Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9164

Peso expected to move sideways as markets look for fresh drivers

THE PESO is seen to move sideways this week amid a lack of fresh leads, with the market to be on the lookout for the latest currency news from China.

The local unit ended last week’s trading stronger as it gained 16 centavos to P51.88 against the dollar on Friday from the P52.04 finish on Thursday.

This came after the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board cut key interest rates by a quarter of a percentage point amid disappointing economic growth logged in the second quarter.

However, on a week-on-week basis, the local unit closed 45 centavos weaker than its Aug. 2 close of P51.43 versus the greenback.

For this week, the peso will likely be range-bound as the market looks for fresh drivers.

“The peso may [trade] sideways [this] week for lack of significant market-mover data release. But again, the market is also watching China’s potential continuation of its currency moves,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said in an e-mail late last week.

Last week, the People’s Bank of China devalued its own currency to 7 yuan against the dollar in retaliation against US President Donald Trump’s plan to impose an additional 10% tariff on $300 billion worth of Chinese goods starting Sept 1.

Tensions between the two countries escalated further after the US called China a “currency manipulator.”

Volatility in China’s yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington’s decision to raise tariffs, a senior Chinese central bank official said over the weekend.

Zhu Jun, director-general of the People’s Bank of China’s international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.

Ms. Zhu said that the yuan’s move was a normal reaction to Mr. Trump’s tariff threat.

“The labeling…violates basic, common economic sense and international consensus, and is unconvincing,” Ms. Zhu said, adding that the Chinese economy was resilient and capable of coping with various situations.

For his part, Michael L. Ricafort, economist at Rizal Commercial Banking Corp., said in a separate e-mail: “The latest 0.25% cut in local policy rate has positive effects on the local economy and financial markets in terms of lower borrowing/financing costs that help spur greater economic activities and faster GDP (gross domestic product) growth.”

He added that another factor to be considered by the market this week is the signal coming from the BSP chief of the possibility of another rate cut and further reductions to the reserve requirement ratios of banks as early as the Monetary Board’s Sept. 26 policy review.

In a Bloomberg interview following the rate cut last Thursday, BSP Governor Benjamin E. Diokno said policy makers may slash key rates further in their next meeting in September or in the first few weeks of the fourth quarter.

In a separate interview with ABS-CBN News Channel, Mr. Diokno said banks’ RRR may be reduced by another 100 bps before the Sept. 26 policy meeting. — Mark T. Amoguis

House measure to abolish regional wage boards

LEYTE Rep. Martin G. Romualdez has re-filed a bill that seeks to abolish regional wage boards and assign industry-wide wage increases to the National Wages and Productivity Commission (NWPC).

House Bill 2878 will empower NWPC and rationalize wage levels per industry. “Replacing the regional with an industrial-based minimum wage setup will ensure that the national minimum wage remains responsive to certain peculiarities unique to each industry,” according to the bill’s explanatory note.

NWPC is a key policy making body that determines minimum wages at the regional, provincial and industry levels. It formulates policies on wages and productivity and supervises Regional Tripartite Wages and Productivity Boards.

Under the bill, which amends the Labor Code of the Philippines, the commission will prescribe the minimum wage rates for agricultural and nonagricultural workers. Househelpers and personal employees such as family drivers will not be covered by the bill.

Retail or service establishments with regular employees not exceeding 10 workers may be exempted.

Meanwhile, wage increases for security guards, janitors and construction workers will be up to their principals. Employers who violate the proposed law will be fined P50,000 or jailed for two years.

The daily minimum wage in the National Capital Region is P500 to P537. In Region 7, the daily wage is P313 to P386. The daily minimum wage in the Bangsamoro Autonomous Region in Muslim Mindanao ranges from P270 to P280.

Last year, the Makabayan bloc filed House Bill 7787, which sought to increase the nationwide minimum wage to P750, citing inflation from tax reforms. The also sought to abolish regional wage boards.

Rising minimum wages across Northeast and Southeast Asia will gradually erode the competitiveness of economies in these regions, Fitch Solutions Group Ltd. said in a May 3 note.

While large pools of low-cost labor has positioned these regions as the premier hub for labor-intensive business operations particularly in manufacturing — supporting rapid economic growth in countries like China, Malaysia and Thailand over the past five decades — the rapid region-wide increases in the minimum wage will undermine this global competitiveness, it said.

The report said these regions’ average minimum wage was just about 63% of the global average in 2015, but it has risen to almost 82% this year and may catch up with the global average or overtake it in 10 years. — Vince Angelo C. Ferreras

No love lost for divorce in Catholic nation

By Arjay L. Balinbin, Reporter

HANA ANN SANTOS, 30, has been separated for five years. Her husband is now living with another woman and refuses child support. Her only hope for now is to have their marriage annulled, which could take years and cost her as much as P300,000.

But Ms. Santos is hoping that she doesn’t have to spend that money once a Philippine bill allowing divorce in the predominantly Catholic nation — the only one in the world apart from the Vatican City where divorce is outlawed — is passed.

The Philippines also allows couples to take the route of legal separation so they can live apart but not remarry.

“Annulment is impractical especially for a single mother like me,” Ms. Santos said in an interview. “I would rather spend that money on my daughter’s education.”

A number of lawmakers had opposed the divorce bill filed in the previous Congress, among them President Rodrigo R. Duterte and boxing champ Emmanuel “Manny” D. Pacquiao, a born-again Christian who often quotes the Bible verse about man not being allowed to separate what God has joined together in marriage. Mr. Pacquiao also claims to be a marriage counselor.

Senator Risa N. Hontiveros-Baraquel, a feminist lawmaker, who re-filed the divorce bill, couldn’t agree less.

“The number and proportion of Filipinos who are separate has been increasing over time — demonstrating that the denial of legal remedies to those seeking to dissolve their union has largely been an ineffective way of upholding the policy of the state to keep families together,” she said in the bill’s explanatory note.

The Philippine Commission on Women said married couples should be able to clear away a lengthy, exhaustive, inhumane and expensive court proceeding such as annulment, and that gives them the liberty to start all over again and remarry which legal separation cannot provide.

“Divorce can be the best alternative given such circumstances,” according to a position paper emailed by Cecile B. Gutierrez, officer-in-charge of the Philippine Commission on Women (PCW).

Annulment cases increased by more than 80% to 8,283 in the nine years to 2010, the commission said, citing data from the Office of the Solicitor General. In 2013 alone, half of the 10,000 petitions for annulment and nullity proceedings were started by women.

Under the Family Code, lack of parental consent, insanity or psychological incapacity, fraud, force, intimidation, undue influence, impotence, and sexually transmissible diseases may be grounds for annulment.

The divorce bill faces rough waters in both Houses of Congress even though it has more chances of being passed than the bill giving gay and lesbian couples more rights, Louie C. Montemar, Polytechnic University of the Philippines sociology professor, said in a mobile phone message.

He noted that while the president has opposed the measure, divorce advocates should use women leaders “who have the ears of the president.”

The divorce bill has polarized Filipinos mainly due to a generation gap, according to Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University. “Expect that those who were born before the mid-1970s to late 1980s to be less inclined to support or discuss the idea altogether,” he said. “Succeeding generations are becoming more open to the discussion. Younger generations are also potentially divided here based on social background, political and religious upbringing, plus personal experience.”

Mr. Juliano said divorce advocates should get enough support from lawmakers and the public by making it a civil or criminal rights issue because it protects men and women in abusive relationships as well as their children.

Warren S. Maneja, a theologian at the Catholic Church-run University of Santo Tomas, said divorce would “open a figurative floodgate that might lead to a bigger problem in society.

“From the church’s perspective, divorce is dividing the family which is the core of every society, the core of every church which has been blessed by God,” he said by telephone. “The sacrament of marriage is not just a commitment between two persons, it’s also a commitment of the married couple to God,” he said.

More than half of Filipinos support divorce, according to the results of a 2018 poll by the Social Weather Stations.

Ms. Santos, mentioned at the outset, thinks the Catholic Church should not meddle in the issue. “Those of us who suffer in our failed marriage have no choice. We didn’t choose our marriages to end this way.”

Fuel prices drop this week

OIL COMPANIES are rolling back the prices of petroleum products this week, with diesel users seeing a hefty cut of P1.10 per liter (/L). The prices of gasoline products will be down by P0.50/L, while kerosene will be cheaper by P1.30/L. The adjustment reflects the movement of prices in the international market. Most of the oil companies will be implementing the price rollback at 6:00 a.m. on Tuesday, Aug. 13. As early as Saturday, Phoenix Petroleum Philippines, Inc. announced its price adjustment, took effect in the afternoon of the same day. Pilipinas Shell Petroleum Corp. was second to come out with its advisory, although it scheduled the price cut on Tuesday. — Victor V. Saulon

DILG backs Baguio’s proposed moratorium on high-rise buildings

THE DEPARTMENT of Interior and Local Government (DILG) has expressed support to the Baguio City local government’s proposal to implement a one-year moratorium on the construction of high-rise buildings in the country’s summer capital. “I strongly agree with Mayor Benjie Magalong on the moratorium in the construction of high-rise buildings in Baguio City. The city is now heavily congested and it’s taking so much toll on the environment. The city’s environmental condition is now a priority concern of the interagency task force headed by Environment Secretary Roy Cimatu,” said DILG Secretary Eduardo M. Año in a statement on August 12. “The city needs to pause, breathe, and be healed because of over development. Let us save Baguio City while we still can,” he said. The Department of Environment and Natural Resources-Cordillera Administrative Region held a public consultation last July 29, wherein the draft executive order (EO) setting the moratorium was among the issues discussed. Mr. Año said a copy of the EO draft has been submitted to the President. The order also comes with a proposed funding component to implement priority rehabilitative projects such as the upgrading and expansion of the city’s sewerage treatment system. “The proposed EO will pave the way for a reevaluation of the city’s urban development planning in order to consider the impact to the environment,” said Mr. Año. — Vince Angelo C. Ferreras

US Strike Group

A JET takes off from the United States’ Ronald Reagan Carrier Strike Group, which recently made a brief port call in Manila. US Ambassador to the Philippines Sung Kim said the visit “is a great representation of our strong friendship, partnership, and alliance with the Philippines, as well as a testament to our joint commitment to a free and open Indo-Pacific region.”

Guimaras economy reels from Iloilo Strait tragedy

By Emme Rose S. Santiagudo, Correspondent

THE ISLAND province of Guimaras, with its white beaches and sweet mangoes, provides the perfect tropical complement to Iloilo City’s urban and cultural tourism attractions.

A week after the Iloilo Strait tragedy, wherein three motorboats capsized and 31 people died, Guimaras already feels the blow to its tourism industry and overall economy.

Guimaras Governor Samuel T. Gumarin, in an interview with the media last week, said the transportation sector is the hardest hit with the suspension of motorboat operations to and from Iloilo City.

“Ang kabuhayan ng mga residente (The livelihood of residents are) affected lalo na sa (especially in the) transport sector, both for the land and the sea,” he said.

Further, without the motorboat services, the province feels the effects of isolation.

“We are totally dependent in Iloilo because lahat ng kinakain namin, ‘yung mga ginagamit namin dito (our food supply, other supplies), almost 70 to 90 percent from Iloilo. If our children got sick at hindi kaya dito, pumupunta kami ng (and the health services here cannot handle it, we go to) Iloilo,” he said.

An extra roll on-roll off (RoRo) vessel has been deployed to cover the Iloilo-Guimaras route, but the mayor said it is not enough to serve the island’s passenger and cargo needs.

Mr. Gumarin said their tourism industry has also been affected.

“Now, those who visit the province only see the tragic incident that has happened and this is a negative feedback for us (after) we have already established the vibrant tourism industry in Guimaras,” he said.

The province’s tourism officer, Liberty N. Ferrer, said there has been a domino effect on the different aspects of the industry.

“The number one affected is the transportation sector. There are also cancellations in our accommodation establishments and tour guides who were also expecting tourists, na-cancel na din (got cancelled too). The effect has gone down to other supporting businesses for tourism like products in our pasalubong centers,” she said.

Ms. Ferrer said initial reports of the accommodation sector indicate “there are lesser tourists that are going to Guimaras.”

Fatima Farms, which just had its soft opening last July 1 and scheduled for a full opening in October, said they have had almost no guests since the Aug. 3 sea mishap. On that Saturday, they had almost 100 visitors.

“We already expect that the number of guests will go down because of the incident. Others might think that travelling to Guimaras is not safe anymore and it is really difficult for us, even though we are promoting our business for devotees,” said Charlie G. Losanes, acting manager of Fatima Farms.

The provincial tourism office has already started discussing with the Department of Tourism-Western Visayas Region on how they can help the industry bounce back.

“We will find ways to on how to help the livelihood of the affected tourism sectors,” she said.

TRANSPORT
Transportation Secretary Arthur P. Tugade, during his visit to the island last Aug. 7, discussed possible immediate and long-term changes in the sector with local officials.

“We need to revisit, amend, and get rid of the policies that are not applicable on today’s weather and sea worthiness. We are looking now at the possible changes of the design and ergonomic of the motorboats,” Mr. Tugade said.

“Instead of wooden hull, we need to use aluminum or fiber glass. The wooden hull motor boats, we need to look into its possible phase out as a public transport,” he added.

Mr. Tugade also inspected the various ports in Iloilo and Guimaras, which he said need improvement and expansion, noting that these do not seem to have the capacity for the average 15,000 passengers that cross the Iloilo Strait daily.

“There are a lot of things that need to be considered, from the idea of bringing RoRo vessels or fast crafts, phasing out the wooden hull, the improvement of ports, and the needed finances. As we feel sad about what happened, we have to look forward and learn our lesson, so that a situation like this will not happen again,” he said.

The mayor said he also raised the planned Panay-Guimaras-Negros bridge project, which is in the feasibility study stage under the Department of Public Works and Highways.

“It is under the authority and power of the President, but it will take time. Now what is important is for the economy of Guimaras to be normalized, those who have transactions in Iloilo City will be transported and food will be made available to the residents,” he said.

Seriously ill children of soldiers, poor get help from Duterte

PRESIDENT RODRIGO R. Duterte is ready to help children who have serious illnesses, especially those of soldiers and from poor families, in getting treatment in India, his former special assistant said on Monday. “May mga bata na kaming naipadala sa (We have sent children to) India, isa (one) from Taguig at naging (and it was a) successful ang operation,” Senator Christopher Lawrence T. Go said in a statement on Monday. He added that there is another child currently being treated there. “Lahat ng batang may malalang sakit at kumplikado na lumalapit sa Pangulo, lalo na anak ng sundalo, tutulungan namin (All children who have a serious and complicated illness brought to the President, especially children of soldiers, will be given assistance),” he added. One case, however, did not have a happy ending as the child’s operation did not succeed. Mr. Go said the 11-month old soldier’s child was sent to India for biliary atresia, a disease of the liver and bile ducts that commonly occur among infants. “Ipinadala namin sa India para i-transplant pero nasawi dahil sa komplikasyon. Sasagutin ng Pangulo ang lahat ng gastos pati pagpapalibing sa bata (We sent the child to India for a transplant, but died due to complications. The President will pay for all the expenses, including the child’s burial),” he said. Mr. Duterte was present when the child’s remains was flown in to Davao City Sunday night. — Arjay L. Balinbin

Dengue cases in Davao Region up 60%; highest in Davao City

DENGUE CASES in the Davao Region increased by about 60% to 4,345 during the first seven months of the year compared with the same period last year, the regional office of the Department of Health reported last week. Of the total, 21 deaths were recorded, up from 14 last year. Davao City, the most populated urban area in the region, had the highest number of cases at 2,168 with 11 deaths, nearly double than what was reported last year. Among the provinces, Davao del Norte had 562 cases with six deaths while all the others reported one death each. The other provinces in the region are Davao del Sur, Davao Occidental, Davao Oriental, and Compostela Valley. Antonietta P. Ebol, Davao Regional Dengue Control and Prevention Program manager, said the Buhangin district in Davao City had the most number of dengue patients, which has been the case in the last five years despite continued campaigns undertaken by both the DoH regional office and the City Health Office. Ms. Ebol said the main factor contributing to the problem in Buhangin is the lack of water supply in the area, and residents “are storing water in open containers” that become breeding grounds for dengue-causing mosquitos. — Carmelito Q. Francisco

Nation at a Glance — (08/13/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (08/13/19)

NCAA: Mapua goes for back-to-back victories

By Michael Angelo S. Murillo
Senior Reporter

HAD THEIR first taste of victory in National Collegiate Athletic Association Season 95 last time around, the Mapua Cardinals go for a second serving when they trek back to the court today against the Emilio Aguinaldo College Generals at the FilOil Flying V Arena in San Juan City.

Set for 2 p.m., the Cardinals (1-5) try to build on their breakthrough win over the Arellano Chiefs, 73-64, on Saturday and continue their flight in the ongoing season of the country’s oldest collegiate league.

Playing in the 4 p.m. game, meanwhile, are the still-undefeated College of Saint Benilde Blazers (4-0) against Arellano (1-5).

Guard Laurenz Victoria provided the motor in Mapua’s debut win over the Chiefs, finishing with a career-high 29 points, built on an efficient 8-of-13 shooting from the field and 12-of-15 from the charity stripe.

He also wound up with eight rebounds, three assists and a steal.

Arellano kept Mapua in check in the opening half but saw its opponent play steady on both ends in the second fold as the latter made its way to the win.

Providing support to Victoria was Paolo Hernandez, who finished with 14 markers, while Arvin Gamboa had nine to help the Cardinals hand new coach Randy Alcantara his first win.

Victoria said they take pride in the win as it was a product of their hard work in training despite the tough start they have had and digging deep collectively during the game.

“We really needed this win because every time we lose the morale of the team somehow goes down. We saw an opening to win in this game and we just stayed aggressive and went for it,” said Victoria, in the vernacular, after the game.

Incidentally, the career game of Victoria led to him being named the NCAA player of the week.

In winning the award, given by media covering the league, Victoria edged out Lyceum’s Mike Nzeusseu and San Beda’s Evan Nelle.

Out to stop the Cardinals is EAC (1-5), which has lost four straight but nonetheless is competing each outing.

The most recent of the Generals’ defeats came at the hands of Jose Rizal University, 64-58, in an NCAA on Tour offering on Aug. 1.

Leading the way for EAC is guard Marwin Taywan, going for 15.7 points per game. Forward JP Maguliano has been a double-double machine for the team with 14.3 points and 12.2 rebounds while Jethro Mendoza has been good for 12 points per outing for the Oliver Bunyi-coached Generals.

SAINT BENILDE
Meanwhile, with all of its three scheduled matches previously washed out by bad weather, Saint Benilde is hoping to finally take the floor and continue its solid run so far in NCAA 95.

The last time the Blazers played was on July 30 against the San Sebastian Stags and came away as a 77-72 winner despite playing sans top man Justin Gutang who was out because of knee injury.

Guard Unique Naboa paced CSB with 15 points, followed by Chris Flores with 14.

Jimboy Pasturan and Clement Leutcheu each had 12 points for the Blazers while veteran Yankie Haruna finally played his first game from injury and finished with 10 points and seven rebounds.

The Blazers eye win number five against season host Arellano, which has lost two consecutive games after notching its first victory of the season.

Reed ends title drought with Northern Trust win

PATRICK REED secured his first victory since last year’s Masters when he beat Mexican Abraham Ancer by one stroke at the Northern Trust in New Jersey on Sunday.

Reed emerged on top from a packed leaderboard by carding two-under-par 69 in the first of three PGA Tour FedEx Cup playoff events at Liberty National.

The American sank his winning putt from three feet to finish at 16-under 268, while Ancer remains in search of his PGA Tour breakthrough after also shooting 69 for second place.

Spaniard Jon Rahm, who had the outright lead at the turn, also carded 69 to tie for third with American Harold Varner III (68), two behind.

Reed, nicknamed “Captain America” after the fictional superhero, said he could not think of a better place to win than on the doorstep of one of the country’s iconic landmarks — the Statue of Liberty.

“Just to be back, and to feel like I’ve been playing some solid golf, and finally have it pay off, and to come out as a victory, it’s been a while, a little too long honestly,” he said in a greenside interview.

“But what better place to do it than here, Statue of Liberty in the background, Presidents Cup was here in ‘17, and hearing ‘Captain America’ all week, it was definitely a good time to get a W (win).”

ROCK SOLID
With his seventh PGA Tour victory, the 29-year-old jumped to second behind Brooks Koepka in the FedEx Cup standings.

Seven players were within one shot of the lead early in the final round before Rahm, winner of last month’s Irish Open, seized the initiative with three quick birdies in a four-hole stretch.

But he had a poor back nine, opening the door for his rivals.

Reed did not exactly bust it down, but two birdies in a bogey-free back nine were enough, while Australian Open champion Ancer birdied the 16th and 17th for his best result on tour.

“I knew I had to make birdies coming down the stretch,” said Reed, who took a rare three-week break between the PGA Championship in May and the US Open in June to recharge his batteries.

He has been rock solid since returning, and Sunday’s victory elevates him back into contention for the Tiger Woods-captained US side for December’s Presidents Cup against an International team in Australia.

Reed vowed his latest victory augured well for the rest of the year.

“It’s just the beginning,” he said. — Reuters

1...9,1639,1649,165...12,781Page 9,164 of 12,781
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube