How PSEi member stocks performed — October 15, 2019
Here’s a quick glance at how PSEi stocks fared on Tuesday, October 15, 2019.
Philippine men’s football team begins SEA Games bid in Group A; volleyball in Group B
THE Philippine men’s national football team begins its 30th Southeast Asian Games campaign in Group A after the official team draw proceedings held at the Sofitel Philippine Plaza Manila on Tuesday.
The Filipino booters are lumped in the grouping along with 2017 SEA Games runner-up Malaysia, Myanmar, Cambodia and Timor-Liste while in Group B are reigning champion Thailand, Indonesia, Vietnam, Laos, Singapore and Brunei.
Competition format has the teams playing their group mates once in the initial round with the top two teams from each grouping advancing to the crossover semifinals with the top team in Group A playing the second seed from Group B in one paring and the top team in Group B taking on the second seed in Group A in the other. Winners in the semifinals move on to the finals.
The men’s football competition happens from Nov. 25 to Dec. 10 with Rizal Memorial Football Stadium the designated venue.
In the last SEA Games, the Philippine men’s team failed to move past group play.
The women’s team, meanwhile, begins its bid in Group A along with Myanmar and Malaysia while in Group B are champion Vietnam, Indonesia and Thailand.
VOLLEYBALL
In volleyball, the Philippine men’s team will play first in Group B along with 2017 runner-up Indonesia, Vietnam, and Cambodia while in Group A are champion Thailand, Myanmar, Singapore and Timor-Liste.
Bannering the men’s Philippine team are power-hitters Bryan Bagunas, Ranran Abdilla and Marck Espejo.
The Philippines did not advance to knockout phase in the last edition of the Games in men’s volleyball.
Indoor volleyball will be held at the Philsports Multipurpose Arena from Nov. 28 to Dec. 10.
With five teams so far, the draw for women’s volleyball was deferred.
The 30th SEA Games happens from Nov. 30 to Dec. 11 in different parts of the country.
It has a theme of “We Win As One” and is touted to be the biggest to be staged in the Philippines, involving 11,000 athletes and officials from the 11 member nations, 9,000 volunteers, 530 events and 56 sports.
The last time the country hosted the SEA Games was in 2005. — Michael Angelo S. Murillo
Strasburg, Nationals demolish Cards, close in on NLCS sweep
WASHINGTON — Howie Kendrick drove in three runs, and Stephen Strasburg gave the Washington Nationals yet another strong pitching performance Monday in an 8-1 National League Championship Series (NLCS) victory over the visiting St. Louis Cardinals that moved the franchise one victory away from its first World Series appearance.
In the first home NLCS game in Nationals history, Strasburg (1-0) struck out 12 while giving up an unearned run over seven innings of Game 3. He now has a 1.10 ERA over seven career playoff appearances, four of which have come in this postseason.
Nationals starters Anibal Sanchez, Max Scherzer and Strasburg have not given up an earned run in 21 2/3 innings of the NLCS while pitching Washington to a 3-0 lead in the best-of-seven set.
The Cardinals have scored just two runs in the series, which would end Wednesday if Washington can win at home again.
Kendrick, whose grand slam was the deciding blow in the decisive Game 5 of the NL Division Series against the Los Angeles Dodgers, tied a league championship series record with three doubles Monday. He drove in two runs on a double during a four-run third inning and brought home another run on a double in Washington’s two-run fifth.
Anthony Rendon, Ryan Zimmerman and Victor Robles each had two hits for the Nationals, who have won five consecutive postseason games since losing Game 3 of the NLDS.
Robles, who added a sixth-inning home run, had been out the previous nine days with a mild hamstring strain. His homer was the only Washington run that did not come with two outs.
Cardinals right-hander Jack Flaherty (0-1) gave up four runs on five hits over four innings with two walks and six strikeouts. No. 3 hitter Paul Goldschmidt struck out four times as St. Louis batters fanned 16 times.
Washington’s four-run third inning was the first time Flaherty gave up more than two runs in an inning since June 25 against the Oakland Athletics. He did not allow more than three runs over his final 16 regular-season starts and his first two postseason starts.
The Nationals will send left-hander Patrick Corbin to the mound in Game 4 on Tuesday as they look for the NLCS sweep. The Cardinals will counter with right-hander Dakota Hudson. There was just one NLCS sweep over the previous 11 seasons: the New York Mets over the Chicago Cubs in 2015. — Reuters
NCAA: Stags secure at least playoff for last Final 4 spot
By Michael Angelo S. Murillo
Senior Reporter
THE San Sebastian Stags assured themselves of at least a playoff for the last Final Four spot in National Collegiate Athletic Association Season 95 after defeating the Arellano Chiefs, 85-82, on Tuesday at the FilOil Flying V Centre in San Juan City.
Led by veterans RK Ilagan, Allyn Bulanadi and Alvin Capobres, the Stags, now at 10-7 for the season, are certain not to finish lower than fourth in the standings, with a win in their last game clinching for them a ticket to the next round.
Earlier in the day the Mapua Cardinals kept their push for a spot in the semifinals alive by defeating the Perpetual Help Altas, 85-81, that improved them to 9-8.
San Sebastian and Arellano opened their contest in a closely fought manner with no team willing to budge.
The Stags took the opening quarter, 22-18, but the Chiefs countered to claim the lead, 35-33, at the half.
In the third quarter, the Stags opened things with a 10-0 blast in the opening minute and a half, with Ilagan and Capobres leading the way, to overtake the Chiefs and take a 43-35 advantage.
But the Chiefs were undeterred and kept charging back for the remainder of the period as Kent Salado and Justin Arana towed their team to within a point, 57-56, heading into the fourth.
In the final period the two teams went back and forth fighting to a level count of 67-all with 6:38 to go in the game.
Ilagan and Bulanadi then conspired for six straight points to give the Stags more breathing, 73-67, by the 3:30 mark.
Salado though would hit a triple a minute later to pull Arellano to within three points, 73-70.
San Sebastian then responded with five straight points to make it an eight-point advantage, 78-70, at the 1:30 mark.
Salado again drilled a triple with a minute to go but Bulanadi answered it with a deuce 13 seconds later to make it 80-73 for San Sebastian.
A turnover after led to a Ken Villapando bucket which handed the Stags an 82-73 lead with 38 seconds remaining.
The Chiefs still tried to make a go at the win, cutting their deficit to just five points, 84-79, with under 20 seconds to play but no comeback would be completed as San Sebastian held on for the win.
Ilagan led the way for the Stags with 20 points, followed by Bulanadi with 19 and JM Calma and Capobres each tallying 15 markers.
Arellano, meanwhile, was led by Salado with 26 points, with Arana adding 13.
Incidentally, with the win San Sebastian shut the door on the playoff hopes of the College of Saint Benilde Blazers (7-9), who had a game later yesterday versus the Jose Rizal Heavy Bombers.
The Stags just need to win their last game to move to the Final Four complication-free.
STILL IN THE MIX
In the first game, Mapua kept itself in the mix for the Final Four by topping Perpetual Help.
The Cardinals relied on a balanced attack, with at least five players scoring in double digits to survive a spirited challenge from the also-rans Altas.
Warren Bonifacio top-scored for Mapua with 15 points, followed by Laurenz Victoria with 14 and Noah Lugo 12.
Cyril Gonzales and Arvin Gamboa had 11 each for the Cardinals, who if they win in their last game and coupled with a loss by San Sebastian earn a playoff for the last semifinal seat against the Stags.
Perpetual Help, for its part, was paced by Ben Adamos’ 25 points.
Azkals, China fight to goalless draw in Bacolod
By Michael Angelo S. Murillo
Senior Reporter
THE Philippines and China fought to a goalless draw in their Group A match in the second-round of qualification for FIFA World Cup 2022 on Tuesday night at the Panaad Park and Football Stadium in Bacolod City.
Needing to get a win and the full three points that go with it to advance their respective causes in the qualifiers, the two teams instead saw themselves getting a point each from the draw.
The Philippine Azkals and the visiting side showed spirited fight all throughout the match but just would not get the needed breakthrough they were angling for in regulation and in the added five minutes.
With the draw, China (2-1-0) saw its hot start in the second round halted but still leads the grouping with seven points from three matches, ahead of second-running Syria (2-0-0), which was still playing Guam as of press time, with six points.
The Philippines (1-1-1) improved to four points, good for solo third ahead of Maldives (1-0-2) with three points and Guam (0-0-3) at fifth.
“It was a team performance. Every player in the bench was unbelievable throughout the week. We did not get the win but at least we got a point from the draw and something to build on,” said Azkals goalkeeper Neil Etheridge, who finally played in the qualifiers after missing the first two games because of injury.
The Philippines next plays on Nov. 14 against Maldives in Male while China faces off versus Syria on the same date in Dubai.
In the second round of qualification, the Philippines hopes to finish on top of the grouping, or at a least have one of the best four runner-up records among the eight groups, to advance to the next round of the World Cup qualifiers.
Good construction weather seen as key to achieving 6% growth target
A SENIOR legislator said Tuesday that economic growth of 6% can still be achieved given good weather to ensure progress on key construction projects, after the World Bank reduced its 2019 estimates for Philipine gross domestic product (GDP).
The World Bank last week cut its Philippine GDP growth forecast to 5.8% this year from the already-downgraded 6.4% forecast it gave in June. The government’s official target is 6-7%.
Deputy Speaker for Finance Luis Raymund F. Villafuerte, Jr., who represents Camarines Sur’s second district, is confident that the 6% growth rate “remains doable” given “relatively good weather” to support catch-up work in public sector construction.
“The 5.8% growth rate for the Philippines projected by the World Bank is still commendable, as this still makes our economy among the fastest-growing in Asia and the world,” Mr. Villafuerte said in a statement.
He noted that the House immediately approved the P4.1 trillion national budget for 2020 after the nearly four-month delay in the 2019 budget’s approval was blamed for the growth slowdown.
“This was why under the leadership of Speaker Alan Peter Cayetano, he made sure that the House would work double time, sometimes for 10 hours straight during the plenary, on a five-day workweek, so that the proposed 2020 national budget could be passed in record time — without any pork, illegal insertions or parking of funds,” Mr. Villafuerte said.
Mr. Villafuerte said that the Legislative-Executive Development Advisory Council (LEDAC) should discuss all the measures that Congress can work on in accelerating state spending, especially on infrastructure and human capital development.
“Perhaps we need to further expedite the implementation of ‘Build, Build, Build’ — given infrastructure development’s great multiplier effects on the economy — in order to boost growth in the last quarter,” said Mr. Villafuerte. — Vince Angelo C. Ferreras
Power reserves adequate on Malampaya return
THE Department of Energy (DoE) said Tuesday that the Luzon grid will have enough reserve power tomorrow as it expects the Malampaya gas-to-power project, which fuels the country’s gas-fired power plants, to complete its maintenance shutdown.
“We don’t see any yellow alert status for tomorrow because of the additional 1,620 MW [megawatts] from the natural gas plants,” Energy Undersecretary Felix William B. Fuentebella told reporters.
He said the DoE expects Malampaya’s maintenance to have been completed Tuesday. He said once gas supply is available, the Ilijan plant’s blocks A and B, with a combined capacity of 1,200 MW, and the 420-MW San Gabriel plant will be back in operation on Wednesday.
For the Sual plant’s unit 1, Mr. Fuentebella said: “as per their report yesterday, they are targeting to complete the repair and ‘washing’ of turbine by 21 or 22 Oct. 2019.”
He said the preventive maintenance shutdown of Sual’s unit 2, which was originally scheduled to start on Oct. 19 and end on Nov. 17, will be moved until unit 1 is available and stable.
Luzon’s thinning power reserve is one of several issues that the DoE had to face recently after Energy Secretary Alfonso G. Cusi returned from Russia for the visit of President Rodrigo R. Duterte.
On Monday, Senator Sherwin T. Gatchalian filed a resolution for the Senate energy committee to hold an inquiry on the status of the agency’s Nuclear Energy Program Implementing Organization (NEPIO), including its recommendation for the country to embark on a nuclear power program.
“A comprehensive, transparent, and public discussion must be made on the merits of a national nuclear program taking into consideration the social, economic, environmental, and technical effects and requirements of such a program,” he said.
Mr. Cusi said he signed a memorandum of intent in Moscow during the President’s visit earlier this month.
“It is the intent of Russia, Rosatom (Russian State Atomic Energy Corp.) in particular, to study adapting a small modular reactor for the country,” he said.
He said the signing was a follow-up of Mr. Duterte’s visit to Russia in 2017 when the two parties signed a cooperation agreement with the Russian ministry of energy to study how they can collaborate in various technologies, including setting policy.
Mr. Cusi said Friday that the Cabinet discussed the nuclear issue until almost 2 a.m., and that the discussions were “alive, passionate, intelligent.”
“I justified why we need nuclear,” he said, adding that all the issues faced by the Bataan Nuclear Power Plant “had been answered by time.” He said the plant had been “demonized, politicized” when it could have changed the country’s economic landscape. — Victor V. Saulon
LGU bans on processed pork ‘unfounded,’ expert says
AN AGRICULTURE expert said local government units (LGUs) are misguided in imposing bans on the entry processed pork products due to African Swine Fever (ASF) fears, and added that the restrictions may ultimately force consumers to pay higher prices.
“LGU fears are unfounded. Legitimate meat processors… observe good manufacturing practices. In the end, consumers will suffer,” Rolando T. Dy, executive director of the Center for Food and Agribusiness at the University of Asia and the Pacific, said in a text message.
He said prices are likely to rise if supply is restricted.
The Philippine Association of Meat Processors, Inc. (PAMPI) has estimated that the various bans imposed by 56 of 81 provinces on processed meat from Luzon will cost the industry P55 billion in sales this year, with P22 to P23 billion coming in the fourth quarter when processed meat products experience peak demand.
Local Government Secretary Eduardo M. Año has instructed LGUs to exclude processed pork products with proper certifications from the Food and Drug Administration (FDA) from the bans, an order resisted by the agriculture industry, which wants to ensure that ASF does not spread beyond Luzon.
The Samahang Industriya ng Agrikultura (SINAG), which includes members from the hog industry, said there is still no way to determine if these products are free from ASF.
“There is yet any testing done that will ascertain if these processed pork products are free from ASF,” SINAG Chairman Rosendo O. So said in an e-mail addressed to Mr. Año on Tuesday, a copy of which was given to reporters.
PAMPI noted that pork-based products are cooked at between 70 and 116 degrees Celsius for 40 to 60 minutes. The ASF virus dies at 70 degrees Celsius when exposed for 20 minutes.
Mr. So said other risks stem from movement between infected territories to uninfected ones, adding that ASF can be transmitted by people who visit farms or by vehicles if sanitary procedures are not observed.
“The processed meat industry is miniscule compared to the P500-billion hog industry and allied businesses,” he said. — Vincent Mariel P. Galang
MGen launches Mauban plant with promise of cleaner coal tech
COAL TECHNOLOGY is getting cleaner and remains the most cost-efficient choice under current government policy on power generation, which is “technology neutral,” the head of a major power generating firm said.
Rogelio L. Singson, president and CEO of Meralco PowerGen Corp. (MGen) said the company’s next project will be a more efficient ultra-supercritical facility with lower emissions than the 500-megawatt (MW) plant it launched in Mauban, Quezon on Tuesday.
“Right now because the policy of the government is technology neutral… what is the cheapest baseload? Ang pinakamura (The cheapest) is still going to be coal,” he told reporters during the launch.
“We’re hoping that we will be able to build the next level, which is the ultra-supercritical [coal-fired power plant],” he said.
“Iyan ‘yung (That’s the) 1,200 MW that we bid for. Unfortunately, there was a failed bidding.”
He said he expects a second round of bidding, with MGen’s parent firm Manila Electric Co. (Meralco) holding a competitive selection process, or CSP, to arrive at the least-cost power for the distribution utility’s customers.
“So we will participate,” he said. “But having said that, we’re now going through an energy transition where we are committing to 1,000 to 1,200 MW of renewable [energy],” he said. “The problem that we are encountering is that we are facing transmission constraints.”
On Tuesday, MGen formally inaugurated the P56.2-billion San Buenaventura Power Ltd. Co. (SBPL), the country’s first supercritical coal-fired power plant, which now provides additional supply to the Luzon grid.
“The country’s most advanced operational coal plant uses a high-efficiency, low emissions (HELE) coal technology that allows the plant to operate at increasingly higher temperatures and pressures to reach higher efficiencies, while significantly reducing emissions,” the company said in a statement handed out during the launch.
“Similar and more advanced coal plant technologies have been the choice for new commercial coal-fired plants in many countries around the world. As a pioneer of this technology, SBPL is setting the bar higher in operating coal plants in the Philippines,” it added.
SBPL started commercial operations on Sept. 26, and currently generates power for Luzon, which accounts for about 72% of the country’s domestic output, it said. The plant’s cost was partly funded by a P42.15-billion project finance facility, which is said to be the Philippines’ largest all-peso transaction to date.
A consortium of Philippine banks put together the facility.
The power plant was built by a consortium of South Korea’s Daelim Industrial Co. Ltd. and Japan’s Mitsubishi Corp., which MGen described as “experienced engineering, procurement and construction contractors with very strong track records.”
The SBPL plant is a partnership between MGen, with a 51% stake, and New Growth BV, a wholly-owned subsidiary of the Electricity Generating Company of Thailand (EGCO), the first independent power producer in Thailand. It has the state-owned Electricity Generating Authority of Thailand (EGAT) as a controlling shareholder.
“The more important thing is it’s a baseload [plant],” Mr. Singson said, referring to a facility that is always running to meet the base requirement of the power system. “We need baseload. Let’s not fool ourselves.”
During the launch, Energy Secretary Alfonso G. Cusi urged EGCO to invest more in power plant projects in the Philippines on its own since full foreign ownership is allowed.
“We want your investment,” he said.
Agnes VST Devanadera, chairman and chief executive officer of the Energy Regulatory Commission, said the plant has transformed the town of Mauban into a “very vibrant and very progressive community.”
“No plant like this can ever go up without the support of the community,” she said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc., Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Victor V. Saulon
PHL-Indonesia boundary agreement touted as model for territorial disputes
SENATE President Vicente C. Sotto III touted the Philippine and Indonesian governments’ boundary agreement as a model for settling territorial disputes.
The Philippines and Indonesia recently submitted to the United Nations their bilateral agreement establishing the boundary between their overlapping exclusive economic zones (EEZ).
“In our last Congress, I had the honor of presiding over the Philippine Senate’s concurrence in the ratification of the Boundary Agreement between the Philippines and our good neighbor, Indonesia,” Mr. Sotto said in his speech at the Inter-Parliamentary Union Assembly in Belgrade Monday. “I believe our Agreement is a prime example of the peaceful settlement of territorial boundaries between nations within the ambit of international law.”
The Philippines is embroiled in a dispute with China and other countries over islands in the South China Sea, where it has encountered encroachment from the People’s Liberation Army amid claims pressed by Beijing over most of the sea, as embodied in China’s so-called nine-dash-line map.
Under the 1982 UN Convention on the Law of the Sea (UNCLOS), states are entitled to a 200 nautical-mile EEZ. The Philippines and Indonesia, however, have overlapping EEZs in the Celebes Sea and in the southern Philippine Sea.
Mr. Sotto also said that as early as 2017, the Philippines showed support for the peaceful settlement of territorial and jurisdictional disputes when it hosted the 38th ASEAN Inter-Parliamentary Assembly.
The Agreement was formally signed in May 2014 and was ratified by President Rodrigo R. Duterte on February 2017. The Senate, led by Mr. Sotto, concurred with its ratification on June 3, the same day the 17th Congress adjourned.
In the same speech, Mr. Sotto re-affirmed the Philippine Senate’s support for the IPU and the UN in promoting international law.
“The Philippines remains a steadfast believer in the equalizing power of international law and will continue to support the IPU and the United Nations’ efforts to encourage governments to place their trust in international law and promote the primacy of the rule of law.”
Former president and speaker Gloria Macapagal-Arroyo last year urged the Senate to withdraw from the IPU, after it expressed its intent to visit the Philippines to look into the case of detained Senator Leila M. de Lima as well as the legal troubles of former Sen. Antonio F. Trillanes IV. — Charmaine A. Tadalan
DBM says 2019 budget over 95% released in 9 months
THE Department of Budget and Management (DBM) said it released 95.3% of the budget for this year in the nine months to September.
In a statement Tuesday, the DBM reported that it released P3.491 trillion as of the end of September, compared with the P3.662 trillion budget for the year.
The DBM said allotment releases worth P2.011 trillion were transmitted to line departments including agencies in the Executive branch, Congress, the Judiciary, and the constitutional offices.
It said it released P317.882 billion in special-purpose funds which are budgetary allocations in the General Appropriations Act (GAA) for government corporations, local government units, the contingent fund, the miscellaneous personnel benefits fund, the national disaster risk reduction and management fund, and the pension and gratuity fund.
“The immediate release of funds by the DBM will ensure that national government agencies are able to swiftly implement their programs and projects, such as the construction of new roads, schools, and hospitals, and the protection and promotion of the welfare of the poor and marginalized sectors, among others,” the DBM said.
Releases on automatic appropriations amounted to P1.070 trillion or 99.9% of the automatic appropriations programmed for the year.
This includes the internal revenue allotment of local government units, pensions of former presidents, net lending, interest payments, and tax expenditures or customs duties and taxes.
“Moreover, some P50.254 billion in payments for Retirement and Life Insurance Premium requirements was released, inclusive of P3.09 billion pertaining to additional requirements for newly-created or -filled positions in various agencies, resulting in a 106.6 percent release for the category,’ it said.
DBM said it also released P40.481 billion for unprogrammed appropriations as of end-September, which are the standby appropriations authorizing agencies to undertake additional spending on priority programs and projects if possible.
On continuing appropriations from the 2018 GAA, it said it had released P25.043 billion as of end-September.
“Allotments for other automatic appropriations, amounting to P25.766 billion, have also been released,” it said. — Beatrice M. Laforga