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PSE index inches up on mixed earnings results

By Arra B. Francia, Senior Reporter

SHARES FIRMED UP on Thursday, defying the weakness in markets abroad as investors were cautious about prospects on the US-China trade war.

The bellwether Philippine Stock Exchange index (PSEi) climbed 0.29% or 24.57 points to close at 8,258.05 yesterday, recovering from a two-day decline. The broader all-shares index likewise rose 0.14% or 7.44 points to 5,008.98.

“Investors bought cautiously into the market, digesting mixed earnings results and economic data, while the lack of progress on the trade dispute with China remained a concern also,” Regina Capital Development Corp. Luis A. Limlingan said in a text message.

US President Donald J. Trump earlier said he can impose additional tariffs on $325 billion worth of Chinese goods if they wanted to, despite his agreement with Chinese President Xi Jinping to hold off on new trade penalties during the G20 Summit last month.

Meanwhile, China remains on a wait-and-see mode on how the US will relax restrictions on Chinese tech giant Huawei Technologies Co. Ltd. before committing to a new deal.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted how the PSEi bested other markets that also looked to developments on the trade war for cues.

“The PSEi outperformed most of its Asian peers as markets ended lower mirroring the performance of western markets in the last trading session on premature signs that the US-China trade war could hurt corporate earnings, which pushed for some demand for US Treasuries,” Mr. Mangun said in an e-mail.

Most Southeast Asian stock markets traded in a tight range on Thursday, as the US Federal Reserve’s bright domestic economic outlook curbed expectations of extensive policy easing and renewed tariff war fears soured risk appetite.

Meanwhile, Wall Street’s indices were mostly down, with the Dow Jones Industrial Average falling 0.42% or 115.78 points to 27,219.85. The S&P 500 index lost 0.65% or 19.62 points to 2,984.42, while the Nasdaq Composite index retreated 0.46% or 37.59 points to 8,185.21.

Back home, four sectoral indices ended in positive territory, led by mining and oil which jumped 1.46% or 114.78 points to 7,950.72. Financials surged 1.04% or 19.38 points to 1,871.02; services added 0.32% or 5.42 points to 1,682.12, while holding firms went up 0.28% or 22.65 points to 7,934.25.

Meanwhile, industrials dropped 0.42% or 50.18 points to 11,756.98 and property slipped 0.1% or 4.67 points to 4,412.36.

Some 975.57 million issues valued at P5.60 billion switched hands, improving from the previous session’s P5.31 billion.

Advancers outpaced decliners, 116 to 79, while 52 names were unchanged.

Foreign investors were net buyers for the fifth straight session at P540.72 million, higher than Wednesday’s P384.07 million. — with Reuters

Election court defers action in Marcos protest

THE SUPREME Court declined to investigate alleged vote rigging in three Mindanao provinces for the vice presidential race in 2016 until it has finished its recount in three other places where losing bet Ferdinand “Bongbong” E. Marcos. Jr. claims massive cheating occurred.

In an eight-page ruling dated July 2 but released only yesterday, the court sitting as the Presidential Electoral Tribunal said it was premature to probe alleged cheating in Lanao del Sur, Basilan and Maguindanao provinces since it has not finished validating the votes in Mr. Marcos’s pilot provinces — Camarines Sur, Negros Oriental and Iloilo. It deferred action on the Marcos plea.

Mr. Marcos is challenging the results of the May 2016 vice presidential election that he narrowly lost to Maria Leonor G. Robredo. He had sought a probe of alleged cheating in the three Mindanao provinces, which Ms. Robredo opposed.

“Practical and logistical considerations also restrict the tribunal in proceeding with the technical examination due to its limited resources and manpower,” the high court said.

The court also rejected Ms. Robredo’s plea to resolve all pending incidents after the recount in Mr. Marcos’s pilot provinces, saying this was premature as well. Figures submitted by Ms. Robredo to prove her victory “are merely speculative,’’ the court said.

“She should stop misleading the public with her impetuous pronouncements,” Marcos lawyer and spokesman Victor D. Rodriguez said in a statement. “Politics is perception. All these delaying tactics, spread of false information and fake news by Mrs. Robredo and her cabal only prove how desperate they are.”

Ma. Bernadette Sardillo, Ms. Robredo’s lawyer, in a statement said they sought the early resolution of the election case “to prevent Marcos’s camp from spreading misinformation and propaganda.” “In the end, we are confident that Vice President Robredo will be vindicated and her victory confirmed,” she added.

In its July 2 ruling, the tribunal also gave election officials 10 days to explain the absence of ballot images in certain precincts in Camarines Sur.

Mr. Marcos, 61, is the son of the late dictator Ferdinand E. Marcos, under whose government 3,000 people died and thousands more were tortured after he suspended elections and declared martial law in the 1970s. The younger Mr. Marcos won 14.1 million votes in 2016, higher than any candidate aside from President Rodrigo R. Duterte and Ms. Robredo. — Vann Marlo Villegas

Dengue death toll reaches 202

THE DEATH toll from the dengue outbreak this year has reached 202 through July 13, the nation’s disaster management agency said yesterday.

The deaths were from five regions that reported 38,804 cases of the debilitating viral disease from mosquitoes, according to a report from the National Disaster Risk and Reduction Management Council.

Last Monday, the Health department issued a national dengue alert after cases of the disease peaked to more than 100,000 nationwide as of June, a record since 2016.

Dengue cases rose 85 percent from a year earlier to 106,630, according to the Health department. Regions with the most cases were Western Visayas with 13,164, Calabarzon with 11,474, Central Visayas (9,199), Soccsksargen (9,107) and Northern Mindanao (8,739).

The local peak in dengue cases reflects a global spike that happens every three years, Gundo Weiller, World Health Organization (WHO) Philippine representative, said earlier.

Science cannot explain the three-year spike that has been observed globally, Mr. Weiller said, adding that dengue, which causes fever and acute pains in the joints, has now erupted in places that have not seen the disease before.

Regions where dengue has become an epidemic are Mimaropa, Western and Central Visayas, and Northern Mindanao, according to the Health department. — Vince Angelo C. Ferreras

Cavitex operator seeks additional fee

THE OPERATOR of the Manila-Cavite Expressway (Cavitex) is seeking to impose an additional toll for a portion of the 7.7-kilometer C5 South Link Expressway, which will open next week.

In a newspaper bulletin on Thursday, the Toll Regulatory Board said Cavitex Infrastructure Corp. (CIC) and the Philippine Reclamation Authority had applied for a permit to collect a provisional fee for the road.

The fees will cost P22 for class 1 vehicles or ordinary cars, P44 for class 2 vehicles (buses and small trucks) and P66 for class 3 vehicles (large trucks and trailers).

The board said stakeholders may seek a review of the concessionaire’s application within a month or until Aug. 17.

The segment of the road will open on July 23. It forms one portion of the four-part expressway that will connect Taguig to the cities of Parañaque, Las Piñas and Cavite through Cavitex.

The other parts of the P10-billion C5 South Link project are the 1.6-kilometer road that will link E. Rodriguez to Merville Subdivision, the two-kilometer road that will connect Sucat to E. Rodriguez and the 1.9-kilometer segment that will link the Sucat Interchange to the R-1 Expressway.

The C5 South Link is expected to cut travel time between C5 and the south to about 30 minutes from an hour.

CIC is under Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC). MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group. — Denise A. Valdez

Cayetano to head ways and means body

SENATOR Pia S. Cayetano has agreed to head the ways and means committee despite the stigma of taxes, Senate President Vicente C. Sotto III told reporters by telephone on Thursday.

Senator Ralph G. Recto lost in the 2007 senatorial race after sponsoring the increase of value added tax to 12% from 10%.

She will replace Senator Juan Edgardo M. Angara, who will now head the finance committee, Mr. Sotto said.

The lady senator will also head the committees on women and children; and a new committee on sustainable development that the chamber will create when congress opens on July 22.

Ms. Cayetano also expressed interest in the education committee.

Mr. Sotto said there is a growing interest in the constitutional amendments committee, which is likely to be given to an incumbent lawmaker. — Charmaine A. Tadalan

New storm brewing as Falcon exits

THE LOW pressure area (LPA) northwest of Luzon could develop into a tropical depression (TD) by Friday or Saturday, according to weather bureau PAGASA. As of 3 p.m. Thursday, the LPA was still outside the Philippine area at 310 kilometers west-northwest of Sinait, Ilocos Sur. Once it becomes a TD, it will be named Goring. Meanwhile, tropical storm Falcon exited the country Thursday afternoon, but still brought moderate to heavy rains during the day in parts of the country, including the capital Metro Manila.

Police file sedition raps vs Robredo

POLICE on Thursday filed a sedition complaint against Vice President Maria Leonor G. Robredo and several others for her alleged role in circulating videos that linked President Rodrigo R. Duterte and his family to illegal drugs.

In a complaint, the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) also recommended charges of inciting to sedition, cyberlibel, libel, estafa, harboring a criminal, and obstruction of justice.

Also included in the complaint were senators, church leaders and lawyers, as well as Peter Joemel Advincula, the self-confessed drug dealer who was featured in the videos.

The Liberal Party in an emailed statement said the complaint against Ms. Robredo and their allies is based on lies and was a form of political harassment and persecution.”

Mr. Advincula had sought legal assistance in filing charges against members of the drug syndicate he formerly belonged to. Later that month, he surrendered to police over estafa charges, and tagged the Liberal Party as behind the propaganda.

In a statement, Justice Secretary Menardo I. Guevarra said he would form a panel of prosecutors that will investigate the complaint. — Vann Marlo M. Villegas

C-3 bridge portion to be closed for NLEX construction

A PORTION of C-3 bridge, which spans across the cities of Caloocan, Malabon, and Navotas, will be closed starting July 20 at 11 p.m. to give way to the construction of the North-Luzon Expressway (NLEX) Harbor Link segment. During the closure of the C-3 northbound side, light vehicles from C3 Road going to Radial Road 10, and vice versa, will be rerouted to Dagat-Dagatan Avenue and Lapu-Lapu Avenue, while heavy vehicles may still pass through the open C-3 side. The NLEX segment is a 2.6-kilometer elevated expressway from C-3 Road in Caloocan City to Radial Road 10 in Navotas City. It is targeted for completion by Dec. — Vince Angelo C. Ferreras

Cebu university to provide technology, livelihood development assistance to ARBs

THE DEPARTMENT of Agrarian Reform’s (DAR) Cebu Provincial Office has signed a memorandum of agreement (MoA) with the Cebu Technological University (CTU) for assistance to agrarian reform beneficiaries (ARB). Under the MoA, CTU, with its 24 campuses around Cebu, will help ARBs and their families develop livelihood alternatives through farm-based technology transfer trainings. “The extension services of the CTU aims to provide small, marginalized communities of the Province of Cebu the opportunity to acquire knowledge and skills for sustained productivity, profitability, and well being,” DAR said in a statement. DAR-Cebu and the university will coordinate on the implementation of the projects, including supervision, expenses for technology transfer trainings, and monitoring.

PWD group calls out Davao engineer’s office, DPWH for poor Accessibility Law implementation

MEMBERS OF the Association of Differently-Abled Persons (ADAP) have called on the Davao City Engineer’s Office (CEO) and the regional office of the Department of Public Works and Highways (DPWH) to strictly monitor the implementation of the Accessibility Law. ADAP Administrator Redendo E. Martinez said buildings in the city, especially on floors above the ground level, are still largely non-compliant. “May (There is) implementation in Davao City, pero parang (but it’s like) partial compliant,” Mr. Martinez told BusinessWorld in an interview on the sidelines of the PWD Trade Fair and Services being held this week at the city council building. “These offices (CEO and DPWH) supposedly monitor if accessibility has been strictly implemented,” he said, noting that building and occupancy permits should only be issued if the provisions of the Accessibility Law are met. The Accessibility Law is contained in Batas Pambansa 344 and strengthened by Republic Act (RA) 7277, the Magna Carta for Disabled Persons. Mr. Martinez also pointed out that while Davao has the City Council on Disability Affairs, it needs to establish a Persons with Disability Affairs Office (PDAO), which is required from all local government units under RA 10070. Councilor Wilfredo Al-ag, chair of the committee on social services, has vowed to address the PWD group’s concerns. — Maya M. Padillo

9 Abu Sayyaf members surrender in Sulu; 1 killed in Basilan

NINE MEMBERS of the Abu Sayyaf Group yielded to troops of the 2nd Special Forces Battalion in Sulu last July 15, the military reported late Wednesday. Upon surrender, they also turned over their weapons consisting of seven high-powered and two low-powered firearms. “I would like to attribute this success to the loving people of Sulu who continuously support us in our campaign against the Abu Sayyaf,” Lt. Gen. Cirilito E. Sobejana, commander of the Western Mindanao Command (WestMinCom), said in a statement. “We anticipate that in the coming days, the remaining bandits will opt to lay down their arms and choose to live a peaceful life,” Mr. Sobejana added. Also last Monday, a high-ranking member of the group was killed in Basilan after attempting to elude arrest by government troops. “Arod Wahing pulled his gun and grenade when security forces raided his safe house,” Brig. Gen. Fernando M. Reyeg, Joint Task Force Basilan commander, said in a separate statement also released by WestMinCom. A native of Bud Bunga in Talipao, Sulu, Wahing was one of the suspects in the kidnappings of Dutch Ewold Horn in 2012 and a German couple in 2014. “He is a trusted follower of Abu Sayyaf top leader Radullan Sahiron in Sulu,” Mr. Reyeg said, “He, however, fled to Basilan to escape the series of armed engagements with military forces in Sulu.” Mr. Sobejana said there will be no let up in their “focused and support operations” while convergence programs are being implemented “in the hope that we may totally defeat the Abu Sayyaf, and let peace and development reign in Mindanao.”

Transport agency wants hatchbacks in ride-sharing

THE Department of Transportation (DoTr) wants to allow hatchbacks in ride-sharing services.

In a statement on Thursday, the agency said the Land Transportation Franchising and Regulatory Board (LTFRB) should review its rules to accommodate hatchbacks.

“In bigger metropolitan areas like London and Tokyo, hatchbacks are allowed to operate as public transport,” the agency said. “If first-world countries and cities allow it, why can’t we?” it added, noting that these vehicles are more fuel-efficient.

Under present rules, hatchback units may operate as transport network vehicles within a transition period of three years, ply only within Metro Manila and charge a lower fare.

Hatchback Community, a group of around 1,000 member drivers, earlier said applications for a permit were being ignored by the LTFRB because of safety concerns.

Transportation Secretary Arthur P. Tugade in the statement ordered the LTFRB to respect present rules until the policy is amended. — Denise A. Valdez

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