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Lorenzana plays down Duterte’s remarks on nationwide martial law

WILL President Rodrigo R. Duterte declare martial law or a holiday on Sept. 21?

Defense Secretary Delfin N. Lorenzana on Friday, Sept. 15, sought to clarify Mr. Duterte’s recent remarks about the possibility of his declaring martial law nationwide – following after Ferdinand E. Marcos, whose Sept. 21, 1972, martial-law proclamation is expected to be observed next week by critics and followers alike of the late dictator.

“Sinabi na rin ni Presidente ‘yan eh (The President already mentioned that). (He said…if the) Left will try to have a massive protest, magsunog sila sa kalsada (burning in the streets), they will disrupt the country, then I might,” Mr. Lorenzana said in a press briefing on Friday.

“Sinabi na rin niya ang rason eh. But I don’t think…sa aking pananaw naman, estimate ko…very remote naman mangyari (He also cited the reason. But I don’t think…in my view, my estimate,…that possibility is very remote),” he also said, adding:

“Pero si Presidente lang kasi (But the President is just) is very concerned that it might get out of hand. So sabi niya (he said), ‘I might declare martial law.’”

“But I don’t think the possibility that the Left will be able to conduct a massive demonstration across the country, disrupting the civil government or the lives of the people, eh hindi naman siguro mangyayari ‘yun (that probably won’t happen).”

Mr. Lorenzana is currently the martial-law administrator in Mindanao, which Mr. Duterte placed under martial rule on May 23, a state that Congress thereafter extended, amid the still unresolved siege of Marawi City by the terrorist Maute group.

Mr. Lorenzana also disclosed that a number of countries have pledged donations to Marawi’s rehabilitation – Australia, P1 billion; the United States, P730 million; Japan and Thailand, P1 million; and China, P85 million. The European Union has also pledged P49 million, he added.

HOLIDAY?
Despite Mr. Duterte’s raising the possibility of threats from the Left, Mr. Lorenzana said: “Wala naman kaming nakikita (We don’t see any threats)….Our intelligence people or…our field people cannot… do not have any indication that magkakaroon ng talagang malakihan na katulad nung mga nakaraan taon (there’ll be something as big as what happened before)…We do not have that indications in our reports.”

“Even the civilian LGUs, wala din naman silang nararamdaman sa baba eh (they don’t sense anything on the ground),” Mr. Lorenzana also said.

He added: “(D)uring my interaction with him early this week, sinabi niya na…pagka magkaroon ng massive rally sa Metro Manila (he said if there’s a massive rally in Metro Manila), as it might inconvenience the public,…’Hindi ko na lang sila papasukin (I won’t let the workers report for work). I will declare walang papasok sa mga opisina (that no one will go to work).’”

“So just…para…sabi niya, magkaroon sila ng ‘yung demonstration (he said, if they hold a demonstration), they have free hand kung anong gawin nila diyan sa mga demonstration nila (on what they’ll do in their demonstration). That’s what he… he said during our ano (conversation).”

“Pero hindi naman niya sinabi kung anong araw (But he didn’t say what day), but since the Left is threatening to have this massive demonstration on the 21st and siguro baka (maybe the) 21st…basta papakiramdaman naman daw niya kung kailan ‘yan gagawin ng Left, ‘yung kanilang threatened demonstration (he’ll see what he would do with regards to their threatened demonstration).” – with Rosemarie A. Zamora

Auto sales up 8.7% in Aug. – CAMPI, TMA

CAR sales in August rose by 8.7% to 35,309 as most vehicle categories continued to post double-digit growth, the latest industry tally show, bringing automakers closer to their yearend goal.

The month’s sales report raised the year-to-date total to 268,424 units, up 16.7% year-on-year, according to the joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).

“August sales results remained stable, driven by the good sales performance of key models from major manufacturers,” said CAMPI President Rommel R. Gutierrez.

Also driving the month’s sales growth is “the competitive promotional support and marketing activities to further push vehicles,” said Mr. Gutierrez, who is also first vice-president for government and industry affairs of Toyota Motor Philippines Corp.

August sales growth, however, was slower than the previous month’s 23.3% when 36,951 units were sold.

On a month-on-month comparison, sales for August were lower for both light commercial vehicles and passenger cars.

Sales of light commercial vehicles slipped by 0.8% to 24,051 unit month-on-month. Passenger car sales were also lower by 11.4% at 11,258 units. Asian utility vehicles also declined to 6,864 units, down 11.6%.

In August, Mr. Gutierrez said that despite the sales growth in July, carmakers remained cautious as they entered the second half of the year.

During the eight-month period, commercial vehicles cornered the biggest share at 66.05% with a total of 177,285 units sold, up 22.3% from a year earlier.

Light commercial vehicles followed with a share of 63.64% for the 112,827 units sold during the January-August period, which had sales growing by 19.4% year-on-year.

Passenger cars accounted for the third-biggest share at 33.95%, followed by Asian utility vehicles at 30.31%. Light trucks along with trucks and buses accounted for a share in the single digits or less.

Toyota Motor maintained its lead as the top-selling car company in the Philippines with a market share of 44.1%. It was followed by Mitsubishi Motors Philippines Corp. with a share of 17.68%. Ford Motor Co. Philippines, Inc. came out third with a 8.51% share.

Isuzu Philippines Corp. and Honda Car Philippines Inc. round out the top five with a share of 6.84% and 6.71%, respectively.

CAMPI is expecting car sales this year to hit 450,000, a record for the industry, which has been enjoying robust monthly sales in part due to easier financing programs and consumers’ greater spending power. The association is the biggest grouping in the Philippine automotive industry. – Victor V. Saulon

Weaker peso forces Manila Water, Maynilad to raise water tariff

By Victor V. Saulon, Sub-Editor

MANILA Water Co. and Maynilad Water Services, Inc. will be raising water rates for the fourth quarter of the year to factor in the weakening of the peso against foreign currencies.

Maynilad, the water concessionaire in Metro Manila’s west zone, notified customers of a “slight increase” in its foreign currency differential adjustment (FCDA) starting on Oct. 1, 2017.

The latest FCDA, at P0.38 per cubic meter, is equivalent to 1.09% of the average basic charge of P34.51/cu.m. Compared to the previous quarter, that P0.38/cu.m. FCDA is up by P0.11/cu.m. from the previous quarter, “following the depreciation of the Philippine peso.” It will be in effect from Oct. 1 to Dec. 31, 2017.

“Maynilad customers consuming 10 cubic meters or less every month will see their water bill increase by P0.34 from P118.61 to P118.95, while those consuming 20 cubic meters every month will see their water bill increase from P444.29 to P445.56, a difference of P1.54,” the company said in a statement on Friday.

“Meanwhile, households consuming 30 cubic meters a month will note an increase of P2.60 in their water bill, from the current P906.94 to P909.54,” it added.

Water concessionaires are allowed to recover losses or give back gains through the FCDA tariff mechanism that factors in the movements of the peso against foreign currencies.

The FCDA mechanism has been set because the water concessionaires pay foreign currency-denominated concession fees to the state agency Metropolitan Waterworks and Sewerage System as well as loans to fund service improvement projects that will expand and upgrade water and wastewater services.

It also allows them to sustain their program to cut water losses or non-revenue water and bring the supply to the underserved or unserved sectors in their service areas.

MANILA WATER TOO
Separately, east zone concessionaire Manila Water said an FCDA of P1.21/cu.m. will be imposed in about 15 days, or at the start of October.

It said the adjustment is based on the exchange rates of P50.6382 per US dollar and P0.4504 per Japanese yen.

“The FCDA component of the water bill will be adjusted to 4.86% of the basic charge,” it said.

Manila Water said customers using 10 cu.m. of water a month will see their bill rise by P1.22 to P138.22 from P137. Those consuming 20 cu.m. will see a P2.72 increase in their monthly bill to P304.66 from P301.94, while those using 30 cu.m. can expect a P5.53 increase to P620.33 from P614.80 from the previous quarter.

Maynilad serves most of Manila, parts of Quezon and Makati cities, as well as the cities of Caloocan, Pasay, Parañaque, Las Piñas, Valenzuela, Navotas and Malabon. Its franchise area includes the cities of Bacoor and Imus and the municipalities of Kawit, Noveleta and Rosario in Cavite.

Manila Water provides water and used water services to Mandaluyong, Pasig, San Juan, Marikina, Pateros, Taguig, Makati, southeastern part of Quezon City and San Andres and Sta. Ana in Manila. It also serves several towns of Rizal province, including San Mateo, Rodriguez, Antipolo, Cainta, Taytay, Angono, Binangonan, Baras and Jalajala.

Military spokesman Padilla, others promoted

By Rosemarie A. Zamora

PRESIDENT Rodrigo R. Duterte on Thursday signed the nomination of Brig. Gen. Restituto F. Padilla to the rank of Maj. Gen./Rear Adm., along with 20 others to the ranks of Lieutenant General and Brigadier General, to be submitted to the Commission on Appointments for approval.

“I wish to inform you that, per your letter-endorsement and in accordance with the recommendation of the Chief of Staff, Armed Forces of the Philippines and Chairman, Armed of the Philippines Board of Generals, pursuant to the provisions of Article VII, Section 16 of the Constitution and existing laws, the nomination of the twenty-one (21) General/Flag and Senior Officers of the Armed Forces of the Philippines to their ranks of LIEUTENANT GENERAL, MAJOR GENERAL/REAR ADMIRAL, and BRIGADIER GENERAL/COMMODORE will be submitted to the Commission on Appointments for confirmation,” Mr. Duterte’s Sept. 14 letter to his Defense Secretary, Delfin N. Lorenzana, reads.

Along with Mr. Padilla were 20 others who are nominated for the ranks of lieutenant and brigadier general.

Nominated to the rank of Lt. Gen. is Maj. Gen. Emmanuel B. Salamat O-9334 AFP.

To the rank of Maj. Gen./Rear Adm. are:

• Brig. Gen. Rolando Joselito D. Bautista O 9303 AFP
• Brig. Gen. Alvin A. Parreno O-9566 AFP (Parreño)
• Commodore Rommel Jude G. Ong O-9732 AFP
• Brig. Gen. Nicolas C. Parilla O-9771 AFP
• Commodore Giovanni Carlo J. Bacardo O-9693 AFP
• Brig. Gen. Isidro L. Purisima O-9335 AFP
• Brig. Gen. Macairog S. Alberto O-9568 AFP

To the rank of Brig.Gen./Commodore:

• Capt. Alberto B. Carlos O-10205 PN (GSC)
• Col. Joselito B. Ramos O-9876 PAF (MNSA)
• Col. Eric C. Vinoya O-9754 PA (GSC)
• Capt. Noel M. De Vera O-9815 PN (MNSA)
• Col. Bernie S. Langub O-10209 PA (GSC)
• Capt. Sean Anthony U. Villa O-9814 PN (GSC)
• Col. Ferdinand M. Cartujano O-9857 PAF (GSC)
• Col. Augusto D. Dela Pena O-10053 PAF (MNSA) (Peña)
• Col. Nilda L. Nesperos O-123881 NC (GSC)
• Col. Tyne T. Banas O-9804 PA (GSC) (Bañas)
• Col. Franco Nemesio M. Gacal O-9844 PA (GSC)
• Col. Vicente O. Bacarro O-9864 PA (GSC)

Economic managers plan China infra roadshow in late Sept.

CABINET OFFICIALS will visit China on Sept. 27-29 in a bid to attract more potential infrastructure investors as well as to review the progress of projects with pledged Chinese funding.

In a statement, the Department of Finance (DoF) said that the Philippine delegation will meet first with Chinese officials on Sept. 27 in Beijing, then will travel to Shanghai to seek investors for the government’s P8.4 trillion infrastructure program.

The delegation will be composed of Finance Secretary Carlos G. Dominguez III, Socioeconomic Planning Secretary Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno, Transportation Secretary Arthur P. Tugade. Public Works and Highways Secretary Secretary Mark A. Villar; Vivencio B. Dizon, Bases Conversion and Development Authority President; and Executive Secretary Salvador C. Medialdea.

The same team will be coming from Tokyo before the Sept. 27 China meeting, where the economic and infrastructure managers will likewise review the progress on Japanese-funded projects and brief potential investors.

Kaliwa Dam
One of projects funded by Chinese Official Development Assistance (ODA) is the P10.86-billion Kaliwa Dam project, formerly named by the previous administration as New Centennial Water Source, which is located in Quezon province. — www.mwss.gov.ph

Projects funded by Chinese Official Development Assistance (ODA) include the P2.7 billion Chico River Pump Irrigation Project, the P10.86 billion New Centennial Water Source-Kaliwa Dam Project, and the P151.3 billion North-South Railway Project (NSRP) South Commuter Line.

China also backs two Pasig River bridges – the P4.607 billion Binondo-Intramuros and P1.376 billion Estrella-Pantaleon bridge.

President Xi Jinping pledged $9 billion worth of ODA during President Rodrigo R. Duterte’s visit in October. Mr. Duterte also obtained a $9 billion package from Japan when Prime Minsiter Shinzo Abe visited the Philippines in January.

The government’s infrastructure push is expected to drive overall growth to 7-8% by the end of Mr. Duterte’s term in mid-2022 from the 6.2% average over the past six years, slash unemployment to 3-5% by 2022 from 5.5% last year and cut the national poverty rate to 14% from 21.6% in 2015. – Elijah Joseph C. Tubayan

Philippine bond market size up 10.2% at end-June despite rising yields – ADB

LOCAL currency bond issuances in the Philippines rose by an annual 10.2% at end-June, driven by the government’s retail bond offering together with strong corporate demand, even as prospects of more US rate hikes and the Duterte government borrowing more to finance its infrastructure plan have led to rising yields, the Asian Development Bank (ADB) said on Friday.

In its September Asia Bond Monitor, the Manila-based multilateral lender put the size of the Philippine bond market at P5.168 billion at end-June. Last year, that number was P4.688 billion. In the first quarter of this year, outstanding Treasury bills and bonds amounted to P4.943 billion.

Government bonds accounted for 81.5% of the local bond market, while corporate debt comprised nearly a fifth of the total issuances for the period. Government-issued bonds were valued at P4.211 billion as of end-June, 5% up from the previous quarter and 8.5% from the previous year.

“The expansion in the size of the government bond market was sustained by increased issuance, particularly the issuance of Retail Treasury Bonds (RTBs) in April,” ADB said.

“The RTB offer was met with strong demand, prompting the Bureau of the Treasury (BTr) to increase its initial offer size of PHP30 billion to accommodate investor appetite,” it added.

Corporate bonds, on the other hand, grew 2.7% to P957 billion from the previous quarter and 18.5% year on year.

“Market participants see the corporate bond market remaining vibrant even if the government shifts its project financing to appropriation from public-private partnerships,” the bank said.

“Should government spending, particularly huge infrastructure projects, gain further traction, it would spur economic activity and provide more opportunities for firms to expand,” it added.

Ayala Land, Inc., SM Prime Holdings, Inc., Metropolitan Banking & Trust Co., SM Investments Corp., and Ayala Corp. were the top 5 corporate bond issuers for the period.

“Between 1 June and 15 August, local currency (LCY) government bond yields in the Philippines rose for most tenors, particularly the 3-month, 6-month, 2-year, 5-year, 10-year, and 20-year maturities,” ADB said.

ADB said that the rise in yields reflected the market’s reaction to the looming US rate normalization, as well as the European Central Bank’s “adjusting the parameters of its policy instruments.”

The multilateral lender said there’s another factor driving Philippine bond yields up.

“With more spending in the pipeline, the government may need to borrow more to fund the gap, likely pulling up government bond yields,” it said. – Elijah Joseph C. Tubayan

Sta. Lucia Land builds Luzon, Davao land bank

HOMEBUILDER and mall owner Sta. Lucia Land, Inc. (SLI) is growing its land bank with the acquisition of over 50 hectares (503,488 square meters) of land, mostly in Luzon, it said will be converted into residential and commercial communities.

In a disclosure to the stock exchange on Friday, the listed real estate firm said its executive committee has approved the acquisition of land during a special meeting on September 14.

The parcels of land are located all over the country, the biggest of them in Marikina City at 355,310 square meters (sq.m.), followed by a total of 53,133 sq.m. in Quezon City. Another 31,254 sq.m. will be purchased in Batangas; 23,461 sq.m. in Palawan; 22,991 sq.m. in Davao; and 17,339.29 sq.m. in Laguna.

SLI Vice President for Investor Relations Jeremiah T. Pampolina said in an email that the additional land will be developed into residential and commercial communities. He added the company will target middle-income workers, small-to-medium enterprise owners, and overseas Filipino workers for the upcoming projects.

It was not immediately clear how large SLI’s land bank has become, although its web site said the company has so far developed “over 10,000 hectares of land” covering 200 projects throughout the country.

SLI, incorporated in 1996, is the builder behind Sta. Lucia East Grand Mall in Cainta, Rizal, seven golf and country clubs including Eagle Ridge, as well as several residential estates like the Royal Northwoods and condominium towers like La Breza Tower.

On Friday, SLI also said its executive committee further authorized the company to enter into a joint venture agreement for the development of its 212,890-sq.m. project in Palawan.

Last June, SLI also announced the acquisition of 300,000 sq.m. of land in Pangasinan, Batangas and Iloilo which may be developed into subdivisions or residential communities.

The company will be funding the acquisition through the P1 billion to P2 billion it allocates for capital expenditure every year.

The firm is currently developing a 67-hectare master-planned lake residential community in Silay, Negros Occidental valued at P400 million to P500 million.

Shares in SLI added one centavo or 0.98% to P1.03 apiece at the Philippine Stock Exchange on Friday. – Arra B. Francia

Impeachment complaint transmitted to Sereno

THE Justice Committee of the House of Representatives has formally ordered Supreme Court Chief Justice Maria Lourdes P.A. Sereno to answer the allegations in the impeachment complaint pending before the chamber.

In a letter dated September 15, Oriental Mindoro Representative Reynaldo Umali, chairman of the committee, gave Ms. Sereno 10 days to file an answer to the complaint.

“Wherefore, pursuant to Rule 5, Section III of the Rules of Procedure in Impeachment Proceedings, you are hereby notified to file an answer to the attached complaints within ten (10) days from the date of receipt of this notice, and to serve a copy of your answer to the complainants, by personal service. No motion to dismiss shall be allowed within the period to answer the complaint,” the letter said.

At a hearing on Sept. 13, the committee found the complaint filed by lawyer Lorenzo Gadon sufficient in for and in substance, advancing the proceedings to the next level, determination of probable cause.

The complaint alleged that Ms. Sereno committed culpable violation of the Constitution, betrayal of public trust and corruption.

Her lawyer, Carlo L. Cruz, said in a statement on Friday:

“We confirm that the Secretary-General of the House Committee on Justice has served a copy of the impeachment complaint to the Office of the Chief Justice. We now have ten days to formally respond to this complaint.”

“In her answer, she will explain why the complaint must fail. Chief Justice Sereno has always been a staunch defender of the Judiciary and our democracy, and has always exercised utmost competence, integrity, probity, and independence in her official conduct and in the performance of her functions.”

“The public may rest assured that the Chief Justice remains committed to her duties at the Supreme Court, and continues to pursue the judicial reform agenda even as the impeachment process unfolds.” – main report from Lira Dalangin-Fernandez/InterAksyon

Pag-IBIG increases Mindanao loan takeout target to P8.6 billion

DAVAO CITY – Home Development Mutual Fund, also known as Pag-IBIG Fund, is increasing its loan takeout target in Mindanao to P8.6 billion this year after a surge in demand surge in key cities, including Iligan and Cagayan de Oro where some Marawi City residents are looking to relocate.

Marilene C. Acosta, deputy chief executive officer for the Home Lending Operations Cluster, said the original 2017 target was P7.5 billion, but Pag-IBIG’s Mindanao offices have submitted a higher “fearless forecast” for around 8,600 borrowers.

“That is the challenge,” Ms. Acosta said in a media briefing here Thursday.

As of end-August, she reported, the takeout stood at P4.4 billion covering 4,951 borrowers.

Loan takeout is the process by which loan-originating banks, working with housing developers, turn over control of the mortgage to Pag-IBIG.

“There is still a significant amount to cover for Mindanao from September to December. That would mean an average of P1 billion takeout (monthly) so that they can hit the P8.6 billion,” she said.

Lawyer Marie Antoniette D. Diaz, a Department manager for the Pag-IBIG Davao office, said the fund is optimistic of achieving the target because of an increasing loan demand from members and the entry of new housing developers, particularly in the cities of Davao and General Santos.

“These are the two cities identified. However, we are looking into and trying to partner with other stakeholders such as Dole Philippines (Inc.), in Polomolok. Dole has contributed land wherein they have partnered with a developer and constructed (housing) for their employees,” Ms. Diaz said.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, for his part, said there is no indication that the crisis in Marawi City, where government troops have been battling IS-inspired local terror group Maute since late May,has dampened the interest of borrowers.

On the contrary, he said, there has been a spike in loan takeout in Iligan City, which is near Marawi, and where many displaced residents have moved, as well as in Cagayan de Oro City, located about 100 kilometers away.

Mr. Moti cited as an example the opening of the Camella project in Iligan of Vista Land & Lifescapes, Inc., one of Pag-IBIG’s partner developers, due to strong demand.

“So we encourage our developers to go to Iligan, the same in CDO, there’s a huge demand there because of Maranaos (former Marawi residents) who now prefer to stay in safer areas. We are encouraging everyone to avail of countryside housing as it produces quality big houses at very affordable rate,” he said.

The Pag-IBIG head said the agency’s portfolio is moving towards a higher share for areas outside the capital.

“Our regional operations used to be around 50% to 53%, now it’s hitting almost 60% to 65%,” Mr. Moti said.

Pag-IBIG’s nationwide takeout target for the year is P65 billion, up from P50.5 billion last year. Mr. Moti said actual takeout extended in 2016 hit P57.3 billion.

“Our (original) target this year was just P55 billion… (but) during a meeting we asked ourselves: Do we just want to relax and hit P55 billion or do we push some more and provide more housing and allow more members to have their dream homes. So the decision was to push,” he said. – Maya M. Padillo

NEA asked to allow bigger private sector role in rural power

LEGISLATORS have asked the National Electrification Administration (NEA) to allow the private sector to compete in areas in the Philippines where electric cooperatives have failed to deliver despite having the exclusive franchise to operate.

Sen. Loren Legarda, who chairs the Senate finance committee, asked NEA Administrator Edgardo R. Masongsong to come up with a policy on how the agency can improve the delivery of electricity to unserved and underserved communities, including those under electric cooperatives that are unwilling to waive their franchises despite being “inefficient and incompetent” in carrying out their obligation.

“We just want to do it at the least cost to government [and] for government not to hinder the private sector,” Ms. Legarda said during an inquiry on NEA’s budget for 2018.

Mr. Masongsong said NEA, the government agency tasked to oversee the country’s electric cooperatives, had proposed a budget of P9.63 billion for next year but the Department of Budget and Management recommended P4.9 billion as contained in the national expenditure program.

“Why would we spend billions of public funds which are not funded annually when in fact the private sector is willing to do this at zero cost to government and consumers,” she said.

In the same hearing, Sen. Sherwin T. Gatchalian said electric cooperatives block proposals by private entities to put up microgrids, or energy systems that are capable of operating independently from the main power grid.

Mr. Gatchalian, chairman of the Senate energy committee, said although regulations allow a qualifed third party, or QTP, to take over areas unserved by electric cooperatives, doing so would require a waiver from the franchise owners.

“What if they don’t want to waive?” he said, adding that he “encourage” Mr. Masongsong “to come up with this policy and submit to us and share to us this policy.”

“There are many who want to come in to serve the unserved area,” he said.

Ms. Legarda said if cooperatives refuse to waive their exclusive franchise even if they are inefficient, they are holding those in remote areas hostage. She said NEA should intervene in those cases.

“Once a cooperative starts deviating from [its] mandate, NEA can intervene to protect the people’s interests,” she said. – Victor V. Saulon

Bourse ends in another record high

LOCAL EQUITIES turned around at the last minute to finish at a fresh historic high after trading much of the day with losses, with analysts noting that investors’ safe-haven appetite was piqued by North Korea’s latest missile test on Friday.

The Philippine Stock Exchange index (PSEi) ended Friday at 8,180.85, 35.94 points or 0.44% more than Thursday’s 8,144.91, which was the previous record-high finish.

PSEi had corrected initially, opening nearly flat at 8.141.39 and then slipping by as much as 0.49% to 8,104.95.

Year to date, the PSEi has gained 19.6%.

The broader all-shares index similarly closed 20.42 points or 0.42% up at 4,836.33.

Five of the six sectoral indices ended with gains and foreigners turned net buyers.

“Market sentiment continues to be positive, buoyed by the favorable outlook of analysts on the overall market,” PSE quoted its president and chief executive officer, Ramon S. Monzon, as saying in a statement.

“This optimism was again validated with the market closing today at yet another record high and with trading value exceeding P11 billion,” he added.

“We remain hopeful that our market levels and trading volumes continue to be robust.”

Sought for comment, AB Capital Securities Inc. Senior Equity Analyst Lexter L. Azurin noted: “[W]e’re seeing a lot of optimism [over the] tax reform package” that is expected to hurdle the Senate “soon” and put the government on track in its plan to increase spending on infrastructure, with total expenditures reaching P8.44 trillion from 2017 to 2022.

Also still anchoring general optimism is the looming end to the Aug.22-Sept. 19 Chinese “ghost month”, during which investors put off major decisions, Mr. Azurin added.

Asked on stocks’ last-minute performance on Friday, Mr. Azurin said “it’s mainly because of the recent concerns in North Korea after launching their missile over Hokkaido”, prompting investors to run for cover in markets of countries deemed out of the hermit state’s sights.

Regina Capital Development Corp.’s head of sales, Luis A. Limlingan, noted that investors appeared to consider the Philippines less risky, adding that “the perception that we’ve entered bull market [territory grew] stronger.”

Overseas, much of Wall Street pulled back from Thursday’s historic records, with only the Dow Jones Industrial Average adding 0.2% to 22,203.48 on Friday, while the S&P 500 Index shed 0.11% to 2,495.62 and the Nasdaq Composite Index lost 0.48% to 6,429.09.

Other Asian markets bared mixed fortunes on Friday, with Japan’s Nikkei 225 and Topix Index, Hong Kong’s Hang Seng Index and the Shanghai-Shenzhen CSI 300 gaining 0.52%, 0.42%, 0.11% and 0.03%, respectively, while the S&P/ASX 200 Index and the MSCI AS Asia Pacific shedding 0.76% and 0.21%, respectively.

With the exception of the financial sector, which lost 8.82 points or 0.45% to close 1,973.86, all the other five sub-indices gained: property increased by 50.19 or 1.30% to 3,926.80, mining and oil added 180.57 or 1.28% to 14,268.72, services increased by 12.63 points or 0.73% to 1,738.95, industrial firms rose by 75.22 or 0.67% to 11,367.26, while holding firms edged up 7.54 points or 0.09% to finish 8,050.10.

Friday saw only 98 issues gain, 101 decline and 48 unchanged.

The day also saw thinner trades, with 1.184 billion shares worth P11.184 billion changing hands, compared to Thursday’s 1.262 billion shares worth P8.448 billion.

Among Friday’s most-actively traded stocks, International Container Terminal Services, Inc.; Semirara Mining and Power Corp; Ayala Land, Inc. and SM Investments Corp. led those that gained, adding 2.45% to P108.80 apiece, 2.13% to P48, 1.93% to P45 and 1.21% to P835, respectively, while those that lost were led by GT Capital Holdings, Inc.; Alliance Global Group, Inc.; JG Summit Holdings, Inc. and Bank of the Philippine Islands that lost 2.09% to P1,174 each; 1.88% to P14.58; 0.92% to P75.30 and 0.88% to P101, respectively.

Foreign activity also resulted in P473.68-million net foreign buying, compared to Thursday’s P99.812-million net foreign selling. – Anna Gabriela A. Mogato

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