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PSEi rebounds on bargain hunting, lower cases

SHARES climbed on Wednesday on bargain hunting and the lower coronavirus disease 2019 (COVID-19) infections recorded on Tuesday.

The benchmark Philippine Stock Exchange index (PSEi) went up by 48.75 points or 0.70% to close at 6,934.11 on Wednesday, while the broader all shares index gained 12.29 points or 0.28% to finish at 4,297.01.

“Market went on bargain hunting [on Wednesday] with [the infection] rate down to 13,000, while NCR (National Capital Region) level [was] lowered to moderate risk,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message, adding that the country’s vaccine rollout also boosted market sentiment.

The Health department recorded 13,846 new COVID-19 infections on Tuesday, which brought active cases to 132,139. Total infections were at over 2.52 million.

The government will roll out COVID-19 jabs to the general population, including minors, next month. Vaccine czar Carlito G. Galvez is also eyeing to vaccinate 85% of Metro Manila’s population.

“[The] market was in the red territory due to the negative spillovers from Wall Street caused by the rise in US Treasury yields and US government shutdown worries,” Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., said in a Viber message.

“Trading remained strong this Wednesday… above the year-to-date average of P7.16 billion,” Mr. Tantiangco added.

Value turnover decreased to P9.88 billion with 1.99 billion shares switching hands on Wednesday, down from the P15.04 billion with 2.14 billion issues traded the previous day.

Wall Street stocks ended sharply lower on Tuesday in a broad sell-off driven by rising US Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington, Reuters reported.

The Dow Jones Industrial Average fell 569.38 points or 1.63% to 34,299.99; the S&P 500 lost 90.48 points or 2.04% to end at 4,352.63; and the Nasdaq Composite dropped 423.29 points or 2.83% to 14,546.68.

US Treasury yields continued rising, with 10-year yields reaching their highest level since June, as inflation expectations heated up and fears grew that the US Federal Reserve could shorten its timeline for tightening its monetary policy.

Back home, sectoral indices were split on Wednesday. Holding firms climbed 103.07 points or 1.50% to 6,950.92; property rose 18.07 points or 0.59% to 3,048.35; and services inched up by 4.50 points or 0.23% to end at 1,917.20.

Meanwhile, industrials lost 57.90 points or 0.57% to close at 10,036.47; financials shaved off 2.97 points or 0.21% to 1,411.19; and mining and oil went down by 6.25 points or 0.06% to 9,085.88.

Decliners beat advancers, 109 against 85, while 49 names closed unchanged.

Net foreign selling slowed to P1.47 billion on Wednesday from the P1.94 billion recorded on Tuesday. — Keren Concepcion G. Valmonte with Reuters

Philippines worst in COVID-19 pandemic response

PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINES fell to last place among 53 countries in a study that measured the resilience and response of economies to the coronavirus pandemic, as export-oriented nations continue to grapple with the global health crisis. 

It was a spot down from its 52nd ranking in a previous COVID-19 (coronavirus disease 2019) resilience ranking by Bloomberg, where the country scored poorly in terms of vaccine rollout.

The Philippines, which got a score of 40.2, was behind Vietnam (43.7), Malaysia (44.1), Thailand (47.6) and Indonesia (52.4).

“Southeast Asian economies continue to populate the ranking’s bottom rungs in September, with Indonesia, Thailand, Malaysia, Vietnam and the Philippines the last five,” Bloomberg said. “While the region’s outbreak may have peaked, their export-reliant economies are still struggling from the hit.”

The 10 countries that received highest scores were Ireland (79.4), Spain (78.2), the Netherlands (76.4), Finland (76.1), Denmark (75.3), United Arab Emirates (74.7), France (73.9), Switzerland (73.8), Canada (73.8) and Norway (73.6).

Bloomberg’s monthly ranking is based on a country’s coronavirus numbers, healthcare quality, vaccination coverage and progress in restarting travel and easing border curbs.

It cited long-term lessons that can be learned from the global health crisis, which has disrupted economies worldwide.

High-ranked economies have shown “widespread degree of government trust and societal compliance,” Bloomberg said. Governments should invest in public health infrastructure and fund health research and development amid the pandemic, it added.

“Undervalued in many places before 2020, systems for contact tracing, effective testing and health education bolstered the countries that have performed consistently well in the ranking, helping socialize hand-washing and the wearing of face masks,” it said. “This was key to avoiding economically crippling lockdowns in the first year, before vaccines were available.”

Health Undersecretary Maria Rosario S. Vergeire said the government’s pandemic response had improved. “We can see that our vaccination coverage has tremendously improved from the time we started,” she told an online news briefing.

She added that the report “gives us more direction in how we do our response.”

DAILY TALLY
The Department of Health (DoH) reported 12,805 coronavirus infections on Wednesday, bringing the total to 2.54 million.

The death toll rose to 38,164 after 186 more patients died, while recoveries increased by 12,236 to 2.4 million, it said in a bulletin.

There were 132,339 active cases, 76.7% of which were mild, 16.4% did not show symptoms, 2.1% were severe, 3.91% were moderate and 0.9% were critical.

The agency said 38 duplicates had been removed from the tally, 27 of which were reclassified as recoveries, while 120 recoveries were reclassified as deaths. One laboratory failed to submit data on Sept. 27.

The Philippines aims to reach population protection by vaccinating 50-60% of its population by year-end.

The presidential palace on Tuesday said the country would start vaccinating the general population and minors against the coronavirus next month.

In a statement on Wednesday, DoH said children aged 12 to 17 years who are seriously ill would be prioritized.

“Expansion beyond this group will follow once adequate coverage of the A2 priority group or senior citizens has been achieved nationwide and vaccine supply becomes sufficient to include children,” it said.

A parent or guardian must agree to the vaccination of their child.

DoH said it would ensure enough supply of the vaccines made by Pfizer, Inc. and Moderna, Inc. — the only shots allowed by local drug regulators to be used for Filipino minors.

Vaccine czar Carlito G. Galvez, Jr. earlier said the Philippines would have enough vaccines to inoculate 12 million children.

Meanwhile, the Health department reported 339 new cases of the Delta coronavirus variant, bringing the total to 3,366.

Ms. Vergeire also said 98 more people have been infected with the Alpha coronavirus variant first detected in the United Kingdom, bringing the total to 2,559.

The country now had 2,920 cases of the Beta variant after 186 more Filipinos got infected with the strain first detected in South Africa.

DoH said nine more people have been infected with the P.3 variant first detected in the Philippines. A new case of the Gamma variant was also detected, it added.

The additional cases of the variant of concerns and the P.3 strain were detected from 748 sequenced samples in the latest genome sequencing run, Ms. Vergeire said.

Of these cases, 616 have recovered, 10 have died, and five remained active, she said. Authorities were still verifying the status of the two other cases.

US lawmaker raises concerns on human rights under Duterte

A US SENATOR on Wednesday raised concerns about the human rights situation under Philippine President Rodrigo R. Duterte during a virtual meeting with the country’s representatives.

US Senate Majority Whip Richard J. Durbin raised concerns about extrajudicial killings in the country’s drug war, the harassment of journalists and jailing of opposition Senator Leila M. de Lima, he said in a statement posted on his website.

The American lawmaker said he met with Foreign Affairs Secretary Teodoro L. Locsin, Jr. and Philippine Ambassador Jose Manuel G. Romualdez to discuss US-Philippine cooperation.

“I reassured Philippine Foreign Minister Locsin and Ambassador Romualdez that the United States recognizes the importance of cooperation with the Philippines to bolster security in the region, but it will not be at the exclusion of the country’s human rights record,” Mr. Durbin said.

In July, Mr. Durbin and other Senate democrats wrote Secretary of State Antony J. Blinken asking about the Biden administration’s strategy to address the Duterte government’s alleged human rights violations.

Last year, Mr. Durbin, Senator Edward J. Markey and others passed a resolution criticizing the Duterte government’s troubling human rights record and called for the release of Ms. De Lima, who is under trial for drug trafficking charges.

Meanwhile Ms. De Lima on Wednesday accepted her nomination by Liberal Party as one of its senatorial candidates.

“We will make sure the voice of the real opposition is heard in 2022,” she said in a statement, adding that prison and persecution had not limited her fight against Mr. Duterte. — Alyssa Nicole O. Tan

Support for Duterte VP bid declines in latest Pulse Asia poll

VOTER preference for Davao City Mayor Sara Duterte-Carpio and her father President Rodrigo R. Duterte in the 2022 elections declined in the latest poll by Pulse Asia Research, Inc.

Support for Ms. Carpio’s potential presidential bid fell by eight points to 20% in September, while for Mr. Duterte’s vice-presidential bid decreased by four points to 14%.

Ms. Carpio, who is believed to be seeking the presidency next year, remained the top bet, with 20% of Filipinos expressing support for her. Her father, who flip-flopped in his 2016 presidential candidacy, has said he would run for vice-president.

“For voters, the fact that both of them are running is a bit too much,” Jean Encinas-Franco, a political science professor at the University of the Philippines, said by telephone.

She said declining support for Mr. Duterte’s vice-presidential ambition was expected. “Voters find it too much for him to run for vice-president.”

A Social Weather Stations poll in June showed that six of 10 Filipinos thought Mr. Duterte’s vice-presidential run would be illegal.

Controversies faced by the Duterte administration including alleged anomalies in its pandemic response had likely contributed to the decline in support for her daughter, said Cleve V. Arguelles, a political science lecturer from De La Salle University.

“A potential Duterte-Duterte tandem worries our voters,” he said in a Facebook Messenger chat. “The Duterte name has always been part of the appeal of Mayor Sara but it may become a liability for his candidacy if the Duterte administration continues to face controversies.”

Ms. Carpio was followed by Senator Ferdinand “Bongbong” R. Marcos, Jr., with 15% of Filipinos saying they would choose him as their President.

The son of the late dictator virtually tied with Manila City Mayor Francisco “Isko” Domagoso (13%) and Senator and boxing champion Emmanuel “Manny” D. Pacquiao (12%). 

They were followed by Senator Grace Poe-Llamanzares (9%), Vice-President Maria Leonor “Leni” G. Robredo (8%), Senator Panfilo M. Lacson (6%), Senator Alan Peter S. Cayetano (4%) and Senator Christopher Lawrence T. Go (3%).

Senate President Vicente C. Sotto III was the top pick for vice-president, with 25% of Filipinos supporting him.

He was followed by Mr. Duterte (14%), Mr. Domagoso (12%), Mr. Marcos (12%), Mr. Pacquiao (7%) and Mr. Go (7%).

Politicians will be filing their certificates of candidacy from Oct 1 to 8. Mr. Lacson was the first to announce his presidential ambition, with Mr. Sotto as his running mate. — Kyle Aristophere T Atienza

Comelec extends voter registration 

PHILIPPINE STAR/ MICHAEL VARCAS

THE COMMISSION on Elections (Comelec) has agreed to extend voter registration from an original Sept. 30 deadline after lawmakers passed a bill seeking the extension. 

Local voters may register from Oct. 11 to 30, while Filipinos overseas may do so from Oct. 1 to 14, election spokesman James B. Jimenez told an online news briefing on Wednesday. 

The registration will temporarily stop when politicians file their certificates of candidacy from Oct 1 to 8. 

Registration will be from 8 a.m.. to 5 p.m. on Mondays to Fridays, except on the last day of registration on Oct. 30 which falls on a Saturday, at all Comelec offices and satellite registration sites in malls. 

Several senators thanked the Comelec for heeding the call of the public to extend the registration. 

Both the Senate and House of Representatives this week approved on third and final reading separate bills that seek to extend the registration period after the Comelec rejected the proposal. 

Senator Franklin M. Drilon had also asked his fellow senators to cut the election body’s budget if it refuses to heed their call. 

There had been 62 million registered Filipino voters as of Sept. 18, 5.4 million of whom were new, Comelec Director Elaiza David told a televised news briefing. 

The number has exceeded the commission’s expectation of 59 million registered voters and 4 million new registrants for the May 2022 elections. 

Data from the Philippine Statistics Authority showed the country has 73.3 million qualified voters. — Bianca Angelica D. Añago 

At least P4.2B in DoH 2022 budget could be realigned for booster shots  

PHILIPPINE STAR/ MICHAEL VARCAS

THE DEPARTMENT of Health (DoH) could realign P4.23 billion in its proposed 2022 budget to buy booster shots of coronavirus vaccines, according to a congressman.   

Cebu Rep. Vincent Franco D. Frasco, sponsor of the DoH budget, said during a House budget plenary hearing Tuesday evening that the agency could reallocate funds from its budget on maintenance and other operating expenses and low-impact programs.  

The DoH included P45.3 billion in unprogrammed funds for booster shots under the 2022 National Expenditure Program, which means the budget will only be utilized if the government earns enough revenue for it.    

The country’s Vaccine Expert Panel has yet to give a recommendation on the use of booster shots and how many doses will have to be procured.  

Marikina Rep. Stella Luz A. Quimbo suggested to consider realigning funds from programs with historically low utilization rates such as Health Systems Strengthening Program and Public Health Program.  

These programs in 2020 had a utilization rate from 40% to 65% but are proposed to get increases in next year’s budget.  

If realigned, the agency can generate P21.6 billion, according to the congresswoman.   

“Why do we force ourselves to increase programs that historically did not have their budgets fully utilized now that there is a pandemic and there are more urgent needs,” she said.    

Mr. Frasco explained that these programs had low utilization rates in 2020 due to restrictions brought by the pandemic.    

“The reason why they are still allocated with the same amount for next year is in the hope that there will be less restrictions with respect to COVID,” he said.   

Meanwhile, the DoH also requested for an additional P49 billion from Congress to fund benefits and other allowances of healthcare workers.  

Mr. Frasco said the agency would need a total of P51.2 billion for this. 

In a previous hearing, Health Secretary Francisco T. Duque III said the DoH has no allocation for healthcare worker allowances next year as it was slashed by the Department of Budget and Management.  

Ms. Quimbo also questioned the “low” utilization of the agency’s funds for this year.   

“We give a huge budget (to the DoH) because there is a big need for public health, but we see that there are still a huge chunk (of the budget) that is left unspent based on the financial reports,” she said in Filipino.  

She also pointed out undisbursed funds amounting to P37 billion and P59 billion in 2019 and 2020, respectively.   

The DoH has so far obligated P168.3 billion and disbursed P94.26 billion or 38.1% of the agency’s P246.9 billion budget for this year, according to Mr. Frasco.   

He said bulk of the disbursement would usually occur starting September to October of the year.    

The DoH has a proposed P242.2-billion budget for next year, of which P19.67 billion is allotted specifically for pandemic response. — Russell Louis C. Ku 

Workers who contract COVID-19 may claim P10,000 cash aid from ECC  

WORKERS WHO have contracted the coronavirus disease 2019 (COVID-19) while physically reporting to work may now claim P10,000 cash assistance from the Employees’ Compensation Commission (ECC), while P15,000 is granted for death claims.   

“Many of those who got infected by the virus are workers who are now faced with financial burdens, on top of their health problems,” ECC Executive Director Stella Zipagan-Banawis said in a news release posted on Tuesday.   

The agency said COVID-19 was approved to be listed under the commission’s list of compensable diseases through a resolution approved in April this year.   

In an interview on Unang Balita on Wednesday, ECC Senior Information Officer Alvin B. Garcia said those who contracted the virus last year may also still claim their cash aid.  

Claims may be made through the Social Security System (SSS) for private sector workers and the Government Service Insurance System (GSIS) for the public sector. — Bianca Angelica D. Añago  

Law needed to make COVID-19 vaccination mandatory  

PHILIPPINE STAR/MICHAEL VARCAS

JUSTICE SECRETARY Menardo I. Guevarra said a law is needed to make vaccination against coronavirus disease 2019 (COVID-19) mandatory in the Philippines if penalties and sanctions will be used to enforce it.   

Mr. Guevarra, in a Viber group message to reporters on Wednesday, said while the President can exercise the state’s police power to make vaccination mandatory through the right of the state and its people to self-protection, “this power, especially if accompanied by penalties or sanctions to enforce obedience or compliance, must be exercised through the legislature.”   

He further explained that if there is no legislation, the executive branch may only use “moral suasion” to persuade the public to get vaccinated, such as “the grant of incentives.”   

In his televised public address Monday night, President Rodrigo R. Duterte said he is considering making vaccination against COVID-19 mandatory in the country, citing that such is legal “under the police power of the state.”   

In June, Mr. Duterte had also threatened to arrest people who refuse to get vaccinated, to which Mr. Guevarra said “there is no law as yet that compels vaccination against COVID-19, much less criminalizes not getting vaccinated.” — Bianca Angelica D. Añago  

Green groups ask Duterte to order immediate release of banned plastics list 

PHILSTAR

ENVIRONMENTAL GROUPS have requested President Rodrigo R. Duterte to compel the National Solid Waste Management Commission (NSWMC) to immediately release the list of products deemed environmentally-unacceptable.  

In a letter shared with reporters, seven environment groups including EcoWaste Coalition, Greenpeace Philippines and Oceana Philippines, named 10 single-use products which must be included in the list.  

These are: labo bags, bags including oxo-degradable plastics; cutlery; straws; stirrers; bottles, cups and plates; thin plastic take-out containers; styrofoam or polystyrene food containers; and sachet, packaging or multilayered products.  

“It has been twenty years since the passage of the Ecological Solid Waste Management Act or RA (Republic Act) 9003. However, implementation still falls short,” the groups told the President in their letter.  

Under the RA 9003, the National Solid Waste Management Commission (NSWMC) is required to prepare the non-environmentally acceptable products (NEAP) within a year of the law’s enactment and provide yearly updates.  

The environment groups said that the NSWMC’s mandate has been “long overdue,” adding that 96 local government units have urged the commission to release the NEAP list.  

So far, the NSWMC has come up with a resolution classifying plastic soft drink straws and stirrers as the first two products under the NEAP.  

The chairman of the NSWMC is Environment and Natural Resources Secretary Roy A. Cimatu, while Environment Undersecretary Benny D. Antiporda is the commission’s alternate chairman.  

In August, Mr. Antiporda said he has ordered the NSWMC and Solid Waste Management Division to publish the NEAP in two newspapers of national circulation.   

BusinessWorld reached out to the department for updates on the target date of the NEAP’s publication, but it has not yet replied as of press time. — Angelica Y. Yang 

DoLE considers temporary suspension of OFW deployment to Saudi Arabia  

PHILSTAR

THE LABOR department is considering a temporary suspension on the deployment of Filipino workers to the Kingdom of Saudi Arabia to compel its government to intervene in the repatriation of the two remaining Filipinos allegedly abused by a retired Saudi general.   

Labor Secretary Silvestre H. Bello III “is weighing the options,” said Department of Labor and Employment (DoLE) Information and Publication Service Director Raul M. Francia in a news briefing Wednesday.   

He added that the Labor chief “is giving more time for our POLO (Philippine Overseas Labor Office) and the diplomatic channels to convince the Saudi employer to turn over the remaining OFWs (overseas Filipino workers).”    

The cases of physical abuse and non-payment of salaries involving a retired general who is allegedly “a close ally of a Saudi Prince” were raised to the POLO in Saudi Arabia in 2018, wherein 16 OFWs were involved.   

Of the 16 OFWs, eight were repatriated before August this year, five on Sept. 1, and one on Tuesday. The remaining two are still at the residence of the retired general as of Wednesday. — Bianca Angelica D. Añago  

Congress ratifies bicameral report on easing adoption process 

PHILSTAR

THE BICAMERAL committee report on a bill seeking to expedite the country’s child adoption process was ratified by Congress late Tuesday.  

Under the final draft of the proposed Domestic Administrative Adoption and Alternative Child Care Act, the Inter Country Adoption Board will be reorganized into the National Authority for Child Care (NACC), which is envisioned to be a one-stop shop for alternative child care.  

Senator Pilar Juliana “Pia” S. Cayetano, who has an adopted son, said the bill puts in “the structure that would allow us to create a National Adoption Center that would oversee all the adoption and provide separate funding and personnel that would handle adoption.”  

The proposed measure also provides for administrative adoption, thereby removing the judicial process that has made legal adoption lengthy and costly.   

“According to statistics, only 60% of adoption cases in the country are finalized within one year to three years. Some cases take up to four years or longer. Families end up spending hundreds of thousands of pesos in these lengthy proceedings,” said Senator Ana Theresia “Risa” N. Hontiveros-Baraquel, who chaired the bicameral committee meeting. — Alyssa Nicole O. Tan 

Upgraded Zamboanga airport ready for international operations 

DOTR

THE TRANSPORTATION department said Wednesday that the upgraded Zamboanga International Airport will soon cater to flights to and from Southeast Asian destinations. 

“The airport may start international flight expansion and kick off its international operations with the approval of Zamboanga-Kuala Lumpur flights by its Malaysian counterpart,” the department said in a statement.  

Transportation Secretary Arthur P. Tugade said the airport, with its upgraded terminal building, is now “ready” for international operations.  

“It has long been prepared for this,” he said.  

The department is also awaiting the proposal of Philippine Airlines, Inc. for an international flight accommodation with other neighboring countries.   

“Zamboanga International Airport development projects include the expansion of its runway, apron and taxiway,” Mr. Tugade said.  

Meanwhile, the department also announced Wednesday that its proposed P151.34-billion budget for 2022 has been approved by the House of Representatives plenary.  

The department said it previously presented before the House Committee on Appropriations that the railway sector was allotted the biggest portion or 98% of the total infrastructure budget for 2022.   

“Infrastructure projects, meanwhile, get an 88% share of the total capital outlays budget,” it said.  

Of the department’s 2022 proposed budget, P150.763 billion needs to be included in the 2022 General Appropriations Act, while P579.8 million are already covered by existing appropriations previously authorized by Congress, it noted. — Arjay L. Balinbin 

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