Home Blog Page 2350

PSEi slips as investors pocket profits from rally

THE MAIN INDEX declined on Monday as investors pocketed their gains after the bellwether’s ascent to the 6,400 level late last week.

The benchmark Philippine Stock Exchange index (PSEi) went down by 2.94 points or 0.04% to end at 6,475.50 on Monday, while the broader all shares index climbed by 6.59 points or 0.19% to close at 3,416.14.

“The index closed slightly lower as selling pressure emerged in the 6,500 area. In terms of technicals, the market is nearly overbought after last week’s rally, so some traders have started to take profits,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“News flows were also not that favorable as US Federal Reserve officials tempered expectations of interest rate cuts next year,” Mr. Colet added.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said “initially positive momentum waned as the trading session drew to a close.”

“Local stock prices concluded marginally lower as the index confronted a technical resistance at around the 6,500 level. The market commenced with strength, buoyed by increasing optimism that global interest rates had topped out,” Mr. Vistan said in a Viber message.

Just days after a Federal Reserve meeting that penciled in an ample course of interest rate cuts next year, which in turn unleashed a broad rally in financial markets, one of the US central bank’s top policy makers pushed back on the ebullience on Friday, Reuters reported.

“We aren’t really talking about rate cuts right now,” New York Fed President John Williams said in an interview with CNBC. When it comes to the question of lowering rates, “I just think it’s just premature to be even thinking about that” as the central bank continues to mull whether monetary policy is in the right place to help guide inflation back to its 2% target, he said.

The PSEi finished the session almost flat as stocks consolidated, “with investors making moves ahead before the end of the year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Sectoral indices were split on Monday. Industrials fell by 85.14 points or 0.95% to 8,878.28; financials dropped by 15.38 points or 0.89% to 1,705.19; and holding firms went down by 35.27 points or 0.55% to 6,359.89.

Meanwhile, property rose by 49.41 points or 1.75% to 2,860.79; services increased by 18.67 points or 1.19% to 1,582.53; and mining and oil went up by 13.13 points or 0.13% to 9,534.99.

Value turnover went down to P5.4 billion on Monday with 602.65 million issues changing hands from the P10.2 billion with 897.2 million shares on Friday.

Advancers outnumbered decliners, 100 against 77, while 46 names ended unchanged.

Net foreign buying rose to P625.25 million on Monday from P448.43 million on Friday.

AB Capital’s Mr. Vistan put the PSEi’s support at 6,300 and resistance at 6,530 for the rest of the week. — S.J. Talavera with Reuters

UNGA resolution questioned

Toy soldiers, Hamas and Israel flags are seen in this illustration taken, Oct. 15, 2023. — REUTERS

THE EMBASSY of Israel in Manila questioned on Monday the United Nations General Assembly (UNGA) resolution calling for a humanitarian ceasefire between Israel and Hamas in Gaza, saying that the resolution is not reflective of the conditions “on-the-ground” in Israel.

This was after 152 countries, including the Philippines, recently voted in favor of the United Nations (UN) resolution calling for a humanitarian ceasefire between Israel and Hamas, including the unconditional release of all hostages.

“The political vote in the UN….is a political maneuver, which is initiated by some Arab countries supported by the Arab group, the Islamic group of countries by the non-allied movement, and by many countries but it doesn’t reflect what’s happening on the ground,” Israeli Ambassador to the Philippines Ilan Fluss told a news briefing.

Mr. Fluss noted that the resolution did not contain any condemnation of Hamas, including the Oct. 7 attack that killed more than 1,200 Israelis.

Israel launched waves of airstrikes in Gaza in retaliation after Hamas militants backed by waves of rockets stormed from the blockaded Gaza Strip into nearby Israeli towns on Oct. 7.

The Hamas-run Health Ministry in Gaza on Tuesday said at least 18,400 people have died in the war. At least four Filipinos died.

Grisha Yakubovich, a former member of the Israeli Defense Forces, said Hamas should be the first to implement the resolution before the Israeli forces would comply on the call for a ceasefire.

“If Hamas will implement this resolution, and release the people in captivity, we will implement that immediately, but let Hamas be the first, not us,” Mr. Yakubovich told the same briefing.

“We don’t need others to tell us to lead a war according to the international law [when] we have our values,” he added.

The Philippines in October abstained from a similar United Nations (UN) resolution that called for an immediate “humanitarian truce” in Gaza. The United States and Israel also voted no to the resolution, which was drafted by a group of 22 Arab countries.

A month later, the Philippines joined 144 countries in favoring a UN General Assembly resolution condemning Israeli settlements in Occupied Palestinian Territory including East Jerusalem and Syrian Gowan.

About 362 overseas Filipino Workers from Israel have returned to the Philippines, Migrant Workers officer-in-charge Hans Leo J. Cacdac said last week.

Israel and Hamas entered into a four-day truce last month, with the latter releasing more than 100 captives since then. Israel has freed more than 240 Palestinian prisoners in exchange. — Beatriz Marie D. Cruz

Int’l groups back transport strike

PHILIPPINE STAR/EDD GUMBAN

LABOR unions from foreign countries expressed support for Filipino jeepney drivers and operators on strike against the threat of a jeepney phaseout under the Public Utility Vehicle Modernization Program (PUVMP).

Pro-labor coalition Philippines Australia Union Link, along with its 12 member unions based in Australia, condemned the Land Transportation Franchising and Regulatory Board (LTFRB) for its refusal to defer the year-end deadline for franchise consolidation.

Likewise, the Gabungan Serikat Buruh Indonesia (Center of Indonesia Labor Struggle) expressed support for the recent transport strikes led by the Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (PISTON) and labor group Kilusang Mayo Uno (KMU).

“A just transition — not eliminating and oppressing workers’ rights, and not burdening students and other oppressed people with public transportation fare hikes,” it said in an Instagram post on Sunday. 

In a one-page letter dated Dec. 15, which PISTON posted on its Facebook page on Sunday, the Union Link group said it supports the demand of labor and transport groups to junk the franchise consolidate requirement and repeal the entire PUVMP.

The modernization program “would result in the monopoly of a few big corporations who have the necessary financial capacity to comply with the larger capital need to ‘modernize’ and control public utility vehicle (PUV) routes,” said union secretary Peter Murphy in the letter.

PISTON and KMU led a two-day transport strike last week. Another transport group, Manibela said it will extend the strike to Dec. 29 until the government heeds their call to repeal the modernization program. — Jomel R. Paguian

Badoy, Celiz sued for ‘red-tagging’

Lorraine Marie T. Badoy-Partosa — PHILSTAR FILE PHOTO

FORMER party-list congressman Teodoro “Teddy” A. Casiño filed civil charges against Sonshine Media Network International (SMNI) hosts Lorraine Marie T. Badoy-Partosa and Jeffrey L. Celiz on Monday, claiming they were responsible for constantly “red-tagging” him in their TV program.

“They have been constantly spewing lies, aspersions, inciting ridicule and hate against me, my family, my fellow activists and our legitimate political beliefs and activities,” said Mr. Casiño, of Bayan Muna party-list.

In a 36-page complaint filed before the Makati City Regional Trial Court (RTC), he said the two used their TV program Laban Para sa Bayan (later renamed to Laban Kasama ang Bayan) to throw baseless accusations against him since its first episode on July 19, 2021.

“All of the above were lies woven by the defendants (SMNI hosts) in pursuit of their red-tagging and vilification agenda,” read part of Mr. Casiño’s complaint.

Citing an August 2022 episode, Mr. Casiño said he was accused of being an “urban operative” of the Communist Party of the Philippines (CPP), a member and national cadre of the CPP Central Committee, and a part of the National United Front Commission. Moreover, the former lawmaker said he was accused of working in an underground movement for youth recruitment to the New People’s Army (NPA) in Aklan.

He said he was also accused of going to the United States as part of the CPP underground operations in a Nov. 7, 2022 episode.

Mr. Casiño also cited in his complaint a May 23 episode where Ms. Badoy-Partosa reportedly insinuated him of having “blood on his hands,” implying that he was responsible for killings, particularly of children recruited into the NPA.

In a transcript provided in the petition, the SMNI host allegedly said in the TV program, “Teddy Casiño is the cause for the deaths of our children… he is a top recruiter of a terrorist organization that has destroyed our country… and that has stolen our children from us.” — Jomel R. Paguian

SC requires ‘guilt beyond reasonable doubt’ to convict phone snatchers

PHILSTAR FILE PHOTO

THE SUPREME Court (SC), in a recent ruling on a cellphone snatching case, that guilt beyond reasonable doubt must be established to prove an act of unlawful taking.

In a 13-page decision dated July 10, which was made public on Nov. 13, the SC Third Division acquitted two suspected snatchers — Julius Enrico Tijam and Kenneth Bacsid — by overturning the ruling of the Court of Appeals (CA), citing that the charges against them were solely based on circumstantial evidence.

“An accused shall not be deprived of life and liberty on sheer conjectures, presumptions, or suspicions, but only on evidence that supports a conviction beyond reasonable doubt,” read part of the ruling penned by Associate Justice Samuel H. Gaerlan.

The Court rejected the CA’s reliance on presumptions and emphasized that guilt must be proven beyond reasonable doubt. Despite the circumstantial evidence — such as the account of the victim Kim Mugot stating that Mr. Bacsid pinned him against a bus door and Mr. Tijam allegedly handed the cellphone to Mr. Bacsid — the High Court deemed these circumstances insufficient to establish all elements of theft under the law.

“The only overt acts remotely connecting Bacsid to the purported theft are Mugot’s allegations that Bacsid pinned [Mugot] against the bus door and thereafter, walked back to the waiting area. By no stretch of the imagination may the act of pinning someone establish the unlawful taking of property,” said the Court.

For an inference of guilt based on possession of recently stolen goods, the prosecution must prove that the crime was committed; that the crime was committed recently; that the stolen property was found in possession of the defendant; and that the defendant is unable to explain his possession satisfactorily, said the SC.

Applying these criteria, the High Tribunal found Mr. Tijam’s explanation — that he saw the phone on the pavement and picked it up — satisfactory. “Such explanation is plausible in view of Mugot’s own narration that there was an onslaught of passengers rushing inside the bus, which could have caused [Mr. Mugot] to drop his cellphone. — Jomel R. Paguian

P182-M agricultural trading post to rise in Lanao del Sur

THE CONSTRUCTION of the buildings in the agricultural trading complex in Marantao, Lanao del Sur is expected to be completed by October 2024. — PHILIPPINE STAR/JOHN FELIX M. UNSON

COTABATO CITY — The provincial government of Lanao del Sur is constructing a P182-million facility to market agricultural products from all over the province to hasten the connectivity among local merchants and entrepreneurs and their counterparts outside of the province.

The construction of the large, permanent trading site in a strategic area in Marantao municipality is being bankrolled with a loan from the Land Bank of the Philippines, according to the communications office of Gov. Mamintal A. Adiong, Jr.

Marantao Mayor Akira D. Alonto said on Monday that he and his constituent-leaders are to cooperate in overseeing the operation of the agricultural trading post, once fully constructed.

“We appreciate this project. We are thankful to our provincial government for embarking on this. This will have a big, positive impact on municipal commerce and trade, over and above its good effect on the economy of the province,” Mr. Alonto said.

Mr. Adiong, chairperson of the Lanao del Sur Provincial Peace and Order Council, said one of their objectives in constructing a large trading hub for farm and fishery products in Marantao is to complement the socio-economic goals of Malacañang’s separate peace process with the Moro Islamic Liberation Front and the Moro National Liberation Front.

Mr. Adiong said many of the farmers in Lanao del Sur’s 39 towns are either members of the MILF, or MNLF, now peacefully thriving as farmers after having been decommissioned based on the peace agreements of the two fronts with the national government.

About 70% of the residents in Lanao del Sur, one of six provinces of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), rely mainly on propagation of rice, corn and other short-term crops as sources of income.

Traders of farm and fishery products in Iligan City and in nearby towns in Lanao del Norte are now anticipating easier connectivity with their contacts in Lanao del Sur once they converge in the facility now being built in Marantao.

“We don’t have to go to faraway towns in Lanao del Sur anymore. Marantao is near Iligan City and a number of towns in Lanao del Norte where there are merchants buying agricultural products in Lanao del Sur for trading outside of that Maranaw-dominated province ,” 46-year-old livestock trader, Alex Vinarao, said.

Officials of the trade and industry and agriculture ministries of BARMM here said on Monday that they are ready to help capacitate local traders, who are to use the large trading center, via interventions essential in ensuring the marketability of farm products from the towns in Lanao del Sur to non-resident itinerant traders. — John Felix M. Unson

No obstacles to Davao-Samal bridge construction — official

PH.CHINA-EMBASSY.ORG

DAVAO CITY — Presidential Assistant for Eastern Mindanao Secretary Leo Tereso A. Magno announced on Monday that the construction of the Samal Island-Davao City Connector (SIDC) Project is proceeding without any reported obstacles.

Mr. Magno assured the public that there has been no directive from the Department of Public Works and Highways (DPWH) or their office to halt the project in Mindanao and that President Ferdinand R. Marcos Jr. has confirmed its continuance.

“I don’t foresee any obstacles and there have been none reported in the construction of the Davao-Samal Bridge,” he said in Filipino.

The project is slated for completion in 2027 as per DPWH’s schedule. “We know that in all projects, there is a target. If there are no disturbances and no obstacles, it should continue smoothly,” Mr. Magno added.

In July, DPWH Secretary Manuel Bonoan clarified that the SIDC project was not stopped but acknowledged legal issues requiring resolution. The P23.04-billion, four-lane, toll-free bridge is funded by China’s Official Development Assistance (ODA).

Once completed, the 3.98-km bridge across Pakiputan Strait will connect Barangay Limao’s Samal Circumferential Road in Island Garden City of Samal (IGaCoS) to Davao City, situated between R. Castillo and J.P. Laurel Avenue junction.

Mr. Magno reiterated the President’s commitment to the continuous development of Mindanao, particularly in infrastructure projects. “One of the things that the President always reiterates is to continue development, especially in Mindanao,” he said. — Maya M. Padillo

PPA may freeze Manila cruises after disembarkation fiasco

PHILIPPINE STAR/ERNIE PEÑAREDONDO

THE Philippine Ports Authority (PPA) is considering suspending cruise ship operations at the Port of Manila if third-party providers fail to adequately explain the disorganized disembarkation process affecting thousands of passengers.

“We are expecting the reply of these cruise ship agents and terminal operators today and… if they do not reply, we might cancel the arrival of the cruise ships here in the Port of Manila,” Eunice Samonte, PPA spokesperson, said in an appearance on One News on Monday.

The PPA gave the third-party providers to submit their explanation to PPA by Dec. 18, Monday, Ms. Samonte said.

“Our port facilities are equipped to receive big cruise ships,” she added.

On Nov. 30, passengers of the Norwegian Jewel, operated by Norwegian Cruise Line, experienced a chaotic disembarkation process, an incident that turned viral on social media.

The PPA had initially blamed the contracted transport service and the ship agent Ben Line Agencies, Inc. for not providing sufficient personnel to assist the disembarking passengers.

Separately, the Department of Tourism (DoT) expressed grave concern over the mishandling of arriving cruise passengers.

It noted that the Philippines currently holds the distinction of being Asia’s Best Cruise Destination 2023, “which was the result of hard work, convergence, and collaboration in the past year.”

The DoT said that it will continue to ensure the growth of Philippine cruise tourism.

“The incident is taken by the DoT with utmost seriousness as the positive experience of tourists in the Philippines is paramount, and can only be assured with the full support of, and collaboration with, the DoTr (Department of Transportation) and PPA to prioritize the convenience and safety of arriving passengers,” it added. — Ashley Erika O. Jose

Supermarkets counting on late shopper surge as confidence weakens

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

THE supermarket industry is expecting heavy foot traffic this week despite a decline in consumer confidence in the fourth quarter due to elevated prices.

“As of last week, there were only a few households buying. There are some, but it is still minimal. I expect after payday last weekend and 13th month pay, which should be out already in the next few days, households will rush to supermarkets,” Philippine Amalgamated Supermarkets Association President Steven T. Cua said in an interview with One News.

Asked for his assessment of purchasing power after a decline of 19% in the Bangko Sentral ng Pilipinas confidence index in the fourth quarter, he said that it is still too early to tell.

“With one week to go, it is still very difficult to tell whether at the last minute people will rush out, have the money and buy the stocks on the shelves of supermarkets,” Mr. Cua said.

“But of course, we are keeping our fingers crossed and hoping that people will go out and have the money to buy because people usually buy food last,” he added.

He said the dearth of foot traffic may be due to packed holiday party schedules that are keeping the public away from the shops.

“So, for sure (it will increase), because if not then what do we expect from this year? Last week, there were a lot of company parties and even running into this week,” he said.

“After that, people will start buying for their families, households, and for their balikbayan guests who are expecting a Filipino traditional Christmas celebration,” he added.

Mr. Cua said stocks are sufficient for Christmas-feast items, and that the real problem is distributing the products evenly.

“Last week, corporate buyers were buying in bulk … to give to their employees or to their customers and clients. That is why supermarkets have had to source from elsewhere last week. This week, we expect that it will be the households that will be buying,” he said.

“I hope supermarkets are able to estimate more or less how much will be needed… it will be very tricky and difficult to estimate it properly,” he added.

The Department of Trade and Industry has said that it received reports that items typically served in the Christmas feast — known in the Philippines as Noche Buena — are being sold above the price guide released by the department.

“We haven’t been monitoring among members so I wouldn’t know for sure (if they were sold at a higher price) … this is most likely because they have had to source their goods outside their regular suppliers,” Mr. Cua said.

He said goods are currently in the hands of the distributors and no longer with manufacturers.

“If (distributors’) clients ordered again, sometimes they don’t have any more stocks; these clients — the supermarkets and retailers — would have to source outside these regular distributors,” he said.

“Everybody is doing the tightrope walk. Supermarkets are conservative in ordering … there will be some supermarkets which will probably run out of certain items,” he added.

Bill seeks removal of 100% Filipino rule for investment company boards

PHILSTAR FILE PHOTO

A BILL seeking to remove a 100% Filipino requirement for board members of investment companies has been filed at the House of Representatives, opening the door for foreign shareholders to exercise control of such companies.

“The unintended consequence of the 100% Filipino board requirement in the Investment Company Act is to disincentivize the formation of foreign-owned funds in the country, such as venture capital funds, private equity funds, and hedge funds,” Parañaque Rep. Gus S. Tambunting said in introducing House Bill No. 9522.

 “This is also the reason why there are very few investment companies being set up in the Philippines even though there is no foreign equity limitation,” he added.

 The measure effectively amends Section 15 of Republic Act No. 2629 or the Investment Company Act.

 The law requires investment companies to have 100% Filipino board membership even if the company is owned wholly or partly by foreign shareholders.

Under the proposed Foreign Board Representation in Investment Companies Act, “the election of foreigners as members of the board of directors of the investment company shall be allowed in proportion to their participation or share in the capital of the investment company,” according to a copy of the bill.

“Majority stockholders should be able to participate in the exercise of corporate control through board representation,” Mr. Tambunting said. — Beatriz Marie D. Cruz

Capital One official named AmCham president for 2024

Sara Murphy

THE American Chamber of Commerce of the Philippines (AmCham) said Capital One Philippines Support Services Corp. President Sara Murphy will serve as the chamber’s president in 2024.

“Following a thorough election process, Sara Murphy unanimously secured the support of the AmCham Board of Directors and was appointed to lead the Chamber for the upcoming year,” AmCham said in a statement.

“With substantial experience and a forward-thinking approach, she is poised to lead AmCham Philippines into a new growth, inclusivity, and innovation phase,” it added.

Capital One Philippines, a unit of Capital One Financial Corp., provides call center and business process outsourcing for various clients.

According to AmCham, Ms. Murphy will be the chamber’s first female president.

“This historic election reflects the chamber’s commitment to diversity and equality, acknowledging the invaluable contributions of women in leadership roles,” AmCham said.

“The chamber believes (Ms.) Murphy’s unique perspective and leadership style will inspire positive change and open new opportunities for all members,” it added.

Members of the business group also elected US Ambassador to the Philippines MaryKay Carlson as AmCham’s honorary chairman.

IBM Philippines’ Aileen Judan Jiao and RELX Reed Elsevier Shared Services Phils., Inc.’s Mark Lwin were named 1st and 2nd vice presidents, respectively.

AmCham’s corporate secretary for next year will be Aileen Lerma, while Ebb Hinchliffe will continue as executive director.

Philip Soliven was appointed as the group’s treasurer, while the members appointed 11 directors from various industries.

“AmCham extends its sincere appreciation to its outgoing President Frank Thiel of Quezon Power (Philippines) Ltd. Co. and the directors for their service and as it welcomes the newly elected team,” the group said.

“The chamber looks forward to a year of collaboration, progress, and engagement under the new board’s capable leadership,” it added. — Justine Irish D. Tabile

Child injury rate in transport crashes triggers launch of road safety drive

PHILSTAR FILE PHOTO

THE Department of Transportation (DoTr) said it will work to improve the transport system with an eye towards child safety in collaboration with other agencies and policy-making bodies.

The statement comes in the wake of a World Health Organization (WHO) report identifying road crashes as top killer of children globally, with more than half of the fatalities pedestrians and motorcycle riders.

“The goal is for road safety measures to become an integral component of different policy agendas such as child health, climate action, gender and equality,” Transportation Secretary Jaime J. Bautista said on Monday during the launch of a coalition to address child road traffic injuries.

On Monday, the DoTr together with the Departments of Education, Health, and Public Works and Highways, as well as the Council for the Welfare of Children and the Metro Manila Development Authority, signed a memorandum of understanding to establish the National Coalition for Child Road Traffic Injury Prevention.

Globally, road traffic deaths fell to 1.19 million per year in 2020, down 5% compared to 2010, WHO said.

“Yet the price paid for mobility remains far too high, and urgent action is needed if the goal of halving road traffic deaths and injuries by 2030 is to be achieved,” WHO said.

In the Philippines, the WHO recorded 8,746 road fatalities in 2020. Of these, 1,670 were children, according to Sophia San Luis, executive director and co-founder of ImagineLaw — a public interest law group that advocates for evidence-based policy solutions. 

“Political will is needed to address child deaths because of road crashes from proper education and awareness among stakeholders to better infrastructure and improved road systems that protect vulnerable road users.” Ms. San Luis said. — Ashley Erika O. Jose