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Peso climbs on record-high GIR

THE PESO strengthened against the dollar on the back of positive local data and in line with the performance of regional currencies.

The local unit ended at P51.77 against the greenback on Tuesday, climbing nine centavos from its P51.86-to-a-dollar close on Monday.

The peso opened at P51.87 versus the dollar. Its weakest point was recorded at P51.90, while its intraday best was at P51.69 against the greenback.

Dollars traded on Tuesday climbed to $1.131 billion against the $828.6 million seen on Monday.

UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion attributed the peso’s strength to both international and local factors.

“It may have been due to the general jump in markets across Asia. The positive GIR (gross international reserves) numbers may have driven the uptick as well,” Mr. Asuncion said in a text message.

“The peso was stronger today…a day after the announcement of the GIR, thereby fundamentally providing a greater buffer for the peso exchange rate,” Rizal Commercial Banking Corp. (RCBC) chief economist Michael L. Ricafort said in a text message on Tuesday.

Most Asian currencies edged higher on Tuesday with the Chinese yuan firming the most after reopening from a week long holiday while investors held positions ahead of the high level Sino-US trade talks on Thursday and Friday.

Prospects for progress in US-China trade talks dimmed on Monday after Washington blacklisted Chinese companies but comments by US President Donald Trump and his top economic adviser, Larry Kudlow on looming trade talks were generally upbeat.

“We think there’s a chance we could do something very substantial,” Mr. Trump said about the talks.

This comes after a media report stated that China is looking to narrow the scope of the talks.

Meanwhile, the Bangko Sentral ng Pilipinas reported on Monday that the country’s gross international reserves hit a record high of $86.163 billion as of September.

For today, UnionBank’s Mr. Asuncion said the peso could range from P51.50-51.80 versus the dollar, while RCBC’s Mr. Ricafort said it may end within P51.60-51.90. — LWTN with Reuters

Shares rebound ahead of US-China trade talks

By Denise A. Valdez, Reporter

THE BENCHMARK INDEX rebounded yesterday ahead of the fresh round of trade negotiations between the United States and China scheduled later this week.

The Philippine Stock Exchange index (PSEi) gained 73.50 points or 0.95% on Tuesday to close at 7,756.72, as the broader all shares index climbed 22.22 points or 0.47% to 4,688.39.

“The trade talk between US and China on Thursday as well as the low prices of stocks due to the sell off last week may have probably influenced investors to hunt bargain stocks,” Timson Securities, Inc. Trader Jervin S. de Celis said in a text message on Tuesday.

The two economic giants are scheduled to resume trade talks this week, which Bloomberg reported will likely veer away from discussions on reforming Chinese industrial policy and government subsidies.

“Investors are…anticipating that if the two countries strike a good deal, then that should bolster market sentiment ahead of the corporate earnings release in November and that will somehow alleviate worries on the condition of the global economy in the middle of the trade war between US and China,” Mr. De Celis said.

For Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the market was also affected by positive data from the central bank on Monday. The Bangko Sentral ng Pilipinas reported that the country’s gross international reserves (GIR) climbed to a record-high $86.163 billion at end-September.

“The market’s gains today can be attributed to our record high gross international reserves as of end of September 2019. With a high GIR level, our currency can be protected from external shocks. A stable currency in return would help boost our local market,” Mr. Tantiangco said on Tuesday.

Buying activity in shares of SM Investments Corp. (SM), Ayala Corp. (AC), Jollibee Foods Corp. (JFC) and BDO Unibank, Inc. (BDO) also drove up the main index, as the consolidated growth of the four firms reached 56 points at the end of yesterday’s trading.

Most sectoral indices moved up on Tuesday, with mining and oil leading the pack with a 174.45-point increase or 1.94% to end at 9,157.67.

Holding firms followed as it added 134.79 points or 1.79% to 7,639.04, while industrials rose 133.95 points or 1.28% to 10,594.84.

Property shares also picked up by 9.36 points or 0.23% to 4,043.91 and financials added 2.41 points or 0.13% to 1,792.41.

The lone declining sectoral index was services, which fell 2.93 points or 0.19% to close the session at 1,513.45.

Trading volume increased to 1.02 billion yesterday, with a total value of P6.95 billion, higher than Monday’s P5.84 billion worth of shares.

Advancers outpaced decliners, 116 to 66, while 51 names closed unchanged.

Court junks P1-billion suit vs Marcoses

THE COUNTRY’S anti-graft court has rejected for insufficient evidence a 31-year-old lawsuit accusing the late dictator Ferdinand E. Marcos and his wife Imelda of using dummies to amass more than P1 billion in ill-gotten assets.

The Sandiganbayan Second Division in a 30-age decision dated Sept. 25 junked the civil suit against them and Rustan Commercial Corp. founders Bienvenido Tantoco, Sr. and Gliceria Tantoco, whom the government had accused of acting as Marcos dummies.

“Evidently, plaintiff republic failed to prove by preponderance of evidence that the defendants by themselves, or in conspiracy with defendants Marcoses obtained ill-gotten wealth,” according to a copy of the court ruling obtained by media yesterday.

The Presidential Commission on Good Government in 1998 accused the Marcoses and Tantocos of conspiring to obtain expensive artworks and jewelry, designer clothes, properties in New York and several companies including Rustan International Marketing using state funds.

The late President Corazon C. Aquino created the body in the 1980s to go after billions of dollars worth of assets that the Marcoses allegedly stole from Philippine coffers.

The government later expanded the civil suit to include properties in Hawaii, Rome, Italy and Forbes Park in Makati City as well as personal properties such as cars, cash, notes, loans and three Cessna planes.

The government had also accused the Tantocos of acquiring a franchise, through a presidential decree, to operate duty-free shops that tried to conceal real ownership.

The couple allegedly paid only a franchise tax of 7%. But only 2% of the tax went to the state, the rest allegedly becoming Imelda Marcos’s source of petty cash.

“The alleged participation of the defendants in securing the issuance of the presidential decree was not established,” according to the decision written by Justice Michael Frederick Musngi. “The claim that 5% of the franchise tax went to Imelda Marcos has no evidentiary support.”

The court noted that the prosecution presented only four witnesses, and the court admitted only 11 documents.

During the late president’s 20-year rule, his wife, who served several terms as congresswoman after returning from exile in the US, amassed a large collection of art, jewelry, property and — most famously — at least 1,000 pairs of designer shoes.

The Marcoses collected paintings by Van Gogh, Michelangelo, Cezanne, Rembrandt and Rafael and Michelangelo, palatial homes in the US and the Philippines, gold necklaces and diamond tiaras before they were ousted in a popular uprising in 1986. At that time, investigators put their wealth at about $10 billion.

The same court in August rejected for insufficient evidence a 30-year-old government lawsuit seeking to recover P102 billion of alleged ill-gotten wealth of the dictator, his family and their associates.

The Sandiganbayan Second Division said the state had miserably failed to prove that Mr. Marcos and his widow Imelda had illegally given out loans to several companies at the government’s expense.

“It takes 30-plus years to prove our innocence,” Marcos daughter Imee R. Marcos, now a senator, told reporters yesterday.

Solicitor General Jose C. Calida would have to decide whether to appeal the case, presidential spokesman Salvador S. Panelo said at a briefing in Malacañang.

“If it’s ill-gotten, then we should always run after it,” he said. “It should be the policy of all governments to run after ill-gotten wealth.” — Vince Angelo C. Ferreras

Rappler allowed to file pleading in cyberlibel suit

A MANILA trial court has allowed news website Rappler to file a motion seeking to dismiss a cyberlibel suit against it and its founder.

Judge Rainelda H. Estacio-Montesa gave Rappler and Chief Executive Officer Maria A. Ressa 10 days to file the pleading, according to a copy of the order. Prosecutors will have 10 days to answer.

The case will be submitted for decision after that, the court said.

Businessman Wilfredo D. Keng sued Rappler for publishing an article on May 29, 2012 that said he owned a car used by the late Chief Justice Renato C. Corona and was involved in illegal activities.

The Senate convicted Mr. Corona in 2012 for corruption, — Vann Marlo M. Villegas

Court again defers action on Marcos election suit

THE SUPREME Court has again deferred action on the ballot recount results involving the vice presidential election protest of former Senator Ferdinand “Bongbong” R. Marcos, Jr.

The magistrates, sitting as members of the Presidential Electoral Tribunal (PET), did not take action on the case in Tuesday’s session, court spokesman Brian Keith F. Hosaka said in a mobile-phone message.

“The case remains pending and is still being deliberated by the members of the tribunal,” he said.

Mr. Marcos filed the election protest in 2016 against Vice President Maria Leonor G. Robredo, who is now halfway through her term.

Justice Alfredo Benjamin S. Caguioa submitted last month a report on the recount in three pilot provinces chosen by Mr. Marcos where massive cheating allegedly occurred. The three provinces were Iloilo, Negros Oriental and Camarines Sur.

Ms. Robredo has asked the tribunal to give her a copy of the report “to put to rest the speculations in the greater interest of transparency.”

The court has belied a Philippine Star column that said it had ruled 8-6 in favor of Mr. Marcos. — Vann Marlo M. Villegas

High court asked to stop Napoles plunder trial

BUSINESSWOMAN Janet Lim-Napoles has asked the Supreme Court to stop her trial at the country’s anti-graft court for plunder.

In a 100-page petition, Ms. Napoles, accused of masterminding the so-called pork barrel scam, also asked the tribunal to void three Sandiganbayan orders that denied her plea to dismiss the cases against her.

She said the court had abused its discretion when it refused to dismiss the information for lack of jurisdiction.

She noted that complaint originally filed by the Ombudsman in 2014 did not identify the main plunderer, as required by jurisprudence. — Vann Marlo M. Villegas

No mass transport crisis, Palace asserts

DESPITE THE worsening road congestion and commuter problems in Metro Manila, Malacañang on Tuesday said there is no mass transportation crisis yet. “Ang nakikita ko lang traffic, hindi ‘yung (What I see is traffic, not a) [mass] transportation [crisis]. May transportation naman, nakakasakay naman tayong lahat (There is transportation, we are all able to find a ride),” Presidential Spokesperson Salvador S. Panelo said at a briefing in Malacañang when asked to comment on claims that there is mass transportation crisis in the capital. He said the train systems no longer suffer from regular glitches. He also advised commuters that “if they want to arrive early in their destinations, they have to go earlier.” According to the latest Numbeo Quality-of-life-index, published in Deutsche Bank’s annual “Mapping the world’s prices” report, Manila is ranked 54th out of 56 countries in terms of quality of life. The ranking is based on traffic congestion and commute times, purchasing power, regional crime and safety, overall quality of health care, general cost of consumer goods, and housing affordability, among others. — Arjay L. Balinbin

US, PHL, Japan forces to hold joint military exercises

MEMBERS OF the US, Japanese and Philippine military will hold the third KAMANDAG exercises on Oct. 9–18 in various training venues in Luzon and Palawan. In a statement on Monday, the US Embassy in the Philippines said this year’s activities would include for the first time assault amphibious vehicle training involving forces from the three countries as well as a low-altitude air defense and threat reaction training for US and Philippine forces. “Together, these activities represent an increase in military capability and a commitment to a free and open Indo-Pacific region and demonstrate the ability to forward deploy forces in the event of a crisis or natural disaster,” the embassy said. KAMANDAG 3 will also hold humanitarian assistance and disaster relief missions. KAMANDAG is an acronym for the Filipino phrase “Kaagapay Ng Mga Mandirigma Ng Dagat,” which means “Cooperation of Warriors of the Sea.”

Maxx Hotel closed

A REPRESENTATIVE of the Makati City government serves a closure order against Maxx Hotel on Oct. 8 for violating the country’s anti-trafficking in persons law. The Makati Police conducted an entrapment operation last Monday night after receiving a report that the hotel was being used as a prostitution den. Authorities rescued 35 alleged sex workers who are mostly Chinese women and arrested 21 Chinese men.

Bukidnon official opposes sugar import liberalization

A PROVINCIAL board member of Bukidnon has published a proposed resolution stating opposition to the liberalization of sugar importation. “As it is hereby resolved, appealing to President Rodrigo R. Duterte to disallow the planned liberalization of the importation of sugar by the Department of Finance,” Board Member Nemesio B. Beltran said in the Proposed Resolution No. 89-2019. He noted that the province’s milling districts have a total of 11,395 sugarcane farmers, 72.40% of whom are farming less than five hectares each. “Any disruption in sugar farming or cessation in mill operations will severely and negatively affect the livelihood of farmers and workers,” Mr. Beltran said. “More than 100,000 people in Bukidnon will be directly affected if the unregulated sugar importation will be allowed,” he added. Government data show that in the second quarter of the year, sugarcane production decreased 59.6% to 2.61 million metric tons (MMT), year-on-year. The largest producer was Western Visayas with 1.44 MMT or 55% of total production, followed by Northern Mindanao, where Bukidnon is located, which contributed 14.9%, and the Central Visayas with 13.4%. The Department of Finance on Sept. 27 formally proposed import liberalization for the sugar industry, which is similar on the opening up of the rice industry. — Vincent Mariel P. Galang

500 Marawi families to get housing from UN-Habitat, TFBM project

ABOUT 500 families affected by the 2017 siege in Marawi City will benefit from the permanent housing project of the United Nations Human Settlements Programme (UN-Habitat) and Task Force Bangon Marawi (TFBM).

UN-Habitat, in a statement Monday, said the project is part of its Japan-funded Rebuilding Marawi through Community-Driven Shelter and Livelihood Project.

Among the identified beneficiaries are families who cannot rebuild their homes at the six-meter easement along the Agus River and the reclaimed area in front of Lake Lanao.

The housing units will be put up on a 39-hectare land that the National Housing Authority (NHA) acquired and developed.

Each 46-square meter, one-storey house will be built on a 90-square-meter lot. It will include a toilet and a kitchen as well as electrical and plumbing systems.

Bernhard Barth, UN-Habitat- Regional Office for Asia and the Pacific human settlements officer, said the project, which broke ground Monday, “marks a very important phase in our contribution to achieving durable solutions for Marawi’s displaced population. We are grateful to NHA for granting this patch of land, where in a few months, we will see a new community breathe with life.”

Among those tapped to work for the project are internally displaced people with skills, who will be paid under the livelihood component of the UN-Habitat program.

Last month, UN-Habitat also launched a P44.2 million livelihood project, which will help about 4,000 families, with priority given to women, elderly, and households headed by women.

Of the total fund, P14.2 million serve as start-up capital that will be divided among 30 cooperatives. The P30 million balance is allocated for the implementation of the Citywide Sustainable Livelihood tract, designed to provide skills training and capability-building activities to beneficiaries.

Housing and Urban Development Coordinating Council Chairperson Eduardo D. Del Rosario, also chair of the TFBM composed of 56 agencies, said the December 2021 target to complete the Marawi rehabilitation remains on track. — Carmelito Q. Francisco

1 Abu Sayyaf member killed, another caught in Sulu

MILITARY FORCES killed an Abu Sayyaf Group (ASG) member and captured another following a gunfight in Sulu on Sunday. Joint Task Force Sulu Commander Major General Corleto S. Vinluan, Jr. said the troops launched a tactical offensive upon encountering a group of 30 ASGs in Sitio Kan Pataw, Barangay Upper Sinuman. Soldiers from the 2nd Special Forces Battalion retrieved the body of a still unidentified ASG, a group known for kidnap-for-ransom activities and has pledged alliance with the Islamic State. Authorities identified the captured terrorist as Nursaina Jarad Sahi, a militant’s wife. She sustained shrapnel wounds and was immediately treated at Camp Bautista Station Hospital. “I feel sorry for her that she was abandoned, wounded and helpless during the firefight,” Mr. Vinluan said. He attributed the operational gains to the cooperation and support of the Tausug community who reported the presence of militants in the locality. Recovered from the battle site were several firearms including an M16 rifle and a Galil rifle both equipped with an M204 grenade launcher. — Marc Wyxzel C. Dela Paz