Here’s a quick glance at how PSEi stocks fared on Tuesday, November 28, 2023.
THE PESO slipped against the dollar on Tuesday after the ASEAN+3 Macroeconomic Research Office (AMRO) reduced its gross domestic product (GDP) growth forecasts for the Philippines.
The local unit closed at P55.40 per dollar on Tuesday, weakening by two centavos from its P55.38 finish on Friday, Bankers Association of the Philippines data showed.
The peso opened Tuesday’s session lower at P55.435 against the dollar. Its intraday best was its closing level of P55.40, while its weakest showing was at P55.52 versus the greenback.
Dollars exchanged went up to $1.24 billion on Tuesday from $1.19 billion on Friday.
The peso declined against the dollar after AMRO lowered its growth estimates for the Philippines for this year and next, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
AMRO now expects the Philippine economy to expand by 5.6% this year, lower than the 5.9% forecast it gave in its Regional Economic Outlook Update in October.
The latest growth projection is below the government’s full-year 6-7% target and slower than the 7.6% GDP expansion in 2022.
The economy expanded by 5.9% in the third quarter, bringing the nine-month average to 5.5%. Economic growth would have to reach at least 7.2% in the fourth quarter to hit the lower end of the government’s target.
For 2024, AMRO slightly lowered its GDP growth forecast to 6.3% from the 6.5% it gave in October. This would likewise fall short of the government’s 6.5-8% target for next year.
“The peso weakened as global trade prospects brightened following the two-day extension of the truce between the Israeli and Hamas military forces,” a trader said in an e-mail.
An Israel-Hamas truce in the Gaza Strip stretched into a fifth day on Tuesday as the two sides completed the release of Israeli hostages and detained Palestinians and looked poised to free more as the pause in fighting was extended by two days, Reuters reported.
Israel said 11 Israelis had returned to the country from the Gaza Strip on Monday, bringing to 69 the total of Israeli and foreign hostages the Palestinian group has freed since Friday under the truce.
The peso was also dragged down by the general strength of the dollar against other global currencies, Mr. Ricafort added.
On Tuesday, the dollar index, a measure of the greenback against a basket of currencies, fell to 103.07, its lowest since Aug. 31, Reuters reported. The index is down 3% and on course for its steepest monthly decline in a year.
For Wednesday, the trader said the peso could strengthen against the dollar ahead of a likely softer US consumer confidence report.
The trader sees the peso moving between P55.25 and P55.50 per dollar on Wednesday, while Mr. Ricafort expects it to trade from P55.30 to P55.50. — AMCS with Reuters
LOCAL SHARES closed higher on Tuesday as investor sentiment was buoyed by easing global oil prices and window dressing before the end of the month.
The benchmark Philippine Stock Exchange index rose by 40.07 points or 0.63% to end at 6,309.57, while the broader all shares climbed by 10.48 points or 0.31% to close at 3,358.70.
“Philippine shares continued their upward momentum, making a challenge towards the 6,400 level, as investors gear up for the last month and prepare for some window dressing before November closes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
The local bourse ended in positive territory amid easing global oil prices, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
“The local bourse gained by 40.07 points to 6,309.57 thanks to the easing of oil prices amid the temporary truce between Israel and Hamas, coupled with the potential cut in oil supply by OPEC+ (Organization of the Petroleum Exporting Countries and its allies),” Ms. Alviar said.
“Easing oil prices could support the growth of the Philippines, especially in the last quarter of the year,” she added.
OPEC+, which includes OPEC countries and other countries such as Russia, is scheduled to have an online ministerial meeting on Thursday to discuss production targets for next year.
On Tuesday, US crude eased 0.13% to $74.76 per barrel and Brent was back below $80, with oil prices swaying between gains and losses ahead of OPEC+ meeting later this week, Reuters reported.
At home, as of Tuesday, year-to-date price adjustments stood at P12.30 per liter for gasoline, P6.00 per liter for diesel, and P1.74 per liter for kerosene.
The majority of the sectoral indices closed higher on Tuesday. Property increased by 90.30 points or 3.35% to 2,780.18; holding firms went up by 31.34 points or 0.52% to 6,007.62; mining and oil climbed by 20.67 points or 0.21% to 9,680.97; and financials rose by 0.53 point or 0.03% to 1,746.25.
Meanwhile, industrials declined by 118.13 points or 1.32% to 8,808.19, and services inched down by 0.21 point or 0.01% to 1,521.08.
“The property sector surged the most, advancing by 3.36%, largely influenced by the 4.46% gain of SM Prime Holdings, Inc. and the 3.68% increase of Ayala Land, Inc., positioning them at the top among the index members. Meanwhile, Universal Robina Corp. was at the bottom, losing by 3.39%,” Ms. Alviar said.
Value turnover rose to P5.34 billion on Tuesday with 382.74 million issues changing hands from the P2.68 billion with 445.73 million issues recorded on Friday.
Decliners beat advancers, 106 to 79, while 39 names ended unchanged.
Net foreign buying reached P670.36 million on Tuesday versus the P123.04 million in selling seen on Friday.
Philippine financial markets were closed on Monday due to a public holiday for Bonifacio Day. — R.M.D. Ochave with Reuters
THE American Chamber of Commerce of the Philippines (AmCham) said it does not support increasing port storage fees as the economy continues to recover from the pandemic.
“We have been lobbying against any kind of storage (fee) increases; it is not just the right time,” said Ebb Hinchliffe, AmCham’s executive director, on the sidelines of the Management Association of the Philippines Annual General Membership Meeting on Tuesday.
“You know, we are just coming out of the mess of the pandemic … I think (the government has) got better things to worry about,” Mr. Hinchliffe said.
Last month, the Philippine Ports Authority (PPA) proposed an increase in storage rates in an online public consultation on Oct. 18, according to the Philippine Exporters Confederation, Inc. (Philexport).
In its proposal, the PPA said that it is planning to increase the storage charges by 32% for import, export, and transshipment containers and to add a 150% surcharge on the corresponding storage rates with increase for refrigerated containers.
Philexport, citing the PPA, said the increase in storage charges will ensure optimal use of the yards and encourage immediate withdrawal of containers to prevent congestion.
In its position letter submitted to the agency on Nov. 6, Philexport recommended that the proposal go through a regulatory impact assessment as a standard operating procedure under the Ease of Doing Business law.
Philexport said that the increase is too onerous if the PPA imposes fees on overstaying containers for reasons beyond the shipper’s control, such as during the arming and disarming of E-TRACC devices on containers and downtime periods in the PPA’s IT.
Asked to comment, the PPA had not replied at the deadline.
Meanwhile, Mr. Hinchliffe said that the chamber is currently in the process of joining other business groups in preparing a position paper.
“I think the Joint Foreign Chambers will be sending out a statement,” he said.
Earlier this month, the European Chamber of Commerce of the Philippines also opposed the increase in storage charges, noting that it will make the Philippines less competitive. — Justine Irish D. Tabile
THE original value-added tax (VAT) waiver for Philippine Economic Zone Authority locators, which was in force before the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, needs to be restored, the Japanese Chamber of Commerce and Industry of the Philippines, Inc. (JCCIPI) said on Tuesday.
At a Senate Ways and Means Committee hearing on Tuesday, Shigeru Shimoda, president of the JCCIPI, said the chamber is asking senators to reconsider the imposition of a sunset period for the 5% tax on gross income earned granted to the projects and activities registered prior to the enactment of the CREATE law.
“Attractive incentives should be offered to invite investments in manufacturing to keep up with competitors from neighboring countries,” he said.
“In order to restore confidence in the investment environment in the Philippines, it is essential (for Congress) to reinstate the original PEZA incentives for the companies that had invested in the Philippines before the enactment of the CREATE Law.”
The Finance and Trade and Industry departments recently approved the amendment of Rule 18 Section 5 of the CREATE implementing rules and regulations, allowing transitory domestic market enterprises availing of the 5% gross income tax scheme to register as VAT taxpayers.
Senate President Juan Miguel F. Zubiri has said Japanese companies have threatened to leave the Philippines after encountering value-added tax refund issues after the CREATE Law came into force.
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 system.
The measure also seeks to give the President the power to modify, draft and grant incentive packages, without the recommendation of the Fiscal Incentives Review Board.
The House bill has yet to be debated in the plenary before the House gives its final approval, which is needed before the measure can be transmitted to the Senate.
“Incentives are one of the deciding factors for Japanese companies or foreign companies in expanding overseas,” Mr. Shimoda said. “I respectfully say that the Philippines should not miss this opportunity to invite a number of foreign investments.” — John Victor D. Ordoñez
THE Maharlika Investment Fund (MIF) has the potential to succeed if properly managed, but must address governance issues and the possible threat to fiscal stability, the ASEAN+3 Macroeconomic Research Office (AMRO) said.
“With a strong legal framework, the MIF has the potential to be a successfully managed national investment fund,” AMRO said in its latest Annual Consultation Report.
“However, the MIF’s success would also depend on the actual implementation of the law and whether the fund is operated with a robust risk management framework, taking cognizance of the potential risks and governance concerns addressed earlier,” it added.
The revised implementing rules and regulations (IRR) of the law creating the MIF was released earlier this month after being suspended by President Ferdinand R. Marcos, Jr. in October to improve its organization structure.
Shortly after, Mr. Marcos announced the appointment of Rafael D. Consing, Jr. as chief executive officer (CEO) and president of the Maharlika Investment Corp. (MIC), which is tasked to manage the fund.
AMRO said that the MIF is more of a national investment fund as it will invest “mainly within the country to support national development strategies.”
It said this is in contrast to sovereign wealth funds, which are “state-owned investment funds comprising money generated by the country.” It also noted that sovereign wealth funds typically invest overseas using funds from surplus revenue from oil, natural resources, or fiscal surpluses.
Mr. Consing in a recent briefing said that the MIF is a “sovereign national development fund.”
“There’s a very big difference between a sovereign development fund and a sovereign wealth fund. A sovereign wealth fund typically presupposes the investment of excess financial assets, of which this fund is not, but rather a sovereign national development fund is one wherein it is being invested in the country particularly in terms of developing the needs of the country,” he said.
AMRO said that the fund is expected to enhance investment capital to boost economic growth and job creation, promote infrastructure development, and attract foreign investment.
On the other hand, AMRO also noted the potential risks with the operations of the fund.
“While the new MIF Act has laid down a strong legal framework, at the operational level, the authorities should clearly define its role in infrastructure investment with appropriate governance stipulated to avoid misuse of funds. The MIF should be run by professionals and the board should comprise independent directors,” it said.
“There could be a risk in terms of governance, especially if the fund’s role in infrastructure investment is not clearly defined, which could lead to misuse of funds and lack of accountability,” it added.
It recommended that the fund should have clear guidelines on what assets it can invest in, including “rigorous due diligence and risk assessment” especially for investments in infrastructure projects.
“Given the MIF has to ensure long-term value and promote socio-economic development, there could be a risk that the different goals might be at odds with each other in some investments, for instance, there could be a trade-off between the rate of return and the public good nature of certain projects,” it said.
Mr. Consing earlier said that the fund will focus its investments on key areas such as tourism infrastructure, agro-urbanism, energy security, and digital infrastructure.
AMRO also said government agencies’ contributions to the fund could “crowd out planned expenditure in other areas.”
“Although the contributions to the MIF’s capital from government financial institutions (GFIs) are relatively small compared with the size of their investible funds, there could be some impact on the institutions’ financial position in the event of losses,” it added.
Under the law, the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) are required to contribute P50 billion and P25 billion, respectively, for initial funding of the MIC. The MIC has an authorized capital stock of P500 billion.
Earlier concerns were raised by analysts that the state banks’ contributions could impact their financial stability.
In a Palace briefing on Tuesday, Finance Secretary Benjamin E. Diokno said that he is “confident” that the fund will be operational by the end of the year.
He also confirmed that the remaining vacant positions in the MIC board have yet to be filled.
“I understand the advisory body has submitted the list, but I don’t think there has been an appointment… I have not been informed of any appointment,” Mr. Diokno said.
These include the two regular directors and three independent directors.
Apart from these positions, the MIC board is also composed of the Secretary of Finance as ex-officio chair, the MIC president and CEO as the vice chair, the LANDBANK president and CEO, and the DBP president and CEO. — Luisa Maria Jacinta C. Jocson
THE Department of Agriculture (DA) said on Tuesday that it plans to build a network of agro-industrial and marine estates to ensure the adequacy of food supplies.
In a statement, Agriculture Secretary Francisco T. Laurel, Jr. said he is planning to amend the charter of the Philippine Fisheries Development Authority (PFDA) to make it responsible for developing and managing the facilities.
Mr. Laurel added that tweaking the PFDA’s functions aligns with the goals of the Philippine Rural Development Program and the current administration’s plan to modernize agriculture.
The estates will serve as “one-stop shops” with ports, cold-storage facilities, silos, and warehouses.
“I’ve seen this model successfully implemented in South Korea and Japan. I hope the World Bank can help us realize this vision,” Mr. Laurel said.
According to the DA, the World Bank has indicated that funding sources are available in the form of grants from the Global Environment Facility and the European Union, which support marine protected areas.
He added that agri-fisheries logistics needed to be improved, and called for a “logistics masterplan” for the industry.
“That is one thing I think is lacking in the DA,” he added.
Mr. Laurel said he would designate an assistant secretary to take charge of logistics.
“We need to scale up and get our priorities straight,” he said. “I have technically three-and-a-half years to accomplish these things. The DA, under my watch, will do its best to speed things up.”
Additionally, Mr. Laurel said he was seeking possible adjustments to the DA budget for 2024 to better align with the administration’s farm production goals and to raise incomes of farmers and fishermen.
The DA had earlier proposed a budget of more than P167.5 billion for 2024.
“The government estimates that around 10 million farmers and fishermen live below the poverty line despite agriculture providing jobs for one in every four Filipino workers,” it added. — Adrian H. Halili
THE PHILIPPINES welcomed over 4.8 million international visitors as of late November, surpassing the target set by the Department of Tourism (DoT) for 2023.
“As of Nov. 27, the country has registered a total of 4.82 million visitors who visited the country,” the department said in a statement on Tuesday.
South Korea remained the top source of foreign arrivals, accounting for 1.27 million tourists or 26.37% of the total.
Rounding up the top five were the US with 797,181 (16.53%), Japan 272,735 (5.66%), China 242,107 (5.02%), and Australia 225,464 (4.68%).
Tourism Secretary Maria Esperanza Christina G. Frasco said in a statement that the visitors spent P404 billion, “underscoring the value of tourism to our economy.”
She said that tourism continues to drive growth and provide incomes and jobs following the implementation of the National Tourism Development Plan 2023 to 2028.
“We are beginning to see the merits of our strategies towards increasing connectivity, convenience, and equality in tourism development and promotions, as well as the invaluable partnership of our tourism stakeholders in the private sector,” she added.
Tourism employs 5.35 million, the department said.
The DoT said it will be positioning the country as a global hub for sports tourism, including golf, through the Philippine Golf Tourism Summit this week. “It’s about time that the government and the private sector come together to converge and to collaborate,” she said.
The Philippines has over 100 golf courses.
“Golf tourism represents a promising frontier for the Philippines and this summit highlights our proactive approach in understanding, nurturing, listening to the golf tourism industry and developing this niche as part of our tourism industry portfolio,” Ms. Frasco said. — Justine Irish D. Tabile
THE Department of Energy (DoE) said it has awarded 1,300 renewable energy (RE) contracts with a total potential capacity of 130,880.8 megawatts (MW) as of the end of October.
“As of now, we have issued around 1,300 (contracts) with a total potential capacity of 130 gigawatts (GW). So, you can see wind has a lot of projects,” Energy Assistant Secretary Mylene C. Capongcol said at a forum in Makati City on Tuesday.
The forum was organized by the Institute for Climate and Sustainable Cities (ICSC), The Climate Reality Project, and the Institute of Corporate Directors.
Of the total, 225 wind energy contracts have been awarded with combined capacity of 83,079.3 MW. This was followed by 356 solar energy projects with capacity of 27,889 MW and 430 hydropower projects with capacity of 18,924.4 MW.
Geothermal energy had 37 contracts with potential capacity of 779.2 MW while biomass had 58 contracts with capacity of 174.9 MW. Nine ocean energy contracts have been awarded with capacity of 34 MW.
Noting the government’s target of 35% renewables in the power mix, “We will be needing around 52 gigawatts of new additional renewable energy capacity. This is how (much) we need investors to really invest in renewable energy projects,” Ms. Capongcol said.
“The offshore wind, actually, is an emerging RE technology that really challenges the Department of Energy because there’s no model as far as price discovery mechanism for pricing those properly,” she said.
To date, the DoE has awarded 80 offshore wind service contracts this year with a potential capacity of 62 GW.
“Based on the global energy transition, the Philippines is willing to contribute in the areas of offshore wind development — upscaling capacity building for our renewable energy workers,” Ms. Capongcol said.
She said the DoE has been working on “major RE challenges” such as permitting requirements, grid integration, and limited access to financing.
“Among the existing mechanisms, the Green Energy Option Program empowers consumers and corporate leaders with the choice of RE. To integrate sustainability in our private, government spaces… enables us to share the co-benefits of climate action,” ICSC Executive Director Angelo Kairos T. Dela Cruz said.
Last year, the Energy department said that on-grid power suppliers must expand the share of RE in their output to 2.5% starting in 2023 from 1% previously.
RE accounted for about 22% of the Philippines’ energy mix, with coal-fired power plants providing nearly 60% as of the end of 2022. — Sheldeen Joy Talavera
THE World Trade Organization (WTO) said global merchandise trade will likely post strong growth in the fourth quarter, allowing it to maintain its global trade growth forecast of 0.8% in 2023 despite the impact of geopolitical disruptions.
In its Goods Trade Barometer, WTO said world merchandise trade volume was little changed in the second quarter.
The barometer is a composite leading indicator for world trade, providing an early indication of the trajectory of merchandise trade relative to recent trends, said the WTO.
The current value of the global trade barometer index is at 100.7 in September, which is above the latest reading for quarterly trade volume and close to the baseline value of 100.
“This suggests that merchandise trade volume will gradually revert towards its medium-term trend in the second half of 2023, although uncertainty remains high due to mixed economic data and rising geopolitical tensions,” WTO said.
However, it said that it expects trade statistics for the third and fourth quarters to come in stronger despite the geopolitical tensions.
“Trade statistics for the third quarter should come in slightly stronger thanks to faster gross domestic product growth in the US and China, even as the European Union economy continued to stagnate,” WTO said.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that this is also the same case for the Philippines.
“The continued economic recovery narrative in which more economies worldwide are moving further towards greater normalcy or are already above pre-pandemic levels support the normalization of global supply chains and the global trade,” Mr. Ricafort said in a Viber message.
He said that the reopening of China as well as the signals of “reduced odds of recession” in the US as gleaned from Federal Reserve statements point to stronger global trade.
For the fourth quarter, the WTO expects year-on-year trade growth likely to be strong “due to the slump that began in the same period last year.”
“These developments are consistent with the WTO’s forecast on Oct. 5, which foresaw an 0.8% increase in global trade volume in 2023,” WTO said.
“While the forecast remains unchanged, risks to the trade outlook have shifted towards the downside in light of recent developments in the Middle East,” it added.
The barometer’s component indices ended mixed during the period as some rose above the trend while others remained on or below trend.
Gains were seen in the indices for automobile sales and production (110.0) and electronic components trade (109.8).
The indices for air freight (100.3), export orders (99.4) and container shipping (98.0) finished on or slightly below trend, while the raw materials index (95.6) sank below trend, WTO said.
“The strength of the automotive products and electronic components indices may be explained by surging global demand for electric vehicles, while the weak result for raw materials may be partly due to weakening property markets as interest rates remain elevated,” the WTO said.
This is also the same case in the Philippines as electronics and semiconductors still comprise the biggest share in the country’s merchandise trade, said Mr. Ricafort.
However, he said that this will be further supported by continued and emerging innovation in electronics and semiconductors such as those related to artificial intelligence.
“Technological advancements in the automotive industry such as the greater shift to electric vehicles and self-driving vehicles will boost the global supply chains for batteries, nickel and other auto parts,” he said. — Justine Irish D. Tabile
AN OPPOSITION senator has filed a resolution urging the government of Philippine President Ferdinand R. Marcos, Jr. to cooperate with the International Criminal Court’s (ICC) investigation of his predecessor’s deadly drug war.
“The Philippines has historically been at the forefront of advancing humanitarian law and international justice, and it is high time that we affirm our commitment to these values before the international community,” said Senator Ana Theresia N. Hontiveros-Baraquel, who filed Senate Resolution 867.
The senator, a member of the minority bloc, said the Constitution commits the Philippines to “value the dignity of every human person and guarantee the full respect for human rights.”
Similar resolutions have been filed at the House of Representatives.
Senator Ronald M. dela Rosa, who enforced the anti-illegal drug drive as Mr. Duterte’s national police chief, told a news briefing he expected opposition lawmakers to file the resolution but does not expect it to gain traction.
On Monday, he said the government should first resolve sovereignty issues involving the ICC before rejoining the tribunal.
The Philippines under ex-President Rodrigo R. Duterte withdrew from the ICC in 2019 amid criticisms that his government systemically murdered drug suspects in police raids. It took effect a year later.
The Supreme Court in 2021 ruled the government must cooperate with court processes that started before it canceled its membership in the ICC.
Senator Maria Imelda “Imee” R. Marcos, sister of the President, accused Ms. Hontiveros-Baraquel of stirring up trouble. “So they really want trouble?” she asked. “Well, PRRD (President Rodrigo R. Duterte) has said ‘Bring it on!’ But the decision to cooperate or not is one for the Executive, and my brother, the President of the Philippines, has already made it clear that the ICC has no jurisdiction to conduct the probe. I share that view.”
The Marcos government appeared to be shifting its stance and would probably end up giving up Mr. Duterte to ICC investigators, political analysts said at the weekend.
Mr. Marcos 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.”
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.
Mr. Marcos had ruled out cooperation with the international court, saying its probe violates Philippine sovereignty given the country’s fully functional justice system.
NO CHANGE
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.
Meanwhile, the Department of Justice (DoJ) said its stance against the ICC investigation was unchanged.
“Our stance remains that the ICC has no jurisdiction, although, we will be open if we see any changes in policy,” Justice Assistant Secretary and spokesman Jose Dominic F. Clavano IV told state-run media PTV in Filipino.
He made the remarks after Ms. Dutere-Carpio asked the agency to reaffirm its position on the matter. She told reporters on Monday her office would continue to reach out to the DoJ regarding the ICC investigation on her father’s drug war.
“There is really no need to request it because the DoJ’s stance has not changed,” Mr. Clavano said, adding that DoJ is only studying the case because there are calls from the House of Representatives to allow the ICC probe
“It is also our job to listen to a co-equal branch of the government.”
Justice Secretary Jesus Crispin C. Remulla said last week the ICC probe “needs a serious study” because the Philippines is no longer a member.
When asked about the possibility of the Philippines returning to the ICC treaty, Mr. Clavano said in Filipino: “We don’t want to look like turncoats. We need to be deliberate, and we should carefully study it so that our decision does not adversely affect our country.’
Ms. Hontiveros-Baraquel said the President’s recent statement offers hope for families of drug war victims.
“The best way for Malacañang to show its commitment to upholding human rights is to work with the ICC in securing justice for victims of human rights violations, and in upgrading mechanisms of human right protection in the Philippines,” she added.
Senate President Juan Miguel F. Zubiri said it would be up to the President whether to rejoin the ICC.
“It is the decision of the President of the republic, being the Chief foreign policy maker of our country,” he said in a statement. “He alone makes that decision and everything else is just noise.”
The Hague-based tribunal, which tries people charged with crimes against humanity, genocide, war crimes and aggression, earlier said it was not satisfied with Philippine efforts to probe human rights violations during the campaign.
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 (UN) 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. Ordonez and Jomel R. Paguian
