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More development lined up after new Tuguegarao Airport terminal

THE Department of Transportation (DoTr) and the Civil Aviation Authority of the Philippines (CAAP) on Wednesday led the inauguration and soft opening of the expanded Passenger Terminal Building (PTB) of the Tuguegarao Airport.

The DoTr said in a statement that the expansion project included structural and architectural works. Last year, the airport’s runway and taxiway were also widened while the airfield lighting system, which is necessary for night time operations, was also upgraded. DoTr Undersecretary for Aviation and Airports Manuel Antonio L. Tamayo said the second phase of the airport development will start this year, including the expansion of the existing pre-departure and check-in areas and additional check-in counters at the second floor. — Patrizia Paola C. Marcelo

Concepcion town council to probe P290-million substandard Yolanda housing project

A P290-MILLION housing project in Concepcion, Iloilo for survivors of supertyphoon Yolanda (international name: Haiyan) in 2013 will be investigated by the town council next week following complaints from beneficiaries and accusations that councilors have been bribed to keep silent on the issue. Sangguniang Bayan member Mark Ruffin C. Villaruz said the committee on housing and infrastructure will invite representatives of the National Housing Authority (NHA) and the project contractor, Hercar Construction Corp., to a hearing to discuss the alleged substandard housing project.

The construction, which started in 2014, has yet to be completed. “These lies and misinformation are unjust and are nothing but lies. I know I have not received any payment from this contractor. And I stand with this body, that we are innocent of this propaganda,” Mr. Villaruz said.

Since July 2017, the local government has been receiving complaints on the uncompleted housing project intended for 1,000 beneficiaries. In a letter of complaint sent to President Rodrigo R. Duterte in 2017, one Rhett Zerrudo cited substandard doors and windows, poor drainage system, wobbly partition walls, and cracked concrete roads. Mr. Zerrudo also said the contractor also failed to provide a source of potable water. In a radio interview, NHA-Western Visayas regional project manager Luz Ysatam said they will conduct a dialogue with the complainants and the contractor on March 24. — Louine Hope U. Conserva

Cebu City eyes Pag-IBIG fund for mass housing project

THE CEBU CITY government has knocked on the doors of state-owned Home Development Mutual Fund, also known as Pag-IBIG Fund, for a proposed mass housing project under the Countryside Housing Initiative Program (CHIP).

Pag-IBIG Chief Executive Officer Acmed Rizaldy P. Moti, in his recent visit to Cebu during the agency’s 2017 Home Lending Accomplishment Report event held at the Grand Convention Center, said they already had initial talks with the city government, but there are no details yet on the proposed tie-up. CHIP is one of Pag-IBIG’s new programs to encourage more developers, employers, and local government units to partner with the agency for the construction of houses in the countryside.

“I have yet to see the mechanics [and the proposal] of the Cebu City government,” said Mr. Moti. Part of the initial plan, according to Mr. Moti, is for the construction of a condominium that would be rented out and managed by the city government. Mr. Moti said he is hopeful that they would be able to finalize the partnership within the second quarter this year. — The Freeman

5 militants killed, 6 others injured in Maguindanao airstrike

FIVE ISLAMIC State-inspired militants were reportedly killed while six others were injured as attack helicopters fired rockets on their lair in General Salipada K. Pendatun town Tuesday, March 13. Local officials on Wednesday confirmed the fatalities in the airstrike, meant to flush out from the town in the second district of Maguindanao some 30 militants loyal to Abu Toraife, leader of one of three factions in the Bangsamoro Islamic Freedom Fighters (BIFF). All three BIFF factions are displaying the Islamic State flag in their camps. — philstar.com

>> See full story on https://goo.gl/rzo36Q

Davao-PDEA monitors party drugs as Davao City celebrates fiesta

THE Philippine Drug Enforcement Agency (PDEA) Davao Region office is intensifying its monitoring of party drugs as Davao City celebrates its founding anniversary this month with various activities, including musical and dance events as well as a street party on the 17th.

Antonio E. Rivera, PDEA regional director, said while there are no recent reports of the entry of these kinds of addictive substances into the city, his office is preparing because illegal drug traders might take advantage of the festivities.

“As you can see, there are a lot of activities during the celebration which might be used or taken advantage of by drug syndicates,” said Mr. Rivera in a press conference last week. Mr. Rivera said they have partnered with the Philippine Postal Service and the Bureau of Customs to closely monitor and prevent the entry of these drugs. — Carmelito Q. Francisco

Nation at a Glance — (03/15/18)

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

Global stocks gain as China data lift miners; euro dips

Stocks in Europe advanced as economic data from China lifted mining shares after a day of market turmoil sparked by the latest shakeup in the Trump administration. The euro slipped as Mario Draghi said recent gains weren’t all warranted by economic fundamentals.

The Stoxx Europe 600 Index reversed some of Tuesday’s 1 percent drop, with raw-material producers outperforming after factory output and investment growth in China unexpectedly accelerated. U.S. equity-index futures also climbed. Benchmarks dropped across Asia earlier after the sudden firing of U.S. Secretary of State Rex Tillerson. U.S. Treasuries held onto yesterday’s gains while the dollar edged lower. Crude oil halted a decline.

The Chinese data boosted most industrial metals, with copper heading for a two-week high. That helped lift investors’ spirits after a day in which U.S. political risks rocked markets. Traders will now look to Wednesday’s data on retail sales and wholesale prices as the Federal Reserve prepares to review policy next week.

Meanwhile, Draghi said in a speech the euro’s recent gains were due to more to external factors than euro-area economic growth, and might weigh on inflation. The European Central Bank president also noted that adjustments to monetary policy will remain predictable as policy makers look for further evidence that inflation is moving in the right direction.

Tillerson’s ouster raised concerns of a new guard in the White House that may take a harder line on trade, advancing President Donald Trump’s agenda of imposing tariffs. Trump nominated CIA director Mike Pompeo, an ex-congressman who has endorsed “pushing back against the Chinese threat,” to replace Tillerson. The change comes as the administration considers tariffs on a broad range of Chinese imports, with Politico reporting one proposal is to take measures against more than $30 billion of goods a year.

Here are some of the key things happening this week:

U.S. retail sales and wholesale price data are out on Wednesday. Inflation data Thursday is a focal point in the euro area. Also this week, Germany’s Angela Merkel is inaugurated to a fourth term, and EU27 government officials discuss the European Union’s Brexit position. New Zealand GDP data is out Thursday. The U.K. is expected to set out retaliation measures today against Russia over a nerve agent attack on its territory. Meanwhile, Russians will go to the polls on Sunday to vote in a presidential election that Vladimir Putin is widely expected to win.
And these are the main moves in markets:

Stocks

The Stoxx Europe 600 Index rose 0.3 percent as of 10:56 a.m. London time. The U.K.’s FTSE 100 Index gained 0.3 percent. Germany’s DAX Index increased 0.3 percent. Futures on the S&P 500 Index climbed 0.3 percent. The MSCI Asia Pacific Index fell 0.5 percent. Japan’s Topix index dropped 0.5 percent, Hong Kong’s Hang Seng sank 1 percent, South Korea’s Kospi lost 0.3 percent and Australia’s S&P/ASX 200 slid 0.7 percent.

Currencies

The Bloomberg Dollar Spot Index dipped 0.1 percent to the lowest in a week. The euro dipped 0.1 percent to $1.2373. The British pound gained less than 0.05 percent to $1.3962. The Japanese yen rose 0.1 percent to 106.50 per dollar.

Bonds

The yield on 10-year Treasuries decreased less than one basis point to 2.84 percent. Germany’s 10-year yield rose less than one basis point to 0.62 percent. Britain’s 10-year yield dipped one basis point to 1.49 percent. Japan’s 10-year yield fell less than one basis point to 0.05 percent.

Commodities

West Texas Intermediate crude climbed 0.6 percent to $61.09 a barrel. Gold declined 0.1 percent to $1,325.62 an ounce. LME copper climbed 1.1 percent to $7,018.50 per metric ton, the highest in more than two weeks. — Bloomberg

Berjaya PHL Q3 net income up 3%

Berjaya Philippines, Inc. booked a single-digit growth in the quarter ending January 2018, as the company recorded higher sales in its luxury automobiles segment.

In a regulatory filing posted on Wednesday, March 14, the listed firm reported a net income attributable to the parent of P194 million in the three months ending January, up by 3% from the P188 million it booked in the same period a year ago.

Revenues grew at a faster pace, picking up 26% in the same period to P6.87 billion against P5.45 billion in the three months ending January 2016.

This pushed Berjaya Philippines’ nine-month attributable profit to P624 million, jumping 76.8% year-on-year, while revenues gained 9.33% to P21.3 billion. Earnings per share in the company meanwhile stood at six centavos.

“The increase was primarily due to a higher revenue contribution from H.R. Owen in the financial period under review,” the company said, adding that it also benefited from fluctuations of the British Pound to the Philippine Peso during the period. — Arra B. Francia

Stocks decline to track Wall Street on Tillerson

SHARES fell on Wednesday as the lack of catalysts in the local front, alongside tensions in the United States’ political scene, continued to put pressure on regional markets.

The 30-member Philippine Stock Exchange (PSEi) index gave up 0.84% or 70.83 points to close at 8,348.74, while the broader all-shares index also dropped 0.61% or 31.31 points to 5,035.85.

“There’s still a lack of fresh leads and the political turmoil in the US is not helping matters in the region’s market including ours. The prospect of the US imposing hefty tariffs on imports from China is also causing concerns that other countries’ exports to the US may be affected,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said via text.

US President Donald J. Trump caused jitters abroad after firing Secretary of State Rex W. Tillerson, which analysts see as a move that will transform the country’s economic and foreign policy.

The Dow Jones Industrial Average fell 0.68%; the S&P 500 lost 0.64%; and the Nasdaq Composite dropped 1.02% on Tuesday.

Back home, four sectoral indices moved to negative territory, with services suffering the largest decline at 1,733.27, lower by 1.73% or 30.66 points. Holding firms followed with a drop of 0.92% or 78.15 points to 8,360.37; financials edged 0.84% or 18.44 points lower to 2,170.76; while property declined 0.53% or 20.13 points to 3,759.91.

On the other hand, the mining and oil sector gained 0.80% or 91.09 points to close at 11,395.77, while industrials added 0.05% or 6.71 points to 11,590.59.

China Bank Securities, Corp. Research Director Garie G. Ouano, meanwhile, noted the sell-off in stocks of JG Summit Holdings, Inc. (JGS), which dropped 4.48% to P64 each.

“JGS was the top driver of the sell-off, likely due to the FTSE (Financial Times Stock Exchange) rebalancing to be implemented this Friday where JGS will be removed from the index,” Mr. Ouano said in a separate text message.

The Gokongwei-led firm along with Lopez Holdings Corp. will be removed from FTSE’s Small Cap and All Cap indices.

A total of 6.59 billion issues valued at P7.48 billion switched hands, higher than the P6.56-billion value turnover on Tuesday.

Decliners trumped advancers, 122 to 99, while 40 names remained unchanged.

Foreign investors maintained their selling position, with net foreign outflows swelling to P1.43 billion on Wednesday against net sales of P480.83 million in the previous session.

“For now, support remains at 8,300. If this is pierced, the next support level can be found at 8,150,” PNB Securities’ Mr. Lisbona said.

Most Southeast Asian stock markets slipped on Wednesday as the sacking of Mr. Tillerson and increased fears of a global trade war rattled investors.

Asia-Pacific shares outside Japan stumbled 0.70%, retreating from a 1-1/2 month high the index hit on Tuesday. — Arra B. Francia with Reuters

Investments in manufacturing surge in 2017

Manufacturing investments in the country in 2017 surged by more than 200% from a year ago, the Department of Trade and Industry (DTI) said, citing an overall robust economy and regulations that are conducive for business.

In a Wednesday statement, Secretary Ramon M. Lopez said  investments in the factory sector soared by 244%, posting a record of $ 1.15 billion inflows.

The official said the sector made up 35% of the $3.3 billion equity capital placements in 2017.

Top performers were into food manufacturing; radio, television, and communication equipment and apparatus production ; chemical and non-chemical products; fabricated metal products; basic metal and non-metallic mineral products.

The bulk of foreign equity investments derived from Singapore, Japan, The Netherlands, United States, and Luxembourg.

“Investor confidence is real,” Mr. Lopez was quoted as saying.

“The Philippines continues to be a magnet for investments, and this is due to the country’s improving business environment, sound macroeconomic policy, aggressive infrastructure build-up, much improved peace and order and political stability, favorable demographics, growing middle class and consumer base and, of course, our people, who have always been the country’s prime asset in attracting foreign investments.” — Janina C. Lim

Peso weakens vs dollar on strong US CPI report

THE PESO weakened against the dollar on Wednesday due to strong US inflation data and offshore geopolitical noise.

The local currency ended yesterday’s session at P52.07 versus the greenback, three centavos weaker than its P52.04-per-dollar finish on Tuesday.

The peso opened the session slightly weaker at P52.06 per dollar. Its intraday low stood at P52.12, while its best showing was at P52.02 against the greenback.

Dollars traded rose to $500.35 million from the $359.8 million logged in the previous session.

A trader attributed the slightly weaker peso to strong US inflation data amid geopolitical noise there.

“The peso weakened today following strong US inflation data released last Tuesday night despite continued geopolitical noise,” the trader said in an e-mail on Wednesday.

The US consumer price inflation rose in February, well within expectations, the Labor Department reported on Tuesday.

Excluding food an energy prices, the consumer price index (CPI) rose 0.2% in February month-on-month for both headline and core gauges, in line with the market consensus.

Meanwhile, the headline CPI rose 2.2% in the 12 months ending February, while the core index increased 1.8% from the same period last year.

The trader said the peso slightly weakened amid “continued geopolitical noise concerning firing of US Secretary of State Rex Tillerson and news of possible imposition of trade tariffs on China,” factors that may temper the dollar’s strength.

On Tuesday, President Donald J. Trump fired Mr. Tillerson as the secretary of state, which will be replaced by the incumbent Central Intelligence Agency Mike Pompeo as his replacement.

“We got along actually quite well, but we disagreed on things,” Mr. Trump told reporters outside the White House.

The dollar retreated following the announcement, over fears that the move may sow further turmoil in the already tumultuous Trump administration. It was also stung by inflation data that matched low expectations, affirming the possibility of only three Fed rate hikes for the year.

Meanwhile, Mr. Trump is also seeking to slap China tariffs on up to $60 billion of imports, hitting directly the technology and the telecommunication sectors.

On the other hand, another trader said the pair only moved sideways today.

“The dollar-peso trading was fairly quiet today, but during the afternoon session, we had saw some buying… there were client flow somewhere,” a trader said over the phone yesterday.

For today, the first trader sees the peso moving between P51.90 and P52.20, while another trader gave a slimmer range of P51.95 to P52.15.

“The local currency is expected to depreciate further ahead of March US initial jobless claims data release [today] which is seen as a leading indicator of unemployment data,” the first trader noted.

Meanwhile, the South Korean won led gains as most Asian currencies rose against the dollar on Wednesday, with the Mr. Tillerson, coupled with inflation data, pulling the carpet out from under the greenback. — K.A.N. Vidal with Reuters

IC shuts down five insurance firms

The Insurance Commission (IC) has shut down the operations of five insurers for failing to meet the minimum net worth requirement.

In a statement on Wednesday, March 14, IC said it shut down the operations of five insurance firms, namely First Integrated Bonding & Insurance Co., Inc., Investors Assurance Corporation, Metropolitan Insurance Company, Inc., Plaridel Surety & Insurance Company, and Premier Insurance & Surety Corporation, and were put under conservatorship.

As a consequence, these companies are no longer permitted to write new insurance products. The commission will then appoint a conservator for each of these companies mandated to take charge of the management of the company
and its assets and liabilities.

Insurance Commissioner Dennis B. Funa said the regulatory body ceased the operations of these insurers after they failed to comply with the P550-million minimum net worth requirement set by the agency.

“These companies are not operating on net losses. Based on the respective 2016 annual statements of these companies, all have positive net worth but short of the minimum amount required under the Insurance Code,” Mr. Funa was quoted as saying in the statement.

However, Mr. Funa clarified that the insurers will continue to operate business as usual, including processing and paying claims, except that it cannot sell new insurance policies. — Karl Angelo N. Vidal

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