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Peso strengthens further

THE PESO strengthened further against the dollar on Tuesday as the market stayed on the sidelines ahead of the release of the minutes of the US central bank’s latest policy meeting.

The local unit closed yesterday’s session at P52.475 versus the greenback, 11.5 centavos stronger than Monday’s close of P52.59.

The peso opened the session slightly stronger at P52.57 per dollar, soaring to as high as P52.47 intraday. Meanwhile, its worst showing stood at P52.61 against the greenback.

Trading volume climbed to $1.102 billion from the $1.084 billion that switched hands the previous day.

“We saw heavy selling of the dollar-peso…maybe on position trimming since after we saw heavy buying for the past few days,” a foreign exchange trader said in a phone interview.

The trader added that market participants opted to stay on the sidelines ahead of the remarks of US Federal Reserve officials last night as well as the release of the Federal Open Market Committee (FOMC) meeting minutes.

The US central bank kept its rates steady at 2.25-2.5% during its April 30-May 1 policy meeting despite pressure from US President Donald Trump to ease policy rates to stimulate the economy.

“We have an economy where the expansion is continuing, growth is at a healthy level, the labor market is strong, we see job creation, we see wages moving up. Inflation is low, which gives us the ability to be patient,” Fed Chair Jerome Powell told reporters following that meeting.

“There will be Fed speakers tonight and FOMC minutes to be released on Thursday. Maybe the market is trying to trim their positions to be on the sidelines regarding the possible comments or headlines that would move the dollar either way,” the trader said yesterday.

The trader added that the market is also awaiting developments on the US’ relations with China and Iran.

Meanwhile, another trader said the peso strengthened due to “continued profit-taking” amid some caution ahead of the release of the FOMC minutes which might cause huge swings on the greenback.

For today, the first trader expects the peso to move between P52.35 and P52.65 against the dollar, while the other trader gave a P52.35-P52.55 range.

Meanwhile, Security Bank Corp. chief economist, expects the peso to decline to P53 against the greenback by the end of the second quarter, given the observed peso weakness following the recent cut in reserve requirement ratio as well as the “pro-growth” stance of the Bangko Sentral ng Pilipinas, among others.

“With policy moves out of the way, the narrative will shift towards the US-China trade war,” Mr. Roces said in a note sent to reporters yesterday.

Mr. Roces added that the peso will likely settle at the P53.50-per-dollar level at the end of the third and fourth quarters. — K.A.N. Vidal

Main index returns to 7,700 level as selling eases

By Arra B. Francia, Senior Reporter

THE MAIN INDEX clawed its way back to the 7,700 level on Tuesday as foreign investors slowed their selling spree.

The 30-member Philippine Stock Exchange index (PSEi) jumped 0.8% or 61.42 points to close at 7,721.56 yesterday, marking its third straight consecutive uptick. The broader all-shares index likewise rose 0.73% or 34.74 points to close at 4,782.14 on Tuesday.

“The PSEi continued its rally… Strength may have been driven by momentum from the previous days, as well as relatively smaller net foreign selling of only P328 million from the near P1 billion print the past few days,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

Net foreign outflows narrowed to P327.80 million on Tuesday against Monday’s P879.56 million.

“Resistance level moving into the week would be at the 7,800 level. The rally so far has been on relatively low volume with net foreign selling so we look to that level,” Mr. Perez added.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan attributed the increase to investors pouring their funds into the country amid tensions abroad.

“Investors turned their buying efforts to the Philippines with Huawei saga rolling through the tech sector and trade retaliation fears rising,” Mr. Limlingan said in a mobile phone message.

Reuters reported that Google has suspended business with Chinese tech giant Huawei and limited its access to its Android software. This comes amid the United States government’s efforts to blacklist Huawei globally.

Huawei was also reported to be readying the launch of a mobile phone operating system following its limited access to Android.

Tensions between the US and China prompted another sell-off in Wall Street indices. The Dow Jones Industrial Average dropped 0.33% or 84.10 points to 25,679.90. The S&P 500 index shed 0.67% or 19.30 points to 2,840.23, while the Nasdaq Composite index fell 1.46% or 113.91 points to 7,702.38.

Asian indices were mixed, as Japan’s Nikkei 225 slipped 0.14% or 29.28 points to 21,272.45; the Shanghai Composite index jumped 1.23% or 35.37 points to 2,905.97; and the Hang Seng index retreated 0.47% or 130.37 points to 27,657.24.

All sectoral indices moved to positive territory back home, led by industrials which soared 2.51% or 278.19 points to 11,346.27. Mining and oil advanced 1.07% or 77.41 points to 7,309.86; holding firms increased 0.75% or 54.07 points to 7,215.37; property firmed up 0.49% or 20.72 points to 4,196.02; financials went up 0.47% or 8.21 points to 1,723.61, while services added 0.11% or 1.92 points to 1,653.82.

Value turnover improved to P5.41 billion after some 750.24 million issues switched hands, against the previous session’s P4.88 billion.

Advancers slightly outpaced decliners, 97 to 94, while 45 names were unchanged.

Morales cited as ‘threat,’ held briefly in Hong Kong

RETIRED Ombudsman Conchita Carpio-Morales was held Tuesday by Hong Kong immigration authorities for being a “security threat,” her legal counsel confirmed.

“She was detained and separated from her family at Hong Kong immigration supposedly as a security threat,” lawyer Anne Marie Corominas said in a phone interview.

Ms. Morales was reportedly due for deportation but was later allowed to the Chinese territory. However, as of this reporting Tuesday late afternoon, she is expected to arrive in Manila at 8:00 p.m.

Presidential Spokesperson Salvador S. Panelo said he will issue a statement regarding this incident in Hong Kong.

In a social media post, Foreign Affairs Secretary Teodoro L. Locsin, Jr. said, “Hong Kong port authorities have allowed her in but she and her family have chosen to stay in airport with DFA (Department of Foreign Affairs) people and take 6 o’clock flight back to Manila. 2nd time this happens to a Pinoy.

For his part, Justice Secretary Menardo I. Guevarra told reporters in a text message, “I can’t find any reason for this incident except former ombudsman Morales’ filing of a complaint against China’s President Xi before the International Criminal Court (ICC).”

“Regardless of the reason, however, we may not question the action taken by Chinese immigration officials, as the entry of foreigners or the refusal thereof is the exclusive and sovereign prerogative of any country,” he added.

Last March, Ms. Morales and former foreign affairs secretary Albert F. Del Rosario filed a communication to the ICC, seeking a preliminary examination on Mr. Xi and other officials over the reported harassment of Filipino fishermen at the Philippines’ exclusive economic zone in the South China Sea.

For his part, the Presidential Spokesperson said: “We asked the Department of Foreign Affairs, through our Consulate General in Hong Kong, to render full assistance to the former Ombudswoman and her family for their safe and secure return to the Philippines.”

‘The same government assistance shall be given to each and every Filipino in distress abroad, and this is regardless of political persuasion or affinity.”

He also said, “We will defer to the immigration laws and rules of other countries much as we expect foreign nations to respect our country’s internal rules.” — Vann Marlo M. Villegas, Charmaine A. Tadalan and Arjay L. Balinbin

Duterte resurfaces after hospitalization rumors

By Arjay L. Balinbin, Reporter

PRESIDENT Rodrigo R. Duterte, after about a week out of the public eye, resurfaced at Malacañang Palace on Tuesday during the presentation of credentials of Thailand’s Ambassador Vasin Ruangprateepsaeng.

“Your Excellency, I was informed that you’re already here. Pardon for about two minutes late. I was just signing some papers,” Mr. Duterte, who was last seen in public on Election Day, said in his remarks.

He added: “But I am very happy of your presence today and congratulations to your new deployment. I understand this is the first ambassadorial assignment that you have for the Republic of Thailand. I’m sure that you would learn so many things along the way. You won’t have a hard time. We are similar in all things including our desire to have a peaceful southeast Pacific region. Welcome.”

Mr. Duterte also invited the Thai ambassador to a room in the Palace for a private conversation.

“Just a few minutes, may I invite you to a room so we can have a little tete-a-tete and before that I’d like to have a picture with you. I’d learned that a very handsome guy from Thailand visited my country,” he said.

Last Sunday, there were rumors that the President was confined at the Cardinal Santos Medical Center in San Juan City.

Presidential Spokesperson Salvador S. Panelo said in a statement that there was “no truth to the rumor.”

“The President is in his residence at the Palace signing papers. I just talked to him, he is neither confirming nor denying that he went to the hospital,” Mr. Panelo said.

In a press briefing on Tuesday, Mr. Panelo told reporters: “You know, you must remember that the President is very transparent on his health condition. During the presidential campaign, he was already telling us na matanda na siya, lahat ng sakit ng ganoong edad mayroon siya (that he is old already and he has all the illnesses typical to his age).”

“Nothing to worry about,” he added.

Palace mulls charges against Cardema

THE Department of Justice (DoJ) is studying “if charges can be filed” against former National Youth Commission (NYC) chairman Ronald Gian Carlo L. Cardema for presiding over a meeting even after he filed a petition to replace his wife as the first nominee of the Duterte Youth Party-list, Malacañang said on Tuesday.

In a press briefing at the Palace, Presidential Spokesperson Salvador S. Panelo said he already talked to DoJ Secretary Menardo I. Guevarra regarding the information he received recently that Mr. Cardema “presided over a meeting on May 15 after the filing of a certificate of substitution on May 12.”

“I just talked a while ago to the DoJ Secretary, he will study the matter,” he said.

Asked if the purpose of the study is to find out whether charges can be filed, he said: “Yes.”

“We refer the case of Cardema to the DoJ because we have received reports that despite his filing of a certification of substitution, he presided over a meeting subsequent to that certification,” he also said.

Mr. Panelo said Mr. Cardema should not have presided over an NYC meeting because he was already deemed resigned when he filed the said petition.

“He already resigned, so how can he be presiding (over) a meeting?” he said.

“With respect to being a supporter of the President, as we have already repeatedly said, no allies, no friends, no supporters. If they committed any wrong, [they will not] be tolerated by this government,” Mr. Panelo said.

For his part, Mr. Guevarra said in a text message: “Yes, Sec. Panelo referred this matter to the DoJ this morning. We’ll start by gathering the relevant facts to determine if further investigation is warranted.”

In a statement last Sunday, Mr. Panelo said: “The petition for substitution of National Youth Commission (NYC) Chairperson Ronald Cardema as first nominee of the Duterte Youth party-list, as well as the Commission on Elections’ (Comelec’s) confirmation that it was timely filed (May 12), connotes that he is considered ipso facto resigned from his present post.”

“Regardless of the outcome, we deem that Mr. Cardema has already abandoned his present position because his act of filing the petition absolutely reflects his intention to relinquish his office and exposes his desire to serve the government in a different capacity,” he added. — Arjay L. Balinbin

Robredo as LP chair rejects resignation of 2 party leaders

VICE-PRESIDENT Maria Leonor G. Robredo on Tuesday rejected the resignations of two leaders of the opposition Liberal Party (LP), Senator Francis N. Pangilinan as party president and Quezon City-6th district Rep. Jose Christopher Y. Belmonte as secretary-general.

In a statement on Tuesday, Mr. Pangilinan said, “As campaign manager for the Otso Diretso (senatorial) slate, I was unable to ensure our victory in the elections and I therefore assume full responsibility for the outcome and hold myself primarily accountable for this defeat.”

But Ms. Robredo, the LP’s chairperson, rejected the resignations of both Messrs. Pangilinan and Belmonte, according to her spokesperson, lawyer Ibarra M. Gutierrez.

“The VP has not accepted Senator Kiko’s and Cong. Kit’s resignations. Much work remains to be done, and they will do it, together,” Mr. Gutierrez said in a statement to the media.

The LP-led senatorial slate was effectively wiped out in the midterm elections, which supporters of the opposition party saw as a referendum on President Rodrigo R. Duterte’s administration. The 12 winning candidates in the senatorial race are dominated by Mr. Duterte’s allies.

For his part, Ifugao Rep. Teodoro B. Baguilat, Jr., the LP’s vice-president for internal affairs, said in a social media post, “The LP leadership’s faith in Sen. Kiko remains solid as ever. Seeing how he poured his entire heart into the campaign, lalo pa ngang tumaas respeto namin sa kanya (the more this inspired our respect).” — C.A. Tadalan

Senate leader assures minority of panel posts

SENATE Majority Leader Juan Miguel F. Zubiri assured the minority bloc in the Senate will get a fair chance in the assignment of committee chairmanships.

“Of course, everyone deserves to get a committee. Walang mawawalan ng committees. There are more than enough for all members,” Mr. Zubiri told reporters in a phone message, Tuesday. (Of course, everyone deserves to get a committee. No one will be left without a committee. There are more than enough for all the members).

Among the panel chairmanships the Senate has yet to finalize is the committee on constitutional amendments and revision of codes, currently chaired by opposition Senator Francis N. Pangilinan.

“Wala pang decision sa consti amendments,” Mr. Zubiri said. (No decision yet on the constitutional amendments [committee]).

Regarding the committee on public order and dangerous drugs currently headed by Senator Panfilo M. Lacson, Senate President Vicente C. Sotto III told reporters, “Well, Senator Lacson is willing to relinquish the chairmanship. Meron kasi kaming tradition dito sa Senate that ‘yung dating chairman, or ‘yung incumbent chairman, meron tayong tinatawag na equity of the incumbent. So nasa kanila ‘yan unless they would want to give up their committee. We will most probably elect the same chairman for the same committee.” (We have a tradition in the Senate wherein the chairman has what we call the equity of the incumbent. So it is up to them unless they would want to give up their committee).

The Senate leader added: “Lahat bobotohan (Everything will be put to a vote). Pagdating ng July 22, when we convene for the 18th Congress, aside from the resolutions that we will be passing, most probably we will elect or re-elect the officers, that is the SOP (Standard Operating Procedure).” — Charmaine A. Tadalan

Chinese clam-harvesting in disputed waters seen anew, US think tank says

CHINA has deployed anew clam-harvesting fleets to the South China Sea in the last six months, including in Scarborough Shoal, according to American-based think-tank Asia Maritime Transparency Initiative (AMTI).

“These fleets, which typically include dozens of small fishing vessels accompanied by a handful of larger ‘motherships,’ destroy vast swaths of coral reef in order to extract endangered giant clams,” said AMTI in its latest report based on satellite imagery.

AMTI said that there was decrease of activities by the “clam-harvesting” boats since 2016 until late 2018. From 2012 to 2015, Chinese clam harvesters severely damaged or destroyed at least 28 reefs across the South China Sea.

AMTI also said since late 2018, the fleets, as shown by satellite imagery, have been operating at Scarborough (Panatag) Shoal and throughout the Paracels, including at Bombay Reef.

“The clam boats have also returned to Scarborough Shoal, which is a particularly sensitive issue in Sino-Philippine relations. The reef was already extensively damaged by the earlier phase of clam harvesting up to 2016.,” the report said.

Although it has not found clear evidence of new clam harvesting in the Spratly Islands, AMTI noted that a mothership and a number of small boats were present at nearby Lankiam Cay on April 7.

“The mothership was about 20 meters long while those seen at Bombay Reef are typically closer to 30 meters, but the smaller boats are roughly the same dimensions,” said AMTI.

In Malacañang, Presidential Spokesperson Salvador S. Panelo said on Tuesday he will no longer issue statements regarding foreign affairs issues because he has an “implied agreement” with Foreign Affairs Secretary Teodoro L. Locsin, Jr. that his department will be the one to make a position on the matter.

“I’ll leave it to Secretary [Locsin]. We had an agreement on that. That he will make a position on the matter….We call it courtesy to the department heads,” Mr. Panelo said in part. — Vince Angelo C. Ferreras and Arjay L. Balinbin

Proclamation of senators, party-lists postponed as Comelec awaits votes from Washington

TUESDAY’S SUPPOSED proclamation of winners for senators and party-list groups was postponed by the Commission on Elections (Comelec) as canvassing of election returns (ER) was still ongoing.

Comelec Spokesperson James B. Jimenez, in a press briefing on Tuesday, said, “Today is not the day. We are currently canvassing the returns from KSA (Kingdom of Saudi Arabia) and we are awaiting the returns of Washington DC because they represent more than 200,000 registered voters.”

The Washington votes were expected late Tuesday.

As of Tuesday afternoon, the Comelec was still waiting for one certificate of canvass (COC) that the National Board of Canvassers (NBOC) has yet to tally. 166 out of 167 COCs have already been included in the canvass by the NBOC.

Mr. Jimenez said there is still no new date for the proclamation.

As of 8 p.m. Monday, the partial official results of the NBOC canvassing representing 165 COCs: 1. Cynthia A. Villar — 25, 215, 678; 2. Grace Poe-Llamanzares — 21, 981, 275; 3. Christopher Lawrence “Bong” T. Go — 20, 579, 811; 4. Pilar Juliana “Pia” S. Cayetano — 19, 719, 629; 5. Ronald “Bato” M. Dela Rosa — 18, 922, 017; 6. Juan Edgardo “Sonny” M. Angara — 18, 110, 367; 7. Manuel “Lito” Lapid — 16, 937, 755; 8. Maria Imelda Josefa “Imee” R. Marcos — 15, 811, 231; 9. Francis N. Tolentino — 15, 446, 517; 10. Aquilino Martin “Koko” D. Pimentel III — 14, 617, 686; 11. Ramon “Bong” Revilla Jr. — 14, 608, 102; and 12. Maria Lourdes “Nancy” S. Binay — 14, 484, 839.

PROBE
Meanwhile, the Makabayan bloc in the House of Representatives called for a separate and more thorough probe on the election glitches.

“(W)e will be filing resolution to that effect,” said Alliance of Concerned Teachers Party-list Rep. Antonio L. Tino in a press conference on Tuesday.

“Kailangan panagutin ang lahat ng lumabag sa mga existing election laws at sa iba’t ibang paraan ay nag-ambag sa pagdungis ng proseso ng nakaraang halalan (Everyone who did not adhere to existing election laws and contributed to staining the process of the recent elections should be held liable),” he added.

The joint congressional oversight committee on the automated elections system will conduct a hearing on June 4 over technical glitches during the midterm polls.

The Makabayan bloc said they are questioning the credibility of the elections given the cases of glitches, alleged vote buying, and electioneering against them.

Comelec reported last week that 961 vote-counting machines (VCMs) and 1,665 SD cards encountered glitches during the midterm polls.

Mr. Tino said their planned investigation will also focus on violations before the campaign period.

Anakpawis Rep. Ariel B. Casilao, for his part, said the bloc is also planning to file a case against Philippine National Police chief Gen. Oscar D. Albayalde and Armed Forces of the Philippines Assistant Deputy Chief-of-Staff Brig. Gen. Antonio G. Parlade Jr. for alleged electioneering against them.

In another press briefing, Albay 1st District Rep. Edcel C. Lagman said: “No amount of Comelec explanation could assuage people’s suspicion that there has been some anomalous designs. The best thing to do is to avoid these preventable glitches so there will be no explanations to be made.”

PPCRV
Meanwhile, the Parish Pastoral Council for Responsible Voting (PPCRV) has received 60.09% of all the fourth copy of the ERs they are set to validate.

Data from the PPCRV as of 12:51 a.m. Tuesday showed that it has received 51,538 out of 85,769 ERs from each clustered precinct, excluding those coming from overseas. — Gillian M. Cortez, Vince Angelo C. Ferreras, and Vann Marlo M. Villegas

Palace tells PCSO’s Cam: Resign or file complaint

PHILSTAR/MIGUEL ANTONIO DE GUZMAN

MALACAÑANG ON Tuesday advised Philippine Charity Sweepstakes Office Board Director Sandra M. Cam to pursue her anti-corruption advocacy “outside the government” if she “cannot stomach” what she sees in her agency. “She can always resign and pursue her advocacy outside the government. Our suggestion is if she feels that she cannot stomach whatever she is confronted with inside the agency in which she works, then she can always resign and pursue her advocacy outside the government,” Presidential Spokesperson Salvador S. Panelo said in a press briefing. “The moment she files complaints regarding her allegations, the President will order a full-blown investigation,” he added. In a statement on May 17, Mr. Panelo said Ms. Cam “made some serious allegations…on what she deemed irregular in the internal decision-making process of her agency.” “We asked her to formally submit in writing her complaint to the Presidential Anti-Corruption Commission (PACC), which is directly under the Office of the President so that it would be acted on accordingly. She could file corruption charges against the PCSO officials and submit proof of her allegations before the said commission,” he said. — Arjay L. Balinbin

Hold order issued against suspects in Sytin murder

AN ANGELES City court issued a precautionary hold departure order (PHDO) against Alan Dennis L. Sytin and one respondent allegedly involved in the killing of businessman Dominic L. Sytin. The murder and frustrated murder complaints against them are pending before the Department of Justice (DoJ). Angeles City Regional Trial Court Executive Judge Omar T. Viola, on May 20, said there is probable cause to believe that Mr. Sytin and Mr. Oliver D. Fuentes, alias Ryan Rementilla, “will depart from the Philippines to evade arrest and prosecution of crime against them…” The prosecutors filed the petition for PHDO on May 17. Dominic L. Sytin — chief executive officer of United Auctioneers, Inc., chairman of Foton Philippines, and director and chairman of the board of the listed LMG Chemicals Corp — was gunned down outside the Lighthouse Hotel at the Subic Bay Freeport Zone on Nov. 28, 2018. His body guard Efren Espartero was wounded. Philippine National Police chief Director General Oscar D. Albayalde on March 11 claimed that Alan Dennis Sytin, brother of the victim, is the alleged mastermind of the crime after he was identified by alleged hitman Edgardo P. Luib in his testimony. — Vann Marlo M. Villegas

Cebu BPO sector records 19% hiring growth in Jan-May

THE BUSINESS process outsourcing (BPO) industry in Cebu registered a 19% hiring growth from January to May this year, according to Cebu jobs site mynimo.com. The BPO sector, one of Cebu’s major employment generators, is among the top industries that posted significant hiring. Other main job generators were maritime, tourism, manufacturing, agriculture, medical, media and administration. Mynimo President Wesley Chiongbian said most of the companies that are hiring are located in Cebu City, the provincial capital and where most regional headquarters of big companies are located. It is followed by Mandaue City, Lapu-Lapu City, Talisay City, and Consolacion. For the entire Cebu province, hiring growth was at 16% during the five-month period. In an earlier interview, Cebu IT BPM Organization (CIB.O) Managing Director Wilfredo Sa-a Jr. said automation and artificial intelligence (AI) had tempered the employment growth in Cebu’s BPO sector. “The direction of the industry now is towards the non-voice sector,” Mr. Sa-a said. As of end 2018, the Cebu BPO sector posted an employment of around 160,000. Mr. Sa-as said the industry is eyeing to grow to as much as 200,000 workers this year, but that could be lower with developments in AI and automation.

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