How PSEi member stocks performed — May 12, 2021
Here’s a quick glance at how PSEi stocks fared on Wednesday, May 12, 2021.
PHL stocks drop on negative data, virus concerns
STOCKS fell on Wednesday on worries over the economy’s recovery prospects after data showed a worse-than-expected contraction in the first quarter, and with coronavirus disease 2019 (COVID-19) cases continuing to rise.
The Philippine Stock Exchange index (PSEi) lost 90.43 points or 1.42% to close at 6,236.40 on Wednesday, while the broader all shares index went down by 49.96 points or 1.27% to 3,858.
“With most Asian markets down on inflationary concerns, as well as COVID-19 outbreaks, local markets followed after a more than estimate contraction in GDP in the [first] quarter at 4.2%,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.
Philstocks Financial, Inc. Research Associate Claire T. Alviar said the index declined after the country detected COVID-19 variants from India and after the MSCI index was rebalanced.
“There [was] deletion in the MSCI Global Standard Index and some companies were downgraded to [the] Small Cap Index which [provided] negative sentiment in the market as we may see further net foreign selling,” Ms. Alviar said in a Viber message.
The Philippine economy contracted more than expected in the first three months of the year, extending the recession to five straight quarters as the pandemic dragged on, the Philippine Statistics Authority reported on Tuesday.
GDP fell by an annual 4.2% in the quarter ending March, worse than the median decline of 2.6% in a BusinessWorld poll last week.
This marked five consecutive quarters of GDP decline, marking the longest recession since the Marcos era when economic output shrank for nine consecutive quarters from the fourth quarter of 1983 to the fourth quarter of 1985.
Meanwhile, the Health department said on Tuesday that at least two people in the country tested positive for the coronavirus disease variant first seen in India. Both patients were said to have recovered from the disease already.
Majority of sectoral indices declined on Wednesday except for financials, which gained 3.93 points or 0.28% to end at 1,403.64.
Meanwhile, mining and oil fell by 291.71 points or 3.07% to 9,199.46; property decreased by 85.38 points or 2.79% to 2,971.48; holding firms shaved off 107.27 points or 1.69% to at 6,231.75; services lost 17.99 points or 1.23% to finish at 1,442.25; and industrials went down by 31.44 points or 0.36% to 8,623.93.
Value turnover increased to P6.2 billion on Wednesday with 3.63 billion issues traded, from the P4.64 billion with 9.95 billion shares switching hands on Tuesday.
Decliners outnumbered advancers, 141 against 55, while 50 names closed unchanged.
Net foreign selling went up to P565.86 million on Wednesday from the P347.88 million logged on Tuesday.
Diversified Securities’ Mr. Pangan said he expects the PSE index to trade within the 6,130 to 6,500 range today. — Keren Concepcion G. Valmonte
Peso moves sideways ahead of BSP decision
THE PESO ended flat on Wednesday as traders stayed on the sidelines ahead of the central bank’s policy meeting later in the day.
The local currency closed at P47.815 versus the dollar on Wednesday, barely changed from Tuesday’s P47.81 finish, data from the Bankers Association of the Philippines’ website showed.
The peso opened at P47.80 against the dollar. It dropped to as low as P47.87, while its intraday best was logged at P47.785 versus the greenback.
Dollars traded went up to $869.05 million on Wednesday from $837 million the day before.
“The peso was nearly unchanged due to some caution ahead of the BSP (Bangko Sentral ng Pilipinas) policy meeting today,” a trader said via e-mail on Wednesday.
The BSP announced after the market closed that its Monetary Board kept benchmark rates unchanged at their current record lows to support the economy’s recovery.
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso moved sideways following the release of first-quarter gross domestic product (GDP) data.
The country’s GDP shrank by a worse-than-expected 4.2% in the first quarter, the Philippine Statistics Authority (PSA) reported on Tuesday. This was higher than the median estimate of a 2.6% decline in a BusinessWorld poll last week.
The trader said the peso could weaken further on Friday amid expectations of strong US consumer and producer inflation reports.
Mr. Ricafort said the peso will likely trade between P47.76 and P47.86 per dollar on Thursday, while the trader gave a forecast range of P47.75 to P47.95 versus the greenback.
Financial markets are closed on Thursday in observance of Eid’l Fitr (Feast of Ramadan). — B.M. Laforga
Chinese vessels still in Spratlys, says task force
HUNDREDS of Chinese militia vessels were still scattered around the Spratly Islands in the South China Sea, both within and outside Manila’s exclusive economic zone, according to a Philippine task force.
In a statement, the task force said 287 Chinese ships were still in Philippine waters, many of them spotted near artificial islands built by China, while some were near islands occupied by Manila, based on patrols made on May 9.
Two Houbei class missile warships were also near Mischief Reef, while two Vietnamese logistics ships and a VN Coast Guard vessel were at Grierson Reef, it said.
Thirty-four Chinese ships also remained at Whitsun Reef, which the Philippines also claims.
“We reiterate that the Philippines shall continue to defend its sovereignty, sovereign rights and jurisdiction over the West Philippine Sea,” the task force said, referring to areas of the waterway within the country’s exclusive economic zone. The Southeast Asian nation will not “yield an inch of our territory.”
It said Whitsun Reef, which the Philippines calls Julian Felipe, is within the country’s 200-nautical mile exclusive economic zone and is “part of Philippine territory.”
Presidential spokesman Herminio “Harry” L. Roque, Jr. on Tuesday said the reef is outside the country’s ecozone and had never been possessed by it.
Foreign Affairs Secretary Teodoro Locsin, Jr. on Tuesday said he alone should speak for President Rodrigo R. Duterte on foreign policy matters including the sea dispute with China.
“There is only one voice on what’s ours: mine. Period,” he tweeted. “Not even the military has any say. I speak for the President on this subject.”
Mr. Roque earlier said it was not OK for China to militarize the South China Sea, “but what can we do?”
“What can we do? Let’s try this: Drop the subject and leave it entirely to the Department of Foreign Affairs under me, the only expert on the subject bar none,” Mr. Locsin said.
“I’ve known China since 1967,” he said. “Even the military has nothing to do with foreign affairs.”
Mr. Locsin has filed several diplomatic protests against China over the presence of its ships in the area.
This month, he minced no words in telling the Chinese to get out of Philippine waters in the South China Sea, cussing at its neighbor for failing to reciprocate its goodwill.
Mr. Roque later said Mr. Duterte does not approve the use of profanities, particularly in the field of diplomacy.
Mr. Locsin also apologized to his Chinese counterpart, Foreign Minister Wang Yi, after his expletive-laden tweet.
A United Nations arbitration court in 2016 rejected China’s claim to more than 80% of the South China Sea. The Philippines under President Benigno S.C. Aquino III filed the lawsuit that critics said Mr. Duterte had failed to pursue.
“The Philippine government continues to strengthen its presence in the West Philippine Sea with a view towards law enforcement, deterrence of illegal, unreported, unregulated fishing and protection of the welfare and safety of our fisherfolk,” the task force said in the statement.
Aside from the Philippines and China, Brunei, Malaysia, Vietnam and Taiwan also have claims to parts of the waterway.
Mr. Duterte had said the Philippines and China could settle the dispute peacefully. He also said China was a benefactor, citing vaccine donations and investments from its neighbor.
The tough-talking leader also said he never promised during his presidential campaign to retake the country’s territories in the South China Sea.
He rebuked retired Supreme Court Justice Antonio T. Carpio and former Foreign Affairs Secretary Albert del Rosario, who have spoken against his foreign policy on China, for forcing him to quarrel with his neighbor.
But Mr. Carpio belied the President’s claim, noting that during the campaign, he had promised to fight for Philippine sovereignty over the South China Sea.
He said Mr. duterte had promised to ride a jet ski to Scarborough Shoal and plant the Philippine flag there.
Mr. Duterte this week said he was just joking. — Norman P. Aquino and VMMV
BSP chief highest paid official in 2020, state auditors say
PHILIPPINE central bank Governor Benjamin E. Diokno was the highest paid government official in 2020, followed by the country’s chief government lawyer and several state bankers, according to state auditors.
The Bangko Sentral ng Pilipinas (BSP) chief earned P19.79 million last year, while Solicitor General Jose C. Calida earned P15.65 million, the Commission on Audit (CoA) said in a May 3 report posted on its website on Tuesday.
Rounding the top five were United Coconut Planters Bank Vice President Eulogio V. Catabran III with P15.46 million, Government Service Insurance System Rolando L. Macasaet with P15.25 million and Former Chief Justice Estela Perlas-Bernabe with P15.20 million.
Central bank officials and Supreme Court justices also made it to the top 20 highest paid government personalities last year.
Magistrates who made the cut were retired Chief Justice Diosdado M. Peralta (P14.25 million), Justice Marvic F. Leonen (P10.67 million), Justice Alfredo S. Caguioa (P10.48 million), Chief Justice Alexander G. Gesmundo (P10.46 million) and Justice Ramon Paul L. Hernando (P10.15 million).
Also making it to the top 20 were BSP Deputy Governor Maria Almasara Cyd N. Tuano-Amador (P15.15 million), Deputy Governor Chuchi G. Fonancier (P14.34 million), Senior Assistant Governor Dahlia D. Luna (P12.63 million), Senior Assistant Governor Ma. Ramona GDT Santiago (12.53 million), Deputy Governor Francisco G. Dakila, Jr. (P11.64 million), Monetary Board member Peter B. Favila (P10.11 million) and Monetary Board member Felipe M. Medalla (P10.1 million).
Also in the top 20 were UCPB President Higinio O. Macadaeg, Jr. (P13.2 million); Development Bank of the Philippines President Emmanuel G. Herbosa (P11.4 million) and Securities and Exchange Commission (SEC) Chairman Emilio B. Aquino (P11.2 million). — Gillian M. Cortez
COVID-19 infections at 1.12 million, with 18,714 deaths — DoH
THE DEPARTMENT of Health (DoH) reported 4,842 coronavirus infections on Wednesday, bringing the total to 1.12 million.
The death toll rose by 94 to 18,714, while recoveries increased by 8,312 to 1.05 million, it said in a bulletin.
There were 53,214 active cases, 1.4% of which were critical, 93% were mild, 2.4% did not show symptoms, 1.9% were severe and 1.23% were moderate.
The agency traced the low tally to fewer samples from laboratories on Monday.
It said 30 duplicates had been removed from the tally, 21 of which were tagged as recoveries and one as death. Thirty-five recoveries were reclassified as deaths.
About 11.6 million Filipinos have been tested for the coronavirus as of May 10, according to DoH’s tracker website.
The coronavirus has sickened about 160.4 million and killed 3.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.
About 138.2 million people have recovered, it said.
Meanwhile, the Health department said more than 2.5 million Filipinos have been vaccinated against the coronavirus as of May 11.
Of the total, only about 514,655 people received their second dose, Health Undersecretary Myrna C. Cabotaje told a televised news briefing.
She said almost 1.2 million health workers out of the 1.5-million target had received their first dose. The rest have completed their vaccination.
Ms. Cabotaje said more than 466,000 of 7.7 million senior citizens have received their first dose. About 25,070 already completed their vaccination.
About 134,343 seriously ill people have received their first dose. More than 8,900 essential workers also got partially vaccinated.
Ms. Cabotaje said the government seeks to vaccinate at least 70,000 Filipinos daily next month.
The Philippines last week received more than two million doses of the vaccine made by AstraZeneca Plc under a global initiative for equal access. — Vann Marlo M. Villegas and Kyle Aristophere T. Atienza
Filipino fisherman dismayed over Duterte’s failed jetski promise
THE FILIPINO fisherman who asked presidential candidates during a 2016 forum about their stance on the South China Sea dispute has expressed dismay over President Rodrigo R. Duterte’s statement that his promise to ride a jetski to the contested waters was just a publicity stunt.
“Masama po ang loob naming lahat dahil siyempre ‘yun ang sinabi niya. Inasahan namin ‘yun na gagawin niya. Ba’t sinabi niyang joke-joke lang (We feel resentful because, of course that is what he said and we expected that he will do just that. Why is he saying that it was just a joke?)?” Carlo Montehermozo, a fisherman in Pangasinan, told ABS-CBN News Teleradyo.
Mr. Montehermozo, who asked presidential candidates about their plans on defending Filipino fishermen being harassed by Chinese vessels, added: “Joke-joke lang din naging presidente natin (Our president became a joke too.).”
Mr. Duterte earlier this week said his campaign promise that he would ride a jetski to the South China Sea to plant the Philippine flag there and assert the country’s territorial rights over the resource-rich waterway was only a “joke.” He said those who believed him were “stupid.”
“All in the name of his political ambition. Face to face, he deceived a fisherman who was crying for help to the next leader of the country,” fisherfolk group Pamalakaya said in a press release on Wednesday.
The group said the President’s statement “is a matter of fishing rights for Filipino fishers who are forced to abandon their traditional fishing grounds due to continued Chinese presence.”
The group said Mr. Duterte’s China policy would definitely affect his anointed candidates for the upcoming polls.
“The Filipino fishers have already lost trust in him, thus he should bid goodbye to any illusions of his anointed minions winning next year’s elections.”
‘DRAMATIZE’
The President’s chief legal counsel, Salvador S. Panelo, said the President just wanted to dramatize that “he will not allow China to assault the sovereignty of this country” when he made the promise.
“He said that to dramatize the fact that he will not allow China to assault the sovereignty of this country. I think that was clear enough. For me, that was very clear during the campaign,” Mr. Panelo told ABS-CBN News on Wednesday.
Mr. Panelo, who has been criticized by civic groups for defending the President’s controversial public remarks, said Filipinos need to use “common sense” to determine whether the country’s top leader is “joking or not.”
Retired Justice Antonio T. Carpio earlier said the President committed estafa by not being true to his campaign promise that he would assert the country’s sovereign rights over the disputed waterway.
Rebuking Mr. Carpio and former Foreign Affairs Secretary Albert F. del Rosario, who have spoken against his foreign policy on China, Mr. Duterte had said he never promised to retake the country’s territories in the South China Sea.
Mr. Duterte had called the arbitral ruling that rejected China’s claim to more than 80% of the South China Sea a piece of paper that could be disposed of. — Kyle Aristophere T. Atienza
Groups press gov’t to free activists after farmer leader’s death in jail
A SUPPORT group for families and friends of political prisoners in the Philippines again asked the Supreme Court to act on their request for intervention in the cases of jailed activists following the death of a farmer leader due to coronavirus complications.
Kapatid Spokesperson Fides Lim, in a statement on Tuesday, said they have asked Supreme Court Chief Justice Alexander G. Gesmundo to intervene in order to “prevent more deaths,” and “to order an inspection of all prison facilities, including quarantine centers.”
“This function is within the High Court’s judicial duties to protect the right to life and health of those in government custody,” she said.
Joseph Canlas, who was vice chairman of the farmers’ group Kilusang Magbubukid ng Pilipinas and chairperson of Alyansa ng mga Magsasaka sa Gitnang Luzon, died Tuesday due to complications relating to coronavirus disease 2019 (COVID-19), which his family and colleagues believe he contracted at the Angeles City Jail.
The 59-year old farmer was arrested March 30 for alleged illegal possession of firearms and explosives.
Mr. Canlas’ lawyer, Luz Luchi Perez of the National Union of People’s Lawyers said they hold the Bureau of Jail Management and Penology (BJMP) and the police’s Criminal Investigation and Detection Group “accountable for the tragic death of our client and shall take legal action against them.”
Ms. Perez said the BJMP does not have clear health protocols, and that inmates were not tested for COVID-19 “with around 90 to 100 detainees sharing the same quarantine facility in the Angeles City Jail.”
“We believe that the government should be held accountable because in the midst of a pandemic, it focuses its resources and powers to trump-up cases and incarcerate activists and development workers,” Council for People’s Development and Governance (CPDG) Spokesperson Liza Maza said in a press release on Tuesday.
“Not one individual should be subjected to repression simply because of their political and social involvement,” Ms. Maza added. — Bianca Angelica D. Añago
SC modifies requirements for psychological incapacity in annulment cases
THE SUPREME Court (SC) has unanimously ruled that psychological incapacity need not be proven through a testimony of a psychologist or psychiatrist in annulment cases, and that the “totality of the evidence” must be clear and convincing enough to declare a marriage void.
“The Court pronounced that psychological incapacity is not a medical but a legal concept… It need not be a mental or personality disorder…(nor) a permanent and incurable condition,” the SC’s Public Information Office PIO said on Wednesday through a press briefer.
The SC added that psychological incapacity “refers to a personal condition that prevents a spouse to comply with fundamental marital obligations only in relation to a specific partner that may exist at the time of the marriage but may have revealed through behavior subsequent to the ceremonies.”
Psychological incapacity is a ground for declaring a marriage null and void as found in Article 36 of the Family Code which states that a “marriage contracted by any party who, at the time of the celebration, was psychologically incapacitated to comply with the essential marital obligations of marriage, shall likewise be void even if such incapacity becomes manifest only after its solemnization.”
Justice Marvic Mario Victor F. Leonen penned the decision and was deliberated in the Court’s En Banc session on Tuesday in the case of Rosanna L. Tan-Andal versus Mario Victor M. Andal.
The full opinion will be uploaded to the SC website once the official copy is released. — Bianca Angelica D. Añago
Senator pushes for ‘buy local’ policy
A SENATOR on Wednesday urged the government and the public to buy local products to boost the economy following its contraction in the first quarter of 2021.
In a statement, Senator Francis N. Pangilinan underscored the need to tap locally-made personal protective equipment (PPE) and agriculture products to boost livelihood.
“Patuloy tayong nag-iimport ng mga PPEs, samantalang maraming supply na available dito. Dahil sa kakulangan ng demand mayroong nawalan ng trabaho ang 3,500 na manggagawa (We continue to import PPEs when there are many available supplies here. Because of the lack of demand, around 3,500 workers lost their jobs),” said Mr. Pangilinan.
The country’s gross domestic product fell by an annual 4.2% in the first quarter, the fifth straight quarter the economy contracted, the Philippine Statistics Authority reported on Tuesday.
Mr. Pangilinan said local suppliers are not maximized by the government in its procurement, citing the Confederation of Philippine Manufacturers of PPE.
The group said only 27% of the government’s monthly demand for cover-all and gowns, and 69% of monthly mask capacity were awarded to local suppliers.
For agricultural products, homegrown rice and pork should be prioritized over imported products.
“We can boost the economy by buying local products, or if we can, buy directly from farmers, hog raisers, fishers. It is beneficial for everyone. Kung may kakilala kayo na nagbebenta ng mga lokal na produkto, supportahan natin sila (If you know someone who sells local products, let’s support them),” he said.
“It is a positive chain of effect,” he added. — Vann Marlo M. Villegas
Proponent says proposed Nayong Pilipino vaccination site a ‘vacant area’; Megaworld townships opening inoculation centers
ICTSI FOUNDATION, proponent of the “mega vaccination center” within the Nayong Pilipino property in Parañaque City, said the proposed site is a vacant area.
“Contrary to previous reports, the proposed site is actually a deserted, uninhabited and vacant area and not an urban forest as erroneously claimed,” the foundation said in an emailed statement on Wednesday.
The Nayong Pilipino Foundation’s board has held back the signing of the memorandum of agreement for the project, citing environmental impact and legal procedures.
Malacãnang, which has previously given the green light for the project, reiterated on Tuesday its support for the construction of the temporary facility that is seen to contribute to the government’s inoculation program.
The coronavirus vaccination facility, which will have a capacity for as many as 12,000 people a day, will be funded by the Razon-led International Container Terminal Services, Inc.
“Within the proposed site is the mega quarantine center run by the Armed Forces of the Philippines that was also built by the Razon Group at no cost to the government,” ICTSI Foundation said.
MEGAWORLD TOWNSHIPS
In another development, Megaworld Corp. said on Wednesday that it will be setting up 10 vaccination sites in its townships in Metro Manila and Laguna in collaboration with local governments.
The first vaccination centers to be opened this week are in Lucky Chinatown to serve Manila City and Venice Grand Canal for Taguig City.
“Our townships are convenient, comfortable, and safe venues for the vaccination program, especially for the elderly,” said First Vice President and Megaworld Lifestyle Malls Head Graham M. Coates in a statement.
Megaworld will also be opening vaccination sites within the coming weeks in Eastwood City for Quezon City, Uptown Bonifacio in Taguig, Makati City’s Paseo Center and San Lorenzo Mall, Newport Mall in Pasay City, The Village Square Alabang in Las Piñas City, Pasig City’s Arcovia City, and Southwoods City in Laguna.
The company said it expects the centers to serve around 75,000 to 90,000 citizens who are in the top priority groups for inoculation, which include health workers, senior citizens, those with comorbidities, and economic frontliners. — Marifi S. Jara and Keren Concepcion G. Valmonte
DoJ readying charges vs rogue cops
Government prosecutors are preparing charges against cops who violated protocols in enforcing President Rodrigo R. Duterte’s war against illegal drugs, Justice Secretary Menardo I. Guevarra said on Wednesday.
Interior and Local Government Secretary Eduardo M. Año and new national police chief Guillermo Lorenzo T. Eleazar have expressed their support to the panel of prosecutors reviewing cases of deaths from illegal drug operations, he said in a Viber group message.
Officials from the three agencies would meet soon to discuss the criminal complaints “so that we’ll have consistent baseline figures,” the Justice chief said. “We request your patience.”
Meanwhile, convicted drug lord Yu Yuk Lai has died of a heart attack and was confirmed to have been positive for the coronavirus, the Bureau of Corrections said in a statement on Tuesday night.
Ms. Lai was confined at the East Avenue Medical Center for seven days until May 11 and died on Tuesday.
She was imprisoned at a prison for women near the Philippine capital after a Manila trial court sentenced her to life imprisonment in Sept. 2001.
The Philippine Drug Enforcement Agency earlier said she was still involved in drugs even while in prison. — Bianca Angelica D. Añago