Peso rallies to near 1-month high vs dollar

July 4, 2024 | 9:00 pm

THE PESO rose to a near one-month high against the dollar on Thursday due to soft US data and dovish comments from the US Federal Reserve’s June meeting that boosted bets of a rate cut within the year.

The local unit closed at P58.58 per dollar on Thursday, strengthening by 14.5 centavos from its P58.725 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s strongest finish in almost a month or since its P58.52-a-dollar close on June 7.

The peso opened Thursday’s session stronger at P58.63 per dollar. Its weakest showing was at P58.695, while its intraday best was its close of P58.58.

Dollars exchanged rose to $1.01 billion on Thursday from $779.72 million on Wednesday.

The peso was supported by a broadly weaker dollar due to weak US data and dovish comments from the Fed, a trader said in a phone interview.

Softer-than-expected US data could strengthen the case for Fed cuts this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar was on the back foot on Thursday after US economic data continued to point to slowing growth, offering limited relief to the yen, which remained pinned near a 38-year low that had the market on alert for government intervention, Reuters reported.

The dollar index, which measures the greenback against a basket of peer currencies, was close to flat at 105.32 after briefly weakening to its lowest since June 13 at 105.04 on Wednesday.

Softer-than-expected US economic data on Wednesday, including a weak services report and ADP employment report, depicted a slowing economy, following an increase in initial applications for unemployment benefits last week.

Minutes of the Fed’s June meeting acknowledged the US economy appeared to be slowing and “price pressures were diminishing.”

The string of weaker economic data had markets pricing in about a 68% chance of a US rate cut in September versus 56% a week ago, according to the CME FedWatch tool.

For Friday, the trader expects the peso to move between P58.40 and P58.80 per dollar, while Mr. Ricafort sees it ranging from P58.50 to P58.70. — AMCS with Reuters

Thailand offers to work with China, Philippines to resolve sea dispute

July 4, 2024 | 8:38 pm

FILE PHOTO of BRP Sierra Madre taken March 29, 2014. — REUTERS

By John Victor D. Ordoñez and Kyle Aristophere T. Atienza, Reporters

THAILAND is ready to help the Philippines and China peacefully resolve their sea dispute and ease tensions in the waterway, the country’s top diplomat said on Thursday.

“I convey Thailand’s support for peaceful solutions through dialogues and diplomacy and express readiness to work with all relevant parties to maintain peace and stability in the South China Sea and promote win-win cooperation in accordance with international law,” Thai Minister of Foreign Affairs Maris Sangiampongsa told a news briefing in Makati City.

This comes after Manila and Beijing resumed talks this week to ease tensions in the waterway, days after a standoff at Second Thomas Shoal, where the Philippines grounded the BRP Sierra Madre, a World War II-era ship in 1999 to assert its sea claim.

The country is hosting the latest round of talks between the two countries under their bilateral consultation mechanism, a format intended to address South China Sea disputes.

Philippine Foreign Affairs Secretary Enrique A. Manalo said he shared Manila’s position on the dispute with his Thai counterpart, citing a 2016 United Nations-backed tribunal’s ruling that voided China’s claim over the waterway.

Aside from the Philippines and China, Brunei, Malaysia, Taiwan and Vietnam also have claims to parts of the South China Sea.

“I reaffirmed the Philippines’ continued commitment to the Association of Southeast Asian Nations’ (ASEAN) commitment to centrality and ASEAN’s goal of peace and stability in the region,” he told the same briefing.

The Philippines “is making progress and was moving forward” in easing tensions with its neighbor, Mr. Manalo told reporters on the sidelines of the briefing.

China’s Foreign Ministry on Tuesday night urged the Philippines to stop its “maritime infringement” and provocation in the South China Sea, hours after the dialogue.

The bilateral meeting was held weeks after a June 17 standoff at Second Thomas Shoal in which Chinese forces with bladed weapons boarded Philippine rubber boats on a resupply mission and looted rifles.

Philippine Navy personnel fought with bare hands and one of them lost a thumb after the rubber boat he was in was rammed, according to the Philippine military.

In mid-May, Beijing’s Coast Guard seized food and supplies meant for Filipino troops stationed at the dilapidated outpost at the shoal, which Manila calls Ayungin.

Efforts to schedule a bilateral meeting between the neighbors to manage tensions at sea started as early as May, according to the Philippines’ Department of Foreign Affairs.

ASEAN and China have been in talks to craft a code of conduct in the South China Sea since 2002.

In November, Philippine President Ferdinand R. Marcos, Jr. said he had approached Malaysia and Vietnam to discuss crafting the code, citing limited progress in striking a broader regional pact with China.

Also on Thursday, Mr. Marcos vowed to boost support for the Philippine military on the cybersecurity front, as the nation beefs up digitalization efforts.

Mr. Marcos at a mid-year command conference of the Armed Forces of the Philippines (AFP) vowed to support the AFP “in its bid to adapt to new tactics against cybersecurity threats that become crucial in protecting Filipinos from external and internal threats,” the presidential palace said in a statement after the meeting.

The AFP has formed a unit focusing on cyberattacks.

The military got a moral boost from the President as he “lauded its men and women for their gallantry in fighting the local insurgency and defending the national territory,” the palace said.

During the conference, ground commanders briefed the President about their operations and assessment of internal and external security threats. He was also briefed about war games with the United States called Balikatan (shoulder-to-shoulder).

Several government websites were hacked in recent months. The hackers were linked to Chinese entities though not necessarily the Chinese government.

Philippines to ease e-visa requirements for Indians

July 4, 2024 | 8:38 pm

THE PHILIPPINES seeks to ease e-Visa transactions for Indians, the presidential palace said on Thursday, after a move by some of its Southeast Asian neighbors to offer visa-free entry to travelers from the world’s most populous nation.

Easing e-visa processing for India’s 1.4 billion people would boost the Philippine tourism sector, President Ferdinand R. Marcos, Jr. said at a meeting with the tourism sector of the Private Sector Advisory Council on Wednesday, according to a statement from the presidential palace.

Mr. Marcos said the Philippines does not have major issues with India, which would make it easier for Manila to ease visa processes for its citizens.

Under the e-Visa system, Indian nationals must still appear before the Philippine Embassy in New Delhi, reducing the efficiency of the system, LT Group, Inc. President Lucio C. Tan III said at the meeting.

He noted that e-visa processing for Indian tourists could take about a month.

He proposed for the government to partner with a third-party service provider to “establish, run and maintain” the e-Visa system.

“This will ensure that the program is consistently monitored and that any challenges in the process and the system will be immediately [addressed],” Mr. Tan said. “This will likewise streamline the application process and thus generate more applications due to the expedited process.”

The e-Visa system for Indian nationals is still in beta testing, piloted only for walk-in clients of the Philippine Embassy in New Delhi, the palace said.

Indian nationals are “repeat visitors” who stay an average of eight nights and spend $100 daily in the Philippines, the advisory council told Mr. Marcos.

It added that 78% of Indian visitors stay in hotels. Their activities include shopping, sightseeing, beach holidays, diving, visiting friends and relatives and investing.

“India’s fast-growing economy and rising middle class are projected to help outbound trips reach 30 million by 2025,” the palace said, citing the council.

In Southeast Asia, Thailand and Malaysia now offer visa-free entry to visitors from India, while Vietnam and Indonesia are planning to follow suit. — Kyle Aristophere T. Atienza

Congressman pushes removal of land lease limits on foreigners

July 4, 2024 | 8:33 pm

Manila-buildings-skyline — ALEXES GERARD-UNSPLASH

By Kenneth Christiane L. Basilio

CONGRESS should look at removing land lease limits on foreign investors instead of extending the period to 99 years, a congressman said on Wednesday.

The government will keep the power to cancel the land lease contracts with foreign investors in case of violations, Albay Rep. Jose Ma. Clemente “Joey” S. Salceda told BusinessWorld.

“I generally believe there should be no limits to the right to lease property,” he said in a Viber message. “It’s a cancelable contract that can be subject to rules and safeguards anyway.”

A proposal to allow foreign investors to lease land for up to 99 years from 75 years was added to the Marcos government’s legislative priorities last month.

Assistant Minority Leader and Party-list Rep. Marissa P. Magsino told BusinessWorld she’s looking at filing a bill extending the maximum lease period to 99 years to entice foreign investors.

“Increasing the length of leasehold agreements on land would make some projects more attractive to foreign investors since some investments require longer payback periods,” she said in a Viber message.

“The length of tenure will be such that investors will be encouraged to invest more and make long-term projections,” she added.

Ms. Magsino, a member of the House land use committee, said the Investors’ Lease Act of 1993 should be amended to ensure that land lease agreements with foreign investors are in pursuit of “current or projected investments.”

The removal of limits or extension of land lease rights for foreign investors circumvents the 1987 Constitution, which bars foreign land ownership, Deputy Minority Leader and Party-list Rep. France L. Castro told BusinessWorld on Thursday.

“It would allow [foreigners] to own land for 100 years, removing the rights of Filipinos to use the land being leased by [foreign investors],” she said in Filipino.

She is doubtful that the government would terminate the land lease agreements of erring foreign investors. “I have yet to see a foreign investor or company’s land lease being revoked due to their failure to abide by laws.”

The proposal is not meant to go around the Constitution, Mr. Salceda said.

The government should ensure that land leases do not compromise the rights of Filipinos to own land, Ms. Magsino said.

“The state must… ensure that the entry of foreign investors does not compromise the constitutional imperative of preserving land ownership for Filipino citizens,” she added.

PHL, Thailand to boost ties

July 4, 2024 | 8:33 pm

THE PHILIPPINES and Thailand have agreed to expand investment, tourism and food security ties ahead of Thai Prime Minister Srettha Thavisin’s state visit to Manila this year, according to their top envoys.

“The Thai private sector has played a constructive part in the socioeconomic development of the Philippines, and they are interested in expanding their investment here,” Thai Foreign Minister Maris Sangiampongsa told a news briefing in Makati City on Thursday.

“I have asked Secretary (Enrique A.) Manalo and the Philippine government for their continued support for Thai investors,” he added. — John Victor D. Ordoñez

P27-B health allowances out soon

July 4, 2024 | 8:32 pm

HEALTH WORKERS are expected to receive P27 billion in remaining allowances by Friday, the Department of Budget and Management (DBM) said on Thursday.

In a statement, Budget Secretary Amenah F. Pangandaman said the allowances would be released even if the Department of Health (DoH) had requested their inclusion in the 2025 budget.

“Even if this was requested by the DoH for 2025, we made sure to implement this early because healthcare workers deserve this,” she said in mixed English and Filipino.

Last year, the Health department requested P27.45 billion to pay more than 5 million health emergency allowance claims and 4,283 COVID-19 sickness and death compensation claims. — Beatriz Marie D. Cruz

Farmers not consulted on tariffs

July 4, 2024 | 8:32 pm

palay-rice-farmer — PHILIPPINE STAR/EDD GUMBAN

SENATOR Maria Imelda “Imee” R. Marcos on Thursday called out the Tariff Commission for failing to consult stakeholders on lowering rice tariffs to 15% from 35%, which farmers said threaten their livelihood.

“As a commission, you need to consult agricultural stakeholders on tariffs,” she said in mixed English and Filipino during a Senate hearing that is looking into the Rice Competitiveness Enhancement Fund.

“Clearly, no new changes were proposed at this hearing, so where did this 15% come from?”

Groups including the Federation of Free Farmers and Samahang Industriya ng Agrikultura had opposed the tariff cut, the senator said, citing transcripts of the public hearings in September and October.

Tariff Commissioner Marissa Maricosa A. Paderon said they had invited 192 representatives from farmers groups, but only Alyansa Agrikultura Chairman Ernesto M. Ordoñez had participated in consultative meetings in March last year. — John Victor D. Ordoñez

Abolition of wage boards sought

July 4, 2024 | 8:31 pm

Labor-Day-2023-protest-rally-PHILSTAR-WALTER-BOLLOZOS — WORKERS’ groups hold a rally in Manila on May 1, 2023, calling for a wage hike on Labor Day. — PHILSTAR/WALTER BOLLOZOS

AN OPPOSITION lawmaker on Thursday called for the abolition of regional wage boards, citing their alleged failure to rule in favor of workers instead of employers.

“Workers in different regions throughout the country have long earned a minimum wage way below what we call a living wage, that’s why we need to abolish these regional wage boards” Deputy Minority Leader and Party-list Rep. France L. Castro told a news briefing in Filipino.

The National Wages and Productivity Commission, which supervises regional wage boards, did not immediately reply to an e-mail seeking comment.

The House of Representatives labor committee should also hear bills seeking a P150 to P750 across-the-board wage hike before Philippine President Ferdinand R. Marcos, Jr.’s state of the nation address on July 22, she said.

The Regional Tripartite Wages and Productivity Board last month approved a P35 minimum wage hike to P645 for workers in the National Capital Region (NCR), which will take effect on July 17.

A bill that seeks to do away with regional wage boards is pending at the House labor committee. — Kenneth Christiane L. Basilio

Nationals shocker: Huge win over world No. 6 Latvia in Arena Riga

July 4, 2024 | 7:03 pm

AND shock the world Gilas Pilipinas did.

Not given much of a chance against a high-powered, seemingly unstoppable Latvia backed by a horde of home supporters, the gritty Nationals defied doubters and delivered a hell of a performance that would go down as one of the greatest victories in Philippine basketball history.

Coach Tim Cone and his gutsy Gilas 11 toppled the world No. 6 and heavily favored Latvians in the latter’s own backyard, 89-80, as they set their bid in the FIBA Olympic Qualifying Tournament off to a flying start early Thursday at the Arena Riga.

Unlike in the hosts’ previous 83-55 romp over Georgia in the Group A opener where they were untouchable, the fearless Filipinos asserted themselves and got the Latvians in a vice-grip in virtually all of 40 minutes, sending kababayans back home who stayed up in the wee hours for the live broadcast of game in a frenzy.

That massive reversal marked the first time for the Philippines to beat a European opponent in a FIBA tournament after 64 long years. Last time was an 84-82 verdict over Spain in the 1960 Rome Olympics.

In the scheme of things in this ongoing FIBA Olympic Qualifying Tournament for the Paris Games, the Pinoy cagers are now in good position to advance to the crossover semifinals either as top seed or second-placed team in the group.

A win against No. 23 Georgia (0-1) last night would make this possible. But a defeat would still suffice provided the losing margin would be 18 points or less; lose by 19 and it would be the Georgians following the Latvians (1-1) to the next stage instead.

“We’re happy about it, we’re proud of it. But it’s just one game and we’re not here to just win one game. We’re here to do what we can to get to the finals and maybe a trip to Paris,” Mr. Cone said in an interview on One Sports.

“This is one step for us but just a baby step. We’ve got more steps ahead of us. We’re not going to get too high with this win (as) we have more to do.”

Justin Brownlee sizzled with 26 big points and went a rebound and an assist shy of a triple-double output in the one-for-the-books takedown of Latvia, a team that defeated Spain, France, Lithuania and Italy en route to fifth place in the 2023 FIBA World Cup in Manila.

Mr. Brownlee highlighted his superb play with clutch hits from everywhere that helped Gilas create separation and lead by as many as 26 points plus a dagger four-point play that quelled the hosts’ fourth-quarter rally and stunned the predominantly Latvian fans in the 8,835-strong crowd.

“The world doesn’t really know much about Justin Brownlee, but for me, he is the Michael Jordan of Philippines basketball. That’s what we expected him to do and that is what he does every night,” Kai Sotto, who had 18 and eight, said of the Gilas naturalized player.

“I appreciate this coming from Kai, but I’m just out there trying to do my best, trying to do whatever I can to help the team win,” said Mr. Brownlee. — Olmin Leyba

The Scores

Philippines 89 — Brownlee 26, Sotto 18, Ramos 12, Fajardo 11, Newsome 10, Perez 6, Quiambao 3, Aguilar 2, Tamayo 1, Oftana 0.

Latvia 80 — Kurucs 18, Dav. Bertans 10, Strelnieks 10, Zoriks 10, Smits 9, Strautins 6, Lomazs 6, Dar. Bertans 5, Timma 3, Cavars 2, Mejeris 1.

Quarterscores: 32-16; 54-38; 67-56; 89-80.

Alas Pilipinas clashes with heavily favored Vietnam at FIVB Challenger Cup

July 4, 2024 | 7:03 pm

ALAS PILIPINAS team captain Jia de Guzman has tempered expectations on their chances against a heavily favored Vietnam and in the Fédération Internationale de Volleyball (FIVB) Challenger Cup that came off the wraps at the Ninoy Aquino Stadium Thursday.

But deep inside the soft-spoken and courageous skipper and the rest of Nationals, they all dream of the same big dream — punch a ticket straight to the Women’s Volleyball Nations League (VNL) main group next year.

And it starts Friday when they square off with the Vietnamese, who swept and dominated last month’s AVC Challenge Cup at the Rizal Memorial Coliseum where the Filipinas snatched a historic bronze, at 6:30 p.m. “Well, all we can ask the girls is to do its best while not putting pressure on the team that much,” said the charismatic Alas team leader.

The team lost power spiker Eya Laure and libero Jen Nierva and were replaced by Creamline’s Jema Galanza and National University’s Bella Belen. Ms. Belen’s teammate, Alyssa Solomon, and Ms. Galanza’s fellow Creamline star, Tots Carlos, were enlisted into the pool but will not be able to join due to undisclosed reasons.

“It’s great to have new reinforcements in the pool. Experience-wise,” said Ms. De Guzman of Mmess. Galanza and Belen.

Intriguingly, Ms. Nierva’s last-minute withdrawal left the squad with one legitimate libero in Dawn Catindig.

Cherry Nunag was listed as the team’s second libero but, in essence, she’s a natural middle blocker. The other members of the team are Faith Nisperos, Fifi Sharma, Vannie Gandler, Julia Coronel, Angel Canino, Dell Palomata, Arah Panique, Thea Gagate and Sisi Rondina.

The trek to that VNL dream is long and arduous though as Alas Pilipinas would need to win all its games against Vietnam, the semis and eventually the finals, assuming it could make it that far, to realize it. — Joey Villar

Gilas boys get beating from USA

July 4, 2024 | 7:01 pm

GILAS PILIPINAS boys absorbed a hapless 141-45 beating at the hands of the reigning champion and world No. 1 USA to bow out of contention in the 2024 FIBA U17 World Cup late Wednesday night at the Sinan Erdem Dome, in Istanbul, Turkey.

A forgettable outing it was for the overpowered Nationals, who stared an early 13-43 hole en route to a decimating 96-point defeat in the Round of 16.

It was the fourth straight blowout loss for the undersized and undermanned Filipinos to formally crash out of play in the world youth championships, where they made a return for the first time since 2019.

All but one player barged into the scoring board for the Americans, who won all six editions of the U17 World Cup, led by Koa Peat with 22 points on 11-of-13 clip laced by seven rebounds, three assists and two steals in only 15 minutes of play.

Cameron Boozer (20), Jalen Haralson (16), Caleb Holt (14), Chris Cenac (14), Cayden Boozer (12), Tyran Strokes (12) and Brandon McCoy (11) were also instrumental as USA notched the second biggest output in FIBA U17 history.

USA, which set the mark in a 146-62 win over China in the group phase, also posted the most assists in history with 49.

Joaquin Gabriel Ludovic and CJ Amos with 15 and 10 points, respectively, were the lone twin-digit scorers for the wards of coach Josh Reyes, winless in four one-sided affairs.

The world No. 25 Gilas, which previously bowed to No. 7 Lithuania, 107-48, No. 2 Spain, 96-32, and No. 15 Puerto Rico, 98-53, in Group A, will still play in the classification rounds against No. 16 Argentina at 7:30 p.m. today with hopes of scoring a breakthrough win.

USA, for its part, will shoot for a Final Four spot on the same day at 8 p.m. with a quarterfinal duel against Canada. — John Bryan Ulanday

Raducanu storms into Wimbledon third round with dominant victory

July 4, 2024 | 7:01 pm

LONDON — Emma Raducanu powered her way into the third round of Wimbledon on Wednesday with a comfortable 6-1 6-2 victory against Belgian Elise Mertens.

Ms. Raducanu has struggled for fitness since her stunning US Open triumph in 2021 but looked at the top of her game as she pummelled Ms. Mertens into submission from the baseline, shouting and fist-pumping almost every point won. The British wildcard raced into a 5-0 lead against the 28-year-old under the closed roof of Court One which was packed with a passionate home crowd.

Ms. Mertens did get on the scoreboard to avoid a bagel, but that was the only positive for her as Ms. Raducanu clinched the first set.

The Briton then broke in the third game of the second set with a brilliant backhand across court and broke again to go 4-1 up.

Ms. Mertens, ranked 33 in the world, held to love in the next game but could not stop Ms. Raducanu bringing up two match points with an ace and then winning the first of them after the Belgian went long.

It’s the first time Ms. Raducanu has reached a third round of a Grand Slam since her title win at Flushing Meadows and raises tentative hopes of a first British women’s singles triumph at Wimbledon since Virginia Wade in 1977.

“I think I’m playing really good tennis. I’m really happy with the improvements I’ve made,” Ms. Raducanu said on court. “I knew all the hard yards and hard work I was doing this year would lead to something. I’m just so happy I’m able to reap some of the rewards here at Wimbledon.”

She will play ninth seed Maria Sakkari on Friday in the third round. Ms. Raducanu beat the Greek in the semifinals en route to her US Open win, when she became the first qualifier to win a Grand Slam in the Open era.

“(The) circumstances are different. Like, in a third round compared to a semifinal,” Raducanu told a press conference. “At the time the dynamics were also different. I was an unknown player pretty much.

“I’m expecting a really tough match. She’s… in the world… top 10 or something. It’s going to be a really difficult one.” — Reuters