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Senators say Duterte brought ‘the dark ages’ after killing of Tanauan mayor

By Camille A. Aguinaldo
Senators Risa N. Hontiveros-Baraquel and Antonio F. Trillanes IV on Tuesday, July 3, said President Rodrigo R. Duterte has brought “the dark ages” and turned the country into the “murder capital of Asia” in the country following the killing of Tanuan City, Batangas Mayor Antonio C. Halili.
“Political assassinations, like extrajudicial killings, are direct assaults on democracy. They abandon modern procedural justice in favor of satisfying the lust for blood and violence. The President has brought us back to the dark ages,” Ms. Baraquel said in a statement.
She said the mayor’s murder may have been attributed to the “climate of killing and impunity” that Mr. Duterte has nurtured. She also raised concerns over the safety of ordinary citizens now that local government officials and priests could be killed in broad daylight.
For his part, Mr. Trillanes said Mr. Duterte has put the country into a “culture of violence, saying that nothing justified Mr. Halili’s murder despite his alleged links to the illegal drug trade.
“Now, for someone who promised to restore peace and order in our country during the campaign, it is ironic for a lot of people that Duterte has actually turned the Philipppines into the murder capital of Asia.”
Both senators also urged the Philippine National Police (PNP) to launch a full investigation into the incident. Mr. Trillanes asked the PNP to fulfill its mandate in protecting the citizens against criminals and to follow legal orders from their superiors.
Also on Tuesday, Malacañang called the killing of Mr. Halili as an “alarming” incident despite Mr. Duterte’s suspicion that the slain local official was involved in illegal drugs.
“[The] official statement of the Palace, despite the suspicion of the President, is that of course we are alarmed because killings of this nature should not be happening,” Presidential Spokesperson Harry L. Roque, Jr. said in a press briefing at the Palace on Tuesday morning, July 3.
He added: “[W][e are alarmed at the fact that it was in broad daylight and in such a public manner. Yes, we share the alarm and that’s why we have promised that we will leave no stones unturned in the investigation.”
Asked whether the culture of impunity is tolerated under the Duterte administration, Mr. Roque said, “Well, what we can assure you is that we are discharging the state obligation for every murder. We will investigate and accord the victims adequate domestic remedy.”

‘Japan nearly slayed the giant’ : cheers to tears for despairing fans

Tokyo — From Tokyo bars to a Buddhist temple, for millions of Japanese football fans the emotions were the same — pinch-me optimism to crushing disappointment, all in the space of 25 agonizing minutes.
As dawn broke over the country, during the closing stages of Japan’s last 16 match with Belgium in Rostov-on-Don, the Samurai Blue were 2-0 up and on course for their first World Cup quarter-final.
But by the final whistle, substitute Nacer Chadli had scored in injury time as Belgium fought back to win 3-2, stunning Japan’s packed bars and viewing areas into silence.
“I’m so frustrated,” Ryota Iwakiri said bitterly at a bar in Tokyo’s Shinagawa business district, as others tried to hold back tears.
“The game was like a roller-coaster. They let us dream of a victory at one point. They really had good momentum,” said Yuki Kakishita, an employee at a real estate agency.
Fans at the bar, some dressed in their team’s blue strip and with Japanese flags painted on their cheeks, had exploded with joy when Takashi Inui scored the team’s second goal.
“We were so excited when Japan took the lead. But Belgium were so tough,” said Shimon Otomo, a businessman still wearing his suit and tie.
Many fans at a public screening held their heads in their hands as Japan’s campaign came screeching to a halt.
At one Zen temple in the central prefecture of Shizuoka, hosting a public viewing event for the first time, the chief priest led fans in chanting a Buddhist sutra after the game.
“We asked visitors to watch the game calmly but everyone, myself included, couldn’t help but jump and shout when Japan scored,” the priest, Taiko Ishida, told AFP.
“It was a dramatic ending. The result was so regrettable,” he added.
‘They shocked the world’ 
The result was painful despite the dire pre-tournament predictions for Japan, who dumped their coach in April and had not been expected to make it out of their group.
New coach Akira Nishino was also bitterly criticised for ordering the team to run down the clock in their final group stage match, knowing a 1-0 loss to Poland was enough to advance.
Former Japan international Daisuke Ichikawa believed Belgium enjoyed a big slice of luck with their first goal, Jan Vertonghen’s looping header from 20 yards, while ex-captain Ryuzo Morioka said: “They (Japan) shocked the world”.
Many fans also consoled themselves with the fact that the team made it so far, and got so close to an unprecedented quarter-final spot.
“We lost, but they left everything on the pitch,” said 23-year-old Sawa Okada.
“Japan showed people that they are competitive on the world stage,” added Iwakiri.
“Japan nearly slayed the giant.”
Prime Minister Shinzo Abe took to Twitter to praise the team, saying the entire country had been “deeply moved by watching you do your best until the final second”.
World Cup fever has gripped Japan despite a time difference that meant Monday’s match aired from 3:00am on Tuesday local time.
In Tokyo, as the result sank in, people began to drift out of bars, heading into the subway where early-bird commuters were already making their way in to the office.
“It was worth staying up late to watch it,” said Otomo, polishing off a cocktail and straightening out his suit.
“I’ll have to go straight to the office now though, time to work hard again.” — AFP

Gordon calls for hike in military budget

Senator Richard J. Gordon on Tuesday, July 3, called for an increased budget of the Armed Forces of the Philippines (AFP) in order to build up the country’s defense capability, especially in dealing with the territorial dispute over the South China Sea.
“It is a folly for the Philippines to remain weak, dependent and reliant. To continue to undermine our defense capacity is an absolute folly and makes allies and ill-minded countries to look at us with derision. It makes us lose our dignity and self-respect. Let’s be friends with our neighbors, build up our alliances in Asia, but build up a credible defense capability. No other country will help us if they see we are not serious about helping ourselves with a reliable defense in air, and naval assets,” he said in a statement.
“By doing so, the whole world will respect us and prospective supporters will support us because we are showing our commitment to help ourselves,” he added. — Camille A. Aguinaldo

Asia stocks fall as yuan-slide contagion assessed

Stocks in Asia extended declines and the yuan slumped once again amid debate surrounding the impact of an escalating trade war and fear of contagion to emerging markets. Treasury yields dipped and the dollar steadied.
Share indexes in Tokyo and Seoul reversed earlier gains after China’s currency tumbled past 6.7 per dollar, a level that some had thought would trigger intervention from authorities. The yuan indeed showed a sudden comeback mid-morning, before dropping again. Hong Kong’s stocks tumbled in a catch-up after the city was off on holiday Monday. Australian stocks stood out, as they have repeatedly in recent weeks, as outperformers in the region. Equity futures signaled losses in Asia won’t extend into the U.S. and the U.K.
With U.S. trading desks thinly staffed ahead of the July 4 holiday, volume in American stocks was about 20 percent below average when the S&P 500 Index edged up. An expansion in U.S. manufacturing gave some comfort to concern borne out of reports in Japan, China and South Korea over the past few days about a weakening in global economic growth. The Trump administration’s planned imposition of tariffs against China will start on Friday.
Elsewhere, crude rose after declines Monday triggered by U.S. President Donald Trump putting pressure on Saudi Arabia to ramp up oil output.
These are key events coming up this week:
The Reserve Bank of Australia has its policy decision Tuesday. The U.S. celebrates Independence Day on Wednesday, July 4. Stock and bond markets are closed, along with government offices. Federal Reserve releases minutes of its June 12-13 meeting, when FOMC policy makers raised the benchmark rate a quarter point for the second time this year and lifted the median forecast to four total increases in 2018. U.S. payrolls are due Friday. Also on Friday, the U.S. is scheduled to impose tariffs on $34 billion of Chinese goods. Beijing has said it will slap tariffs on an equal value on U.S. exports including agricultural and auto exports.
Here are the main market moves:
Stocks
Japan’s Topix index dropped 0.7 percent as of 1:19 p.m. in Tokyo after rising as much as 0.5 percent earlier. Futures on S&P 500 and on the U.K.’s FTSE 100 Index were flat. Australia’s S&P/ASX 200 Index added 0.5 percent. South Korea’s Kospi dropped 0.3 percent. Shanghai Composite Index dropped 1.3 percent. Hong Kong’s Hang Seng tumbled 2.7 percent
Currencies
The Bloomberg Dollar Spot Index was flat. The euro slipped less than 0.1 percent to $1.1635. The yuan lost 0.5 percent to 6.6993 per dollar. The pound bought $1.3135. The Aussie held at 73.39 U.S. cents.
Bonds
The yield on 10-year Treasuries dipped one basis point, to 2.86 percent. Australia’s 10-year government bond yield was steady at 2.59 percent.
Commodities
The Bloomberg Commodity Index added 0.2 percent. It fell 1.9 percent on Monday, the most since November 2016. West Texas Intermediate crude added 0.9 percent to $74.60 a barrel. Gold lost 0.2 percent to $1,239.81 an ounce. — Bloomberg

Chinese firm develops police ‘laser gun’ designed to quell protests

Beijing, China — A Chinese firm has developed a laser gun designed for police use that can set fire to protesters’ hair or banners from a range of almost one kilometer.
The general manager of the ZKZM fiber laser company, who asked to remain anonymous, said the weapon would “immediately” produce a “strong pain response” in the target but stressed it was designed to be “non-lethal”.
“The weapon is designed to do things such as setting fire to illegal banners at a protest or setting fire to the hair or clothing of a protester,” he told AFP.
“It is not designed explicitly for killing like a gun that uses bullets and cannot cause the ‘instant carbonisation’ of human skin and tissues,” he added.
The 15-mm calibre weapon weighs three kilogrammes (6.6 pounds), has a range of 800 metres (2,600 feet) and can pass through glass and other transparent obstacles.
It can be mounted on cars, boats and planes, the firm said, adding that it was “seeking a partner that has a weapons production licence or a partner in the security or defence industry to start large-scale production”.
It is “mainly expected to be for Chinese police use”, the manager told AFP.
He said it would need to be upgraded to a “laser cannon” — with increased power — to become lethal and confirmed his firm was working on such a weapon.
But he noted there was an international agreement not to develop killer lasers and said any such weapons would be “inhumane… the pain would be unimaginable”.
Some experts were sceptical of the unveiling, saying laser weaponry was still a matter of science fiction.
Specialist website Techcrunch noted that “laser weaponry capable of real harm has eluded the eager boffins of the world’s militaries for several reasons”.
“The power required to set a person aflame instantly from half a mile away is truly huge,” the website stressed.
“The idea of one that weighs a handful of pounds and fires hundreds of instantly skin-searing shots is just infeasible today.”
Development of such laser weapons is not limited to China, with all the big defence players in the US working on prototypes for the Pentagon.
Last year, Lockheed Martin announced a 60-kilowatt laser weapon that is invisible to the naked eye and will be deployed against mortars and small drones. — AFP

Fed minutes may offer clues on rate-hike limits testing Powell

A discussion about how high US interest rates should go in this tightening cycle could feature prominently in the release of minutes later this week of the Federal Reserve’s June 12-13 policy meeting.
The record may also show officials debated the risks posed by a mounting dispute between the US and key trading partners, a stronger dollar and the flattening yield curve, concerns that could damp expectations for a faster pace of rate increases. The minutes will be released at 2 p.m. in Washington on Thursday.
Chairman Jerome Powell, in his post-meeting press conference, poured cold water on the idea that policy makers can precisely measure the level at which rates would have a neutral impact on the economy — a key to deciding when to stop hiking. But that wouldn’t have halted the discussion among policy makers, according to Joseph Song, senior U.S. economist at Bank of America Corp.
“It’s still something they’ll try to estimate, and still something that’s important for the path of policy,” Song said. “Knowing that range of estimates is significant, and whether the Fed believes it can get above that level.”
With unemployment falling to the lowest level since 2000 and inflation back up to their 2 percent target, officials raised the target range for the benchmark federal funds rate to 1.75 percent to 2 percent and released new forecasts at their meeting last month.
In those, the Federal Open Market Committee’s median projection for the number of rate hikes in 2018 moved up to four from three, though the move was driven by just one unidentified official changing his or her projection. The estimate for neutral was unchanged at 2.9 percent.
The minutes “might take a little of the hawkish air out of the June” projections, Song said.
Whether the Fed moves one or two more times in 2018 could hinge on actual inflation readings and inflation expectations. The past two Fed statements added an extra reference to the central bank’s “symmetric” inflation target, an addition seen by many as a signal policy makers would tolerate inflation slightly above their goal.
The Fed’s preferred gauge of annual price gains hit 2.3 percent in May. Though the meeting occurred before that inflation data was available, Gus Faucher, chief economist at PNC Financial Services Group Inc. in Pittsburgh, said the minutes may provide some signal on how Fed officials would react to higher inflation.
“They made a big point in emphasizing the symmetry of their inflation goal,” Faucher said. “How high are they willing to let inflation get? When do they start to worry.”
Fed watchers are also keen for more information on how officials are gauging the impact of escalating tensions over trade, driven by the Trump administration’s imposition of new tariffs and subsequent reactions from China, the European Union and other countries.
“The baseline hasn’t been impacted much — the impact on U.S. growth,” Faucher said. “That could change as we get more concrete tariffs and retaliation from trading partners and the cost becomes more apparent.”
Speaking since the FOMC meting, several officials have said the threat of a deepening conflict had begun to affect the investment and hiring decisions of U.S. firms. “Changes in trade policy could cause us to have to question the outlook,” Powell said June 20 in Portugal.
A stronger dollar might also make policy makers reconsider their forecasts. The Bloomberg Dollar Spot Index, which tracks the greenback against a basket of leading global currencies, has appreciated around 6 percent since mid-April.
The stronger dollar can mute inflation by making imports cheaper. It can also curb growth by hurting exports, an impact seen by economists as more persistent and consequential.
“That’s something that would push back on any expectations for faster rate hikes,” said Luke Tilley, chief economist at money manager Wilmington Trust Corp. and a former Philadelphia Fed staffer.
Then there’s the yield curve, or more specifically, the narrowing gap between yields on 10-year and two-year U.S. Treasuries. Investors demand a higher return for the longer-term commitment, so long as they believe the economy will continue growing. When they don’t, short-term yields can exceed the long end, inverting the yield curve and providing a historically reliable signal of a coming recession.
Most Fed officials, including Powell, have played down the recent flattening of the curve, pointing to technical reasons that have depressed longer-term yields. That hasn’t assured investors.
“The firming of the dollar, combined with a flattening of the yield curve, combined with a bad year for investment-grade credit returns, these are symptoms of a market worried about this cycle being long in the tooth,” said Joseph Lavorgna, chief economist for the Americas at Natixis SA. “If there’s anything hopeful in these minutes, it could be in some further discussion of the yield curve.” — Bloomberg

More than 2,700 new flight routes to open over next 20 years — ATR report

ATR, the world’s largest maker of turboprop aircraft, expects more than 2,700 new routes to be opened by 2037 as regional traffic and demand for turboprops continue to grow.
“Based on their current and recent success in opening new routes with the lowest risk, ATR estimates that turboprop aircraft have the potential to generate 2,770 new routes in the 20 years to come,” the company said in a statement on Monday.
ATR cited traffic growth in regional connectivity as the key driver for its market forecast. Growth of the regional routes, it said, “has been particularly intense in the period 2012 – 2017”.
Of the new flight routes, 440 of which will come from South East Asia. ATR also said it expects an annual growth of 4.5% in regional traffic over the period, of which 30% will come from routes that are yet to open. — Denise A. Valdez

Singapore Air courts PHL ‘luxury’ seekers with Boeing’s newest aircraft

Singapore Airlines (SIA) said it aims to court loyal customers with its new aircraft as it strives to stay competitive in a cost-sensitive Philippine market.
“It’s a market that’s very price sensitive. That’s a challenge. One of our biggest challenges is to make sure we’re competitive in the market,” SIA General Manager Balagopal Kunduvara told reporters in a press briefing at the Ninoy Aquino International Airport (NAIA) Terminal 3 on Tuesday, July 3.
He added, “There’s a small segment in the Philippine market who look for luxury, who are very loyal customers. It’s very important that we reward these customers to show our loyalty to them as well.”
The Boeing 787-10 Dreamliner, one of the 49 firm-ordered by SIA, arrived on Tuesday at the NAIA Terminal 3. The latest in Boeing’s Dreamliner series, the 787-10 features a longer fuselage than earlier Dreamliner models, allowing it to carry about 40 more passengers or a total of 330 seats in a standard two-class configuration. Boeing explained on its website that this additional capacity provides airlines “the lowest operating cost per seat of any widebody airplane in service today”.

SIA’s Mr. Kunduvara said that with four daily flights, the airline is aiming to increase the seats to “about 1,000 to 1,200 per day” with the acquisition of the new planes.
“So our objective is to get up to 80% to 90% load factor without compromising too much of our yield,” Mr. Kunduvara said.
The new aircraft will operate two flights to and from Singapore and Manila every day, adding to SIA’s three other daily flights which uses the 777/A333.
SIA was the world’s first airline to take delivery of the 787-10 in March this year. Osaka and Perth were the first scheduled destinations served by the new aircraft in May. — Denise A. Valdez

CNPF sets P1.8 billion capex for 2018

Century Pacific Foods, Inc. (CNPF) is ramping up spending to P1.8 billion this year to expand its capacity, while gunning for a single-digit growth in earnings amid rising costs of fuel and raw materials.
“Capital spending will be roughly around P1.5 billion to P1.8 billion this year. The vast majority of that would be for capital expenditures for capacity expansion,” CNPF’s newly-elected Executive Chairman Christopher T. Po said in a briefing after the company’s annual shareholders’ meeting in Ortigas Center on Tuesday, July 3.
The 2018 capex is higher than the P1.1 to 1.5 billion it committed to spend in 2017.
Mr. Po said the company would have to expand its tuna and can-making facilities as both are already hitting their full capacities. The tuna factory, for instance, is now running at 300- to 350 metric tons of tuna produced per day.
“We think the efficient scale for a new plant would be 50 to 100 metric tons of tuna produced a day. Once we finish this plant, it will satisfy our requirement for the next three to five years,” Mr. Po said.
The tuna in General Santos City is expected to be completed by the third quarter of this year. — Arra B. Francia

MPTC increases stake in Indonesian infra firm

An Indonesian unit of Metro Pacific Tollways Corp. (MPTC) has hiked its stake in Indonesian infrastructure firm PT Nusantara Infrastructure Tbk to more than 50% of its outstanding shares.
In a disclosure to the stock exchange on Tuesday, July 3, MPTC’s parent Metro Pacific Investments Corp. (MPIC) said PT Metro Pacific Tollways Indonesia (PT MPTI) acquired an additional 760 million shares in PT Nusantara, or 4.99% of the company’s total issued capital stock on a fully diluted basis.
The transaction, valued at a total of P597.33 million, or 79 centavos per share, was executed through a cross sale on the Indonesian Stock Exchange.
This brings PT MPTI’s total shareholdings in PT Nusantara to 53.26% of its total issued capital stock.
“The transaction is expected to enhance profitability and strengthen the balance sheet of MPTC,” the company said. — Arra B. Francia

Aussies ‘feared for safety’ after Manila basketball brawl

A “bruised and battered” Australian team feared for its safety and sought government help to escape the court after a mass brawl with the Philippine side at an international match in Manila, officials said Tuesday.
Basketball’s governing body FIBA has launched a probe following the chaos at Monday’s World Cup qualifying match where players exchanged flying kicks and punches.
A total of 13 players were ejected after the melee, with television footage showing a fan punching one of the Australian players and another fan throwing a chair at a visiting player.
“We had our players and team management and our coaches in fear of their physical safety,” Basketball Australia chief executive Anthony Moore told a news conference.
“Are we going to be able to get out of here unscathed?”
Moore said the Aussies “accept our responsibility for our role in last night’s incident” and were waiting for the sport’s governing body’s findings and sanctions.
“What we don’t accept is the action whereby fans and officials actually get involved in the fray,” he said.
The fracas kicked off after a Philippine player appeared to catch an opponent with an elbow in the game at the Philippine Arena outside Manila.
Moore said the visitors kept their players and coaches courtside after the game and sought help from the Australian embassy to get the team safely out to their bus and their hotel.
“Physically our players are fine, they’re, you know, bruised and battered,” Moore said.
“Our athletes and coaches actually stayed on the court for a considerable amount of time, (it was) the safest place for our players and our coaches,” he said, adding the team are flying out of Manila later Tuesday.
After the incident FIBA tweeted it was opening disciplinary proceedings against both teams, adding “The decision(s) will be communicated in the coming days”.
Officials for the Philippine basketball federation did not immediately return telephone calls and email by AFP seeking comment.
Thon Maker, one two NBA players on the Australian side, tweeted Tuesday he was “deeply disappointed in the actions displayed” and was taking responsibility for his own actions.
“My hope is that this experience provides a springboard for discussion regarding the security surrounding these games,” said the South Sudan-born Milwaukee Bucks centre, who was ejected from the match.
The Filipino players were later roundly roasted in social media after several members were photographed taking a group selfie apparently after the fight.
“Class,” NBA veteran Andrew Bogut, who has played previously for the Australian national team, wrote while re-tweeting a news account of the Filipino selfie. — AFP

June factory growth buoys Q2 reading

By Elijah Joseph C. Tubayan, Reporter
IMPROVEMENT in manufacturing activity eased in June from the preceding month as increases in output and new orders ebbed, according to the latest survey IHS Markit conducted for Nikkei, Inc. that nevertheless showed last month’s “solid” growth pushing the second quarter’s average Purchasing Managers’ Index reading higher than that of January-March.
The Nikkei Philippines Purchasing Managers’ Index (PMI) slid to 52.9 in June from 53.7 in May, placing the Philippines third among select Association of Southeast Asian Nations (ASEAN) members from second in the preceding month though still above the region’s 51.0 PMI that itself was down from May’s 51.4.
A PMI reading above 50 suggests improvement in business conditions compared to the previous month, while a score below that signals deterioration. The manufacturing PMI is composed of five sub-indices, with new orders weighing 30%, followed by output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

The report cited June’s slower increases in output and new orders, steady employment as well as elevated inflation and business confidence.
“Manufacturing conditions in the Philippines improved further at the end of the second quarter, buoyed by increases in both output and new orders,” the report read, noting that “[h]igher input inventories and stretched supply chains also boosted the headline PMI.”
“However, greater manufacturing activity failed to test firms’ operating capacity as reflected by lower backlogs which, in turn, weighed on hiring. Employment levels were broadly steady,” he added.
“Inflation meanwhile remained elevated, as did business confidence.”
Still, “[w]ith June data, the average reading for the second quarter was noticeably higher than the opening quarter of 2018.”
The report quoted Bernard Aw, IHS Markit principal economist, as saying that June survey results showed “the Philippines manufacturing economy continued to recover from the implementation of… tax reforms at the start of the year” with “improving demand conditions at the end of the second quarter.”
At the same time, the report cited “sharp input cost inflation” on a weaker peso, increased taxes, supply shortages and higher prices of fuel that was nevertheless slowest in five months.
“As a result, factory gate price hikes remained sharp, which could feed through to consumer inflation in the coming months,” Mr. Aw said, noting that headline inflation pierced the government’s 2-4% full-year target for the third straight month in May at a six-and-a-half year high 4.6%.
June inflation — scheduled to be reported this Thursday — is expected to have clocked slightly faster at about 4.7%, according to a median of a BusinessWorld poll of 12 economists, within the Bangko Sentral ng Pilipinas’ (BSP) own 4.3-5.1% estimate.
Projected faster inflation, Mr. Aw added, would add to “expectations of further rate hikes” after BSP’s 25 basis-point increases in its Monetary Board’s May 10 and June 20 policy meetings.
Angelo B. Taningco, economist at Security Bank Corp. said that firms continued to expand as they weathered price effects of tax reform and high global oil prices.
“Demand for manufactured items was deemed robust in June, which I believe may have been a time for further business expansion,” Mr. Taningco said in an e-mail yesterday.
“I think the strong business investment and government spending were both supported by TRAIN that in turn allowed manufacturers to sustain their healthy production despite rising costs induced by elevated global oil prices and peso depreciation,” he added, referring to Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion that slashed personal income tax rates to prod households to spend more and increased or added taxes on several goods and services when the law took effect on Jan. 1.
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, noted separately that “[i]n the first few months of the year, some firms were still testing the waters, adjusting their product prices gradually to prevent negative demand shocks.”
“When firms complete the process of passing input price inflation to consumers, we could probably see some improvement in firm profitability,” Mr. Dumalagan added.
“While this strategy could reduce the negative impact of rising prices, it could not totally eliminate all repercussions. In particular, this strategy could temper domestic demand.”
Within the Association of Southeast Asian Nations (ASEAN), Vietnam firmed its lead with a 55.7 PMI that was faster than its May reading, while Singapore dislodged the Philippines from second spot.
“The ASEAN manufacturing sector had its best quarter in four years,” Mr. Aw said in a regional report.
“However, both output and new orders grew at slower rates, while export demand weakened,” he noted.
“More concerning was new orders have now grown at a slower rate than output for three consecutive months, suggesting that production capacity could start to be reined-in in coming months,” he added.
“Furthermore, business confidence relating to future output fell to the lowest in the survey history.”

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