How PSEi member stocks performed — October 31, 2024
Here’s a quick glance at how PSEi stocks fared on Thursday, October 31, 2024.
Oxfam: Philippines lags in inequality reduction
The Philippines placed 109th out of 164 economies in the 2024 edition of Oxfam International and Development Finance International’s Commitment to Reducing Inequality (CRI) Index report. The report measures government efforts in three pillars (public service, progressive taxation, and labor rights and wages) that are critical in reducing inequality.
Philippine Congress unlikely to invite ICC representatives to drug war probe
By John Victor D. Ordoñez, Reporter
PHILIPPINE lawmakers are unlikely to invite officials from the International Criminal Court (ICC) to congressional inquiries into ex-President Rodrigo R. Duterte’s deadly drug war since it could be a tacit admission of the country’s weak accountability mechanisms, according to political analysts and human rights lawyers.
“Given the reluctance of many senators to probe deeper into the issue, inviting ICC officials may actually be an added pressure to exact accountability,” Maria Ela L. Atienza, who teaches political science at the University of the Philippines, said in a Viber message on Thursday. “It also provides more opportunity on the part of families of drug war victims and human rights advocates to have allies in the process.”
The Hague-based tribunal is looking into alleged crimes against humanity committed during the drug war, where thousands of suspects died. Both Houses of Congress are conducting separate investigations of Mr. Duterte’s anti-narcotics campaign.
At a Senate hearing on Monday, the tough-talking leader told senators he offers “no apologies, no excuses” for his war on drugs.
“Considering the nature of the proceedings in the ICC which is akin to a judicial proceeding, I do not think they will discuss their ongoing investigations,” Ephraim B. Cortez, president of the National Union of Peoples’ Lawyers, said in a Viber message.
The Philippines under Mr. Duterte withdrew from the ICC in March 2018 amid criticisms that his government had systemically murdered drug suspects in police raids. It took effect a year later.
Senate Minority Leader Aquilino Martin L. Pimentel, who heads the Senate blue ribbon subcommittee looking into the previous government’s war on drugs, earlier said another committee would likely invite ICC officials to the country.
Michael Henry Ll. Yusingco, a fellow at the Ateneo de Manila University Policy Center, said ICC representatives could be invited as observers, but are unlikely to be resource persons at congressional probes.
“Unless a compelling reason emerges, such as the Marcos administration declaring they will cooperate with the ICC investigation, then it’s hard to see any ICC personnel being invited to be a resource person in the hearing on extrajudicial killings,” he said in a Facebook Messenger chat. “Allowing them now can be seen as undue foreign interference and will put lawmakers in a very bad light.”
Philippine President Ferdinand R. Marcos, Jr. has ruled out working with the ICC, citing the country’s working justice system.
The government estimates that at least 6,117 people died in Mr. Duterte’s drug war between July 1, 2016 and May 31, 2022, but human rights groups say the death toll could be as high as 30,000.
Mr. Duterte on Monday admitted to having ordered police officers in his hometown of Davao City when he was its mayor to goad criminals to fight back during anti-illegal drug raids so cops would have a reason to retaliate, adding that he had a hit-squad tasked to eradicate crimes.
He also said his former police chiefs were “commanders of death squads” since they took care of criminal syndicates, but denied ordering them to kill innocent people.
The Philippine Commission on Human Rights (CHR) on Wednesday urged full accountability for extrajudicial killings under the drug war. In a statement, the agency said it seeks to identify accountable officers and people as more key witnesses come forward to explain the events surrounding the campaign.
“In light of recent revelations, CHR expresses deep concern over the testimony of former President Rodrigo Duterte, who confessed that he would ‘rather have suspected drug dealers killed’ than allow them due process, and admitted to encouraging law enforcement in the past to taunt suspects to justify neutralizing them,” it added.
Referring to its April 2022 report, the CHR highlighted a troubling pattern among law enforcers claiming that victims had resisted arrest to justify deadly actions. The practice, it said, violates international agreements, including the International Covenant on Civil and Political Rights, and undermines the Philippine Constitution’s guarantee of due process and the right to life.
“Hopefully, lawmakers can get perspectives from the ICC prosecutor and the Judiciary separately, as they are strictly independent from each other,” Maria Kristina C. Conti, secretary general of the National Union of People’s Lawyers in Metro Manila and legal counsel for several victims of the drug war, said in a Viber message.
“The Senate could also do well in perusing through the records of the court and submissions of the Philippine government,” she added.
House panel to fast-track bill giving CHR power to prosecute rights offenders
By Kenneth Christiane L. Basilio, Reporter
A HOUSE of Representatives committee will expedite hearings on a bill that seeks to give the Commission on Human Rights (CHR) the power to prosecute human rights violators once Congress resumes sessions next week, according to its chairman, amid a Senate investigation of ex-President Rodrigo R. Duterte’s deadly war on drugs.
“We’ll fast-track it,” Manila Rep. Bienvenido M. Abante, Jr., who heads the House human rights committee, said in an interview on Tuesday. “With the House quad committee hearings, I think the bill will be appropriate. I’ll be talking to the [House] leadership about it.”
On Monday, CHR Chairman Richard P. Palpal-latoc told senators the Philippine National Police had sandbagged their investigation into alleged state-sponsored killings under Mr. Duterte’s anti-illegal drug campaign by denying their requests for documents on police raids.
The Philippine government estimates that more than 6,000 died under the campaign, according to a Facebook infographics posted published in June 2022 by RealNumbersPH, which is operated by the inter-agency Committee on Anti-Illegal Drugs. Human rights groups say the death toll could be as high as 30,000.
“The CHR can only investigate but cannot prosecute [human rights violators],” he told a news briefing in Filipino earlier this week. “That’s why I said we should give the CHR some teeth so they can do their mandate, even to prosecute those they believe are truly guilty.”
The late President Corazon C. Aquino created the CHR in 1987 through Executive Order No. 163. The CHR is limited to investigating human rights abuses and cannot file or hear charges, the Supreme Court ruled in 1991.
House Bill No. 9437, which Mr. Abante filed in 2023, seeks to empower the agency to file cases before the Ombudsman or any prosecutor’s office. The bill also expands the functions of the CHR by allowing it to compel witnesses to testify in its investigation and cite uncooperative witnesses in contempt.
Congress should look at strengthening the CHR’s investigative power by empowering its subpoena powers instead of giving it the ability to file cases, said Carlos H. Conde, a senior researcher at the Asia division of Human Rights Watch.
“Giving it prosecutorial powers would basically overhaul the CHR and I don’t think that is feasible,” he said in a WhatsApp message, adding that it would create “complications” because it is supposed to be an independent government body. “The CHR is about the only independent body that can do meaningful work to improve human rights. For that to happen, the government needs to make the CHR more independent, give it more resources and strengthen its mandate.”
Mr. Conde said giving the commission prosecutorial powers would unlikely change how government agencies engage with it. “Other parts of the government are not engaging with it, are hostile to it, and just don’t have any respect for it. I doubt giving it prosecutorial powers would change all that.”
Cristina E. Palabay, secretary-general of Karapatan, said giving the CHR prosecutorial powers would help human rights victims and their kin in pursuing lawsuits against state perpetrators.
Lawmakers should also review Philippine human rights laws to determine if the country still complies with international norms, she said in a Facebook Messenger chat. “They should conduct a comprehensive audit of current laws if these adhere to international human rights norms and instruments.”
Marcos says gov’t in control as typhoon deaths hit 150
By Kyle Aristophere T. Atienza, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said his government remained in “full control” as deaths caused by Tropical Storm Trami and Super typhoon Kong-rey, which caused heavy rains in the northernmost province of Batanes, climbed to more than 100.
In a statement, he noted that while state resources and personnel “may be stretched due to the impact of typhoons on multiple fronts,” the government was “ably handling all disaster management efforts.” “We remain in full control.”
In an 8 a.m. report, the Philippines’ disaster agency said the reported death toll from Trami, locally named Kristine, and Super Typhoon Kong-rey (Leon) had hit 150. Fourteen deaths have been validated, while 29 people were still missing, it added.
The National Disaster Risk Reduction and Management Council said there were 115 reported injuries. More than 150,000 were damaged, more than 10,000 of which were totally destroyed. Trami and Kong-rey have caused P6.5 billion in damage to infrastructure.
“Nevertheless, we have sufficient assets to mitigate the worst impact, recover from the wreckage and rebuild stronger than before,” Mr. Marcos said. “Relief and recovery efforts continue in areas affected by Typhoon Kristine, while preparations are ramping up for Typhoon Leon.”
“All agencies and instrumentalities of government remain on full alert, and remain ready to deploy aid wherever it may be needed.”
Earlier in the day, the Presidential Communications Office in a statement said the government was on “high alert” as Leon hit Batanes province. The local government had launched evacuation efforts, it said, citing a report from Batanes Governor Marilou H. Cayco.
Food packs for the next three days had been distributed and healthcare and social welfare personnel were deployed to evacuation centers, it added.
The Department of Social Welfare and Development said it had prepared almost 2,000 family food packs for affected Batanes residents.
Social Welfare Undersecretary Diana Rose S. Cajipe said an additional 5,500 family food packs would be transported by a Philippine Coast Guard vessel from Pangasinan to Batanes.
Military spokesperson Colonel Francel Margareth Padilla-Taborlupa said they had deployed assets to areas affected by Kong-rey and was working with other government offices to transport essential supplies to affected residents.
The state weather bureau put Batanes under tropical cyclone wind signal No. 4 as the super typhoon started to move away from the province.
In a 2 p.m. report, the agency said the typhoon’s center was located 265 kilometers north-northwest of Itbayat, Batanes and was moving north-northwest at 25 kilometers per hour (kph). It was packing maximum sustained winds of 155 kph near the center and gustiness of up to 255 kph.
Leon sent heavy rains over the Philippines just as Kristine left the country and submerged parts of Bicol region in floodwaters.
Farm damage from Trami had reached P3.76 billion, the presidential palace said, citing the Department of Agriculture. The damage cost could increase as some areas remained inundated and isolated.
DA said it has a P1-billion quick response fund for the purchase of farm inputs. Farmers and fisherfolk may also avail themselves of a government loan worth P25,000, which could be paid in three years at zero interest, it said.
Meanwhile, Greenpeace Philippines urged the government to “step up and strongly champion” the call for increased climate funding, particularly through the Loss and Damage Fund, as world governments meet for the United Nations Climate talks on Nov. 11 to 22.
In a statement, it said climate finance would be a central topic of the talks. “As a start, the Philippine delegation should support the climate damages tax, so that there is a contribution from high emitting industries such as fossil fuel companies, not just states.”
Greenpeace earlier said Trami was the “third-most highly devastating weather event to batter the country this year.”
The Philippines in July was chosen to host the board of the Loss and Damage Fund (LDF), a UN financing mechanism that will benefit countries vulnerable to climate change, including the host-country.
“The Philippines lobbied to be the host of the Loss and Damage Fund Board, but what use is hosting the board if it doesn’t have money in the pot?” Greenpeace campaigner Khevin Yu asked.
“It’s more significant to the Filipino people if President Marcos followed through on his repeated calls for climate justice and resilience with action,” he said. “Filipinos are tired of the never-ending cycle of typhoon destruction.”
The Philippines lies along the typhoon belt in the Pacific and experiences about 20 storms each year. It also lies in the so-called Pacific Ring of Fire, a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike.
26 charges filed vs corporate officers using ‘ghost’ receipts
TWENTY-SIX criminal informations have been filed before regional and municipal courts against corporate officers involved in “ghost” receipts, the Bureau of Internal Revenue (BIR) said, noting it will lead to their arrest.
“Twenty-six criminal informations were filed before the courts. Warrants of arrest will be issued against the responsible Corporate Officers,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement on Thursday.
“They will be arrested.”
This comes after the BIR reported winning two criminal cases against corporations and their corporate officers for using fake receipts after the Department of Justice (DoJ) found probable cause for the violation of the tax code.
The Justice department noted the corporate officers violated Sections 254, 255, 267 in relation 253 (d) and 256 of the National Internal Revenue Code.
When a tax case is filed, the government must prove the guilt of the accused by filing criminal information to formally pursue the case in court.
This forms part of the Bureau’s Run After Fake Transactions (RAFT) Program, which seeks to audit and prosecute individuals using fake receipts.
The RAFT program, led by Mr. Lumagui, was intended to address the sale and use of “ghost” receipts in the country. These are receipts that contain fictitious transactions, which are then bought and used by businesses to evade proper payment of taxes.
The use of fake receipts is done to avoid paying the 12% value-added tax owed from the sale of goods and services. Individuals would set up “ghost” corporations that would fake a transaction and issue false receipts to escape tax payments.
In 2023, the BIR estimated up to P370 billion worth of revenue loss due to ghost receipts.
In February, the DoJ and BIR filed a total of 14 criminal complaints against 6 individuals associated with two companies using “ghost” receipts
In July, the BIR said it will maximize its partnership with the Securities Exchange Commission to run after large-scale tax fraud activities perpetrated by companies such as that of ghost receipts and corporate tax evasion.
In August 2024, the BIR partnered with Ateneo de Manila University-Department of Mathematics to develop an algorithm that will detect companies possibly using such receipts. — Beatriz Marie D. Cruz
Malacañang bares regular, special nonworking days for 2025
PRESIDENT Ferdinand R. Marcos, Jr.’s office on Thursday released a list of regular holidays and special nonworking days for 2025.
Under a proclamation signed by Executive Secretary Lucas P. Bersamin on Oct. 25, regular holidays include New Year’s Day on Jan. 1 (Wednesday) and Day of Valor on April 9 (Wednesday).
Catholic commemorations such as Maundy Thursday on April 17 and Good Friday on April 18 were also declared regular holidays.
They also include Labor Day on May 1 (Thursday), Independence Day on June 12 (Thursday), National Heroes Day on Aug. 25 (Monday) and Bonifacio Day on Nov. 30 (Sunday).
Christmas Day on Dec. 25 (Thursday) and Rizal Day on Dec. 30 (Tuesday) are also regular holidays.
Under the order, special nonworking days are Ninoy Aquino Day on Aug. 21 (Thursday), All Saints Day on Nov. 1 (Saturday), Feast of the Immaculate Conception of Mary on Dec. 8 (Monday) and the last day of the year on Dec. 31 (Wednesday).
Special nonworking days also include the Chinese New Year on Jan. 29 (Wednesday), Black Saturday on April 19, Christmas Eve on Dec. 24 (Wednesday) and All Saints’ Day Eve on Oct. 31 (Friday).
Meanwhile, the commemoration of the EDSA People Power revolution anniversary on Feb. 25 (Tuesday) will be a special working day.
“The proclamations declaring national holidays for the observance of Eidul Fitr and Eidul Adha will be issued after the approximate dates of the Islamic holidays have been determined in accordance with the Islamic calendar or the lunar calendar, or upon Islamic astronomical calculations, whichever is applicable,” according to the proclamation.
The proclamation tasked the Labor department to issue the rules that will enforce the presidential order — Kyle Aristophere T. Atienza
Water interruption to hit NAIA T3
NEW NAIA Infra Corp. (NNIC), the private operator of the Ninoy Aquino International Airport (NAIA), is now preparing for a planned water service interruption by Maynilad Water Services, Inc. affecting the operations of Terminal 3 (T3).
In a media release on Thursday, NNIC said the scheduled water interruption will last for 16 hours starting 2 p.m. on Friday (Nov. 1) until 6 a.m. on Saturday (Nov. 2) due to maintenance and repair activities at Maynilad’s Putatan Treatment Plant.
NNIC said it has already prepared a contingency plan to ensure uninterrupted water supply at Terminal 3 throughout the duration of Maynilad’s maintenance and repair activities.
NNIC will utilize existing water reserves from the terminal’s water tanks which have a combined capacity of 3.2 million liters, the company said, adding that Maynilad is also on standby to provide water trucks for resupply if needed.
The airport operator said water containers will also be placed in washrooms throughout the terminal.
Last week, Terminal 1 of NAIA also experienced water service interruption after its main water pipe was damaged. NNIC also anticipates passenger influx for the All Souls’ Day and All Saints’ Day.
The Civil Aviation Authority of the Philippines said previously that it is expecting air travelers to increase by 10% from the 2.1 million passengers during this period.
Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
Secure power in disasters, NEA told
A PHILIPPINE senator on Thursday called on the National Electrification Administration (NEA) to ensure electric cooperatives comply with national standards and assessments on supplying enough power around the country during natural disasters such as typhoons.
In a statement, Senator Sherwin T. Gatchalian, who is the vice-chairperson of the committee on energy, said NEA should strictly enforce the Electric Cooperatives Emergency and Resiliency Fund (ECERF) law, which requires cooperatives to conduct risk assessments and emergency response plans during these calamites
“The ECERF was put in place as a ready fund that can be tapped by electric cooperatives or faster restoration of electricity and power facilities damaged by natural calamities,” he said.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Wednesday said Kong-rey, locally named Leon, has strengthened into super typhoon as it moved closer to Batanes province in northern Philippines.
NEA earlier sought P200 million to implement ECERF next year to ensure the steady supply of power generated by co-ops.
“Given that the Philippines is among the countries most vulnerable to climate change risks and natural disasters, ECs need to develop their resilience to prevent power interruption or at least shorten the period of such incidents during and after calamities,” said Mr. Gatchalian, the main author of the ECERF law. — John Victor D. Ordoñez
100 SM volunteer teams mobilized
SM, through its department store chain SM Store, recently mobilized 100 volunteer teams in its retail network to distribute items to communities as part of its corporate social responsibility day.
SM said 75 teams from SM Store and 25 teams from various retail affiliates participated in various activities that reached over 100 beneficiaries, including public schools supported by the SM Foundation, UNICEF Philippines, World Vision, Good Neighbors Philippines, and other local organizations.
“This initiative underscores the company’s commitment to volunteerism and community support, engaging employees to make a meaningful impact in the lives of those in need,” SM said in an e-mailed statement on Thursday.
The volunteers distributed items such as school kits, shoes, hygiene kits, and food packs.
SM Retail has engaged its employees in social responsibility programs, with a focus on supporting underprivileged Filipino students. These initiatives include reading sessions, classroom repainting, and community outreach.
SM Store is a department store chain that offers menswear, womenswear, children’s wear, beauty products, stationery, electronic gadgets, snacks, toys, and hardware. It also provides services such as bills payment, ticketing, remittance, and currency exchange.
SM Investments Corp. is the Sy family’s listed holding company that has businesses in retail, banking, and property. Some of its companies include BDO Unibank, Inc., China Banking Corp., and SM Prime Holdings, Inc. — Revin Mikhael D. Ochave
P1.2-B projects flagged for delays
THE Commission on Audit (CoA) has flagged the provincial government of Camarines Norte over delays in the completion of its infrastructure projects worth P1.25 billion, depriving its constituents of the supposed benefits of the civil works.
State auditors said that 10 infrastructure projects funded through loans from state-owned banks and the province’s development fund were still in the process of being constructed despite lapsing the target completion dates, with some projects being delayed by as much as two years.
“[An] evaluation of the submitted Accomplishment Report of the PEO (Provincial Engineering Office) disclosed that at least 10 infrastructure projects funded in prior years in total amount of P1,252,396,936 were not completed within the target completion dates as stipulated in its respective contract agreements,” part of the CoA report stated.
“The delay ranges from 287 to 838 calendar days beyond the original contract or expiry dates,” it added.
The Provincial Government of Camarines Norte did not immediately respond to an e-mail seeking comment, but noted in the report that “efforts are being exerted… to fast-track and monitor all ongoing projects.”
State auditors urged the provincial government to ensure the completion of the projects and levy sanctions against the contractors handling the delayed works. — Kenneth Christiane L. Basilio
19 dead in Maguindanao clash
COTABATO CITY — Up to 19 gunmen were killed in a series of gunfights between two armed Moro groups, locked in a land dispute, in Barangay Kilangan in Pagalungan, Maguindanao del Sur on Wednesday.
Officials of the Maguindanao del Sur Provincial Police Office and the Army’s 6th Infantry Division said on Thursday that the two groups are squabbling for ownership of vast swaths of agricultural lands in Sitio Gageranin, an interior area in Barangay Kilangan.
Major Gen. Antonio G. Nafarrete, commander of the Army’s 6th Infantry Division, said that he has directed the 602nd Infantry Brigade to help local officials and the police reposition the two groups away from Kilangan to enable religious and traditional Moro leaders to settle the conflict. — John Felix M. Unson