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Storm weakens but leaves trail of 4 dead, thousands stranded

TROPICAL STORM Basyang (international name: Sanba) has “slightly weakened” into a depression as it swept through south-central Philippines, leaving at least four people dead and almost 4,000 stranded in various seaports.

Weather bureau PAGASA said the rain brought by Basyang has been coupled by a surge of the northeast monsoon.

As of 4 p.m. Tuesday, Feb. 13, the center of the tropical depression was 25 kilometers southeast of Tagbilaran City, Bohol.

In and around the mining town of Carrascal, Surigao del Sur, four people were reported killed as heavy rain triggered landslides, according to the police.

“These areas are currently inaccessible and we do not know the extent of the damage,” Carrascal municipal police chief James Alendogao told AFP.

Meanwhile, the Philippine Coast Guard reported that as of 12 noon Tuesday, 3,982 passengers were stranded in various ports in Mindanao, the Visayas, and the Bicol Region in Luzon.

Basyang is expected to sweep over the southern part of Palawan today and be out of the Philippine area by Thursday afternoon.

The Philippines is struck by an average of 20 storms or typhoons each year.

Sanba is the second major system to hit this year, and the first to cause casualties.

Tropical Storm Tembin killed 240 people in Mindanao in December last year.

The country’s deadliest on record is super typhoon Haiyan (local name: Yolanda), which left more than 7,350 people dead or missing across the central Philippines in November 2013. — with a report from AFP

World trade growth seen above trend

GENEVA — Global trade in goods will continue growing above trend during the second quarter, the World Trade Organization’s (WTO) quarterly outlook indicator showed on Monday.

The indicator, a composite published since the third quarter of 2016, showed a reading of 102.3, compared to 102.2 last November.

All the indicator’s seven components were positive except for trade in electronic components, which fell to 94.1 from 103.3 in the previous quarter, possibly indicating a weakening of consumer sentiment, the WTO said in a statement.

NO ‘SLACKENING OF MOMENTUM’
“Growth is still above trend,” WTO economist Coleman Nee told Reuters.

“The recovery of 2017 seems to be extending into the first quarter of 2018 at least, based on things like strong export orders, strong air freight and container shipping and other indicators,” Mr. Nee added.

“So it seems like there hasn’t been any slackening of momentum.”

The strongest component of the index was container port throughput at 104.3, its highest score since the WTO began publishing the indicator.

The WTO has forecast overall growth in world goods trade in a range of 1.4% to 4.4% this year, most likely around 3.2%, compared to an estimated 3.6% in 2017.

Those figures, published last September, were based on International Monetary Fund economic growth projections that have since been upgraded by 0.2 percentage points, to 3.2% in 2017 and 3.3% in 2018.

The WTO will update its 2018 trade forecast in April.

Trade disputes and international trade friction do not much affect the overall global trade picture, Mr. Nee said, since they tend to affect a particular sector in a particular country.

And if one source of goods is restricted, importers often simply switch to alternative sources for the same goods.

A very wide-ranging dispute or a tit-for-tat battle could still create uncertainty and sap economic growth, but that would be visible in a gross domestic product slowdown rather than directly in trade statistics.

“Trade friction between countries can throw sand in the gears of the global economy,” Mr. Nee said. — Reuters

Asia’s central banks face biggest challenge

SINGAPORE — Bank of Japan Governor Haruhiko Kuroda says it’s the most significant challenge facing his economy.

Bank of Korea Governor Lee Ju-yeol says it’ll be tougher to manage than record levels of household debt or future Federal Reserve interest-rate increases.

The issue perplexing Asia’s central bankers: demographics.

And making matters worse is the realization there’s very little they can do about it.

“In an aging world, monetary policy is not that effective,” said Amlan Roy, global chief retirement strategist at State Street Global Advisors in London. “Central bankers are over-stretching their boundaries. We need a lot more fiscal policy with structural policies.”

An older population typically means a smaller workforce with fewer taxpayers and prime-age consumers. Potential economic growth rates slide, and inflationary impulses fade as the population grays.

While central bankers can respond with lower benchmark interest rates or even more drastic stimulus such as Mr. Kuroda’s unprecedented monetary experiment, that’s merely easing the symptoms.

The cure — dramatic labor-market reforms and increased immigration — aren’t in the purview of central bankers, meaning governments subject to the whims of voters are forced to do the heavy lifting.

To be sure, Asia as a whole is still younger than Europe and North America, which will retain bigger cohorts of elderly through 2030, United Nations (UN) data show. That’s thanks largely to youthful populations of the Philippines, Bangladesh and India. Still, the 60-and-older contingent will make up about 17% of the population across Asia by 2030, approaching the size of the younger-than-15 crowd, according to UN data.

In what’s been dubbed the “Asian century,” the risk is that the continent goes the way of Latin America in the 1990s, failing to make needed changes in employment, taxes, education and health care — ultimately threatening growth and job creation and aggravating inequality, Mr. Roy said.

Here are details from five Asian economies with some of the biggest demographic challenges:

SOUTH KOREA
Bank of Korea Governor Lee has said the nation’s rate of aging — the fastest in the world — will be tougher to manage than its record level of household debt or future Federal Reserve interest-rate increases. South Korea’s annual economic growth could slow to 1.9% by 2025 and 0.4% over 2026-2035 if steps aren’t taken to increase productivity and labor-force participation, according to Bank of Korea research published in 2017. Central bank research on countering aging emphasizes tools that it doesn’t control; it says the policy priority should be raising the birth rate.

THAILAND
In 2022, Thailand will be the first developing country to become an “aged society,” in which at least 14% of the population will be at least 65 years old, a Bank of Thailand (BoT) report noted last year, citing World Bank estimates. Most of the BoT’s policy proposals fall outside its mandate. They include raising the retirement age, supporting reverse mortgages for the elderly, and providing employers incentives to hire workers older than 60. Almost a third of Thais are still in debt at age 60 and many elderly workers are in low-skilled roles, meaning they will be forced to rely on family members and the government for support, the BoT report said.

TAIWAN
Taiwan’s government projected in 2016 that the population would begin shrinking by 2023, and the birth rate has since fallen faster than expected. Perng Fai-nan, outgoing governor of Taiwan’s central bank, has publicly urged younger people to marry and have more children. Perng expressed concern that a low birth rate will threaten growth by constricting the labor supply and putting greater pressure on government retirement funds.

JAPAN
Demographic change is the most significant challenge facing the Japanese economy, Bank of Japan (BoJ) Governor Haruhiko Kuroda said last month in Davos, Switzerland. Labor-market reform is a key to meeting that challenge, the BoJ says. Population decline is also a threat to the long-term health of regional banks and the financial system, Deputy Governor Hiroshi Nakaso said in a speech in November. Fewer workers would mean greater competition among banks, aggravating the stress from reduced net interest income, on which Japanese banks rely disproportionately, the BoJ said in a report released in October.

SINGAPORE
Ravi Menon, managing director of the Monetary Authority of Singapore, said in a speech last month that aging and a low birth rate will force Singapore to make tough economic choices, including on immigration. Mr. Menon warned of a “demographic trilemma” that means Singapore can achieve only two of three things at any one time: zero net immigration, a stable foreign-worker share, and positive labor force growth. Prime Minister Lee Hsien Loong and other ministers have repeatedly cited rapid aging as a catalyst for labor-market reform. The government has undertaken efforts to re-skill workers, especially older ones, to help them adapt to different sectors. — Bloomberg

LGUs, regional offices on ‘dress code’ for Valentine’s Day

RED FOR those in love, black for the brokenhearted or taken for granted. Several local government units (LGUs) and regional offices of national agencies around the country are not requiring officers and workers to wear their uniforms today in observance of St. Valentine’s Day, traditionally celebrated as a day for romantic love. Instead, memorandums have been issued encouraging employees to follow a color-coded dress guide to indicate their “status.” In Naga City — where those who would be wearing yellow means they have been “waiting since birth” — Mayor John G. Bongat’s directive says it is all “For information, guidance, and fun.” The Bureau of Fire Protection-Region 9 (BFP-9) office, on the other hand — where yellow means “It’s Complicated” — said a “dress down” day gives an opportunity for “showing off your personality while maintaining (a) professional look.” The dress code is by no means required and there are no penalties. But as the BFP-9 memo says: “All are enjoined to participate and stay in love this Valentine’s Day.”

Duterte swears in members of Charter review body, other officials

By Arjay L. Balinbin

President Rodrigo R. Duterte on Tuesday, Feb. 13, led the mass oath-taking of 107 newly-appointed government officials, including the members of the Consultative Committee (Con-Com) who are tasked to review amendments to the 1987 Constitution.

“Corruption, not during my watch!” was Mr. Duterte’s message to these officials.

Adding: “I have fired several, and I hope I would not have to do it again because I do not like it. But I have fired so many officials of government officials for one reason or another. But the latest of those were really abusing the use of public funds. And I was referring to-I hope [they don’t] mind it because it’s true-CHED and MARINA, and many others including the [two] SSS [executives].”

The President also pitched anew a federal form of government before he steps down.”If we have a workable federal set up in 2020, I will step down. I don’t want a transition position.”

“It is your duty to see to it, if I go before this time, to see to it that the rules of succession in our Constitution be followed. I could not be clearer on this, and I would rather abbreviate my term rather than extend it,” he said.

Mr. Duterte also reminded the Bureau of Customs (BoC) officials that he will no longer allow “auctions for smuggled items.”

“[Those items] will be destroyed, and I will take note of those people who are there,” the President said.

“Even in the matter of the lowest bid, I dare say, no more lowest bid [scheme], because that is the source of all corruptions down to the barangay level,” he said further.

See the lists of newly appointed officials below:

Appointees1 A by BusinessWorld on Scribd

Appointees2 A by BusinessWorld on Scribd

Appointees3 A by BusinessWorld on Scribd

Boracay business group says ‘closing’ entire island is not fair

BORACAY FOUNDATION, Inc. (BFI), the biggest business organization in the popular tourist island destination, said it welcomes the “six month ultimatum” given by President Rodrigo R. Duterte to establishments violating environmental laws, but asserted that his threat to “close Boracay” is not fair to the majority that are compliant. “BFI is however deeply alarmed about the President’s statement that he will ‘CLOSE BORACAY.’ We believe this statement stems from misinformation and unverified data presented to the President. While indeed there are many violators, most of the island’s business establishments are strictly in compliance with prevailing ordinances and regulations,” BFI said in a statement released yesterday. The group also said that “the solution is quite simple: to strictly implement existing environmental laws and local ordinances and close all erring establishments immediately,” noting that its members have “continuously expressed our frustration and dismay over the lack of attention given by the National Government and other offices concerned to the island of Boracay.” — Louine Hope U. Conserva

‘Solid fiscal program’ for Bangsamoro region sought

By Camille A. Aguinaldo

FINANCE SECRETARY Carlos G. Dominguez III on Tuesday said the Department of Finance (DoF) and the Department of Budget and Management (DBM) are willing to provide technical assistance to local officials in coming up with a sound fiscal policy for the proposed Bangsamoro Autonomous Region.

“We are very willing. I’m sure that the Budget department and us are very willing to assist the Bangsamoro (region) on planning your revenues, planning your budget, planning your expense so that you will come up with a solid fiscal program,” Mr. Dominguez said at the Senate hearing on the proposed Bangsamoro Basic Law (BBL).

Under the proposed law, the Bangsamoro region would enjoy “the maximum form of fiscal autonomy with the end in view of attaining economic self-sufficiency and genuine development.” The region would also have the power to create its sources of revenues, to prepare its budget and to allocate funds.

Mr. Dominguez said he wanted the region’s fiscal autonomy as proposed in the bill to be “very carefully phased,” noting that expertise on handling the matter could not be developed overnight.

“Fiscal management is not easy. People have to practice, have to get experience in doing it and we have the experienced people and we are willing to help them,” he told reporters on the sidelines of the hearing.

Also at the hearing, Mr. Dominguez sought certain fiscal provisions in the bill to clearly differentiate the role of the national government and the Bangsamoro government, especially on the implementation of national programs in the region.

He said the national government could coordinate and monitor with the Bangsamoro region on programs concerning infrastructure, investment incentives, taxation, health and tourism.

Asked if this would run counter to the autonomy principle, Mr. Dominguez said, “The decision can be made by them. But we can do it together. We can co-implement.”

If the Bangsamoro authority has developed its own expertise, then the block grants could increase and the supervision could be less, Mr. Dominguez added.

According to the draft BBL, the Bangsamoro region would receive an annual block grant or a share of the national internal revenue equivalent to 6% of the net collection of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC).

Mr. Dominguez said any funding scheme for the proposed region should be “programmatic, transparent, performance-based and phased to ensure effective utilization of the funds.”

Tuesday’s hearing was the 11th and final of the marathon hearings held by the Senate subcommittee on BBL chaired by Senator Juan Miguel F. Zubiri.

In the coming weeks, the technical working groups will go through the provisions of the BBL to ensure its constitutionality, Mr. Zubiri said. He also hoped the Senate would pass the proposed measure on March 22, two days before Congress adjourns.

“What is important (is) we will not water down the measure. As much as possible, we will strengthen it,” he told reporters.

116 OFWs arrive from Kuwait

By Arjay L. Balinbin
President Rodrigo R. Duterte on Tuesday, Feb.13, welcomed 116 repatriated overseas Filipino workers (OFW’s) from Kuwait.
The OFWs, who signed up for the Kuwaiti government’s amnesty program, received P15,000 financial assistance and packs of grocery items from the Philippine government.
Presidential Spokesperson Herminio Harry L. Roque, Jr. told reporters in a press briefing last Monday, Feb. 12, that those OFWs who opted for repatriation from Kuwait will receive “a further P20,000 assistance for alternative livelihood.”
The President was joined by Overseas Workers Welfare Administration (OWWA) Administrator Hans Leo J. Cacdac, Department of Labor and Employment (DoLE) Secretary Silvestre H. Bello III, and Department of Foreign Affairs (DFA) representatives.
OWWA also reported that there are 22 Filipinos currently detained in Kuwait for criminal cases.
Aside from transportation assistance, the government is also providing the repatriates with temporary accommodation at the OWWA Halfway Home.
In his speech, Mr.Duterte hinted that China could be considered as an alternative destination for the displaced OFWs from Kuwait, saying “China needs Filipinos to teach them English.”
He pointed out that he cannot accept the abuses committed against Filipinos in Kuwait. “Come home, with or without money. I hope they listen,” he said.
The President also thanked the Philippine Airlines and Cebu Pacific for their help. “I’d like to just say to Mr. Lucio Tan and the Gokongwei family, si Lance, on behalf of my countrymen, salamat po.”
“We are doing this in the spirit of being a Filipino,” Mr. Duterte also said.

Bus operator groups petition for fare increase, cite excise taxes, toll fees

BUS OPERATOR groups have filed for a petition for a fare increase.

The Southern Luzon Bus Operators Association, the Nagkakaisang Samahan ng Nangangasiwa ng Panlalawigang Bus sa Pilipinas, and the Samahang Bus Transport Operators filed yesterday before the Land Transportation Franchising and Regulatory Board (LTFRB) a petition for fare increase, citing increase in excise taxes in fuel, prices of spare parts, and toll fees.

In Metro Manila, from a P10 minimum fare for non-airconditioned buses, the petitioners are requesting a P13.30 minimum fare and P2.45 for every succeeding kilometer. For air-conditioned buses, operators are seeking an adjustment of P12 to P15.95 minimum for the fare increase, and P2.95 for every succeeding kilometer.

Provincial bus drivers are asking for a minimum fare of P11.95 from the current P9 for ordinary buses.

“That foregoing increases in operational costs, attendant to the business of public mass transportation have effectively negated the previous fare adjustments granted and have rendered subject business non-viable, thus threatening the very survival of petitioners-members,” the petition read.

The petitioners also requested a provisional fare increase pending a decision by the LTFRB.

Board Member Aileen Lourdes A. Lizada said a hearing on the petition has yet to be scheduled. — with Patrizia Paola C. Marcelo

2016 deaths continue upward trend — PSA

REPORTED DEATHS reached a 10-year high of 582,183 in 2016, up by 21,578 or 3.8% from the previous year’s 560,605, according to data from the Philippine Statistics Authority (PSA) released Monday.

This is equivalent to a crude death rate of 5.6, or about six deaths per thousand people in the population, and resulted in an average of 1,591 deaths per day, 66 per hour, or one per minute.

“The reason for the increase may have been due to a slight increase in registration of deaths,” PSA said of the latest figure, which accords with the “increasing trend” in deaths in the country since 2006.

BY REGION
The top three regions in terms of number of deaths by usual residence were in Luzon, PSA noted, with Region IV-A (Calabarzon) with 82,764 deaths or 14.2%; followed by NCR with 76,839 or 13.2%; and Region II (Central Luzon) with 68,757 or 11.8%.

The regions cited are known to be among the leading drivers of the economy, wherein death also counts as an industry by itself.

“(T)he combined share of these three regions was 39.2% of the total deaths,” PSA said, noting further their higher infant deaths above the other regions (Region IV-A with 3,727 deaths or 17%; NCR with 3,687 or 16.9%; and Region III with 2,480 or 11.3%).

“On the other hand, the three regions which had the least number of deaths were ARMM (3,236 or 0.6%), CAR (8,329 or 1.4%) and Caraga (14,939 or 2.6%). These numbers accounted for only 4.6% of the total deaths in the country. This was about nine times lower than the combined deaths in Calabarzon, NCR and Central Luzon,” PSA said.

ARMM (209 or 1%), CAR (250 or 1.1%) and Caraga (345 or 1.6%) also had the least number of registered infant deaths.

MATERNAL, UNATTENDED DEATHS
In terms of maternal death (the death of a woman while pregnant or within 42 days of termination of pregnancy from any cause related to or aggravated by the pregnancy or its management but not from accidental or incidental causes), there were 1,483 registered maternal deaths in the country in 2016. Calabarzon recorded the biggest number of maternal deaths with 213 or 14.3% of the total, followed by Central Visayas with 201 or 13.6%, and NCR with 159 or 10.7%. On the other hand, ARMM recorded the least number of maternal deaths with 11 or 0.7%.

Almost six out of ten deaths — or 342,705 out of the 582,183 — were unattended by physicians or any medical personnel.

“Among all regions, only NCR had greater number of medically attended deaths (42,045 or 7.2%) than unattended deaths (34,669 or 6%). It could mean that NCR has better access to health facilities,” PSA said, adding:

“On the other hand, the top three regions which had the most number of unattended deaths were Region IV-A (48,507 or 8.3%), Region III (42,832 or 7.4%) and ironically, NCR (34,669 or 6.0%).”

By gender, more number of male deaths occurred at less than one year old with 12,566 or 3.8% compared to female deaths of only 9,308 or 3.8% of the total. “The same observation can be seen across ages. This is an indication that women live longer than men,” PSA said.

CAUSES OF DEATH
Ischaemic heart disease registered as the top leading cause of death with 74,134 or 12.7% of the total. Second was neoplasms or commonly known as cancer with 60,470 or 10.4%, followed by pneumonia with 57,809 or 9.9% for both sexes.

Among males, ischaemic heart diseases was the top leading cause of death with 44,472 or 13.3%, followed by cerebrovascular diseases (31,675 or 9.5%), then neoplasms (29,516 or 8.8%).

For females, the top cause of death was neoplasm or “cancer” with 30,954 or 12.5%, followed by ischaemic heart diseases with 29,662 or 12%, then pneumonia with 28,816 or 11.6% of the total.

It was also observed that assault with 13,662 or 4.1% of the total was included in the top 10 leading causes of death.

PSA further noted that the month of October recorded the highest number of deaths with 52,357 or 9% while February had the least number with 43,931 or 7.5% of the total deaths.

Apart from October (106.2), September (108.4), August (104.5) and November (100.6) were the other months that exceeded the national daily index value of 100.0. “This means that the number of daily average occurrence of deaths during these months (is) greater than the whole year’s daily average occurrence,” PSA said.

“Data on deaths presented in this release were obtained from the Certificates of Death (Municipal Form No. 103) that were registered at the Office of the City/Municipal Civil Registrars all throughout the country and forwarded to the Philippine Statistics Authority,” the agency said. “Information presented includes registered deaths which occurred from January to December 2016. Figures presented are not adjusted for under-registration.” — with Dane Angelo M. Enerio

Senator: Benham Rise research funded since 2016

SENATOR LOREN B. Legarda in a statement on Tuesday said she had allocated funds for the Philippine Rise (Benham Rise) expedition as early as 2016 and every year thereafter. Ms. Legarda said she did this in her capacity as chairperson of the Senate committee on finance. “In 2016, we already allocated funds for research in the Philippine Rise especially since initial explorations showed 100% coral cover in several sites. In 2017, we allocated P32 million for assessment and baseline activities… and then again for 2018, P60 million was allocated in the DENR (Department of Environment and Natural Resources) budget for the Philippine Rise — P30 million for geologic and offshore mapping under the Mines and Geosciences Bureau (MGB) and P30 million for scientific expedition and management of coastal habitat under the (DENR-Biodiversity Management Bureau),” said the senator. She noted further that the Department of Science and Technology (DoST) already did an exploration, mapping and assessment of deep water areas in the Philippine Rise from 2014-2016 with a total budget of P39.575 million. “We await the consolidated results of these research activities from our government agencies. Based on the initial information we received, the area shows great potential in terms of energy, mineral and other biological marine resources that are vital to harnessing energy and food security in our country, ” Ms. Legarda said.

Phoenix planning to bring FamilyMart to Clark

By Victor V. Saulon, Sub-Editor

PHOENIX PETROLEUM Philippines, Inc. has mapped out plans for its existing and newly acquired businesses, including the expansion of its convenience store chain in Clark, Pampanga, and the construction of a bitumen plant in Calaca, Batangas.

“[Clark] is an area that we are looking at [because] that is a significant part of our portfolio,” Henry Albert R. Fadullon, Phoenix chief operating officer, told reporters on the sidelines of the launch of the company’s upgraded fuels on Monday night.

“We have 177 hectares there and I’m sure when that’s fully built up similar or comparable to BGC (Bonifacio Global City) there will be a lot of opportunities there for Family Mart,” he added.

Phoenix’s parent company Udenna Corp. is developing a 177-hectare property into Clark Global City.

In the near term, Mr. Fadullon said FamilyMart’s expansion would remain “opportunistic” and focused on “key areas” where customers traditionally patronize for convenience. These are Metro Manila’s central business districts, BGC, Makati City’s Legaspi and Salcedo villages, and some areas in Alabang and Quezon City.

“We are going to expand but focused on these key areas,” Mr. Fadullon said. “We will follow where the business is. If the business requires a significant amount of expansion, we will follow.”

However, putting up Family Mart stores in Phoenix service stations is not a priority at this time although the company remains “opportunistic” with its decision to bundle both businesses in one location.

“The priority at the moment is to focus on the areas where we have most of the Family Mart right now, which is in the CBDs because nandoon ang (those are where the) customers that we want to target initially,” he said.

Phoenix, one of the companies put up by Davao City businessman Dennis A. Uy, bought the local franchise of the Japanese convenience store in October last year, although the antitrust watchdog cleared the deal only on Jan. 3, 2018.

BATANGAS PLANT
Around mid-January, the listed company announced its joint venture with Thailand-based asphalt maker Tipco Asphalt Public Co. Ltd. and PhilAsphalt (Dev’t) Corp. to market and distribute bitumen and bitumen-related products in the country.

“We are planning to put up our own plant in Calaca, Batangas together with our joint venture partners,” Mr. Fadullon said.

“Our plan with our partners is to offer a different kind of technology for the road construction industry,” he said. “Bitumen is the base product but I think within the bitumen space there is a lot of opportunity for innovation and I think that is what where we see the opportunity in the Philippines.”

Asked when Phoenix plans to build the plant, he said: “Very soon… Within the year, we would like to have the asphalt business in place.”

Mr. Fadullon noted the new business brings opportunities in the infrastructure sector, including maintenance.

During the launch, Mr. Fadullon talked about Phoenix’s “success story” from its roots in Davao City with a few gasoline stations to its expansion up north that has emboldened the company to challenge the big industry players.

This year, Phoenix continues its expansion in the Luzon market with the placement of an order for 650,000 cylinders of liquefied petroleum gas (LPG). Phoenix previously said that the country’s main island accounts for 80% of the LPG market.

“We are progressing every two weeks, appointing dealers for key areas that we have identified,” he said, identifying these areas as Metro Manila, and Southern and Central Luzon.

Phoenix added LPG into its portfolio when it completed in August 2017 the acquisition of Petronas Energy Philippines, Inc., a company it has since renamed Phoenix LPG Philippines, Inc. The acquisition strategically supports its expansion in operation and product lines.

On Monday, the company launched a fuel additive it calls “Phoenix pulse technology,” which has a cleaning and protection properties for enhanced power and acceleration.

Shares in Phoenix closed 2.62% or 34 centavos lower at P12.66 apiece on Tuesday.

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