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Israel-Hamas ceasefire sought

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

SENATOR Robin Ferdinand C. Padilla has filed a resolution calling for a sustained ceasefire in war between Israel and Hamas militants and unhindered delivery of humanitarian aid to Gaza.

A ceasefire would be the best measure to ensure civilians in Israel and Palestinian territories are protected, he said in Resolution 880, citing Amnesty International.

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.

It has deployed tens of thousands of its troops for a ground assault on the Palestinian enclave.

More than 15,000 people have died in the war, according to the Hamas-run Gaza Health Ministry.

Last month, the Philippines joined 144 nations in favoring a United Nations General Assembly resolution condemning Israeli settlements in Occupied Palestinian Territory including East Jerusalem and Syrian Golan. — John Victor D. Ordoñez

Agri damage from quake hits P2.5M

AGRICULTURAL damage from the magnitude 7.6 earthquake that jolted Surigao del Sur in southern Philippines has reached P2.5 million, according to a Department of Agriculture bulletin.

It said 72.4% of damage and loss mainly affected the fishery sector of the Caraga Region. They include damaged equipment of the agency’s laboratories, production facilities and stock lines from seaweed farms.

Farm structures accounted for 23.9% of the reported damage, followed by agricultural machinery and equipment at 3.7%.

The Agriculture department said its regional offices were coordinating with local governments and disaster offices to monitor the impact of the quake and help farmers and fishermen.

The earthquake occurred on Saturday, with a depth of 26 kilometers off the coast of Hinatuan, Surigao del Sur. The Philippine Institute of Volcanology and Seismology earlier recorded 2,491 aftershocks. — Adrian H. Halili

More cops sent to guard MSU

FILIP ANDREJEVIC-UNSPLASH

COTABATO CITY — The Bangsamoro regional police on Tuesday deployed a company of law enforcers to secure the Mindanao State University (MSU) campus in Marawi City after a bombing incident that killed at least four people and hurt dozens more on Dec. 3.

Classes at MSU continue, the school administration said on Wednesday.

“We have enough personnel to secure the MSU campus,” Brigadier General Allan C. Nobleza, director of the Police Regional Office-Bangsamoro Autonomous Region, said. “The police, military and city government of Marawi and the administration of the governor of Lanao del Sur are on top of the situation. Classes can continue normally.” — John Felix M. Unson

Senate ratifies passport bill

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THE PHILIPPINE SENATE has ratified the bicameral conference committee report on a measure that seeks to streamline the passport application process.

At the Senate’s plenary session on Wednesday, Senator Maria Imelda “Imee” R. Marcos, who sponsored the proposed New Philippine Passport Act, said lawmakers deleted a clause giving senior citizens and persons with disabilities a 20% discount on application fees, as recommended by the Department of Foreign Affairs.

The reconciled version of Senate Bill 2001 and House Bill 6510 also increased the penalty for forgery and the improper use of travel documents to 15 years from the 12 years in prison.

The passport measure, which the Senate approved on final reading in September, will set up a watchlist of people who have been denied passports or have had their passports canceled, which would fast-track the approval process.

Senior citizens and migrant workers will be allowed to renew their passports virtually.

Meanwhile, the Senate also ratified the bicameral report on a bill that seeks to give senior citizens a P100,000 cash gift in three equal tranches.

Senior citizens will get the case even if they are not yet 100 years old. The law only allows senior citizens within a year of reaching 80, 90, or 100 years to receive cash gifts. — John Victor D. Ordoñez

Philippines posts ‘walking pneumonia’ case

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The Philippines has recorded four cases of mycoplasma pneumoniae, which has overwhelmed children’s hospitals in China, according to the Department of Health (DoH).

The four cases of the disease known as “walking pneumonia” were found among people with influenza-like illness as of Nov. 25, it said in a statement.  One case was recorded in January, one in July and two in September.

On Tuesday, Health Secretary Teodoro J. Herbosa said that there was no outbreak of walking pneumonia in the Philippines amid rising respiratory illness cases in China and other countries.

DoH said mycoplasma pneumoniae is not a new pathogen and had been detected in the country.

Health Undersecretary Eric Tayag earlier said there have been no recorded walking pneumonia cases in the country because there is no routine testing for the disease. He said the bacteria is 90% to 95% drug-resistant in China.

The disease is a common bacterial infection that usually affects younger children and is treated by antibiotics, according to the World Health Organization (WHO). — Kyle Aristophere T. Atienza

Defense program bill passed

PHILIPPINE STAR/EDD GUMBAN

Philippine senators on Wednesday approved on second reading a bill that seeks to revitalize the country’s defense program and encourage businesses to invest in local defense equipment.

Senate Bill 2455 will task the Department of National Defense to craft a self-reliant defense posture program that will encourage manufacturers to produce defense and weapon systems in the Philippines and promote their exports to other countries.

Under the measure the Defense department will be allotted P1 billion as seed money to finance the program.

“It is imperative to revitalize the country’s self-reliance defense posture program and to fully harness the potential of the defense industry at a time when security threats are imminent and continue to evolve,” according to a copy of the bill. — John Victor D. Ordonez

Shares go down on profit taking, lack of drivers

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE SHARES closed lower on Wednesday as investors pocketed their profits after the market’s three-day rally amid a lack of fresh leads and as the country’s outstanding debt reached another record high.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 3.10 points or 0.04% to finish at 6,305.85 on Wednesday, while the broader all shares index inched down by 0.36 point or 0.01% to close at 3,351.66.

“The local bourse declined by 3.10 points to 6,305.85 as investors booked some gains after the three consecutive days of market rally. In addition, the national government’s outstanding debt, which reached a record of P14.48 trillion as of end-October, somehow weighed on sentiment,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

The National Government’s outstanding debt went up by 1.49% from P14.27 trillion as of end-September, data from the Bureau of the Treasury showed.

Year on year, the debt stock rose by 6.16% from P13.64 trillion. It also increased by 7.91% from P13.42 trillion at the end of December 2022.

“Philippine shares closed almost flat, with investors trying to get more cues from overseas that the world’s largest economy is still on an uninterrupted path to recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Despite the losses in the US [overnight], the past five weeks of consecutive gains means that all three stock indexes are still on track to end the quarter and year with big gains,” he added.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the US Federal Reserve will cut interest rates as soon as March, Reuters reported.

The S&P 500 declined 0.06% to end the session at 4,567.18 points.

The Nasdaq gained 0.31% to 14,229.91 points, while Dow Jones Industrial Average declined 0.22% to 36,124.56 points.

“The stock market is down as 6,300 is proving to be a tough resistance. The market awaits more catalyst for 6,399 to become new support,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

The majority of sectoral indices closed lower on Wednesday. Financials declined by 15.63 points or 0.89% to 1,732.20; mining and oil retreated by 64.22 points or 0.65% to 9,688.55; industrials went down by 25.22 points or 0.28% to 8,803.83; and property dropped by 7.66 points or 0.27% to 2,758.22.

Meanwhile, services climbed by 14.38 points or 0.92% to 1,562.69, and holding firms rose by 17.33 points or 0.29% to 5,977.67. 

Value turnover rose to P5.67 billion on Wednesday with 345.22 million issues changing hands from the P4.01 billion with 622.4 million issues seen on Tuesday.

Decliners outnumbered advancers, 92 versus 79, while 50 names closed unchanged.

Net foreign buying stood at P378.57 million on Wednesday versus the P182.43 million in net selling logged on Tuesday. — R.M.D. Ochave with Reuters

Peso strengthens further vs dollar

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THE PESO hit a new four-month high against the dollar on Wednesday after inflation eased to a 20-month low in November and amid weakening global prospects as China’s credit rating outlook was downgraded.

The local unit closed at P55.305 per dollar on Wednesday, strengthening by 1.5 centavos from its P55.32 finish on Tuesday, based on Bankers Association of the Philippines data.

This was the peso’s strongest close since its P55.19 per dollar finish on Aug. 2.

The peso opened Wednesday’s session stronger at P55.30 against the dollar. Its intraday best was at P55.295, while its weakest showing was at P55.36 versus the greenback.

Dollars exchanged went down to $1.03 billion on Wednesday from $1.35 billion on Tuesday.

The peso continued to be supported by easing inflation, as well as lower global crude oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Headline inflation slowed to 4.1% in November from 4.9% in October and 8% in the same period last year. This was within the Bangko Sentral ng Pilipinas’ (BSP) 4-4.8% forecast and below the median estimate of 4.4% by 15 economists in a BusinessWorld poll conducted last week.

Year to date, inflation averaged 6.2%, faster than 5.6% in the same period last year.

The peso was also supported by weakening global sentiment after China’s credit outlook was downgraded by Moody’s Investors Service and softer US job openings data, a trader said in an e-mail.

The dollar was near a two-week high against a basket of currencies on Wednesday as investors assessed US economic data that showed a cooling labor market, while wagering the Federal Reserve will cut rates next year, Reuters reported.

The spotlight in Asia was on China, where the yuan extended losses as markets grappled with rating agency Moody’s cut to the Asian giant’s credit outlook.

The dollar index, which measures the US currency against six rivals, was 0.029% lower at 103.93, having climbed 0.3% overnight. The index is up 0.5% this month, after sliding 3% in November, its steepest monthly decline in a year.

Data on Tuesday showed US job openings fell to more than a 2-1/2-year low in October, the strongest sign yet that higher interest rates were dampening demand for workers. Data also showed there were 1.34 vacancies for every unemployed person in October, the lowest since August 2021.

For Thursday, the trader sees the peso moving between P55.20 and P55.45 per dollar, while Mr. Ricafort expects it to range from P55.20 to P55.45. — AMCS with Reuters

Senate OKs bill vs agri smugglers

The Philippine Senate on Wednesday approved on second reading a priority bill that seeks to impose harsher penalties on smugglers of agricultural products.

Senate Bill 2432 will lower the value of smuggled agriculture and fishery products to P1 million from P10 million for the act to be considered economic sabotage.

Violators face life imprisonment and a fine worth thrice the value of agricultural and fishery products that they smuggled.

Senator Cynthia A. Villar, the bill’s author and sponsor, earlier said the government has been losing at least P200 billion in revenue each year to smuggling. — John Victor D. Ordonez

Rightsizing bill filed at Senate 

A BILL that seeks to streamline the government bureaucracy by getting rid of obsolete positions to improve the delivery of state services has been filed at the Senate.

“This measure aims to implement a systemic reform to promote and maintain an effective, efficient, economical, responsive and progressive Philippine government,” Senator Joel J. Villanueva, who filed Senate Bill 2502 on Dec. 5, said in the measure’s explanatory note.

Under the bill, Congress, the Judiciary, constitutional commissions, the Ombusdman and local governments may restructure their offices.

Affected state workers with five to 11 years of service would be entitled to half their monthly salary for every year of service.

Those with 31 years of employment will be entitled to one and a quarter months’ salary for every year of service.

The President may streamline and scale down redundant functions that could be handled by local governments.

A committee will also be formed to oversee the rightsizing of the Executive branch, which will be headed by the executive secretary and co-headed by the Budget chief.

Government employees excluded from the rightsizing program are teachers, military and police. — John Victor D. Ordonez

Bus owner in crash to cooperate with probe

THE OPERATOR of a passenger bus that fell off a ravine in Hamtic, Antique province on Tuesday that killed several people said it would cooperate with a government investigation.

Vallacar Transit, Inc., which operates Ceres Bus Liner, in a statement on Wednesday said it has reported the incident to the Land Transportation and Franchising Regulatory Board.

The passenger bus fell off a ravine while on its way to Culasi, Antique from Iloilo. The bus driver, conductor and inspector were among those who died.

Broderick Train, chief of the provincial disaster agency, told a news briefing at least 17 people died.

Vallacar Transit, Inc. said it had suspended all 12 remaining units under the franchise of the bus involved in the accident. — Jomel R. Paguian

Free college entrance exam bill OK’d

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THE SENATE on Wednesday approved on second reading a bill that seeks to waive entrance examination fees for poor graduates or graduating students in private colleges.

Under Senate Bill 2441, students may avail themselves of the exemption if they belong to the top 10% of their graduating class and if their combined household income is below the poverty threshold defined by the National Economic and Development Authority.

The measure also mandates the Commission on Higher Education to sanction officials and employees of private higher education institutions that refuse to comply with the waiver.    John Victor D. Ordoñez