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Term deposit yields inch higher as demand shifts to longer tenor

YIELDS ON the term deposits offered by the central bank inched higher on Wednesday. — BW FILE PHOTO

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday on expectations of faster October inflation.

Total tenders for the central bank’s term deposit facility (TDF) stood at P593.985 billion on Wednesday, beyond the P490 billion on the auction block as well as the P552.97 billion in bids logged a week ago.

Broken down, bids for the seven-day deposits amounted to P189.03 billion, lower than the P220 billion on the auction block as well as the P227.445 billion in tenders seen in the previous week’s offering.

Accepted rates for the tenor ranged from 1.88% to 2.1%, a slightly higher margin than the 1.835% to 2.05% band logged last week. This caused the average rate for the one-week papers to settle at 1.954%, 1.67 basis points (bps) higher than the 1.9373% seen a week ago.

Meanwhile, for the 14-day term deposits, bids reached P404.955 billion, higher than the P270-billion offering as well as the P325.525 billion in  bids seen at last week’s auction.

Lenders asked for yields within the 1.875% to 2.1225% range, a tad higher versus the 1.85% to 2.1975% band seen in the prior week. This brought the two-week tenor’s average rate to 2.0454%, climbing by 1.17 bps from the 2.0337% logged on Oct. 28.

For the fourth week in a row, the BSP did not offer 28-day term deposits. This follows the start of the central bank’s weekly auctions of its own bills with the same tenor.

The TDF and the BSP’s securities are among regulator’s main tools to gather excess liquidity in the financial system and to better guide market interest rates.

“There was a notable shift of preference to the longer tenor as the 7-day TDF was undersubscribed with 0.86 times the offer volume. The overall results of the TDF auction show that liquidity in the financial system remains ample,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

Yields rose ahead of the release of October inflation data, which the market expects to have ticked higher, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“TDF auction yields again continued to go up, though slightly, ahead of the inflation data that could pick up due to storm damage recently that led to higher prices of food and other agricultural products,” Mr. Ricafort said in a text message.

Inflation may have picked up slightly in October due to a rise in food prices and transport costs, as well as the impact of base effects, analysts said.

A poll of 15 economists by BusinessWorld last week yielded a median estimate of 2.4%, close to the higher end of the 1.9-2.7% forecast given by the BSP and well within the 2-4% target this year.

If realized, the median estimate will be a tad faster than 2.3% in September and 0.9% in October 2019. The central bank’s latest average inflation forecast for this year is at 2.3%. — Luz Wendy T. Noble

Twitter, Facebook suspend some accounts as election misinformation spreads

SAN FRANCISCO — Twitter, Inc. and Facebook, Inc. on Tuesday suspended several recently created and mostly right-leaning news accounts posting information about voting in the hotly contested US election for violating their policies.

Twitter said the accounts had been suspended for violating its policy against “coordination” by posting identical content while appearing independent or engaging in other covertly automated behavior.

One of those suspended, SVNewsAlerts, had more than 78,000 Twitter followers, after adding more than 10,000 in the past week.

The account frequently warned of election-related unrest and highlighted issues with voting safety and reliability. It pointed to fraud claims about Democrats and called attention to Republican President Donald Trump’s rallies and speeches.

In fact, few if any major disruptions were reported at polling sites on Tuesday as civil liberties groups and law enforcement were on high alert for any interference with voters.

Other accounts suspended by Twitter included FJNewsReporter, Crisis_Intel and Faytuks. Some of the accounts in the past suggested that readers follow the others.

Facebook also suspended several accounts behind US-based pages called SV News and FJ News, citing inauthentic behavior. The SV page had more than 20,000 followers.

Some of the suspended accounts were closely read by the media in Russia, which has been accused of meddling in the 2016 election. Both SVNewsAlerts and Faytuks, which had only 11,000 followers, have had their tweets highlighted dozens of times in state-controlled Sputnik and RT, as observed by researcher Chris Scott and confirmed by Reuters.

Even as social media companies took action, false or exaggerated reports about voting fraud and delays at the polls circulated throughout the day, in some cases helped along by official Republican accounts and online publications.

The FBI and the New York attorney general also said they were looking into a spate of mysterious robocalls urging people to stay home, which were reported in multiple battleground states.

Twitter appended fact-checking labels to multiple tweets from the @PhillyGOP account, which was among those using the hashtag #StopTheSteal. The Philadelphia Republican Party did not immediately respond to a Reuters request for comment on the Twitter labels.

Far-right sites Breitbart and The Gateway Pundit both published articles claiming “the steal is on” in Pennsylvania that racked up thousands of shares on Facebook and Twitter.

#StopTheSteal spiked from a few dozen mentions to more than 2,000 mentions over a 15-minute period in the morning, according to media intelligence firm Zignal Labs.

Zignal said unfounded claims about closed polling stations and excessively long lines in Republican-leaning areas in Pennsylvania, one of the most closely contested states, received more than 33,000 mentions on Twitter.

Alex Stamos, former chief technology officer of Facebook and now director of the Stanford Internet Observatory, told reporters there were coordinated efforts to deliberately blow some problems out of proportion.

“Specifically in Pennsylvania—to say this example is a demonstration of something nefarious going on, and not just the kind of random mistake that happens all the time,” he said on a call organized by the Election Integrity Partnership.

In one video shared widely among conservative audiences, including by both of Trump’s sons, a Trump poll-watcher was seen being turned away from a site. The video was viewed 2.5 million times on Twitter.

Philadelphia officials investigated and concluded the man had mistakenly been barred under an expired law, which required authorization to enter a specific polling spot. He was then admitted.

Followers of the conspiracy movement QAnon also spread the Pennsylvania reports, according to researchers at misinformation tracking firm Alethea Group. — Reuters

PSALM invites bidders for real estate properties in Bohol, GenSan

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) has opened its second round of bids for qualified individuals, corporations and partnerships for the sale of the agency’s real estate properties across the country.

Interested parties may participate and bid for the sale of the 7 available lots through a public bidding on an “as-is, where-is” and “in Cash basis”, PSALM said in a press release on Wednesday.

Available properties include four lots and improvements in Loboc, Bohol, two lots in General Santos (GenSan) City and one lot in Camalaniugan, Cagayan.

The minimum bid prices for the PSALM’s Loboc, GenSan and Camalaniugan properties are P12.14 million, P10.97 million and P3.22 million respectively.

Bidders may participate in one or more projects, but they are required to submit one bid per project.

Interested parties who wish to further participate in the bidding must pay a non-refundable participation fee of P12,500 for the Loboc property; P11,000 for the GenSan City property, and P4,000 for the Camalaniugan property.

PSALM said bids must be in the form of cash or a manager’s check equivalent to at least 10% of the bid price. Within 10 business days, the buyer must pay a “one-time full payment of the purchase price according to instructions to be issued by the government entity.”

The second round of bidding is open to all individuals/sole proprietorships, corporations and partnerships that are registered and organized in the Philippines. They must be at least 60% Filipino-owned, and authorized by the law to acquire, own, hold, or develop real properties in the country.

Interested bidders can download the bidding package, which is available on PSALM’s website.

The pre-bid conference will be held at 2:00 p.m. on Nov. 17, and the bid submission deadline is at 2:00 p.m. on Dec. 2.

Under Republic Act No. 9136 or Electric Power Industry Reform Act (EPIRA), PSALM is mandated to manage the orderly sale, disposition and privatization of the National Power Corp.’s (Napocor) assets, including those of real estate.

By doing this, the wholly owned government entity aims to liquidate all of Napocor’s financial obligations and stranded contract costs in an optimal manner. — Angelica Y. Yang

Dining In/Out (11/05/20)

Tea drinking seminar

SERVED Manila and the Ayala Museum will hold Spill the Tea: A tasting and Historical Exploration on Nov. 7, 3 p.m. Sheryl Ebon-Martinez, a tea sommelier at TeavolutionPh, and Tenten Mina, Associate curator at the Ayala Museum, will brew and taste six high quality teas from around the world as they discuss the rich, cultural history of tea drinking. They will dispel myths about tea, show how to steep it properly, explain the various tea leaves (what is good tea or not), offer a peek into the inside history of tea and journey to different locales where tea leaves come from and more. Showcased in the session will be diverse ceramics from the Ayala Museum collection. The online event comes with a tasting kit (six 15-gm bags of tea leaves, a brewing kit, six ceramic mini saucers, nuts, crackers, pH9 alkaline water, tea towels, and other freebies), all for P2,125. To book the tasting experience, go to www.servedmanila.com. Served Manila is a startup whose purpose is to help people explore curiosities in food, beverage, hobbies and of the moment interests together with subject matter experts. Launched last April, it has served up modules on wine, rum, gin, coffee, chocolates, and soon whiskey, selvedge denim, cookies, diet food and more.

2nd leg of DoT’s KAIN NA!

THE DEPARTMENT of Tourism (DoT) is holding the second leg of its virtual KAIN NA! Food and Travel Festival 2020 from Nov. 3 to 6. The virtual culinary festival will include the Food Tourism Exchange which serves virtual tours and food demos from the country’s major island groups; TED Talks-inspired sessions for the Food Tourism 101 including the Tricycle Food Tours of chef Melissa Sison-Oreta, Discovering Philippine Culture and Cuisine through the Regions with chef Angelo Comsti, Food Tourism Online by chef Tatung Sarthou, Traveling Off the Eaten Path with Aashi Vel of Traveling Spoon, and Cultural Food Mapping & Experiences with Clang Garcia; Unilever Food Solutions’ Traveling Through Food will include cooking demonstrations and talks about reviving tourism through food, exploring authentic food experiences, and more from chefs Gerry Austria, Pam Aragoza, and Miko Dy from Luzon, chefs Ramon Antonio and Menoy Gimenez from Visayas, and chef Pauline Benedicto-Malilin and Jan Uy from Mindanao. KAIN NA!’s e-commerce training courses of CTRL+BIZ Reboot Food Tourism Now will focus on how the online marketplace can be maximized by tourism stakeholders, the health and safety guidelines on the operations of travel and tour agencies and tour guides, and an introduction to the new DoT Online Accreditation System. Viber will elaborate on the role of messaging platforms to enable micro, small and medium enterprises to expand operations and Facebook will conduct a crash course on how to build effective Facebook ad creatives, while success stories of businesses that have crossed over from offline to online will also be discussed.

The Pen’s charitable initiative

AFTER a near eight-month hiatus, The Peninsula Manila’s newly reopened Lobby lets guests show their support for Metro Manila communities with a one-for-one meal donation program. This unique initiative will assist vulnerable and under-served communities, who are the most severely impacted by the current crisis. Until the end of the year, for every Arroz Caldo or Pancit Luglug meal purchased at The Lobby, The Peninsula Manila will “Spread Love” with its one-for-one meal donation to communities in need. The program is being managed in partnership with Rise Against Hunger, a food bank that directly supports vulnerable communities in the National Capital Region cities of Caloocan, Muntinlupa, and Taguig. The Peninsula Manila will also invite guests and patrons to show some “Peninsula Love” by participating in an interactive campaign on the @ThePeninsulaManila Instagram and Facebook feeds. Over a four-week period from Nov. 2 to 30, the iconic Lobby will run the #PeninsulaLove contest on its @ThePeninsulaManila Instagram and Facebook feeds. The contest honors medical frontliners, stay-at-home parents, and children’s charities. Visit the hotel’s Instagram and Facebook pages for the mechanics. Winners will be declared on Dec. 4. For inquiries or reservations, call +63 (2) 887-2888, extensions 6691 or 6694 (Restaurant Reservations).

Tiendesitas Food Village reopens

TIENDESITAS reopened the 2nd floor Food Village on Oct. 30, with new food concepts and a fully air conditioned space. Among the restaurants and stalls are Elverde Food Trading, Fruitas, Boy Kanin, Luzviminda Delicacies, VMJ Greens Trading, Bonanno’s Restaurant, Fariñas Ilocos Empanada, Jherand Mon Rice Trading, Streat Bites atbp by Leoman Mama, Valenciana by Bulacan Lugaw, Rub’s N Spices, Happy Chef, Beer Belly Steakhouse, Chef Sinauna, Gatchaa Blendz Milk Tea, La Aysee/ Kakanin ATBP by Aysee, Zorro Kitchen by Joyce, Sam Ram Restaurant, Happy Chef, Franny Bites, Mommy Khay’s Kitchen, Zullo Coffee, Pancit Cabagan by Kuyang, and Ferinos.

Grand Hyatt Manila offers Christmas Hampers

THE GRAND Hyatt Manila is now offering thoughtfully curated Christmas hampers that can be filled with everything from homemade pastries, to gourmet meals, to wine pairings. The customer’s blend of festive treats are packed in an elegant wicker basket. Meanwhile, the hotel’s Christmas Fondant Cake can be customized to include a logo of your choice. Visit bit.ly/GHMFestiveHampers to view the order form. For inquiries and pre-orders, call 8838-1234 or e-mail manila.grand@hyatt.com.

Comfort food from the Century Park Hotel

TO BEAT the monsoon blues and get that much-needed boost, try these five dishes that can be ordered from Century Park Hotel Manila: bulalo, a bowl of hot beef or pork shank soup served with nutritious greens such as cabbage and Baguio beans; sinigang, whether it comes with pork, prawns, or salmon, sinigang’s sour tamarind-based broth rouses the senses and boosts the appetite; ramen, a flavorful broth made from a variety of ingredients such as chicken or pork bones, and filling noodles that makes it extra special; mushroom soup, its creaminess, aroma and the tender bites of the mushrooms makes for a delectable mood-booster (also available are crab & sweet corn soup and pumpkin soup, all best paired with bread from Deli Snack); and arroz caldo, a rice broth with slices of chicken, pork and boiled egg, garnished with zest of kalamansi and fried garlic bits. Contact Century Park Hotel Manila at 8528-5855 or 0917-633-2497, via SMS or Viber to order.  

BTr makes full award of 3-year bonds despite rate uptick

THE GOVERNMENT made a full award of the reissued three-year Treasury bonds (T-bonds) it offered on Wednesday as its yield rose with inflation expected to tick up and amid an uncertain economic outlook in the United States.

The Bureau of the Treasury (BTr) borrowed P30 billion as planned via the three-year bonds as the offer was more than twice oversubscribed, with tenders totalling P64.427 billion.

The debt papers, which have a remaining life of two years and 10 months and a coupon rate of 2.375%, fetched an average rate of 2.224%, rising by 4.2 basis points (bps) from the 2.182% quoted in the Sept. 8 auction.

At the secondary market on Wednesday, the three-year T-bonds were quoted at 2.314%, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the average yield on the three-year bonds rose as investors expect inflation to have picked up slightly last month.

“The strong volume indicated a preference for the front end of the curve. The rates were also aligned with the inflation hovering around 2.3% to 2.4%,” Ms. De Leon told reporters via Viber after the auction.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the auction result showed there is strong demand for shorter tenors.

“[The higher yield] was according to our expectation that the appetite would be really higher for shorter tenor bonds with yields also within expectations,” Mr. Asuncion said in an e-mail.

Mr. Asuncion added investors might have also considered offshore securities for better yields as the results of the presidential election in the United States is expected to affect prospects for the world’s largest economy.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the three-year bond’s average rate rose as investors are still gauging the outlook for the local economy based on key economic data due for release in the coming weeks.

Inflation may have picked up slightly in October due to a rise in food prices and transport costs, as well as the impact of base effects, analysts said.

A poll of 15 economists by BusinessWorld last week yielded a median estimate of 2.4%, close to the higher end of the 1.9-2.7% forecast given by the Bangko Sentral ng Pilipinas (BSP) and well within the 2-4% target this year.

If realized, the median estimate will be a tad faster than 2.3% in September and 0.9% in October 2019. The BSP’s latest average inflation forecast for this year is at 2.3%.

The Philippine Statistics Authority will release October inflation data on Thursday.

Meanwhile, US President Donald Trump on Wednesday falsely claimed that he had won the US election with millions of votes still uncounted after his Democratic rival, Joe Biden, said he was confident of winning a contest that will not be resolved until a handful of states complete vote counting over the next hours or days, Reuters reported.

Election laws in all US states require all votes to be counted. More votes still stood to be counted this year than in the past as people voted early by mail and in person in the face of the coronavirus pandemic.

Mr. Trump won the battlegrounds of Florida, Ohio and Texas, dashing Mr. Biden’s hopes for a decisive early victory, but Mr. Biden said he was on track to winning the White House by taking three key Rust Belt states.

Mr. Biden, 77, was eyeing the so-called “blue wall” states of Michigan, Wisconsin and Pennsylvania that sent Mr. Trump, 74, to the White House in 2016 for possible breakthroughs once those states finish counting votes in hours or days to come.

Mr. Trump has repeatedly and without evidence suggested that an increase in mail-in voting will lead to an increase in fraud, although election experts say that fraud is rare and mail-in ballots are a long-standing feature of American elections.

The Treasury plans to borrow at least P140 billion from the domestic market this month: P80 billion in weekly Treasury bill auctions and P60 billion in fortnightly T-bond auctions.

The BTr is also looking to raise at least P3 billion from an offering of Premyo bonds set to run from Nov. 11 to Dec. 18, it said on Wednesday.

The government wants to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product. — KKTJ with Reuters

How PSEi member stocks performed — November 4, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 4, 2020.

Peso nearly flat vs dollar on election

THE PESO inched up versus the dollar on Wednesday on data showing the country’s trade deficit narrowed in September and amid uncertainties on the results of the presidential election in the United States.

The local unit closed at P48.40 versus the dollar on Wednesday, inching up by one centavo from its P48.41 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.40 against the greenback. Its intraday best was at P48.35, while it hit a low of P48.46 per dollar.

Dollars traded rose to $730.86 million on Wednesday from $509.05 million previously.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso inched up after the government posted a slimmer trade deficit in September and amid uncertainties on the presidential election in the United States.

“The reduced trade deficit by about $1.7 billion in September 2020 versus the $3.4 billion a year ago fundamentally translated to less demand for dollars to pay for imports, thereby partly supported the peso’s appreciating trend,” Mr Ricafort said in an e-mail.

A trader, meanwhile, said the peso’s gain was slim as the market remained cautious of the impact of the results of the US presidential election.

“The peso almost closed flat amid uncertainty from the close results of the US presidential race and as tabulation in key swing states have not yet been conclusive,” the trader said in an e-mail.

The US dollar jumped and riskier currencies wilted on Wednesday as early results in the presidential election showed a tight race, surprising currency investors who had been betting on a decisive victory for Democrat Joe Biden, Reuters reported.

US President Donald Trump won in the key battleground states of Florida, Ohio and Texas, dashing market hopes for a clear result. Investors waited to see whether Mr. Trump would retain the Rust Belt states — Michigan, Wisconsin and Pennsylvania — that sent him to the White House in 2016.

The dollar was up 1% as European markets opened, while the offshore-traded yuan, Australian dollar and Norwegian crown, which have for years borne the brunt of Mr. Trump’s protectionist policies, weakened.

At 0718 GMT, the dollar was up around 1% against a basket of currencies, having earlier hit its highest level in more than a month.

For today, Mr. Ricafort expects the peso to range from P48.35 to P48.45 versus the dollar, while the trader sees it moving from P48.30 and 48.50. — with Reuters

Shares rally as markets await results of US vote

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES moved in step with the acceleration of global equities as investors kept a close watch on the United States (US) election results on Wednesday.

The bellwether Philippine Stock Exchange index (PSEi) jumped 128.49 points or 2.02% to close the session at 6,464.05. The broader all shares index likewise grew 59.14 points or 1.56% to end at 3,848.61.

“The local market surged 2.03% following the overnight rally of the US markets with DJIA (Dow Jones Industrial Average) jumping more than 500 points as investors await the election results in the US,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.

On Tuesday’s election day, Wall Street rode a wave that brought the DJIA, S&P 500 and Nasdaq Composite indices up 2.06%, 1.78% and 1.85%, respectively.

As the US election results would have a direct impact on the global economy as well, other markets across the globe were likewise closely watching the results of the vote.

“Philippine shares jumped on Wednesday as investors hoped a clear winner would emerge from the US presidential election and a delayed, or contested, result would be avoided,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

Ballots were still being counted at the close of the local market, as this year’s election accommodated more absentee and by-mail votes.

“So far, Asian markets as well are in the green, also waiting for the US election results. Investors are closely monitoring it since whoever wins, it would have an impact on the global economy,” Philstocks’ Ms. Alviar said.

Apart from the US election, a local catalyst for Wednesday’s trading was the release of September trade data, which showed the trade gap was reduced on the back of export recovery.

“[G]rowth in export and contraction slowdown of import have also spurred positive sentiment… It may imply that domestic demand is slowly picking up again,” she said.

All sectoral indices ended Wednesday’s trading higher: mining and oil by 205.26 points or 2.7% to 7,790.96; holding firms by 154.93 points or 2.34% to 6,761.74; property by 64.06 points or 2.12% to 3,083.42; financials by 21.46 points or 1.72% to 1,263.08; industrial by 146.45 points or 1.71% to 8,704.15; and services by 12.23 points or 0.84% to 1,454.97.

Some 2.34 billion issues valued at P7.25 billion switched hands on Wednesday, against the previous day’s 4.2 billion issues worth P6.6 billion.

Advancers outnumbered decliners, 135 against 73, while 46 names ended unchanged.

Net foreign selling was trimmed to P431.49 million on Wednesday from P1.14 billion in the previous session.

“The market stays above 6,200 given the lingering optimism and participation of investors,” Ms. Alviar said.

Duterte orders price ceiling on coronavirus testing kits

PRESIDENT Rodrigo Duterte on Wednesday ordered a price ceiling on coronavirus test kits after reports of overpricing.

The President issued Executive Order 118 asking the Department of Health (DOH) and Trade department to determine the price range for test kits used in hospitals, clinics and laboratories.

Hospitals and other health facilities must comply with the price ceiling before they can be accredited as coronavirus disease 2019 (COVID-19) centers, according to the order.

The two agencies must “ensure that the price range for COVID-19 testing and test kits is just, equitable and sensitive to all stakeholders,” according to a copy of the order.

Health and Tourism officials have sought the price cap on swab tests after the government started reopening some sectors amid the pandemic. Travel restrictions have been eased as long as tourists can provide proof that they are coronavirus-free.

DoH reported 987 coronavirus infections on Wednesday, bringing the total to 388,137. The death toll rose by 49 to 7,367, while recoveries increased by 140 to 349,091, it said in a bulletin.

“The relative low report in the new cases is part of the effects of Typhoon “Rolly,” the agency said in a statement. “This decrease may still be observed over the next few days, and may be followed by a relative increase in newly reported cases in the coming days or weeks.”

There were 31,679 active cases , 82.6% of which were mild, 10.1% did not show symptoms, 2.6% were severe and 4.7% were critical.

Davao City reported the highest number of new cases at 136, followed by Iloilo at 67, Quezon City at 47, Taguig City at 43 and Iloilo City at 41.

DoH said 11 duplicates had been removed from the tally, while 13 cases tagged as recovered were reclassified as deaths. It also said 12 laboratories had failed to submit their data on Nov. 3.

Meanwhile, the agency said it was looking at two sets of COVID-19 vaccine makers for potential government orders when these become available, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing.

The first group consists of drug manufacturers and bilateral partners that may want to conduct clinical trials in the Philippines first, she said.

The other group consists of drug companies that are willing to sell the vaccines to the government, she added.

DoH is also in talks with manufacturers for potential vaccine orders once they finish clinical trials in November, Ms. Vergeire said.

Carlito G. Galvez, Jr., the chief enforcer of the government’s anti-coronavirus efforts, earlier said they could finish evaluating and ordering coronavirus vaccines by December 2022. Mr. Galvez, who is also the country’s vaccine czar,  will handle negotiations for the purchase and distribution of COVID-19 vaccines. 

Ms. Vergeire said DoH has developed the expertise to enforce a national vaccine program for the coronavirus.

“We have already drafted our vaccine implementation plan,” she said. “It contains all the considerations and assumptions based on science and plans for operations,” she said in mixed English and Filipino.

Also on Wednesday, DoH said it had released at least P20 million worth of financial aid to three DoH-retained hospitals and local government units in the Bicol region, which was battered by Typhoon Goni, locally named Rolly.

The three hospitals were among eight health facilities in the region that were damaged by the typhoon.

Ms. Vergeire said 155 COVID-19 patients and 169 health workers who got transferred to hotels during the storm, had yet to return to treatment centers in Metro Manila. — Gillian M. Cortez and Charmaine A. Tadalan

US would probably continue to check China, analysts say

By Charmaine A. Tadalan, Reporter

THE UNITED States would probably continue to try to check China’s expansionist stance in the South China Sea even under a new president, though in a less aggressive way, political analysts said on Wednesday.

“The US stance toward China will continue, though a presidency under Joe Biden would likely be less confrontational than a Trump presidency,” Maria Ela L. Atienza, a political science professor from the University of the Philippines, said in an e-mailed reply to questions.

Mr. Biden was likely to emphasize dialogue and multilateralism and work with allies to contain China, she added.

Reuters reported that Mr. Biden had won 220 electoral votes as of 3 p.m. Manila time on Wednesday, compared with 213 for Donald Trump, the incumbent. A candidate needs 270 electoral votes to win.

Mr. Biden, however, might be more forceful than Mr. Trump on Philippine issues such as human rights and press freedom, Ms. Atienza said. She also said US foreign and defense policy toward the Philippines would continue.

Renato C. de Castro, an international studies professor at De La Salle University in Manila, said Mr. Biden would probably keep the “nurturing approach” and strategic patience of the Trump administration toward the Philippines.

“Trump basically saved the alliance after President Rodrigo R. Duterte got angry with then President Barack Obama,” he said in an interview via Zoom Cloud Meetings. He remained amicable by avoiding public criticisms of Mr. Duterte’s deadly war on drugs, he added.

Mr. de Castro expects Mr. Biden to tone down the “sharp rhetoric” of Mr. Trump, but would probably continue his competitive approach toward China.

The Philippines would also benefit economically from a Biden presidency, which is expected to reverse Mr. Trump’s “America first” policy, said Jay L. Batongbacal, head of the University of the Philippines Institute for Maritime Affairs and Law of the Sea.

“A Biden presidency will probably try to backpedal from Trump’s confrontational postures, including his America first policy,” he said by telephone. This could encourage American investments in the Philippines, he added.

The Philippine government does not expect major changes in bilateral relations with the US whoever wins the election, presidential spokesman Harry L. Roque told CNN Philippines on Wednesday.

“The State Department ensures continuity as far as US foreign policy is concerned,” he said. “We don’t expect any major changes in the bilateral relations between the Philippines and the United States.”

Mr. Roque noted that given time, Mr. Duterte could enjoy an “equally warm personal relations with whoever wins this election, even if it’s not President Trump.”

Gov’t urged to use anti-insurgency fund for typhoon-hit areas

LAWMAKERS on Wednesday urged the government to realign a large chunk of its anti-insurgency funds for the rehabilitation of communities battered by Typhoon Goni, locally named Rolly.

Party-list Rep. Carlos Isagani T. Zarate said the P19.1-billion budget of a task force that seeks to end the Maoist conflict — described by some congressmen as “pork-laden” — can make at least 38 million relief packs for almost two million Filipinos affected by the typhoon.

“Our people especially in the Bicol region are so devastated that it would take months and even years for them to recover,” he said in a statement. The anti-insurgency fund could be used to build houses and roads there, he added.

Opposition Senator Risa N. Hontiveros-Baraquel earlier said a large portion of the task force’s budget earmarked for village development should be channeled to recovery efforts in the Bicol region.

Senator Emmanuel Joel J. Villanueva said economic managers should consider the proposal.

Presidential spokesman Harry L. Roque on Wednesday said the task force is also mandated to promote the development of typhoon-hit areas “with ongoing insurgencies,” including some provinces in Bicol.

“I don’t think there is any inconsistency with the proposal to actually spend funds in typhoon damaged areas because it is a fact that Bicol also is a hotbed for insurgency,” he told CNN Philippines. — Kyle Aristophere T. Atienza

Nationwide round-up (11/04/20)

South China Sea code of conduct could be signed by next year

NATIONAL Security Adviser Hermogenes C. Esperon, Jr. on Wednesday said discussions on the South China Sea Code of Conduct is continuing and could be finalized by next year. In a virtual briefing on Wednesday, Mr. Esperon said he is “positive” that the ongoing talks with China and other members of the Association of Southeast Asian Nations (ASEAN) will be concluded in 2021. “We still hope by 2021 we could sign an agreement on the code of conduct,” he said. China and ASEAN economies agreed to complete by 2022 the code that is intended to ease strains from maritime disputes. In the meantime, Mr. Esperon said joint military explorations and exercises in the West Philippine Sea have been suspended to avoid further tensions. “We have put them on hold…. For now we think that getting into military exercises in the area don’t contribute to a peaceful West Philippine Sea and South China Sea,” he said. — Gillian M. Cortez 

No rush to US military pact cancellation, says Roque

PRESIDENT Rodrigo R. Duterte might extend the suspension of his order to cancel the Philippines’ Visiting Forces Agreement (VFA) with the United States by another six months, his spokesperson said on Wednesday. “Perhaps the President will invoke the second six-month time to finally abrogate the VFA,” Palace Spokesperson Harry L. Roque said in an interview with CNN Philippines. Mr. Duterte ordered the termination of the military exercises pact with the US in February, but backtracked in June, citing heightened political tensions and the coronavirus pandemic. The suspension of the notification to abrogate will expire in December. “There is no immediate rush for the President to decide because the notification we sent to the Americans gives them at least one year leeway before it’s abrogated,” Mr. Roque said. — Gillian M. Cortez 

On Duterte’s SALN: Not concealing, just following Ombudsman rules

PRESIDENT Rodrigo R. Duterte is not hiding his statements of assets, liabilities and net worth (SALN) but merely following rules of the Ombudsman, Palace Spokesperson Harry L. Roque said on Wednesday. “He is just respecting the recent guidelines issued by the Ombudsman because after all the Ombudsman is a constitutional body tasked with promoting accountability amongst public officers,” Mr. Roque said in an interview with CNN Philippines. Mr. Duterte has yet to make public his 2019 and 2019 SALNs, the annual filing required from all elected officials and all civil service workers. Ombudsman Samuel R. Martires restricted public access to SALNs with the release of new guidelines in September. — Gillian M. Cortez 

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