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SteelAsia output hits 1-million MT in 1st half

STEELASIA Manufacturing Corp. reported its output of steel bars jumped 11% year-on-year to over a million metric tons (MT) in the first half of 2018, citing strong demand from the public and private sectors.
In a statement over the weekend, SteelAsia said its six operating plants produced 1.02 million MT of reinforcing steel bars or rebars, up 11% from 925,503 MT recorded in the same period last year.
“We are fortunate to be able to ride on the current infrastructure boom. With sustained economic growth, we believe that SteelAsia along with the whole steel industry will also continue to grow and serve more customers,” said SteelAsia Chairman and CEO Benjamin O. Yao in the statement.
Of the total production volume during the January to June period, the biggest contribution came from SteelAsia’s steel mill in Meycauayan, Bulacan with 271,329 MT. The Meycauayan facility serves Metro Manila, central Luzon and northern Luzon.
This was followed by Davao Works which produced 257,032 MT, while Calaca Works in Batangas produced 255,147 MT.
SteelAsia also has a second mill in Meycauayan, Bulacan; Cebu Works in Carcar, which serves the Visayas region, and second mill in Mindanao located in San Martin Villanueva, Misamis Oriental.
In the next five years, SteelAsia will be investing P100 billion to more than double its capacity through more upstream facilities and establish three new integrated steelmaking plant.
The company has started construction of a seventh plant in Compostela, Cebu to serve the increasing demand of construction steel in the Visayas region. The facility, which will primarily manufacture wire rods, will have a capacity of 800,000 MT.
“We are deliberately bringing our plants closer to our customers. That way, we can give our customers the best price and service with just-in-time delivery and at the same time, help create more jobs for our people in the countryside,” Mr. Yao said.
Mr. Yao said the company hopes to break ground for two more plants this year — a wire rod plant with a capacity of 1.2 million tons in Concepcion, Tarlac, and a plant that can produce 500,000 tons of steel sections in Lemery, Batangas.
“These investments are focused on basic sectors to substitute imports and create linkages to support infrastructure development and downstream industries,” he added.
SteelAsia estimates local demand for rebars will hit 4.5 million tons by 2021. As for wire rods and sections, demand is expected to reach about 600,000 tons and 700,000 tons, respectively.
The completion of its five-year investment plan will bring SteelAsia’s capacity of finished steel products to 7 million tons and steel-making products at 4.3 million tons. — Janina C. Lim

UAAP weekend sale at SM Metro Manila malls

SM SUPERMALLS offers shoppers up to 70% off on dining deals, fashion promos, and more at the UAAP Sale, happening on Sept. 7 to 9 across SM malls in Metro Manila.
“This UAAP season, students can shop and celebrate their university colors, or have fun with friends at the first ever UAAP Sale, where they can experience a weekend full of fashion deals and dining treats in select SM malls,” Jonjon San Agustin, SM Supermalls senior vice-president for marketing was quoted as saying in a press release.
Participating stores will be giving discounts to students, faculty members, employees, and alumni of all the UAAP schools upon presentation of a valid ID at the counter upon purchase. The schools are: Adamson University, Ateneo de Manila University, De La Salle University, Far Eastern University, National University, the University of the East, the University of the Philippines, and the University of Santo Tomas.
The participating SM malls are: North EDSA, Megamall, Mall of Asia, Southmall, Aura Premier, Pasig, Fairview, Novaliches, San Jose del Monte, Sta. Mesa, Manila, San Lazaro, Angono, Taytay, East Ortigas, Marikina, Masinag, San Mateo, Cherry Antipolo, Bicutan, BF Parañque, Sucat, Las Piñas, Muntinlupa, Valenzuela, Sangandaan, The Podium, and S Maison.
The UAAP Season 81 opens on Sept. 8 at the MOA Arena with special performances from James Reid, Spongecola, and more. For ticket updates, visit www.smtickets.com or approach a school’s UAAP representatives.

On Canadian dairy farms, fear and frustration as US demands trade concessions

WINNIPEG, Manitoba/MONTREAL — Marie-Pier Vincent, a fourth-generation Quebec dairy farmer, worries it will be even harder to make ends meet if Canada allows more tariff-free imports of milk products from the United States under a reworked North American Free Trade Agreement.
Vincent, 28, is already looking for a second job to pay back the money she borrowed to strike out on her own two years ago and start up a 35-cow farm 100 km (60 miles) southeast of Montreal. She and Canada’s 11,000 dairy farmers made these investments trusting in the country’s price controls and protection from imports that have been in place since the 1970s.
Now she fears Canada could relax its controls and agree to admit more U.S. dairy.
“It’s a huge deal as I have a lot of debts,” she said. “We really hope there will be no concessions.”
U.S. President Donald Trump wants a reworked NAFTA deal that eliminates dairy tariffs of up to 300 percent that he argues are hurting U.S. farmers, an important political base for Republicans.
Canada is under pressure to reach a new NAFTA deal with Mexico and the United States by Friday after the bilateral deal announced by the United States and Mexico on Monday.
Canadian Prime Minister Justin Trudeau, whose federal Liberal government relies on support from Ontario and Quebec where most dairy farmers live, repeated on Wednesday that he will defend Canada’s dairy industry. If he makes concessions, he could harm his 2019 re-election chances.
But Ottawa is ready to make concessions on Canada’s sheltered C$21 billion ($16.3 billion) dairy market to save a dispute-settlement system, a provision that was dropped from an agreement that the United States and Mexico reached earlier this week, the Globe and Mail reported on Tuesday.
A Canadian government spokesman declined to comment on the report.
Quebec Premier Philippe Couillard warned Ottawa on Wednesday that any weakening of Canada’s supply management policies would have “serious political consequences.”
Ralph Dietrich tripled capacity at his Ontario farm over the past three years to 170 cows producing milk. Dietrich bought an additional farm and more production quota after Canadian farmers struck a deal to sell skim milk to the country’s processors at a lower price.
That deal, called Class 7, allowed them to compete with cheap U.S. supplies, and the move angered American farmers.
Ending the Class 7 deal, as U.S. Agriculture Secretary Sonny Perdue has demanded, would force farmers such as Dietrich’s son and son-in-law to reduce production.
“The two young people in the next generation would have a lifetime ahead of them of doom and gloom,” said Dietrich, who is chairman of Dairy Farmers of Ontario. “It would be the beginning of the end of supply management.”
Class 7 allows farmers to sell at a competitive price the protein-rich part of milk, called the skim, to Canadian dairies for use in making cheese and yogurt. Prior to Class 7 taking effect last year, Canadian dairies imported from northeastern U.S. processors greater quantities of a similar product that is not subject to Canadian tariffs.
François Dumontier, spokesman for les Producteurs de lait du Quebec, a dairy producers’ group, questioned how Canadian farmers could be stopped from setting their own prices.
“We sell the milk to processors at the price we want.”
Separately, surrendering greater tariff-free access for U.S. dairy, as Canada has done in past trade deals, would add to a steady erosion of supply management, said Manitoba dairy farmer David Wiens.
“Each time you do that you’re taking something away from the Canadian dairy industry and over time weaken the industry,” he said. — Reuters

Peso seen range-bound ahead of inflation data

THE PESO is seen to move sideways against the dollar this week as investors price in geopolitical developments abroad and await the release of local inflation data.
The local unit ended the month at P53.475 against the greenback as risk appetite was subdued following remarks by US President Donald J. Trump on the trade war with China.
Week on week, the peso slipped a tad from its P53.465-per-dollar finish on Aug. 25.
A foreign exchange trader said the peso will move “within the usual range” versus the dollar as market players “try to wait for the developments in the trade negotiations between the US and Canada.”
Mr. Trump threatened Canada anew after the two countries failed to reach a deal before the self-imposed Friday deadline, saying there is “no political necessity” to keep Ottawa in the new North American Free Trade Agreement deal.
“If we don’t make a fair deal for the US after decades of abuse, Canada will be out,” Mr. Trump said on Twitter.
“We’ll probably try to wait for developments in the trade negotiations between the US and Canada as well as what’s going to happen between US and China,” the trader said in a phone interview.
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, said the greenback might appreciate on Monday as “generally negative developments in the geopolitical sphere” might improve the dollar’s safe-haven appeal.
“Trade tensions between the US and its two trading partners — China and EU (European Union) — have hit the news last week,” Mr. Dumalagan said in an e-mail on Sunday.
Mr. Trump said in a Bloomberg interview he declined the European Union’s offer to eliminate tariffs on cars if it did the same, saying it was “not good enough” as “consumer habits are to buy their cars, not to buy our cars.”
Meanwhile, Mr. Trump has told his aides he is ready to slap additional tariffs on $200 billion worth of Chinese imports as soon as a public-comment period concludes on Sept. 6, Bloomberg said in a report.
From Tuesday until Wednesday, Mr. Dumalagan said the dollar could move sideways as “expectations of elevated Philippine inflation may initially weigh down on market sentiment,” making the safe-haven dollar attractive versus the riskier local currency.
Inflation likely accelerated to a fresh multiyear high in August due to higher food costs, according to a BusinessWorld poll, yielding a median estimate of 5.9%.
“The market’s direction, however, may change as focus shifts towards the [Bangko Sentral ng Pilipinas]’s monetary policy, which could turn more hawkish in the coming months in an effort to curb the rapid increase in domestic prices,” Mr. Dumalagan added.
Towards the end of the week, the market economist said, the greenback might appreciate again as likely firm labor reports could support another rate from the Federal Reserve.
US nonfarm payrolls are expected to remain above 150,000, the level considered as strong by the Federal Reserve. The unemployment rate, on the other hand, is seen to decline further to 3.8%.
For this week, Mr. Dumalagan sees the peso moving between P53.25 and P53.75 versus the dollar, while the trader gave a P53.30-P53.55 range. — Karl Angelo N. Vidal

Yields on gov’t securities down on safe-haven bids

EXPECTATIONS of a trade dispute escalating between the world’s two largest economies and the spillover effects of the Turkish lira to emerging markets sent investors into safe-haven buying mode, causing yields on local government securities (GS) to go down last week.
Week on week, GS yields declined by an average of 14.52 basis points (bps), data from the Philippine Dealing & Exchange Corp. as of Aug. 31 showed.
At the secondary market, the yield on the 91-day Treasury bills (T-bill) went down by 43.63 bps to fetch 3.2137%, while the 182- and 364-day T-bills saw their rates respectively go up by 4.89 bps (4.0903%) and 3.47 bps (4.8648%).
At the belly of the curve, the two-, three- and seven-year Treasury bonds (T-bonds) rallied, with rates going down by 23.60 bps (4.9711%), 22.12 bps (5.0734%), and 35.24 bps (6.1297%). Meanwhile, those of four- and five-year debt papers went up by 3.43 bps and 0.40 basis point, yielding 5.8768% and 5.7917%, respectively.
At the long end, prices on the 10-year T-bonds went up as the yield went down by 35.5 bps to 6.37%. On the other hand, the rate of the 20-year T-bond posted a 2.66-bp rise to 7.3217%.
“GS yields fell [last] week due to safe-haven buying amid lingering concerns over the trade war between the US and China as well as the possible spillover effects of the Turkish lira’s weakness,” said Land Bank of the Philippines’ (LANDBANK) market economist Guian Angelo S. Dumalagan.
“The decline in yields was generally consistent across the curve with the exception of some tenors whose yields increased possibly due to expectations of some hawkish policy moves from the BSP and the US Federal Reserve next month,” Mr. Dumalagan added.
The US-China trade war may take a turn for the worse as reports noted US President Donald J. Trump’s desire to impose further tariffs on another $200 billion worth of Chinese imports.
This is on top of the tariff on $50 billion of Chinese goods already imposed earlier, of which China responded in kind on US goods. Trade talks last week failed to make any major progress even as both the US and China were reported to have “exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship.”
Meanwhile, the US Federal Reserve opted to leave policy rates unchanged during its August meeting. However, the central bank is widely expected to tighten its benchmark rates next month. The minutes of the meeting pointed to expectations toward further gradual hikes as many officials said it would likely “soon” be appropriate to raise interest rates.
On the local front, Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr. said last week in a forum that they have “kept the door open” for further monetary policy tightening “as may be necessary” in order to temper price pressures.
To recall, inflation hit a fresh multiyear high of 5.7% in July, pulling the seven-month average in overall price increases to 4.5%, which is above the BSP’s 2-4% target range for 2018.
Looking forward, LANDBANK’s Mr. Dumalagan expects GS yields to move “with an upward bias” this week on account of a likely stronger Philippine inflation data and “generally firm” US labor reports that might increase hopes of a more hawkish central bank guidance this month. — VMPG

Shares seen to start September on positive note

By Arra B. Francia, Reporter
SHARES are expected to rise in the week ahead, taking cues from the positive finish in August and expectations for listed companies’ plans during last quarter of 2018.
The bellwether Philippine Stock Exchange index (PSEi) added 0.03% or 2.55 points to close at 7,855.71 on Friday. On a weekly basis, the index gained 89.24 points or 1.15%, while climbing 2.4% for the month of August.
“The week’s four-day trade swung between gains and losses, as sentiment took its cue from the latest United States-Mexico accord that could pave the way for a renegotiated NAFTA (North American Free Trade Agreement) deal. After moving within 7,679 to 7,875, the PSEi finished the week 89 points stronger at 7,855,” online brokerage 2TradeAsia.com said in a weekly market note.
Holding firms and services lifted the market as they rose 0.35% and 0.12% for the week, respectively. Foreigners recorded average net inflows of P104 million on the back of an average turnover of P7.05 billion last week.
Analysts are looking at a good start for the month of September, with expectations of the PSEi likely breaking the 8,000 resistance level soon.
“We are starting September with a lot of confidence and I have no doubt that the index will break and stay above that 8,000 key level. Breaking above it will start a climb to the upside which may even take us to the previous high of 9,000 before the end of the year,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market report.
Mr. Mangun noted that springing past the 8,000 level could push the PSEi’s momentum back to the 9,000 mark before the yearend.
“It is all going to come down to an increase in trading volume. Asian emerging markets are proving to be stronger than their counterparts in the west and if foreign investors start to take notice of that, we may see a significant increase in foreign funds,” Mr. Mangun explained.
Meanwhile, 2TradeAsia.com said investors will likely come back to the market given the end of the Chinese ghost month on Sept. 9.
“As the ghost month draws near its close, participants’ attention would be swayed to prospects in store for [the fourth quarter], specifically telco, infra, energy, property/tourism and exploration. It would be timely to start reviewing sequels to other M&A angles, given the resonating call to align resources and expertise accordingly,” the online brokerage said.
Investors will also look at how authorities will combat inflation.
Inflation data for the month of August will be released on Sept. 5. The inflation reading from September to December would have to hit 2.7% in order to stay within the government’s 2-4% range. The local central bank last Friday however said it predicts August inflation to end at 5.9%, faster than July’s 5.7% figure.
2TradeAsia.com placed the PSEi’s immediate support at 7,800, with resistance from 7,950 to 8,000.

OUTLIER: Jollibee Foods Corp. (JFC)

JOLLIBEE FOODS CORP. (JFC) was one of the most actively traded stock in the local stock exchange last week with analysts pointing to the rebalancing of a global equity index that increased the stock’s weight, as well as expansion and solid sales.
However, analysts also cautioned that elevated consumer prices remains a major headwind for the fastfood giant.
JFC was the tenth most traded stock last week, with P886.7 million worth of 3.1 million shares exchanged hands on the trading floor from Aug. 28 to Aug. 31 based on the data by the Philippine Stock Exchange.
Its shares closed at P288 apiece on Friday, up 0.7% from the previous day and was unchanged on a week-on-week basis. Year-to-date, JFC shares are up 13.8%.
Luis A. Limlingan, managing director of Regina Capital Development Corp., said some funds “decided to go heavier” on JFC following the rebalancing of the MSCI Philippines Standard index.
The rebalancing saw the index weight on JFC, along with Alliance Global, Inc., at the MSCI Philippines Standard index increase by 0.003% and 0.016% respectively, while those of Ayala Land, Inc. and SM Prime Holdings decreased by 0.002% and 0.003%.
Meanwhile, the Philippines saw its index weight in the MSCI Emerging Markets index decrease by 0.007%. The MSCI world equity index tracks large and mid-cap equity performance across 23 developed markets. The index covers approximately 85% of the country’s stock universe.
“Jollibee is expanding internationally and the sales are still solid, although there is margin erosion,” Regina Capital’s Mr. Limlingan said.
He also noted the issue on the company’s regularization of employees is “a bit of concern,” although it may not have much of an impact in terms of its financials.
JFC was one of the 20 companies with the most number of workers affected by labor-only contracting according to a list by the Department of Labor and Employment. Since then, JFC pledged to ramp up efforts to regularize their workers.
Meanwhile, JFC said in a regulatory filing that its net income attributable to equity holders of the parent company jumped 15% to P2.25 billion during the April to June period. This brought the first half figure to P4 billion, up 16% year on year.
Basic earnings per share for the second quarter rose 14.4% to P2.071 and by 15.1% to P3.728 for the first six months.
As of end-June, JFC had a total of 4,279 stores, 20% higher compared to the number of stores at the end of June 2017. Smashburger increased the JFC store network by 349 stores or 10%.
Aside from Jollibee, JFC’s brands include Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King in the Philippines. In China, JFC operates Yonghe King, Hong Zhuang Yuan and Dunkin’ Donuts.
Going forward, Regina Capital’s Mr. Limlingan expects JFC to finish “rather flat up to August” depending on the upcoming Philippine inflation report on Wednesday.
“I think if [inflation] reaches above six percent, it might see some sell-off,” he added.
Philstocks Head of Research Justino R. Calaycay, Jr. was of the same assessment, adding that while JFC may have caught investors’ attention last week, it may not be sustainable given the worries over rising food prices that may affect its earnings.
“The market is getting concerned over inflation and the food retail sector may take a hit in terms of a possible decrease in sales as patrons become more circumspect in their spending,” he said.
Mr. Calaycay noted that even if food items are “the last to go” when households “redefine” the allocation of their budgets, the rising input costs and the inflation-induced easing of demand may put a dent on both JFC’s top- and bottom-line figures.
“If the domestic market poses a drag, [then] JFC may find some temperance in its overseas sales. The aggressive expansion to foreign markets, including the acquisition of leader brands, should provide some buffer,” he said.
Mr. Calaycay gave JFC an initial support range at between P270-P275 and first resistance at the P300 mark: “We think the stock may move sideways ahead of the August inflation report.”
Regina Capital’s Mr. Limlingan, meanwhile, pegged the stock’s support at P280 and resistance at P295 this week. — Lourdes O. Pilar

Davao Agri Trade Expo 2018 hoping to promote foreign technology from Israel, Taiwan, NZ

DAVAO CITY — This year’s Davao Agri Trade Expo (DATE) will bring in farming technology from Israel, Taiwan, and New Zealand to help modernize and boost productivity in Mindanao and the rest of the country.
“The chamber reached out to them because we believe we really need this kind of technology to boost agriculture rather than utilizing traditional practices,” Davao City Chamber of Commerce and Industry Inc. (DCCCII) President Arturo M. Milan said in a forum last week.
Technology from these three countries will be presented and discussed during the Innovation Conference on Sept. 21, one of the highlights of DATE 2018 set for Sept. 20-22 at the SMX Convention Center.
Mr. Milan said aside from mechanization and processing techniques, the association is also aiming to push for Internet-based marketing and blockchain applications to finance agribusiness ventures.
“This is really designed for the Philippines… for us to expand our mindset and exposure to what they are doing abroad… considering our number one concern in agriculture in the Philippines and Mindanao is how we can increase productivity,” he said.
He added that while the Department of Agriculture has been investing in mechanization, dependence on carabaos, human labor, and solar drying along highways remains widespread.
DCCCII Vice-President John Carlo B. Tria, who chairs DATE 2018, said the Innovation Conference will also focus on the use of technology to maximize output from small farms, particularly those that have been parcelled out under the Comprehensive Agrarian Reform Program.
“The challenge there is how you create productivity even in small farms. In Taiwan and Israel, their farms are small (but) they can even export and compete with big economies. Why? Because they were able to do mechanization on a smaller scale,” Mr. Tria said.
“Now is the best time to talk about technology because our capability to see and understand is also the highest in history. I mean social media and online have made it accessible. It is time that we capitalize on them,” he added.
Blockchain technology firms such as Traxion will also be presenting opportunities for online marketing and financial transactions, especially for high-value fruits and vegetables.
Mr. Tria said blockchain as a platform can also bring together small investors to help fund agricultural ventures.
He added that the association is also expecting higher participation younger people, with many from Davao City expressing interest in agriculture-related businesses such as trading and small resort farms.
“Seeing this demand, we thought of tapping them, again by using technology… I think this is the hope that we are seeing over the last two years. The more young people are involved in agriculture and agribusiness, the brighter the future of agriculture is going to be,” he said.
DATE 2018, the 20th staging of the expo organized by the DCCCII, will highlight the “golden crops” of cacao, coffee, coconut, cassava, corn, rice, banana, and bamboo. — Maya M. Padillo

Urban chic


MICHAEL KORS’ latest line of bags shows three sides of the modern man: urbane sophisticate, casual cool guy, and a straight-up street-smart slicker.
The Jet Set line has backpacks with the ubiquitous MK logo, and features a zippered compartment in front. This also has a variant with white graffiti on a black background, echoing the streets of New York for an edgy vibe. The coated canvas it is made of gives it a luxe vibe.
Meanwhile, the Odin line gives one necessary cool vibes and comfort, as it’s made of black quilted neoprene, lending lightness to one’s daily load. The backs are also available in other colors. Backpacks from the Kent line, in nylon, feature prints such as houndstooth, for prep school cool without the actual pressure.
Finally, the Harrison line, made of leather, brings one from the streets to the board room, with textured leather and plenty of pockets on the inside to keep the look clean. — JLG

How PSEi member stocks performed — August 31, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, August 31, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — August 24-31, 2018
(Closing price as of August 31,2018)

Duterte’s Israel trip seen to boost economic ties

By Arjay L. Balinbin, Reporter
THE PHILIPPINE government is expected to ink up to 15 private sector agreements during President Rodrigo R. Duterte’s official visit to Israel this week, Philippine Ambassador to Israel Nathaniel G. Imperial said.
“I think the President wants to improve our economic relationship, especially the areas of trade and investment. And we expect around 13 to 15 bilateral private sector agreements to be signed. There will be a business forum for the business delegation, and the President will be keynoting this event during his visit here in Israel,” Mr. Imperial said in an interview as broadcasted by the Presidential Broadcast Staff — Radio Television Malacañang (RTVM) on Sunday, Sept. 2.
In his departure speech at the Ninoy Aquino International Airport (NAIA) on Sunday afternoon, Mr. Duterte said: “I leave today for landmark visits that underscore our vision for our country — a responsible member of the world community — a Philippines that is a friend to all and an enemy to no one.”
Mr. Duterte and the members of his delegation are undertaking official visits to Israel from Sept. 2 to 5 and to Jordan from Sept. 5 to 8. He noted that he will be meeting overseas Filipino workers (OFWs) in both countries during his visit. “About 28,000 Filipinos in Israel and there are 48,000 Filipinos in Jordan and you know, without mentioning anything, there’s a volatile situation there and we have to be sure that our citizens are fully protected,” he said.
With the Israeli government, Mr. Duterte said he will “seek…a robust relationship that looks forward to broader cooperation on a broad range of mutually important areas such as defense and security, law enforcement, economic development, trade [and] investments, and labor.”
As for his visit to Jordan, the President said he looks forward to discussing “ways [of] advancing cooperation in the key areas of improving defense and security, sustaining growth, addressing transnational crime, intensifying trade and investments, and enhancing labor cooperation.”
“A business delegation from different sectors of the Philippine economy will be there in order to explore the diverse trade and investment opportunities that make Jordan and Israel more tempting to offer. Of course, we will invite their business leaders to look at our own rich market potential,” he also said.
For his part, Presidential Spokesperson Harry L. Roque, Jr. said in a text message that Justice Secretary Menardo I. Guevarra, who is a former senior deputy executive secretary, will be serving as the government’s caretaker while the President is away.
Besides Mr. Roque, other members of Mr. Duterte’s delegation are Executive Secretary Salvador C. Medialdea, Foreign Affairs Secretary Alan Peter S. Cayetano, Labor Secretary Silvestre H. Bello III, Trade Secretary Ramon M. Lopez, Environment Secretary Roy A. Cimatu, Energy Secretary Alfonso G. Cusi, National Security Adviser Hermogenes C. Esperon, Jr., Special Assistant to the President Christopher “Bong” T. Go, Presidential Adviser on Political Affairs Francis N. Tolentino, Sen. Richard J. Gordon, Department of Interior and Local Government (DILG) Officer-in-Charge (OIC) Eduardo M. Año, and Philippine Coast Guard Commandant Elson E. Hermogino.
In Israel, Mr. Duterte is expected to visit significant spots such as Yad Vashem or the World Holocaust Remembrance Center and the Open Doors Monument. It will be recalled that in 2016, Mr. Duterte sparked outrage over his remarks comparing his administration’s controversial war on drugs to Adolf Hitler’s genocide of millions of Jews.

Duterte: No ‘serious offense’ to warrant firing Piñol, NFA officials

PRESIDENT RODRIGO R. Duterte on Sunday said he will not fire Agriculture Secretary Emmanuel F. Piñol and the officials of the National Food Authority (NFA) despite shortages of low-cost rice stocks in some regions, saying that “(m)aybe the laws are weak or unenforceable; all we have to do is to improve on those laws, not necessarily fire people.”
In an interview with reporters at the Ninoy Aquino International Airport (NAIA) before his flight to Israel on Sunday afternoon, Sept. 2, Mr. Duterte said “all officials… are bound by laws on the matter…[and] there are laws to be followed.”
He added: “And I don’t see any serious offense there. We have not really lost anything except that there’s [an] aberration in the market.”
Last week, Mr. Piñol said in an interview on ANC that the NFA Council should legalize smuggling of rice in order to address the shortage of supply in western Mindanao.
Mr. Duterte said when sought for comment: “The smuggling itself? No, of course not (Mr. Piñol should not be fired). That would be destructive to the economy. You’d put down the market in turmoil. Smuggled rice unrestrained, that would promote disorder in this country.” He also stressed “those smuggled rice have not paid any taxes or tariff.”
As for the rice traders, Mr. Duterte said: “Now, I’m just warning the traders….Do not force me to resort to an emergency measure, because if you do that and time is very limited, I will not allow Filipinos to go hungry.”
For those found hoarding rice, Mr. Duterte said he “will not hesitate to exercise the powers of the President.”
“I will ask the military and the police to raid your warehouses, bodegas. And I will just get your [stocks] — subject of course to just compensation. I can do that and if, I said, you force me, I will,” he also said, reaffirming his threat against rice hoarding in his State of the Nation Address last July.
In a press release last Friday, the Bureau of Customs (BoC) said it “filed criminal charges against the officers of Red Star Rising Corporation and Sta. Rosa Farms for smuggling millions worth of sugar and rice, respectively.” — Arjay L. Balinbin

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