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Japan wakes up to North Korean missile warnings

TOKYO — Millions of Japanese awoke to ominous text messages Tuesday warning them to take cover as a North Korean missile flew overhead, with one train operator bluntly explaining its halted service as “Reason: Ballistic missile launch.”

Sirens blared out in northern communities that were on the flight path of the ballistic missile as it soared over Japanese territory for two minutes before crashing into the Pacific.

“Missile passing. Missile passing.” warned an official text message sent to people across the north of Japan.

“A short time ago, a missile apparently passed above this area.”

“If you find suspicious objects, please don’t go near them and immediately call police or firefighters.”

“Please take cover in secure buildings or underground.”

North Korea’s launch towards neighboring Japan — a key US ally and Korea’s former colonial overlord — marked a major escalation by Pyongyang amid tensions over its weapons ambitions.

And for the first time in the most recent round of weaponized brinkmanship from the North, it brought real worries to people in Japan.

Morning commuters in northernmost Hokkaido were greeted by warning signs at train stations — bringing many rail services to a halt.

At one metro station in Sapporo, a major city of nearly two million, passengers were warned there would be delays.

“All lines are experiencing disruption,” said one sign. “Reason: Ballistic missile launch.”

Commuters took the government messages to heart.

“Some passengers came down to take cover in a couple of subway stations,” a Sapporo subway spokesman told AFP.

Others had little choice but to carry on with their usual schedule, including the crews aboard some 15 fishing vessels that had already left port off southern Hokkaido in an area under the missile’s path.

“I was surprised that it went above our area. This has never happened before,” Hiroyuki Iwafune, an official at the local fishery co-op, told AFP.

“I was worried. Everyone felt the same. But what can you do? Hide? But where?”

“We called those who were at sea. But then they said, ‘Even with this (warning), what are we supposed to do?’” Mr. Iwafune added.

‘VERY DANGEROUS’
In Tokyo, more than 700 kilometers (435 miles) south of the missile’s flight path, some train services were temporarily halted.

“Currently, a North Korean missile is flying above Japan,” said announcements at Tokyo stations handling bullet trains, minutes after the launch.

“It is very dangerous. Please take cover at the waiting areas or inside the trains.”

Yoshiaki Nakane, a retired government worker, said he feared Pyongyang’s provocative launch would aggravate already tense US-North Korea relations.

“North Korea repeatedly launches missiles and don’t seem to take any warnings seriously,” the 68-year-old said.

“I’m hoping that the United States will not react too strongly to it and cause trouble. It would be Japan and South Korea that get damaged.”

At a US military base in Tokyo on Tuesday, Japan deployed a Patriot Advanced Capability-3 (PAC-3) missile defense system as part of a previously scheduled drill.

The last time a North Korean rocket overflew Japan was in 2009, when Pyongyang said it was satellite launch. Washington, Seoul and Tokyo believed it was a clandestine test of an intercontinental ballistic missile.

Japan has previously aired public service TV ads and held emergency drills — with schoolchildren ducking on the street, covering their heads and running for cover — to prepare for the ever-present threat from its erratic neighbor.

Tokyo university student Julia Kotake said she was scared that North Korean missile may strike Japan one day.

“But I don’t think there is anything that we could do,” the 18-year-old told AFP. — AFP

Security Bank prepares P20-B LTNCD offering

SECURITY BANK Corp. (Security Bank) is planning to raise P20 billion in fresh funds through the issuance of long-term negotiable certificates of time deposits (LTNCD), with the offer still subject to regulatory approvals.

In a disclosure to the local bourse on Tuesday, the country’s sixth largest bank in asset terms announced it received the green light from its board of directors yesterday to issue P20 billion worth of LTNCDs.

The listed lender, however, did not disclose further details about the planned issuance.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold at the secondary market — thus, they are deemed “negotiable.”

Security Bank’s last LTNCD issuance was in August 2012 when the bank was able to successfully raise P5 billion from the instruments, more than its initial P3-billion offer.

Security Bank’s net profit reached P5.2 billion in the first half of the year, 8% up from the P4.9 billion recorded in the comparable period in 2016.

Similarly, its second quarter bottom line soared 32% to P2.43 billion from the P1.85 billion registered in the same period a year ago.

Shares in Security Bank lost P1.20 or 0.47% to close at P252.80 apiece on Tuesday. — Janine Marie D. Soliman

Lucio Co-led Puregold acquires B&W stores

PUREGOLD Price Club, Inc. on Tuesday said it acquired five B&W stores in Roxas City, Capiz, as the listed grocery operator continues to broaden its footprint in the Visayas region.

In a disclosure to the stock exchange, Puregold said the acquisition would bring its total store network in the Visayas region to 17, six of which are in the Panay province and 11 in the Negros province.

“This will give Puregold a total of 307 Puregold stores nationwide. Puregold expects the purchase to bolster its store presence in the Western Visayas region,” the company owned by billionaire Lucio L. Co said.

Puregold earned P2.49 billion in the first six months of 2017, up 9.8% growth from the P2.27 billion in the same period in 2016. Consolidated net margins was flat at 4.4% in the six months through June.

Consolidated net sales went up by an annual 10.8% — a shade above the upper end of its 8-10% guidance for the full year — to P56.6 billion in the first semester from P51 billion, fuelled by the 26 Puregold stores and two S&R Membership warehouse that opened in 2016.

Same-store sales inched up 4% for Puregold stores and 10% for S&R stores, driven by robust consumer demand and the country’s strong economic growth momentum. 

At end-June, the retailer was operating 345 stores comprising 288 Puregold stores, 12 S&R membership shopping warehouse, 28 S&R New York Style outlets, nine NE Bodega Supermarkets and eight Budgetlane Supermarkets.

Shares in Puregold slipped 0.10% to close at P47.95 each on Tuesday. — A.B. Francia

On being a Filipino-American in Europe

If you’re Pinoys traveling through Europe with US passports, you invariably get asked interesting questions by locals, like this casual conversation with a fellow in Marseille, at a café by the Quai Du Port.

“You must be Filipinos,” he ventures. “So what do you think of your president, Rodrigo Duterte?”

These days, you’re bound to get into a heated argument over the Duterte presidency, or that of Donald Trump, especially in Europe. But if you’ve had a couple of glasses of sangria or chianti or bordeaux, you don’t mind a vigorous exchange. It also helps to have family members backing you up, in case the conversation gets out of hand.

“I’m a dual citizen,” I answer with a smile. “Duterte is my president and so is Donald Trump.”

“Then what are you smiling about?” comes the quick riposte.

He pursues the subject of Duterte’s war on drugs. “I don’t think he’ll succeed, except in killing a lot of people.”

“Just like Popeye Doyle in the film, The French Connection,” I respond. “I believe the movie was shot on location right here at this port.” I add that the French know something about dealing in drugs.

He quickly pivots. “Your President Trump and President Duterte are both playing with fire, aren’t they? Trump with the Russians and Duterte with the Chinese. If you’re a dual citizen, that’s like double jeopardy.”

I let that pass, not being keen on getting into a fight over Trump or Duterte.

At the Colosseum in Rome, this guy is particularly interested in the topic of international espionage, involving Trump and Duterte. “Do you think Trump is a Russian puppet?” he asks with obvious malice.

“Maybe Trump just owes the Russian billionaires a ton of money,” I reply, “Or he’s trying to collect gambling debts from the Russian Mafia. They’re as bad as the Italian Mafia.”

“There must be hundreds of KGB spies in America,” he says.

“About as many as there are in Western Europe,” I shoot back. “A lot of CIA agents, too.”

I point out that sending spies at great expense to the US is probably a waste of money. “All they need to do is read The Washington Post, The New York Times, and watch CNN. The White House leaks are so frequent, it’s like a sieve.”

“It’s the same situation in Manila,” butts in someone who looks Pinoy, black hair, and all. “Duterte is a dummy of China.”

“No, he’s a dummy of America,” his wife chimes in.

Husbands know better than to argue with their wives. “I guess Duterte is a dummy of both,” he concedes.

Spies in Manila? That’s a subject that I think I know a lot about, having written the scripts of nearly all the Agent X-44 films of Tony Ferrer.

I explain that anyone who wants confidential information doesn’t need to spy. He just needs to sit down at the many kapihans in Manila where the politicians, the media, and the businessmen congregate every morning. “Everyone knows everything. Of course that’s all off the record. That is, unless public officials start attacking each other, like Senator Ping Lacson and former Customs Commissioner Faeldon. Then they let it all hang out.”

International spies like the Philippines, I point out. Agents of the CIA, the KGB, and the Chinese MSS prefer to be posted in Manila. I met one CIA agent at a cocktail party once. He was operating covertly, of course. Folks like him would never admit they’re connected with the Central Intelligence Agency. He told me that he was connected with a nongovernment organization called Community Improvement Authority. CIA for short.

“I like my community development work here,” he volunteered. “My wife wouldn’t want me to be posted anywhere else.”

He explained that being sent back to America would create undue hardships for the family. “My wife would rather divorce me,” he moaned. “She likes having maids in the Philippines.”

I liked the sound of that, being also partial to stuff made in the Philippines. At this, he clarified that his wife couldn’t stand the thought of going back to doing the laundry, washing the dishes, cooking, cleaning the house, tending the garden and taking care of the kids. The work of maids. They had three plus a driver and a gardener.

“Why don’t you just bring the maids and the rest of the help back to the US with you?” I suggested.

“Can’t afford them on my State department salary,” he replied — and then, realizing his slip of the tongue, he quickly corrected himself. “I mean, my social worker’s salary”

That was a dead giveaway. “This guy is a spy,” I concluded.

Of course, spies are supposed to have cover stories. That reminds me of The Washington Post expose about a new spy agency, the SSB, being set up by then US Defense Secretary Donald Rumsfeld. According to The Post, Pentagon officials who were vehemently denying the existence of the SSB, had explained that it was “a new organization designed to operate without detection and, under the Defense department’s direct control, deploy small teams of case officers, linguists, interrogators and technical specialists alongside newly empowered special operations forces, and essentially replace the CIA’s Directorate of Operations.”

The Post added that, after explaining the operations of the SSB, the Pentagon officials reiterated their denial of its existence.

In fact, I did bump into one of the SSB operatives at Greenbelt in Makati City, enjoying an early evening chardonnay. A socialite friend introduced us. In Manila, socialites, politicians, columnists and spies routinely rub elbows and knees with each other. And share bottles of chardonnay, cabernet, or merlot. He didn’t actually admit that he was connected with the Strategic Support Branch (SSB for short). He said he was a field worker of the Social Services Bayanihan, a charitable organization. SSB for short.

“My job is to go to the rural areas and do bayanihan with the farmers and ordinary barrio folk,” he explained. “We try to find out what their needs are — you know, sanitation, health services — and we provide for those needs with funds from our charitable organization.”

“Some of the people you deal with could be NPA or MILF cadre,” I cautioned.

“Is that so?” he exclaimed, as if hearing about them for the first time. “Can you imagine that? Real live, genuine NPA and MILF cadres! I mean, do they really exist?”

Somehow, I sensed something phony about the fellow. “Yes, they exist,” I said, with some annoyance.

“But not for long,” he quipped.

That was a dead giveaway. “This guy is an assassin, I told myself.

Quickly changing the subject, he admitted that other SSB workers were assigned to urban centers like Manila. “The Philippines has many socioeconomic problems and you can better learn about them at the coffee shops.”

“I guess, coffee shops are where the problems are discussed,” I ventured.

“Or where the problems are created,” he countered, knowingly.

Another dead giveaway. This fellow is an agit-prop specialist, I concluded. I decided to get the truth out of him. “You can’t fool me. I can spot a spy when I see one. I wrote a lot of Filipino James Bond movies. I think the SSB is a spy agency.”

I went on: “According to The Washington Post, the SSB’s objective is to tear the social and economic fabric of a country. You put pressure on the government, hoping you can make the government collapse and come to America’s terms, or make it collapse altogether and wind up with your own choice of people in power.”

The guy vigorously denied this. “No, no, no, I would never do that. If I did, the Philippines would be in turmoil and I would have to be assigned somewhere else, maybe even Washington DC.”

He said that as if it was his worst nightmare. “I can’t stand the thought,” he groaned. “Just when we’re getting used to the lifestyle in Manila.”

And he added, “My wife would divorce me!”

Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.

gregmacabenta@hotmail.com

Sportiest Vespa model now built in Vietnam

PIAGGIO Group, owner of the Vespa brand, announced it has started producing the Vespa GTS range at its Hanoi plant, where the model joins the Vespa lineup comprised of the LX, S, Sprint and Primavera, as well as other Piaggio scooters like the Medley ABS, New Liberty ABS, Fly and Zip. The company noted it has produced more than 740,000 motorcycles in Vietnam since it started operating in the country in 2008.

Sportiest Vespa model now built in Vietnam
Vespa GTS can come with 300cc, 150cc or 125cc engines.

It added Piaggio Vietnam is its third-largest production plant after its facilities in Pisa, Italy, and Maharashtra, India. Besides catering to the Vietnamese market, motorcycles built by Piaggio in Vietnam are sold in Indonesia, Japan, Thailand, Singapore, Taiwan, Malaysia, South Korea, Cambodia, Myanmar, Hong Kong, China, Australia, New Zealand and the Philippines.

The company has yet to disclose when it would bring in the Vietnam-built GTS to the Philippines.

Piaggio said the GTS range “hits new standards” in safety, technology, comfort and attention to detail, noting that — like all Vespas with large bodies — the model boasts a helmet compartment, more comfortable seating, and latest-generation instruments that display plenty of information.

Also fitted as standard on the new GTS series are a USB port and integrated LED turn signal/day running lamps.

Sportiest Vespa model now built in Vietnam
Vespa Primavera (left) and LX also built at Piaggio’s Vietnam plant.

The scooter is powered by either a 125cc or a 150cc engine that’s liquid-cooled, and which features electronic fuel injection, four-valve timing and an automatic start/stop system to reduce fuel consumption and emission.

The top-spec GTS comes with a 300cc, four-stroke, four-valve, single-cylinder engine that also has electronic fuel injection. It is also equipped with electronic traction control and ABS.

These make the GTS the sportiest Vespa at present.

Meet Argentina’s top tango stars, aged 82 and 90

BUENOS AIRES – They are in their ninth decade of life, but the rhythm of tango still thrills in the legs of Oscar and Nina.

Even their competitors at last week’s tango world championship conceded that this couple danced the most authentic tango of all.

Having learned tango during its golden age in 1940s Buenos Aires, Oscar Brusco and Nina Chudoba are some of the longest-surviving proponents of the art.

“We are the essence of tango,” says Brusco, still straight-backed at 90 and ready to dance.

“Our tango is something different: walking and crossing, floor tango. None of this twirling of the legs.”

TWO TO TANGO
Chudoba, 82, is the daughter of Polish immigrants who settled in one of Buenos Aires’ top tango areas, Valentin Alsina.

She is glad to see young people still dancing tango – but also nostalgic for its heyday.

“We breathed tango, we fell in love with tango and we laughed with tango,” she says.

“They all dance the same nowadays. Before, each dancer had their own style.”

Chudoba turned to dancing seriously in her 50s after her husband died. That was how she met Brusco, also a widower.

They go four times a week to “milongas,” tango dance parties.

Brusco said that was all the rehearsal they needed for the championships.

“I have been dancing since 1945. What could we rehearse?” he said. “I have a lot of mileage in tango.”

LORDS OF THE DANCE
Faced with younger competition, the couple did not win the championship in Buenos Aires – but they got a standing ovation as they stepped on stage.

Backstage, finalists Juan Manuel Rosales and his wife Liza greet Brusco and Chudoba before going onstage to compete.

“When I look at them, I think that they are part of tango,” says Rosales.

“They lived through the real age of tango, in the 1940s, when the whole country was dancing it.”

Nearby, younger male dancers in suits gelled their hair, sporting moustaches like the stars of a past age.

“The legacy has been passed on,” says Liza. “We will try to keep the essence from being lost.” – AFP

Female entrepreneurs to receive IT training in UN-backed program

GOVERNMENT AGENCIES and a United Nations (UN) body launched yesterday a program to upgrade the skills of female entrepreneurs in information and communications technology (ICT).

women
BW FILE PHOTO

The program, known as the Women Information and Communication Technology  Frontier Initiative Program (WIFI), aims to  encourage female entrepreneurship through ICT capacity development.

The Department of Information and Communications Technology (DICT), the Philippine Commission on Women (PCW), and the United Nations Asian and Pacific Training Centre for Information and Communication Technology for Development (APCICT) launched the program which involves training the trainers. The WIFI launch is associated with the ASEAN 2017 Women’s Business Conference which is scheduled to start on Friday.

UN APCICT is a regional institute of the Economic and Social Commission for Asia and the Pacific.

The initiative, a flagship program of UN APCICT, was drawn up in the context of empowering women entrepreneurs, who are seen as generators of economic growth. The program is also intended to help the Philippines achieve the 2030 agenda for sustainable development, which recognizes ICT as a valuable tool for realizing the goal of achieving gender equality.

The training program covers the ICT aspects of business planning and management.

Training for policy makers will cover the creation of enabling environments for female entrepreneurs through ICT.

UN APCICT Director Hyeun-Suk Rhee said: “The initiative aims to strengthen the capacity of women in utilizing ICT for the growth of business.”

DICT Secretary Rodolfo A. Salalima said that policy makers should continue to empower women not only from the perspective of achieving equality but also with the view of producing economic benefits.

“Digital technology will significantly improve productivity and efficiency… a significant growth in women employment can be expected,” Mr. Salalima said in his speech. — Patrizia Paola C. Marcelo

Landmark gold launches Pocket Rocketman’s Olympic dream

MALAYSIA’S “Pocket Rocketman” Azizulhasni Awang set his sights on Olympic glory after he filled a gap in his trophy cabinet with cycling gold at the Southeast Asian (SEA) Games — and set off national rejoicing in the process.

The pint-sized world keirin champion, who is 1.66m. (5ft. 5in.) tall, had never won a SEA Games individual title until his assured victory in the men’s sprint late on Monday.

It also happened to be table-topping Malaysia’s 111th gold medal of the Games — matching their record haul in 2001, when they last hosted the regional mini-Olympics.

“I can’t even describe with words,” Azizulhasni told AFP, as Malaysia’s sports minister and the state sultan joined celebrations at a packed National Velodrome in Nilai.

It caps a breakthrough 12 months for the 29-year old, who took keirin bronze at last year’s Rio Olympics before winning the event at the world championships in Hong Kong in April.

“I’ve had a very good career, bronze medal at the Olympic Games and then a world title,” he said. “SEA Games (gold) feels about the same as my world title because it’s amazing to win in front of your home crowd.”

Azizulhasni, who is also hot favorite for the SEA Games keirin title, is now starting his preparations for the next world championships in April.

But he said his emotional victory on home soil could be a good omen as he builds towards what he hopes will be the pinnacle of his career — the Tokyo 2020 Olympics. — AFP

Thailand has no plan to revoke passports of former PM Yingluck

BANGKOK — Thailand has no immediate plan to revoke the passports of former prime minister Yingluck Shinawatra, the foreign minister said on Tuesday, after she fled the country last week ahead of a court ruling in a negligence case.

Yingluck, 50, was elected Thailand’s first female prime minister in 2011 and is the sister of ousted former prime minister Thaksin Shinawatra.

She skipped Friday’s hearing, stunning thousands of supporters gathered at the Supreme Court, with senior party members having said she fled to Dubai.

Yingluck holds two Thai passports, one regular and another diplomatic, and is also thought to hold a third, foreign one.

“The issue has not reached the foreign ministry yet,” foreign minister Don Pramudwinai told reporters when asked if the ministry would revoke Yingluck’s passports.

“This foreign minister is not yet handling this.”

Reuters could not contact Yingluck on Tuesday.

A foreign ministry spokesman said he could not confirm whether Yingluck held a foreign passport.

Her brother Thaksin holds a Montenegrin passport. He was ousted in a 2006 coup and fled Thailand to avoid a 2008 jail term for graft related to a land case he called politically motivated.

He has a home in Dubai but travels frequently, particularly to Singapore and Hong Kong, to meet his three children and grandchildren, members of the Shinawatra family have said in social media posts.

Yingluck was forced to step down days before a May 2014 coup, after a court found her guilty of abuse of power. She faces up to 10 years in prison if found guilty of mismanaging a rice scheme that was a flagship policy of her administration.

The plan bought rice from farmers at above-market prices and was popular with rice farmers in the north and northeast, regions that have historically supported the Shinawatras.

The scheme built up rice stocks of as much as 18 million tons, caused Thailand to lose its crown as the world’s top rice exporter and led to losses of $8 billion, the ruling military government says.

Aides say Yingluck, who pleaded innocent to the negligence charge, left Thailand after receiving information that she would be given a heavy sentence.

The Supreme Court will now rule in the case on September 27. — Reuters

UN’s Callamard fires back at Duterte

A UNITED Nations (UN) expert hit back at President Rodrigo R. Duterte after the Philippine leader hurled a slew of invectives against her for condemning the killing of a teenager by cops carrying out the government’s deadly war on drugs. In a statement reported by News5, UN Special Rapporteur on extrajudicial killings Agnes Callamard said Kian delos Santos, the 17-year-old high-school student killed by Caloocan City cops on Aug. 17 in an anti-drug operation, deserves “dignity and justice” – not profanities. “His family and families like his demand our respect and empathy. Not expletives,” Ms. Callamard said. “States must also provide redress and reparations and ensure that no person acts with impunity,” she added. — Ian Nicolas P. Cigaral

Comparing overall versus mining taxes per hectare of land

A repeated argument by many sectors clamoring for suspension or closure or higher taxation of large mining projects is that the taxes, fees, and royalties they pay is very small. So there is a need to further raise the tax.

At the House of Representatives, there are bills proposing to raise the mining excise tax from 2% to 10% to generate bigger taxes from the industry.

However, is it really true that mining taxes and fees are “very small” so government should raise them (or even shutter their operations to preserve the environment?)

Table 1 was constructed to test their arguments’ validity. Please have patience reading what the numbers in various asterisks mean.

These numbers show two important points.

One, of the Philippines’ 30 million hectares total land area, only 700,300 hectares have mining permits from 319 companies, of which only 81,000 hectares are in active mining. The balance of roughly 620,000 hectares are for the various structures like offices, housing, school buildings, hospitals, sports, and training centers for personnel; roads, mined out areas for rehabilitation; future mining sites.

Two, these 81,000 hectares or 0.27% of total land area contributed an estimated of P420,000 per hectare in taxes, fees, and royalties to the national and local governments in 2016. That is more than six times the overall national taxes per hectare of the country.

Comparing overall versus mining taxes per hectare of land

Hence, the argument by many anti-mining groups that “government tax revenues from big mining is small so government should overtax, suspend, or close as many big mining firms as possible” is wrong. It is invalid.

Note further that the numbers on mining taxes and fees do not include mining expenses that go direct to the communities as mandated by law, not to the government. These include spending like (a) Social Development and Management Program (SDMP), (b) the annual Environmental Protection & Enhancement Program (EPEP), (c) Community development program (CDP), (d) Environmental work program (EWP), (f) Safety and health program, others.

Plus mandatory environmental funds like (a) Rehabilitation cash fund, (b) Mine monitoring trust fund, (c) Mine waste and tailings fees reserve fund, (d) Final mine rehabilitation and decommissioning fund, (e) Environmental trust fund, (f) Mine rehabilitation fund (MRF), and several others.

Two of several fiscal reforms in the mining industry to make the taxation system more transparent and easily understood would be the following:

One, MGB is required to disclose in its regular “Mining Industry Statistics” the annual cost of various mandatory/obligatory programs and funds as mentioned.

Two, the mining excise tax of 2% can be raised to 6% or 10% or even higher but other taxes and regulatory fees, mandatory programs, and funds should be reduced or abolished. It is not possible to keep raising the taxes, fees, royalties, mandatory programs and funds without resulting in business distortion. Like honest firms closing down or going bankrupt while others will be forced to become dishonest just to remain in business.

MGB should show more updated data about small scale mining — estimated land area covered, gold production, taxes and fees paid, others. Lots of environmental damage with zero mine rehabilitation or reforestation after are done by small-scale mining, like those in Mt. Diwalwal as mentioned by President Duterte during his second SONA last July 24.

Government should always bear in mind the importance of the rule of law. Mining laws should apply to both big and small players, foreign and local. Creating exceptions and favoritism makes a mockery of the law.

Bienvenido S. Oplas, Jr. is the President of Minimal Government Thinkers and a Fellow of SEANET and Stratbase-ADRi.

minimalgovernment@gmail.com

Peso weakens on risk aversion

THE PESO went down against the dollar on Tuesday due to lack of fresh leads and demand for the safe-haven greenback amid rising geopolitical tensions offshore.

The local currency ended Tuesday’s session at P51.11 versus the greenback, down by three centavos from its P51.08-per-dollar finish last Friday.

The peso opened at its intraday peak of P51.08 to the dollar while its worst showing for the day was seen at P51.23 versus the foreign currency. Dollars traded declined to $548.9 million on Tuesday from the $590.2 million that changed hands in the previous session.

One trader attributed the peso’s slight decline against the greenback to a quiet trading session due to lack of major domestic and offshore catalysts.

“Basically, nothing much happened since trading was really quiet and it was just a normal session, as it was seen in currencies around the world,” the trader said.

“The peso slightly went down because of demand. We saw oil companies buying the dollar,” the trader added.

Meanwhile, the trader also noted they are on the lookout for political tensions between North Korea and Japan.

“The dollar was also slightly higher due to the geopolitical noise in North Korea, which we are monitoring,” the trader said.

Meanwhile, another trader said on Tuesday: “The peso depreciated slightly today, as the safer dollar became more attractive due to the firing of a North Korean missile over Japan.”

Most emerging Asian currencies also slipped on Tuesday after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.

For today, one trader sees the peso at P51.05 to P51.25 versus the dollar, while the other trader said the exchange rate may settle within P51 to P51.20.

“There might be sideways movement due to lack of major drivers and caution ahead of key US labor reports,” one trader noted. — Janine Marie D. Soliman

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