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Former Goldman Sachs banker says he warned bosses about Jho Low, IMDB

EX-GOLDMAN SACHS Group, Inc. banker Roger Ng has asked for the foreign bribery case against him to be dismissed. — REUTERS

FORMER Goldman Sachs Group, Inc. banker Roger Ng asked for the foreign bribery case against him to be dismissed, saying he “warned” the bank not to do business with Malaysian financier Jho Low.

Mr. Ng, who says he told Goldman that Mr. Low was “not to be trusted,” is facing trial next year on charges of bribery and money-laundering conspiracy. He is accused of helping Malaysia’s former prime minister and others embezzle at least $2.7 billion from the 1Malaysia Development Berhad fund, known as 1MDB. Mr. Low is accused of masterminding the scheme.

In a 126-page filing, Mr. Ng says the US has no business prosecuting him because the alleged crimes were committed in Malaysia. He also argues that his former boss, Tim Leissner, an ex-Goldman banker who has agreed to plead guilty and testify against him, is really the central figure in the scheme because he ultimately persuaded the bank to do business with Mr. Low.

As early as March 2010, Ng “specifically warned” his superiors at Goldman to “use caution in dealing with Low,” defense lawyer Marc Agnifilo says in the filing. “Ng’s warnings were shared with the highest levels of the compliance and legal divisions of the company. The company did not listen to him.”

Goldman spokeswoman Maeve DuVally, Mr. Leissner’s attorney Henry Mazurek and John Marzulli, a spokesman for Acting US Attorney Seth DuCharme in Brooklyn, New York, whose office is prosecuting the case, declined to comment on the filing. Mr. Low, who has denied wrongdoing, is considered a fugitive and has been charged in absentia in Malaysia and the US with money laundering and other offenses.

Goldman has agreed to pay billions of dollars in penalties to the Justice department and other US authorities for its role in the 1MDB scandal, the biggest foreign bribery case in US enforcement history.

‘RAIN-MAKING PARTNER’
Mr. Ng concedes that he first introduced Mr. Low to the bank, but says that was “in early 2009, when no one had reason to know that Mr. Low was running a fraud scheme.” By 2012, he says, Mr. Leissner had become Mr. Low’s main Goldman contact and the “more powerful” and “rain-making partner.”

“It was Leissner, and Leissner alone, who thereafter lied for Low, protected Low and ultimately became a full-fledged criminal in the service of Low,” he argues.

Mr. Leissner, who was one of Goldman’s top bankers in Asia, admitted to conspiring to launder money and violating US anti-bribery laws as he participated in a kickback scheme from 2009 to 2014 to get 1MDB’s business. He is scheduled to testify against Mr. Ng at the trial.

In the filing, Mr. Agnifilo also assails a “silence” provision he says the US put in place as part of its multibillion-dollar deferred prosecution agreement with Goldman. The requirement means that any Goldman official Ng warned about Mr. Low will now be “afraid” of telling the truth, worried it would void the bank’s deal with the US, he says.

He says the provision, “enforced at the sole discretion of the government, ensures that no Goldman employee will contradict the government’s narrative relating to Goldman’s misconduct — including Mr. Ng’s alleged misconduct for which he is charged.” Mr. Agnifilo argues that “this creates a constitutional issue in this case” by constraining Mr. Ng’s use of witnesses in his defense as Mr. Ng, who is free on a $20-million bond, is scheduled to go on trial in March.

The case is US v. Ng Chong Hwa, 18-cr-0538, US District Court, Eastern District of New York (Brooklyn). — Bloomberg

Resurrection

IT HAS been just over a year since the death of performance and visual artist, tour guide, and cultural activist Carlos Celdran. The efforts of his widow, Tesa Celdran, will at least let a part of him live on: his art.

The Living Room, a former art space established by the couple in 1999, will be resurrected by Ms. Celdran in an online platform by the beginning of 2021. Currently, Ms. Celdran is promoting the website and selling some artworks at the Mercatino Popup Series, held at the La Collina restaurant in Poblacion, Makati every weekend until Dec. 6.

The website will contain his artwork, then hers, and the work of several artists with whom they collaborated over the years. “Carlos was such a prolific artist,” she told BusinessWorld. “When he passed, I wanted to put up a little bit of an office so I can start working on his legacy. He has so much work; his body of work is so vast.

“That’s why I think an archive is important. You really have to tell the backstory, then the current story, and then where you’re going to go,” she said, speaking not just about their direction; but also of the other artists who have had collaborations with the couple.

Discussions about Mr. Celdran’s work being contained in the Museong Pambata (where Ms. Celdran serves as part of the Exhibitions Committee) had been frozen by the coronavirus disease 2019 (COVID-19) pandemic.

It won’t be possible to set up the Living Room as it had been before, as Ms. Celdran has closed the apartment that had served as the actual living room (“It was like a salon”) and has moved to another building. The Living Room was originally set up at Carmen Apartments along Roxas Blvd., Manila before moving to the North Syquia Apartments nearby. As Mr. Celdran wrote  three years ago, The Living Room “was one of the first alternative art spaces in Manila along with the likes of Twisted Sun, Surrounded by Water, and Big Sky Mind.”

The experience of viewing a work online as opposed to real life is a challenge to Ms. Celdran. “That’s my biggest quandary as of the moment. For those who have been to the Living Room, you will see what you’ve seen before. There is more of a going back to what you felt, saw… what you experienced,” she said.

Describing the feel of what the Living Room would be like, she said, “It’s really like a small living room gallery, but virtual. Everything you see there really reflects reality; that’s my big thing.” It would be like “looking back to what you’ve done before and see that familiarity, yet anticipating what’s going to be now or what’s in terms of expression.”

Aside from the artworks they had created together, Ms. Celdran is also putting up some of the late Mr. Celdran’s diaries. She described them as being filled with collages and drawings, and, of course, his own writing. “His diaries are also wonderful works,” she said.

It’s strange to lose someone who was both a public figure and someone who was just yours. “I have to tell his story. His art legacy has to be shown,” she said.

She adds that since there will be other names present in the website, “It won’t be just about him. It will be part of our work together.”

“If you think about it now, now he’s part of my work.” — Joseph L. Garcia

Arts & Culture (11/25/20)

Museo Pambata offers Star of Hope kits

AS the current pandemic has disrupted lives, the children’s interactive museum Museo Pambata encourages children to be the beacon of light by reviving the Star of Hope, a “do-it-yourself” star which will ignite a child’s imagination as they dress up the star frame. For every DIY Star of Hope purchase, a parol kit goes to a child from Museo Pambata’s 500 adopted children, coming from four barangays in Manila. The families of these children will also receive a Noche Buena basket. Each Star of Hope kit costs P1,000 (P10,000 for a bundle of 10), and comes with two sets of 8-inch parols (one goes to the child beneficiary), art materials and glue. For donations, call Charlot at 0966-384-9694, or Noreen at 0919-802-1353.

PETA streams pay-per-view shows

THE PHILIPPINE Educational Theater Association (PETA) enters the realm of virtual theater through the first online edition of the PETA Laboratory. Dubbed K.E.-POP: Kalinangan Performers Overcoming a Pandemic, this year’s PETA Lab offers a wide array of new and old works relevant to the time of coronavirus disease 2019 (COVID-19) pandemic. The online streaming festival features six shows streaming via www.ktx.ph on Nov. 27 to 29, and Dec. 4 to 6. PETA Lab 2020 is offering two sets of new works with three productions in each set: PETA Lab Set A includes Maskian, a dance piece on mask-wearing throughout history until the pandemic, written and choreographed by Carlon Matobato; WFH, a Zoom-based theater piece on the struggles of employees during quarantine, written by Michelle Ngu and directed by Meann Espinosa; and Hello, a devised work about isolation amongst young people, directed by Ian Segarra and Keiko Yamaguchi, sponsored by the Japan Foundation. PETA Lab Set B presents Finding Z, a play on mental health written by Jean Gladys Vicente and directed by Ian Segarra and Julio Garcia; Harinawa, a play on extrajudicial killings in the Philippines, written by Michelle Ngu and directed by Lotlot Bustamante; and Second Set: 2 Meters Apart, a docu-musical about the experiences of parents, teachers, children, and frontliners during the pandemic, directed by Norbs Portales with music by Ada Tayao. PETA will also be streaming three of its past popular productions: Liza Magtoto and Vincent De Jesus’ musical Care Divas, along with the voter’s education musical Vincent De Jesus’ Si Juan Tamad, Ang Diyablo, at Ang Limang Milyong Boto; and, the historical and landmark musical, Carlos “Charley” de la Paz and Lucien Letaba’s 1896, the story of the Philippine revolution.  PETA has also shot a full-length documentary that weaves through its 54 years of work as one of the country’s groundbreaking theater companies. Directed by Dudz Teraña, Living Voices, is an in-depth look into the rich history of an institution. Tickets are P120 and P220.

PHL Pastel Artists convention

The Philippine Pastel Artists (PPA) Inc. will be holding their Fifth National Pastel Convention on Nov. 28 to 29, 10 a.m. to 6 p.m. This year’s convention will all take place online via Zoom and Facebook Live. All participants will have special access to online sessions. The event opens on Nov. 28 with inspirational speeches from the PPA officers, advisors, and from some of the Philippines’ renowned artists who will underscore the importance of creating art in the time of the pandemic. Noted pastel artists from here and abroad will conduct paint-along demos, including Roland Castro, Rafael Maniago, Bienvenido Sibug, Gary Carabio and Norberto Villez, and American pastel artist Vianna Szabo whose session entitled “The Impressionistic Landscape” is on Nov. 29, 9 a.m. to noon. The convention concludes on Nov. 29, 3 p.m., with the announcement of the National Pastel Competition winners, and a raffle of some of the world’s best pastel art materials. All videos and sessions will be recorded and available for viewing after Nov. 29 for a limited time. The convention is open to all. Fee is P900 for non-members and P720 for PPA members, PWDs, students and senior citizens. For details and registration, visit: https://philippinepastelartists.com/5th-national-pastel-convention/.

Webinar on the history of the banig

USAPANG MaArte presents “Banig Encounters: Mats from Magellan Expedition in 1521 to the Banig Exhibition in 2019 Portugal” by Elmer I. Nocheseda on Nov. 28, 2-3:30 p.m., via Zoom and Facebook Live. Admission is free but limited slots are available. To register, go to https://bit.ly/UsapangMaArteBanig. The webinar will also be streamed via Facebook Live through the MaArte Fair Facebook page https://www.facebook.com/maartefair. For inquiries, e-mail inquiry@museumfoundationph.org. Mr. Nocheseda has published books, magazines and articles on various topics on Philippine Studies. His first book, Palaspas: An Appreciation of the Palm Leaf Art in the Philippines published by the Ateneo Press won four major awards including the National Book Award, the Gintong Aklat Award, and the Cardinal Jaime L. Sin Emerging Author Award. He also wrote a book on Pateros and another on Taguig. His fourth book, Rara: Art and Tradition of Mat Weaving in the Philippines is the most, if not the only comprehensive survey on banig since the seminal Philippine Mats was published a century ago.

Virtual gallery presents Nasser Lubay exhibit

ON Dec. 4, the Virtual ArtistSpace and District Gallery will present “Shadowplay,” a solo exhibition of Filipino visual artist Nasser Lubay. In this exhibit, the artist offers a series composed of clusters of circular patterns that form semi abstract, semi figurative doodles. “Shadowplay” will be on view virtually starting on Dec. 4, 6 p.m.. The virtual exhibition will run until Dec. 24. The link to the exhibition will be posted on ArtistSpace Facebook and Instagram pages (@artistspacegallery).

Fundraising with poetry, music

IN collaboration with Para sa Sining, a community of creative collaborators, the independent research and publishing laboratory Kwago launches “Krisis, Isang Pintuan,” Kwago’s six-month fundraiser, with a donation drive for victims of typhoon Ulysses on Nov. 28, 7 to 10 p.m. The event will kick off with opening remarks on the collaboration with Para Sa Sining and Kwago’s new direction, followed by poetry and music performances, a blind book auction, and an open jam. Tickets cost P200 for early registrants, and P250 for those who decide to purchase tickets on the day itself. Proceeds will go to the ongoing relief initiatives of the Storytelling Project, which, among others, aims to make reading an enjoyable experience for children and to start a reading habit, and RESBAK, an alliance of artists, media practitioners, and cultural workers whose goal is to advance social awareness on the killings brought forth by the Duterte administration’s “war on drugs.” The registration link is https://tinyurl.com/SiningParaSaKapwa while the Facebook Event page link is bit.ly/krisisisangpintuan.

Ayala Museum launches virtual gallery

The Ayala Museum has launched its very first virtual gallery experience: Arturo Luz: First Light. It is a virtual re-mounting of the exhibition curated by Ambeth Ocampo at the museum back in 2017, organized to celebrate the 90th birth anniversary of Arturo Luz. The virtual exhibit went live on Nov. 20, in time for Luz’s 94th birthday. Through this virtual exhibit guests will be able to explore works from the 60 years of National Artist Arturo Luz’s career. The virtual exhibit is at www.ayalamuseum.org/first-light. The exhibit is part of the Ayala Museum’s Images of Nation program which showcases works by Filipino artists who have been named National Artists in the Visual Arts. Its primary aim is to share the extraordinary vision and formal excellence embodied in this award. The exhibit will be on view virtually until Jan. 31, 2021.

Ian Quirante exhibit at BenCab Museum

MULTI-awarded comic artist, illustrator, gallery artist, art educator and musician Ian Quirante explores the human mind amid the pandemic through mixed media artworks in an exhibit entitled “Pneuma II” at the Gallery Indigo of the BenCab Museum in Baguio. It showcases 44 artworks that explores the fragility of the human mind and body trying to survive through the global pandemic. The artist has received various awards from the Philip Morris Art Awards, the Metrobank Art Competition and the Shell National Student Art Competition. Aside from exhibitions, Quirante has been teaching at the De La Salle-College of Saint Benilde School of Design and Arts for 18 years. “Pneuma II” is on view until Dec. 6 at the BenCab Museum, Km. 6 Asian Road, Tuba, Metro Baguio. For inquiries and to book an appointment for viewing, visit www.bencabmuseum.org or e-mail bencabartfoundation@gmail.com.

Silverlens launches updated website, new shows

ADAPTING to the new conditions exacted by the coronavirus disease 2019 (COVID-19) pandemic, Silverlens gallery has endeavored to remain connected with its audience, making the decision to prioritize its digital presence within the world’s increasingly virtual landscape. It recently launched its new website, designed by Inksurge Studio. The most notable feature in the new site is the addition of the Viewing Room, an exclusively digital environment that hosts new exhibitions periodically. Its inaugural show is by Chati Coronel entitled “BE THE_” and features 50 linocut prints: 10 editions in five sets  — the first half of her 10-part series. Conceived and completed by Coronel during the height of the quarantine period, these optimistic works mark a hopeful end to a year of immeasurable challenge and change. To ensure seamless communication, the new website has “Inquiry” buttons on all the works featured in the exhibition pages, as well as a messaging option in the “Contact” section for more specific questions or requests. It also contains an encyclopedic library of information of the artists the gallery represents. Meanwhile, the physical gallery will be opening three new shows on Dec. 1. These are: “In Medias Res,” the seventh solo exhibit in Silverlens by Hanna Pettyjohn featuring new paintings from her Anastomosis series as well as new sculptures; “Navigating the Abstract,” an exhibit by Dina Gadia, also her seventh solo exhibit in Silverlens, this time featuring a range of new Pop-inflected paintings and conceptual texts; and, “Glass Horizon,” Gregory Halili’s fourth solo exhibit with the gallery, in which continues his practice of painting on capiz shells with 11 new miniature oil pieces which were completed during the community quarantine. All three exhibits run from Dec. 1 to 23 at the gallery, located at 2263 Don Chino Roces Ave. Ext., Makati. To prevent the spread of COVID-19, the gallery is not accepting any walk-ins. Gallery visits are limited and by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m., and a number of security measures will be followed. To arrange for a visit and for other information, call 8816-0044, 0917-587-4011, or e-mail info@silverlensgalleries.com.

Penguin Random House releases 2 SEA classics

PENGUIN Random House SEA (PRH SEA) has introduced Classics from South East Asia in its publishing list for 2020 with two new titles. Releasing this November are The Genealogy of Kings (Sulalat al-Salatin) by Muhammad Haji Salleh and Prisna by Princess Vibhavadi Rangsit, translated by Tulachandra, which will be published in two volumes. The Genealogy of Kings (Sulalatus Salatin) and Prisna will be available by end November onwards. Both these titles are also going to be available on Amazon. The Genealogy of Kings is a literary work that gives a romanticized history of the origin, evolution and demise of the great Malay maritime empire, the Malacca Sultanate. Written by Princess Vibhavadi Rangsit née Princess Vibhavadi Rajani, Prisna is the only English translation and the only translation authorized by the Princess’ estate. It takes place in 1938 in Phra Nakhon, Thailand, and is considered a rare progressive classic because of the Princess’ narrative that depicts women as equal to men, contrary to the common reality of that time. Prisna is the story of a young girl coming of age as she returns to her traditional familial roots in Thailand after spending 12 years in America.

Webinar on Magellan and the Pacific Ocean

On Nov. 28, 6 p.m., Instituto Cervantes de Manila, in collaboration with the Embassies of Spain and Chile in the Philippines, the Intramuros Administration, and the National Quincentennial Committee, will be holding the webinar “Today, 500 years ago, the Pacific Ocean was baptized. The Strait of Magellan.” During the famous expedition that first circumnavigated the world, the three remaining ships of that voyage completed the crossing of the strait that connects the Atlantic and the Pacific, which would later be known as the Strait of Magellan. That day, on Nov. 28, 1520, the first crossing of the ocean that was named the Pacific began. The speakers of the panel discussion will be Braulio Vázquez of the General Archives of the Indies in Sevilla, Filipino historian Danilo Gerona, and the Ambassador of Chile Claudio Rojas Rachel. The moderator will be the director of Instituto Cervantes, Dr. Javier Galván. The discussion will be conducted in Spanish and English with simultaneous translation in both languages. The audience will be able to interact with the speaker by submitting their questions during the event. Admission is free and open to all on a first come, first served basis. The link to access the event is https://zoom.us/j/97744701376. For further information, visit the website of Instituto Cervantes at https://manila.cervantes.es or the Facebook page at www.facebook.com/InstitutoCervantesManila.  

Angkas granted provisional authority to operate till Dec. 9

THE Transportation department announced Tuesday that the technical working group overseeing the operations of motorcycle taxis has granted Angkas (DBDOYC, Inc.) a provisional authority to operate until Dec. 9.

The provisional authority is ahead of the ride-hailing company’s completion of operational requirements, such as the provision of accident insurance for riders and passengers and the use of thermal scanners.

It is  valid from Nov. 24  to Dec. 9 this year, the department said in a statement.

“Once Angkas is able to fully comply with the requirements, a certificate of compliance will be issued to them” by the technical working group, it added.

As for JoyRide (We Move Things Philippines, Inc.), Transportation Assistant Secretary Goddes Hope O. Libiran said, “We’re waiting for the national task force’s written approval on their barrier design.”

“As soon as we receive it, we will issue a provisional authority,” she added.

Ms. Libiran said Move It (We-Load Transcargo Corp.) has yet to submit a letter signifying its compliance with the requirements.

“We’re hoping they can submit it as soon as possible,” she also said.

Mass transportation currently operates on a limited capacity due to physical distancing protocols aimed at containing the spread of the coronavirus disease 2019 (COVID-19).

Ride-hailing company Grab Philippines said in October that it was also “seriously considering” to get into the motorcycle taxi business again.

It said it would be talking again to the Transportation department and the Land Transportation Franchising and Regulatory Board for the possible return of its motorcycle service. — Arjay L. Balinbin

Credit Suisse to take $450-M charge on stake in York Capital

CREDIT SUISSE Group AG expects to book a $450-million impairment charge on its stake in York Capital Management as the US firm winds down most of its hedge fund strategies.

The charge, which could still change, will be booked in the fourth quarter, the Zurich-based bank said Tuesday. Credit Suisse agreed in 2010 to take a stake of about 30% in the firm founded by Jamie Dinan, offering to pay at least $425 million to give clients access to its investments.

The charge adds to a series of setbacks and missteps at Credit Suisse this year, ranging from losses on loans to wealthy clients to lackluster trading results, as the market volatility caused by the coronavirus pandemic rattles businesses across the bank. Chief Executive Thomas Gottstein, who took over in February, has been cleaning up the business and restructuring in an effort to simplify the bank. The asset management business is one of the units that have struggled in this year’s volatility.

Mr. Gottstein said in September that the bank is planning a strategic review of asset management over the next 12 months. For now, he has ruled out a sale or merger.

Credit Suisse said the charge on York Capital will reduce a key measure of capital strength, the so-called common equity Tier 1 ratio, by 7 basis points this quarter, but won’t change that bank’s plans to return capital to shareholders.

York, started in 1991, is winding down most of its hedge fund business and retooling to focus on long-term products after “a year marked by tremendous upheaval and disruption,” according to a letter to clients. Co-Chief Investment Officer Christophe Aurand will be leaving and William Vrattos will take over as sole CIO, Chief Executive Officer Dinan wrote in the letter seen by Bloomberg News — Bloomberg

UCPB encourages clients to go online amidst pandemic

The COVID-19 pandemic has changed the way people bank. Customers now rely heavily on online banking and other digital payment alternatives that provide contactless and real-time capabilities for them to shop for essentials, pay bills, or transfer money to their loved ones without leaving their homes.

UCPB has fully embraced this approach with its various online banking tools and facilities such as the UCPB Visa Debit Card, UCPB Connect, and the UCPB Mobile Banking App.

“With these online tools and e-banking facilities, we’re hoping to make banking safer, more accessible, and more convenient for our clients to ensure their safety and well-being during the pandemic. This is also in line with BSP’s call to increase the usage of a safe and convenient digital payment system,” UCPB First Vice President and Marketing Group Head Charina D. Balanquit said.

Through UCPB Connect and the UCPB Mobile Banking App, clients can do banking transactions in the safety of their own homes. With the Bank’s extensive list of billers, they can pay and schedule their bills on time as well as buy load to keep connected and monitor their budget.

In addition, clients can also make InstaPay and PESONet transfers to loved ones, pay for online orders and even send their donations to organizations that raise funds for medical front liners and other vulnerable sectors that have been hit hard by the pandemic. While some banks are resuming charging of fees, UCPB clients can keep enjoying free fund transfers via Instapay and PESONet until December 31, 2020. Extending waived fees at least until the end of the year is UCPB’s way of easing our customers’ worries.

In the past months, UCPB saw a spike in InstaPayusageas clients turned to the fund transfer service for a variety of transactions including employee compensation, operational expenses and payment to suppliers.

To make banking even more accessible, UCPB also partnered with mobile e-wallets such as Paymaya, GCash, and GrabPayfor online purchases, food deliveries, and essential trips within the metro. Customers can add money easily to their e-wallets with the UCPB Visa Debit Card through a short enrollment and verification process.

Not yet enrolled in UCPB Connect? Visit https://www.ucpb.com/connect/ for simultaneous enrolment in UCPB Connect and UCPB Mobile App. You can download the UCPB Mobile App at Google Play Store and Apple App Store. For inquiries, please call the Customer Relations Center at (632) 8811-9111 or email crc@ucpb.com.

Insular Life increases capital requirement ahead of IC’s deadline

Insular Life (InLife), the first and largest Filipino and only mutual life insurance company in the country complied with the Insurance Commission’s minimum requirement for Total Members’ Equity ahead of schedule.

The InLife Board approved to increase its Total Members’ Equity by P600 million to make a total of P1.5 billion. This will be reflected in the November 30, 2020 month end report to the Insurance Commission.   The P1.5 billion is more than the P1.3 billion Minimum Available Total Members’ Equity requirement of the Insurance Commission by December 31, 2022.

“The Board approved the increase in the Company’s Total Members’ Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended, “says InLife Executive Chairman Nina D. Aguas.

The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.

“The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry.  Amidst the pandemic and as we turn 110 years of uninterrupted service this November, we want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” said InLife Executive Chairman Nina D. Aguas.

How PSEi member stocks performed — November 24, 2020

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 24, 2020.

Local shares decline on profit taking after rally

By Denise A. Valdez, Senior Reporter

LOCAL SHARES surrendered to profit taking on Tuesday following a rally that brought the main index to its highest level since the coronavirus pandemic started.

The Philippine Stock Exchange index (PSEi) shed 69.95 points or 0.97% to close the session at 7,108.67. The broader all shares index also trimmed 25.71 points or 0.6% to end at 4,228.55.

“The market was down today on profit-taking after it moved up substantially on the last two trading sessions on overbought condition,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Tuesday.

“With a lofty valuation of the PSEi despite the higher contraction in GDP (gross domestic product) in the third quarter than estimated, the market is bound to correct as what happened today,” he added.

Despite the weaker-than-expected economic backdrop, the market’s decline on Tuesday is necessary to help it maintain a stronger momentum, AAA Southeast Equities, Inc. Research Head Christopher John Mangun said.

“The PSEi ended with substantial losses as selling pressure picked up, which was to be expected as it hovered around its eight-month high, Mr. Mangun said in an e-mail.

“Trading volumes came in at a whopping P12.4 billion, more than double the daily average of about P6 billion as investors remain confident in the current environment,” he added.

Value turnover stood at P12.95 billion with 8.27 billion issues switching hands, higher than the previous day’s P11.93 billion with 10.3 billion issues.

But after the correction on Tuesday, Mr. Mangun said the PSEi “may rebound and begin to move higher” on the back of optimism that quarantine restrictions will be further eased before December.

Contrary to the local market, other Asian stocks were treading in green territory on Tuesday due to another positive news of a coronavirus disease 2019 (COVID-19) vaccine.

On Monday, news wires reported that United Kingdom-based AstraZeneca Plc has seen a 70% success rate in its COVID-19 vaccine. This followed news in the prior weeks that the COVID-19 vaccines of Pfizer, Inc. and BioNTech SE and Moderna, Inc. were similarly recording positive results.

Nearly all sectoral indices at the PSE posted losses on Tuesday. Mining and oil dropped 140.43 points or 1.66% to 8,276.43; holding firms lost 109.89 points or 1.48% to 7,314.40; industrials cut 136.17 points or 1.46% to 9,178.32; services fell 17.01 points or 1.09% to 1,540.36; and financials slid 3.17 points or 0.21% to 1,474.40.

Property was the only index that posted gains, improving 9.84 points or 0.27% to close at 3,566.62 on Tuesday.

Decliners outnumbered advancers, 134 against 101. Some 40 names ended unchanged.

Net foreign selling grew to P621.19 million on Tuesday from P351.89 million in the previous session.

Peso strengthens on vaccine news

THE PESO strengthened versus the dollar on Tuesday after drug firm AstraZeneca and its partner University of Oxford claimed their vaccine can be 90% effective.

The local unit closed at P48.145 against the greenback on Tuesday, rising by six centavos from its P48.205 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.24 to a dollar, which was also its weakest showing for the day. Meanwhile, it climbed to as high as P48.14 versus the greenback during the session.

Dollars traded rose to $747.75 million on Tuesday from $425.4 million the previous day.

A trader said the peso strengthened as global economic sentiment continued to improve on news of progress in COVID-19 vaccine candidates.

“The peso exchange rate was stronger amid continued positive developments on vaccines for COVID-19, especially those by AstraZeneca and University of Oxford,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals, Reuters reported.

The British drug maker said it will have as many as 200 million doses by the end of 2020, around four times as many as US competitor Pfizer, Inc. Seven hundred million doses could be ready globally as soon as the end of the first quarter of 2021.

The vaccine on average prevented 70% of COVID-19 cases in late-stage trials in Britain and Brazil. The success rate rose to 90% in a group of trial participants who accidentally received a half dose followed by a full dose. The efficacy was 62% if the full dose was given twice, as it was for most study participants.

The 90% efficacy finding was a happy accident, AstraZeneca admitted, noting that it resulted from a dosing error during the trials. The half dose-first regimen will enable the company to seek approval based on far higher effectiveness than 62%, which was still enough for a regulatory nod based on prior discussions.

AstraZeneca Chief Executive Pascal Soriot said the smaller initial dose means limited supplies could stretch even further to vaccinate more people.

The faster rollout means countries that had been drawing up plans to ration vaccines can distribute them more widely, helping to eventually halt the social and economic disruption of a pandemic that has killed 1.4 million people.

The World Health Organization’s (WHO) chief scientist Soumya Swaminathan said the WHO is anxious to see full efficacy and safety data and encouraged other vaccine developers, saying vast quantities and a variety of shots will be needed.

The AstraZeneca vaccine uses a modified version of a chimpanzee cold virus to deliver instructions to cells to fight the target virus, a different approach from Pfizer and Moderna, which rely on new technology known as messenger RNA (mRNA).

AstraZeneca will now prepare regulatory submission of the data to regulators around the world and seek an emergency use listing from the WHO to speed up availability in poor countries.

For today, the trader sees the peso ranging from P48.05 to P48.25 versus the dollar, while Mr. Ricafort expects it to move from P48.10 to P48.20. — KKTJ with Reuters

China hits Trump adviser for creating ‘chaos’

THE CHINESE government on Monday accused US National Security Adviser Robert O’Brien of inciting hostilities after his remarks on the South China Sea dispute and Chinese actions in Hong Kong and Taiwan.

“He blatantly accused China on no ground, grossly interfered in China’s internal affairs, deliberately exaggerated regional tensions and attempted to sow discord between China and the Philippines,” the Chinese Embassy said in a statement on Monday evening.

Mr. O’Brien in a teleconference from Manila on Monday reaffirmed US support for its allies in the Indo-Pacific region against China over its unfair trade practices, intellectual property theft, as well as “human rights violations in Xinjiang with the Uyghur people, the extinguishing of the flame of democracy in Hong Kong and attempts to coerce Taiwan.”

He said there is a consensus among US republicans and democrats on the US stand against China’s aggression in the region.

The embassy said Mr. O’Brien’s statements countered the intention of his visits to the Philippines and Vietnam to promote peace and stability, instead creating chaos to serve US interests.

“We firmly oppose these remarks which are full of Cold War mentality and wantonly incite confrontation,” it added.

China said the US is not a party to the sea dispute but it frequently sends warships and planes to the South China “for military provocations and goes as far as using the electronic codes of civil aviation planes of the Philippines and other regional countries to carry out espionage flights.”

“The US is the biggest driver of the militarization of the South China Sea and the most dangerous external factor endangering peace and stability,” it added.

It “fanned the flames everywhere, stirred up confrontation among the countries in the region, interfered in the efforts of China and relevant ASEAN (Association of Southeast Asian Nations) countries to peacefully negotiate and manage disputes, and seriously undermined regional peace and stability,” it added.

China further noted that the US invokes provisions of the United Nations Convention on the Law of the Sea even if it had refused to join it.

The United States government on Monday turned over almost a billion pesos worth of precision-guided missiles and munitions to the Philippine military to help it fight terrorists linked to Islamic State in the country’s south.

It donated precision-guided missiles and munitions, including 100 TOW-2A missiles, 12 ITAS, and 24 MK-82s worth $18 million or about P868 million.

Mr. O’Brien, who led the turnover ceremonies, met with his Philippine counterpart Hermogenes C. Esperon, Jr. and Foreign Affairs Secretary Teodoro L. Locsin, Jr.

He reaffirmed the US commitment to activate the Mutual Defense Treaty in case the Philippines is attacked by an enemy.

Mr. O’Brien also welcomed Manila’s decision to defer a plan to end a visiting forces agreement (VFA) — a military pact on the deployment of troops for war games — with the US.

‘NATIONAL INTEREST’
The Philippine presidential palace on Tuesday said the country would keep its hands off rising tensions between the US and China.

“We do not want to take part in that drive for hegemony,” presidential spokesman Harry L. Roque told an online news briefing.

“We will assert our national interest and we would want a peaceful resolution to the West Philippine Sea dispute,” he added, referring to eastern parts of the South China Sea that include the Philippines’ exclusive economic zone.

The Chinese Embassy said there had been agreements at the recently concluded China-ASEAN Summit to improve dialogue and advance consultations on a South China Sea Code of Conduct, which seeks to ease tensions in the waterway.

“We urge the US side to respect China’s territorial sovereignty and maritime rights and interests in the South China Sea, respect the joint efforts of China and ASEAN countries for maintaining a peaceful and stable South China Sea and stop interfering and inciting confrontation,” it added.

Mr. O’Brien on Monday said the US in July aligned its official position on the 2016 United Nations arbitral ruling on the South China Sea. The tribunal had favored the Philippines and rejected China’s historical nine-dash line claims to more than 80% of the waterway.

The resources in the disputed waters “belong to the Philippine people,” Mr. O’Brien said.  “They don’t belong to some other country, that just because they may be big, and they may be bigger than the Philippines,” he added, alluding to China.

“That’s just wrong, and that’s why Secretary Pompeo said in February: ‘Any armed attack on the Philippine Armed Forces, aircraft or public vessels in the South China Sea will trigger our mutual defense obligations,’” Mr. O’Brien said.

US Secretary of State Mike Pompeo in February 2019 said any attacks on Philippine aircraft or ships in the South China Sea would trigger a response from the US under the Mutual Defense Treaty.

His comments sought to reassure the Philippines amid China’s island-building activities in the South China Sea. — Charmaine A. Tadalan

Coronavirus cases nearing 422,000; 8,185 dead — DoH

THE DEPARTMENT of Health (DoH) reported 1,118 coronavirus infections on Tuesday, bringing the total to 421,722.

The death toll rose by 12 to 8,185, while recoveries increased by 196 to 386,792, it said in a bulletin.

There were 26,745 active cases, 83.7% of which were mild, 7.9% did not show symptoms, 5.3% were critical, 2.8% were severe and 0.25% were moderate.

Caloocan City reported the highest number of new cases at 89, followed by Davao City and Laguna at 52 each, Quezon province at 47 and Quezon City at 46.

Ten duplicates were removed from the tally, while six cases tagged as recovered were reclassified as deaths, the agency said. Eleven laboratories failed to submit their data on Nov. 23, it said.

About 5.2 million people have been tested for the coronavirus as of Nov. 22, according DOH’s tracker website.

The coronavirus has sickened about 59.6 million and killed 1.4 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 41.2 million people have recovered, it said.

DoH on Monday warned the public against going to crowded places during the holiday season to avoid infection.

It said wearing a mask or face shield would not protect a person from the virus if he is in a crowded area. — Vann Marlo M. Villegas

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