Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9423

Shares climb further as global markets rebound

By Denise A. Valdez, Reporter

PHILIPPINE SHARES sustained their climb on Wednesday as the rest of global equities kept improving after taking blows from concerns over the novel coronavirus.

The benchmark Philippine Stock Exchange index (PSEi) racked up 125.95 points or 1.74% to end at 7,352.85 on Wednesday. The broader all shares index likewise increased 60.36 points or 1.40% to close at 4,354.25 yesterday.

“Market continued to recover as regional markets were mostly up together with the US market,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message yesterday.

Wall Street closed Tuesday’s trading on green territory, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite indices up 1.44%, 1.50% and 2.10%, respectively.

Mr. Pangan noted the Chinese market also “continues to recover after they injected stimulus to the economy.”

China’s Shanghai Shenzhen CSI 300 and Shanghai SE Composite indices both jumped on Wednesday by 1.13% and 1.25% respectively.

This followed its central bank’s decision to infuse $57 billion into the banking system in an effort to stabilize the country’s economy amid the novel coronavirus outbreak.

Other Asian markets, like the local bourse, also benefitted from China’s efforts. Japan’s Nikkei 225 and Topix indices increased 1.02% and 1.04% respectively and South Korea’s Kospi index added 0.36%.

Back home, sectoral indices all ended higher on Wednesday as well.

Financials gained 34.49 points or 2% to 1,758.79; property rose 75.02 points or 1.97% to 3,874.03; holding firms climbed 121.58 points or 1.74% to 7,080.39; services picked up 15.77 points or 1.06% to 1,493.59; industrials advanced 91.81 points or 1% to 9,214.18; and mining and oil inched up 14.31 points or 0.19% to close Wednesday’s session at 7,300.99.

Value turnover stood at P9.07 billion with 1.27 billion issues changing hands. This is slightly lower from Tuesday’s P9.61 billion worth of 1.48 billion issues.

Wednesday’s session ended with 110 stocks on the gaining side, 74 stocks on the losing side and 48 names closing unchanged.

Six straight days of bearish sentiment from foreign investors also ended on Wednesday. Net foreign buying stood at P1.54 billion, a turnaround from Tuesday’s net foreign selling of P2.23 billion.

“Here at the PSE, the main index ended higher today with foreign investors coming back into our market… We will see some profit taking toward the end of the week as fears of the pandemic persists,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Wednesday.

Peso weakens vs dollar

THE PESO weakened on Wednesday with the market factoring in a possible rate cut this Thursday and on expectations of upbeat US non-manufacturing data.

The local unit closed at P50.92 per dollar on Wednesday, depreciating by 15.5 centavos from its P50.765 finish on Tuesday, according to data from the website of the Bankers’ Association of the Philippines.

The peso started the session at P50.70 against the dollar, which was its intraday best. Its weakest showing for the day was its close of P50.92 versus the greenback.

Dollars traded slipped to $930.6 million from $953.9 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s depreciation may have been due to market expectations of a rate cut on Thursday.

“Peso [was] also weaker amid possible 0.25 [percentage point] cut in local policy rates in view of Thursday’s monetary policy-setting meeting, as any rate cut could narrow the peso’s differential with the US dollar and other major global currencies, amid recent upward normalization of the interest rate,” Mr. Ricafort said in a text message.

In a BusinessWorld poll last week, 10 out of the 13 analysts said that they expect the Monetary Board to trim key policy rates this Thursday amid emerging upside risks to inflation.

BSP Governor Benjamin E. Diokno has said they are looking to cut rates by at least 50 basis points (bps) this year, with a 25-bp reduction possible this quarter.

The BSP’s policy-setting Monetary Board will meet twice in the first quarter — today and on Mar. 19.

The overnight reverse repurchase rate is currently at four percent, while overnight deposit and lending rates are at 3.5% and 4.5%, respectively.

Meanwhile, inflation quickened to 2.9% in January from 2.5% in December due to an uptick in prices of food, clothing, transport and utilities, according to the Philippine Statistics Authority. The print was the fastest in eight months.

Meanwhile, a trader attributed the peso’s weakness to market expectations of key US data.

“The peso depreciated today as market participants positioned ahead of likely upbeat US non-manufacturing data overnight,” the trader said in an e-mail.

For today, Mr. Ricafort sees the peso playing around the P50.75-P51 band while the trader expects the local unit to range at P50.80-P51. — L.W.T. Noble

DoH confirms Philippines’ 3rd coronavirus case

A THIRD case of the novel coronavirus (nCoV) in the Philippines has been confirmed in a 60-year old Chinese woman who previously tested negative twice for the virus, the Department of Health (DoH) reported on Wednesday.

The patient flew back to China on January 31 after the two tests, but a re-testing done on February 3 confirmed she was a carrier of the new strain of the coronavirus.

“A sample taken from the patient last January 24 was tested at the Victoria Infectious Diseases Reference Laboratory in Australia and the Research Institute for Tropical Medicine (RITM). Results from the said tests came back negative last January 29 and 30… However, on February 3, DoH was notified by RITM that a sample taken earlier, January 23, tested positive for the 2019 nCoV,” Health Undersecretary Rolado Enrique C. Domingo said in a briefing.

He explained that the earlier negative results were taken during what is considered the offset period of her illness, while the January 23 sample was towards “the end of her illness.”

The woman traveled from Wuhan City, the nCoV epicenter, and arrived in Cebu City through Hong Kong on January 20, and went on to Bohol.

The first case of nCoV in the country was reported last week in a 38-year old Chinese woman who is currently in stable condition but remains under strict monitoring. Her partner, a 44-year old Chinese man, was the second confirmed case reported in the country and the first nCoV-related death outside China.

For the first two cases, the DoH has assessed 203 contacts and quarantined 188. Of these, 14 are currently under monitoring among the 15 who showed symptoms.

As of February 5, DoH said there have been 133 persons under investigation (PUIs) for the nCoV, of which 115 are in quarantine while 16 have already been discharged. Two have died, including the second reported case of the virus and another who was tested negative.

Of the PUIs, 63 are Filipinos, 54 Chinese, and the rest are other nationalities. Thirty-two of the total PUIs have a travel history in Wuhan.

TEST KITS
Meanwhile, multinational pharmaceutical firms have expressed readiness to send commercial testing kits for the nCoV, but the DoH said it won’t be accepting any for now due to validation concerns.

The Pharmaceutical and Heatlthcare Association of the Philippines (PHAP) on Wednesday said some member companies will be sending testing kits to aid government response to the health emergency.

“Yung readiness ng (The readiness of the) pharmaceutical industry is to support,” said PHAP Medical Adviser Diana M. Edralin in a briefing.

PHAP said these kits have already been validated by authorities in other countries and will just need the Research Institute of Tropical Medicines’ (RITM) validation.

However, Mr. Domingo said there are still no testing kits that have been validated by the World Health Organization (WHO).

“Meron talagang test kits available. Makakabili ka na siguro online (There are really test kits available. You can probably buy them online) but the WHO has not validate any test kit,” he said.

The WHO is currently validating one test kit and recommendations on its accuracy will still take up to two weeks.

REPATRIATION
For Filipinos in China’s Hubei province, the Department of Foreign Affairs (DFA) said they are already preparing the permits and clearances for repatriation.

“The DFA… is processing now all of the permits and clearances for the repatriation of our Filipinos in Hubei province. Right now, there are 42 Filipinos who have signified their intent to join the repatriation,” DFA Undersecretary for Civilian Security and Consular Concerns Brigido J. Dulay said in a hearing at the House of Representatives on Wednesday.

The DFA Undersecretary also clarified that the repatriation is intended only for Filipinos in Hubei, which has been under lockdown since January 23.

Mr. Dulay also said that the DFA is working closely with the DoH to ensure that quarantine protocols are observed.

“So we are working with them on the protocols for containment of infectious diseases and this will cover both the flight that leaves Manila and ends up in Wuhan, as well as the flight bringing back the repatriates to the Philippines,” he said.

NATIONAL BUREAU OF INVESTIGATION
In another related development, those who published false information online relating to the nCoV could face cybercrime-related charges, the Justice secretary said.

“If the intent in causing the publication of false information is to create or aggravate public disorder, or undermine government efforts during a state of public emergency, and such publication is effected by means of information technology, appropriate charges under the Revised Penal Code in relation to the cybercrime prevention law may be filed against perpetrators,” Justice Secretary Menardo I. Guevarra told reporters in a mobile-phone message

Mr. Guevarra on Tuesday issued a department order mandating the National Bureau of Investigation (NBI) to investigate and build up cases against alleged peddlers of “misinformation and fake news” and for “false reporting.” — Gillian M. Cortez, Genshen L. Espedido, and Vann Marlo M. Villegas

Quarantine for cargo ships from any port lifted

THE BUREAU of Quarantine (BoQ) has exempted all cargo ships from the required 14-day quarantine amid the novel coronavirus (nCoV) threat in consideration of the country’s supply chain, Philippine Ports Authority (PPA) General Manager Jay Daniel R. Santiago said on Wednesday.

“As far as cargo business is concerned, we are business as usual. In so far as ships are concerned, there is no quarantine. There is no quarantine in so far as cargos are concerned. We’ve been able to clarify this with the Bureau of Quarantine because initially there was an average 14-day quarantine period being imposed,” Mr. Santiago said in a briefing.

The BoQ lifted the policy after PPA and the Department of Trade and Industry (DTI) made an appeal, citing serious disruption in the supply chain.

“It will gravely impact our supply chain if we hold ships in quarantine for an average of 14 days, so they considered that,” he said, “We have 29 ship arrivals a week, and 83% of the 29, approximately come from China, Hong Kong, and Taiwan.”

Trade Secretary Ramon M. Lopez, in a separate interview with reporters, said the exemption applies only to the cargo containers and not the members of the ship’s crew.

“Hindi quarantined dapat ‘yung container. Kung ‘yung tao in the boat, pwedeng hindi bumaba (The container should not be quarantined. The people in the boat, they don’t have to come down),” Mr. Lopez said.

He said stopping the entry of goods will hurt trade unnecessarily.

At the same time, Mr. Lopez said Philippine manufacturers may have to look for alternative sources as the export and import supply chain experiences delays or should the nCov outbreak drag on.

Mr. Santiago also clarified that the quarantine protocol remains in effect for cruise ships.

“In so far as cruise ships are concerned, if their last port of embarkation is China, Hong Kong, Macau, and Taiwan, they will not be allowed to disembark in Philippine ports. They will be required to stay aboard the ships,” he said. — Arjay L. Balinbin and Jenina P. Ibañez

House committee OK’s proposed divorce bill

THE HOUSE Committee on Population and Family Relations approved on Wednesday a bill seeking the legalization of divorce in the Philippines.

“It is safe to say that a divorce bill has been approved by the panel subject to consolidation by a TWG (technical working group), which will meet on 12 February 2020,” Albay Rep. Edcel C. Lagman, one of the principal authors of the three divorce bills filed in the House of Representatives, said in a statement.

Members of the TWG include Gabriela Party List Rep. Arlene D. Brosas, A Teacher Rep. Ma. Victoria V. Umali, Negros Occidental Rep. Juliet Marie De Leon Ferrer and Bukidnon Rep. Ma. Lourdes Acosta-Alba.

Three measures, specifically House Bills (HB) 100, 838 and 2263 will be consolidated by the TWG before passing it for plenary discussion.

“Let us give couples, especially women, the option to let go, rebuild their lives, and have a second chance at marital bliss,” Mr. Lagman said in his sponsorship speech.

A divorce bill was approved on third and final reading during the 17th Congress but failed to be enacted into law. — Genshen L. Espedido

DepEd suspends school field trips, big events in response to nCoV threat

THE DEPARTMENT of Education (DepEd) has ordered the suspension of all national and regional activities as well as field trips and other off-campus activities to minimize the risk of the novel coronavirus (nCoV) spread. “Upon advice of DoH (Department of Health), all national and regional activities involving learners and/or teachers requiring travel and congregation of various schools, divisions, and/or regions are suspended,” reads a memorandum signed by Education Secretary Leonor M. Briones and issued late Tuesday. The major events postponed are the National Science and Technology Fair on Feb. 18-22 in Tagaytay; National Festival of Talents on 17-21 in Ilagan, Isabela; and the National Schools Press Conference on 17-21 in Tuguegarao City, Cagayan. DepEd, which has authority over primary and secondary school systems, will “periodically evaluate” and announce further suspensions depending on the nCoV situation.

DISTRICT LEVEL
Meanwhile, all activities planned under the schools division and district levels, which means a gathering involving several schools, “are highly discouraged,” according to the memo. “Organizers are advised to seek the recommendation of local health authorities should the activities push through,” it added. — MSJ

Senate committee report recommends charges vs Faeldon

A SENATE multi-committee report has recommended graft charges against former Bureau of Corrections (BuCor) chief Nicanor E. Faeldon over the good conduct time allowance (GCTA)-for-sale scheme. 

Under Committee Report No. 36, the Senate committees on blue ribbon, justice and human rights, and constitutional amendments and revision of codes, found Mr. Faeldon liable for failing to follow Department Order No. 953. 

The order mandates that the release of persons who have been  sentenced to life imprisonment should be released at the approval of the Justice secretary.

The committee report, currently pending in the plenary, noted that Mr. Faeldon could face one to 10 years imprisonment and be perpetually disqualified to hold a public office as provided under the Anti-Graft and Corrupt Practices Act.

During the course of the Senate hearings, Mr. Faeldon denied awareness of the order. 

Prior to his stint as BuCor official, Mr. Faeldon led the Bureau of Customs but was forced to resign amid issues on the shipment of billions worth of illegal drugs from China.

Further, the committee recommended that bribery charges be filed against involved BuCor officials for accepting money, in exchange for the early release of inmates. 

The officials include Ramoncito Roque, Benilda Bansil and Veronica Buno, whose involvement were revealed by whistle-blowers Yolanda Camilon and Godfrey Gamboa.

Ms. Camilon and Mr. Gamboa paid P50,000 for the early release of the latter, who was convicted for falsification of public documents.

The Senate probe on GCTA-for-sale was conducted to uncover anomalies within the New Bilibid Prison following the near release of former Calauan mayor Antonio L. Sanchez, who is facing seven counts of reclusion perpetua for the rape and slay of two University of the Philippines students in 1993. — Charmaine A. Tadalan

Sohoton National Park soon to be more accessible with upgraded road

TRAVEL TIME to Sohoton National Park, one of the country’s declared protected areas, will soon be faster with the completion of the improved 2.4-kilometer Basey Bypass Road. The Department of Public Works and Highways (DPWH) reported on Tuesday that the project is now 71.5% done. “Upon completion, the bypass road will cut travel time going to Sohoton National Park from three hours and 30 minutes to just one hour and 30 minutes,” DPWH-Eastern Visayas Regional Director Nerie D. Bueno said. She added that the upgraded road “will open business opportunities specifically eateries, pasalubong (souvenir) centers, and boat services.” The road also provides easier access to Balantak Falls, another tourist attraction. “In addition, the bypass road will also hasten transport of agricultural products and crafts like clay pots, bamboo furniture, and banig (mats),” she said. Basey, which is part of Samar, is closer to Tacloban City than the provincial capital, Catbalogan City.

ASF outbreak: Lingayen culls infected swines; Davao Occidental declares state of calamity

PIGS THAT tested positive for the African Swine Fever (ASF) in Barangay Namolan have been culled, the Lingayen provincial office reported Tuesday evening. Municipal Agiculturist Rodolfo Dela Cruz, in a statement, gave assurance that the 1-7-10 quarantine procedure is also being strictly observed following last week’s report of the first deaths. Under the Department of Agriculture (DA) protocol, hogs within a one-kilometer radius of the outbreak will be immediately culled and buried, and the area disinfected; the seven-kilometer radius will be placed under surveillance and subject to sampling and testing; and strict monitoring of entry and exit points within 10 kilometers.

DAVAO OCCIDENTAL
In Davao Occidental, the provincial government has declared a state of calamity following confirmation of an ASF outbreak in two towns last week. Gov. Claude P. Bautista made the announcement Tuesday after meeting with barangay officials to map out plans in controlling the spread of the disease, which was first discovered in the town of Don Marcelino. In a statement, Mr. Bautista said the local government and the DA will indemnify swine raisers P5,000 for every head surrendered. He added that the calamity fund will be used “to provide alternative livelihood for those affected.” The DA-Davao regional office reported that the swine population of Don Marcelino has now dropped to 7,000 from 13,000. Culling operations is also ongoing. The outbreak in the province, which has already been placed under lockdown for swine movement, is the first in the southern island of Mindanao. The ASF, which is not harmful to humans, is non-treatable and fatal to pigs. — Carmelito Q. Francisco

Davao City mayor, Chinese envoy pursue trade cooperation

AMID the current ban on direct flights between China and the Philippines due to the novel coronavirus (nCov), Davao City Mayor Sara Duterte-Carpio and Chinese Consul General Li Lin met Tuesday to discuss continued trade cooperation and opportunities. The city government, in a press statement, said among the items discussed is the possible entry of a Chinese sports brand manufacturer and food processor. The statement also quoted Mr. Lin as having told the mayor that his office has encouraged Chinese food processors to hold future acitivites in the city, which is being promoted as a major meetings, incentives, conventions and expositions (MICE) destination. Ms. Duterte, for her part, urged the Davao City-based envoy to convince Chinese companies to source their raw materials from the city, particularly agriculture commodities. Davao-Jinjiang and Davao-Hong Kong flights, served by Xiamen Air and Cathay Pacific, respectively, have been canceled following the national government’s ban on all flights to and from China and its special administrative regions. — Carmelito Q. Francisco

Nationwide round-up

Honasan may be summoned for Senate inquiry on DICT fund

FORMER SENATOR GREGORIO B. HONASAN II — BW FILE PHOTO

FORMER SENATOR Gregorio B. Honasan II, who now heads the Department of Information and Communications Technology (DICT), may be summoned for the proposed Senate inquiry over alleged irregularities in the agency’s confidential funds. Recently resigned undersecretary Eliseo M. Rio, Jr., who was acting DICT chief before Mr. Honasan, left his post over the disbursement of confidential funds for purposes undisclosed to him. Mr. Rio also asserted that DICT appropriations do not include confidential or intelligence funding, considering intelligence operation is not within its mandate. “Once the resolution that Senate President Sotto and I filed early this week is adopted and the oversight committee is reconstituted, we will meet to decide on the way forward,” Senator Panfilo M. Lacson said in a statement on Wednesday. “We both think Sec. Honasan deserves the opportunity to give his side amid all the insinuations aired by his close friend, Usec. Rio,” Mr. Lacson said. The DICT, meanwhile, said its use of the P300-million confidential fund was “legitimate.” In a statement on Wednesday, the department said, “The Confidential Expense allocated in the 2019 GAA was legitimately used for cybersecurity and the protection of our national security, with the safety of our government’s information facilities and institutions, and the welfare of our people, being the Department’s utmost priority. Rest assured that proper procedures were followed, and the disbursements were regular in accordance with applicable accounting and auditing laws, rules, and regulations.” — Charmaine A. Tadalan and Arjay L. Balinbin

SC allows online legal education

THE SUPREME Court is allowing the conduct of the Mandatory Continuing Legal Education (MCLE) online, it announced Wednesday. The court has also approved the rules and regulations for the online MCLE. “The onset of computer technology made it necessary to adopt current trends of learning and it is relevant with the changing times that an alternative mode of delivery of the MCLE be made available to members of the Bar through online and on demand MCLE,” the high court said. Under Rule 1, Section 1 of Bar Matter No. 850, all members of the Integrated Bar of the Philippines are required to take continuing education to “keep abreast with the law and jurisprudence, maintain the ethics of the profession and enhance the standards of the practice of law.” The online MCLE, which has long been practiced in other jurisdictions, would particularly cater to the needs of those in the provinces and far-flung areas as well Filipino lawyers based abroad. The approved rules contain the requirements and responsibilities of accredited MCLE providers and those taking the program. — Vann Marlo M. Villegas

De Lima appeals case vs Duterte

DETAINED SENATOR Leila M. de Lima has asked the Supreme Court to reconsider the dismissal of her petition to stop President Rodrigo R. Duterte from violating her rights, saying it twisted the doctrine of “presidential immunity.” In a 20-page motion for reconsideration, Ms. De Lima noted that previous decisions of the court distinguished presidential acts “done in performance of official duties and those that did not” regarding the application of presidential immunity. The senator also said that the resolution gives Mr. Duterte “a blanket license to slut-shame, discriminate, insult, offend, and bad mouth petitioner’s womanhood” for as long as he sits as the chief executive. Her petition for writ of habeas corpus, asking to enjoin the President to stop collecting information on her private life and delete the information about her, among others, was dismissed on grounds of presidential immunity. Ms. De Lima has been detained since February 2017 over charges of conspiracy to commit illegal drug trading in prison when she was the Justice secretary. — Vann Marlo M. Villegas

Nation at a Glance — (02/06/20)

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 — (02/06/20)

1...9,4229,4239,424...13,744Page 9,423 of 13,744
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube