How PSEi member stocks performed — March 15, 2018.
Here’s a quick glance at how PSEi stocks fared on Thursday, March 15, 2018.
Overseas Filipinos’ cash remittances
CASH SENT HOME by overseas Filipino workers (OFWs) increased by the fastest year-on-year clip in 10 months in January even as the amount fell from December last year, according to data the central bank released on Thursday. Read the full story.
Your Weekend Guide (March 16, 2018)
The Lion King
THE touring production of The Lion King premieres in Manila at the Theater in Solaire on March 18. Winner of over 70 major international theater awards, it features lyrics and music by Elton John and Tim Rice including the songs “Circle of Life” and the Oscar-winning “Can You Feel the Love Tonight.” The show runs until May 6. For details, visit thelionking.ph. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
PETA’s ’Night, Mother
PETA closes its 50th theater season with Marsha Norman’s Pulitzer-prize winning drama, ’Night, Mother, featuring Eugene Domingo and Sherry Lara. The show runs until March 18 at the PETA Theater Center, No. 5 Eymard Drive, New Manila, Quezon City. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
PPO concert
THE Philippine Philharmonic Orchestra presents the 7th concert of its 35th season, Romancing the Classics, on March 16, 8 p.m., at the Main Theater of the Cultural Center of the Philippines (CCP). The evening’s repertoire includes Takemitsu’s Requiem for String Orchestra, Mendelssohn’s Concerto for Two Pianos and Orchestra in A flat, and Sibelius’ Symphony No. 2 in D under the baton of Herminigildo Ranera. Also performing are pianists Raul Sunico and Ingrid Santamaria. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
Silent Sky
REPERTORY PHILIPPINES presents Lauren Guderson’s Silent Sky until March 25 at the Onstage Theater in Greenbelt 1, Makati City. Directed by Joy Virata, the show tells the true story of astronomer Henrietta Levitt and her discoveries in the 1920s. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
Kinky Boots returns
ATLANTIS’ production of the musical that earned every Best Musical award including the Tony, the Grammy and London’s Olivier Award, returns with performances until March 18 at the Carlos P. Romulo Auditorium, RCBC Plaza in Makati City. Kinky Boots is about Charlie, a struggling shoe factory owner, who teams up with Lola, an entertainer to save the business. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
Paella Gigante!
6th year this Saturday.
The 6th Paella Gigante! festival will be held on March 17, 5 p.m., at Greenbelt 3, Makati City. Enjoy a serving of paella mixta overflowing with prawns, chorizo, chicken and squid in seasoned rice cooked over fire wood. Proceeds of this event will go to Sociedad Española de Beneficencia’s shelter and health care programs for the elderly. For tickets, call Sociedad Española de Beneficencia at 843-0742, Jem Raymundo at 0920-953-7945, or Cirkulo Restaurant at 810-8735 or 810-2763.
Comedy nights
COMEDY MANILA presents Funny Fridays: Can’t Stop Laughing at 8:30 p.m. every Friday at the Teatrino in Promenade Greenhills, San Juan. For tickets (P500) and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).
Trillanes says he won’t back down from ‘twisted’ sedition case
By Camille A. Aguinaldo
Senator Antonio F. Trillanes IV on Thursday, March 15, said he would not back down from the filing of inciting to sedition charges against him by the Pasay Prosecutor’s Office.
“Unlike (President Rodrigo R.) Duterte who is afraid to face cases, I will face this,” he said in a statement.
“If their goal is to scare me to back down from criticizing Duterte, well, as I said before, this further encourages me to stand up against what is wrong and evil,” he added.
In his privileged speech last October, Mr. Trillanes accused Mr. Duterte of amassing over P2 billion worth of ill-gotten wealth, detailing Mr. Duterte’s alleged bank transactions from 2006 to 2015.
He said that the military should shoot the President with an M-60 machine gun for his alleged hidden wealth.
This prompted the lawyers of the Volunteer Against Crime and Corruption (VACC), including former Negros congressman Jacinto V. Paras and Manuelito R. Luna, to file inciting to sedition and rebellion charges against Mr. Trillanes.
The senator, in his statement, argued that his statements were covered by the constitutionally-guaranteed immunity from suit during a privileged speech.
According to the resolution dated March 14 and signed by Pasay City senior assistant city prosecutor Joahna A. Gahbatino-Lim, the remarks made by the senator in his privileged speech last October “have been suggestive to fall within the scope of inciting to sedition.”
“It is recommended that the within attached information for inciting to sedition… against respondents Senator Antonio F. Trillanes IV, John and Jane Does be approved and filed in court,” stated the resolution released Thursday.
The prosecutor’s office, however, did not find probable cause to charge the senator for conspiracy and proposal to commit coup d’etat.
Sought for comment, presidential spokesperson Harry L. Roque said: “We respect the finding of our Pasay prosecutor on this.”
Mr. Trillanes, however, maintained that the filing of the case intended to harass him over his criticisms against the President and his policies.
“It is clear that this case is twisted and is meant to harass me… I am not inciting anyone to do anything,” he said.
DoE sees over 8,600 MW of new capacity by 2025
By Victor V. Saulon
Sub-Editor
THE Energy department expects 8,618.36 megawatts (MW) of power generating capacity to be added to the power grid between January 2018 and the end of 2025, majority of which will come from coal-fired power plants.
The estimate was contained in the department’s assessment of committed projects as of December 2017.
The Department of Energy expects Luzon to account for about 75.5% of the new capacity from committed projects, or those that have reported financial closing and are in various stages of development and securing permits.
The Visayas and Mindanao are expected to account for 9% and 15.5%, respectively.
Coal will remain the dominant source of power with an expected addition of 6,325 MW. Hydroelectric power is a distant second with 1,133.5 MW, followed by biomass with 240.46 MW.
Despite the vaunted abundance of solar power, it is expected to account for only 92.86 MW of future capacity. New wind capacity was at zero in the DoE’s latest report.
Natural gas-fired power plants are expected to contribute 650 MW, while geothermal plants are seen to provide 93 MW.
The earliest to come online is Pagbilao Energy Corp.’s 420 MW coal-fired power plant in Quezon province. The power plant had its testing and commissioning set for August 2017, with target commercial operation date in January.
Among the big power plants to become operational this year is the 300-MW phase two of SMC Consolidated Power Corp.’s Limay power plant project in Bataan province.
Energy World Corp.’s 650-MW, three-unit combined cycle gas-fired power plant is expected to undergo testing and commissioning between June and December this year.
As of end-2017, the Philippines had a total installed capacity of 22,728 MW, of which coal accounted for 35.4%.
Coal-fired power plants had a total installed capacity of 8,049 MW. Renewable energy sources followed closely at 7,079 MW or 31.1% of the total, although taken individually only hydroelectric power plants posted a double-digit share of the total at 16% or 3,627 MW.
Oil-based energy sources made up 18.3% of the dependable capacity at 4,153 MW. Natural gas had a share of 15.2% or 3,447 MW as of end-2017.
The latest DoE data show coal power plants’ share to have expanded from 34.6% in 2016. The share of oil-based plants also increased from 16.9%, the DoE report for 2016 shows. The country imports most of its oil and coal requirements.
In contrast, the share of renewables contracted from 32.5%, while that of natural gas also declined from 16%.
DTI lining up participants for Shanghai trade show
THE Department of Trade and Industry (DTI) said it is hoping Philippine companies will take the opportunity to participate in the China International Import Expo (CIIE) in Shanghai between Nov. 5 and 10.
Trade Secretary Ramon M. Lopez said in a speech that involvement in CIIE means greater exposure to the Chinese market.
“I ask our Filipino friends and partners from the private sector to note that it’s impossible to ignore the huge $10-trillion Chinese market due to their rapid growth of consumption and imports,” he added.
“Accessing this market will surely leapfrog the level of business transactions between the Philippines and China.”
Information missions for potential participants will be conducted in Cebu on March 20 and Davao on March 23.
The CIIE will feature intelligent equipment, consumer electronics and appliances, automobiles, apparel, accessories and consumer goods, food and agricultural products, as well as medical equipment.
Mr. Lopez added that the country will exhibit over 100 products and services that can be exported to China.
“There will also be a section for trade in services comprising tourism services, emerging technologies, culture and education, creative design, and service outsourcing,” Mr. Lopez said.
In 2017, the two countries’ cross-border business matching activities for small businesses produced 635 tie-ups.
“Thanks to these efforts, we are now building on the progress that we’ve achieved, even as Filipino businesses take advantage of the opportunities in working with their Chinese counterparts,” Mr. Lopez said.
The Philippine Statistics Authority estimates that in January, total trade between two countries was $2.2 billion.
China was the Philippines’ top source for imports in January, with inbound shipments hitting $1.61 billion. — Anna Gabriela A. Mogato
Davao City pushes for launch of ADB-backed bus system by 2019
DAVAO CITY — The Davao City government, in partnership with the Asian Development Bank (ADB), is aiming to launch at least one route for the High Priority Bus System (HPBS) by 2019.
“Maybe next year… (the) timetable is beyond 2019 so I told them, if they cannot do it by 2019, is to show us what will happen beyond 2019 and they said they will present one route,” said Mayor Sara Duterte-Carpio, whose term is ending in 2019 but is eligible to run for reelection.
The bus project, is intended to replace some 7,000 public utility jeepneys (PUJs) on the city’s main roads.
The HPBS, now in the design stage, is part of an ADB $70-million loan fund for transport modernization in Davao City, which also includes traffic lighting system, bus stops, and five to six bus terminals.
“It’s taking too long… and I told them, it will have to happen because my reputation is at stake,” Ms. Duterte said on Friday while ADB officials were in town for the regional launch of the Philippine hosting of the 51st ADB Annual Meeting.
Ms. Duterte said the delay is due to “the usual problems” with the national government, but did not elaborate.
The ADB started its study on the HPBS in mid-2016, with the initial findings submitted to the city government in April 2017.
City Planning and Development Office head Ivan Chin Cortez, in an earlier interview with the media, said the HPBS and the overall local transport plan would be in line with the Omnibus Franchising Guidelines (OFG) released by the Department of Transportation.
The target date of fully implementing the HPBS is 2021, while an initial number of buses were planned for deployment by 2020. — Maya M. Padillo
Philippine Rise authority to have approval powers over exploration
SENATOR Sherwin T. Gatchalian wants the proposed Philippine Rise Development Authority (PRDA) to have the power to approve any activity involving marine science research, exploration and exploitation on the continental shelf on the Pacific side of Luzon.
“It is important that the Development Authority knows what is happening there because we need to maintain the environment and biodiversity in that area,” said the senator, who chairs the Senate committee on economic affairs, after Thursday’s Senate hearing on the proposed measure.
Added to the substitute bill consolidating the proposals of Senators Juan Edgardo M. Angara and Antonio F. Trillanes IV was for the PRDA to issue “the necessary clearance for all approved proposals, plans, programs projects or activities” in the Philippine Rise.
The proposed measure also requires prior clearance from the PRDA before obtaining other permits and licenses from other government agencies. Disapproved cases may be appealed to the Office of the President.
Aside from the PRDA’s powers, a trust fund was proposed to manage exploration revenue, to be managed by a “PHL Rise Trust Fund Investment Committee.”
The proposed PRDA will have the President chairing the board, an administrator serving as vice chair, representatives from the business sector, academe and non-governmental organizations as well as officials from the National Economic Development Authority (NEDA), Department of Environment and Natural Resources (DENR), Department of Energy (DoE) and Department of Foreign Affairs (DFA), among others.
Several officials expressed concerns over the additional provisions, saying that coordinating mechanisms currently exist regarding the approval of activities in Philippine Rise.
Mines and Geosciences Bureau (MGB) Marine Geological Survey Division Officer-in-charge Yolanda M. Aguilar said the PRDA’s power to issue clearances might be “repetitive” in connection with the MGB’s approval process for mineral resources exploration.
“Based from the Mining Act of 1995 it is the MGB or the Mines and Geosciences Bureau who has the mandate to grant or approve proposals for the exploration and exploitation of mineral resources,” she said.
“In view of the intent to government to rightsize the bureaucracy, we respectfully recommend that the crafting the PRDA would take into consideration the need to look at the overlaps because we don’t want to create another layer in the bureaucracy that we will be funding and its functions would be the same as other agencies,” National Coast Watch Council (NCWC) Maritime Development Director Christopher Madrigal said for his part.
He added that the NCWC has come up with a plan to seamlessly integrate all the marine science research programs into one continuous activity throughout the year.
Mr. Gatchalian said he will seek to avoid conflicts in the process of approving applications to conduct research and other projects in Philippines.
“What we want is a harmonious relationship among all the coordinating bodies,” he told reporters.
The senator hopes the proposed measure will be passed into law within the year as the committee intends to revise the bill integrating the various position papers in the next 30 days.
“I hope we can pass it this year. There is a P120-million allocation by Congress so there really is an intention to promote the Philippine Rise and to develop the Philippine Rise. I think with that intention I can see support for this bill,” he said. — Camille A. Aguinaldo
DENR to charge wildlife traffickers under RA 9147
THE Department of Environment and Natural Resources (DENR) said it will file charges against four suspects for their alleged involvement in the illegal wildlife trade.
The charges involve alleged violations of Republic Act No. 9147 or the Wildlife Resources Conservation and Protection Act.
In a statement Thursday, Environment Secretary Roy A. Cimatu said the joint operation between its task force on the illegal wildlife trade and the National Bureau of Investigation’s Environmental Crime Division managed to rescue dozens of exotic animals from a Pasay City home.
“This serves both as an accomplishment and warning to those who are thinking [of] doing such [illegal] actions as far as these wild animals are concerned,” he added.
On Tuesday, the suspects were found in possession of 110 sugar gliders, a type of possum; 26 Moluccan cockatoos; and seven birds of paradise.
The rescued animals were valued at P10 million.
DENR-Biodiversity Management Bureau (BMB) Director Theresa Mundita S. Lim said that the confiscated wildlife will be quarantined for two months to ensure they are free of disease.
Ms. Lim said the animals could have originated in Australia, Indonesia or Papua New Guinea.
“If it is still possible to repatriate them, we will. But if that is no longer possible, we will see if we can take care of them over the long term and use them for educational purposes,” she added.
The Philippines is a known source and transit point for the wildlife trade. The BMB is currently working on proposed amendments to RA 9147 to give it more teeth. — Anna Gabriela A. Mogato
Privatization office hopes to sell over P98 million worth of assets
SOME P98.32 million worth of government-owned residential and commercial assets are up for sale until the end of this month, the Department of Finance (DoF) said.
In a statement, Chief Privatization Officer Gerard L. Chan of the DoF’s Privatization Management Office (PMO) said that these included 63 lots in Luzon and Mindanao, as well as a membership share at a golf and country club.
“These include 35 parcels of land in Quezon City and the provinces of Laguna, Camarines Norte and Quezon under the name of the Peninsula Development Bank with a floor price of P26.948 million; four residential and commercial lots of the Selectra Electronics Corp. in Tanay, Rizal, P16.018 million; and two residential lots of Delta Motors Corp. in Parañaque City, P6.142 million,” the statement read.
Also for sale are two lots currently held by Retired Servicemen Enterprises, Inc. worth at least P2.509 million, and seven parcels of land in Bulacan, Quezon City, Tagaytay, and Marikina City held by the Development Bank of Rizal for a total of P35.237 million.
The properties include 13 residential and agricultural parcels in General Santos City under the Al-Amanah Islamic Investment Bank of the Philippines amounting to P10.271 million, and a membership share at the Canlubang Golf and Country Club currently held by Merchants Investment Corp. worth P1.2 million.
In 2017, the PMO generated P569 million from the privatization of state assets, up 74%.
This accounted for 68.55% of the overall P830 million in privatization revenue, with the Presidential Commission on Good Government accounting for the remaining P261 million.
However, proceeds from these sales missed the P2-billion target laid out in the Budget of Expenditures and Sources of Financing.
Mr. Chan has said that the PMO will try to sell this year the Mile Long commercial property in Makati City that it acquired in August after winning a legal dispute.
Finance Secretary Carlos G. Dominguez III has said that he only wants to sell a portion of the 2.9-hectare property this year before selling the rest later to benefit from appreciation in the value of the property when redevelopment commences. — Elijah Joseph C. Tubayan
San Miguel moves closer to another finals stint
By Michael Angelo S. Murillo
Senior Reporter
THE defending champions San Miguel Beermen are now one win away from going back to the finals of the PBA Philippine Cup after defeating the Barangay Ginebra San Miguel Kings, 102-81, in Game Four of their best-of-seven semifinal series on Thursday night at the Mall of Asia Arena.
Using a strong kick to start the contest, San Miguel stayed ahead of Barangay Ginebra the rest of the way to book its third win in four matches in their Philippine Basketball Association semifinal encounter, needing just one more victory to book their place in the finals.
The Beermen were scorching hot in the opening half of the contest, bannered by a solid 64% shooting clip from the floor, and led by June Mar Fajardo, Marcio Lassiter, Alex Cabagnot and Chris Ross.
They took the first quarter, 32-22, and continued to lord it over the Kings in the second, establishing a 58-41 advantage by the halftime break.
In the third quarter, Japeth Aguilar and LA Tenorio tried to tow the Kings back into the game but San Miguel would not relent on its thorough attack to leave Barangay Ginebra’s dent to a bare minimum.
The Beermen stretched their lead to 29 points, 84-55, with 1:49 to go before settling for a 26-point cushion, 84-58, heading into the final frame.
Barangay Ginebra came out aggressive to start the payoff quarter, going on a 7-0 run in the first two minutes to cut their deficit to just 19 points, 84-65.
San Miguel though would stay the course and kept pushing back after with Messrs. Lassiter and Cabagnot making fire-diffusing baskets one after another.
The Beermen had a 21-point lead, 95-74, with 4:54 to go in the game and just coasted to the win thereafter.
Mr. Lassiter led a balanced San Miguel attack with 23 points and six assists with Mr. Cabagnot adding 19 points and eight dimes.
Arwind Santos had 16 points and nine rebounds while Mr. Fajardo finished with 14 points and 13 boards.
Matt Ganuelas-Rosser and Mr. Ross were the two other Beermen in double-digits with 12 and 11 points, respectively.
As a group the Beermen shot 51% from the floor throughout the contest.
Mr. Aguilar, meanwhile, paced Barangay Ginebra with a double-double of 31 points and 13 rebounds with Mr. Tenorio adding 20 points.
“Our energy was a big factor for us in this game as with that we were able to negate what they (Kings) wanted to accomplish. And we were able to run our game plan especially our zone defense that surprised them,” said San Miguel coach Leo Austria after their win.
The Beermen, who are gunning for their fourth straight PBA Philippine Cup titile, try to close out the series in Game Five on Saturday at 6:30 p.m. at the Cuneta Astrodome in Pasay City.
NFA plans incentives in lieu of higher rice price
THE NATIONAL Food Authority (NFA) council is planning to give incentives to local farmers and cooperatives instead of raising the buying price of palay from P17 to P18 to address concerns over the agency’s depleting rice buffer stock.
“The proposal of the council is to give an incentive to our farmers only during these three-month period,” Teodoro M. Jumamil, Development Bank of the Philippines representative to the NFA council, said during Thursday’s Senate hearing on the grains body’s rice inventories.
In the three months before the expected arrival of imported rice in June, Mr. Jumamil said farmers would be given a coupon allowing them to receive a kilo of rice from NFA during the lean months in exchange for selling two kilos of palay to the agency.
“This would solve not only the procurement but also the targeted distribution,” he said, noting that 29% of farmers’ food budget is allocated to rice.
Another proposal, he said, was for farmers’ cooperatives and organizations to be given one ton of import quota for selling one ton of rice to NFA.
He added that the earlier proposal of Senator Cynthia A. Villar in the previous hearing to raise the buying price of palay would have implications worth P800 million to the NFA’s finances.
NFA Administrator Jason Laureano Y. Aquino, however, said they are already implementing a similar measure.
“We’re already doing that. Nobody was just selling to NFA,” Mr. Aquino said.
Mr. Jumamil, on the other hand, maintained that the only existing practice of the NFA is to give preference to farmers who sell to NFA.
“This is contractual commitment, demandable right… this is not preference, not privilege. The NFA has no discretion,” he said.
Ms. Villar agreed with the NFA council’s proposal as it would address both the agency’s problem of looking for palay to buy and providing Filipinos with affordable rice.
“They don’t want to use the price as a way of being able to buy because the intervention is always the price. But this is all temporary because when we pass the tarrification (sic) bill, this would be consistent,” she told reporters.
The long-term solution, Ms. Villar, pointed out, would be the passage of the rice tariff bill.
“We have to reform. Because under the period of tariffication, they would no longer have the mandate to import because there would no longer restrictions,” she said.
The bill seeks to remove the quantitative restriction scheme on rice and impose a tariff system on imported rice.
Ms. Villar said the NFA could also consider adopting the practice of the Sugar Regulatory Administration (SRA) requiring farmers to keep a buffer stock that NFA could buy in case of emergencies.
“It looks like the SRA model succeeded,” she said.
The senator said she plans to submit the committee report on the rice tariff bill by May and hopes it would be passed into law before Congress’ sine die adjournment in June.
The bill has also been identified as among the priority bills of the Legislative Executive Development Advisory Council. — Camille A. Aguinaldo