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How PSEi member stocks performed — June 14, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, June 14, 2018.

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Talks with Reds cancelled, Sison disappointed

PEACE TALKS with communist rebels scheduled on June 28 have been put off, the government announced on Thursday.
In a statement issued on Thursday night, exiled communist leader Jose Maria Sison said, “It is both disappointing and frustrating that the Duterte regime has unilaterally cancelled the scheduled start of the stand-down ceasefire on June 21 and the resumption of formal talks in the peace negotiations in Oslo a week later on June 28.”
“The decision for the moment, huwag na muna ituloy ang talks (the talks are put off),” Presidential Peace Adviser Jesus G. Dureza said at a news conference in Malacañang on Thursday afternoon.
Mr. Dureza also read a statement that went in part: “In our common effort to make sure that we achieve a conducive and enabling environment for peace, President Rodrigo Duterte instructed us last night to engage our bigger ‘peace table’ — the general public as well as other sectors in government as we work to negotiate peace with the communist rebels.”
“The government peace panel in cooperation with the private sector will continue (in) its efforts to engage those who earnestly seek peace,” Mr. Dureza’s statement also said. “(It) is equally important that the stakeholders on the ground must also be equally engaged through consultations to ensure that all those consensus points and agreements forged in the negotiations table have palpable support from them.”
In his press briefing Thursday morning, Presidential Spokesperson Harry L. Roque, Jr. said President Rodrigo R. Duterte’s joint command conference on Wednesday night with the Armed Forces of the Philippines (AFP) and Philippine National Police (PNP) “dwelt on the ongoing peace talks” with the communists.
“You can appreciate that the President also wants a cooperation of our men in uniform in the peace talks, and it appears that both the PNP and the AFP are fully supportive of the peace talks; although there was a warning that in the past, the CPP-NPA will take advantage of peace talks to regroup and to strengthen their ranks,” Mr. Roque said, referring to the Communist Party of the Philippines and its military arm, the New People’s Army.
“But the President assured them that we need to give the peace talks a chance,” Mr. Roque said in part.
For his part, Mr. Sison said the Duterte administration is “not interested in serious peace negotiations with the NDFP. ”
“It is interested vainly in obtaining the NDFP capitulation under the guise of an indefinite ceasefire agreements and breaking the provision in the GRP-NDFP Joint Agreement on the Secuirty and Immunity Guarantees (JASIG) which requires formal negotiations in a foreign neutral venue and therefore putting the negotiations under the control and under duress of an emerging fascist dictatorship and its armed minions,” he explained.
The communist leader likewise said the agreements pertaining to the aforesaid scheduled peace negotiations were signed by the respective chairpersons of the GRP and the NDFP negotiating panels, Labor Secretary Silvestre H. Bello III and Fidel V. Agcaoili, and witnessed by the Royal Norwegian special envoy Ambassador Idun Tevdt on June 9.
He also urged the two negotiating panels to release to the public and to the media the written and signed agreements “of June 9 and 10” penned by the chairpersons of “the GRP and the NDFP negotiating panels and by the members of their respective special teams.” — Arjay L. Balinbin

Most of Carpio’s suggestions on China ‘not feasible’ — Cayetano

By Camille A. Aguinaldo
FOREIGN AFFAIRS Secretary Alan Peter S. Cayetano on Thursday said most of the suggestions made by Acting Chief Justice Antonio T. Carpio and other personalities on how the Philippines should respond to China’ actions in South China Sea — especially on the incident in Scarborough shoal — were not feasible, while some were already being done by the government.
“All the suggestions of Justice Carpio and Congressman (Gary C.) Alejano, 60 (to) 70% are not feasible. On the 30% that they are saying, we are already doing it. And I had briefed them, specifically Congressman Alejano. We’re doing it,” he said at a press briefing in Taguig City.
Mr. Carpio said last week the Philippines may file another case against China before the Permanent Court of Arbitration (PCA) in the Hague, Netherlands, over the Chinese Coast Guard’s reported harassment of Filipino fishermen in the waters of Scarborough Shoal.
In a television interview on Thursday, Mr. Carpio also reiterated that the Philippines should have gone to the United Nations General Assembly after the 2016 arbitral ruling was issued in order to sponsor a resolution urging China’s compliance.
“I think we will get majority of the members of the UN to support that, and we do that every year and I think we will get more support every year. But we haven’t done that because the Duterte administration has decided to borrow money from China,” Mr. Carpio said.
He also said the country should also return to the tribunal in the Hague, Netherlands, to demand damages from China for its alleged destruction of corals in Scarborough Shoal.
“So the tribunal already ruled that is a violation of the obligation of China to preserve and protect the marine environment when China failed to prevent its fishermen from harvesting the giant clams which are endangered species and by destroying the corals. But we did not ask for damages because at that time we were concentrating on declaring the nine-dash line invalid. Since China is continuing to do it, we should go back to the tribunal and demand damages now because that’s what was missing during the first arbitration,” he said.
However, Mr. Cayetano pointed out that the 2016 arbitration ruling on the South China Sea did not contain any enforcement mechanism. He said filing another case before the PCA would not push China to follow another arbitral ruling.
“Sa arbitral award, there is no enforcement mechanism. So if we file again there and stop talking to China, are we willing to sacrifice our tourism industry, our trade, our agriculture just so that on paper, we know what we already know? We already know that we are right. So we don’t need (an) arbitration court telling us,” he said.
He also raised the lack of enforcement mechanism issue on another option which was for the Philippines to appeal to the UN.
“The general assembly’s resolution, assuming we can get a majority, is recommendatory. So it will be recommended and shown to China, who would enforce?” he said.
Mr. Cayetano also mentioned that going to the UN Security Council would not be feasible as well since China is among its permanent members. He said China in the international council would not give its permission on the Philippines’ appeal.
“Then the last option that I know, I’m sure there (are) more, is ICJ (International Court of Justice). But in ICJ, both states have to give their consent. And just with the arbitration award, China did not give its consent,” he further said.
Mr. Cayetano said the strategy of the Duterte administration was to deal with the issue bilaterally as was initially proposed by China.
“Right now, we’re dealing with it in a bilateral and multilateral way, because in the ASEAN (Association of Southeast Asian Nations), we have statements. We have ASEAN-related summits where we discuss this,” he said.
“China has a clear stand: to talk bilaterally. Everything can be discussed. But if we internationalize it, megaphone diplomacy, can we force them? ‘Hey let’s shout at each other so you will listen to us?’ We cannot,” he added.
He also reiterated that the Duterte administration shares the same goals with the past administration to secure the country’s national territory and sovereign rights, but he maintained that it would not publicize every action on the matter as was previously done in the past.
“In diplomacy, there are many things you are not allowed to disclose. It’s like a military operation where you announce it after, then you can scrutinize if the operation is successful or not…. If you look at other peace deals in the world, there is always give-and-take and a little bit of secrecy. It’s not lack of transparency, it’s the need to get a certain objective stand,” he said.

Study: Higher dengue risk in kids who got Sanofi vaccine

AN ANALYSIS of data on Sanofi’s dengue vaccine, which has been given to more than 800,000 school children in the Philippines, confirms it increases the risk of hospitalization and severe dengue in those who had never previously been infected with the mosquito-borne virus.
The findings, published on Wednesday in the New England Journal of Medicine, offer fresh support for the World Health Organization recommendation in April that Sanofi’s vaccine should not be used without testing for prior dengue exposure. Currently, there are no widely available rapid tests for prior dengue infection.
In November, Sanofi issued a warning that its vaccine could increase the risk of severe dengue based on a new analysis of blood samples from thousands of children who received it. A newly developed test allowed the company to determine which children had been previously infected.
The study authors calculated that if given to 1 million children over age 9, the vaccine could prevent some 11,000 hospitalizations and 2,500 cases of severe dengue. But it could also lead to 1,000 hospitalizations and 500 severe cases of dengue in children who were not previously infected.
“With the new data, we now know what is the best way to utilize the dengue vaccine,” said Dr. Su-Peing Ng, global medical head of Sanofi’s vaccines unit.
In a natural dengue infection, the first exposure to one of four strains of the virus is typically mild. But a second exposure to a different virus type can result in severe disease.
Experts have long been concerned that a dengue vaccine that is only partially protective could work the same way, increasing the risk of severe disease requiring hospitalization with exposure to a second strain.
The NEJM study, which includes data on 2,384 children who were vaccinated and 1,194 who were not, bears that out.
“Our findings support the hypothesis that in the absence of previous dengue exposure, the (Sanofi) vaccine partially mimics primary infection and increases the risk of severe dengue,” the study authors wrote.
Among previously uninfected children who received the vaccine, there was a significantly higher risk of hospitalization among those aged 2-8, and a trend toward increased hospitalization in those aged 9-16, the study found.
For previously exposed children aged 9 and older, the vaccine reduced rates of severe disease and hospitalization by 80 percent versus the control group.
In Sanofi’s clinical trials, children aged 2-5 did show an increased risk of hospitalization three years after getting the vaccine. But it was not clear if that was a result of an immature immune system or an issue with the vaccine.
While there are no good tests for prior infection, current tests can detect acute dengue infection, information that could be helpful in identifying children who might benefit from the vaccine.
Ng said Sanofi is negotiating with a number of countries on how to use the vaccine with existing tests. Sanofi previously said it is working on a rapid test for prior dengue exposure.
The findings likely raise the bar on safety new dengue vaccines will need to demonstrate, including those being developed by Takeda Pharmaceuticals and by the US government along with Brazil’s Butantan Institute. — Reuters

ConCom introduces election-campaign fund where companies, citizens can contribute

By Gillian M. Cortez
THE Consultative Committee to Review the 1987 Constitution (ConCom) said that they have new proposal for the Federal constitution wherein a “democracy fund” in the federal constitution to ensure equality in campaign funding and discourage corruption.
The fund will be under campaign finance reform. “This is a proposed new section under the suffrage, political rights, and political parties which is Article V in the draft of the Constitution,” said ConCom Media Officer Conrado I. Generoso.
The aim of the proposed article is “to regulate political contribution,” Mr. Generoso said. “Malaki ang imbalance natin (Our imbalance is huge),” he added, referring to how small parties and unknown candidates don’t have the same level-playing field as the bigger political parties and more popular candidates in terms of campaign financing.
Other issues the ConCom said will be addressed by the campaign finance reform will be “lack of transparency, campaign overspending, and campaign financing as one root of corruption.”
The democracy fund will be a depository fund for individuals and/or companies who want to contribute money for campaign funding. “It will be managed by the Commission on Elections(Comelec) and it will be audited by the Commission on Audit,” said Mr. Generoso.
“The idea behind the democracy fund is that it will be a voluntary contribution to political parties and presidential candidates,” said Julio C. Teehankee, chairman on the Subcommittee on Political Reforms and Levelling the Political Field.
The proposed federal constitution will also legalize funding by companies on candidates and political parties. “This is banned under the current corporation law. They’re banned from contributing but we know for a fact, they do. So might as well recognize that they do and make it legal,” Mr. Teehankee said. “At least now, we have a transparent way of knowing how much or what the benchmark figure was contributed and to whom. It will only be the Comelec and the BIR (Bureau of Internal Revenue) who would know.”
Corporations can contribute between P10,000 to P3 million. A regular citizen, on the other hand, can contribute between P10,000 to P100,000. Companies and citizens alike who contribute to the democracy fund will be rewarded credit against tax dues in the taxable year following the elections.
“This is patterned by the practice in the United States. In (the) United States, taxpayers are given the option in their IRS form whether they want to contribute to an election fund,” Mr. Teehankee explained.

House minority solons want provisions on flag, anthem out of BBL bill

By Charmaine A. Tadalan
HOUSE Minority leaders on Thursday set conditions on approving the final Bangsamoro Basic Law (BBL) to be reconciled by the Bicameral Conference Committee in July.
“I supported the passage of the BBL, but they must take note: we must remove some elements from the approved version,” Deputy Minority leader Jose L. Atienza, Jr. said in a press briefing.
Mr. Atienza was referring to the provision allowing the Bangsamoro region to have its own flag and anthem.
“Meron ba namang area na may sariling (Is there even an area that has its own) national anthem beside the Philippine National Anthem? I’m quite sensitive to that. I really believe in the constitutional mandate that there should only be one Philippine national anthem,” he said, adding that if the bicameral version still contains said provisions he will change his vote.
Article 2, Section 3 of House Bill 6475 grants the Bangsamoro Parliament to adopt an official flag, emblem and anthem of the Bangsamoro, which Mr. Atienza said could open the region to possible secession.
“That’s a prescription of a serious national disintegration, magkakaroon tayo ng mga (there will be a) secession movement,” he said.
The same provision is present in the Senate version, but on the condition that the Bangsamoro flag will always be displayed alongside the Philippine flag. It was also specified the Bangsamoro can have a hymn, which should always be sung with the National Anthem.
Minority leader Danilo E. Suarez also disagreed with some provisions of the BBL, particularly on the proposed block grant, which he said is “counterproductive.”
“Alam mo kapag ginawa mo yan, the Cordillera, gagayahin ‘yan (You know, if you do that, the Cordillera [Autonomous Region] might follow). That will not stop other areas (from coming) up with their own,” Mr. Suarez said.
A provision in both versions of the bill states the National Government will allocate an annual block grant to the Bangsamoro government, which will amount to 5% of the net National Internal Revenue collection of the Bureau of Internal Revenue and the net collection of the Bureau of Customs.
The Bicameral Conference Committee is set to hold meetings from July 9 to 13 as it targets to submit the reconciled bill in time for President Rodrigo R. Duterte’s third State of the Nation Address on July 23.

Nationwide Round-Up

CBCP takes ‘defensive’ stance in wake of Duterte’s attacks

By Dane Angelo M. Enerio
PRESIDENT RODRIGO R. Duterte’s recent remarks against the Catholic church has put the religious institution on a “defensive mode,” according to Father Jerome R. Secillano of the Catholic Bishops’s Conference of the Philippines (CBCP).
Mr. Duterte on Wednesday continued his tirades against the church after his administration drew flak for its tone towards the murders of three priests over a seven-month period, even threatening to release information about alleged illicit affairs involving men of the cloth.
Mr. Duterte claimed on May 21 that one of the murdered priests, Mark Anthony Ventura who was shot in Cagayan on April 29, may have been killed for his alleged illicit affairs with several women.
“We have to defend ourselves, these are below the belt accusations and many of them are not true,” Mr. Secillano said in an interview with One News’s The Chiefs.
“[W]e have to better ourselves to disprove each and every accusation that the President delivered,” he added.
The President has also called priests “hypocrites” and “corrupt” for criticizing him while asking favors from the government and collecting fees from their flock.
Mr. Secillano acknowledged that some of Mr. Duterte’s criticisms did hit home with the public, such as the church’s collection of fees for religious services from baptism to death.
He then cited that his diocese has removed fees for celebrating events like baptisms.
“May mga tao na tuwang-tuwa sa ginawa ng pangulo (Some people are very supportive of the President’s sentiments),” the CBCP official said, “Malaking bagay yun (It’s a big deal), and they can actually relate with what the President said about us.”
“Kaya sabi ko nga (That’s why I said), we need to challenge ourselves as a church, we need to better ourselves,” Mr. Secillano said.
Despite Mr. Duterte’s attacks, Mr. Secillano said the Catholic leadership is not about to go “lambasting the President also.”
“Do not expect us to be in the media hurling accusations also against the President. We’re not going to do that.”
The best way to respond, he said, is for the church to show good deeds.
DIALOGUE
On Thursday, Malacañang said it is open to a dialogue with the CBCP to amend the bickering between the President and the Catholic Church.
“If they want a dialogue, then the President and the Palace are always open,” Presidential Spokesperson Harry L. Roque, Jr. said in Filipino during a press briefing at the Palace.
He also stressed that the government has an “obligation” to investigate the murders of the priests and bring the culprits to justice.
Carlos H. Conde of the the Human Rights Watch’s Asia Division, for his part, said the most recent murders, including that of father Richmond Nilo on June 10, were “grim reminders of the vulnerability of the poor and those who speak out for their rights against the deadly extrajudicial violence that Philippine authorities are apparently unwilling or unable to either stop or provide… accountability for.” — with reports from Arjay L. Balinbin and Camille A. Aguinaldo

House minority threatens to bloc COMELEC budget if it taps Smartmatic for 2019 polls​

THE MINORITY bloc in the House of Representatives will move for the deferment of the electoral budget should the Commission on Elections (COMELEC) allow Smartmatic to facilitate the 2019 mid-term elections. Minority leader Danilo E. Suarez told reporters in a press briefing Thursday that should COMELEC tap Smartmatic, “we’ll move for the rejection” of the agency’s budget. Smartmatic was contracted by the poll body as the service provider for the automated polls in 2016. The Minority leader also proposed that government should start bidding for a new contract for the vote-counting during next year’s elections. “Number one, reform the election process; number two, get a new player, we have to get a new operator to handle the election process; number three, if the Commission will disagree, then we will move for the deferment of their budget,” he said. Deputy Minority leader Jose L. Atienza, Jr. echoed this and recommended that the Commission get a local provider. — Charmaine A. Tadalan

SolGen asks SC to uphold quo warranto decision vs Sereno

THE OFFICE of the Solicitor General (OSG) on Thursday urged the Supreme Court (SC) to uphold its May 11 decision that ousted Maria Lourdes P.A. Sereno as chief justice, in response to the reversal plea submitted by the former top magistrate last May 30. According to Solicitor-General Jose C. Calida’s 75-page comment, Ms. Sereno’s motion for reconsideration was “based on the same arguments she had previously raised” and “had been resolved by the Court in its Decision dated May 11, 2018.” “[T]he Constitution does not exclude quo warranto as a remedy to oust an ineligible impeachable office,” he said. Mr. Calida also pointed out that Ms. Sereno “was afforded due process of law” despite her insistence that she was heard by an impartial court when six justices she tagged as having biases towards her refused to inhibit from the case. “Due process is satisfied when a person is notified of the charge against him and given an opportunity to explain or defend himself,” Mr. Calida asserted. Acting Chief Justice Antonio T. Carpio told reporters last week that the high court is aiming to decide on Ms. Sereno’s motion within the month. — Dane Angelo M. Enerio

Garin preparing charges vs PhilHealth officials

PHILSTAR

FORMER HEALTH secretary Janette L. Garin is preparing to sue some officials of the Philippine Health Insurance Corp. (PhilHealth) over the alleged diversion of a P10.6-billion fund for senior citizens. In a press conference in Iloilo City on Wednesday, Ms. Garin said she is currently consulting her lawyer on the appropriate criminal and administrative charges against PhilHealth board member Dr. Celestina Ma. Jude de la Serna, PhilHealth Executive Vice-president and Chief Operating Officer Ruben John A. Basa, and former Health secretary Paulyn Jean Rosell-Ubial, among others. “My lawyer is looking into the possibility of filing a case against Dr. Dela Serna but I think those in PhilHealth have already filed a case against her and Secretary Ubial… I think seven cases were filed against them. But I might also file a case against John Basa because he knows what is the truth,” she said. Ms. Garin said the allegation that PhilHealth funds meant for senior citizens were diverted to the Department of Health for the establishment of rural health clinics in 2015 is “a big lie.” The supposed funds, she added, was non-existent in the first place. The allegation was only meant “to cover up the real mess and mismanagement behind the billions of PhilHealth loss,” Ms. Garin said. — Louine Hope U. Conserva

Barangay, youth officials with pending cases barred from taking office

THE COMMISSION on Elections (COMELEC) Thursday, June 14, made clear that winning candidates with pending cases for disqualification are not allowed to take office just yet. In a statement, COMELEC said, “winning candidates in the recently concluded May 14, 2018 Barangay and Sangguniang Kabataan (SK) Elections but with pending Petitions for Disqualification or Petitions for Cancellation of Certificate of Candidacy (COC) filed against them will not be allowed to hold office.” Among the grounds for disqualification are being over the age limit for SK officials and violating the limit on three consecutive terms. — Gillian M. Cortez

Flood-free goal

DAGUPAN CITY Mayor T. Belen (in red top) checks a flooded area on June 14, following days of heavy rains in Luzon. In a post on her official Facebook page, the mayor said infrastructure works are continuing for a “Flood free 2023.” “After Careenan and Bonifacio, we will be upgrading AB Fernandez, West. This July 2018 budget allocated,” she wrote.

Gov’t warns Kadamay against occupying idle housing projects

MALACAÑANG ON Thursday warned the Kalipunan ng Damayang Mahihirap (Kadamay) and other informal settlers that they will have to deal with the full extent of the law if they try again to occupy government housing projects. “I repeat, they will have to deal with the full extent of the law and the rule of the President is to implement the law. He will implement the law,” Presidential Spokesperson Harry L. Roque, Jr. said in a press briefing at the Palace. Mr. Roque explained that “in the past, President Rodrigo R. Duterte allowed the Kadamay to occupy government housing projects intended for soldiers in Pandi, Bulacan. But if you will recall, the President said that would be the first and the last.” The Kadamay group on Wednesday trooped to the La Solidaridad-Avilon Zoo housing project in Rizal, but they failed to occupy the housing units after they were dispersed by the local police. “Given this latest attempt, the President has given directives to the police that Kadamay should not be allowed to take over these housing units,” Mr. Roque said. — Arjay L. Balinbin

Prayer

A Muslim prays at the Salam Mosque in Culiat, Quezon City on June 14, the last day of the Ramadan and the eve of the Eid al-Fitr celebration. — PHILSTAR/MICHAEL VARCAS

Yolanda-hit town opens office-cum-evacuation center

JICA PHOTO RELEASE

THE REHABILITATED municipal office of Marabut. a fifth-class town in Samar, was recently inaugurated, with the building designed to double as an evacuation center during typhoons and other calamities. The project is part of the 4.6 billion yen (P2.2 billion) comprehensive aid package of the Japan International Cooperation Agency (JICA) for areas hit by super typhoon Yolanda (international name: Haiyan) in 2013. “This municipality hall we handed over Friday, June 15, was built based on Japanese standards that emphasize quality and safety using the concept of Build Back Better,” JICA Chief Representative Yoshio Wada said in a statement released June 14. The JICA Grant Aid Assistance for Typhoon Yolanda Rehabilitation and Recovery also includes rebuilding of schools, rural health unit, and providing training and equipment on disaster resilience for various government agencies and other institutions.

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