Cancer patients encouraged to seek social services

September 28, 2022 | 12:02 am

SOCIAL WORKERS are integral to patient care, as they provide patients and their families with information on financial and emotional resources that can help them cope more effectively, a social services consultant said.

According to Cristina S. Hangod, former head of the social services department at St. Luke’s Medical Center, the social services offered in hospitals encompass referrals, pre-admission and discharge planning, social risk screening, patient counseling, psychosocial evaluations, health education, program consultation, planning activities, and research.

“We discuss with the medical team where the patient will be going after discharge,” Ms. Hangod said at a Sept. 17 event organized by Lymphoma Philippines, a non-profit organization.

“Since lymphoma is an immunocompromised case, we also conduct a home visit prior to the discharge of the patient, so we can prepare the family on how they will be attending to the patient in terms of hygiene … and emotional support,” she added.

Ms. Hangod said that a patient under social services in a government hospital spends about P1.5 million from the time of diagnosis until the time of discharge. Professional doctor fees are waived and the room is free, although the patient will need to pay at least in part for the cost of medications and diagnostic procedures.

In private hospitals, meanwhile, the cost for the same is about P2.5–3.5 million for both private and social services patients, although Ms. Hangod said part of the latter’s expenses are shouldered by the hospital.

Tertiary level government hospitals that offer lymphoma treatments include the Philippine General Hospital, the National Kidney and Transplant Institute, and Jose Reyes Memorial Hospital and Medical Center. Private hospitals that offer the same include St. Luke’s Medical Center, Asian Hospital and Medical Center, and University of Santo Tomas Medical Center.

Patients are classified according to their socioeconomic status, she added, with the percentage of the discount depending on this classification.

Patients, in general, consolidate family resources — from insurance (such as membership benefits from one’s health maintenance organization as well as PhilHealth) to family assets (such as one’s business or savings) — to fund their treatments.

Ms. Hangod shared the importance of being cognizant of cancer’s social impacts, and how the dynamics of relationships change, depending on the coping capacities of both the patient and their loved ones.

“A student may forgo schooling, or a housewife may not be able to perform her responsibilities,” she said. “The patient may feel self-pity and ask, ‘Why me? My family is depending on me.’”

Important, too, is for the patient to have advance directives, such as a living will and a legal document that authorizes another person to act on your behalf.

“If the patient doesn’t want chemotherapy, or doesn’t want to stay in the hospital … what are the alternatives? These should be discussed early on,” said Ms. Hangod in the vernacular.

Lymphoma is a cancer that starts in the immune system’s infection-fighting cells called lymphocytes. The lymph nodes, spleen, thymus, bone marrow, and other areas of the body contain these cells, with lymphoma leading lymphocytes to change and increase out of control.

Common symptoms include enlarged lymph nodes, chills, weight loss, fatigue — all of which are more likely to be caused by other conditions, such as an infection.

It is one of the top 15 cancers in the Philippines. Authorities estimate, however, that a large number of patients are left undiagnosed due to lack of awareness.

“If people knew more about this cancer, maybe we could be more aware of our health and the symptoms that lymphoma can do to our body,” said Jeanne Ann Edillon, a cancer patient and survivor, who was initially unaware of the disease.

Sept. 15 is World Lymphoma Awareness Day. — Patricia B. Mirasol

Treasury partially awards T-bills amid hawkish central banks

September 28, 2022 | 12:02 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Tuesday as traders demanded higher returns on the back of tightening monetary policy from central banks.

The Bureau of the Treasury (BTr) raised just P3.35 billion from the T-bills it auctioned off on Tuesday, way below the P15-billion program, even as bids reached P17.664 billion, as it again only awarded six-month papers for a third consecutive auction.

Broken down, the Treasury borrowed just P3.35 billion via the 182-day securities, even as bids reached P9 billion. The average rate of the tenor went up by 14.8 basis points (bps) to 3.958% from the 3.810% fetched last week. Accepted rates ranged from 3.900% to 4.000%.

Meanwhile, the government rejected all bids for 91-day T-bills, with tenders for the tenor hitting just P4.6 billion, below the P5-billion program. Had it been awarded, the average rate of the three-month paper would have gone up by 207.9 bps to 4.397% from the 2.318% fetched in its last successful awarding on Sept. 5.

The BTr also refused to award 364-day debt papers, with demand only reaching P4.064 billion versus the P5 billion on the auction block. Had the government accepted all bids, the debt paper’s average rate would have climbed by 110.6 bps to 4.888% from 3.782% fetched for the tenor on Aug. 22, which was the last successful award.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 2.7762%, 3.7042%, and 3.9280%, respectively, based on the PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that “rates on [the] short end [were] very sensitive to aggressive actions of [the] Fed.”

A trader attributed the partial awarding to the recent policy rate adjustment of the Bangko Sentral ng Pilipinas (BSP).

Likewise, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that it had to do with the tightening of monetary policy.

“Again, the higher bid yields reflect the widely expected 50-bp local policy rate hike on Sept. 22, as well as the record US dollar-to-peso exchange rate,” Mr. Ricafort said in a Viber message, noting how a weaker peso could lead to higher inflation and further policy rate hikes.

“Local monetary authorities signaled possible surprise local policy rate hikes [and] more intervention in the local foreign exchange markets, both of which could help stabilize the peso exchange rate, as well as overall inflation,” he added, mentioning how the BSP is reacting to the Fed’s policy decisions.

The BSP increased its benchmark interest rates by 50 bps to 4.25% on Thursday, hiking borrowing costs by 225 bps since May to rein in rising prices.

The consumer price index climbed to 6.3% year on year in August from the nearly four-year high of 6.4% a month earlier and 4.4% a year ago. It was the fifth straight month that inflation exceeded the BSP’s 2-4% target this year.

BSP Governor Felipe M. Medalla said last month that the Fed’s aggressive tightening also poses an additional risk to domestic prices due to its effect on the peso.

The US Federal Reserve hiked its policy rates by another 75 bps last week while signaling larger increases to come as inflation is still way above its 2% target at 8.3% as of August. The central bank has raised key rates by 300 bps since March, including two other 75-bp moves in June and July.

The peso closed at an all-time low of P58.50 per dollar on Friday, losing one centavo from its P58.49 finish on Thursday, Bankers Association of the Philippines data showed.

The peso has weakened by 14.71% or P7.5 since then from its P51-a-dollar close last year.

On Wednesday, the BTr will auction off P35 billion in reissued 20-year Treasury bonds (T-bonds), with a remaining life of 16 years and four months.

The Treasury wants to raise P200 billion from the domestic market this month, or P60 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

PetroGreen solar project in Bohol seen operational by 2024

September 28, 2022 | 12:02 am

PETROGREEN Energy Corp. said on Tuesday that its 27-megawatt direct current (MWdc) Dagohoy solar power project in Bohol is expected to start operations by 2024.

The solar plant, a renewable energy project between the Department of Energy and PetroGreen, is expected to generate about 36-gigawatt hours of electricity per year, which is enough to power around 15,000 households.

Maria Victoria M. Olivar, PetroGreen assistant vice-president for operations, said in a media release that the company is presently completing the necessary pre-development permits.

She thanked Bohol’s provincial government “for the encouraging support to investors” such as PetroGreen.

The Dagohoy project is located on a 22-hectare site and will use 61,200 solar panels.

Bohol Governor Erico Aristotle C. Aumentado said the project is aligned with the province’s vision of “Green Bohol.”

“One of our priorities is a stable, reliable, and affordable power supply, which is key to making Bohol more attractive for investors, sustaining a lively tourism industry, and ensuring the [province’s] continuous economic growth,” he said.

PetroGreen is the renewable energy arm of Yuchengco-led PetroEnergy Resources Corp.

PetroGreen also holds interest in the 32-MW Maibarara geothermal power project in Batangas, the 36-MW Nabas-1 wind power plant in Aklan, and the 70-MWdc Tarlac solar power project in Tarlac.

On Tuesday, PetroEnergy shares closed 3.06% lower to finish at P4.75 apiece. — Ashley Erika O. Jose

Manansala, Ventura paintings fetch P17M each in auction

September 28, 2022 | 12:01 am

1 of 2

NATIONAL Artist Vicente Manansala’s Vendors (1978) sold for P17,240,000 — exceeding its pre-sale estimate of P12-14 million — at Salcedo Auctions’ 8^th edition of The Well-Appointed Life live and online auction on Sept. 17.

Ronald Ventura’s Beasty Eyes (2021) was also sold at the same price as the Manansala.

The two glass sculptures from Ramon Orlina’s Tower Series each sold for P7,592,000.

Abstractionist Romulo Olazo’s 48 x 48 inch Diaphanous 71719 went for P11,680,000 while his 42 x 84 -inch Diaphanous B-CXIVIII sold at P14,016,000.

Other notable results in the auction include Mauro Malang Santos’ Yellow Vendor which fetched P11,096,000; two 1957 works from National Artist Ang Kiukok’s Bananas series (from the Rufus Phillips collection) sold for a combined total of P9,110,400; National Artist Benedicto “BenCab” Cabrera’s 12 x 11 ½ inch 1969 Mother and Child went for P3,270,400; and Juan Luna’s 1887 watercolor, Reclining Warrior, sold for P2,102,400.

Meanwhile, an Impy Pilapil sculpture from the Tower Club collection became the most expensive piece by the artist sold at auction at P934,400, from its pre-sale estimate of P380,000.

For information and consignment inquiries, visit salcedoauctions.com. Salcedo Auctions is located at the NEX Tower, 6786 Ayala Ave., Makati City.

Ensuring patient safety

September 28, 2022 | 12:01 am

It is estimated that one in every 10 patients is harmed while receiving care because of a range of preventable adverse events, according to a presentation cited by the World Health Organization (WHO).

The WHO said that adverse events due to unsafe patient care is likely one of the 10 leading causes of death and disability globally.

Among the patient safety concerns mentioned by the WHO are medication errors, healthcare associated infections, unsafe surgical procedure, unsafe injection practices, diagnostic errors, unsafe transfusion practices, radiation errors, sepsis and blood clots.

Unsafe medication practices and medication errors are a leading cause of avoidable harm in healthcare across the world, according to the WHO. Medications can cause serious harm if incorrectly stored, prescribed, dispensed, administered or if monitored insufficiently.

Delivering quality essential health services devoid of errors can only be possible with patient safety. Patient safety aims to stave off and lower the risks, errors and harm during the provision of care.

Established in 2017 and observed on Sept. 17, World Patient Safety Day reaffirmed the objectives of the WHO Global Patient Safety Challenge: Medication Without Harm, an annual event also launched in 2017.

The challenge calls on stakeholders to prioritize and take early action in key areas associated with significant patient harm due to unsafe medication practices. These include high-risk situations, transitions of care, polypharmacy (concurrent use of multiple medications) and look-alike, sound-alike medications.

Medication errors occur when weak medication systems and human factors such as fatigue, poor environmental conditions or staff shortages affect the safety of the medication use process. This can result in severe patient harm, disability and even death. The WHO noted that the ongoing coronavirus disease 2019 (COVID-19) pandemic has significantly exacerbated the risk of medication errors and associated medication-related harm.

In 2008, the Department of Health (DoH) issued AO No. 2008-0023 to institutionalize quality assurance where patient safety is regarded as one of the key dimensions of quality healthcare. Correspondingly, the agency implemented its Patient Safety Program to provide a framework for quality and safe health services in all DoH hospitals and other health facilities.

Anchored on the Universal Health Care Law and the call of the 72^nd World Health Assembly on Global Action on Patient Safety, the DoH reaffirmed its commitment to promote and integrate patient safety in health service delivery to improve health systems and health outcomes. In February 2020, the DoH issued AO No. 2020-0007 enhancing the National Policy on Patient Safety in Health Facilities. The order provides guidance on the effective implementation and institutionalization of the Patient Safety Program in health facilities to improve safety in health service delivery, including that of the vulnerable population.

“Patient safety is a fundamental element of healthcare and is regarded as an essential component for improving health outcomes. The provision of safe and quality health service that is responsive to the needs of the people is a vital pillar in helping achieve Universal Health Care,” the DoH stated.

Meanwhile, the Patient Safety Movement (PSM), a global group with a presence in the Philippines, aims to achieve zero preventable patient harm and death across the globe by 2030. The PSM is also linking organizations and people for a collective advocacy on patient safety.

The biopharmaceutical industry, too, aims to develop and make available quality, safe and efficacious medicines and vaccines. Based on its commitment to public health, the industry collaborates with the WHO, regulatory, and other standard-setting bodies in the development and implementation of guidelines standardizing the quality of medicines. To protect patient health, consistent standards for quality should be applied everywhere.

Good Manufacturing and Good Distribution Practice (GMP/GDP) inspections, for example, are part of the overall quality assurance system for medicines. Inspections are essential to evaluate commercial manufacturing capability, adequacy of manufacturing and control procedures, suitability of equipment and facilities, and effectiveness of the quality management system. All these, among other safety measures being implemented by the biopharmaceutical industry, ultimately benefit patients and assure them of their safety.

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Bankers see BSP delaying RRR cut

September 28, 2022 | 12:01 am

THE BANGKO SENTRAL ng Pilipinas (BSP) might postpone the reduction in big banks’ reserve requirement ratio (RRR) this year as interest rates rise to contain inflation, officials from banks said.

“If this trend continues, I will understand if the central bank postpones (the RRR cut) at the more appropriate time,” EastWest Banking Corp. President and Chief Executive Officer Antonio C. Moncupa, Jr. said in an interview with BusinessWorld during a conference hosted by The Asian Banker last week.

The BSP last week raised its benchmark policy rate by 50 basis points (bps) to 4.25%. Rates on the overnight deposit and lending facilities also rose by 50 bps to 3.75% and 4.75%. The Monetary Board has raised 225 bps so far since May to curb inflation.

Inflation quickened to 6.3% in August from a year earlier, exceeding the central bank’s 2-4% target for a fifth straight month. It averaged 4.9% in the first eight months.

“Because it’s counter-cyclical to tighten monetary condition and arrest inflation,” Mr. Moncupa, who also heads the Bankers Association of the Philippines (BAP), said.

“It will send mixed signals. They’re hiking rates and then tapping reserves. So, there’s a big possibility that the reserve cuts will be delayed,” Metrobank Financial Markets Sector Head Fernando Antonio A. Tansingco said in a mix of English and Tagalog.

“Even if they have to delay the cut in reserves, I think it’s the right thing to not cut reserves until you can contain inflation,” Mr. Tansingco added.

The BSP earlier committed to bringing down the RRR of big banks to single digits by 2023.

During the central bank’s monetary policy press briefing last week, BSP Deputy Governor Francisco G. Dakila, Jr. said the monetary board has yet to decide whether a cut in RRR is still possible within the year.

“As we’ve reiterated, the goal is to move towards a single digit for reserve requirements by the end of the term of the governor,” Mr. Dakila said.

The central bank reduced the RRR, or the percentage of deposits and deposit substitutes banks must keep with the BSP, in March 2020 to cushion the impact of the pandemic on the economy.

The BSP earlier set digital banks’ reserve ratio at 8%. The RRR for big banks is currently at 12%, one of the highest in the region. Reserve requirements for thrift and rural lenders are at 3% and 2%, respectively.

A cut in RRR is a move intended to be an operational adjustment to facilitate the BSP’s shift to market-based instruments for managing liquidity in the financial system, particularly the term deposit facility and the BSP securities.

Mr. Moncupa said he does not think the RRR will be cut, “not at this time.”

“But what will happen in the future if they cut? It would lead to a more efficient and better financial intermediation because intermediation costs will be lower,”

When asked what could be a good percentage for big banks’ RRR, Mr. Tansingco said 9% could be a good number.

“It will bring down the cost of intermediation for the banks. Right now, it’s very expensive to operate a bank in the Philippines. I think we have one of the highest reserve requirements in the world,” Mr. Tansingco said.

He said banks have to comply with high reserve requirements, with the minimum required lending for the agriculture and agrarian reform (agri-agra) sectors and taxes such as the gross receipts tax (GRT).

“But the thing about it is, the central bank is now looking at measures to lower the costs, like the review in agri-agra. I think they’re also reviewing the taxation, so we’ll see how it goes,” Mr. Tansingco said.

Republic Act No. 10000 or the Agri-Agra Reform Credit Act of 2009 requires banks to lend 15% of their loan book to the agriculture sector, with a 10% quota set for agrarian reform beneficiaries. — Keisha B. Ta-asan

Cebu Landmasters receives permit to sell P5-B bonds

September 28, 2022 | 12:01 am

CEBU LANDMASTERS, Inc. has received from the Securities and Exchange Commission its permit to sell P5 billion worth of retail bonds for its maiden offering, it told the stock exchange on Tuesday.

The listed property developer said the issuance is the initial tranche of its shelf registration of fixed rate bonds amounting to P15 billion, which also received the order of registration from the regulator.

The P15-billion debt securities program is set to be offered in one or more tranches.

On Thursday last week, Cebu Landmasters said it had downsized the initial tranche of its shelf offering to P5 billion from P8 billion. The bonds have the following interest rates: 6.4222% for the 3.5-year series A, 6.9884% for the 5.5-year series B, and 7.3649% for the 7-year series C.

The offer period will run from Sept. 26 to 30, while its listing with the Philippine Dealing & Exchange Corp. is on Oct. 7.

Cebu Landmasters previously said that it was planning to use proceeds from the issuance to support its growth plans, primarily for market investments and land-banking activities.

In July, it received a credit rating of PRS Aa plus with a stable outlook from the Philippine Rating Services Corp.

A PRS Aa rating means that the issuance is of high quality and is subject to very low credit risk. It also indicates that the firm’s capacity to meet its financial commitment is very strong. A stable outlook means the rating is likely to be maintained or to remain unchanged in the next 12 months.

Cebu Landmasters is a Cebu-based company engaged in the development, sale, leasing, and management of real estate.

Its portfolio includes residential condominium units, subdivision houses and lots, townhouses, hotels, office projects, retail spaces, and townships.

At the stock exchange on Tuesday, Cebu Landmasters shares lost six centavos or 2.54% to P2.30 apiece. — Justine Irish D. Tabile

World Bank GDP growth forecasts for select East Asia and Pacific economies

September 28, 2022 | 12:00 am

THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative” fiscal policy conducive to recovering domestic demand despite a hawkish central bank and a pessimistic global economic outlook. Read the full story.

How PSEi member stocks performed — September 27, 2022

September 28, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, September 27, 2022.

Local stocks slump nearly 4% on selling pressures

September 27, 2022 | 9:00 pm

PHILIPPINE SHARES declined further on Tuesday on selling pressures amid Wall Street’s decline and the aggressive stance of the US Federal Reserve that pushed the peso lower.

The benchmark Philippine Stock Exchange index (PSEi) lost 239.47 points or 3.82% to close at 6,020.07 on Tuesday, while the broader all shares index dropped by 107.06 points or 3.2% to 3,234.23.

This is the PSEi’s lowest close since 6,019.26 on Oct. 19, 2020, or nearly two years ago.

“Selling pressure is strong across all markets due to the hawkish stance by the Fed to bring down the inflation rate to 2%,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message.

“The local bourse plummeted by 239.47 points or 3.83% to 6,020.07 amid recession fears abroad and negative sentiment at home, closing at the bear market territory based on the market’s February 2022 peak,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Mr. See explained that “when the market falls at least 20% from their high [7,552.20 in February], it is marked as a bear market territory which happened to the US market last week.”

“The market sell-off resumed with local shares following the equity sell-off stateside on the back of an aggressive Federal Reserve and surging interest rates, which in turn have roiled currency markets,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message about the sell-off in US, Europe, and Asian markets.

Wall Street slipped to a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the US Federal Reserve’s aggressive campaign against inflation could throw the US economy into a sharp downturn, Reuters reported.

The Dow Jones Industrial Average fell by 1.11% to end at 29,260.81 points; the S&P 500 lost 1.03% to 3,655.04; and the Nasdaq Composite dropped by 0.6% to 10,802.92.

Ms. Alviar said that “at home, investors digested the impact of Super Typhoon Karding in Luzon as well as the further weakening of the peso.”

“Investors were worried about inflation as it may get pressured by the recent typhoon. This may also exacerbate our food supply shortages which may lead to higher inflation,” she said.

On Tuesday, the peso closed at P58.99 versus the greenback, dropping by 49 centavos from its P58.50 finish on Friday, data from the Bankers Association of the Philippines showed.

The local unit has weakened by 15.66% or P7.99 from its P51-a-dollar close last year.

All of the sectoral indices closed lower on Tuesday. Holding firms lost 278.09 points or 4.58% to close at 5,787.96; financials went down by 66.54 points or 4.29% to 1,483.43; property dropped by 106.17 or 3.92% to 2,602.27; industrials declined by 270.75 points or 2.96% to 8,868.37; mining and oil shaved off 326.54 points or 2.92% to 10,808.44; and services retreated by 35.93 points or 2.19% to end Tuesday’s session at 1,601.58.

Value turnover went up to P20.88 billion with 2.20 million shares on Tuesday changing hands from the P4.83 billion with 491.33 million issues traded on Friday.

Decliners overwhelmed advancers, 189 to 28, while 37 names closed unchanged.

Still, net foreign selling declined to P11.45 billion on Tuesday from P653.55 million on Friday.

Mercantile Securities’ Mr. See placed the PSEi’s support between the 5,400 and 5,800 levels, and resistance between 6,200 and 6,600 levels, while Philstocks Financials’ Ms. Alviar put the market’s psychological support at 6,000 and resistance at 6,400. — Justine Irish D. Tabile with Reuters

Peso closes at P58.99 on signals from US Fed

September 27, 2022 | 9:00 pm

peso-currency — PHILIPPINE STOCKS inched lower while the peso continued to rise against the dollar on Dec. 27, the last trading day of 2024

THE PESO further weakened versus the dollar on Tuesday following fears of a global recession as US Federal Reserve officials remained hawkish after delivering a large rate increase last week.

The local unit closed at another record-low of P58.99 against the greenback on Tuesday, losing 49 centavos from its P58.50 finish on Friday, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by 15.66% or P7.99 from its P51-per-dollar close on Dec. 31, 2021.

Markets were closed on Monday due to Super Typhoon Karding, which entered the country on Sunday, prompting President Ferdinand R. Marcos, Jr. to suspend work and school.

The local unit opened Tuesday’s trading session at P58.80 versus the dollar. Its weakest showing was at its close of P58.99, while its intraday best was at P58.70 against the greenback.

Dollars exchanged went up to $1.06 billion on Tuesday from $985 million on Friday.

“The peso closed near the 59-peso level amid concerns of a global recession from the strong hawkish policy action by the US Federal Reserve,” a trader said in an e-mail.

According to MUFG Bank Global Markets Research Senior Currency Analyst Jeff Ng, market players are pricing in more rate hikes by the US Fed this year without rate cuts in 2023.

On Monday, Boston Fed President Susan M. Collins and Cleveland President Loretta J. Mester said additional tightening is needed to tame inflation, even though it may cause some job losses.

Atlanta Fed President Raphael W. Bostic also said the US central bank still has some way to go to be able to curb inflation.

The Federal Open Market Committee has hiked its federal fund rate by 300 basis points (bps) since March to a target of 3-3.25%.

The peso also weakened after the local stock market declined for the fourth straight day, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The benchmark Philippine Stock Exchange index (PSEi) lost 239.47 points or 3.82% to close at 6,020.07 on Tuesday, while the broader all shares index dropped by 107.06 points or 3.2% to 3,234.23.

This is the PSEi’s lowest close in two years or since the 6,019.26 on Oct. 19, 2020.

“Sentiment on the peso and local financial markets also weighed by Super Typhoon Karding damage especially on agriculture,” Mr. Ricafort said, adding that this could lead to a pickup in food prices and overall inflation.

Agricultural damage by typhoon Noru has climbed to P160.1 million, according to the Department of Agriculture.

Damage and losses were reported in Cordillera Administrative Region, Ilocos Region, Central Luzon, Calabarzon, affecting 3,780 farmers and fisherfolk, with the volume of production loss at 7,457 metric tons and 16,659 hectares of agricultural areas.

Mr. Ricafort also said market players priced in the International Monetary Fund’s (IMF) revised gross domestic product (GDP) forecast for the Philippines this year.

The IMF on Monday lowered its growth forecast for this year to 6.5% from its 6.7% estimate in July, matching the lower end of the government’s 6.5-7.5% goal, as rising interest rates cloud the global economic outlook.

In its latest World Economic Outlook, the IMF slashed the global GDP growth outlook to 3.2% from 3.6% this year and to 2.9% from 3.6% for 2023.

“The recent sell-off in the global stock and bond markets also due to more aggressive Fed/other central bank rate hikes and risks of US recession also supported the US currency as a settlement currency for global investors as well as a safe haven amid increase global market risk aversion,” Mr. Ricafort said.

For Wednesday, the trader said the peso may appreciate from profit taking and likely weaker US durable goods report that was scheduled to be released overnight.

The trader and Mr. Ricafort expect the local unit to move within P58.80 to P59 against the dollar. — Keisha B. Ta-asan

ICC told to buck Philippine plea to halt drug probe

September 27, 2022 | 8:23 pm

drug-raid — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By John Victor D. Ordoñez, Reporter

A PROSECUTOR of the International Criminal Court (ICC) has rejected the Philippine government’s plea to deny his request to reopen the court’s probe of its deadly war on drugs.

The ICC has jurisdiction to probe the Philippines, contrary to the state’s claim, Prosecutor Karim Ahmad A. Khan said in a 21-page letter to the ICC’s pre-trial chamber dated Sept. 22 that was posted on the court’s website on Tuesday.

“The Rome Statute does not allow a state to challenge the court’s jurisdiction with respect to a situation,” he said, citing the ICC charter.

He said states are allowed to challenge the ICC’s jurisdiction only if it is “investigating or has investigated its nationals and others within its jurisdiction with respect to criminal acts which may constitute crimes against humanity, genocide, war crimes and aggression.”

“The prosecution respectfully reiterates its request that the chamber order the resumption of the investigation into the situation in the Republic of the Philippines.”

Philippine Solicitor General Menardo I. Guevarra earlier told the tribunal the alleged murders of drug suspects in police raids were not crimes against humanity because these were not “attacks against the civilian population.”

Mr. Khan disagreed, saying the Philippines has not submitted concrete evidence to disprove the ICC pre-trial chamber’s previous conclusion that extralegal killings during the drug war were part of a “widespread and systematic attack against a civilian population.”

In June, the ICC Prosecutor asked the international tribunal’s pre-trial chamber to reopen the probe since the Philippines allegedly failed to show it had investigated crimes related to the campaign.

He said the chamber should issue an order on an “expedited basis.” It should “receive any further observations it considers appropriate from victims and the government of the Philippines,” he added.

The Hague-based tribunal, which tries people charged with genocide, crimes against humanity, war crimes and aggression, suspended its probe of former President Rodrigo R. Duterte’s deadly war on drugs last year upon the Philippine government’s request.

The ICC was also set to probe vigilante-style killings in Davao City when Mr. Duterte was still its vice mayor and mayor.

Meanwhile, Party-list Rep. Raoul Danniel A. Manuel accused President Ferdinand R. Marcos, Jr. of coddling his predecessor given his refusal for the Philippines to rejoin the ICC.

The president is “repackaging“ Mr. Duterte’s deadly war on drugs so it will become more acceptable to the international community, he told a congressional hearing.

“Yet his efforts to do so will fail as long as he refuses the reentry of the Philippines into the International Criminal Court, and as long as he coddles former President Rodrigo Duterte, whose administration killed around 30,000 mostly poor Filipinos as part of the sham war on drugs,” he said.

Press Secretary Trixie Cruz-Angeles did not immediately reply to a Viber message seeking comment.

The lawmaker made the remark as he asked officials of the Department of Foreign Affairs about the government’s plea not to resume the ICC’s investigation of the government’s anti-illegal drug campaign.

“Marcos Jr. wants to make it appear to the international community that he is different from his father, who is known globally as a dictator who plunged the Philippines into economic crisis and inflicted human rights violations on tens of thousands of documented victims,” Mr. Manuel said.

The president has said the Philippines would not rejoin the ICC. “This ICC is a very different kind of court, which is why we are carefully studying first the procedure so that our actions won’t be misinterpreted,” he said on Aug. 1.

Mr. Duterte would try to block the ICC probe of his deadly drug war and would not allow foreign interference, his lawyer said last month.

‘NOT TRANSPARENT’
He would rather undergo trial before a local court and serve time in a Philippine jail if found guilty of violating the law.

The United Nations Office of the Commissioner for Human Rights earlier said the government’s probe of human rights violations in connection with its deadly drug war lacks transparency.

“Transparency and public scrutiny in investigative processes and outcomes remain a challenge,” it said in a 16-page report made public on Sept. 13.

Human Rights Watch (HRW) has said human rights violations from the previous administration’s anti-drug campaign continue under the Marcos administration.

Citing a joint study by the University of the Philippines and Belgium’s Ghent University, Human Rights Watch said there have been 221 drug-related killings from January to August this year.

Only 21% or 62,000 of 291,000 drug cases filed have led to convictions, Interior Secretary Benjamin C. Abalos said in July, citing police data from 2016 to 2022.

The Department of Justice has brought five of the 52 cases involving 150 police officers to court since it started its own probe last year.

Philippine police have said they have killed about 6,000 people in illegal drug raids, many of them resisting arrest. Human rights advocates have placed the death toll at more than 27,000.

Meanwhile, Mr. Marcos has appointed a new human rights commissioner, the Commission on Human Rights (CHR) said.

Beda A. Epres, a former director of the Office of the Ombudsman’s investigation bureau, will serve a seven-year term, according to a copy of an appointment letter dated Sept. 15.

CHR Executive Director Jacqueline Ann C. de Guia met with the newly appointed official after the agency received the appointment letter on Sept. 21.

In June, Human Rights Watch urged Mr. Marcos to appoint commissioners with a proven track record of defending human rights. Mr. Epres has worked at the Office of the Ombudsman, which investigates state corruption, since 1997.

“CHR welcomes his expertise and credibility in conducting independent probes that is crucial to human rights protection,” the agency said in a statement.

The 1987 Constitution empowers the Commission on Human Rights to investigate human rights violations. Commissioners are appointed to seven-year terms and cannot be reappointed.

Also on Tuesday, the CHR said the government should set up voluntary drug abuse treatment centers across the country to uphold the basic rights of drug suspects who have surrendered.

It also warned the government against the use of a drug watch lists, saying these violate due process, privacy and confidentiality.

“We have since expressed support for a human rights-based approach to policies and initiatives for the treatment and recovery of persons who use drugs,” it added.