How PSEi member stocks performed — May 24, 2021
Here’s a quick glance at how PSEi stocks fared on Monday, May 24, 2021.
Filipino seaman with Indian COVID-19 variant dies
A FILIPINO seaman who got infected with the Indian coronavirus variant died last week, Philippine health authorities said on Monday.
Three of his crew mates were still confined in the hospital and were recovering, while five would be sent home after completing quarantine at an isolation facility, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing.
“Their condition is OK,” she said, referring to the three seamen in the hospital.
Two of three more migrant Filipino workers who had tested positive for the Indian variant, have also recovered, she said. The other was being monitored.
Nine of the 12 crew members of the MV Athens who tested positive for the coronavirus had the Indian variant.
The Maritime Industry Authority on May 7 said MV Athens Bridge left India on April 22 and arrived in Vietnam, where the crew members got tested.
The Philippine Coast Guard received a request from the vessel’s captain on May 6 for a medical evaluation of two crew members. The vessel was then 12 nautical miles west of Corregidor Island.
The Department of Health (DoH) reported 4,973 coronavirus infections on Monday, bringing the total to 1.18 million.
There were 48,917 active cases, 1.6% of which were critical, 92.9% were mild, 2% did not show symptoms, 2.1% were severe and 1.4% were moderate.
It said 21 duplicates had been removed from the tally, 18 of which were tagged as recoveries. Fifty-eight cases were deemed duplicates, 50 of which were tagged as recoveries and seven as deaths.
Eighteen recoveries were reclassified as deaths. Six laboratories failed to submit data on May 22, DoH said.
About 12.2 million Filipinos have been tested for the coronavirus as of May 22, according to DoH’s tracker website.
The coronavirus has sickened about 167.5 million and killed 3.5 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.
About 148.6 million people have recovered, it said.
MODERNA
Meanwhile, Philippine Ambassador to the US Jose Manuel G. Romualdez told CNN Philippines about 300,000 Moderna doses paid for by the government would arrive on June 21.
Of the 20 million doses ordered by the Philippines from the US company, 13 million were paid for by the National Government, while the rest were ordered by the private sector.
Also on Monday, the Department of Science and Technology said it would study a proposal to mix and match coronavirus vaccines being given to the public.
The study would focus on how the Sinovac shot works with other vaccine brands, Science and Technology Secretary Fortunato T. Dela Peña said in a statement.
“It means two different vaccines for a single person’s two doses,” he said. “To carry out the aims of the study, the safety and immunogenicity of completing the vaccination series from the available COVID-19 vaccines in the Philippines will be evaluated for those given Sinovac as the first dose.”
The 18-month study will involve 1,200 participants, he added.
Mr. Dela Peña said the proposed sites for the study include Antipolo or Marikina City, Manila, Pasig City, Makati or Pasay City, Muntinlupa City, Quezon City, Cebu and Davao.
“Data that will be derived from the population will further clarify the unknowns related to COVID-19 and the COVID-19 vaccines.”
Presidential spokesman Herminio L. Roque, Jr. told a televised news briefing about 4.9 million doses of vaccines have been given out as of May 23.
Local governments have been ordered not to announce the brand of vaccines that are being given out to the public to prevent people who prefer certain brands from flocking to vaccination sites.
Thousands of Filipinos reportedly flocked to vaccination sites in Manila, the capital and a nearby city earlier this week to get Pfizer’s coronavirus vaccine.
President Rodrigo R. Duterte made the order to avoid overcrowding at vaccination sites, Mr. Roque said last week
Critics have said the order would make it harder to convince people to get vaccinated. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza
Peso drops on hawkish Fed
THE PESO dropped to a three-week low against the greenback on Monday as US Federal Reserve officials said the central bank should discuss tapering its bond purchase program soon.
The local unit closed at P48.065 versus the dollar on Monday, dropping by 12 centavos from Friday’s finish of P47.945, data from the Bankers Association of the Philippines’ website showed.
This was the peso’s worst close since April 30’s finish of P48.10 per dollar.
The peso opened Monday’s session flat at P47.94 against the dollar, which was its intraday high. It dropped to as low as P48.085 versus the greenback.
Dollars traded went down to $937.64 million on Monday from $941.25 million on Friday.
The peso logged its weakest close in more than three weeks on Monday “after some Fed officials, such as Philadelphia Fed President Harker, signaled that the Fed should discuss reducing bond purchases sooner than later,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a text message.
Federal Reserve officials should start talking about the best way to reduce their asset purchases “sooner rather than later,” Philadelphia Fed Bank President Patrick Harker said on Friday, Reuters reported.
The US central bank will communicate its plans for slowing its purchases of Treasury bonds and mortgage-backed securities well in advance of it happening, Mr. Harker said during a virtual conversation organized by the Washington Post.
The policy maker said unwinding the central bank’s asset purchases from the current pace of $120 billion a month would be the “first step” in removing the support the Fed is offering the economy. If the recovery continues to progress, officials would then look at raising interest rates at the “appropriate time.”
A “number” of Fed officials appeared ready to consider changes to monetary policy based on a continued strong economic recovery, according to minutes of the US central bank’s April meeting. But that view may have suffered a blow this month with the release of data showing job growth was anemic in April.
Mr. Ricafort added that weakness at the local stock market also affected the currency.
Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the peso’s “weakness may have come from a slightly improving local economic recovery sentiment with declines in virus infections and vaccination developments.”
“Initial volatility expectations in the market have been subdued, suggesting that investors are not pricing in a surprise from the US Fed in the coming months,” Mr. Asuncion added.
For Tuesday, Mr. Asuncion expects the peso to move between P47.90 and P48.20 versus the dollar, while RCBC’s Mr. Ricafort gave a forecast range of P48 to P48.12. — IBC with Reuters
Stocks drop on lack of leads, fears of Fed tapering
THE MAIN INDEX declined on Monday due to a lack of catalysts and amid inflation concerns in the United States, which raised fears of a sooner-than-expected tapering by the US Federal Reserve.
The Philippine Stock Exchange index (PSEi) declined by 34.36 points or 0.55% to close at 6,164.89 on Monday, while the all shares index went down by 21.46 points or 0.55% to 3,821.27.
“There was no fresh lead in the market and most traders were seen on the sidelines given the weak participation,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a Viber message.
Value turnover went down to P4.48 billion on Monday with 1.09 billion issues traded, from the P5.03 billion with 1.63 billion shares that switched hands on Friday.
“Philippine shares kicked off Monday on a weak note on concerns about the Federal Reserve Policy in the face of rising inflation pressures,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.
“In particular, sentiment was pulled down as the US market has long traded at a premium to global peers but the trend has been reinforced by the steady transformation of the index towards technology-orientated companies that are growing quickly and are very profitable,” Mr. Limlingan added.
Federal Reserve officials should start talking about the best way to reduce their asset purchases “sooner rather than later,” Philadelphia Fed Bank President Patrick Harker said on Friday, Reuters reported.
The policy maker said unwinding the central bank’s asset purchases from the current pace of $120 billion a month would be the “first step” in removing the support the Fed is offering the economy.
Mr. Harker also said he wants to see inflation move above the Fed’s 2% target and averaging 2% over time, with inflation expectations anchored at 2%, before it would be “appropriate” to talk about tapering.
All sectoral indices closed in the red on Monday. Property lost 50.54 points or 1.68% to end at 2,950.39; mining and oil dropped by 58.41 points or 0.62% to 9,252.82; industrials gave up 37.60 points or 0.43% to close at 8,540.52; financials declined by 3.32 points or 0.24% to finish at 1,369.15; services inched down by 3.41 points or 0.23% to 1,450.28; and holding firms went down by 11.68 points or 0.19% to 6,132.86.
Decliners outperformed advancers, 127 versus 79, while 40 names closed unchanged.
Net foreign selling increased to P667.86 million on Monday from the P512.74 million in net outflows logged on Friday.
Philstocks Financial’s Ms. Alviar said she expects a “market rebound” on Tuesday with immediate support at 6,150, but noted that no catalysts can push the market higher.
“Investors will be monitoring the COVID-19 (coronavirus disease 2019) daily cases and will be waiting for the next quarantine measures in June. Meanwhile, the first-quarter earnings results helped investors see companies that have started to recover from the pandemic,” Ms. Alviar added. — K.C.G. Valmonte with Reuters
6 of 10 Pinoys want vaccines made in the US — SWS poll
SIX of 10 Filipinos prefer coronavirus vaccines made in the US, according to a Social Weather Stations (SWS) poll.
The poll, conducted on April 28 to May 2, showed 63% of Filipinos would rather get vaccinated with a shot from the US, followed by China (19%), Japan (13%), Australia (13%), the United Kingdom (13%), Canada (12%) and Russia (12%).
When asked which vaccine brand they preferred, Chinese Sinovac Biotech Ltd. topped the list at 39%, followed by Pfizer, Inc. at 32%, AstraZeneca Plc at 22% and Johnson & Johnson at 10%.
The rest obtained single-digit scores: Moderna, Inc. (7%), CureVac N.V. (3%), Sinopharm Group Co .Ltd.(3%), Novavax, Inc. (3%), Sanofi Pasteur (3%) and Russia’s Gamaleya Research Institute of Epidemiology and Microbiology (2%).
Two percent chose all 10 brands, while 19% did not give an answer.
SWS said 76% of those who chose China as their preferred source of vaccines also selected Sinovac’s CoronaVac.
Majority of those who chose the US as their source of vaccines preferred Pfizer (43%) and Sinovac (41%).
Most of the respondents who chose the United Kingdom as their preferred source chose the AstraZeneca shot.
SWS said Sinovac was the most preferred brand in Mindanao (44%) and the Visayas (44%).
It said respondents in Metro Manila equally preferred Sinovac and Pfizer brands (37%).
The government had taken delivery of more than seven million doses of vaccines at the time of the poll — about 5 million doses of CoronaVac, 2.5 million doses from AstraZeneca and 30,000 doses of Sputnik V.
A week later, the government took delivery of its initial 193,000 Pfizer doses. SWS interviewed 1,200 adults for the poll, which had an error margin of ±3 points. — Kyle Aristophere T. Atienza
Duterte undecided on whether to end VFA, says Palace
PHILIPPINE President Rodrigo R. Duterte had not decided whether to keep a military pact with the US on the deployment of troops for war games, according to the presidential palace.
The President was still thinking whether the country’s visiting forces agreement with the US would help in case the country’s maritime dispute with China escalates, his spokesman Herminio “Harry” L. Roque, Jr. told a televised news briefing on Monday.
“He’s still thinking,” he said in Filipino. “Only the President can decide whether there would be a new VFA or whether it would get dumped.”
Mr. Roque commented on the issue amid reports that the Philippines and US had concluded discussions on their bilateral relations.
He said Mr. Duterte had been studying the military pact for a long time.
“The crafting of foreign policy is clearly not the sole purview of the President,” lawyer and Ateneo de Manila University Policy Center research fellow Michael Henry Ll. Yusingco said in a Facebook Messenger chat.
He noted that under the 1987 Constitution “the state shall pursue an independent foreign policy.” “The President is certainly not the Philippine state.”
While the President plays a role in crafting the country’s foreign policy, the process must still involve experts and professionals “because relations with other states must be anchored on international law and diplomatic protocols,” Mr. Yusingco said.
He noted that the country’s foreign policy direction must not be “founded on the personal relationship or dealings of heads of states.”
Mr. Duterte earlier said his government had veered away from a pro-Western foreign policy direction to protect the country’s national interest.
He said the VFA was “up for renegotiation and that power belongs to the President.”
“The fate of the VFA cannot be determined by the personal feelings or views of the President,” Mr. Yusingco said. “And neither should it be articulated as merely pro-US or anti-China. It should not even be about siding with western or eastern powers.”
The President last year said he was ending the VFA after the US Embassy canceled the visa of Senator Ronaldo O. Dela Rosa, his former police chief who led his deadly war on drugs.
Philippine authorities also said the President was dismayed by Washington’s condemnation of human rights violations in the country and the calls of American parliamentarians to release opposition Senator Leila M. de Lima from prison.
In February, the tough-talking leader said the US should pay the Philippines if it wants to maintain the military pact.
The termination period has been twice extended. The Philippines said the suspension would give it a chance to bat for fairer terms.
“Given the ongoing troubles in the West Philippine Sea, it is hard to imagine a decision to finally abrogate the VFA,” Mr. Yusingco said, referring to parts of the waterway within the country’s exclusive economic zone.
Meanwhile, Mr. Roque said the President no longer sees the urgency to discuss the South China Sea dispute with ex-Presidents because he was convinced that his foreign policy is “correct and working.” Mr. Duterte planned to seek advice from past Presidents instead of convening the National Security Council (NSC).
Mr. Duterte considered the option before he met with former Senate President Juan Ponce Enrile, who advised him last week to stay friendly with China, Mr. Roque said. — Kyle Aristophere T. Atienza
Fishers group pushes gov’t to improve efforts in stopping foreign fishing vessels
THE NATIONAL government should increase its efforts against foreign fishing vessels within Philippine waters as mandated by local and international laws following China’s declaration of an annual fishing ban in the South China Sea, a local fishing group said.
Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA) said in a statement on Monday that the country should uphold Republic Act No. 10654 or the amended Fisheries Code, which provides that it is illegal for any foreign person, entity, or corporation or any fishing vessel to fish in Philippine waters.
The group added that the United Nations Convention on the Law of the Sea (UNCLOS) declares that a coastal state has exclusive rights to examine and exploit resources within its exclusive economic zone (EEZ) located 200 nautical miles from the baseline.
“It is by legal and international rights that we strongly enforce our maritime laws at our disposal against foreign poachers in our territorial waters. This is to preserve and make the use of our fragile fishery and marine resources in the West Philippine Sea that are being rapidly exploited and plundered by China,” the group’s national chair, Fernando L. Hicap, said.
PAMALAKAYA also asserted that China’s annual fishing ban that started on May 1 up to Aug. 16 is illegal, despite being unilateral, since it covers international waters outside of its territorial jurisdiction.
According to the group, a minimum of 50,000 Chinese vessels are involved in massive poaching and fishing activities in the South China Sea.
“Beijing’s unilateral fishing ban will never be recognized in our EEZ and territorial waters. The annual fishing ban covers Paracel Islands and Scarborough Shoal which is under the Philippines’ EEZ,” Mr. Hicap said.
Further, Mr. Hicap said members of the group would not recognize the fishing ban but urged local authorities to ensure the safety of Filipino fishermen as many are still afraid to venture out in fear of harassment.
“The local authorities should heighten maritime patrols in the West Philippine Sea to safeguard our fishers while the unilateral fishing ban is in place,” Mr. Hicap said.
In May 19, the Department of Foreign Affairs rejected China’s fishing ban across parts of the South China Sea and insisted that it covers areas beyond its legitimate maritime entitlements under UNCLOS.
“The Philippines strongly urges China to desist from any action and activity that infringes on Philippine sovereignty, sovereign rights, and jurisdiction, in contravention of international law,” the department said. — Revin Mikhael D. Ochave
TESDA appeals to workers to take competency assessment in their home province
THE TECHNICAL Education and Skills Development Authority (TESDA) appealed to outbound Filipino workers residing in the provinces to undergo competency assessment in their respective areas to avoid overcrowding at offices in Metro Manila.
TESDA recently resumed competency assessments for domestic work in areas under the general community quarantine after Metro Manila and its neighboring provinces were placed under this looser lockdown level.
TESDA Secretary Isidro S. Lapeña said assessment centers in Metro Manila are receiving the bulk of applications despite availability in other regions.
“We are encouraging all our outbound OFWs (overseas Filipino workers) to take up their competency assessment on Domestic Work NC II at the nearest training institutions in their area,” he said in a press release on Monday.
“There are available assessment centers nationwide. We assure you that we will accommodate all outbound OFWs who need to be assessed.”
Three of 34 TESDA institutions offering competency assessments on domestic work for certification to work overseas are in Metro Manila.
Mr. Lapeña added that outbound OFWs can also file applications for assessment online to avoid health safety risks amid the coronavirus pandemic. The TESDA app has been receiving applications from Metro Manila, Central Luzon, and the southern Luzon area.
“Other regions receive only a few or no applications at all,” TESDA said. — Jenina P. Ibañez
Police to work with DoJ on probe of extra-judicial killings, drug war
JUSTICE Secretary Menardo I. Guevarra on Monday said the police leadership has vowed to work with his department on the investigation of alleged extrajudicial killings, including those related to anti-drug operations.
Mr. Guevara said Police Chief Guillermo Lorenzo T. Eleazar has given the Department of Justice (DoJ) access to records relating to at least 61 cases where “clear liability” by cops has been established.
“General Eleazar expressed his sincere intention to cooperate with the DoJ in order to remove or discipline wrongdoers among the ranks of the police and thereby uplift the image of the PNP (Philippine National Police) as protectors of the people,” he told reporters on Monday.
The 61 cases were determined based on the evaluation of the police’s Internal Affairs Service.
“What is significant right now is that the DoJ has been given free access (to the PNP case records), something that did not happen in previous years, thereby making our review rather difficult,” Mr. Guevarra said.
The two agencies will sign a formal memorandum to make the agreement official.
Mr. Guevarra said this development “all boils down to a question of political will — the will to do what is right.”
Mr. Eleazar, the 6th police chief appointed by President Rodrigo R. Duterte, assumed the post on May 7 and will step down in November this year as he reaches the mandatory retirement age of 56.
Mr. Guevara said that the DoJ will continue to examine other case records available from its regional prosecution offices. — Bianca Angelica D. Añago
15 nominees up for SC associate justice post
THE SUPREME Court (SC) on Monday released the list of 15 nominees for the associate justice position vacated by now Chief Justice Alexander G. Gesmundo.
Of the 15, seven are scheduled to be interviewed online on June 2 and 3. The other eight have had previous interviews that “are still valid,” the court announced.
The four nominees for interview on June 2 are Benedicta A. Du-Baladad, Geraldine Fath A. Econg, Rafael R. Lagos, and Ronaldo Roberto B. Martin. Scheduled on June 3 are Alex L. Quiroz, Antonette C. Tionko, and Rul B. Villanueva.
RETIREMENT
Meanwhile, the Supreme Court has approved the early retirement of Associate Justice Edgardo L. Delos Santos effective June 30 this year.
Mr. Delos Santos, who was not due for mandatory retirement until June 12, 2022, submitted his official letter for optional retirement on May 5.
He filed for optional retirement “for reasons pertaining to his current state of health,” according to the notice released by the court on Monday, — Bianca Angelica D. Añago
Senator flags alleged use of detainees in anti-drug ops
A SENATOR on Monday questioned the alleged use of detainees by the police in anti-illegal drug operations and asked authorities to investigate the claims.
“Is it common practice of the police to use prisoners to help in their anti-illegal drug operations? Is this standard operating procedure? It seems reality is stranger than fiction,” Senator Risa N. Hontiveros-Baraquel said in a statement in a mix of English and Filipino.
“The PNP (Philippine National Police) leadership should investigate this serious allegation,” she said.
During the public order committee hearing committee on Monday, Ms. Hontiveros presented a video clip of a female detainee who admitted working with the police during the anti-illegal drug operations this month in a Quezon City mall parking lot which resulted in a “near misencounter” with agents of the Philippine Drug Enforcement Agency (PDEA).
The senator said this is not the first time that a detainee claimed that they were part of anti-illegal drugs operations.
She said there was also a report during the shootout between the drug enforcers and the police in February that another detainee was used by the police to pose as a buyer of shabu (methamphetamine). The seller turned out to be a PDEA agent. Two police officers died in the incident.
The senator previously filed Senate Resolution No. 667 calling for an inquiry on law enforcement protocols to avoid such misencounters. — Vann Marlo M. Villegas