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PAGASA says Aghon will intensify as it exits PHL Wednesday

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By Adrian H. Halili, Reporter

THE STATE weather bureau said on Monday that typhoon Aghon (international name: Ewiniar) is expected to further intensify and may leave the Philippine Area of Responsibility (PAR) by Wednesday.

In its 5 p.m. bulletin on Monday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said the typhoon was last seen 155 kilometers east of Casiguran, Aurora.

The typhoon is projected to move in a generally northeastward direction over the Philippine Sea for the entirety of the forecast period.

“Aghon will continue to intensify over the next 24 to 36 hours as it moves northeastward over the Philippine Sea,” it added.

“A weakening trend may begin on mid or late Wednesday as the typhoon begins interacting with the mid-latitude environment and undergo post-tropical transition,” PAGASA said.

It was moving northwestward at 10 kilometers per hour (kph) with maximum sustained winds of 140 kph near the center and gustiness of up to 170 kph.

“Typhoon Aghon is less likely to directly bring significant amount of rainfall within the next three days,” it said.

PAGASA raised tropical wind Signal No. 1 over the eastern portion of Quirino, the southern portion of Nueva Vizcaya, the eastern portion of Isabela, Aurora, the northern portion of Quezon, Polilio Islands, and the northwestern portion of Camarines Norte including Calaguas Islands.

“Minimal to minor impacts from strong winds are possible within any of the areas under Wind Signal No. 1,” it added.

Wind speeds of 39 to 61 kph is expected within at least 36 hours intermittent rains may be expected within 36 hours.

Additionally, PAGASA had hoisted a gale warning over the areas of over the coastal waters of Cagayan (eastern portion), Isabela, Aurora, and the northern coastal waters of Quezon including Polillo Islands.

“Sea travel is risky for small seacrafts, including all motorbancas of any type of tonnage,” the state weather bureau said.

World Bank cites need for IPs to own land to fight poverty

REUTERS

By Chloe Mari A. Hufana

WITH the majority of Indigenous Peoples (IPs) rating themselves as poor, especially in the Southern Philippines, a World Bank report launched on Monday recommended a speedy processing of Certificates of Ancestral Domain Titles to aid them in their development.

The “No Data, No Story: Indigenous People of the Philippines” report highlighted the importance of a formal recognition of the rights of IPs to their ancestral domains to boost their economic activity and aid them out of poverty.

It showed that 257 ancestral domains represent 20.5% of total lands available in the country. However, only 20% of these are fully registered, partly due to overlapping and conflicting land management mandates.

“For Indigenous Peoples, land is a fundamental aspect of their identity, culture, and subsistence,” World Bank Senior Social Development Specialist Carlos Perez-Brito said. “Protecting Indigenous Peoples’ land rights is therefore a crucial step in addressing poverty and conflict in the country.”

Nadia Belhaj Hassine Belghith, Senior Economist of World Back told BusinessWorld on the sidelines of the launch that IPs have a strong knowledge of agriculture, which can be a potential area for economic development in their communities.

The study cited the Indigenous Peoples Survey in 2023, which said about 60% of IP households are in farming, reaching 70% in the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).

Despite this, 51% of IPs consider themselves “food poor.” While over 85% of IPs and non-IPs in BARMM consider themselves “food poor.”

“They look at the assets they have, the type of life they have, in terms of how much they are able to meet their basic needs, and that makes them feel frustrated and feel they are poor,” explained Ms. Belghith on how IPs considered themselves poor.

The World Bank report added that enhancing the access of IPs to water and sanitation, education, health services, and economic opportunities, while preserving their cultural identities, could greatly improve their living standards.

Education is a top priority for the IPs, Ms. Belghith said, but the report showed access to infrastructure for Muslims and IPs is limited, with only 10% of IPs having access to a college education, 15% of Muslims, and 20% of non-IPs.

Almost 90% of IPs said they’re proud of their identity and over 70% have a strong sense of belonging to the Philippines.

About 9.4 million Filipinos consider themselves indigenous, and 87% live in geographically disadvantaged areas.

The Cordillera Administrative Region has the highest density of IPs, followed by the Cagayan Valley.

Voters’ digital literacy crucial to 2025 elections — experts

PEXELS-ELEMENT DIGITAL

By Aubrey Rose A. Inosante

DIGITAL literacy amid the emergence of artificial intelligence (AI) tools that generate deepfake content becomes a basic need for Filipino voters as they are likely to be targeted by misinformation in view of the midterm elections next year, experts said.

This fear was raised as a “deepfake audio” of President Ferdinand R. Marcos Jr. falsely ordering the military to attack China surfaced amid tensions in the West Philippine Sea surfaced recently.

Among the recent victims of “stolen likenesses” are prominent figures composed of journalists, politicians, doctors, and influencers to promote sham products or cryptocurrency scams.

Kontra Daya Lead Convenor Danilo A. Arao, citing a 2022 Social Weather Stations survey that found five of 10 Filipinos have difficulty in spotting fake news, said: “The likelihood of people being hoodwinked into accepting certain videos as being the truth would be there.”

Mr. Arao said disinformation would be at its peak a few days before Election Day and hopes the public can foster a culture of fact-checking particularly on social media.

He also urged the media to strengthen its media literacy and fact-checking mechanism.

Likewise, the National Citizens’ Movement for Free Elections (NAMFREL) National Chairperson Lito “Angel” S. Averia, Jr. said AI tools especially deepfake content can be used to attack individual candidates, political parties, or even the Commission on Elections (Comelec).

“We are proposing the crafting of a code of conduct on AI, using the phrase code of conduct because it addresses the behavior of the parties in the upcoming elections,” he said.

Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander K. Ramos said their agency has seen an increase in activities in the use of the deepfake in the country.

“It can mimic anybody. Before our problem was masking, now, the culprits don’t need [it]. Culprits came up with a new technology of masking, that is, by representing themselves through avatars,” Mr. Ramos told BusinessWorld on the sidelines of an economic forum on May 22.

Mr. Ramos said these “avatars” are a copy of their subject matter, which spells out identity theft.

As fears may be used in the 2025 elections, the CICC said it is working closely with Comelec and other stakeholders “to ensure fair and honest election.”

“As far as AI is concerned, [election] operates within that particular framework of elite politics and money politics. Unfortunately, the purveyors of fake news they have more than enough financial resources to maximize such technologies in the coming elections,” said Mr. Arao.

“We would really see the intensification of disinformation. The usual distribution of memes or videos that would try to distort the narrative so that they can impose their own alternative truths to the people,” he added.

Even with a code of conduct on the use of AI, Mr. Averia noted that this is not an end-all-solution to the proliferation of misinformation or disinformation in general but serves as a guardrail on the use of AI when parties for instance come up with their campaign materials or propaganda materials.

Mr. Ramos said the solution does not mainly depend on technology, but sharpening digital literacy and policy development instead.

He also warns that regulating the use of AI might come off as censorship. “We are one of the highly appreciated democracies in the nation because of our liberal policies and we would like to stick to it,” he said.

Mr. Ramos admitted that unregulated AI is hard to control and there should be a flexible law that can accommodate emerging threats of the ever-changing technology.

In 2023, Cavite Representative Lani Mercado-Revilla, Ramon Revilla III, and Agimat Rep. Bryan Revilla filed House Bill No. 9425 or proposed the Penalizing Deepfake Act.

This was said to “establish clearer parameters for determining the appropriate legal consequences for deepfake-related actions.”

According to the Analytics & Artificial Intelligence Association of the Philippines President Michelle Alarcon, the group is working with the Department of Trade and Industry (DTI) on building the Philippine AI Governance Framework, eyed to be launched in the third quarter.

This framework balances the impact on society of AI without stifling innovation, Ms. Alarcon said.

“These are just guidelines but will be what we call a risk-based approach. You can regulate just like the European Union (EU) AI Act,” she said.

The EU Council gave its final green light to its AI Act last week, which aims to reshape how firms and other organizations in Europe use AI for everything from healthcare decisions to policing.

She cited high-risk applications of AI which are deemed “unaccepted” such as detecting emotions based on your facial expressions for credit or loan applications but will be allowed for detecting criminal activity.

Meanwhile, lax guidelines are expected for entertainment use and marketing.

“We just need to practice vigilance and to be critical of the videos or pictures that we see. Just the same initiatives by the government and even the civic societies to be more critical of information that they receive,” Ms. Alarcon said.

Likewise, Digital Pinoys National Campaigner Ronald B. Gustilo warns the public to be discerning and shares tips on how to detect it.

“Usually, AI-generated videos have flaws — missing or excess body parts such as fingers, limbs, and mismatched eyes. The speech and the movement of the mouth are also mismatched,” he said.

Mr. Gustilo said there are AI video detectors available where netizens can check if a video or photo is AI-generated.

This month, OpenAI released a tool designed to detect content created by its popular image generator, DALL-E.

However, it was not designed to detect images produced by other popular generators like Midjourney and Stability.

In a previous interview with the Undersecretary for Infostructure Management, Cybersecurity, and Upskilling Jeffrey Ian C. Dy of the Department of Information and Communications Technology, the agency has reached out to social media platforms such as Meta and YouTube.

He noted that Meta is eyeing to deploy its “Made with AI” labels on AI-generated video, audio, and images on Facebook this month.

College calendar shift urged

PHILSTAR FILE PHOTO

A CONGRESSMAN called on the government on Monday to revert the academic year of colleges and universities back to the old June-March calendar for the same reason the President approved the shift for the K-to-12 school year: to spare students and teachers from heat exhaustion.

“We just have one question: are college students heatproof? Is it enough that we shift to online classes or distance learning every time heat skyrockets for college students?” Party-list Rep. Raoul Danniel A. Manuel said in a statement in Filipino.

The Department of Education (DepEd) had proposed shifting the calendar’s end to March next year before temperatures start reaching unbearable levels, which President Ferdinand R. Marcos, Jr. approved last week.

Mr. Manuel said the Commission on Higher Education (CHED) should review the policy of colleges to start their academic year around August.

CHED did not respond to a Viber message seeking comment on the matter.

At present, most colleges and universities in the Philippines are to begin their academic calendar in August or September to end by around June next year, even if they experienced the same problem of having to cancel face-to-face classes due to extreme heat conditions in the summer months.

“Did the quality of education become better due to the calendar shift?” he said in Filipino. “We just went along to follow the standards set by foreign universities and companies,” referring to the decision to shift the academic calendar to its current schedule. — Kenneth Christiane L. Basilio

Agro-industry roadmap pushed

CARDPH.COM

A ROADMAP to modernize the country’s livestock, poultry and dairy industries is crucial to boosting agricultural production and ensuring food security, a Philippine senator said on Monday.

In a statement, Senator Cynthia A. Villar cited Philippine Statistics Authority (PSA) figures showing that agricultural output expanded by only 0.4%, well below the Department of Agriculture’s (DA) 2.3%–2.5% growth target.

She had filed Senate Bill No. 2558 in a bid to create a Livestock, Poultry and Dairy Competitiveness Enhancement Fund from tariffs collected on imported products from these industries worth P7.8 billion yearly for the next 10 years.

The measure would also establish the Office of the Undersecretary of the National Livestock, Poultry, Dairy, and other Animals Program to craft policies for developing production in these sectors. 

“For the longest time, the Livestock, Poultry and Dairy sector has been left to be run by the private sector, now with this Act, the government will actively support and participate in the development of the sector,” said Ms. Villar.

She said these industries accounted for more than a quarter of agricultural output, based on the PSA report, and that while crop, livestock, and poultry production increased, the figures were tempered by a decline in fisheries.

In the first quarter of this year, farm output was flat expanding by 0.05% amid a prolonged dry spell induced by the El Niño weather event.

Pushing for SB 2558’s approval, Ms. Villar said: “Our native animals, such as hogs, chicken, horses, carabaos, among others, will not only be preserved but promoted and their population multiplied.” — John Victor D. Ordoñez

Manila eyes wider car-free Sundays

MANILA is looking at the possibly of extending its Move Manila Car-Free Sundays to the Pasig River Esplanade and the Binondo District.

Speaking on television on Monday, Manila Mayor Maria Sheilah “Honey” H. Lacuna-Pangan said the extended route would enable people to “appreciate the beauty” of the historical buildings of Binondo and Escolta.

Ms. Lacuna-Pangan on May 13 signed an ordinance allowing a portion of Roxas Boulevard to be closed for physical activities from 5 a.m. to 9 a.m. every Sunday.

In addition to extending this car-less Sunday to cover Binondo area, Ms. Lacuna-Pangan said the city would also be ensuring heritage buildings in the area are maintained by exercising the city’s regulatory powers.

Apart from encouraging physical activity, the capital city aims to promote tourism and business activities in the area.

Vehicles are diverted to other highways, such as Taft Avenue, Quirino Avenue, Maria Orosa Street, Kalaw Avenue, M.H. del Pilar Street, and Bonifacio Drive to avoid the closed portion of Roxas Boulevard. — Chloe Mari A. Hufana

BIFF bomb-maker dies in clash

IMPROVISED explosive devices (IED) left by members of the Bangsamoro Islamic Freedom Fighters driven away by soldiers from Barangay Butilen in Salibo, Maguindanao del Sur last Saturday are now in the custody of the Army’s 6th Infantry Division. — PHILIPPINE STAR/JOHN FELIX M. UNSON

COTABATO CITY — A suspected bomb-maker of the Bangsamoro Islamic Freedom Fighters (BIFF) was killed in an air and ground anti-terrorism operation in Barangay Butilen, Salibo town, Maguindanao del Sur.

Major Gen. Alex S. Rillera, commander of the Army’s 6th Infantry Division, told reporters on Monday that the calibrated anti-terror operation last Saturday resulted in the seizure of 26 powerful improvised explosive devices (IED).

He said the offensive was launched after municipal officials reported the convergence in the area of BIFF members, as if preparing for a large-scale attack.

Soldiers dispatched to clear the area, after the aerial maneuvers by Philippine Air Force attack helicopters and fixed-wing bombers, engaged the BIFF terrorists in a gunbattle that ended in the death of the suspected BIFF bomb-maker. — John Felix M. Unson

SC seeks comment on P17.9-B Comelec-Miru Systems deal

PHILSTAR FILE PHOTO

THE PHILIPPINE Supreme Court (SC) on Monday sought the comments of the Commission on Elections (Comelec) and other respondents in a petition to annul the P17.9-billion contract with its automated election systems provider for 2025.

The High Court ordered the Comelec and the joint venture (JV) of Miru Systems Co., Ltd., Integrated Computer Systems, St. Timothy Construction Corporation, and Centerpoint Solutions Technologies, Inc. to comment on the petition for a temporary restraining order (TRO) filed by former congressman Edgar R. Erice.

The SC gave the Comelec 10 days from its receipt of the order to comment.

Mr. Erice on April 18 claimed the contract between Comelec and the other respondents violated the Election Automation Law of 2007 (Republic Act 9363), as the voting machine from Miru is allegedly only a “prototype.”

R.A. 9363 requires the system procured to have demonstrated capability and successful use in a prior electoral exercise.

The business entities in the JV secured the 2025 elections contract worth almost P18 billion last Feb. 21, following a unanimous vote by the Comelec en banc, which led to the issuing of the En Banc Minute Resolution No. 24-0114.

Mr. Erice’s petition seeks to bar the Comelec from awarding the contract to the bidder.

In a message sent to a group chat with reporters, Comelec Chairman George Erwin M. Garcia said the poll body would comply with the SC’s order for a comment.

“We are so elated that the High Court did not issue any injunctive writ,” said Mr. Garcia. “Thus, our preparations for the automated 2025 NLE will proceed as scheduled in view of a very tight timeline that we have.” — Chloe Mari A. Hufana

Lawmaker wants bill curbing illicit tobacco trade prioritized

SVKLIMKIN -PIXABAY

THE GOVERNMENT must prioritize a measure that aims to curb the illicit tobacco trade in the country in order to keep public health in check and minimize its revenue losses, amounting to P60 billion in 2023 alone, a congressman said.

“The government should prioritize the measure to curb illicit tobacco trade [and] to minimize its adverse effects to public health,” Albay Rep. Jose Maria Clemente S. Salceda said during a House Ways and Means Committee hearing last week.

Illegal tobacco trade is harmful to public health as well as government revenues as it makes it affordable and accessible to consumers without undergoing proper trade avenues.

The Sin Tax Reform Act of 2012 stipulates that at least 80% of the generated revenue from the law should be allocated for the universal health care program under the Philippine Health Insurance Corporation (PhilHealth).

“Illicit tobacco trade is particularly detrimental to public health,” the explanatory note of House Bill (HB) No. 10329 stated. “[It] makes cheap cigarettes accessible to the consumers… and leads to losses in tobacco tax revenues, which… are earmarked for the implementation of the Universal Health Care Law.”

Tobacco-related diseases cost the government at least P188 billion yearly in public health expenses, Mr. Salceda said during the panel hearing.

Authored by Mr. Salceda, HB No. 10329 requires tobacco companies to register their tobacco machinery and ingredients to the government and introduces a “track-and-trace” for the tobacco value chain, allowing the state to monitor the flow of tobacco-related goods in the country.

“This is a remedial legislation aimed to eliminate revenue losses from the illicit tobacco trade,” he said. “We aim to reap the benefits provided under our sin tax law to immediately supplement the funding for our healthcare system.”

The country’s sin tax is a “landmark” legislation as it sought to support further the country’s healthcare system, Adolfo Jose Montessa, Action for Economic Reforms representative, told the House panel.

“Our comprehensive approach, through the six tax reform, not only improved health outcomes but also strengthened the financial sustainability of our country’s healthcare system,” he said.

The combined budget for the Department of Health (DoH) and PhilHealth increased by 422% due to the sin tax law, he added.

However, the significant “gains” from the tax law are threatened by the uptick in the illicit trade of “sin” products. “In 2023, excise tax collections declined to P291.7 billion,” Mr. Montessa said. — Kenneth Christiane L. Basilio

Proximity ties PHL to Taiwan dispute with China — analyst

SOVEREIGNTY and security issues in Taiwan, including any escalation of military movements by China, is more likely to affect the Philippines because of their commonalities in maritime space and defense alliances, an analyst said.

“Taiwan and the West Philippine Sea are two separate issues. But if you look at the geographic location, it’s actually quite near to each other. And there’s some connections in terms of its maritime space,” Robin Michael U. Garcia, president and CEO of WR Advisory Group, said at a forum in Makati City on Monday.

China claims the South China Sea almost in its entirety, including areas that are well within Manila’s exclusive economic zone (EEZ). It has sanctioned the Chinese Coast Guard’s dangerous maneuvers and deployment of water cannons to block Philippine resupply and rotation missions to Manila’s outpost in Second Thomas Shoal (Ayungin).

Recently, China has launched military drills to simulate an attack on Taiwan, which it regards as its renegade province, describing it a “dangerous separatist.”

Taiwan has governed independently of China since 1949, but just days after the inauguration of its new head of state, President William Lai, military drills were launched by Beijing.

As in the case of the Philippines, the US is also Taiwan’s bulwark against Beijing’s diplomatic and military pressure.

“In some way, it (the Philippines) is connected to Taiwan,” Mr. Garcia said.

Mavudis, which is part of the Batanes group of islands, is just about 140 km from Eluanbi, Taiwan’s southernmost tip.

Batanes was among the key sites of US-Philippines military drills conducted from Apr. 24 to May 8.

In March, the Philippines reported the presence of a Chinese research vessel in Benham Rise, a 24-million-hectare underwater feature within the Philippines’ continental shelf, in a move that experts said could be part of Beijing’s underwater surveys in preparation for a potential invasion of Taiwan.

At the forum, WR CEO and President Cleve V. Arguelles said in the event of an unarmed conflict between China and Taiwan, 86% of Filipinos want the Philippines to remain neutral.

He cited a WR Numero poll of 1,765 Filipino adults in March, in which 65% of respondents said the tension in the West Philippine Sea is worsening.

Of the respondents, 68% said the Armed Forces of the Philippines was managing the tension “very well,” while 33.2% said the government of President Ferdinand R. Marcos, Jr. was doing well.

Mr. Arguelles warned China has been taking advantage of “elite factionalism” in fragile democracies such as the Philippines, whose many citizens believe the government should focus on resolving domestic issues including soaring living costs and lack of economic opportunities “rather than actively participating in international issues.”

“Some actors, some forces, may take advantage of this prevailing attitude among Filipinos,” he said. “Many Filipinos would rather that we focus on domestic issues.”

Despite concerns on increasing tension in the West Philippine Sea, “only 14% of Filipinos say that China’s aggression in the West Philippine Sea must be given priority by the government,” Mr. Arguelles added, noting it may be a challenge for the government to get public support for its efforts against Chinese intrusions into Philippine waters.

In the same survey, 27.8% said they didn’t trust Chinese President Xi Jinping, higher than the distrust rate of 11.8% for US President Joseph R. Biden and 19.3% for Russian President Vladimir Putin.

Mr. Arguelles urged Philippine policymakers and civil society to closely monitor China’s potential interference in the 2025 midterm polls and the first parliament elections in the Bangsamoro region this year.

Philippine Coast Guard Commandant Jay Tristan Tarriela said earlier this month modernization efforts for the country’s coast guard and armed forces as well as budget allocation for its territorial defense are at stake in 2025.

Meanwhile, in the event of an escalation of tensions or even a potential invasion of Taiwan by China, the Philippine migrant affairs chief said at the weekend that it has prepared measures to repatriate migrant Filipino workers.

“We are always ready,” Department of Migrant Workers acting Secretary Hans Leo J. Cacdac said in a briefing last Saturday. — Kyle Aristophere T. Atienza

Senate urged not to make POGO probe a witch hunt

BW FILE PHOTO

PHILIPPINE senators should ensure they will not resort to personal attacks or get side-tracked in their probe of a Tarlac mayor accused of being a Chinese spy entangled in Philippine Offshore Gaming Operators (POGO), according to an academic and activist, who cited the need for the investigation to result in laws addressing crimes.

“Senate should focus on the issues that aid legislation,” Teresita Ang-See, founding president of Filipino-Chinese organization Kaisa Para Sa Kaunlaran, said in a statement on Monday “This kind of witch hunt and personal attacks are way below decency and reflects badly on the dignity of the Senate.”

Last week, Senators grilled Bamban Mayor Alice L. Guo about her background and history due to her alleged links to crimes committed by POGO outfits.

Senator Jose “Jinggoy” P. Estrada told a Senate Committee on Women, Children, Family Relations, and Gender Equality that he had received “very reliable information” on Ms. Guo’s  alleged live-in partner running a POGO company in Bamban Tarlac, which the mayor denied outright.

Ms. Ang-See said the investigation has gotten sidetracked from POGOs to Ms. Guo’s personal life and her luxurious lifestyle.

“I am not against the Senate investigating Guo,” she said. “However, something which originated from concerns about POGO got sidetracked and had become ridiculous zarzuela and the POGO investigation disappeared from the scene.”

In a statement on Monday, Senator Ana Theresia N. Hontiveros-Baraquel said senators and officials from government agencies will hold a closed-door executive session before the next hearing on POGOs to discuss other leads on the outfits being linked to government surveillance.

“This is not a witch hunt. This is not about politics,” she said. “This is about national security, criminal activities, accountability in public service, the rights and welfare of women and children, and the structural failure of our system to regulate POGO as a business model.”

Malacañang last month ordered the Anti-Money Laundering Council to freeze the assets of a POGO hub in Tarlac.

A total of 868 POGO workers were rescued during a March 13 raid after the company was linked to human trafficking and torture crimes.

The Presidential Anti-Organized Crime Commission seized about P6 million in cash and passports in 11 vaults found in the POGO hub. Authorities also seized at least 60. — John Victor D. Ordoñez

PSEi sinks to 6,500 level anew amid lack of leads

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE MAIN INDEX dropped to the 6,500 level again on Monday as investors stayed on the sidelines while looking for fresh catalysts.

The benchmark Philippine Stock Exchange index (PSEi) declined by 0.72% or 48.29 points to end at 6,571.60 on Monday, while the broader all shares index fell by 0.38% or 13.41 points to close at 3,510.08.

Monday’s finish was the lowest in almost two weeks and was the first time the PSEi ended at the 6,500 level since it closed at 6,558.63 on May 15.

“The local market moved sideways as investors had few fundamental leads. Technically, traders were taking profits as the main index encountered resistance from a confluence of moving averages near the 6,700 level. Investors are in a wait-and-see mode, anticipating further guidance on the direction of interest rates,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.

“The next major data that could provide insight into global interest rates is due later this week, with the release of the US Q1 GDP (first-quarter gross domestic product) and, more importantly, the latest US PCE (personal consumption expenditures) data, which many view as a potential indicator of increased inflationary pressures,” Mr. Vistan said.

The second estimate for first-quarter US GDP data will be released on May 30, Thursday, while April US PCE data will come out on May 31, Friday.

“MSCI rebalancing outflow and peso volatility were behind poor market sentiment, overriding positives such as double-digit corporate earnings of 13% for PSEi members and BSP’s (Bangko Sentral ng Pilipinas) dovish tilt,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

“Investors were awaiting data that could influence the decision of the Bangko Sentral ng Pilipinas regarding interest rates,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar added in a Viber message.

BSP Eli M. Remolona, Jr. this month said the Monetary Board could begin easing their policy stance by the second half, with a 25-basis-point cut possible at their Aug. 15 meeting.

This would mean that the BSP could kick off its easing cycle earlier than the US Federal Reserve, which is expected to begin cutting rates by September.

Almost all sectoral indices closed lower on Monday, with industrials being the sole gainer, rising by 0.25% or 23.88 points to 9,263.85.

Meanwhile, mining and oil declined by 1.34% or 125.05 points to 9,152.25; financials went down by 0.9% or 18.05 points to 1,979.80; property dropped by 0.84% or 21.06 points to 2,480.51; services retreated by 0.78% or 15.67 points to 1,991.72; and holding firms lost 0.67% or 39.87 points to 5,870.73.

Value turnover fell to P4.19 billion on Monday with 3.42 billion shares changing hands from the P4.47 billion with 557.45 million issues traded on Friday.

Decliners outnumbered advancers, 104 versus 84, while 45 names were unchanged.

Net foreign selling stood at P487.86 million on Monday versus the P203.34 million in net buying seen on Friday. — R.M.D. Ochave

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