MALACAÑANG on Wednesday said the Philippine government will now shoulder all expenses for shipping back Canada’s garbage.

In a press briefing Wednesday afternoon, Presidential Spokesperson Salvador S. Panelo said President Rodrigo R. Duterte was “upset” about the delay in the shipment of Canada’s garbage.

The Canadian government missed Mr. Duterte’s May 15 deadline for the shipment of garbage dumped in the Philippines back to Canada.

“President Rodrigo Roa Duterte is upset about the inordinate delay of Canada in shipping back its containers of garbage. We are extremely disappointed with Canada’s neither here nor there pronouncement on the matter,” Mr. Panelo said.

He added that, “Obviously Canada is not taking this issue nor our country seriously.”

“The Filipino people are gravely insulted about Canada treating this country as a dumpsite.”

As a result of this “offending delay,” Mr. Panelo said the President has “instructed the appropriate office to look for a private shipping company which will bring back Canada’s trash to the latter’s jurisdiction.”

“The government of the Philippines will shoulder all expenses. And we do not mind,” he also said.

If the Canadian government will not accept the trash, Mr. Panelo said the Philippines “will leave the same within its territorial waters or 12 nautical miles out to sea from the baseline of any” of Canada’s shores.

“The President’s stance is principled as it is uncompromising: The Philippines as an independent sovereign nation must not be treated as trash by other foreign nations. We hope this message resonates well with the other countries of the world,” he added.

Palace: DoJ to look into corruption allegations against dismissed FDA chief

By Arjay L. Balinbin, Reporter

MALACAÑANG on Wednesday said the Department of Justice (DoJ) will look into corruption allegations against dismissed Food and Drug Administration (FDA) Director-General Nela Charade G. Puno.

“Perhaps in the coming days, according to [Health] Secretary [Francisco T.] Duque [III], the findings of the CoA (Commission on Audit), as well as other documents, have been forwarded to the Department of Justice for evaluation and for the filing of whatever charges that the Department may find to be appropriate,” Presidential Spokesperson Salvador S. Panelo said in a press briefing on Wednesday afternoon.

He added: “The President also wants to share to the public that he has received numerous, as in numerous, complaints from doctors, including his own doctor, about the former director-general. And many complaints, coming from many sectors. And the Palace is just awaiting the submission of sworn statements, which shall be forwarded to the Department of Justice.”

Asked about the nature of complaints from doctors, he said: “I think, corruption. How? I don’t know…. Let’s wait for the sworn statements coming from the so-called victims.”

In a statement on May 17, Ms. Puno said she did not have any “ill feelings” about her dismissal but she took exception “to the mention of so-called ‘corruption allegations.’”

“I have not been charged in any legal proceedings nor am I aware of any official investigations being undertaken in relation to corruption involving me. Of course, if there will be any such allegations forthcoming, I am more than ready to face these in any forum,” she said.

DepEd says it is ready for ROTC revival

THE DEPARTMENT of Education (DepEd) on Wednesday said it is ready for the revival of the mandatory Reserve Officers Training Corps (ROTC) in the senior high school program. In a press briefing at the Palace, DepEd Undersecretary Alain Del B. Pascua said at least 100 schools have been identified to participate in the proposed two-year pilot implementation program. “If the Senate will be passing the bill before June 7, then they will meet as a bicam and have the bill submitted to the President. If we can implement that by June, for example, of this year, that would depend if the law would be signed by the President by that time,” he said. “After which, every year thereafter, we will be reporting to a Joint Congressional Oversight Committee on the implementation and other details of the implementation before it will be fully implemented — that is with the presumption that the law will be signed before the new Congress would convene,” he added. Mr. Pascua explained that the pilot 100 schools were identified based on their proximity to military bases and having open grounds big enough for the drills. — Arjay L. Balinbin

QC court denies appeal of pharmaceutical firms, other defendants in Dengvaxia case

A LOCAL court denied the appeals of Dengvaxia vaccine manufacturer Sanofi Pasteur, Inc. and distributor Zuellig Pharma Corp., along with other defendants, to junk the civil case for damages against them in connection with the death of a child allegedly due to Dengvaxia inoculation. In the order dated March 20 but only released to the media Wednesday, Presiding Judge Manuel B. Sta. Cruz, Jr. said the case of Ariel A. Hedia and Ruby N. Hedia, whose child died allegedly due to the vaccine, said Quezon City is the proper venue to file the case contrary to the claim of Sanofi. The court also junked the claim that the case should not be entertained as no docket fee was paid by the parents. The court said they are exempt, being clients of the Public Attorney’s Office. The court also said that “it could render a valid judgement” on the case and the facts included in it. — Vann Marlo M. Villegas

3 suspected human trafficking victims stopped at NAIA

THE BUREAU of Immigration (BI) barred from leaving the country three suspected human trafficking victims bound for Dubai on May 17. In a press statement, BI Port Operations Division Chief Grifton SP. Medina said the three females intercepted at the Ninoy Aquino International Airport (NAIA) had job contracts showing that they were hired as kitchen staff, waitress and sales assistant in Dubai, but will actually work as domestic helpers. “This ‘upgrading’ of work is another scheme by illegal recruiters. Their victims are made to appear that they were recruited for high paying jobs when, in fact, they would be getting meager salaries, often even lower than what household service workers receive,” Mr. Medina was quoted as saying. Mr. Medina also said that while the women presented valid United Arab Emirates visas and job contracts, their overseas employment certificates were fake. The three were turned over to the Inter-Agency Council Against Trafficking for investigation and assistance. — Vann Marlo M. Villegas

P8.5M worth of drugs seized, businessman arrested

THE POLICE seized P8.5 million worth of illegal drugs on Wednesday in a posh hotel in Taguig City. The seizure led to the arrest of businessman Domingo Tanyao Uy Jr., 44, at his residence in Quezon City. Seized from Mr. Uy’s hotel room were six packs of ecstasy worth more than P6.86 million; 22 packs of cocaine worth P1.855 million; 103 grams of MOL worth P51,500; and cash worth P720,346. The suspect will face charges for violation of the “Comprehensive Dangerous Drugs Act of 2002.” — Vince Angelo C. Ferreras

P300M worth of access roads completed in Cagayan to support agro-industries

CONCRETING OF 12 roads around Cagayan province worth a total of P300 million have been completed in support of various agro-industries, the Department of Public Works and Highways Region 2 (DPWH-R2) reported. Cagayan 2nd District Engineering Office Engineer Lorna B. Asuten, in a statement, said the concreting of these former gravel roads will “hasten the transportation of agricultural produce and boost commercial activities.” Among the roads completed are in the following towns: Piat, which has sugarcane farms and milling facilities; Abulug for a squash noodles processing area and dragon fruit plantation; Sanchez Mira’s cacao plantations; Calayan Island for a coconut food processing area as well as agricultural and aquaculture sites. “Through this project, local traders and small scale entrepreneurs will be able to promote and market their products with faster mobility. It will also be easier for them to buy the materials they need for their business,” Ms. Asuten said. She added that 44 similar projects are lined up for implementation. These roads are undertaken in partnership with the Department of Trade and Industry through the Convergence and Special Support Program.

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