MORE debt reduction please

March 28, 2019 | 9:56 pm

How dangerous or non-dangerous are China loans to the Philippine economy?
This is a valid concern but another bigger concern is the endless and irresponsible borrow-borrow-borrow policy of various administrations even without economic turmoil or crisis. This is the subject of the Market-Oriented Reforms for Efficiency (MORE) series of this column today.
The good news in the Philippines’ public debt is that the debt/GDP ratio has been declining since the last decade from 74% in 2004, 55% in 2009, to only 42% in 2016. The bad news is that the decline has been halted under the Duterte administration (see Figure 1)

The decline in trend was due to high borrowings by the current administration, even if they have big new tax revenues under the TRAIN law on top of natural increase in taxes. And high public debt means high interest payment.

Now the China loans. One example often cited is Sri Lanka, with unpaid debt of $1.1 billion it was forced to lease out to China its strategic Hambantota Port for 99 years.
Some 21 projects worth P753.4 billion have been proposed for China funding by the administration, many of which can be done by big local firms at no cost to taxpayers. The Kaliwa Dam Project should be zero loan if the Duterte administration allowed the original Japanese proponent GUDC, or two local firms pre-qualified by the PPP Center, San Miguel and Datem, to build it under integrated PPP financing. But Duterte awarded the contract to China and we have a new loan of P18.7 billion.
We need less borrowings. We need to retire more old loans and we should pay low interest payment. There should be more fiscal responsibility in government.

Bienvenido S. Oplas, Jr. is the president of Minimal Government Thinkers
minimalgovernment@gmail.com

What’s the DFA good for?

March 28, 2019 | 9:54 pm

The Department of Foreign Affairs (DFA) is expected to promote international understanding and defend Philippine sovereignty. It is also tasked with protecting Filipinos abroad. In its dealings with other countries, it is of course assumed that the DFA will enhance and defend Philippine interests through diplomatic means. But equally important is its affirmation in word and deed of the value and need for the country to honor its international commitments to human, civil and political rights.
None of those imperatives were served by the recent statement of the current DFA Secretary, Teodoro Locsin, Jr., that the Philippine Senate ratified the treaty making the Philippines a signatory to the Rome Statute that created the International Criminal Court (ICC) only to “accommodate” the late Senator Miriam Defensor-Santiago so she could be an ICC judge.
In justifying the Philippine withdrawal from the ICC, Locsin also said that the ICC has “weaponized” human rights to defend the drug trade. It was in obvious reference to the prosecutor of that body’s decision to look into the possible accountability of President Rodrigo Duterte and other Philippine officials for crimes against humanity in connection with the killings in the regime’s “war” on illegal drugs.
If the rest of the world is listening, it shall have learned from no less than the country’s link to the international community that Philippine officialdom, particularly the Senate, makes decisions on whimsical bases rather than for the sake of national interest. That much is implicit in Locsin’s claim that the Senate ratified the treaty making the Philippines a signatory to the Rome Statute only to indulge one of its own members.
Locsin’s second statement not only accuses the ICC, which was created precisely to hold to account the worst violators of human rights on earth, of being an accomplice of drug traders. Echoing President Rodrigo Duterte’s statements alleging that human rights is being used as a shield for criminality, and that its defenders are criminals themselves, the DFA secretary was also reinforcing Mr. Duterte’s criminalization of human rights advocacy.
While one can understand Locsin’s continuing efforts at currying favor with his superior, his statements are completely at odds with what happened in 2000, in 2009 and 2011, as well as with the DFA’s traditions.
As media reports have pointed out, the Philippines was already a signatory to the Rome Statute in 2000. President Gloria Macapagal-Arroyo signed in 2009 the International Humanitarian Law bill mandating the Philippines’ implementation of the Statute. The Senate ratified the treaty in 2011.
Human rights advocacy is part of the traditions of what is now the DFA, which was founded in 1899 by the Emilio Aguinaldo revolutionary government. With Apolinario Mabini as Secretary of Foreign Affairs, its primary mandate was to gain international recognition of the First Philippine Republic. Mabini, one of the greatest minds produced by the reform and revolutionary movements, was charged with getting the rest of the world to acknowledge the Filipino right to independence and self-determination. The defeat of the Republic in the Philippine-American War put an end to that aspiration, with Mabini exiled in Guam.
The restoration of Philippine independence in 1946 led to the Philippines’ being one of the first signatories to the United Nations’ Universal Declaration of Human Rights (UDHR) in 1948. Through the DFA, which has been headed by, among others, such stalwarts of democracy as Salvador P. Lopez, the Philippines had since signed other international covenants protective of human, civil and political rights.
But while the UDHR and other protocols to which the Philippines is a signatory commit the country and its government to the observance of such fundamentals as the right to life, liberty and personal security; the right to free expression; freedom of opinion and information; the right to education; freedom of assembly; the right to equality before the law; freedom from arbitrary arrest and exile; the right to be considered innocent until proven guilty; the right to due process; and freedom from torture and degrading treatment, human rights have nevertheless been under siege in the Philippines.

Peasants were massacred by State forces from the late 1940s to the 1950s as part of the government’s war against the Hukbong Mapagpalaya ng Bayan (HMB). A “crime” called “rebellion complex,” which added to the penalty for rebellion the penalties for the crimes of arson, rape, illegal possession of firearms and kidnapping, was fabricated by the government to prolong the imprisonment of, and to sentence to death, those accused of taking up arms against it.
Picket lines by workers on strike for better pay and working conditions were frequently attacked, the picketers dispersed, the workers fired, and their leaders accused of various crimes.
The torture of suspected criminals by security forces as a means of extracting information and confessions was, and still is, a common practice.
Free expression, the right to information, and the freedom to hold opinions were constantly under threat, in one instance leading to the persecution of University of the Philippines professors for expressing opinions on public issues, and for publishing in a learned journal a document on the peasant struggle for land.
Also in the 1970s, several student and political activists were abducted and forcibly disappeared. From the late 1960s until the declaration of martial law which banned free assembly, rallies, labor strikes and demonstrations were also frequently dispersed, often violently, resulting in injuries and a number of deaths.
When in 1972 Ferdinand Marcos issued Presidential Proclamation 1081 placing the entire country under martial law, the number of human rights violations — arbitrary arrests and detention without charges, extrajudicial killings, enforced disappearances, torture, the denial of due process, among others — escalated.
The Marcos dictatorship was overthrown in 1986 at EDSA. But its end did not put a stop to human rights violations. In the administrations that succeeded it — the Corazon Aquino, Fidel Ramos, Joseph Estrada, Gloria Macapagal-Arroyo, and Benigno Aquino III regimes — extrajudicial killings, enforced disappearances, torture continued. The Macapagal-Arroyo record was the worst since the Marcos dictatorship with the murder of over 2,000 political and social activists and of 32 journalists and media workers in one incident.
But the regime of President Rodrigo Duterte has outdone that sorry record, with 4,540 killings admitted by the police in the course of its selective, anti-poor “war” on drugs, petty crimes and even “tambay” (loiterers), with over 25,000 deaths still “under investigation.” The DFA has justified the killings before the international community, and has also condoned China’s occupation and militarization of the West Philippine Sea, which has denied Filipino fisher folk access to the fishing grounds that are theirs by right.
The whole of Mindanao is under martial law, and the scene of such egregious human rights violations as massacres, the extrajudicial killing of Lumad and Moro leaders, and the military occupation of schools and entire communities that denies children and young people their right to education.
These are occurring because Mr. Duterte has openly expressed his contempt for human rights, while his keyboard army of trolls cranks out a tsunami of false information and incites violence against journalists and regime critics.
Under these circumstances human rights defenders need all the support and encouragement available to stop not only the violation of such rights as those to life and due process, but also the demonization, harassment and criminalization of human rights activists themselves. Obviously, however, the possibility that even some agencies of government, such as the Department of Foreign Affairs, would at the very least affirm the value and necessity of upholding the country’s many international commitments to human rights compliance has very demonstrably become a forlorn hope since July, 2016. What then is the DFA good for if the most we can expect of it is to defend the regime that’s in power and excuse Chinese aggression?

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro).
www.luisteodoro.com

‘Fixation’

March 28, 2019 | 9:52 pm

There are various types of obsessions and fixations. They apply to objects, people and situations. When one is focused on and fascinated with a beautiful subject, this could lead to a desire to possess it at all costs. When it is unattainable, it becomes an obsession.
In the 19^th century, there was an unhealthy fixation on one’s position or status that was diagnosed by French writer Alexis de Tocqueville as “a strange melancholy haunting inhabitants of democracies in the midst of abundance.”
Being on the top tier has become a social affliction in the 21^st century. This is the intense concern with social position. It is a soul-crushing disorder — the obsession of rank in the Western civilization.
It is prevalent in the lives of some people for extended seasons or years.
This affliction can be treated with great effort and over a period of time.
Acceptance is the first step.
The individual should accept and “forgive himself” for having certain perks — the elite club membership, the fancy weekend house in the country and frequent pleasure trips.
In the local scene, being in the elite circle is achieved through pedigree, inherited wealth, business savvy, good fortune and political success.
Being in the top tier (on any list) has its own unwritten code of behavior. It is a no-no to act like an overeager ostentatious parvenu. Conspicuous consumption and excessive social exposure are considered poor taste — especially when the country is in a recession or undergoing political turmoil.
People get stuck in “congenital uncertainty” with regard to their self-worth.
The display of unrefined behavior — overweening ambition, shallow snobbery, name dropping, calculating the net worth of others — based on appearance — is the result of insecurity. The underlying factor is the desperate bid for attention, recognition and esteem.
The perks and comforts of rank are quite enjoyable and addictive. However, there is a false notion about position in terms of actual value. Having an enviable social rung on the ladder of success is not an accurate measure of real value.
A social scientist once wrote that the poor enjoyed a moral status as elevated by their low social rank. This statement was based on a particular survey.
It reflected the pervasive influence of Christianity and Marxism. The affluent, in contrast, pursued pleasure — under the stigma of corruption and sin.
In the 20^th century, the rise of capitalist meritocracy changed the delicate arrangement. Money became the primary social signifier. Being rich was better, they said. It created the strong impression that rich people are more highly regarded. (This us true is some societies)
Being poor was unfortunate. It was considered regrettable.
The material world soon overtook and overwhelmed the spiritual world. The result was rampant anxiety among the people who felt disoriented, disconnected. Among a certain niche, the current social obsession is status. One upmanship and keeping up with the richer neighbors are symptoms of the malaise.
According to social scientists, there are certain cerebral, esoteric remedies.
Read perceptive, enlightening books.
Study paintings and the history of art. It would expand one’s mind and broaden one’s perspective. Then it would challenge society’s understanding of what matters.
Laugh at the witty, satirical cartoons in magazines such as the New Yorker. The humor pokes fun at the foibles of people who have high status.
History and Anthropology are insightful. The ancient ruins provide the key to how people lived in the old civilizations. Gazing at old rocks is meditative and curative.
Here are some positive role models:
The ancient Greek cynics who did not give a damn about other people’s opinions.
The 19^th Century Bohemians who realized that money was not everything. They enjoyed life and living despite the tight budgets and occasional harsh conditions.
Jesus Christ who taught people the fundamental value that we are all created equal.
According to a recent study, religion is supposed to be the effective antidote for anxiety. One needs a proper sense of humility to heal the affliction of vanity and superficiality. Unfortunately, being religious does not guarantee an instant cure for the corrosive effects of narcissism, being spoiled and egotistical. The Pharisee-like behavior of self-righteous hypocrites is incurable.
In the local setting, some people are beyond comprehension. People tolerate them because of their exalted status — wealth, power. Both are fleeting and temporal. Minor vices such as compulsive climbing and flashy behavior can be tempered with a dose if quiet, self-imposed hibernation, introspection and self-discipline.
The Christian concept of mortality is an equalizer. No matter how powerful or important some people may think they are, one thing is certain. The fixation on immortality and invulnerability is vacuous and useless.
Thus, we are given a timely reminder on Ash Wednesday. The cross on the forehead signifies that we will all end up as the most democratic of substances: dust.

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.
mavrufino@gmail.com

Time to end disrespectful student activism

March 28, 2019 | 9:52 pm

There’s this interesting scene in the movie Too Big To Fail, which is about the 2008 financial crisis that almost brought down the entire global economy. The setting was after US Treasury Secretary Hank Paulson (played by William Hurt) asked the CEOs of the world’s biggest financial institutions to work through the weekend and try coming up with solutions to avert the crisis.
After hours of non-stop numbers crunching, a group of Goldman Sachs executives took a limousine to continue working at the New York Federal Reserve offices. Stepping down from the car, an executive whined he couldn’t handle the stress. Lloyd Blankfein, head of Goldman’s, turned to the young man and said: “You’re getting out of a Mercedes to go to the Federal Reserve. You’re not getting out of a Higgins Boat on Omaha Beach.”
Was reminded of that scene after reading about this survey on millennials. As Ben Renner reports, “stressors are causing young adults to have struggles falling asleep 138 nights each year”.
Apparently, “one-third of millennials believe their lives are more stressful than the average person’s life. The survey also pointed to the numerous causes of frustration for this particular youth segment. Many feel their overall stress level is caused by the accumulation of daily micro-stressors — seemingly trivial experiences — such as being stuck in traffic, waiting for appointments, or various smartphone issues.”
So, what are these stressors? Stressors causing millennials to lose sleep and believe their lives are worse than others? Brace yourselves, they are:

1. Losing wallet/credit card

2. Arguing with partner

3. Commute/traffic delays

4. Losing phone

5. Arriving late to work

6. Slow WiFi

7. Phone battery dying

8. Forgetting passwords

9. Credit card fraud

10. Forgetting phone charger

11. Losing/misplacing keys

12. Paying bills

13. Job interviews

14. Phone screen breaking

15. Credit card bills

16. Check engine light coming on

17. School loan payments

18. Job security

19. Choosing what to wear

20. Washing dishes

You got that right.
Feel free to take a moment to bang your head.
This takes me to a video that fairly spread around social media last week, where a senatorial candidate got into a rude back and forth with a student during a forum. The student apparently called the candidate a liar and the latter responded by calling the student “bobo.”
Now, the portion of the video that viraled unfairly starts when the candidate already lost his temper. Most netizens called out the candidate, rightly so, reprimanding him for apparent boorish behavior.
Nevertheless, the student himself should be called out for his disrespect: just because you disagree with someone or that person believes something differently does not entitle you to insult anyone publicly.
The video’s audio also happened to capture the offended muttering of the other students, which was annoying as they were completely oblivious to the fact that the initial insults came from one of their own. The students themselves should know about appropriate behavior towards others.
Furthermore, the reason why election fora are held is so that the students can hear what the candidates have to say. Not shut them up by heckling or insults. If one disagrees with what is being said, the mature thing to do is simply not vote for that candidate.
No need for the boorish theatrics.
Anyway, the point is that adults in government, academia, and in families must stop this ridiculous self-entitlement of students that just because they’re “feeling activist” they can do or say anything they want.
Respect begets respect.
Also, because they’re younger, is precisely why they should learn deference rather than arrogance towards their elders.
The problem is that life is too easy right now for the young. Everything available. Whenever desired. Convenient.
But Tim Wu points out, “we err in presuming convenience is always good, for it has a complex relationship with other ideals that we hold dear. Though understood and promoted as an instrument of liberation, convenience has a dark side. With its promise of smooth, effortless efficiency, it threatens to erase the sort of struggles and challenges that help give meaning to life. Created to free us, it can become a constraint on what we are willing to do, and thus in a subtle way it can enslave us.”
Thus, as Wu insightfully states and what we must make the present youth understand, is that “difficulty is a constitutive feature of human experience (The Tyranny of Convenience, February 2018).
There is something wrong in the way we are forming our youth. Rather than teach and train our youths to have the capability to deal with reality, we bend or twist reality for their convenience and feelings.
This is something this column is interested in exploring further. But for now, instilling rigorous discipline back in the schools would be a good start. Students need to learn that if they want to play an adult’s game, they should pay an adult’s price.

Jemy Gatdula is a Senior Fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence.
jemygatdula@yahoo.com
www.jemygatdula.blogspot.com
facebook.com/jemy.gatdula
Twitter @jemygatdula

Why the 1987 Constitution has endured for 32 years without amendment

March 28, 2019 | 9:50 pm

By Michael Henry Ll. Yusingco and Sophiya M. Navarro
Last of two parts
And yet another plausible, even fundamental, reason why the Philippine charter has remained unamended for 32 years lies in the nation’s tradition of judicial review, specifically the power of the judiciary, i.e. the Supreme Court, to interpret the Constitution.
This power is articulated in the very old case of Angara vs. Electoral Commission:
…when the judiciary mediates to allocate constitutional boundaries, it does not assert any superiority over the other departments; it does not in reality nullify or invalidate an act of the legislature, but only asserts the solemn and sacred obligation assigned to it by the Constitution to determine conflicting claims of authority under the Constitution and to establish for the parties in an actual controversy the rights which that instrument secures and guarantees to them. This is in truth all that is involved in what is termed “judicial supremacy” which properly is the power of judicial review under the Constitution.
The power of judicial review is an important feature of the Philippines’ constitutional order, being an integral component of the institution of separation of powers. But the convention of judicial supremacy has effectively narrowed constitutionalism in the country. The gist of this doctrine is this, “the Constitution means what the Supreme Court says it means.” And this has been the constitutional mindset in the Philippines ever since this Supreme Court decision.
Notably, in a recent parliamentary exchange between two senators, this question was raised, “Can the Senate interpret the Constitution?” The answer of one senator, which today remains uncontested, was that it cannot because there is no specific provision authorizing the Senate to interpret the Constitution.
However, the Preamble clearly states that it is the “sovereign Filipino people” who “ordain and promulgate” the 1987 Constitution and therefore as authors of the Constitution, Filipinos, including legislators, do have the inherent authority, indeed the responsibility, to interpret their constitution.
The abdication of this power and duty is also reflected in how the 1987 Constitution is taught to the citizenry. Based on anecdotal research, high schools and universities teach the charter the same way law schools teach it, using jurisprudence as the primary and only resource material. So essentially young Filipinos learn only the Supreme Court’s perspective of the 1987 Constitution.
The bad consequence of this tradition is Filipinos are not encouraged to look at the 1987 Constitution through their own lens, using their own thinking. And worse, critical examination of the charter itself is stifled by this longstanding policy of judicial supremacy.
Accordingly, an impetus from the community to change the charter, or some parts of it, has never been formed. All past attempts at changing the 1987 Constitution, including the current one, have been initiated by politicians.
The reality is Filipinos have never habitually analyzed and debated the 1987 Constitution properly and thoroughly. Hence, the desire to amend or revise it was never organically fostered. The plain fact is Filipinos have never been in the position to intelligently decide whether or not charter change is needed. Instead, the polity has always banked on the Supreme Court to make the “correct” interpretation to resolve any gaps in the constitution.
PROFOUND DISCONNECT
Accordingly, the ultimate reason why the 1987 Constitution has not been amended is found in the very same Pulse Asia survey cited earlier. One key result reveals that 75% of respondents said they had little or “almost none or no knowledge at all” of the 1987 Constitution.
In the context of constitutional reform, this finding poses a huge problem. How can any reform process ever be truly robust and inclusive when there is a glaring disconnect between majority of Filipinos and the national charter?
How can a full and thoughtful community participation in public debates be guaranteed, for instance on the matter of what mode of amendment to adopt or on how should Congress vote acting as a constituent assembly, when 3 out of 4 Filipinos have little or “almost none or no knowledge at all” of the 1987 Constitution?
Meanwhile, promoters of charter change have argued that the 16 million votes garnered by President Duterte are enough proof that Filipinos want charter change because they approve of his federalism agenda. This is utterly unconvincing. For sure, not all of those who voted for him are federalism fans. And not all of those who did not vote for him, and they number about 44 million, are against federalization.
What the Pulse Asia survey results cited here really show is the unreadiness of Filipinos to take such a profound political exercise. Indeed, only by undergoing a genuine and participatory national dialogue will Filipinos attain a level of consciousness where they can properly decide whether to change the charter or not. And anything short of this will only reinforce the anxiety and mistrust fueling their resistance to constitutional reform.
ENDURING CONSTITUTION
To summarize, the 1987 Constitution has remained intact for 31 years for several reasons. First, the way the amendment process is articulated in the text has given rise to contesting views, making the launching of a strong and united initiative to amend or revise the charter very difficult.
Second, the political context surrounding all the moves to amend or revise the 1987 Constitution has always been dominated by a lack of trust, specifically directed at those pushing for it. Indeed, a trust deficit so severe, proponents have always failed to garner national support for their cause.
Third, there is a subtext in the evolution of the country’s constitutional order that underpins the endurance of the 1987 Constitution and that is the supremacy of its Supreme Court in determining what it means. Because Filipinos have surrendered this power to the Supreme Court, a culture of critical analysis in the community has never been cultivated. Consequently, a consensus of amending or revising the charter has never naturally evolved.
Fourth, there is a profound disconnect between citizens and the charter which has made it impossible to launch a credible charter change initiative. Simply put, Filipinos have never been in the position to intelligently decide whether constitutional reform is needed or not.
For good or bad, all of these reasons have allowed the 1987 Constitution to exist for 32 years without amendment. But the moment calls for Filipinos to deeply reflect on their national charter and how this has impacted the political economy of the country for the past three decades. Therefore, understanding these reasons is imperative for the nation’s constitutional maturity and must be studied further through President Duterte’s constitutional reform project.
This piece is a condensed version of an Ateneo Policy Center working paper. The full version is available at the Ateneo School of Government website and on the link in the online version of this article.

Peso declines vs dollar on global growth fears

March 28, 2019 | 9:00 pm

Peso Dollar — THE PESO weakened further due to dovish remarks from ECB President Mario Draghi.

THE PESO declined further against the dollar on Thursday, dragged by dovish remarks from the European Central Bank (ECB).
The local unit closed yesterday’s session at P52.75 versus the greenback, down 14 centavos from the previous finish of P52.61.
The peso traded weaker the whole day, opening the session at P52.71 per greenback. It reached as low as P52.85 intraday, while its best showing of the day stood at P52.70 against the dollar.
Trading volume grew to $929.72 million from the $704.2 million that changed hands on Wednesday.
Traders attributed the weaker peso versus the dollar yesterday on risk-off sentiment brought by “dovish” comments from ECB President Mario Draghi on Wednesday.
“We saw the dollar index higher overnight given the drop in euro and pound. This stemmed from the dovish remarks of ECB President Draghi,” a trader said in a phone interview yesterday.
“Still, we saw risk-off sentiment brought by fears of slower global growth among countries.”
At a conference in Frankfurt, Germany, Mr. Draghi echoed his previous pronouncements that risks to growth in Europe remain intact, and that the central bank may need to lessen the effects of negative interest rates.
“Just as we did at our March meeting, we would ensure that monetary policy continues to accompany the economy by adjusting our rate forward guidance to reflect the new inflation outlook,” Mr. Draghi said.
For today, the trader expects the peso to move between P52.60 and P53, while another trader gave a slightly slimmer P52.60-P52.90 range.
Most other Asian currencies also weakened on Thursday, hurt by a stronger US dollar after more central banks adopted dovish policy stances in response to a deteriorating global economic outlook.
The dollar index against a basket of six major currencies strengthened 0.1% to 96.878, as its peers went on the defensive.
The US yield curve remained inverted, a phenomena that has drubbed global markets in recent days. If it persists, the inversion could indicate that a recession is likely in one to two years.
“The dollar has actually held up well, because other central bank have out-doved the Fed,” said Khoon Goh, the head of Asia research for ANZ. — K.A.N. Vidal with Reuters

PSE index inches higher on net foreign buying

March 28, 2019 | 9:00 pm

THE MAIN INDEX firmed up on Thursday, albeit ending on a flattish note, as investors remained on the sidelines due to lack of leads.
The bellwether Philippine Stock Exchange index (PSEi) rose 0.19% or 15.35 points to close at 7,876.40 yesterday, continuing the sideways trend seen this week. The all-shares index also gained 0.15% or 7.54 points to 4,843.44.
“Index ended flat today after gaining some strength early in the morning, despite US indices ending in the red last night,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Thursday.
Eagle Equities, Inc. Research Head Christopher John Mangun called Thursday a “boring” day for the PSEi, noting that almost 60% of trading was done by foreign investors.
“Even third-liner and speculative issues that were heavily traded since the beginning of the week have calmed down. The main index is currently down 1.7 percent for the week,” Mr. Mangun said in an e-mail.
The PSEi bucked the negative finish seen in Wall Street on Wednesday, after the Dow Jones Industrial Average slipped 0.13% or 32.14 points to 25,625.59 The S&P 500 index slumped 0.46% or 13.09 points to 2,805.37, while the Nasdaq Composite index dropped 0.63% or 48.15 points to 7,643.38.
Asian indices ended mixed. Japan’s Nikkei 225 stumbled 1.61% or 344.97 points to 21,033.76. The Hang Seng index went up 0.16% or 46.96 points to 28,775.21, while the Shanghai Composite fell 0.92% or 27.78 points to 2,994.94.
Back home, four sectoral indices moved to positive territory, while the other two ended with losses.
Industrials led advancers with a 0.6% or 70.53-point increase to 11,658.15, followed by financials which climbed 0.42% or 7.34 points to 1,754.84. Property went up 0.31% or 12.81 points to 4,067.58, while holding firms added 0.01% or 1.43 points to 7,746.46.
Meanwhile, mining and oil plunged 1.53% or 123.66 points to 7,915.69, while services shed 0.55% or 8.82 points to 1,586.69.
Value turnover slimmed to P5.09 billion yesterday after some 900.57 million issues switched hands, compared to the previous session’s P5.60 billion where 1.20 billion issues changed hands.
Advancers swamped decliners, 120 to 78, while 46 names were unchanged.
Foreign investors remained in buying mode for the sixth consecutive session, recording net purchases of P699.01 million, higher than Wednesday’s P321.88 million.
Eleven of the 20 most actively traded stocks posted gains, including Phinma Energy Corp. (up 3.55%), GT Capital Holdings, Inc. (up 2.14%), and Alliance Global Group, Inc. (up 1.51%).
The same list showed six losers, including Robinsons Retail Holdings, Inc. (2.5%), PLDT, Inc. (down 2.4%), and 8990 Holdings Inc (down 2.23%).
“A positive move tomorrow will be extremely good for the market in the long term,” Eagle Equities’ Mr. Mangun said. — Arra B. Francia

Duterte disavows ICC complaint to Chinese minister

March 28, 2019 | 8:13 pm

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte on Wednesday disavowed complaint filed against Chinese President Xi Jinping and others before the International Criminal Court (ICC) in connection with the reported harassment of Filipino fishermen at the West Philippine Sea.
Mr. Duterte clarified to Chinese Minister Song Tao of the International Department of the Communist Party of China (IDCPC) Central Committee, Chinese Ambassador to the Philippines Zhao Jianhua, and other Chinese officials that his administration had nothing to do with the complaint filed by former foreign affairs secretary Albert F. Del Rosario and former Ombudsman Conchita Carpio-Morales.
In a statement, the Presidential Communications Operations Office (PCOO) said Mr. Duterte “welcomed His Excellency Song Tao, Minister of the International Department of the Communist Party of China (IDCPC) Central Committee, together with other Chinese delegates through a courtesy call at the Matina Enclaves” in Davao City last Wednesday, March 27.
“President Duterte also clarified the case filed by former Ombudsman Conchita Carpio-Morales and former Foreign Affairs Secretary Albert del Rosario against Chinese President Xi Jinping before the International Criminal Court, noting that the administration had no participation in such activity. However, he said, the Philippines is a democratic country. Therefore, ‘we cannot stop people from just filing cases,’” the PCOO also said.
“I would like to welcome you warmly, and I’d like to tell you that we are very happy with your visit,” Mr. Duterte was quoted as saying.
The Chinese Minister and the Philippine President, the PCOO also said, discussed issues that would further strengthen the relationship between the two countries. “They have also discussed matters of mutual interest, especially on the subject of the South China Sea/West Philippine Sea.”
Mr. Duterte also “expressed his gratitude” to the Chinese government for the “vibrant trade relationship” between the Philippines and China.
He then “underscored the relentless support of the Chinese government to the Build, Build, Build Program of the Duterte administration to beef up the nation’s infrastructure development.”
For his part, Mr. Song was quoted as saying: “If there will be a need of assistance in improving the people’s lives, China is willing to help.”
Mr. Song said further the Chinese government is “looking forward to welcoming President Duterte to China for a visit next month.”
Mr. Song was accompanied by Mr. Zhao, Chinese Consul General to Davao Li Lin and other officials of the IDCPC.
Accompanying the President during the courtesy call were Energy Secretary Alfonso G. Cusi, Foreign Affairs Acting Secretary Ernesto C. Abella, DFA-Mindanao Assistant Secretary Norman Garibay, DFA- Office of Asian and Pacific Affairs Executive Director Josel Ignacio, and DFA Principal Assistant Emilio Lopue, Jr.

Lawmaker mulls negligence case against MWSS

March 28, 2019 | 8:12 pm

By Charmaine A. Tadalan, Reporter
THE BOARD of the Metropolitan Waterworks and Sewerage System (MWSS) may face an administrative complaint before the Office of the Ombudsman for gross negligence over the water crisis in Metro Manila.
“We are currently studying (a) possible case against MWSS for negligence,” Anakpawis Rep. Ariel B. Casilao said in a Makabayan bloc briefing, Thursday.
The lawmaker said MWSS failed to reprimand Manila Water Co., Inc for violating its Concession Agreement, which required that an uninterrupted 24-hour supply of water should be provided to consumers.
Article 10.4 of the Concession Agreement authorizes MWSS to penalize Manila Water, equivalent to 25% of the cost it incurred.
“While we understand there is a procedural requirement before the decision whether or not to enforce whatever is stated in the Concession Agreement, it seems the actuation at ‘yung mga ginagawa ngayon ng mga official ng MWSS ay pumapasa na sa negligence (and other actions by MWSS could [qualify] as negligence),” Mr. Casilao said.
He said the complaint will be filed “next week or the week after that.”
This followed Manila Water’s initiative to waive next month’s bill to customers most affected by the shortage and the minimum charge to the rest of its customers.
Mr. Casilao pointed out, “Despite the voluntary decision of Manila Water to waive certain minimum charges, it doesn’t stop the MWSS to implement its regulatory function.”
“Hindi po magiging moot and academic, kapag gumawa ng hakbang ang MWSS para panagutin ang Manila Water in violation of the Concession Agreement, despite the decision of Manila Water to waive certain fees.” (If MWSS were to take steps to make Manila Water accountable for violation of the Concession Agreement, this will not be moot and academic, despite the decision of Manila Water to waive certain fees).
Chief Regulator Patrick Lester N. Ty had said at a Senate hearing that the MWSS is exploring its options and plans to impose penalties by June or July.

NDF consultant charged

March 28, 2019 | 8:11 pm

By Vann Marlo M. Villegas, Reporter
THE DEPARTMENT of Justice (DoJ) has indicted National Democratic Front (NDF) consultant Renante M. Gamara for illegal possession of firearms and explosives.
In a resolution dated March 25, the DoJ Task Force on Special Cases said probable cause exists to charge Mr. Gamara with violation of Section 28 of Republic Act 10591 or Unlawful Possession of Firearms.
“It is clearly established by the joint affidavit of the arrest and seizure by the RSOU (Regional Special Operations Unit) operatives that the firearms and ammunitions were found inside the room occupied and under the control of respondent Gamara,” the DoJ said.
“Furthermore, the result of the firearms verification from PNP-FEO (Philippine National Police-Firearms and Explosives Office) confirmed that respondent Gamara is not a licensed/registered firearm holder nor is he authorized to possess firearms of any kind/calibre as well as ammunitions,” it added.
Mr. Gamara and retired priest Arturo Joseph M. Balagat were arrested by the PNP-RSOU on March 20 after the execution of a Search Warrant at the premises of Mr. Balagat in Imus City, Cavite.
Police seized in a room occupied by Mr. Gamara subversive documents and a Parabellum 9mm, loaded with one standard magazine with 12 rounds of calibre 9mm live ammunitions.
He was also indicted for violation of Section 3 of Presidential Decree No. 1866 as he was found in possession of two live hand grenades.
But a complaint against Mr. Gandara on violation of Section 261 of the Omnibus Election Code was dismissed as the “firearms and ammunitions were not seized in a public place but inside the room of respondent Gamara.”
The Omnibus Election Code prohibits carrying of firearms only outside of one’s residence or place of business.
Meanwhile, complaints against Mr. Balagat were dismissed for insufficiency of evidence.
“What is clear is that he cannot be said to have been in possession of the seized firearm, ammunitions and explosives whether in actual or constructive capacity,” the prosecution stated.
Mr. Gamara was first arrested in 2012 in Las Piñas City for charges of kidnapping and the murder of soldier Eriberto Eclavea in Quezon Province.

Prayers for the birthday of a president critical of the church

March 28, 2019 | 8:08 pm

PRESIDENT RODRIGO R. Duterte, who has professed belief in God but not in institutional religion and has repeatedly lashed at the Catholic church, received prayers from both friends and foe on his 74^th birthday on March 28.
Magdalo Party-list Rep. Gary C. Alejano, a staunch critic of Mr. Duterte, said his birthday wish for the President was for him to personally encounter God and unite the Filipino people.
“I pray that as a leader, may he be a figure that will unify and unite the people instead of dividing them. I wish and hope that he channel all his energy, all his strength, all his anger in upholding our country’s sovereignty and protecting us from those who threaten our democracy and liberty. Lastly, may he personally encounter God and accept Him in his life, and together may they lead our nation towards peace and development,” the opposition lawmaker said in a statement on Thursday.
Presidential Spokesperson Salvador S. Panelo, meanwhile, said in a statement, “As Mayor Duterte celebrates his 74^th birthday, we pray the Almighty to continue giving him a sound mind and a healthy body, that he may finish the goals he had set for the betterment of the country and people that he loved so well towards a future of progress and prosperity.”
Mr. Duterte, a longtime mayor of Davao City before getting elected to the country’s top post, celebrated his birthday at his hometown, where he expressed a wish for the Philippines not to get involved in the “mess” of other countries.
“My wish [is] that this government would prosper… ‘Wag sana tayong sumali sa (I hope we don’t get involved in)… It’s a very topsy-turvy world… pati ‘yung mga (including the) Chinese,” Mr. Duterte said in a video taken by Wena Valenzona, project manager of the Matina Enclaves in Davao City, where he held a surprise party for his staff on Wednesday night.
The video was forwarded to the Malacañang Press Corps the following day.
“My wish is that we will just continue to be a progressive and prosperous [nation]. ‘Di tayo kasalo diyan sa mga gulo-gulo sa ibang bayan (We should not get involved in the mess in other countries),” he added. — Arjay L. Balinbin

CA orders NBI to present justification on alleged Abu Sayyaf member’s arrest

March 28, 2019 | 8:07 pm

THE Court of Appeals (CA) directed the National Bureau of Investigation (NBI) to present and justify before the Manila Regional Trial Court (RTC) executive judge the arrest and detention of an alleged Abu Sayyaf Group member. In a three-page resolution on March 21, the CA granted the petition for issuance of a writ of habeas corpus filed by Jarsum Bandang Balongking, wife of Salahim Hairal Dawani, who was arrested by the NBI over his alleged involvement in the 2001 kidnapping of Golden Harvest Plantation workers in Lantawan, Basilan. In her petition, Ms. Balongking claimed that members of the NBI-Counter Terrorism Division arrested Mr. Dawani in their apartment last March 6 without a warrant and he was not informed of the reason for his arrest. Mr. Dawani’s legal counsel went to the NBI and was only informed of his involvement in the kidnapping case, which was filed before the Zamboanga City RTC Branch 15. The NBI allegedly could not produce a copy of the arrest warrant and the information filed against Mr. Dawani. “Wherefore, the petition being sufficient in form and substance, let the writ of habeas corpus issue returnable to the Executive Judge of the RTC of Manila, directing respondents Director Dante Gierran, Director Sixto M. Burgos, Jr. and Alfred Vitta to produce the body of Salahim Hairal Dawani before such court not later than ten o’clock in the morning of 27 March 2019, at which time the respondents shall show the cause of the restraint,” the CA said. It could not be confirmed as of this posting if the NBI was able to comply with the CA order. — Vann Marlo M. Villegas

1...11,22611,22711,228...14,287 Page 11,227 of 14,287