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Seed program eyed for Tamayuan tree to supplement wood supply

THE GOVERNMENT hopes to offer seed for the Tamayuan tree (Strombosia philippinensis) to reduce slash-and-burn agriculture and to supply wood to the construction industry, the Ecosystems Research & Development Bureau (ERDB) said on Sunday.
The establishment of seed sources is part of the National Greening Program (NGP) of the Department of Environment and Natural Resources (DENR).
“The NGP finds value in massively propagating Tamayuan as it is sustainable for planting nationwide. Management of seed sources strengthens implementation of the DENR’s National Greening Program,” ERDB Director Sofio B. Quintana said in a statement.
According to ERDB, Tamayuan is found in Cagayan, Ilocos Norte, Isabela, Bulacan, Bataan, Laguna, Quezon Province, the Camarines provinces, Sorsogon, Catanduanes, Masbate, Mindoro, Palawan, Leyte, Samar, Bohol, Negros, Panay, and parts of Mindanao.
In Mahagnao Volcano National Park in Leyte the species has been known to grow as high as 30 meters. It is a tropical lowland variety used for house posts, joists and rafters, furniture, ax handles, mining props, and railway ties.
ERDB Foresters Carlito R. Buante and Willian P. Israel said that “it is imperative to conserve the remaining stands of this tree species for genetic diversity as well as for biodiversity.”
“Seed sources… are potential sources of planting materials for reforestation and forest rehabilitation. These will improve forest stand quality and structure and increase in biomass as well as wood yield,” they added.
The ERDB noted that planting more of this tree will provide livelihood opportunities for indigenous people. — Reicelene Joy N. Ignacio

ORCA set to open cold storage facilities in Taguig, Caloocan in 1st half of 2019

ISOC Holdings, Inc. said its subsidiary ORCA Cold Chain Solutions is scheduled to open cold storage facilities in Taguig and Caloocan in the first half of 2019, as part of the expansion of its food storage business.
“For Luzon, we have Taguig and Caloocan that are under construction and expected to open first to second quarter of next year,” ORCA Chief Executive Officer Yerik C. Cosiquien said in a text message on Sunday.
Mr. Cosiquien said the company is finalizing plans to open facilities in Cebu, Bohol, Davao and Cagayan de Oro, as wants to establish its presence in the Visayas and Mindanao.
“These are potential sites and we are still working on finalizing them,” he said.
Last Thursday, ORCA opened its first facility in Alabang, which has a capacity of 6,189 pallets for food products such as fruits, vegetables, seafood, meat and poultry.
The site includes a blast freezer and chiller. Customers have access to the product inventory information and have real-time updates via an app-based site.
The Alabang site also implements a paperless transaction where pallets are given unique QR (quick response) codes that digitally record the product codes, description, weight, and expiration dates.
“The investment comes when food security is a top priority of both government and the private sector,” Mr. Cosiquien said. “ORCA Alabang is a teaser for the bigger and more exciting ORCA sites in the next few months.”
ISOC Holdings has interests in infrastructure through ISOC Infrastructure, Inc., in property management through its iLand, Inc., and in power through ISOC Energy, Inc. — Reicelene Joy N. Ignacio

Dubai jeweler puts diamond-studded $17-M shoes on sale

DUBAI — That’s one way to lose those walking blues: a pair of shoes encrusted with diamonds has gone on sale in Dubai with a price tag of $17 million.
They are displayed in a diamond-shaped glass case on the top floor of the palatial Burj Al Arab hotel: a pair of golden pumps made of golden leather decorated with more than 100 carats of flawless diamonds set on white gold.
“We can see some potential buyers here, Dubai is the city of millionaires and billionaires,” said Hemani Karamchandani, chief executive of Passion Jewellers which made the range of ultra-luxury shoes.
“In the future we will custom design and provide bespoke (shoes)… not only diamonds, but rubies and sapphires,” he said.
The idea for the shoes came from Karamchandani’s partner, 26-year-old British-Romanian Maria Majari, who studied fashion in Dubai and London. She noticed a gap in the market, with ultra high-end clothes and bags but not shoes.
Diamonds might last forever, but what about the leather? The price includes a lifetime warranty, which means that will be replaced if it wears out. — Reuters

SSS eyes gradual increase in contribution rate

THE SOCIAL Security System is eyeing to increase its monthly contribution rate at a more relaxed pace as it seeks to extend the fund life of the agency, a top official said.
On Wednesday, SSS President and Chief Executive Officer Emmanuel F. Dooc said under the proposed amendments to the Social Security Charter at the Senate, the contribution rate will be increased by a percentage point (ppt) every other year until it reaches the 15% cap.
Aside from the rate increase, the minimum and maximum salary credit will be adjusted.
“You cannot postpone the contribution rate hike again because our collection from contribution is no longer enough to match the payout,” Mr. Dooc told reporters in a Sept. 26 interview.
“We cannot match our benefit expense. Malaki talaga ‘yung impact ng P1,000 [contribution hike].”
In January last year, President Rodrigo R. Duterte approved the monthly pension increase of P2,000, which will be done in two tranches. The first P1,000 was already disbursed to pensioners since March.
Mr. Dooc added that the P1,000 contribution hike depleted SSS’ funds, making it resort tapping its investment income, which the firm started doing since last year amid growing collections.
“We’re short by how many billion despite the fact that our collection last year grew by 1.6% over 2016… That means, we averaged an increase in collection of about P1.7 billion a month last year. But still, we’re falling short.”
The SSS previously intended to raise its contribution rate by 1.5 ppt on an annual basis until it reaches 17%. It sought to adjust the rate by three percentage points to cover the years of 2017 and 2018.
Currently, the contribution rate of the state-run pension fund is at 11% of the monthly salary credit. It is being shouldered by the employer (7.37%) and the employee (3.63%).
The proposed rate increase, Mr. Dooc said, will enable the SSS to support the planned extension of maternity leave benefits, which will require the pension fund to shell out P3.5-5 billion annually.
“We need a contribution hike by 0.3% if it is 100 days or the lower house version, or 0.4% if it is 120 days or the Senate version just to cover the extra maternity benefits,” he added.
The Congress will conduct a bicameral conference today to consolidate the House and Senate versions of the bill.
The SSS chief added the SSS is “okay” with a gradual rate hike as it does not have any other option.
“We can’t do anything because some [senators] do not even want to increase. Or if they agree, they want it later [since] people are reeling from inflation,” he said.
The additional contribution to be collected will also enable the pension fund to “save some amount to increase [its] investment reserve fund” as it is are earning little due to the “depressed” equity market, Mr. Dooc said.
“Lugi kami ngayon kasi bumagsak ‘yung equity. Historically, equity has provided us a good income next to members’ loan,” Mr. Dooc noted.
The SSS is seeking to hire nine local fund managers to be allotted with P1 billion each. In July, it invested P3 billion in three domestic mutual funds managed by Philequity Management, Inc., BPI Investment Management, Inc. and Sun Life Asset Management Co., Inc. — Karl Angelo N. Vidal

PHL shares seen rebounding after BSP rate hike

By Arra B. Francia
Reporter
SHARES may move upward in the week ahead as investors react to the Bangko Sentral ng Pilipinas (BSP)’s latest move to counter inflation, while awaiting the release of September consumer price index data.
The bellwether Philippine Stock Exchange index (PSEi) fell 0.60 % or 43.77 points to 7,276.82 last Friday, pulling the market down by 1.44% or 129.88 points on a weekly basis. The industrial and property sectors led the decrease, slumping 4% and 2%, respectively.
Net foreign selling was steady at P1.75 billion for the week, while turnover reached P23.70 billion.
“This is the fourth week in a row that the index ended in the red which has brought prices back down to more attractive levels. Based on the technicals, there is indication that the selling is exhausted, and we may see the index end in the green [this] week,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market note.
Mr. Mangun noted investors may see the BSP’s decision to hike rates by another 50 basis points as a positive move, indicating that the government is doing something to address the rising prices of goods and services.
The Philippine Statistics Authority will be releasing its September inflation reading on Friday, Oct. 5. The central bank projects inflation to be at 6.8%, or within the range of 6.3-7.1% range. Should this be realized, this will be the highest recorded since February 2009’s 7.2%. Meanwhile, the Department of Finance expects no change from August’s inflation print of 6.4%.
In the eight months ending August, inflation has already reached 4.8%, well beyond the government’s target range of 2-4% for the year.
Online brokerage 2TradeAsia.com said there are indications inflation could spike further because of Typhoon Ompong’s impact on agricultural products. The Department of Agriculture said that the typhoon ravaged P26.7 billion worth of crops. The Department of Public Works and Highways also said the typhoon caused damage on P7 billion worth of public infrastructure.
“While investors will consider the volatile nature of agri items on the consumer basket, several will take heed on the effectiveness of fiscal measures to mitigate the spike, which includes boosting supply via importation of key staple items (i.e., rice, fish, poultry, meat),” 2TradeAsia.com said in a weekly market note. “The market is also likely to give weight on timeline targets to cap inflation, at least ahead of BSP’s next policy meeting on [Nov. 15].”
The online brokerage also cited interest surrounding the telecom sector, as the government prepares to announce the third telco player by December. Investors will likewise be looking at the awarding of infrastructure projects such as airports, roads, and subways in order to measure companies’ spending plans.
Eagle Equities’ Mr. Mangun placed the market’s support at 7,000 to 7,200, with resistance from 7,500 to 7,840.

Banks’ FCDU loans drop in Q2

By Melissa Luz T. Lopez
Senior Reporter
FOREIGN CURRENCY loans granted by banks slid during the second quarter as more businesses settled their dues, the Bangko Sentral ng Pilipinas (BSP) said.
Loans granted under banks’ foreign currency deposit units (FCDUs) amounted to $15.669 billion as of end-June, 4.2% lower than the $16.359 billion in outstanding credit lines as of the first quarter.
However, the amount grew by 11.9% year-on-year coming from the $14.001 billion loans expressed in other currencies, according to latest central bank data.
FCDUs are bank units authorized by the central bank to conduct transactions involving foreign currencies, mainly by accepting deposits and handing out loans.
The marked decline from the first quarter came as principal repayments exceeded disbursements, BSP officer-in-charge Deputy Governor Chuchi G. Fonacier said in a statement over the weekend.
Borrowers settled $676 million worth of credit, which is 4.9% higher than the previous quarter. On the other hand, gross loan releases during the second quarter went down by six percent to $14.6 billion.
Firms engaged in towing, tanker, trucking and forwarding businesses took a fourth of the loan lines, followed by merchandise and service exporters which accounted for 20% of the FCDU borrowings. Public utility firms got hold of a tenth, while producers/manufacturers, including oil companies received four percent of the sum.
Two-thirds of the loans were secured by Philippine residents at $10.312 billion, which come from privately owned companies. Non-resident borrowers also secured $5.357 billion worth of credit.
By source, local banks provided $13.669 of the loan amounts while foreign lenders extended $2 billion.
Meanwhile, foreign currency deposits maintained by banks amounted to $37.942 billion, more than enough to support loan demand and serves as an additional buffer together with the central bank’s dollar reserves.
The central bank has been relaxing restrictions on foreign exchange as they seek to improve the ease of doing business in the Philippines. Such changes are also meant to encourage the public to transact with banks rather than the informal market.
Since 2016, dollars acquired through Philippine lenders may likewise be kept as dollar deposits at the banks and may be used to settle person-to-person transactions.

Drought seen driving EU farmers to sow more wheat, less rapeseed

PARIS — Parched soils have hampered late-summer rapeseed sowing in Europe, raising the prospect that farmers will shift toward attractively priced wheat for next year’s harvest, analysts said.
Barley, which like wheat has seen a price rally amid tightening global supplies, could gain extra area too as farmers turn to cereals and cut back on both rapeseed and sugar beet, with the latter affected by a sugar market downturn.
Rainfall in northern Europe this month should also give an advantage to cereal sowing after a torrid summer that hit harvesting and then rapeseed drilling.
In its first sowing outlook for the 2019/20 harvest, the International Grains Council on Thursday said it expects the global wheat area to rise for the first time in four seasons, encouraged by higher prices.
The shift toward wheat in the European Union could be reinforced by loss of rapeseed area and a return to normal winter cereal sowing in northern Europe after torrential rain disrupted last year’s campaign, according to analysts.
“All these factors go in favor of an increase in the area of winter wheat and barley,” said Laurine Simon, analyst with Strategie Grains, said, adding however that more moisture was needed.
In France, drought has worsened in some regions during a dry, warm September, and a sharp drop in rapeseed area was widely expected.
Oilseed producers group Terres Univia estimates sowings will decline by 150,000-250,000 hectares compared with just over 1.5 million harvested this year.
Analysts say more rapeseed area could be lost as some crops fail to survive. Persistent dryness could also hinder initial wheat and barley sowing but it was seen as too early for concern.
In Germany, winter wheat sowings are expected to increase to around 3.1-3.2 million hectares from some 2.9 million harvested in summer 2018, one grains analyst said, adding that the winter barley area could be stable.
“Dry weather during the rapeseed planting period meant rapeseed sowings in Germany were probably cut by at least 200,000 hectares to under 1 million hectares,” the analyst said.
“Germany had more rain in the past couple of weeks so sowing is progressing reasonably, dryness is causing local difficulties but the national picture is satisfactory.”
In Poland, an increase in wheat plantings is also expected, encouraged by an early maize harvest as well as higher prices, said Wojtek Sabaranski of analysts Sparks Polska.
“Sowing conditions have somewhat improved due to the recent rainfalls, but soil moisture is still not sufficient in many regions, especially in the west and north-west,” he added.
In Britain, improved prices and favorable weather could boost winter wheat plantings, but problems with weed control have raised uncertainty about farmers’ crop choices.
“Farmers are holding off from rushing into planting so that they can get the best possible weed control,” said Jack Watts, chief combinable crops advisor to the National Farmers Union.
Rapeseed could lose area given difficulties with cabbage stem flea beetles, he added. — Reuters

Ayala Corp. (AC)

By Christine Joyce S. Castañeda
Senior Researcher
AYALA Corp.’s (AC) growth prospects, coupled with macroeconomic concerns led foreign investors to sell their shares in the stock while local investors took positions, making it one of the most actively traded stocks last week.
AC was the fourth most traded stock last week in terms of value turnover, totaling P1.233 billion from Sept. 24 to 28, data from the Philippine Stock Exchange showed.
Shares closed at P928 apiece on Friday, down P22 or 2.32% from the previous day, but gained 3.34% week on week. For the year, it is down 10.77%.
Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan attributed the stock’s performance last week to the depreciating peso and the widening of the country’s current account deficit that led to foreign investors unloading their shares. At the same time, he said local investors positioned themselves on the stock as growth prospects were “intact with AC moving forward.”
For IB Gimenez Securities, Inc. Head of Research Joylin F. Telagen: “Basically, this is because of AC’s robust long-term growth trajectory.”
The country’s current account deficit stood at $2.9 billion in the second quarter, a reversal from the $157 million surplus posted a year ago. For the first half, current account deficit was at $3.1 billion from $133 million in the same period last year.
The current account provides a snapshot of the country’s overall economic interaction with the rest of the world covering trade in goods and services; remittances from overseas Filipino workers (OFW); profit from Philippine investments abroad; interest payments to foreign creditors; as well as gifts, grants and donations to and from abroad.
Meanwhile, the conglomerate announced last week that Aboitiz Power Corp. (AboitizPower) entered into a share purchase agreement with AC Energy, Inc. affiliate Arlington Mariveles Netherlands Holding BV and a shareholders’ agreement with AC’s energy investment arm. The proposed acquisition will give AboitizPower a 49% voting stake and 60% economic stake in AA Thermal, Inc., AC Energy’s thermal platform in the country.
The transaction comes about four months after AC Energy first announced it was selling as much as half of its thermal energy platform.
AC’s consolidated net income rose 13.16% to P14.75 billion in the second quarter from P13.03 billion in 2017. For the first half, the company saw its net income grow by 12.35% to P27.64 billion.
The company has a five-year target, which is to double its net income to P50 billion by 2020.
“In terms of its 2020 goals, we think that the company is on track given that net income growth and EPS (earnings per share) growth is averaging at 25.6% for the past five years,” Philstocks’ Mr. Tan said.
“Headwinds for AC would be the rising interest rates of which may affect sale reservations for ALI (Ayala Land, Inc.),” he added.
For this year, Mr. Tan said the company could take in P32.2 billion in net income for the year driven by holiday spending in AC’s hotel segment and ALI’s sales coming from OFWs in the second half.
For her part, IB Gimenez’s Ms. Telagen expects AC to bag P34.5 billion in net income driven by robust growth in its real estate business and power, and stable performance in its telecom and water segments.
“We also see sustainable future growth of its ventures to Mynt’s, Wave Computing and Zalora. However, despite higher interest income (due to higher interest rates), we think that its banking segment will drag AC income because of lower non-interest income (e.g. trading and investment) and higher funding costs and AC Industrials will continue to be affected by higher excise tax on automotive,” she added.
Mr. Tan placed primary and secondary support at P885 and P867, respectively, and primary and secondary resistance levels at P1000 and P1030.
For Ms. Telagen: “We see strong support at around P916,” noting that anything closer or lower than that price is a good opportunity to buy and hold AC shares.
“Resistance is seen at P1,100 or around 20 times its 2018 earnings based on our estimates,” she added.

SM celebrates Mickey Mouse at 90

As a child, one is introduced to the happy-looking character with huge round ears who wears white gloves, a pair of red shorts, and yellow shoes (that seemed too big for him) through television shows, toys we played with, or wearing shirts with a print of his face on them.
It was in 1927 that Walt Disney first sketched a rabbit, Oswald, who was then redesigned as a mouse called Mortimer. After a few more modifications, on Nov. 18, 1928, the character of Mickey Mouse became the image of the Walt Disney Company.
SM Supermalls, in partnership with Walt Disney Company Philippines, celebrates the 90th anniversary of Mickey Mouse through the Share-A-Smile retail campaign featuring Mickey-inspired merchandise — from shirts and bags, to toys, home accessories and stationery.
Mickey “brings so much joy and laughter and smiles to fans all over the world,” Veronica Cabalinan, Country Head of the Walt Disney Company Philippines said of the campaign title to members of the press during the launch on Sept. 26 at SM North EDSA.
As SM is also celebrating its 60th anniversary, part of the Share-A-Smile campaign is the “60 Tees for 60 Years” — 60 exclusively designed Mickey-inspired shirts which are available in the SM Youth departments of 10 SM Supermalls in Metro Manila — SM North EDSA, SM Megamall, SM Mall of Asia, SM Aura, SM Southmall, SM Fairview, SM Manila, SM San Lazaro, SM East Ortigas, and SM Marikina — until Oct. 31.
SM and Disney are also releasing special-edition Mickey and Minnie plush toys which will be available in Toy Kingdom stores.
“We came together with a collaboration to be able to see how we can have something really special for our customers going into the Christmas season,” Jonjon San Agustin, SM Supermalls senior vice-president for marketing, told the press.
Customers who spend at least P1,000 on Mickey Share-A-Smile/SM 60th merchandise or Mickey Classic products will receive a limited edition Mickey Tote Bag with a choice of four designs.
For more information, visit www.smsupermalls.com. — MAP Soliman

How PSEi member stocks performed — September 28, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, September 28, 2018
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Philippine Stock Exchange’s most active stocks by value turnover — September 28, 2018
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US, ASEAN tackle China

By Arjay L. Balinbin
Reporter
THE UNITED STATES and the Association of Southeast Asian Nations (ASEAN) want international law to be followed, “not the unilateral actions by China,” in resolving the maritime disputes in the South China Sea, Deputy Secretary of State John J. Sullivan said.
“[O]ur opposition to what the Chinese Government has done in the South China Sea is not because we think we’re making a determination that China does or does not have a claim to a particular feature of the South China Sea. We want international law to be followed and for there to be a peaceful process, not a unilateral decision by one country, to resolve those claims, which involve a number of different countries — [the] Philippines, Vietnam, Malaysia, et cetera,” Mr. Sullivan said in a special briefing on the ASEAN Ministerial Meeting on Sept. 27.
In a statement, Spokesperson Heather Ann Nauert of the US Department of State said Mr. Sullivan “met on Sep. 27 with Foreign Ministers and other senior representatives from the ten member-countries of the Association of South East Asian Nations (ASEAN) on the margins of the UN General Assembly in New York.” She also said “the Deputy Secretary co-chaired the meeting with Foreign Minister Saleumxay Kommasith of Laos, the ASEAN country coordinator for the United States.”
In a mobile message to BusinessWorld on Sunday, Sept. 30, Department of Foreign Affairs (DFA) Undersecretary Ernesto C. Abella said Undersecretary for Policy of the DFA Enrique A. Manalo represented the Philippines in the said meeting.
Mr. Sullivan said during the press briefing: “I was met with representatives from all of the 10 ASEAN member-countries. We reaffirmed the US-ASEAN strategic partnership and discussed…the US commitment to a free and open Indo-Pacific region with ASEAN at its center, in which independent nations with diverse cultures and aspirations can prosper side by side in freedom and peace. During our meeting, I highlighted the U.S. commitment to upholding international law, including the freedom of navigation in the South China Sea. We also discussed ASEAN’s efforts to fully implement UN Security Council resolutions on North Korea.”
He added: “We have enjoyed many successes during the past 41 years of U.S.-ASEAN partnership, and we’re fully committed to building upon this relationship at the upcoming U.S.-ASEAN Summit and East Asia Leaders Summit in Singapore on November 15th.”
Mr. Sullivan also said: “I’ve met with a number of — bilaterally — with a number of ASEAN countries during my week here at UNGA (United Nations General Assembly). I would say that there is (a) consensus, a commitment by ASEAN and the United States to the rule of law, the Law of the Sea treaty, that should govern these claims, disputed claims to the South China Sea, and not unilateral actions by one country to develop features in the South China Sea and, even worse, to militarize them.”

170 illegal online gaming operators nabbed

By Elijah Joseph C. Tubayan
Reporter
THE PHILIPPINE Amusement and Gaming Corporation (PAGCOR) has intensified the crackdown against illegal online gaming operators, saying it has raided some 170 establishments operating without licenses as of the first semester.
In a statement over the weekend, PAGCOR warned illegal offshore gaming operators to shape up or face charges.
“Word of advice, therefore, legalize your operations or face dire consequences,” said PAGCOR Chairperson Andrea D. Domingo.
“The campaign was stepped up in June 2018, after…(a) coordination meeting (between) PAGCOR, NBI (National Bureau of Investigation), PNP (Philippine National Police), BI (Bureau of Immigration), and the Office of the President,” said PAGCOR Philippine Offshore Gaming Operators (POGO) Vice-President Jose S. Tria, Jr. in a mobile phone message yesterday.
PAGCOR said the agencies signed a mutual cooperation agreement “exchange intelligence information to ultimately carry out intelligence operations, surveillances, raids, arrests, or any other action deemed appropriate, and thereby put a stop to the proliferation of illegal online gambling activities.”
“Personalities apprehended for operating without a gaming license will either face charges in court or deported,” it added.
President Rodrigo R. Duterte issued Executive Order No. 13 in 2017 to “intensify the fight against illegal gambling,” both online and land-based.
Through its Compliance Monitoring and Enforcement Department, PAGCOR ensures that POGO licensees operate within the bounds and limits of their offshore gaming licenses, comply with labor and immigration laws, and remit to government the proper taxes.
“The current regulatory framework provides administrative penalties and sanctions against POGO licensees found to be performing prohibited acts, including violations of any conditions attached to the grant of said license,” the gaming operator-regulator said.
Philippine offshore gaming firms are based here and cater primarily to non-Filipino foreigners based abroad, largely Chinese, through the internet.
POGOs accounted for about P4 billion, or 7%, of PAGCOR’s P57.34-billion 2017 gross gaming revenue.
Ms. Domingo said PAGCOR’s third-party audit platform will soon be fully functional and will “strengthen revenue collection and ensure fairness in the operations of its POGO licensees.”
“Furthermore, regulation includes protection of the bets of the player, and we do this as a matter of course,” she said.
CYBER-FRAUD SUSPECTS NABBED
In another development, the Bureau of Immigration (BI) has arrested 46 Chinese nationals involved in cyber fraud operations in call centers and who are wanted in Beijing for economic crimes.
BI Commissioner Jaime H. Morente said the fugitives WERE arrested in two separate operations conducted by THE BI Fugitive Search Unit in Makati City and Muntinlupa City, following a request from the Chinese Embassy.
“We received information from the Chinese authorities that these fugitives are hiding in the Philippines,” Mr. Morente said. “We immediately conducted our investigation upon receipt of information, and discovered that there were more fugitives involved conducting their illegal activities.”
BI intelligence officer and FSU Chief Bobby R. Raquepo said many of the arrested Chinese were undocumented as their passports were already cancelled by the Chinese government.
Thirty (30) Chinese fugitives were arrested on Sept. 14 in three different condominium buildings in Makati, and 16 others were nabbed in a follow-up operation in Muntinlupa City.
Mr. Raquepo said they were in their computer workstations when the BI arrested them.
“Further coordination with the Chinese embassy in Manila later revealed that the arrested nationals are all wanted fugitives in China for involvement in economic crimes. It seems like they attempted to transfer their operations in the country,” Mr. Raquepo said.
Mr. Morente said the arrested fugitives will undergo deportation proceedings. They will also be blacklisted and banned from re-entering the country. — with a report by V. Marlo M. Villegas

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