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Disjointed Celtics

The Celtics didn’t sound too alarmed when they lost on the road to the lowly Bulls over the weekend. Forget that their opponents were third to last in the so-called Leastern Conference. Or that they had hitherto waxed the very same hosts by a record score. Or that it was their second straight setback coming off All-Star weekend. As far as they were concerned, it was an off-night that could easily be explained away. “You’re going to have clunkers in the (National Basketball Association),” head coach Brad Stevens argued. Meanwhile, top dog Kyrie Irving exhibited supreme confidence in declaring that the seemingly lethargic play wouldn’t be carrying over to the playoffs. “Because I’m here,” he noted.
Well, Irving was likewise present yesterday, and he did little to combat the Raptors en route to yet another setback for the Celtics. In fact, he scored just seven points off an anemic three-of-10 shooting from the field in 28 minutes on the court, his lowest output since the second week of the season. Significantly, he laid an egg after the second quarter, his disappearing act a major reason for their inability to climb back from a deficit that went up to as high as 31. Little wonder, then, that he wore a long face in the aftermath.
Indeed, there were no bright spots during or after their embarrassing setback to the Raptors. Heading into the set-to, not a few quarters deemed them motivated to show their best, and not just because they looked primed for a bounceback. More importantly, they were facing competition regarded to be among their toughest in the postseason en route to a projected Finals appearance. Instead, they limped through a second period in which they had a whopping eight turnovers, twice as many as the field goals they made. And they were worse — make that much worse — at the other end of the floor; they allowed 36 points off 14 baskets, 11 of which were assisted.
Perhaps the Celtics can weather their latest storm and summon enough momentum to finish the season in fulfillment of their promise. They certainly have the talent to do so. Then again, when their best player responds with “I don’t know” and “It’s up to Brad” to queries on their disjointed play, it’s hard for fans to stay upbeat. At this point, even they themselves aren’t anymore.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Duterte questions ill gotten-wealth claim vs Marcos

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte on Tuesday expressed doubts over accusations that the late dictator Ferdinand E. Marcos, Sr. had ill-gotten wealth.
Mr. Marcos, Sr. and his cronies had been accused of stealing up to $10 billion from state coffers during his 20 years in power, of which some 14 years were under martial rule.
In his speech in Manila last Tuesday, Feb. 26, Mr. Duterte said: “Until now you have not proven anything except to sequester and sell — hindi mo nga sigurado kung talagang kay Marcos ba ‘yan (you do not even know if all those assets were taken by Mr. Marcos). Sabi ko nga (As I said,) there is Ecclesiastes 3. There will be a time to be silent, there will be a time to just say nothing. But there will be a time for reckoning. There’s always a time for war.”
The Marcoses are leading allies of Mr. Duterte, who often cites the support of senatorial candidate and Ilocos Norte Governor Maria Imelda Josefa “Imee” R. Marcos, in his presidential campaign in 2016.
“Hindi ako nagkampanya pero nandito naman… Pagka senador, Imee Marcos (I am not campaigning, but since [she is] here — Imee Marcos for Senator),” the President also said in his speech on Tuesday.
The Ilocano Timpuyog political party of Imee Marcos has forged an alliance with Davao City Mayor Sara Z. Duterte-Carpio’s Hungpong ng Pagbabago.
Mr. Duterte also defended anew his controversial order for the late dictator’s burial at the Heroes’ Cemetery in 2016.
“The law says, sino ang pwedeng ilibing sa Libingan ng mga Bayani? (Who can be buried at the Heroes’ Cemetery? Ang sabi ng batas, sundalo o kaya presidente (soldiers and presidents). That’s the law,” he said.
Mr. Duterte said last year that once he steps down, he would prefer the “likes” of former senator Ferdinand R. Marcos, Jr. as his successor over his constitutional successor, Vice-President Maria Leonor G. Robredo. He also said he would prefer a military junta to lead the country over Ms. Robredo’s leadership.
However, despite his alliance with the Marcoses, Mr. Duterte himself had ordered in 2017 the release of initial compensation for at least 4,000 martial law victims.
There were at least 75,000 people who were victims of human rights abuses during martial law, according to the Samahan ng Ex-Detainees Laban sa Detensyon at Aresto (SELDA).
‘NOT FAKE NEWS’
Otso Deretso senatorial candidates, for their part, said the Marcoses’ ill-gotten wealth is “not fake news.”
Lawyer Jose Manuel I. Diokno said, “Baka nakalimutan ni Pangulo iyong desisyon ng ating Supreme Court mismo noong 2003 na sinabi nila, ang perang iyan ay ill-gotten wealth. Hindi pera ng mga Marcos iyan, pera ng bayan iyan (Maybe the President has forgotten the 2013 Supreme Court decision that said the money is ill-gotten wealth. The Marcos family does not own that money. It belongs to the people).”
Congressman Gary C. Alejano said, “May biktima, may nawalang bilyong pera, hindi pwedeng walang nagnakaw (There are victims. Billions of money have gone missing. It cannot be that nobody stole the money).”
For her part, Otso Diretso senatorial candidate Samira Gutoc-Tomawis said, “Mr. President, you do not have business tinkering with history, especially the part on how the Marcoses amassed money through ill-gotten means, or the atrocities that occurred during their time.”

New peace deal with Nur Misuari sought

PRESIDENT Rodrigo R. Duterte on Tuesday said the government is crafting a new deal with Nur Misuari’s Moro National Liberation Front (MNLF).
Mr. Duterte also said he had made some “arrangements” to ensure that Mr. Misuari, who is facing rebellion and crimes against humanity charges in connection with the 2013 Zamboanga siege, could leave the country for his commitments abroad.
“Now there is Misuari, he saw me last night (Monday). He was not allowed by the court to go out because he has pending charges when he was armed. So I had to make some arrangements. Sabi ko (I said), this is a personal request of (mine), which I do not do at any time, at any other time. Sabi ko… palabasin ninyo (I said, allow him to leave),” Mr. Duterte said in his speech on Tuesday night at the League of Municipalities of the Philippines General Assembly 2019 in Manila.
As for the new peace deal, the President said: “Kaya sabi ko itong kay Nur, areglo tayo dito (I told Nur, let’s come up with something). Sabi ni Nur (said), he is willing to talk, and he has waited this long for me to make a decisive decision when he comes back. Nandoon man sila kagabi dalawa [Interior Secretary Eduardo M. Año and Defense Secretary Delfin N. Lorenzana were in that meeting]. Sabi ko (I said), ‘time for us to craft a new deal for the MNLF of Misuari.”
Mr. Duterte also said about the MNLF: “They are revolutions driven with territorial intentions or objectives. Ngayon, kung naplantsa mo ‘yan (Now, if everything is ironed out) and we are able to talk to them, you must understand Philippine history and the core of what ails this country,”.
Presidential Spokesperson Salvador S. Panelo during said in a press briefing on Tuesday afternoon that Messrs. Duterte and Misuari met at the Palace on Feb. 25.
“The meeting with the MNLF Chairman Nur Misuari lasted I think only about 15 minutes. They are going to meet again. What transpired last night was, the President told the Chairman that he admired his patience and he apologized for not having… implemented or enforced…whatever agreements that they had previously (with the government), with respect, I think, to federalism or something. And they would be talking again precisely (about) that. They didn’t have much time to talk, so they will meet again,” Mr. Panelo said. — Arjay L. Balinbin

Cocaine in Philippines could be ‘diversionary tactic’ — solon

COCAINE BLOCKS recovered in Philippine waters may be a “diversionary tactic” for another set of smuggled drugs, said House Committee on Dangerous Drugs chair Robert Ace S. Barbers of the 2nd district of Surigao del Norte.
Mr. Barbers said the cocaine blocks may be part of an old modus which involves placing a GPS tracking device in the contraband.
“That’s the old modus operandi of the syndicates. So definitely, they will not waste valuable goods just like that. They probably sent it, following ‘yung kanilang scheme na meron GPS ‘yan tapos ma-te-take up ‘yan ng kanilang local contacts. Siguro nagkaroon ng bulilyaso, ng problema, nagkalat ngayon, that’s one school of thought,” he said in a phone interview. (They probably sent it, following their scheme using GPS, which their contact will later retrieve. Maybe there was a problem that resulted in the scattered cocaine blocks, that’s one school of thought).
“Another school of thought is it could be a diversionary tactic na pwedeng nandiyan ‘yan, kunware nagpalutang-lutang, ‘yun pala, merong dumaan sa atin (the cocaine blocks may be left floating, while another shipment is being smuggled) right under our noses, either in the BoC (Bureau of Customs), in our seaports and our airports,” he added.
For his part, Philippine National Police (PNP) Chief Director-General Oscar D. Albayalde said the cocaine blocks were likely bound for Australia. “I talked with the Australian counterpart, seemingly lumalabas itong na-recover na more than 1,000 kilos of cocaine, from the eastern seaboard of our country, ay parang nangagaling ito somewhere sa Pacific Ocean pero ito ay hindi for delivery sa Pilipinas,” Mr. Albayalde said on Wednesday. (I talked with the Australian counterpart, it appears that the more than 1,000 kilos of cocaine from the eastern seaboard of our country came somewhere in the Pacific Ocean, but this was not a delivery to the Philippines.)
“Accordingly, kasi ang possibility nito ay for delivery ito sa Australia. Isa ‘yun kasi according to the Australian police maganda ang value market, even the market value ng cocaine sa lugar nila.” (Accordingly, the possibility is this is for delivery to Australia. That’s one, because Australian police reported a good value market, even the market value of cocaine in their country).
The PNP chief said similar blocks of cocaine were recovered from some islands in the Pacific last year, which could possibly have drifted towards the Philippine territory. “Doon, sometime June and September, meron din na-recover na the same package of cocaine sa Papua New Guinea,” he said. (Sometime in June and September, a package also containing cocaine was recovered in Papua New Guinea).
Meanwhile, Magdalo Rep. Gary C. Alejano said in a statement on Wednesday that the presence of cocaine blocks is proof of the government’s “failed” war against the illegal drug trade.
“Three years of government’s crackdown on illegal drugs and thousands of drug suspects killed did not deter the continuous entry of drugs in our country,” Mr. Alejano said.
“The drug war is a failure. Ang mga druglords ay patuloy na namamayagpag at ligtas sa mainit na mata ng ating gobyerno dahil mga mahihirap at maliliit na drug suspects naman ang pinupuntirya at pinapatay,” he also said. (The drug lords continue to thrive and are saved from the government scrutiny because only poor and small-time syndicates are targeted).
Sought for comment, Mr. Barbers said “the drug war has been successful all this time. Marami tayong na-a-apprehend, marami tayong nasisiradong mga laboratory. If you will measure the gains of this campaign, obviously, we have a lot of gains to speak about pero failure, san banda magiging failure ‘yung lumulutang na cocaine?” (the drug war has been successful all this time. Many have already been apprehended, many laboratories have been closed. If you will measure the gains of this campaign, obviously, we have a lot of gains to speak about but failure, what about recovering the cocaine blocks is a failure?) — Charmaine A. Tadalan, with VACF

Nationwide round-up

European legislators call for De Lima’s release

PHILSTAR/MICHAEL VARCAS

EIGHTEEN members of the European Parliament have called for more pressure on the Philippine government to release opposition Senator Leila M. De Lima In a letter dated Feb. 24 addressing the European Commission Vice President Federica Mogherini, the European legislators called for an official statement from the body to reinforce pressure on Philippine authorities to free the detained senator. “The charges against our colleague Ms. De Lima seem to have been fabricated and everything points out to her case being politically motivated….We therefore urge you and the EEAS (European External Action Service) to issue a statement calling for her release, since a fair trial in today’s Philippines is impossible, and to reinforce pressure on the Philippine authorities,” the letter reads. In a related development, the Quezon City Metropolitan Trial Court Branch 34 on Wednesday cited for indirect contempt Ms. De Lima’s former driver Ronnie Dayan for refusing to testify against the senator in her disobedience to summons case. The next hearing is scheduled on May 15. — Camille A. Aguinaldo

PNP to go after ‘wang-wang’ candidates

THE Philippine National Police (PNP) may recommend the disqualification of candidates who use “wang-wang” or sirens during the campaign period. PNP Chief Director-General Oscar D. Albayalde said the PNP’s Highway Patrol Group might also confiscate a candidate’s vehicle if he is found violating Presidential Decree No. 96 which prohibits the use of sirens and other similar devices. “Then probably we can recommend…his disqualification (before the) Comelec,” Mr. Albayalde said. — Vince Angelo C. Ferreras

Duterte links anew Trillanes’s mother to alleged anomalies in Navy

PRESIDENT Rodrigo R. Duterte on Tuesday said he will summon opposition Senator Antonio F. Trillanes IV’s mother, Estelita, as part of the government’s inquiry into her alleged anomalous transactions with the Philippine Navy. “Sumobra ka (You went overboard). We will initiate an investigation…and I will subpoena your mother sa ayaw mo at sa hindi (whether you like it or not),” the President said in his speech on Tuesday night at the League of Municipalities of the Philippines General Assembly 2019 in Manila. “Baka sabihin mo walang power (Maybe you say we do not have a power to do so). There is. We also have the contempt power, but we have to go to court,” Mr. Duterte said. — Arjay L. Balinbin

PDP-Laban eyes retaking House speakership

THE ruling PDP-Laban is gunning for the House speakership in the 18th Congress. In a statement, the party’s campaign spokesperson Ronwald Munsayac said 130 party members seeking reelection are enough to retake the speakership. He said Davao Rep. Pantaleon D. Alvarez, who was ousted after the President’s third State of the Nation Address (SONA), leads the possible candidates for the top post of the House. The other possible candidates are Representatives Lord Allan Q. Velasco of Marinduque, Ronaldo B. Zamora of San Juan, Alex L. Advincula and Abraham N. Tolentino of Cavite, Federico S. Sandoval of Malabon, Aurelio D. Gonzales, Jr. of Pampanga, Lucy T. Gomez of Leyte, an Ferdinand L. Hernandez of South Cotabato. “We are very confident that, just like the Golden State Warriors in the NBA, we have the ‘strength in numbers’ in the House to regain the Speakership,” Mr. Munsayac said. — Camille A. Aguinaldo

Otso Diretso insists on public debate

SENATORIAL candidates under the opposition Otso Diretso slate are pushing for a public debate against candidates under the Hugpong ng Pagbabago (HNP) slate. In a press conference in Intramuros on Wednesday, election lawyer Romulo B. Macalintal called on Davao City Mayor Sara Z. Duterte-Carpio to lay down the rules, the time, and the venue for the public debate. “We just want a discussion….We thought of the debate as a way for the people to know the issues and the candidates’ position,” former solicitor-general Florin T. Hilbay said for his part. Ms. Duterte-Carpio, who is also HNP’s campaign manager, earlier said she wanted a more organized debate wherein agreements are laid down between the two parties. Last Monday, HNP senatorial candidates did not show up at Plaza Miranda for a public debate challenged by the Otso Diretso candidates. — Camille A. Aguinaldo

Dialog

MAKATI Mayor Abigail Binay shares a light moment with residents of Barangay Singkamas where she recently held a dialog.

PNP to provide security to church leaders

THE Philippine National Police (PNP) said it will provide security to church leaders who are receiving death threats following such a threat against Caloocan Bishop Pablo Virgilio S. David. “Nag-usap kami ni Cardinal Tagle and I assured them we can provide protection doon sa dapat bigyan ng protection lalo na ang ating mga kaparian (to those who need protection, especiallyl the priests),” PNP Chief Director-General Oscar D. Albayalde said. — Vince Angelo C. Ferreras

MIB plant upgrades to expand water supply in Iloilo

By Emme Rose Santiagudo, Correspondent
AS PART of its rehabilitation program, the Metro Iloilo Bulk Water Supply Corporation (MIB) started the upgrade of its water treatment plant in Sta. Barbara, Iloilo on Monday to expand the water supply within the franchise areas of the Metro Iloilo Water District (MIWD).
“We assure the people of Metro Iloilo that this initiative will result in greater and bigger benefits as MIB commits to provide potable water supply to more and more Ilonggo,” engineer Rolixto V. Jodieres Jr., MIB chief operating officer, said.
The upgrade will boost the capacity of the water treatment facility from the current 37 million liters per day (MLD) capacity to 50 MLD.
Since the upgrade requires shutting down of the pump structures, service areas under the MIWD will experience intermittent low-pressure water supply throughout the repair period from February 26 to March 31.
Mr. Jodieres said the rehabilitation process requires the replacement of electrical and mechanical components of the existing water treatment plant with state-of-the-art facilities.
“The pump structure serves as the main source of raw supply for treatment process. It needs to upgrade the pump capacity and the hydraulic head. During the entire repair process, we tapped other bulk water suppliers in the city to ease the effect of low water pressure,” he said.
MIWD Chairman Dr. Jessica C. Salas said for her part, “We ask for the support of our consumers in Metro Iloilo as we work for the transformation of MIWD into a world-class water service provider. We also enjoin our local government units to support us in this initiative that aims to upgrade the quality of service of our water district.”
The upgrade is among the many development programs in the pipeline following the joint venture of MIWD and Metro Pacific Water Investments Corp. (Metro Pacific Water).
On December 6, 2018, Metro Pacific Water and the MIWD sealed a P12-billion joint venture agreement which aims to improve water distribution and septage management in Iloilo City and seven municipalities under MIWD’s service area.
The signing of the joint venture agreement paved the way for a 25-year concession aimed at ensuring a reliable, sustainable, and improved supply of quality water services in Iloilo.

Groundbreaking on for Jalaur Dam

By Emme Rose Santiagudo
AFTER being stalled for more than three decades, the P11.2-billion Jalaur River Multipurpose Project (JRMP) II in Calinog, Iloilo commenced its groundbreaking and capsule-laying ceremony on Wednesday. The dam, a flagship project of the National Irrigation Authority (NIA)-Visayas, is the first large-scale reservoir outside of Luzon.
Senate Minority Leader Franklin M. Drilon for his part said, “The project could very well help in improving agricultural production in Western Visayas and in the country in general considering that 40% of the labor force in the region is engaged in agriculture and fisheries.”
“From an impressive 17.9% growth in 2011, the agriculture sector had a negative growth rate of 1.8% in 2015 and further contracted by a negative 0.5% in 2016,” he also said.
The JRMP-II is seen to help the agricultural sector by irrigating 31,840 hectares in 22 municipalities and two cities in Iloilo, thereby improving the yield of farmlands to 5.2 metric tons per hectare and doubling rice production to nearly 300, 000 metric tons per year.
The project will also supply 86,400 cubic meters of potable water daily and generate 6.6 megawatts of hydro-electric power.
JRMP-II, which is one of NIA’s eight big ticket projects, is also expected to provide 17,000 jobs during its construction in the next three years.
JRMP II was first implemented in the 1960s after the Fourth Congress passed Republic Act 2651 which provides for the construction of JRMP in Iloilo.
The first phase was completed in the 1980s but its second phase was stalled due to lack of funding.
Mr. Drilon sought funding from the Korean government in 2011.
The Korean government through the Export Import Bank’s (EXIM) Economic Development Cooperation Fund (EDCF) extended a loan worth P8.9-billion to assist the funding of the project with a counterpart of P2.2 billion from the national government.
NIA Regional Manager and JRMP II Concurrent Project Manager, engineer Gerardo P. Corsiga, said, “There is no word to describe how happy we are with the conduct of today’s ceremony. The journey that we have been embarked and the time and effort that had been invested in this project is all for the contribution to the growth of Iloilo.”
Once the project is completed by September 2022, Mr. Drilon said the province of Iloilo will become a model of rural development.
“If we all unite and work together to attain these goals, we can all say that if we fulfilled our dreams of a better and progressive Iloilo, it is because we all did our share,” he said.

Affected homeowners appeal to DoTr to reconsider railway system alignment

By Carmencita A. Carillo, Correspondent
DAVAO CITY — “Please don’t disrupt our lives,” was the plea made by Paulina C. Pestaño on behalf of the 1,600 lot owners at South Pacific Golf and Leisure Estates Homeowners Association. The high-end subdivision developed by Sta. Lucia Realty, which is also home to an 18-hole par-72 golf course worth P500 million, is one of several areas that will be affected by the alignment of the Mindanao Railway System (MRS) Tagum-Davao-Digos (TDD) segment.
Ms. Pestaño grew up in Davao, relocated and worked in another city and then decided to retire in the city. Her family has been living in South Pacific for two years now after the completion of their house in 2017. Family refers to her and her siblings — one a physician in Zamboanga who visits Davao almost every month and the other one an engineer living in California who comes home twice a year, and the other one a retired CPA who used to manage the family business.
“We decided to retire here and build our retirement home at South Pacific primarily because of the fresh air and of course there is a golf course. If they build the railway there they will destroy the very reason why we invested in the area for retirement,” she told BusinessWorld in an interview.
While the MRS project manager said no house will be directly hit by the railway construction, she said, the construction will still pass through the golf course and the newly-completed clubhouse which cost P50 million to build. If there is construction activity even in hole No. 1 alone, she added, then there will be no more golf since all the golfers have to tee off there.
South Pacific has become a top destination among local and foreign golfers. The 18-hole course placed on 70 hectares of rolling greens together with a great landscape of creeks and ponds was designed by Arnold Palmer. It is one of the few golf courses in the Philippines designed by one of the world’s greatest golfers. Golfers agree that the best thing about the South Pacific Golf and Leisure Estate is not just the greens but the mountainous backdrop.
The number of golfers frequenting South Pacific has increased with the Matina Golf Course already closed down to pave the way for a 22-hectare business district.
While they do not yet clearly understand the technicalities involved in the MRS, Ms. Pestaño said they are certain that it will disrupt their lives even if the government assured them that it will be done in phases. The Department of Transportation (DOTR) revised the design of the railway that will pass the golf course which will not be a tunnel design.
The homeowners were told that the contractor will have to dig, cut and cover which means closing down the golf course for months or years. This will affect the livelihood of over 130 caddies and umbrella girls as well as over 30 golfcourse maintenance workers.
But more than the disruption of the golf course, she said, the railway construction will mean the disruption of the lives of the people living inside the golf course, most of whom are retirees suffering or recuperating from illnesses.
“We were assured that no houses will be damaged but of course during construction there will be dust, noise and security risk since the laborers will be going in and out of the subdivision,” she said. “If there is a railway then there is definitely a train and even if it is underground there will be a disturbance and movement every time it passes,” she added.
Ms. Pestaño said the presentations made by the DOTR technical consultant from HongKong during last December’s City Council meeting showed that the railway alignment failed to consider not only the development plans for the affected community. She also said the maps showing the railway alignment as it passes through the golf course were also based on outdated maps taken from Google Earth because some areas were still marked as parks.
“Even if he were to use Google Earth maps today he would only see the beginning of a golf course. We wonder if the project team even drove through the proposed route of the railway from Tagum to Digos to validate what Google Earth is showing,” she said.
Ms. Pestaño said the retirees who chose to spend their twilight years in this community did so because of the presence of the golf course, affording them fresh, clean air as well as a peaceful and secure environment.
“When asked if he knows of any golf course in the world that has a train inside it the technical consultant replied in the negative,” she said. A train traveling within a few kilometers of one’s home would always be heard especially at night or early in the morning. And whether the railway will be elevated or underground, she added, there will always be pollution and noise.
She said for many of them, building another house or moving to another location is no longer an option.
During the committee hearing, she said, the technical consultant of the railway said the cost per kilometer of railway is P1 billion. This means an additional 3.5 kilometers of railway would cost P3.5 billion which is less than what it would cost the project if it were to destroy the golf course, pay the right-of-way of the properties.
“But even if government pays us, where will we go? We are already retired. The peaceful, serene and secure environment that we would lose cannot be monetarily compensated,” she said.
Residents of another subdivision that will be affected by the railway construction also aired the same concerns. Residents of Monteritz Subdivision are also at a quandary as to how their lives will be disrupted not only by the railway once construction starts, and once it starts to operate.
DoTr Assistant Secretary Eymard D. Eje said there will always be properties that will be affected every time there is a government project. However, he said, if the government considers the complaints of those affected, then they will never be able to even start a project.
He admitted that they are fast-tracking the MRP in order to complete this within the term of President Rodrigo R. Duterte. Otherwise, Mindanao will lose its chance to have a better transport system.
The MRP has undergone many changes in the project scope including the change from a single track to dual track railway. These and other changes brought the cost up from P35.257 billion to P97.386 billion, which requires the government to explore foreign loans such as official development assistance from China.

Nation at a Glance — (02/28/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.
Nation at a Glance — (02/28/19)

Peso rises to P51:$1 level

THE PESO strengthened to close at the P51-per-dollar level.

THE PESO climbed further against the dollar, closing the session at the P51 level, ahead of a meeting between the United States and North Korea.
The local unit closed the session at P51.91 against the dollar on Wednesday, up 11.5 centavos from its P52.025 finish on Tuesday.
This is the peso’s best finish in more than nine months or since it ended at P51.80 versus the dollar on May 10, 2018.
The peso opened the session stronger at P52 per greenback, dropping to as low as P52.08 intraday. However, it recovered to reach an intraday high of P51.905 before settling at its close.
Dollars traded soared to $1.147 billion from the $909.11 million that switched hands in the previous session.
A foreign exchange trader said the peso saw “very erratic” trading yesterday given the wide range.
“The dollar-peso traded in a very choppy manner. There were so many factors, including the meeting of [President Donald J.] Trump and [North Korean leader] Kim Jong-un, as well as the issue between Pakistan and India,” the trader said in a mobile phone message.
“The positive outlook on their meeting may improve risk appetite among investors, as it may bring stability in the Korea and in Asia.”
Mr. Trump was set to meet Mr. Kim in Hanoi, Vietnam yesterday night for their second summit. Mr. Trump has said he will convince Mr. Kim to abandon the country’s nuclear program.
Meanwhile, tensions between India and Pakistan escalated after the Pakistani foreign ministry claimed to have shot down two Indian fighter jets.
Another trader attributed the stronger peso to the congressional testimony of US Federal Reserve Chair Jerome Powell.
Mr. Powell echoed his previous statements, saying that the central bank will be “patient” in its monetary stance while acknowledging some “conflicting signals” despite lingering strength in the US economy.
For today, the first trader expects the peso to move between P51.90 and P52.10 versus the dollar, while the other gave a P51.80-P52 range.
“With the break of P51.90, the next level of support should be near the P51.70 level,” the first trader noted. — Karl Angelo N. Vidal

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