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DA aims to fast track funds release to assist farmers, fishermen

The Department of Agriculture (DA) is eyeing to fast track the shift from providing subsidies to easy-access financing to hasten the development in the agriculture sector.
Agriculture Secretary Emmanuel F. Piñol said this also includes the formation of provincial loan facilitation teams to assist farmers and fishermen.
“We don’t want to experience again the situation where there were enough funds but it’s hard for the farmers and the fisherfolk to access because they were not assisted by competent teams,” he added.
“So this time around, we will train them on financial literacy, we will assist them in their loan documents and I want to it to happen that the farmer will just head to the [provincial facilitation office] and simply just sign the document.”
The LandBank of the Philippines, which controls the fund, currently has P4 billion in its coffer.
The loaning program can dole out as much as P1 million per individual and P5 million for associations and cooperatives. — Anna Gabriela A. Mogato

Asia stocks decline as treasuries extend losses

Asian stocks followed their U.S. counterparts lower as worries about the earnings outlook weighed on industrial and technology shares. The 10-year Treasury yield climbed to a fresh high after piercing the 3 percent level for the first time in four years.
Shares from Tokyo to Hong Kong dropped. U.S. equities fell overnight as a slew of companies considered bellwethers for key pieces of the global economy warned on profit forecasts. The dollar steadied after coming off its highest since January, while crude climbed back toward $68 a barrel. The yen slipped to its lowest since early February. Australian equity and bond markets are shut for a holiday.
Investors are weighing the implications of climbing bond yields that have been spurred in part by higher commodity prices and concern surrounding their inflationary impact on the wider economy. But volatility in interest-rate markets remains low and equity price swings are well off the highs seen earlier this year, indicating investors believe rising borrowing costs may not be enough to cause outsized pain to equities.
Elsewhere, Takeda Pharmaceutical Co. slumped the most in almost five years after the Japanese company increased its bid for Shire Plc to about 46 billion pounds ($64 billion), as the drugmakers sought more time to agree on a deal. — Bloomberg

Oil steadies as Trump unmoved by Macron push for new Iran deal

Oil steadied amid signs that French President Emmanuel Macron was struggling in his push for a new deal that might prevent further US sanctions on Iran.
Futures in New York were little changed after dropping 1.4% Tuesday. Macron proposed negotiating a new agreement that would curb Iran’s ballistic missile development and nuclear program ahead of next month’s decision by President Donald Trump on whether the U.S. will withdraw from the deal and reimpose sanctions on oil exports. Fears of an increase in U.S. crude inventories also weighed on prices.
Oil has surged more than 7% this month on concern geopolitical risk in the energy-rich Middle East is intensifying, with Trump set to decide whether to extend Iran’s sanctions relief on May 12. While the Organization of Petroleum Exporting Countries and its allies concluded that they have all but wiped out a global crude surplus, fears remain that U.S. drillers may continue boosting output to record levels and offset the group’s effort to balance the market.
“It will be an uphill challenge for Macron to craft an agreement that is tough enough to satisfy Trump and his hawkish advisers and at the same time is acceptable to the Iranian leadership,” said Helima Croft, head of commodity strategy at RBC Capital Markets LLC in New York.
West Texas Intermediate crude for June delivery traded at $67.88 a barrel on the New York Mercantile Exchange, up 18 cents, at 10:16 a.m. in London. Total volume traded was about 16 percent below the 100-day average.
Brent crude for June delivery was at $73.99 a barrel on the London-based ICE Futures Europe exchange, up 13 cents. Prices fell 85 cents to $73.86 a barrel on Tuesday. The global benchmark crude traded at a $6.16 premium to June WTI, near the widest level since January.
Futures for September delivery fell 2.1 percent to 438 yuan a barrel on the Shanghai International Energy Exchange. The contract climbed 1.7 percent to close at 447.3 yuan on Tuesday.
Macron’s remarks at a White House news conference came after Trump earlier warned Iran not to restart its nuclear program even if the U.S. withdraws from the 2015 nuclear accord with the Islamic Republic.
Iran’s oil exports would drop as much as 500,000 barrels a day this year and 700,000 barrels a day in 2019 if the U.S. revives sanctions, according to Fereidun Fesharaki, chairman of energy consultant FGE. If reimposed, U.S. sanctions would require buyers of Iranian crude to cut purchases within 180 days, he said. Iran produced about 3.81 million barrels day in March, according to data compiled by Bloomberg.
Meanwhile, the American Petroleum Institute was said to report U.S. crude inventories increased by 1.1 million barrels last week. That comes against forecasts for a 2.2 million-barrel decline, according to a Bloomberg survey before government data due Wednesday. In the Permian basin, output is forecast to reach 3.18 million barrels a day in May, the highest since the Energy Information Administration began compiling records in 2007. — Bloomberg

Jack Ma says nations need tech to sidestep US grip on chip market

Alibaba co-founder Jack Ma argues that nations from Japan to China need to develop their own semiconductor technology to get around America’s grip on the global chip market.
The billionaire executive chairman of Alibaba Group Holding Ltd., explaining the e-commerce titan’s growing interest in chips including this month’s acquisition of local design-house Hangzhou C-Sky Microsystems Co., said he’s motivated in part by a desire to make chips “inclusive:” cheap, efficient and available to all. He said his company has invested in five semiconductor firms in the past four years.
“America was the early mover and China, we need a lot of things. 100 percent of the market for chips is controlled by Americans,” he told students and entrepreneurs at Tokyo’s Waseda University. “And suddenly if they stop selling — what that means, you understand. And that’s why China, Japan, and any country, you need core technologies.”
Ma’s comments dovetail with the views of Chinese business chieftains and politicos alike. Ma joins industry peers such as Tencent Holdings Ltd. founder Pony Ma in espousing a world-class domestic chip industry as tensions simmer with the U.S., the global leader in cutting-edge semiconductor technology.
Semiconductors lie at the heart of a spat between the world’s two largest economies, a dispute that’s swelling tariffs, chilling Chinese investments in American companies and hampering the Asian nation’s development of technologies from fifth-generation wireless to artificial intelligence. The U.S. government is even reviewing the possible use of a 1977 law under which President Donald Trump could declare a national emergency, block transactions and seize assets.
Along with the U.S. blacklisting of ZTE Corp. for seven years, that only reminded Beijing of the urgent need to whittle down its dependency on American technologies. The action taken against ZTE has ironically galvanized China’s existing plan to shell out some $150 billion over 10 years to achieve a leading position in chip design and manufacturing — a vision that U.S. executives and officials have repeatedly warned could harm American interests.
“We’re entering a world where people don’t trust each other. That’s why we have trade wars and so many problems,” Ma said. “But don’t give up. Trust isn’t just gained, it’s about building. And we can build.” — Bloomberg

DTI identifies programs that will help workers affected by Boracay closure

The Department of Trade and Industry (DTI) once again assured that it has identified initiatives to cushion the impact to workers and entrepreneurs of the island’s shutdown slated Thursday, April 26.
DTI Regional Operations Group Undersecretary Zenaida Maglaya said the agency will assist affected workers and displaced micro, small and medium entrepreneurs to lessen the impact of the six-month closure order of Boracay Island in Malay, Aklan.
“We recognize the importance of Boracay Island to our local entrepreneurs there. However, we would also like to ensure that the island maintain its pristine condition, which is why we have identified programs that will help local entrepreneurs,” Ms. Maglaya was quoted in a Wednesday statement. — Janina C. Lim

Workers question constitutionality of Boracay closure, ask SC to issue TRO

Workers and residents of Boracay, through the National Union of Peoples’ Lawyers (NUPL), on Wednesday, April 25, filed a complaint before the Supreme Court (SC) which questioned the constitutionality of President Rodrigo R. Duterte’s six month closure of the island and asked the high court to issue a temporary restraining order (TRO) to halt it, according to a press release by the NUPL.
According to the 29-page Petition for Prohibition and Mandamus, “the 1987 Constitution does not grant the President the power to close Boracay island to tourists and non-residents” and that “President Duterte’s orders to close Boracay island, and the enforcement thereof, are in violation of the principle of separation of powers.
It added closing Boracay to tourists and non-residents would be “a violation of their right to travel” and “the right to due process of persons earning a living in Boracay island by depriving them of their livelihood and source of income.”
The NUPL requested media to not name the petitioners due to “security concerns.” — Dane Angelo M. Enerio

Immigration forfeits missionary visa of Australian nun

The Bureau of Immigration (BI) have “forfeited the missionary visa of Australian missionary Patricia Fox and have ordered her to leave the country,” according to a statement released by the agency on Wednesday, April 25.
BI Commissioner Jaime H. Morente was cited in the statement as saying the agency’s board of commissioners “forfeited Fox’s privilege of holding a missionary visa under Sec. 9(g) of the Philippine Immigration Act of 1940 and ordered her to leave due to her involvement in partisan political activities.”
“She (Fox) was found to have engaged in activities that are not allowed under the terms and conditions of her visa,” Mr. Morente pointed out.
He added in the statement that Ms. Fox’s visa “granted her only the privilege to engage in missionary work and not in political activities.” — Dane Angelo M. Enerio

Ayala merges two Cebu units to consolidate operations

Two Ayala-led firms based in Cebu are merging in order to consolidate their operations in the area, as well as achieve efficiencies in management.
Cebu Holdings, Inc. (CHI) said in a statement that it will proceed with its merger with Cebu Property Ventures and Development Corp. (CPVDC), after securing shareholder approval during the company’s annual shareholders’ meeting. — Arra B. Francia

BHI lists countermeasures for Boracay closure

Boulevard Holdings, Inc. (BHI) has provided countermeasures for the company’s operations in Boracay given the island’s shutdown on Thursday, April 26, including the payment of P7,000 per month to its regular employees until Boracay’s reopening.
BHI—the parent of the owner and operator of Friday’s Boracay Island Beach Resort, Friday’s Holdings, Inc.— said it will be rolling out P350,000 per month for the payment of P7,000 each to 50 regular employees. It has also laid off 30 seasonal employees and on-the-job training staffers in time for the Boracay closure.
Five to six of the regular staff will remain in the island, along with securit guards to run minimal water, power, and housekeeping for the resort assets.
The company will also be transferring 10 to 13 staff to Friday’s Puerto Galera Beach Resort in Boquete Island in Oriental Mindoro. Four senior managers in operations, finance, and marketing will also be trasnferred to BHI’s Puerto Galera operations, and will receive reduced pay during their stint in the resort. — Arra B. Francia

Meralco survives slugfest with Columbian, 116-103

By Michael Angelo S. Murillo
Senior Reporter
THE Meralco Bolts got their Philippine Basketball Association (PBA) campaign to a winning start after defeating the Columbian Dyip, 116-103, in their tournament debut yesterday at the Smart Araneta Coliseum.
Kept at bay for much of the opening half, the Bolts collectively stayed the course and slugged it out with the Dyip the rest of the way en route to booking the hard-earned victory.
The contest got off to fast-paced start with both teams having their guns blazing.
Columbian, led by Rashawn McCarthy, Reden Celda and import CJ Aiken, though, would have the last laugh as the opening quarter ended as it held sway, 31-25.
Having established some momentum, the Dyip were quick to the draw to start the second canto, outscoring the Bolts, 10-6, to extend their lead, 41-31, in the first four minutes.
But Meralco eventually found its footing and slowly chipped away on the lead of Columbian.
With import Arinze Onuaku and Cliff Hodge leading the charge, the Bolts were able to cut their deficit to just a solitary point, 57-56, by the halftime break.
The slugfest continued to start the third frame, with the two teams going back and forth.
The count was at 71-70, and Meralco on top, at the halfway juncture of the third quarter.
The proceedings took a similar tight route thereafter until Meralco made a late push to hold an 85-79 advantage heading into the final 12 minutes of the game.
Getting some leverage entering the final quarter, the Bolts went on a fast start as Niño Canaleta got it going.
They built a nine-point cushion, 92-83, early on before the Dyip attempted fightbacks that trimmed the Bolts’ lead to five points a couple of times.
Columbian, however, would not come any closer than that as Mr. Canaleta and Co. held on tight amid repeated efforts by the Dyip to rally back.
Meralco had a 12-point lead, 108-96, with 1:41 left on the clock and raced to the win after.
Mr. Onuaku led Meralco with 30 points to go along with 19 rebounds and six assists.
Chris Newsome had 18 points while Nico Salva and Mr. Canaleta came off the bench to finish with 13 and 12 points, respectively.
Columbian, which dropped to 1-1 after the loss, was paced by Mr. Aiken with 21 points and 18 boards.
“First off, I would like take my hat off to Arinze. He has been sick for a while now and was hospitalized. He literally came from the hospital before coming here. His efforts are really big for us as he gives the inside presence that we need,” said Meralco coach Norman Black after the win.
“It was nice to get a win this early in this tournament,” he added.
Meralco returns to court tomorrow, April 27, against the GlobalPort Batang Pier while Columbian next plays on Saturday, April 28, versus the NLEX Road Warriors.

Peso edges higher against dollar

THE PESO strengthened slightly against the dollar on Wednesday amid rising US Treasury yields.
The local currency ended the session at P52.31 against the greenback yesterday, a centavo stronger than the P52.32-per-dollar close on Tuesday.
The peso opened the session stronger at P52.24. It slid to as low as P52.38, while its best showing for the day was at P52.19 against the greenback.
Dollars traded soared to $714.64 million from the $620.21 million which switched hands the previous session.
Traders interviewed yesterday said the peso moved sideways as the yield on 10-year US Treasuries breached the psychological 3% level.
“It’s the continued strength of the US dollar… as 10-year yields hold above 3%,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, said in a text message.
A trader shared the same sentiment, adding that the greenback was “strong across so [the peso] followed suit.”
Reuters reported that the benchmark US 10-year Treasury yield pushed further past the key 3% level on Tuesday. The Treasury yields are being used as a global point of reference for interest rates on everything from home loans to corporate bonds.
This brought the dollar index against the basket of six currencies rising 0.4% to 91.093.
The trader added that the market saw heavy buying intraday, while investors sold after the open and near the close due to “profit-taking.”
Meanwhile, another trader said the “local currency moved sideways due to lack of economic data releases” and as the concerns over the geopolitical noise subsided in the markets.
For today, the traders expect the peso to weaken. The first trader sees the local currency moving between P52.25 and P52.40 versus the dollar, while the other gave a wider range of P52.15 to P52.45.
“The peso is expected to weaken ahead of likely dovish policy stance from the European Central Bank which might further boost the dollar,” the second trader noted.
Meanwhile, other emerging Asian currencies remained under selling pressure on Wednesday as benchmark US bond yields poked above the 3% level and lifted the dollar.
Indonesia’s rupiah was left wallowing around recent two-year lows even as the central bank intervened to stabilize the currency.
“There’s a lot more concern that it could spill over into regional bond outflows,” said Chang Wei Liang, foreign currency strategist at Mizuho Bank.
“If you look across the broader fundamentals, there is support for another uptick in yields with oil prices flirting with recent highs.”
Higher oil prices point to increased inflationary pressure, which typically undercuts bond prices and supports bond yields. — KANV with Reuters

Warriors, Sixers advance; Celtics ahead vs Bucks, 3-2

OAKLAND — Kevin Durant scored 25 points as the Golden State Warriors powered into the Western Conference playoff semifinals with a 4-1 series victory over the San Antonio Spurs on Tuesday.
The reigning NBA champions, jolted by the Spurs in game four on Sunday, booked their place in the next round with a nervy 99-91 win in front of the home fans at the Oracle Arena.
The Warriors will now face the New Orleans Pelicans for a place in the conference finals.
However, Golden State were given a scare after a late fourth quarter rally from San Antonio that threatened to take the best-of-seven series to a game six.
The Spurs chipped away at a double-digit Golden State lead to close to 93-91 with 57 seconds left on the clock.
But Durant delivered when it mattered with a superb fadeaway jump shot and two free throws to take Golden State clear again as the clock ticked down.
Warriors coach Steve Kerr said the Spurs’ battling performance bore the hallmark of counterpart Gregg Popovich, who again was missing from the San Antonio bench following the death of his wife from a long illness last week.
“That was a big-time fight. We’re lucky to get out of here,” Kerr said.
“They’re a championship organization and they’ve been doing this for a long time. They’re a reflection of their coach.”
Golden State had edged into a 22-20 first quarter lead before stretching away in the second quarter to go into the halftime break, 49-38, ahead.
A late flurry in the third quarter, including a Durant three-pointer and a pull-up jump shot from Shaun Livingston gave the Warriors a 79-65 lead heading into the final quarter.
With the Warriors still without the injured Stephen Curry, it was left to Klay Thompson and Durant to carry the offense.
Durant finished with six rebounds and five assists while Thompson had 24 points. Draymond Green also contributed 17 points and 19 rebounds.
LaMarcus Aldridge led the scoring for San Antonio with 30 points while Patty Mills had 18. Veteran Manu Ginobili scored 10 off the bench.
SIXERS ADVANCE
Meanwhile, in the Eastern Conference on Tuesday, the Philadelphia 76ers wrapped up a 4-1 series win over Miami to progress following a 104-91 victory.
J.J. Redick scored 27 points and Joel Embiid weighed in with 19 as the Sixers set up a second round meeting against either Boston or Milwaukee.
A fiercely contested duel at Philadelphia’s Wells Fargo Center was effectively settled in the third quarter, when the Sixers pulled clear to take a decisive lead.
Prior to that there had been little to separate the two sides, with Miami holding the hosts 46-46 at halftime.
But the Sixers surged into a 66-54 lead after Robert Covington’s three-pointer with 6:11 remaining in the third period.
It was the latest evidence of a remarkable turnaround at the Sixers, who just two years ago had the worst record in the NBA, with just 10 wins against 72 defeats.
Sixers coach Brett Brown said the team was reaping the benefit of a long-term rebuilding strategy.
“I was hired in 2013 and I sat with a few of the owners and we talked about the vision and what we hoped to build,” Brown said.
Meanwhile, Boston edged into a 3-2 series lead after beating Milwaukee, 92-87.
Al Horford scored 22 points, 14 rebounds and three assists to lead the scoring for Boston.
Khris Middleton led the scoring for the Bucks with 23 points while Giannis Antetokounmpo had 16 points, 10 rebounds and nine assists. Jabari Parker had 17 points and eight rebounds.
Game six takes place in Milwaukee on Thursday.
WESTBROOK FINED AFTER GOBERT SKIRMISH
Oklahoma City Thunder star Russell Westbrook has been fined $10,000 and handed a retrospective technical foul after a clash with Utah’s Rudy Gobert, the NBA said Tuesday.
A statement from NBA basketball operations executive Kiki VanDeWeghe said Westbrook had been sanctioned after an incident in the fourth quarter of Monday’s stormy playoff duel.
The Jazz won the game 113-96 to take a 3-1 lead in the best-of-seven series and leave Oklahoma City at the brink of elimination.
Westbrook was investigated after he appeared to enter the court from the substitutes bench illegally to confront Gobert after he clashed with Raymond Felton.
Westbrook later said he believed he had been cleared to go onto court, insisting he had “heard a horn” allowing him to come off the bench.
The NBA has strict rules regarding altercations, with any player joining a skirmish from the bench subject to a one-game suspension. — AFP

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