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Chamber says enforceability of contracts, fair competition key to boosting economy

THE Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said reforms that ensure the sanctity of contracts and fair competition will help strengthen the Philippine economy.

“We are optimistic about economic growth. The economy remains resilient amidst all the global challenges because our people are resilient and the Philippines still has positive macroeconomic fundamentals,” FFCCCII President Cecilio K. Pedro said in a statement on Thursday.

“Moving forward, we believe that we can do better in 2024 if we as a people unite and focus on strengthening our Philippine economy,” he added.

The economy grew by 5.6% in 2023, outpacing the 5.2% posted by China, 5% by Vietnam, and 3.7% by Malaysia.

He called for more reform aimed at attracting more investments centering on “the stability and predictability of contracts and policies to instill confidence in the business environment.”

He cited the need to promote fair competition by upholding “free market conditions and working towards reducing oligopolies, fostering a truly competitive business environment.”

Mr. Pedro also said that the FFCCCII supports the strengthening of export industries via “incentives and comprehensive support to enhance global competitiveness.”  — Justine Irish D. Tabile

Building permit approvals fall 10.9% in Q4

PHILSTAR FILE PHOTO

APPROVED building permits fell 10.9% year on year in the fourth quarter as high interest rates dampened construction activity, the Philippine Statistics Authority said.

Building permits issued, a proxy for construction starts, fell to 34,675 in the fourth quarter from 38,909 a year earlier. The total was also lower than the 39,052 permits issued in the third quarter.

The projects represented by the permits were valued at P111.14 billion — up 2.6% from a year earlier, and were a combined 9.70 million square meters (sq.m.).

Value was lower than the P121.16 billion from a year earlier.

The average cost per sq.m. was P10,683.4, up 5.6% from a year earlier.

In a Viber message, John Paolo R. Rivera, president and chief economist at Oikonomia Advisory & Research, Inc., said higher interest rates hampered growth of capital-intensive industries.

“It is too costly to borrow… Even if inflation is slowing down, the cost of borrowing remains high,” he added.

Residential construction permits fell 16.3% year on year to 23,009 permits.

Residential condominium permits grew 50% to 18 permits, a turnaround from the 52% decline seen a year earlier.

Meanwhile, single homes, duplexes/quadruplexes, and permits for the types of residence fell 17.9%, 32.3%, and 50%, respectively.

“As the population concentration is in urban areas with scarcity of land, compact living has been the trend to keep workers close to their workplaces,” Mr. Rivera said.

Non-residential permits, which accounted for 21.9% of the total, grew 2.8% to 7,607 approvals, slowing from 16.4% a year earlier and 6.6% in the third quarter.

Non-residential permits were valued at P55.21 billion in the quarter, up 17.3% from a year. — Bernadette Therese M. Gadon

Peso climbs to one-month high

BW FILE PHOTO

THE PESO climbed to an over one-month high against the dollar on Thursday amid dovish signals from the US Federal Reserve.

The local unit closed at P55.705 per dollar on Thursday, strengthening by 23.5 centavos from its P55.94 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s strongest close in more than one month or since its P55.69-per-dollar finish on Jan. 8.

The peso opened Thursday’s session slightly weaker at P55.95 against the dollar. Its worst showing was at P55.98, while its intraday best was at P55.70 versus the greenback.

Dollars exchanged inched down to $1.24 billion on Thursday from $1.29 billion on Wednesday.

“The dollar was generally weaker across the board as minutes of the FOMC (Federal Open Market Committee) meeting came in largely as expected. Policy makers remained cautious about cutting interest rates too soon. Markets have broadly pushed back expectations to a June rate cut for the Fed,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

The dollar index went down by 0.15% to 103.81 on Thursday.

Meanwhile, flows related to the government’s retail Treasury bond offer that ends on Friday also affected peso-dollar trading, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Friday, Mr. Ricafort sees the peso ranging from P55.60 to P56.80 per dollar, while Mr. Asuncion expects it to move between P55.50 and P56. — A.M.C. Sy

PSEi rallies to 6,900 level on improved sentiment

PHILIPPINE STOCKS rallied to end at the 6,900 level on Thursday amid strong corporate results and following data showing better vehicle sales last month, which could mean that economic activity remains robust.

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.08% or 5.79 points to end at 6,903.15 on Thursday, while the broader all shares index improved by 0.04% or 1.73 points to finish at 3,601.83.

Thursday’s close was the PSEi’s best finish in over a year or since it ended at 6,923.08 on Feb. 8, 2023.

“This Thursday, the local market inched up by 5.79 points (0.08%) to 6,903.15, driven by optimism on the corporate sector’s fourth quarter and full-year 2023 results as initial reports have been positive so far. The anticipation aided the bourse to close at 6,900 levels and join most of the regional peers in the green territory,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“The increased vehicle sales in January also boosted the positive sentiment as this implied that spending remained strong,” he added.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association released on Wednesday showed that vehicle sales climbed by 15.5% to 34,060 units in January versus 29,499 units a year ago.

Commercial vehicle sales increased by 16.5% to 25,614, while passenger vehicle sales rose by 12.5% to 8,446 units.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said trading at the Philippine stock market was mostly mixed, similar to the trend in US markets overnight.

The S&P 500 and Dow Jones industrials eked out small gains on Wednesday, while the Nasdaq closed lower for a third straight session as investors awaited the release of Nvidia’s earnings that could determine near-term momentum for equities, Reuters reported.

The S&P 500 climbed 0.13% to end the session at 4,981.80 points. The Nasdaq declined 0.32% to 15,580.87 points, while the Dow Jones Industrial Average rose 0.13% to 38,612.24 points.

At home, sectoral indices were split. Holding firms climbed by 0.66% or 42.81 points to 6,468.26; property went up by 0.32% or 9.60 points to 2,961.92; and mining and oil increased by 0.14% or 12.61 points to 8,747.73.

On the other hand, financials fell by 0.45% or 9.11 points to 2,012.85; services declined by 0.3% or 5.23 points to 1,731.73; and industrials retreated by 0.12% or 11.49 points to 9,164.96.

Value turnover rose to P4.92 billion on Thursday with 529.44 million issues changing hands from the P4.88 billion with 1.63 billion shares traded the prior day.

Advancers outnumbered decliners, 98 against 88, while 49 names closed unchanged.

Net foreign buying dropped to P114.63 million on Thursday from P506.85 million on Wednesday. — R.M.D. Ochave with Reuters

Philippine Coast Guard belies Chinese claim of Scarborough Shoal intrusion

Fisherfolks in Scarborough Shoal area in Masinloc, Zambales. — REUTERS

By Kyle Aristophere T. Atienza and John Victor D. Ordoñez, Reporters

A PHILIPPINE coast guard official on Thursday belied its Chinese counterpart’s claim that a fishery vessel had “illegally intruded” into Beijing’s waters.

“This statement is inaccurate,” Commodore Jay Tristan Tarriela, the coast guard’s spokesman on South China Sea issues, told reporters. “The Bureau of Fisheries and Aquatic Resources (BFAR) vessel, BRP Datu Sanday, continues to patrol the waters of Bajo De Masinloc.”

He said the ship is actively ensuring the security of Filipino fishermen in the area.

The Chinese Coast Guard earlier in the day said it had driven away a Philippine vessel and accused it of “illegally intruding” into its waters near Scarborough Shoal in the South China Sea.

Located within the Philippines’ exclusive economic zone (EEZ), Scarborough Shoal is also claimed by China, making it one of Asia’s most contested maritime features and a flashpoint for flare-ups.

China claims almost the entire South China Sea, a conduit for more than $3 trillion in annual ship commerce. Its territorial claims overlap with those of the Philippines, Vietnam, Malaysia and Brunei.

In 2016, an international arbitration tribunal in the Hague said China’s claims had no legal basis, a decision Beijing has rejected

Mr. Tarriela said the Philippines’ transparency campaign in the South China Sea might soon focus on food security to get the support of other Southeast Asian countries.

The Philippines this month started patrols around Scarborough Shoal as China continues to bar Filipino fishermen from their traditional fishing ground that Beijing has occupied since 2012.

“I predict that our transparency efforts will shift to highlight issues such as food security, the welfare of the Filipino fishery and the protection of the marine environment,” he separately told a forum.

The Philippines under President Ferdinand R. Marcos, Jr. has been exposing China’s repeated attempts to block resupply missions at Second Thomas Shoal, embedding journalists in these missions so they can report the incidents at sea.

Mr. Tarriela said silence of other Southeast Asian nations on “China’s provocative and unlawful tactics” is apparent.

He said the Philippines does not expect its neighbors to support its standing up to China because some of them are claimant states and most of them do not want to provoke China.

“To appease or receive some support from these countries, we need to flip our transparency approach,” he said. “Instead of focusing on the swarming of Chinese vessels or resupply operations, we would focus on food security or protection of fishermen.

“With this kind of transparency, we can expect that our Southeast Asian neighbors will somehow support us,” he added.

Scarborough Shoal has been the focus of Philippine government missions in the South China Sea this month, as the country seeks to ensure Filipino fishermen’s access to the low-tide elevation, which is locally called Bajo de Masinloc.

Last week, the Philippine fisheries bureau said Chinese and Vietnamese fishermen had been using cyanide in Scarborough Shoal.

BFAR spokesman Nazario C. Briguera on Feb. 17 said “the Chinese intentionally destroy Bajo de Masinloc to prevent Filipino fishing boats from fishing in the area.” Damage to the shoal has been estimated at more than P1 billion.

Mr. Tarriela said the President had ordered the Philippine Coast Guard and BFAR to conduct joint scientific research to determine whether Chinese fishermen were behind the cyanide use. The agencies will work with the University of the Philippines Marine Science Institute, he added.

The shoal is 240 kilometers west of the main Philippine island of Luzon and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

Mr. Tarriela said they expect Chinese disinformation to proliferate in the Philippines as it nears midterm elections in 2025.

“Politicians may exploit patriotic sentiments for their own gain,” he said. “Politicians may prioritize delivering speeches and pushing their own political agenda without definitely considering the potential repercussions on our national security and foreign policy.”

An OCTA Research Group poll in December showed 77% of Filipinos support increased military activities within the Philippine EEZ in the South China Sea, up from 65% in October.

Mr. Tarriela said the Philippines is expected to gain the support of more countries as it confronts China’s aggression within Philippine territories.

“This increase in support is driven by the rising interest of international journalists in exposing China’s unlawful behavior,” he said. “Their cameras, pens and the power of social media platforms are instrumental in sharing factual narratives.”

‘LEGAL HIGH GROUND’
Meanwhile, the Philippines should push the creation of an international coalition with its neighbors to pressure China to stop its dredging and large-scale clam harvesting that is destroying marine life in the South China Sea, Gregory B. Poling senior fellow and director of the Southeast Asia Program and Asia Maritime Transparency Initiative at the Center for Strategic and International Studies (CSIS), told a media briefing in Mandaluyong City .

“Any effort to physically prevent [China’s aggression] is going to be hopeless, they’ve got more boats than anybody else combined,” he said.

He added that the coalition should check the marine damage and negotiate for a joint marine scientific fishery research and invite China to join. “China will probably say no.”

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

Based on a CSIS study in December, China’s dredging and giant clam harvesting has damaged at least 21,000 acres of coral reefs in the waterway.

Vietnam has also been building outposts in the area, damaging at least 1,500 acres of coral reefs through dredging. The Philippines, Malaysia and Taiwan have damaged fewer than 100 acres of coral reefs in the South China Sea, according to the study.

Mr. Poling said countries are more inclined to follow international law if their actions cost them too much reputational and economic damage.

The Philippine Senate on Wednesday passed on second reading a bill that seeks to set up maritime zones and territories in the South China Sea.

Mr. Polling, who had participated in committee hearings, told reporters the measure is unlikely to deter China from intruding into Philippine-claimed areas in the waterway.

“There needs to be a slow accumulation of pressure and what the Maritime Zones Act will do is to further build up the Philippines’ moral and legal high ground by bringing domestic law more into obvious compliance with the United Nations Convention on the Law on the Sea,” he said.

“This is not a silver bullet, but the fact is that China has suffered very little reputational costs for this behavior and that needs to change, and it cannot be just the Philippines out there imposing its cause as it has for too many years,” he added. — with Reuters

Liberal Party to work with Marcos gov’t on worthy projects — spokesperson

PHILSTAR FILE PHOTO

A PHILIPPINE opposition party on Thursday said it is willing to work with the government of President Ferdinand R. Marcos, Jr. on key programs if it means holding his predecessor to account.

Liberal Party spokesperson ex-Senator Leila M. de Lima said the Marcos government provided a “breathing room” after former President Rodrigo R. Duterte’s war on drugs killed thousands of mostly poor suspects.

“There’s nothing that will prevent us [from working with the administration] if there are worthy initiatives from the BBM (Bongbong Marcos) administration, especially in terms of good governance,” she told a forum.

Ms. De Lima said the Marcos government has been tolerant of opposing voices and has “brought the rent-seeking order back to its favorite normal and stable character, where everyone in the system gets a chance to partake of government largesse.”

A return of the tough-talking leader to power would be a “nightmare” for the country, she said, noting that 2016 “was a wake-up call to the steady regression of our political system into a political monopoly.”

Ms. De Lima said the Liberal Party would assume a “fiscalizing” role under the Marcos administration.

“We are still part of the opposition coalition, but it doesn’t mean that our party will not sit down with the BBM administration in certain initiatives that would be attuned to our ideals.”

The party, which suffered major losses in previous elections, will begin its preparations for the 2025 midterm elections next week, she said.

Candidates in the senatorial, congressional and local elections will start filing their certificates of candidacy in October.

Ms. De Lima separately told BusinessWorld by phone that former Senators Francis “Kiko” N. Pangilinan and Paolo Benigno “Bam” A. Aquino IV are eyeing a Senate return as opposition candidates.

Human rights lawyer Jose Manuel “Chel” I. Diokno may also seek a Senate seat, she added.

Mr. Pangilinan and Mr. Diokno ran for vice president and senator, respectively, in 2022 but lost. Mr. Aquino, the cousin of the late President Benigno S.C. Aquino III, failed in his reelection bid in 2019.

Ms. De lima said ex-Vice-President Maria Leonor G. Robredo, who lost to Mr. Marcos in 2022, is still being convinced by her party mates to run for senator.

Mr. Marcos, 66, has shunned key policies of his predecessor by standing up to China and pursuing closer ties with the US and other western allies.

Mr. Marcos and Mr. Duterte earlier this month traded accusations over drug use, after the firebrand leader attacked him at a political rally in Davao City that was highly critical of the push to amend the 1987 Constitution.

Ms. De Lima said the former president is afraid of losing his political capital amid an International Criminal Court investigation of his deadly war on drugs. His daughter Vice-President Sara Duterte-Carpio is Mr. Marcos’sEducation secretary.

Mr. Duterte has bared a plan to separate the southern island of Mindanao from the rest of the nation, an idea that has been criticized by government agencies and lawmakers from Mindanao.

Amid the widening rift within the ruling coalition, “the people grow more impatient for an alternative,” Ms. De Lima said.

“In the end, the Filipino people have one basic question: What is the relevance or benefit of this political power play? Our people have had enough of the elite social order blanketed behind the veneer of liberal democracy that is nothing more than democracy for the powerful and well-connected.”

Ms. De Lima urged opposition forces to push an alternative that broad-based and from the grassroots. “By now we should have learned our lesson that the Philippine modernization project cannot be borne on the back of a popular presidential contender supported by a traditional political party,” she said.

“The alternative lies in another kind of politics, the progressive and participative kind that draws its strength from a people fighting for their common interests under a banner of social and political transformation.”

A Philippine trial court in November granted the bail plea of Ms. De Lima, who was jailed in 2017 on drug trafficking charges that she said were fabricated to muzzle her investigation of Mr. Duterte’s deadly war on drugs. — Kyle Aristophere T. Atienza

House bill to condone debt of housing beneficiaries

PHILSTAR FILE PHOTO

A CONGRESSMAN has filed a bill that seeks to condone delinquent accounts of the government’s housing beneficiaries and integrate abandoned housing units into the state’s low-cost housing project.

House Bill 9911 also proposes to condone all unpaid amortization, association dues and miscellaneous fees incurred by delinquent residents.

“This shall help reduce the financial burden of existing socialized housing beneficiaries in order for them to live a productive and fruitful life, free of financial burdens incurred from the payment of socialized housing units,” Party-list Rep. Ivan Howard A. Guintu said in the bill’s explanatory note.

Under the proposed law, the National Housing Authority (NHA) may condone or write off unpaid amortization lease payments and association dues of beneficiaries under its socialized housing program.

To be covered by the condonation are beneficiaries that were awarded housing units since 2004.

It will also allow NHA to cancel dues if the housing unit has been abandoned, unlawfully transferred, illegally occupied or violates any occupancy regulations. Housing units with canceled awards will be transferred to the government’s national housing program.

In 2022, NHA said 22,635 housing units awarded under its housing program remained unoccupied.

“The NHA faces difficulties in collecting amortization payments regularly and within the scheduled payment from its beneficiaries despite the modernization of its collection methods,” Mr. Guintu said, citing state auditors’ latest audit reports.

“The Commission on Audit noted that this is due to the financial incapability of the beneficiaries to pay its dues,” he added.

The Marcos government’s flagship housing program seeks to build 6 million housing units by 2028. — Beatriz Marie D. Cruz

Bangsamoro Parliament favors Charter change

PHILSTAR FILE PHOTO

By John Felix M. Unson, Correspondent

COTABATO CITY — The 80-member Bangsamoro parliament has passed a five-page resolution favoring Charter change (“Cha-cha”), asserting it can hasten efforts of putting a durable diplomatic closure to the nagging Moro issue hounding Mindanao since the early 1970s.

The resolution that members of the regional lawmaking body, also known as the Bangsamoro Transition Authority, approved the resolution during a deliberation on Wednesday afternoon.

The resolution was principally authored by the region’s chief minister, Ahod B. Ebrahim, Parliament Speaker Ali Pangalian M. Balindong, and Regional Education Minister Muhaquer M. Iqbal.  “It is our duty to ensure that our gains in the peace process are cemented in the proposed constitutional changes and not merely a subject of legislative act,” Mr. Balindong said during their session prior to approving the resolution.

On Thursday, parliament member Kadil M. Sinolinding, Jr. told reporters that it is important to “enshrine” into a new Charter the Moro community and the national government’s obligation to work together in keeping the fragile peace now in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Among the peace, security and governance issues that members of the Bangsamoro parliament want stipulated clearly in a new state Charter is the sharing by the regional government and Malacañang of revenues from natural resources obtainable in BARMM’s six provinces and three cities.

iDEFEND OPPOSES ‘CHA-CHA’
Meanwhile, the group In Defense of Human Rights and Dignity Movement (iDefend) said on Thursday that the reason the country continues to contend with poverty and economic woes is not a flawed Constitution but a failure of government in good governance.

“We have yet to begin to fully implement our Constitution in order to see real progress, but self-interests within the government have already betrayed it,” iDefend said in a statement.

It pointed out that the 1987 Constitution already ensures that every Filipino is entitled to sufficient social services, decent employment and standard of living.

“We urge concerned government officials to focus instead on fulfilling their Constitutional obligation to end impunity, implement social justice and achieve human dignity for every Filipino,” iDefend said.

Hilario G. Davide, Jr., a former chief justice and one of the framers of the Constitution, earlier told Senators that Congress should focus on cutting red tape and corruption instead of easing foreign ownership restrictions in the Charter. — with a report from John Victor D. Ordoñez

Senate urged to approve tax bills

A CONGRESSMAN on Thursday urged the Senate to approve tax reforms passed by the House of Representatives that will benefit workers on top of proposed wage hikes.

“The [proposed] laws that we passed on tax reform and tax relief that are currently pending and have not been discussed by the Senate would help [improve the situation] of our workers,” Party-list Rep. Jude A. Acidre told a news briefing in Filipino.

Senators have yet to approve the Passive Income and Financial Intermediary Taxation Act (PIFITA), and the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act, which the lower chamber passed on third and final reading in 2022.

“We must not be limited to the legislated wage hike as a solution [to workers’ woes],” Mr. Acidre said.

The Senate Committee on Ways and Means is currently deliberating on its version of the PIFITA measure, which seeks to reduce and simplify tax rates on financial transactions.

The GUIDE bill proposes that the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK) lend to micro, small, and medium enterprises (MSMEs) and those classified as strategically important companies (SICs).

The proposed military and uniformed personnel (MUP) pension reform measure, which the House passed in September last year, is still pending for second reading approval at the Senate.

In the House, Mr. Acidre mentioned that Speaker Ferdinand Martin G. Romualdez has instructed them to prioritize the passage of wage proposals, with the House Committee on Labor set to deliberate on several wage hike proposals on Wednesday next week. Congressmen have filed separate measures seeking P150 and P750 wage increases.

On Monday, the Senate approved on third and final reading its proposed P100 across-the-board wage hike for private sector workers. The House of Representatives is also looking at a P350 to P400 wage hike, saying a P100 wage is not enough.

Economists have warned that a legislated wage increase could fan inflation as well as force some companies to lay off workers or even close down. “We don’t want to legislate something that would also cause people to lose their jobs,” Mr. Acidre said. — Beatriz Marie D. Cruz

Marcos open to Hawaii trade

PHILIPPINE STAR/KRIZ JOHN ROSALES

PRESIDENT Ferdinand R. Marcos, Jr. met with a business delegation from Honolulu, Hawaii at Malacañang Palace on Thursday and said that Philippine trade with the American-Pacific state has great potential.

He made the remark as he welcomed members of the Filipino Chamber of Commerce of Honolulu and the Honolulu City Council Trade Mission who paid him a courtesy call, three months after his visit to Hawaii.

“I think there is a great deal of potential there, as there are so many similarities in terms of what is needed and what needs to be done in terms of the state of Hawaii and in specific areas of the Philippines,” said Mr. Marcos. “I think we are presented with so many grand opportunities that we should, it behooves us to do our best, to try and explore those, to make those potentialities into reality.”

The Philippine leader and his family were sent into exile in Honolulu, Hawaii following the February 1986 uprising that ended his late father’s two-decade rule. — Kyle Aristophere T. Atienza

15 die as truck falls into ravine

FIFTEEN people died and two were injured when a truck carrying livestock traders veered off a winding road and plunged into a ravine 40-50 meters deep in the central Philippine province of Negros Oriental Wednesday afternoon.

“The driver lost his brake and lost control,” Stephen Polinar, spokesman of Police Provincial Office, told DWPM radio station of the incident that happened in the village of Bulwang, Mabinay town. “It was raining for two days so the road was slippery.”

All the dead have been accounted for, along with the two injured — one of them the driver who was taken to the hospital by rescuers. He could face charges, said Mr. Polinar.

The Philippines is notorious for its lax regulation on public transportation, including passenger overloading, and poorly maintained roads. — Reuters

Haze blankets Tuba and Baguio

A view of the forest fire in Tuba, Benguet. The photos were taken in the evening of Feb. 21 from Purok Ongasan, Loakan Proper. — BAGUIO CITY PUBLIC INFORMATION OFFICE

BAGUIO CITY — Haze has blanketed the town of Tuba, Benguet all the way to this city due to bush fires, leaving residents contending with the smell of smoke.

Fires within the Philippine Military Academy (PMA) reservation and on Mount Santo Tomas in the part of Barangay Tabaan in Tuba began on Tuesday, alarming residents of Sitio Basa, Camp 4 and parts of Camp 6.

According to the Bureau of Fire Protection (BFP) in this city, fires have been on and off since the start of February and razed some 20 hectares of forest until Wednesday.

Various groups are involved in putting out the flames; however, smoke still continues to rise as winds continue to blow from the east this week. No declaration of a “fire out” has yet been issued.

The fire that started within the PMA reservation this week is still under investigation, the BFP said. — Artemio A. Dumlao