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Shares end lower as NG debt rises to fresh high

REUTERS

PHILIPPINE TOCKS nded lower for a third straight day on Thursday as the National Government’s (NG) outstanding debt hit another record high.

The bellwether Philippine Stock Exchange index (PSEi) fell by 0.53% or 36.76 points to end at 6,827.06 on Thursday, while the broader all shares index dropped by 0.25% or 9.06 points to finish at 3,580.32.

“This Thursday, the local market dropped by 36.76 points (-0.53%) to 6,827.06 as local economic worries take over sentiment while catalysts are yet to be seen. Investors digested the national government’s outstanding debt which rose 2.63% month on month to a record high of P15.18 trillion,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Year on year, NG debt increased by 10.37% from P13.75 trillion in February 2023, Bureau of the Treasury data showed.

“Additionally, inflation concerns were heightened as the Department of Agriculture (DA) expects that rice prices will remain elevated until the middle of the year. With its latest move, the market is now near its 6,800 minor support,” Mr. Plopenio said.

The DA said on Wednesday that rice prices are expected to remain high until midyear as the agriculture sector reels from the impact of the El Niño weather event.

Agricultural damage caused by the El Niño has risen to P2.63 billion, affecting 54,203 farmers and 53,879 hectares of farmland, according to the DA. Rice was the most affected crop with 72,733 metric tons of damage, equivalent to P1.7 billion or about 65% of total agricultural losses.

“Philippine shares were sold down once again on fears that the United States Federal Reserve may keep rates higher for longer weighed on stocks,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

“On the data front, investors are watching for important data releases this week. They’ll be checking initial jobless claims for the week ending March 30 to understand the job market. Also, Thursday brings the US trade deficit for February, giving insight into trade trends. But the big focus is on Friday when March’s nonfarm payrolls will be released, offering a key measure of employment,” he added.

Majority of sectoral indices ended lower. Services dropped by 1.26% or 23.71 points to 1,846.84; industrials retreated by 0.9% or 81.04 points to 8,890.03; property lost 0.53% or 14.85 points to end at 2,756.84; and holding firms went down by 0.38% or 24.95 points to 6,414.37.

Meanwhile. mining and oil rose by 0.56% or 46.38 points to 8,190.55, and financials went up by 0.26% or 5.39 points to 2,031.21.

Value turnover climbed to P4.38 billion on Thursday with 510.46 million issues changing hands from the P4.29 billion with 701.33 million shares traded on Wednesday.

Decliners beat advancers, 101 versus 77, while 53 names were unchanged.

Net foreign selling went down to P567.31 million on Thursday from P670.32 million on Wednesday. — R.M.D. Ochave

No repatriation call from Taiwan

DMW FACEBOOK PAGE

THE DEPARTMENT of Migrant Workers (DMW) said on Thursday that it has yet to receive any request for repatriation as it closely monitors the situation of thousands of Filipinos in Taiwan and Japan, which were both jolted by strong earthquakes in the past two days.

In a virtual briefing, DMW Officer-in-Charge Hans Leo J. Cacdac said there are 1,400 overseas Filipino workers (OFWs) in Hualien county, the epicenter of the 7.2-magnitude quake that struck Taiwan on Wednesday morning.

About 5,000 Filipinos were affected by the tremor, but three were reported to have been slightly hurt. “The epicenter of the earthquake is far from where a majority of OFWs are (Northern part of Taipei),” Mr. Cacdac said.

Meanwhile, Japan was also struck with a 6.0 magnitude earthquake on Thursday off the coast of Fukushima prefecture.

The DMW said it has activated its protocols, particularly in Tokyo and Osaka, to provide any assistance necessary to Filipinos affected by the quake.

As aftershocks continue to rattle both Taiwan and Japan, the Philippine government advised OFWs there to stay updated on safety advisories and to coordinate with the nearest Philippine embassy or consulate for any assistance required. — Chloe Mari A. Hufana

Congressman pushes ‘Cha-cha’

PHILIPPINE STAR/MICHAEL VARCAS

CONGRESS should remain resolute in pursuing amendments to the 1987 Philippine Constitution despite public disapproval, a congressman said on Thursday.

In a statement sent to the press, Cagayan de Oro Rep. Rufus B. Rodriguez said the House of Representatives and the Senate should continue to pursue amending the economic provisions of the Charter as it would improve the country’s business climate.

“The national leadership… believes that changing the restrictive economic provisions of the Constitution would benefit the country as it would result in more foreign investments coming in,” he said.

A Pulse Asia Research, Inc. poll result last month said seven of 10 Filipinos are against constitutional amendments, signaling unfavorable public sentiment for Charter change, loosely referred to as “Cha-cha.”

“The right decisions are not always popular,” he said, referring to poll results.

He said the testimony of resource persons showing support for economic Charter change during House committee deliberations is a testament to the need to open the limiting economic provisions of the Constitution.

“We are falling behind in terms of FDIs (Foreign Direct Investments) in ASEAN,” Mr. Rodriguez, who also chairs the House Committee of Constitutional Amendments, said in mixed English and Filipino.

POLITICAL AMENDMENTS URGED
Earlier this week, an adviser to President Ferdinand R. Marcos, Jr. sent the House of Representatives a letter recommending the addition of political amendments to the Constitution.

In the letter sent on Wednesday, Presidential Adviser for Poverty Alleviation Lorenzo “Larry” G. Gadon called on legislators to consider extending the term limits of elected local officials to from three years to six years; increasing the number of seats at the Senate from 24 to 48; and transitioning the country into a Parliamentary system of government.

Asked for a comment, Party-list Rep. France L. Castro said Mr. Gadon’s recommendation revealed Mr. Marcos’ underlying intent in amending the Constitution.

“As a member of the Marcos administration, Larry Gadon’s (recommendation) revealed President Marcos’ desire to amend the political provisions of the Constitution,” she said in Filipino through a Viber message.

Ateneo Policy Center Senior Research Fellow Michael Henry Ll. Yusingco told BusinessWorld in a Facebook Messenger chat that Mr. Gadon’s sudden introduction of political amendments may lead the people to reject Charter change entirely.

“These are the proposals that trigger the people’s distrust because these proposals are arguably designed to benefit only those already in power,” he said.

At present, the measure proposing Charter amendments would only change certain economic provisions, Mr. Rodriguez said in his statement.

“We are limiting the proposed changes only to three areas,” he said. “There is no proposal to extend the term of any elective official, there is no political amendment.” — Kenneth Christiane L. Basilio

More rice deals needed — senator

REUTERS

THE PHILIPPINES must seek more rice deals with countries like India and Vietnam since the country’s grain production still needs improvement, Senator Sherwin T. Gatchalian told a forum at the Senate on Thursday.

“It is important to strive for 98 or even 100% rice sufficiency, but in the meantime, it is important that we have concrete agreements with countries that export rice,” the senator, speaking in mixed English and Filipino, said.

He said that the Philippines still has ways to go in being self-sufficient in its rice production since it imports about 3 million metric tons (MT) a year.

Last Wednesday, the Department of Agriculture said rice prices are expected to stay high until midyear as the agriculture sector reels from the shocks of the El Niño weather phenomenon.

Agricultural damage caused by El Niño has risen to P2.63 billion, affecting 54,203 farmers and 53,879 hectares of farmland, based on the agency’s data.

The Bureau of Plant Industry has said Philippine rice imports reached 995,841 as of March 21.

The US Department of Agriculture expects Philippine rice imports to reach 4 million MT this year.

“We should help revive the agriculture sector since due to the extreme heat, it would take time for them to do so,” Mr. Gatchalian said in mixed English and Filipino. “The sector needs to have funding for our farmers to livelihoods and for them to revive their crops.”

In October, India gave the Philippines a quota of 295,000 MT of non-basmati white rice, after imposing restrictions on exporting the grain to ensure the sufficiency of domestic supply.

Vietnam in January agreed to supply 1.5 to 2 million MT of white rice to the Philippines “at a competitive and affordable price” for five years. — John Victor D. Ordoñez

PHL, Japan urged to push RE

PHILIPPINE STAR/EDD GUMBAN

THE DEAL between the Philippines and Japan on strengthening collaborative projects should focus on the advancement of renewable energy (RE) instead of liquefied natural gas (LNG), a clean energy think tank said.

“We are a country whose abundant renewable energy resources makes a 100% transition aligned to the 1.5 °C climate goal possible. The focus should be on unlocking this, and not in putting up more gas,” Gerry C. Arances, executive director of the Center for Energy, Ecology, and Development, said in a statement.

The think tank raised its concerns on the memorandum of understanding (MoU) signed between Japan Bank for International Cooperation and private companies such as San Miguel Corp., Aboitiz Power Corp., and Metro Pacific Investment Corp.

Earlier, the Department of Energy (DoE) said it held a dialogue with a Japanese mission which seeks to strengthen their cooperation on developing collaborative projects that will advance efforts for decarbonization.

These include the utilization of liquefied natural gas (LNG) as a transition fuel, renewable energy development, building resilient energy infrastructure and introduction of technologies that will reduce greenhouse gas emissions.

The projects will be developed through the Asia Zero Emission Community (AZEC) Japan-Philippines Project Development Platform which seeks collaborative projects based on the MoUs.

“LNG champions Japan and the United States should use the upcoming talks to make amends and ensure the prioritization of renewables in the Philippines and other emerging economies in the region, not gas or false solutions,” Mr. Arances said. — Sheldeen Joy Talavera

Galvez fortifies peace with Moros

PHILSTAR FILE PHOTO/OPAPP

COTABATO CITY — PRESIDENT Ferdinand R. Marcos, Jr. sent his peace adviser to the southern Philippines this week to reaffirm his leadership’s commitment to fostering peace in Muslim Mindanao and strengthening ties with Moro groups.

Presidential Adviser Carlito G. Galvez, Jr. joined representatives from the Moro National Liberation Front (MNLF) and the Moro Islamic Liberation Front (MILF) in separate iftar banquets and lauded the dedication of both groups to the peace process.

MNLF Chairman Muslimin G. Sema and officials led by Mr. Galvez exchanged pledges to uphold the 1996 government-MNLF peace accord in when they met in Datu Odin Sinsuat town in Maguindanao del Norte on Tuesday.

On Wednesday, MILF officials, led by Chief Minister Ahod Balawag Ebrahim, participated in iftar with Mr. Galvez and his delegation in Kabuntalan, in the same province. Iftar is the first meal after a daylong fast from food and drinks during the Islamic Ramadhan season.

The gatherings mark the Marcos administration’s proactive approach to engaging with the Muslim community and maintaining dialogue towards peace, with Mr. Galvez underscoring their adherence to religious principles in peacebuilding efforts.

“That was a very cordial gathering, something so essential to the joint peace initiatives of the MNLF and the national government,” Mr. Sema said on Thursday.

“Our two separate iftar activities together with representatives of the MILF and the MNLF were both very fruitful,” Mr. Galvez told reporters here. “I deeply felt their commitment to keep the Mindanao peace process going and their zeal to sustain the gains of the peace agreement.” — John Felix M. Unson

Heinous crime convicts entitled to shorter terms — SC

TIM HUFNER —UNSPLASH

THE PHILIPPINE Supreme Court (SC) came out with a ruling that reaffirmed the entitlement of convicts of heinous crimes to a shortened prison term through the good conduct time allowance (GCTA) mechanism.

In a decision penned by Justice Ma. Filomena D. Singh, the SC en banc ruled that the Department of Justice (DoJ) went beyond its authority under subordinate legislation when it barred persons convicted of heinous crimes from the benefits of the New Good Conduct Time Allowance Law (R.A. No. 10592).

“The Court…is clear that any convicted prisoner is entitled to GCTA as long as the prisoner is in any penal institution, rehabilitation or detention center, or any other local jail,” the decision read.

It determined that when R.A. 10592 modified Article 97 of the Revised Penal Code (RPC), it employed the connecting word “or” to indicate that either (1) “any offender eligible for credit imprisonment under Article 29 of the RPC” or (2) “any convicted prisoner in any penal institution, rehabilitation center, or detention facility in any other local jail” could access the benefits provided by the law.

The 2019 implementing rules and regulations (IRR) broadened the application of R.A. 10592 by omitting “recidivists, habitual delinquents, escapees, and individuals convicted of heinous crimes from gaining good conduct time allowance credits,” despite the law not explicitly excluding them. — Chloe Mari A. Hufana

PIFITA bill set for plenary by May

PHILIPPINE STAR/ GEREMY PINTOLO

THE SENATE Ways and Means Committee chairman said he plans on wrapping up consultations on a bill seeking to simplify tax rates for passive income and financial intermediaries by May.

“Our target to sponsor the PIFITA (Passive Income and Financial Intermediary Taxation Act) bill will be around May, and we will target to finish that within the year,” Senator Sherwin T. Gatchalian told a forum at the Senate on Thursday.

“It’s a very complex and comprehensive bill. It has many facets. But its objective, number one, is to harmonize all the passive income rates.”

Earlier in the day, the committee and officials from the Bureau of Internal Revenue and the Department of Finance convened in a closed-door technical working group to refine the measure.

Mr. Gatchalian said the body is consulting industry players on whether the government should do away with documentary stamp tax on all financial transactions, noting that most of the country’s Southeast Asian peers do not charge entities for these stamps.

“In some regions, in some countries in the region, they don’t charge documentary stamps on financial transactions. We charge documentary stamp tax on all of our financial transactions,” he said.

He also said he was not in favor of introducing new taxes this year, saying it would be better for Congress to harmonize and update current tax rates.

Finance Secretary Ralph G. Recto has said the government does not plan on imposing new taxes this year and would only push “only what is on the table.”

In February, Finance Assistant Secretary Karlo Fermin S. Adriano told a committee hearing that it had revised its proposal to keep tax rates on interest income at 20% instead of the gradual reduction to 15% previously.

Keeping the rate at 20% instead of the gradual decrease by 2028 would generate about P30.8 billion in revenues, he said.

The adjusted tax reform proposal will drop the previously projected P83 billion in foregone revenue from changes to taxes on passive income, financial intermediaries, financial transactions and excise tax on pick-up trucks to P12.2 billion in revenue, the Finance official said.

“Harmonization, financial inclusion and at the same time competitiveness,” Mr. Gatchalian said, listing what the bill aims to achieve. — John Victor D. Ordoñez

MMDA will only allow 24-hour DPWH projects until next week

PHILIPPINE STAR/MIGUEL DE GUZMAN

ONLY the Department of Public Works and Highways (DPWH) is allowed to implement unfinished road re-blocking and repair efforts round-the-clock until next week, the Metropolitan Manila Development Authority (MMDA) said.

“We will only allow DPWH to conduct 24-hour road repairs which they commit to finish on time and implement properly in the same manner as they implemented it during last Holy Week’s road repairs,” Acting MMDA Chairman Romando S. Artes said in a statement. He added that the private contractors’ incomplete road work from last Holy Week led to the decision to limit road repairs to the DPWH.

The MMDA penalized two contractors of a telecommunications company who failed to comply with the deadline given for road works during the Lenten break. They will be given a P1.27-million fine.

Meanwhile, Mr. Artes assured the public that they would manage traffic to ensure minimal impacts on motorists when the DPWH starts its reconstruction of the EDSA Kamuning Flyover Southbound.

The retrofitting of the flyover is necessary to avoid fatalities in times of natural disasters such as earthquakes, he added.

Mabuhay Lanes will be used as detours during the flyover’s 11-month repair project, which is scheduled to begin on April 25.

He added that the agency will step up cleaning operations in the surrounding areas before and after the flyover’s restoration.

“This is to make sure that roads serving as alternate routes are clear and obstruction-free to minimize the effects of the repairs in traffic,” he said. — Chloe Mari A. Hufana

Papua New Guinea foreign minister in Manila to tackle tourism, agri ties

PAPUA New Guinea (PNG) Foreign Minister Justin Tkatchenko is expected to meet with Philippine Foreign Affairs Secretary Enrique A. Manalo on Thursday to discuss bolstering ties in tourism, labor, agriculture and trade, among others.

“The two ministers will likewise exchange views on regional developments of mutual concern to both countries,” the Department of Foreign Affairs (DFA) said in a statement.

A policy consultation mechanism, which was agreed upon through a memorandum of understanding signed in the United States in November last year, is also expected to take place during the meeting.

“The extent of bilateral ties is productive and rewarding; however, there is scope for both countries to further expand cooperation in business, trade and investment, tourism and downstream processing,” Mr. Tkatchenko said in a statement.

The mechanism will entail discussions on regional and international issues that concern both the Philippines and Papua New Guinea.

Based on DFA data, there are more than 35,000 Filipinos in Papua New Guinea, who are mostly working as managers and supervisors.

“PNG and Philippines have abundant natural resources and can learn from each other’s experiences through mutual cooperation specifically in the Fisheries, Agriculture, tourism and downstream processing,” Papua New Guinea’s top diplomat said. — John Victor D. Ordoñez

Canino-less Lady Archers survive pesky Lady Maroons in four sets

DLSU LADY ARCHERS

Games on Tuesday
(Smart-Araneta Coliseum)
10 a.m. — AdU vs FEU (men)
12 noon — DLSU vs UE (men)
2 p.m. — AdU vs FEU (women)
4 p.m. — DLSU vs UE (women)

REIGNING champion De La Salle University (DLSU), without injured ace Angel Canino, braved on and withstood a University of the Philippines storm, 26-24, 25-20, 24-26, 27-25, to secure at least a playoff for a Final Four spot in the UAAP women’s volleyball tournament Thursday at the Mall of Asia Arena.

The Lady Spikers felt the absence of their reigning Most Valuable Player as they engaged in gritty dogfight all match long before flaunting their championship pedigree in the clutch, highlighted by a scintillating comeback in the fourth set for the win. On the verge of allowing a decider with a 22-24 deficit, DLSU launched a searing 5-1 finishing kick to seal the deal in two hours and 17 minutes behind the heroics of Shevana Laput and Alleiah Malaluan.

Stepping up big time in the absence of Ms. Canino — who still showed up in uniform despite a sling on her right arm following an off-court accident — Ms. Malaluan fired a season-high 17 points on 16 attacks, none bigger than a flurry in the fourth set.

Ms. Laput led the way with 21 while Princess Maicah Larroza also rose to the occasion with 12 points as La Salle climbed to 8-1 to move closer to the Final Four featuring No. 1 University of Santo Tomas (9-1) as the only qualified team so far.

De La Salle along with National University (NU), at 8-2, have inside tracks to follow suit as they have assured a playoff for a spot in case of a tie with each other or other chasing squads.

The Lady Spikers provided more than they were asked for to fill the massive hole left by the super sophomore Ms. Canino with an average of 16.3 points in their first eight games.

As Ms. Laput started De La Salle’s defiance sans their ace, Ms. Malaluan finished it by unloading back-to-back hammers to force a deuce at 24-all in the fourth.

She tied it anew at 25 after an answer from the Fighting Maroons before Ms. Larroza’s backrow hit and setter Julia Coronel’s block iced it in a thrilling comeback fashion with Amie Provido (8), Baby Jyne Soreño (8) and Thea Gagate also chipping in  help.

De La Salle’s pesky escape act in the fourth set only mirrored the hard-earned victories in the first two sets as UP even snatched the third with a similar extended duel to force a fourth set.

Irah Anika Jaboneta (18), Stephanie Bustrillo (16), Joan Monares (10) and Niña Ytang (10) headlined the valiant stand of the Fighting Maroons as they slid to 1-9. — John Bryan Ulanday

Gin Kings eye Top 2 and twice-to-beat edge in San Miguel Beer clash

TIM CONE — PBA.PH

Games Friday
(Smart Araneta Coliseum)
4:30 p.m. — TNT vs NorthPort
7:30 p.m. — Ginebra vs San Miguel

RANGED against a Ginebra side that has just showcased its might against heavyweight Magnolia, San Miguel Beer (SMB) coach Jorge Gallent demands nothing but the very best effort from his unbeaten troops.

“Ginebra is one of the strongest teams here so we have to be prepared, we have to be consistent and give our 48 minutes of energy for us to have a chance to beating them,” Mr. Gallent said ahead of the titanic PBA Philippine Cup matchup today at the Smart Araneta Coliseum.

The defending champion Beermen stake their spotless 3-0 record and grip on pole position in the 7:30 p.m. tussle with Ginebra (3-1), which follows the opener between NorthPort (3-1) and TNT (2-2) at 4:30 p.m.

The Gin Kings enter the Big Dome court with the momentum of their 87-77 dispatching of the Hotshots in their Easter “Clasico.”

“That’s going to give us a lift more than anything else going into the San Miguel game,” said Ginebra mentor Tim Cone.

“Right now San Miguel is playing at a level they don’t look like they’re beatable. But we’ll see what we can do.”

The importance of this tussle in the overall scheme of things and the race for the Top 2 and twice-to-beat advantage isn’t lost on Mr. Cone.

“You’re always battling for that Top 2 so this is a big game in terms of Top 2 positioning (down the road). We know San Miguel is probably going to get one of those Top 2 positions and Magnolia’s probably going to get the second so beating Magnolia was really important to give us a shot at the Top 2,” said Mr. Cone.

“Not to say nobody else can get there but those two (SMB and Magnolia) seem like the favorites so if we can figure out a way to come out with a victory against San Miguel (too), it will be a big thing in terms of helping us to the Top 2.”

The crowd darlings, though, won’t have a full complement against the star-studded SMB core of June Mar Fajardo, CJ Perez, Marcio Lassiter, Don Trollano and Jericho Cruz with Scottie Thompson sidelined by back injury.

As such, the Ginebra veterans Stanley Pringle and LA Tenorio and backup Nards Pinto carry heavier burden in running a cohesive game with Japeth Aguilar, Christian Standhardinger, Jamie Malonzo and Maverick Ahanmisi.

Meanwhile, the Batang Pier have reactivated William Navarro in place of Jeff Chan as they seek to make it four in a row in the battle with the Tropang Giga. TNT is out to get back on track after its close setback to SMB just before the two-week All Star and Holy Week break. — Olmin Leyba

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