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Nat’l ID not subcontracted — BSP

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THE Bangko Sentral ng Pilipinas (BSP) on Monday said it did not subcontract the printing of the Philippine Identification System cards, or the National ID, to AllCard, Inc. (ACI).

“The BSP fully complied with the Agency-to-Agency Procurement Guidelines (Negotiated Procurement under Section 53.5 of the implementing rules of Republic Act No. 9184) and its agreement with the Philippine Statistics Authority (PSA) regarding the printing of National IDs,” it said in a statement on Monday.

This came after a state audit report allegedly said the central bank allowed subcontractors to handle the printing of the National IDs.

“BSP personnel conducted the operation, while ACI provided equipment, raw materials, and technical support,” the central bank said.

According to the BSP, its transactions were also reviewed by the Commission on Audit (CoA), which “did not include any findings related to subcontracting” in its annual review report.

“This is different from CoA’s audit of PSA, which some parties are citing in their allegations and comments against the BSP.” — Beatriz Marie D. Cruz

PCO denies red-tagging policy 

PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES’ state media is not engaging in the practice of publicly accusing individuals of being communists, a Presidential Communications Office (PCO) official said on Monday.

“There’s no policy in… this Marcos administration government on red-tagging,” PCO Acting Secretary Cesar B. Chavez said during a congressional budget briefing.

Red-tagging is the act of accusing an individual or organization of sympathizing with communism, prominently used against opposition figures in the Philippines.

It is a strategy used by the government against those perceived as “enemies of the state,” according to a dissenting opinion of Supreme Court Senior Associate Justice Marvic Mario Victor F. Leonen in a 2015 case.

Mr. Chavez said that PCO will designate “fact-check officers” in all its attached media bureaus to combat the spread of disinformation within its platforms, including the act of red-tagging.

“In the next few days, I’ll be issuing a particular address to all state media, that means PTV-4, Philippine Information Agency, Radyo Pilipinas, Bureau of Broadcast Services, Philippine News Agency, IBC-13, and the PCO proper, that all of them will be designated with a fact-check officer,” he told congressmen.

Embedding fact-checkers within its rank would prevent state media from being a “purveyor of fake news,” he added. — Kenneth Christiane L. Basilio

Peso sinks on mixed US jobs data

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THE PESO sank against the dollar on Monday on expectations of smaller rate cuts by the US Federal Reserve this year following mixed jobs data.

The local unit closed at P56.52 per dollar on Monday, weakening by 61.5 centavos from its P55.905 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session at P56.20 against the dollar, which was also its intraday best. Its weakest showing was its closing level of P56.52 versus the greenback.

Dollars exchanged went down to $1.22 billion on Monday from $1.51 billion on Friday.

“The peso-dollar traded higher on buying pressure amid bets of fewer rate cuts by the Fed due to release of mixed jobs data last Friday,” a trader said by phone.

The dollar recovered some lost ground on Monday as investors who were undecided on the scale of a Federal Reserve rate cut expected later this month looked to this week’s US inflation data for more clues, Reuters reported.

Currencies struggled for direction after Friday’s highly anticipated US jobs data failed to offer clarity to traders on the question of whether the Fed would deliver a regular 25-basis-point (bp) rate cut or an outsized 50-bp one at its policy meeting next week.

While employment increased less than expected in August, the jobless rate ticked lower and wage growth remained solid, indicating that the US labor market was cooling, but not at a pace that warranted panic over the economy’s growth outlook.

Against a basket of currencies, the dollar edged up 0.13% to 101.33.

Fed policy makers on Friday signaled they are ready to kick off a series of interest rate cuts at the central bank’s upcoming meeting on Sept. 17-18, noting a cooling in the labor market that could accelerate into something more dire in the absence of a policy shift.

Futures show a 29% chance that the Fed could ease rates by half a percentage point next week, with Wednesday’s US inflation report the next main economic indicator that could alter market pricing.

The peso was also dragged down by demand for the dollar amid the seasonal increase in imports this quarter, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader said the peso may consolidate as the market awaits the release of August US inflation data.

The trader sees the peso moving between P56.30 and P56.70 per dollar on Tuesday, while Mr. Ricafort expects it to range from P56.40 to P56.60. — AMCS with Reuters

PSEi rises to 19-month high on rate cut optimism

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THE MAIN INDEX climbed to a 19-month high on Monday, moving closer to the 7,000 mark, on hopes of further rate cuts by the Bangko Sentral ng Pilipinas (BSP) amid expectations of easing inflation.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.69% or 48.16 points to close at 6,984.25 on Monday, while the broader all shares index increased by 0.67% or 25.19 points to finish at 3,778.05.

This was the PSEi’s best close in more than 19 months or since it finished at 7,027.38 on Feb. 3, 2023.

The index tested the 7,000 level intraday, hitting a high of 7,025.46.

“The local market rose this Monday as investors cheer the prospects of further rate cuts by the Bangko Sentral ng Pilipinas,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “This comes on the back of the favorable inflation figures seen for August and the increasing likelihood of the Federal Reserve starting with their monetary easing in their policy meeting next week.”

Headline inflation eased to a seven-month low of 3.3% in August from 4.4% in July and 5.3% in the same month a year ago, within the BSP’s 3.2-4% forecast for the month and below the 3.7% median estimate in a BusinessWorld poll of 15 analysts. The slower-than-expected August print could justify further policy easing, analysts have said.

The BSP on Aug. 15 reduced its policy rate by 25 basis points (bps) to 6.25%, marking its first easing move in almost four years.

BSP Governor Eli M. Remolona, Jr. has said they could cut rates by another 25 bps within the year. The Monetary Board’s last two meetings are on Oct. 17 and Dec. 19.

Meanwhile, the Fed is widely expected to begin its easing cycle at their Sept. 17-18 policy meeting, with markets pricing in a 25-bp cut at that review and a total of 100 bps in reductions for this year. The US central bank has kept the federal funds target rate at the 5.25%-5.5% range following increases worth 525 bps from March 2022 to July 2023.

“Philippine shares just missed closing above 7,000 as investor continued to buy into the local market, with many expecting foreign fund flows to increase given the strong economic data in the country versus the rest of the region,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Majority of sectoral indices ended higher. Financials rose by 1.35% or 29.36 points to 2,190.25; property went up by 1.17% or 32.63 points to 2,809.23; holding firms increased by 1.05% or 61.14 points to 5,835.08; and services climbed by 0.36% or 7.92 points to 2,198.43.

Meanwhile, mining and oil dropped by 0.82% or 66.19 points to 7,940.45; and industrials went down by 0.07% or 7.05 points to 9,263.22.

Value turnover rose to P7.12 billion on Monday with 804.4 million shares changing hands from the P6.12 billion with 783.45 million issues traded on Friday.

Decliners beat advancers, 104 versus 96, while 50 issues ended unchanged.

Net foreign buying surged to P1.03 billion on Monday from P407.48 million on Friday. — R.M.D. Ochave

SC sets PhilHealth oral arguments in January

THE Supreme Court (SC) on Monday set oral arguments on Jan. 14, 2025, for a petition seeking to stop the remittance of P89.9 billion from the Philippine Health Insurance Corp. (PhilHealth) to the national treasury.

SC Spokesperson Camille Sue Mae L. Ting, during a press briefing, said the high court held a special session to discuss several cases, including the petition filed by Senator Aquilino Martin “Koko” D. Pimentel and ex-Finance Undersecretary Maria Cielo D. Magno and others.

Their petition seeks to impose a temporary restraining order against the transfer, citing violations of the UHCA (Universal Health Care Act).

The Solicitor-General on Sept. 4 asked the court to deny the petition, arguing PhilHealth has ample money to provide for the healthcare of Filipinos and the transfer won’t affect its services.

P30 billion has been remitted to the national treasury. Another P30 billion will be transferred in October, and the final P29.9 billion in November. — Chloe Mari. A. Hufana

Ship owners forcing seafarers to sail ‘high-risk’ routes may face sanctions

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THE Department of Migrant Workers (DMW) stands ready to sanction ship owners who would violate the right of Filipino seamen to sail through the Red Sea and Gulf of Aden amid Houthi rebel attacks.

The department is monitoring its maritime electronic clearance system to ensure the compliance of ship owners on the right of seamen to refuse to board vessels passing through “high-risk” waterways, such as the seas near Yemen, Migrant Workers Secretary Hans Leo J. Cacdac said in a congressional budget briefing.

The DMW also has the authority to block the exit clearance processing of any ship owners who would refuse to honor the right to refuse to sail through the Red Sea or Gulf of Aden, he added.

“We stand ready to discipline any shop owner who would break the time-honored maritime right to refuse sailing [of Filipino seamen],” he told congressmen in mixed English and Filipino. “If ship owners would not respect [the tradition], there would be corresponding penalties.”

“Ship owners who will still onboard seafarers without electronic clearance amounts to a case of illegal recruitment,” he added.

Houthi rebels earlier this year attacked vessels with Filipino seafarers aboard passing near Yemeni waters. — Kenneth Christiane L. Basilio

House ratifies bicam report on PHL sea lanes

PHILIPPINE STAR/MICHAEL VARCAS

THE House of Representatives ratified on Monday a bicameral conference committee report of a measure that seeks to set up the country’s sea lanes in a bid to assert Manila’s sovereignty.

The measure seeks to establish the Philippines’ archipelagic sea lanes, which refers to areas where foreign vessels or aircrafts could pass through between international waters and Manila’s exclusive economic zone, for the purpose of “continuous, expeditious, and unobstructed transit,” according to a copy of the bicameral report.

“This Act is designed to provide clear guidelines for the passage of foreign ships and aircraft through our archipelagic waters, ensuring that such passage does not undermine our national security or disturb the peace and good order of our country,” Pangasinan Rep. Maria Rachel J. Arenas, who heads the House foreign affairs committee said in a statement. The Senate ratified the bicameral report last week.

The reconciled version of Senate Bill No. 2665 and House Bill No. 9034 would set up sea lanes at the Balintang Channel, Celebes and Sulu Seas, among other waterways.

Philippine archipelagic territories would be established along three axis lines, with the first connecting the Philippine Sea, Balintang Channel and the South China Sea.

The second axis will fall within the Celebes Sea, Sibutu Passage, Sulu Sea, Cuyo East Pass, Mindoro Strait and the South China Sea.

A third axis lies within the Celebes Sea, Basilan Strait, Sulu Sea, Nasubata Channel, Balabac Strait and the South China Sea.

The measure complements the Philippine Maritime Zones Bill that establishes the country’s maritime territories extending to the South China Sea, which had been ratified in August. The two bills are among the priority measures outlined by the Legislative-Executive Development Advisory Council. — Kenneth Christiane L. Basilio

Maguindanao residents surrender weapons cache to Army

COTABATO CITY — Residents of Maguindanao del Sur surrendered to the Army another weapons cache in support of an inter-agency disarmament campaign, complementing the firearms decommissioning thrusts of the Mindanao peace process.

The weapons include nine M79 grenade launchers, three B-40 rocket launchers, two 9-millimeter (mm) Uzi machine pistols, a 9-mm KG-9 machine pistol, anti-anti rockets and fragmentation grenades. The weapons were turned over by owners to officials of the 2nd Mechanized Battalion and the 601st Infantry Brigade during a symbolic rite in Talayan, Maguindanao del Sur on Saturday, Sept. 7.

Major Gen. Antonio G. Nafarrete, commander of the Army’s 6th Infantry Division, said on Monday that the cache was voluntarily surrendered by residents of Talayan in support of the multi-sector and inter-agency Small Arms and Light Weapons (SALW) Management Program now being implemented in areas covered by 6th ID.

The 6th ID, police units in the Bangsamoro region and in region 12 and local government units are cooperating in pushing the SALW Management Program forward.

Mr. Nafarrete, also concurrent commander of the anti-terror Joint Task Force Central, said residents of different barangays in Talayan agreed to surrender the weapons through the joint intercession of local executives, officials of the 2nd Mechanized Battalion and the commander of the 601st Infantry Brigade, Brig. Gen. Oriel L. Pangcog. — John Felix M. Unson

PHL metals output drops 6.7% by value in first half

BW FILE PHOTO

METALS production declined 6.7% by value during the first half amid soft nickel prices, according to the Mines and Geosciences Bureau (MGB).

In a report, the MGB said the value of production fell to P114.77 billion in the six-month period.

“The telling factor for this lackluster performance was the continued decline in mine output of gold and nickel ore, together with processed products mixed sulfide and scandium oxalate. Not to mention the sluggish price of nickel and other nickel products,” it added.

Gold accounted for 47.7% of the value or P54.79 billion, up 7% from a year earlier.

Nickel ore was valued at P44.38 billion, or 38.7% of the total. This represented a 22.6% decline from a year earlier.

Copper accounted for 11.6% of the value at P13.3 billion during the half. The combined output of silver, chromite, and iron accounted for P3.63 billion or 1.98% of the total.

The average price of gold increased 13.9% year on year to $2,203.5 per troy ounce, while nickel ore prices fell to $7.94 per pound in the first half from $10.4 a year earlier. Prices for copper averaged $4.02 per pound.

By volume, gold output slipped 6% to 14,187 kilograms.

The volume of nickel production declined 19.4% to 13.36 million dry metric tons (DMT).

“During the period, 11 nickel projects reported zero production,” the MGB said.

The production of silver ore slipped to 23,268 kilos from 23,319 kilos. Iron ore production fell 43.4% year on year to 31,798 DMT.

On the other hand, copper output rose 6.6% to 142,050 DMT, while chromite ore production rose 53.9% to 73,013 DMT.

The MGB said that the excise tax collected is estimated at P2.84 billion for the first half. — Adrian H. Halili

Clinical trials ongoing for ASF, bird flu vaccines

PEXELS-BARBARA BARBOSA

THE Food and Drug Administration (FDA) said four African Swine Fever (ASF) and three avian influenza vaccine manufacturers are have submitted their products for trials.

“They have not yet submitted their application to us… they have been undergoing clinical trials,” FDA Director General Samuel A. Zacate said in Senate hearing on Monday.

The vaccine manufacturers undergoing trials are from Thailand, the US, and Vietnam, according to Agriculture Assistant Secretary for Poultry and Swine Constance J. Palabrica.

The FDA has so far only approved the AVAC ASF vaccine from Vietnam for a limited government-controlled rollout. It had issued a Certificate of Product Registration, valid for two years and subject to monitoring and annual evaluations.

“The applicant has undergone trial for almost a year… (Certificate of Product Registration) imposes a condition on the market authorization holder to be complied every year. This is an additional layer of protection for our hog farmers,” Mr. Zacate added.

Additionally, the Department of Agriculture (DA) cleared the commercial use of the avian flu vaccine, with priority given to commercial farms. There is no approved bird flu vaccine in the country.

The DA allocated P350 million mostly to procure 600,000 doses for the hog farmers initially targeted. The rollout started on Aug. 30 in Lobo, Batangas.

“The first wave, which is 10,000 doses, was issued… was from emergency procurement. We would like to reduce the infection pressure on Batangas,” Mr. Palabrica added.

He said the initial doses will run out by the end of September, and will be followed by another 150,000 doses.

Separately, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that the DA is seeking to expand its controlled ASF vaccine rollout to other parts of Luzon, as well as red zones in the Visayas and Mindanao.

“We will cast a wider net to include La Union, Quezon, Mindoro, North Cotabato, Sultan Kudarat, and Cebu in the BAI’s controlled testing of the initial 150,000 doses of ASF vaccines we have imported from Vietnam,” Mr. Laurel said in a statement.

He added that commercial pig farms located in active infection zones will also receive the ASF vaccines.

“Our goal is to ensure a steady supply of pork in the market and stabilize prices,” he said.

As of Sept. 6, there were 109 municipalities in 31 provinces that had active cases of ASF, according to the BAI. ASF was first detected in the Philippines in 2019. — Adrian H. Halili

BARMM to buy DBP stake in Amanah Bank

@BANGSAMOROGOVT

FINANCE Secretary Ralph G. Recto expressed support for the Bangsamoro government’s plan to acquire the stake held by the Development Bank of the Philippines (DBP) in the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP).

He said in a statement that Bangsamoro control of the stake  will help promote financial inclusion and fund key social and infrastructure projects in the region. 

“We are taking bold steps to build a strong and vibrant Islamic banking system that caters to the specific needs of the people of BARMM (Bangsamoro Autonomous Region in Muslim Mindanao).”

The proposed transfer of shares was approved at the Intergovernmental Fiscal Policy Board’s (IFPB) 7th meeting on Sept. 3. Mr. Recto and Bangsamoro government Minister of Finance, Budget, and Management Ubaida C. Pacasem serve as co-chairpersons of the board.

The IFPB will determine the degree of the Bangsamoro government’s participation in the AAIIBP, guided by Republic Act (RA) No. 11054 or the Bangsamoro Organic Law. 

The planned acquisition aligns with the Section 3 of RA 6848 or the AAIIBP Charter, which requires the bank to support the region’s socio-economic development.

“This will be achieved by performing banking, financing, and investment operations as well as by engaging in agricultural, commercial, and industrial ventures based on Islamic banking principles,” DoF said.

AAIIBP’s powers include serving as an official depository bank of government-owned- or -controlled corporations (GOCCs) especially those based in BARMM, it added. 

As the Philippines’ first Islamic bank, the AAIIBP is recognized as a Universal Bank with an authorized capital stock of P1 billion, consisting of 10 million common shares and a network of nine branches.

In 2008, the AAIIBP became a subsidiary of the DBP, which owns 99.9% of its capital stock.

“By owning the shares of the AAIIBP, the BARMM effectively saves on the total minimum capitalization required of around P6 billion in setting up a Universal Bank,” the DoF said.

To complete the transfer, the Bangsamoro government and the DBP are currently seeking approval from the Bangsamoro Transition Authority, the central bank, and the Governance Commission for GOCCs.

Last week, the IFPB approved the guidelines for official development assistance to help the BARMM conclude more foreign-aid deals on its own. — Beatriz Marie D. Cruz

Farm damage from Enteng hits P2.2 billion

PAGASA.DOST.GOV.PH

AGRICULTURAL DAMAGE caused by Severe Tropical Storm Enteng (international name: Yagi) was estimated at P2.2 billion, the Department of Agriculture (DA) said.

In a bulletin posted on Monday, the DA said some 59,669 farmers and fisherfolk were affected by the storm.

Crop losses totaled 51,728 metric tons (MT) across 37,471 hectares of farmland.

More than half of damage was to the rice crop, which accounted for 48.9% of the total.

Rice losses amounted to 48,646 MT, valued at P1.11 billion, with the damage spanning 34,935 hectares.

Most of the damaged rice was in the reproductive and maturing stages, the DA said.

The most affected provinces were Camarines Sur, Pampanga, Bulacan, Camarines Norte, and Nueva Ecija.

Damage to irrigation facilities was tallied at P1.08 billion, or 47.9% of the overall damage.

“Most of the damaged irrigation facilities are National Irrigation Systems or Communal Irrigation Systems,” it said.

The DA valued corn losses at P46.22 million, with volume estimated at 2,434 MT.

Damage to high-value crops was P26.6 million, including lowland vegetables and bananas.

It added that damage to cassava crops was P1.98 million with volume lost at 101 MT.  — Adrian H. Halili

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