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PHL stocks snap four-day climb on profit taking

By Arra B. Francia, Senior Reporter

LOCAL SHARES slipped on Thursday as investors decided to stay on the sidelines and take profits amid lingering trade tensions.

The benchmark Philippine Stock Exchange index (PSEi) went down 0.14% or 11.04 points to close at 7,804.03, snapping the index’s four-day winning streak. The broader all-shares index likewise dropped 0.26% or 12.59 points to 4,809.26.

“As trade frictions rose, and the FOMC (Federal Open Market Committee) minutes came out muted, investors remained on the sidelines and even took profit after successive positive sessions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a text message.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said Thursday’s decline served as a technical correction after a four-day rally.

“The index finally corrected after surging for four straight days as it closed in the red… The index initially fell by as much as 50 points at its intraday low, before being bought up at the close,” Mr. Perez said in an e-mail.

Following its ban on Chinese tech giant Huawei Technologies Co. Ltd., the US government was reported to be considering more export bans on several Chinese surveillance companies. Banned firms will have to secure approval from the US government before it can do business with US companies.

US President Donald J. Trump is also threatening to hike tariffs on another $300 billion worth of Chinese goods following its imposition of higher duties on $250 billion in Chinese imports earlier this month.

The PSEi joined other markets that were rattled by trade concerns between the US and China. The Dow Jones Industrial Average fell 0.39% or 100.72 points to 25,776.61, while the S&P 500 index declined 0.28% or 8.09 points to 2,856.27. The Nasdaq Composite index also went down 0.45% or 34.88 points to 7,750.84.

Asian indices were also mostly in negative territory. Japan’s Nikkei 225 plummeted 0.62% or 132.23 points to 21,151.14. The Hang Seng index slumped 1.69% or 467.84 points to 27,238.10, while the Shanghai Composite tumbled 1.36% or 39.19 points to 2,852.52.

Back home, four sectoral indices moved to negative territory led by financials which plunged 0.85% or 14.84 points to 1,712.15, followed by services which retreated 0.54% or 8.99 points to 1,652.67. Industrials shed 0.3% or 35.02 points to 11,362.17, while holding firms dipped 0.1% or 7.96 points to 7,408.30. In contrast, property climbed 0.39% or 16.41 points to 4,228.14, while mining and oil added 0.05% or 3.66 points to 7,232.54.

Some 3.45 billion issues valued at P7.20 billion switched hands, lower than the previous session’s P10.14 billion.

Decliners outpaced advancers, 110 to 87, while 53 names were unchanged.

Net foreign selling slimmed to P177.41 million, much lower than Wednesday’s P3.52 billion net outflow.

Peso rises slightly on fresh RRR cuts, oil prices

THE PESO strengthened against the greenback on Thursday as global crude oil prices declined and the reduction in smaller banks’ reserve requirement ratio (RRR) announced yesterday.

The local currency closed at P52.50 against the US dollar, three centavos stronger than the P52.53 finish the previous day.

The local currency opened stronger at P52.48 against the greenback, which was already its best showing for the day. Meanwhile, it posted an intraday low of P52.55.

Trading volume thinned to $740 million yesterday from the $777.95 million that switched hands the previous day.

Michael L. Ricafort, economist at the Rizal Commercial Banking Corp. (RCBC), said the peso strengthened “after the latest decline in global crude oil prices and as the markets anticipate the latest RRR cut for smaller banks.”

The Bangko Sentral ng Pilipinas (BSP) yesterday said its policy-setting Monetary Board (MB) decided to cut the reserve ratios of thrift, rural and cooperative lenders following the reduction of the RRR of universal and commercial banks (UKBs) announced last week.

MB Member Felipe M. Medalla said thrift banks’ RRR, currently at 8%, will be cut by 200 basis points (bp) in three tranches to 6%, following the same schedule set for UKBs.

The 5% reserve ratio imposed on rural and cooperative banks’ demand and savings deposits will also be cut to 4% by May 31 — the effectivity of the first tranche of reductions for UKBs’ and thrift banks’ RRRs.

Last week, the BSP said that it will slash big banks’ RRR by 200 bps to 16% from the current 18%, with the first 100-bp reduction to take effect on May 31. This will be followed by a 50-bp cut on June 28 and another 50-bp cut on July 26.

The peso also climbed “on seasonal increase in OFW (overseas Filipino workers) remittances and conversion to pesos to finance some tuition payments, school opening-related expenses, vacations, and fiesta celebrations around the country, all for the month May, especially in the latter part of the month and even up to June,” RCBC’s Mr. Ricafort added.

He said proceeds from the government’s recent euro and panda bond sales also supported the peso.

“Recent upward correction/gains in the local stock market especially after the RRR cut announcement since last week also led to a stronger peso,” Mr. Ricafort added.

‘Bikoy’ surrenders, tags LP in plot against Duterte

PETER Joemel Advincula, the man claiming to be the netizen “Bikoy” in the video series against President Rodrigo R. Duterte, surrendered to the Philippine National Police (PNP) on Wednesday.

“He surrendered to us, particularly sa Northern Police District yesterday afternoon. He heeded…our call na mag-surrender na lang siya (to just surrender) because he felt the pressure of manhunt operations against him,” PNP chief Gen. Oscar D. Albayalde said in a press briefing on Thursday, May 23.

Charges of large-scale illegal recruitment and estafa filed in Baguio City are pending against Mr. Advincula, who now claimed that the video series “Ang Totoong Narcolist” (the Real Narcolist) — linking Mr. Duterte and his family and associates to the drug trade — was orchestrated by the opposition Liberal Party (LP), together with Senator Antonio F. Trillanes IV.

“‘Yun ay pawang orchestrated lamang ng mga nasa kabilang party (It was all orchestrated by the other party) which is the Liberal Party under the handling of Senator Antonio Trillanes IV,” Mr. Advincula said in a press conference by the police.

Mr. Advincula said he met Mr. Trillanes through a certain Fr. Albert Alejo. He also said the video series was part of a “Project Sodoma” aimed at ousting Mr. Duterte.

“Ang Project Sodoma ay isang proyekto para pabagsakin si President Duterte at makaupo sa posisyon ay si Vice President Leni Robredo (Project Sodoma is a project to oust President Duterte so Vice President Leni Robredo could take over),” Mr. Advincula said. “Hinahabol ni Senator Trillanes bago matapos ang term niya (This was being pushed by Senator Trillanes before the end of his term)….The Vice-President will then appoint from the Senate or from the House (someone) to become the vice-president, and Senator Sonny will be in (that) line (of succession).”

“Hindi lang si Senator Trillanes kundi pati ‘yung iba pang staff, miyembro ng Liberal Party (It’s not just Senator Trillanes, but also other staff, members of the Liberal Party), gaya ng staff ni Senator [Leila] De Lima at mismo si Senator Risa Hontiveros (just like the staff of Senator Leila de Lima and even Senator Risa Hontiveros herself). Ilang beses kami nagkaroon ng pag-u-usap at deliberation (We had several discussions and meetings before).”

Mr. Advincula said that among the LP-led Otsyo Diretsyo candidates, Manuel A. Roxas II was the only one he didn’t meet. On the other hand, he met Vice President Maria Leonor G. Robredo once.

“Si Ma’am Leni Robredo po, isang beses lang po (I only saw Ma’am Leni Robredo once)….Hindi po siya humarap sa meeting, parang nagpakita lang (She did not attend the meeting, she just showed up),” he said.

Mr. Advincula said he was promised P500,000 as well as the dismissal of his cases in exchange for participating in the videos.

For its part, The Department of Justice (DoJ) reiterated its request to Mr. Advincula that he submit himself for investigation.

“We reiterate that call today in light of his new revelations regarding his transactions with certain personalities in the production and dissemination of those videos, and the equally serious implications of those revelations,” DoJ Undersecretary and spokesperson Markk L. Perete said in a statement.

Mr. Advincula first surfaced at the Integrated Bar of the Philippines on May 6 where he applied for but was denied legal assistance.

Malacañang, for its part, said Thursday that Mr. Advincula should sign a sworn statement on his allegations.

In his press briefing, Presidential Spokesperson Salvador S. Panelo said, “As a lawyer, I just don’t believe in what [the] person says. He has to substantiate [his claims]. He has to submit proof.”

Mr. Panelo also denied claims by critics that “Bikoy” is the administration’s “creation.” “Ha, ha, ha, ha. That’s my response,” he said.

Davao City First District Rep. Paolo Z. Duterte, for his part, said, “a proper investigation is in order.”

In a news conference that Thursday, Ms. Robredo said she never met Mr. Advincula.

“Waste of time iyong pagpaplano para pabagsakin iyong administrasyon. Saka tingin ko subversion iyon ng will ng mamamayan,” the Vice-President also said. (Ouster plots are a waste of time. And it’s subversion of the people’s will.)

“(K)ung ito ay ginagawang paraan para lalong yurakan at tapakan iyong Liberal Party o kaming nasa oposisyon, gusto ko lang sabihin sa ating mga kasama na hindi ito magiging dahilan para magpapatinag tayo.” (If this is a way to trample on the Liberal Party, this won’t affect us).

Mr. Trillanes said in a separate statement, Thursday.“This could be another ploy of the administration to harass the opposition. For now, I will be consulting with my lawyers so that we could also file the appropriate charges against him.”

Akbayan Senator Risa N. Hontiveros-Baraquel said in part, “And now, when he sings a different song and accuses the opposition of outlandish things, all of a sudden his credibility is restored? How absurd.” — Vince Angelo C. Ferreras, Vann Marlo M. Villegas, Arjay L. Balinbin, and Charmaine A. Tadalan

Police-training bodies transferred to PNP

By Arjay L. Balinbin, Reporter

PRESIDENT Rodrigo R. Duterte has signed a law transferring the Philippine National Police Academy (PNPA) and the National Police Training Institute (NPTI) from the Philippine Public Safety College (PPSC) to the Philippine National Police (PNP) in a bid to “beef up” the agency’s internal cleansing efforts.

Mr. Duterte signed Republic Act (RA) No. 11279 on April 12, amending Sections 24, 35, 66, 67, and 68 of RA No. 6975, or the Department of the Interior and Local Government Act of 1990, for the purpose of transferring the PNPA and the NPTI from the PPSC to the PNP. The Palace released copies of the new law to reporters on Thursday.

Sen. Panfilo M. Lacson, the law’s author, said in a statement that the PNP now has an “added tool to build a physically and morally competent force while beefing up its internal cleansing efforts.”

He said the new law will help the PNP leadership in its “internal cleansing efforts,” noting that the agency will now be “accountable for the entire gamut of responsibility from recruitment, education, field training and deployment of police officers.”

As for the transition, the law states that within 120 days from its effectivity, the PNP Chief will submit the revised table of organization. And equipment and staffing pattern of the PNPA and the NPTI to the NationalPolice Commission (Napolcom) and the Department of Budget and Management (DBM) for approval.

The Secretary of the Department of the Interior and Local Government (DILG) and the ex officio Chairman of the Napolcom are tasked to formulate and implement a five-year transition plan to ensure the smooth transfer of the PNPA and the NPTI to the PNP.

“Within 90 days from the effectivity of this Act, the National Police Commission, in coordination with the Philippine National Police, Philippine Public Safety College, and Department of the Interior and Local Government shall promulgate the necessary rules and regulations to implement the provisions of this Act,” the law also reads.

Palace: PHL to send back Australian trash

MALACAÑANG on Thursday said the government wants the trash recently dumped in Misamis Oriental shipped back to Australia.

A shipment of trash from Australia was intercepted recently in Tagoloan, Misamis Oriental, according to GMA’s 24 Oras exclusive report last Wednesday.

In a press briefing at the Palace, Presidential Spokesperson Salvador S. Panelo said regarding the trash from Australia: “It will be offensive to this government to be a recipient of trash or ‘basura.’ We are offended by that. We will not allow it. We’ll send them back.”

According to Mr. Panelo, the government will order the private firm responsible for the shipment to send the garbage back to Australia.

“Ipapabalik natin sa kanila (We will ask them to ship [the garbage] back),” he said.

Asked what measures should be taken to avoid the same incident from happening again, he said the policy is to send all the trash back to their countries of origin.

“Aba eh di (Of course), as soon as we discover that, then we will have the same procedure. We’ll have the same stand.”

“We will not allow ourselves to be [a] dumping ground of trash.”

On the trash from Canada, Mr. Panelo said it will be transported by the Philippine government “soon” despite the Canadian government’s announcement that it has hired a private firm for the shipment.

“Sabi nila (They said) it will take about end of June pa. Hindi papayag si Presidente roon (The President will not allow that). And I understand from [Finance] Secretary [Carlos G.] Dominguez [III] that malapit nang ipadala (the trash will be shipped back soon),” Mr. Panelo said. — Arjay L. Balinbin

Comelec vows to learn from midterm polls’ glitches, do better in 2022

THE COMMISSION on Elections (Comelec) said it will assess the glitches encountered in the May 13 midterm polls and use the lessons learned in preparing for the 2022 Presidential elections.

Comelec Chairman Sheriff A. Abas told reporters on Wednesday that the poll body will do the evaluation as soon as the 2019 national and local election period officially ends on June 12.

“Mag-assess kami kung saan kami nagkaproblema at ayun ang proposal para sa 2022 (We will assess where we encountered problems and that will be [the basis] of our proposal for 2022),” he said.

The Presidential elections, which will also include other national as well as local positions, is set on May 9, 2022.

In the just concluded 2019 midterm elections, nearly 2,000 SD cards were reported to be defective while nearly 1,000 vote counting machines (VCMs) were also ruled defective.

The Comelec system also experienced a seven-hour data blackout during the initial transmission of votes right after the polls closed last May 13.

YOUTH PARTY-LIST
In another development, Comelec Commissioner Rowena Amelia V. Guanzon dismissed reports that the poll body has already allowed former National Youth Commission chairman Ronald Gian Carlo L. Cardema to be the first nominee of youth sector party-list Duterte Youth.

In a social media post on Thursday, Ms. Guanzon stressed that she has not signed any resolution regarding Mr. Cardema’s application for substitution to be the first nominee of the group.

“I have not signed a Reso about giving due course to Cardema’s application for substitution but I will dissent,” she said.

At 33 years old, Mr. Cardema is deemed unqualified to be a nominee of a youth sector party-list, with the age range set at 25 to 30 years old.

The Comelec has yet to issue an official statement or resolution regarding Mr. Cardema’s substitution application, in which he seeks to replace the first nominee of Duterte Youth, his wife Ducielle Marie. — Gillian M. Cortez

New appointments include replacement for late BTA member Jaafar

PRESIDENT RODRIGO R. Duterte has appointed Mudjib C. Abu as member of the Bangsamoro Transition Authority (BTA), replacing former Moro Islamic Liberation Front (MILF) vice-chairman Ghazali Jaafar who died on March 13. Mr. Jaafar was chairman of the Bangsamoro Transition Commission, which drafted what would become the Bangasamoro Organic Law following the peace deal between the MILF and the government. Mr. Duterte has also appointed Grepor B. Belgica, father of Presidential Anti-Corruption Commission Commissioner Greco Antonious Beda B. Belgica, as his adviser for religious affairs. Other appointments include: Jose Sylton V. Solidum, assistant secretary at the Office of the Cabinet Secretary; Fernando S. Borja, presidential special envoy to Japan for business and investment promotion; Almarim C. Tillah, presidential special envoy to the Organization of Islamic Cooperation; Teresita M. Marañon, member of the board of directors of the Coconut Industry Investment Fund (CIIF) Oil Mills Group; Leonor I. Cabral-Lim, member of the Philippine Council for Mental Health of the Department of Health; and Celerino L. Umandap, member of the board of trustees of the Overseas Workers Welfare Administration of the Department of Labor and Employment. — Arjay L. Balinbin

Marawi’s homeless and scarred

TWO years since the Marawi conflict, which broke out on May 23, 2017, the supply of potable water remains a concern in some displacement sites, according to the International Committee of the Red Cross (ICRC). The humanitarian organization said over 100,000 people from the war-torn city “still do not have a home to return to.” Martin Thalmann, head of the ICRC delegation in the Philippines, said, “Despite the numerous aid efforts that have truly helped those in need over the two years, the people of Marawi have grown tired and frustrated. They want to stand on their own feet again and stop depending on assistance.” On top of continued help for physical survival, Mr. Thalmann stressed the need to address the “invisible scars” by strengthening the public health system in the area of psychosocial support.

12 in Caloocan, 2 in Legazpi face tax evasion charges

THE BUREAU of Internal Revenue (BIR) offices in the cities of Caloocan and Legazpi filed 12 complaints before the Department of Justice against taxpayers for willful failure to pay taxes amounting to a total of more than P776 million.

In a press release, BIR-Caloocan City said it filed 10 complaints against seven corporations and three individuals for failure to pay taxes amounting to P755 million for the years 2011 to 2015, while BIR-Legazpi City filed cases against two individual taxpayers for deficiencies of more than P21 million for 2010.

The BIR said records from its offices showed that the taxpayers were served with necessary documents for tax assessments such as Letter of Authority, Preliminary Assessment Notice and Final Decision on Disputed Assessments, among others, “but failed to pay and submit relevant supporting documents to either substantiate their claims or to refute said assessments, hence making the said assessments final, executory, and demandable.”

“The…respondents’ failure and continued refusal to pay their long overdue deficiency taxes, despite repeated demands, constitute wilful failure to pay the taxes due to the government,” BIR said.

The seven corporations in Caloocan City are Taoyuan Textile Manufacturing Corp., Primekit MFG. Corp., Spinmaster Textile Manufacturing Corp., Bicol Apparel Corp., Nature’s Best Agri Foods Corp., Amhran Trading Corp., and Innovative Technology & Environmental Solution.

The three individuals are Manuel T. Espiritu, Armando David Lagamson, and Ma. Reztiliza N. Sosa.

The two charged by the BIR in Legazpi were Amador V. Abichuela, proprietor of Amador V. Abichuela Enterprise, and Reuben L. Salopaso, owner of DNK Construction & Supply.

The cases filed are the 438th to 449th complaints filed under the BIR’s Run After Tax Evaders program. — Vann Marlo M. Villegas

Gov. Uy says ComVal name change to Davao de Oro would attract more investments

PRESIDENT RODRIGO R. Duterte has signed Republic Act No. 11297, the law renaming the province of Compostela Valley (ComVal) into Davao de Oro. The law will be subject to ratification by a majority of the qualified voters in a plebiscite. Reelected Gov. Jayvee Tyron L. Uy, in a statement, cheered the signing. “As what we’ve said numerous times, the change of name is inspired by the affinity of our people with Davao Region. This cements our place in the ever-growing Davao Region. We expect that this change will help our province in gaining more investments,” he said. The other provinces in Davao Region are Davao del Sur, Davao del Norte, Davao Occidental, and Davao Oriental, while Davao City is an independent city. Mr. Uy also expressed confidence that the law will be ratified by residents as the local government prepares for the campaign. He said, “(W)e can now put our fullest efforts in campaigning for the plebiscite. Armed with pride and certainty, we can now say ‘Yes to Davao de Oro!’” — Arjay L. Balinbin

Cebu developer Priland venturing to Cagayan de Oro, Davao

CEBU-BASED property developer Priland Development Corp. is preparing to launch next year residential and office space projects in the Mindanao cities of Cagayan de Oro and Davao. Priland President Ramon Carlo Yap, in an interview, said aside from the company’s aggressive stance in expanding in Cebu province, they also want to venture into the promising real estate sector in the southern island. He noted that Mindanao still has huge untapped areas compared with Cebu’s diminishing supply of good properties. The company earlier announced that it will spend an estimated P3 billion for three more projects in Cebu that will be launched within the year. Since 2013, Priland has launched eight projects within Metro Cebu. These projects are in various stages of developments and are mostly sold out. — The Freeman

Less election-related shootings, but political clan wars still a major threat in BARMM areas

THREE DAYS after the May 13 midterm elections, troops under the Western Mindanao Command (WestMinCom) seized firearms and other weapons in Talitay, Maguindanao in an operation intended to contain the escalation of conflict between the private armed groups (PAGs) of vice-mayoralty candidates Montasir Sabal and Suraida Ameril.

Among the items seized were M16 rifles, hand grenades, and drums containing suspected anti-personnel mine and bomb-making components.

WestMinCom said curbing the fight between the PAGs was particularly crucial in terms of preventing it from extending among the supporters of rival political families.

“The violence that attended the recent elections has created new strings of conflict, as fights between rival politicians morph into fights between clans exacting revenge,” said International Alert Philippines in its post-election bulletin, released May 23, covering the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and neighboring areas.

The UK-based peace-building organization logged in 144 reports of election-related incidents from May 11-13 using its critical events monitoring system.

These incidents, aside from Maguindanao, took place in Cotabato City, Lanao del Sur, and parts of Sulu and Tawi-Tawi, as well as North Cotabato.

“Most of these incidents involved rival clans with the ability to engage in prolonged revenge killings,” International Alert said as it called for the need to pursue “negotiated post-election settlement on the carrying and use of firearms” involving all stakeholders.

On a more positive note, International Alert said there were “fewer shooting incidents between rival candidates and supporters that were a staple of previous electoral battles… Bombing and brawling seems to have replaced the violent gun battles of the past.”

The organization attributes this mainly to the “tight military and police presence” since early this year for the plebiscite on the Bangsamoro Organic Law. — MSJ

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