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Peso drops ahead of trade talks

THE PESO weakened against the dollar on Wednesday as investors continued to monitor trade talks between China and the United States as the local market reopened after a holiday.
The local unit closed on Wednesday at P53.425 versus the greenback, weaker by 4.5 centavos from the P53.38 finish on Monday.
The peso opened the session slightly stronger at P53.36 per dollar, climbing to as high as P53.35 intraday. Its worst showing for the day stood at P54.44 against the US currency.
Dollars traded thinned to $385.15 million yesterday from the $424.35 million that switched hands on Monday.
A foreign exchange trader said the peso weakened against its US counterpart, although it moved within a familiar range during the trading session.
“It weakened a bit, but it’s still within the range. It hovered around the P53.30-P53.55 range,” the trader said in a phone interview.
The trader added that market focus was on the US-China trade discussion this week, with investors hoping for a resolution to the escalating trade spat.
“We are still seeing the risk on the US-China trade talks. It’s still ongoing.”
Low-level talks are taking place this week just before US tariffs on Chinese exports are due to take effect.
However, in a Reuters report, US President Donald J. Trump said he does not expect much progress from the trade talks, adding that resolving the dispute will “take some time.”
“China’s done too well for too long, and they’ve become spoiled. They dealt with people that, frankly, didn’t know what they were doing, to allow us to get into this position,” Mr. Trump said.
The trader added that investors are also looking at the issues in the Turkish economy and whether it have “give negative effects on emerging markets.”
Meanwhile, another trader said the peso depreciated ahead of likely hawkish cues from the August meeting minutes of the US Federal Reserve.
“The minutes might strengthen views of a September rate hike,” the trader said in an e-mail.
For Thursday, the first trader expects the peso to trade between P53.30 and P53.55 versus the dollar, while the other gave a P54.40-P53.60 range.
“The local currency is expected to further weaken [on Thursday] as investors might remain towards the dollar ahead of US Federal Reserve chairman Jerome Powell’s speech in Jackson Hole, Wyoming which is expected to provide guidance to the pace of US interest rate normalization,” the second trader noted.
Most Asian currencies traded sideways on Wednesday as investors shied from taking positions ahead of Sino-US trade talks later in the day.
Holidays in the region also kept volumes low. The Indian, Indonesian, Malaysian and Singapore markets were closed. — Karl Angelo N. Vidal with Reuters

PHL shares rise on investors’ selective buying

SHARES jumped on Wednesday on selective buying of large-cap stocks after investors returned to the market following the Eid’l Adha holiday.
The bellwether Philippine Stock Exchange index (PSEi)climbed 1.75% or 131.73 points to close at 7,632.26, recovering after the holiday break on Tuesday.
The broader all-shares index likewise rose 1.17% or 53.48 points to 4,623.61.
“As expected, participants were quick to make up for the break wedged between the trading days, and picked up stocks beaten in previous sessions,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Shares in Jollibee Foods Corp. jumped 4.76% to P286 each; Universal Robina Corp. surged 4.83% to P139 apiece; SM Investments Corp. rose 2.02% to P936.50 per share; while Manila Electric Co. also gained 3.66% to P363 each.
The PSEi tracked the climb in international markets as Wall Street also ended Tuesday with gains. The Dow Jones Industrial Average added 0.25% or 63.60 points to 25,822.29. The S&P 500 index inched up 0.21% or 5.91 points to 2,862.96, while the Nasdaq Composite index ended 0.49% or 38.17 points higher to 7,859.17.
“The PSEi traded strongly throughout the day, buoyed by the positivity from US markets over our short holiday, and was even bought up at the close,” Papa Securities Corp. trader Gabriel Jose F. Perez said in an e-mail.
Meanwhile, Asian shares ex-Japan were trading 0.25% higher after the benchmark S&P 500 touched a record high on Tuesday, buoyed by strong earnings reports in the consumer sector and relative calm in the trade dispute between the United States and China.
Back home, all sectoral indices ended in positive territory. Industrials led gainers, soaring 2.63% or 286.41 points to 11,169.26, followed by property which firmed up 1.88% or 70.88 points to 3,833.02. Holding firms went up 1.76% or 129.30 points to 7,441.82; mining and oil rallied 1.32% or 128.88 points to 9,862.38; services logged 0.81% or 12.28 points to 1,527.80; while financials added 0.14% or 2.64 points to 1,788.09.
Some 1.65 billion issues valued at P6.48 billion switched hands, higher than the previous session’s P5.40-billion turnover.
Foreign investors reversed their selling position as they logged net purchases worth P62.13 million yesterday from Monday’s net outflow of P669.91 million.
Advancing and declining stocks were tied at 103 each yesterday, while 36 names ended unchanged.
“However, [Thursday] might be another story altogether… Cues overseas are mixed, as US market will most likely be euphoric from S&P’s historical bull run, while developments with the Manafort & Cohen cases still downside risk for US bourses,” Regina Capital’s Mr. Limlingan said.
“Rest assured, Wall St.’s closing [on Wednesday] will point the direction for PSEi’s opening sentiment,” he added. — Arra B. Francia with Reuters

Furlough for Ampatuan massacre suspect slammed

By Vann Marlo M. Villegas

ZALDY U. AMPATUAN

JUSTICE SECRETARY Menardo I. Guevarra on Wednesday conveyed the prosecution’s opposition to the furlough granted to Maguindanao massacre suspect Zaldy U. Ampatuan to attend his daughter’s wedding.
“The prosecution vigorously oppose Zaldy Ampatuan’s motion for furlough to attend his daughter’s wedding, but the court granted the motion for humanitarian reasons,” he told reporters in a mobile message.
The Quezon City Regional Trial Court (RTC), according to its order, granted Mr. Ampatuan’s motion for furlough “to attend the wedding of his daughter, Bai Nor Aila Kristina M. Ampatuan on August 21, 2018 at Sofitel Philippine Plaza Manila, from 4:00 in the afternoon to 7:00 in the evening only.”
“The Court is of the view that despite being a detention prisoner having certain restrictions, accused-movant may be allowed to his eldest daughter’s wedding, which, in our culture, is a significant milestone to be cherished and remembered,” the order read.
“It is a momentous family occasion which must be witnessed and attended by the couple’s loved-ones, especially the accused-movant who will personally bring his eldest daughter to the altar,” it added.
Mr. Ampatuan, former governor of the Autonomous Region of Muslim Mindanao, is among the principal suspects in the Nov. 23, 2009 massacre of 58 persons, 32 of them from the media, in the town of Ampatuan in Maguindanao province. He faces 58 counts of murder and has been detained at Camp Bagong Diwa in Taguig since 2010.
In a statement posted on its social media account, the National Union of Journalists of the Philippines also slammed Mr. Ampatuan’s furlough, saying it learned about the provisional liberty through a social-media post by Tawi-Tawi Rep. Ruby Sahali on the wedding.
“While we may understand a parent’s desire to be present at such an important milestone in the life of a child, we stress that the crime of which Mr. Ampatuan is accused is of such a heinous nature that the shock and outrage it stirred around the world forced then President Gloria Arroyo to move against the powerful clan that was among her staunchest allies,” it stated.
With Mr. Ampatuan’s furlough and with bail granted last year to another principal accused, Zaldy’s brother, Sajid Ampatuan, NUJP said: “That and now this, we feel, gives us and the victims’ families more than enough cause to worry about whether we can truly expect justice for this most grievous of crimes.”

Preparations under way for Bangsamoro plebiscite

By Gillian M. Cortez
THE COMMISSION on Elections (Comelec) is looking to strengthen voter registration in areas expected to take part in a plebiscite on the Bangsamoro Organic Law (BOL).
“We’re holding registrations now but instead of holding a separate special registration, ang gagawin namin (what we’ll do) is we’re going to intensify the registration that’s currently ongoing in the area,” Comelec Spokesperson James B. Jimenez said in a press briefing on Wednesday.
“We will be making satellite registration mandatory for the field offices and to help this happen, magpapadala ang Comelec ng (the Comelec will send) special registration teams,” he added.
The plebiscite is planned for late December this year or early January next year.
“We can’t pin it in a specific date because we don’t know when the effectivity actually is,” Mr. Jimenez said.
The Comelec also said it is in the process of identifying “Unknown Yet Areas” or UYAs in the Bangsamoro region.
“These are areas that are adjacent to the identified areas na kasama sa (BOL). Those are a lot and we’re still in the process of identifying every last one of them kasi hindi malalaki ang mga lugar na ‘to eh (These areas are not very big). It’s just marami sila (they’re many). It’s a bit difficult to finish that,” Mr. Jimenez said.
He stressed it’s crucial for the Comelec to identify these areas so the Comelec will know how to prepare for the plebiscite.
“It’s important we identify the plebscite area because we won’t know how many ballots we’re going to prepare or how many polling places we need to set up or how many people we need,” Mr. Jimenez said.

Palace stands by efforts to recover ill-gotten wealth

MALACAÑANG on Wednesday said the Presidential Commission on Good Government (PCGG) will continue to “recover any ill-gotten wealth.”
Presidential Spokesperson Harry L. Roque, Jr. made this statement in response to Ilocos Norte Governor Maria Imelda Josefa Imee R. Marcos’s call last Tuesday, Ninoy Aquino Day, for critics of her family to “move on” because the “millennials have already moved on.”
“We understand that Governor Imee Marcos is addressing the critics of her family. As far as we are concerned, the Duterte administration is willing to work with all groups for the benefit of the people. The President has opened the doors of his government to everyone, regardless of affiliation and ideology, in order to unite the country and bring us greater progress,” Mr. Roque said.
He added: “Meanwhile, efforts to recover any ill-gotten wealth continue through the Philippine Commission on Good Government (PCGG). Likewise, human rights (abuse) victims were given compensation through the Human Rights Victims’ Claims Board (HRVCB). The government will continue to find ways and means to effect closure for all victims of abuses that occurred during that period of martial law.”
For his part, Senator Paolo Benigno A. Aquino IV said in a statement: “Sinaktan ka na’t ninakawan, sasabihan ka pang mag-move on.” (They hurt and stole from you, and they tell you to move on).
He added: “Hindi ba sa mga nawasak na relasyon, ang kadalasang nagsasabing mag-move on ay ang nanakit?” (Is it not that in every broken relationship, most of the time the person who tells you to move on is the one who actually hurt you?).
“Klaro naman sa kasaysayan kung sino ang nagnakaw, nag-torture at pumatay. Napakadaling sabihing mag move on na lang, pero sa mga nasawi, napakahirap nito.” (It is clear in our history who stole, tortured, and killed. It is easy for one to say move on, but for the victims, it’s very difficult). — Arjay L. Balinbin

Fish check

A fish attendant checks round scad, locally known as galunggong and considered as a staple of the poor Filipino, at the Navotas Fishport on Aug. 22. The Department of Health on Wednesday advised the public to report formalin use in fish and other seafood products in the markets after the fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA-Pilipinas) claimed that some imported seafood products, including galunggong, have been injected with formalin.

Legislators to probe arrest of 3 lawyers

LAWMAKERS ON Wednesday filed a resolution for the investigation of what it called “highly irregular” Makati bar drug raid that led to the arrest of three lawyers. Representative Doy C. Leachon, House justice committee chair, and Rep. Salvador B. Belaro, Jr. introduced House Resolution 2086 directing their panel, as well as the committee on good government and public accountabilty, to probe the Time Bar incident. “(The) incident is highly irregular considering that the ones arrested are lawyers who are officers of the court,” the solons stated in the resolution. The incident “has serious implication on the observance of basic constitutional rights especially the right to counsel, rights under custodial investigation and right to due process,” they added. Members of the Philippine National Police arrested on Aug. 16 lawyers Jan Vincent S. Soliven, Lenie Rocel E. Rocha, and Romulo Bernard B. Alarkon for alleged “obstruction of justice” during the search. The lawyers were not released until the evening of Aug. 17. The police also filed charges of resistance and disobedience upon agents of authority, violation of a city ordinance against civilians, crossing a police line, and “constructive possession of illegal drugs.” — Charmaine A. Tadalan

Tacloban City opens new sanitary landfill; tools for MRF operations distributed

AT LEAST 52 pedicabs and as many plastic drums were distributed to the barangays in Tacloban City last week as complementary tools for the operation and maintenance of their Materials Recovery Facilities (MRFs), which were set up with a P15,000 financial assistance from the city government. During the turn-over ceremony, Mayor Cristina G. Romualdez encouraged barangay officials to strengthen the waste segregation initiatives as this will significantly reduce the trash generated in the city. “If all barangays in Tacloban will do waste segregation, waste generated will be reduced to 50 tons a day,” she said as a new sanitary landfill was opened on Aug. 16. The City Environment and Natural Resources Office (CENRO) noted a 25% reduction in waste generated in the city after the intensified solid waste management campaign to 105 tons daily since January from a previous average of 174 tons a day. — The Freeman

PTAA frowns on ‘30%’ Boracay opening

THE PHILIPPINE Travel Agencies Association (PTAA) is not too thrilled about the reopening of Boracay Island on Oct. 26 with only 30% of establishments allowed to resume operations.
PTAA President Jose C. Clemente III said the new rules and requirements imposed by the Department of Environment and Natural Resources (DENR) and the Department of Tourism (DoT) makes it practically impossible for many businesses to comply in time for the target date for allowing tourists in again.
When we mean open, we are pushing for 100% opening but apparently, the DoT and the [Boracay] Interagency [Task Force] is looking for 30% of the establishments based on the compliance of the establishments to the rules,» Mr. Clemente told BusinessWorld
Mr. Clemente said they will be sending letters to the DENR and the interagency task force to act on the issues that hinder businesses from opening by Oct. 26.
One of these is the requirement for establishments to set up their own sewage treatment plants for wastewater, which he said is costly.
“For the smaller properties, it might be burdensome for them to do so. For the bigger ones, it’s fine. There’s a law anyway that you can connect to a service company if you can’t afford to build one yourself,” he said.
Business owners have also noted that there have been delays in the issuance of documents by the DENR, particularly certifications on whether certain lands are alienable and disposable.
Mr. Clemente also said that DENR even ran out of official receipts to issue to business owners who were ready to pay the fees. — Anna Gabriela A. Mogato

Socialized housing developers push for retention of incentives as it holds national convention

housing project
THE ORGANIZATION of Socialized and Economic Housing Developers of the Philippines (OSHDP) called on lawmakers and government policy makers to maintain the existing “compensatory incentives” for socialized housing to keep private sector developers interested in low-cost projects. In a statement, OSHDP said “socialized housing, which is just a component of and is merely subsidized by its main housing project, cannot be viable on its own.” “Hence, the incentives currently enacted under Sec. 20 (d) (1) to (5) of R.A.10884 (Balanced Housing Program) Amendments Act, which amended R.A.7279, are mere ‘compensatory incentives’ for doing a ‘missionary’ activity, and should not be misconstrued as ‘investment incentives’ to be lumped under the proposed Strategic Investments Priorities Plan (SIPP) envisioned under the proposed TRAIN (Tax Reform for Acceleration and Inclusion Law) 2 bills,” OSHDP said. This issue on incentives and other housing industry concerns will be tackled during the two-day OSHDP National Convention starting Thursday, Aug. 23, in Cebu City.

Barangay in Davao Oriental takes charge of major road maintenance

THE MAINTENANCE of a P52.2-million concrete farm-to-market road with a 45-meter concrete bridge will now be the responsibility of Barangay Mikit in Baganga town under a pioneering community-based road maintenance (CBRM) program. The road was built under the Philippine Rural Development Program (PRDP), implemented by the Department of Agriculture (DA) and funded by the World Bank. Davao Oriental Governor Nelson L. Dayanghirang, at the CBRM program launch and turn-over ceremony last week, said giving the maintenance responsibility to the barangay “will ensure the sustainability of the completed project as it allows community involvement in taking care of it.” “For the first time, the responsibility of taking care of an infrastructure project is given to the beneficiaries. This will provide them an opportunity to participate in maintaining the projects given to them,” Dayanghirang said in a statement yesterday. The program is based on the inter-management agreement of the provincial government with the DA and World Bank. Engr. John Christopher Algallar of the Provincial Engineering Office said the program saves the provincial government the need to mobilize resources as “it will pay the barangay for the maintenance, which in turn enables the barangay to generate additional income.”

TESDA-Davao eyes partnership with Monark for heavy equipment operators training

THE TECHNICAL Education and Skills Development Authority (TESDA) Davao Region office will ink an agreement with Monark Equipment Corp. for the training of heavy equipment operators. TESDA Regional Director Lorenzo G. Macapili said at the Kapihan sa Davao forum that Monark will bring their mobile training van and simulators to the communities. Mr. Macapili said they are preparing the partnership proposal for submission to the TESDA central office for funding assistance. The collaboration with Monark is a result of TESDA’s multi-agency partnership program launched two weeks ago with five barangays in Davao City, the city government, Sacred Heart Parish Church, Department of Education, University of SouthEastern Philippines, Department of Trade and Industry, and Department of Labor and Employment. Mr. Macapili said based on their surveys of out-of-school youth and unemployed adults, majority of respondents wanted to take up construction-related training. “We know that a lot of Filipinos have the capability to work as laborers but are not highly skilled construction workers. There is still a need to train them,” he said. — Maya M. Padillo

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