THE PHILIPPINE Stock Exchange index (PSEi) broke through the 6,100 level on Tuesday as the market rallied amid growing investor optimism.
The main index grew 93.45 points or 1.55% to close the session at 6,112.71. The broader all shares index likewise accelerated 40.23 points or 1.10% to end at 3,681.26.
The PSEi’s close on Tuesday was its best finish in more than two months, trailing its 6,156.45 close on Aug. 18.
“The PSEi gained momentum and ended higher, breaking above its 6,030 daily resistance level. Investors continue to gain optimism that the economy’s recovery will speed up with the easing of mobility and quarantine restrictions,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.
After the government announced easing rules on non-essential travel last week, which followed a campaign that encouraged people to start going out, investors started hoping for more economic activity in the fourth quarter, which would boost the revenues of listed companies that have been dampened over the past months.
“The PSEi had another rally and this time, we can see that investors’ focus was on the index member stocks,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message.
“The COVID-19 (coronavirus disease 2019) pandemic is still a risk to our economy and our health. But even with the risk of COVID-19 infection, the Philippines needs to reopen and bring back demand. Gradual reopening of the economy spurs optimism,” she added.
Nineteen out of 30 PSEi members ended Tuesday’s session with gains, led by Jollibee Foods Corp. (+9.31%), GT Capital Holdings, Inc. (+6.11%), Ayala Land, Inc. (+5.03%), Alliance Global Group, Inc. (+4.90%) and LT Group, Inc. (+4.44%).
The growth of COVID-19 cases in the country has also started slowing, which helped improve investor sentiment, Mr. Mangun said. Some 2,638 new cases were reported on Monday, bringing the country’s tally to 359,169 total cases.
All sectors except the mining and oil index posted gains on Tuesday. Financials increased 23.57 points or 1.98% to 1,209.01; property improved 54.63 points or 1.92% to 2,891.22; industrials rose 152.70 points or 1.88% to 8,276.68; holding firms climbed 84.25 points or 1.35% to 6,302.75; and services added 2.97 points or 0.20% to 1,452.93.
Mining and oil was the sole declining index, posting a 354.78-point or 4.59% slump to close at 7,361.86 at the end of session.
Value turnover stood at P8.23 billion on Tuesday, up from the previous day’s P5.44 billion. Some 2.24 billion issues switched hands.
Advancers outnumbered decliners, 112 against 98, while 46 names ended unchanged.
Foreign investors remained as net sellers, posting net outflows of P718.04 million on Tuesday from P614.46 million on Monday.
“The main index is currently up 2.4% for the week. We may see it pull back before moving higher to test its next resistance at 6,170,” Mr. Mangun said. — Denise A. Valdez
THE DEPARTMENT of Health (DoH) reported 1,640 coronavirus infections on Tuesday, bringing the total to 360,775.
The death toll rose to 6,690 as 17 more patients died, while recoveries increased by 369 to 310,642, it said in a bulletin.
There were 43,443 active cases, 83% of which were mild, 11.6% did not show symptoms, 2% were severe and 3.4% were critical.
Cavite province and Quezon City reported the highest number of new cases with 86 each, followed by Batangas with 69, Bulacan with 62 and Manila with 61.
Zamboanga Peninsula and Metro Manila reported five new deaths each, while Central Luzon and the Cordillera Administrative Region reported two each, the agency said. The Ilocos region, Davao and Soccsksargen reported one death each.
More than 4.1 million individuals have been tested for the virus, it said.
Meanwhile, northern provinces and cities have experienced a surge in coronavirus infections, according to Carlito G. Galvez, Jr. chief enforcers of the government’s anti-coronavirus measures.
The Calabarzon region — made up of the provinces of Calamba, Laguna, Batangas, Rizal and Quezon — and the cities of Baguio and Ilagan have reported rising cases, he told an online news briefing on Monday.
Ilagan City had been placed under an enhanced community quarantine to contain the virus, Mr. Galvez said. Some areas in Baguio City have experienced a surge in infections, while cases in other areas have been declining, he added.
Some areas of Mindanao in southern Philippines have also experienced a surge in infections, he said. Mr. Galvez was scheduled to visit Bukidnon province in Northern Mindanao on Tuesday.
Health authorities were also monitoring Tawi-Tawi, which is near the Malaysian island of Sabah, where COVID-19 cases had also been rising, Mr. Galvez said.
DoH on Monday said it was P10.5 billion short of funds for coronavirus vaccines to cover a fifth of the Philippines’ more than 100 million population.
The agency needs more than P12 billion to inoculate priority groups including health workers and the poor, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing on Monday.
It only has allotted P2.5 billion for vaccines in its P204-billion budget for next year. The cost considered two doses for each person, she said.
The Philippines has funds to buy coronavirus vaccines but it needs more so the entire population of more than 100 million could be inoculated, President Rodrigo R. Duterte said last week. He said he would look for more funds so all Filipinos could be vaccinated, adding that he was okay with vaccines developed either by Russia or China.
Marikina Rep. Stella Luz A. Quimbo at the weekend said vaccinating 20 million Filipinos would cost almost P13 billion. She added that the budget was only enough to cover 3.9 million Filipinos at a testing price of P641 each. — Gillian M. Cortez and Vann Marlo M. Villegas
THE GOVERNMENT should consider subsidizing the 13th month salary payments of micro and small enterprises (MSEs) worth about P3.5 billion using standby funds, according to the country’s Labor chief.
“If we can find standby funds or savings, we might be able to subsidize micro and small business enterprises,” Labor Secretary Silvestre H. Bello III told an online news briefing in Filipino on Tuesday.
The agency would submit its recommendations to President Rodrigo R. Duterte, he said.
About P13 billion is needed to subsidize the 13th month payments of all companies to 5.7 million workers, Mr. Bello said, citing the Philippine Statistics Authority.
Mr. Bello said the subsidies are on top of the Trade department’s P10-billion fund for micro and small businesses affected by a coronavirus pandemic.
The agency was studying a plan to allow companies to defer the payments after some of them were forced to shut down or operate at reduced capacity after the country was placed under different levels of lockdowns.
Last week, however, it ordered companies not to defer 13th month payments, which are mandated by law. Mr. Bello said the Rural Bankers Association of the Philippines was offering loans at low interest to small businesses so they can afford the salaries.
Companies must have been operating for more than a year to qualify for the loans, Trade Secretary Ramon M. Lopez told reporters on Tuesday.
Meanwhile, congressmen urged the private sector to pay the 13th month salary and Christmas bonus of their workers before the deadline.
“If they do that, they would also be following the example of the government, the country’s biggest employer, which releases the 14th month pay of its more than one million personnel on Nov. 15,” Quezon City Rep. Precious H. Castelo said in a statement.
“It will surely ease the financial burden employees and our people have to face everyday because of the COVID-19 pandemic,” she added.
The lawmaker said workers could avoid borrowing money if they get their year-end bonuses ahead of schedule.
The law mandates employers to pay the 13th month salary by Dec. 24. — Gillian M. Cortez and Kyle Aristophere T. Atienza
THE NATIONAL Bureau of Investigation (NBI) on Tuesday said it had arrested two members of the Abu Sayyaf Group involved in a kidnapping incident in 2002.
The men, who had been ordered arrested for kidnapping several members of Jehovah’s Witnesses in Patikul, Sulu in southern Philippines, were nabbed in separate operations on Oct. 12 and 19 in Pasay City near the capital, the NBI said in a statement.
A witness had identified the two suspects from a photo line-up, it said.
NBI officer-in-charge Eric B. Distor said they launched the operation based on information received by the bureau’s Counter-Terrorism Division.
Casing and surveillance operations were conducted by the office along with their counterparts in the Armed Forces of the Philippines. The suspects were being detained at the NBI detention facility in Manila.
Agents have arrested five Abu Sayyaf members this year, Mr. Distor said.
The Abu Sayyaf is much feared for its banditry, piracy and kidnap-for-ransom business, with targets that include Europeans and seamen from Vietnam, Indonesia and Malaysia.
Some hostages were held for years and beheaded when ransom was not paid, among them a German and two Canadians.
The grouphas used terror for profit and to promote its jihadist agenda, according to the US National Counterterrorism Center. — Vann Marlo M. Villegas
ABOUT 1,400 migrant Filipino workers came home at the weekend amid a coronavirus pandemic that has sickened 40.7 million and killed 1.1 million people, worldwide, the Department of Foreign Affairs (DFA) said on Tuesday.
Of the total, 535 Filipinos came from Dubai, 320 from Saudi Arabia and 200 from South Korea, the agency said in a social media post.
“The DFA remains fully committed to bringing home fellow Filipinos, wherever they are in the world,” it added.
It said 195 overseas Filipinos also came home from Manama in Bahrain, 161 from Australia and 35 from Sint Maarten in the Caribbean.
This brings the total beneficiaries of the government’s repatriation program to more than 223,000 since it started in February. They include more than 73,800 seafarers and some 149,000 land-based Filipino workers overseas.
DFA said 11,000 migrant Filipinos have gotten the coronavirus, 3,100 of whom were being treated, 7,200 have recovered and more than 800 have died.
The agency earlier said Laos and Afghanistan have lifted restrictions on inbound flights on Filipino travelers, while Malaysia, India, Kazakhstan, Kyrgyz Republic, Tajikistan and Hong Kong tightened health protocols and visa rules.
Japan has gradually opened up entry for students, dependents and technical interns, but maintains a ban on tourists. — Charmaine A. Tadalan
AUTHORITIES IN Vietnam and the Philippines braced on Tuesday for a tropical storm that could bring flooding and landslides in both countries, as the death toll in Vietnam from weeks of adverse weather rose to 105, with dozens still missing.
Rescue teams and disaster officials were on standby and preparing equipment in the Philippines, awaiting the arrival on the main island of Luzon later on Tuesday of tropical storm Saudel, which could bring heavy rains and cause mudslides.
Moderate early rains triggered some minor landslides on Tuesday, blocking several roads.
Typhoon warning signals were up in several parts of the northern mainland, including the capital Metro Manila.
Philippine weather bureau PAGASA forecasts the storm, locally named Pepito, to be out of the country by Thursday afternoon.
VIETNAM Vietnam’s weather agency is expecting Saudel to arrive in its central region on Saturday, bringing more intense rains, risking exacerbating its worst flooding in years.
Floods and mudslides during October have killed at least 105 people in central Vietnam, about a third of those soldiers, with 27 people missing, among those 15 construction workers buried under one of several deadly mudslides last week.
At least 178,000 homes, nearly 7,000 hectares (17,297 acres) of crops have been impacted and 700,000 farm animals killed, official data showed.
Vietnam’s current coffee crop harvest and bean quality should not be hurt by continuous rains, traders said, while its main rice growing region will be unaffected.
State television showed people sitting on the roofs waiting for aid from rescuers in Quang Binh province, where floods have blocked roads and cut power.
“I have not eaten since yesterday,” an elderly woman told VTV from her roof. “We have nothing, no food, no phone. Nothing.”
The International Federation of the Red Cross (IFRC) in a statement said the floods had compounded the suffering of people already struggling from the impacts of the coronavirus pandemic.
“These floods are the last straw and will push millions of people further towards the brink of poverty,” Christopher Rassi, Director of the Office of the Secretary General. — Reuters
President assures Red Cross of payment for COVID-19 tests
PRESIDENT RODRIGO R. Duterte promised that the Philippine Health Insurance Corp. (PhilHealth) will settle its over P900 million debt to the Philippine Red Cross for coronavirus disease 2019 (COVID-19) tests.
“We will pay. It will take time but we will pay. We’ll look for the money,” Mr. Duterte said in a televised talk on Monday evening, stressing that health concerns is a government priority.
He added that the government is finding a way to “make both ends meet” while the country faces the economic backlash of the COVID-19 outbreak.
Palace Spokesperson Harry L. Roque, meanwhile, said PhilHealth still has funds to pay its dues with the Red Cross.
The state insurer, he said in a briefing on Tuesday, “will never run out of funds” because the Universal Health Care law provides that the government is responsible for the “viability of PhilHealth.”
The Philippine Red Cross announced last week that it will temporarily stop accepting RT-PCR tests chargeable to PhilHealth until the agency settles its outstanding balance of over P900 million.
The unsettled obligation of PhilHealth comes amid corruption allegations within the organization.
The task force appointed by the President to probe anomalies in the agency has already recommended the filing of charges against former and current top officials. — Gillian M. Cortez
Solon calls for stricter guidelines on PPE, medical waste disposal
A LAWMAKER has filed a resolution calling on the national task force in charge of the coronavirus response to implement stricter guidelines on the disposal of personal protective equipment (PPE) and other medical wastes.
In House Resolution 1244, Party-list Rep. Michael Edgar Y. Aglipay urged the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases to set measures that will help mitigate the further spread of the virus as well as protect the environment.
“There is an impressive increase in testing and treatment facilities. Such occurrences have unintentionally resulted in an incremental increase in medical waste. It has likewise been reported that such medical waste is carelessly disposed,” Mr. Aglipay said. “If not managed, such waste is not properly managed, such may lead to an environmental disaster.”
Data from the Department of Environment and Natural Resources (DENR) show that the country generated over 19,000 metric tons of infectious healthcare waste from April to late July. “The proper disposal of such medical waste is not only a vital part in defeating COVID-19 (coronavirus disease 2019), but also a means to ensure that future generations have a balanced and healthful ecology in accord with the rhythm and harmony of nature as guaranteed by no less than the 1987 Philippine Constitution,” he said.
Environmental group EcoWaste Coalition earlier called on the IATF and local government units to address the “very worrisome” practice of throwing discarded masks and other PPE on the streets and other public places.
The group also urged the government to mandate businesses to practice waste segregation. — Kyle Aristophere T. Atienza
DoH reiterates appeal for parents to have their children vaccinated
THE HEALTH department again appealed for parents’ cooperation to ensure that children get vaccinated against diseases as health service operations are back in full swing.
“We cannot understate the value of vaccines,” Maria Wilda T. Silva, program manager of the Department of Health (DoH) National Immunization Campaign, said in a statement on Tuesday.
“All of the health centers are back in operation and providing the routine immunization services,” Ms. Wilda said in an online briefing, adding that community outreach and door-to-door services are being undertaken in some areas.
She also reminded parents to ensure that their children get complete doses of available vaccines.
“For parents, please bring your children to the health center because it’s very important that all of these vaccines will be received at the right time, the right dose, at kung may na-miss (and if one was missed), we have provision for catch up,” she said.
She said that unvaccinated children from 2019 up to the first half of 2020 is estimated at around 1.1 million.
The DoH will be conducting measles, rubella, and oral poliomyelitis vaccine campaigns from October 26 to November 25.
Physician Mary Ann C. Bunyi said herd immunity, wherein a “proportion of individuals who developed resistance against a specific pathogen,” is achieved through vaccination or natural infections.
“The greater the portion of a population that is immune or less susceptible to a disease, the lower is the probability that a susceptible person will come in contact with an infectious person,” she said in a briefing.
“It does not mean that everyone has to be immune to prevent spread of the disease but the majority will protect the few susceptible people,” she added. — Vann Marlo M. Villegas
Investigators confirm ‘hierarchy’ at work in immigration illegal entry scheme
THE NATIONAL Bureau of Investigation (NBI) on Tuesday said a pyramid structure was in place for the operation of the scheme that eased entry of Chinese nationals for a bribe.
NBI Special Action Unit Chief Emeterio Dongallo, Jr., speaking during a Senate committee hearing on Tuesday, said evidence gathered indicate that that there was “hierarchy” in the money-making scheme.
In previous sessions of the Senate probe, Immigration Officers Jeffrey Dale Ignacio and Allison Chiong both said the scheme operates under a pyramid or a hierarchical structure, led by Marc Red A. Mariñas, a former head of the Bureau of Immigration Port Operations Division.
Senator Risa N. Hontiveros-Baraquel, who is leading the committee investigation, pointed out that “command responsibility” applies to Mr. Mariñas as the scheme happened under his watch.
She also raised the missing statement of assets, liabilities and net worth (SALN) of Mr. Mariñas for years 2014-2016 and 2018.
Mr. Mariñas denied allegations that he is behind the scheme and has profited from it. In the same hearing, Ms. Baraquel also questioned the involvement of Immigration Deputy Commissioner J. Tobias M. Javier after a witness said he is the commissioner preferred to handle administrative cases.
Mr. Javier in response stood by his integrity, noting that in the fact-finding committee report, he recommended administrative charges against the respondents.
“I think I have to divulge the result for the reason that my name is being dragged here… The result is actually averse to all of them, to the respondents. We recommended that they be administratively charged for the conduct prejudicial to the best interest of service and grave misconduct,” he said. — Charmaine A. Tadalan
Duterte laments drug use remains rampant despite campaign
PRESIDENT RODRIGO R. Duterte on Monday expressed frustration that illegal drug use remains rampant in the country despite his controversial drug war.
In a televised talk on Monday evening, he said “two in 100” Filipinos use drugs actively, or 1.67 million individuals as corrected by the Palace.
Palace Spokesperson Harry L. Roque, in a briefing on Tuesday, clarified the President’s statement saying this does not necessarily mean the campaign was ineffective.
“What the President is saying,” Mr. Roque said in Filipino, “is that is a cornerstone of his administration. As long as the threat remains… it will be given the highest priority.”
Eliminating illegal drugs within six months was one of the main campaign promises of Mr. Duterte when he ran for office in 2016.
Based on police record, 6,000 have died in the government’s campaign against drugs, but human rights groups said the death toll is over 30,000. — Gillian M. Cortez
Duterte says gov’t ‘doing our best’ in Marawi rehabilitation as group laments slow progress
PRESIDENT RODRIGO R. Duterte outlined hurdles in the rehabilitation of Marawi, which was left in ruins by the battle between state forces and local terrorist groups that took hold of the city in 2017, as he assured residents that the government is doing its best in the rebuilding process. “You know, Marawi is not that easy,” Mr. Duterte said in a televised talk Monday evening. “We started it and we are at it already because… the clearing of explosives ang matagal (took time). Then we have to contend with (land) titles… there’s no title that is really very clean,” he said. The Marawi Reconstruction Conflict Watch, an autonomous monitoring group composed of various stakeholders, lamented the slow implementation of the reconstruction program. “Even if some have benefited from what has been achieved so far, the majority of our people haven’t. The sad fact remains that progress is slow, funds are lacking, and implementation could be improved,” the group said in a statement over the weekend as the country marked the third year of the end of the five-month Marawi siege. “Tensions rise over land and property rights as reconstruction activities start. These may worsen existing identity-related conflict and may trigger violent flashpoints and a stringing of conflict — a situation ripe for the resurgence of violent extremism, the thing that the government declared we have been liberated from,” it added. Secretary Eduardo D. Del Rosario, chair of the inter-agency Task Force Bangon Marawi that is handling the rebuilding program, said construction works are now on “full blast” after the emergency response debris management, and bomb-clearing operations “that took around two years to complete.” In a statement on Tuesday, he said a P3.56 billion fund was released in April and May, although mobilization was slowed down by restrictions due to the coronavirus outbreak. “But we remain on track, we have the methodology in the rehabilitation and we are well within the time frame of completing all major infrastructures by December 2021,” Mr. Del Rosario said. “The money is there. Do not worry,” the President said, “We are doing our best. We did not ask for this fight. We had to destroy because it was the only way to put down the enemy.” — Gillian M. Cortez
Manila’s youth leaders, households to get urban farming training
THE TECHNICAL Education and Skills Development Authority (TESDA) has partnered with a farm school to teach urban farming to Manila City’s youth leaders and selected households. TESDA Director-General Isidro S. Lapeña signed on Tuesday an agreement with OMA Farming School Corp. President Carmelita Banta-Belgica for the program intended to help address food security amid the coronavirus crisis. “Food sufficiency is a concern not only of the country’s agriculture areas, and rice producing regions. This is a cause of concern in all areas, including urbanized cities, especially now that we are facing this pandemic,” Mr. Lapeña said. An initial 100 people, including Sangguniang Kabataan officials, will undergo training. In the same event, OMA Farming School was also launched as the first private technical training institution that offers technical and vocational education, and urban farming training in Manila. — Revin Mikhael D. Ochave
A MAJOR League Baseball (MLB) season that once appeared doomed by COVID-19 approaches the finish line today, as a World Series showdown between the Tampa Bay Rays and the Los Angeles Dodgers kicks off in Arlington, Texas.
Only about a quarter of the 48,000-capacity Globe Life Park will be open to ticket holders due to the ongoing pandemic that has claimed more than 200,000 lives in the United States. The ballpark is the first neutral site since 1944 to host the best-of-seven Fall Classic.
The novel coronavirus put Opening Day on hold for months and threatened to derail the truncated season when it finally opened in July, as positive tests among players and personnel forced numerous postponements and put Commissioner Rob Manfred on the defensive over the league’s safety provisions.
‘REALLY SATISFYING’ The Rays, who overcame a 4-6 start to the regular season, clinched their first pennant in more than a decade in a seven-game saga against the Houston Astros, and will look to rely on the firepower of slugger Randy Arozarena, who led his team in scoring with 14 runs in the playoffs, including seven home runs, a rookie postseason record.
“I’m very happy with this team and this organization and the group of guys that I have,” said Arozarena via a translator in a televised interview after claiming his American League Championship Series MVP prize.
“I’m extremely grateful,” said Rays catcher Mike Zunino, who had four homers in the postseason, including a Game 7 blast. “It hasn’t been the easiest road to this point.”
Tampa, which went 40-20 in the regular season, will look to seize its first-ever World Series title against the Dodgers, who boast six championship titles and have now claimed three National League pennants in the last four years.
The battle-tested Los Angeles team survived three elimination games to clinch the National League Championship Series (NLCS) over the Atlanta Braves courtesy of shortstop MVP Corey Seager’s 13 postseason runs and the defensive heroics of Mookie Betts in the right field.
The manager of the 43-17 Dodgers, Dave Roberts, said in a televised interview that the World Series berth was “really satisfying.”
“As far as our guys, we had our backs against the wall,” he said after his team’s NLCS Game 7 victory. “We stuck together, and found a way to win three in a row. Huge series.” — Reuters
THE Meralco Bolts improved their record to an even 2-2 in the PBA Philippine Cup following an overtime victory over the Magnolia Hotshots Pambansang Manok, 109-104, on Tuesday at the Angeles University Foundation Gym in Pampanga.
Chris Newsome, along with young guns Trevis Jackson and Aaron Black, came up big for the Bolts late in the game as they pulled the rug from under the Hotshots to swing back to winning after dropping their previous assignment.
The loss, meanwhile, saw Magnolia sliding to a 1-3 card in the ongoing Philippine Basketball Association (PBA) tournament.
The game was tightly fought in the opening half, with the teams not allowing each other to gain much headway en route to fighting to a 46-all stalemate at the break.
Paul Lee got Magnolia’s thrust to a fiery start in the third canto, unleashing nine points in their 11-6 run in the first four minutes of the frame to take a 57-52 advantage.
It was a momentum that the Hotshots would use as leverage for the rest of the canto to stay ahead, 73-67, with one quarter left to play.
Magnolia opened the fourth with four quick points from guards Mark Barroca and Jio Jalalon to give their team a double-digit advantage, 77-67, after just a minute of play.
But the Bolts responded strong, on the lead by rookie Black and Trevis Jackson, answering with a 12-2 blast to tie the knot at 79-all by the 7:09 mark.
The two teams went back and forth after as they went on to try to get firmer control of the match.
The Hotshots had some cushion, 88-85, with two minutes left on the clock.
Mr. Barroca made it a five-point lead, 90-85, for his team with a basket off hard drive only to be answered by back-to-back triples by Mr. Jackson to swing the favor to Meralco’s way, 91-90, with 57 seconds remaining.
Magnolia sued for time after and then went to Mr. Lee to give them the go-ahead.
Chris Newsome, however, foiled the play with a block as the shot clock expired, handing the ball back to the Bolts with 41 ticks to go.
Meralco tried to add on to its lead and was successful in doing so, with two made free throws by Mr. Newsome with 21 ticks to go to make it 93-90.
Mr. Barroca was fouled off a timeout to push the Hotshots to within one point, 93-92, after two made free throws with 16 seconds left.
Mr. Jackson, though, gave Meralco more breathing space, 94-92, by splitting his charities a second later.
Magnolia got a break when off a rebound Mr. Lee was fouled. He subsequently made his free throws to level the count at 94-all with 13 seconds remaining.
Mr. Newsome had a chance to win it for his team, but his jumper as time expired did not connect, sending the match to overdrive.
In the extra period, it continued to be cutthroat with the Bolts narrowly ahead, 102-100, at the two-minute mark.
Cliff Hodge made it a four-point lead, 104-100, with two free throws 1:24 to play.
Magnolia managed to narrow the gap, 105-104, with 48 seconds to go.
But Mr. Newsome once against stepped up for Meralco, draining a tough jumper with 10 seconds remaining to make it a three-point advantage for the Bolts, 107-104.
The Hotshots had a shot to tie the game, but they could not complete it and the Bolts held on for the win.
Mr. Newsome finished with 23 points, seven rebounds and six assists for the Bolts, with Messrs. Black and Jackson adding 16 and 10 points, respectively.
Mr. Lee, meanwhile, top-scored for Magnolia with 32 points. –Michael Angelo S. Murillo
THE Anti-Red Tape Authority (ARTA) said it will prioritize the streamlining of the permits process for flagship infrastructure programs after President Rodrigo R. Duterte was given special powers to address red tape.
One particular area of focus is water systems, which have been experiencing permit and licensing delays, ARTA Director-General Jeremiah B. Belgica said in a radio interview Tuesday. This includes the China-funded Kaliwa Dam project, which has run into opposition for potential effects on the environment and indigenous communities.
Mr. Duterte in August released Administrative Order No. 32 to expedite the review and approval of infrastructure flagship projects dealing with water security.
Congress passed a bill that grants Mr. Duterte special powers to address red tape, allowing him to expedite government permit processing and waive requirements during a national emergency. The bill also gives the President the power to suspend or remove government officials that violate the measure.
Mr. Belgica in the interview supported authorizing the president to respond to red tape during emergencies, as ARTA’s powers are limited to making recommendations.
Senate Majority Leader Juan Miguel F. Zubiri last month said that the Ease of Doing Business law was enough, adding that the government only needs to enforce it properly.
ARTA last month asked for expanded powers to investigate and penalize violators of the Ease of Doing Business law.
ARTA launched its National Effort for the Harmonization of Efficient Measures of Inter-related Agencies project for the logistics and housing sectors. The program intends to cut processing time by 52%. — Jenina P. Ibañez
THE World Bank said it is ready to support the Philippine government with vaccine acquisition once an effective product becomes available.
World Bank Senior Economist Rong Qian said the bank has been supporting the government’s programs to help the economy bounce back from the COVID-19 crisis, the most recent of which is the loan facility the bank launched last week to help developing countries buy and distribute the vaccine.
“I’d like to highlight a few things that the World Bank Group is doing to support the government in recovering from this crisis. We provide financial loans to the government through project or budget support, technical assistance (in several programs of the state)…and more recently, I think it was last week it was announced that the World Bank Group will also provide financing for vaccine purchase and implementation,” she said during a webinar organized by the Manila Times.
The bank has approved $1.2 billion worth of budget loans and $470 million in project financing to help boost government funding for the pandemic containment effort.
Finance Secretary Carlos G. Dominguez III said at the same forum that he has spoken with the World Bank about its new $12-billion loan facility for COVID-19 vaccines.
Mr. Dominguez said he has asked multilateral development banks to work closely in drafting their financing support packages to avoid duplication and help the borrower countries obtain the needed loans efficiently.
“This morning, I just had a long discussion with our multilateral partner in the World Bank… I asked them to please work together with the other multilateral agencies like the ADB (Asian Development Bank) so that we are not duplicating our efforts with regard to financing the vaccines for the Philippines,” Mr. Dominguez said.
He said aside from the financial support, the banks could also help countries build infrastructure to store and distribute vaccines, especially in the case of the Philippines where distribution must take place across an archipelago.
The government has set a distribution target of 20 million free vaccines with a budget of P20-40 billion.
Mr. Dominguez has said the government will also tap state-run banks for funding.
Around P2.5 billion is allotted to the Health department to procure vaccines and some P10 billion was listed as unprogrammed appropriations in next year’s P4.5-trillion proposed budget.
Russia is considering setting up a manufacturing facility in the Philippines to produce its COVID-19 vaccine.
Next year’s projected 6.5-7.5% economic growth hinges on the assumption that an effective vaccine will be widely available by the first half of 2021. — Beatrice M. Laforga
