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Merchandise trade remains a weakness in PHL’s economic growth story

Merchandise trade remains a weakness in PHL’s economic growth story

How PSEi member stocks performed — August 29, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 29, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — August 29, 2018

Dozens wounded in town fiesta bombing in Sultan Kudarat

A BOMB BLAST through a crowd at a festival in the southern Philippines on Tuesday, killing one person and wounding dozens more in the second deadly attack in under a month in the region, authorities said.
The powerful bomb in the town of Isulan in the province of Sultan Kudarat went off near a night market that was part of local celebrations, sending people running in terror.
“It was loud, we immediately left the area but I can’t forget the images of a young girl carried by her father, her shirt covered in blood,” said witness Judy Sapto, an area resident.
The attack, claimed by the Islamic State group, is the latest violence in the south of the majority Christian archipelago, where Islamist militants have been fighting a decades-long insurgency.
“It’s obvious that the Bangsamoro Islamic Freedom Fighters (BIFF) with links to ISIS (Islamic State) has the strongest desire to initiate these kind of attacks,” said Army Captain Arvin Encinas.
The local mayor’s office said two other bombs were discovered in the area and defused by authorities.
At least two, one of the casualties a child, were killed as of this reporting, and at least 36 were hurt in the blast, officials said.
Local police officials said the bomb went off near a petrol station as Isulan was celebrating the 61st anniversary of its founding.
The attack comes less than a month after a van bomb ripped through a military checkpoint on the neighboring island of Basilan, killing 10 people.
Islamic State claimed responsibility for that bombing and authorities believe the man behind the wheel of the explosives-laden van may have intended to target a nearby children’s parade.
President Rodrigo R. Duterte extended martial law in the southern Philippines until the end of this year, after pro-IS militants seized the southern city of Marawi last year.
Malacañang said on Wednesday it is open to extending martial law in Mindanao following the bombing incident.
“It’s an option but nandiyan ‘yun (it’s just there). We’re trying to make it as easy as possible… But kung ganito pa rin ang nangyari, anong gagawin natin? Upo lang tayo diyan?” Executive Secretary Salvador S. Medialdea told reporters at the House of Representatives. (But if this is still what’s happening, what will we do? Just sit there?)
He also said in part: “Piyesta, pasasabugan lang (They just bombed a fiesta). How would you feel?”
For her part, Davao City Mayor Sara Duterte-Carpio said: “We follow the decision of the OP (Office of the President), AFP (Armed Forces of the Philippines), and the PNP (Philippine National Police) because they are better informed by the intelligence units on the need to extend martial law in Mindanao.” — with reports by Reuters, Arjay L. Balinbin

BI upholds Fox deportation

THE BUREAU of Immigration has upheld the deportation of Australian missionary Patricia Fox, according to Justice Secretary Menardo I. Guevarra.
Sought for comment, Mr. Guevarra said, “Confirmed, as per Comm(issioner) Javier of the BI,” referring to Deputy Commissioner J. Tobias M. Javier.
Sister Fox has caught the ire of the administration for her perceived political activities.

LTFRB asks oil companies to join fuel subsidy program

LAND TRANSPORTATION Franchising and Regulatory Board (LTFRB) Chairman Martin B. Delgra on Wednesday urged fuel companies to participate in the government’s Pantawid Pasada Program to expand the options for Public Utility Jeepney (PUJ) drivers and operators who will avail of the government’s fuel subsidy.
Mr. Delgra, speaking at the Palace media briefing, said, «Through the Department of Energy (DoE), we are inviting as many gas stations to participate, so that there will be more options for the PUJ operators.»
Currently, the participating companies, according to Mr. Delgra are Shell, Petrol, Caltex, Unioil, and Phoenix.
Mr. Delgra said the challenge now is that not all gas stations of participating companies have point-of-sale (POS) facilities to accommodate the Pantawid Pasada Cards as mode of payment.
“One of the things we had discussed with the DoE during the technical working group committee meeting was precisely to address this issue. We wanted to clarify with them if these participating gas stations have POS,” he said.
Mr. Delgra stressed that the Pantawid Pasada Cards, which are being distributed and monitored by the Landbank of the Philippines (LBP), are for “fuel purposes only.”
“The use of the card has to be consistent with the mechanics of the program. The way to monitor the program is that you have to use that in the participating gas stations for buying fuel. As mentioned in the law, it is for fuel purposes only,” he said.
DoE Secretary Alfonso G. Cusi signed last month Joint Memorandum Circular (JMC) No. 1, series of 2018, providing the general guidelines for the implementation of the Pantawid Pasada Program.
Mr. Delgra said the pilot distribution of the first 10,000 cards began in Metro Manila last month while the regional distribution started this August. The target end of distribution is “before the end of September” this year.
In a press briefing in July, Budget Secretary Benjamin E. Diokno said the program “will cover 179,852 units or 100% of PUJ units with existing LTFRB franchise, within two years upon execution of the TRAIN (Tax Reform for Acceleration and Inclusion) Law.”
“On our part, in the DBM (Department of Budget and Management), we will ensure that all the necessary funding, subject to proper documentation, shall be immediately released to ensure the smooth and speedy implementation of this program,” he said.
For the first tranche of the Pantawid Pasada this 2018, Mr. Diokno said the DBM is “allocating P977 million,” which will provide a P5,000 subsidy for the six remaining months to the intended beneficiaries, or about P833 monthly.
For 2019, in the second tranche of the program, the DBM will allocate P3.86 billion. “This will provide a total of P20,514.82 fuel subsidy to the beneficiaries or P1,709.57 monthly,” Mr. Diokno added. — Arjay L. Balinbin

On the web

Drilon: Carpio’s appointment as next chief justice still possible

Senator Franklin M. Drilon — BW FILE PHOTO

SENATE MINORITY Leader Franklin M. Drilon, in a statement on Tuesday, said it was still possible for Senior Associate Justice Antonio T. Carpio to be nominated as the next chief justice after the retirement of Chief Justice Teresita De Castro in October.
>> See full story on <https://goo.gl/2qVP9V>

Business leaders tackle federalism in forum

BUSINESSMEN on Tuesday raised concerns on the proposed shift to a federal form of government and the tax system under the draft Charter crafted by the Consultative Committee (ConCom) to Review the 1987 Constitution. — Arjay L. Balinbin
>> See full story on <https://goo.gl/TS1E6q>

Opposition members to pursue legal action vs P18B Kawit project after court denies TRO

OPPOSITION MEMBERS will file another case questioning the validity of the contract signed by the Cebu City government with Gokongwei-led Universal Hotels and Resorts Inc. for the P18 billion Kawit Island development project. A Regional Trial Court (RTC) has denied the temporary restraining order sought by councilman Amilo Lopez of Barangay Busay to stop the joint venture agreement signed by Mayor Tomas R. Osmeña. Judge Generosa G. Labra of RTC Branch 23 in Cebu City ruled that the action being sought has been rendered moot and academic with the formal signing of the agreement last Aug. 17. Vice Mayor Edgardo C. Labella, a member of the opposition, said the battle is not yet over because the court has yet to decide on the main petition. “The case still remains; of course it is subject for deliberation by the court. I don’t see any problem if TRO has not been granted,” he said. Another opposition member, Councilor Jose C. Daluz III, said, “I expected that. It has been mooted when the mayor signed the contract. We now improve our complaint to questioning now the validity of the contract.” — The Freeman

STL franchise in Iloilo awarded to new firm


ILOILO CITY — A new firm has bagged the franchise to operate the Small Town Lottery (STL) within the province of Iloilo.
Red Subay Gaming Corp. is now preparing to operate beginning September.
Romel Duron, one of the company’s incorporators who comes from Iloilo, said they received the approval from the Philippine Charity Sweepstakes Office (PCSO) on Aug 20.
“From Aug. 20, we were given 15 days to pay or put up the performance bond equivalent to one month presumptive monthly retail receipts (PMRR) plus 25% authorization pay totaling to P138,736,000,” Mr. Duron said.
The firm’s PMRR is P111 million.
Red Subay, which means red ant in Ilonggo, is a newly-formed company headed by Octavio Antonio Marasigan as chief operating officer and with incorporators from Luzon and Mindanao.
Aside from Messrs. Duron and Marasigan, the other incorporators are Nehru Ampatuan, Noel Virtucko, and Anthony Pe.
PCSO-Iloilo Manager Janette Oberio-Lloyd has confirmed the authority to operate given to Red Subay, saying they received the PCSO board resolution last week.
She said the operation will commence once the firm has settled its bonds and other requirements at the PCSO central office.
Mr. Duron said with a legal STL operator in the province, they are hoping that illegal gambling will be minimized.
“As much as possible, we want to eliminate the illegal gambling because that is the purpose of STL, to counter jueteng and others,” he said.
He also appealed to the Philippine National Police and the local government units to help them combat illegal operations.
The PCSO suspended the operation of former STL franchisee Eagle Crest Gaming and Holding Corp. effective May 10, 2018 as it failed to attain and/or remit its PMRR. — Louine Hope U. Conserva

P2B revenue seen from regulated rice trading in ZAMBASULTA

ZAMBOANGA CAO

AGRICULTURE SECRETARY Emmanuel F. Piñol said the government stands to earn as much P2 billion in annual revenues if it “legalizes rice smugglers” in the southwestern part of Mindanao.
In a post on his Facebook page Wednesday, Aug. 29, Mr. Piñol explained that legalizing these operators means giving them proper documentation and imposing minimal tariffs on them to make them legitimate rice importers.
The agriculture chief said these smugglers are actually paying “tara” or bribe money for their illegal activities.
“When the rice supplies coming in through the Southern Islands are charged with tariffs and duties, documented, inspected by Quarantine Officers and the needed volume controlled,” he said, it will no longer be considered smuggling, but legal importation of rice.
“In fact, this proposal is expected to earn the government an estimated P2-billion in revenues every year. It will also ensure stable rice supply in the ZAMBASULTA Area which is totally dependent on smuggled rice,” Mr. Piñol added.
ZAMBASULTA refers to the Zamboanga Peninsula Region, and the island provinces of Basilan, Sulu, and Tawi-Tawi, which are under the Autonomous Region in Muslim Mindanao.
A day earlier, Mr. Piñol said there is actually no shortage of rice supply from local farms, but the high prices in the market is a result of higher purchase price from farmers due to the shortage in stock from the National Food Authority (NFA) and imported rice. The storms and typhoons which have entered the country have also contributed to a lower number of rice production, according to Mr. Piñol.
A strengthened campaign against smugglers also caused the decreased supply in ZAMBASULTA.
TRADING CENTER
Mr. Piñol said regulating rice trading there would also require the establishment of a main trading center in Tawi-Tawi, the southernmost island in the country.
“The Tawi-Tawi Rice Trading Center is expected to give government full control of the illegal rice trading in the ZAMBASULTA Area which for decades now has been operated by smugglers,” Mr. Piñol said, noting that an estimated 200,000 metric tons of rice from Vietnam and Thailand are brought in by smugglers through Malaysia.
“When the local rice industry has been revived, the volume of imported rice which would be allowed to be brought in through the Tawi-Tawi Rice Trading Center will be reduced so as not to adversely affect the local rice farmers,” Mr. Piñol said.
Meanwhile, the House of Representatives Minority bloc blasted Mr. Piñol’s proposal.
The lawmakers, led by Quezon Rep. Danilo E. Suarez, also called for the resignation of the secretary as well as other officials in charge of the rice sector.
“It’s plain stupidity to call for legalization of smuggling of agricultural products,” Deputy Minority leader Alfredo A. Garbin Jr. said in a press briefing.
“If you are the secretary of the Department of Agriculture (DA), calling the legalization of smuggling, that’s plain economic sabotage that will endanger not only our economy, but of course our local farmers,” he added.
Senior Minority Deputy leader Jose L. Atienza Jr. said, “The NFA (National Food Authority) NFA Council, the secretary of agriculture, if you cannot handle the proper provision of food for the Filipino… mag-resign kayong lahat (you should all resign).”
Vice President Maria Leonor G. Robredo, for her part, called for a unified “game plan” among all government agencies involved.
“Isa lang sana iyong plano ng ating pamahalaan — hindi iyong iba ang plano ng Council, iba iyong plano ng Administration, iba iyong plano ng DA as an agency… Ano iyong game plan? Saan tayo patutungo? (There should be a unified plan… what is the game plan? Where are we headed?),” Ms. Robredo said.
ZAMBOANGA CITY
In Zamboanga City, 1st District Rep. Celso L. Lobregat called on the local government to lift the declaration of state of calamity given the substantial amount of rice supply arriving in the city.
“If I were to be asked, it should be lifted because we don’t need the state of calamity anymore to buy rice,” Mr. Lobregat said in an interview with the local media.
Last week, the city council declared a state of calamity following weeks of rice supply shortage in the markets due to the intensified crackdown on rice smuggling, delay in the arrival of imported commercial rice, and the off-harvest season.
Emergency funds were used by the city government to purchase rice for distribution to the markets at controlled prices.
However, Vice Mayor Cesar S. Iturralde, chair of the city council, said they are keeping the state of calamity for now as support to the continued monitoring of rice prices.
“Considering there is an improved supply of rice now, we expect that the price will be normalized in a few days,” Mr. Iturralde said.
FAO
In another development, the United Nations Food and Agriculture Organization (FAO) has launched the new FAO Country Programming Framework (CPF) 2018-2024 for the Philippines, a six year plan to further develop the country’s agricultural sector and achieve food security.
According to FAO, the growth of the Philippine agricultural and forestry sectors are continuously hampered by limited implementation of technology, degradation of natural resources, and high vulnerability to climate change.
“Now, more than ever, is the time when we need to focus our investments on agriculture and rural development so that we can move forward and get back on our feet faster than the threats and disasters that jeopardize our food security and that of generations to come,” FAO Representative in the Philippines Jose Luis Fernandez said in a statement. — Reicelene Joy N. Ignacio, Charmaine A. Tadalan, and Albert F. Arcilla

Davao business chamber establishes young entrepreneurs’ group

THE DAVAO City Chamber of Commerce and Industry, Inc. (DCCCII) is strengthening the new generation of business players with the establishment of the Davao City Young Entrepreneurs Association. The group’s initial 10 members, headed by Ingenuity Global Consulting, Inc.’s John Naranjo, will be inducted during DCCCII’s General Meeting on Aug. 31. “Entrepreneurs are getting younger and they now manage their own businesses. The trend now is for young people, usually the third generation millennials to manage their business,” DCCCII President Arturo M. Milan said. Mr. Milan said the new association will be a venue to help scale-up the business concepts of these young entrepreneurs. The association will consist of regular members who have been in business for at least five years, associate members with less than five years experience, as well as aspiring entrepreneurs. A summit is being planned next month wherein members would have an opportunity to pitch their business concepts to investors. — Carmencita A. Carillo

Nation at a Glance — (08/30/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

House panel clears Office of the President budget

THE P6.773-billion budget of the Office of the President (OP) was approved on Wednesday by the House Appropriations Committee after less than 10 minutes of deliberation with no interpellation.
The Committee also approved in a succeeding hearing the P447.68 million budget of the Office of the Vice-President (OVP), about P100 million less than the previous allocation, with an unresolved appeal from Vice-President Maria Leonor G. Robredo for additional funds.
The OP budget, according to Executive Secretary Salvador C. Medialdea, is 12.32% higher than the P6.03 billion granted under the General Appropriations Act of 2018.
“The increase takes into account the inflation rate, the implementation of the Salary Standardization Law, retrofitting of old buildings, and replacement of worn-out equipment,” Mr. Medialdea said during the hearing.
Of the total, P1.078 billion is intended for personnel services, P5.184 billion for maintenance and other operating expenses (MOOE), and P511.66 million for capital outlays.
Meanwhile, Ms. Robredo said the OVP proposed a small increase from 2018 but instead saw major cuts.
“If you look at this, our budget for 2018 was P543.95 million. We proposed P549 million for 2019. That is just an additional 6 million, but what was recommended by DBM (Department of Budget and Management) is about P100 million less from last year,” Ms. Robredo said during the hearing.
The approved OVP budget includes P94.56 million for personnel services, P350.12 million for MOOE, and P3 million for capital outlays.
Ms. Robredo said the reduction in the budget will affect the OVP’s livelihood assistance program, and asked for at least the restoration of funding to 2018 levels.
“So, we would like to make this appeal… I hope the old budget can be restored. The office has been used to working within our means,” she said, addressing Appropriations Committee chair Karlo Alexei B. Nograles. She also suggested that the extent of the 2019 reduction is unprecedented, and added that the funding she is seeking is “not for operations but for livelihood assistance.”
The OVP, through its Angat Buhay initiative, assists 176 local government units in providing livelihoods, jobs, education, housing, food security and nutrition, universal health care as well as empowerment programs for women.
Mr. Nograles responded: “We’re trying to resolve all these things within our means as well,” and assured the vice-president that the committee will find ways to resolve her funding issues.
Asked to comment on whether the budget cuts are politically motivated, Ms. Robredo declined to speculate, noting that many other government agencies also had their budgets cut.
“It’s hard to speculate because as you know it’s not just the OVP. Many other agencies experienced cuts,” she said.
“Whatever the reason, we are appealing for more funds. If you look at out funding utilization, everything is above board,” she added, claiming a 95% fund utilization level for 2017.
“For 2017, our utilization was 95% so fund usage is not an issue,” she said, adding that the OVP budget is less than the funding allocated for (Congressional) districts. We really plan to appeal the cuts,” she said. — Charmaine A. Tadalan

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