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Peso weakens anew versus dollar

THE PESO dropped against the dollar on Thursday after news of a Chinese port banning Australian coal imports hit the latter’s currency.
The local unit ended yesterday’s session at P52.13 versus the greenback, seven centavos weaker than the P52.06 finish last Wednesday.
The peso opened stronger at P51.98 against the dollar, going up to as high as P51.97 intraday. However, it declined in the afternoon session to log its worst showing for the day at P52.145 versus the US currency.
Dollars traded climbed to $1.234 billion from the $873.34 million that switched hands the previous day.
Two traders said the peso strengthened in the morning session only to take a u-turn in the latter part of the trading day.
“We saw buying interest for the dollar in the afternoon session since the offer prices are up,” a trader said in a phone interview.
Another trader said the dollar bounced back on the news that the Dalian port in China has banned imports of Australian coal and will cap overall coal imports for this year at 12 million tons.
“This led to the dollar moving higher against Asian currencies, and even the Australian dollar moved,” the second trader said. “If you look at the move, the Aussie dollar suddenly dropped. Because of this, it created a bit of safe-haven trading for the dollar.”
For today, the first trader expects the peso to move between P52 and P52-30, while the other gave a wider P51.90-P52.50 range.
Meanwhile, ING Bank N.V. Manila senior economist Nicholas Antonio T. Mapa said the peso enjoyed a “modest appreciation pressure” in the first few weeks of 2019, propelled by portfolio flows.
Mr. Mapa added that the peso continues to “hover steadily” in the middle of the regional rally pack, a stark contrast from last year when the local unit bucked the movement of most regional currencies on concerns about the current account and inflation. — K.A.N. Vidal

Bourse slips even as foreigners remain buyers

By Arra B. Francia, Reporter
SHARES slipped on Thursday as investors stayed largely on the sidelines amid lack of compelling developments even as foreigners remained predominantly buyers for the second straight day.
The benchmark Philippine Stock Exchange index (PSEi) traded sideways for most of the session before closing 0.10% or 7.94 points lower at 7,931.30, while the broader all-shares index eked out a 0.001% or 0.06-point gain to 4,857.
“Index traded weakly the entire day to close 7.94 points down at 7,931.30. PSEi may have taken a slight breather after yesterday’s 100 point run-up,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.
The PSEi had rallied back to the 7,900 level on Wednesday on positive news about Sino-US trade talks.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan noted that investors reacted to the latest release of the Federal Open Market Committee (FOMC) minutes, alongside other international news. “Philippine shares traded flat to slightly negative based on the dovish FOMC minutes, developments on Brexit and WTI crude rallying,” Mr. Limlingan said in a mobile phone message.
In contrast, many indices abroad ended in positive territory following reports that US and Chinese negotiators were outlining a plan to end their countries’ trade war. US and Chinese officials were to meet on Thursday and Friday for another round of talks. US President Donald J. Trump had earlier suggested that he might postpone the tariff hike on $200 billion worth of goods due March 1.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite gained 0.24%, 0.18% and 0.03%, respectively, while elsewhere in Asia, Japan’s Nikkei 225 and Hong Kong’s Hang Seng increased by 0.1% and 0.41%, respectively, although the Shanghai SE Composite and South Korea’s KOSPI shed 0.34% and 0.05%, respectively.
Sectoral indices back home were equally divided between gainers and losers. Those that ended in positive territory were services which went up 0.55% or 8.7 points to 1,574.38, industrials which rose by 0.49% or 56.67 points to 11,623.92, as well as mining and oil, which added 0.39% or 34.13 points to 8,626.12. Holding firms led the decline as it dropped 0.33% or 26.45 points to 7,972.77; financials shed 0.31% or 5.61 points to 1,772.17, while property fell by 0.2% or 8.29 points to 4,000.82.
Trading thinned to some 804.06 million shares worth P6.99 billion transacted, compared to Wednesday’s 1.47 billion issues worth P7.80 billion.
Stocks that advanced edged out those that declined 106 to 90, while 56 others were unchanged.
Foreigners were predominantly buyers for the second straight session, driving net buying nearly sixfold to P522.09 million from Wednesday’s P88.43 million.

Task force formed to fast-track Manila Bay cleanup

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte has created a task force for the speedy rehabilitation and restoration of Manila Bay.
Malacañang on Thursday released to reporters copies of Administrative Order No. 16, which Mr. Duterte signed on Feb. 19, citing the necessity of the participation of national government agencies and local government units (LGUs) “to facilitate the robust and integrated implementation of all rehabilitation and restoration efforts at the Manila Bay.”
The Manila Bay Task Force, according to the document, will be composed of the Secretary of the Department of Environment and Natural Resources (DENR) as chairperson; Secretaries of the Department of the Interior and Local Government (DILG) and Department of Tourism (DoT) as vice-chairpersons; and Secretaries of the Department of Public Works and Highways (DPWH), the Department of Health (DoH), and the Department of Agriculture (DA), among others, as members.
The President’s order states that the task force members “may designate an alternate, who must be next in rank to the principal member and must be fully authorized to decide for and on their behalf, to represent their respective offices in the task force.”
Among the powers and functions of the task force are to enforce relevant laws and regulations “to ensure the complete rehabilitation, restoration, and conservation of the Manila Bay” and require all government facilities, subdivisions, condominiums, commercial centers, hotels, sports and recreational facilities, hospitals, market places, public buildings, and industrial complexes and other similar establishments, including households, “to immediately connect existing sewage lines to available sewerage treatment plants (STPs), or to construct individual STPs.”
The task force can also impose fines, penalties, and other administrative sanctions to compel compliance “whenever applicable.”
Moreover, the task force, in collaboration with the National Anti-Poverty Commission, Presidential Commission for the Urban Poor, National Housing Authority, and affected LGUs, will prepare and commence “within 60 days from the issuance of this order” the implementation of a comprehensive plan for the massive relocation of informal settlers, especially in the areas along the Manila Bay Region.
The said agencies and the task force will identify suitable relocation sites, determine strategies for the economic and social integration of informal settlers in the area, and formulate long-term solutions to address ongoing migration into the Manila Bay Region.
The task force will also prepare a comprehensive plan for expediting the local sanitation program of LGUs within the Manila Bay Region by 2026 and fast-track compliance with the Writ of Continuing Mandamus issued by the Supreme Court.

Locsin: PHL efforts on counter-terrorism anchored on human rights, rule of law

By Camille A. Aguinaldo, Reporter
FOREIGN Affairs Secretary Teodoro L. Locsin Jr. maintained that the Philippines’ efforts to address terrorism have been anchored on human rights and the rule of law.
In a statement on Thursday, the Department of Foreign Affairs (DFA) said Mr. Locsin shared the Philippines’ policies against terrorism before foreign leaders during a security roundtable discussion in the 55th Munich Security Conference in Bavaria, Germany, last week. He was among the 50 foreign ministers attending the forum, along with 35 heads of state and 30 defense ministers.
The security roundtable discussion where Mr. Locsin spoke was titled “The Smuggle is Real: New Impulses for Countering Illicit Flows.” It was attended by Kenyan Foreign Minister Monica Juma, Europol Executive Director Catherine de Bolle, and US Customs and Border Protection Commissioner Kevin McAleenan.
“Our counter-terrorism efforts will remain anchored on respect for human rights and the rule of law. And always with this in mind: that a state’s first, and foremost, and overriding responsibility is to protect the law-abiding against the lawless; and the innocent against those who threaten their safety and well-being,” Mr. Locsin was quoted as saying.
“To that responsibility my President has made an iron, unwavering and total commitment,” he added.
The DFA said the Foreign Affairs Secretary also attended the plenary discussions which featured German Chancellor Angela Merkel, Egyptian President Abdel Fatah al-Sisi, and Romanian President and EU Council President Klaus Iohannis among the speakers.
The Philippines also had bilateral meetings with Myanmar, Kyrgyzstan, and the International Campaign to Abolish Nuclear Weapons.
It also noted that it was the first time the Philippines participated in the Munich Security Conference, a global platform for dialogue and debate on international security issues.
“That we’re taking part in this forum for the first time in more than half a century is a clear signal of our desire to engage closely with Germany and other partners to come up with viable solutions to pressing security concerns,” Philippine Embassy in Berlin Chargé d’Affaires Lilibeth V. Pono said in a statement.
According to its website, the Munich Security Conference brings together international decision-makers to discuss the latest research findings on current issues in international security policy.
In a Reuters report, the security conference also saw United States Vice-President Michael R. Pence and Ms. Merkel providing differing visions on addressing the world’s crisis. Mr. Pence called for European leaders to withdraw from the Iran nuclear deal, while Ms. Merkel said the US decision to leave the Iran deal was not the best way to tackle the crisis in the region.

Duterte signs law modifying police rank designations

PRESIDENT Rodrigo R. Duterte has signed the law that modifies the classification of ranks and clarifies the command and responsibility in the Philippine National Police (PNP).
Malacañang released to reporters on Thursday copies of Republic Act No. 11200, which the President signed on Feb. 08.
Senator Panfilo M. Lacson, principal author and sponsor of Senate Bill 2031, said in a statement: “This measure eliminates confusion on how our law enforcers must be addressed, and brings our policemen closer to the populace. More importantly, this allows for better coordination between the PNP and other law enforcement units in countering terrorism and other threats to national security.”
He added that under the new law, “the PNP’s rank classification system will be distinct from that of the members of the Armed Forces of the Philippines, with ranks used in addressing PNP personnel preceded by the word ‘Police.’”
According to the new law, the PNP rank classification shall be as follows: Director-General to Police General, Deputy Director-General to Police Lieutenant General, Director to Police Major General, Chief Superintendent to Police Brigadier General, Senior Superintendent to Police Colonel, Superintendent to Police Lieutenant Colonel, Chief Inspector to Police Major, Senior Inspector to Police Captain, Inspector to Police Lieutenant, SPO4 to Police Executive Master Sergeant, SPO3 to Police Chief Master Sergeant, SPO2 to Police Senior Master Sergeant, SPO1 to Police Master Sergeant, PO3 to Police Staff Sergeant, PO2 to Police Corporal, and PO1 to Patrolman/Patrolwoman.
Mr. Lacson also noted that it “has been nearly 30 years since the passage of Republic Act 6975, yet almost everyone has been more accustomed to the rank classification using military terminologies but are aware that they are referring to the police and not the military.”
Sought for comment, lawyer and Ateneo Policy Center research fellow Michael Henry Ll. Yusingco said in an e-mail: “I do not believe this law will be helpful in addressing the trust-deficit the PNP has been struggling with. The public’s confidence in the police will not suddenly improve by militarizing their ranking system. In fact, it may even worsen the PNP’s image problem as comparison to the PC (Philippine Constabulary) days under Martial Law will be inevitable.”
“Moreover, this law seems inconsistent to the constitutional prescription that the National Police must be civilian in character. Using military language in the ranking system will certainly instigate the public to think there is an effort to militarize the PNP. I would not be surprised if this law is brought to the Supreme Court for being unconstitutional,” he added. — Arjay L. Balinbin

Tandang Sora Flyover and Intersection closure moved to March 2

The Metropolitan Manila Development Authority (MMDA) on Thursday granted the Quezon City government’s request to move the closure of the Tandang Sora flyover and intersection at Commonwealth Avenue to March 2, 11:00 p.m., MMDA said in a statement. The original Feb. 23 schedule was aimed to give way to the construction of Metro Rail Transit (MRT) Line 7. “This morning, barangay leaders have started informing the residents of the (impending) closure,” MMDA General Manager Jojo Garcia said in a news briefing Thursday. Motorists will be diverted to two temporary U-turns to be opened, one across Microtel at UP Techno Hub and another in front of CW Home Depot.

On the campaign trail

Administration senatorial candidate Christopher Lawrence “Bong” T. Go is endorsed by Senator Richard J. Gordon in Olongapo City on Wednesday.

EO designates economic zone in Novaliches

President Rodrigo R. Duterte has signed a proclamation designating as a Special Economic Zone an 18,659 square-meter area at Quirino Highway corner Regalado Avenue in Novaliches, Quezon City. Malacañang released a copy of Proclamation No. 674, signed by Mr. Duterte on Feb. 15, saying this order is “upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA).” — Arjay L. Balinbin

Two fugitives to be deported

The Bureau of Immigration (BI) is set to deport two fugitives, an American and a Korean, following separate arrests by the bureau’s Fugitive Search Unit (FSU). BI Commissioner Jaime H. Morente identified the American as Adrian Dean Eddings II, 44, who is facing a rape case in Oklahoma and was arrested on Feb. 13 in Lucena City in Quezon province. The Korean was identified as Lee Yun Sun, 48, who is wanted for drug trafficking in three different courts in Korea and was arrested on Feb. 14 in Caloocan City. Citing information from the Korean embassy, BI-FSU chief Bobby R. Raquepo said Mr. Lee allegedly smuggled several kilos of illegal drugs via air freight to the country. Mr. Lee had been in hiding in the Philippines for more than 11 years and has been in the BI’s wanted list since April 2018. — Vann Marlo M. Villegas

Protest vs anti-measles drive

Health advocates group hold a rally on Thursday, February 21, at DOH Main Office in San Lazaro, Tayuman, Sta. Cruz, Manila to denounce the agency’s failure to distribute measles vaccines to some 2.4 million children last year.

Nationwide round-up

Business group upholds press freedom

The Makati Business Club in a statement on Thursday said it “expresses its concern about the (Feb. 13) arrest of Rappler CEO Maria Ressa.” ‘Especially while there are questions about whether the law is applicable, we believe the authorities should err on the side of freedom of the press that is a bedrock of all our rights and liberty,” the business group said. “A brave and free press is an ally in the fight against corruption that we and the government espouse in order to encourage investment badly needed to generate employment and wealth creation that is truly inclusive.”

Lapeña answers charges against him

PHILSTAR/EDD GUMBAN

Former Bureau of Customs (BoC) chief and now Technical Education and Skills Development Authority Director-General Isidro S. Lapeña appeared before a panel of the Department of Justice (DoJ) and submitted his counter-affidavit to a complaint by the National Bureau of Investigation (NBI). The complaint is in connection with the P2.4-billion shabu shipments kept in two magnetic lifters and found at the Manila International Container Port in August 2018 and the P11-billion worth of the same illegal drugs placed in four magnetic lifters found in Cavite. Mr. Lapeña is charged with two counts each of graft, dereliction of duty, and grave misconduct. 50 others were also charged by the NBI. — Vann Marlo M. Villegas

US supports drug war, Palace quotes ambassador

Malacañang on Thursday said the United States supports President Rodrigo R. Duterte’s anti-drug campaign. In a press briefing, Presidential Spokesperson Salvador S. Panelo said United States Ambassador Sung Y. Kim and the US-Philippine Society had met with Mr. Duterte at the Palace last Wednesday. “The conversation centered on the President’s narrative telling them how the drug war affected him and this country; and that he had to declare war on drugs. And he had to do it because he wants to protect and preserve this nation,” Mr. Panelo said. “In response, the US Ambassador said that the US government supports the fight against drugs.”

PAO dumps more Dengvaxia complaints on Garin, others

The Public Attorney’s Office (PAO) has filed three more complaints before the Department of Justice (DoJ) in connection with the deaths linked to the Dengvaxia vaccine. This brings the total number of Dengvaxia-related complaints to 35. PAO recommended the charging of reckless imprudence resulting in homicide and violations of the Anti-Torture Act and Consumer Act of the Philippines against former health secretary Janette P. Loreto-Garin, other health officials as well as officials of Dengvaxia manufacturer Sanofi Pasteur and distributor Zuellig Pharma Corporation. The Food and Drug Administration on Feb. 19 permanently banned Dengvaxia following Sanofi’s noncompliance in submitting required post-approval commitment documents. — Vann Marlo M. Villegas

Nation at a Glance — (02/22/19)

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 — (02/22/19)

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