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Facebook shuts down pro-Duterte accounts

By Arjay L. Balinbin, Reporter
THE FACEBOOK Newsroom said it has taken down “95 pages and 39 accounts” on the social media site, including accounts identified with Rodrigo R. Duterte’s supporters, for violating the site’s spam and authenticity policies.
“As part of our ongoing efforts to protect our services from abuse, we have removed a network of 95 Pages and 39 accounts on Facebook in the Philippines for violating our spam and authenticity policies by encouraging people to visit low quality websites that contain little substantive content and are full of disruptive ads,” Facebook said in its Monday statement.
These pages, according to Facebook, “ranged from political to entertainment content, but all were sharing links to the same advertising click farms off Facebook.”
Facebook noted that this network of pages “includes names like Duterte Media, Duterte sa Pagbabago BUKAS, DDS, Duterte Phenomenon, DU30 Trending News, Hot Babes, News Media Trends, Bossing Vic, Pilipinas Daily News, Like and Win, and Manang Imee, Karlo ang Probinsiyano,” and “4.8 million followed at least one of these 95 Pages.”
For his part, Presidential Spokesman Salvador S. Panelo said: “Facebook must have its rules and regulations. If they are implementing that, then that’s their own rule.”
He added: “Now, if the concern is, there will be no more avenues, there are so many avenues. We have Twitter, Instagram and many others where the advocates can express themselves in support of this administration.”
Last April, Facebook also launched its third-party fact-checking program in order to “combat” the spread of “fake” or false news.
Facebook said it has partnered with Rappler IQ and VERA Files. “These partners have been certified through a non-partisan International Fact-Checking Network and will review news stories on Facebook, check their facts, and rate their accuracy,” the social media company said in its statement.
“We are committed to fighting the spread of false news and misinformation on multiple fronts, employing a variety of tools and tactics. They include disrupting financial incentives, taking action against fake accounts, applying machine learning to help diminish spam, and reducing the posts people see that link to low-quality web pages, providing people with easier access to additional perspectives and information. Partnering with third-party fact-checking organisations is one of the ways we hope to better identify and reduce the reach of false news that people share on our platform,” Facebook’s Director for Community Affairs for APAC (Asia-Pacific) Clair Deevy was quoted as saying.

Pacquiao is PDP-Laban campaign manager

By Camille A. Aguinaldo, Reporter
SENATOR EMMANUEL D. Pacquiao is the new campaign manager of the ruling Partido Demokratiko Pilipino Lakas ng Bayan (PDP Laban), Senator Aquilino L. Pimentel III said on Tuesday.
“PDP-Laban national campaign manager is Sen Manny Pacquiao to be ably assisted by (Energy Secretary Alfonso G.) Al Cusi and the national campaign group… Whether to adopt or not other candidates for (the senatorial slate) shall also be decided by the national campaign team,” Mr. Pimentel, who is also PDP-Laban president, said in a text message to reporters.
Mr. Pimentel said Mr. Pacquiao is tasked to formulate the campaign strategy and tactics for the political party in the 2019 midterm elections.
Aside from Mr. Pimentel, Special Assistant to the President Christopher Lawrence T. Go, presidential political adviser Francis N. Tolentino, Bureau of Corrections chief Ronald M. Dela Rosa, and Maguindanao Rep. Zajid G. Mangudadatu have filed their senatorial candidacies under PDP-Laban.
On issues hounding his reelection bid, Mr. Pimentel maintained that his running again for senator is legal, contrary to the position of lawyer Ferdinand S. Topacio who filed a disqualification case against him.
In a statement on Tuesday, the senator said his lawyers are ready to answer Mr. Topacio’s petition and ask for its summary dismissal.
“The Constitution, the law, and jurisprudence are on my side. Well-regarded legal minds known for their expertise in election law have likewise chimed in; they agree with my position: I can run for reelection,” he said.
Back in 2011, Senator Juan Miguel F. Zubiri resigned from his post amid the poll protest case filed against him by Mr. Pimentel regarding the results of the 2007 senatorial race. Mr. Pimentel assumed the vacated post and continued Mr. Zubiri’s unfinished term.
Under the Constitution, senators are only allowed to hold two consecutive six-year terms. After serving Mr. Zubiri’s unfinished term, Mr. Pimentel was elected senator in 2013 and his term is set to expire in 2019.

More senators oppose Arroyo’s proposal for PHL withdrawal from IPU

By Camille A. Aguinaldo, Reporter
SENATORS on Tuesday opposed the proposal of House Speaker Gloria M. Arroyo for the Philippines to withdraw membership from the Inter-Parliamentary Union (IPU) after the international body intended to investigate the respective situations of detained Senator Leila M. De Lima and Senator Antonio F. Trillanes IV.
In separate statements, the senators sid cutting ties with the IPU would “acknowledge” that critical lawmakers are being persecuted by the Duterte administration.
Senator Panfilo M. Lacson said the proposal was also “premature” given that the IPU has yet to act on its Human Rights Committee’s recommendation. He also noted that the recent Makati court decision on Mr. Trillanes’s case has shown proof that the judicial process works in the country.
“Speaker Arroyo’s recommendation is based on the wrong premise. The IPU has yet to act on its Human Rights Committee’s recommendation to the IPU Governing Council. Having said that, it is premature, if at all, to denounce the IPU as a whole much less withdraw membership from the body,” he said in a statement.
In her statement, Senator Risa N. Hontiveros-Baraquel said, “If this goes on, the way it’s going, the Philippines will soon run out of intergovernmental bodies that it can be part of. First, we withdrew our membership in the International Criminal Court (ICC). Now, this. What’s next, we withdraw from the International Labor Organization (ILO), the Association of Southeast Asian Nations (ASEAN), or even the United Nations (UN)?”
Senate Minority Leader Franklin M. Drilon, in an earlier statement Monday night, described the recommendation as “despairing” and “defeatist.”
However, Senate President Vicente C. Sotto III said he was “inclined to concur” with Ms. Arroyo’s proposal but reconsidered his position on the matter. He said the IPU human rights committee should be reminded that the Philippines has a working judicial process.
“With all due respect to my fellow parliamentarians, I’m just wondering, how on earth can they think they can meddle with a member-country’s judicial process?” he said in a statement.
Meanwhile, House Deputy Speaker Ron P. Salo refuted IPU’s remarks in its resolution that the Filipino delegation hasn’t responded to the international body’s requests for information.
“Our delegation expressly requested copies of the minutes of proceedings as well as any draft text of resolution, “ Mr. Salo, who is part of the Philippine delegation to the 139th IPU Assembly, said in a statement.
“Members of our delegation personally expressed their desire to participate in the meeting held yesterday to afford the Committee the chance to hear their side but were denied this opportunity,” he added.

House panel weighs bill abolishing Governance Commission for GOCCs

By Charmaine A. Tadalan, Reporter
A BILL abolishing the Governance Commission for Government-Owned and -Controlled Corporations (GOCCs) is being considered by the House Committee on Government Enterprise and Privatization.
The Panel’s technical working group, led by Ako Bicol Rep. Rodel M. Batocabe, on Tuesday began deliberation of House Bill 3014, which seeks to eliminate the oversight body over redundancy of functions.
“Instead of piloting the development and growth of GOCCs, the GCG became another bureaucratic layer in the already confounded structure of checks and balances,” as stated in the explanatory note.
The bill also noted the GCG overlaps with the Commission on Audit, National Economic and Development Authority (NEDA), Government Procurement Policy Board and Office of the Government Corporate Counsel.
The GCG, in response, recommended the review of the proposed measure as it argued it does not perform the role of the said agencies.
In its position paper submitted to the Committee, the GCG said, for one, it differs from the DBM in terms of mandate.
The DBM “reviews and analyzes Budget proposals from GOCCs with National Government Subsidy,” while the GCG “does not approve, not even review COBs (Corporate Operating Budgets).”
For its part, NEDA, while it supports the bill’s intention to address bureaucracy, expressed reservations on the proposal to abolish the GCG for its role, particularly in intervening between GOCCs and the private sector.
“There are GOCCs that provide the necessary goods and services in the absence of private providers, and this could sometimes constrain the entry of potential private players that may provide high or better quality goods or services,” NEDA said in its position paper.

DoJ set to appeal decision on Trillanes

By Arjay L. Balinbin, Reporter
THE Department of Justice (DoJ) is set to file, “not later than Friday” this week, a motion for partial reconsideration before the Makati Regional Trial Court (RTC)-Branch 148, which earlier denied its motion to issue an arrest warrant and travel ban against opposition Senator Antonio F. Trillanes IV.
“The DoJ will file, not later than Friday, a motion for partial reconsideration of the order of RTC-Makati branch 148 (coup d’ etat) only insofar as it found that Sen. Trillanes had sufficiently shown that he filed his certificate of amnesty, and that therefore it follows that he also admitted his guilt for the offense of coup d’ etat and recanted all statements inconsistent with such admission of guilt,” Justice Secretary Menardo I. Guevarra said in a statement on Tuesday, Oct. 23.
For his part, Presidential Spokesperson Salvador S. Panelo said in a press briefing, “I’ve talked with the SolGen (Jose C. Calida) and he said he will not file a motion for reconsideration, but go immediately to the Court of Appeals and appeal the ruling of the court with respect to the issuance—or the non issuance of the warrant of arrest.”
But Mr. Guevarra said in a text message to reporters that “it is the DoJ (that) will decide what legal steps to take.”
“We saw that there has been a violation in the grant of amnesty, and that is precisely why a proclamation was issued to declare its nullity. So, until this is decided by the Supreme Court, saying we’re wrong, we will consistently make our stand that we are right,” Mr. Panelo added.
The President’s spokesman described Mr. Trillanes’s victory as “pyrrhic.”
“Well, it’s one of a pyrrhic victory because if you noticed the court decided that the proclamation issued by the President is valid. They are claiming at the time that the President does not have the power to void any amnesty, and the court said he has,” he said.
Mr. Panelo also noted that there are procedural matters decided by the Makati RTC Branch 148, “which to (his) mind are erroneous, (like) how it accepted evidence despite the fact that they are all secondary evidence.”
“So there are questions that can be properly raised in the Court of Appeals and subsequently doon sa (in the) Supreme Court,” he said.

Senate panel approves new Iloilo power franchise

THE SENATE COMMITTEE on public services on Monday approved in principle the granting of a 25-year legislative franchise to MORE Electric and Power Corp. (MORE Power) and provided for a transition period to replace the incumbent, Panay Electric Co. (PECO) as the sole power distributor in Iloilo City.
“With that, we will form the technical working group but we’ve already approved in principle the motion for a franchise for MORE (Power),” Senator Grace S. Poe-Llamazares said during a hearing on franchise bills.
The House of Representatives approved MORE Power’s legislative franchise on Oct. 8 and transmitted it to the Senate the following day. MORE Power was previously MORE Minerals Corp., a unit of Enrique K. Razon, Jr.’s Monte Oro Resources and Energy, Inc. (MORE).
Meanwhile, PECO’s franchise, which will expire in January 2019, remains pending at the House committee on legislative franchises.
During the hearing on franchise bills, senators agreed to insert a transition period in the bill that will temporarily allow PECO to operate to prevent power outages in Iloilo City.
“The best thing to do now is to convene a technical working group… so that we can make sure amendments made in the franchise will be such that the refunds to consumers will be paid, the meters that they have paid also be paid back to consumers and all these safeguards,” Senate Majority Leader Juan Miguel F. Zubiri said.
“And of course to tackle the issue of the valuation also of PECO to make sure they are properly compensated,” he added.
Asked for comment by Ms. Llamanzares, PECO President and Chief Executive Officer (CEO) Luis Miguel A. Cacho said, “We assure we will provide service to Iloilo, no matter what.”
PECO chairman of the board Mariano M. Cacho, Jr. noted that MORE Power lacked experience and equipment to operate an electric power distribution business. He said the firm has relied on the grant of the power of eminent domain to “expropriate and confiscate the assets and business of the current franchisee,” which is PECO.
However, Ms. Llamanzares pointed out that the situation will end up with MORE Power getting the franchise since the House of Representatives did not act on PECO’s franchise so the latter company would have to turn over its assets after being properly compensated.
MORE Power President Roel C. Castro said he is confident that MORE Power has sufficient experience in the power industry and can help bring down the cost of electricity. He noted that the company’s principal, Monte Oro, was a shareholder of the National Grid Corp. of the Philippines (NGCP) when it was privatized. Former general managers of electric cooperatives also form part of its team, he added.
“We are actually ready to invest P700 million in the next three to five years to improve the reliability, to bring down the systems losses, to improve the capacity, and so on,” Mr. Castro said.
Aside from MORE Power, the Senate panel also approved the legislative franchises of the Catholic Bishops’ Conference of the Philippines, Inc. (CBCP) and Tirad Pass Radio TV Broadcasting Network, Inc. — Camille A. Aguinaldo

Palace signs telco franchise law for Villar firm

PRESIDENT Rodrigo R. Duterte has signed Republic Act (RA) No. 11089 granting the Villar Group’s Streamtech Systems Technologies Inc. a telecommunications franchise for 25 years.
The President has also extended for another 25 years the franchise granted to Notre Dame Broadcasting Corp., a Mindanao-based radio network, by signing RA No. 11099.
Signed on Oct. 18, RA No. 11089 allows Streamtech to “construct, install, establish, operate, and maintain telecommunications systems throughout the Philippines.”
The new law noted that Streamtech “shall secure from the National Telecommunications Commission (NTC) a Certificate of Public Convenience and Necessity and the appropriate permits and licenses for the construction, installation, and operation of its telecommunications systems and/or facilities.”
Streamtech should “commence” its operations “within one year from the approval of its operating permit by the NTC, or within three years from the effectivity of this Act,” and it should also “operate continuously for two years,” otherwise its franchise will be “deemed ipso facto revoked.”
Among its responsibilities is to “improve and extend its services in areas not served, and in hazard-and typhoon-prone areas that shall be determined by the National Disaster Risk Reduction and Management Council (NDRRMC) and the NTC.” — Arjay L. Balinbin

Gov’t to seek South Korean aid for tourist VAT refund system

THE DEPARTMENT of Finance (DoF) has sought the assistance of South Korea in implementing a value-added tax (VAT) refund system for visitors, as well as for environmental management support for the resort island of Siargao in Surigao del Norte.
Finance Secretary Carlos G. Dominguez III said that he expects the value-added tax (VAT) refund system for tourists to be in place in the next two years, and sought to fast-track South Korean official development assistance (ODA) funding for an electronic invoicing system.
“We don’t have the system at the moment but we are certainly going to do it. And it should be in place sometime in two years,” Mr. Dominguez said in a panel discussion during the Philippine Hotel Owners Association Inc.’s (PHOAI) general membership meeting on Tuesday in Makati City, when asked whether the government will establish a VAT refund system amid the high volume of inbound tourists.
“Definitely there’s a possibility for us to outsource the system, but our problem at the moment is we don’t have an e-invoicing system, which we are currently working on. We have gotten a grant from the Korean government to study an e-invoicing system, and our plan is to put this in place by 2020,” he added.
Mr. Dominguez said that the South Korean VAT refund system for tourists was “very efficient,” and “very robust.”
Mr. Dominguez also said that the Philippines asked South Korea for support in environmental and sanitation programs for Siargao.
“We also wrote them for assistance to Siargao. I spoke to the finance minister who is also the deputy prime minister there and I asked him specifically to provide us assistance for the Siargao area. Knowing what happened to Boracay, we don’t want this to happen again,” said Mr. Dominguez.
“We had a real bad experience in Boracay. We want to make sure that the practices of to be introduced in Siargao will not lead us down to Boracay path so we’ll push the Koreans to hurry up. We chose South Korea because they are the best,” he added.
In the same event, Mr. Dominguez also said that the government will oppose moves to renew tax perks enjoyed by businesses in tourism enterprise zones.
In the implementing rules and regulations of the Tourism Act of 2009, fiscal incentives of firms operating inside tourism enterprise zones (TEZs) will lapse in 2019, which include income tax holidays, preferential income tax rates, VAT exemptions, and deductions, among others.
A member from the PHOAI asked Mr. Dominguez during the panel discussion whether the government will extend the perk, with Mr. Dominguez replying: “When we came to office that law was passed but never implemented by the last administration. One of the first things I did was implement it. And it will have to run its course. So it should be ending this year… that’s the current law. It’s going to end this year.”
Asked whether the tourism-related firms can no longer avail of tax perks from the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill, Mr. Dominguez said: “Well I guess so because we are not the ones who made that law it’s the legislature. And as far as I know there’s no interest in the legislature to continue that law.”
The TRABAHO bill, which hurdled final reading in the House but is pending at committee level in the Senate, seeks to rationalize the fiscal incentives regime.
Mr. Dominguez also said the rise in world oil prices was due to a decision by US President Donald J. Trump to isolate Iran, and defended the first tax package, known as the Tax Reform for Acceleration and Inclusion (TRAIN) law — that lowered personal income taxes, eased VAT exemptions, and raised or introduced new excise taxes.
“The excise tax of P2.50 imposed on fuel products is a small increment of pump prices. This tax is not responsible for the spiral in fuel prices, Donald Trump is,” Mr. Dominguez said, noting that the US pullout from a nuclear deal with Iran effectively reimposed economic sanctions on that country.
Mr. Dominguez said that the TRAIN law only accounted for about 0.4 to 0.7 percentage points of inflation, which averaged 5% in the first nine months of the year — breaching the central bank’s 2-4% target.
“The global market, over which we have no control, is responsible for this. At any rate, considering the social and environmental impact of fossil fuel consumption, the excise tax is completely justified. Compared to excise taxes imposed on the same products elsewhere, the one imposed by the new tax reform law is negligible,” he added. — Elijah Joseph C. Tubayan

Unawarded rice import contracts to be rebid soon

AGRICULTURE Secretary Emmanuel F. Piñol said that the rebidding for unawarded lots in the first batch of rice imports will be conducted “right away” alongside the subsequent batches amounting to 500,000 metric tons.
“We will bid it right away. Pakistan put in a bid but filed the wrong paperwork. We will lump (the rebids) with the remaining 500,000 MT,” Mr. Piñol told reporters late Monday.
The NFA awarded only three rice import contracts last week accounting for 47,000 MT out of the 250,000 MT targeted for auction.
The initial plan was to bid out the 750,000 MT authorized for import this year, in three batches of 250,000 MT.
“I would prefer them to arrive all at once and then we can control the release to the market,” Mr. Piñol added. “It’s not important that we have too much rice, as long as we have no shortage.”
Meanwhile, Mr. Piñol said that the suggested retail price (SRP) for rice will be implemented starting Saturday, Oct. 27 as stakeholders requested a 3-day period to prepare revised signage in retail outlets.
The scheme will no longer recognize pricing by brand names such as “Mindoro Dinorado,” “Sinandomeng,” “Super Angelica,” “Yummy Rice” and “Double Diamond” and will simplify the classification system
The price for imported rice at 25% brokens will be capped at P39 per kilo while imported premium rice will sell for no more than P43. Philippine Rice classified as regular milled will be capped at P39, well-milled at P44 and premium rice at P47, according to Mr. Piñol.
“The SRP will initially cover Metro Manila and suburbs only, including cities and towns in the Greater Manila Area. The SRP for supermarkets and the regions will be discussed by the stakeholders next week,” Mr. Piñol said. — Reicelene Joy N. Ignacio

Foreigner-hiring bill to require technology transfer, raise penalties

A BILL strengthening the penalties for improperly employing foreign nationals and requiring them to transfer technology to Filipino employees has cleared the House Committee on Labor and Employment.
House Bill 8368 proposes to amend the Labor Code of the Philippines, requiring employers to determine the unavailability of qualified Filipinos before hiring foreigners, and also requiring foreigners to transfer technology by training local replacements.
The bill defines the acceptable condition for hiring foreigners as the “non-availability of qualified and willing Filipino nationals.”
“The proposed amendment of the provision in the Labor Code is to facilitate uniformity by properly stating the term used by the Philippines in its commitments,” said Aurora Rep. Bellaflor J. Angara-Castillo in the bill’s explanatory note.
“Foreign nationals issued employment permits shall transfer technology to Filipino understudies within a prescribed period,” the bill added.
Foreign nationals or employers found to have violated the law face fines of P50,000 to P100,000 and imprisonment of six months to six years, or both.
Violators are currently fined P1,000 to P10,000 and face imprisonment of three months to three years. — Charmaine A. Tadalan

Energy dep’t reports gov’t agencies to police over unpaid power bills

THE Department of Energy (DoE) said it reported to the police various government agencies that have failed to settle electricity bills owed to distribution utilities.
“Being part of the government, we need to be earnest in pursuing energy-resiliency and efficiency. In order to attain our energy goals, it is important that we are all able to uphold our commitment to our stakeholders and service providers,” DoE Secretary Alfonso G. Cusi said in a statement.
The DoE said Energy Undersecretary Alexander S. Lopez sought the assistance of the Philippine National Police, Armed Forces of the Philippines, Philippine Coast Guard, and National Bureau of Investigation to help settle delinquent accounts payable to distribution utilities and electric cooperatives. It estimated the total payables at P17 million.
“As we’ve been pushing for massive electrification, energy efficiency and security of the country, I am pleading on behalf of the distribution utilities (DUs), including the electric cooperatives (ECs), for the concerned government institutions to settle their outstanding accounts. DUs and ECs collect revenue to generate cash flow that would enable them to provide efficient and sustainable services to the areas they serve,” Mr. Cusi said.
The DoE said the arrears are among the challenges that could weaken the operations of distribution utilities. It added that the payables also imply shortcomings in the DU’s collection processes.
The agency said based on data provided by the National Electrification Administration, 23 electric cooperatives have pending collectibles.
Of these ECs, five are in Region 4 or Mimaropa (Occidental Mindoro, Oriental Mindoro, Marinduque, Romblon and Palawan); and five in Region 12 or Soccsksargen (South Cotabato, Cotabato City, Cotabato Province, Sultan Kudarat, Sarangani and General Santos City).
Regions 8 (Eastern Visayas) and Region 13 (Caraga) have three ECs each in the NEA list, while Region 5 (Bicol) and Region 9 (Zamboanga Peninsula) have two ECs each. Region 1 (Ilocos), Region VI (Western Visayas) and Region XI (Davao) have one each.
“The entire energy family continues to assure the public that it will closely monitor the accountability of the DUs and government institutions in fulfilling their respective obligations,” the DoE said. — Victor V. Saulon

Main index snaps rally on geopolitical concerns

By Arra B. Francia, Reporter
THE MAIN INDEX snapped its five-day winning streak on Tuesday, tracking the equity sell-off seen across international and regional markets triggered by various geopolitical concerns, including tensions between the United States and Saudi Arabia
The bellwether Philippine Stock Exchange index (PSEi) dropped 0.53% or 38.54 points to close at 7,197.62 yesterday. The broader all-shares index likewise shed 0.33% or 14.89 points to 4,383.84.
“The market corrected due to the global sell-off on geopolitical concerns, like the straining relationship between US and Saudi due to the death of the Washington post journalist. Also, the continued concern on the US tariff trade war,” Diversified Securities, Inc. trader Aniceto K. Pangan said in a phone interview yesterday.
Overnight, the Dow Jones Industrial Average lost 126.93 points or 0.5% to 25,317.41. The S&P 500 index dipped 0.43% or 11.90 points to 2,755.88, and the Nasdaq Composite index added 0.26% or 19.60 points to 7,468.63.
“Philippine shares tracked the US market after four sessions of bargain hunting turned investors into profit takers, given there were no significant economic data nor earnings released,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
Most Asian markets also edged lower on Tuesday, as investor sentiment was weighed down by the US trade war with China, alongside the former’s rising tensions with Saudi Arabia.
Mr. Pangan noted that the Philippines managed to temper its losses to less than one percent due to the earnings report of SM Prime Holdings, Inc. (SMPH) released on Monday. The Sy-led property developer said net income jumped 17% to P23.44 billion in the first three quarters of the year, after revenues gained 15% to P74.56 billion
“Market had a less than one percent correction on better earnings release by SMPH together with continued increase in energy sales by Meralco after nine-month period indicative of strong GDP (gross domestic product) after third quarter,” Mr. Pangan said.
Four sectoral indices slipped to negative territory, led by property which gave up 1.65% or 59.54 points to 3,542.53. Services retreated 1.2% or 17.93 points to 1,474.04; industrials slumped 0.83% or 90.37 points to 10,773.98; while financials shed 0.5% or 8.30 points to 1,632.23.
In contrast, the mining and oil counter went up 0.43% or 41.56 points to 9,547.01 and holding firms gained 0.34% or 24.07 points to 6,993.40.
Turnover improved to P5.14 billion after some 650.03 million issues switched hands, higher than Monday’s P4.45 billion.
Market breadth was negative as 120 decliners beat 74 advancers, while 40 names remained unchanged. Net foreign selling persisted, rising to P102.84 million from the previous session’s P82.88-million net outflow.

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