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Drop in US unemployment lifts Philippine stocks

By Denise A. Valdez, Reporter

LOCAL SHARES bounced back on Monday as investors reacted to the unexpected rise in jobs in the United States in May.

The benchmark Philippine Stock Exchange index (PSEi) gained 48.87 points or 0.75% to close at 6,514.00. The broader all shares index added 54.12 points or 1.43% to 3,827.40.

“The local market rallied…on the back of the unexpected 2.5 million job increase in the US last May. The employment data became a source of hope for investors as it pointed towards the recovery of the US economy which in turn could spill over to the rest of the globe,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

The US ended last week with a report that its economy had started to rebound in May, generating jobs that reduced its unemployment rate to 13.3%. This is an improvement from the record 20.5 million jobs the country lost in April due to lockdowns triggered by the coronavirus disease 2019 (COVID-19) pandemic.

The report resulted in a rally in Wall Street on Friday, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices climbing 3.15%, 2.62% and 2.06%, respectively.

The improvement in US markets spilled over to the Philippines on Monday, as Mr. Tantiangco said this spurred optimism that other economies may soon recover from the COVID-19 pandemic, too.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan pointed to the same driver for the PSEi’s performance. He said the drop in US unemployment in May similarly resulted in lower gold prices and higher oil prices.

“Here at home, investors also remained optimistic with respect to our local economy amid the relaxed quarantine measures especially in key economic areas such as Metro Manila,” Mr. Tantiangco said.

Five of six sectoral indices were gainers at the close of session: mining and oil surged 427.11 points or 8.63% to 5,374.11; industrials rose 198.32 points or 2.54% to 8,003.07; property added 45.33 points or 1.39% to 3,304.81; holding firms improved 78.69 points or 1.19% to 6,690.40; and services increased 7.16 points or 0.51% to 1,404.07.

The sole declining index was financials, which lost 20.73 points or 1.52% to 1,340.46 at the end of trading.

Value turnover stood at P9.63 billion on Monday from P9.11 billion at the end of Friday’s session. Some 1.18 million issues switched hands.

“Net value turnover today posted P8.96 billion, higher than the year-to-date average of P5.81 billion, implying that the rally had conviction,” Mr. Tantiangco said.

Advancers beat decliners, 157 against 58, while 35 names ended unchanged.

Foreign investors ended up as net sellers, with net outflows amounting to P147.43 million from net inflows of P476.37 million on Friday.

Peso weakens on US jobs data, oil production cuts

THE PESO weakened on Monday as sentiment favored the greenback after data on US jobs as well as the extension of oil production cuts.

The local unit finished trading at P49.90 per dollar on Monday, depreciating by 10 centavos from its close of P49.80 on Friday, according to data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P49.83 per dollar. Its weakest showing was at P49.97 while its intraday best was at P49.80 against the greenback.

Dollars traded dropped to $651.3 million on Monday from the $1.011 billion seen on Friday.

A trader said market sentiment for the peso dimmed after major oil exporters opted to continue production cuts.

“The production cuts in May gave way to some price recoveries so we expect oil prices will continue to be pushed upwards by this move, which may have given that risk-off factor for the peso,” the trader said in a phone call.

Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC)together with Russia and allies decided to extend oil production cuts until end-July.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi Energy Minister Prince Abdulaziz bin Salman told the video conference of OPEC+ ministers.

The group also called on other countries that have gone beyond their production quotas in May and June such as Nigeria and Iraq to compensate through extra cuts from July to September.

Meanwhile, another trader attributed the peso’s weakness to better US jobs data released late last week.

“The peso weakened following the surprising rebound in US nonfarm payrolls data which reflected new 2.5 million jobs last month,” the second trader said in an e-mail.

The US Labor department reported on Friday that nonfarm payrolls grew by 2.509 million jobs in May after a record decline of 20.7 million in April.

With this, the unemployment rate fell to 13.3% from the post World War II high of 14.7% in April.

The first trader expects the peso to move between the P49.75 to P50 band versus the dollar while the second trader sees the peso moving between the P49.85 to 50.05 levels this Tuesday. — L.W.T. Noble with Reuters

Physical classes banned without COVID-19 vaccine, DepEd says

FACE-TO-FACE school classes won’t open until a vaccine for the coronavirus that has sickened more than 22,000 and killed about a thousand in the Philippines is found, according to the Department of Education (DepEd).

“We will comply with the President’s directive to postpone face-to-face classes until a vaccine is available,” Education Secretary Leonor Briones said in a statement on Monday, taking her cue from President Rodrigo R. Duterte.

The President last month said he would only allow classes once a vaccine for the COVID-19 virus has become available, citing the risk of an outbreak in schools.

Mr. Duterte locked down the entire Luzon island in mid-March, suspending work, classes and public transportation to contain the pandemic. People should stay home except to buy food and other basic goods, he said.

He extended the quarantine for the island twice and thrice for the capital region. The lockdown in Metro Manila has since been eased, but mass gatherings across the nation remain banned.

The Philippines has four levels of lockdowns — enhanced, modified enhanced, general and modified general community quarantine.

Under the so-called new normal, restrictions will be eased and minimum health standards should be observed.

In a taped address aired on Friday, Mr. Duterte again said classes should not be allowed without a vaccine. He also said he doubted the country’s readiness for distance learning.

“Indeed, it is a challenging task for us at the Department of Education to prepare our schools in a different setup but we are committed to our duty to make education available and thriving, even in the most difficult time,” Ms. Briones said.

She also told an online news briefing yesterday he would ask Mr. Duterte to allow face-to-face classes in places that are coronavirus-free.

The Department of Health reported 579 new coronavirus infections yesterday, bringing the total to 22,474.

The death toll rose to 1,011 after eight more patients died, while 107 more patients have gotten well, raising the total recoveries to 4,637, it said in a bulletin.

Of the new cases, 331 were reported in the past three days, while 248 were reported late, DoH said.

Ms. Briones said schools that would be allowed to hold physical classes must follow minimum health standards including reduced class size, she added.

She said the agency has prepared learning programs and modules that will be used online or delivered to students starting August.

Ms. Briones said they were ready to enforce distance learning amid criticism that the country was not ready for this. “We have been doing distance and blended learning for decades,” she said.

The Education chief said DepEd could enforce blended learning, which involves the use of the Internet, printed or digital modules, radio and television.

The agency was also training teachers for the new platform, Ms. Briones said, adding that they have been working with education experts and partners from the private sector to develop, acquire and deploy learning resources.

As of Monday morning, about 6.4 million students have enrolled in public and private schools nationwide, according to data provided by DepEd.

More than 27 million students enrolled in public and private schools, state universities and colleges in the past school year.

Students have until the end of the month to enroll in public schools for the school year that will start on Aug. 24. — Gillian M. Cortez and Vann Marlo M. Villegas

Duterte told to seize China assets for reef damage in waterway

THE Philippines should seize China-owned assets in the country as payment for reef damage caused by its island-building activities in the South China Sea, a former top diplomat said on Monday.

“Philippine authorities have the right to seize assets and properties owned by the Chinese state here in the Philippines to satisfy Chinese debt to the Filipino people,” former Foreign Affairs Secretary Albert F. del Rosario said at an online forum.

Among these assets are China’s shares in the National Grid Corp. of the Philippines (NGCP) and DITO Telecommunity Corp.

The State Grid Corp. of China has a 40% stake each in NGCP and China Telecommunications Corp., which partially owns DITO with Udenna Corp. and Chelsea Logistics and Infrastructure Holdings Corp.

“We have to take China accountable for the ecological damage in the West Philippine Sea,” Senator Risa N. Hontiveros-Baraquel, who hosted yesterday’s forum said, referring to the part of the South China Sea within the Philippines’ exclusive economic zone.

“We need to comprehensively audit this damage, now estimated at P200 billion and demand payment,” she added.

Ms. Baraquel in April asked the government of President Rodrigo R. Duterte to exert legal and diplomatic pressure on China to cease destructive activities in the disputed sea, and pay damages that the Southeast Asian nation could use in the fight against a novel coronavirus pandemic.

Based on a 2012 Ecosystem Services study, the reef damage was about P33 billion annually or P200 billion for the past six years.

The Chinese Embassy in Manila earlier called the senator’s move as “ridiculously absurd and irresponsible.”

The United Nations Permanent Court of Arbitration in the Haque favored the Philippines in a lawsuit filed by ex-President Benigno S.C. Aquino III against China in 2016, rejecting its claim to most parts of the South China Sea based on a nine-dash line.

Unlike his predecessor, Mr. Duterte has sought closer investment and trade ties with China, offering a joint exploration of the disputed waterway for energy resources.

Former Supreme Court Justice Antonio T. Carpio said China refuses to recognize the ruling. “If the Chinese government today accepts the arbitral ruling, the Chinese people will consider their leaders and the Chinese government as traitors,” he said at the same forum.

“The Chinese government is stuck with the nine-dash line claim even as the whole world, except China, is laughing at this ridiculous claim,” he added. — Charmaine A. Tadalan

35,000 Filipino sailors to come home amid global health crisis

AS MANY as 35,000 Filipino seafarers are expected to come home after being displaced by a novel coronavirus pandemic, the Department of Foreign Affairs (DFA) said on Monday.

However, some land-based workers in countries that have restarted their economies no longer desire to return after finding new jobs there, Foreign Affairs Undersecretary Sarah Lou Y. Arriola said an online news briefing.

The agency has helped repatriate 36,731 overseas Filipinos — 22,198 sea-based and 14,533 land-based workers.

Ms. Arriola said DFA holds repatriations twice a week with a limit of 1,200 Filipino workers daily at Manila’s international airport and 600 at the Clark International Airport in Pampanga.

The last reported batch of returning Filipino workers included 150 Filipino seafarers of bulk and cargo vessels from Norway who arrived on Sunday.

The pandemic has infected 7.1 million and killed more than 400,000 people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

DFA said 5,392 Filipinos abroad have been infected — 2,791 patients were being treated, 2,231 have recovered, and 370 have died. — Charmaine A. Tadalan

8,000 local jobs available to OFWs, DoLE says

About 8,000 local jobs will be made available to returning overseas Filipino workers who lost their jobs amid a global health crisis, according to the Department of Labor and Employment (DoLE).

At least two companies have reached out to the Bureau of Local Employment to offer jobs to the displaced workers, the agency said in a statement on Monday.

The companies were Optum Global Solutions and EMS Group of Companies. Optum is an information technology that provides healthcare solutions, while EMS is a subcontracting group that offers electronic and manufacturing services, according to their websites.

Optum has about 4,000 job openings for nurse case management specialists, clinical operation specialists and customer service specialists. EMS also has about 4,000 job openings at its technoparks in Laguna and Batangas provinces including production operators and assembly workers, DoLE said.

More than 300,000 OFWs have lost their jobs and the number could balloon to a million by 2021, agency officials told a House of Representatives hearing last week. — Gillian M. Cortez

#COVID-19 Regional updates (06/08/20)

Quarantine rules likely to be further eased by June 16 for some areas

QUARANTINE rules are likely to be further eased in areas under the general community quarantine (GCQ) category by June 16, but the capital Metro Manila is still subject to closer scrutiny being the center of the coronavirus outbreak in the country. Palace Spokesperson Harry L. Roque, in a briefing on Monday, said the overall trend in most areas is a decrease in cases. “Kung ang pagbabasehan po ay iyong onset of illness, kailan nagkaroon ng unang sintomas, eh malinaw na malinaw po ang trend, pababa na po tayo ng trend (If we base it on the date of the onset of illness, on when the initial symptoms were, it’s clear that the trend is already going downward),” he said. For Metro Manila, he said the national task force will assess data when they make the decision this week. A GCQ is in effect in the National Capital Region and several major urban areas from June 1 to 15, while the rest of the country has been allowed less restrictions. Under the GCQ in Metro Manila, public transportation is limited, with jeepneys still not allowed to operate. Mr. Roque said the Palace will be looking for funds to help distressed jeepney drivers and operators, who have been without livelihood since the lockdown started March 15. — Gillian M. Cortez

Immigration main office closed starting Monday for disinfection

THE Bureau of Immigration (BI) main office in Manila was closed on Monday for disinfection after one employee tested positive for coronavirus. “We have decided to temporarily close our main office to protect not only our employees but that of the transacting public as well against this deadly virus,” Commissioner Jaime H. Morente said in a statement. Those who have scheduled appointments will be notified of their new schedules. Mr. Morente said the office will immediately resume operations once disinfection is completed. Satellites and extension offices in Metro Manila remain open. Melvin P. Mabulac, immigration acting spokesperson, said he tested positive for coronavirus and his co-workers will undergo mandatory testing. — Vann Marlo M. Villegas

San Juan mayor, entourage still facing legal case for Baguio health protocol breach despite apology

SAN JUAN City Mayor Francisco Javier M. Zamora and his entourage on a trip to Baguio City, which included family members and police escorts, are still facing legal action for breaching health safety protocols despite a public apology. “Complaints have already been lodged and the PNP (Philippine National Police) hierarchy has directed a formal investigation, purposely to determine culpability, based on our complaint. This is due process that we are all duty-bound to abide by, for the process to take its full course. Let them prove their innocence, as they have manifested before us, before the proper judicial or quasi-judicial bodies,” Baguio Mayor Benjamin B. Magalong said in a statement on Monday. “Indeed, we have accepted the apologies of Mayor Zamora, no doubt conveyed in sincerity. But in my talk with him, I emphasized that it is to the people of Baguio, not I, who deserve to do that… In any case, we should not lose sight of the fact that his conveyed apology, no matter how profuse, does not mean that he and his group are now freed of any legal consequences for their actions,” said Mr. Magalong, a former police officer. At the same time, the Baguio mayor appealed to local residents “to exercise greater discernment and restraint in prejudging.” He said, “We share everyone’s reaction that an incident of this nature, done in utter violation of border controls, took place at all. Let us however bear in mind that the full appreciation of facts and the proper evaluation of evidence at hand are best left to our courts or the rightful quasi-judicial bodies. This is how justice works.” An online petition has been launched calling on the city council to declare Mr. Zamora persona non grata in Baguio, citing that, “By ignoring protocols and initiatives of the City of Baguio, one of the cities in the country that serves as a model in the fight against the spread of COVID-19 thanks to the discipline and genuine concern of its citizens and the city’s current leadership, San Juan City Mayor Zamora, arrogantly and selfishly, spat in the face of every Baguio citizen who’s sacrificed so much to keep the city safer.” — MSJ

Davao transport terminal faces at least P2M monthly loss

THE Davao City Overland Transport Terminal (DCOTT), a local government economic enterprise, is facing more than P5 million in lost income just in the first two and a half months of the lockdown imposed to mitigate the spread of the coronavirus. Aisa Yusop, DCOTT head, said in a virtual presser last week that the facility generates at least P2 million a month from fees for buses and vans, and rental from food stalls and ambulant vendors. DCOTT reopened last week under partial operations. “As of now, the advice is on the start of the trips of the provincial buses, but with regards to the reopening of the stalls and return of the porters and peddlers, no advice yet,” she said. The provincial buses allowed to operate are also still limited to within the Davao Region. — Maya M. Padillo

Nationwide round-up

Zarate seeks postponement of anti-terror bill transmittal

AN OPPOSITION lawmaker has asked House Speaker Alan Peter S. Cayetano to postpone the transmittal of the anti-terrorism bill to the President’s office, citing representatives who expressed intent to change or clarify their vote on the proposed law that has been widely criticized as a threat to civil liberties. In a letter dated June 8, House Deputy Minority Leader and Bayan Muna Party-List Rep. Carlos Isagani T. Zarate said the request “aims to give the other Representatives ample time to register their desire to have their votes correctly counted and recorded, and, for the House Secretariat to make the necessary corrections, if warranted.” Among the provisions of the bill, which will amend the Human Security Act, is giving authority to the Anti-Terror Council made up of Cabinet officials to carry out functions otherwise reserved for courts, such as ordering the arrest of suspected terrorists. It also allows the state to keep a suspect in jail without an arrest warrant for 14 days from three days now. The House of Representatives adopted the Senate version and was approved last week on final reading, doing away with the bicameral conference committee. The bill will become law upon signing by President Rodrigo R. Duterte. — Genshen L. Espedido

State agents begin probe on Facebook duplicate accounts

A Facebook logo is displayed on a smartphone in this illustration taken last Jan. 6. — REUTERS

THE Department of Justice-Office of Cybercrime, along with the police and National Bureau of Investigation, has started looking into “all possible angles and leads” on the proliferation of duplicate accounts on Facebook. Justice Undersecretary Markk L. Perete said 112 users have reported dummy accounts using their names. Mr. Perete said they are authorized to issue “preservation orders” on significant data pending investigation. “The preservation of these data, as well as the determination of the subscriber information of those responsible is essential for us to determine why these so-called ghost accounts exist in the first place,” he told reporters in a mobile phone message. The number of affected users are estimated to be more. The initial batch of accounts has been reported to Facebook Asia Pacific, to be taken down with a request for reservation. Suspects may be charged with computer-related identity theft under the Cybercrime Prevention Act. “This gives me cause for worry. We don’t need false information at a time when we’re dealing with a serious public health crisis,” Justice Secretary Menardo I. Guevarra said. — Vann Marlo M. Villegas

Mindanao railway bidder shortlist expected this month

DAVAO CITY — The government is expecting to receive the shortlist of bidders for the first phase of the China-funded Mindanao railway from the Chinese Embassy within the month, a transport official said.

“The Embassy of China in the Philippines promised to send the shortlist of bidders for the Mindanao Railway Project (MRP) this month,” Transportation Assistant Secretary Eymard D. Eje, who handles the Mindanao cluster project implementation and special concerns, said in a phone interview last week.

The P82.9-billion project will be financed through an official development assistance (ODA) loan package from China.

Mr. Eje said that under an executive agreement between the two countries, “only Chinese contractors will be nominated by the Chinese government to join the bidding” for the MRP.

The railway’s first phase runs between Tagum City in Davao del Norte and Digos City in Davao del Sur, passing through Davao City.

Two contract packages are up for bidding, one for project monitoring consultancy and the other for design-and-build.

Mr. Eje said the department will immediately proceed with the bid as soon as it receives the list.

The MRP, one of the Duterte administration’s priority infrastructure projects, was originally scheduled to start construction in January 2019 but right of way (RoW) issues, mainly in Davao City, held back the timetable.

Mr. Eje said the railway realignment in Davao City has been identified.

Tagum City, where a depot will also be located, will start accessing RoW funds for land acquisition this month and the other local governments along the 102-kilometer track are scheduled to follow soon.

The national government allocated P500 million for the railway’s land acquisition component, including fees for appraisal, survey works, and administrative costs.

The MRP will be a single-track, non-electrified railway with eight stations located in Tagum, Carmen, Panabo, Sta. Cruz, Digos, and three in Davao City. — Maya M. Padillo

New Clark airport terminal building almost completed

THE new passenger terminal building at Clark International Airport is on track for completion by next month, bringing the northern gateway’s overall capacity to 12.2 million passengers yearly.

“As of March 2020, the Clark International Airport Expansion Project is 98.73% complete,” Corporate Communications Officer Maricar Gay Savella-Villamil of the Bases Conversion and Development Authority (BCDA) told BusinessWorld in a phone message Monday when asked for an update.

In its annual report for 2019, the Transportation department said the P12.55-billion project is set for completion by July.

Clark International Airport has a capacity of 4.2 million passengers with the current terminal building.

According to the official website of the Public-Private Partnership Center, the engineering, procurement, and construction contract for the project was signed in January 2018.

The new passenger terminal building is being built by Megawide Construction Corp. and GMR Infrastructure Ltd.

The Transportation department said the construction and rehabilitation of alternative airports, alongside the rehabilitation of the Ninoy Aquino International Airport (NAIA), will boost connectivity and mobility for Filipinos, giving them additional travel options.

Clark airport is being pushed by the government as an alternative to Manila’s NAIA, which has been operating beyond its 30.5 million passenger capacity, recording throughput of 45.3 million passengers in 2018, 42 million in 2017 and 39.5 million in 2016.

The Transportation department also expects that the development of Clark International Airport will generate jobs and push for economic growth in Northern and Central Luzon. — Arjay L. Balinbin

PCCI backs more liberal foreign direct investment regime to aid recovery

THE Philippine Chamber of Commerce and Industry (PCCI) said Congress needs to pass laws further opening up the economy to foreign investment by August to help the economy recover from the impact of the pandemic.

PCCI President Benedicto V. Yujuico in the chamber’s online Sulong Pilipinas event proposed plans to improve the competitiveness of Philippine business, including tourism recovery plan and laws facilitating foreign direct investment.

The PCCI is asking Congress to pass the Public Service Act, Foreign Investment Act, the Retail Trade Liberalization Act, and the Liberalization of the Agriculture sector by August.

These bills would open up full foreign ownership for more sectors like telecommunications and reduce the required minimum paid-up capital for foreign entrants into the retail sector.

The chamber urged the government to improve digital tools and connectivity, saying that the government should implement the national ID system to help connect and digitalize government functions.

Mr. Yujuico said the National Telecommunications Commission should increase the number of internet service providers, and backed a proposed bill that allows for infrastructure sharing among service providers.

“The executive and legislative branches of government should certify the Open Access in Data Transmission Bill as urgent and ensure its passage into law by July 2020.”

The chamber proposed plans to help aid people affected by the crisis, saying that the government should pass a bill that would provide guidelines for non-government organizations and the private sector to effectively offer aid to affected communities.

The chamber proposed that the government create a system where small farmers can deliver produce to food hubs in cities and provinces, with prices to be regulated by local governments.

The PCCI also recommended that the collaboration between agriculture and manufacturing be strengthened, prioritizing homegrown resources and raw materials and improving product specialization.

Mr. Yujuico said that the government should allow the operation of public transportation while adhering to safety standards, and proposed sustainable transportation measures including wider pedestrian and bike lanes.

He added that the government should align law and order initiatives with good governance.

“The Department of National Defense (DND), Philippine National Police (PNP), and the Armed Forces of the Philippines (AFP) should reaffirm their commitment to the rule of law and to defend and uphold the constitution, as well as engage multi-sectoral dialogues to promote cooperation rather than animosity across sectors of the society within the next two months.”

Mr. Yujuico said that the government should offer flexible learning materials, free wifi connection, and access to computers for both students and teachers before the start of the next school year. — Jenina P. Ibañez

Unemployment rate seen hitting 14.5% in 2020

THE unemployment rate is likely to average 14.5% in 2020 with the next labor force survey expected to reflect a more dismal picture of the job market than the April findings and a grimmer outlook for the economy, according to Nomura Global Markets Research.

“Taking into account the outturn in April, we raise our 2020 unemployment rate forecast to an average 14.5% from 7.1% earlier, up more sharply from 5.1% in 2019,” it said in a note Monday.

The Philippine Statistics Authority’s April had unemployment at 17.7% in April from 5.1% a year earlier. This translates to 7.25 million jobless Filipinos during the month, more than three times the 2.27 million in April 2019.

Nomura Global noted that double-digit unemployment was seen across all regions. Metro Manila, where the restrictions were first implemented, saw unemployment rise to 12.3% from 6.2%, milder than the gains in other areas such as Central Luzon (27.3% from 6%) and Ilocos region (22.3% from 8.8%).

“We think the relatively low pickup in the unemployment rate in Metro Manila (one of the lowest across the regions) is only temporary as the city has been placed under strict lockdown measures for a more extended period than other areas,” it said.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua hopes that the job market will somehow be better this month with restrictions eased in many regions.

“Starting June and when we capture the June outcome in the July survey that we will be conducting, we can see a significant improvement because the economy has actually started quite a lot,” he said in an online forum.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno has said that the increase in unemployment was the result of a policy decision weighted towards saving lives amid the pandemic.

Nomura Global said the “low level of fiscal support” during the lockdown compared to other countries has added to the uncertainty of the job market outlook. It said the government should work to give more support for the small and medium enterprises given that they generate more than half of the country’s employment and are now on the brink of insolvency.

“The administration’s economic team is also more in favour of a longer-term reform measure that, in our view, does not necessarily address the immediate need of job preservation measures particularly for SMEs, as its proposal seeks to build on the earlier package of corporate tax cuts combined with fiscal incentive rationalization,” it said.

On Thursday, ARISE (the Accelerated Recovery and Investments Stimulus for the Economy bill) was approved on third and final reading at the House of Representatives. It is a P1.3-trillion stimulus package that includes P110 billion in wage subsidies and a P10 billion allocated for support to small businesses.

Meanwhile, the CREATE bill (the proposed Corporate Recovery and Tax Incentives for Enterprises Act) was still pending at the Senate as Congress adjourned. The bill proposes to reduce corporate income tax by an outright 5% from the current level of 30%. — Luz Wendy T. Noble

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