Peso drops on positive US data

May 29, 2019 | 9:00 pm

THE PESO declined slightly against the dollar on Wednesday, dragged by upbeat consumer sentiment data in the United States as well as persistent risk-off sentiment due to the trade war between the US and China.

The local unit closed the session yesterday at P52.35 versus the greenback, five centavos weaker than the P52.30 finish on Tuesday.

The peso opened the session at its best showing of the day at P52.33 versus the dollar. Meanwhile, its intraday low stood at P52.43.

Trading volume thinned to $873.2 million from the $913.8 million that changed hands the previous session.

A trader said the peso was weaker versus the dollar following the greenback’s ascent overnight due to higher-than-expected US consumer confidence data.

The consumer confidence index of the Conference Board climbed to a six-month high of 134.1 in May, signalling strong job market and rising wages in the US.

“The dollar-peso traded higher throughout the day since there was still risk-off sentiment in the market given that trade tensions are still looming around and are still in the headlines,” the trader said in a phone interview.

“The peso weakened today on heightened global trade uncertainties after US President Trump intended to address its trade imbalances with Japan and noted that he is not yet leaning towards a trade deal with China,” another trader said on Wednesday.

Meanwhile, the first trader said news about the US blaming Iran for the attack of four commercial cargo ships off the coast of the United Arab Emirates would “somehow add to the risk-off sentiment already in the market.”

For today, both traders expect the peso to trade between P52.25 and P52.45.

“The local currency might weaken ahead of the BSP (Bangko Sentral ng Pilipinas) reserve requirement cut effectivity on Friday,” the second trader said. — KANV

PHL shares climb on bargain hunting after slump

May 29, 2019 | 9:00 pm

By Arra B. Francia, Senior Reporter

SHARES rose on Wednesday as investors went bargain hunting after several days of losses.

The bellwether Philippine Stock Exchange index (PSEi) climbed 0.47% or 36.46 points to 7,797.75. The broader all-shares index also added 0.3% or 14.74 points to 4,804.79.

“PSEi closed higher on the back of bargain hunting fuelled by a better competitive ranking from the International Institute for Management Development (IMD),” Philstocks Financial, Inc. said in a market note on Wednesday.

The Philippines went up four notches in the 2019 IMD World Competitiveness Ranking, although it remains to be one of the lowest compared to Asian peers.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan, meanwhile, said investors chose to buy local shares due to negative sentiment abroad.

“As regional markets grappled with the 10-year US Treasury yield at 19-month lows and China restricting offshore debt offering, investors continued buying into the local bourse in the meantime,” Mr. Limlingan said.

Weakness in US Treasury yields sent Wall Street lower. The Dow Jones Industrial Average fell 0.93% or 237.92 points to 25,347.77, while the S&P 500 index shed 0.84% or 23.67 points to 2,802.39. The Nasdaq Composite also went down 0.39% or 29.66 points to 7,607.35.

Most Asian indices also ended lower, with Japan’s Nikkei 225 down by 1.21% or 256.77 points to 21,003.37. The Hang Seng index retreated 0.57% or 155.10 points to 27,235.71. In contrast, the Shanghai Composite eked out gains of 0.16% or 4.79 points to 2,914.70.

Back home, sectoral indices were equally split between gainers and losers. The industrials counter led those in positive territory, ending 1.29% or 143.73 points higher at 11,283.98. Holding firms rose 1.05% or 77.96 points to 7,464.95, while property went up 0.03% or 1.53 points to 4,237.81. Meanwhile, mining and oil went down 1.47% or 106.94 points to 7,140.65. Financials slumped 0.2% or 3.52 points to 1,693.03, while services also shed 0.2% or 3.45 points to 1,652.72.

Some 650.06 million issues switched hands valued at P6.11 billion, much lower than Tuesday’s P18.02-billion turnover.

Advancers and decliners were both at 92, while 52 names were unchanged.

Foreign investors continued to dump local stocks, as net foreign selling persisted for the 18^th straight session at P304.87 million. This is, however, lower than the previous session’s net outflow worth P632.59 million.

“With MSCI (rebalancing) out of the way, issue now that continues to linger would be how US markets perform tonight, more so that the Dow and S&P closed in the red last night. A solid break above the 7,800 area puts the next resistance around 8,000,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Wednesday.

Sotto: No takers for ‘headache’ Senate committees

May 29, 2019 | 8:22 pm

SENATE President Vicente C. Sotto III said on Wednesday six committee chairmanships have yet to be filled in the 18^th Congress.

Mr. Sotto, in an interview with ANC on Wednesday, said the matter of who will be assigned to the committees on finance, ways and means, education, justice, blue-ribbon, and public services is “really giving us a headache.”

“There are committees that two or three members of the Senate would want, but then again there are incumbents. Some of the committees that are open, there are no takers,” he said.

“The finance committee, nobody wants to take it, so we are going to elect Senator Sonny Angara to the finance committee whether he likes it or not,” Mr. Sotto said in the ANC interview, the transcript of which his office e-mailed to reporters on Wednesday.

“Also the ways and means committee, nobody wants to take it, so we will most probably elect who we think would be good for the job,” he also said, adding however that Senator-elect Imee R. Marcos has shown interest in heading the committee, largely in charge of revenue generating measures.

The ways and means committee, under the chairmanship of Senator Juan Edgardo Angara, presided over the legislation of RA 10963, or the Tax Reform for Acceleration and Inclusion, and RA 11213, or the Tax Amnesty Act, which forms part of the administration’s comprehensive tax reform program.

Senator Grace S. Poe-Llamanzares, current chair of the public services committee, appealed to incoming senators to respect the “equity of the incumbent” tradition in the chamber, but said she is also willing to head the blue-ribbon committee.

“Kung sino ‘yung mga nauna, meron naman silang equity of the incumbent, so sana respetuhin nila,” Senator Poe told reporters in a chance interview, Wednesday. (Senators who were here first enjoy the equity of the incumbent, so I hope they respect that).

“Para sa akin, gusto ko ng blue-ribbon committee, pero dahil sa paggalang sa aking kasama na si Senator Gordon, hindi ko naman ipagpipilitan.” (For me, I’d like the blue-ribbon committee, but out of respect to my colleague, Senator Gordon, I will not insist).

Senator Richard J. Gordon, for his part, remained firm in keeping both the committees on blue-ribbon and justice. “Ang sabi niya kung papayag ako makipagpalitan sa public services, gusto niyang makuha ‘yan pero wala naman akong sinasabi na ibibigay ko,” he said in a separate interview with reporters. (She said if I’m okay with trading with public services, she’ll take the blue-ribbon committee, but I never said I’ll give it). — Charmaine A. Tadalan

House approves Murang Kuryente Act

May 29, 2019 | 8:21 pm

THE HOUSE of Representatives ratified on Wednesday the proposed “Murang Kuryente Act.”

House Bill 8869 proposes to lower power rates by, among other measures, the transfer of billions of pesos worth of the Malampaya fund to offset the National Power Corp.’s Stranded Contract Cost and Stranded Debts, which are currently passed on to power consumers through the Universal Charge.

Further, the bill provides further exploration, development, and exploitation of energy resources to lower electricity rates.

The counterpart Senate Bill 1950 was approved by the Senate on Tuesday.

The House also ratified House Bill No. 6276 and Senate Bill No. 2098, or the proposed “Anti-Obstruction of Power Lines Act.” — Vince Angelo C. Ferreras

Ballot layout on party-list questioned

May 29, 2019 | 8:20 pm

LAWMAKERS on Wednesday questioned the layout of the ballots used in the recent midterm elections which placed the list of party-list groups on the back.

They cited the design of the ballot as a possible reason why around 20 incumbent party-list groups in the 17^th Congress were not able to land a spot in the next 18^th Congress.

“If I’m not mistaken, 27 million total votes for party-list elections out of 63 billion registered voters. Sobrang bagsak ‘yung boto sa party-lists compared nu’ng 2016 elections (The votes for party-lists really declined compared with [the results of] the 2016 elections), and that caused millions of disenfranchisement sa aming (among our) constituencies,” Ako-Bicol Party-List Rep. Alfredo A. Garbin Jr. said at a press conference at the House of Representatives on Wednesday.

The Commission on Elections proclaimed 51 winners in the party-list elections, with the top two party-list groups getting three seats, while six other organizations got two seats each and 43 other groups got one seat each.

AGRI Party-List Rep. Orestes T. Salon said, for his part, “I’m not sour-graping, but in 2016 we had more than 800,000 votes, but this 2019 we only had 133,000 votes. I don’t know what happened to us.”

Other groups that failed to keep their seats in Congress are Akbayan and Makabayan bloc member Anakpawis.

Comelec Spokesperson James Jimenez said he will still verify the layout of the ballots for the 2010 and 2013 elections. But he acknowledged that party-list groups were on the front of the 2016 ballot.

Nevertheless, Mr. Jimenez said teachers who acted as election board members were trained and informed of the proper protocol. “Sa training ng Comelec nagbigay kami ng information sa kanila na ang balota ay two-sided (We informed them that the ballots are two-sided during our training). So we expected that the teachers themselves were able to give these instructions.”

He added: “The problem is if you are looking at the partylist election, it (is) surprising that you will not look at both sides of the ballot and assume that there was no party-list component yung balota (on the ballot).”

For his part, Parish Pastoral Council for Responsible Voting board member Arwin A. Serrano said the Comelec already announced to the public last February the layout of the ballots.

“‘Yung ballot face po ng ating balota, as early as February nailabas na po ‘yan ng Comelec. So alam na po ‘yan ng ating pong general public, ‘yung likod, du’n nakalagay po ‘yung ating party-list,” he said. (Comelec already conveyed this information to the public last February. So the general public already knew that the party-list groups are placed on the back). — Vince Angelo C. Ferreras

Senator: Bill against street harassment of women, LGBT has lapsed into law

May 29, 2019 | 8:16 pm

By Charmaine A. Tadalan, Reporter

THE measure penalizing gender-based street harassment against women and members of the lesbian, gay, bisexual and transgender (LGBT) community has lapsed into law, Senator Risa N. Hontiveros-Baraquel said.

“This is a big victory and a major push back against the growing ‘bastos culture’ in our streets and communities,” Ms. Baraquel, chair of the Senate committee on women, said in a statement, Wednesday.

“Now, women and LGBTs have a strong policy instrument to protect us from gender-based street harassment. With this law, we will reclaim our streets from sexual harassers and gender bigots and make public spaces safe for all.”

The Senator said President Rodrigo R. Duterte did not act on the measure, which was set to lapse into law on April 21.

Sought for confirmation, Justice Secretary Menardo I. Guevarra said in a phone message “this enrolled bill is still in the President’s private office. There being no recommendation to veto it, the same may have actually been signed. If not signed, it nevertheless lapsed into law on 21 April 2019.”

Mr. Guevarra is standing as Officer-in-Charge while Mr. Duterte is on a four-day state visit in Japan, which ends Saturday, June 1.

“The law is not a measure to punish men. It actually protects men from capitulating to sexist acts and gender bigotry by holding such deeds accountable. It is a policy that aims to effect positive behavioral changes in society. And in this effort, we believe men will play a big part in this positive transformation,” Ms. Baraquel said in her statement.

The law imposes penalties on gender-based sexual harassment in streets and public spaces, with fines ranging from P1,000 to P100,000 and imprisonment of 6 days to 6 months. Violators will also be required to attend gender-sensitivity seminars.

The law counts “catcalling, wolf-whistling, unwanted invitations, misogynistic, transphobic, homophobic and sexist slur,” among others as gender-based sexual harassment.

Under the law, public places include restaurants, cafes, bars and clubs, resorts, hotels, and casinos.

CHED clarifies GE curriculum policy not anti-Filipino, vows support for language development

May 29, 2019 | 8:15 pm

THE COMMISSION on Higher Education (CHED) has clarified that the new General Education (GE) Curriculum, which removes Filipino and Panitikan (Filipino literature) in the list of core subjects, is not “anti-Filipino.” CHED Chairman Prospero E. De Vera III, in a statement on Wednesday, said “The accusation of critics that CHED is anti-Filipino is wrong. The Commission believes in the fundamental role played by language in education. To be properly cultivated, Filipino cannot merely be taught as a subject, but must be used in oral and written forms, across academic domains.” The curriculum, contained in CHED’s 2013 Memorandum Order 20, was given the greenlight for implementation by the Supreme Court (SC) in a decision last March. “This issue has been debated for too long and CHED calls on all sectors to respect and abide by the SC decision so that the revised curriculum for various degree programs can now be fully implemented with dispatch by the close to 2,000 Higher Education Institutions (HEIs) nationwide,” Mr. De Vera said. The statement also said that “HEIs must now exercise their academic freedom to include innovative reforms in their various curricula that may include language proficiency not just in Filipino but also other Philippine languages… and Asian languages that will make graduates regionally and globally competitive.” CHED also vowed to support HEIs “that will pursue language innovation” and provide professional education assistance to affected Filipino and Panitikan teachers through the K to 12 Transition Program Fund.

June 5 a holiday for Eid’l Fitr

May 29, 2019 | 8:14 pm

JUNE 5 has been declared a regular holiday in observance of Eid’l Fitr, the celebration marking the end of Ramadhan, the Islamic holy month of fasting. President Rodrigo R. Duterte signed Proclamation No. 729 on May 28, which aims “to bring the religious and cultural significance of the Eid’l Fitr to the fore of the national consciousness.” The proclamation states that “the entire Filipino nation should have the full opportunity to join their Muslim brothers and sister in peace and harmony in the observance and celebration of Eid’l Fitr.” Justice Secretary Menardo I. Guevarra, acting as officer-in-charge for the operations and administration of the Executive Department while the President is in Tokyo, Japan from May 28 to June 1, made the announcement on Wednesday. — Vann Marlo M. Villegas

House to summon Advincula in probe of social media sites

May 29, 2019 | 8:13 pm

THE HOUSE of Representatives will summon Peter Joemel Advincula, who claims to be the narrator “Bikoy” in a series of videos, for a probe that will look into possible liabilities of social media sites like Facebook and YouTube for damaging content like his “Ang Totoong Narcolist (The Real Narcolist).” Ako Bicol Party-list Rep. Alfredo A. Garbin Jr. filed House Resolution 2585, which directs the committee on information and communications technology to conduct an inquiry, in aid of legislation, on the videos of Mr. Advincula and other widely circulated posts in social media. Mr. Garbin said the investigation would be used for crafting measures intended to make social media platform creators and operators be socially and legally responsible of their posts. — Vince Angelo C. Ferreras

Lawyer Kapunan indicted for slander charge

May 29, 2019 | 8:12 pm

THE DEPARTMENT of Justice (DoJ), in two separate resolutions, indicted lawyer Lorna P. Kapunan for slander based on the complaints filed by University of Santo Tomas Law Dean Nilo T. Divina. The case stems from Mr. Kapunan’s alleged remarks against Mr. Divina in connection with the death of law student Horacio “Atio” Castillo III due to hazing in Aug. 2017 and the disbarment case against him and other lawyers. Mr. Divina originally filed a libel case and three counts of violation of Republic Act No. 10175 (Cybercrime Prevention Act of 2012) against Ms. Kapunan for a television interview, wherein she alleged that the dean recruited the slain freshman law student to the fraternity and that he accommodated the fraternity members on the evening the hazing incident. The interview was also posted on Facebook and YouTube. The other complaint was filed by Mr. Divina and his firm Divina Law against Ms. Kapunan and Patricia Paz C. Bautista in connection with the filing of a disbarment case against him and 20 other lawyers, which Ms. Kapunan also discussed in a television interview. In both the resolutions, the DoJ dismissed the libel complaints as it was not the respondents who published the remarks. The DoJ said in one of the resolutions that elements of oral defamation were present in the case. — Vann Marlo M. Villegas

Incoming Cebu City mayor wants 2-year business permit validity

May 29, 2019 | 8:11 pm

CEBU CITY Vice-Mayor Edgardo C. Labella, the incoming mayor after winning in the recent midterm elections, wants to make the city more business-friendly, starting with a proposal to extend the validity of the annual local permit to two years. “One of the first things that I will ask of the members of the Sanggunian Panlungsod (city council) is to pass a legislation that the processing of business permits will be done only every two years because we have to create a business-friendly atmosphere,” Mr. Labella told reporters. He clarified, however, that the payment of local taxes will still be every year under his proposal. “Of course, they will pay their business tax yearly, but the processing of the business permits will be once every two years, so that we lessen the burden. It needs an ordinance for that purpose,” he explained. Under the current system, business permits are renewed simultaneously every January. This year, the city assessed a total of 32,869 establishments, higher than last year’s 30,828. The City Treasurer’s Office collected P1.2 billion from 32,000 businesses within the 18-day renewal period in January. The city will impose a 2% interest per month and 25% surcharge, and other penalties, to those who did not meet the deadline. One of the city’s reelected councilors, Sisinio M. Andales, told The Freeman that he will look into Mr. Labella’s proposal. “It needs public hearing to hear the sentiments of the stakeholders and to balance the advantages and disadvantages of the said measure,” he said. — The Freeman

Del Rosario says Marawi rehabilitation transactions ‘above board’ amid complaint filed

May 29, 2019 | 8:11 pm

TASK FORCE Bangon Marawi (TFBM) Chairperson Eduardo D. Del Rosario on Wednesday said they are ready to defend transactions relating to the rehabilitation of war-torn Marawi City following a complaint filed by a group of displaced residents. In a statement, Mr. Del Rosario, who also heads the Housing and Urban Development Coordinating Council, said, “I am confident that all dealings and engagements with regard to the development in the most affected area are above board. While we respect freedom of expression that is freely exercised in our country, we welcome the complaints filed against TFBM and NHA (National Housing Authority) and we shall respond accordingly in the proper forum.” The complaint was filed by Datu Meno Manabilang, who claims to be the leader of a group of internally displaced persons in Marawi. Mr. Manabilang wants an investigation by the Presidential Anti-Corruption Commission and the Office of the Ombudsman over alleged anomalies in the awarding of a contract for the Demolition and Debris Management Project in parts of the most devastated areas. Mr. Del Rosario, on the other hand, said, “TFBM and all its fifty-six (56) member agencies do faithfully follow and strictly adhere to government accounting and financial rules as we continue to discharge our functions in the fulfilment of the instructions of the President to ensure that Marawi will rise as a prosperous city again.”