How PSEi member stocks performed — June 16, 2020
Here’s a quick glance at how PSEi stocks fared on Tuesday, June 16, 2020.
Nationwide round-up
DoJ comment on anti-terrorism bill out Wednesday
THE Department of Justice will submit to the Office of the President on Wednesday its comment on the anti-terrorism bill, which will become law with President Rodrigo R. Duterte’s signature. Justice Secretary Menardo I. Guevarra said they are done with the review and are now drafting the comments. “I am confident that the President will wait for and consider not only the comments of the DoJ but also those of other government agencies whose comments were requested by the office of the executive secretary,” he told reporters via Viber. Mr. Guevarra said the department’s comments are classified as “highly confidential” and will leave it to the discretion of the executive secretary if they would disclose the basis of the President’s decision. Mr. Duterte certified the bill as urgent. Human rights and lawyers groups, among other sectors, have expressed opposition to the proposed law, citing concerns on infringements of constitutional rights. The bill expands the coverage of terror acts and forms an Anti-Terror Council, which can order the arrest of suspected terrorists, a mandate that is granted to courts. Meanwhile, Palace Spokesperson Harry L. Roque said more local government officials have expressed support to the bill. In a briefing on Tuesday, he said 784 local officials composed of 43 governors, 68 city mayors and 673 municipal mayors back the proposed law. The country has 81 governors, 146 city mayors, and 1,488 municipal mayors. In a separate interview with CNN Philippines also on Tuesday, Mr. Roque said the President is likely to sign the bill, but is awaiting comments from the DoJ and the Office of the Executive Secretary — Vann Marlo M. Villegas and Gillian M. Cortez
Senator seeks review of gov’t OFWs reintegration plan
A SENATOR on Monday sought to look into the government’s plan to reintegrate some 300,000 overseas Filipino workers (OFWs) expected to be displaced by the global economic downturn due to the coronavirus disease 2019 (COVID-19) pandemic. Under Senate Resolution No. 445, Senator Risa N. Hontiveros-Baraquel pushed for a review of plans for workers forced to come home, which should include livelihood, social and mental health assistance. “It is essential that the government’s return and reintegration programs take the needs of OFWs and their families into account in developing and implementing financial aid programs for households in distress,” she said in a statement. She said this long-term program is necessary on top of facilitating their return. The Department of Foreign Affairs on Monday assisted the arrival of 2,281 Filipinos from Lebanon, United Arab Emirates, Kingdom of Saudi Arabia, Barbados. This brings the total number of repatriated workers to more than 44,000 since February. Further, the senator said the government should bring focus to the reintegration of female workers, citing the paper entitled “Women, Migration and Reintegration” that found majority of Filipina migrants have more difficulty in adjusting to the lack of economic opportunities in the Philippines. In a separate resolution, Ms. Baraquel sought to address the disproportionate impact of the pandemic on women, including the rise of abuses and online sexual exploitation. Senator Emmanuel Joel J. Villanueva on Sunday said the committee on labor will be inviting the Technical Education and Skills Development Authority and the labor department to discuss skills training programs among other interventions for OFWs. — Charmaine A. Tadalan
President aims to buy radios for alternative schooling in remote areas
PRESIDENT Rodrigo R. Duterte plans to buy transistor radios for students in far flung areas, particularly those that do not have internet or even television broadcast access, to serve as an alternative education system as classroom sessions remain uncertain with the continued threat from the coronavirus disease 2019. However, Mr. Duterte, in a late night address on Monday, said the government will still have to look for fund sources for the radio procurement. The Department of Education is preparing for “blended learning” for students in the new school year that will open in August. It will utilize online classes, printed modules, television, and radio. — Gillian M. Cortez
Pew Research survey shows 54% of Filipinos think religious diversity makes PHL a better place to live in
MORE than half of Filipinos, at 54%, said having an increasing number of people of different religions in the country makes it a better place to live in, according to US-based Pew Research Center. Another 32% said increasing diversity made no difference to the quality of life in the country, while 12% said diversity made it worse. Pew Research Center conducted its survey in late 2018 among 28,122 adults across 11 emerging countries. For the Philippines, it focused on Christian and Muslim groups, which comprise 92.6% and 5.5% of the population, respectively. Despite welcoming diversity, 61% of Filipinos said they rarely or never interacted with people of other religions. Thirty-eight percent said they occasionally or frequently interacted, while the remaining one percent said they do not know. Asked about these seemingly contradicting results, Pew Research Center Senior Researcher Laura Silver told BusinessWorld in an email, “One thing that we find in this report is that those who interact with people who are different from them — racially, ethnically or religiously — tend to have more positive opinions of refugees or migrants in their country. But, personal interaction is certainly not the only reason people might say that having an increasing number of people of different races, ethnic groups and nationalities makes their country a better place to live. For example, in some countries, we also see that younger people or more educated people tend to have more favorable views toward diversity.” The study also reported that favorable views of Christians were nearly universal (97%), while 57% said the same of Muslims in the Philippines. The results of the survey was released June 16 in a report titled The Future of World Religions: Population Growth Projections, 2010-2050. — Genshen L. Espedido
LabX launches health hotline for coronavirus concerns
RAPID TEST distributor LabX Corp. has launched a hotline for coronavirus-related consultations, which opened June 16. The hotline 09177235539 may be contacted for medical advice and for rapid test supplies, the company said in a statement. LabX, distributor of Cellex rapid test kits, said callers may request assistance should they wish to be tested. “We want to provide timely medical assistance to Filipinos, with our services, we can help provide much-needed information that will enable health authorities to deliver proper patient diagnosis and treatment and ultimately contain the spread of the virus,” Hector Thomas Navasero, chairman and CEO of LabX Asia said. Cellex is approved by the Food and Drug Administration in the United States and Philippines. — Vann Marlo M. Villegas
Stocks rebound on Fed plan to buy firms’ bonds
By Denise A. Valdez, Reporter
LOCAL SHARES closed higher on Tuesday, joining a region-wide climb, after the US Federal Reserve announced plans to help corporations amid the coronavirus disease 2019 (COVID-19) pandemic.
The 30-member Philippine Stock Exchange index (PSEi) gained 117.93 points or 1.91% to close at 6,281.75, while the broader all shares index added 52.78 points or 1.44% to end at 3,699.61.
“Global equities markets bounced back after the Federal Reserve announced that it will begin its corporate bond-buying program… Here at the PSE, the main index ended higher as we see more optimism from investors after the US Fed’s recent moves,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.
The Federal Reserve announced on Monday it will start buying up to $250 billion corporate bonds in its latest initiative to support the economic decline due to the COVID-19 pandemic.
This will be done through the secondary market corporate credit facility, an emergency facility recently introduced by the US central bank, Reuters reported Monday.
The Fed also started its Main Street lending program, which is expected to assist small and medium-sized businesses survive the pandemic through loans.
“The local market joined its regional peers who were also cheered by the latest developments with the US’ monetary policy,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.
“We had bargain hunting today as investors capitalized on Monday’s steep decline,” he added.
Japan’s Nikkei 225 and Topix indices rose 4.88% and 4.09%, respectively, China’s Shanghai Shenzhen CSI 300 index climbed 1.51%, and South Korea’s Kospi index gained 5.28%.
Back home, nearly all sectoral indices ended trading in green territory. Financials picked up 40.13 points or 3.29% to 1,259.12; holding firms rose 186.95 points or 2.96% to 6,487.48; mining and oil advanced 120.06 points or 2.40% to 5,112.34; services increased 19.77 points or 1.41% to 1,419.49; and property improved 17.58 points or 0.56% to 3,110.98.
The only index that closed lower was industrials, which shed 39.08 points or 0.49% to 7,828.62 at the end of Tuesday’s session.
Value turnover stood at P6.99 billion with 968.67 million issues switching hands, lower from the previous day’s turnover of P7.76 billion with 1 billion issues.
Advancers bested decliners, 141 against 54, while 46 names ended unchanged.
Offshore investors remained net sellers on Tuesday with net outflows of P1.22 billion, slightly higher from a previous day’s P1.18 billion.
“We may continue to see the main index move lower in the coming days to test support at 5,950. (MerryMart Consumer Corp.) remains the best performer as it closes at its ceiling for a second day,” Mr. Mangun said.
Peso rebounds as Federal Reserve plans to buy corporate bonds
THE peso appreciated versus the greenback on Tuesday on risk-off sentiment after the US Federal Reserve bared plans to buy corporate bonds.
The local unit finished trading at P50.07 against the dollar yesterday, stronger by 27.5 centavos from its P50.24 close on Monday, according to data from the Bankers Association of the Philippines.
The peso opened the session at P50.23 per dollar. Its intraday weakest was at P50.26 while its intraday best was at P50.07 against the greenback.
Dollars traded increased to $901.5 million on Tuesday from the $791.9 million recorded on Monday.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said there was improved sentiment for the peso due to recent signals of quantitative easing from the Fed.
“The peso exchange rate closed much stronger after some improvement in global market sentiment after [news of] Fed’s plans to buy corporate bonds as part of its quantitative easing measures,” Mr. Ricafort said in a text message.
Reuters on Tuesday reported the Fed’s decision to start buying corporate bonds through the secondary market corporate credit facility to provide market support during the crisis.
The Fed will employ an indexing approach for its buying spree in a bid to create a portfolio that is based on a broad, diversified market index of US corporate bonds.
Meanwhile, a trader attributed the peso’s strength to updates on quarantine measures in the country.
“Most areas in the country will still be under a general community quarantine and the market took this as a sign of better chances to restart the economy,” the trader said in a phone call.
Presidential Spokesperson Harry L. Roque, Jr. said on Tuesday that President Rodrigo R. Duterte ordered the extension of general community quarantine until June 30 in some regions including Metro Manila.
Mr. Ricafort gave a forecast range of P49.95 to P50.20 per dollar while the trader expects the local unit to move between the P49.80 to P50.20. — L.W.T. Noble with Reuters
PEZA seeking P100 billion in stimulus money
THE Philippine Economic Zone Authority (PEZA) is asking for P100 billion from the government’s proposed economic recovery program to help develop more public economic zones.
The investment program is expected to develop public works infrastructure and logistics and transportation hubs, thereby lowering the cost of doing business.
PEZA Director General Charito B. Plaza in an online news conference Tuesday said she is seeking funding from the Accelerated Recovery and Investments Stimulus for the Economy, formerly known as the Philippine Economic Stimulus Act.
“PEZA’s projection is (based on) what happened to our four public ecozones… which triggered the growth and development of the private economic zones. This has triggered the growth of domestic enterprises. So pag nadala natin ‘yung export-oriented industries, sila ang nagti-trigger sa growth and development of the domestic enterprises (attracting export-oriented industries triggers growth and development of domestic enterprises),” she said.
PEZA is also asking for P13 billion for skills training, P1.3 billion to build housing for workers inside the four public ecozones, P800 million for 100-bed hospitals inside the public ecozones, and P510 million to master plans ecozones in each region.
PEZA is proposing that the export threshold for manufacturing companies be reduced to 50% for 2020 to 2021, from the previous 70% requirement.
It is asking to be authorized to grant outright the maximum eight-year income tax holiday that has been reserved for ecozone projects with pioneer status. PEZA said this should be applied to strategic and big-ticket projects registered within the next two years.
Ms. Plaza said this incentive should be given to either domestic or export-oriented projects with a minimum $500-million investment, offering 3,000 direct jobs in areas outside Metro Manila.
PEZA is also asking that the government lift the moratorium on developing new ecozones in Metro Manila, and for the Office of the President to approve 71 pending ecozones.
The investment promotion agency presented this after approved investments in the first five months fell almost 32% year on year to P29.5 billion.
By industry, approved investment for manufacturing dropped 10.43% to P10.4 billion, while information technology grew 116.9% to P10.7 billion.
The number of projects fell 42.35% to 196.
Ms. Plaza said that 75% of PEZA companies have resumed operations and 72% of employees have gone back to work as of June 5, after some companies suspended operations during the lockdown. By sector, 67% of outsourcing companies have resumed operations, while 81% of manufacturing companies have done the same. — Jenina P. Ibañez
Diokno ‘confident’ no inflation risk from faster M3 growth
BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said he is not worried about higher inflation arising from “significant” growth in liquidity in recent months.
“We have promptly monitored the growth of M3 and it has in fact increased significantly in recent months,” Mr. Diokno said in an interview with ABS-CBN News Channel Tuesday.
“But, you know, we’re still in the midst of the pandemic… we’re not out of the woods yet… what we see right now does not reflect the true picture,” he added.
M3, the broadest measure of money supply, rose 16.2% to P13.6 trillion, accelerating from 13.3% in March.
“Although this crisis is different from the others, it’s very important that the financial system is not constricted by the lack of liquidity,” Mr. Diokno said.
The BSP in March suspended its term deposit facility, its main tool to mop up excess liquidity, to provide support to the financial system during the lockdown. It started offering a 7-day paper in mid-April while the 14-day issues returned to auction last week. The central bank said it will gradually reopen the facility and expects liquidity to improve.
“We’re confident that there is no threat that the excess liquidity will translate into higher inflation,” Mr. Diokno said.
Inflation in May was at a six month-low of 2.1%, easing further from 2.2% in April and 3.2% a year earlier, reflecting the drop in food and transport prices during the lockdown.
ING Bank-NV Manila Senior Economist Nicholas Antonio T. Mapa said M3 grew due to easing measures implemented by the BSP, including a reduction in the reserve requirement ratio for big banks of 200 basis points, a P300-billion repurchase program with the Bureau of the Treasury, and the temporary closure of the term deposit facility.
“The risk that the economy is ‘overheating’ is likely zero at this point and what the Philippines may need at this stage is every stimulus effort we can muster to save the ailing patient, the Philippine economy, before it crashes head long into a depression,” Mr. Mapa said in an e-mail.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said Mr. Diokno is correct to say that the true picture of the economy is yet to emerge. He warned that the new normal will be different from “what we used to know.”
“I think, once the economy has fully re-opened (if ever that happens), the quicker M3 will clearly manifest and translate to higher inflation. At this point, it will slowly creep up,” he said in a text message. — Luz Wendy T. Noble
Sangley airport consortium seeks further 90-day extension to submit full post-qualification documents
LUCIO C. Tan’s MacroAsia Corp. and its Chinese partner asked for a further 90-day extension to complete the documentary requirements to post-qualify their bid for the $10-billion Sangley Point International Airport (SPIA), the Cavite government said.
“The consortium was able to make a partial submission. But as mentioned, they requested a 90-day extension to make a complete submission,” Cavite’s Public-Private Partnership (PPP) Selection Committee Legal Officer Jesse R. Grepo told BusinessWorld in a phone message Monday.
He said the province’s PPP Selection Committee will evaluate the request Tuesday afternoon.
The Cavite government had approved the first request of MacroAsia and its partner China Communications Construction Co. Ltd. to extend the due date for post-qualification, originally due 60 days after they received the notice of award on Feb. 14.
The province initially gave the consortium until the second week of June to process and submit the documents before a joint venture development agreement can be signed.
Cavite Governor Juanito Victor C. Remulla has said the province was hoping to break ground with its joint venture partner for the first phase of the airport project by the second quarter.
The first phase of the SPIA project, which will cost $4 billion, includes the construction of the Sangley connector road and bridge to connect the Kawit segment of the Manila-Cavite Expressway to the international airport.
Phase 1 also involves the construction of the airport’s first runway. The airport is rated at 25 million passengers yearly, and is intended to help decongest the Ninoy Aquino International Airport.
Cavite expects the airport to start fully operating by 2023, with partial operations to start a year earlier. The fourth runway will be opened after six years.
The same consortium will work on the other two phases of the project, but there may be contract renegotiations, according to the Cavite government.
The second phase, which will cost about $6 billion, involves the construction of two more runways, giving the airport an annual capacity of 75 million passengers.
The last phase is the expansion to four runways, bringing capacity to 130 million passengers. — Arjay L. Balinbin
House to probe delays in coronavirus cash aid
By Genshen L. Espedido, Vann Marlo M. Villegas
and Gillian M. Cortez, Reporters
HOUSE of Representative leaders led by Speaker Alan Peter S. Cayetano want to investigate delays in the government’s distribution of cash aid to citizens affected by a coronavirus pandemic.
In a resolution, the congressmen cited unnecessary requirements imposed on beneficiaries including long application forms that intimidate ordinary people.
The House probe would seek to find ways to help the Department of Social Welfare and Development (DSWD) properly enforce its so-called social amelioration program.
The Department of Health (DoH) yesterday reported 364 new coronavirus disease (COVID-19) infections, bringing the total to 26,781.
The death toll rose to 1,103 after five more people died, while 301 more patients have gotten well, bringing the total recoveries to 6,552, it said in a bulletin.
Of the new cases, 249 were reported in the past three days, while 115 were reported late.
DoH said three cases had been removed from the tally after being verified as negative. One of them was tagged as having recovered.
“The total cases reported may be subject to change as these numbers undergo constant cleaning and validation,” it said.
Health Undersecretary Maria Rosario S. Vergeire said most of the new cases were from Metro Manila and Cebu province in central Philippines.
‘ARBITRARY’ COUNT
Meanwhile, the House resolution cited issues that may have led the agency to miss distribution deadlines such as the release of the second tranche of aid for beneficiaries for May and June.
The lawmakers said the agency had arbitrarily and without consulting local governments based the number of beneficiaries on the 2015 national census. There were actually more people eligible for the aid because the population had since increased, they said.
Because of this, local governments have been in a quandary in identifying people who should be prioritized for the cash assistance, they said.
A law that gave President Rodrigo R. Duterte special powers in dealing with the coronavirus pandemic allotted a budget in which 18 million low-income households would get P5,000 to P8,000 in monthly aid for two months.
The House inquiry will look into the distribution of the emergency subsidy and other assistance programs of the Social Welfare department amid the pandemic.
“The pandemic and its aftermath forces all of us to re-examine the way we do things,” Mr. Cayetano said in a statement on Tuesday. He said government bureaucracy could “sometimes get in the way of helping the people,” adding that there are right and wrong ways to help them.
Social Welfare spokeswoman Irene B. Dumlao did not immediately reply to a Viber message seeking comments.
Aside from the House Speaker, Deputy Speakers Luis Raymund F. Villafuerte. Jr., Raneo E. Abu, Danilo Ramon S. Fernandez, Neptali M. Gonzales II, as well as Batangas Rep. Theresa V. Collantes, Manila Rep. Cristal L. Bagatsing, Laguna Rep. Ruth Mariano-Hernandez and Manila Rep. Manuel Luis T. Lopez signed the resolution.
Meanwhile, Mr. Duterte would meet with business leaders after June to discuss lockdown measures and efforts to restart the economy that the pandemic had brought to a near standstill, his spokesman said.
Presidential spokesman Harry L. Roque told a news briefing the dialog would happen after this month, when the general community quarantine in Metro Manila is expected to be eased further.
Mr. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain the pandemic. He extended the strict quarantine twice for the island and thrice for Manila and nearby cities where infections were mostly concentrated.
The lockdown in the capital region was eased to a general lockdown on June 1, which was extended until June 30 this week.
Metro Manila accounts for more than a third of Philippine economic output. The economy shrank by 0.2% last quarter because of the lockdown.
The virus has sickened 8.1 million and killed about 440,000 people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.
Fertilizer procurement rules followed after overpricing claims — DA
AGRICULTURE Secretary William D. Dar brushed off claims of overpriced fertilizer distributed to farmers, saying the Department of Agriculture (DA) followed government procurement rules.
In a virtual briefing Tuesday, Mr. Dar said that the urea fertilizer approved budget was P1,000 per 50 kilogram bag, citing estimates by the DA Field Operations Service.
According to Mr. Dar, P1,000 for a 50 kilogram fertilizer bag is lower than the average retail price of urea fertilizer, based on a survey conducted by the DA’s Fertilizer and Pesticide Authority between March and May.
“The survey we conducted from March to May showed that urea fertilizer retail prices range from P1,043 to P1,062 and even cheaper than the average price of P1,140 in December, according to the Philippine Statistics Authority (PSA),” Mr. Dar said.
On April 28, the DA posted an invitation to bid for the supply and delivery of 5.69 million bags of urea fertilizer with an approved budget of P5.69 billion.
“We initially procured a total of 1.81 million bags of urea fertilizer at a price lower than the national average retail price of P1,035.60 for April 27 to May 1; P1,037.53 for May 4 to 8; and P1,040.68 for May 11 to 15. The volume procured comprises four of the 16 lots for wet season 2020 cropping,” Mr. Dar said at Tuesday’s virtual briefing.
“Such prices were a lot cheaper compared to previous purchases of more than P1,300 per 50 kilogram bag of urea fertilizer,” Mr. Dar said.
So far, the DA, through its Bids and Awards Committee, had issued Notices to Award and Contract to the two winning companies, La Filipina Uy Gongco Corp. and Atlas Fertilizer Corp., for the four lots out of the original 16 lots under the urea fertilizer procurement project.
La Filipina Uy Gongco Corp. delivered 97,615 bags at P990 per bag to Region 4-A; 694,904 bags at P995 per bag to Region 6; and 911,073 bags at P995 per bag to Region 3.
Meanwhile, Atlas Fertilizer Corp. brought 107,498 bags at P900 per bag to Region 7.
Mr. Dar said that other bidders were disqualified due to their inability to show technical, legal, and financial capability to address the emergency procurement of urea fertilizer.
In a statement Monday, Samahang Industriya ng Agrikultura (SINAG) Chairman Rosendo O. So said fertilizer purchased by farmers cost P830 to P850 per bag.
“This shows that the purchase of urea fertilizer by the DA Central Office was utterly disadvantageous to the government and to our farmers, especially now when we need all the funds available to survive this pandemic,” Mr. So said.
Mr. Dar said the farm group failed to consider that the contract price includes the cost of fertilizer, transportation, incidental services, and applicable taxes.
“The minimum winning bid price of P900 per 50 kilograms was P40 to P50 higher than the prices quoted by farmers in their complaint, at P860 per bag of 50 kilograms in Nueva Ecija and P850 per bag in Tarlac,” Mr. Dar said.`The P5.69-billion fertilizer procurement falls under the DA’s Rice Resiliency Project, which aims to increase rice production by the end of the year.
The DA said it followed procurement rules for emergency purchases under Section 53.2 of Republic Act No. 9184 or the Government Procurement Reform Act, and Government Procurement Policy Board Non-Policy Matter Opinion 003-2020. The emergency procurement also complies with RA 11469 or the Bayanihan to Heal As One Act. — Revin Mikhael D. Ochave
DoH wants P182.1-B budget for next year
THE DEPARTMENT of Health (DoH) on Monday said it was proposing a P182.1-billion budget for 2021 as it starts enforcing the Universal Healthcare law.
Of the total, P53.2 billion will be used to fund programs related to universal healthcare, while P20.89 will be allotted to boost the country’s response to emerging infectious diseases, Health Undersecretary Mario C. Villaverde told lawmakers on Monday.
“These are interrelated, and most of the provisions of the Universal Healthcare law can also be adopted in terms of our response to emerging infectious diseases,” he said.
Mr. Villaverde was presenting to the joint oversight committee tackling the law enacted in February 2019 to give Filipinos access to free essential health services.
He said P35.1 billion will fund programs under other health-related laws such as on cancer care and HIV/AIDs prevention and control.
Under the 2020 national budget, the Health department got a budget of P101 billion.
The Department of Budget and Management (DBM) in early June set a proposed P4.335-trillion cash-based national budget for 2021, up from P4.1-trillion in 2020.
Meanwhile, Philippine Health Insurance Corp. (PhilHealth) President Ricardo C. Morales proposed that a higher subsidy of P138 billion be given to the agency for 2021.
The agency’s original subsidy proposal was P153 billion. It received P71.2 billion this year, he told the same hearing. “This was not enough to fund the premium of all indirect contributors, thus affecting PhilHealth’s capacity to cover all benefits.”
He also said the agency was expected to have a deficit by year-end due to lower collections caused by the pandemic and additional benefit payouts worth about P40.7 billion.
“We will be running a deficit by the end of 2020 and we will be maintaining that deficit until 2024,” he said. — Charmaine A. Tadalan
ADB makes pitch for more clean energy investment in stimulus spending
THE Asian Development Bank (ADB) encouraged governments to include more investment in renewable energy in their economic recovery plans after the coronavirus disease 2019 (COVID-19) pandemic.
“Increased investment in clean energy infrastructure should be an important part of post-pandemic stimulus packages,” ADB President Masatsugu Asakawa said at the opening of the bank’s annual Asia Clean Energy Forum Tuesday.
In the first five months of 2020, the ADB said it released around $900 million out of the $5 billion it set aside for clean energy development.
The International Energy Agency (IEA) is projecting a 20% decline in global energy investment this year to $400 billion, describing it as a “historical drop” if the forecast is borne out.
“We have never seen such a big decline,” IEA Executive Director Fatih Birol said.
So far during the pandemic, renewable energy has been among the most resilient energy sources, David Turk, acting deputy executive director of the IEA, noted.
“This is a very promising sign about renewables’ potential, its importance for resilience, its importance in the decentralized solution for many parts of the world,” he added.
Mr. Turk, who is also the agency’s head of Strategic Initiatives, said the energy industry should take advantage of the opportunities in various economic stimulus programs for renewables, as well as energy efficiency.
In the Philippines, both the energy efficiency and solar industries have urged Congress to include incentives for more green projects and digitize energy infrastructure after the pandemic subsides.
According to the ADB, the pandemic has not tempered the need to transition to renewable energy.
“The urgency to address climate change by accelerating the clean energy transition has not been diminished because of the pandemic; in fact, the task is more important than ever,” Mr. Asakawa said.
Meanwhile, for Asia to meet its sustainability goals, including its shift to renewable energy, the IEA said, it must spend $3 trillion each year over the next decade.
“Our numbers show that in order to (achieve a) sustainable future in Asia, we have to mobilize each year about $3 trillion… in the next 10 years,” Mr. Birol said. — Adam J. Ang
Opposition Senator de Lima seeks bail, cites weak evidence
A SENATOR critical of President Rodrigo R. Duterte has asked a trial court to allow her to post bail more than three years after her detention, citing weak evidence in her drug trafficking case.
In a 44-page motion dated June 15,, Senator Leila M. de Lima argued the testimonies against her so far have been based on hearsay.
She also said she wouldn’t be a flight risk because she respects the legal process as a senator.
Her bail would also uphold her “constitutional presumption of innocence, recognizing her right to due process and guarantee her appearance in court for the remainder of the trial.” Her temporary liberty would also let her serve her term as a senator, she said.
Ms. de Lima is on trial for allegedly abetting the illegal drug trade in the country’s jails when she was still Justice secretary. She was accused of extorting millions of pesos from a drug lord that she allegedly used to finance her senatorial campaign in 2016.
She has been jailed at the Philippine National Police Custodial Center in Camp Crame since February 2017. Several witnesses against Ms. de Lima were drug convicts serving time at the national penitentiary in Muntinlupa City.
The senator said the prosecution had failed to prove her alleged drug transactions by omitting details of the crime such as the specific drugs involved, the buyers and sellers and the place where the trade took place.
The US Senate early this year passed a resolution condemning the Duterte government for the wrongful detention of one of his staunchest critics.
The chamber approved Resolution 142, sponsored by Senator Edward J. Markey, on Jan. 9 urging the Philippines to release Ms. de Lima and drop charges against Maria A. Ressa, founder of news website Rappler. A trial court this week convicted her and the website’s former researcher for cyber-libel.
Drug-trafficking charges against Ms. de Lima “followed a history of criticizing extrajudicial killings in the Philippines and the Duterte administration’s anti-drug campaign,” according to the US resolution.
The US later barred the entry of several Philippine government officials responsible for Ms. de Lima’s prosecution including Senator Ronald M. de la Rosa, whose US visa was canceled.
Mr. Duterte in February said he was ending the visiting forces agreement with the US because of this, only to reconsider months later.
Mr. Duterte last year ordered authorities to ban several American senators who led the campaign in support of Ms. de Lima. — Vann Marlo M. Villegas