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Man arrested twice within a few days near New York home of Taylor Swift

TAYLOR SWIFT

NEW YORK — A Seattle man was arrested twice in the span of a few days outside the New York City home of musician Taylor Swift, the second time on stalking and harassment charges, police and local media reported on Tuesday.

The New York Police Department said it responded to a 911 call on Saturday that David Crowe, 33, was trying to open the door of a building on a street in the Manhattan neighborhood of Tribeca where Ms. Swift, 34, has an apartment. He was trying to open the door of Ms. Swift’s home and was reported to police by a member of Ms. Swift’s security team, ABC News reported, which police were unable to confirm.

He was arrested on an outstanding warrant from 2017, police said.

Police on Monday evening again found Mr. Crowe near the building after receiving reports that he was harassing multiple people in the street and acting “erratically.” He did not attempt to enter the building, but was asking people if they knew that Ms. Swift lived there and had been scouring the neighborhood for several weeks, the New York Post reported.

He was again arrested, this time on multiple charges of stalking and harassment, police said, and remained in police custody on Tuesday. Crowe could not be reached for comment, and it was unclear whether he was represented by a lawyer.

Ms. Swift, who came out of the Nashville country music scene to become one of the most successful performers in the United States, has repeatedly been harassed by stalkers over the years. A spokesperson for Ms. Swift did not immediately respond to questions on Tuesday.

Ms. Swift wrote in an Elle magazine article in 2019 about the frightening nature of stalkers, and said she carries around army-grade bandage dressing designed for gunshot or stab wounds.

“Websites and tabloids have taken it upon themselves to post every home address I’ve ever had online,” she wrote. “You get enough stalkers trying to break into your house and you kind of start prepping for bad things.” — Reuters

How PSEi member stocks performed — January 24, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 24, 2024.

Peso weakens before ECB policy review

BW FILE PHOTO

THE PESO declined against the dollar on Wednesday as investors turned cautious ahead of the European Central Bank’s (ECB) policy decision and amid US Federal Reserve rate bets.

The local unit closed at P56.30 per dollar on Wednesday, weakening by 14.5 centavos from its P56.155 finish on Tuesday, based on Bankers Association of the Philippines data.

The peso opened Wednesday’s session weaker at P56.30 against the dollar. Its intraday best was at P56.20, while its weakest showing was at P56.42 versus the greenback.

Dollars exchanged slipped to $1.38 billion on Wednesday from $1.397 billion on Tuesday.

“The peso weakened anew due to some caution ahead of the ECB policy decision,” a trader said in an e-mail.

The ECB decides policy on Thursday. No change in interest rates is expected, but investors will watch the tone of the statement and central bank chief Christine Lagarde’s press conference for clues on where rates are headed, Reuters reported.

The local currency declined amid fading views of an early rate cut by the Fed, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US rate futures market on Tuesday priced in a roughly 47% chance of a March rate cut, up from late on Monday, but down from as much 80% about two weeks ago, according to LSEG’s rate probability app.

For 2024, futures traders are betting on five quarter-point rate cuts. Two weeks ago they expected six.

In the last comments before Fed officials entered a blackout period ahead of their Jan. 31 policy decision, San Francisco Fed President Mary Daly said Friday she believes monetary policy is in a “good place” and it is premature to think rate cuts are imminent.

Earlier that week, Fed Governor Christopher Waller said policy makers would move “carefully and slowly,” which traders took as pushing back at pricing for a speedy fall in rates.

The US central bank hiked the fed funds rate by 525 basis points from March 2022 to July 2023 to the 5.25-5.5% range.

The peso was dragged down by a stronger dollar recently as US stock markets continued to gain, Mr. Ricafort added.

The dollar hovered near a six-week high against major peers on Wednesday as investors cemented expectations that the Federal Reserve would be in no rush to cut interest rates in the face of a resilient US economy.

The US dollar index — which tracks the currency against six rivals, including the euro and yen — was flat at 103.48 after rising to the highest since Dec. 13 at 103.82 in the previous session.

The Japanese yen gained some ground on Wednesday, following a volatile session a day earlier, after the Bank of Japan opted to keep stimulus settings unchanged, as expected, but central bank head Kazuo Ueda hinted at a possible end to negative rates in April or even March.

The dollar declined 0.17% to 148.085 yen, after swinging from as low as 146.99 and as high as 148.70 on Tuesday.

For Thursday, the trader said the peso could rebound on potentially softer US gross domestic product data. The trader sees the peso moving between P56.10 and P56.35 per dollar, while Mr. Ricafort expects it to range from P56.20 to P56.40. — A.M.C. Sy with Reuters

Stocks extend rally on strong remittance outlook

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PHILIPPINE STOCKS extended their rally to a third straight day on Wednesday amid a strong outlook for overseas Filipino remittances this year, which could boost the economy.

The Philippine Stock Exchange index (PSEi) increased by 58.08 points or 0.87% to end at 6,679.96 on Wednesday, while the broader all shares index rose by 17.88 points or 0.51% to close at 3,511.44.

“The positive outlook for Philippine remittances, expected to grow by 3% this year despite overseas concerns, contributed to boosting market sentiment,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The local bourse extended its gains, rising by 58.08 points to 6,679.96 lifted by the foreign investors, registering a net inflow of P341.09 million,” Ms. Alviar added. 

The BSP expects remittance growth of 3% in 2023 and 2024.

For January to November, cash remittances coursed through banks rose by 2.8% to $30.211 billion from $29.38 billion a year ago, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

The World Bank in its latest Migration and Development brief projected remittance flows to expand by 5% to $42 billion this year.

Remittances account for 10% of the Philippines’ gross domestic product (GDP), the World Bank said.

“The market is up on hopes for accelerating quarterly gross domestic product growth, with the fourth quarter 2023 data out next week and downtrending January inflation, likely inching down to mid-target,” First Metro Investment Corp. Head of Research Cristina S. Ulang added in a Viber message. 

Fourth quarter and full-year 2023 Philippine GDP data will be released on Jan. 31.

Meanwhile, on Monday, BSP Governor Eli M. Remolona said inflation is projected to slow further in January from the 3.9% print in December due to base effects, which could also drive inflation down in February or March.

Inflation peaked at 8.7% in January last year as food prices soared. It has since come down to a 22-month low in December.    

For 2023, inflation averaged 6%, slightly higher than 5.8% in 2022. This marked the second straight year that inflation breached the BSP’s 2-4% target.

The majority of sectoral indices ended higher on Wednesday, except for mining and oil, which fell by 87.68 points or 0.93% to 9,290.29. 

Financials climbed by 27.64 points or 1.48 points to 1,884.15; property improved by 24.36 points or 0.84% to 2,915.02; holding firms went up by 46.93 points or 0.74% to 6,370.33; services increased by 8.78 points or 0.54% to 1,626.41; and industrials rose by 31.61 points or 0.34% to 9,122.38.

Value turnover rose to P5.64 billion on Wednesday with 343.17 million issues switching hands from the P4.76 billion with 775.59 million shares seen the previous day. 

Advancers edged out decliners, 90 against 86, while 65 names closed unchanged.

Net foreign buying stood at P341.09 million on Wednesday versus the P421.62 million in net selling seen on Tuesday. — R.M.D. Ochave

Nine more commodities cleared to adjust prices by Trade dep’t

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

THE Department of Trade and Industry (DTI) said on Wednesday that it has approved price adjustments for nine more products that are subject to its suggested retail price (SRP) scheme.

Citing to the newly released SRP bulletin, Trade Assistant Secretary for Consumer Protection Amanda F. Nograles said the second batch of price increases follows an initial group of nine stock keeping units (SKUs) approved to adjust prices on Jan. 12.

She was speaking on the sidelines of the National Price Coordinating Council on Wednesday.

“These are not yet updated on the website as we are waiting on the manufacturers’ signal that they have already implemented the increases,” Ms. Nograles said.

“The nine price increases approved on the 17th are composed of four canned sardine products, one powdered milk product and four toilet soaps,” she added.

The canned sardine adjustments were 14-15%, that of powdered was 9% or P70.75 increase, and the adjustment for the four toilet soaps was 10%.

The DTI is set to review 45 more SKUs which have pending price adjustment applications. The candidates for price hikes form the bulk of the 63 SKUs it said it will review for price increases this year.

The government had asked producers to hold off on increasing prices before the end of 2023, to minimize the impact on inflation.

Ms. Nograles said that the commodities to be reviewed are powdered milk, bread, instant noodles, bottled water, processed canned meat and canned beef, condiments, candles and batteries.

“(For the pending approvals), the largest price increase will be around P30, and the smallest price increase will be 30 centavos which is for instant noodles,” she said.

“But our condiments will also have small increases (of) 55-60 centavos, some 55 centavos,” she added.

The DTI said early this year that it is expecting price hikes to average 6% this year, against the 10% average increase in 2023.

The DTI is hoping to approve all pending price adjustment applications by March which is also when it is targeting to release the fully updated SRP bulletin.

Meanwhile, Ms. Nograles said that the department is studying a policy that will help address misinformation in cases of so-called “shrinkflation,” — the practice of reducing the size of a product while maintaining the price.

“We are currently studying whether we could come up with a policy which will require notification when there are changes in the weight of a product without changes in the price,” she said.

“We observed that there is not much difference in the packaging of products with 2 grams difference or in the size of a 155-gram canned product versus 130 grams,” she added.

“If the manufacturers are to implement this, they have to put the signage on the packaging, labeling and for retailers to put the notices on the shelves,” she said.

“We are looking at implementing this through an administrative order,” she added.

Aside from addressing shrinkflation, the DTI is also studying whether to release SRP bulletins only during calamities, with the market to be allowed to decide prices for the most part.

Bid to void Japan trade deal fails as SC rejects waste import claim

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THE Supreme Court (SC) has dismissed a petition seeking to void the Senate’s concurrence in the Japan-Philippines Economic Partnership Agreement (JPEPA), rejecting claims that the trade deal will facilitate imports of toxic waste.

In a 95-page decision, the High Court said the provisions contained in the Senate-ratified free trade agreement did not violate the Constitution, adding that JPEPA’s provisions were above board.

The Initiatives for Dialogue and Empowerment through Alternative Legal Services, Inc. (IDEALS), one of the groups that filed the petition, argued that JPEPA violated the right to health and to a balanced and healthful ecology under the Constitution by allowing the “indiscriminate importation of toxic and hazardous wastes in the country.”

“Contrary to the contention of petitioners, the preferential tariff treatment given to these products (scrap and waste, raw materials derived from manufacturing) does not equate to the indiscriminate importation of toxic and hazardous wastes into the Philippines,” the SC said.

“JPEPA acknowledges that the parties are entitled to adopt and implement policies necessary to protect the health of their people and the environment.”

The tribunal added that former Japanese Foreign Minister Taro Aso had committed not to export toxic waste to the Philippines.

The group said the free trade deal also violated Executive Order No. 156, which governs the motor vehicle development program, for allowing the entry of used four-wheeled motor vehicles into the Philippines.

The court disagreed, saying JPEPA abides by the Land Transportation Office’s emissions standards when allowing the entry of used vehicles.

Public consultations were also alleged to be insufficient, failing to consider the views of various stakeholders, the petitioners said.

“These are questions of fact that require a formal trial,” the High Court said, referring to the consultation argument.

In a 2002 visit to the Philippines, former Japanese Prime Minister Junichiro Koizumi proposed a framework for a bilateral trade agreement that would lead to the removal of tariffs on certain fruits, vehicles, steel products, electric appliances, and garments.

Negotiations for the trade pact started in February 2004 during the administration of former President Gloria Macapagal-Arroyo. The deal was signed two years later.

The Senate concurred with JPEPA’s ratification in 2008 after several hearings conducted by the committees on foreign relations, trade and commerce. — John Victor D. Ordoñez

Sugar harvest likely to come in under target

PHILSTAR FILE PHOTO

By Adrian H. Halili, Reporter

THE Sugar Regulatory Administration (SRA) said the Philippines is unlikely to hit its sugar harvest target during the current crop year.

SRA Administrator Pablo Luis S. Azcona told reporters that the harvest is on pace to come in below the 1.85 million metric ton target set before the start of the milling season.

The regulator had projected a 10-15% decline in raw sugar production due to El Niño.

“What is alarming also is that a lot of our farmers are complaining of a lower yield this year due to the weather patterns, and the south of Negros has been very dry in the last two or three months. So, we already see the effects,” Mr. Azcona said.

“I don’t think we will hit 1.85 million MT, the way it is going now,” he added.

The government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), said that the effects of El Niño may run until the second quarter. An estimated 63 provinces will experience droughts or dry spells.

He said the preliminary estimate for the sugar harvest is now 1.75 million MT.

“During the review, we noted a drop. The estimate will come out soon but based on preliminary estimates, and of millers (output will fall) to about 1.75 million MT,” he added.

The SRA said that the sugar industry has harvested about 1 million metric tons of sugarcane as of Jan. 15. This translates to about 60% of the total harvest for the crop year.

“(What we are) doing now is write millers to check their individual milling districts, how much sugarcane is still standing… when we get that data, we will have a more accurate estimate of what percentage is left,” Mr. Azcona said.

Local government tax collections exceed P200 billion in 2022 — DILG

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TAX COLLECTIONS at the local level exceeded P200 billion in 2022 following efforts to simplify business processes via digitalization, the Department of the Interior and Local Government (DILG) said.

It added that its digitalization program has a 60% compliance rate among local government units (LGUs), with 921 cities and municipalities deemed digital-ready. Of these, 799 have adopted the National Government’s e-LGU system while the rest have their own systems, Secretary Benjamin de Castro Abalos, Jr. said at a Palace briefing.

Mr. Abalos said LGU tax collections had been P50 billion in 2018.

“It is really important to simplify the process (by going) digital,” he said.

He said the number of registered businesses nationwide rose to 4.4 million in 2022 from 1.5 million in 2018.

In Metro Manila, all LGUs have put up one-stop shops for business permits, Mr. Abalos noted.

He said 14 out 17 LGUs in the capital region have automated their systems and institutionalized online tax payment.

The e-LGU system, which was created by the Department of Information and Communications Technology (DICT), offers business licensing and local tax processing, among others.

At the same briefing, DICT Undersecretary David Almirol, Jr. said the government seeks to install more Wi-Fi sites at the local level to complement the e–LGU system.

About 25,000 free Wi-Fi sites were established last year, he said.

“There’s this pronouncement of the President that digital transformation is one of the keys to full economic recovery,” Mr. Abalos said, citing a Tuesday meeting with President Ferdinand R. Marcos, Jr. at the Palace. — Kyle Aristophere T. Atienza

Strong investor demand forecast for setting up PHL BPO operations

SIXELEVEN GLOBAL SERVICES

THE information technology and business process management industry sees sustained demand for investment in its industry, injecting an element of confidence in its staffing and market share forecasts, the industry association said.

The IT and Business Process Association of the Philippines (IBPAP), whose members are also known as business process outsourcing (BPO) companies), described interest in the Philippines as “continuing,” both for prospective and current BPO operators.

IBPAP President Jack Madrid said in a briefing on Wednesday that the major metrics for industry growth are within reach. 

“We have achieved our annual targets so far. We are confident that we will cross 1.8 million this year and fairly confident, based on our present trajectory that we will cross 2 million,” Mr. Madrid added.

The organization has said that the industry is poised to grow its workforce to 2.5 million by the end of 2028.

In 2023, the industry grew its staffing levels to 1.7 million, producing $35 billion in revenue.

The industry is targeting 7-8% growth in headcount this year, with revenue of $39 billion.

“It is really the demand that we can barely keep up with, but also the very positive demographics that we have,” he said. “We will grow, but the question is, can we maximize our growth?”

Mr. Madrid said that the industry is continually facing skills challenges servicing its markets.

“We grew 8% this year maybe we could have grown a little more if we had more talent,” he added.

“Our challenge is in supplying the badly needed talent for us to defend and increase our market share,” he said.

The market share of Philippines is currently 18% as of the end of 2023, behind India.

“This only highlights how major an economic pillar we are; if we achieve all our goals, we will increase from an 8% contribution (to the economy) to 9%,” Mr. Madrid said. — Adrian H. Halili

Funding for protective services exceeded P47B in 2023

Families do their chores in front of their shanties along a road in Tondo, Manila, Aug. 21, 2022. — PHILIPPINE STAR/ MIGUEL ANTONIO DE GUZMAN

THE Department of Budget and Management (DBM) said it released P47.5 billion for social aid programs targeted at vulnerable individuals and families in 2023.

The funds supported the Protective Services for Individuals and Families in Difficult Circumstances (PSIFDC) program last year.

“This substantial funding aimed at providing crucial support to the implementation of the PSIFDC program, which encompasses a range of services intended to alleviate the burdens faced by individuals and families in crisis,” the DBM said.

Under the program, medical, funeral, educational, transportation, food, and cash assistance is provided to individuals in crisis situations. It aims to “help Filipinos who find themselves in dire circumstances whether due to illness, loss, or other challenges.”

This year’s budget allocates P34.27 billion for the program, which is expected to benefit around 3.9 million people.

“We will remain committed to uplifting the lives of our countrymen, especially the most vulnerable, through supporting targeted social assistance programs,” Budget Secretary Amenah F. Pangandaman said. — Luisa Maria Jacinta C. Jocson

Power generators asked to explain high level of unscheduled outages

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THE Energy Regulatory Commission (ERC) said on Wednesday that it has asked some generation companies (GenCos) to explain why their unplanned outages have exceeded allowed levels.

In a statement on Wednesday, the ERC said it issued 65 notices of non-compliance with orders to explain (NNCOE) on Dec. 29 against some GenCos which had exceeded acceptable limits for unplanned outages.

The reliability index in force since 2020 sets a maximum number per year for planned and unplanned outages, subject to variation by generating plant technology.

A power plant running on pulverized coal has an outage allowance of 44.7 days a year — 27.9 days planned outages and 16.8 days unplanned.

A circulating fluidized bed power plant should not be out of service for more than 29.2 days — including 6.5 days planned and 22.7 days unplanned.

Under a resolution issued by the ERC in 2020, GenCos are required to submit an event report to the Commission for planned and unplanned outages of generating facilities/units, within 48 hours from the event.

GenCos are also required to submit a weekly summary report to the ERC every Tuesday of the following week declaring outage events at their facilities.

“The ERC Resolution was issued pursuant to the Philippine Grid Code that requires a system of recording and reporting of Grid Reliability determined through a set of indicators,” the Commission said.

According to the ERC, it has imposed approximately P60 million in penalties against GenCos for violating the reliability index.

“If the generation companies served with 65 NNCOEs are later found non-compliant, the ERC will likewise impose appropriate sanctions and penalties against the erring power firms in accordance with the rules of the Commission,” the ERC said.

Separately, ERC Chairperson Monalisa C. Dimalanta has called for amendments to Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 “to allow the application of penalties imposed on erring power firms as refunds to consumers inconvenienced by the power outages.” — Sheldeen Joy Talavera

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