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Peso rebounds to P57 level on US recession fears

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THE PESO returned to the P57-per-dollar level on Monday, ending at an over two-month high, as weak US data fanned worries about the world’s largest economy.

The local unit closed at P57.90 per dollar on Monday, strengthening by 18 centavos from its P58.08 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s first time to close at the P57 level in more than two months or since it ended at P57.97 on May 28. It was also the local currency’s best finish since its P57.62-per-dollar close on May 17.

The peso opened Monday’s session stronger at P57.85 against the dollar. It climbed to as high as P57.68, while its weakest showing was at P57.915 versus the greenback.

Dollars exchanged rose to $1.76 billion on Monday from $1.36 billion on Friday.

The peso strengthened following the weak US jobs report on Friday, a trader said in a phone interview.

The local unit was supported by a weaker dollar following the data, with the yen hitting a seven-month high on Monday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Japan’s yen hit its highest levels against the dollar since January on Monday, as markets extended moves triggered last week by weak US labor data that stoked recession worries and expectations of deeper rate cuts by the Federal Reserve, Reuters reported.

The carry-funding favorite, the yen, strengthened as much as 3.4% to 141.675 per dollar at one point, before easing to 143.165. The currency was trading near its strongest level since early January.

The dollar dropped 0.5% against major currencies to trade at 102.62 — a near five-month low.

The US unemployment rate jumped to near a three-year high of 4.3% in July amid a significant slowdown in hiring, heightening fears the labor market was deteriorating and potentially making the economy vulnerable to a recession.

The increase in the unemployment rate from 4.1% in June marked the fourth straight monthly increase, the Labor department reported on Friday.

Its rise from a five-decade low of 3.4% in April 2023 to now the highest level since September 2021 all but guarantees a September interest rate cut from the Federal Reserve, with economists calling for a 50-basis-point (bp) reduction in borrowing costs. They argue that the US central bank is most likely behind the curve in easing monetary policy.

Nonfarm payrolls increased by 114,000 jobs last month, the Labor department’s Bureau of Labor Statistics said. That was well below the 215,000 jobs per month added over the last 12 months, and the at least 200,000 that economists say are needed to keep up with growth in the population, accounting for the recent surge in immigration.

Economists polled by Reuters had forecast payrolls would advance by 175,000 jobs. The establishment survey, from which payrolls are counted, also showed the economy created 29,000 fewer jobs in May and June than previously reported.

Fed fund futures reflected traders pricing a near 99% chance of a 50-bp cut at the central bank’s September meeting, according to LSEG data. Futures imply 127 bps of cuts this year.

The peso lost steam towards the end of Monday’s session amid renewed geopolitical worries due to the latest developments in the war in the Middle East, the trader added.

The US military is deploying more forces in the Middle East and Europe following threats from Iran and its allies Hamas and Hezbollah to respond to the killing of Hamas leader Ismail Haniyeh last week in Tehran.

For Tuesday, the trader sees the peso moving between P57.65 and P58.05 per dollar, while Mr. Ricafort sees the peso ranging from P57.75 to P58. — AMCS with Reuters

PSEi sinks to 6,400 level on US slowdown fears

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THE MAIN INDEX sank to the 6,400 level on Monday, hitting an over one-month low, as weak US jobs data stoked recession fears in the world’s largest economy.

The bellwether Philippine Stock Exchange index (PSEi) fell by 2.58% or 170.57 points to close at 6,434.73 on Monday, while the broader all shares index dropped by 2.23% or 80.43 points to finish at 3,516.47.

This was the PSEi’s worst close since it ended at 6,358.96 on July 2.

“Philippine shares fell back to the 6,400 territory as recession fears surrounding the US made investors worry over a hard landing,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Together with other Asian markets, the local bourse closed at 6,434.73, tumbling by 170.57 points (2.58%), as the disappointing jobs report raised fears that the Federal Reserve’s decision to keep interest rates unchanged could lead to a recession in the US,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.

Stock markets tumbled on Monday and Japanese shares plummeted a gut-wrenching 13% as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid fire rate cuts will be needed to rescue growth, Reuters reported.

Japan’s Nikkei shed a staggering 13% to hit seven-month lows, a scale of losses not seen since the 2011 global financial crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 4.2%.

The worryingly weak July payrolls report saw markets price in a 78% chance the US Federal Reserve will not only cut rates in September, but ease by a full 50 basis points.

“Sentiment was further dampened as the inflation rate in July could potentially be higher than the preceding month’s figure,” Ms. Alviar added.

A BusinessWorld poll of 15 analysts yielded a median estimate of 4% for the July consumer price index. This matched the lower end of the Bangko Sentral ng Pilipinas’ forecast.

If realized, July inflation would be faster than 3.7% in June but slower than 4.7% a year earlier.

The Philippine Statistics Authority will release July inflation data today (Aug. 6).

All sectoral indices closed lower on Monday. Industrials dropped by 3.52% or 323.61 points to 8,849.73; property declined by 3.34% or 86.39 points to 2,493.60; mining and oil went down by 2.64% or 221.73 points to 8,167.55; holding firms slumped by 2.44% or 140.63 points to 5,622.45; financials retreated by 2.21% or 44.56 points to 1,966.39; and services lost 1.29% or 25.99 points to end at 1,975.84.

Value turnover rose to P5.64 billion on Monday with 638.56 million shares changing hands from the P4.98 billion with 529.96 million issues traded on Friday.

Decliners overwhelmed advancers, 175 versus 34, while 45 names were unchanged.

Net foreign selling climbed to P621.93 million on Monday from P189.04 million on Friday. — R.M.D. Ochave with Reuters

Yulo: I’m just grateful to God

CARLOS YULO — SCREENGRAB FROM ONE SPORTS YOUTUBE CHANNEL

PARIS, France — Maybe to many or for some, life is never clear.

Declaring he’s “Jesus believer,” Carlos Yulo is convinced he’s blessed with a wondrous skills set, and that there’s hope in pursuing a dream with a strong work ethic, purpose, belief and resilience. He had no doubt about it.

And molded and toughened by the crucibles of life, trusting the process and maintaining a positive attitude, Mr. Yulo hit his full potential and he’s now called King Carlos, King Caloy, Golden Boy, Olympic Champ, etc.

Mr. Yulo’s the best from the rest or the greatest from among all hopefuls the country had unleashed to compete in the pinnacle of all sporting wars. Count all of them from the country’s very first plunge in the Games back in 1924 to this day in the same adorable French capital.

Mr. Yulo wrote his name in the annals of Philippine sports with two magical moments in a weekend of Olympic gymnastics medal plays, claiming the floor exercise and vault championships at the Bercy Arena.

Before Mr. Yulo, there’s no Philippine bet who had won a gymnastics medal and no Philippine male athlete in any sport who had nailed an Olympic gold. Today, there’s no other who can answer to a call “Olympic Double-Gold Winner!”

“It’s just so overwhelming,” said Mr. Yulo.

But the nagging question is what makes Mr. Yulo different? What sets him apart from the rest?

It’s not thrown at him exactly in his hours of triumphs as he has always got a ready answer — enduring trials of life, making the most of his experiences and accepting anything God has to give.

“I did not give up on the challenges. I am thankful to the Lord that he gave me this experience, this life and this opportunity to play in such big competition,” said Mr. Yulo after winning his first gold.

“(I’ve gone through) lots of experiences that are pretty tough for me, not only in gymnastics but in personal life. I’m grateful that God gave me the power to enjoy this kind of journey,” Mr. Yulo shared after completing his amazing double-gold feat.

He’s in the zenith of sporting success and he’s automatically bound to receive millions in incentives, but there’s the sad part of his thorny relationship with his family. There’s also his split with his Japanese coach Munehiro Kugiyama.

All these that he’d rather not discuss.

“I’m just grateful to God. I’m grateful I didn’t stop and grateful He gave me hope and He gave me people who truly believe and trust me,” he said, making special mention of his partner Chloe San Jose and her family.

“I really need to work on my personality not just in gymnastics but on how I view life. I need to work on myself to learn and accept what I can do and trust the process for me and my mental health,” he added.

Redemption from the Tokyo slip?

“It’s not revenge anymore like in 2022. It’s more like ‘let’s do it and let’s find out,’” said Mr. Yulo.

He did it and found great success, ending his Paris campaign with two shining gold medals dangling on his neck.

At 24, Mr. Yulo is an Olympic double champ and world championship double-gold winner.

Hail King Carlos! — Nelson Beltran

Yulo’s historic double-gold feat celebrated by Marcos, Diaz, Pacquiao, millions of Filipinos

FOR the second straight night, the world stopped at the 11th hour in the Philippines.

And for the second straight time, the wait until midnight was worth it as destiny smiled twice on gymnast Carlos “Caloy” Yulo in the Paris Olympics to cement his stature as one of the greatest athletes the archipelago has ever produced.

The only difference was the louder chants, bigger magnitude, sweeter smiles and prouder hearts this time around from the millions of Filipinos back home and all over the world for Mr. Yulo’s historic double-gold feat.

From President Bongbong Marcos to legendary boxer Manny Pacquiao and the country’s first Olympic gold medalist Hidilyn Diaz, cheers overflowed for Mr. Yulo after ruling the vault on the heels of his championship in the floor exercise beforehand.

“No words can express how proud we are of you, Caloy. You have achieved gold for the Philippines not once, but twice. Filipinos all over the world stood united, cheering and rooting for you,” said Mr. Marcos.

Mr. Yulo’s milestone vaulted him as the greatest Filipino gymnast of all time — if not the greatest athlete already — with a breakthrough that also made him the only multi-medalist Pinoy in a single Olympics at only 24 years of age.

And for that, even the world’s only eight-division boxing champion and No. 1 Asian Athlete this millennium as per the ESPN was in complete awe as Mr. Yulo catapulted the Philippines to Top-20 in the Olympic medal tally for the first time after 100 years of participation.

“Another historic win for the Philippines. Congratulations again Carlos Yulo for winning your 2nd gold at the Paris 2024 Olympics. We, the Filipinos, are truly proud of you. Thank you, Caloy,” said Mr. Pacquiao.

Weightlifter Hidilyn Diaz, who snapped a 97-year wait for the Philippines, three years back in the Tokyo Olympics, also doubled down on congratulating Mr. Yulo after previously saying it out loud like her proud sister in real life.

In Paris, Mr. Yulo also did not lack a support system as the members of the 22-strong Team Philippines delegation backed him up to his last tumbling.

His teammate Aleiah Finnegan herself watched Mr. Yulo’s golden feat at the Bercy Arena, along with close pal and Team USA ace gymnast Suni Lee, a gold and two-bronze winner in Paris.

Count pole-vaulter EJ Obiena, who will try to hike the medal haul for the Philippines, trackster Kayla Sanchez, gymnast Levi Jung-Ruivivar, and boxers Nesthy Petecio and Eumir Marcial in that too following their greetings to Mr. Yulo.

“Yes sir!” said world No. 2 Mr. Obiena, out to defy the odds in the stacked final cast of pole vault led by reigning champion and world No. 1 Armand “Mondo” Duplantis of Sweden. — John Bryan Ulanday

Megaworld upgrades Yulo reward

LISTED property developer Megaworld Corp. has upgraded the reward for Carlos Edriel P. Yulo to a P32-million condominium unit and a P3 million cash bonus after securing two gold medals in the 2024 Paris Olympics.

The three-bedroom condo unit will be designed and fully-furnished with appliances, furniture, and fixtures, Megaworld said in an emailed statement on Monday.

The unit also has two balconies, a separate maid’s room, and a parking slot.

For the P3-million cash bonus, Megaworld said it is a special reward for “being the first Filipino athlete to get two gold Olympic medals.”

Team Philippines raring for more in Paris Games

PARIS, France — With still a full week of sporting battles ahead, Team Philippines has achieved its target and is raring to go for more in the 2024 Olympics.

“Answered prayers. We already broke the record in the Olympics, that’s it,” said Philippine Olympic Committee President Abraham “Bambol” Tolentino.

“This is destined for the Philippines, a destiny shaped by everyone’s efforts. Thanks to everyone’s support, the nation celebrates the milestones we’ve achieved,” said Philippine Sports Commission Chairman Richard Bachmann.

Carlos Yulo’s milestone two-gold blitzkrieg in artistic gymnastics sealed the deal, surpassing the Tokyo 2021 breakthrough from a 19-strong contingent that claimed one gold, two silvers and one bronze.

Tokyo 2021 carved a niche in history. Now the 22-strong Paris 2024 is making a bigger noise, churning out more special achievements and bound for a greater breakthrough.

“In just two days, Carlos Yulo brought home two gold medals, but we’re not stopping there,” said Mr. Bachmann.

Boxers Nesthy Petecio and Aira Villegas are in the thick of the fight for ultimate Olympic glory while EJ Obiena was to set out for battle in men’s pole vault final at the Stade de France Monday night (early Tuesday morning in Manila).

“Our weightlifters and golfers are equally eager to contribute. We commend everyone’s involvement in bringing the country back to glory. I am confident that all Filipinos are celebrating this special achievement like never before,” said Mr. Bachmann.

The newly minted double-gold winner Mr. Yulo will be cheering for his teammates. — Nelson Beltran

Bounty Fresh rewards Yulo with P3M

BOUNTY Fresh, Chooks-to-Go reward Carlos Yulo with P3 million for historic double gold at Paris 2024

Bounty Fresh Group Holdings, Inc. and Chooks-to-Go are thrilled to announce a reward of P3 million to Carlos Yulo for his outstanding achievement in winning two gold medals at the Olympic Games Paris 2024, making him the most decorated Filipino Olympian of all time.

Mr. Yulo brought pride to the Philippines by securing two gold medals in France, triumphing in the men’s gymnastics floor exercise with a remarkable score of 15.0 and the vault event with an impressive 15.166.

His performance on the world stage has captured the hearts of millions, demonstrating the resilience and competitive spirit of Filipino athletes.

“We at Bounty Fresh are immensely proud of Carlos Yulo’s extraordinary achievement,” said Patricia Cheng-Lim, executive vice president of Bounty Fresh Group Holdings, Inc.

“As a Filipino brand, we believe in celebrating and supporting our homegrown talent, and this reward is a testament to our admiration for Carlos (Yulo). We hope his success will inspire the next generation of Filipino athletes to pursue their dreams with the same passion and determination.”

Since 2016, Bounty Fresh Group Holdings, Inc. has been committed to supporting numerous athletes, recognizing the importance of nurturing sports talent in the Philippines. Among these athletes is Tokyo 2021 bronze medalist boxer Eumir Marcial, who has benefited from Bounty’s unwavering support.

The company’s dedication to Philippine sports was further exemplified in 2021 when they honored previous Olympic heroes, including Mansueto “Onyok” Velasco and Roel Velasco, by awarding them their very own Chooks-to-Go stores. This act earned Bounty recognition from the Philippine Olympian Association. — Joey Villar

Cignal and Akari clash for Pool B lead of PVL tilt

CIGNAL HD SPIKERS — FACEBOOK.COM/PREMIERVOLLEYBALLLEAGUE

Games Tuesday
(PhilSports Arena)
1 p.m. — Akari vs Cignal
3 p.m. — Capital1 vs ZUS
5 p.m. — Choco Mucho vs Petro Gazz

CIGNAL and Akari aim to stay unbeaten and atop Pool B as they face off even as Capital1 Solar hopes to keep its fairy tale run going versus ZUS Coffee in Tuesday’s Premier Volleyball League (PVL) Reinforced Conference at the PhilSports Arena.

Unscathed in four outings, the HD Spikers and the Chargers get to finally test each other’s mettle at 1 p.m. with the winner claiming solo No. 1 in their bracket and enter the second round in high spirits.

Cignal has been tipped as the prohibitive favorite after slaying two-time Reinforced Conference titlist Petroo Gazz, 25-22, 25-19, 25-19, Thursday while Akari was not bad itself after having hurdled ZUS, 25-23, 25-15, 25-18, the same day.

But after their much-anticipated encounter, there will only be one staying unbeaten.

The Solar Spikers, for their part, seek to sustain their giant-slaying ways after improving to 2-2 following a stunning 13-25, 25-21, 18-25, 25-20, 15-13 triumph over this year’s All-Filipino Conference runners up in the Choco Mucho Flying Titans Thursday.

Meanwhile, Choco Mucho (1-3) tackles Petro Gazz (1-3) at 5 p.m. — Joey Villar

LA hopeful boxing can be added to 2028 Olympics

PARIS — Boxing still has the chance of a spot in the Los Angeles Olympics in 2028 but will need to resolve a bitter conflict over its governance first, LA28 Chief Executive Officer Casey Wasserman told Reuters on Sunday.

The ‘sweet science’ has been an almost ever-present fixture at the Olympics but is not on the program for Los Angeles after the International Olympic Committee (IOC) stripped the International Boxing Association (IBA) of recognition last June.

History of boxing in America and the Olympics is really powerful and important,” Mr. Wasserman said in Paris.

“The popularity of boxing in America is important and its ability to have kids from all socioeconomic walks of life be able to participate in it is powerful and important.

“We’ve always said that we’ve got to figure out a way to get boxing in the Games in 2028 but as we sit here today… it is not on our schedule and we don’t have a venue for it.”

The IOC stopped the IBA from running the boxing tournaments at the Tokyo and Paris Games amid transparency concerns, leading to a war of words between the bodies.

The IOC has told federations to work together to appoint a credible international federation, with World Boxing currently looking best poised to fill that role.

“The IOC want to make sure that boxing finds its way to stability as a federation so it can have a permanent place on the Games without all this back and forth,” Mr. Wasserman said.

The IBA’s decision to award prize money to boxers at the Paris Games has driven another wedge into relations between the bodies.

In another disagreement between the two, gender tests conducted by the IBA on two female boxers during last year’s world championships, which had repercussions in Paris when a social media storm exploded around the pair, were condemned by the IOC on Sunday as illegitimate and lacking credibility.

While the sport was up against the ropes, it was not down for the count, Mr. Wasserman said.

“The agreement we have with boxing is that if they create a situation where they have solved the federation issues, then they will come to our programme,” he said.

“It’s the only sport that has unique treatment because of the unique circumstances. — Reuters

Brownlee, Pelita Jaya rule Indonesian league

JUSTIN BROWNLEE weaved his magic anew following a championship run with the Pelita Jaya in the Indonesia Basketball League over the weekend at the Indomilk Arena.

A six-time champion and three-time Best Import awardee with mother team Barangay Ginebra in the PBA, Mr. Brownlee added the IBL title to his resume by anchoring Pelita Jaya to a 73-65 win against Satria Muda in the winner-take-all Game 3.

Pelita Jaya bowed in Game 1, 84-71, before forcing a decider with an 82-70 win in Game 2.

Mr. Brownlee scored only nine points but his presence on both offensive and defensive ends proved more than enough for Pelita Jaya’s redemption after last winning the IBL in 2017.

The evergreen import previously won titles in ASEAN Basketball League, Lebanon and United Arab Emirates.

He also engineered Gilas Pilipinas’ redemption in the Southeast Asian Games and a historic gold medal triumph in the Asian Games after 61 years before bringing that winning tradition over to Indonesia.

Mr. Brownlee, 36, is expected to rejoin Ginebra’s training camp this week for the PBA Season 49 opener starting with the Governor’s Cup on Aug. 18 at the Smart-Araneta Coliseum.

It’s a reunion of sorts for Mr. Brownlee and Ginebra after their previous stint last year as the former missed the PBA’s recent season due to a FIBA suspension.

Under the watch of also his Gilas mentor Tim Cone, the national team naturalized player is out for redemption with the Gin Kings in the PBA, where they last won back in the 2023 Commissioner’s Cup.

He will meet a mixture of returning and new imports this time around, led by his fierce rival Allen Durham of the Meralco Bolts. — John Bryan Ulanday

Manila and Hanoi to hold first-ever joint exercise between coast guards

VIETNAM’S 90-meter ship CSB 8002 arrived at the port of Manila on Monday for a five-day port call. — PHILIPPINE STAR/ RYAN BALDEMOR

THE PHILIPPINES and Vietnam will kick off their first-ever joint coast guard exercise in Manila Bay this week after committing to boost maritime cooperation.

The Aug. 9 drill is the first between the two Southeast Asian nations, which have competing claims over some parts of the South China Sea. Both have had run-ins with China’s coast guard in the disputed waterway.

During a state visit to Hanoi by Philippine President Ferdinand R. Marcos, Jr. in January, Manila and Vietnam signed two agreements to boost cooperation between their coast guards and to prevent untoward incidents in the South China Sea.

Vietnam’s 90-meter ship CSB 8002 arrived at the port of Manila on Monday for a five-day port call.

It will carry out training exercises with the Philippines’ 83-meter offshore patrol vessel, BRP Gabriela Silang, on Friday. The exercises will focus on search and rescue and fire and explosion prevention, Philippine Coast Guard (PCG) officials said.

“In spite of the rivalry — (the Philippines and Vietnam) are also claimants on the West Philippine Sea — it shows we can work together,” PCG spokesman Armando Balilo said, referring to areas of the South China Sea within the Philippines’ exclusive economic zone.

“Hopefully, this will start a template that can be used even with China to de-escalate the situation.”

The Philippines and Vietnam have filed separate claims with the United Nations to an extended continental shelf to recognize their entitlements beyond their 200 nautical-mile exclusive economic zone in the South China Sea.

China claims almost the entire South China Sea, including parts claimed by the Philippines, Brunei, Malaysia, Taiwan and Vietnam. Portions of the waterway, where $3 trillion worth of trade passes yearly, are believed to be rich in oil and natural gas deposits, as well as fish stocks.

Also on Monday, the German government said it seeks to conclude a defense cooperation deal with the Philippines by yearend, as the two countries vowed to support a rules-based order within and beyond the Indo-Pacific region.

“We want to sign it by the end of the year,” Mr. Pistorius said a day after meeting with Philippine Defense Secretary Gilberto Eduardo C. Teodoro, Jr.

He said supporting the rules-based international order is more urgent now amid threats to the Indo-Pacific region. “We experience every day that the security of one region is always at the same time the security and stability of the other region,” he said.

He said his visit to the Philippines and other countries in the Indo-Pacific region is “key to show China, or maybe others in the future, that we stand together.” “It doesn’t matter whether it’s the Philippines, Europe, India, or whoever it is.”

The stability of Central and Eastern Europe depends on “a very solid front,” Mr. Marcos said, citing the need to uphold international law.

The European Union has had to deal with Russia’s invasion of Ukraine since 2022. Meanwhile, European nations have boosted their presence in Asian flashpoints including the South China Sea, which China claims almost in its entirety.

The Philippines and Germany on Sunday vowed to boost their defense ties, citing security challenges including attempts to advance expansive claims through force.

The two nations recognize “the wide array of opportunities” to enhance bilateral defense relations amid common security challenges, German Federal Minister of Defense Boris Pistorius and Philippine Defense Secretary Gilberto Teodoro, Jr. said in a joint statement after a meeting in Manila.

They “committed to conclude a broader arrangement on defense cooperation, which will expand the scope of mutually beneficial cooperation between the Philippines and Germany into new areas.”

The proposed defense cooperation deal is expected to cover joint training for their armed forces as well as a possible sale of German weapons.

The participation of Philippine military chief Romeo S. Brawner, Jr. in the meeting between Mr. Pistorius and Mr. Teodoro at the weekend highlights Manila’s ongoing shift to external defense, military spokesman Xerxes A. Trinidad said in a statement.

“General Brawner’s participation in the high-level meeting signifies the Armed Forces of the Philippines’ dedication to advancing external defense capabilities through international relationships,” he said.

“The discussions focused on enhancing defense cooperation, mutual security interests, and strategies to promote peace and stability,” he added.

The meeting was held just as Manila was monitoring a Chinese research vessel roaming around features west of the Philippine island of Palawan.

In their joint statement, the Defense chiefs reaffirmed that a 2016 arbitral ruling that voided China’s claims “final and legally binding.” — Kyle Aristophere T. Atienza with Reuters

Senators reject toll hike until regulator fixes RFID problems

PHILIPPINE STAR/ MICHAEL VARCAS

By John Victor D. Ordoñez, Reporter

PHILIPPINE senators on Monday urged the Toll Regulatory Board (TRB) to halt further toll fee increases at the North Luzon Expressway (NLEX) until it resolves issues about faulty radio-frequency identification systems (RFID).

“Before you approve petitions to increase toll fees, it has to be justified and you have to fix these problems,” Senator Rafael T. Tulfo told a Senate committee on public services hearing. “These services need to be improved before increases are made.”

TRB Executive Director Alvin A. Carullo told senators they consult Board members including the Department of Transportation, National Economic Development Authority (NEDA) and Public Works department before approving any toll increases.

The TRB earlier approved higher toll for the North Luzon Expressway that took effect on June 4.

Under the new toll matrix, motorists passing through the open system will pay an additional P5 for class 1 vehicles, P14 for class 2 and P17 for class 3 vehicles.

The open system covers Balintawak, Caloocan City to Marilao, Bulacan. The closed system is from Bocaue, Bulacan to Sta. Ines, Mabalacat City, Pampanga including Subic-Tipo.

For the closed system, motorists who pass through NLEX end to end between Metro Manila and Mabalacat City will pay P27 more for class 1 vehicles, P68 for class 2 and P81 for class 3 vehicles.

“The regulator should protect us all, but if they allow the rate to increase without looking at the service, what is the use of the regulator?” Senator Sherwin T. Gatchalian said at the hearing.

“We should also look at the performance of the regulator other than the performance of the operator,” he added.

In April, Metro Pacific Tollways Corp. (MPTC), which operates NLEX, said it would spend about P10 billion to implement a barrierless toll system and cashless transactions.

MPTC is the tollway unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

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