How PSEi member stocks performed — February 5, 2021
Here’s a quick glance at how PSEi stocks fared on Friday, February 5, 2021.
PSEi to move sideways on profit taking, BSP meet
By Revin Mikhael D. Ochave, Reporter
SHARES are expected to move sideways this trading week as investors pocket their profits while they await the central bank’s decision at its first policy meeting for the year.
The benchmark Philippine Stock Exchange index (PSEi) ended at 7,019.18 on Friday, higher by 115.43 points or 1.67% from its previous close of 6,903.75.
On a weekly basis, the main index likewise improved by 406.56 points or 6.15%.
The market’s average turnover fell 4.08% to P9.97 billion last week, while average net foreign selling declined 60.18% to P528.12 million.
Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market is projected to move sideways this week as investors are seen to book their profits ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.
“Investors may be waiting for more earnings reports to be released, as well as taking into consideration the interest rate decision to be announced this week,” Mr. Pangan said.
The central bank’s policy-setting Monetary Board is scheduled to have its first meeting for the year on Feb. 11, Thursday.
The central bank will likely maintain benchmark interest rates when it revisits its policy settings this Thursday, according to 17 out of 18 analysts in a BusinessWorld poll held last week.
Analysts said going further into the negative real interest rate territory may cost more damage than benefits at this point, noting that fiscal policies may be more advantageous to quell soaring inflation.
The overnight reverse repurchase or key policy rate is currently at two percent, well below the 4.2% inflation print in January.
The BSP slashed the rates on its overnight reverse repurchase, lending, and deposit facilities by 200 basis points last year, bringing them to record lows.
Online brokerage 2TradeAsia.com said the local bourse will be tested in the coming trading week due to increased volatility caused by the release of earnings reports.
“The PSEi showed a strong return to the 7,000 level, but its staying power will be tested, given heightened volatility from the upcoming earnings season,” 2TradeAsia.com said in a market note.
“Globe Telecom, Inc. will be the first to report fiscal year 2020 earnings next week, but other index names are expected to follow suit for the remainder of February until March,” it added.
2TradeAsia.com said the market’s immediate support is seen at 6,900, secondary at 6,820, and its resistance at the 7,150 to 7,200 level.
“The market may eventually retest its nearest resistance at 7,300, with 6,600 being considered the major support area,” Timson Securities’ Mr. Pangan said.
Peso to climb vs dollar on policy meeting, faster inflation
THE PESO may strengthen versus the dollar this week on market expectations of a continued low interest rate environment following the above-target headline inflation print logged last month.
The local unit closed at P48.07 per dollar on Friday, inching up from its P48.08 finish on Thursday, data from the Bankers Association of the Philippines showed. The peso also closed at P48.08 per dollar a week ago.
The peso closed slightly stronger on Friday following the higher-than-expected January inflation print, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
The consumer price index rose 4.2% last month, quicker than the 3.5% in December and the 2.9% in January 2020, the Philippine Statistics Authority reported on Friday.
The January print was also beyond the 2-4% annual target of the Bangko Sentral ng Pilipinas (BSP) and was the highest reading since the 4.4% print logged in January 2019.
Inflation spiked due to higher food and transport prices, based on data from the Philippine Statistics Authority.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the latest balance of payments data also supported the peso’s strength last week.
The country’s BoP stood at a record $16.022-billion surplus last year, more than twice the $7.843 billion surfeit seen in 2019, backed mostly by inflows from foreign debt as well as the import decline amid the crisis, central bank data released on Feb. 2 showed.
Last year’s surplus was also larger than the $12.8-billion surfeit the BSP expected for 2020, based on projections given in December.
For this week, the market will be monitoring the BSP Monetary Board’s first policy meeting for the year.
The central bank will likely maintain benchmark interest rates when it revisits its policy settings this Thursday, according to 17 out of 18 analysts in a BusinessWorld poll held last week.
Analysts said going further into the negative real interest rate territory may cost more damage than benefits at this point, noting that fiscal policies may be more advantageous to quell soaring inflation.
The overnight reverse repurchase or key policy rate is currently at 2%, well below the 4.2% inflation print in January.
The BSP slashed the rates on its overnight reverse repurchase, lending, and deposit facilities by 200 basis points last year, bringing them to record lows. Central bank officials have said the recent uptick in inflation would have occurred even without last year’s easing moves as the climb was caused by supply side factors like weather disruptions and the pickup in global oil prices.
Meanwhile, Mr. Asuncion said the elevated inflation print in January could push the peso higher against the dollar to make food imports cheaper.
For this week, Mr. Ricafort gave a forecast range of P48.03 to P48.12 versus the dollar while Mr. Asuncion expects a wider trading band of P47.95 to P48.15. — L.W.T. Noble
Pope Francis appoints more women to Vatican posts
VATICAN CITY – Pope Francis has appointed two women to Vatican posts previously held only by men, in back-to-back moves giving women more empowerment in the male-dominated Holy See.
He appointed Nathalie Becquart, a French member of the Xaviere Missionary Sisters, on Saturday as co-undersecretary of the Synod of Bishops, a department that prepares major meetings of world bishops held every few years on a different topic.
The previous day, Pope Francis named Italian magistrate Catia Summaria as the first woman Promoter of Justice in the Vatican’s Court of Appeals.
Becquart’s position, effectively a joint number two spot, will give her the right to vote in the all-male assemblies, something many women and some bishops have called for. She is 52, relatively young by Vatican standards.
Women have participated as observers and consultants in past synods but only “synod fathers”, including bishops and specially appointed or elected male representatives, could vote on final documents sent to the pope.
During a synod in 2018, more than 10,000 people signed a petition demanding that women get the vote.
“A door has been opened. We will see what other steps could be taken in the future,” Cardinal Mario Grech, the synod’s secretary-general, told the official Vatican News website.
While upholding the Church’s tradition barring female priests, Pope Francis has set up commissions to study the history of women deacons in the early centuries of the Catholic Church, responding to calls by women that they be allowed to take up the role today.
Last year, in one fell swoop, Pope Francis appointed six women to senior roles in the council that oversees Vatican finances.
He has also appointed women to the posts of deputy foreign minister, director of the Vatican Museums and deputy head of the Vatican Press Office. – Reuters
House proposes P420B for Bayanihan III stimulus
LEGISLATORS at the House of Representatives proposed a third stimulus worth P420 billion, which would be the largest of the Bayanihan series of stimulus packages if passed.
Speaker Lord Allan Jay Q. Velasco and Marikina City 2nd District Representative Stella Luz A. Quimbo filed House Bill (HB) No. 8628, which if passed will be known as the Bayanihan to Arise as One Act (Bayanihan III).
They said the first two Bayanihan laws were insufficient to resuscitate the economy after the pandemic.
The Bayanihan to Heal as One Act (Bayanihan I) was signed in March and authorized the President to repurpose about P275 billion worth of budget items to pandemic-containment programs. The Bayanihan to Recover as One Act (Bayanihan II) was signed in September and allocated up to P165 billion to revive the economy.
Legislators typically propose large stimulus packages at the bill-writing stage, with the total whittled down as government economic managers provide their input on the resources available to the government.
In a statement, Mr. Velasco said Bayanihan III will help the economy gain momentum as it gradually reopens after the lockdowns of 2020. He added the two earlier Bayanihan laws were “not sufficient” to effect a recovery.
“Given that actual economic output in 2020 was far below what was assumed for budget purposes, and further losses may still be incurred as the COVID-19 pandemic is expected to prevail well into the current fiscal year, an additional economic stimulus package is needed to help the government meet its recovery targets for the year,” he said.
The P420-billion economic recovery package includes P108 billion for social amelioration program assistance to families affected by the pandemic; P100 billion for capacity-building among establishments in critically-impacted industries; P70 billion in capacity-building for workers in the agriculture sector; and P52 billion for subsidies to help small businesses meet their obligations to employees.
The stimulus bill also includes P30 billion for the labor department’s programs for the unemployed; P30 billion for internet expenses for educational institutions; and P5 billion for the rehabilitation of typhoon-affected areas.
Mr. Velasco said most of the House supports the measure.
“So far, 115 members of major political parties and power blocs comprising the supermajority in the House of Representatives have expressed their support and signified their intent to co-author HB 8628.” — Gillian M. Cortez
DENR shuts down LGU-run open dumpsite in Pampanga
THE Department of Environment and Natural Resources (DENR) said that it shut down a four-hectare open dumpsite managed by the municipal government of Sta. Ana, Pampanga.
In a statement issued over the weekend, the DENR said its Environmental Management Bureau (EMB) in Region 3, along with the Philippine National Police-Maritime Group and Sta. Ana Municipal Police Station, issued the cease-and-desist order against the dumpsite in Barangay San Nicolas, Sta. Ana.
The Ecological Solid Waste Management Act of 2000 defines open dumpsites as those into which solid waste is deposited without planning and consideration for environmental and health standards. They are illegal to establish or operate.
The EMB also directed the Sta. Ana municipal Environment & Natural Resources Office to submit a safe closure and rehabilitation plan in a week’s time.
The open dumpsite in Sta. Ana, according to DENR Undersecretary for Solid Waste Management and Local Government Units Concerns Benny D. Antiporda, was on land classified for farming.
“You can see napakaganda po ng ating kabukiran then lalagyan mo ng basurahan sa gitna, malalason po ang tubig sa ilalim ng lupang ito kung kaya’t kailangang ma-safe closure and rehab ito (The beauty of the fields is spoiled by the dumping of garbage, which also risks poisoning the groundwater. That is why the site needs to be closed for safety reasons and rehabilitated),” Mr. Antiporda was quoted as saying in the statement.
Last month, Environment Secretary Roy A. Cimatu ordered Mr. Antiporda and the department’s regional offices to close all dumpsites by the end of March. — Angelica Y. Yang
Mindanao summit to push for rationalized infrastructure projects, dev’t programs
THE Mindanao Development Authority (MinDA) said stakeholders in the southern island’s development will meet in an online summit on Feb. 10 to propose the rationalization of big-ticket infrastructure projects in the last full year of the government’s term.
Secretary Emmanuel F. Piñol, MinDA chairman, said the Mindanao Speaks Up forum will tackle the progress of the Mindanao Railway, Marawi City’s rehabilitation, and the Samal-Davao bridge.
“The Marawi Rehabilitation Project is under the Task Force Bangon Marawi, the Mindanao Railway is handled by the Department of Transportation while the Davao City-Samal Bridge is a flagship project of the Department of Public Works and Highways. Of these three, the Mindanao Railway Project has raised great expectations from the people of the region as it promises convenient and easy movement of people and goods. The project, however, has not only suffered delays but also revision in the design,” Mr. Piñol said.
MinDA Deputy Executive Director Romeo M. Montenegro, in an interview, said the summit will tackle how the projects will raise productivity, sustain the gains of the peace process, and trigger recovery from the pandemic.
“It also seeks to promote collaboration among leaders to ensure the realization of the identified priority proposals under the first Mindanawon Presidency,” MinDA said in a statement, referring to the Davao origins of President Rodrigo R. Duterte.
Expected to join the forum organized by MinDA are representatives from the Philippine Economic Zone Authority, Southern Philippines Development Authority, and the Regional Development Committee – Mindanao Area. — Maya M. Padillo
Fintechs challenged by PHL attachment to cash
THE continued preference for cash is proving to be a major hurdle for financial technology (fintech) companies, as they seek to build trust in their platforms’ security while spreading awareness of the advantages to using their offerings during the pandemic, industry representatives said.
“We know that we are dealing with a market that still chooses to pay in cash. There are a lot of security concerns on digital payments and awareness of e-payment platforms remains low,” Xendit Philippines Managing Director Yang Yang Zhang said at a virtual briefing Friday.
In 2018, online payments accounted for 10% of the total volume of transactions, up from 1% in 2013, according to estimates provided by the United Nations-affiliated Better Than Cash Alliance. By value, such payments made up 20% of the total in 2018, from 8% in 2013.
The central bank is promoting a transition to a so-called a cash-lite society by 2023, in which e-payments will make up 50% of the total volume and value of transactions.
Ms. Zhang said her Indonesia-headquartered fintech, which provides payments infrastructure for both merchants and consumers, processed 65 million transactions per year, or about 5 million each month.
“I think that it is exciting to see the Philippines starting to comprise a growing percentage of that number as well,” she said.
Ms. Zhang said opportunities in the Philippine fintech sector are abundant because of the “friendly” regulatory environment, allowing for “more disruptive, more interesting solutions that could be built here than anywhere else in the region.”
This year, Ms. Zhang said the company hopes to expand its network of banks and retail outlets linked to its platforms.
“We want to make sure that we are building experiences that are intuitive and easy enough that more Filipinos can transition to more digital payments painlessly,” Ms. Zhang said.
Xendit Philippines has a partnership with credit app BillEase, with Xendit serving as a channel to facilitate installment payments directly from consumers’ bank accounts, BillEase CEO Georg Steiger said.
He added that fintechs hope to relieve Filipinos from the burden of having to turn to predatory lenders.
“I think the best way to end (predatory lending) is to ensure better options are available. Any crackdown will only just basically push this stuff to darker corners of the market, and if it’s not online then it will be offline,” Mr. Steiger said, noting so-called five-six lending schemes have long predated online lending and are entrenched.
He said the national ID and the availability of more information sources will help both consumers and lenders bridge the credit data gap. — Luz Wendy T. Noble
Regulator notifies 81 utilities of potential violations in second half of 2020
THE Energy Regulatory Commission (ERC) said Friday that it asked 81 utilities to explain potential violations since July, as measured from the issuance of so-called show-cause orders (SCOs).
“There were 81 SCOs issued. From the 81 SCOs, we received 22 explanations and we are still awaiting 59 from DUs (distribution utilities),” ERC Commissioner-In-Charge Floresinda G. Baldo-Digal told BusinessWorld in a mobile message Friday.
She added that the explanations and supporting documents were being evaluated by the ERC’s staff.
She said the violations include unauthorized increases of electricity prices.
“We are targeting that all 81 (cases) will be closed or completed evaluation by May 2021,” she said.
In July, Ms. Baldo-Digal told a House of Representatives committee meeting that the ERC had initially evaluated 50,000 consumer complaints on the spike in electricity bills. — Angelica Y. Yang
DBP expresses interest in financing landfills
THE Development Bank of the Philippines (DBP) has expressed interest in lending to support sanitary landfill projects at local government level, the Department of Environment and Natural Resources (DENR) said in a statement over the weekend.
The DENR said the DBP will serve as its “partner” in addressing the garbage disposal problem, in the wake of a Friday virtual meeting between the DENR and DBP officials.
During the meeting, DENR Undersecretary for Solid Waste Management and Local Government Units Concerns Benny D. Antiporda proposed a private-public partnership (PPP) approach in the building of sanitary landfills (SLFs) nationwide.
The Ecological Solid Waste Management Act of 2000 defines a sanitary landfill as a waste disposal site in which significant environmental impacts are controlled.
“The establishment of 300 SLFs used to be an impossible dream. But with DBP, I know it will not be impossible,” Antiporda was quoted as saying.
DBP Lending Program Management Group Head Paul D. Lazaro said that the DBP is open to considering a PPP arrangement since it has the capacity to “finance the local government and private sectors.”
“We are looking forward to a collaboration with the DENR because… DBP is very much involved in the different projects of the DENR,” he said in a statement.
DBP Program Development and Management Department Head Rustico Noli D. Cruz said the bank could provide financing solutions to SLF operators through its Green Financing Program (GFP).
Cruz was quoted as saying that the GFP was the bank’s umbrella program for climate change-related and environmental projects, including solid and hazardous waste management.
Separately, the DENR announced the establishment of the Coalition on Solid Waste Management Providers, which was created to accelerate partnerships with the department and identify areas where SLFs can be built.
“Now that the country’s solid waste management service providers are organized as a coalition, they can strengthen their partnership for a better solid waste management in the country,” Mr. Antiporda said.
Nine members have been elected to the executive committee of the coalition, according to the DENR.
Last month, DENR Secretary Roy A. Cimatu ordered Mr. Antiporda and all regional offices to close all open dumpsites in their respective areas by the end of March.
The 2000 solid waste law defines an open dumpsite as one in which solid waste is thrown without planning and consideration for environmental and health standards. They are illegal to establish or operate. — Angelica Y. Yang
Decarbonizing for a better working world
(Second of two parts)
In the first part of this article, we discussed the costs and impact of climate change, the mounting pressures for carbon reduction, and the increasing demand of investors and regulators for greater transparency on nonfinancial performance through sustainability reporting.
Climate change and sustainability were among the highlights at the 2021 meeting of the World Economic Forum (WEF), a week-long program at the end of January dedicated to help leaders select innovative solutions to address the pandemic and drive recovery. While climate change was already a dominant theme in the WEF in 2020, this year sees the private sector ready to prioritize a low-carbon future in their evolving business models and strategies.
As part of its commitment to sustainability, Ernst & Young Global (EY), of which SGV is the Philippine member firm, recently announced its ambition to be carbon negative by 2021, and net zero in 2025. Becoming carbon negative will result in the reduction of EY’s carbon emissions in line with the 1.5 degrees Celsius Science Based Target (SBT), as well as investing in technologies and nature-based solutions to remove and offset more carbon than EY emits each year. This new ambition builds on the global organization’s achievement of carbon neutrality in December 2020.
KEY ELEMENTS OF THE EY CARBON NEGATIVE AMBITION
There are several key components in the EY ambition to not only become carbon negative, but to also reduce total emissions by 40% and achieve net zero in 2025.
— Reducing business travel emissions. Though many EY services require an element of business travel, air travel provides the most significant negative impact on the environment, accounting for approximately 75% of EY’s global carbon emissions in FY19. These emissions will be reduced by 35% in 2025 using 2019 baseline data by continuing to use remote working technologies that helped EY teams provide uninterrupted client service during the pandemic.
— Reducing overall office electricity usage. EY will reduce its office carbon emissions from electricity consumption to zero by FY25 and by switching to 100% renewable energy for remaining EY needs. By FY25, EY aims to be a fully accredited member of the RE100, a group of influential organizations committed to 100% renewable power. From 2020, EY’s global Scope 3 emissions measurements include employees working from home, reflecting the changes resulting from the pandemic, trends in remote working and the organization’s flexible working schedule.
— Structuring electricity supply contracts. Along with agreed Virtual Power Purchase Agreements (VPPAs) with several solar and wind farms, EY aims to introduce more electricity than it consumes into national grids. These arrangements will add more than twice the amount of electricity consumed into multiple national electricity grids from 100% renewable energy. This allows EY to reduce its total electricity costs, offset its own office electricity emissions, and play its role in decarbonizing the electricity generation sector.
— Providing EY teams with tools to calculate and reduce carbon emitted. EY recognizes that executing client-facing projects results in carbon emissions, and many clients want to work towards reducing them. To this end, EY will provide its teams with tools such as the EY Engagement Carbon Calculator to enable them to assess then reduce the amount of carbon emitted when delivering client work.
— Offsetting more carbon than EY emits through nature-based solutions and carbon-reduction technologies. EY launched a collaboration with profit-for-purpose organization South Pole in December 2020, where contributions from EY will contribute to renewable energy projects (including solar, wind and hydro) and help preserve natural environments.
— Requiring 75% of EY suppliers to set science-based targets. EY will set a goal for suppliers to have a Science Based Targets initiative (SBTi) approved carbon-reduction target by FY25. This involves collaborating with all suppliers to help them achieve SBTi accreditation and decarbonize their products and services, exponentially increasing the impact of EY’s carbon negative position.
— Sustainable solutions for a carbon negative working world. In addition to increasing investments in solutions, EY will continue carrying out activities in various multi-stakeholder sustainability alliances. Such alliances include working on metrics and reporting with the World Economic Forum International Business Council, collaborating with C-suite Sustainability leaders in the S30 group, membership in the Alliance of CEO Climate Leaders, and work with the UN Global Compact and the World Business Council for Sustainable Development.
As EY undertakes efforts to become more sustainable, it is also developing a new set of global sustainability solutions for clients to assist them in their own sustainability journey while protecting and creating long-term value for all stakeholders. In addition, EY will continue to transform its business amid the COVID-19 pandemic and invest in its people by equipping them with the knowledge and skills necessary to lead climate action at work and at home.
As a member firm of EY Global, SGV & Co. will likewise further strengthen its own carbon reduction efforts and sustainability programs to align with the EY carbon negative ambition. More than merely adopting this initiative, the program falls within SGV’s Purpose to nurture transformative leaders capable of reframing the future and helping create long-term value.
The COVID-19 crisis has taught us that providing exceptional client service is still possible despite the challenges it brought. The lessons that we have gained from managing the pandemic will help EY further attain its sustainability ambitions. Many of the practices the EY global firm and SGV have adopted due to COVID-19 will remain relevant to reducing carbon emissions and we will capitalize on these as we define our new normal of doing business.
As the world moves towards an increasingly decarbonized future, it is our hope that more organizations will take up the challenge and join hands to help address the daunting risks posed by climate change.
This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views reflected in this article are the views of the author and do not necessarily reflect the views of SGV, the global EY organization or its member firms.
Clairma T. Mangangey is the Climate Change and Sustainability Services Leader of SGV & Co.
House may start Charter debates next week
CONGRESSMEN could start debates on proposed economic changes to the 1987 Constitution on Monday next week after a committee endorsed these to the House of Representatives plenary.
“We might start plenary debates on Feb. 15,” Party-list Rep. Alfredo A. Garbin, Jr., who heads the committee on constitutional amendments, said in a Viber message on Sunday.
The House body on Tuesday adopted a resolution allowing Congress to lift restrictive economic provisions of the 1987 Constitution supposedly to help the Philippine economy recover amid a coronavirus pandemic.
Lawmakers agreed to insert the phrase “unless otherwise provided by law” in parts of the Charter that limit foreign ownership in certain Philippine industries, according to a statement posted on the House website last week.
This will allow Congress to pass a law later relaxing ownership limits.
Lawmakers agreed not to touch a section of the basic law that bars foreigners from owning land, the House said.
The changes will be made under three articles on the national patrimony and economy; education, science and technology; and general provisions, for a total of seven changes.
The voting coincided with the 34th anniversary of the ratification of the 1987 Constitution, which Mr. Garbin described as a “living Constitution” that is “far from being perfect.”
He said the changes would allow the Legislature to change time-bound laws that have been enshrined in the Constitution.
Mr. Garbin said this week, the House committee on rules would pass on the report that his committee prepared.
‘BREEZING THROUGH’
“On Tuesday, the committee on rules will have a meeting and on the agenda is the referral of the committee report of the constitutional amendment on Resolution of Both Houses No. 2 in the plenary,” he said.
Mr. Garbin earlier said he expects the Charter change debates to breeze through the House.
Speaker Lord Allan Q. Velasco, who authored the resolution, wants to liberalize the economic restrictions in the Charter and let Congress enact laws that will free up the economy to foreign investors.
Mr. Velasco said foreign investment plays a crucial role in the Philippine economy by supporting domestic jobs and creating physical and knowledge capital across a range of industries.
The Speaker last week said his resolution was backed by all major political parties and power blocs in the House.
Lawmakers who voted no said Charter change was “ill-timed” and would affect Filipino businesses.
In a statement last week, Party-list Rep. Carlos Isagani T. Zarate noted that if Charter change starts now, foreigners would gobble up what is left in the country’s liberalized economy.
But the House said lifting foreign investment restrictions could improve foreign direct investment inflows (FDI), particularly in restricted sectors.
Easing the restrictions could lead to an additional average annual FDI of P330 billion pesos ($6.8 billion) and generate 6.6 million jobs over 10 years, it added, citing Bicol Rep. Jose Maria Clemente S. Salceda.
Party-list Rep. Michael Edgar Y. Aglipay, one of the House leaders involved in the preparation for Cha-cha hearings, earlier said lawmakers would not try to change political provisions of the Constitution.
He said they wanted to form a constituent assembly by the end of the month. A plebiscite for proposed changes could coincide with the presidential elections in May 2022, he added.
Opposition senators last month thumbed down the fresh Charter change push at the House, saying it was likely to fail and waste lawmakers’ time.
Senator Franklin M. Drilon said Charter change has a zero chance of success in any administration that is already in the home stretch. President Rodrigo R. Duterte’s six-year term will end next year. He is barred by law from running for reelection.
Senator Francis N. Pangilinan, who heads the committee on constitutional amendments, had also questioned the timing of the Charter change push.
Harry L. Roque, Mr. Duterte’s spokesman, has said Charter change is the last thing on the President’s mind, adding that Mr. Duterte would rather focus on battling the coronavirus pandemic.
Senate President Vicente C. Sotto III earlier said Charter amendments would have a better chance of hurdling the chamber if these are limited to changing the party-list system and easing economic restrictions. — Gillian M. Cortez