PSEi seen to correct after underperforming in Feb.
LOCAL SHARES are expected to correct today as February ends, with the month seeing the market underperforming amid local and global developments.
The Philippine Stock Exchange Index (PSEi) declined by 58.72 points or 0.86% to close at 6,755.95 on Wednesday, while the broader all shares index fell 41.56 points or 1% to end at 4,100.16.
Financial markets were closed on Thursday in commemoration of the EDSA People Power Revolution Anniversary.
“[For Friday], slight correction, technical for the usual month end window dress,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message on Wednesday.
The PSEi has struggled to stay above the 7,000 mark this month, hitting a low of 6,755.95 on Feb. 24, as investors were cautious amid uncertainties.
“For [February], lots of volatility and active play on third liners with the PSEi on a downward bias. Trading volume largely [moved] on retail client activity touching a high of P12 billion at one point,” Ms. Ulang said.
“Slow moving vaccination implementation, inflation upticks and rising interest rates are key markets concerns as the economy will likely struggle to get out of the deeper hole of -9.5% GDP (gross domestic product) contraction last year,” she added.
AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said investors remained cautious this month as the Philippine government was unclear on when vaccinations for the coronavirus disease 2019 (COVID-19) would start.
“We believe investors are not as bullish now given the delay in vaccine rollout, which led to the decision to not put the whole country under the more relaxed modified general community quarantine,” Mr. Soledad said via Viber.
President Rodrigo R. Duterte rejected the suggestion of the government’s COVID-19 task force to put the country under eased quarantine restrictions, saying the country must first begin its inoculation program.
“Month on month, the Philippine market had underperformed due to the net foreign selling this month,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
He added that rising COVID-19 cases in the country also affected market sentiment.
COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo meanwhile said inflation concerns and companies’ earnings results caused stocks to decline this month.
“I think several things [affected the market’s performance]: rise in yields and inflation threat, peso weakness, and some weaker than expected earnings,” Mr. Barredo said via Viber.
AB Capital Securities’ Mr. Soledad said the index may move within its current range amid a lack of positive catalysts.
“For now, we expect the index to trade from 6,700 to 7,000 until at least we see a more feasible vaccine distribution timeline from the government,” he said. — K. C. G. Valmonte
Peso may weaken on vaccine issues, positive US data
THE PESO may depreciate versus the dollar on Friday on increased preference for the greenback as the market expects better US economic data and with the schedule of the arrival of vaccines here still unclear.
The local unit closed at P48.605 versus the dollar on Wednesday, appreciating by 3.5 centavos from its previous finish of P48.64 versus the greenback.
The market was closed on Thursday to commemorate the anniversary of the EDSA People Power Revolution.
The peso gained on Wednesday following remarks from the US Federal Reserve that it would keep rates low to cushion the virus-stricken US economy, a trader said in an e-mail.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said Fed Chairman Jerome J. Powell’s statement which stressed the central bank’s continuous bond purchases as a quantitative easing measure during the crisis also supported the peso.
The safe-haven US dollar languished near three-year lows versus riskier currencies on Thursday as continued dovish signals from the Federal Reserve stoked reflation bets, Reuters reported.
Mr. Powell reiterated on Wednesday that the central bank would not adjust policy until the economy is clearly improving, and would look through any near-term inflation spike.
Easy financial conditions, the promise of fiscal stimulus and an accelerating COVID-19 vaccine rollout have driven money into what’s come to be known as the reflation trade, referring to bets on an upswing in economic activity and prices.
This Friday, analysts said the peso might retreat versus the dollar on expectations of better US economic data.
“The local currency might weaken on Friday amid expectations of a stronger US durable goods report,” the trader said.
Meanwhile, Mr. Ricafort said trading will be influenced by hopes for coronavirus vaccines’ arrival in the country.
Government officials earlier said vaccines are expected to arrive by February. Vaccine czar Carlito G. Galvez, Jr. said they are willing to pay “a little higher” if only to ensure that the vaccines will arrive early, saying they now expect 5.1 doses within the first quarter.
The government is targeting to inoculate 70 million Filipinos by the end of the year.
For today, the trader gave a forecast range of P48.50 to P48.70 per dollar while Mr. Ricafort expects the local unit to move within the P48.53 to P48.63 band. — L.W.T. Noble with Reuters
Permit process for fiber optics projects next up for streamlining
THE Anti-Red Tape Authority (ARTA) said it will include fiber optics and broadcast tower projects to its list of telecommunications works where the permit process requires streamlining.
The regulator and other government agencies last year released a circular ordering the reduction in the number of permits for building common cell towers.
ARTA said in a statement Wednesday that it will release a supplemental circular next month to streamline the permit process for fiber optics and broadcast tower projects as well.
ARTA Director General Jeremiah B. Belgica said local governments are “confused” about how to harmonize the previous circular and the provisions of Bayanihan II or Republic Act No. 11494 in terms of expediting cell tower construction by suspending certain requirements.
“In order to address this, we’ve been working with the other signatories to come up with a supplemental joint memorandum circular,” he said.
The agency is working with the Department of Information and Communications Technology to develop the circular, and it has been consulting with representatives from local governments and the private sector.
Republic Act No. 11032 or The Ease of Doing Business and Efficient Government Service Delivery Act of 2018, requires government agencies to meet three types of deadlines: three working days for simple transactions, seven for complex transactions, and 20 for highly technical applications. — Jenina P. Ibañez
Taxation of digital firms seen hindered by policy, lack of infrastructure
THE government’s plan to tax the digital economy is bumping up against constraints like the absence of a standard regulatory framework for online platforms or the lack of adequate information technology infrastructure, according to the Philippine Institute for Development Studies (PIDS), a government think tank.
Addressing these “major policy gaps” is crucial before the digital economy can be effectively taxed, according to Janet S. Cuenca, a former research fellow at PIDS, said in a discussion paper, “Emerging Tax Issues in the Digital Economy: A Review of Literature.”
One basic gap is in measuring the size of the digital economy to estimate the industry’s potential tax base and raise revenue without unduly burdening the sector, it said.
“The issues and challenges in taxing the digital economy stem from (its) complex and multifaceted nature… Reaching a common understanding and measurement of the size and impact of the digital economy is critical in devising a tax regime,” according to the study.
The Philippine Statistics Authority started measuring the size of the digital economy relative to overall economic output in August 2018, but more information is needed, it said.
Another possible approach would be to reform the regulatory and legal framework to encourage more companies to enter the information and communication technology sector, raising the level of competition.
“There is no legal framework yet to regulate business platforms and facilitate new digital products. Furthermore, there is a lack of standard permits issued across LGUs, thus hampering the accelerated deployment of needed infrastructure,” it added.
The digital infrastructure gap also needs to be addressed, with internet speeds in the Philippines considered slow and expensive.
Consumers also have to be educated about the emerging digital economy and guard against cyber attacks.
“The opportunities and challenges that the digital economy bring are particularly important for developing countries, including the Philippines. Thus, it is deemed critical for the Philippine government to eliminate the barriers and challenges and also, address the identified policy gaps to fully reap the benefits from the digital economy,” PIDS said.
The government started considering taxing the digital economy last year as the pandemic drove more users to digital platforms and online services.
The Bureau of Internal Revenue issued a circular in June reminding businesses to register with the bureau for tax purposes.
Bills have also been filed in Congress aiming to collect a 12% value-added tax (VAT) on goods and services bought online, and tax streaming services.
The Department of Finance estimated that a VAT on online transactions will yield the government P14-17 billion in additional revenue in the first year of implementation.
Meanwhile, the National Tax Research Center proposed in a study that local government units (LGUs) could expand the coverage of their amusement taxes to include online streaming sites. — Beatrice M. Laforga
Modest expo sales target set for PHL food firms
Philippine food companies participating virtually in the largest food and beverage trade event in Asia have been set a sales target of $14.05 million this year.
Ten Philippine companies will exhibit food products at FoodEx Japan 2021, the on-site component of which will be staged in Chiba in March, according to the Center for International Trade Expositions and Missions (CITEM). CITEM said in a statement Wednesday that exhibitors and buyers can interact on an online platform until October.
This year’s sales target is almost 70% lower than the $45.5 million generated in 2019, which was more than double the $17.9 million target set by the Trade department. The trade show that year attracted 3,000 exhibitors and more than 80,000 visitors and buyers.
FoodEx was cancelled in 2020 due to the coronavirus disease 2019 (COVID-19) pandemic.
“Well before the pandemic, the Japanese have always had healthy eating habits, with the rest of the world now catching,” CITEM Executive Director Pauline Suaco-Juan said.
“We’re glad to offer to the world our tropical selections, grown on our country’s distinct terroir, which offer a new and flavorful component of wellness.”
The 10 food companies will also participate in the IFEX Philippines NXTFOOD Asia event this year. CITEM also recently launched an online food-sourcing platform, foodphilippines.com. — Jenina P. Ibañez
More meat inspection needed, not hog-farmer subsidies — SINAG
THE Samahang Industriya ng Agrikultura (SINAG) said the government needs to set up more meat inspection facilities, rather than the insurance subsidies it is offering to help compensate farmers for losses incurred as a result of African Swine Fever (ASF).
In a mobile phone message, SINAG Executive Director Jayson H. Cainglet said insurance does nothing to keep ASF from spreading, but testing meat imports for contamination will keep the disease from entering the Philippines.
“We would rather have the DA (Department of Agriculture) work double time in setting up the planned border facilities, which should be established at three to five ports at minimum,” Mr. Cainglet said.
“Without 100% inspection and testing, it is hard for hog raisers, especially backyard raisers, since the risk of being affected by ASF remains the same, or even higher due to pork imports,” he added.
In a statement Thursday, the DA said the board of the Philippine Crop Insurance Corp. (PCIC) approved on Feb. 24 a compensation plan for insured farmers whose hogs were culled, raising the payout to 100% of the total sum insured.
“Standard insurance industry policy does not (cover) government-ordered disposal of stocks when epidemics occur among the compensable risks, while indemnity payments are normally pegged at a maximum of 60% of total sum insured (TSI),” the DA said.
According to the DA, the board decision may lead to the restocking of the hog population, raising the animal numbers by more than 10 million.
“The stock to be insured will be a mix of fatteners and breeders,” the DA said.
Currently, the DA said backyard hog raisers receive free insurance as long as they are listed in the Registry System for Basic Sectors in Agriculture. They will be covered by the relaxed conditions on indemnity payment and culling or slaughter.
The PCIC board also ordered an increase in the number of backyard hog raisers to be given insurance cover.
The PCIC said it will require commercial and backyard raisers to adhere to biosafety protocols such as cleaning and disinfection. They will also be trained in biosafety measures.
Agriculture Secretary William D. Dar said during a Senate Committee hearing Monday that the DA will pay for 50% of the premiums for five million hogs, including animals for breeding and fattening.
Mr. Dar said insurance cover for a fattener hog is P10,000 per head, with a premium of 2.25%, while cover for a breeder hog is P14,500 and a 4% premium, adding that the total premium cost will be at P1.48 billion.
“We will secure an additional P740 million to subsidize 50% for the insurance of the commercial hog raisers. The insurance will be given by the PCIC,” Mr. Dar said.
Bureau of Animal Industry Director Reildrin G. Morales said in a mobile phone message that the bureau is fast-tracking the construction of inspection facilities.
“There is a concept design. We are in the process of creating the building plan,” Mr. Morales said.
“It is targeted for construction this year. Agencies involved have been meeting for the process flow or protocol once established,” he added.
In previous statements, the DA said it plans to establish the first meat inspection facility or agricultural commodity examination area (ACEA) worth P521.57 million at the Manila International Container Terminal.
Other ACEAs are also planned for the Cebu International Airport and the Ports of Batangas, Subic, and Davao.
SINAG’s Mr. Cainglet said inspection facilities will be crucial to protecting hog raisers in the wake of plans to increase pork imports via an increase in the minimum access volume (MAV) quota.
“The best insurance that the DA can give to the industry is to not increase the MAV allocation and to withdraw its petition to the Tariff Commission to bring down the tariffs imposed on pork and rice,” Mr. Cainglet said.
The MAV is an import quota within which inbound shipments are charged a 30% tariff. Once the quota is exceeded, the tariffs rise to 40%.
The DA has proposed to increase the MAV for pork imports to 404,210 metric tons (MT), from 54,000 MT. The proposal is awaiting the approval of President Rodrigo R. Duterte.
The DA has also asked the Tariff Commission for a 12-month reduction in the tariffs of pork and rice imports.
Edwin G. Chen, president of the Pork Producers Federation of the Philippines, Inc., said he welcomes more insurance cover for the hog industry, but the payout process needs to be eased.
“It is hard to claim insurance. I hope the DA changes the terms and conditions of the policy,” Mr. Chen said in a mobile phone message.
“Commercial and backyard farms hit by ASF still have loans to suppliers and they did not receive any indemnification from the government,” he added. — Revin Mikhael D. Ochave
IP treaty to protect PHL performers’ rights globally
AN INTERNATIONAL treaty which the Philippines signed earlier this year will protect the intellectual property (IP) rights of Filipino audiovisual artists globally, the IP regulator said.
President Rodrigo R. Duterte in January signed the Instrument of Accession to the Beijing Treaty on Audiovisual Performances, which regulates the copyright of audiovisual performers.
While the Philippine IP code protects audiovisual performances, inclusion in the treaty will protect such rights internationally, the Intellectual Property Office of the Philippines (IPOPHL) said in statement Thursday.
“Our accession to (the treaty) ensures that Filipino producers and performers enjoy economic rewards when their films, TV series and other audiovisual products are screened or made available in the 39 and growing number of countries party to the Treaty,” IPOPHL Director General Rowel S. Barba said.
For recorded performances, the treaty grants performers the economic rights to authorize production, distribution, rental, and public availability of their work. For live performances, the treaty grants them the economic rights to broadcast, communicate, and record.
The signed instrument of accession has been sent to the Department of Foreign Affairs, which will then be sent to the World Intellectual Property Organization within the first half of 2021. It will go into effect three months after.
“The Philippines accession will expand global opportunities for our performers, greatly raise their incomes and jumpstart the recovery of our creatives sector and audiovisual industry. With adequate support and protection, I believe the audiovisual industry can contribute more to our economy and further lift our cultural esteem,” Mr. Barba said.
The growth of the Philippine creative economy was stunted during the pandemic as entertainment industry operations either stopped or slowed down. The Creative Economy Council of the Philippines said that the lockdown caused a 90% decrease in revenue compared to 2019. — Jenina P. Ibañez
Improved growing methods expected to raise catfish, mudfish output
IMPROVED METHODS of managing catfish (hito) and mudfish (dalag) nurseries are expected to improve production of the two types of fish, the Department of Agriculture (DA) said in a statement.
The DA said the National Fisheries Research and Development Institute (NFRDI) and Bureau of Fisheries and Aquatic Resources (BFAR) are using induced spawning techniques and nursery rearing protocols for the fingerlings that will be distributed to aquaculturists and fishpond operators.
It added that the fingerling initiative aims to help the fisheries sector overcome ineffective practices currently in place.
“The decreasing catch of fingerlings from the wild and lack of technologies in the propagation of fish are also considered bottlenecks in ensuring sustainable production of freshwater species like mudfish and catfish,” the DA said.
The NFRDI and BFAR have implemented a two-year project that started in October to optimize induced spawning techniques and nursery protocols.
“A total of 300,000 mudfish fingerlings will be produced and will be distributed to fish farmers in Central Luzon and in Tanay, Rizal through the BFAR,” the DA said.
The DA said it is currently running a one-year project which started in January involving six village-level hatcheries and nurseries in La Union and Pangasinan, which will transition to the improved methods.
“The project aims to produce 1.2 million catfish fingerlings and attain a 10% growth in production and more importantly achieve a three-fold increase in profit,” the DA said.
According to Philippine Statistics Authority data, fisheries output in 2020 fell 0.3% year on year to 4.403 million metric tons (MT).
Aquaculture production accounted for 52.8% or 2.32 million MT, followed by municipal fisheries with 25% or 1.10 million MT and commercial fisheries 22.2% or 978,170 MT. — Revin Mikhael D. Ochave
More compact communities seen improving sustainability of PHL cities
A MOVE TO more compact and integrated communities is expected to improve the sustainability of Philippine cities by limiting the distances residents need to travel for work and leisure, an expert panel said.
United Nations-Habitat Country Programme Manager Christopher E. Rollo said at a virtual property forum organized by the Philippine Star, “Compact cities and communities maximize the use of urban land and promote economies of scale and efficient services.”
“An integrated community should link with the rest of the city in terms of mobility options, communication, markets, and services. And so integration should be [in] the physical, social, economic, and environmental spheres,” Mr. Rollo said.
“[It’s] not just building houses, but building the capacities of people to build their own communities, to strengthen the social cohesion within them,” he added.
Other members of the panel at the Philstar event, “Building Integrated Communities for a Sustainable Future,” said compactness was a valid goal for quality of life reasons.
SM Development Corp. (SMDC) President Jose Mari Banzon said a so-called “15-minute city,” in which all the population’s needs can be serviced by establishments at most 15 minutes away, is a target to shoot for.
A community “should allow people to have everything they want, everything they want and they need within a few minutes away, or just by walking outside. And it should have a nice living experience… with all the amenities,” Mr. Banzon said.
A third panelist, Leechiu Property Consultants, Inc. Chief Executive Officer David Leechiu, said how regulators shape the development of communities is key.
“We have many laws in the Philippines that cover every aspect of humanity and the way we should take care of citizens, but where we fail constantly is implementation,” Mr. Leechiu said.
“All the policies are there, we just have to bloody execute it properly but because of the lack of controls, or I should say the hyper-regulations… Everyone is watching so many people, but at the end of the day, we just end up conniving to game the system,” he added. — Kaycee G. Valmonte
COVID-19 vaccination drive may start next week
By Kyle Aristophere T. Atienza, Reporter
FILIPINOS on the government’s priority list may get vaccinated against the coronavirus as early as next week as the government takes delivery of 600,000 vaccine doses donated by China on Sunday, according to the presidential palace.
“Three more nights and the vaccines will be here,” presidential spokesman Herminio “Harry” L. Roque, Jr. told a televised news briefing on Thursday.
President Rodrigo R. Duterte will welcome the arrival of the vaccines made by Chinese drug maker Sinovac Biotech Ltd., he said.
Sinovac General Manager Helen Yang on Wednesday said the vaccines were being prepared for delivery to the Philippines.
Of the initial batch of vaccines, about 100,000 will be used to immunize soldiers. The rest will be used to inoculate people on the priority list including medical frontliners.
The Department of Health (DoH) and the National Task Force Against the Coronavirus said in a joint statement details of how the vaccines would be distributed were still being discussed. An inter-agency task force would approve the plan, they added.
Mr. Roque said the President had used Philippine friendship with China to get early access to COVID-19 vaccines.
Sinovac’s CoronaVac is one of the frontrunners in the vaccine race, along with those developed by British drug maker AstraZeneca Plc, Russia’s Gameleya National Center of Epidemiology and Microbiology, and America’s Pfizer, Inc., Moderna, Inc. and Johnson & Johnson.
TALLY
The Department of Health (DoH) reported 2,269 coronavirus infections on Thursday, bringing the total to 568,680.
The death toll rose by 72 to 12,201, while recoveries increased by 738 to 524,042, it said in a bulletin.
There were 32,437 active cases, 88.5% of which were mild, 6.1% did not show symptoms, 2.4% were critical, 2.3% were severe, and 0.78% were moderate.
The Health department said eight duplicates and one case found to be negative had been removed from the tally. Twelve recovered cases were reclassified as deaths.
Three laboratories failed to submit their data on Feb. 24, it said.
More than 8.1 million Filipinos have been tested for the coronavirus as of Feb. 23, according to DoH’s tracker website.
The coronavirus has sickened more than 113.1 million and killed more than 2.5 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.
More than 88.7 million people have recovered, it said.
LESS EFFECTIVE
Senator Francis N. Pangilinan earlier urged the Health department to cancel the purchase of Sinovac’s CoronaVac, which he said is six times more expensive than AstraZeneca and less effective.
Food and Drug Administration (FDA) Director General Rolando Enrique D. Domingo earlier said the Chinese shot was not recommended for medical frontliners since its efficacy only reached 50.4% for their class based on trials in Turkey.
The efficacy of Sinovac ranged from 65.3% to 91.2% in patients aged 18 to 59 years based on trials in Indonesia. AstraZeneca has a 70% efficacy based on trials in Brazil and the United Kingdom.
Health professionals are not barred from taking Sinovac vaccines, Mr. Roque said, citing Mr. Domingo. “If they want it, they can have it. They won’t be taken out of the priority list.”
At the same briefing, Philippine General Hospital Director Gap Legazpi said their medical workers were ready to receive the Sinovac shots.
“Whatever vaccine comes, we should welcome it because it will make a difference in helping control the spread of this infection,” he said.
“We are not the last country to receive the vaccine,” Mr. Roque said. He added that had the government insisted on buying Western brands, it would have waited longer.
Vaccine czar Carlito G. Galvez, Jr. this week said only 5.1 million vaccine doses would arrive in the country this quarter.
Mr. Galvez earlier said the Philippines had secured about 10 million doses of coronavirus vaccines under a global initiative for equal access, most of which were from AstraZeneca
and Pfizer.
The country, however, had a rough time dealing with drug makers seeking blanket protection from potential lawsuits, he said.
The Senate and House of Representatives have passed a bill creating a 500-million indemnification fund that will be used to compensate patients who may get sick from vaccines.
Under the measure, manufacturers won’t be liable for vaccine-related injuries. The National Government will assume responsibility for the emergency use of the vaccines.
The bill has been submitted for Mr. Duterte’s signature.
Mr. Galvez earlier said the lack of an indemnification plan had hindered the delivery of the first 117,000 doses of Pfizer vaccines under the Word Health Organization-led COVID-19 Vaccines Global Access (COVAX) facility.
About 24.1 million vaccine doses would come in the second quarter, Mr. Galvez told an online news briefing on Wednesday night. More vaccines under the COVAX facility will arrive in the second half, he added.
Mr. Galvez said the country was in talks with the United Kingdom, China, Russia and India to get more vaccine shots and ensure early delivery.
The country this week had a marathon meeting with Moderna to finetune the “language of the supply agreement,” he said.
Safeguard rights, Duterte tells Pinoys on People Power day
PRESIDENT Rodrigo R. Duterte on Thursday, urged Filipinos to be vigilant in safeguarding their rights and the country’s democratic institutions as he marked the 35th anniversary of a street uprising that toppled the late dictator Ferdinand E. Marcos.
In a statement, he asked Filipinos to set aside their differences and “work together in building a legacy that we can proudly leave behind for future generations.”
Vice President Maria Leonor G. Robredo said Filipinos should have a “collective resolve” to fight the threats to the country’s fragile democracy.
Filipinos are in the process of “forging the nation we dreamt of and fought for,” the opposition leader said in a separate statement, adding that the promise of the EDSA uprising remained unfulfilled.
Ms. Robredo, whom the Supreme Court favored in an election protest filed by rival and the dictator’s son Ferdinand “Bongbong” R. Marcos Jr., cited “efforts to revise history for the personal agenda of a powerful few.”
The Philippines slipped one place to No. 55 out of 167 countries in London-based think tank Economist Intelligence Unit’s democracy index last year.
The nation under Mr. Duterte retained its “flawed democracy” status, with a score of 6.56 from 6.4 a year earlier.
At least 188 human rights defenders have been killed under the Duterte administration, while 426 activists and community organizers were arrested, according to human rights group Karapatan.
Since becoming president in 2016, Mr. Duterte has attacked journalists critical of his policies, particularly his deadly war on drugs.
Amid a coronavirus pandemic, Mr. Duterte signed a law expanding crimes against terror, which critics said could be used to violate human rights and stifle dissent.
Congress under his administration also rejected the franchise application of ABS-CBN Corp., which is critical of his government.
The tough talking leader said he would bar the broadcasting firm from using free TV and radio frequencies even if it gets a new franchise.
“Today, we are reminded of what we can do, marching towards a shared horizon, bound not only by the crisis we face, but by our collective resolve to truly achieve the promise articulated 35 years ago — a nation that has more freedom and more justice and more humane,” Ms. Robredo said in mixed English and Filipino.
The elder Mr. Marcos’s two-decade was marred by political killings, human rights violations, corruption and media repression.
About 3,200 people died, 70,000 were jailed and 35,000 were tortured during Mr. Marcos’s two-decade rule, according to American historian Alfred W. McCoy.
The country’s democracy is “under constant threat,” Ms. Robredo said. — Kyle Aristophere T. Atienza