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Peso rises further versus dollar as US imposes new sanctions on Iran

THE PESO rose further to hit a fresh one-year high on Tuesday as the dollar remained weak due to tensions between the United States and Iran.

The local unit closed at P51.365 versus the greenback yesterday, 2.5 centavos stronger than its P51.39-per-dollar finish last Monday.

This was the peso’s best showing in more than a year or since it closed at P51.31 against the dollar on Feb. 8, 2018.

The peso opened the session at P51.33 per dollar. Its intraday high stood at P51.29 versus the greenback, while its worst showing was at P51.42 against the US currency.

Dollars traded climbed to $771.92 million from the $732 million that switched hands the previous session.

“The dollar-peso traded sideways. We still saw a weak dollar given the tensions between US and Iran,” a trader said in a phone interview.

US President Donald Trump targeted Iranian Supreme Leader Ayatollah Ali Khamenei and other top Iranian officials with sanctions on Monday, taking a dramatic, unprecedented step to increase pressure on Iran after Tehran’s downing of an unmanned American drone.

With tensions running high between the two countries, Mr. Trump signed an executive order imposing the sanctions, which US Treasury Secretary Steven Mnuchin said would lock billions of dollars more in Iranian assets.

Iran would not accept talks with the United States while it is under the threat of sanctions, Iranian ambassador to the United Nations, Majid Takht Ravanchi, told reporters at the United Nations.

The trader added that the peso strengthened in the morning session on increased risk appetite among investors amid optimism on the upcoming trade negotiations between Mr. Trump and Chinese President Xi Jinping on the sidelines of G20 summit in Osaka, Japan later this week.

“In the afternoon session, we saw buying of the dollar after heavy selling in the morning. I think this was position covering, given (US Federal Reserve) Chair (Jerome) Powell will speak tonight to discuss views on their monetary policy and economic outlook for the US,” the trader added.

At its June 18-19 meeting, the Fed’s policy-setting Federal Open Market Committee kept interest rates unchanged but hinted possible rate cuts before yearend. The Fed said it would continue to “act as appropriate” amid market uncertainties.

For today, the trader expects the peso to trade between P51.20 and P51.50, while another trader gave a P51.20-P51.40 range.

“The peso might remain strong amid optimism ahead of the G20 summit this week and the lingering dovish expectations to US Federal Reserve and BSP (Bangko Sentral ng Pilipinas) monetary policies in the succeeding months,” the second trader said in an e-mail. — Karl Angelo N. Vidal with Reuters

Stocks end five-day rally on lack of fresh leads

By Arra B. Francia, Senior Reporter

LOCAL SHARES slumped on Tuesday on a continued lack of catalysts that could boost investor sentiment.

The 30-member Philippine Stock Exchange index (PSEi) dropped 0.32% or 26.49 points to close at 8,034.09 yesterday, snapping a five-day winning streak. The all-shares index likewise fell 0.27% or 13.54 points to 4,909.

“The market closed flat again on a lack of catalysts, ending in the red by only 26 points but managing to hold above the 8,000 mark at 8,034.09. Market still seems to be on a wait-and-see mode for the G20 summit happening at the end of the month,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan attributed the market’s decline to escalating tensions between the United States and Iran.

“The dollar index sliding and Iran sanctions led investors to consolidate ahead of the window dressing this week,” Mr. Limlingan said in a text message.

US President Donald J. Trump said he will be imposing new sanctions on Iran, including on its Supreme Leader Ali Khamenei. Iran called the new sanctions “idiotic,” according to reports, saying that it has permanently closed off the path to diplomacy between the two nations.

Amid escalating tensions, Wall Street indices ended mixed on Monday. The Dow Jones Industrial Average added 0.03% or 8.41 points to 26,727.54. The S&P 500 tumbled 0.17% or 5.11 points to 2,945.35, while the Nasdaq Composite index went down 0.32% or 26.01 points to 8,005.70.

Markets were mostly lower in Asia as investors continued to wait for Mr. Trump’s meeting with Chinese President Xi Jinping. Japan’s Nikkei 225 fell 0.43% or 92.18 points to 21,193.81. The Shanghai Composite retreated 0.87% or 26.07 points to 2,982.07, while the Hang Seng index plummeted 1.28% or 365.54 points to 28,147.46.

Back home, four sectoral indices moved to positive territory, led by mining and oil which soared 2.55% or 187.66 points to 7,547.71. Industrials advanced 0.35% or 42.32 points to 11,883.76; services gained 0.19% or 3.30 points to 1,711.45; while holding firms added 0.09% or 7.62 points to 7,676.85.

In contrast, property lost 1.6% or 69.89 points to 4,293.53, while financials slipped 0.28% or 4.90 points to 1,741.43.

Some 1.20 billion issues valued at P6.58 billion switched hands, lower than Monday’s P9.05 billion.

Decliners outpaced advancers, 102 to 97, while 56 names were unchanged.

Foreign investors switched to net selling mode at P180.57 million, against the previous session’s net inflows worth P18.57 million.

“With the index continuing to hold above the 8,000 mark, bias is still to the upside with resistance at its recent high of 8,139,” Papa Securities’ Mr. Perez said.

Duterte tells reps on speaker post: ‘Sort it out among yourselves’

PRESIDENT RODRIGO R. Duterte on Tuesday said he will no longer endorse a candidate for the House speakership race.

In his speech during the oath-taking of newly-elected local officials at the Palace on Tuesday afternoon, Mr. Duterte said he met recently with some of the congressmen who have expressed their intent to run for speaker, including Reps. Lord Allan Q. Velasco of Marinduque and Alan Peter S. Cayetano of Taguig.

Mr. Duterte said Rep. Ferdinand Martin G. Romualdez of Leyte has also expressed his interest in the post.

The President said outgoing House Speaker Gloria M. Arroyo was present during the meeting, and he asked her to choose a candidate for him.

He told Ms. Arroyo, “I will ask a favor from you, ikaw na lang tutal ikaw ‘yong pinaka-senior dito (you make the choice since you are the most senior here).”

But Ms. Arroyo refused. “Sabi nya, ikaw na lang (She said, you do it),” he said.

The President said the congressmen present thought he was just joking, but he explained that he did not want to make a choice and cause any ill feelings as everyone of them is his friend.

“Sort it out among yourselves…. [A]yaw ko (I don’t want to do it).”

On the planned shift to a federal system of government, Mr. Duterte said: “If you do not want federalism, fine, but change the Constitution.” — Arjay L. Balinbin

Death penalty top of neophyte senators’ agenda

By Charmaine A. Tadalan, Reporter

THE REINSTITUTION of capital punishment for crimes involving illegal drugs and measures on local government concerns are among the priorities of four neophyte Senators for the incoming 18th Congress.

Senators-elect Ronald M. Dela Rosa and Christopher Lawrence T. Go on Tuesday bared plans to revive death penalty for heinous crimes.

“May pre-ni-pare kami, sampo. Sampong initial na priority namin, basta pinakauna d’on, ‘yung akin ‘yung death penalty sa drug traffickers (We prepared 10 bills, which will be our initial priority. For me, the first will be death penalty against drug traffickers),” Mr. Dela Rosa, a former police chief, told reporters in a chance interview.

Mssrs. Dela Rosa and Go, alongside Senators-elect Francis N. Tolentino and Imee R. Marcos, all first-time senators, attended an orientation in the Senate in preparation for the 18th Congress that opens July 22.

Mr. Dela Rosa is optimistic the measure will have a chance of getting passed in the next Congress, considering the composition of the Senate.

“Most likely dahil marami tayo kakampi ngayon na tutulungan tayo. ‘Di naman gaano mabigat ‘yun dahil ang akin naman ay sa drug trafficking. Hindi naman lahat ng heinous crimes, limited lang ‘yun ang aking version (Most likely, since we have allies who will support us. My version is not too harsh because it’s only on drug traffickers),” he said.

He explained that he will not yet include plunderers in his bill to avoid the risk of losing support for the measure.

Senate President Vicente C. Sotto III filed a similar bill in the 17th Congress, which imposes death penalty only on crimes involving the illegal drug trade. He also said that death penalty will not be backed by senators if it includes other crimes, such as rape, and child trafficking.

Mr. Go, in a separate interview, likewise said he is also looking into the revival of capital punishment for “heinous crimes involving illegal drugs and corruption in the government.”

Mr. Go, formerly a close aide of the President, also said he will seek the postponement of the barangay elections to 2022 from 2020 to allow barangay officials to maximize their term.

The incoming senator added he will sponsor bills on long-term housing plans, salary hike for teachers and possibly other government workers, and the establishment of the Department of Overseas Filipino Workers, which Mr. Dela Rosa asked to co-author.

Mr. Tolentino, who expects to chair the committee on local government, said he will likely file bills on disaster management preparedness and local government concerns.

“(M)ore on disaster management preparedness and local government issues,” he said.

Ms. Marcos, for her part, said she will focus on her campaign promises, such as the proposed Sexual Orientation and Gender Identity and Expression (SOGIE) Bill, reduction of value-added tax, and bills on revenue sharing of local government units among others.

“Marami ako pangako… so ‘yung mga barangay, SK (Sangguniang Kabataan) bills, ‘yung mga nilalakad ng aking kapwang governor tungkol sa IRA (Internal Revenue Allotment) namin, namomroblema kami sa sharing (I made a lot of promises… so barangay and SK bills, measures that are being pushed by other governors on IRA),” she said.

SC orders MMDA to comment on prov’l bus ban petitions

THE SUPREME Court (SC) has ordered the Metropolitan Manila Development Authority (MMDA) to comment on the petitions seeking to stop the implementation of the provincial bus ban along Epifanio Delos Santos Avenue (EDSA).

The high court gave MMDA and other respondents to file their comments “within 10 days,” the SC Public Information Office said in a statement.

The SC has consolidated the three petitions filed separately by AKO Bicol Party-list, Albay 2nd District Rep. Clemente Joey S. Salceda, and Bayan-Muna Party-list against MMDA Regulation No. 19-002 dated March 26 this year.

The regulation revokes existing permits and prohibits the issuance of new ones to all terminals and operators of public utility vehicles along EDSA, as one of the measures aimed at easing traffic congestion along one of the capital’s main roads.

The regulation also requires all provincial buses to use only the Parañaque Integrated Terminal Exchange and facilities located in Sta. Rosa Laguna and Valenzuela City.

In the first petition filed last April by AKO Bicol, it claimed that the regulation violated the right to due process due to lack of public consultation, and that the MMDA, along with the Metro Manila Council, “arbitrarily, whimsically and capriciously acted on a mere verbal directive” of President Rodrigo R. Duterte.

Mr. Salceda, meanwhile, emphasized in his petition that the implementation of the regulation will not ease traffic in EDSA and will provide “additional burden” to people from the provinces due to the transferring of bus terminals to the north and south of the National Capital Region.

The third petition filed by Bayan Muna cited as well the lack of public consultation and that MMDA does not have police or legislative power.

The MMDA regulation has yet to be implemented following suspension of its dry run last month. — Vann Marlo M. Villegas

Duterte still ‘happy’ with agri chief; no Cabinet revamp hint

MALACAÑANG ON Monday said President Rodrigo R. Duterte is still “happy” with the performance of Agriculture Secretary Emmanuel F. Piñol amid reports that he may be one of the Cabinet officials who may be replaced or transferred to another department.

Reports citing an unnamed source on Tuesday said a Cabinet revamp may take place soon, with Mr. Piñol possibly to be transferred to the Mindanao Development Authority.

Presidential Spokesperson Salvador S. Panelo, in a press briefing at the Palace, said when asked whether the President is still happy with the performance of Mr. Piñol as Agriculture chief: “I think so. Wala naman siyang sinasabi sa amin na hindi siya (He has not said anything to us that he is not) happy.”

“Honestly, I have not heard of a Cabinet revamp. I only hear about that, iyong mga tsismis, iyong mga rumors,” Mr. Panelo said.

He added, “Kasi sa akin (For me), since I see the President every now and then, nagbibigay siya ng (he gives a) hint eh, even sa (to the) Cabinet.”

Asked if the President has given the Cabinet officials any hint of a possible revamp, he replies: “Wala nga eh (I said there is none).”

Sought for comment, University of Santo Tomas Political Science Professor Marlon M. Villarin opined that the revamp may happen, citing the Cabinet officials’ “failure to meet the President’s marching order to progressively improve their departments’ targets as well as [address] corruption that [has] remained prevalent.”

He added, “And we know very well that Cabinet officials serve at the pleasure of the President. In fact, a Cabinet secretary is the most casual job at the executive level. Since they serve at the pleasure of the President, they can be replaced anytime and anywhere…. That’s part of his constitutional powers.” — Arjay L. Balinbin

27 New RTC judges appointed

PRESIDENT RODRIGO R. Duterte has appointed 27 new regional trial court judges. The Palace released to reporters on Tuesday copies of the appointment papers of the following: Luis C. Velasquez, Stela Marie G. Asuncion, April Joy M. Aguila, John Voltaire C. Ventura, Elenita E. Casipit, Marinel A. Santos, Junoffre A. Alzate, Cristina R. Beltran, Reuben Ritzuko T. Veradio, Enrico Voltaire S. Rivera, Roland Dennis G. Molina, Flerida Z. Banzuela, Caroline R. Jaucian, Carl B. Badillo, Malani Fay V. Tadili, Micahel F. Real, Percival T. Atinaja, Santiago M. Beltran, Jr., Allene T. Pena, Edwin S. Bonifacio, Francis M. Espinola, Rene E. Reyes, Jeovannie C. Ordoño, Erick A. Sadural, Benigno C. Abila, Rodrigo I. Del Rosario, and Ramon Corazon P. Blanco. — Arjay L. Balinbin

HRW tells UN it is ‘not too late’ to investigate PHL drug war killings

NEW YORK-BASED Human Rights Watch (HRW) has called on the United Nations (UN) to conduct an investigation on the Duterte administration’s war on drugs, saying the members states of the international organization have “stoody by” despite the killings and other violations in the Philippines. “The Philippines’ descent into an all-out human rights crisis, with thousands of extrajudicial executions and a crackdown on basic liberties, has generated an outcry, but no strong action, from United Nations members states,” said HRW Deputy Director Laila Matar in a statement released late Monday. “UN member states stood by while thousands were killed, but it’s not too late for them to act to prevent the killing of thousands more. When the Council convenes in Geneva today, they have an opportunity to do just that — by urgently establishing an international investigation,” she added. HRW cited the findings of the UN High Commissioner for Human Rights that an estimated 27,000 people had been killed, with no one brought to justice.” Ms. Matar said, “The police deny this figure but do admit to killing more than 6,600 people, only underscoring the need for serious investigations, which the government has unsurprisingly been unwilling to undertake.” She noted that the Philippines “is a member of the UN Human Rights Council and thus is expected to uphold the highest standards of human rights.” — Vince Angelo C. Ferreras

13 PHL cities join WWF’s One Planet City Challenge 2019-2020

THIRTEEN CITIES around the country made the list of qualifiers for the World Wide Fund for Nature’s (WWF) One Planet City Challenge (OPCC) 2019-2020. Pasig, which won the country-level OPCC award for 2017-2018, is again in the running. Other returning participants are: Parañaque and Quezon cities in the National Capital Region (NCR); Santa Rosa in Laguna; Batangas; San Carlos in Negros Occidental; Cagayan de Oro in Northern Mindanao; and Tagum in Davao del Norte. Completing the 13 are first-time qualifiers Muntinlupa in NCR; Malolos, Bulacan; La Carlota, Negros Occidental; Dipolog, Zamboanga del Norte; and Davao City in the Davao Region. In a statement, WWF said it has partnered with ICLEI Southeast Asia to provide technical assistance to these cities. “With these new cities joining this iteration of the OPCC, it shows that, year by year, we as a country are becoming increasingly concerned with our impact on the environment,” WWF-Philippines President and Chief Executive Officer Joel Palma is quoted in the statement.

PAST WINNERS
The OPCC, a biennial global challenge, was previously the Earth Hour City Challenge launched in 2011. It recognizes a city’s accomplishments and commitments in infrastructure, housing, transportation, and mobility towards a climate-resilient future. “Now on its sixth run, the OPCC has grown to become the largest and longest-running challenge of its kind, with 411 cities having accepted the challenge and recorded a total of 5,732 recorded actions. With these positive impacts, WWF projects that 3,856 metric tons of greenhouse gases could potentially be saved by the year 2050,” the organization said. Previous OPCC global winners include Vancouver, Canada in 2013; Cape Town, South Africa (2014); Seoul, South Korea (2015); Paris, France (2016); and Uppsala, Sweden (2018). In the Philippines, which joined for the first time in 2015-2016, the challenge was won by Santa Rosa in Laguna.

‘Innovate Iloilo’ roadmap aims to tap technology, science for better local governance

By Emme Rose S. Santiagudo, Correspondent

THE DEPARTMENT of Science and Technology (DoST) and stakeholders in Iloilo City are working on the “Innovate Iloilo” plan, a roadmap towards better governance using science, technology and innovations (STI).

“In 2017, Iloilo City was named as one of the 25 digital cities in the country. It has the potential of becoming a smart city. Ngayon ‘yung (Now the) challenge, if Iloilo City will adopt the technologies being offered by DoST, then maybe they can be the first smart city,” DoST Undersecretary for Research and Development Rowena L. Guevara said during the recent 9th anniversary celebration of the DoST-Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD).

DoST-Western Visayas Regional Director Rowen R. Gelonga said they already had discussions with officials of the city and Iloilo provincial governments, private sector, and other stakeholders for the roadmap.

“Here in Iloilo, we have initial discussions involving the city government, provincial government, other government agencies, and private sector. We are coming up with ‘Innovate Iloilo’… where we would like to position Iloilo City and province as an innovation hub,” he said.

“We are hoping that some of the technologies which will be presented today can be considered for adaptation and utilization of the LGU (local government unit),” Mr. Gelonga said.

The DOST has been encouraging LGUs to adopt STI to provide better governance and services to the people.

“It’s about increasing the role of data and information in governance, that’s making them smart. There is no more ad hoc decision-making done. Every decision is based on science, its evidence-based, and we’re looking forward to this kind of future in governance,” said DoST-PCIEERD Executive Director Enrico C. Paringit.

As part of the celebration, DoST-PCIEERD presented 13 technologies made by local researchers and scientists from DoST and universities around the country.

These technologies can be used by LGUs to provide solutions to key issues such as transport system, environmental protection, critical infrastructure monitoring, housing, disaster risk reduction, education, and food safety.

Iloilo Economic Development Foundation Inc. Executive Director Francis Gentoral said having a “smart” LGU forms part of the wider smart city goal.

“DoST plus the academic institutions and the business groups and DTI (Department of Trade and Industry), we are having ‘Innovate Iloilo’ this October and the idea of having this program is really to develop the ecosystem for a start-up community, and of course part of that ecosystem is to ensure that LGUs are smart,” he said.

Calixto V. Chikiamco, political economist and president of Foundation for Economic Freedom, said Iloilo has the potential to “be a hub for tech industries” given its “good universities.”

He said, “Good software programmers and developers could form the core for tech start-ups, that would be the basis of whole new industries but that would need support from the government and investor. But you have the people, that’s the advantage of Iloilo, their educational system… You can be a tech center here, but of course with the right policies in place.”

Other projects of contractor of collapsed covered court in Zamboanga City put on hold

ZAMBOANGA CEO

THE ZAMBOANGA City government has put on hold all other projects awarded to the contractor of the covered court in Sinubong National High School, which collapsed Monday causing minor injuries to at least eight students. City Engineer Christopher Q. Navarro, in a briefing Monday, said Lamitan VJ Construction and Supplies has been ordered to stop work on the rehabilitation of the public market and Phase 3 of Nuñez Extension Road. The company has also been ordered to immediately repair the covered court, and to pay for all the medical expenses of the injured students. Mayor Maria Isabelle Climaco-Salazar has also instructed the City Engineer’s Office, the City Disaster Risk Reduction and Management Office, together with the Department of Education, to undertake a thorough investigation into the incident and inspect all infrastructure projects undertaken in schools. Last May 24, Ms. Salazar issued a memorandum ordering an intensified implementation of the Building Code and Safety Measures. Mr. Navarro explained during the press briefing that while there was an initial acceptance of the covered court project following its completion, no permission was given yet for the school to use the facility pending a formal turnover. However, the principal decided to use the facility for classes due to lack of classrooms. Ms. Salazar said the city’s legal office will look into possible charges against the contractor and others who may be found to have committed building code violations.

Indonesia, PHL to strengthen border security patrols in Davao Oriental

INDONESIA and the Philippines are enhancing their border security cooperation, particularly in areas off the province of Davao Oriental. The agreement came following the recent arrival of the new Indonesian consul general, Dicky Fabrian, in Davao City. Mr. Fabrian met with Lt. Gen. Felimon T. Santos Jr., commander of the Eastern Mindanao Command, to discuss the steps that the two countries would undertake to improve border security cooperation, according to a statement from the military. Among these steps are conducting joint patrol and improving the border crossing stations in two Davao Oriental areas: Balut Island under the town of Sarangani, and Tibanban in Gov. Generoso. Indonesia and the Philippines have a longstanding Border Agreement and their accord clarifying the boundary where their exclusive economic zones overlap, signed in May 2014, is expected to take effect this year. — Carmelito Q. Francisco

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