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Congressman seeks e-sabong revival to boost state revenue

PHILSTAR

THE GOVERNMENT should legalize online cockfighting operations or e-sabong to generate state revenues, a congressman said on Tuesday, noting that the practice continues despite a two-year ban.

The government is losing revenues it could have collected from regulating online cockfighting, Party-list Rep. Marissa P. Magsino told a House of Representatives hearing.

She made the proposal after a sweeping ban on Philippine Offshore Gaming Operators (POGO).

The Philippine Amusement and Gaming Corp. (Pagcor) generated about P6.2 billion from license fee collections of legal online cockfighting operators from 2021 to 2022, Chairman Alejandro H. Tengco told congressmen.

“To generate funds, would it be possible to create a law legalizing it because it remains prevalent anyway?” Ms. Magsino asked in Filipino.

Ex-President Rodrigo R. Duterte in May 2022 banned internet-based cockfighting after dozens of gamblers who got hooked went missing. President Ferdinand R. Marcos, Jr. upheld the ban in December 2022.

About 30 gamblers went missing between 2021 and 2022, prompting a congressional probe. The cases remain unsolved.

“If made into law… we have nothing more to do but follow it,” Mr. Tengco said in Filipino.

The Philippine Charity Sweepstakes Office (PCSO) should study how much the government could earn from making online cockfighting, Quezon Rep. David C. Suarez said during the agency’s budget hearing.

“Because there’s no proper regulation, proper monitoring and policies being implemented, maybe PCSO or Pagcor… could make a position paper [on legalizing online cockfighting],” he said.

At Pagcor’s budget hearing, Northern Samar Rep. Paul R. Daza proposed a “better version” of POGOs.

“Learning from experience, without the bad elements, [let’s] come up with a better version that will help the economy,” he said.

Mr. Tengco said Pagcor would lose as much as P7.5 billion in yearly revenue from the POGO ban that President Ferdinand R. Marcos, Jr. ordered last month. — K.C.L. Basilio

Philippines’ DFA calls for peaceful transition in Bangladesh after protests

REUTERS

THE PHILIPPINES on Tuesday called for a peaceful and orderly transition of power in Bangladesh after former Prime Minister Sheikh Hasina quit at the weekend after weeks of violent street protests.

“The Philippines conveys its solidarity with the people of Bangladesh and commits to efforts aimed at restoring peace and stability in Bangladesh,” the Department of Foreign Affairs (DFA) said in a statement.

It said the Philippine Embassy in Dhaka is ready to help Filipinos based in the South Asian country.

Last week, the DFA placed Bangladesh under Alert Level 1 amid the protests, calling for Filipinos in the country to stay indoors and to keep an eye on the situation.

There are about 700 Filipinos in Bangladesh, Foreign Affairs spokesperson Ma. Teresita C. Daza told reporters in a Viber message.

The prime minister fled to India after Bangladeshis protested a quota system for government jobs that reserved a third of posts for the descendants of those who participated in the country’s 1971 liberation movement.

Bangladesh’s High Court reinstated the rule in June, which also reserved 56% of state jobs for children and grandchildren of freedom fighters, women and people from “backward districts,” Al Jazeera reported.

At least 41 people died, while 200 others were hurt in the protests, according to the Associated Press. — John Victor D. Ordoñez

Phone ban in schools backed

Students attend a class at the Commonwealth High School, in Quezon City, Metro Manila, April 18, 2024. — REUTERS

ABOUT 8 of 10 Filipinos favor a proposal to ban mobile phones in schools to keep students stay focused on their studies, according to a June poll by Pulse Asia Research, Inc.

The poll commissioned by Senator Sherwin T. Gatchalian showed 76% of Filipinos backed the ban, while 13% disagreed. About 11% said did not have an opinion.

Pulse Asia interviewed 1,200 adults on June 17- 24 for the poll, which had an error margin of ±3 points.

Mr. Gatchalian earlier filed Senate Bill No. 2706 or the Gadget-Free Schools bill, which tasks the Department of Education to craft guidelines on the phone ban in both private and public schools.

“Clearly, our fellow citizens support our proposal to ban the use of cellphones in schools, especially since their use in class time can be detrimental to students’ learning,” Mr. Gatchalian said in a statement in Filipino.  — John Victor D. Ordoñez

House approves LDF bill

PHILSTAR FILE PHOTO

THE HOUSE of Representatives on Tuesday approved on second reading a bill that seeks to give the Loss and Damage Fund (LDF) Board a legal personality and allow it to operate in the Philippines.

Approved via voice vote, House Bill No. 10722 gives juridical and legal personality to the LDF Board, allowing it to buy assets and enter into contracts in the Philippines. It will also authorize the Board to negotiate with the World Bank.

The LDF Board is exempt from property and transaction taxes under the measure. It also exempts visiting Board officials from income taxes.

“The task of providing an enabling law conferring legal personality to the Board has fallen to this august chamber,” Bohol Rep. Edgar M. Chatto said in a sponsorship speech in plenary. “The Board is accorded legal personality and capacity where it can enjoy certain privileges and immunities.”

The Philippines in July won the bid to host the LDF. Philippine President Ferdinand R. Marcos, Jr. earlier said this reinforces the country’s dedication to become a leader in shaping international climate policies. — Kenneth Christiane L. Basilio

P5B more released for 4Ps

PHILIPPINE STAR/ MICHAEL VARCAS

THE DEPARTMENT of Budget and Management (DBM) on Tuesday said about P5 billion from last year’s budget would be released for the government’s conditional cash transfer program.

In a statement, the agency said the fund seeks to help ease the effects of rising prices on more than 700,000 households under the Pantawid Pamilyang Pilipino Program (4Ps).

“The DBM will do its part to streamline budget processes so that our citizens benefit from faster and more efficient delivery of essential services such as our 4Ps,” Budget Secretary Amenah F. Pangandaman said in the statement. — BMDC

ILO, Canada work vs child labor

THE International Labour Organization (ILO) and the Canadian government has partnered to strengthen freedom of association and combat child labor in the Philippines through a five-year project launched on Tuesday.

The project aims to promote the enforcement of international labor standards. It is funded by the Labour Program of Employment and Social Development Canada.

“Canada sets the bar on workers’ rights around the world,” Canadian Labor Minister Steven MacKinnon said in a statement. “Supporting our trading partners to strengthen workers’ rights is how we make sure those rights are upheld everywhere, so every worker has a workplace that is fair, safe and equitable.” — Chloe Mari A. Hufana

Maoist rebels convicted

THE DEPARTMENT of Justice Task Force on Counter-Terrorism I (DoJ-TFCT 1) on Tuesday said it scored a victory after a Mindoro Oriental trial court convicted two Communist Party of the Philippines-New People’s Army (CPP-NPA) members for the unauthorized issuance of authority to carry and illegal transfer of firearms.

Assisting Judge Jose C. Real, Jr. meted each defendant with a jail time of a year per crime.

“The period within which they are detained shall be credited in full should they abide by and follow the rules and regulations of the institution where they are continuously detained,” according to a copy of the decision promulgated on July 9. — Chloe Mari A. Hufana

Benguet vegetables saved

LA TRINIDAD, BENGUET — Benguet lawmaker Eric Go Yap has started the buying and distribution of 100 tons of cabbage and assorted vegetables for free in Metro Manila, to help farmers recover from the economic impact of Super Typhoon Carina.

Floods caused by the typhoon wreaked havoc on the trading of high-value crops after major road networks in Benguet and nearby provinces were closed. — Artemio A. Dumlao

Peso climbs to new two-month high on hawkish BSP bets

BW FILE PHOTO

THE PESO strengthened to a fresh two-month high against the dollar on Tuesday as faster-than-expected July inflation tempered expectations of a rate cut by the Bangko Sentral ng Pilipinas (BSP) next week.

The local unit closed at P57.81 per dollar on Tuesday, rising by nine centavos from its P57.90 finish on Monday, Bankers Association of the Philippines data showed.

This was the peso’s strongest finish since its P57.62-per-dollar close on May 17.

The peso opened Tuesday’s session weaker at P57.96 against the dollar. Its intraday best was at P57.80, while its weakest showing was at P58.02 versus the greenback.

Dollars exchanged went down to $1.21 billion on Tuesday from $1.76 billion on Monday.

The peso was initially weaker on safe-haven demand for the dollar due to recession fears in the US but rebounded in the afternoon as faster Philippine July inflation” [fanned] bets that the BSP may hold rates steady versus the Federal Reserve’s more aggressive tone, the first trader said by phone.

“The peso gained after hawkish remarks from BSP Governor Eli M. Remolona, Jr. that the central bank might consider holding its policy rates steady in its meeting next week,” the second trader said in an e-mail.

Mr. Remolona on Tuesday said a rate cut at its Aug. 15 review is “a little bit less likely” following the “worse-than-expected” July inflation print.

Headline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June. This was slower than the 4.7% print in the same month a year ago and was within the BSP’s 4%-4.8% forecast for the month.

However, this was higher than the 4% median estimate in a BusinessWorld poll of 15 analysts and was the fastest in nine months or since the 4.9% clip in October 2023.

The July consumer price index marked the first time since November that headline inflation exceeded the central bank’s 2-4% annual target.

The BSP chief previously signaled that they were on track to cut rates for the first time in over three years this month, possibly by 25 basis points (bps), adding that another 25-bp cut is likely next quarter.

The Monetary Board in July kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting. It raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023 to help tame elevated inflation.

For Wednesday, the second trader said the peso could weaken ahead of a potentially higher Philippine unemployment rate.

The first trader sees the peso moving between P57.50 and P58 per dollar, while the second trader sees it ranging from P57.65 to P57.90. — A.M.C. Sy

Index inches lower on last-minute profit taking

REUTERS

THE BELLWETHER INDEX inched lower on Tuesday due to last-minute profit taking and faster-than-expected July inflation.

The Philippine Stock Exchange index (PSEi) slipped by 0.02% or 1.49 points to end at 6,433.24 on Tuesday, while the broader all shares index rose by 0.12% or 4.47 points to finish at 3,520.94.

“The local bourse inched down… as investors took profits at the last minute. The market was initially trading in the green due to bargain hunting after Monday’s steep decline. However, a surge of last-minute profit taking pushed the market into negative territory,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Wall Street’s decline overnight due to US recession fears and the pickup in Philippine headline inflation last month clouded investor sentiment, Mr. Plopenio said.

“Philippine shares ended with flat performance despite a strong rebound early morning as the investors continue to monitor economic data in both US and Japan especially for signs of a global recession,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Major US stock indexes ended sharply lower on Monday as US recession worries shook global markets and drove investors out of risky assets, Reuters reported. The recession concerns followed weak economic data last week, including Friday’s soft US payrolls report.

The S&P 500 lost 160.23 points or 3% to end at 5,186.33 points; while the Nasdaq Composite lost 576.08 points or 3.43% to 16,200.08. The Dow Jones Industrial Average fell 1,033.99 points or 2.6% to 38,703.27.

Meanwhile, headline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported on Tuesday.

This was slower than the 4.7% print in the same month a year ago and was within the Bangko Sentral ng Pilipinas’ (BSP) 4%-4.8% forecast for the month.

However, this was higher than the 4% median estimate in a BusinessWorld poll of 15 analysts conducted last week and was the fastest in nine months or since the 4.9% clip in October 2023.

For the first seven months, inflation averaged 3.7%, above the BSP’s 3.3% forecast for the year.

Sectoral indices were mixed on Tuesday. Mining and oil dropped by 1.75% or 143.46 points to 8,024.09; industrials retreated by 0.54% or 47.92 points to 8,801.81; and financials went down by 0.15% or 3.11 points to 1,963.28.

Meanwhile, property increased by 0.6% or 14.99 points to 2,508.59; services rose by 0.38% or 7.58 points to 1,983.42; and holding firms went up by 0.09% or 5.44 points to 5,627.89.

Value turnover dropped to P5.12 billion on Tuesday with 419.01 million shares changing hands from the P5.64 billion with 638.56 million issues traded on Monday.

Decliners outnumbered advancers, 97 versus 84, while 56 names were unchanged.

Net foreign selling climbed to P635.78 million on Tuesday from P621.93 million on Monday. — R.M.D. Ochave with Reuters

Palay yield target set at 7.5 metric tons per hectare

A farmer threshes newly harvested palay grains at a ricefield in Mogpog, Marinduque in central Philippines, March 22, 2016. — REUTERS

THE Department of Agriculture (DA) said it set the yield target at 7.5 metric tons (MT) of palay per hectare for the Masagana Rice Industry Development Program (MRIDP).

“We’re recalibrating the program to identify areas for enhancement, including the distribution of improved seed, expansion of irrigation systems, and adjustments to rice cropping schedules,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement on Tuesday.

The current national average yield is 4.17 MT per hectare, equivalent to 84 50-kilogram bags of palay, or unmilled rice.

The average yield of palay in irrigated areas is 4.51 MT. In non-irrigated areas it averages 3.34 MT.

“As we move forward, our aim is not just to increase productivity but also to ensure sustainability and resilience in our agricultural sector,” Mr. Laurel added.

The upgraded target could translate to annual rice production of more than 25 million MT, even if the target yield is achieved only in the 3.39 million hectares of irrigated farmland.

The DA has said it expects palay production this year of 20.44 million MT, up from 20.05 million MT in 2023.

In the first half, palay production declined 5% year on year to 8.53 million MT, according to the Philippine Statistics Authority.

“We must adopt a more scientific approach to farming to boost output and manage costs effectively,” Mr. Laurel added.

The MRIDP aims to stabilize the rice supply at between 24.99 million MT and 26.86 million MT a year, in the process lowering growth in rice prices to less than 1% annually.

It also seeks to increase farmer incomes by 54% and ensure adequate reserves held by the National Food Authority.

“With increased production, farmers will enjoy gains from their labor while consumers should enjoy lower food prices,” Mr. Laurel said. — Adrian H. Halili

Exporters batting for exemption from BoC container tracking system

REUTERS

By Justine Irish D. Tabile, Reporter

EXPORTERS said they are in talks with the Bureau of Customs (BoC) to exempt their cargoes from the Electronic Tracking of Containerized Cargo  (E-TRACC) system, saying its shipments are already tracked.

Philippine Exporters Confederation, Inc. President Sergio Ortiz-Luis, Jr. said the organization is in talks with the BoC “towards the exemption of exports from this because most of our logistics providers use GPS (global positioning system),” Mr. Ortiz-Luis told BusinessWorld via Viber.

The exporters’ comments come after the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) also flagged the redundancy of E-TRACC.

According to SEIPI President Danilo C. Lachica, the system will also cost exporters P1 million to P2 million on top of the rising logistics costs.

“Plus, there has been no record of export diversion to the domestic market because exporters need to ship these goods; otherwise, they don’t get paid. So E-TRACC is redundant and extra cost and time for exporters,” he added.

Launched in 2020 through Customs Memorandum Order No. 04-2020, E-TRACC enables real-time monitoring of inland movements of containerized goods.

With the use of a GPS-enabled tracking device, the system secures the transport of the goods and prevents diversion and tampering.

In July 2022, the BoC fully implemented E-TRACC on all containers processed with no exceptions. 

British Chamber of Commerce of the Philippines Executive Director Chris Nelson told BusinessWorld that the chamber understands why there is a request for the system to be waived for exporters, where cargo diversion is not a concern.

“The issue is obviously for imports … While we haven’t heard particularly of this system from our companies, what I would say is that we support things that strengthen and support legitimate sales,” Mr. Nelson said in a phone interview.

“In that context, we are very strong supporters of the Anti-Agriculture Economic Sabotage Act, although that’s different, it’s about supporting and making sure that genuine imports that support the economy are there,” he added.

He cited the importance of the government to take action against smuggling.

Confederation of Wearable Exporters of the Philippines Executive Director Maritess Jocson-Agoncillo told BusinessWorld that E-TRACC is redundant, noting that the industry  has measures in place to track containers.

“The system flow has been efficient … once containers are locked and released from the port of origin,” Ms. Jocson-Agoncillo said via Viber.

“We have not experienced any hijacking, or even attempts, to open containers in transit,” she added.

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