How PSEi member stocks performed — November 13, 2024
Here’s a quick glance at how PSEi stocks fared on Wednesday, November 13, 2024.
Philippines says it’s obliged to comply if Interpol seeks Duterte arrest on drugs
By Kenneth Christiane L. Basilio, Reporter
THE PHILIPPINE government on Wednesday said it would not stand in the way if former President Rodrigo R. Duterte wants to surrender to the International Criminal Court (ICC), and would be obliged to comply if his arrest was sought over his deadly war on drugs.
President Ferdinand R. Marcos, Jr.’s office issued the statement hours after the tough-talking leader told a House of Representatives hearing he is not scared of the ICC, telling it to “hurry up” on its investigation of his administration’s alleged crimes against humanity.
It said it would be willing to consider handing Mr. Duterte over if an Interpol request was made.
“The government will feel obliged to consider the red notice as a request to be honored, in which case the domestic law enforcement agencies shall be bound to accord full cooperation,” Executive Secretary Lucas P. Bersamin said in the statement.
This was the first time the Philippine government has suggested it would cooperate with the ICC, which last year cleared the way for an investigation into the bloody campaign that defined Mr. Duterte’s 2016-2022 presidency.
Mr. Duterte when president unilaterally withdrew the Philippines from the ICC in March 2019 after it opened a preliminary examination of the drug killings. The court has said its prosecutors have jurisdiction over alleged crimes committed before the withdrawal.
In the statement, Mr. Bersamin said the government would neither object nor block Mr. Duterte if he wished to surrender.
Mr. Duterte remained defiant during the hearing as he defended his illegal drug crackdown, which was a key plank of his election campaign, during which he had promised thousands would be killed.
He had promised to kill 100,000 criminals in his first six months in office and throw their bodies in Manila Bay that the fish there “will grow fat.”
“ICC does not scare me a bit,” he told congressmen. “They can come here anytime. I suppose that you would want to maybe make it easy for them to visit and start the investigation. I would welcome that,” Mr. Duterte said.
“I have nothing to hide. What I did, I did it for my country and for the young people. No excuses. No apologies. If I go to hell, so be it.”
The 79-year old said he was getting impatient, and asked ICC to “hurry up” and “come here and start the investigation tomorrow.” “I’ll go to the ICC myself, they’re taking so long. Hurry up! Because I might get old and die before they could investigate me.”
According to police data, more than 6,200 people died in anti-drug operations under Mr. Duterte, during which police typically said they had killed suspects in self-defense. Human rights groups say as many as 30,000 drug suspects died.
“I assume full responsibility for whatever happened in the actions taken by law enforcement agencies of this country to… stop the serious problem of drugs affecting our people,” Mr. Duterte said.
The ex-President’s remarks on the ICC was a highly political move, said Josue Raphael J. Cortez, a lecturer at the School of Diplomacy and Governance of De La Salle-College of St. Benilde. “It’s surprising but understandable given the circumstances he faces right now. The 2025 midterm election is just around the corner,” he said in a Facebook Messenger chat.
“Mr. Duterte is falling back on his usual bravado rhetoric. All of this is for him to appear fearless to his remaining support base,” Hansley A. Juliano, who teaches politics at the Ateneo de Manila University, said via Messenger chat. “ It’s the only way he and his family can remain credible to his support base.”
“Mr. Duterte’s change of position on the ICC investigation will definitely be sort of a clarion call for the Philippine government — that public opinion now will revolve on whether the Philippines will once again be part of the Rome Statute,” Mr. Cortez said. — with Kyle Aristophere T. Atienza and Reuters
US Defense Secretary Austin to visit Manila next week to explore deeper security ties
By John Victor D. Ordoñez, Reporter
US DEFENSE SECRETARY Lloyd Austin III will meet with his Philippine counterpart in Manila next week to explore deeper security ties and ensure peace and stability in the Indo-Pacific region, according to the US Department of Defense.
“Secretary Austin will make his fourth visit to the Philippines, where he will advance security objectives with Philippine leaders and meet with US and Philippine forces,” it said in a statement on Wednesday.
The US Defense chief will also meet with other officials at the Association of Southeast Asian Nations Defense Ministers’ Meeting in Laos on Nov. 21.
Mr. Austin’s trip seeks to build on “unprecedented cooperation with like-minded countries to strengthen regional security,” the US agency said. He is also set to visit Australia, Laos and Fiji to tackle regional security issues.
“Mr. Austin has a lot on his hands, especially since now that it is clear there will be no Democrat continuity in the White House,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University said in a Facebook Messenger chat. “His policies are at high risk of reversal by whoever succeeds him.”
“It is in his interest (as well as the US) to assure the Philippine government under President Ferdinand R. Marcos, Jr. that their commitments to their defense of the West Philippine Sea will not waver even with the transition to a second Trump administration,” he added.
Philippine President Ferdinand R. Marcos, Jr. on Monday told reporters that ties between both countries would not change under a Donald J. Trump presidency.
The US is the Philippines’ major security partner, with a 1951 Mutual Defense treaty compelling both nations to defend each other in case of an armed attack.
Under President Joseph R. Biden, Washington reiterated that the treaty covers any attacks on Philippine vessels, personnel and other assets in the South China Sea and anywhere in the Pacific.
In April, Republican Senator Bill Hagerty and Democrat Senator Tim Kaine pushed a bill that increased US military aid to the Philippines to $500 million from $40 million over five fiscal years through 2029.
“Our national security has always been anchored on the ironclad belief that the US will fulfill the Mutual Defense Treaty, and will continue to be in the foreseeable future,” Michael Henry Ll. Yusingco, a fellow at the Ateneo de Manila University Policy Center, said in a Facebook Messenger chat.
“Given Trump’s unpredictability and ‘America First’ mindset, maybe the Philippines should be prepared in case the US does not meet its obligations under the Mutual Defense Treaty.”
Last year, the Philippines gave the US access to four more military bases under their 2015 Enhanced Defense Cooperation Agreement.
Philippine Defense Secretary Gilberto Eduardo Gerardo “Gibo” C. Teodoro, Jr. on Tuesday said China is putting greater pressure on the Philippines to cede its sovereign rights in the South China Sea.
China and the Philippines have sparred repeatedly this year over disputed areas of the South China Sea, including the Scarborough Shoal, one of Asia’s most contested features.
Beijing claims almost the entire South China Sea, a conduit for more than $3 trillion of annual ship-borne commerce. The Permanent Court of Arbitration in 2016 said China’s claims had no legal basis, a ruling Beijing rejects.
“These engagements will drive ongoing efforts to modernize our alliances and partnerships toward our shared vision for a free and open Indo-Pacific,” the US Defense department said.
Also on Wednesday, Foreign Affairs Spokesperson Ma. Teresita C. Daza told reporters via WhatsApp the agency had summoned Chinese Ambassador Huang Xilian to deliver the Philippines’ protest over China’s drawing of baselines around Scarborough Shoal on Nov. 10.
“The… baselines infringe upon Philippine sovereignty and contravene international law, particularly the 1982 UN Convention on the Law of the Sea and the 2016 arbitral award,” she said. “The… baselines have no legal basis and are not binding on the Philippines.”
Usagi intensifies into a typhoon before landfall; port authorities alerted
USAGI, locally known as Ofel, has intensified into a typhoon, prompting the Philippines’ weather bureau to raise tropical wind signals over Luzon on Wednesday.
In a 5 p.m. bulletin, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said the typhoon was expected to intensify in the next 24 hours before making landfall over the eastern coast of Cagayan or Isabela.
“Its landfall will trigger a weakening trend, which will continue for the rest of the forecast period,” it said.
PAGASA warned of potential hazards on land and coastal areas outside the typhoon’s landfall point.
It raised tropical wind signal No. 2 over Cagayan including Babuyan Islands, the northern and eastern portions of Isabela and the eastern part of Apayao.
Batanes, the rest of Isabela, Quirino, the northern portion of Nueva Vizcaya, Apayao, Kalinga, Abra, Mountain Province, Ifugao, Ilocos Norte, and the northern portion of Aurora were under Signal No. 1.
Usagi was last seen 480 kilometers east of Baler, Aurora province, and it was moving west-northwestwards at 25 kilometers per hour (kph).
The typhoon was packing maximum sustained winds of 120 kph near the center and gustiness of up to 150 kph.
Meanwhile, Tropical Storm Man-Yi was expected to strengthen into a typhoon before entering the Philippine Area of Responsibility by Thursday (Nov. 14). It will be locally named Pepito.
“Since the tropical cyclone may reach typhoon category while over the Philippine Sea, the possibility of Man-Yi to reach super typhoon category prior to landfall is not ruled out,” PAGASA said.
It added that it was still too early to determine the storm’s specific land fall point, but warned of potential heavy rain, severe winds and storm surge over “most areas in Luzon.”
Man-Yi was last seen 1,965 kilometers east of Eastern Visayas, and it was moving west-southwestward at 30 kph. It had maximum sustained winds of 65 kph and gust of up to 80 kph.
Meanwhile, the presidential palace said port agencies had been ordered to conduct a pre-disaster risk assessment on port infrastructure, facilities and equipment to “identify vulnerabilities,” the presidential palace said in a statement, citing a memorandum from the Philippine Ports Authority.
They were told to ensure that preventive measures were in place to minimize potential damage and disruptions.
Under a memo issued by the Philippine Ports Authority, ports were ordered to activate emergency response teams, review evacuation plans and enforce safety protocols to safeguard personnel, port users and assets.
“Personnel must be briefed on safety procedures and prepared for any necessary operational changes,” the palace said. — A.H.Halili and K.A.T. Atienza
Bike users climb to over 270,000
By Chloe Mari A. Hufana, Reporter
THE NUMBER of cyclists increased to more than 271,000, based on a manual count across 18 areas between June and July 2024, led by Mobility Awards.
The Bilang Siklista 2024 Bicycle Count, released on Wednesday, manually counted 271,555 people on bicycles from June 3 to July 12, across 17 cities and 1 municipality.
This translated to an average potential saving of P348,929 to P727,714 in fuel costs per kilometer, the study noted. The amount of fuel savings also prevented about 25.32 metric tons of carbon dioxide emissions.
In 2023, the bike count recorded 147,800 cyclists in 15 cities. This year, newcomers in the study included Butuan City, Cordova and Danao City.
The 2024 figure also showed an increase of 103.7% in bikers in Metro Manila, linked to the establishment of bicycle lanes; while Metro Cebu saw a 15% rise.
In its 2024 iteration, the study found that only 3% of cyclists in its cities were women, down 1% from 2023.
Mobility Awards Coordinator Arielle Celine L. Tabinga told BusinessWorld on the sidelines of the report launch in Quezon City that women have different trip purposes than men. Usually, women use bicycles to run errands while men use them for work.
“Potential contributors include safety concerns, especially in highly urbanized, dense, and car-centric cities with inadequate infrastructure, and prevailing societal norms that may discourage women from riding bicycles as transport,” the study said.
Ms. Tabinga said private firms are important in encouraging cycling and providing safer spaces for cyclists as they provide end-of-trip facilities, such as parking and repair stations.
“Let’s say you have bicycle lanes, but you don’t have end-of-trip facilities. You don’t have bike parking, and there are no shower rooms for cyclists. It’s not going to work,” she said in mixed English and Filipino.
“So, it really needs to be a holistic approach. It’s very important that we also engage the private sector and recognize the significant contributions they make in terms of improving and promoting active transport,” she added.
Now in its fourth year, the Bilang Siklista report urges national and local governments to prioritize infrastructure investment for bicycle lanes and routes, and the implementation of systematic monitoring to evaluate the effectiveness of cycling infrastructure investments.
The authors said their manual counting of bikers is not perfect but a “good start.” They also acknowledged some weaknesses, including the number of volunteers.
House adopts Senate natgas bill
THE House of Representatives has adopted on Wednesday the Senate’s version of a measure seeking to develop an indigenous natural gas (natgas) industry amid government efforts to transition toward the wider adoption of renewable energy sources.
Congressmen agreed to a proposal to adopt Senate Bill (SB) No. 2793 during plenary, citing that authors of House Bill (HB) No. 8456 concurred with the version of their senate counterparts.
Senators on Monday approved their version of the natural gas industry development bill, while HB No. 8456 was passed in Aug. 2023.
Under the bill, the Energy Regulatory Commission (ERC) is tasked with keeping track of the government’s share of revenue related to the production of indigenous natural gas sold to power plants.
Downstream natural gas industry projects, as certified by the Department of Energy, will also be entitled to a value-added tax exemption on the purchase and sale of indigenous gas attributed to aggregated fuel, as authorized by the ERC. — Kenneth Christiane L. Basilio
DMW to assist possible deportees
THE Department of Migrant Workers (DMW) said it stands ready to support Filipinos in the United States, including undocumented overseas Filipino workers (OFWs), facing potential mass deportation tied to upcoming shifts in US immigration policies under President-elect Donald John Trump.
About 370,000 undocumented Filipino immigrants may be affected by the proposed mass deportation of the returning American president, the agency said on Wednesday.
DMW Secretary Hans Leo J. Cacdac, in a statement, said a whole-of-government team is in place to support possible deportees, under President Ferdinand R. Marcos, Jr.’s directive.
“We will continuously coordinate with the Department of Foreign Affairs (DFA) and with the US authorities on monitoring the developments on the ground,” he added. “Rest assured that DMW, along with its partner agencies, is ready to provide support and assistance to our OFWs.”
In coordination with the DFA and through its attached agency, the Overseas Workers Welfare Administration, the DMW has established financial, medical, and legal support mechanisms, including the AKSYON and Emergency Repatriation Funds. These funds will ensure that returning Filipinos receive immediate assistance.
The AKSYON Fund will provide financial and reintegration support for deportees, while other government agencies will contribute additional resources. The National Reintegration Center for OFWs will assist returnees in job retooling, reskilling, and finding employment, in partnership with the Department of Labor and Employment, Department of Trade and Industry, and Technical Education and Skills Development Authority.
During Mr. Trump’s previous administration, 300,000 undocumented immigrants were deported annually, with over 3,500 of them being Filipinos, peaking at 503 in 2018. — Chloe Mari A. Hufana
Senate adds P1.6B to DoJ budget
THE SENATE has approved an additional budget of P1.6 billion for the Department of Justice (DoJ)’s programs intended to address online sexual abuse of children, cybercrime, and the rental of K9 dogs to sniff out contraband in prisons.
“The funding was augmented for important programs such as the funding of the Inter-Agency Council Against Trafficking (IACAT), online sexual abuse of children, an increase of budget for the board of claims for unjust detention and victims of violent crimes, cybercrime and investigating criminals…” Senator and Finance Commitee Chairperson Mary Grace Natividad S. Poe-Llamanzares told the plenary floor as she sponsored the DoJ’s proposed P42.26-billion budget next year.
She noted this included a P10-million confidential fund for IACAT programs next year, and additional funds would also go to repairs to prisons handled by the Bureau of Corrections.
Nearly one in every 100 children in the Philippines were trafficked to produce child sexual exploitation material in 2022, according to data from the International Justice Mission and the University of Nottingham’s Rights Lab.
Justice department Spokesman Jose Dominic F. Clavano IV said in April that the government intensified efforts against cases of child pornography and abuses by putting in place policies and operational plans. — John Victor D. Ordoñez
LANDBANK OKs P14-M typhoon aid
LAND BANK of the Philippines (LANDBANK) has approved the release of P14 million to help the recovery of 130 local government units (LGUs) in Luzon and Visayas hit by severe tropical storm Trami (Kristine).
“This funding provides critical support for our LGU partners to augment their Calamity Funds and sustain vital services for evacuees. As recovery timelines remain uncertain, LANDBANK is committed to helping LGUs respond swiftly and effectively to the needs of their communities,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement on Wednesday.
The state-run lender is also offering financial assistance to affected micro, small, and medium enterprises, cooperatives, large corporations, and electric distribution utilities through the LANDBANK CARES Plus (Community Assistance and Reintegration Support Plus) lending program.
Meanwhile, LANDBANK has waived servicing fees for the Electronic Salary Loan (eSL) until Dec. 31, 2024.
The program provides quick funds for government and corporate employees with LANDBANK payroll services.
“Existing eSL borrowers may also apply for early renewal if they have completed at least one month of paid amortization,” the lender added.
LANDBANK credit cardholders may also convert available credit limits into emergency cash, repayable up to 36 months through the EasyCash for Emergencies feature. — Aaron Michael C. Sy
DBM clarifies rules for CNA incentives
THE COLLECTIVE negotiation agreement (CNA) incentive will be granted to government-owned and controlled corporations (GOCCs) that achieve at least 75% of their performance targets, the Department of Budget and Management (DBM) said.
The CNA incentive is a form of reward granted to both management and rank-and-file employees of agencies in recognition of their efforts in accomplishing performance targets at a lesser cost.
“GOCCs covered by RA No. 10149 should have accomplished, by September 30, 2024, at least an average of 75% of all the targets under their respective Performance Scorecard,” DBM said in a budget circular dated Nov. 11.
Meanwhile, Local Water Districts should have a positive net balance in the average net income for the period Jan. 1 to Sept. 30 this year, to be validated by the Local Water Utilities Administration.
Local government units (LGUs) should have accomplished as of Sept. 30, at least an average of 75% of all the targets under their “programs/projects/activities approved in the LGU budget for FY 2024.”
In the document, DBM said in all cases, the CNA Incentive shall not exceed P30,000 per qualified employee. — Aubrey Rose A. Inosante
Nuclear scientists get scholarship
THE PHILIPPINE-American Education Foundation or Fulbright Philippines has committed $100,000 (P5.87 million) to support Filipino scholars studying fields related to nuclear energy as Manila tries to address power shortages, Washington’s ambassador to Philippines said on Wednesday.
“The United States is fully committed to supporting the development of the Philippines’ nuclear sector with a comprehensive, whole-of-government approach,” US Ambassador to the Philippines MaryKay L. Carlson said in her speech at the Philippine International Civil Nuclear Supply Chain Forum in Quezon City, based on a transcript sent to reporters via Viber.
“These (Filipino) scholars will have the chance to attend top US technical and engineering programs, tapping into the full range of resources that Fulbright offers.”
The Department of Energy expects nuclear power to start feeding into the country’s grids by 2032, Energy Director Michael O. Sinocruz earlier told congressmen.
Washington and Manila’s Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, also known as the 123 Agreement, entered into force on July 2, the US State Department said in a statement on July 9. Both countries signed the deal in November.
The pact provides a legal framework for the export of nuclear materials, equipment and components from the US to the Philippines.
“Building a safe, secure civil nuclear industry, however, requires more than technology and materials,” Ms. Carlson said. “It needs strong institutions, supportive policies, and a skilled workforce.” — John Victor D. Ordoñez
PAOCC Spox slapped with slander rap
A RELIEVED government official is facing a slander complaint from his alleged victim, whom the official slapped three times in a raid in Bataan last month.
In an 8-page complaint filed before the Office of the Provincial Prosecutor of Bataan, the business process outsourcing worker said he suffered depression, trauma and lack of sleep after relieved Presidential Anti-Organized Crime Commission (PAOCC) spokesman (Spox) Winston John R. Casio slapped him thrice.
The complainant said hundreds of people and members of the media witnessed the incident in which Mr. Casio ordered his staff to “drag” him, leading to Mr. Casio’s suspension from his post.
In his complaint written in Filipino, he said he was deeply humiliated, and his dignity and self-worth were trampled upon. He said he also feared for his and his family’s safety.
The spokesman had issued an apology after he earlier claimed the worker disrespected PAOCC during the raid of an illegal Internet Gaming Licensee hub in Bagac, Bataan, admitting he had slapped the worker. — Chloe Mari A. Hufana