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Shares may go down on profit taking, rate bets

THE Philippine stock market could succumb to profit taking this shortened trading week following its recent rally and amid expectations that interest rates here and abroad will remain high in the near term.

On Friday, the 30-member Philippine Stock Exchange index (PSEi) rose by 23.30 points or 0.37% to close at 6,269.50, while the all shares index went up by 20.21 points or 0.6% to 3,348.22.

Week on week, the PSEi climbed by 57.61 points or 0.93% from its 6,211.89 close on Nov. 17.

“Slight gains amidst anemic turnover characterized [last] week’s trade in light of Thanksgiving holiday plus ahead of a shortened trading week,” online brokerage 2TradeAsia.com said in a market report.

Philippine financial markets were closed on Monday due to a public holiday for Bonifacio Day.

For the coming days, the market may decline anew as investors could pocket their profits after the PSEi recorded gains in three out of five trading days last week, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Expectations that interest rates will remain high for a while following Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.’s hawkish statements … may also weigh on the market,” Mr. Tantiangco said.   

“The local market has been building momentum lately, rising for four weeks with a total gain of 5.16%. However, trading has been lethargic, implying that the market’s current rally is not backed by strong investor participation,” he added. 

BSP Governor Eli M. Remolona, Jr. on Friday said their policy stance will remain “hawkish for a while,” reiterating that the Monetary Board could still resume tightening to keep inflation expectations anchored.

At its Nov. 16 meeting, the BSP kept its policy rate at a 16-year high of 6.5% amid easing inflation following an off-cycle hike of 25 basis points (bps) last month.

The Monetary Board has raised borrowing costs by 450 bps since it began its tightening cycle in May 2022.

It will hold its last policy review for this year on Dec. 14.

Meanwhile, the Fed kept its benchmark interest rate steady at the 5.25%-5.5% range for a second straight time during their Oct. 31-Nov. 1 meeting. It has hiked rates by 525 bps since it began its tightening cycle in March 2022.

The Federal Open Market Committee will next meet on Dec. 12-13 to review policy.

“[This] week, investors are expected to watch out for catalysts that can spur optimism towards the local economy. Without such, we may see selling pressures dominate leading to a pull back for the local bourse,” Mr. Tantiangco added. “Chart-wise, the market’s immediate support is seen at its 50-day exponential moving average. Resistance is seen at the 6,400 level.”

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s immediate major resistance at the 6,300 level and immediate major support at 6,055-6,100.

For its part, 2TradeAsia.com placed the PSEi’s support at 6,100 and resistance at 6,400. — RMDO

US Navy thwarts hijacking attempt; 2 Pinoys safe

VESSEL FINDER/PETER FAAS

TWO FILIPINO crew members of an Israel-linked ship sailing in the Gulf of Aden near Yemen have been marked safe after the United States (US) Navy thwarted a hijacking attempt by five suspected Houthi rebels at the weekend, the Department of Migrant Workers (DMW) said on Monday.

The rebels on Nov. 26 boarded and tried to seize the M/V Central Park, which is owned by an Israeli businessman, the agency said, citing a report from the US Naval Institute

The five pirates were put under US Navy custody after its warship and a Japanese Maritime Self-Defense Force ship came to the merchant ship’s aid.

The M/V Central Park is a Liberian-flagged ship owned by Israeli business magnate Eyal Ofer’s Zodiac Maritime, Reuters reported.

“The DMW has reached out to the vessel’s manning and shipping agencies to provide the department with a full report of the incident,” it said.

The agency said it is considering declaring certain areas in the Red Sea as high-risk zones for Filipino seafarers due to attacks by the Iran-backed Islamist Houthis group.

Last week, 17 Filipino seamen were taken hostage after Yemen’s Houthi rebels seized an Israeli-linked cargo ship in the Red Sea.

Yemen’s Al-Masirah TV, which is operated by the Houthis group, released a video showing Houthi forces descending from a helicopter and seizing the Japanese Nippon Yusen K.K. cargo ship in the southern part of the Red Sea on Nov. 20.

The Houthis described the ship as Israeli, Reuters reported on Nov. 20. The group also seized a British-owned cargo ship that had been sailing through the southern Red Sea.

On Saturday, DMW officer-in-charge Hans Leo J. Cacdac told a news briefing his agency has been coordinating with the cargo ship’s manning agency and the families of the 17 hostages to work on their release and safe return to the Philippines.

Foreign Affairs Undersecretary Eduardo A. de Vega on Nov. 24 told a news briefing the rebels were unlikely to demand a ransom since the group was making a “political gesture.”

“If the question is if we are paying ransom, no,” he said. “This works since the hostages are eventually released, it’s not the first time they’ve done it.”

Houthis military spokesman Yahya Saree earlier said the ship’s seizure was in response to “heinous acts” against Palestinians in Gaza and the West Bank.

Israel launched a barrage of airstrikes in Gaza after Hamas militants backed by waves of rockets stormed from the blockaded Gaza Strip into nearby Israeli towns on Oct. 7, killing about 1,200 Israelis.

More than 14,000 people have died in the war, according to the Hamas-run Gaza government. At least four Filipinos have died.

Last week, Israel and Hamas entered into a four-day truce, with the latter releasing 24 hostages, including a Filipino caregiver, on Nov. 24. The Filipino is under the custody of the Philippine Embassy in Israel.

Under the deal, the truce could be extended if more hostages are released at a rate of 10 daily. Israel also agreed to release 150 Palestinian prisoners in exchange for the hostages.

Hamas seized about 240 hostages during the October attack.

At least 256 Filipinos have come home from Israel, the DMW said on Nov. 17. Mr. De Vega earlier said 111 of the 137 Filipinos in Gaza have returned to the Philippines.

The US might designate the group as a terrorist organization after the incident, US National Security Council spokesman John Kirby earlier said.

US President Joseph R. Biden delisted the group as a “foreign terrorist organization” and “specially designated global terrorists” in 2021, over fears of worsening Yemen’s humanitarian crisis.

Yemen has the world’s worst humanitarian crisis, with 21.6 million of the population being dependent on aid, according to the United Nations.

“The Department has reached out to the Department of Foreign Affairs and partners in the international maritime and shipping industry to ensure the safety of Filipino seafarers in the region,” DMW said. — John Victor D. Ordoñez

Philippines told to resolve issues before rejoining ICC

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE government should resolve sovereignty issues involving the International Criminal Court (ICC) supposedly before rejoining the tribunal, a senator who enforced ex-President Rodrigo R. Duterte’s deadly drug war as national police chief said on Monday.

“If we are interested in rejoining, then we have to resolve issues that made us withdraw in the first place,” Senator Ronald M. dela Rosa told CNN Philippines.

“The ICC can only conduct its investigation if and when the country is not capable of conducting an investigation, or if the country is not willing to conduct one on alleged crimes against humanity,” he added, citing the Rome Statue, the treaty that established the ICC.

President Ferdinand R. Marcos, Jr. on Friday said his government is considering rejoining the ICC, which is investigating Mr. Duterte for alleged “crimes against humanity.”

“Should we return under the fold of the ICC? So that’s again under study,” he told reporters. “So we’ll just keep looking at it and see what our options are.”

Mr. Marcos had ruled out cooperation with the international court, saying its probe violates Philippine sovereignty given the country’s functional justice system.

Manila Rep. Bienvenido M. Abante, Jr., Party-List Rep., France L. Castro and Albay Rep. Edcel C. Lagman earlier filed separate resolutions urging the state to cooperate with the ICC probe.

The Senate would have to approve a decision to rejoin the court, Mr. Dela Rosa said.

Under the Constitution, a concurrence of two-thirds of the Senate’s members is needed to affirm international treaties, such as the Rome Statue.

The senator said he would be ready to face ICC investigators if the government decides to cooperate with its investigation.

“I cannot be in hiding, I will really face it,” Mr. Duterte’s former police chief said in mixed English and Filipino. “I will prepare myself psychologically, physically and mentally because I know I can overcome this case.”

In 2016, Mr. Dela Rosa as national police chief signed a circular that allowed police officers to visit the homes of suspected illegal drug pushers to persuade them to stop their illegal trade.

The Supreme Court in 2021 dismissed a petition seeking to void Philippine withdrawal from the tribunal, even as it ruled that international agreements need Senate concurrence.

It said the petition was moot since the ICC had accepted the Philippines’ withdrawal in 2019. Mr. Duterte withdrew Philippine membership in the international court a year earlier.

Last week, his daughter, Vice-President Sara Duterte-Carpio said allowing the ICC to probe crimes committed in her father’s deadly war on drugs would undermine the Philippine justice system.

The High Court said withdrawing membership does not remove liability for extralegal killings committed during the previous government’s anti-illegal drug campaign.

“Withdrawing from the Rome Statute does not discharge a state party from the obligations it has incurred as a member,” according to the March 16, 2021 ruling written by Senior Associate Justice Marvic M.V.F. Leonen.

“Consequently, liability for the alleged summary killings and other atrocities committed in the course of the war on drugs is not nullified or negated here.”

The ICC in January reopened its probe of the government’s deadly drug war, saying it was not satisfied with Philippine efforts to probe human rights abuses during the period.

The court rejected a Philippine plea to suspend its probe of the drug war in July, paving the way for the ICC prosecutor to later indict and order the arrest of local officials who aided the campaign.

The Hague-based tribunal, which tries people charged with crimes against humanity, genocide, war crimes and aggression, suspended its probe of Mr. Duterte’s deadly drug war in 2021 upon the Philippine government’s request.

Justice Secretary Jesus Crispin C. Remulla earlier told the United Nations (UN) Human Rights Council the Philippines could probe erring officials without the ICC’s help.

The Department of Justice (DoJ) has said the Hague-based tribunal is undermining the Philippine government’s sovereignty by continuing its probe.

It said the ICC should abide by the principle of complementarity, a concept of international law that ensures a state’s national authorities take precedence in handling criminal cases.

The Philippines has accepted 200 recommendations from the UN Human Rights Council, including investigating extralegal killings and protecting journalists and activists.

More than 30 member-states of the United Nations Human Rights Council in November last year urged the Philippines to do something about extralegal killings in connection with Mr. Duterte’s anti-illegal drug campaign.

The Philippine government estimates that at least 6,117 suspected drug dealers were killed in police operations. Human rights groups say as many as 30,000 suspects died. — John Victor D. Ordoñez

GSP+ extended amid dire rights situation — activist groups

PHILIPPINE STAR/RUSSELL PALMA

By Kyle Aristophere T. Atienza, Reporter

PHILIPPINE CIVIL society has voiced concern about the expected extension of Philippine privileges under the European Generalized Scheme of Preferences Plus (GSP+), saying the government of President Ferdinand R. Marcos, Jr. has not addressed human rights issues.

In Defense for Human Rights and Dignity Movement and Trade Justice Pilipinas cited President Marcos’ failure to address attacks on critics and activists. Philippine laws still are being weaponized to stifle dissent, it added.

“The Philippine government seems to be advancing the narrative that the proposed extension of GSP+ privileges of the Philippines reflects somehow a vindication against these criticisms and that the program can proceed as before,” Joseph Purugganan, co-coordinator at iDefend and coordinator at Trade Justice Pilipinas, said in a Facebook Messenger chat.

He added that European policymakers supported the European Commission’s proposal to extend the privileges enjoyed by the Philippines and other developing countries under the trade scheme “not because of a more favorable assessment of the human rights situation but simply because the EU ran out of time to pass new GSP+ regulations.”

The European Parliament and European Council supported a European Commission proposal for a “rollover of the existing GSP+ for another four years,” Philippine Trade Secretary Alfredo E. Pascual said last week.

The deal, which gives the country zero duty on 6,274 locally made products, is set to expire by yearend.

In exchange, the Philippines must uphold commitments to 27 international conventions on human rights, labor, good governance and climate action.

As of June 30, a year into Mr. Marcos’s term, 342 people have been killed by state actors in connection with illegal drugs, according to a report from the Dahas Project from the University of the Philippines Third World Studies Center. “This is higher than the 302 reported in the last year of the Duterte administration,” it said.

Human Rights Watch said the European Union (EU) has tolerated human rights violations in the country by allowing it to continue enjoying the trade perks even at the peak of the bloody war on drugs of ex-President Rodrigo R. Duterte.

The report “shows that the bloc has tolerated too many serious human rights abuses under Duterte, sending a message of impunity that now risks echoing through the Marcos administration,” Claudio Francavilla, the group’s Senior EU Advocate, said in a statement.

The government estimates that at least 6,117 people were killed in Mr. Duterte’s drug war between July 1, 2016 and May 31, 2022, but human rights groups say the death toll could be as high as 30,000.

On Friday, Mr. Marcos said the government is considering rejoining the ICC, which is investigating the state’s anti-illegal drug campaign, months after saying the Philippines would disengage from the tribunal.

The ICC investigation covers crimes committed in Davao City from November 2011 to June 2016 when Mr. Duterte was still its mayor, as well as cases during his presidency up until March 16, 2019, the day before the Philippines officially withdrew from the court’s Rome Statute.

“The EU should learn and apply the lessons of the last six years to ensure that the continued implementation of the program will not be ‘business as usual,’” Mr. Purugganan said. “It has the power and the responsibility to continue to use this program to compel the Marcos administration to address the continuing human rights concerns.”

While human rights violations in the Philippines have eased, the EU should not overlook human rights issues to sustain and strengthen economic relations, the Philippine Alliance of Human Rights Advocates (PAHRA) said via Messenger chat.

The EU should adopt a more stringent approach to address any possible lapses by the Marcos government in democratic norms and human rights, it added.

The EU and Philippine government should “engage civil society and other development partners in the process of reforming the GSP+, said Sandino Soliman, executive director of the Caucus of Development NGO Networks.

“This is a crucial opportunity to institutionalize the role of civil society in monitoring not only the terms of the EU-GSP+ but also the international commitments covered by the scheme,” he added.

Labor groups unite in pushing for higher wages, inclusivity

Call for higher wages. Activists at a briefing on Monday called for higher pay for workers amid rising food prices, as the Senate targets to pass the 2024 budget bill this week. — PHILIPPINE STAR/MICHAEL VARCAS

By Jomel R. Paguian

SEVERAL labor groups converged in Quezon City on Monday to champion critical issues of workers, among them a living wage increase and the establishment of inclusive and harassment-free workplaces ahead of the celebration of Bonifacio Day on Nov. 30.

In a press briefing, multiple labor groups led by the Confederation for Unity, Recognition, and Advancement of Government Employees (COURAGE) opposed the P70-billion budget cut in the Miscellaneous Personnel Benefits Fund (MPBF).

The MPBF is a standby fund for the increase in salaries and benefits of government employees, which the groups said will reduce the chances for government workers to have any salary increase next year.

“The minimum wage for government workers is far behind from a justified living wage,” Party-list Representative and COURAGE former president Ferdinand R. Gaite, said in Filipino.

He explained that current minimum monthly wage of P13,000 for government employees in entry-level positions is significantly lesser than their demanded P33,000 monthly living wage.

The demanded P33,000 monthly wage is based on studies that showed a family of five members needs to earn P1,100 per day to have a justified living wage, explained COURAGE President Santiago Y. Dasmariñas, Jr.

He added that a salary increase is still unclear, following the budget cut from P94 billion to only P24 billion under the MPBF.

“There is no law mandating a salary increase for next year despite the inflation. If there is no approved law, there is also no expected salary increase for government employees,” said Mr. Dasmariñas.

In a separate media forum, the Philippine affiliates of global labor groups Public Services Labor Independent Confederation (PSLINK), National Public Workers’ Congress (PUBLIK), and Women Workers United (WWU) called for the ratification of International Labor Organization Convention No. 190 (ILO C-190), a treaty ending all forms of violence and harassment in workplaces.

This is the most comprehensive international treaty that clarifies and expands the definition and forms of violence and harassment in workplaces, said PSLINK general secretary Annie Enriquez Geron, highlighting that the ratification of the convention may likely strengthen regulations against workplace harassment.

The labor groups said ILO-C190 if ratified, would help in the legislation and implementation of SOGIESC (sexual orientation, gender identity, gender expression, and sex characteristics) Equality Bill.

“If this (ILO-C190) would be ratified, it will help in the campaign of legislating SOGIESC Bill because you would not be able to eliminate violence and harassment in the workplace if you leave out a certain population of people with diverse SOGIESC,” said Ms. Geron.

Analysts cite CREATE law risks

THE GOVERNMENT could lose billions of pesos in revenue once taxes under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law are lowered, economists said.

The state should instead focus on better tax administration since lower taxes would not ensure quality investments entering the country, they added.

“Lowering taxes in fact can even do more harm than good as government revenues dwindle and quality of investments, in the form of higher-earning projects, may worsen as lower value-added investments are attracted by lower taxes,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat.

Former Department of Finance undersecretary Cielo D. Magno said that the government should focus more on tax administration than changing its rates.

Last week, the House Ways and Means Committee approved the CREATE MORE (CREATE to Maximize Opportunities for Reinvigorating the Economy) bill, which aims to introduce a “simplified and streamlined” refund tax system.

The proposed law aims to reduce the corporate income tax to 20% for those under the enhanced deduction regime from 20%-25%.

The measure would allow domestic and export companies, even those inside ecozones and freeports, to enjoy duty exemptions, value-added tax (VAT) exemption on importation, and the VAT zero-rating of local purchases as provided in their respective investment promotion agency (IPA) registrations.

“The Japanese investors raised the problem of input VAT refund as a problem. The only solution to fix that is the full implementation of e-invoicing by BIR which is not being discussed,” Ms. Magno commented in a Viber message.

Mr. Lanzona said that the government should focus on developing more strengthening industrial and competitive policies other than tax reforms.

“The goal then is to strengthen domestic value chains that can link these MSMEs (micro, small and medium enterprises) to larger, more productive, and stable business groups, thus creating a solution to the size problem of the firms,” he said.

“Without developing big businesses, the country cannot move away from the middle -income trap we are in for the last forty or so years,” he added.

Meanwhile, the measure also seeks to give the President the power to modify, craft and grant incentive packages, without the recommendation of the Fiscal Incentives Review Board (FIRB).

“The President has instructed us to get this done, and the (House) leadership is trying to approve it by end of this month,” Committee on Ways and Means Chairman and Albay Rep. Jose Ma. Clemente S. Salceda said last week.

Mr. Salceda added that changes to the CREATE act should also consider the possible impact of the 15% global minimum corporate tax, which other countries have adopted.

Ms. Magno said that adopting the global minimum corporate tax would mean countries would compete on other factors like human capital and infrastructure.

“Once the 15% global minimum corporate tax is implemented, the tax incentives will become immaterial,” she noted. “Don’t we need to prioritize those to ensure the competitiveness of the Philippines instead of eroding the tax base now which will result in lower revenues/available money for government to improve infrastructure and human capital?”

The measure has yet to be debated in the plenary before the House’s final approval. — Beatriz Marie D. Cruz

Leila’s bail eases business concerns

PHILSTAR FILE PHOTO

A COALITION of business groups pushing for legal reforms welcomed on Monday the release of former senator Leila M. de Lima on bail, saying it boosts investor confidence in the Philippine legal system.

In a statement, the Justice Reform Initiative (JRI) called the prolonged detention of Ms. De Lima “unjustified,” and the cases leveled against her a “waste of public funds.”

Ms. De Lima, 64, was released from detention last Nov. 13 after a Muntinlupa City court granted her request for bail while being tried in the last of three drug cases which were filed against her along with other charges after she launched a Senate inquiry in 2016 into then-president Rodrigo R. Duterte’s deadly war on drugs.

“This is a stark reminder that indiscriminate weaponization of the law spares no one and denies the universal right of access to justice,” the JRI said. 

“The improper or political use of law is one of the biggest fears of business and society, especially for micro, small and medium-sized enterprises and our less fortunate countrymen who can ill-afford the expense, inconvenience and undue hardship caused by baseless and protracted litigation,” it added.

The government estimates that at least 6,117 people were killed in Mr. Duterte’s drug war between July 1, 2016 and May 31, 2022, but human rights groups say the death toll could be as high as 30,000. — Kyle Aristophere T. Atienza

Anti-Smartmatic groups cautioned

THE COMELEC office in Intramuros, Manila — PATRICK ROQUE

THE COMMISSION on Elections (Comelec) cautioned groups against issuing statements “bordering on contempt” as the poll body is set on rendering soon its decision on the petition to bar automated election systems provider, Smartmatic, from the 2025 midterm elections.

On Monday, a group of information and communications technology (ICT) professionals and anti-fraud advocates reiterated the call against Smartmatic as contained in the petition based on allegations of irregularities during the 2022 presidential elections as cited by the group of former information and communications technology chief, Eliseo M. Rio, Jr.

“The fact that the Comelec and Smartmatic cannot allay doubts based on observed anomalies leads us to believe that electronic fraud has been committed in the 2022 national elections,” said Kim Cantillas, acting chairperson of the Computer Professionals’ Union (CPU).

Comelec’s George Erwin Garcia said: “We have a decision forthcoming. Nobody has the business of preempting it.” 

CPU, together with anti-fraud advocacy group Kontra Daya, have reiterated the points raised by Mr. Rio, who alleged that election returns from different vote-counting machines (VCMs) were illegally transmitted from the same IP address. The group also cited the alleged transmission of voluminous amounts of data from the VCMs before the closing of poll hours.

In a statement dated Nov. 25, Smartmatic denied the same allegations, citing that the Comelec has the resources and facts to affirm the election results. “Smartmatic awaits, with hopeful anticipation, Comelec’s swift dismissal of the disqualification petition, thereby confirming Smartmatic’s adherence to the contract’s provisions,” it said in a statement.

Smartmatic said the petitioners’ objective is both political and commercial by attempting to delegitimize the government and supporting Smartmatic competitors. The company added that the claims were unfounded and lacked evidence and that the petitioners had not demonstrated a single vote discrepancy.

Mr. Garcia said that the statements being thrown by groups were “rehashed statements already answered and propounded in several fora by the Commission.” He added that the call of different groups and Mr. Rio “is bordering on contempt in view of the sub judice rule.” — Jomel R. Paguian

MWSS seeks retained water flow

THE METROPOLITAN Waterworks and Sewerage System (MWSS) is seeking a retained water allocation of 50 cubic meters per second (cms) from the Angat-Ipo-La Mesa water system for December.

“In the previous years, with the 48 cms allocation, Maynilad was implementing rotational water interruption. That’s the reason why we requested NWRB for 50 cms. Also, right now, the Angat reservoir is now 210.83m, and it might just spill if we will not be maximizing the releases,” Patrick James B. Dizon, head of the MWSS Angat-Ipo operations management division, told BusinessWorld in a Viber message.

The Angat Technical Working Group met last Wednesday regarding the allocation request, but the National Water Resources Board (NWRB) has yet to issue its decision on the water allocation of the MWSS and the National Irrigation Administration (NIA) for next month.

“Considering the elevation of reservoir now and the completion of short-medium term new water resources projects, we expect we will surpass the effect of El Niño until 2nd quarter next year,” said Mr. Dizon, of the water level at Angat Dam.

In July, the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), announced the onset of El Niño, which is expected to persist until the first quarter of 2024.

Meanwhile, MWSS’ concessionaires Manila Water Co., Inc. and Maynilad Water Services, Inc. submitted their position papers for their application for the extension of the term of their respective revised concession agreements (RCAs).

Both companies seek the extension of the expiration date of RCAs from 2037 to 2047 to coincide with the term of their 25-year legislative franchise.

According to Mr. Dizon, the MWSS Board of Trustees created a committee for the RCA term extension to review the application of Manila Water and Maynilad. — Sheldeen Joy Talavera

Moro fronts laud amnesty for rebels

PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr.’s order to grant amnesty to Islamic and Maoist rebels was cheered on by the Moro National Liberation Front (MNLF) and the Moro Islamic Liberation Front (MILF), which said on Monday that “it serves as a vehicle to ever-lasting unity, peace and reconciliation.”

The amnesty proclamation also “serves as a significant step towards national unity, and promotes a peaceful and a more inclusive nation,” the Deputy Speaker Ustadz Abdulkarim T. Misuari of the Bangsamoro parliament said.

“Furthermore, by choosing amnesty, the President showcases his sincerity and foresight, recognizing that dialogue and negotiation are keys to resolving conflicts with those who once stood against the government,” added Mr. Misuari.

Last week, the Palace issued a series of proclamations offering amnesty to rebels from the Rebolusyonaryong Partido Manggagawa ng Pilipinas/Revolutionary Proletarian Army/Alex Boncayao Brigade (RPMP-RPA-ABB), the Communist Party of the Philippines-New People’s Army-National Democratic Front (CPP-NPA-NDF) or their front organizations, as well as the MILF and MNLF.

Gerry A. Salapuddin, administrator of the Southern Philippines Development Authority, said on Monday that the two proclamations “augur well” with cross-section efforts to foster lasting peace in the Bangsamoro Autonomous Region in Muslim Mindanao.

Mr. Salapuddin, who hails from Tuburan town in BARMM’s Basilan province, was thrice wounded seriously in clashes with soldiers while he was chairman of the MNLF’s revolutionary committee in the island province in the 1970s.

“Armed conflicts are devastating, painful, saddening, sickening. We’ve learned from it that the best way to build peace, based on Mindanao settings, is reconciliation and unity in spreading it everywhere in all of its regions,” Mr. Salapuddin said.

No fewer than 300 members of the MILF and the MNLF, mostly residents of BARMM, have pending criminal cases related to rebellion in different courts in Mindanao, according to officials of different peace-advocacy organizations in the region and human rights lawyers helping them for free.

DoLE to stage 21 job fairs nationwide in December

PHILSTAR FILE PHOTO

THE DEPARTMENT of Labor and Employment (DoLE) is set to conduct 21 job fairs nationwide starting Dec. 1 with more than 28,100 job vacancies offered by 340 employers in celebration of its 90th anniversary.

In a statement, DoLE said the jobs with the most vacancies are customer service representatives, production workers and operators, cashiers, baggers, laborers, carpenters, painters, casino dealers, and service crew.

In Luzon, the department will host job fairs in the National Capital Region (NCR or Metro Manila), Baguio City, Pangasinan, Tuguegarao City, Balanga City, Cabanatuan City, Lipa City, and Legazpi City. In Visayas and Mindanao, job fairs are scheduled in the cities of Iloilo, Tagbilaran, Cebu, Tacloban, Zamboanga, Cagayan de Oro, Butuan, and Davao.

The labor department encouraged job seekers to prepare their application requirements, such as resume or curriculum vitae, certificate of employment for those formerly employed, diploma, transcript of records, and training certificates, among others. — Jomel R. Paguian

Keep prices affordable during holiday season — Speaker

HOUSE SPEAKER Ferdinand Martin Romualdez and ACT-CIS Rep. Erwin Tulfo visit Farmers Market at Araneta City, Cubao, Quezon City on Monday to monitor the prices and supply of food on Monday as the Yuletide season sets in. — PHILIPPPINE STAR/MICHAEL VARCAS

HOUSE Speaker Ferdinand Martin G. Romualdez called on market vendors on Monday to keep the prices of food and other basic commodities affordable during the Christmas season.

“We appeal to retailers to follow the SRP (suggested retail price),” House Speaker Ferdinand Martin G. Romualdez said in a statement. “Rice and other Noche Buena items should be affordable.”

The upcoming holidays are seen to help drive growth towards the end of the year, the National Economic and Development Authority (NEDA) said in October.

Gross domestic product (GDP) expanded by 5.9% in the third quarter of the year from 4.3% in the second quarter, data from the Philippine Statistics Authority had shown.

“We want to make sure that traders do not take advantage of the holiday season to jack up prices of basic commodities,” Mr. Romualdez said.

Last month, the House approved a bill proposing to slap harsher penalties as well as lower the price limit for smuggling, hoarding, profiteering and cartelizing of agri-fishery and tobacco products to qualify as economic sabotage.

Headline inflation in October eased to 4.9% from 6.1% in October. Food inflation slowed to 7.1% from 10% in the previous month, as inflation in commodities like rice, vegetables, meat decreased.   

“The House will continue to pass similar legislative measures to help the agricultural sector and support the prosperity agenda of President Ferdinand ‘Bongbong’ Romualdez Marcos Jr.,” he said. — Beatriz Marie D. Cruz

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