How PSEi member stocks performed — October 3, 2024
Here’s a quick glance at how PSEi stocks fared on Thursday, October 3, 2024.
US Marines prepare for military drills with Filipino counterparts this month
US MARINES and sailors arrived in Manila on Thursday to gear up for joint military exercises with their Filipino counterparts on Oct. 7 to 24 as part of their six-month stint in Southeast Asia, according to the US Defense department.
In a statement, the agency’s Defense Visual Information Distribution Service said the visit to Manila of the Marine Rotational Force in Southeast Asia (MRF-SEA) seeks to boost interoperability with allied forces in the Indo-Pacific region.
“We train together to strengthen our relationships and collective capabilities, and the intent of MRF-SEA is to cultivate and reinforce the common values and capabilities between our partners and to preserve a rules-based international order,” Colonel Stuart W. Glenn, commanding officer of the force, said in a statement.
He said the deployment of US Marines in Southeast Asia is aimed at building upon “cooperative relationships” with regional allies and partners.
“The Marine Corps is committed to preserving the freedom of the region and its people,” Mr. Glenn said.
The training exercises will involve ground and aircraft combat, combat medical care, military operations in urban terrain and at sea (amphibious operations), the US Defense department said.
“If the intention of joint military exercises is to strengthen Philippine-US interoperability for humanitarian disaster response, counterterrorism, combatting international crimes and other nontraditional security concerns, it is vital for Philippine capability building,” Rommel C. Banlaoi, president of the Philippine Society for International Security Studies, said in a Viber message.
“But if its intention is to counter China, the exercises will only cause regional anxieties,” he added.
Tensions between the Philippines and China have worsened in the past year as Beijing continues to block resupply missions to Second Thomas Shoal, where Manila has a handful of troops stationed at a beached vessel.
Washington had left its Typhon missile system in the Philippines after joint exercises in April amid Chinese demands to withdraw it from the Southeast Asian nation. The US does plan to pull it out and is studying its use in a regional conflict, Reuters earlier reported.
China and Russia have criticized the move, saying it could fuel an arms race in the region.
Manila is considering all security options that would deter Chinese aggression in the waterway, Philippine Defense Secretary Gilberto Eduardo Gerardo C. Teodoro, Jr. earlier said.
The US Army flew the Typhon, which can launch missiles including SM-6 missiles and Tomahawks with a range exceeding 1,600 kilometers (994 miles), to the Philippines in April in what it called a “historic first” and a “significant step in our partnership with the Philippines.”
The Philippines is open to acquiring the Typhon midrange missile system, Agusan del Norte Rep. Jose “Joboy” S. Aquino II said last month, as he sponsored the 2025 budget of the Defense department.
“The MRF-SEA is commendable since while it’s reinforcing allies in maritime Southeast Asia, it also involves Thailand, which despite being in mainland Southeast Asia and affected by Chinese presence, is industrialized enough to not be dependent on it,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat.
Senate President Francis “Chiz” G. Escudero earlier told foreign journalists that the Senate aims to ratify Manila’s reciprocal access agreement with Tokyo before the year ends.
The military pact, which was signed in July, eases the entry of equipment and troops for combat training from Japan and to ensure stability in the region amid growing tensions with China.
The Philippines has a visiting forces agreement with the United States and Australia. Tokyo, which hosts the biggest concentration of US forces abroad, has a similar deal with Australia and Britain, and is negotiating another with France.
A United Nations-backed tribunal based in the Hague in 2016 voided China’s expansive claims in the South China Sea for being illegal. Beijing has rejected the ruling. — John Victor D. Ordoñez
Marcos says authorities monitoring Taal Volcano
PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said authorities were monitoring the situation around Taal Volcano south of the capital after a minor eruption on Oct. 2.
The volcano had been silent after its phreatomagmatic eruption on Wednesday, according to Philippine Institute of Volcanology and Seismology.
It had not detected any quakes within 24 hours since it spewed a plume of steam that was more than 2 kilometers (1.24 miles) high.
“When the volcano erupts or the storm comes or if there’s an earthquake or whatever, they know what to do,” Mr. Marcos told reporters in Pasig City, referring to local authorities. “What we have to do is to monitor the situation and continue to see where are the areas, because not every situation is the same.”
Taal, located about 70 km south of Manila, is one of the world’s smallest active volcanoes, and some of its previous eruptions had affected the capital and air travel.
The agency’s chief Teresito Bacolcol on Wednesday described the eruption as phreatomagmatic, where magma interacts with water and produces a plume of steam. He added that there was no need for people to evacuate yet.
The volcano sits inside a large lake near the town of Tagaytay in Cavite province.
Mr. Bacolcol said the alert level remained at the lowest on the scale and there were no immediate reports of injuries.
Despite standing at only 311 meters (1,020 feet), it can be deadly and an eruption in 1911 killed more than 1,300 people.
In July 2021, thousands of people were evacuated after it spewed a kilometer-high plume of gas and steam.
A year earlier, Taal volcano shot a column of ash and steam as high as 15 km into the sky, forcing more than 100,000 people to abandon their homes and triggered widespread disruption in the capital.
The Philippines lies in the so-called Pacific Ring of Fire, a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike. I also lies along the typhoon belt in the Pacific and experiences about 20 storms each year. — KATA
VP’s ratings at risk after dodging fund misuse raps
VICE-PRESIDENT Sara Duterte-Carpio’s popularity would continue to suffer if she keeps ignoring allegations of confidential fund misuse, a congressman said on Thursday.
In a statement, Senior Deputy Speaker and Pampanga Rep. Aurelio D. Gonzales, Jr. said public officials should be transparent in public spending and face congressional scrutiny.
Her office did not immediately reply to an e-mail seeking comment.
Ms. Duterte refused to attend congressional hearings on her office’s 2025 budget, and a separate House of Representatives probe of her alleged misuse of P125 million in secret funds in 2022. State auditors disallowed P73.3 million of the funds.
She earlier accused congressmen of using House hearings to revive old issues against her.
“People expect public officials to be transparent in the use of government funds,” Mr. Gonzales said in mixed English and Filipino. “That’s why it’s not surprising to see her ratings drop as she continues to skip questions about her fund spending.”
Ms. Carpio’s approval rating fell to 60% in September from 69% in June, according to a Pulse Asia Research, Inc. poll. Her trust ratings also dropped by 10 points to 61%.
“I expect it to drop further,” Mr. Gonzales said. “The people are angry about her fund usage, especially as she continues to skip congressional hearings to explain irregularities.”
Congressmen last month cut her budget by 64% to P733 million, noting that her social projects are already covered by the budgets of the Health and Social Welfare departments. — K.C.L. Basilio
Duterte allies seek Senate reelection
REELECTIONIST Senators Ronald “Bato” M. dela Rosa and Christopher Lawrence “Bong” T. Go, friends and allies of former President Rodrigo R. Duterte, are seeking extension of their terms as they formalized their bids for the 2025 midterm polls.
Mr. Dela Rosa, who served as a Mr. Duterte’s police chief, and Mr. Go, former Special Assistant to the President, filed their certificates of candidacy (CoC) on Thursday at the Manila Hotel, under the endorsement of the former chief executive.
The May 2025 elections will be a litmus test of President Ferdinand R. Marcos, Jr.’s popularity and a chance to consolidate power and groom a successor, which the influential Duterte family has signaled it is determined to stop after an acrimonious falling out.
Though 317 seats in the House of Representatives and thousands of regional and city posts are up for grabs among 18,000 positions, the attention is on 12 spots in the 24-seat Senate, a high-profile chamber with outsized influence and typically stacked with political heavyweights.
Mr. Dela Rosa, often regarded as the chief architect of Mr. Duterte’s war on drugs when he was police chief, said he would continue his advocacy for peace and order, and national defense. He would also lobby for mandatory Reserve Officers’ Training Corps.
“I will continue my fight against illegal drugs and criminality, and for national defense and security, we will situate that our national defense posture should be credible enough against foreign invaders,” he told reporters after filing his CoC.
The war on drugs is currently under probe by the International Criminal Court due to the thousands of extralegal killings between 2016 and 2022, most of whom were urban poor. The former police chief said he received calls from the tribunal but admitted he is ignoring the court.
Health and food security will continue taking center stage among the platforms of Mr. Go, who is the current chairman of the Senate Committee on Health and Demography. He is also the main proponent of the Malasakit Centers program.
When asked if Davao City Mayor Sebastian Z. Duterte would run for Senate, Mr. Go said the Filipinos should just wait and see until the last day of filing on Oct. 8, Monday.
Under the same banner, film star Philip Mikael R. Salvador also filed his CoC for a senatorial seat. Mr. Salvador said he would also push for peace and order in the upper chamber if he won.
Among his platforms include allowing drug addicts to undergo rehabilitation, but clarified he is not against Mr. Duterte’s deadly war on drugs. In 2016, he tried to run as vice governor of Bulacan but was excluded from the voters’ list days before the local polls.
In a September 2024 Social Weather Stations survey, Senators Dela Rosa and Go fell to the 11th to 13th spot from their March 2024 ranking of 5th, and 10th to 11th, respectively. The SWS poll showed admin-endorsed candidates dominated the list of 12 preferred senatorial prospective candidates.
MARCOS ALLIES TAKE LEAD
A separate public opinion poll, likewise, showed politicians allied to the Marcos administration dominated the so-called Magic 12 for next year’s Senate race in the latest issue of the Philippine Public Opinion Monitor, conducted by WR Numero Research.
ACT-CIS Rep. Erwin T. Tulfo, who is running for senator under a coalition led by President Ferdinand R. Marcos, Jr., topped the September 2024 survey.
He was followed by former Senate President Vicente C. Sotto III with 39.3% and radio personality Bienvenido T. Tulfo with 36.1%.
They were followed by former President Duterte with 32.4%, Sen. Pilar Juliana “Pia” S. Cayetano with 30.4%, former senator Emmanuel “Manny” D. Pacquiao with 30.2%, and Senator Ramon “Bong” Revilla, Jr. with 29.3%, who were all tied at ranks 4th to 7th.
Also among those that could potentially win a senate seat were former senator Panfilo “Ping” M. Lacson (24.4%), Senator Maria Imelda Josefa Remedios R. Marcos (23.7%), Mr. Dela Rosa (23.2%), former senator Francis Pancratius “Kiko” N. Pangilinan (23.1%), and Senator Manuel “Lito” Lapid (22.3%), who ranked 8th to 12th.
Meanwhile, cardiologist Willie T. Ong and Senator Go closely trail in 13th (21.9%) and 14th (21.5%) places, down from their 11th (25.6%), and 9th (29.5%) spots in the March 2024 survey, respectively.
The September poll saw Mr. Ben Tulfo, brother of the most preferred senate bet, enter the top three. Mr. Lapid also broke into the top 12 after ranking 17th in March with 22%.
The poll was conducted a month before the filing of certificate of candidacies for the midterm elections next year.
Six of the people in the Magic 12 are part of the Marcos-led Alyansa Para sa Bagong Pilipinas such as Mr. Tulfo of ACT-CIS, Mr. Sotto, Ms. Cayetano, Mr. Pacquiao, Mr. Revilla, and Mr. Lapid. Mr. Lacson and Ms. Marcos, who were initially part of the list endorsed by the President, decided to run as independent candidates.
Only Mr. Pangilinan of the Liberal Party was able to enter the lineup among opposition personalities.
Major opposition groups such as the Liberal Party and Koalisyong Makabayan earlier told BusinessWorld that they would not, in any way, build bridges with the opposition-posturing movement of Mr. Duterte, whose six-year term was marked by activist killings and deaths under his bloody anti-drugs campaign.
The survey was conducted from Sept. 5 to 23 with a sample of 1,729 adults aged 18 and older. It has a margin of error of ± 2% at a 95% confidence level. At the subnational level, the margin of error is ± 6% for the National Capital Region, ± 5% for North and Central Luzon, ± 5% for South Luzon, ± 6% for Visayas, and ± 5% for Mindanao, all at the same 95% confidence level. — Chloe Mari A. Hufana and Kyle Aristophere T. Atienza
Agri damage from Julian at P36M
AGRICULTURAL damage due to Super Typhoon “Julian” (international name: Krathon) was estimated at P36.34 million, according to preliminary data from the Department of Agriculture (DA).
In a bulletin on Thursday, the agency said the damage covered 1,526 metric tons (MT) of crops across affecting 1,000 farmers.
Reported damage spanned 577 hectares of farmland from initial reports from Ilocos Norte and Cagayan.
Damage to corn was reckoned at 1,514 MT spanning 559 hectares of agricultural land. Total value lost was estimated at P35.75 million.
“Most of the damage and losses on corn are in the vegetative and maturity stages,” the DA said.
The Agriculture department added that damage to high value crops was estimated at P595,300 from Ilocos Norte. Initial volumes were estimated at 2 MT spanning 18 hectares.
The DA said that P143.26 million worth of agricultural inputs, including rice, corn, and vegetable seeds, are available in the regional field offices in Cordillera Administrative Region and Ilocos Region.
“Best possible efforts are also being undertaken by the department to carry out assistance and appropriate interventions for the farmers affected by the situation,” the agency added.
The state weather bureau said that Julian had re-entered the Philippine Area of Responsibility and expected to make landfall over Taiwan. It has since been downgraded into the typhoon category. — Adrian H. Halili
DoE studying load profile forecast
THE Department of Energy (DoE) is looking at studying how to forecast the country’s load profile due to the expected significant shift on major users of electricity.
Speaking at a forum in Makati City on Thursday, DoE Director for Energy Policy and Planning Michael O. Sinocruz said that the outlook on electricity per capita is projected to increase.
“Based on the projection, by around 2040 or before 2040, there will be a significant shift for the major user of electricity will be industry, based on the development plan of the government… not anymore household, but rather industry,” Mr. Sinocruz said.
“We are looking at whether to study further, because if industry will be the major user of electricity, there will be a change in the load profile of the country. Meaning to say, there will be more manufacturing plants running 24/7,” he added.
Mr. Sinocruz said that the country may need more baseload capacity if the industrial sector is to lead as the major power user.
“So, my team is now studying how to forecast the load profile based on the changes in terms of the demand of electricity by the different sectors,” he said.
Data from the DoE showed that residential customers consumed 36,968 megawatts (MW) in 2023, higher than commercial and industrial sectors which used 26,236 MW and 29,493 MW, respectively. — Sheldeen Joy Talavera
New Immigration chief named
PRESIDENT Ferdinand R. Marcos, Jr. appointed Joel Anthony M. Viado as the new Bureau of Immigration (BI) chief after the firing of its former boss due to the escape of a fugitive mayor.
Mr. Viado was named officer-in-charge last month prior to his ascent as the head of the agency.
His predecessor, Norman G. Tansingco, was fired due to his failure to prevent the escape of dismissed Bamban mayor Alice L. Guo and her cohorts from leaving the country.
A lawyer by profession, Mr. Viado in a statement reiterated his support for the enactment of a new immigration law to replace the country’s 84-year-old Philippine Immigration Act, calling it “outdated” and an “obstacle” to the BI’s modernization.
He noted that the new law would not only streamline immigration procedures but also strengthen border security and improve the governance of immigration policies.
“The Bureau is fully supportive of the President’s initiative to prioritize a new immigration law, which will enhance our operations and allow us to serve the public more effectively,” he added. — Chloe Mari A. Hufana
SM hosts job fairs in October
SHOPPING MALL chain SM will host job fairs this month in its malls as the unemployment rate in July hit a one-year high due to new entrants in the labor market.
The job fairs for this month are on Oct. 10 for SM City Davao and SM City Caloocan; Oct. 11 for SM City Grand Central, SM City Trece Martires, SM Center Pulilan, and SM Center Las Piñas; and the last day on Oct. 28 at SM City Puerto Prinsesa.
In a statement on Thursday, SM said job fairs are the most efficient way for fresh graduates to find jobs.
It said it has already conducted over 40 job fairs nationwide, which has helped over 25,000 job seekers connect with employers.
The fairs are in collaboration with the Labor department and the Public Employment Service Offices (PESO).
Industries participating are from information technology, business process outsourcing, hospitality and tourism, retail, government services, and others. — Chloe Mari A. Hufana
US donates P485M for PHL basic ed
THE United States government will donate an additional P485 million to the Philippines to improve the country’s basic education programs, according to the US embassy in Manila.
In a statement on Thursday, the embassy said Washington’s Advancing Basic Education in the Philippines (ABC+) will total P2.6 billion following the additional donation.
The education funding will benefit select areas in Metro Manila, Mimaropa, the Cordillera Administrative Region, and Soccsksargen, it said.
“We are focusing on strengthening students’ foundational skills, especially for those students who are struggling with reading. Just as with learning to read, we are taking a team approach — advancing step by step, word by word, teacher by teacher, student by student, to open possibilities for Filipino youth,” US Ambassador to the Philippines MaryKay L. Carlson said in the statement.
Filipino students were among the weakest globally in mathematics, reading, and science, based on the 2022 PISA. The Philippines ranked 77th out of 81 countries, performing worse than the global average. — John Victor D. Ordoñez
Stronger SoKor-Manila ties seen
SOUTH Korean President Yoon Suk Yeol’s visit to Manila next week is expected to boost security, economic, and development ties between both countries, according to Seoul’s Ambassador to the Philippines.
“President Yoon’s state visit epitomizes not only a celebration of past achievements but a forging of even greater partnership and opportunities,” South Korean Ambassador to the Philippines Lee Sang-hwa said in a statement on Thursday.
Mr. Yoon will meet with Philippine President Ferdinand R. Marcos on Oct. 7.
Last month, the Philippine Senate ratified the free trade agreement (FTA) between both countries, which is expected the pave the way for more exports of Philippine bananas and processed pineapples to Seoul.
The trade pact is still pending ratification at the Korean National Assembly.
This is the third FTA involving the Philippines and South Korea (SoKor), after the Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership.
Last year, South Korea was the Philippines’ fifth-largest trading partner with total trade reaching about $12 billion, according to data from the Philippine Statistics Authority. Exports to South Korea last year were valued at $3.53 billion, while imports were at $8.49 billion.
“We are confident that the visit will serve to further strengthen our ties moving forward,” Senator Sherwin T. Gatchalian said in a statement. — John Victor D. Ordoñez
Australian aircraft designer AMSL Aero inks deal with BCDA
BAGUIO CITY — The state-run Bases Conversion and Development Authority (BCDA) signed a partnership agreement with Australian zero emissions aircraft designer and manufacturer (AMSL Aero) on Thursday in a bid to explore a new zero-emissions aircraft industry and provide the catalyst for a hydrogen production industry in the country.
The partnership involves collaboration and knowledge sharing to develop an ecosystem for low-cost zero emissions aircraft and hydrogen energy that has the potential to connect the Philippines through passenger and freight carriage air bridges, coupled with strategically located hydrogen production plants for clean energy production.
This will lead to the preparation of a feasibility study, which may include technical and commercial study of the project with potential developments within the BCDA’s properties.
AMSL Aero is an Australian-based sustainable development aerospace technology company that produces a world-leading long-range hydrogen-electric Vertical Take Off and Landing (VTOL) aircraft, the Vertiia.
Vertiia is a next-generation aircraft that takes off like a helicopter and flies fast and smoothly like a fixed wing aeroplane at very low cost per hour. The aircraft will be a highly efficient long-range zero-emissions VTOL, with a range of up to 1,000km and cruising speeds of 300kmh.
According to Max York, CEO of AMSL Aero, their partnership with BCDA has the potential to help drive the future of aerospace and clean energy production, as well as support economic development for the Philippines.
BCDA President and CEO Engr. Joshua M. Bingcang said, “The agreement with AMSL Aero will build a strong partnership with a world leading sustainable aviation manufacturer.” — Artemio A. Dumlao