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Peso drops to near P53:$1 level

THE PESO plunged versus the dollar on Monday due to weak data.

THE PESO plunged to a fresh low against the dollar on Monday, closing near P53 due to a wider trade deficit and lower foreign exchange reserves amid geopolitical tensions overseas.
The local unit closed Monday’s session at P52.95 against the dollar, weaker by 25 centavos from the P52.70-per-dollar finish on Friday.
This is a new low for the peso as this is its worst finish in more than 12 years or since it closed at P52.98 against the greenback on July 3, 2006.
The peso immediately slid against the greenback as it opened the session opened at P52.80 versus the greenback, which was already its best showing for the day. Meanwhile, its intraday low stood at its P52.95-per-dollar close.
Dollars traded dropped to $653.1 million Monday, June 11, from the $724.2 million that switched hands on Friday.
In a text message, Rizal Commercial Banking Corp. Economics and Industry Research Division Head Michael L. Ricafort attributed the weakening of the peso to data showing a wider trade deficit recorded in April as well as lower foreign reserves.
The country’s trade deficit widened to $3.616 billion in April from the $1.554 billion logged a year ago, the Philippine Statistics Authority announced on Friday.
Exports declined to $5.11 billion in April by 8.5% from the same period last year, while the country’s imports surged 2.22% year-on-year to $8.729 billion during the month.
“Wider trade deficits tend to weaken the peso exchange rate, fundamentally due to more net imports and outflows of foreign exchange [or] US dollars to pay for imports sources from suppliers overseas,” Mr. Ricafort explained.
He added that the lower gross international reserves (GIR) of the country “also weighed down on the peso sentiment recently.”
Last week, the Bangko Sentral ng Pilipinas said the country’s dollar reserves dropped to a three-year low of $78.968 billion in May as the central bank used the stash to temper sharp swings in the exchange rate, and amid higher gold valuations and debt payments.
Mr. Ricafort noted that the market continued to react to data released last week.
Meanwhile, a trader said the peso “depreciated heavily” following the outcome of the Group of 7 summit over the weekend.
“The peso again depreciated heavily today following the unfavorable outcome of the G-7 summit over the weekend,” the trader said in an e-mail on Monday.
US President Donald J. Trump announced he was backing out of the G-7 communique after he left the summit in Canada, calling Canadian Prime Minister Justin Trudeau “dishonest and weak” following his press conference.
The trader added that the local unit depreciated due to the “uncertainties in the market” ahead of the summit between Mr. Trump and North Korean leader Kim Jong-un in Singapore to discuss denuclearization as well as peace in the Korean peninsula.
Local financial markets are closed Tuesday, June 12, in observance of the country’s Independence Day. — Karl Angelo N. Vidal

Stocks up in muted trade on positive sentiment

STOCKS climbed at the start of the shortened trading week, tracking positive finishes overseas.
The 30-member Philippine Stock Exchange index (PSEi) rose 0.39% or 30.56 points to 7,771.30 on Monday. The broader all-shares index likewise went up 0.30% or 14.44 points to 4,704.54.
“Philippine shares closed generally higher along with US stocks on Friday as investors brushed aside tensions between the US and major allies as a meeting of leaders of the Group of Seven (G7) industrialized nations got under way in Canada,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Last Friday, the Dow Jones Industrial Average added 0.30% or 75.12 points to 25,316.53, while the S&P 500 index edged higher by 0.30% or 8.66 points to 2,779.98. The Nasdaq Composite Index closed 0.14% or 10.44 points higher to 7,645.51.
Most Asian indices also finished on a positive note on Monday, shrugging aside the cautious mood after the G7 Summit.
After the G7 Summit, US President Donald J. Trump will be meeting with North Korean leader Kim Jong Un in Singapore Tuesday, June 12, to come up with an agreement on denuclearization.
“Investors are viewing the meeting between Trump and Kim to be a positive catalyst and will be observed for the week…” Mr. Limlingan said.
Back home, four sectoral indices closed in positive territory. The mining and oil sub-index firmed up 1.24% or 126.38 points to 10,321.51, while holding firms also posted a 1.24% climb or 95.37 points to 7,760.23. Industrials jumped 0.41% or 44.50 points to 10,909.90 and services picked up 0.26% or 4.01 points to 1,506.78.
Meanwhile, property dropped 0.92% or 35.11 points to 3,769.11, followed by financials which gave up 0.11% or 2.16 points to 1,923.73.
Trading was muted, with 849.38 million issues switching hands resulting in a value turnover of only P4.01 billion, further dropping from the already low turnover of P5.28 billion recorded last Friday.
“The upcoming holidays and the weather’s downpour really dampened the PSEi today as it ended with the lowest value turnover of the year of only P4.0B,” Papa Securities Corp. trader Gabriel Perez said in an e-mail on Monday. “[The peso] depreciating to a new 2018 high of as much as P52.96 ahead of the Fed’s meeting…may have also contributed to the muted movement — more so that expectations are for a hike abroad.”
The US Federal Reserve holds a two-day policy review on June 12-13, where it is expected to hike borrowing costs anew after a similar move in March.
Advancers trumped decliners, 103 to 84, while 49 names were unchanged.
Foreign selling prevailed, with net outflows totaling P282.33 million, although lower than the previous session’s P671.65-million net sales.
Financial markets will be closed Tuesday, June 12, and on Friday for the country’s Independence Day and Eid’l Fitr or the Feast of Ramadan, respectively. — Arra B. Francia

Security adviser, congressman Roilo Golez, 71

By Charmaine A. Tadalan
FORMER National Security Adviser Jose Roilo S. Golez passed away on Monday morning. He was 71.
Mr. Golez, a former congressman, died of a heart attack, according to House Majority Leader Rodolfo C. Fariñas.
“It is with sadness that I post here that Danny Suarez just called me with the information that our former colleague, Roilo ‘Roy’ Golez, passed away due to heart attack. May his soul Rest In Peace!” Mr. Fariñas shared with reporters in a phone message.
As representative of Parañaque City, Mr. Golez served six terms from 1992 to 2001 and 2004 to 2007.
In 2001, he was tapped by then president Gloria M. Arroyo to be her National Security Adviser.
His service continued up to his last breath as he added his voice to calls for the assertion of Philippine sovereignty over the West Philippine Sea. He was last heard in an interview with DzRH on the subject.
“He was a sailor, a patriot, and a public servant whose contributions to the Filipino nation and its people extended throughout his lifetime,” Armed Forces of the Philippines spokesman Colonel Edgard Arevalo said in a statement.
Senate Majority Leader Juan Miguel F. Zubiri, for his part, said, “We will miss him. Although he towered in the security and diplomatic circles, he was a lover of the common tao (people). His day was not complete without walking among the masa (masses) in Parañaque and praying in Baclaran Church.”
Acting Chief Justice Antonio T. Carpio described Mr. Golez as a “patriot” and an “indefatigable defender of the WPS.”
He added: “He embraced lawfare as a peaceful means of asserting our sovereign rights in the WPS. His death strengthens our resolve to carry on.”
Mr. Golez’s wake is at the Heritage Park and his interment will be on June 15, according to the House of Representatives Protocol Office.

Oil prices drop for 2nd week

FOR THE second straight week, oil companies will be cutting the prices of petroleum products to reflect the movement of prices in the world market. Gasoline prices will be down by P0.55 per liter (/L), while diesel and kerosene prices will both decrease by P0.60/L. “This is to reflect movements in the international petroleum market,” said Seaoil Philippines, Inc., which is among the first oil companies to adjust prices at 12:01 a.m. on Tuesday, June 12. Most of the companies that sent their price advisories will be slashing prices at 6:00 a.m. on Tuesday. This week’s price reduction comes after last week’s hefty price rollback, which saw per liter prices of gasoline products dropping by P1.20, diesel by P0.90, and kerosene by P1.00. — Victor V. Saulon

Malacañang vows to fast-track investigations as another priest killed

By Arjay L. Balinbin, Reporter

Fr. Richmond V. Nilo

MALACAÑANG ON Monday denounced the murder of another Catholic priest in Nueva Ecija early evening Sunday, June 10, and promised to prioritize the investigation of the recent killings of religious leaders under the administration of President Rodrigo R. Duterte.
“Another priest, Fr. Richmond V. Nilo of the Cabanatuan diocese, was shot dead by unidentified persons while celebrating mass around 5:00 p.m., Sunday, inside a chapel in Zaragoza, Nueva Ecija,” the media office of the Catholic Bishops’ Conference of the Philippines reported on Sunday evening.
Other Catholic priests recently murdered were Marcelito Paez, who was killed in December last year by still unidentified gunmen in Jaen, another town in Nueva Ecija, and Mark Ventura, who was shot to death on the outskirts of Gattaran town in Cagayan last April 29.
In a press briefing at the Palace on Monday, Presidential Spokesperson Harry L. Roque, Jr. said the administration “condemns” the latest incident, which is an attack not just on the right to live but to religious freedom.
“Kinokondena po natin iyang pagpatay dito sa pari na taga Nueva Ecija. Talaga pong bibigyan natin ng prayoridad ang pag-iimbestiga nang pagkapatay kay Father at nababahala po ang gobyerno dahil gaya ng pagpatay sa isang mamamahayag, kapag pinatay mo ang isang pari eh nilalabag mo hindi lang ang karapatang mabuhay kung hindi iyong karapatan din ng malayang pananampalataya,” he said.
“Titingnan kung kakailanganin ng bagong task force (We will assess if there is a need to form a new special task force),” he added.
Mr. Roque also promised that he himself, in his capacity as Presidential Adviser on Human Rights, will monitor the development of the investigation.
Police Regional Office 3 director Chief Supt. Amador V. Corpus, in a statement on Monday, narrated that Fr. Nilo was “shot to death by still unidentified suspects while he was about to celebrate a 6:00 p.m. mass at the Chapel of Mayamot village.”
Mr. Corpus said, he has already ordered his “men to conduct a thorough investigation for the possible identification and apprehension of suspects the soonest possible time.”
“Special Investigation Task Group ‘Nilo’ is already created headed by the Deputy Provincial Director of Nueva Ecija and is now working on more evidence to establish the possible motive of the killing,” he added.
The police official also appealed to the general public to help the Philippine National Police (PNP) in identifying the suspects.
“If you have any information relative to the said incident that will lead to the quick resolution of this case, please report to the nearest station or through the PNP hot line: 09985985330/0927946471,” Mr. Corpus said.
For his part, Ifugao Representative Teddy Brawner Baguilat, Jr. said, “Just like the killings of the poor in the ongoing drug war, killings of journalists and indigenous people’s leaders, no one has been brought to justice.”
“This tyranny and impunity have led the President to warn that lawlessness is taking over the country and yet he has also repeatedly declared his vow to bring peace and order to the Philippines. I sincerely hope that he will make good on his words and bring justice to victims like Fr. Nilo,” the lawmaker also said.

More drugs hidden in chairs seized at Clark

ANOTHER 17.7 kilos of the illegal drug shabu (methamphetamine hydrochloride), with an estimated street value of P120.36 million, were intercepted by the Bureau of Customs (BoC)-Port of Clark on June 7. The drugs were hidden in parcels declared as chair and bar stools, similar to shipments seized last June 5, also at the Clark Freeport Zone. The parcels from California were consigned to Christian Santillan Frias, Robert Alejandro Nazareno, Dominic Espinosa Gallardo of Quezon City, and Gina Fernandez Santiago of Taguig City. The senders are Rania Frias, Maria Nazareno, Vanessa Gallardo, and Rania Fernandez, according to a statement from BoC. “We are suspecting that the sender of these packages is international drug cartels… Because of the stricter border protection in NAIA (Ninoy Aquino International Airport), perhaps the drug smugglers are now diverting their smuggled and contraband goods in other airports such as Port of Clark,” Customs Commissioner Isidro S. Lapena said.

NEDA directs DoTr to submit ‘robust evidence’ vs Cebu BRT

THE DEPARTMENT of Transportation (DoTr) has until June 30 to submit more evidence supporting its recommendation to cancel the bus rapid transit (BRT) project in Cebu City. “The DoTr was given until June 30, 2018 to submit its response to the above-cited instructions, in accordance with the instruction during the Cabinet meeting held last April 24, 2018,” reads a portion of a letter sent by Socioeconomic Planning Secretary Ernesto M. Pernia to Cebu City Mayor Tomas R. Osmeña, who has been pushing for the BRT’s implementation. Mr. Pernia said DoTr’s recommendation was discussed by the Investment Coordination Committee-Cabinet Committee of the National Economic and Development Authority (NEDA)during an April 25 meeting. In that meeting, DoTr was instructed to procure a technical support consultant or an independent third party to review the technical design requirements of the project and submit to the body “more robust” evidence, including quantitative analysis, supporting the cancellation. Last Friday, Transportation Secretary Arthur P. Tugade and other officials inspected the 23-kilometer route of the Cebu BRT. — The Freeman
>> See the full story on https://goo.gl/Hj7Tzu

Troops kill 15 BIFF militants in air and ground assaults

AT LEAST 15 pro-Islamic State militants were killed when Philippine troops launched air and ground assaults against a rebel bomb factory on Sunday, a military commander said. Air strikes and artillery pounded an area in the Liguasan marsh in Maguindanao, where the Bangsamoro Islamic Freedom Fighters (BIFF) group had been making improvised explosive devices (IED), said Brigadier General Cirilito E. Sobejana. About 60 to 100 BIFF militants were in the vicinity when the assaults began before dawn, Mr. Sobejana said. “Fifteen were confirmed killed, 10 were injured and two others were captured,” he said. “We were able to destroy their main IED factory in southern Liguasan, and this is a big loss to them.” The military classifies the BIFF, which it say has 300 to 400 members, as a terrorist organization, along with the Abu Sayyaf and Maute groups. The militants in southern Philippines have regrouped and were retraining and recruiting new members for future attacks after occupying the southern city of Marawi for five months last year, the military has said. — Reuters

Rep. Floirendo vouches for integrity of slain journalist Denora

DAVAO DEL Norte 1st District Rep. Antonio R. Floirendo Jr. called on authorities to immediately resolve the murder of local newspaper publisher Dennis Wilfredo D. Denora, who was shot in Panabo City by motorcycle-riding men last June 7. “The killers behind the ambush must promptly be arrested and the brains behind the crime be identified,” Mr. Floirendo said in a statement released Sunday night. The congressman, who had known the victim for 30 years, said, “I can vouch for his decency, integrity and strong commitment to seek the journalistic truth.” Investigators have yet to come up with the motive of the murder as well as the identities of those behind it. In a statement last Thursday, the Presidential Task Force on Media Security (PTFoMS) said it has already directed the top provincial and regional police officers “to leave no stone unturned in the conduct of their investigation.” — Carmelito Q. Francisco

Davao City apprehends over 3,000 smoking violators in January-April

DAVAO CITY’s Vices Regulation Unit (VRU) recorded over 3,000 people caught violating the new Comprehensive Anti-Smoking Ordinance from Jan. to April this year. “This is attributed to the intensified anti-smoking campaign of the city and not necessarily because there was an increase in the number of smokers,” Dr. Ashley M. Lopez, VRU head and Anti-Smoking Task Force co-chair, said in an interview. The city recently marked the 16th year anniversary of the local anti-smoking campaign. “We have increased the Anti-Smoking Task Force enforcers; we have also trained volunteers to help in the implementation of the anti-smoking campaign,” said Mr. Lopez, adding that Barangay Anti-Smoking Teams have also been formed to monitor smoking violations in the communities. — Carmencita A. Carillo

De Lima flags surge in IEDs

SENATOR LEILA M. De Lima on Monday raised concerns over the reported surge of improvised explosive devices (IEDs) being used by insurgent groups in Mindanao amid the implementation of martial law. Citing local media reports, the senator said the number of attempted IED attacks almost doubled to 19 during the first three months of 2018 compared with 10 in the last quarter of 2017. Most of these IEDs planted reportedly detonated, which caused deaths and injuries. “The presence of foreign fighters who are training their local recruits in bomb-making is a serious cause of alarm, and unless it is stopped, it might result to further terrorist violence to spread across Mindanao. Our government should not ignore this concern,” she said in a statement. — Camille A. Aguinaldo

Nation at a Glance — (06/12/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

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