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BLFI net income climbs

BDO Leasing and Finance, Inc. (BLFI) recorded a higher net income in 2021, driven by gains from its investments.

The holding company’s net profit reached P43.6 million in 2021, more than seven times as much as the P5.8 million it booked in 2020, it said in a statement on Monday.

The company said their higher net profit was driven mainly by “fair value gain from investments in Unit Investment Trust Funds”.

BLFI was restructured in 2020 from being a leasing business of BDO Unibank Group.

BLFI ceased to operate as a leasing company and completed the assignment and transfer of its leasing and financing business to an affiliate, BDO Finance Corp. in October 2020.

In separate filings, BDO and BLFI said the parent bank is looking into keeping BDOLF.

“BDO is now contemplating keeping BDOLF, repurposed as a holding company, for its own investment purpose or, depending on the terms of outstanding offers, pursue the sale of its shares with other prospective buyers,” the filings said.

Based on the filing, the disclosed sales agreement for the shares of BLFI lapsed on Jan. 24. This was amid a failure to comply with the closing conditions on account of a non-resolution by the Securities and Exchange Commission (SEC) to reconsider BLFI’s request for reconsideration of SEC’s suspension order. — L.W.T. Noble

How PSEi member stocks performed — March 7, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, March 7, 2022.

How minimum wages compare across regions in February

How minimum wages compare across regions in February

Peso sinks to P52:$1 level as oil prices surge

BW FILE PHOTO

THE PESO retreated versus the greenback and closed at its weakest level in more than two years amid market concerns on the impact of a possible import ban on Russian oil by Western allies.

The local unit closed at P52.18 per dollar on Monday, shedding 44 centavos from its P51.74 finish on Friday, based on Bankers Association of the Philippines data.

This is the peso’s weakest close in more than two years or since it finished trading at P52.211 on Sept. 25, 2019, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The peso opened weaker at P51.90 per dollar on Monday. Its worst showing was at P52.19, while its intraday best was at P51.85 against the greenback.

Dollars exchanged increased to $1.58 billion on Monday from $793.22 million on Friday.

“The peso closed significantly weaker as international crude prices breached the $130 level after the US hinted about a potential embargo of Russian oil exports,” a trader said in an e-mail.

Reuters reported that US and its European allies were looking into banning imports of Russian oil. US Secretary of State Antony Blinken on Sunday said the White House and the Congress are coordinating on the said ban.

Following the news, oil prices edged higher, with Brent hitting $139.13 in the first few minutes of trade on Sunday, while West Texas Intermediate was at $130.50 per barrel, their highest since July 2008.

Aside from oil prices, the peso weakened due to the local stock benchmark’s decline, Mr. Ricafort said.

The benchmark Philippine Stock Exchange index dropped by 53.94 points or 0.73% to end at 7,288.07 on Monday. Meanwhile, the wider all shares index declined by 28.54 points or 0.73% to 3,866.98.

For Tuesday, Mr. Ricafort expects the local unit to move within P52 to P52.30 per dollar, while the trader gave a forecast range of P52 to P52.40. — LWTN with Reuters

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

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