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Inquiry sought over gold exploration in Abra

BAGUIO CITY — Abra Rep. Ching B. Bernos on Tuesday asked the House Committee on Natural Resources and Committee on Indigenous Cultural Communities (ICC) and Indigenous Peoples (IPs) to investigate the gold exploration activities in her home province.

Ms. Bernos filed House Resolution No. 2073, seeking intervention in a bid to protect the ancestral lands of the Tingguians along the northern towns of Abra — Sallapadan, Licuan-Baay and Lacub.

This comes as an exploration permit was already awarded by the Mines and Geosciences Bureau (MGB) to a mining company without getting the consent of the IPs in the area as a legal requisite.

Rep. Bernos also said the firm’s disregard of the rights of the Tingguians over their land should be stopped as the IPs and the ICCs should be consulted first because it is their ancestral lands

“The controversy must be probed so that truth will come out, in the name of the welfare of the Tingguians of Abra,” she said. — Artemio A. Dumlao

CoA flags P20-M Baliwag assets 

PHILIPPINE STAR/ MICHAEL VARCAS

THE Commission on Audit (CoA) has flagged the city government of Baliwag in Bulacan province for failing to transfer under its full ownership eight purchased land parcels, opening it to land ownership disputes.

State auditors said the title of eight land lots with a total area of 23,000 square meters were not transferred under the city government’s ownership, which exposes it to land claims.

“The Transfer Certificates of Title (TCTs) on eight parcels of land with a total land area of more or less 23,085 square meters, with a market value totaling P20,409,040, have still not been transferred to the name of the City,” a part of the CoA report stated.

The city government of Baliwag did not immediately respond to an e-mail and Facebook Messenger chat requesting comment.

State auditors recommended the LGU to create a “special committee” that will register the parcels of land under the city’s ownership. — Kenneth Christiane L. Basilio

Cops, soldiers watch out for retaliation after Zamboanga Sibugay clash

COTABATO CITY — The police and military are guarding against retaliations by the companions of three gunmen killed in a gunfight at the border of Naga and Kabasalan towns in Zamboanga Sibugay on Tuesday.

The fatalities, Abdul Jain Sahibad, his younger brother Fahad, and Mursid Ansao Ahod, died on the spot from multiple bullet wounds sustained in the encounter.

The older Sahibad was tagged in the Oct. 17 abduction in Sibuco, Zamboanga del Norte of American national Elliot Onil Eastman, married to a Tausug woman, whose family is residing in the municipality.

Radio reports in Central Mindanao on Wednesday stated that the mayor of Naga, Rino O. Delos Reyes, indefinitely suspended classes in all schools in the municipality since Tuesday, anticipating another possible encounter between the group of the three slain local terrorists and pursuing government security forces.

Lt. Gen. Roy M. Galido, commander of the Philippine Army, told reporters in Cotabato City on Wednesday via text message that Tuesday’s clash in Barangay Canacan in Kabasalan erupted when armed men opened fire at soldiers and policemen dispatched to check on reports by villagers about their presence in the area.

“There is close coordination between Army units in the Zamboanga peninsula and the police in addressing that security issue,” Mr. Galido said.

Local officials told reporters that four other terrorists wounded in the encounter were seen being carried away by companions who scampered away when they sensed that more reinforcements were closing in. — John Felix M. Unson

3 drug den operators in Lanao del Sur busted

COTABATO CITY — Anti-narcotics agents clamped down three drug den operators in an entrapment operation in Barangay Western Wao in Wao town in Lanao del Sur on Monday.

Gil Cesario P. Castro, director of the Police Regional Office-Bangsamoro Autonomous Region in Muslim Mindanao (PRO-BARMM), told reporters on Wednesday that Saadudin Mitmug Bagul, who is a security guard, and his cohorts, John Mark Villasista Tolentino, and Jayson Belong Valeria are now detained, awaiting prosecution.

The operators were immediately arrested after selling P68,000 worth of crystal meth (shabu) to non-uniformed Philippine Drug Enforcement Agency-BARMM agents and personnel of units under the Lanao del Sur Provincial Police Office in a trade off right in the premises of their drug den at Purok 5 in Barangay Western Wao.  — John Felix M. Unson

Maharlika tapped to study financing options for nuclear tech introduction

HOLTEC

By Sheldeen Joy Talavera, Reporter

THE Department of Energy (DoE) said it tapped Maharlika Investment Corp. (MIC) to assist in studying how to finance the introduction of nuclear energy technology to the Philippines.

“We have asked the Maharlika to study the costing and what financing mechanisms might be available,” Energy Secretary Raphael P.M. Lotilla said on the sidelines of the Philippine International Nuclear Supply Chain Forum on Wednesday.

The DoE wants to explore how to raise financing “in such a way that the upfront cost in building nuclear power plants will not be shouldered alone by the current generation of Filipinos.”

Mr. Lotilla noted, however, that there are still no decisions on investments involving Maharlika. “We are taking advantage of the people that they have to study the financing options.”

MIC President and Chief Executive Officer Rafael D. Consing, Jr. has said that energy is one of the priority investment areas of the sovereign wealth fund, and is expected to take up the bulk of its initial investments.

MIC is looking to raise $1 billion to fund energy projects.

Mr. Lotilla said that the investment in nuclear technology will be determined once the government decides on related issues, such as the sites of the power plants.

Maharlika’s participation in nuclear-power investments remains uncertain, according to Patrick Aquino, Energy Utilization Management Bureau director. He added, though, that he would not be surprised if the fund did invest eventually.

“For a country like us and our aspirations, electric power is a big component.  We leave it up to the sound judgment of Maharlika whether it comes in at whatever stake,” he told reporters separately.

Under the Philippine Energy Plan, the government aims to have commercially operational nuclear power plants by 2032 with at least 1,200 megawatts (MW), and 2,400 MW by 2035.

Pakistan seeks PHL guarantee to buy specific volumes of rice

REUTERS

PAKISTAN is seeking to increase its exports of rice to the Philippines if the latter commits to take up a guaranteed volume, its ambassador to Manila said.

“We are the third-largest exporter of rice to Philippines next to Vietnam and Thailand…Our own share is less than 6%. We want to increase that share,” Ambassador Imtiaz Ahmad Kazi told reporters on the sidelines of a rice conference.

According to the Bureau of Plant Industry, Pakistan supplied 178,179 metric tons (MT) of rice to the Philippines as of Nov. 7. This is around 5.2% of the 3.9 million MT (MMT) in imports to date.

“That depends on a number of conditions… the Philippines should guarantee us that they want (a specific volume) of rice every year,” he said.

Mr. Kazi said the government of Pakistan has proposed a memorandum of understanding stipulating the volume of rice the Philippines proposes to buy.

“Our exporters are ready to convert their fields into rice fields… Based on your demand… We are ready to do it,” he added.

He said that the Philippines needs to impose a stable tariff regime on imported rice, noting that duties “have been fluctuating.”

“We don’t know what is going to come next because globally, prices are going to be competitive again, so our rice exporters want to have stability and certainty about the quantity,” he added.

In June, President Ferdinand R. Marcos, Jr. signed Executive Order (EO) No. 62 which lowered the tariff on imported rice to 15% from 35%, until 2028. EO 62 was meant to tame rice prices and plug gaps in domestic rice production.

Mr. Kazi said Pakistan exports about two-thirds of its 11 MMT rice surplus.

“We are increasing our productivity, and we are exporting most of it, two-thirds of it… We have other markets also, but Philippines is one of the important ones,” he added.

The Philippines is projected to remain the top rice importer in the world, according to the US Department of Agriculture. It is expected to import about 5.1 MMT of rice next year. — Adrian H. Halili

PIDS issues PHL growth estimate of 5.8%-6%, citing weaker inflation

THE Philippine Institute for Development Studies (PIDS) expects the economy to expand between 5.8% and 6% this year, citing the weakening of inflation.

Gross domestic product (GDP) expansion was 5.2% in the third quarter, due to climate disturbance and a slowdown in public spending.

The year-earlier growth rate had been 6%.

“As base effects subside and based on recent and foreseeable developments in the Philippine economy, we estimate a year-on-year GDP growth for 2024 to pick up to between 5.8% to 6.0%,” PIDS said in a report.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan has said that GDP must grow 6.5% in the fourth quarter to meet the lower end of the government’s 6-7% target this year.

“GDP growth’s trajectory for the fourth quarter of 2024 will be impacted by a series of scenarios following slower inflation expectation: relaxation of policy rates that will drive firms to borrow more to expand business operations contributing to the recovery of employment, thereby increasing household purchasing power and consumption,” it said.

The report said the “nexus” of slower inflation, employment gains, and renewed consumption due to the holidays and elections can stimulate GDP growth.

GDP growth for 2025 is forecast at 6.1%, PIDS said.

It said the downside risks include “geopolitical threats, deteriorating economic conditions of key partners, and the worsening of overall external conditions.”

“Headline inflation will likely slow to 3.6% on average in 2024, from the 6.0% average in 2023, then settle to within the target range (of 2-4%) in 2025,” PIDS said.

The report said food prices are the main driver of inflation due to supply-chain constraints and disruptions to agricultural production due to calamities.

Headline inflation picked up to 2.3% in October from 1.9%, bringing average inflation in the 10-month period to 3.3%, still within the BSP’s 2-4% target but above the 3.1% full-year forecast.

In its review of recent growth data, PIDS said failure to grow towards the high end of the target band means the Philippines could fail to become an upper middle-income economy by 2025.

“It is still possible although at a much later period (towards) the latter part of 2025 or early 2026,” it said, adding that the conditions for that happening include growth “of as much as 8% with the exchange rate not depreciating much beyond the P58-to-the-dollar mark,” it said. — Aubrey Rose A. Inosante

Peso up as oil prices stay near 2-week low on OPEC forecasts

BW FILE PHOTO

THE PESO recovered against the dollar on Wednesday as global oil prices stayed near a two-week low after the Organization of the Petroleum Exporting Countries’ (OPEC) downward revision of its global demand growth forecasts.

The local unit closed at P58.735 per dollar on Wednesday, strengthening by 9.6 centavos from its P58.831 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session stronger at P58.75 against the dollar. Its intraday best was at P58.66, while it dropped to as low as P58.777 versus the greenback during the session.

Dollars exchanged increased to $1.43 billion on Wednesday from $1.12 billion on Tuesday.

The peso was supported by lower global crude prices after the OPEC reduced its global oil demand growth estimates for 2024 and 2025, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The peso-dollar pair traded mostly sideways on Wednesday amid market caution ahead of the release of US consumer and producer inflation data, a trader said by phone.

For Thursday, the trader sees the peso moving between P58.45 and P58.85 per dollar, while Mr. Ricafort sees it ranging from P58.70 to P58.90.

Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC’s latest downward revision for demand growth, a stronger US dollar and disappointment over China’s latest stimulus plan, Reuters reported.

Brent futures were up 24 cents or 0.3% to $72.07 a barrel by 1:22 p.m. EST (1822 GMT), while US West Texas Intermediate crude rose 29 cents or 0.4% to $68.33.

On Monday, both crude benchmarks settled at their lowest prices since Oct. 29.

OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year, marking the producer group’s fourth consecutive downward revision.

The weaker outlook highlights the challenge facing OPEC+, a group that includes the OPEC and allies such as Russia. This month, the group postponed a plan to start raising output in December against a backdrop of falling prices.

OPEC said world oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from growth forecast of 1.93 million bpd last month.

The group also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd.

OPEC remains at the top of industry estimates and has a long way to go to match the International Energy Agency’s far lower view.

OPEC’s forecast on robust growth in China is “at odds with other forecasters, who have considerably reduced their end-2024 estimates on China’s poor macroeconomic performance and disappointing fiscal stimulus,” said Harry Tchilinguirian, head of research at Onyx Capital Group.

On Friday, Beijing unveiled a 10-trillion-yuan ($1.4-trillion) debt package to ease local government financing strains. Republican former President Donald J. Trump, who won the Nov. 5 US presidential election, has threatened more tariffs on Chinese goods.

But analysts said China’s plan fell short of the amount needed to boost economic growth.

Also weighing on oil prices, the US dollar rose to a four-month high versus a basket of currencies as investors kept piling into trades seen benefiting from Trump’s victory.

A stronger greenback makes oil more expensive in other countries, which can reduce demand. — A.M.C. Sy with Reuters

BIR asserts authority to shut down online sellers for non-compliance

STOCK PHOTO | Image by andrespradagarcia from Pixabay

THE Bureau of Internal Revenue (BIR) said it is authorized to shut down online sellers not complying with registration and tax remittance rules, alongside its authority to padlock non-compliant physical stores.

In a warning to e-marketplaces ahead of the holiday shopping season, the BIR said in a statement: “Online businesses can be blocked by the BIR, much like its Oplan Kandado program against physical stores,” the Bureau said in a statement on Wednesday.

Section 115 of the National Internal Revenue Code, as amended by Republic Act No. 12023, gives the Commissioner of Internal Revenue the authority to suspend business operations.

“If retail/physical stores are registered and paying their taxes, online stores should do the same,” Commissioner Romeo D. Lumagui, Jr. said.

He also said the BIR is expecting online businesses to post increased revenue over the holiday.

“To all consumers, ask online sellers/businesses for an official receipt. If you are spending your hard-earned income after paying taxes on their products, then online sellers/businesses should also pay their taxes,” Mr. Lumagui added. — Aubrey Rose A. Inosante

PHL shares extend slide as Wall Street rally fizzles

BW FILE PHOTO

THE MAIN INDEX slid to the 6,700 level on Wednesday, closing lower for the sixth consecutive day, as Wall Street’s weak performance and mixed corporate earnings dampened sentiment.

The Philippine Stock Exchange index (PSEi) dropped by 1.4% or 95.78 points to close at 6,714.33 on Wednesday, while the broader all shares index fell by 0.73% or 27.88 points to end at 3,792.46.

This was a fresh near three-month low for the PSEi as this was its worst finish since it ended at 6,692.91 on Aug. 15.

“Along with Asian markets, the local bourse dropped as investors continued to assess the US election results. Wall Street’s negative performance overnight also spilled over into the local market,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message. “At home, local investors were also assessing third-quarter earnings performance. So far, results have been mixed: some sectors, like banking, are still posting impressive growth, while others, such as leisure, are showing dismal results.”

Wall Street’s three major indexes closed lower on Tuesday as investors booked some profits from a post-election rally and waited anxiously for US inflation data due this week, Reuters reported.

The indexes had rallied to record highs since the Nov. 5 US election as investors bet on a boost to equities from President-elect Donald J. Trump’s proposed tax cuts and the prospect of easier regulatory policies.

But investor enthusiasm dampened on Tuesday with concerns around whether the next US administration’s policies would exacerbate inflation. On investors’ radar is consumer price inflation data, followed by producer price inflation and retail sales data, as these could provide clues about the US Federal Reserve’s policy path going forward.

The Dow Jones Industrial Average fell 382.15 points or 0.86% to 43,910.98; the S&P 500 lost 17.36 points or 0.29% to 5,983.99; and the Nasdaq Composite lost 17.36 points or 0.09% to 19,281.40.

“Philippine shares continued to nosedive following the pullback in US as the major indexes paused from their recent post-election rally. Investors are now shifting focus to key inflation data… These indicators follow the Fed’s recent decision to cut interest rates,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

All sectoral indices closed lower on Wednesday. Financials declined by 1.83% or 41.06 points to 2,193.14; industrials dropped by 1.79% or 169.91 points to 9,295.36; holding firms retreated by 1.32% or 77.57 points to 5,759.67; services went down by 0.84% or 17.66 points to 2,071.66; property sank by 0.63% or 16.48 points to 2,573.66; and mining and oil gave up 0.34% or 27.37 points to end at 8,002.18.

Value turnover surged to P6.94 billion on Wednesday with 592.15 million shares changing hands from the P5.59 billion with 622.73 million issues traded on Tuesday.

Decliners outnumbered advancers, 140 versus 66, while 48 names were unchanged.

Net foreign selling rose to P1.2 billion on Wednesday from P1.11 billion on Tuesday. — R.M.D. Ochave with Reuters

Sugar growers call for probe of millers claiming low cane yields

FACEBOOK.COM/VICTORIASMILLINGCOMPANY

THE United Sugar Producers Federation of the Philippines (UNIFED) said on Wednesday that the Sugar Regulatory Administration (SRA) needs to inspect sugar milling equipment after claims emerged that cane processed by the mills is yielding reduced sugar.

UNIFED President Manuel R. Lamata said mills have reported low sugar extraction from the crop, which he described as “strange.”

“We have had truckloads of cane which reportedly have zero LKGTC (50-kg bag raw sugar per ton of cane) as extracted by the mills, which makes us suspect that something strange is going on,” Mr. Lamata added.

The SRA had ordered the creation of teams to conduct random inspections to sample for the sucrose content of cane.

Sugar farmers have been claiming low to no LKGTC readings for their cane since the start of the milling season.

The higher-than-average dry conditions brough by El Niño has been blamed for a likely reduction of sugar output this year.

The SRA has estimated that sugar production during the 2024 to 2025 season will fall 7.2% to 1.78 million metric tons (MMT).

The regulator added that the prolonged dry spells has produced cane that is “physiologically immature,” resulting in a 16% reduction in sugar content per MT of cane.

According to UNIFED, sugarcane extraction of 1.44 LKGTC during the start of the current milling season, against an average of 1.7 LKGTC.

He said that the SRA should ensure milling equipment is calibrated to ensure that sugar growers are not shortchanged.

“Sugar groups were allowed before to have their own chemists in the mills to check the veracity of mills’ extractions, but this practice has been discontinued,” Mr. Lamata added. — Adrian H. Halili

DoTr taps UltraPass for airport biometrics processing systems

ULTRAPASSID.COM

THE Department of Transportation (DoTr) said it entered into a partnership with UltraPass Identity Corp., a US company, to pilot-test an airport biometric passenger processing system.

The partnership was signed on the sidelines of the US Department of Commerce’s Innovative Technologies for Urban Infrastructure Development Trade Mission to Manila on Wednesday.

“This technical upgrade in passenger processing at airports will usher in more innovation that we can implement nationwide,” Transport Secretary Jaime J. Bautista said.

According to Mr. Bautista, the pilot test in Iloilo airport will come at no cost to the government. He said Iloilo was selected due to its low volume of international flights.

“We are also looking at other airports … in Tacloban, Laoag, and Bicol,” he said.

“This will be implemented fast, I think early next year, and will run for three months. We will start with Iloilo first, and then we can extend the test to the other airports after three months,” he added.

UltraPass Chief Executive Officer Eric Starr said that the project will be implemented in two phases.

“The first (phase) is just for Filipinos so they will have a better experience; the second is for everybody coming through the airport,” Mr. Starr said.

“The first phase will be completed in the first half of 2025… There’s a list of things that need to be done to go from the beginning to the end. So we start that immediately,” he added.

Mr. Starr is part of the trade mission along with representatives from AppCensus, Bechtel, Graphen, Inc., Headway PM, Holland LP, NGA 911, Resecurity, Roc.ai, SolisMatica, Trellix, and Varidx.

“This trade mission follows in the footsteps of the Presidential Trade and Investment Mission that US Secretary of Commerce Gina Raimondo led in March,” according to US Undersecretary of Commerce for International Trade Marisa Lago.

“And with this week’s Smart Cities Trade Mission, the Philippines becomes the only country in the world where the US Department of Commerce has brought two high-level trade missions in 2024,” she added.

She said that the members of the delegation are from the cybersecurity, artificial intelligence, biometrics, engineering and construction, and rail industries.

“Some of these companies already have a presence in the Philippines and are looking to expand. Others are exploring opportunities in this dynamic market for the first time,” she said.

The US delegation will be in the country until Nov. 14 before flying to Indonesia.

Ms. Lago met with officials from the Philippine government and stakeholders to explore avenues for expanding trade and investment with a focus on digital technology, infrastructure, civil nuclear cooperation, and empowering women entrepreneurs.

She is due in Clark on Thursday to promote infrastructure projects associated with the Luzon Economic Corridor. — Justine Irish D. Tabile

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