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Local stocks to correct ahead of Q1 GDP report

SHARES are expected to correct this trading week as investors await the release of the first quarter (Q1) gross domestic product (GDP) report.

The Philippine Stock Exchange (PSEi) declined by 24.07 points or 0.38% to close at 6,258.71 on Friday, while the broader all shares index went down by 2.22 points or 0.05% to finish at 3,877.43.

Week on week, the benchmark index likewise shed 112.16 points from its 6,370.87 close on April 30.

Timson Securities, Inc. Trader Darren Blaine T. Pangan said inflation concerns here and abroad continued to cloud investor sentiment.

“Locally, trading volume remained thin, as investors digested the many economic reports released such as the April manufacturing activity, as well as April’s inflation rate,” Mr. Pangan said in a Viber message on Saturday.

“Market participants might still be waiting for significant positive catalysts to take place in the country,” Mr. Pangan added.

The Philippine Manufacturing Purchasing Managers’ Index (PMI) went down to 49 in April from 52.2 in March, snapping a three-month climb, resulting from a survey by IHS Markit. It is the first dip below the 50-neutral mark since posting 49.2 in December.

Meanwhile, headline inflation in April stood at 4.5%, unchanged from the previous month but faster than the 2.2% recorded in April 2020, the Philippine Statistics Authority reported on Wednesday.

Value turnover averaged P4.57 billion last week, while net foreign selling averaged P510.57 million.

“We may continue to go [on a] downtrend as foreign investors continue to sell with light trade volumes wherein most investors remain at sidelines on lack of positive news,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Saturday.

“With the release of GDP [data for] the first quarter this Tuesday, we may see further correction ahead as consumer demand showed tepidness and most economic indicators are on the red such as PMI and volume of production,” Mr. Pangan added.

He said he expects the PSEi to close between 6,130 to 6,500 this week.

“With [the] NCR’s (National Capital Region’s) infection rates going down as attested by OCTA [last] week, we may see a reprieve with the government easing restrictions [through] further reopening of the economy after May 14,” he noted, referring to the OCTA Research Group from the University of the Philippines.

Meanwhile, Timson Securities’ Mr. Pangan said the Bangko Sentral ng Pilipinas’ (BSP) interest rate decision this week may also affect market sentiment. The BSP Monetary Board will meet on Thursday to review its policy settings.

He expects the index to finish between the 5,800 to 6,500 range. — Keren Concepcion G. Valmonte

Peso may climb further despite expected GDP contraction in Q1

BW FILE PHOTO

THE PESO will likely continue to climb this week even as the economy is expected to have remained in contraction in the first quarter.

The local unit closed at P47.855 per dollar on Friday, strengthening by 12.50 centavos from its P47.98 close on Thursday, based on data from the Bankers Association of the Philippines.

It also appreciated by 24.50 centavos against its P48.10-per-dollar close on April 30.

The peso’s Friday close was its strongest in more than four years or since its P47.83 per dollar finish on Sept. 22, 2016, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Mr. Ricafort said the peso strengthened on Friday following improved trade data.

The country’s trade deficit stood at $2.41 billion in March, smaller than the $2.71-billion gap in February and the $2.73-billion shortfall a year earlier, the Philippine Statistics Authority (PSA) reported on Friday.

The narrower trade deficit came on the back of improving exports, which rose 31.6% to $6.68 billion following a 1.5% decline in February. Imports also increased by 16.6% to $9.10 billion.

Signs of improvement in the local job market also boosted investor sentiment, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

The results of the latest Labor Force Survey showed there were about 3.441 million unemployed Filipinos in March, declining from the 4.187 million in February, based on preliminary data reported by the PSA on Thursday. With this, the country’s unemployment rate stood at 7.1% in March, the lowest since the 5.3% in January 2020.

Meanwhile, the underemployment rate — or those employed but are still looking for more work or longer working hours — improved to 16.2% from 18.2% in February. This is equivalent to 7.355 million Filipinos, lower than the 7.85 million underemployed workers a month earlier.

For this week, Mr. Asuncion said the local unit may continue to appreciate versus the greenback due to expectations of a weak economic performance in the first quarter due to slow recovery of imports and domestic demand.

A BusinessWorld poll of 18 analysts yielded a median estimate of a 2.6% GDP contraction in the first three months of the year as the lockdown in March and the renewed surge in coronavirus cases continued to weigh on the economy.

If realized, the GDP decline in the January to March period will be the fifth consecutive quarter of contraction, albeit better than the 8.3% drop seen in the fourth quarter of 2020.

Meanwhile, Mr. Ricafort said market sentiment will also be guided by the government’s decision on new lockdown measures and the central bank’s policy meeting on Thursday.

Metro Manila, Cavite, Laguna, Rizal, and Bulacan are under modified enhanced community quarantine until May 14. The Palace is expected to announce this week whether these measures remain or be eased for the rest of the month.

Meanwhile, the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board will meet on Thursday for their third rate setting meeting this year.

A BusinessWorld poll showed 15 out of 17 economists expect the BSP to keep benchmark interest rates at their current record lows as the economy needs fiscal measures more for support at this point and not monetary policy tweaks.

For this week, Mr. Asuncion gave a forecast range of P47.80 to P48.20 per dollar, while Mr. Ricafort expects the local unit to move within the P47.80 to P47.95 band. — L.W.T. Noble

Philippine COVID-19 infections top 1.1 million

PHILIPPINE STAR/ MICHAEL VARCAS
RESIDENTS of Old Balara go to Old Balara Elementary school during the continuation of the vaccination program for the A1 to A3 categories on May 3. — PHILIPPINE STAR/ MICHAEL VARCAS

THE DEPARTMENT of Health (DoH) reported 7,174 coronavirus infections on Sunday, bringing the total to 1.1 million.

The death toll rose by 204 to 18,472, while recoveries increased by 9,197 to 1.02 million, it said in a bulletin.

There were 61,294 active cases, 1.3% of which were critical, 93.8% were mild, 2.1% did not show symptoms, 1.7% were severe and 1.07% were moderate.

DoH said 33 duplicates had been removed from the tally, 28 of which were tagged as recoveries and one as death. It added that 149 recoveries were reclassified as deaths.

About 11.5 million Filipinos have been tested for the coronavirus as of May 7, according to DoH’s tracker website.

The coronavirus has sickened about 158.3 million and killed 3.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 135.8 million people have recovered, it said.

Meanwhile, researchers from the country’s premier university have flagged rising coronavirus infections in southern Philippines, even as the surge in the capital region and nearby provinces have eased.

“Areas of concern” include Puerto Princesa, Cagayan de Oro, Zamboanga City and Bacolod, Fredegusto Guido P. David, a research fellow at the OCTA Research Group from the University of the Philippines told DZMM radio on Sunday.

Small local governments have been better at managing the pandemic, he said, adding that there was no reason to be alarmed yet.

Mr. David expects the daily infection tally in Metro Manila and nearby areas to fall to fewer than 2,000 by next week.

The tally has declined to an average of 2,100 from a peak of 5,500, he said, adding that the government could probably afford to ease the lockdown in these areas once it falls further to less than 2,000.

Metro Manila had a virus reproduction rate of 0.67 and the weekly growth rate had dropped by 27%, Mr. David said.

He said the government should keep the easing infection trend while it boosts its vaccination program.

DoH earlier traced the lower tally in the past weeks to fewer samples being tested by laboratories.

President Rodrigo R. Duterte placed the metro and the provinces of Bulacan, Cavite, Laguna and Rizal under an enhanced community quarantine from March 29 to April 11, and under a modified enhanced lockdown from April 12 to May 14 amid a fresh surge in infections.

The Health department on April 2 reported the highest daily tally of 15,310 cases since the pandemic started last year.

CONTACT-TRACING
Meanwhile, about half-a-million close contacts of more than 100,000 coronavirus patients in the country had been traced in the last two weeks of April, according to government data.

About 245,00 people who got in contact with 51,350 coronavirus-positive people in the National Capital Region had been traced, based on data sent by contact-tracing czar Benjamin B. Magalong.

In the Southern Tagalog region, about 79,000 contacts of almost 18,000 people infected with the virus had been traced.

The data showed 31,686 close contacts had been traced in Central Luzon, 18,905 in Western Visayas, 15,914 in Zamboanga Peninsula, 12,831 in Cagayan Valley, 12,151 in Caraga, 11,779 in the Davao region, 11,309 in Central Visayas and 9,720 in the Ilocos region.

The Department of Interior and Local Government (DILG) continues to study the government’s contact-tracing system StaySafe.PH.

An application developed by Apple and Google will be integrated with StaySafe, it said.

Mr. Magalong earlier said about 5,000 new contact tracers would be trained this month. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza

Analysts thumb down planned debate on China sea dispute

PHILSTAR

By Kyle Aristophere T. Atienza, Reporter

POLITICAL analysts on Sunday frowned upon a planned debate between the palace spokesman and an opposition leader on the South China Sea dispute, saying nothing good would come out of it.

“Such a high-profile debate at this point in President Rodrigo Duterte’s term means they are conceding that his appeasement policy has failed,” said Henry Ll. Yusingco, a lawyer and senior research fellow at the Ateneo de Manila University Policy Center.

The debate would only show that the government is on the defensive and does not assure people that “the President can steer us to the right path moving forward,” he said in a Facebook Messenger chat.

Mr. Duterte earlier challenged retired Supreme Court Justice Antonio T. Carpio to a debate on the South China Sea dispute but later backed out of it on the advice of his Cabinet.

His spokesman Herminio L. Roque, Jr. later said he would represent Mr. Duterte in the debate.

Foreign Affairs Secretary Teodoro M. Locsin, Jr. earlier cussed at China for the continued presence of its ships in the disputed waterway. Defense Chief Delfin N. Lorenzana had also asked Beijing to stop conducting activities that would disturb “regional and international peace and security.”

But Mr. Duterte said the both countries could settle the dispute peacefully. He has repeatedly said China is crucial to his government’s infrastructure, trade and investment plans.

“Had the debate pushed through, this fundamental disagreement in the Cabinet would have been highlighted even further which would have subjected the President to even more embarrassment,” Mr. Yusingco said.

“There is clearly no unanimity of views within the Duterte Cabinet itself and the President looks incapable, or unwilling, to lead his team to finding the proper consensus,” he added.

Mr. Duterte had called the arbitral ruling that rejected China’s claim to more than 80% of the South China Sea a piece of paper that could be disposed of. He said he tried to pursue the 2016 victory but nothing happened.

“A debate exposes the weakness of the position claimed by China and the issues that come out of the statements made by President Duterte that compromised our position in the West Philippine Sea,” Herman Joseph S. Kraft, head of the University of the Philippines Political Science department, said in a Viber message, referring to areas of the sea within the country’s exclusive economic zone.

“The problem is not the absence of a voice opposing China’s action in the West Philippine Sea. It is the fact that it is the President saying these things that undermine our position,” he added.

“In a debate, the President or his representative will merely be reiterating these problematic claims.”

The administration’s China policy should become an election issue, Mr. Yusingco said.

“Our political class should be taken to task about this very serious policy matter. We must only vote for leaders who can lead us to the right path. At least we know now that the appeasement policy won’t bring us there,” he said.

Mr. Yusingco said the President’s appeasement policy must be set aside and replaced with a national coastal management policy.

“A crucial component of this policy framework must be a comprehensive fisheries strategy.” he said. “Obviously, input from fisherfolks here is vital.”

Local marine scientists earlier said as much as a fifth of annual global marine fish catch worth at least $21.8 billion comes from the South China Sea, which provides employment to about 1.8 million people, mostly from the small-scale fishing sector.

Mr. Carpio has questioned Mr. Duterte’s alleged failure to lobby for the enforcement of the 2016 Hague ruling.

The United Nations tribunal in July 2016 ruled China’s efforts to assert control over the South China Sea exceeded the law, rejecting its shared claims with Taiwan to more than 80% of the main waterway.

China rejected the decision of the international court, which has failed to halt its island-building activities in areas also claimed by the Philippines, Vietnam, Brunei, Malaysia and Taiwan.

SEC-Davao warns vs investing in KAPA-linked MER’S Business Center 

SEC PHOTO RELEASE

THE SECURITIES and Exchange Commission’s (SEC) Davao office has issued a public warning against putting money into or acting as coordinator for MER’S Business Center, which does not have a permit for investment operations.

In an advisory issued over the weekend, the agency said MER’S is not registered as a corporation or partnership, much less holds a license to sell securities.

“An investment scheme is illegal when entities or individuals are taking in investments from the public without a secondary license or license to sell securities from the Commission,” it said.

MER’S, headed by Reynaldo and Roger Abing Camingawan, has its head office in General Santos City and has been verified to have set up branches in the different parts of Davao Region.

The SEC-Davao noted that it has previously flagged Roger Abing Camingawan for spreading “false news” about Kapa-Community Ministry International (KAPA), which the agency’s head office has labeled as possibly “the largest investment scam in the Philippines in recent years.”

“Roger Camingawan was identified as one of the persons spreading false news that the cases filed by the SEC for violation of the Securities Regulation Code were already dismissed… (he) was also mentioned as untruthfully claiming that KAPA has been registered as a crowdfunding entity under the Rules Governing Crowdfunding,” the Davao office said.

It further warned that “those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable or accordingly sanctioned or penalized” under existing laws. — Marifi S. Jara

Military chief says no civilian casualties in Saturday’s encounter with terrorist group, calls for vigilance in Maguindanao hot zone

Children on the move to safer ground in Datu Paglas town in Maguindanao on May 8, 2021. — 601ST INFANTRY UNIFIER BRIGADE

THERE were no civilian or military casualties in Saturday’s encounter between government forces and members of an extremist group in a commercial area of Datu Paglas town in Maguindanao, according to the country’s military chief.

An estimated 20 members of the Bangsamoro Islamic Freedom Fighters (BIFF)  attempted but failed to occupy the town’s public market located along the national highway, according to Armed Forces of the Philippines’ Chief of Staff Cirilito E. Sobejana.

The BIFF is a breakaway group from the Moro Islamic Liberation Front (MILF) that signed a peace deal with the government and are currently at the forefront of the new autonomous region in Mindanao.

Tagging the BIFF as “peace spoilers,” he called on residents and local government officials to remain vigilant and continue coordinating with the military to ensure public safety.

“I enjoin the populace of and local leaders in Maguindanao to remain vigilant as we continue our watch until peace is stabilized,” Mr. Sobejana, a veteran in the restive parts of the country’s south, said in a statement on Sunday.

Lt. Col. John Paul Baldomar, spokesperson of the 6th Infantry Division that was on the frontline, said they did not fire back at the BIFF members during the encounter to ensure civilian safety.

He said in a phone interview on Saturday that the military immediately deployed troops upon receiving reports of sightings of a heavily-armed group near the public market.

Mr. Baldomar said they were already holding several days of pursuit operations against the terrorist group before Saturday’s incident.

Tension between the BIFF and government forces has been high in the last few weeks, especially with the establishment of a station for the Joint Peace and Security Team — which includes military, police and former MILF fighters — in the Maguindanao hot zone.

The brigade recovered at least four improvised explosive devices left by the fleeing BIFF members during clearing operations.

“The situation has already normalized but we will not rest until the threat is neutralized,” Mr. Sobejana said.

Meanwhile, a Mindanao-based rights group on Sunday renewed its call for a “stop” to armed operations in the southern part of the Philippines, citing impacts on vulnerable groups.

“Accompanying the passage of the Bangsamoro law, we are  deeply saddened with the armed operations  in a holy month of Ramadan, schoolrooms in this location in Maguindanao have turned into evacuation anew,” Samira A. Gutoc-Tomawis, chair of Ako Bakwit, Inc., said in a statement. — Maya M. Padillo and Kyle Aristophere T. Atienza

DoLE forms committee to speed up OFW Hospital construction

THE DEPARTMENT of Labor and Employment (DoLE) has formed a committee that will focus on speeding up the completion of the hospital for Overseas Filipino Workers (OFW).

In a statement on Sunday, the DoLE said Labor Secretary Silvestre H. Bello III ordered the creation of the committee to “rev up” the P550-million project, which had a groundbreaking ceremony on May 1, 2019.

The committee will be co-chaired by Labor Undersecretaries Renato L. Ebarle and Ana C. Dione.

“The Ebarle-Dione panel is composed of two Technical Working Groups: one for Human Resources to undertake the hiring of medical personnel who will manage and operate the hospital, and another one for Bidding and Procurement of Hospital Equipment,” DoLE said.

Construction of the OFW Hospital was slowed down in 2020 by restrictions prompted by the coronavirus pandemic.

The 100-bed medical facility located in San Fernando City, Pampanga will cater to OFWs and their dependents.

Bloomberry Cultural Foundation, Inc. is providing P400 million for the project while P150 million will come from the Philippine Amusement and Gaming Corporation (PAGCOR). — Gillian M. Cortez

BFAR issues red tide warning over Biliran, Western Samar, Zamboanga del Norte

THE BUREAU of Fisheries and Aquatic Resources (BFAR) warned consumers from eating shellfish harvested from Biliran Island and areas in Western Samar, Leyte, and Zamboanga del Norte after testing positive for paralytic shellfish poison or red tide.

In its 14th shellfish bulletin, BFAR issued new red tide warnings in Daram Island, Zumarraga, Cambatutay Bay and Villareal Bay, all in Western Samar; the town of Leyte, Carigara Bay, Ormoc Bay, and Cancabato Bay in Leyte; Murcielagos Bay, Zamboanga del Norte; and around the Biliran Islands.

Red tide warnings are also still up in Puerto Princesa Bay, Palawan; Dauis and Tagbilaran City, Bohol; Tambobo Bay, Negros Oriental; Calubian, Leyte; Balite Bay, Davao Oriental; and Lianga Bay, Bislig Bay, and Hinatuan, in Surigao del Sur.

All types of shellfish and Acetes sp. or alamang sourced from the red tide affected parts are unsafe for human consumption. However, other marine species harvested within the said areas can be eaten with proper handling.

Red tide occurs due to high concentrations of algae in the water. Human consumption of contaminated shellfish may result in paralytic shellfish poisoning, which affects the nervous system.

Typical symptoms of paralytic shellfish poisoning include headaches, dizziness, and nausea. Severe cases may include muscular paralysis and respiratory issues. — Revin Mikhael D. Ochave

DLS-CSB to serve as quarantine facility for judiciary personnel

THE SUPREME Court, Philippine Red Cross, and the De La Salle–College of Saint Benilde (DLS-CSB) have partnered to provide quarantine facilities for members of the judiciary who test positive for the coronavirus and are mild or asymptomatic cases.

“The Court is aware that most hospitals in Metro Manila and its neighboring provinces are reaching full COVID-19 capacity and are unable to admit any more COVID-19 positive patients,” the court’s Public Information Office said on Sunday.

The facility located at the DLS-CSB will be used for employees of the judiciary who are working in the National Capital Region and the surrounding provinces of Cavite, Laguna, Bulacan, and Rizal.

Philippine Red Cross will manage the facility while the court’s medical services will coordinate admission on a first-come, first-served basis. — Bianca Angelica D. Añago

Davao City to legalize, regulate motorcycle taxis

THE DAVAO City government will legalize the local operation of motorcycle taxis through an ordinance that is expected to be approved by the council this week.

Councilor Danilo C. Dayanghirang said the proposed ordinance was introduced by Mayor Sara Duterte-Carpio in consideration of lack of public transport in the city’s remote areas.

Motorcycle taxis, locally known as habal-habal, operate in many areas nationwide, especially far-flung areas that are not served by regular public utility vehicles.

“So we want to legalize their operations and to be regulated,” Mr. Dayanghirang said in a phone interview. He added that having a law and regulatory system will protect passengers.

The proposed ordinance requires motorcycle taxi drivers to have a license, vehicle registration, and a permit from the city government. Specific routes will also be set.

A bill that will legalize the use of motorcycles as public transport nationwide remains pending in Congress. — Maya M. Padillo

DBM still working on how to fund third stimulus package

PHILIPPINE STAR

THE DEPARTMENT of Budget and Management (DBM) said it is still seeking to identify funding sources for the third economic stimulus package, proposed at P405 billion, as the legislation goes before the House appropriations committee this week.

In an interview with DZBB Sunday, Budget Secretary Wendel E. Avisado said the department is not opposed to the House of Representatives’ desire to pass the Bayanihan to Arise as One bill, known informally as Bayanihan III, but added that its primary concern is finding the money.

Bakit nga ba hindi? Ang issue nga lang, kailangang pag-usapan kung saan manggagaling ng pondo gugulin diyan (Why not? The issue is we need to discuss where the funding will come from),” he said.

He added that there are currently three operating budgets that are focused on addressing the coronavirus disease 2019 (COVID-19) pandemic. These are allocations from the 2021 national budget; realigned funds from the 2020 national budget; and the Bayanihan to Recover as One Act, or Bayanihan II.

In a message to BusinessWorld Sunday, Marikina City Rep. Stella Luz A. Quimbo said the passage of the bill will be a priority once the House resumes session. The bill was approved by its originating panel, the joint Committees on Economic Affairs and Social Services, late last month. The Committee on Ways and Means also approved the measure last week.

“The Committee on Rules will decide on the agenda when we resume on May 17, but I hope that Bayanihan III will be taken up on the floor by then. This of course assumes that the Substitute bill gets taken up by the Committee on Appropriations this week and subsequently, the committee report is approved by the mother committee,” she said.

As one of the proponents of Bayanihan III, she said around P63 billion has been committed by the Department of Finance (DoF) from government-owned and -controlled corporations (GOCCs).

“What DoF has committed so far is about P63 billion from GOCCs excluding government financial institutions (GFI). We hope that they can also sweep up excess capital (from) GFIs.”

She added that Bayanihan III needs to be passed immediately as Bayanihan II is set to expire next month.

Ms. Quimbo said last week that the three operating budgets cited by the DBM are insufficient to fund plans to distribute cash aid under Bayanihan III, which will provide P216 billion to all citizens regardless of social status — more than half the value of the third package. — Gillian M. Cortez

Senate still studying need for Bayanihan III

PHILIPPINE STAR

The SENATE is still consulting government agencies and the private sector on the need for a third stimulus package for the coronavirus pandemic, which the House of Representatives is pushing aggressively for.

Senator Juan Edgardo M. Angara said the Finance committee is closely monitoring developments of the proposed third stimulus law, known informally as Bayanihan III, as the legislation makes its way through the House of Representatives.

“The committee is currently soliciting comment and feedback from government agencies and from the private sector on the need for a possible Bayanihan III stimulus package,” he told BusinessWorld in a phone message.

Mr. Angara said the Senate may “have one (hearing) in the succeeding weeks.”

“We are looking at having one (hearing) after we have collected position papers and data that we have requested,” Mr. Angara, who chairs the committee, added.

The House of Representatives committees on economic affairs, social services, and ways and means, early this month approved the measure authorizing P405.6 billion for Bayanihan III. It still has yet to be approved by the committee on appropriations.

Senator Ralph G. Recto in December filed Senate Bill No. 1953 or the Bayanihan to Rebuild As One, the chamber’s version of Bayanihan III, calling for P485 billion to support the economic recovery following the pandemic and the late-2020 typhoons.

The bill is currently with the Senate committees on economic affairs and finance.

Mr. Recto said in a phone message: “We can have a hearing to find out formally what the executive’s position will be.”

Senator Maria Josefa Imelda R. Marcos, who chairs the Economic Affairs committee, cited unspent funds from the 2020 budget, Bayanihan II, and contingency and calamity funds in the 2021 budget.

“For tidy budgeting, perhaps it’s best we account for those amounts first, ideally disburse its larger portion, before launching into yet another appropriations measure,” she said in a phone message to BusinessWorld.

Ms. Marcos added that discussions on the general appropriations act for 2022 “may be the best opportunity, maybe even the quickest way, to input vaccine financing, comprehensive social protection, cash-for-work programs, wage subsidies, and (micro, medium, and small enterprises) assistance.”

Senator Panfilo M. Lacson on Friday said he and Senate President Vicente C. Sotto III met with the head of the vaccination effort, Carlito G. Galvez Jr., the point perron on testing Vivencio B. Dizon, and the lead official on contact tracing Benjamin B. Magalong on Thursday to discuss red tape issues and funding needs hindering the COVID-19 containment effort.

The government wants a P90-billion budget for vaccine procurement under the Health department next year.

It also wants P20 billion under Bayanihan III for vaccine purchases. Mr. Lacson has proposed sourcing these funds via the realignment of unused funds of various executive agencies and the existing stimulus package. — Vann Marlo M. Villegas