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PHL shares decline as Russian attacks continue

SHARES slid on Monday as market sentiment remained negative amid the ongoing war between Russia and Ukraine.

The benchmark Philippine Stock Exchange index (PSEi) went down by 53.94 points or 0.73% to close at 7,288.07 on Monday, while the broader all shares fell by 28.54 points or 0.73% to 3,866.98.

“Philippine shares dropped as the Russia-Ukraine conflict sparked nuclear fears,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas,” Mr. Limlingan said.

Russian forces that seized Ukraine’s Zaporizhzhia nuclear power plant have now placed staff running the facility under their command and restricted communications with the outside world, the United Nations nuclear watchdog said on Sunday, Reuters reported.

The International Atomic Energy Agency said it was “extremely concerned” about developments at Zaporizhzhia, Europe’s largest nuclear power plant, citing information from Ukraine’s nuclear regulator.

Ukrainian authorities said Russian forces had seized control of Zaporizhzhia on Friday after setting an adjacent training facility on fire. Russia’s defense ministry blamed the attack on Ukrainian saboteurs, calling it a “monstrous provocation.”

On Monday, Brent crude soared near $130 a barrel, its highest since 2008, prompting the United States and Europe to consider a Russian oil import ban amid supply fears.

“Market sharply contracted but recovered. It’s apparently a knee-jerk reaction to the stepped-up oil embargo talks and inflation fallout on oil importing countries like the Philippines,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

Regina Capital’s Mr. Limlingan said investors are waiting for the release of economic data here and abroad, such as the January Philippine trade balance report and US inflation and jobs data.

Majority of sectoral indices ended in the red on Monday except for mining and oil, which surged by 872.15 points or 6.54% to 14,199.22.

Meanwhile, industrials declined by 245.60 points or 2.43% to 9,830.84; financials went down by 18.26 points or 1.08% to 1,670.45; holding firms fell by 51.11 points or 0.72% to 7,009.21; services decreased by 3.61 points or 0.18% to 1,955.12; and property lost 4.93 points or 0.14% to 3,493.61.

Value turnover increased to P8.73 billion with 2.35 billion shares changing hands from the P5.22 billion or 1.33 billion issues seen on Friday.

Decliners outnumbered advancers, 147 versus 66, while 34 names closed unchanged.

Net foreign selling climbed to P259.27 million on Monday from P164.23 million on Friday. — LMJCJ with Reuters

Government to force Filipinos to flee Ukraine

RUSSIAN bombardment on the outskirts of Kharkiv. — MINISTRY OF INTERNAL AFFAIRS OF UKRAINE

THE PHILIPPINES will force Filipinos in Ukraine to evacuate, as the Department of Foreign Affairs (DFA) raised the alert there to Level 4, with Russia continuing its military strikes on its neighbor.

The mandatory evacuation would be enforced at the government’s expense, DFA said in a statement on Monday.

The Philippine Embassy in Poland and a rapid response team will help Filipinos leave Ukraine, a European democracy of 44 million people that Russia invaded on Feb. 24.

Russia launched the devastating attack by air, land and sea after President Vladimir Putin denied for months he would invade his neighbor. He then tore up a peace deal and sent forces across borders in Ukraine’s north, east and south.

“DFA continues to closely monitor the political and security developments in Ukraine,” the Philippine Embassy in Poland said in a statement.

Meanwhile, 17 more Filipinos came home from Ukraine at the weekend, DFA said.

The first group consisted of four Filipino adults and three Filipino-Ukrainian children with their three Ukrainian mothers, while the second group was made up of two Filipino adults and a Filipino-Ukrainian child with his Ukrainian mother. They all arrived via Qatar Airlines from Warsaw.

The third group of three Filipinos came from Kyiv and arrived in Manila on their own through Emirates Airlines, DFA said in a separate statement.

The Philippine Honorary Consulate General in Kyiv helped the Filipino evacuees travel from Kyiv to Lviv, while the Philippine Embassy in Warsaw provided for their transportation and other means in Warsaw. The embassy also arranged their travel documents and visas, coronavirus tests and flights to Manila, the agency said.

Meanwhile, 21 Filipino crew members of the M/V S-Breeze were expected to arrive in Manila on Tuesday with the help of the Philippine Embassy in Budapest and Philippine Honorary Consulate in Moldova, DFA said.

The United Nations (UN) High Commissioner for Refugees on Sunday said more than 1.53 million have left Ukraine after the Russian invasion. The UN expects at least four million people to flee the country after Russia’s attack.

Ukrainian and Russian representatives held talks last week for a possible cease-fire and the withdrawal of Russian forces.

Ukrainian President Volodymyr Zelensky earlier said Russia’s continued attacks were meant to extract concessions from his country, but it would not work.

Last month, he pleaded that his country be admitted to the North Atlantic Treaty Organization (NATO) so that the 30-member intergovernmental alliance, which consists of 28 European and two North American countries, could provide military assistance.

NATO last week said it would provide Ukraine with air defense missiles and anti-tank weapons after NATO Chief Jens Stoltenberg held another call with Mr. Zelensky. The alliance and the United States earlier said they would not send forces to fight alongside Ukraine.

The Philippines has voted yes to a United Nations (UN) General Assembly resolution condemning the Russian invasion of Ukraine. It sought an end to the fighting and appealed for the protection of civilians and civilian infrastructure.

“We strongly urge the cessation of hostilities; but while an offense can be stopped at will, the defense cannot rest until the offense stops,” the Philippines said earlier.

It has echoed the call by the UN secretary-general to respect humanitarian principles. “Safe access to humanitarian assistance must be assured by the most effective means.”

All states enjoy the right to full sovereignty in all their areas of jurisdiction, the Philippines said, citing the UN Charter.

“We especially condemn the use of separatism and secession as a weapon of diplomacy for inviting and inflicting terrible cruelties and indiscriminate killings far in excess of that of any other kind of conflict,” the Philippines said, alluding to Russia’s deployment of troops in two breakaway regions in Ukraine. — Alyssa Nicole O. Tan and Norman P. Aquino

Duterte raises age of consent to 16

PCOO.GOV.PH

PHILIPPINE President Rodrigo R. Duterte has signed into law a measure raising the age of sexual consent to 16 from 12, which was considered the lowest in Asia and one of the laxest in the world.

Republic Act 116481, which the President signed on March 4, amends the Revised Penal Code and another law that seeks to protect children against abuse and exploitation.

Under the law, any adult who has sexual relations with a minor aged 16 and below becomes guilty of rape.

The law exempts people who have sexual relations with minors under 16 years from criminal liability as long as their age difference is not more than three years. Sexual relations must be consensual, nonabusive and nonexploitative.

The exemption does not cover victims younger than 13 years.

“Children, whether male or female, who for money, profit, or any other consideration or due to the coercion or influence of any adult, syndicate or group, indulge in sexual intercourse or lascivious conduct, are deemed to be children exploited in prostitution or other sexual abuse,” according to the law.

“This is a historic legislation that we have long owed our children,” Senator Ana Theresia “Risa” N. Hontiveros-Baraquel, the law’s principal author, said in a statement on Monday.

Civic groups advocating children’s rights said the law is a step forward in protecting children against all forms of harassment.

“It provides a glimpse of hope for children victims of horrendous and obnoxious crimes and a step forward in achieving gender equality,” Eule Rico Bonganay, secretary-general of Salinlahi Alliance for Children’s Concerns, said in a statement.

He said the government should “make the law work for children by focusing on its proper implementation as well as guaranteeing higher conviction rates.”

He added that the criminal justice system should be more accessible to children, especially the poor.

“Both local and national governments should intensify their efforts to educate the public about the law as a way to effectively prevent the commission of child rape,” he said. “We must send a strong message that child rape is a heinous crime and that there is a law punishing it.”

Authorities and child rights advocates have said more children are at risk from online sexual abuse and exploitation amid the coronavirus pandemic.

Cases of online sexual abuse and exploitation of children in the Philippines increased to 202,605 under a strict lockdown from March to May 2020, from 76,561 cases a year earlier, according to the Justice department.

In a 2015 report, the United Nations Children’s Fund (UNICEF) said child maltreatment has an economic cost and affects health and human capital.  Child abuse is costing countries in East Asia and the Pacific about $209 billion a year, it said.

It added that in extreme situations, violence against children results in excess use of health services and even early death. “These lead to high societal costs for the region.”

One in five children in the Philippines aged 13 to 17 years reported having experienced sexual violence, while one in 25 experienced forced consummated sex during childhood, UNICEF said in a separate report last year.

The abusers were often family members and more boys (22.1%) than girls (15.9%) were victimized, it said. — Kyle Aristophere T. Atienza

Gov’t harassment of activists goes on, says rights group

THE GOVERNMENT of President Rodrigo R. Duterte continues to commit atrocities with impunity, a human rights group said on Monday, a year after law enforcers killed nine activists in raids in the Calabarzon region.

Government prosecutors should probe the country’s anti-communist task force for the “bloody Sunday” raids that killed the activists and led to the arrest of four others, Karapatan Deputy Secretary-General Roneo Clamor said in a statement.

Government prosecutors should also probe Mr. Duterte, and his former police officers “if it wants to serve genuine justice and not merely punish a few scapegoats, he added.

The National Bureau of Investigation (NBI), after a recommendation by a task force formed by the DoJ, filed murder charges against 17 policemen allegedly involved in the raids last year.

The killings and arrests during the operations were reminiscent of police executions of unarmed civilians who were sleeping during similar raids, Mr. Clamor said.

“Even when they pleaded for their lives, they were mercilessly murdered,” he said, noting that illegal weapons were later planted in their homes to make it appear like the victims had fought back. This had been used by police in Mr. Duterte’s anti-illegal drug campaign, he added.

Despite the charges filed by the NBI, Karapatan stressed that Mr. Duterte and officials of the country’s anti-communist task force should be held accountable for the “rampant impunity.”

The raids last year were dubbed as “bloody Sunday” and were based on 24 search warrants issued by trial courts in Manila and Quezon City.

An inter-agency task force of the Justice department last year formed 15 teams that probed extralegal killings and human rights violations, Justice Secretary Menardo I. Guevarra said last week.

“The Philippines will remain positively engaged with the international community and all human rights mechanisms on all issues concerning rule of law and institutions in the country,” he said. “But we will draw the line between parties that engage in good faith, and those that abuse and exploit these mechanisms to make demands of accountability with little or no factual basis,” he said.

Last week, human rights lawyers asked the High Court to reconsider and review the anti-terror law passed in 2020 because it allegedly violates freedoms guaranteed by the Constitution. — John Victor D. Ordoñez

Candidates who snub Comelec debates will be banned from e-rallies

THE COMMISSION on Elections (Comelec) will block candidates from electronic rallies on its Facebook page if they do not attend the debates organized by the poll body for the May 9 elections.

A candidate who will snub the series of debates will not be allowed to participate in the live-streamed e-rallies until the end of the period allotted for the platform, Comelec Spokesman James B. Jimenez said in a video streamed live on the Comelec Facebook page on Monday.

He earlier said that the e-rally platform, which started streaming last month, is meant to help candidates with fewer followers gain more exposure.

Comelec on Monday signed a deal with Impact Hub Manila to finalize the production of the first presidential debates on March 19, followed by the vice presidential debates on March 20. 

“We invite you (candidates) to join our debates, our only objective is to help other voters know where you stand on relevant issues our country faces today,” Acting Comelec Chairperson Socorro B. Inting said in Filipino at the event held at the Sofitel Hotel in Manila. 

“I am optimistic that these debates will fulfill its purpose of raising awareness among voters and for them to make informed choices,” she added. 

The March 19 debate will be three hours long and will have a single moderator format. It will not have a live audience to prevent a coronavirus outbreak, but will be streamed live on the Comelec Facebook page.

A second presidential debate is scheduled on April 3. There will also be town hall-style debates for presidential candidates on April 23 and vice-presidential aspirants on the 24th.

Presidential candidate Ferdinand “Bongbong” R. Marcos, Jr. is the only one among the 10 aspirants who has yet to confirm attendance in the debates. 

Mr. Jimenez said the Comelec will release “general topics” for the candidates but specific questions will be crafted by a panel whose members will be required to sign a non-disclosure agreement.

Interest groups from different sectors are invited to send recommended questions and other suggestions to the election body. 

“I think intergenerational problems should be discussed in debates and forums as it will be a great test for the candidates, who tend to be biased towards programs with immediate and perceptible impact,” Michael Henry LI. Yusingco, a senior research fellow at the Ateneo de Manila University Policy Center, said in a Facebook Messenger chat last week. 

“Asking these kinds of questions in debates and forums will unravel the candidates that voters should not bother with,” he added. — John Victor D. Ordonez 

Robredo aims to make PHL a maritime hub

LENI ROBREDO MEDIA BUREAU

PRESIDENTIAL ASPIRANT Vice President Maria Leonor “Leni” G. Robredo on Monday said she wants the Philippines to become a maritime hub, with shipbuilding as a core industry for the country’s economy. 

In a virtual forum with the Filipino Shipowners’ Association (FSA), Ms. Robredo pledged to double the maritime sector’s size to 12% from 6% of the economy, saying it is “really” key to the country’s overall economic resilience. 

“Empowering and strengthening should be a national imperative. I have been very public about my desire to really focus on the maritime industry as the core industry,” she said. 

She said modernizing and integrating Philippine ports and harbors will boost both local and international trade. 

“This serves a purpose that permeates beyond the maritime sector — a stronger national link through an integrated intermodal national logistics system allows trade to grow at the community level, which feeds into our strategy of looping the grassroots into the economic ecosystem,” she said.

The vice president also acknowledged the inefficiencies in the existing regulatory framework for the maritime industry, particularly on the matter of ship registration.

She said the regulatory stumbling blocks could be fixed through genuine stakeholder engagement, stocktaking process, and a proper road map to introduce new policies.

“With such a Philippine-flagged fleet, we can maximize our waters: creating employment, lowering the cost of logistics, bringing goods and services faster and farther into our islands. We will become the maritime power we should be,” she said. 

The presidential hopeful also bared other aspects of her maritime industry plan, such as adding a course on maritime industry to the senior high school curriculum, increasing the ratio of officers to ratings among Filipino seafarers, encouraging ships to register as Philippine-flagged vessels, and making the country a logistics hub. 

CAVITE SUPPORTERS
Also on Monday, Ms. Robredo’s supporters in Cavite slammed a member of a local dynasty for claiming that those who attended a grand rally in the vote-rich province on Friday were either paid to join or were trained by communists. 

In a statement, Ms. Robredo’s support group in Cavite said the estimated 47,000 people who joined the campaign rally were prompted by volunteerism and clamor for change. 

“This is ‘volunteerism’ — without asking for any payment and favor except for pushing for an upright, excellent, and achievement-based governance,” the group said in Filipino.

They said such claims are an insult to the dignity of Caviteños and downplays the right of individuals to make their own choices for elective government officials. 

The Cavite-based support group issued the statement after Cavite Rep. Jesus Crispin “Boying” C. Remulla said there were politicians who gave P500 to participants of a rally in the province.

Mr. Remulla’s brother, incumbent Cavite Governor Juanito Victor “Jonvic” C. Remulla, Jr., has backed the presidential bid of the late dictator’s son Ferdinand “Bongbong” R. Marcos, Jr. — Kyle Aristophere T. Atienza 

Parts of Mindanao flooded as rains, thunderstorms expected to continue

ILIGAN CITY DRRMO

PARTS of Mindanao in southern Philippines were flooded in the past two days following rains brought by a low pressure area (LPA) that is expected to linger until Wednesday, based on reports from local authorities.

State weather bureau PAGASA forecaster Aldzcar D. Aurelio said on Monday that the LPA is seen to remain within the Philippines for three days and continue to affect Mindanao, the Visayas and southern areas in Luzon. 

As of 11 a.m. Monday, the LPA was located 135 kilometers southeast of Hinatuan, Surigao del Sur. 

“The LPA is keeping the possibility of becoming a Storm in 24-48 hours,” PAGASA said in its bulletin.

The local government of Iligan City in the Northern Mindanao Region suspended work and classes on Monday due to flooding and landslides that left some roads and bridges impassable. 

“Due to continuous heavy rains and upon initial assessment by the local DRRM (Disaster Risk Reduction and Management) Council, some major roads and bridges are currently not passable either due to landslide and flooding or had been severely damaged,” Iligan City Mayor Celso G. Regencia said in a memo.

All national roads within Northern Mindanao were already passable as of Monday morning, according to the regional office of the Department of Public Works and Highways, but some sections were damaged or still being fully cleared of debris. 

Some areas in the Davao Region were also flooded. — MSJ

PAL to increase Manila-Antique flights by end-March

ANTIQUE PIO

FLIGHTS between Manila and Antique, serviced by flag carrier Philippine Airlines (PAL), will be increased to thrice weekly starting March 27, the provincial governor announced Monday. 

“The three flights per week will take effect on March 27 onwards. Every Wednesday, Friday and Sunday, our passengers can look at additional information in the website,” said PAL Branch Manager Ricky Dela Cruz. 

He said the increase in flights for the Manila-Antique route is in response to higher market demand, especially during the summer months of April and May. 

Antique Gov. Rhodora J. Cadiao said with travel restrictions eased, they expect more people to visit their families in the province during the Holy Week from April 10-16. 

“For those who want to come home during Holy Week, more Antiqueños can be accommodated (with more flights),” she said. 

Ms. Cadiao said the additional flights will also help in the province’s economic recovery as there will be more options for investors and businesses. 

Antique, located on the western side of Panay Island, is a largely agricultural province. It is promoting its beaches, mountains and other eco-tourism sites as alternative destinations in Western Visayas. The province’s northern end is near Boracay while the south borders Iloilo City. — MSJ

Senators, presidential candidate assert excise tax suspension urgent to protect consumers

PHILIPPINE STAR/ MICHAEL VARCAS

TWO SENATORS on Monday said lifting the excise tax imposed on oil products under the Tax Reform for Acceleration and Inclusion (TRAIN) law is urgently needed to mitigate the impact of price hikes on consumers. 

“We have long borne the burden of the excise tax imposed on petroleum products under the TRAIN Law,” Senator Ana Theresia “Risa” N. Hontiveros-Baraquel, who is running for reelection, said in Filipino in a statement. 

“From P2.50 excise tax per liter (/L) of gasoline in 2018 to P10/L beginning last year. With every increase in its current price, there is also a corresponding increase in the tax charged,” she said. 

Oil companies on Monday announced the following price hikes effective March 8: P5.85/L for diesel, P3.60/L for gasoline, and P4.10/L for kerosene.

“It will have a huge impact on our countrymen — on our drivers, fishermen, small businesses, and even our electricity consumers, especially on off-grid islands that use diesel for power plants,” Ms. Hontiveros said. 

She also called on the government to provide assistance to those affected by the price hike through fuel subsidy for drivers, farmers, and fishermen. 

Senator Emmanuel Joel J. Villanueva recommended temporarily removing or decreasing the excise tax on oil or increasing the fuel subsidy allocated to each beneficiary.

He also said the government should look into ways to decrease gasoline consumption. “Let us give a solution to Filipino workers so that they can work even with the presence of this crisis.” 

Manila Mayor and presidential aspirant Francisco “Isko” M. Domagoso said on Monday that if he wins in May, he will write to Congress to immediately approve bills that will reduce the taxes imposed on oil and electricity. 

“We can always, through a motion, suspend the rules in approving proposed laws or bills,” he said at a live-streamed interview held at the San Andres Sports Complex in Manila.

“So through some initiative and sensitivity of our lawmakers, and through the leadership of the President, the President may ask the Congress for that matter, to pass the law immediately because there is a sense of urgency and state of emergency.” 

Meanwhile, Mr. Domagoso’s party, Aksyon Demokratiko, has written to Bureau of Internal Revenue (BIR) Commissioner Caesar R. Dulay asking if the agency has sent a demand letter to the Marcos family regarding their unpaid estate taxes. 

“The BIR, which you now head, must renew written demands on the Marcos heirs to pay these tax liabilities once every five years, otherwise they prescribe and become uncollectable,” party chairperson Ernesto M. Ramel, Jr. said in the letter. 

“Past administrations under Presidents Ramos, Arroyo and Aquino have faithfully issued such written demands,” he said. 

“On behalf of all taxpayers and the citizens of the Philippines, I would like to seek a reply to the simple question: Did the BIR under your watch send a new written demand to the Marcos heirs regarding the P203 billion which they owe the Filipino people?” — Alyssa Nicole O. Tan and Jaspearl Emerald G. Tan

Philippines should go for renewable sources rather than nuclear energy — Diokno

PSALM.GOV.PH

THE PHILIPPINES should develop renewable energy sources rather than nuclear energy since these are safer options for a country prone to natural disasters, a senatorial candidate said on Monday.

Human rights lawyer Jose Manuel “Chel” I. Diokno said in a statement that  “nuclear energy is not an option as it could put Filipinos in peril” given that the country is situated in earthquake and typhoon belts. 

President Rodrigo R. Duterte, who is stepping down by June 30, signed an executive order last week that includes nuclear power in the Philippines’ energy mix. 

“Look what happened to Japan. We cannot allow a disaster of such magnitude to happen here,” he said, referring to the 2011 Fukushima nuclear reactor accident. 

Mr. Diokno said the government should always prioritize the “safer, cleaner, and more affordable” option for Filipinos.

Citing the experience of developed economies, Mr. Duterte said nuclear power could be tapped as a viable alternative baseload source as the Philippines seeks to retire coal plants in line with its commitment to help limit climate change.

A sustainability think tank has said that the move is untimely as Russia’s invasion of Ukraine has shown the risks of relying on imported fuel as well as nuclear energy. 

“It’s not wise to turn our energy sector more vulnerable than it already is to global shocks when we have an abundant supply of renewable energy just waiting to be developed,” CEED Executive Director Gerry C. Arances said in a statement over the weekend. — Alyssa Nicole O. Tan 

Duterte spokesman appointed as CSC chair

PHILSTAR

PRESIDENT RODRIGO R. Duterte has appointed Cabinet Secretary Karlo Alexei B. Nograles as chairman of the Civil Service Commission (CSC). 

CSC Commissioner Aileen Lourdes A. Lizada confirmed the appointment of Mr. Nograles, who is also the President’s spokesperson, in a Viber message to BusinessWorld. 

According to the appointment letter signed on March 4, Mr. Nograles has been named ad interim CSC chairman, which requires confirmation by legislators. 

Mr. Nograles replaced Alicia dela Rosa-Bala, who ended her seven-year term on Feb. 2. The Palace official’s term of service will end in Feb. 2029. 

Mr. Nograles was appointed as Cabinet Secretary in 2018. In November last year, he replaced a presidential spokesman who resigned to run for senator in the 2022 elections. 

Mr. Nograles also serves as co-chairperson of the government’s inter-agency pandemic task force. He is currently the executive vice president of the PDP-Laban party faction chaired by Mr. Duterte.

Before joining the Cabinet, Mr. Nograles was on his third and last term as the elected House representative for the 1st district of Davao City, Mr. Duterte’s hometown. — Kyle Aristophere T. Atienza

Palace approves P20-billion fertilizer subsidy

ATLASFERTILIZER.COM

PRESIDENT Rodrigo R. Duterte has approved a P20-billion fertilizer subsidy as part of a broader food security program, the Department of Agriculture (DA) said.

The overall food security program also provides for P1 billion in funding for urban and peri-urban agriculture, P1 billion to support local production of animal feed, P1 billion for aquaculture and mariculture, and P1 billion to “food mobilization.” The DA provided no further details to explain food mobilization.

Agriculture Secretary William D. Dar said the funds will be raised by realigning the DA’s 2022 budget, as well as additional financing through the Land Bank of the Philippines and Development Bank of the Philippines. The financing will take the form of concessional loans extended to provincial governments to procure palay (unmilled rice) from farmers within their jurisdiction, in order to create a buffer stock of the staple grain.

Other approved recommendations include the transfer of control over the National Irrigation Authority back to the DA, to facilitate better coordination with the agriculture sector.

Mr. Duterte also approved the distribution of a P500-million fuel subsidy to corn farmers and fisherfolk, as authorized by law.

Rice farmers were excluded because they are due to receive another P5,000 tranche from the Rice Farmers Financial Assistance program, which is funded from rice tariff collections in 2021 in excess of P10 billion. The excess funds amounted to P8.9 billion. — Luisa Maria Jacinta C. Jocson

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