THE benchmark Philippine Stock Exchange index (PSEi) maintained its surge on Wednesday as bullish investors pulled the market up on confidence over the country’s economic rebound.
The main index picked up 220.48 points or 3.65% to close at 6,245.65, while the broader all shares index gained 106.59 points or 3% to end at 3,658.31.
“The market continued its ascent on the back of optimistic sentiment on the country’s economic prospects,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.
The Philippines is currently on its first week of a relaxed lockdown in its capital, letting various sectors of the economy to go back to regular operations.
While a few quarantine restrictions remain in place, investors are hopeful that the lockdown will continue easing, and eventually, the economy may return to its growth path.
Claire T. Alviar, research associate at Philstocks Financial, Inc., said the relaxing of lockdown measures abroad also helped improve investor sentiment.
“The local market extended its rally, surging 3.66% as hopes for economic recovery increased amid easing of lockdown measures in the Philippines, as well as in other countries,” she said in a text message.
She noted this optimism is evident in the higher value turnover on Wednesday at P8.25 billion from P7.29 billion on Tuesday. Some 1.31 billion issues switched hands.
“Investors’ participation…is higher than the year-to-date average of P6.32 billion. Some investors were starting to accumulate bargain stocks as hopes for reopening of economies have increased,” Ms. Alviar said.
All sectoral indices ended in green territory on Wednesday. Property rose 174.58 points or 5.77% to 3,197.31; financials gained 60.62 points or 5.02% to 1,266.10; holding firms added 181.10 points or 2.93% to 6,342.25; mining and oil climbed 97.13 points or 2.17% to 4,563.84; services increased 26.85 points or 1.97% to 1,386.49; and industrials picked up 125.44 points or 1.65% to 7,715.78.
The session ended with more advancers than decliners, 143 against 59, while 44 names ended unchanged.
Foreign investors went back to being sellers after a three-day streak of net buying. Net outflows stood at P329.35 million on Wednesday.
“Should the market continue to climb, the first resistance we see is 6,340 then 6,500. Given the speed of the run-up, we can expect some profit taking to take place at these levels,” PNB Securities’ Mr. Lisbona said.
Ms. Alviar of Philstocks concurred: “(Yesterday’s) net foreign selling ends the three straight days of net foreign buying, which (makes us) think that the rally may not be sustained and profit taking may trigger (today).”
PRESIDENT Rodrigo R. Duterte backed off his threat to end a 21-year-old military pact with the US on the deployment of troops for war games due to “heightened super power tensions” and as the world grappled with a coronavirus pandemic, his chief diplomat said on Wednesday.
“A man who does not change his mind cannot change anything,” Foreign Affairs Secretary Teodoro L. Locsin, Jr. said at a news briefing, noting that Mr. Duterte had run on the slogan ‘change is coming.’
“But in the vast and swiftly changing circumstances of the world, the time of pandemic and heightened superpower tensions, a world leader must be quick in mind and fast on his feet for the safety of our nation and the peace of the world,” he said.
Mr. Duterte suspended the termination of the visiting forces agreement with the United States “in light of political and other developments in the region,” Mr. Locsin said in a diplomatic note to the US Embassy in Manila dated June 1.
The suspension of the military pact is effective for half a year and may be extended by six more months, the Department of Foreign Affairs (DFA) said.
“We look forward to continuing our strong military partnership with the United States even as we continue to reach out to our regional allies in building a common defense towards enduring stability and peace and continuing economic progress and prosperity in our part of the world,” Mr. Locsin yesterday.
US President Donald J. Trump has blamed China, where the novel coronavirus was first detected late last year, for the contagion, further heightening tensions between the two countries.
The US Embassy has welcomed the Philippine decision, noting that the long-standing alliance between the Philippines and US has benefited both countries.
The country’s diplomats earlier advised Mr. Duterte about the risks of ending the military pact. The tough-talking Philippine leader on Feb. 11 announced his decision to end the deal after the US visa of Senator Ronald M. de la Rosa, his former police chief, was canceled.
Lawmakers earlier asked the Supreme Court to issue jurisprudence on whether the President can end a treaty without Senate concurrence.
Mr. Duterte’s decision, sparked by the revocation of a US visa held by a former police chief who led his bloody war on drugs, was supposed to take effect in August.
His decision could have complicated US military interests in the broader Asia-Pacific region as China’s ambitions rise.
‘TWO STEPS BACK’
Some Filipino senators have sought to block the move, arguing Mr. Duterte had no right to unilaterally scrap international pacts the country’s Senate had ratified.
“With every nation in the region still struggling with this unprecedented health crisis, maintaining strong and tested alliances makes a lot of sense,” Michael Henry Ll. Yusingco, a lawyer and research fellow at the Ateneo de Manila University Policy Center, said in a e-mailed response to queries.
“This is true for both the Philippines and the US, especially for the US if the tension between them and China escalates further,” he added.
Mr. Duterte’s reversal could be a sign that he’s worried about China’s growing military assertiveness, including an incident where a Chinese vessel allegedly pointed a weapon at a Philippine ship and China’s creation of research facilities at two reefs, Renato C. de Castro, an international studies professor at De La Salle University said by telephone.
“President Duterte decided to make a one step forward, two steps backward move,” he said.
Senator Franklin M. Drilon yesterday said the lawsuit filed at the Supreme Court by some senators including himself would continue.
“The petition we filed is for declaratory relief and mandamus where we asked the Supreme Court to uphold the power of the Senate over treaty termination,” he said in a statement.
“The fact that the VFA is reinstated will not render our case moot and academic. The case stands,” he added.
The VFA is important to the overall US-Philippine alliance and sets out rules for US soldiers operating in the Philippines, a former US colony.
Washington has called the relationship “ironclad,” despite Duterte’s complaints that include allegations of US hypocrisy and ill treatment.
Ending the VFA complicates Washington’s efforts to maintain an Asia-Pacific troop presence amid friction over the presence of US personnel in Japan and South Korea and security concerns about China and North Korea.
Some lawmakers in the Philippines are concerned that without the VFA, two other pacts that make up the long-standing US alliance with Manila would be irrelevant, namely the 2014 Enhanced Defense Cooperation Agreement made under the Obama administration, and a 1951 Mutual Defence Treaty.
Salvador S. Panelo, Mr. Duterte’s former spokesman, had called the VFA a one-sided deal that only benefits the US.
The Philippine move toward its long-standing treaty ally “alarms no countries in Asia and the rest of the world,” Mr. Locsin said.
THE Department of Health (DoH) reported 751 new coronavirus infections on Wednesday, but said 71% of these cases were from old samples whose test results came out late.
This brought the total cases to 19,748, the agency said in a health bulletin. The death toll rose to 974 after eight more patients died, while 90 more patients have gotten well, bringing the total recoveries to 4,153, it added.
Of the new cases, 221 were fresh or test results validated in the past 3 days, DoH said. It added that 71% or 530 were cases that were validated late.
The agency started classifying new infections after a spike as local laboratories boosted their testing capacities.
The spike also coincided with a relaxed lockdown in many parts of the country including Manila, the capital and nearby cities.
The coronavirus disease 2019 has sickened 6.5 million and killed about 383,000 people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.
About 3.1 million people have recovered from the virus, it said. — NPA
THE government may hire jobless jeepney drivers as coronavirus contact tracers, the presidential palace said on Wednesday.
“There’s a suggestion that they be employed as contact tracers because we do need about 120,000 of them and there’s only about 30,000 employed so far,” presidential spokesman Harry L. Roque told the ABS-CBN News Channel.
Jeepneys and buses remain banned even if much of the country has shifted to a relaxed lockdown.
President Rodrigo R. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.
He extended the lockdown for the island twice and thrice for Manila, the capital and nearby cities.
The government has been seeking out people who can work as contact tracers. The Health department earlier said it was 94,000 short of contact tracers.
Meanwhile, the payment of residential rent will be deferred for all, regardless of one’s work status, according to the Trade department.
The agency’s guidelines on rent payment issued on June 2 will be changed to reflect this policy, Trade Secretary Ramon M. Lopez said in a mobile phone message on Wednesday.
The rules initially limited the grace period for people who did not have work during the lockdown.
The new guidelines would also clarify that the grace period continues to apply to all micro, small, and medium-sized enterprises that ceased operations or were not allowed to operate during the lockdown, he said.
Commercial lessees will start their 30-day grace period from the date their business was allowed to operate, whether or not the business has resumed operations.
Rent owed by businesses that are not yet allowed to operate is deferred by 30 days after the lockdown is lifted or after the date they are allowed to resume operations, whichever comes first. — Gillian M. CortezandJenina P. Ibañez
THE House of Representatives on Wednesday approved on third and final reading a bill that seeks to expand the coverage of terror acts and allow the military to intercept private communications of suspects under surveillance.
There were 173 congressmen who voted yes, 31 who voted no and 29 who abstained.
The measure allows the Anti-Terror Council (ATC) made up of Cabinet officials to do functions otherwise reserved for courts, such as ordering the arrest of suspected terrorists. It also allows the state to keep a suspect in jail without an arrest warrant for 14 days from three days now.
Vice President Maria Leonor G. Robredo in a statement questioned the timing of the bill.
“Apart from the timing, I want to clarify if the proposed law is really the answer to terrorism,” she said, adding that there is a need to clarify each provision of the bill.
Meanwhile, House Minority Leader and Manila Rep. Bienvenido M. Abante, Jr. said he was disappointed that the House had failed to come up with its own version of the bill.
“The House of Representatives simply adopted the Senate version of the Anti-Terror bill and did not even see it fit to deliberate and formulate its own version,” he told the plenary.
The Senate passed the bill as early as February. President Rodrigo R. Duterte, who certified the bill as urgent this week, only has to enact the measure for it to become a law. — Genshen L. Espedido
NEGROS Occidental province has formally opened its coronavirus disease 2019 (COVID-19) testing laboratory, located at the Teresita Jalandoni Provincial Hospital in Silay City. The facility received its accreditation from the Department of Health on June 1. Governor Eugenio Jose V. Lacson, in a statement, said the laboratory is crucial as it “will be able to test more Negrenses in a timely manner,” especially the returning overseas workers and residents stranded in other parts of the country. The province eased lockdown rules starting June 1, but its border with Negros Oriental remains closed. Last May 12, Mr. Lacson said the provincial government intends to establish a protocol “that all persons entering Negros Occidental should be placed in a holding facility for 1 to 2 days while test are conducted, and until the test results are released from our own bio-lab.” The province, excluding the independently-governed Bacolod City, has recorded just three COVID-19 cases, with two recoveries and one still under treatment. Over 1,100 persons are under monitoring, including 19 suspect cases and seven probable. — MSJ
10-year old bicycle law in Davao City brought to life by coronavirus crisis
DAVAO City’s 10-year old law promoting the use of bicycles and developing corresponding bike-friendly roads may finally see implementation soon as the coronavirus crisis highlighted this mode of transport. “We have already identified roads. The next thing that we will do is inspect the roads if there are any that are problematic or if we can place bicycle lanes there,” Davao City Transport and Traffic Management Office chief Dionisio C. Abude said in a statement. The city government acknowledged that “more and more Dabawenyos go to work on a bicycle” following public transport restrictions imposed to help mitigate the spread of the virus. Mr. Abude, however, said they could not give a definite schedule yet on when they will start setting up the bike lanes with corresponding markings and signages. The bike lanes are targeted to span 72.2 kilometers. At the start of the lockdown, groups of cycling enthusiasts organized the provision of bicycles for health workers, and even training those who have never ridden one. The Bicycle Ordinance of Davao City, approved in 2010, was authored by the late Councilor Leonardo Placido R. Avila III, who was known as an advocate of the environment.
Legislation on P140B coronavirus response, recovery program advances at the Senate
THE proposed Bayanihan II law, which provides for a P140 billion standby fund for the coronavirus response and recovery program, was approved on second reading Wednesday at the Senate.
Senate President Vicente C. Sotto III said the measure may also hurdle the chamber on final reading if it immediately receives an urgent certification from President Rodrigo R. Duterte.
“Ipapasa namin (We will pass it) and then we can approve it on second reading,” he said in a virtual briefing.
“And then we will wait for the word if the President or the Palace will certify it as an urgent measure. If so, then we will pass it on third reading within the day.”
In its last version, Senate Bill No. 1564, the Bayanihan to Recover as One Act, maintains Mr. Duterte’s power to realign items under the 2019 and 2020 national budget to fund coronavirus disease 2019 (COVID-19) measures until September 30, 2020.
It also keeps the provision granting a P5,000-8,000 monthly subsidy to low-income families and to households with recently returned overseas Filipino workers (OFWs).
The P140 billion standby fund covers P10 billion for the procurement of testing and extraction kits, and P15 billion for a cash-for-work program and the continuation of the livelihood assistance for disadvantaged/displaced workers.
It will also provide a P17-billion assistance to displaced workers, P17 billion for capital infusion to government financial institutions, P21 billion cash subsidy and interest-free loans to farmers and fisherfolk.
Further, the transportation and tourism industries will receive P17 billion and P10 billion, respectively.
State-owned universities and colleges will get P3 billion assistance, and training institutions under the Technical Education and Skills Development Authority will have P1 million.
Meanwhile, Mr. Sotto flagged the Department of Health for its failure to comply with the provision of the first Bayanihan law, particularly in providing compensation to families of healthworkers who died due to COVID-19.
“It is very disconcerting to know that after more than two months… no health worker and his or her family has received their supposed renumeration,” Mr. Sotto said in a letter to Health Secretary Francisco T. Duque III.
On this note, he compelled the department to pay the P100,000 compensation for each healthworker who contracted the disease and P1 million each to the family of those who died since February 1.
Mr. Sotto said the Health department should prioritize the distribution despite the absence of an implementing rules and regulation.
DOST
In another development, the Department of Science and Technology has allocated P5 million for its assistance program for overseas Filipino workers (OFWs) looking to establish technology-based businesses.
In a briefing on Wednesday, Science and Technology Secretary Fortunato T. De La Peña said OFWs can apply for the iFWD PH project, which stands for innovation for Filipinos Working Distantly from the Philippines.
“We are looking after the welfare of our OFWs and we packed a project intended for them and this is really for starting new enterprises that are technology-based,” he said.
Among the potential businesses are food processing, furniture making, engineering design, and information and communications technology.
Program advisers will help the OFW entrepreneurs come up with a business plan before the department releases the financing.
The project will initially cover Metro Manila. — Charmaine A. Tadalan and Gillian M. Cortez
Palace defends anti-terrorism bill as opposition intensifies
Presidential Spokesperson Harry L. Roque, Jr. — PHILSTAR
PALACE Spokesperson Harry L. Roque on Wednesday defended the proposed revisions to the anti-terrorism law as opposition to its passage increased on various fronts, including online.
“No law shall be passed abridging the freedom of speech, of expression, or of the press, or the right of the people peaceably to assemble and petition the government for redress of grievances,” Mr. Roque said in an ANC interview.
Critics of the bill, however, cite unconstitutional provisions in the proposal and that the expanded definition of terrorism may include political dissent.
The bill, already passed by the Senate in February, was certified as urgent by President Rodirgo R. Duterte last Monday.
It is pending third and final reading at the House of Representatives. — Gillian M. Cortez
Health authorities call for extra caution with onset of rainy season
HEALTH experts reminded the public to take even further caution with the coming rainy season when there is an even higher threat of other diseases aside from the coronavirus.
Rontgene Solante, infectious disease specialist and former president of the Philippine Society for Microbiology and Infectious Diseases, noted that from January to May, there were still patients with dengue, leptospirosis, tetanus, and pneumonia at the San Lazaro Hospital in Manila.
“Let’s not forget this other infectious disease aside from COVID (coronavirus disease 2019) because this can also be some of the infections that can multiply and increase if we will forget giving the vaccines, especially the children who are higher risk for acquiring this infection, diphteria, measles and of course polio,” he said in a virtual briefing on Wednesday.
He also noted that during the rainy season there is higher risk of getting infected with leptospirosis, typhoid, and dengue.
Lulu C. Bravo, a professor emeritus of University of the Philippines-Manila College of Medicine and executive director of Philippine Foundation for Vaccination, emphasized that “vaccination saves lives.”
“Everyone of us must actually think vaccination not just for COVID but for other vaccine preventable disease that could kill not just our babies and children but even adults, the elderly who are also at high risk of getting flu, tetanus, diphtheria for children of course, so many things, measles and dengue,” she said.
Ms. Bravo also called on the government to invest more in the country’s health system.
“Health is wealth you have to invest in health. Onvestment in health is very important just like education,” she said.
Mr. Solante also said contact tracers are important in the continued battle against COVID-19, especially now that quarantine restrictions have been eased.
Senate President Vicente Sotto III earlier this week said the Department of Health should just use the P11.7 billion budget to hire contact tracers for the treatment of coronavirus patients. — Vann Marlo M. Villegas
National gov’t vows Balik Probinsya beneficiaries to get health screening
THE NATIONAL government assured local officials that beneficiaries of the Balik Probinsya program will not be sent to their home provinces without undergoing testing for the coronavirus disease 2019 (COVID-19).
“We will not deploy anyone without medical clearance and certificates,” National Housing Authority General Manager Marcelino Escalada said in a virtual briefing on Wednesday.
Local governments around the country, most with low COVID-19 cases and zero in some areas, currently have their hands full managing returning overseas workers and locally-stranded residents, some of whom have already tested positive for COVID-19 after arrival.
Several officials have expressed apprehension over the added people who will be arriving under the Balik Probinsya program considering limited health systems in the provinces.
The Balik Probinsya aims to decongest Metro Manila and other major urban areas by attracting local migrants and businesses to the countryside. — Gillian M. Cortez
PHILIPPINE Amusement and Gaming Corp. (PAGCOR) said it is requesting that casinos be allowed to reopen, citing the funds that will not go to various government social programs should the company remain unable to generate gaming revenue.
PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo told BusinessWorld that the regulator has “made recommendations” for a casino reopening to the Inter-Agency Task Force on Emerging Infectious Disease (IATF-EID), adding that PAGCOR lost about P5-6 billion worth of revenue a month during the lockdown.
“We have made recommendations to IATF. I am waiting for their decision… Whatever they decide, we have no choice but to follow,” Ms. Domingo said in a text message.
PAGCOR, which regulates the gaming industry, earns a cut of all gambling revenue, with which it funds various government social programs, including sports development initiatives by the Philippine Sports Commission. It is also required as a government-owned and -controlled corporation (GOCC) to remit 50% of its profits to the Treasury.
In 2020, PAGCOR’s contributions to government and funding support “will be reduced accordingly” as gaming revenue declines, according to Ms. Domingo.
“All other socio-civic projects like medical financial assistance, relief operations during fires, national calamities, etc. will also be reduced accordingly,” she added.
Casinos and other forms of gambling have been shut down since mid-March due to the lockdown, with gaming venues also deemed a health risk because of the crowding at casinos.
PAGCOR’s earnings also support a social fund controlled by the Office of the President.
In May, the IATF approved PAGCOR’s recommendation to exempt Philippine offshore gaming operators and their service providers from the gaming ban and allowed them to operate at limited capacity, as long as they settle all their taxes and observe minimum health standards.
Casinos remain banned even in areas where lockdown measures have been eased to the more permissive general community quarantine.
PAGCOR operates nine casino branches and 32 satellite casinos in major cities nationwide.
PAGCOR’s net profit dropped 49.8% year on year to P777.44 million in the first quarter due to the lockdown.
Gaming revenue declined 5.7% to P17.22 billion during the period.
PAGCOR has remitted P26.5 billion in dividends to the government, which had called on GOCCs to remit dividends early to raise cash for the coronavirus pandemic effort. — Beatrice M. Laforga
THE health care sector’s ability to deal with the pandemic has grown based on metrics like testing capacity, but hospitals are under pressure due to rising costs as well as a sharp decline in non-coronavirus patients, health officials and industry representatives said.
Speaking at the BusinessWorld Insights Forum, Health Undersecretary Maria Rosario S. Vergeire said 52 laboratories nationwide are now licensed to test for coronavirus disease 2019 (COVID-19) disease, with an overall capacity of 34,000 tests a day, compared with 300 at the start of the pandemic.
“For now we are engaging with all our partners, especially the private sector,” she said, noting the role it has played in conducting swab tests and managing returning overseas Filipino workers, among others.
Close to 19,000 Filipinos have been infected with COVID-19 and more than 900 have died, according to the Department of Health.
Saturnino Javier, the medical director at Makati Medical Center (MMC), said the hospital is confronting issues of declining occupancy and admissions due to the postponement of purely elective procedures and the inability of patients to consult because of the closure of doctors’ clinics.
This was accompanied by higher costs due to the need to use more personal protective equipment (PPE) during the pandemic.
He acknowledged that a recovery in hospital admissions will require confidence in the safety of the facilities, which MMC is addressing by instituting safety measures like PPE and isolation zones.
An opportunity has arisen to practice telemedicine given the safety fears, he added.
“We fully embrace (telemedicine) as a form of connecting with our patient populations,” he said in the same forum.
Director Irene B. Dumlao, who represented the Department of Social Welfare and Development at the forum, said the department is preparing to distribute the second tranche of cash aid to low-income Filipinos affected by the lockdown.
She said the second round of cash distributions of between P5,000 and P8,000 will be assisted by the Armed Forces of the Philippines and the Philippine National Police. More payouts will also be made via “cashless” platforms like GCash and PayMaya.
She said the department was able to distribute the first tranche to around 13.8 million families.
Butch Meily, president of the Philippine Disaster Resilience Foundation (PDRF), said aside from raising money for procurement of ventilators, test kits, protective equipment, the organization is also supporting small businesses to help in the economic recovery.
He said the PDRF is assisting 400 neighborhood “sari-sari” stores in Metro Manila with the help of a consortium of consumer goods and telecommunications companies.
“The idea is to provide a package of goods to (store) owners so they can restart their stores because the problem is we found in a survey that up to 40% of them have closed either due to health concerns or because, to be honest, many of their consumers were not able to purchase their goods,” Mr. Meily said.
LEGISLATIVE WISH LIST
Mr. Meily told the BusinessWorld Insights Forum that the most vital items of legislation currently making their way through Congress are those dealing with assistance for businesses seeking to resume operations.
“So many of them have closed and people are struggling, they’re scared and they’re struggling. They’re being knocked back to poverty because they’re using up those savings,” he said.
He also said that having a National ID ready at the time of the pandemic would have helped with contact tracing and aid distribution.
Ms. Dumlao said any legislation should take into consideration the proposed roles of government and private sector, and proposed consultations to identify areas for collaboration.
“From there we could probably submit our recommendation to our policy actors or legislative actors so that they could study it further and pass it to a particular legislative measure,” she said.
Mr. Javier, said the Philippines is not “running out of laws, they just have to be implemented very well.”
He said any laws or regulations should ensure the steady flow of medicine, particularly test kits, while holding down prices of key supplies like N95 masks for health care workers.
“I think the idea is not to draft new laws but to put muscle and teeth into the existing laws,” he said. — Vann Marlo M. Villegas
THE tourism industry may include firms that have no option but to exit the industry, and the government’s recovery plan should support such companies, a think tank official said.
Maria Cherry Lyn S. Rodolfo, an advisory board member at the Dr. Andrew L. Tan Center for Tourism research at the Asian Institute of Management (AIM), said: “Given the current situation and the longer period of recovery that may likely happen… those enterprises that are willing to actually exit the industry and pursue other opportunities in other sectors of the economy should be also included in these recovery programs.”
Ms. Rodolfo, who was speaking at a webinar organized by AIM on Wednesday, said such companies could also be assisted if they decide to repurpose their facilities for other activities.
The acknowledgement that some companies will have to leave the industry underscores the devastation visited upon tourism by the coronavirus disease 2019 (COVID-19) pandemic. International arrivals to the Philippines declined 62% to 1.3 million in the first five months, while domestic tourism was largely shut down by lockdowns and the suspension of air travel. Some provinces are also imposing quarantines on visitors, effectively deterring domestic tourism.
Ms. Rodolfo noted that some hotel businesses have offered their services as accommodation for stranded foreign visitors or overseas Filipino workers.
“All of these networks are present, but the key question is: which of these strong networks can we strengthen further and which of these weak networks or poor networks in our respective local destinations can we assist or can we help so that later on we can also tap them or harness their strength to allow us to become more a resilient destination?” she added.
She cited the initial results of a Safe Travel Alliance survey, whose respondents rated air travel as “the mode that is actual safest at this point,” a finding which could be at odds with the Department of Tourism’s strategy of focusing on domestic land travel in its recovery plans. — Jenina P. Ibañez
THE P4.8-billion Bicol International Airport will be ready “within the year,” the Department of Transportation (DoTr) said Wednesday, hedging on the long-delayed project’s original launch date of July.
In a phone message to BusinessWorld, Transportation Assistant Secretary Goddes Hope O. Libiran said July target is now up in the air as “We are still determining the soonest completion considering all factors.”
She said construction activity is being accelerated to “catch up” with delays imposed by the lockdown to achieve completion “within the year.”
In a statement, the DoTr added: “In an effort to complete the airport development project the soonest time, the construction works for the passenger terminal building and runway extension are in full swing.”
It said that as of May 25, the landside portion of the airport was 80% complete, while the passenger terminal building and runway extension components were 31% complete.
The DoTr has said the airport is expected to accommodate 2 million passengers annually.
At a briefing in Malacañang Tuesday, Transportation Secretary Arthur P. Tugade said: “Kagustuhan po namin na lahat ng proyekto na nasa “Build, Build, Build” flagship projects in relation to the Department of Transportation ay matapos bago matapos ang termino ng ating pangulo. (“It is our desire to complete all transport-related “Build, Build, Build” flagship projects before our President’s term ends.”)
“Iyong “Build, Build, Build” projects, iyong flagship projects, kailangan huwag maantala, kailangang bigyang katuparan (“’Build, Build, Build’ flagship projects must not be delayed so we can deliver on our promises),” he added.
The Tourism department and the DoTr signed a memorandum of agreement in January to intensify infrastructure development that will support the development and promotion of tourism circuits across the country.
Both departments identified airport development programs as priorities in support of tourism development, including airports. — Arjay L. Balinbin
THE average farmgate price of palay, or unmilled rice, rose 1.33% week on week to P19.06 per kilogram in the second week of May, with prices increasing 4.15% year on year, according to the Philippine Statistics Authority (PSA).
The P19.06 average price exceeds the P19 buying price of the National Food Authority (NFA), which serves as a buyer of last resort for domestic farmers. The price trend indicates that private traders are making stronger offers for the domestic harvest, after lowballing farmers last year with offers in the single digits.
In its weekly update on palay, rice, and corn prices, the PSA said the average wholesale price of well-milled rice fell 0.08% to P39.25 while the retail price rose 0.09% to P42.38.
The average wholesale price of regular-milled rice rose 0.93% to P35.73 while the retail price rose 0.71% to P38.17.
The farmgate price of yellow corn grain rose 0.24% to P12.48.
The average wholesale price of yellow corn grain rose 0.1% to P19.13 while the retail price rose 0.09% to P23.50.
The farmgate price of white corn grain fell 0.66% to P15.11.
The average wholesale price of white corn grain fell 1.04% to P19 while the retail price fell 0.36% to P27.90. — Revin Mikhael D. Ochave
