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How PSEi member stocks performed — September 11, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 11, 2018.

Philippine Stock Exchange’s most active stocks by value turnover — September 11, 2018

SC denies Trillanes’ petition for TRO

By Vann Marlo M. Villegas
THE SUPREME COURT (SC) En Banc on Tuesday denied Sen. Antonio F. Trillanes IV’s petition for a writ of preliminary injunction and/or temporary restraining order (TRO) against President Rodrigo R. Duterte’s Proclamation No. 572 which voided his amnesty and directs his arrest.
The SC also directed respondents Executive Secretary Salvador C. Medialdea, Defense Secretary Delfin N. Lorenzana, Interior Secretary Eduardo M. Año, Justice Secretary Menardo I. Guevarra, Armed Forces of the Philippines (AFP) Chief of Staff Gen. Carlito G. Galvez, Jr., and Philippine National Police (PNP) Chief Director-General Oscar D. Albayalde to file their comment on Mr. Trillanes’s petition within 10 days.
In a press briefing, Acting Chief Public Information Officer Maria Victoria Gleoresty Guerra said the issues as to whether the Senator filed his application for amnesty and admitted his guilt for his involvement in the 2003 Oakwood Mutiny and 2007 Manila Peninsula Siege are factual concerns.
“Only a trial court, and in certain cases the Court of Appeal, are trier of facts. Hence it is appropriate that the Makati RTCs (regional trial courts) should be given leeway in exercising their concurrent jurisdiction…and resolve the pleadings/motions filed by the parties as regard the legality of Proclamation No. 572, Series of 2018,” Ms. Guerra said.
The SC also said it acknowledges “the judicial notice of the categorical pronouncement” of Mr. Duterte to not apprehend, detain, or take into custody Mr. Trillanes unless there is an issuance of an arrest warrant.
“There is no extreme and urgent necessity for the Court to issue an injunctive relief considering that the respondents have acknowledged Senator Trillanes’s rights to due process,” Ms. Guerra said.
“In fact, the DoJ (Department of Justice) has caused the filing of pertinent motions before the Makati Regional Trial Courts and the AFP has assured that court martial proceedings shall be held in abeyance pending resolution of the amnesty withdrawal,” she added.
Mr. Duterte’s proclamation also ordered the DoJ and Court Martial of the AFP to continue his criminal and administrative cases.
The DoJ had filed an urgent motion for a hold-departure order and arrest warrant against Mr. Trillanes before Branch 148 and Branch 150 of the Makati City Regional Trial Court where the senator’s coup d’etat and rebellion cases were dismissed in 2011.
Both courts have deferred this move by prosecutors and set a hearing on Sept. 13 for Branch 148 and Sept. 14 for Branch 150.
In a press conference at the Senate, Mr. Trillanes said his camp is “grateful that they (SC) have some semblance of independence” with their “carefully-worded decision.”
“They could have outrightly dismissed the petition all together. But they knew that we presented a strong case and the proclamation is badly flawed but nonetheless they give him a face saving way out. So according to my lawyers, if translated, while the petition for TRO was denied,…it took judicial notice of both Mr. Duterte and AFP that there will be no arrest, so should I go out later or tomorrow and I will be arrested and it would be in open defiance of the decision,” he said.
“As it is, they passed on the factual side of the petition to the RTC and it gives us more space to summon the (respondents) and subpoena the documents that they have, talagang maiipit si Mr. (Solicitor-General Jose C.) Calida (Mr. Calida would be hard-pressed to release the documents), and those responsible for this, makikita na talagang (it would be really seen as) fraud. Those gross misrepresentations of facts and evidence talagang (are really) falsification of documents.”
Mr. Duterte had earlier confirmed that it was Mr. Calida, as solicitor-general, who started the review of Mr. Trillanes’ amnesty.
The senator’s lawyer, Reynaldo B. Robles, also said: “We are hoping for the issuance of the TRO. But despite the fact that the Supreme Court did not issue a TRO, we are gratified by the fact that the Supreme Court has taken official judicial notice of the commitment of the President not to order his arrest and the commitment of the AFP not to arrest Senator Trillanes without a valid warrant.”
For his part, Mr. Guevarra said the DOJ “is very happy” with the SC’s decision, adding that “there is really no extreme urgency to speak of, as the trial courts have set the DOJ’s motions for alias warrant of arrest and HDO for hearing, thereby giving Sen. Trillanes an opportunity to be heard.”
“The Supreme Court has also acknowledged the trial courts’ continuing jurisdiction over the coup d’etat and rebellion cases, notwithstanding the alleged ‘finality’ of the orders of dismissal based on the grant of amnesty to Sen. Trillanes,” he told reporters in a text message.
Sought for comment on the SC’s decision, Presidential Spokesperson Harry L. Roque, Jr. told reporters in a text message: “It’s the SC upholding the supremacy of the Constitution. PRRD respected the SC and it has spoken. Senator Trillanes now has to accept the ruling.”
Mr. Calida also said his office is “elated that no less than the Supreme Court has acknowledged that Proclamation No. 572 afforded Mr. Trillanes due process.”
“Clearly, the baseless and inflammatory statements of Mr. Trillanes are mere delusions of a grandiose man,” the government’s lawyer also said in his statement. “The OSG welcomes the development that no temporary restraining order was issued and we nurture the hope that Mr. Trillanes, no matter how remote the possibility, will finally man up and face the charges against him for the unlawful actions he committed against the Filipino people.”
Meanwhile, minority senators have filed a resolution directing the appropriate Senate committee to look into the “fraudulent and erroneous basis” of the President’s proclamation to ensure that the President is not using his executive powers to control the military and police force “to instill fear among critics of the administration.”
It is also for the purpose of looking into “possible remedial legislation” to prevent and/or avert any possible power abuse from the President in the future.
“Due to the issuance of said proclamation, Senator Trillanes is effectively deprived of his liberty and is under constant threat of being arrested when in truth and in fact there is no basis for an arrest, as there is no arrest warrant, as there is no warrant and there are no cases filed against him justifying his arrest,” the resolution read further.
The Resolution was signed by Senators Franklin M. Drilon, Risa N. Hontiveros-Baraquel, Leila M. De Lima, Francis N. Pangilinan, and Paolo Benigno A. Aquino IV.
For his part, Mr. Duterte said in his interview with his legal counsel, Salvador S. B. Panelo, on Tuesday afternoon, “Kayong mga sundalo, kung bilib kayo kay Trillanes, punta kayo du’n.” (You soldiers, if you believe in Trillanes, go to him.)
“I am challenging Magdalo to start now, siguraduhin niyo na sa inyo ang sundalo. Kung kayo ang gusto,” the President also said. (Make sure the soldiers are on your side. If they want you.)
Following Mr. Duterte’s interview with Mr. Panelo, Mr. Trillanes told reporters: “I was advised by some senators to stay here for the time being until ma-clarify (until the AFP’s stand is clarified). We’ve been trying to get a categorical statement from the AFP if they will arrest me or not, the response was they will still arrest me.”
“The AFP said that since no TRO was issued, the proclamation still stands. So what Duterte is saying, it’s a trap.” — with Camille A. Aguinaldo and Arjay L. Balinbin

Duterte to ‘scout’ for new NFA administrator

By Arjay L. Balinbin, Reporter
PRESIDENT Rodrigo R. Duterte said on Tuesday he is looking for a new administrator to replace Jason Laureano Y. Aquino of the National Food Authority (NFA), as per the latter’s request to be relieved from his post.
He added he “may recommend to Congress the abolition of the NFA Council.”
In his televised “tete-a-tete” on Tuesday afternoon with Chief Presidential Legal Counsel Salvador S. B. Panelo, Mr. Duterte also said his office will pick the Philippines’ third telecommunications player if the Department of Information and Communications Technology (DICT) has no decision yet on that matter by November.
“Maybe late [or] early November ‘pag wala pa (if there is no decision yet) , I’ll take over. Ilagay ko ‘yan sa (I will put that under the) Office of the President, and I will invite all dito negosyante (the businessmen). I will decide in front of them,” Mr. Duterte said.
The President added that by “Christmas,” the government should be able to announce the country’s third telco player.
Regarding Mr. Aquino, the President said the official told him that “he is tired and he cannot cope up with the workings inside” the agency.
“I will scout for a new one (administrator),” Mr. Duterte said, in response to the persistent issue of short rice supply around the country.
Mr. Duterte said the NFA Council “hinders the operation” of NFA.
Last April, Mr. Duterte ordered the transfer of the NFA, which was formerly under the supervision of the NFA Council, to the Department of Agriculture (DA) headed by Secretary Emmanuel F. Piñol. Before the President’s order, Cabinet Secretary Leoncio B. Evasco, Jr. was the chairperson of the Council which has approval powers to import rice into the country.
Also in the same interview, Mr. Duterte said he is exploring buying low-cost rice from Sabah, Malaysia.
He added: “If worse comes to worst, I will open [the ports for] Sabah. Free-for-all, busog lahat.”
On the higher prices of goods, he said: “I am not denying….It has not lowered any notch… Economic managers are working on it.”
In almost all the questions asked by Mr. Panelo, Mr. Duterte inserted comments pertaining to embattled opposition Senator Antonio F. Trillanes IV and the amnesty granted to him in 2011 that Mr. Duterte revoked in a proclamation.
Sought for comment, University of Santo Tomas (UST) political science professor Marlon M. Villarin said: “The President’s goal was to emphasize the important things. Number one, he made this gesture that he will respect what the decision of the Supreme Court will be [on Mr. Trillanes’ amnesty]. Number two, he made an impression that his administration is in control of the situation. And number three, what he did was to really clarify what he really wanted to do on these issues. It’s like sharing the side of the government against those issues sensationalized by the mainstream media.”
PRESS CONFERENCE CANCELLED
Prior to Mr. Panelo’s televised interview with Mr. Duterte, the Presidential Communications Operations Office (PCOO) announced that the scheduled press conference of the President at the Malacañang Palace, which was supposed to be attended by both local and foreign reporters, was “no longer included” in the President’s activities for Tuesday.
In a short press briefing, Presidential Spokesperson Harry L. Roque , Jr. said “no cancellation happened.”
“What was scheduled will push through, but under a modified format,” he added.
In a mobile message to reporters, the PCOO said that instead of a press conference, the President was going to have a televised “tete-a-tete” with Mr. Panelo.

Impeachment complaint against seven SC justices dismissed

By Charmaine A. Tadalan
THE HOUSE COMMITTEE on Justice on Tuesday dismissed the impeachment complaints filed by opposition lawmakers against the seven Supreme Court justices who granted the quo warranto petition that ousted Maria Lourdes P.A. Sereno as Chief Justice.
“With 23 voting against the motion, the motion to declare the… impeachment complaints to be sufficient in substance is defeated,” Committee chair, Oriental Mindoro Rep. Salvador C. Leachon, said during the panel meeting.
“That being the case, the seven consolidated complaints against Chief Justice Teresita Leonardo-De Castro and six members of the Supreme Court are declared by this committee to be insufficient in substance,” he also said.
Mr. Leachon was acting on the motion of Siquijor Rep. Ramon V.A. Rocamora to vote on the complaints’ sufficiency in substance. Mr. Rocamora was the sole member of the committee to vote in the affirmative.
Mr. Rocamora said the justices had “prejudged the (quo warranto) case” against Ms. Sereno based on their testimonies before the Committee during the impeachment proceedings against her.
“(The) basic foundation of our justice system is the requirement that a judge should be impartial…and should appear to be impartial,” Mr. Rocamora argued. “Can you say they are impartial when they decided the quo warranto?”
Some members of the panel, however, said the justices merely testified in accordance with the subpoena issued by the House Justice Committee in the course of its proceedings on the impeachment complaint against Ms. Sereno.
“I believe the Justices should not be punished for respecting a co-equal branch of government….As resource persons, they helped this Committee in performing its constitutional mandate,” Cavite Rep. Strike B. Revilla said during his manifestation.
The Committee on Sept. 4 found the complaints sufficient in form. The panel will again hold a hearing on Sept. 18 to finalize a committee report that will be up for plenary approval.
The impeachment complaints, filed by Albay Rep. Edcel C. Lagman, Magdalo Rep. Gary C. Alejano, and Ifugao Rep. Teddy B. Baguilat, Jr., were for culpable violation of the Constitution and betrayal of public trust.
Also among the respondents are Justices Diosdado M. Peralta, Lucas P. Bersamin, Andres B. Reyes, Francis H. Jardeleza, Noel G. Tijam, and Alexander G. Gesmundo.

Typhoon Mangkhut intensifies as it nears PHL, exit forecast is Sunday

TYPHOON MANGKHUT, which will be locally named Ompong once it enters the Philippine Area of Responsibility (PAR), has intensified as it moves westward towards the northern part of the country. In its Sept. 11 update, weather bureau PAGASA said Ompong is expected to be within PAR by Wednesday afternoon and remain until Saturday. “The typhoon is threatening Northern Luzon and may traverse the Cagayan-Batanes area this Saturday. Tropical Cyclone Warning Signal (TCWS) # 1 may be raised as early as tomorrow evening (12 Sept.). The typhoon may strengthen the Southwest Monsoon bringing scattered light to moderate rains and thunderstorms over the Zamboanga Peninsula, Western Visayas and Palawan starting Thursday,” PAGASA said. National Disaster Risk Reduction and Management Council Spokesperson Edgar L. Posadas, in a press conference yesterday, said preparations by government agencies are underway for the potential impact of the typhoon.

Typhoon worst-case scenario: P7B damage in rice farms

AFP

THE REGIONS of Ilocos, Cagayan Valley, Central Luzon, and the Cordillera Autonomous Region may suffer damages in 1.2-million hectares of rice and corn farms, with crops almost ready for harvest, when potentially super typhoon Ompong (international name: Mangkhut) passes through the country, according to Agriculture Secretary Emmanuel F. Piñol.
“An estimated 1.2-million hectares of farms planted to rice and corn which are about to be harvested may be affected if Typhoon Ompong continues on its course and slams into Northern Luzon by Thursday or Friday,” Mr. Piñol said a Facebook post Tuesday.
Mr. Piñol said that in a worst-case scenario, 893,000 hectares of rice farms may be damaged, which would cost P7-billion.
Moderate projection for rice crop losses amounts to P3.3-billion, he added.
Corn damages, meanwhile, could cost P4.2-billion to P6.2-billion with an estimated 483,000 hectares at risk.
“The DA (Department of Agriculture) Field Offices in the four regions have been advised to activate their disaster monitoring offices and operate on a 24-hour basis to monitor the effect of the typhoon. The regional offices were also directed to prepare food supplies to be distributed to affected farmers in the aftermath of the typhoon,” according to Mr. Piñol.
He noted that the threat from the typhoon reflects the vulnerability of the agriculture and fishery sectors to adverse climatic conditions as well as climate change.
In an interview after a Senate budget hearing, Mr. Piñol said that despite the potential damages, supply of food is not expected to be adversely affected, and price of rice can still be expected to stabilize by November.
“It will not really adversely affect the supply situation toward the end of the year…Kinakabahan nga ko na baka biglang bumagsak ang presyo ng palay kasi nagsabay ang [pagdating ng] imported sa anihan (I’m actually anxious that palay price might drop dramatically because imported rice would arrive simultaneous with the harvest period),” Mr. Piñol said.
“By stabilizing, I mean, (there would be no) upward movement (of) prices,” Mr. Piñol said.
The National Food Authority, meanwhile, said that it has at least 750,000 bags stored strategically in its different warehouses in Luzon, including the National Capital Region, for distribution through accredited retailers and for relief operations during calamities.
“While we are hoping that the typhoon will not reach our country, or not be as devastating as projected, we already instructed our field offices especially in Regions 1 (Ilocos), 2 (Cagayan Valley), 3 (Central Luzon) and 5 (Bicol) that are projected to bear the brunt of typhoon Mangkhut, to protect our stocks, activate their operation centers, and be ready for possible relief operations during and after the typhoon,” NFA Administrator Jason Laureano Y. Aquino said in a statement.
“NFA has standing memorandum of agreements with relief agencies like DSWD (Department of Social Welfare and Development), OCD (Office of Civil Defense), as well as LGUs (Local Government Units) allowing them to withdraw rice on credit from the food agency for their relief operation anytime during calamities and emergencies,” Mr. Aquino added. — Reicelene Joy N. Ignacio

4-lane bridge in Miagao to open soon

THE TUMAGBOK Bridge in Miagao, Iloilo, which has been widened to four lanes from two at a cost of P200 million, will soon be fully opened to motorists, the Department of Public Works and Highways-Western Visayas-6 (DPWH) announced. “We are currently concreting the remaining two lanes of approaches on both sides of the bridge and when completed, we can fully open the bridge to the motorists and the general public,” DPWH-6 Regional Director Wenceslao M. Leaño, Jr., said in a statement. The bridge is part of the Iloilo-Antique Road, the main thoroughfare from Iloilo City to the southern part of Iloilo province and Antique. Miagao is home to the Santo Tomas de Villanueva Parish Church, a UNESCO World Heritage site, and one of the main campuses of the University of the Philippines Visayas.

Tagum gov’t urges 158 landowners affected by Mindanao railway to opt for negotiated sale

OFFICIALS OF the Department of Transportation (DOTr) and the Tagum City government met on Monday with residents who will be affected by the Mindanao Railway System (MRS), urging them to opt for a negotiated sale to get a higher price for their properties than when the government asserts the Doctrine of Expropriation. At the “stakeholders engagement,” Patmei B. Ruivivar, OIC-project manager for the MRS phase 1 covering the Tagum-Davao-Digos segment, explained that the DOTr has only until December this year to hold the funds needed for the negotiated sale for right of way and site acquisition. The MRS is targeted to begin construction by Jan. or Feb. 2019. The Tagum City government, in a statement, said 158 households will be affected. Mayor Allan L. Rellon, who is part of the project steering committee, asked for his constituents’ cooperation saying the government is working to ensure that the MRS implementation is “done in a manner that is more efficient, inclusive and transparent.”

P65M worth of pirated DVDs seized in Davao up for destruction

DIGITAL VIDEO Discs (DVDs) containing pirated content, with an estimated value of P65 million, are up for destruction after these were seized in Davao City by law enforcers last week. City Police Director Alexander C. Tagum said they are awaiting instructions on the disposal process and at the same time preparing the criminal complaints against the owners of 20 stalls where these illegal products were being sold. Aside from the DVDs, the police also seized the equipment used in producing these. Mr. Tagum said the items need to be publicly destroyed “because we want to dismiss the doubt that maybe these will be recycled (sold in the city and other areas).” The Optical Media Act of 2003 prohibits the production and sale of pirated DVDs. — Carmelito Q. Francisco

1 Abu Sayyaf killed in military operations to rescue kidnap victims

MILITARY FORCES conducting operations to rescue the remaining kidnap victims of the Abu Sayyaf Group (ASG) in the hinterlands of Sulu had an encounter with some 60 members of the bandit group early Monday, which left one ASG dead. Lt. Gen Arnel B. Dela Vega, commander of the Western Mindanao Command (WesMinCom), said the 21st Infantry Battalion of the Philippine Army exchanged fire with the ASG under Almujer Yadah and Idang Susukan in the mountainous village of Bungkaong. “This latest encounter only shows how persistent our forces are to track down the terrorist groups wherever they go to make sure that they are decimated and that remaining kidnap victims are also rescued,” Mr. Dela Vega said in a statement released late Monday. He said there was no casualty on the military side. WesMinCom records show that since January this year, 38 ASG members have been killed during encounters, 32 in Sulu and six from Basilan. The ASG is still holding at least 10 kidnapped foreigners and locals. Last May, the military leadership ordered WesMinCom to “wipe out” the ASG by end-2018. — Albert F. Arcilla

Nation at a Glance — (09/12/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

ECoP fears ‘excessive’ wage hikes due to inflation

AN ASSOCIATION of employers said the economy is not yet in crisis due to high inflation but added that its main concern is the potential for wages to rise to an “excessive” degree.
In a statement on Monday, the Employers Confederation of the Philippines (ECoP) said the difficulties experienced by the Philippines are nowhere near Venezuelan levels, but “an abnormal and unfettered rise in prices could also hurt employment and economic development.”
The Philippine Statistics Authority (PSA) said inflation in August was 6.4%, up from 5.7% in July. The Philippines currently has the highest inflation rate in Southeast Asia.
ECoP added: “There is anxiety on the part of business that wage boards might even grant an excessive salary hike to show compassion to labor and shift the burden to employers.”
It said, “Business too is equally affected by the inflation arising from the high cost of production, and the wage boards must be cautioned in granting such a non-correctible salary hike.”
ECoP expects labor groups to file for large wage increases, and added: “Granting such a petition will hurt the very engine that fuels economic growth in this country and will not help the more than 2 million jobless, the self-employed and the under-employed.”
The Associated Labor Unions — Trade Union Congress of the Philippines (ALU-TUCP) said earlier this month that the average daily minimum wage in the Philippines is P338, though buying power has been much eroded.
In June, TUCP party-list Representative Raymond C. Mendoza filed House Bill 7805 or “The Living Wage Act of 2018” which sought an across-the-board wage increase of P320 for all minimum wage earners in the private sector nationwide.
TUCP also filed a petition for a wage increase with the National Capital Region’s (NCR) Regional Tripartite Wage and Productivity Board (RTWPB), which ECoP asked the wage board to dismiss.
The daily minimum wage for NCR is between P475 and P512. The region will mark the anniversary of its last wage action this month, paving the way for another order to be issued.
ECoP said interest rate hikes represent monetary policy levers resorted to by the Bangko Sentral ng Pilipinas (BSP) but dismissed interest rates as a driver of prices of key commodities.
“While BSP is implementing monetary measures to address inflation, the surging price of rice is a purely supply and logistics issue,” ECoP added.
ECoP asked the National Food Authority (NFA) to address rice supply issues, and called for the speedy passage of the rice tariffication bill to liberalize the importation process and increase supply.
ECoP added that the government needs to consider suspending automatic tax increases on petroleum products, a move which “will temper further increases in the cost of transport and power and most importantly, rein in inflation expectations.”— Gillian M. Cortez