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PSEi dips to 6,800 level, tracks weak US markets

BW FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE SHARES retreated to the 6,800 level on Monday, tracking weak US markets.

The 30-member Philippine Stock Exchange index (PSEi) dropped by 1% or 69.97 points to close at 6,872.24. The broader all-share index shed 0.78% or 28.09 points to 3,574.72.

The index fell along with other Asian markets after negative cues from Wall Street on Friday, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message. “Moreover, foreign investors weighed on the market performance.”

Net foreign selling reached P277.68 million, a reversal of P563.62 million worth of net foreign buying on Friday.

The Dow Jones Industrial Average index shed 0.18% or 68.66 points to 38,722.69 on March 8, while the S&P 500 index dropped by 0.65% or 33.67 points to 5,123.69. The Nasdaq Composite index fell by 1.16% or 188.27 points to 16,085.11, while the New York Stock Exchange Composite index dipped by 0.21% or 38 points to 17,889.62.

The local market ended lower as investors await US inflation data for February, due on March 12, Luis A. Limlingan, sales head at Regina Capital Development Corp., said in a Viber message.

“The February US consumer price index may stir a new course of rhetoric for the US Federal Reserve as to how they will implement their policy rates over the next few months,” he said. “Some are pointing out that the overall cost of goods may not have moderated as fuel costs ticked up last month.”

US inflation slowed to 3.1% in January from 3.4% in December.

All the PSEi’s sectoral indices fell, led by property which declined by 2.69% or 76.67 points to 2,767.47. Industrials retreated by 1.15% or 105.2 points to 9,030.88, while mining and oil lost 1.05% or 89.05 points to 8,321.47.

Services shed 0.84% or 15.29 points to 1,794.37; holding companies dropped by 0.21% or 13.89 points to 6,590.10; and financials dipped by 0.11% or 2.38 points to 2,017.80.

Value turnover fell to P3.76 billion, with 507.92 million issues changing hands, compared with 548.74 million stocks worth P4.89 billion on Friday.

Decliners beat advancers 125 to 62, while 53 stocks were unchanged.

Senate bill meant to boost cities’ realty taxes passed on 3rd reading

BW FILE PHOTO

By John Victor D. Ordoñez, Reporter

THE PHILIPPINE Senate on Monday approved on third and final reading a priority bill seeking to fast-track and boost the monitoring of real property sales of local government units (LGUs) and to maintain a digital database of up-to-date market values.

In a 23-0-0 vote, senators voted in favor of Senate Bill No. 2386 or the Real Property Valuation and Assessment Reform Act, which aims to improve real property tax collections by updating valuations without increasing or imposing new taxes.

The bill, which was sponsored by Ways and Means Committee chairperson, Sen. Sherwin T. Gatchalian, would also grant amnesty for unpaid real property taxes and interests

“Through this proposed measure, we not only pave the way for greater efficiency and accuracy in property valuation but also extend a helping hand to our delinquent property owners and low-income LGUs,” he told the Senate floor after the measure’s approval.

Under the proposal, a real property information system would be maintained to make accurate property valuations readily available and reduce discrepancies in these transactions.

The system would provide an up-to-date database of the sale, exchange, lease, mortgage, donation, transfer among other real property transactions.

The Department of Information and Communications Technology (DICT) will be tasked to assist lower-income class LGUs to support a real property tax administration fund.

The measure aims to boost tax collection efficiency through the automation of real property services provided by local governments.

The Bureau of Local Government Finance (BLGF), which is under the Department of Finance (DoF), would be the primary agency to develop valuation standards for real property appraisal used for taxation and to ensure LGU compliance.

A new unit of the BLGF called the Real Property Valuation Services would be established to support the development valuation of real property taxes.

New schedule of market values, the basis for calculating property tax, would take effect within two years of the bill’s approval.

During these two years, a one-time 6% cap on each type of real property tax would be imposed to allow taxpayers to adjust to new real property market values. LGUs would have the authority to extend the cap once it expires.

The House of Representatives approved a counterpart bill on third reading in December, 2022.

Last December, the DoF said the measure would boost investor confidence through the adoption of internationally accepted valuation standards.

Based on Philippine Statistics Authority (PSA) data, the gross value-added contribution of real estate and ownership of dwelling last year was at 5.6% of the Philippine gross domestic product, or about P1.37 trillion.

Real property collections by cities only grew by 5.3% between 2019  and 2021, the Congressional Policy and Budget Research Department (CPBRD) said in a report last year.

The late and former Senate President Edgardo Angara J. Angara had filed a similar measure in 2005.

“For almost two decades, a dream has echoed in the halls of Congress: a single, transparent, and updated valuation system,” Mr. Gatchalian said. “Today, that vision inches closer to reality.”

Marcos cites need to boost economic cooperation with ‘like-minded’ nations

PRESIDENT Ferdinand R. Marcos, Jr. and his wife depart from Villamor Airbase in Pasay City on Mar. 11 for his working visit to Germany and state visit to the Czech Republic. — PPA POOL/KJ ROSALES

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. on Monday cited the need to boost economic partnerships with “like-minded” nations or countries respecting international law, in a remark made against the backdrop of heightening tensions in the South China Sea.

Mr. Marcos left the Philippines on Monday for his visit to Germany until March 13, and to the Czech Republic on March 13-15, vowing to “underscore our unwavering commitment to strengthening partnerships with like-minded countries promoting the rules-based international order.”

In his departure speech, the Philippine leader said he will focus on expanding economic cooperation with the two Central European nations, citing the need for more “mutually beneficial trade and investment opportunities.”

“We wish to tap Germany’s expertise in renewable energy to assist us in our energy transition efforts, as well as on manufacturing, healthcare, agriculture, aerospace, innovation and startups, IT-BPM, minerals processing,” he said.

“In the same vein, we wish to harness the Czech Republic’s expertise on agriculture, manufacturing, especially in the automotive industry, transportation, renewable energy, space, and scientific instruments that they have been leading the world in, in terms of technology,” he added.

While in Germany, Mr. Marcos will witness the signing of a joint declaration of intent to boost cooperation in maritime trade.

The deal, which will be signed by both countries’ transportation agencies, would facilitate the mobility of Philippine- and German-owned commercial vessels.

A cooperation program between the Technical Education and Skills Development Authority and the German Federal Institute for Vocational Education and Training will also be sealed.

In the Czech Republic, on the other hand, Mr. Marcos will witness the signing of a cooperation deal for the safe and orderly migration of Filipino workers.

Mr. Marcos said his government is eager to invite German and Czech businesses to consider the Philippines as “a production hub for their products.”

His trip to the two European nations followed the visits to Manila of Czech Prime Minister Petr Fiala in April last year and German Federal Foreign Minister Annalena Baerbock in January.

The European trips also followed Mr. Marcos’ state visit to Australia in late February, where he said in front of Australian lawmakers that Manila is on the frontline of a battle for regional peace.

Tensions between the Philippines and China in the South China Sea have increased, with the Chinese coast guard firing water cannons and conducting dangerous maneuvers to block Philippine missions for Filipino fishermen and troops within Manila’s 200-nautical mile exclusive economic zone.

Earlier this month, the Chinese coast guard’s blocking maneuvers and firing of water cannons damaged Philippine resupply vessels and injured at least four Navy personnel.

“Manila’s attempt to optimize its partnership with the European Union (EU) is mutually necessary given the structural changes in the international system,” said Joshua Bernard B. Espeña, who teaches international relations at the Polytechnic University of the Philippines.

He noted that the EU has been diversifying its economic partnerships “in an attempt to de-risk from China and Russia.”

“Meanwhile, the Philippines also wanted to go beyond the US and China as the only major sources of its trade,” he added. “Not to mention that Manila provides a large source of seafarers needed in European shipping companies in post-COVID production to boost the global supply chain.”

Mr. Espeña said the Philippines needs to gather all possible allies and partners to reap “economic benefits as much as possible to absorb the shocks of the fallout of future conflicts that may affect the Philippines.”

China remained the largest source of Philippine imports in 2023, accounting for $29.38 billion of the total. It was followed by Indonesia ($11.51 billion), Japan ($10.26 billion), South Korea ($8.48 billion), and the US ($8.41 billion).

But the US was the largest destination of Philippine products in the same year, accounting for $11.54 billion or 15.7% of the country’s export value. It was followed by China ($10.86 billion), Japan ($10.45 billion), Hong Kong (8.84 billion), and South Korea ($3.53 billion).

LANDBANK deal with DMW seen to hasten OFW claims

By Aaron Michael C. Sy, Reporter

LAND BANK of the Philippines and digital bank unit OFBank have partnered with the Department of Migrant Workers (DMW) to fast-track the delivery of indemnity claims to overseas Filipino workers (OFW).

Under the deal, the DMW will integrate LANDBANK and OFBank in the processing and crediting of checks as compensation for unpaid wages and other benefits of OFWs who lost their jobs when Saudi Arabian construction companies went bankrupt in 2015 and 2016, the state lender said in a statement on Monday.

This will cover claimant-families of deceased workers, LANDBANK added.

The partnership would ensure that migrant Filipino workers get their backpay the soonest, LANDBANK President and Chief Executive Officer and OFBank Chairperson Lynette V. Ortiz said in the statement.

DMW officer-in-charge Hans Leo J. Cacdac said paying the claims of the Filipino workers is high on the agency’s agenda.

Under the memorandum of agreement, LANDBANK will offer over-the-counter banking services to eligible OFWs free of charge.

The lender will also coordinate with foreign depository banks in monitoring the outward bills for collection. It will also facilitate the flow of inward funds to OFBank accounts of their beneficiaries.

OFBank will help affected OFWs with opening an account and accessing the digital lender’s digital services.

It will also work with the DMW in raising awareness about the procedures for negotiating indemnity checks from foreign employers.   

OFBank will also provide financial education on savings and investment management to OFWs.

The DMW will keep a helpline for inquiries made by qualified OFWs and their beneficiaries. It will also handle the cases of deceased OFWs in favor of their heirs and family members.

LANDBANK and OFBank have credited 1,211 checks worth $16.4 million to affected OFWs as of Feb. 29.

Ex-senator sues Google, YouTube and ‘Bungangera TV’ for cybercrime

Francis “Kiko” N. Pangilinan — PHILSTAR

CYBERCRIME complaints against Google and YouTube were filed by a former Philippine senator before the Department of Justice (DoJ) on Monday for allegedly “aiding and abetting” a content creator that has maligned his reputation.

Francis “Kiko” N. Pangilinan, former senator and candidate for vice president in the 2022 elections, sued Filipino YouTube channel, Bungangera TV, for cyber libel by allegedly “maligning his reputation as a public servant, husband, and father.”

He included Google and YouTube in the complaint, citing supposed violations under the Philippines’ Cybercrime Prevention Act of 2012 (RA 10175).

“The titles, thumbnails, and all other contents of the videos pertaining to me and my family are all false, have no factual basis, and are intended to destroy or damage my reputation,” Mr. Pangilinan wrote in his 10-page affidavit.

Mr. Pangilinan told reporters that he has been addressing his complaints to Google and YouTube since December 2023, but the Bungangera TV videos he called out remained posted on the streaming platform.

“As regards the authorized representatives, officers, and/or directors of Google/YouTube Philippines, I am filing this complaint against them for aiding or abetting the commission of cybercrime under Section 5(a) of the Cybercrime Prevention Act of 2012 for allowing Bungangera TV to upload and maintain videos containing libelous thumbnails, captions, and titles on its online platform,” read part of his affidavit.

The online channel has more than 79,000 subscribers and almost 15 million views to date, but the identity of its owner is still unknown. Mr. Pangilinan said he is hoping YouTube would cooperate to identify the owners behind Bungangera TV.

“We sought the assistance of the National Bureau of Investigation (NBI) Cybercrime Division to preserve Bungangera TV’s videos and related data,” he said. “Once the owner/s, author/s, or person/s responsible for the creation and management of Bungangera TV and the libelous videos is/are identified, I will pursue legal action against him/her/them, and I intend to use the data collected and preserved as evidence.”

Mervin Wenke, communications head of Google for the Philippines, said that aside from flagging inappropriate content for review, “people can submit complaints against content they believe violate their rights, including defamation, by filing legal complaints through the online legal removals webform.”

“YouTube, which is operated by Google LLC based in the US, has clear policies that outline what content is not acceptable to post. The company quickly takes action against the videos and creators violating these policies when flagged,” said Mr. Wenke.

“YouTube takes local legal considerations into account when evaluating these requests and may restrict access to video after a thorough review.”

Mr. Pangilinan complained the YouTube channel “Maharlika TV” last 2022 for the same violation, but the case remains under investigation.

“We are studying this because these channels have commercial advertisements,” he said in Filipino. “These are known companies…we are pleading these companies to study where their digital advertisements are going. Because if these commercials go to channels that spread malicious information, they can be liable for moral damages.” — Chloe Mari A. Hufana

El Niño forces price freeze in 2 municipalities

PHILSTAR FILE PHOTO

By Justine Irish D. Tabile, Reporter

THE DEPARTMENT of Trade and Industry’s (DTI) regional office has declared a price freeze of essential commodities in two municipalities of Oriental Mindoro due to a severe and prolonged drought brought about by the El Niño climate pattern.

In a statement on Monday, the DTI-MIMAROPA (Mindoro provinces, Marinduque, Romblon and Palawan) Regional Office said the municipalities of Bulalacao and Mansalay are already under a state of calamity due to the dry spell.

“In view of this, and pursuant to Section 6 of the Price Act as amended, the prices of basic necessities are automatically frozen at their prevailing prices for 60 days starting on February 26, 2024, in Bulalacao, and March 7, 2024, in Mansalay,” it said.

Products included in the list are canned fish and other marine products, processed milk, coffee, detergent soap, candles, bread, iodized salt, instant noodles, and bottled water.

According to the DTI-MIMAROPA, traders and retailers who violate the prize freeze will be subject to penalties: imprisonment for one up to 10 years or paying a fine of P5,000 up to P1 million.

“The DTI’s provincial monitoring and enforcement teams will intensify their efforts to monitor the pricing and availability of essential goods within the department’s jurisdiction,” it said.

“This measure is taken to ensure that businesses and establishments comply with the imposed price freeze,” it added.

The full list of the products that will be under the price freeze is available at https://tinyurl.com/MIMAROPAListOfPriceFreeze and at DTI offices, the department said.

Senator: AFP modernization first

ARMED FORCES OF THE PHILIPPINES

THE PHILIPPINE Senate should focus on pushing for military modernization over proposals that seek mandatory military training for students and civilians amid tensions in the South China Sea, a senator said on Monday.

“The best course of action at the Senate is to judiciously increase support for military modernization, especially for the Philippine Navy among other aspects of national defense,” Senator Ana Theresia N. Hontiveros-Baraquel said in a news briefing mixed English and Filipino.

“This (South China Sea tensions) should not be used as an excuse (for mandatory Reserve Officers’ Training Corps), which I think is not the right policy direction.”

She said it would be more useful to have a smaller but more efficient armed force instead of a large military force composed of civilians forced to serve.

Senate bills pushing for mandatory Reserve Officers Training Corps or ROTC programs in schools are set for plenary debates in the coming weeks, she added.

Tensions in the South China Sea have intensified after incidents of the Chinese coast guard firing water cannons at Philippine vessels and have blocked resupply missions to a dilapidated World War II era in the Second Thomas Shoal.

Japan and Australia last year expressed willingness to take part in the Philippines’ joint maritime patrols with the US.

In December, the Senate passed on third and final reading a bill that seeks to boost the country’s defense program through investments in local defense equipment manufacturing amid its dispute with China in the waterway.

Senate Bill No. 2455 will task the Department of National Defense to develop a self-reliant defense posture program that will encourage manufacturers to produce weapons and defense systems in the country for local use and exports.

The measure will give the agency P1 billion in funding.

Chinese President Xi Jinping last week called on his country’s armed forces to coordinate preparations for military conflicts at sea and help in the development of the maritime economy.

China claims more than 80% of the South China Sea based on a 1940s map, which a United Nations-backed arbitration court voided in 2016.

The Philippines has been unable to enforce the ruling and has since filed hundreds of protests over what it calls encroachment and harassment by China’s coast guard and its vast fishing fleet. — John Victor D. Ordoñez

House urges Quiboloy appearance

PCOO

TELEVANGELIST Apollo C. Quiboloy should appear before the House Legislative Franchises Committee as his presence would allow lawmakers to clarify the alleged violations of Sonshine Media Network International’s (SMNI), Deputy Speaker and Quezon Rep. David C. Suarez said on Monday.

“Pastor Quiboloy has to respect the legislative process of Congress,” he said. He was invited and he was asked to present himself so that he can clarify issues regarding the investigations being conducted by the committee on franchise.”

The House issued a subpoena for Mr. Quiboloy, who has consistently snubbed committee hearings on alleged violations of SMNI despite multiple invitations from the House panel.

Earlier, Mr. Quiboloy said he is in hiding because of an alleged threat to his life.

“I don’t think the pastor has anything to fear, Mr. Suarez said. “I mean this is a Legislative Franchise Committee hearing, we have done this in the past.”

“It’s important to remember that the power to compel attendance is very important for the House of Representatives in order to make effective and wise judgments regarding legislation it aims to make,” Cagayan de Oro Rep. Lordan G. Suan said. “That’s why it is very important for our resource persons to appear in Congress so that we will have informed decisions.”

“What we’re after for is the truth,” Mr. Suarez added. — Kenneth Christiane L. Basilio

Car smuggling probe sought

A PHILIPPINE senator on Monday filed a resolution seeking to look into the smuggling of sports cars that bypassed customs clearance, which cost the government P165 million in excise tax revenues.

Senator Sherwin T. Gatchalian, who filed Senate Resolution No. 954 on March 6, said the smuggling of two Bugatti Chiron sports cars, among the most expensive cars in the world, showed the need for the government to enhance border control measures to deter tax leakages. 

“There is a need to determine the lapses and loopholes in government processes that lead to the continuous persistence of outright smuggling of luxury items in the country, including cars, that deprives the government of much-needed revenues and poses a serious and great threat to the national economy,” he said.

The two Bugatti sports cars are valued at P165 million each. At 50% excise tax, the government missed out on P165 million in revenues from the importation of the supercars, Mr. Gatchalian said. 

The Bureau of Customs had received information about the smuggled cars in November, prompting the agency to issue a seizure warrant against the two undocumented Bugatti cars.

Mr. Gatchalian said there is a need to use modern technology to keep an eye on undocumented luxury cars, which he said threatens the economy.

“We should not allow these practices since the tax collected by the government and which would be used for projects to strengthen the economy and improve the lives of Filipinos would suffer,” he said in Filipino. — John Victor D. Ordoñez

Cooperative federations pushed

THE PHILIPPINE Chamber of Cooperatives said measures to amend the Cooperative Code should allow cooperatives to freely form federations among themselves even if they are not in the same line of business.

“We humbly submit that the creation of federations should not be limited to only the same line of business because this would limit the growth of cooperatives in terms of the financial aspect,” Noel D. Raboy, founding trustee of the chamber, said in a position paper on House Bill No. 9450, which seeks to amend the Cooperative Code of the Philippines sent to BusinessWorld on Monday

“We must give utmost freedom to cooperatives in forming federations among themselves.”

Under the House measure, cooperatives can form federations only with those engaged in the same line of business. 

The Senate is in the middle of consultations on whether the cooperative code needs to be amended to encourage growth and introduce more investment. — John Victor D. Ordoñez

Petecio, Villegas one win away to July’s Paris Olympic Games

NESTHY PETECIO — FEDERACIÓN ESPAÑOLA DE BOXEO FACEBOOK ACCOUNT

Paalam and Ladon suffer heartbreaking defeats

ONE step.

That is what Nesthy Petecio and Aira Villegas would need to book a ticket to this July’s Paris Olympics after the two valiant Filipinas fought the fight of their lives in turning back their respective foes Sunday in the World Qualification Tournament in Busto Arsizio, Italy.

Ms. Petecio, the Tokyo Games silver medalist and former world champion, used her vast experience in overcoming a slow start and outlasting a taller and upset-conscious Maud Van der Toorn of the Netherlands in their women’s 57-kilogram quarterfinal duel.

That sent the 31-year-old Davao del Sur to the semifinals where she will clash with Turkey’s Esra Yildiz Kahraman, a 4-1 winner over Great Britain’s Elise Glynn, and a triumph closer to claiming a Paris berth since only two quota places were allotted to her division.

For Ms. Villegas, she trounced Denmark’s Sofie Vinter Rosshaug, 5-0, to leapfrog to the women’s 50kg quarterfinals and move a win closer to snatching one of the four Olympic spots allotted to her class.

In the quarters, Ms. Villegas will battle a dangerous Zlatislava Genadieva Chukanova, who surged through with a 5-0 result over Jordan’s Hanan Nassar, and the Filipina is expected to give it her all again to earn that glorious Olympic experience.

The pair of magnificent results somehow helped ease the pain of heartbreaking, soul-zapping defeats suffered by Tokyo silver winner Carlo Paalam and Olympian Rogen Ladon.

Mr. Paalam had to stop his match in the 52-second mark of the second round after failing to endure the excruciating pain of the shoulder injury he sustained from his previous fight and conceded to Turkmenistan’s Shuku Ovezov in their men’s 57kg showdown.

For Mr. Ladon, he succumbed to Great Britain’s Kiaran MacDonald, 4-1, and crashed out.

Mercifully, Messrs. Paalam, Ladon and the rest of the Filipino pugs dreaming the Olympic dream will have one final chance at it as they are expected to be sent again in the last doorway to Paris — the second World Qualification Tournament set May 23 to June 3 in Bangkok, Thailand. — Joey Villar

Chiba Jets edge Seoul SK Knights in exciting EASL finals

CHIBA JETS — EASL

LAPU-LAPU CITY — Japan B. League’s Chiba Jets stamped their class as the region’s best, capping a perfect campaign with an exciting 72-69 finale win over Seoul SK Knights of the Korean Basketball League to rule the East Asia Super League (EASL) over the weekend at the jam-packed Hoops Dome here.

Yuki Togashi, fueled by the “MVP” chants from Filipino fans, starred for the Jets in soaring to greater heights across the Pacific as the Japanese ball club completed a seven-game sweep of the EASL’s first home-and-away format.

Mr. Togashi fired 24 points on four treys and seven assists, highlighted by the game-sealing freethrows in the last 14 seconds for a three-point Chiba separation that it just held on until the buzzer following Jameel Warney’s missed game-tying trey.

John Mooney collared 16 points and 16 rebounds plus six assists, two steals and a block while Ira Brown threw in 12 points to complement Mr. Togashi for Chiba, which became a fan-favorite in Cebu en route to the crown of the EASL participated by eight teams all throughout, including two clubs from the Philippines.

“Hats off to the players, they deserved it and somehow, we went undefeated. It was a dramatic, difficult game. We banked on our defense and Yuki just took over in the end,” said coach John Patrick, whose wards first beat New Taipei Kings, 92-84, in the semifinals.

“That’s been the story of our season. We could not be prouder and we’re glad to do it in Cebu. It’s hot and loud and that’s how basketball is played.”

Chiba, a thousand miles away from home, indeed treated the Philippines as its homecourt.

And the Jets delivered.

No teams led by as many as eight points in the back-and-forth duel as Chiba just proved to be the steadier team down the stretch despite being the last to arrive in Cebu a day before the Final Four.

Mr. Warney, the EASL’s top scorer, scored 22 points and 17 rebounds while Yougjun An and Leon Williams added 18 and 15 points, respectively, in a commendable run for the Knights in another finals appearance after a sweet 94-79 revenge on Korean rival Anyang reinforced by Filipino import Rhenz Abando in the semis. — John Bryan Ulanday

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