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Manila says it’s not ruling out Chinese island-building at Scarborough Shoal

PHILIPPINE Defense Secretary Gilberto C. Teodoro, Jr. spoke at the International Institute for Strategic Studies Shangri-La Dialogue in Singapore on Sunday. — DND

By Kenneth Christiane L. Basilio and Adrian H. Halili, Reporters

THE PHILIPPINES is not ruling out possible Chinese island-building activity at Scarborough Shoal, Manila’s Defense Secretary Gilberto C. Teodoro, Jr. said on Thursday, as tensions escalate between the two nations over the contested South China Sea.

Mr. Teodoro said China’s repeated reference to Scarborough as Huangyan Island may be a strategic narrative aimed to justify future island-building, as he urged stronger deterrence against such moves.

“Why are they calling that an island when it’s a shoal?” He told reporters in Filipino on the sidelines of a business forum. “That’s why I’m no longer holding back. We need to intensify our deterrence efforts with our allies and ramp up our legal initiatives against them.”

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

The Philippines’ top Defense official’s remark was the latest rebuke by the Southeast Asian nation against Beijing’s sweeping claims in the South China Sea, where overlapping assertions have fueled repeated maritime run-ins and heightened regional tensions.

China has already built manmade islands on some submerged features in the strategic waterway, outfitting them with runways, hangars, radar systems and ports that could bolster its naval presence in the energy-rich waters.

Scarborough Shoal, a vast fishing lagoon near key shipping lanes, lies within the Philippines’ 200-nautical mile exclusive economic zone and was seized by China in 2012 following a standoff with Philippine forces.

The strategic waterway has become a regional flashpoint as Beijing asserts sovereignty over nearly the entire South China Sea, defying a 2016 ruling by the Permanent Court of Arbitration in The Hague that invalidated its sweeping claims.

While the United Nations-backed tribunal struck down China’s expansive “nine-dash line” claim, it did not rule on Scarborough’s sovereignty, saying the area was a traditional fishing patch.

“The arbitral award already declared that Scarborough Shoal is an artisanal fishing ground for Vietnam, the Philippines and China,” Mr. Teodoro said in Filipino. “No single country can claim it totally.”

“We need to think of ways to rally the world as our ally to stop this,” he added.

Scarborough, known in the Philippines as Panatag, was at the center of renewed tensions last week after a Philippine surveillance mission spotted buoys placed within the atoll, possibly indicating activity by China.

In September, China approved the creation of a 3,500-hectare nature reserve at the northeast rim of the shoal, which it said is intended to preserve the ecological diversity of one of the most contested areas in the strategic waterway.

The disputed atoll lies about 222 kilometers west of Luzon Island and is nearly 900 kilometers away from Hainan, the nearest major Chinese landmass.

Also on Thursday, President Ferdinand R. Marcos, Jr. pledged to bolster the Philippine Coast Guard’s (PCG) capabilities through continued investments in vessels, aircraft and training facilities, as the service marked its 124th founding anniversary amid heightened tensions in the South China Sea.

Speaking at the PCG headquarters in Manila, Mr. Marcos lauded the agency’s role as “guardians of safety and stability,” crediting its personnel for their work in disaster response, coastal protection and maritime security.

“In these times when our seas face greater challenges, you remain steadfast, proving that courage knows no tides and that service knows no bounds,” Mr. Marcos said. “And in return, I assure you that this government is solidly behind you.” 

The President said the government would continue expanding the Coast Guard’s infrastructure, including the construction of the PCG General Hospital, the Maritime Law Enforcement Training Center in Misibis and a First Responder and Nursing Service Facility.

From January to September, the PCG facilitated the safe passage of nearly 10 million passengers and confiscated close to P2 billion worth of illegal drugs and smuggled goods.

The agency also delivered relief assistance to earthquake-stricken communities in Cebu earlier this month and continues to support fisherfolk operating in disputed waters.

Mr. Marcos acknowledged the risks faced by local fishermen in the South China Sea and praised the Coast Guard for providing a sense of security amid regional tensions.

He also underscored the importance of rebuilding public trust in government institutions, saying that the Coast Guard’s consistent service exemplifies discipline and integrity in governance.   

“Our people’s trust in government has been shaken,” he said. “But I am certain that trust can be regained if we remain transparent and true to our mission.”

2026 PHL-SG ARMY DRILLS
Meanwhile, the Philippine and Singaporean armies concluded talks to plan next year’s joint military activities, including interoperability drills, as both Southeast Asian nations seek to bolster defense ties amid growing Chinese assertiveness in the South China Sea.

In a statement on Thursday, the Philippine Army (PA) said it finalized next year’s joint exercises with the Singapore Army, which is expected to bring together military planners, staff officers and defense attaches for interoperability drills and expert exchanges.

“The 11th Philippines-Singapore Army Working Group Meeting reinforces PA’s commitment to peaceful relations with key ASEAN partners and like-minded nations to ensure regional security and cooperation,” it said, referring to the Association of Southeast Asian Nations.

The Philippine Army said it aims to deepen defense ties with Singapore, which has one of the better-equipped military in Southeast Asia, following the signing of a cooperation pact between Manila’s Defense department and the city-state’s Defense ministry.

This forms part of Manila’s efforts to expanding its network of defense and diplomatic alliances beyond the United States, which a majority of Filipinos deem as the Philippines’ most capable ally.

In a September poll, commissioned by the We Protect Our Seas (WPS) Foundation, it was found that 69% of Filipinos see the US as the most capable in supporting the Philippines address Chinese coercion and aggression in the South China Sea.

“These findings reaffirm the enduring depth of the Philippine-US alliance and the continued confidence of Filipinos in America’s capacity to help preserve peace and stability in the West Philippine Sea,” said Jeffrey Ordaniel, president and chief executive officer of the WPS Foundation.

The survey firm interviewed 1,200 Filipinos on Sept. 15-21 for the poll, which had a ±3% error margin.

Trust in Washington as a security ally was consistent across all major island groups, with the highest seen in Metro Manila at 82%, followed by Luzon (81%), the Visayas (77%) and Mindanao (65%).

Manila and Washington are treaty allies under the 1951 Mutual Defense Treaty, which obligates both nations to come to each other’s aid in the event of an armed attack in the Pacific, including the South China Sea.

Outside the US, 12% of Filipinos deemed Japan as the most capable nation to support Manila against Chinese aggression. This was followed by the United Kingdom (4%), Australia (3%), Canada (3%), and South Korea (1%).

“Equally notable is the consistent second-place ranking of Japan, highlighting the enduring trust in Tokyo’s constructive regional role,” Mr. Ordaniel added.

“Most Filipinos prefer the US as an ally for the Philippines given the significant political-security and economic benefits Washington has given the Philippines,” Josue Raphael J. Cortez, a diplomacy instructor at De La Salle–College of Saint Benilde, said in a Facebook Messenger chat.

He added that the Manila and Washington’s alliance bolsters their security cooperation, allowing for the US to aid the Philippines once conflict occurs.

“This widely known truth is something that the Filipino people highly considers, as it is also in their best interest to ensure that we continue aligning with the superpower that does not merely respect our rights as a nation, but also affirms its commitment to uphold our very principles,” Mr. Cortez said.

Chester B. Cabalza, founding president of the think tank International Development and Security Cooperation said that the 1951 treaty gives the Philippines preferential treatment.

“Given circumstance that Manila inked one of the longest defense treaties in the world with Washington through the Mutual Defense Treaty, it gives us the preferential treatment to be protected under the US defense umbrella that why Filipinos value long-lasting friendship with the US and regard the superpower as the most capable country to support the Philippines,” he said in a Messenger chat.

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said that Washington’s investment to the county have provided good will to the Filipinos.

“A bulk of it was spent on supporting internal security operations and anti-terrorist aggression, but the shift in direction towards external security under the Aquino and Marcos administrations meant it makes more perfect sense,” he said in a Facebook Messenger chat.

He added that America’s investments paved the way for the Philippines’ multilateral approach by cooperating with Japan, South Korea, Australia, and New Zealand. with Chloe Mari A. Hufana

DPWH files P270-M graft cases over substandard, ‘ghost’ projects in La Union, Davao Occidental

A car was submerged in flood water near the corner of Mother Ignacia and Sgt. Esguerra street in Barangay South Triangle, Quezon City after a heavy downpour, Aug. 30. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Department of Public Works and Highways (DPWH) on Thursday filed two verified complaints before the Office of the Ombudsman involving over P270 million worth of allegedly substandard and ghost infrastructure projects in La Union and Davao Occidental.

The cases, endorsed by the Independent Commission for Infrastructure (ICI), accuse 20 incumbent DPWH officials and two construction firms of malversation of public funds through falsification of public documents and violations of the Anti-Graft and Corrupt Practices Act.

In a press briefing on Thursday, Ombudsman Jesus Crispin C. Remulla said the complaints would “go straight to preliminary investigation” without the need for further fact-finding, citing the completeness of the evidence submitted.

“This fact-finding is a verified petition fed with all the documents,” Mr. Remulla said. “It was the Secretary of Public Works who brought it here, and it was also vetted by the ICI. There’s already a presumption that all of these have undergone complete scrutiny.”

The first complaint involves a P96.5-million project in Davao Occidental, which investigators found to be substandard though fully paid. Mr. Remulla said it was implemented by a firm whose beneficial owner is alleged to be a lawmaker.

Mr. Remulla said the lawmaker was not among the respondents of the case, but there is “reason to suspect” continued beneficial interest by the lawmaker despite reported divestment. “So there’s a clear case of conflict of interest, also punishable under the Anti-Graft and Corrupt Practices Act.”

The second complaint covers a P179.5-million project in La Union, split into two contracts.

The project has been linked to St. Timothy Construction, identified in ICI records as having been owned by Cezarah Rowena C. Discaya. Public Works Secretary Vivencio B. Dizon said the project was “totally (a) ghost project” — fully paid for but never built.

“It was awarded in 2022 and supposed to be completed that same year,” Mr. Dizon said. “But according to residents and the CIDG (Criminal Investigation and Detection Group), it was never built. Construction only started last August, three years after the supposed completion.”

Mr. Remulla said the Anti-Money Laundering Council has been asked to trace a P70-million bank-to-bank transfer allegedly made by Ms. Discaya to accounts linked to lawmakers identified as persons of interest.

“Discaya was the one who sent the money,” Mr. Remulla said, adding that investigators will determine whether the transfers are connected to other contracts involving the company during the period in question.

The Ombudsman is also preparing to seek a freeze order against a lawmaker identified as a person of interest in the probe.

“We will be asking for a freeze order because he’s already a person of interest.”

The Ombudsman also plans to pursue parallel civil forfeiture actions and Statement of Assets, Liabilities, and Net Worth investigations against implicated individuals.

“We’re looking at about sixty days to complete that,” Mr. Remulla said.

Mr. Remulla clarified that Ms. Discaya has not been charged; she was named in the filings as a beneficiary based on banking and company records. “She’s not yet included in the case, only named as a beneficiary.”

Mr. Dizon said most of the DPWH officials named as respondents in the complaints are district-level implementers. “These are below P150 million, so all bidding and implementation happened at the district level.”

He added that the roster could expand as new evidence emerges. “No politicians have been formally charged so far,” Mr. Dizon said, “but that could change once evidence develops.” 

Thursday’s filing marks the fourth set of complaints transmitted to the Ombudsman since the DPWH and ICI began flood control investigations. Mr. Dizon said more filings are expected in the coming weeks as the agencies continue their review of 421 flagged projects nationwide. — Erika Mae P. Sinaking

Filipinos closely watching updates on Duterte

FORMER PRESIDENT RODRIGO R. DUTERTE — INTERNATIONAL CRIMINAL COURT / COUR PÉNALE INTERNATIONALE

PUBLIC INTEREST in former President Rodrigo R. Duterte remains high, with three out of four Filipinos saying they followed news about his arrest and succeeding developments, a survey by Publicus Asia, Inc. found.

The interest is highest in Mindanao (84%) and the Visayas (79%), signaling his continued political relevance despite ongoing controversies, the pollster said in a statement on Thursday.

Around 77% of respondents in Metro Manila said they’re tuned in with the developments, compared with 71% in South Luzon and 68% in North-Central Luzon.

This is according to a noncommissioned poll that surveyed 1,500 Filipinos from Sept. 27-30. It had an error margin of ±3 points.

“Despite ongoing political controversies and international scrutiny, former President Rodrigo Duterte continues to command solid support among Filipinos,” it said in a statement.

Mr. Duterte was arrested in March by local authorities under the orders of the International Criminal Court (ICC) for alleged crimes against humanity linked to his bloody anti-drug campaign. He is currently being detained in The Hague, Netherlands.

Police say 6,200 suspects were killed in anti-drug operations that ended in shootouts, but rights groups estimate the real toll of the former President’s crackdown to be over 30,000, many of whom were slain under suspicious circumstances by masked men.

The same survey revealed that public opinion on the legal cases against Mr. Duterte is “sharply divided,” Publicus said, showing a regional split in viewing his presidency.

“While nearly half of respondents (47%), particularly in Luzon, view the cases as crimes against humanity, approximately a third (39%) in the Visayas and Mindanao disagree,” it said.

“This divergence indicates the continued resilience and sympathy of Duterte’s core support base in Mindanao,” it added. — Kenneth Christiane L. Basilio

Gov’t to expand access to affordable housing, speed up shelter construction

PRESIDENT Ferdinand R. Marcos, Jr. led the opening of the National Housing Expo 2025, themed “Build Homes, Build Happiness,” at the World Trade Center in Pasay City on Thursday. — PHILIPPINE STAR/NOEL B. PABALATE

PRESIDENT Ferdinand R. Marcos, Jr. on Thursday vowed to expand access to affordable housing and accelerate shelter construction in the country, as his administration ramps up its flagship Pambansang Pabahay Para sa Pilipino Program (4PH) to meet the growing demand from low-income families and migrant workers.

Speaking at the National Housing Expo 2025 at the World Trade Center in Pasay City, Mr. Marcos said the government is working to make homeownership attainable for every Filipino family, describing housing as “not just a structure, but the foundation where values, love, and dreams are built.”

“So long as there are Filipinos who dream of owning a home, the government will never stop taking action,” he said in Filipino, according to a transcript from his office. “Through our collective efforts, we can hasten the day when every Filipino will have a home they can cherish and be proud of.”

The President cited the government’s progress through the expanded 4PH, noting that the Pag-IBIG Fund has already helped over 57,000 members acquire or improve their homes this year.

The fund also released nearly P75 billion in cash loans to assist about three million members with immediate financial needs.

Under the 4PH initiative, the government offers housing loans at a subsidized 3% annual interest rate for minimum-wage earners, overseas Filipino workers and members of the Pantawid Pamilyang Pilipino Program (4Ps).

Mr. Marcos also announced the distribution of Notices of Approval and Certificates of Entitlement to families in Los Baños, Lucena, Iloilo and Caloocan, formalizing ownership of long-occupied lands through a presidential proclamation.

The Chief Executive said the housing expo — the first organized with full government backing — highlighted collaboration among the Department of Human Settlements and Urban Development, key shelter agencies and private developers.

The event also featured “green lane” programs promoting climate-resilient homes and streamlined processing for housing loans and construction permits.

The 4PH Program is a cornerstone of Mr. Marcos’ Bagong Pilipinas vision, which seeks to address the country’s housing backlog — estimated at over six million units — by fostering stronger cooperation between public and private sectors. — Chloe Mari A. Hufana

Villanueva dismissal plan dropped

OFFICE OF THE OMBUDSMAN PHILIPPINES FACEBOOK PAGE

OMBUDSMAN Jesus Crispin C. Remulla on Thursday said he will no longer send a letter to Senate President Vicente C. Sotto III to enforce the 2016 dismissal order against Senator Joel J. Villanueva, after learning that the case had already been reversed by his predecessor.

Mr. Remulla told reporters he was “surprised” by what he described as a “secret decision” of former Ombudsman Samuel R. Martires, who granted Mr. Villanueva’s motion for reconsideration, effectively overturning the dismissal order issued in 2016 by then Ombudsman Conchita Carpio-Morales.

The earlier order stemmed from the findings that Mr. Villanueva was administratively liable for the alleged misuse of P10 million from his Priority Development Assistance Fund (PDAF) in 2008, when he was still a CIBAC party-list representative.

The Ombudsman at the time found him guilty of grave misconduct, serious dishonesty, and conduct prejudicial to the best interest of the service, ordering his dismissal and perpetual disqualification from public office.

The directive, however, was never implemented after the Senate in 2016 ruled that the Ombudsman had no jurisdiction over sitting legislators. Following the Senate legal counsel’s opinion, the chamber adopted the position that only the Senate may discipline its members — through its Committee on Ethics and Privileges and a two-thirds vote of all senators.

Mr. Villanueva said in a Viber group chat with reporters that they had already anticipated possible “harassment” and “fake news.” He also shared documents showing that the case was dismissed in 2019, along with a clearance from the Office of the Ombudsman dated 2025.

The certification, signed by Ombudsman representative Marin Agnes L. Forteza, stated that as of Sept. 9, he had no pending criminal or administrative cases with the agency.

In a separate Viber group chat, Mr. Sotto earlier in the day told reporters that he “cannot comment” yet while he awaits official communication from the Ombudsman. — Erika Mae P. Sinaking

Court denies Quiboloy’s hospital arrest plea

APOLLO QUIBOLOY at the Senate hearing regarding the accusations against him. — PHILIPPINE STAR/RYAN BALDEMOR

THE Pasig City Regional Trial Court has denied the motion for hospital arrest filed by religious leader Apollo C. Quiboloy, citing the sufficiency of medical care available to him at the Pasig City Jail.

In an order dated Oct. 8, Branch 159 Acting Presiding Judge Rainelda H. Estacio-Montesa ruled that Mr. Quiboloy’s request to be confined either at the Philippine Heart Center or The Medical City lacked merit.

Mr. Quiboloy, 75, argued through his counsel that his advanced age and multiple ailments — including hypertension, diabetes, chronic kidney disease, coronary artery disease, atrial fibrillation, and recurrent pneumonia — warranted confinement in a medical facility.

He cited the United Nations’ Mandela Rules on the treatment of prisoners and previous rulings granting hospital or house arrest on humanitarian grounds.

However, the court said there was no compelling reason to allow hospital detention, noting that recent medical reports showed Mr. Quiboloy’s condition had improved and that he was cleared for discharge by medical specialists.

“The records clearly establish that his medical needs are being adequately and consistently attended to while in the custody of the Pasig City Jail,” the order stated.

The prosecution sought to overturn an earlier order allowing Mr. Quiboloy’s diagnostic tests, arguing they repeated his previously denied house arrest request, but the court dismissed the appeal as moot since the procedures had already been completed.

The embattled preacher remains detained at the Pasig City Jail, facing human trafficking and child abuse charges in the Philippines, filed in March 2024. In the US, he is charged with sex trafficking of minors, conspiracy, fraud, and bulk cash smuggling under a superseding indictment issued in November 2021, accused of exploiting church members. — Erika Mae P. Sinaking

Hasten classroom bill OK — senator

BW FILE PHOTO

A SENATOR on Thursday has called on the President to certify as urgent a bill seeking to fast track the construction of local classrooms to address backlogs.

In a statement, Senator Paolo Benigno “Bam” Aquino IV said that Senate Bill No. 121, the proposed Classroom-building Acceleration Program (CAP) Act, would allow local government units (LGUs) to help expedite the construction of classrooms.

“Our call for the Classroom Acceleration Program Bill is to give it to the LGUs. We are hoping that the president will certify the bill as urgent so that we can build classrooms for our youth together,” he said in Filipino.

The proposed measure seeks to decentralize the construction of local classrooms by expanding the mandate beyond the Department of Public Works and Highways (DPWH) to include LGUs and non-government organizations (NGOs) with a proven track record.

“Local government units, NGOs with a track record, all working together so that we can address our huge problem in education,” Mr. Aquino said.

In a Senate hearing on Monday, the DPWH said that it had constructed only 22 classrooms out of the 1,700 target for 2025.

“It is important that we place the responsibility of building a classroom on groups and people who can actually do it quickly and at the right price,” the senator said.

The Education department said that the country has a classroom backlog of 165,000, projecting that it would take 55 years to complete the backlog. — Adrian H. Halili

Building code update pushed

PHILSTAR FILE PHOTO/THE FREEMAN/ALDO BANAYNAL

A CONGRESSMAN on Thursday called for amendments to the country’s 48-year-old building code, describing updates to construction standards as “long overdue” amid growing concerns over the risk of a major earthquake.

“Given our country’s high risks for natural calamities and the continuing scandals on public works, enacting a new national building code is one of several strategic ways to assure public safety,” Manila Rep. Rolando C. Valeriano said in a statement.

The Philippines lies in the Pacific Ring of Fire, one of the world’s most seismically active regions, making it highly vulnerable to earthquakes.

It has been rocked by a series of strong tremors since late last month, including a magnitude 6.9 quake in northern Cebu and twin earthquakes measuring 7.4- and 6.8-magnitude in eastern Mindanao.

There are growing concerns about “The Big One,” a hypothetical 7.2-magnitude earthquake that experts warn could be triggered by movement along the 100-kilometer West Valley Fault running through Metro Manila.

A strong earthquake along the West Valley Fault recurs about every 400 to 600 years, according to the Philippine Institute of Volcanology and Seismology. Its last recorded movement was in 1658 or 367 years ago.

“For cities and towns with higher levels of natural disaster risks, I am for the enactment of ordinances that set higher standards and tougher requirements,” Mr. Valeriano said. — Kenneth Christiane L. Basilio

BuCor urges medical allowance hike

COMELEC

THE Bureau of Corrections (BuCor) on Thursday said it is seeking to double the daily medical allowance for persons deprived of liberty (PDLs) to P30 per inmate from the current P15, to improve healthcare services in correctional facilities.

BuCor Director General Gregorio Pio P. Catapang, Jr. made the appeal to Senator Sherwin T. Gatchalian, chair of the Senate Committee on Finance, during the deliberation of the Department of Justice’s (DoJ) proposed 2026 budget earlier this week.

Mr. Catapang said boosting medical provisions for inmates is urgent, noting that the current allocation is inadequate to meet the healthcare needs of the prison population.

BuCor is also proposing a medical parole bill that would establish a system for granting parole to elderly PDLs aged 70 and above and those who are medically incapacitated.

“Elderly PDLs with chronic illnesses limit their ability to care for themselves and pose minimal risks to public safety,” Mr. Catapang said.

The measure, he added, would aid the government’s ongoing prison decongestion efforts while upholding the basic human rights of vulnerable detainees.

If approved, the proposal is expected to ease the strain on the country’s overcrowded prisons and penal farms, which continue to grapple with congestion and limited healthcare access. — Erika Mae P. Sinaking

Nueva Vizcaya governor calls for dialogue amid raging mining issue

BAYOMBONG, NUEVA VIZCAYA — Nueva Vizcaya Governor Jose V. Gambito has called for unity, respect, and proper dialogue amid the intensifying mining issue in Nueva Vizcaya.

The governor emphasized the importance of peaceful discussion over confrontation, following a recent incident in Barangay Bitnong, Dupax del Norte, where tensions rose between protesters and police as a court sheriff enforced a temporary restraining order (TRO) in favor of a mining company.

Mr. Gambito invited leaders of the anti-mining rally, including representatives from the church to a dialogue at his office. However, they declined and insisted that he come to the protest site instead.

Despite this, the protest held at the Capitol Compound in Bayombong and later in Dupax del Norte remained peaceful, according to Nueva Vizcaya police director Col. Paul Bometivo, who reported that around 400 individuals from various sectors joined. — Artemio A. Dumlao

Philippine stocks rebound on bargain hunting

BW FILE PHOTO

PHILIPPINE STOCKS recovered on Thursday, with buyers stepping in late in the trading session to take advantage of lower share prices.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.38% or 23.09 points to close at 6,053.96, while the broader all-share index climbed 0.28% or 10.20 points to 3,637.58.

“The index closed in positive territory after bargain hunting kicked in when the market touched an intraday low of 6,006.60,” AP Securities, Inc. said in a market note.

The PSEi opened Thursday’s session at 6,024.51, slightly lower than Wednesday’s close of 6,030.87. It hit an intraday low of 6,006.60, but buying helped the index recoup its losses to close nearer to its best showing for the session, which was logged at 6,055.75.

“The Philippine market went up, driven by late bargain hunting toward the end of the trading day as investors sought opportunities after recent declines. However, overall sentiment remained cautious as the peso continued to weaken against the US dollar,” Luis A. Limlingan head of sales at Regina Capital Development Corp. said in a Viber message.

The peso plunged by 20 centavos to close at P58.61 against the dollar on Thursday from Wednesday’s finish of P58.41, Bankers Association of the Philippines data showed. This was a fresh near nine-month low for the local unit.

Sectoral indices closed mixed. Financials dropped by 0.56% or 11.26 points to 1,999.66; holding firms retreated by 0.12% or 6.30 points to 4,870.87; and property decreased by 0.09% or 2.21 points to 2,226.43.

Meanwhile, services jumped by 1.71% or 39.30 points to 2,330.54; mining and oil rose by 1.26% or 167.82 points to 13,446.31; and industrials climbed by 0.52% or 46.54 points to 8,925.86.

Decliners narrowly outnumbered advancers, 99 to 92, while 68 names closed unchanged.

Value turnover declined to P4.80 billion with 1.42 billion shares traded on Thursday from Wednesday’s P10.81 billion with 12.06 billion shares changing hands.

Net foreign buying was P5.43 million on Thursday versus the P104.43 million in net selling recorded on Wednesday.

Meanwhile, Asian stocks fell for a second day on Thursday as lackluster earnings from tech megacaps deepened a selloff on Wall Street, while US sanctions against Russia and possible new export controls on China revived geopolitical worries, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last off 0.4%, while Japan’s Nikkei 225 sank 1.5%.

Chinese stocks fell as much as 1.1% after sources said the White House is considering a plan to curb an array of software-powered exports to China to retaliate against Beijing’s latest round of rare earth export restrictions.

Global markets are easing off record highs as corporate earnings season kicks off and investors take profits. While results or outlooks from megacaps have disappointed investors, most of the companies that have reported so far have beaten estimates. — Alexandria Grace C. Magno with Reuters

Hot-shooting TNT guns for solo lead in Philippine Cup vs Titan

PBA.PH

Games on Friday
(Ynares Center-Antipolo)
5:15 p.m. – Blackwater vs Rain or Shine
7:30 p.m. – TNT vs Titan

WITH GUNS still warm from its shooting spree in Vigan, TNT hunts for back-to-back wins and the solo lead in the PBA Philippine Cup on Friday at Ynares Center-Antipolo against Titan Ultra.

The Tropang 5G made it rain in their previous 110-103 victory over Converge on the road, with RR Pogoy (six), Calvin Oftana (four), Kelly Williams (four), Simon Enciso (three), Kevin Ferrer (two) and Brandon Rosser (one) combining for 20 triples and Rey Nambatac rifling in a pair of four-pointers.

The combined output of 22 conversions from beyond the arc, according to PBA stats chief Fidel Mangonon, marked the fifth all-time most in a game and third in TNT franchise history.

And Chot Reyes’ crew is expected to continue tapping this weapon, in addition to its stifling defense and hustle plays, as it shoots for a followup win and a leading 3-1 record in the 7:30 p.m. encounter.

If successful, the Tropang 5G will sit at the summit by their lonesome, leaving behind idle co-leaders Magnolia, Converge and NLEX at 2-1.

The Giant Risers are reeling from a two-game skid, unable to rise to the challenge in the absence of Calvin Abueva, who was sidelined by a hamstring injury after leading them to victory in their maiden PBA appearance, 100-96 over Meralco.

Meanwhile, Rain or Shine (1-1) and Blackwater (1-1) clash at 5:15 p.m. with the victor returning to the win column after coming up short in their respective preceding matches. — Olmin Leyba