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PNB to issue P20-billion notes

PHILIPPINE National Bank will raise P20 billion in fresh bonds through a second offer of long-term negotiable certificates due in 2025, the lender said in a statement to the stock exchange on Friday.

In a filing, the Lucio C. Tan-owned bank said the notes will carry an indicative interest rate of 4.25% to 4.375%, with the final rate to be determined during the offer period.

The notes will extend the maturity profile of the bank’s liabilities as part of its overall liability management to support compliance with required central bank liquidity ratios. Proceeds of the notes will also be used for general corporate purposes, the bank said.

The notes offer higher interest rates similar to regular time deposits. But these can’t be pre-terminated but can be sold in the secondary market, making them negotiable.

The lender said the notes will be insured with the Philippine Deposit Insurance Corp. “for up to the maximum insurance coverage and subject to PDIC’s applicable rules and regulations.”

PNB will issue the notes on Oct. 11, with Hong Kong and Shanghai Banking Corp. acting as the sole lead arranger. The selling agents include PNB, HSBC, First Metro Investment Corp. and Multinational Investment Bancorporation. — Luz Wendy T. Noble

Peso strengthens after BSP cuts rates

THE peso strengthened against the dollar on Friday on positive market sentiment after the Philippine central bank cut benchmark interest rates by 25 basis points.

The local currency closed at P51.875 a dollar, 23.5 centavos stronger than a day earlier.

The peso opened at P52.15 and weakened to as much as P52.18 against the dollar. It reached an intraday best of P51.86.

Dollars traded rose to $1.21 billion from $1.15 billion on Thursday.

Atrader traced the stronger peso to positive sentiment arising from the latest round of policy rate cuts.

“The peso was stronger on the back of good economic prospects, with the Monetary Board cutting policy rates further,” he said. “Even though they did not cut the reverse repurchase rate, players expect there will be positive spillover from the Bangko Sentral ng Pilipinas’ (BSP) recent action,” he added.

Another trader said the peso was just tracking other Asian currencies against the dollar. “We are seeing that the flows are favoring the peso right now.”

The central bank on Thursday cut interest rates for the third time this year by another 25 basis points, bringing the overnight reverse repurchase rate to 4% and the overnight deposit and lending rates to 3.5% and 4.5% respectively.

The board left lenders’ reserve ratio requirement untouched at 16% for big banks, 6% for thrift banks and 4% for rural and cooperative banks. — Luz Wendy T. Noble

NG outstanding debt rises on weaker peso

THE National Government’s outstanding debt rose 1.73% or P135.03 billion from a month earlier to P7.939 trillion as of end-August, due to the peso’s depreciation and net issuances of both external and domestic loans, the Treasury bureau said in a statement on Friday.

Of the total stock, 33.59% came from external markets while 66.41% was borrowed locally. National government debt increased by 8.9% or P646.58 billion from end-2018 and by 11.8% or P835.23 billion from a year earlier, it said.

National government domestic debt reached P5.272 trillion, 0.4% or P21.63 billion higher than a month earlier. The increase in the domestic debt in August was the combined effect of the net issuance of government securities worth P21 billion and the P630 million impact of the peso’s depreciation on onshore dollar bonds, the Treasury said.

US Senate body wants de Lima critics barred

A SENATE committee in the United States has endorsed a bill barring Philippine officials involved in the “politically motivated imprisonment” of Senator Leila M. De Lima, a staunch critic of President Rodrigo R. Duterte’s war on drugs.

US Senator Dick Durbin tweeted on Friday that the Senate appropriations committee had approved the measure. “We must free Leila now,” he said.

“The palace considers such undertaking as a brazen attempt to intrude into our country’s domestic legal processes given that the subject cases against the detained senator are presently being heard by our local courts,” presidential spokesman Salvador S. Panelo said in a statement.

Ms. de Lima has been detained since February 2017 after she was indicted for allowing the illegal drug trade inside the national jail in Muntinlupa City while serving as Justice secretary.

Mr. Duterte’s political opponents have accused him of attempting to quash dissent after Ms. de Lima’s arrest in 2017. The senator has been criticizing the president’s drug crackdowns since he was a local mayor.

Mr. Panelo said the bill seeks to pressure the country’s independent institutions, “effectively interfering with our nation’s sovereignty.”

Mr. Panelo said the measure is an insult to the competence of Philippine authorities and makes it appear that the US Senate panel “has the monopoly of what is right and just.”

“It is an outright disrespect to our people’s clamor for law and order,” the spokesman said “It treats our country as an inferior state unqualified to run its own affairs.” — Arjay L. Balinbin

Duterte to visit Russia next month

PRESIDENT Rodrigo R. Duterte will explore trade and investment opportunities when he visits Russia next month, according to the Foreign Affairs department.

The president will sign cooperation agreements in the areas of research, health and culture during his second visit to Moscow from Oct. 1 to 5, Foreign Affairs Assistant Secretary Ma. Amelita C. Aquino told reporters at the presidential palace on Friday.

Russian President Vladimir Putin had invited Mr. Duterte, she said.

Mr. Duterte will hold a bilateral meeting with his Russian counterpart to discuss “how both sides can further enhance and expand our cooperation in various areas,” she said.

The two leaders will also witness the signing of several bilateral agreements covering culture, health and basic research.

Mr. Duterte will visit the cities of Sochi and Moscow. He will attend a forum in Sochi on Oct. 3 along with Mr. Putin, Ms. Aquino said.

In Moscow, the president will attend a business Forum to promote trade and investment opportunities between the two countries. It will also serve as a venue for networking between Russian and Filipino businessmen, according to Ms. Aquino.

Mr. Duterte is also scheduled to meet with the Filipino community there.

Mr. Duterte first visited Russia in May 2017 but this was cut short after terrorists attacked Marawi City in southern Philippines.

His meeting with Mr. Putin will be the fourth time, Ms. Aquino said. — Arjay L. Balinbin

Police chief says ready to face drug charges

POLICE chief General Oscar D. Albayalde on Friday said he was ready to answer allegations at the Senate that he belonged to a group of rogue police officers connected to the illegal drug trade inside jails.

Mr. Albyalde would clarify the issue of so-called “ninja cops” — high-ranking police officers allegedly involved in the recycling or illegal drugs retrieved from legitimate operations, the Philippine National Police said in a statement on Friday.

Former Criminal Investigation and Detection Group chief and now Baguio City Mayor Benjamin B. Magalong earlier told senators top police and jail officials were involved in the recycling of illegal drugs.

“The PNP’s internal cleansing will be relentless and will continue until all rogue cops especially those involved in illegal drugs will be weeded out from the service and charged in court,” Mr. Albayalde said in the statement.

The Senate justice and blue ribbon committees invited Mr. Albayalde and 15 other police officers allegedly involved in the illegal drug trade at the next committee hearing on Oct 1.

Meanwhile, the Justice department has issued a lookout bulletin order against the alleged drug queen involved in the recycling illegal drugs with rogue cops.

The order would allow authorities to monitor her flight itineraries and whereabouts overseas, according to a copy of a memo issued by Justice Secretary Menardo I. Guevarra to the Immigration bureau.

The Philippine National Police has said it was conducting a case build-up against the drug queen so it can file appropriate charges. — Marc Wyxzel C. Dela Paz and Gillian M. Cortez

Ex-senator summoned to DoJ

GOVERNMENT prosecutors summoned former Senator Antonio F. Trillanes IV after he was charged with kidnapping of a woman back in 2016.

The former lawmaker was ordered to appear at a preliminary investigation at the Justice department next month, according to a copy of the summons.

Prosecutors also asked Mr. Trillanes to submit his answer and other supporting documents.

“Failure on your part to comply with the subpoena shall be considered as a waiver of your right for investigation and confirm the allegations of the complaint,” according to a copy of the order signed by Assistant State Prosecutor Gino Paolo S. Santiago.

A woman filed a complaint against Mr. Trillanes in August accusing him of kidnapping and detaining her for two weeks. The complainant claimed she had been forced to agree to slander the administration of President Rodrigo R. Duterte.

Mr. Trillanes has denied any wrongdoing. He said it was highly suspicious that the case was filed three years after it allegedly happened. — Gillian M. Cortez

Court junks Rappler plea in cyberlibel case

A MANILA trial court has rejected online news website Rappler’s plea to void testimonies given by a businessman who had accused it of cyberlibel damages.

In an order dated Sept. 27, Judge Rainelda H. Estacio-Montesa overruled most of Rappler’s objections to the judicial affidavit of businessman Wilfredo D. Keng. Rappler had objected to his answers for being irrelevant.

One of the objections included Mr. Keng’s claim that a 2012 Rapple article about Mr. Keng lending a vehicle to former Chief Justice Renato Corona had taken a toll on his family. Mr. Keng had also noted that since the article came out, his image as a businessman had been tarnished.

On the other hand, the court sustained Rappler’s objection to the businessman’s statement about Rappler founder Maria Ressa posting a 2002 Philippine Star article that alleged Mr. Keng’s involvement in the murder of a former Manila councilor. Rappler said this was irrelevant to the cyberlibel case. — Gillian M. Cortez

Comelec adds 2.6m more voters

MORE than 2.6 million voters have been added to the list, the Commission on Elections said on Friday, two days before the registration deadline.

Election officials expect more registrants on Saturday and Monday to add to the existing 61 million voters, Comelec said in a statement.

“Comelec has anticipated this, and we are confident that our employees in the field are prepared to handle the last-day registration scenario,” spokesperson James B. Jimenez said.

The Philippines will hold village and youth elections in May next year, unless lawmakers pass a pending bill that seeks to defer it to December 2022. — Gillian M. Cortez

Duterte creates anti-child labor council

PRESIDENT Rodrigo R. Duterte has signed an order creating a council that will prevent, reduce and eliminate child labor.

Mr. Duterte signed Executive Order 92 on Sept. 17 creating the National Council Against Child Labor. Copies of the order, which reorganizes the National Child Labor Committee, were released to media on Friday.

The agency will be headed by the Labor secretary, with the Social Welfare department acting as a co-chairman.

The secretaries of the Education, Health, Interior and Local Government, Justice and Agriculture departments will act as members.

The council will formulate a national action plan and programs to protect children against abuse, exploitation and discrimination, and set up appropriate mechanisms for child laborers, their families and communities.

Meanwhile, Cabinet Secretary Karlo Alexei B. Nograles said Mr. Duterte “wants to increase and tighten the penalties for offenses related to child trafficking.”

“He wants these classes of crimes to be elevated to non-bailable offenses,” he said in a statement.

Under the law, violators face 15 years in jail plus a fine of P500,000 to P 1 million.

“The palace sees the urgent need to increase the penalties, both jail time and fines to be paid,” Mr. Nograles said.

“Legal safeguards to protect our children must be strengthened,” he said, adding that lawmakers should prioritize these measures. — Arjay L. Balinbin

Cities asked to hasten road clearing

THE Interior department has ordered local government units to hasten road-clearing operations.

The agency will send out starting on Monday teams composed of police, firemen and jail officials to check cities’ compliance with the road-clearing order it had issued earlier, Interior Undersecretary Jonathan E. Malaya said in a statement.

“Those found to be noncompliant will be issued show cause orders by DILG Secretary Eduardo M. Año and will be submitted to President Rodrigo R. Duterte,” he said.

Mr. Año earlier said he would not extend the 60-day deadline for cities to clear their main roads. — Marc Wyxzel C. Dela Paz

Filipino Startup opened PH’s first 3D printing kiosk in Lipa

Kezar3D Printing Services, currently the largest 3D printing startup in the Philippines, opened the first 3D printing kiosk in the Philippines in Robinsons Place Lipa on September 12, 2019.

CEO and General Manager Edward Solicito said that this event is a milestone, not just for the young technology startup but to the Philippine innovation ecosystem as a whole.

“Imagine a future where Filipino inventors or students or innovators just have to save their design in a flash drive, go to any Ayala, SM or Robinsons mall and have their prototype done in a couple of days. That is the future that we are building towards” Solicito said.

The Kezar3D kiosk which is a 2-meter by 2-meter kiosk has a built in 3D printing system that can receive, evaluate, quote and print 3D models, all within the premises of a mall. Its open design that puts an operating 3D printer in an aquarium-like enclosure allows Filipino mall-goers to see how 3D printing technology works. Multiple finished prints are also displayed and is allowed to be touched by anyone.

“Majority of Filipinos have never seen or touched a 3D printed product” said CEO and co-founder Edward Solicito. “We take it upon ourselves to make sure that this changes. We see Kezar3D as the startup who will make 3D printing accessible to all Filipinos.”

Kezar3D’s opening ceremonies was led by Lipa City Mayor Eric Africa and Lipa City Councilor Mikee Morada, together with the employees of Kezar3D and Kezar Innovations.

Kezar3D is set to open kiosks in Manila, Pampanga, Cebu and Davao from November to September next year.

Kezar3D currently have 41 remote sites all over Luzon and is valued at over 61 million pesos.

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