How PSEi member stocks performed — December 18, 2024
Here’s a quick glance at how PSEi stocks fared on Wednesday, December 18, 2024.
Mindanao Railway phase 3 study due for completion by 1st quarter
THE Public-Private Partnership (PPP) Center said it expects the completion of the feasibility study for the third phase of the Mindanao Railway project by the first quarter.
“Phase 3 of the Mindanao Railway project will be for PPP. Right now, it is in the feasibility study stage. Our target to complete this is by the first quarter,” PPP Center Deputy Executive Director Jeffrey I. Manalo told reporters on the sidelines of a briefing last week.
Only phase three of the Mindanao Railway project is being considered for PPP, Mr. Manalo said, noting that phases one and two will still be funded through official development assistance.
“The next step is, based on the study, (finalizing) the project documents and then submit it to the appropriate approving body depending on the final terms,” he said, noting that projects costing more than P15 billion require approval from the National Economic and Development Authority.
Last month, Transportation Secretary Jaime J. Bautista said his department is currently reviewing the alignment of the rail line.
He said the Department of Transportation is looking for other sources of funds including a possibility of tapping the private sector.
The Mindanao Railway Project phase 3 is a 54.8-kilometer high-capacity, inter-city passenger and cargo railway system linking the industrial and commercial centers of Cagayan de Oro, according to the PPP Center website.
Phase 3 of the Mindanao Railway project has an estimated project cost of P100.64 billion and will be procured via a solicited mode, according to the PPP Center.
The rail line will link critical infrastructure like Laguindingan International Airport, the port of Cagayan de Oro City, and the Mindanao Container port.
The Philippines dropped China as a funding source for the Mindanao Railway project, the South Long-Haul railway, and the Subic-Clark Railway, due to lack of progress on financing decisions by Beijing.
Earlier this year, the Transportation department said that it is finalizing the revision of the Mindanao Railway’s original study to make the project more modern and environment-friendly. — Ashley Erika O. Jose
Large-scale bird flu vaccine trial could kick off by March
THE Department of Agriculture (DA) said it is seeking to start large-scale trials of an Avian Influenza (AI) vaccine by March.
“The vaccine will probably come out by March… We are trying to find funding of P300 million,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters.
He added that this amount will procure about 30 million doses of the approved AI vaccine.
Last year, the DA released guidelines on the commercial use of the avian flu vaccine, with priority given to commercial farms for layer chicken, layer chicken breeders, broiler chicken breeders, free-range breeders, grandparent broiler breeders, as well as smallhold layer/native chicken, duck, game fowl, turkey, and goose farms.
Commercial broiler chicken, smallhold broiler, quail, pigeon, and exotic bird farms were ineligible.
The Food and Drug Administration (FDA) has not yet issued its approval for the commercial or large-scale use of any AI vaccine.
Separately, Mr. Laurel said the approval for commercial use of the African Swine Fever (ASF) vaccine could come by February or March.
Only the AVAC ASF Live vaccine from Vietnam has been approved by the FDA for a limited government-controlled rollout. It has issued a Certificate of Product Registration for AVAC, valid for two years and subject to annual review.
The DA allocated P350 million to procure 600,000 doses for hog farmers initially targeted. The rollout started on Aug. 30 in Lobo, Batangas.
Some 88 municipalities across 19 provinces had active ASF cases, according to a Bureau of Animal Industry report. — Adrian H. Halili
Tourism development plan subject to ‘recalibration’
THE Department of Tourism (DoT) said it will conduct a mid-term review of the National Tourism Development Plan (NTDP) next year.
Tourism Secretary Christina G. Frasco said on the sidelines of a briefing late Tuesday that the review will involve a “recalibration” of the numbers in the plan, “taking into consideration the various factors that were not present at the time that the NTDP was released.”
The NTDP targets include 51.9 million international arrivals by 2028 and the creation of about 34.7 million tourism-related jobs.
As of Dec. 17, the DoT logged 5.65 million international visitors, well behind the pace needed to achieve the 7.7 million target for the year. The mid-December total is equivalent to 73.4% of the target for 2024.
Ms. Frasco said the measures taken in pursuit of the plan’s objectives include the expansion of tourism infrastructure, increased connectivity, upgraded accommodations, digitalization, human capital development, diversification of the tourism portfolio, and the development of multidimensional experiences.
“While it is traditional to look at the number of people arriving into the country, an expanded view (should) look at the tourism numbers that matter to the economy, that matter to the lives of the Filipino people,” she added.
She said tourism receipts as of Dec. 15 amounted to P712 billion, exceeding the P697 billion booked a year earlier.
Projects the DoT is pursuing in 2025 include the launch of the Layover Tours component of the Hop-on Hop-off Bus Tours program, the development of tourist rest areas, and the targeting of golf travelers.
The DoT has also proposed the establishment of Tourist Courts aimed at the quick resolution of crimes involving tourists. — Adrian H. Halili
Satellite imaging tapped in drought mapping project
THE Philippine Space Agency (PhilSA) said it will collaborate with the Philippine Rice Research Institute (PhilRice) to create drought maps using satellite imaging.
“This agreement aims to create crop-specific drought maps from satellite data, with a focus on rice,” PhilSa said in a statement on Tuesday.
“The signing of this agreement formalizes secure and efficient data sharing between the two agencies for enhanced drought mitigation,” PhilSa said.
The project is expected to assist PhilRice — an arm of the Department of Agriculture — in improving plans to make farming more resilient.
“This collaboration with PhilRice underpins the importance of integrating satellite and ground data, emphasizing how ground data is used to validate, calibrate, and enhance the accuracy of satellite-derived insights and models,” Gay Jane P. Perez, deputy director general for space science and technology, said during the memorandum of agreement signing on Dec. 16.
The collaboration will help maximize the impact of PhilSA’s Satellite Mission Analysis, Planning, Product Enhancement and Development project.
As of August, agricultural damage due to the El Niño dry spell was reckoned at P15.3 billion. — Beatriz Marie D. Cruz
Power distributors set to refund P1.18 billion
THE Energy Regulatory Commission (ERC) said it will order private distribution utilities (PDUs) to refund unspent fees collected during the regulatory rate reset process totaling P1.18 billion.
In a statement on Wednesday, the ERC said it found that regulatory reset fees continued to be included in the rates collected by PDUs.
As such, the regulator directed 17 PDUs to refund the amounts collected from consumers, ranging from P0.0476 per kilowatt-hour (kWh) to P0.3190 per kWh.
The ERC said that the amounts were initially approved to engage technical experts for the periodical regulatory rate reset conducted by the ERC.
“However, no actual payments were made as the PDUs did not engage said technical experts and amounts were provided to the ERC under the annual government budget for these purposes,” the regulator said.
The ERC also resolved to order PDUs to cease from collecting regulatory reset fees from consumers.
“We are targeting the release of the resolution within the month so it can be implemented early 2025,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said.
Distribution utilities such as Manila Electric Co. (Meralco) are subject to a performance-based regulation, under which they are required to undergo a rate reset process prior to the start of the next regulatory year.
The rate reset process is usually a forward-looking exercise that requires the regulated entity to submit forecasted expenditures and proposed projects for the ERC to review and adjust rates.
Meralco, the largest distribution utility in the country, was ordered to refund P987.16 million, equivalent to P0.2264 per kWh.
Asked to comment, the power distributor said it will wait for the resolution and will be ready to comply. — Sheldeen Joy Talavera
Shares extend slide before Fed, BSP decisions
PHILIPPINE SHARES slumped further on Wednesday, with the main index sinking to the 6,400 range, as investors stayed on the sidelines ahead of the monetary policy decisions of the US and Philippine central banks.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.5% or 32.63 points to end at 6,469.08 on Wednesday, while the broader all shares index fell by 0.27% or 10.21 points to end at 3,700.
This was a fresh over four-month low for the PSEi as this marked its worst finish since Aug. 6’s 6,433.24 close.
“The local market extended its decline to a sixth straight day as investors stayed on the cautious side while waiting for the outcomes, including the policy outlooks, of the meetings of the Federal Reserve and the Bangko Sentral ng Pilipinas (BSP),” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Philippine shares continued to drop ahead of the FOMC (Federal Open Market Committee) meeting and following the sentiment of regional markets… Meanwhile, US equities fell on Tuesday, with a shift in focus on technology sectors and profit taking in non-tech sectors. This reflected underlying concerns over rising interest rates, trade uncertainties, and the Federal Reserve’s upcoming decision,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
The Fed was set to announce its policy decision overnight at the close of its two-day review. Meanwhile, the BSP is holding its own meeting on Thursday.
US stocks closed down on Tuesday and crude prices fell as investors parsed economic data and girded themselves for a series of central bank decisions, including an expected rate cut from the US Federal Reserve, Reuters reported.
The Dow Jones Industrial Average fell 267.58 points or 0.61% to 43,449.90; the S&P 500 fell 23.47 points or 0.39% to 6,050.61; and the Nasdaq Composite fell 64.83 points or 0.32% to 20,109.06.
“The peso’s weakness, now testing the P59-per-dollar level, also weighed on the day’s trading,” Mr. Tantiangco added.
Majority of the sectoral indices declined on Wednesday. Financials fell by 1.71% or 38.10 points to 2,185.37; property went down by 1.22% or 29.21 to 2,363.60; mining and oil dropped by 0.55% or 41.16 points to 7,424.48; and holding firms retreated by 0.3% or 16.79 points to 5,571.64.
Meanwhile, industrials went up by 0.66% or 59.25 points to 8,961.17, and services rose by 0.62% or 12.82 points to 2,066.91.
Value turnover went down to P5.96 billion on Wednesday with 1.39 billion shares changing hands from the P6.6 billion with 1.13 billion issues traded on Tuesday.
Decliners outnumbered advancers, 104 versus 83, while 61 names closed unchanged.
Net foreign selling decreased to P487.26 million on Wednesday from P1.36 billion on Tuesday. — Ashley Erika O. Jose with Reuters
Peso nears all-time low as markets expect Fed to adopt hawkish tone
THE PESO sank further against the dollar on Wednesday, touching its record low of P59 intraday, on expectations of hawkish statements from the US Federal Reserve overnight.
The local unit closed at P58.99 per dollar on Wednesday, weakening by 11.9 centavos from its P58.871 finish on Tuesday, Bankers Association of the Philippines data showed.
This was the peso’s weakest finish since its P59 close on Nov. 26, which is its all-time low. It has yet to breach this record, which was first set in October 2022.
Year to date, the peso has depreciated by P3.62 or 6.14% from its end-2023 finish of P55.37 a dollar.
The peso traded within a tight range, opening the session at P58.89 against the dollar. It climbed to an intraday high of P58.88, while its worst showing was at P59 versus the greenback.
Dollars exchanged dropped to $884.55 million on Wednesday from $1.43 billion on Tuesday.
“The peso ended [weaker] on speculation that the Fed will have a hawkish path, meaning they will adopt a cautious stance in cutting interest rates,” a trader said by phone.
The local unit depreciated as players awaited signals from the US central bank, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.
For Thursday, the trader said the peso could continue to test the P59 level if the Fed adopts a hawkish tone but could strengthen to P58.50 if it makes dovish statements.
For his part, Mr. Ricafort expects the local unit to trade from P58.85 to P59 on Thursday.
The US dollar held firm on Wednesday before the Federal Reserve policy meeting later in the session, which was expected to deliver a so-called hawkish cut, trimming rates but suggesting fewer cuts may lie ahead, Reuters reported.
Focus will fall on how much further Fed officials think they will reduce rates next year, while markets have been fully priced in a 25 basis points (bps) cut for weeks. Analysts recalled that the assumption that the Fed would reduce its level of 2025 easing had propped up the dollar recently.
“We foresee a hawkish shift in the dot plot, consistent with the movement in market expectations since the last update in September,” said David Doyle, head of economics at Macquarie.
The US dollar index, which measures the greenback against six rivals, was up 0.05% at 106.98 after hitting its highest since Nov. 26 at 107.18 on Monday.
“We think they will pause (cutting rates in January),” said Padhraic Garvey, regional head of research, Americas at ING. “It’s unlikely they telegraph that intention explicitly.”
“We might find the dollar weakens if they ‘only’ revise (interest rate forecasts) down to two cuts in 2025,” said Matt Simpson, a senior market analyst at City Index.
The current dot plot projects the Fed to deliver four 25-bp cuts next year.
Against the yen, the greenback was down 0.07% at 152.16, having given up some of its recent gains in the previous session as US Treasury yields fell. — Aaron Michael C. Sy with Reuters
Pakistan, India in talks with PHL for rice supply deals
By Adrian H. Halili, Reporter
THE Department of Agriculture said on Wednesday that it is looking to enter into rice supply deals with Pakistan and India for volume of about 2 million metric tons (MMT) combined.
In a statement, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that the agency is planning to sign memoranda of understanding (MoUs) with the two countries, which are currently minor rice suppliers to the Philippines. The arrangements are designed “to create a level playing field among our rice supplying nations. We want them to compete for our market.”
Mr. Laurel said he met with Pakistan’s ambassador to Manila to finalize an MoU. Under the terms of the pending deal, Pakistan is expected to ship up to 1 MMT of rice annually.
Ambassador Imtiaz Ahmad Kazi has said that Pakistan is looking to expand its shipments of rice to the Philippines if Manila commits to taking up a guaranteed volume of imports.
Mr. Laurel said a “similar negotiation is under way with India.”
In October, the Indian government lifted its ban on non-basmati white rice exports, citing ample inventory levels. The ban had been imposed last year to guarantee sufficient domestic supply for India.
India is the world’s largest exporter of white rice. Vietnam is currently the Philippines’ primary foreign rice supplier.
In January, the Philippines and Vietnam signed a five-year agreement setting a shipment quota of between 1.5 MMT and 2 MMT.
The Philippines is projected to remain the top rice importer in the world, according to the US Department of Agriculture. It is expected to import about 5.4 MMT of rice next year.
Rice imports hit 4.48 MMT in the year to date as of Dec. 12, the Bureau of Plant Industry reported.
Indian buffalo meat suppliers accredited amid foot-and-mouth disease outbreaks
THE Department of Agriculture (DA) said it accredited 34 Indian suppliers of buffalo meat (carabeef), authorizing them to continue shipping to the Philippines, though 13 located in Indian states with active foot-and-mouth disease (FMD) outbreaks remain barred for the moment.
“The move is aimed at broadening the sourcing options for Philippine food processors and potentially lowering costs for Filipino consumers, particularly for products like corned beef,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement on Wednesday.
The DA has a current ban on buffalo meat from the Indian states of Bihar, Maharashtra, and Telangana, following the detection of FMD there.
“To protect local cattle and livestock, the DA has imposed an import ban on meat from these three states,” the agency said.
India is the Philippines’ sole source of imported buffalo meat.
The Philippines typically imports about 40% of its buffalo meat needs to augment domestic production.
“We do not intend to increase imports. What we want is to encourage more foreign companies to compete for our market, which will ultimately drive down the cost of imported agricultural products, benefiting consumers,” Mr. Laurel added.
He added that all 34 Indian exporters met the Philippines’ requirements, though 13 companies in the three states remain subject to the ban pending the end of the outbreak.
“Imports of carabeef from these regions will be prohibited until India’s national competent authority declares them free from FMD,” the DA said.
The DA added that it will not grant exemptions for heat-treated products, with the accreditation applying specifically to the trade in frozen carabeef.
Mr. Laurel said that if India applies a method of boiling carabeef to address FMD concerns — similar to the process Pakistan uses for buffalo meat it exports to China — he would consider allowing such imports.
“If they can do that, I will allow it,” he added.
According to the National Meat Inspection Service, all 34 companies met international food safety standards, including Good Manufacturing Practices and Hazard Analysis and Critical Control Points. — Adrian H. Halili
Passing the torch: Family succession planning
Christmas is a time for family reunions — a moment to celebrate traditions, revisit shared goals, and reflect on legacies. For those with family businesses, these gatherings often spark deeper discussions about preserving wealth and maintaining harmony across generations.
One way families prepare for succession planning is by coming up with a family constitution. This document serves as a moral and operational guide for managing not only family-owned businesses, but general family affairs as a whole. A family constitution generally covers several key areas, including the family’s values, mission, and vision. It also outlines governance structures and decision-making processes for family affairs. Additionally, it includes succession plans and qualifications for leadership roles to prepare for a seamless transition to the next generation. Finally, it contains conflict resolution mechanisms that provide structured approaches for resolving disputes.
Yet, while invaluable, family constitutions are neither legally binding nor sufficient on their own.
THE LIMITS OF FAMILY CONSTITUTIONS
A family constitution is not enforceable in courts of law. It is akin to the Constitution’s preamble which, according to jurisprudence, is not considered a source of rights or obligations. The preamble merely serves as an introductory statement that declares the general and guiding principles of the nation’s organic law.
For a family constitution to have legal weight, it must be accompanied by formal documents such as:
• Shareholder agreement: This document defines ownership rights, voting power, corporate management policies, dividend policies, and share transfer restrictions.
• Trust agreement: This document serves as a tool to manage and safeguard assets while ensuring they are utilized in line with the goals and values outlined in the family constitution.
• Corporate charter documents: Integrating family governance principles into the company’s articles of incorporation and/or by-laws ensures that family principles are legally enforceable within the corporation.
• Wills: This is a legal mechanism for distributing the decedent’s assets according to their wishes. However, probate proceedings to validate the will can be costly and time-consuming, often involving significant legal fees and administrative delays.
• Deed of extra-judicial settlement: This facilitates the transfer of a decedent’s estate among heirs without court intervention, provided there is no will, and all heirs agree to the distribution plan.
Each type of document serves a specific purpose, from formalizing ownership rights and safeguarding assets to ensuring the smooth transfer of wealth and organizational responsibilities. The family must carefully evaluate its unique circumstances and objectives to determine the most suitable combination of these instruments. By doing so, the family will be able to align their shared values and goals, as indicated in the family constitution, with defined legal rights and obligations embodied by such legal forms.
Beyond these considerations, another crucial aspect of succession planning is the tax implications of the transfer of wealth to the next generation.
TAX AND WEALTH TRANSFERS
Under the current tax rules, payment of the correct taxes is a prerequisite for the issuance of a Certificate Authorizing Registration (CAR) by the Bureau of Internal Revenue (BIR). The CAR is a document that authorizes the transfer of legal title over the properties to the heirs. Without this document, the transfer of title over shares of stock and real estate cannot be legally completed. This may potentially cause complications in the administration and future dealings involving the estate because the assets are left under the decedent’s name.
The Tax Reform for Acceleration and Inclusion (TRAIN) Law, implemented in 2018, simplified tax rates for Capital Gains Tax (CGT), estate tax, and donor’s tax, aligning them at 6%. For disposals of shares of stock not listed in the stock exchange, a 15% CGT is due on the net capital gain.
There is an ongoing estate tax amnesty program which allows heirs to settle unpaid estate taxes covering decedent/s who died on or before May 31, 2022. With the signing into law of Republic Act No. 11956, the period for availment of Estate Tax Amnesty has been extended to June 14, 2025. Families with unpaid estate taxes may consider this as an opportunity to minimize any unpaid taxes due the government and avoid any further imposition of penalties.
In addition to the alignment of tax rates under the TRAIN Law and the estate tax amnesty extension, the recent signing of Republic Act No. 12001 (June 13, 2024), otherwise known as the “Real Property Valuation and Assessment Reform Act”, has made compliance increasingly straightforward by streamlining the valuation of real property throughout the country. By providing a uniform framework for property values, potential issues (i.e., discrepancies in the valuation of property) that could lead to tax disputes and/or penalties are minimized.
Given these positive reforms for taxpayers, the author urges families to comply with the prescribed tax rules rather than attempt to circumvent them when planning for property transfers. Compliance ensures not only smoother transitions but also the avoidance of potential legal and tax disputes that could result in substantial penalties and delays in the transfer of assets.
This holiday season, as families gather to celebrate the most joyous time of the year, it is the perfect time to reflect not only on the legacy of the past, but more importantly, on the dreams and aspirations for the future. A family constitution provides a strong foundation for governance, but without the necessary legal instruments and proper tax compliance, its principles may falter under the weight of excessive costs and potential liabilities. By integrating the family constitution with binding legal forms, as well as strategies that are aligned with Philippine tax law, families can preserve their wealth and harmony for generations to come.
As you share meals and stories this Christmas, consider giving your family the gift of foresight. With the right planning, the success of today can become the foundation of your family’s future.
The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.
Jose Luis M. Yupangco is a manager of the Tax Services department of Isla Lipana & Co., the Philippine member firm of the PwC network.
Filipina death-row prisoner home after almost 15 years in Indonesia
By Chloe Mari A. Hufana, Reporter
FILIPINA drug convict Mary Jane F. Veloso, who narrowly escaped a firing squad in Indonesia in 2015, is back in the Philippines after almost 15 years of incarceration, the Bureau of Corrections (BuCor) confirmed on Wednesday.
Ms. Veloso, a 39-year-old former domestic helper and mother of two, told reporters in Jakarta she was ready to start a new life in the Philippines.
She was arrested in Yogyakarta in 2010 after being found with 2.6 kilograms of heroin concealed in a suitcase. She said she was an unwitting drug mule, but she was convicted and sentenced to death.
She received a last-minute reprieve from execution in 2015 after the late former President Benigno Simeon C. Aquino III appealed to the Indonesian government, arguing she could be a vital witness in prosecuting drug syndicates.
Ms. Veloso was flanked by heavy security upon her arrival at Manila’s airport and was transported straight to a prison facility for women. Her family and dozens of supporters who were waiting outside the terminal failed to greet Ms. Veloso on her arrival.
Prison guards later allowed Ms. Veloso’s family to spend time with her. Ms. Veloso’s two sons ran towards her and hugged her tightly as they met inside the prison compound.
“I’m so happy I’m able to come home to our country. I appeal to the president that I be given clemency,” Ms. Veloso told reporters, in a brief note to the members of the press at the Correctional Institute for Women (CIW) in Mandaluyong City.
The BuCor noted Ms. Veloso landed in Manila around 5:51 a.m. aboard a Cebu Pacific flight from Jakarta.
BuCor Director General Gregorio Pio P. Catapang, Jr. in a statement said Ms. Veloso was not in handcuffs or any restraining instruments during her transit, citing the Standard Minimum Rules for the Treatment of Prisoners.
He said under the rules, such instruments must not be applied for any longer than is strictly needed.
“Veloso had no intention of escaping or harming herself as she was eager to return to the Philippines,” he added.
Ms. Veloso will undergo a mandatory five-day quarantine at the CIW in Mandaluyong City.
In a separate briefing after her arrival in the CIW, Justice Undersecretary Raul T. Vasquez said she would be treated as an ordinary prisoner under Philippine laws.
“All that means is that whatever privileges the BuCor will grant to all [prisoners], Mary Jane Veloso is entitled to receive them,” he added in Filipino.
He said the Philippines would respect Indonesia’s conviction of Ms. Veloso, which is the essence of the agreement they reached prior to her return to Manila.
Mr. Vasquez said decision on Ms. Veloso’s appeal is under the President’s discretion as he has absolute authority in granting executive clemency.
“At the same time, we should not lose sight of the fact that there are also many persons deprived of liberty who are equally entitled, the aged, the elderly, the sick,” he added in mixed English and Filipino.
The President, in a statement posted on his X (formerly Twitter) account, said the mother of two’s safety and welfare are paramount.
“Our agencies in the justice and law enforcement sector shall continue to ensure it, as our Indonesian counterparts have safeguarded it for so long. The Philippine government welcomes the imminent transfer of Ms. Veloso which was made possible by our strong friendship and cooperation with the Indonesian government,” he said.
Meanwhile, Senate President Francis Joseph “Chiz” G. Escudero asked the Department of Foreign Affairs (DFA) to account for Filipinos imprisoned abroad.
“The nature of the cases against them… what has or can be done to help them regain their liberty… how we can assist to make their detention, in the meantime, more bearable,” he said in a statement.
Josue Raphael J. Cortez, lecturer at the De La Salle-College of St. Benilde’s School of Diplomacy and Governance, said Ms. Veloso’s repatriation highlighted the pivotal role diplomacy plays in ensuring peace and security and the promotion of human rights and the rule of law.
“This gesture of the Indonesian public sector towards the Philippine government’s request marks yet another milestone in our partnership and shared visions,” he told BusinessWorld in a Facebook Messenger chat.
“Veloso’s return actually coincided with the celebration of our 75th year of formal ties with Jakarta, and this landmark move will undoubtedly enhance our strategic partnership as both parts of maritime Southeast Asia [are] being confronted with alike challenges,” he added. “Given that Indonesia is dubbed as ASEAN’s de-facto leader, in light of the tensions we face today, (this) can undoubtedly play a key role for us to maintain our territorial integrity by working hand-in-hand in maintaining rules-based order.”
Ms. Veloso will be held in the Reception and Diagnostic Center (RDC) for a maximum of 60 days, as per standard protocols for newly committed prisoners.
This process also includes a five-day quarantine followed by a 55-day orientation, diagnostic evaluation and initial security classification.
Once completed, she will be transferred to her designated corrections facility on the recommendations from the RDC Initial Classification Board.
During the quarantine, Ms. Veloso will be held in a regular quarantine cell for medical observation and undergo medical and physical examinations to assess her condition.
CIW personnel will also interview her to gather information for her registration and list authorized visitors.
The five-day quarantine is expected to end on December 24, allowing Ms. Veloso’s immediate family to visit her for Christmas, Mr. Catapang noted earlier. — with Reuters