Facebook Instagram Linkedin X Youtube
Home Blog Page 11220

PSE index drops ahead of central banks’ reviews

THE MAIN INDEX ended in negative territory on Tuesday as investors took caution ahead of the policy review of the Bangko Sentral ng Pilipinas (BSP) as well as the United States’ and United Kingdom’s central banks, all slated later this week.
The benchmark Philippine Stock Exchange index fell 0.37% or 29.61 points to 7,843.41. The broader all-shares index dropped 0.25% or 12.13 points to 4,833.29.
“It was mostly sideways action for the Philippine market before finally settling in the red territory as part of the Fed Watch, US-China trade relations and Brexit roadblock steering the market,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Tuesday.
Market participants are bracing for Thursday as the US Federal Reserve decision comes out at 2 a.m. Manila time, while the BSP’s will be out at 4 p.m., and the Bank of England’s at 8 p.m. on the same day.
“Investors are going to take cues if the officials of these banks will be bullish or bearish for this year,” Timson Securities, Inc. trader Jervin S. de Celis said in a mobile message on Tuesday.
All sector counters were in the red. Mining and oil slumped 1.2% or 99.09 points to 8,148.28; financials slid 0.66% or 11.90 points to 1,772.19; industrials dropped 0.5% or 58.49 points to 11,575.17; property went down 0.43% or 17.64 points to 3,996.31; holding firms shed 0.19% or 15.13 points to 7,760.51; and services inched down 0.11% or 1.74 points to 1,573.26.
Decliners trumped advancers, 104 to 89, while 44 issues were unchanged.
Value turnover totaled P5.97 billion as 1.39 billion shares switched hands, slightly higher than the P5.32 billion on Monday when volume was at 1.70 billion shares.
Foreigners turned sellers, dumping shares amounting to a net P70.34 million, reversing the net purchases of P406.76 million posted in the previous session.
Most Southeast Asian stock markets were also subdued in thin trading on Tuesday, with Indonesia falling the most, as investors remained on sidelines ahead of the US Federal Reserve policy meeting, and policy decisions by some regional central banks.
The Federal Reserve is likely to hold interest rates at its policy meeting, waiting until the third quarter before raising rates once more, according to a Reuters poll.
The Indonesian index was the worst hit in the region, dipping 0.4%. Consumer stocks led declines as Bank Indonesia is expected to keep rates on hold at their meeting on Thursday despite the country recording the lowest inflation in nearly a decade.
Singapore’s benchmark fell marginally with industrial majors Jardine Matheson Holdings Ltd. and Jardine Strategic Holdings Ltd. slipping 0.9% and 0.6%, respectively.
Meanwhile, the Thai index moved up 0.3% recovering from three straight sessions of losses, ahead of the Bank of Thailand policy meeting on Wednesday. — JCL with Reuters

ICC to pursue examination of PHL drug war

By Arjay L. Balinbin, Reporter
THE INTERNATIONAL Criminal Court (ICC) on Tuesday vowed to pursue its “preliminary examination” of President Rodrigo R. Duterte’s controversial drug war despite the Philippines’ withdrawal from the Rome Statute.
“My Office’s independent and impartial preliminary examination into the situation in the Philippines continues,” ICC Prosecutor Fatou Bensouda said in a statement on Tuesday.
She noted that the Philippines’ withdrawal from the Rome Statute, the treaty that created the ICC, became effective last Sunday, March 17.
“Pursuant to Article 127.2 of the Statute, and based on prior ICC judicial ruling in the situation in Burundi, the Court retains its jurisdiction over crimes committed during the time in which the State was party to the Statute and may exercise this jurisdiction even after the withdrawal becomes effective,” she added.
The Statute states that a country’s withdrawal “shall not prejudice in any way the continued consideration of any matter which was already under consideration by the Court prior to the date on which the withdrawal became effective.”
For his part, President of the Assembly of States Parties O-Gon Kwon said: “I sincerely hope that the departure of the Philippines from the Rome Statute is only temporary and that it will re-join the Rome Statute family in the future. Encouraging universal adherence to the Rome Statute is key in strengthening our collective efforts to promote accountability for atrocity crimes and the rule of law.”
He also said in his statement that the ICC “relies on the continued support of the international community to ensure its effectiveness in the fight against impunity.”
“The Assembly of States Parties, comprising more than 120 States from all regions of the world, is fully committed to the Court’s mandate: to help put an end to impunity for the most serious crimes of concern to the international community,” he noted.
The Assembly of States Parties is the management oversight and legislative body of the ICC. The body is comprised of representatives of all States that have ratified and acceded to the Statute.
Sought for comment at a Palace briefing, Presidential Spokesperson Salvador S. Panelo said the Philippines, under Mr. Duterte, will not be returning to the ICC.
“Not during the watch of this President,” he said.
“Even other countries, powerful countries share the same sentiment that the ICC has weaponized human rights in the fight against drugs. It has been politically persecuting heads of states,” Mr. Panelo added.

Palace defends Bong Go’s donation to fire victims

PRESIDENTIAL SPOKESPERSON Salvador S. Panelo on Tuesday defended senatorial candidate and former special assistant to the President Christopher Lawrence “Bong” T. Go’s alleged cash distribution to fire victims.
At a news conference at the Palace on Tuesday, Mr. Panelo expressed doubts on whether Mr. Go can be held liable for vote-buying. “Why don’t they file if that is what they believe in? You know, I looked at the provision. Baka mahirapan (The [complainant/s] may have a hard time), kasi (because) what it says there is that ‘will induce the voter to be influenced.’ Mukhang iba ang situation dito kay (In the case of) Bong Go (the situation seems different) sapagkat (because) these are donations and they are fire victims.”
A report by Rappler.com on March 15 said Mr. Go “made cash donations to fire victims during or immediately after his visit to communities stricken by fire,” and these were made “during the campaign period.”
Vote-buying, according to the Omnibus Election Code, is when a person “gives, offers or promises money or anything of value…in order to induce anyone or the public in general to vote for or against any candidate or withhold his vote in the election, or to vote for or against any aspirant for the nomination or choice of a candidate in a convention or similar selection process of a political party.”
Mr. Panelo further said, “The operative word is ‘inducement.’ If the intention is to induce, then you will be violating the provision. But the problem is how you will prove inducement, especially in this particular case of Bong Go where there are fire victims.”
“Knowing that man, I don’t think he will allow that to happen. But anyway, if they feel that he has violated, oh di mag-file (they can file a complaint),” he said.
The President’s spokesman also noted that Mr. Go surged to No. 3 in the latest 2019 Pulse Asia survey.
“Well, given the fact that he is very visible, I am not surprised why he is within the top 3. He’s very visible and as we know in this election…, awareness is number one consideration. He may be very good, but if the people are not aware of your name, my goodness, wala rin (nothing will happen),” he said.
Following his latest ranking at No. 3 in Pulse Asia’s survey, Mr. Go said in a statement, “Muli po, maraming salamat sa aking mga supporters na naniniwala sa aking kakayahan at katapatan maglingkod karugtong ng aking hangarin na mag-serbisyo sa Pilipino. Nakakataba po ng puso ang inyong pagtitiwala.” (Again, thank you very much to my supporters for placing your trust in my abilities and my loyalty to serve. It is flattering).
He added: “Mas importante sa akin ang makatulong at makapagserbisyo sa tao, higit pa sa pangangampanya. Uunahin ko po palagi ang mga mahihirap at mga nangangailangan ng tulong.” (Helping and serving the people is more important to me than campaigning. I will always prioritize the poor and those who need help.) — Arjay L. Balinbin

Entire Mindanao declared hotspot

THE COMMISSION on Elections (Comelec) on Tuesday declared the entire Mindanao as an election hotspot, citing armed threats and election-related violence in the area.
On Tuesday, the poll body said in a statement, “The Commission on Elections has declared the entire Mindanao Island Group as a Category Red Election Hotspot, for purposes of the 2019 National and Local Elections.”
Comelec, along with the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) classify election hotspot as red if local government agencies report grave and risky conditions that might warrant the Comelec En Banc to motu proprio declare Comelec control in the area.
Comelec added that past politically-fueled violence in the region along with threats from armed groups has contributed to the declaration of Mindanao being a Category Red election hotspot. On top of that, the entire region has been under martial law since 2017.
“This developed in the wake of suspected election-related incidents in the last two elections, together with serious armed threats posed by the New People’s Army (NPA), Bangsamoro Islamic Freedom Fighters (BIFF), Abu Sayyaf Group (ASG) and rogue elements of the Moro National Liberation Front (MNLF) and/or Moro Islamic Liberation Front (MILF) and other analogous groups,” Comelec reported.
Other areas labeled as Category Red along with Mindanao are Jones, Isabela; Lope de Vega, Northern Samar; and Abra province. — Gillian M. Cortez

Philippines, Vietnam reach agreement on fishermen

DEFENSE SECRETARY Delfin N. Lorenzana said he and his Vietnamese counterpart have agreed that fishermen of both countries will not be apprehended for fishing in claimed areas in the South China Sea.
“So kung meron tayong makikita diyan (So if we spot [Vietnamese fishermen] there), just warn them, ‘You are in Philippine waters, please go back to your area.’ In like manner, kung andun naman sa kanila ‘yung fishermen natin (if our fishermen are in their waters), just tell them to go back. Kasi hindi naman alam ng fishermen kung ano eh, wala naman silang GPS [Global Positioning System](Because these fishermen are not aware where they are, they don’t have GPS),” Mr. Lorenzana told reporters on Tuesday, March 19, at Clark Air Base, Pampanga.
Mr. Lorenzana made his official visit to Vietnam last week to discuss with Vietnamese Defense Minister General Ngo Xuan Lich issues in connection with China’s increased activity in the disputed waters.
He said, “Kasi ang sabi namin (What we said), these fishermen are not actually very rich people. They’re actually just poor fishermen trying to earn a living, so ‘wag na natin silang pahirapan (so let’s not make things difficult for them).”
Mr. Lorenzana also said he will meet with US Deputy Assistant Secretary of Defense for South and Southeast Asia Joseph H. Felter to discuss the possible review of the 1951 Mutual Defense Treaty between the US and the Philippines.
“Exploratory lang. Wala pang talking points diyan. (No talking points yet.) Gusto lang natin malaman (We just want to know), what do they think about our proposal, to open up for discussion what is in the MDT?” said Mr. Lorenzana.
He also said, “I support in a way that the South China Sea or the West Philippine Sea (be) always open for navigation for all, kasi ‘yun ang daanan ng ating mga trades, mga commerce natin (because it’s the path of our trade and commerce),” he said. “Ang takot ko lang diyaan baka sa girian nila diyan, magputukan, eh baka masali tayo sa gulo (My only concern is we might be involved in a flashpoint).”
“That’s why we are very much eager to finish the Code of Conduct (on the) South China Sea, which we have been crafting since 2012….Hanggang ngayon hindi pa tapos (It’s not yet finished). But hopefully with the cooperation of China, we will finish it in the next three years.” — Vince Angelo C. Ferreras

Lorenzana debunks reports of growing IS presence in PHL

DEFENSE SECRETARY Delfin N. Lorenzana debunked recent reports that a hundred Islamic State members are now in the country with the number growing as the extremist group loses territories in Iraq and Syria following intensified operations by US-backed forces. “We don’t see those people there, not that much. Siguro merong kaunti du’n (Maybe there are a few)… Siguro up to 10,” Mr. Lorenzana told reporters at the Clark Air Base in Pampanga on Tuesday, March 19. He added that he does not believe that the number is increasing, although he acknowledged that these foreigners, particularly the Malaysians and Indonesians, could possibly move from one country to another. Mr. Lorenzana said cooperation with the governments of Malaysia and Indonesia are continuously being strengthened to ensure security in the region. — Vince Angelo C. Ferreras

DoH to include Japanese Encephalitis vaccine in immunization program

THE DEPARTMENT of Health (DoH) announced on Tuesday that it will now include vaccines for Japanese Encephalitis (JE) in its immunization program, beginning in regions with the most number of reported cases last year. DoH, in a statement, said the vaccine will be given for free starting this month to children nine months to five years old in Regions 1 (Ilocos), 2 (Cagayan Valley), 3 (Central Luzon), and the Cordillera Administrative Region. JE is a viral disease transmitted from Culex mosquitoes, which thrive in wet and shallow areas. Children are more at risk. In 2018, DoH reported 345 cases of the mosquito-borne disease. “Among the 12 countries with established JE transmission, only two countries have not introduced the vaccine in their immunization program, and one of these is the Philippines. Now, the Japanese Encephalitis vaccine is available in the Philippines,” Health Secretary Francisco T. Duque III said. — Gillian M. Cortez

Air Force gets P2.5B worth of helicopter spare parts, equipment from Japan

THE JAPANESE government has donated spare parts and maintenance equipment worth P2.5 billion for the helicopters of the Philippine Air Force (PAF). “This is donated by the Japanese government because they are manufacturing these spare parts under license from the US. Ito mga excess nila (These are their excess production)…. So they thought it is wise to give it to us,” Defense Secretary Delfin N. Lorenzana said on March 19. He noted that the PAF has several grounded aircraft due to lack of spare parts needed for repairs. The parts will be used to restore the UH-1H helicopters that are deployed primarily for humanitarian assistance and disaster response, and intelligence, surveillance and reconnaissance missions. — Vince Angelo C. Ferreras

Sytin’s brother summoned for preliminary investigation

THE DEPARTMENT of Justice (DoJ) summoned for preliminary investigation the younger brother of slain businessman Dominic L. Sytin, the alleged mastermind of the murder. The complaints of murder and frustrated murder against Dennis L. Sytin are scheduled for preliminary investigation on April 1. “You are hereby warned that failure on your part to comply with this subpoena shall be considered as a waiver on your part to present your defense/s in this preliminary investigation and the case shall be considered submitted for resolution based on complainant’s evidence only,” the subpoena read. The elder Sytin was gunned down outside the Lighthouse Hotel at the Subic Bay Freeport Zone on Nov. 28, 2018 while his body guard Efren Espartero was left wounded. He was chief executive officer of United Auctioneers, Inc., chairman of Foton Philippines, and director and chairman of the board of the listed LMG Chemicals Corp. Police Director General Oscar D. Albayalde, in a press conference on March 11, said the younger Sytin is the alleged mastermind in the killing after being identified by the alleged hitman Edgardo Luib in his testimony. Regional police authorities said the Sytin brothers were in conflict due to the business. — Vann Marlo M. Villegas

Measles claims 5 lives in Western Visayas

MORE THAN one month after a measles outbreak was declared in Western Visayas, the number of suspected cases in the region stood at 1,317 as of March 15, with five deaths attributed to the preventable disease. The Department of Health-Center for Health Development regional office (DoH-CHD6) reported that more than half of the suspected cases belong to the five years old and below age group at 626, followed by 16 years old and above at 563), and 6-15 years old with 128. Negros Occidental still had the highest number of cases with 473, followed by Antique (231), Bacolod City (146), Iloilo province (217), Aklan (93), Iloilo City (63), and Capiz (59). Vincent J. Sumergido, DoH-6 senior health program officer, said their priority target for measles vaccination are still 6-59 months old children “because they also have greater chances to suffer from complications.” Mr. Sumergido noted a shift in parents’ attitude towards vaccination. “The environment of the parents have changed. They now opt for voluntary immunization,” he said. Health officials said they are targeting to finish the immunization for 6-59 months old by the end of March and the school-based immunization on April 5. — Emme Rose S. Santiagudo

Boracay workers appeal SC decision on constitutionality of Boracay closure

WORKERS IN Boracay and a tourist have asked the Supreme Court (SC) to reconsider its decision upholding the constitutionality of the six-month closure of Boracay Island in 2018. In an appeal filed March 13, the petitioners, represented by the National Union of Peoples’ Lawyers, asserted that the order is unconstitutional and there was an “actual and deliberate impairment of the right to travel” when the island was temporarily closed, which is a violation of the Constitution. The petitioners asked the SC in April 2018 to issue a temporary restraining order against the closure, but the high court dismissed it only last Feb. 12 on the grounds that there was no impairment of the right to travel as it was “merely incidental” and the proclamation was a valid police power measure. President Rodrigo R. Duterte ordered the closure of Boracay, which he described as a “cesspool,” for rehabilitation from April 26 to Oct. 25, 2018. — Vann Marlo M. Villegas

Chedeng weakens to tropical depression after landfall over Malita

TROPICAL DEPRESSION Chedeng weakened into a low pressure area after making landfall over Malita in Davao Occidental on Tuesday morning, but “scattered to at times widespread moderate to heavy rains” continued to pour over parts of Mindanao for the rest of the day. The affected areas were: Surigao del Sur, Agusan del Sur, Davao Region, SOCCSKSARGEN, and portions of Northern Mindanao, Bangsamoro and Zamboanga Peninsula. All typhoon warning signals were lifted by weather bureau PAGASA by 8 a.m. Tuesday, but maintained warnings of possible landslides and flooding. Small sea vessels were also still advised not to venture at the eastern seaboard of Visayas and the eastern and southern seaboards of Mindanao.

1...11,21911,22011,221...14,239Page 11,220 of 14,239
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube