Facebook Instagram Linkedin X Youtube
Home Blog Page 12361

PSE index bleeds as inflation exceeds estimates

THE MAIN INDEX bled on Thursday after June inflation data turned out to be much faster than expected.
The benchmark Philippine Stock Exchange index (PSEi) plunged 1.56% or 114.85 points to 7,233.57 Thursday, July 5, snapping its longest winning streak since February. The broader all-shares index also dropped 1.04% or 46.42 points to 4,407.62.
“June inflation kicked up 5.2%, surpassing all estimates… It comes as little surprise that the PSEi dropped over 100 points, settling at 7,233.57 confirming resistance at the 7,250 mark, erstwhile the bear market line broken late last month. Until this is sustainably broken, the consensus that we are in the embrace of the bear holds,” Philstocks Financial, Inc. Research Head Justino B. Calaycay, Jr. said in an e-mail.
The Philippine Statistics Authority on Thursday reported inflation accelerated to a fresh five-year high of 5.2% in June from May’s 4.6%, bringing the year-to-date inflation average to 4.3%.
The June inflation print surpassed the Bangko Sentral ng Pilipinas’ (BSP) 4.3-5.1% estimate range for the month, the Department of Finance’s estimate of 4.9% and the market consensus of 4.7%.
BSP Governor Nestor A. Espenilla, Jr. called the result a “setback,” saying this will “shape the strength and timing of our next monetary policy response to firmly anchor inflation expectations.”
“All eyes would now be on the BSP as the high and unexpected inflation figure will surely have a heavy hand in their next monetary policy meeting on Aug. 9,” Papa Securities Corp. trader Gabriel Jose F. Perez said in an e-mail.
Philstocks’ Mr. Calaycay said they are looking at “at least one or even two more tweaks to the BSP policy rate” to combat higher inflation.
“While government seems still in “denial” over TRAIN’s (Tax Reform for Acceleration and Inclusion) impact on the prices of basic goods, the body of evidence to the contrary is growing. But whether the argument is valid (or false), it is the perception of the former that has lent apprehension to investors,” Mr. Calaycay said.
All sectors ended in negative territory, with holding firms leading the decline with a 2.09% drop or 151.76 points to 7,101. Industrials slumped 1.31% or 138.03 points to 10,327.84, followed by financials which shed 1.25% or 22.56 points to 1,776.03.
Property gave up 0.74% or 27.13 points to 3,598.11; services went down 0.64% or 9.21 points to 1,409.06; while mining and oil slipped 0.01% or 1.74 points to 9,667.88.
Value turnover remained slim at P5.20 billion after some 680.84 million issues switched hands, albeit higher than the P4.94-billion turnover seen on Wednesday.
Foreign investors turned sellers with net foreign outflows reaching P524.71 million, immediately reversing the previous session’s net purchases of P449.85 million. Decliners prevailed for the day at 113, versus 75 gainers and 60 that remained flat. — Arra B. Francia

Lacson: Halili’s family sees gov’t hand in murder

By Camille A. Aguinaldo
SENATOR Panfilo M. Lacson on Thursday said the family of slain Tanauan City Mayor Antonio C. Halili suspect the government was behind his murder last Monday.
“The family shared their suspicions to me yesterday that the government may have been involved. I wanted to ease their mind and calm them so they would not prejudge and wait for the police to conduct their investigation,” Mr. Lacson said at the Kapihan sa Senado forum on Thursday.
“As indicated to me by the family when I visited yesterday afternoon, they are implying some indicators. It’s like they are suspecting the government itself,” the senator also said in a mix of Filipino and English.
The slain mayor’s family also disclosed their “apprehensions” on whether to trust the police and also told the senator that the gunman conducted a four-week surveillance on Mr. Halili, using at least two vehicles.
“With the wherewithal and manner, stage-managed, it’s really well-planned, there is precision. Let’s say the suspect has the capacity,” said Mr. Lacson, a former Philippine National Police chief.
He said Mr. Halili was a “longtime friend” whom he met when he was still a captain in the then Integrated National Police. He also dismissed allegations that the slain mayor was involved in illegal drugs.
“He was not a saint nor an angel. That much I can say. But involvement (in) drugs, at least with the limited network I also have, I know he was not involved,” he said.
The senator said he is also conducting his own inquiry into Mr. Halili’s murder.
He said the family’s suspicion should challenge the PNP, the National Bureau of Investigation (NBI) and the whole government to immediately resolve the incident.
He added that the PNP should also renew its campaign against loose firearms since the agency should be at the forefront in enforcing Presidential Decree No. 1866, which codifies the laws concerning the use of firearms, ammunition or explosives. He also reiterated calls for stricter gun control measures.
‘SPECULATION’
Presidential Spokesperson Harry L. Roque, Jr., who was sought for comment regarding Mr. Lacson’s remarks, said, “Well, that’s a speculation. Unfounded at that, because apparently iba’t ibang aspeto ngayon ang lumalabas sa pag-imbestiga kay Halili at mayroon ding aspeto na iyon na nga (there are different aspects to the ongoing investigation on Mr. Halili’s killing, and there is also one aspect that) it is still borne out of the drug trade. That’s one of the angles that they are looking out although mayroon pang dalawang anggulo, pulitika at negosyo (there are also two other angles, business and politics).”
Mr. Roque also said of the government’s “narco-list” that “there’s no mandate to kill them (those in the list).”
On the killing of General Tinio, Nueva Ecija, Mayor Ferdinand P. Bote last Tuesday, Mr. Roque said, “In fairness, no one is accusing the government (in) the killing of Mayor Bote, because he is an administration ally.”
“May aspeto ng pulitika at negosyo (There are political and business aspects on that),” he added.
Mr. Roque also said the Union of Local Authorities of the Philippines (ULAP) had a dialogue with PNP Chief Director-General Oscar D. Albayalde.
“Ilan sa mga concerns ng ULAP ay kung paano yung mga mayor na pinagbabawalan ng armas sa Mindanao dahil sa martial law. May concern din vetting process sa narco-list at ano yung proseso kung paano maalis sa listahan,” Mr. Roque said. (Among ULAP’s concerns is the ban on firearms in Mindanao, which is under martial law, and how this should be applied to the mayors. Also on the vetting process in the narco-list and the procedure to be stricken off that list.)
On the meeting with President Rodrigo R. Duterte that is being sought by the League of Municipalities of the Philippines, Mr. Roque said it is “subject to availability” of the President. “We will accommodate [them], but subject to availability.” — with Arjay L. Balinbin

Malacañang to issue order on suspension of ERC commissioners

By Arjay L. Balinbin, Reporter
MALACAÑANG said it will execute today, July 6, an order in line with the Office of the Ombudsman’s suspension of Energy Regulatory Commission (ERC) commissioners Josefina Patricia M. Asirit, Alfredo S. Non, Geronimo D. Sta. Ana, and Gloria Victoria C. Yap-Taruc.
Presidential Spokesperson Harry L. Roque, Jr. said in a text message when sought for comment: “OP (Office of the President) will execute suspension tomorrow.”
Mr. Roque said he “got (the) confirmation” from the office of Executive Secretary Salvador C. Medialdea.
In his press briefing on Thursday morning, Mr. Roque said, “Well, if there is no TRO (temporary restraining order) against the second suspension, I think some of them are lawyers, they know that is usurpation of authority.”
“At least they should know that there is a crime possibly being committed by them,” he added.
In its 14-page decision dated May 18, the Ombudsman ordered the ERC commissioners suspended for three months after they were found “guilty of simple neglect of duty.”
Sought for comment, Rolando B. Faller, legal counsel of the commissioners, said the Office of the Executive Secretary (OES) has not issued a directive to implement the suspension order.
“While there is no TRO issued by the CA, there is also no directive from the Office of ES Medialdea to implement the suspension order,” Mr. Faller said Thursday afternoon.
He added: “The four commissioners will stand ready to comply with the directive if one is issued and served upon them. If they will abandon their office, then, that constitutes abandonment of office, which is a crime. The Decision of the OMB is clear that the implementation of the suspension is coursed through the OP (Office of the President).”
When sought for comment, Mr. Roque said: “Preliminarily, of course, defense counsel will say that! There can’t be abandonment when there’s a legal suspension order! Is it stated in the Order that OP should enforce?”
The Ombudsman’s decision came after consumer advocacy group National Association of Electricity Consumers of Reforms, Inc. (Nasecore), represented by its Executive Director Rafael Antonio M. Acebedo, filed a complaint of grave misconduct against the ERC commissioners on Dec. 13, 2017.
The case, according to the decision, “stemmed from the alleged unauthorized use by Meralco of the bill deposits of consumers, and the unjust/discriminatory fixing of interest rates thereon, as well as the non-crediting thereof in favor of the consumers.”
In a statement issued last month, Nasecore said that it was “the second time the Ombudsman has ordered the suspension of the same ERC Commissioners, the first was in December of last year ‘for conduct prejudicial to the best interest of the service aggravated by simple misconduct and simple neglect of duty’ for allegedly excluding [Meralco] and other firms from a competitive selection process (CSP) meant to ‘elicit the best price’ for consumers.” — with Victor V. Saulon

Gov’t still open to talks with Reds but with parameters

By Carmelito Q. Francisco, Correspondent
DAVAO CITY — Despite the apparent fallout between the Philippine government and the National Democratic Front of the Philippines (NDFP), Presidential Peace Adviser Jesus G. Dureza said the Duterte administration is still open to the peace talks.
“The doors for the resumption of peace talks with the NDFP are still open,” said Mr. Dureza in a statement Thursday.
He, however, qualified that President Rodrigo R. Duterte will only go back to the negotiating table if certain parameters are complied with.
He listed these parameters as: No coalition government would be forged; ending the collection of the “so-called revolutionary tax” by the New Peoples Army (NPA); signing of a cease-fire agreement under which armed NPA members would be encamped in designated areas; and the venue of the negotiations would be in the country.
Mr. Dureza said the President is also hoping that Norway will continue to take part as facilitator of the talks should there be a resumption.
In the meantime, added Mr. Dureza, “localized peace arrangements may be pursued by the local government units with the insurgents in their respective areas of responsibility.”
“This ‘way forward’ in the stalled peace talks was decided following the consolidation of various positions expressed during the command conference convened by President Rodrigo Roa Duterte last night in Malacañang,” he said.
Exiled NDFP consultant Jose Maria Sison, founder of the Communist Party of the Philippines, earlier said he cannot pursue any talks with the government until Mr. Duterte is no longer in office.

Forum flags democracy and governance under test on several fronts

By Charmaine A. Tadalan
FROM the drug war to the economy, “Democracy and Governance” has been challenged today to the point that now warrants upholding the truth, resource speakers said in a forum on Thursday with that theme.
Lawyer Jose Manuel I. Diokno said the people must continue to “live in truth.”
“When we live within the truth, we break through the facade of the system and unmask the real nature of its power,” Mr. Diokno said in the forum organized in part by the Philippine Center for Investigative Journalism.
Mr. Diokno, who is also dean of the College of Law at the De La Salle University, noted that “I don’t have to tell you the state of civil and political rights and the rule of law under the present dispensation because it is obvious.”
“I submit that the reason why this administration is condoning if not encouraging the use of guns to dispense justice is because a government based on the rule of power thrives on fear and violence, seeks ‘to eliminate all expressions of non-conformity’ and wants to consign our reason and conscience ‘to a higher authority,’” he said.
“When we live within the truth, we reclaim our inherent human dignity and self-worth,” Mr. Diokno also said, as he cited the examples of fishermen in the West Philippine Sea, journalists critical of the administration, human rights defenders against the drug war.
For his part, Professor Emmanuel S. de Dios of the University of the Philippines School of Economics said the government’s economic reforms are “self-defeating,” referring to the administration’s infrastructure program and the new tax reform law.
The government, according to Mr. de Dios, has not been fully efficient in implementing the “Build, Build, Build” program. “The problem with that situation is that it undermines the case for new taxes. You’re not even hitting your infrastructure spending budget… and then you’re demanding new taxes,” he said.
He added the recorded growth rate of 6.7% is “below (the) government’s own targets of 7 to 8 percent.”
“Hindi dapat tayo masiyahan nang madali (We shouldn’t be easily satisfied). (According to the) long term trend, you should be growing at 7%. Why is that not happening?” he said.
For his part, lawyer Christian S. Monsod tackled the government’s efforts to overhaul the 1987 Constitution that he helped draft in 1986, and the shift to a federal system, which he opposes.
Citing UP Political Science Professor Gene Lacza Pilapil, Mr. Monsod said there is no consensus on the superiority of a federal to a unitary system of government.
“If there is no superiority of either one, why the need to overhaul?” he added.
For her part, retiring Ombudsman Conchita Carpio-Morales said her agency “has prioritized resolving grand corruption cases,” citing for example the controversial Priority Disbursement Assistance Fund (PDAF) scam.
“Where does this claim of selective justice coming from?” she said.
During her term, Ms. Morales was able to increase the conviction rate to 77% in 2016 from 41% in 2011.
Among her accomplishments was handling over 19,000 cases she inherited in 2011, which her Office had to work on in addition to the annual intake of 5,000 cases.
“The collective efficiency of the workforce brought the number to a steady decline over the years, to a manageable number of around 6,000 by the end of 2017,” she said of the Ombudsman’s reduction of case load.
“If the next leadership would not turn a cold shoulder on the existing initiatives, wheels need not be reinvented, only improved,” Ms. Morales said.

NutriAsia to appeal DoLE ruling on company workers

NutriAsia Inc. in a statement on Thursday said it will appeal an order this week by the Department of Labor and Employment (DoLE) to regularize 80 workers under the company’s arrangement with AsiaPro Multi-Purpose Cooperative (AsiaPro).
In the statement, NutriAsia Spokesperson and Head of Human Resources Thelma Meneses said they “respect DOLE Region 3’s ruling regarding AsiaPro.”
She added: “As reiterated by (Undersecretary) Joel Maglungsod, the regional level’s decision is not final and executory. We will invoke our right to appeal at the Office of the Secretary of Labor.”
DoLE Secretary Silvestre H. Bello III said when sought for comment Thursday, “(It) is true that it isn’t final because that is ‘appealable’ for us.”
He added that, as Labor Secretary, he is the one who “decides whether to affirm or revert the decision (by DoLE Region 3).”
DoLE had earlier ordered AsiaPro “to cease and desist from further engaging in contracting activities.”
Regarding contractor B-Mirk Multi-Purpose Cooperative, Ms. Meneses said, “We welcome DoLE Region 3’s ruling about B-Mirk’s striking employees who are still barricading our gates in Marilao on (their) 31st day.”
“It has indeed been established that both NutriAsia and B-Mirk are not engaged in labor-only contracting practices,” added the spokesperson for the company behind popular brands Datu Puti, Golden Fiesta, Mang Tomas, and UFC, among others.
NutriAsia has updated its Web site on DoLE Region 3’s ruling, saying, “We welcome the ruling of DOLE Region 3 which confirms that the striking workers are legitimate employees of the B-MIRK group.”
“In light of this ruling we choose to be compassionate and will work hard to bring this labor dispute to a peaceful resolution,” the company also said. — Gillian M. Cortez

Nationwide Round-Up

3 DoTr officials suspended over P3-M fund

THE DEPARTMENT of Transportation (DoTr) has suspended three officials who are facing corruption allegations. In a statement, the agency said Transportation Secretary Arthur P. Tugade ordered on June 29 the 90-day suspension of Office of Transportation Cooperatives (OTC) Chairman Emmanuel C. Virtucio, OTC Executive Director Eugene M. Pabualan, and Finance and Administrative Division Chief/Special Disbursing Officer Wilfredo M. Clave, Jr. An investigation is ongoing on the accusations of grave misconduct against the officials, who were given 72 hours to respond. “On December 15, 2017, the DoTr downloaded P3.3 million to the OTC for the implementation of the PUV Modernization Program. But, based on the Commission on Audit’s (CoA) Report for 2017, upon downloading of the funds, the OTC immediately released the total amount as cash advances — P2 million to Pabualan and P1.3 million to Clave, which they deposited to their respective personal accounts,” DoTr said. It added that CoA found an unliquidated balance of almost P3 million. “Ipaliwanag nila kung ano ang ginawa sa three million. Kung hindi ay hindi na sila muling makakatungtong sa kanilang opisina (They must explain what they did to the P3 million. If not, they won’t be able to step back into their offices again),” Mr. Tugade said. The secretary has also put on hold the downloading of funds to the OTC until the P3.3 million is fully liquidated. Mr. Virtucio was also flagged by the CoA report for various other violations such as charging unauthorized fees, not complying with policies on travel expenses, procurement of a vehicle and other common supplies, and hiring of unqualified staff. Secretary Tugade said the officials will be given a fair investigation, but he warned “heads will roll if they were proven guilty,” the statement said. — Denise A. Valdez

JBC to vote on Ombudsman short list in 2 weeks

THE JUDICIAL and Bar Council (JBC) will draft on July 20 its short list of Ombudsman candidates, according to Ex-Officio member Justice Secretary Menardo I. Guevarra. In a text message to reporters on Thursday, Mr. Guevarra said, “(the) JBC will vote on July 20 and send the short list to (President Rodrigo R. Duterte) on the same date.” The JBC is the constitutional body tasked with screening applicants for positions in the judiciary and in the Office of the Ombudsman, then makes a list of recommendations from which the President will make his choice. Ten candidates, including Supreme Court Associate Justice Samuel R. Martires and Labor Secretary Silvestre Bello III, are vying to replace retiring Ombudsman Conchita Carpio-Morales, who is set to end her seven-year term on July 26. — Dane Angelo M. Enerio

Joyce Bernal to direct SONA

FILM AND television director Joyce E. Bernal will be directing President Rodrigo R. Duterte’s third State of the Nation Address (SONA) on July 23, Communications Secretary Martin M. Andanar confirmed through a text message to Palace reporters on Thursday. He also said that he will “find out” who will be tapped for the “catering” and the President’s “barong.” — Arjay L. Balinbin

VP on ‘basketbrawl’: Strength comes with self-control

“COURAGE OFTEN demands restraint; strength must come with self-control. And many victories have been lost for failure to grasp this truth,” Vice-President Maria Leonor G. Robredo said in a statement on Tuesday night, commenting on the brawl during Monday night’s basketball game between Australia and the Philippines. Ms. Robredo noted “so many other pressing concerns currently confronting our nation,” in the context of which the fracas “may seem like a trivial matter.” But, she added, “this is an issue that strikes a chord with many of us, simply because it is not just about the basketball game itself nor the fracas that followed, but about our own individual notions of what it means to be Filipino.” “Patriotism and courage, however, must mean more than giving vent to our anger, even during the times when there is ample justification for it,” she said. The vice-president also noted that regrets and apologies have been made, which she pointed out “is the deeper expression of Filipino pride: owning up to our mistakes, and doing what is necessary to set them right.”

Provincial bus restriction along EDSA moved to Aug. 1

THE METROPOLITAN Manila Development Authority (MMDA) announced yesterday that the planned regulation of provincial buses along EDSA will be implemented starting Aug. 1 instead of July 15. In a statement, MMDA said the restriction schedule has also been changed to 7-10 a.m. and 6-9 p.m. on weekdays for both northbound and southbound buses. The restricted area is between Cubao, Quezon City and Pasay City. “The changes were agreed during an emergency meeting with provincial bus operators and other stakeholders recently,” said MMDA General Manager Jose Arturo S. Garcia a press briefing on Wednesday afternoon. A dry run for the enforcement of the regulation will be conducted on July 24. Mr. Garcia said the regulation will be in effect until the three main bus terminals are operational, namely: Valenzuela terminal, which is set to open in August; Parañaque Integrated Terminal Exchange by September; and Sta. Rosa, Laguna terminal by December.

Military retakes town after 12-hour standoff with Islamists

PHILIPPINE SOLDIERS backed by armoured vehicles have retaken a southern town held for 12 hours by pro-Islamic State militants, the army said on Wednesday, with four rebels killed in urban clashes reminiscent of a five-month siege last year.
The clashes followed warnings by President Rodrigo Duterte that remnants of pro-Islamic State militant groups had been recruiting and still planning attacks on several southern cities to set up an independent and separate Islamic state.
Troops pursued militants from the Bangsamoro Islamic Freedom Fighters (BIFF) group, who fled to the hills after trying to occupy a marshland town, Lieutenant-Colonel Harold M. Cabunoc, an army battalion commander, said in a statement.
The military will continue to “disrupt the BIFF’s plan to sow terror in communities” in the troubled south, Mr. Cabunoc said.
There was no immediate comment from the Islamist militants’ group.
Hundreds of residents have remained in shelter areas and not been allowed to return home after troops retrieved improvised explosive devices and other booby traps in the town of Datu Paglas.
Cabunoc said four Islamist militants were killed and two others were wounded.
A soldier and a local militia official were also wounded.
The army said the Datu Paglas attack could be a test case, since the area was near the militants’ marshland base.
Since March, the military has shifted its combat operations from Marawi, a battered lakeside city in Mindanao embroiled in last year’s five-month conflict, to the island’s marshes where other pro-Islamic State militants operate.
More than 40 BIFF militants have been killed in the last four months by troops in air and ground assaults the military described as preemptive moves to thwart militant attacks on cities. — Reuters

DoST to construct wastewater treatment facility for river bank settlement, slaughterhouse

THE DEPARTMENT of Science and Technology-Davao Region (DoST-11) has received the green light from the Davao City council to set up wastewater treatment facilities along the Davao River and at the city’s slaughterhouse.
DoST-11 Regional Director Anthony C. Sales told media at Wednesday’s Habi at Kape forum that the project already has a P9-million funding from the Philippine Council for Industry, Energy and Emerging Technology Research and Development.
Aside from the Ma-a slaughterhouse, other sites for the treatment facility are a poultry farm in Tugbok, an urban poor community, and at least one small private enterprise.
“Our strategy in DoST, we are engaging as many as stakeholders as possible and we will do it one SME at a time one household at a time,” he said.
“But we are trying to engage the private sector to adopt the technology so that they themselves will invest,” he added.
The facilities will use the Vertical Helophyte Filtration System (VHFS) technology that allows filtration and reuse of wastewater. It will also be used for the Sanitation Embankment Project, which will cover a 10-kilometer stretch of the Davao River where there are settlers.
This P300-million project will be covered by the government’s People Survival Fund.
“There is a stretch of urban informal settlers, we want to bring them further away from the river and then construct the sani-embankment,” Mr. Sales said.
Communal toilets will be built for the community, which will be connected to the sani-embankment.
“This is an all in one flood control and management strategy plus sanitation strategy.” — Maya M. Padillo and Carmelito Q. Francisco

Army leaders in Negros, Iloilo support localized peace talks

LEADERS OF the Philippine Army deployed in Negros Island and Iloilo have expressed support for localized peace talks with the New People’s Army (NPA) following the cancellation of negotiations between the national government and the National Democratic Front of the Philippines-Communist Party of the Philippines (NDFP-CPP). Colonel Alberto C. Desoyo, 303rd Infantry Brigade commander, said on Wednesday that they will still push through with the localized peace talks in Negros as he officiated the oath-taking in Bacolod City of newly-elected officers of Peace-Negros, a group of former NPAs, the armed group of the CPP. Mr. Desoyo, who supervises four army battalions consisting of about 2,000 soldiers in Negros Island, said that if there is no insurgency problem, the money intended for use in addressing threats could be channeled to health, education and other government services. In Iloilo, Colonel Leo Peña, acting commander of the 301st Infantry Brigade, said they are pursuing the advocacy aspect wherein they are “convincing the local chief executives to spearhead the localized peace talks with the help of the military.” Mr. Peña, in an interview with local reporters, said, “In every area, there are different situations and different social problems. Local peace talk is more appropriate because there is involvement of local chief executives.” Mr. Peña said they are planning to bring the proposal to the Regional Peace and Order Council, and urge the regional directors and provincial governors to come up with an inter-agency joint task force in Western Visayas to tackle the localized talks. “It would be good that they should understand first the importance of our proposal before we come up with the unified decision if we will really push for this localized peace talks,” he said. — The Freeman

Nation at a Glance — (07/06/18)

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

1...12,36012,36112,362...14,272Page 12,361 of 14,272
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube