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Peso rises against dollar as inflation slows in April

THE PESO Strengthened on Tuesday as inflation slowed for a sixth straight month in April.

THE PESO strengthened against the dollar on Tuesday following upbeat inflation data.

The local unit ended the session yesterday at P51.865 versus the greenback, up six centavos from the P51.925-per-dollar finish last Monday.

The peso opened the session weaker at its intraday low of P52 against the dollar. Meanwhile, its best showing for the day was logged at P51.84 versus the greenback.

Dollars traded climbed to $966.28 million from $770.33 million that switched hands the previous day.

Foreign exchange traders attributed the strengthening of the peso to the domestic inflation report released by the Philippine Statistics Authority yesterday.

“The peso strengthened from market optimism as the softer Philippine inflation report came in within market expectations…” a trader said in an e-mail.

Inflation eased for the sixth straight month in April to three percent, slower than the 3.3% recorded in March.

This settled within the Bangko Sentral ng Pilipinas’ 2.7-3.5% forecast and was a tad slower than the 3.1% median estimate in a BusinessWorld poll.

The slower inflation print was mainly driven by food and non-alcoholic beverages, with all food items posting slower price increases.

This fuelled market expectations for the central bank to cut its interest rates as well as banks’ reserve requirement ratio.

“Since inflation came in better than expected, it gives them more room to ease on Thursday. The market is already pricing in what will happen on Thursday,” another trader said in a phone interview.

For today, the first trader expects the peso to move between P51.75 and P51.95, while the other gave a P51.80-P52.20 range.

“We’ve seen range trading for a few days already. I think the market is still in a wait-and-see mode ahead of the upcoming data,” the second trader noted. — KANV

Shares snap two-day decline on easing inflation

By Arra B. Francia, Senior Reporter

STOCKS FIRMED UP on Tuesday as investors welcomed the slower inflation reading for April.

The 30-member Philippine Stock Exchange index (PSEi) climbed 0.61% or 48.33 points to close at 7,910.63 yesterday, snapping its two-day decline. The broader all-shares index likewise rose 0.54% or 26.69 points to close at 4,886.55.

“The index had a breather today as it gained 48.33 points on the back of April’s inflation figure, as well as calmer US markets last night,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail on Tuesday.

The Philippine Statistics Authority reported Tuesday that headline inflation slowed to 3% in April from the 3.3% print in March and the 4.5% pace seen a year ago. This marks the slowest inflation rate since January 2018, and continues its decline for the sixth month.

The inflation print was also lower than the 3.1% median estimate in BusinessWorld’s poll of 10 economists late last week. It also stands within the 2.7-3.5% forecast given by the Bangko Sentral ng Pilipinas (BSP) last month.

Inflation now averages at 3.6% year-to-date, well within the BSP’s 2-4% target for the year.

Eagle Equities, Inc. Research Head Christopher John Mangun, however, noted that the PSEi’s performance on Tuesday “almost ignored the impressive inflation numbers,” saying that the main index is still moving sideways.

“There is still a strong indication that investors are waiting till after the election to start getting serious about the market. It is a very good time to start accumulating issues while they are at a lower price. We are still anticipating a big move in the next couple of weeks,” Mr. Mangun said in a separate e-mail.

The industrials counter was the lone sub-index that ended with a loss, dropping 0.43% or 51.11 points to 11,659.70.

The rest closed in positive territory, led by services which soared 2.31% or 36.97 points to 1,633.61. Financials jumped 0.8% or 14.04 points to 1,749.69; mining and oil increased 0.53% or 41.20 points to 7,728.65; holding firms went up 0.36% or 27.82 points to 7,568.65; while property advanced 0.31% or 13.26 points to 4,209.90.

Some 513.19 million issues valued at P5.51 billion switched hands, lower than the previous session’s P6.26 billion. Advancers outpaced decliners, 100 to 86, while 50 names were unchanged.

Net foreign outflows persisted, albeit slimming to P7.93 million versus Monday’s P22.23 million.

The PSEi defied the mostly negative performance seen in markets overseas as they digested impact of the rising tensions between the United States and China.

The Dow Jones Industrial Average slipped 0.25% or 66.47 points to 26,438.48. The S&P 500 index dropped 0.45% or 13.17 points to 2,932.47, while the Nasdaq Composite index fell 0.5% or 40.71 points to 8,123.29.

Senate to hear ‘Bikoy’

By Charmaine A. Tadalan, Reporter

THE SENATE Committee on Public Order and Dangerous Drugs on Tuesday asked “Bikoy,” the man responsible for the “Ang Totoong Narcolist” (The Real Narcolist) videos, to submit a sworn statement and supporting evidence to push through its probe within the week.

“The hearing is set on Friday at 9:30. It will push through once Bikoy confirms his attendance with a sworn statement ready. In the meantime, we are doing some background investigation and record check on him,” Panel chair Senator Panfilo M. Lacson told reporters over phone message, Tuesday.

This followed the claims of Peter Joemel Advincula, who with the assistance of the Integrated Bar of the Philippines, claimed to be the person behind the netizen “Bikoy.”

Mr. Lacson said the committee sent the invitation through the IBP, the country’s mandatory bar organization.

The Senator said the committee will also question IBP regarding its involvement after it allowed Mr. Advincula to use its premises for his pronouncements.

“Napansin ko lang bakit pinabayaan gamitin ang facility at binigyan ng forum para ma-air ang kanyang accusation nang sa pag-amin naman nila, wala naman daw silang ginagawa pang evaluation,” Mr. Lacson said in an interview with DzMM, Tuesday. (I just thought why did they permit the use of their facility and even gave him a forum to air his accusation even as they admitted they haven’t yet made any evaluation [on him]).

“So iyan ang napansin ko baka sila mapagbintangan na ginagamit ang kanilang [facility], alam mo ang kredibilidad ng IBP mataas. Pagkatapos mapupulaan sila [na] nagpapagamit sila sa political partisanship.” (That’s what I noticed which they might be blamed for. The IBP has a high credibility, which might suffer due to political partisanship).

Senate President Vicente C. Sotto III in a separate message said the IBP should look into the evidence presented by Mr. Advincula. “Nilapitan sila eh (he came to their office) but they should vet all details he is saying before they swallow hook line and sinker.”

Detained Senator Leila M. de Lima asked the government to hear out the Mr. Advincula’s expose against the President before dismissing it as a scam.

“From the time when the first of the ‘Bikoy’ videos came out until now that he finally revealed himself, this administration has shown that it is more interested in ‘shooting the messenger’ than letting due process takes its course until the truth comes out,” she said in a statement.

Alleged killer of Jee allowed bail

A PAMPANGA court granted the bail petition of the police officer alleged to be the mastermind of the October 2016 kidnapping-murder of South Korean businessman Jee Ick-Joo.

In an 32-page order dated April 24, Judge Iriz Zenaida S. Buan of Angeles City Regional Trial Court (RTC) Branch 56 allowed Police Lieutenant Colonel Rafael P. Dumlao III to post bail of P300,000 for each of the three charges in connection with the killing of Mr. Jee.

Along with Police Chief Master Sergeant Ricky M. Sta. Isabel and Jerry A. Omlang, Mr. Dumlao is facing charges of kidnapping for ransom with homicide, kidnapping and serious illegal detention, and carnapping.

The Court said prosecution witnesses failed to prove Mr. Dumlao’s guilt.

“The testimonies of witnesses Marisa Dawis-Morquicho and Kyung Jin Choi did not mention any participation of accused Dumlao,” the Court said. “Their testimonies did not point to any specific act committed by accused Dumlao that could be interpreted as one done in furtherance of the alleged conspiracy to abduct and kill the victim.”

The court also said the testimony of state witness Police Executive Master Sergeant Roy L. Villegas that Mr. Dumlao instructed him to accompany Mr. Sta. Isabel in an operation on Oct. 4, 2016 and that he saw the three suspects converse with each other in Camp Crame “do not prove conspiracy.”

“While the said witness may have seen the three conversing, no assumption can be made that their conversation refers to an agreement or plan to kill the victim in this case. Since witness Villegas was not privy to the conversation and no other witness was presented to prove the tenor of the conversation had, the Court cannot consider the said circumstance or actuation as proof that accused Dumlao conspired with his co-accused,” it said.

The Court also said that the testimony of Mr. Villegas that “cast doubt” on Mr. Dumlao’s alleged complicity is what he said that after Messrs. Dumlao and Sta. Isabel talked in Camp Crame, “the latter returned…appearing angry and exclaimed…that he (Sta. Isabel) will already call the shots and no longer accused Dumlao.”

The Court also said the testimony of Police Corporal Christopher B. Baldovino that he heard the conversation between Messrs. Dumlao and Sta. Isabel when the former inquired about the operation/surveillance “cannot be construed as an act of complicity since nothing happened” in the said operation.

On the other hand, the RTC denied the bail petition of Messrs. Sta. Isabel and Omlang as there is “strong proof evident” of guilt on their part.

The Court said that the conclusion in the petition for bail “is without prejudice” in the determination of the guilt of the accused during the trial on the merits of the case.

Mr. Jee and his housekeeper Marisa Morquicho were abducted from his residence in Angeles City on Oct. 18, 2016 in an alleged anti-drug operation. Ms. Morquicho was released, but the Korean national was killed right in the headquarters of the Philippine National Police and his cremated remains were reportedly flushed in a toilet.

On May 6, the Department of Justice filed a motion for the issuance of a hold-departure order against Mr. Dumlao “in order not to frustrate the ends of justice, as when the accused retreats to another country in order to escape prosecution.”

DoF: Canadian red tape may delay garbage shipment

THE 69 container vans of garbage scheduled to be shipped back to Canada may not be returned before the May 15 deadline of President Rodrigo R. Duterte, due to bureaucratic red tape on the part of the Canadian government, the Department of Finance (DoF) said on Tuesday.

A statement by the DoF quoted Customs Commissioner Rey Leonardo B. Guerrero as saying, in a report to Finance Secretary Carlos G. Dominguez III, that, “despite the Philippine government’s readiness to re-export the wastes, the Canadian government informed that it might take weeks for them to arrange the necessary documents from their end and that they might not meet the May 15 deadline.”

The customs chief said Canadian documents include import permits and the bidding of fumigation services for the containers, which Canada has agreed to pay.

The Canadian government said these requirements could take “a couple of weeks” to process.

Between 2013 and 2014, a total of 103 container vans of household garbage were shipped to the Philippines in several batches by Canada-based company Chronic Plastics, Inc.

Thirty-four (34) of the containers were already disposed, while the rest are housed in the Manila International Container Port and the Port of Subic.

The shipping lines that will transport the garbage back to Canada — Zim Line, CMA-CGM and Maersk — conducted seaworthiness tests on the containers.

“They reported that all 69 containers are considered seaworthy, with one to be secured with a flat rack container at its bottom part because it has already been infested by termites,” the DOF said.

To recall, President Rodrigo R. Duterte threatened to wage war with Canada if it would not take the trash back.

In a letter sent by the Canadian government to Environment Undersecretary Juan Miguel Cuna last April 24, Ottawa confirmed its commitment to cover the costs and prepare to ship the garbage back to its point of origin.

The Department of Foreign Affairs on Tuesday confirmed the Canadian government will bear the cost of shipping out 69 garbage containers, following President Rodrigo R. Duterte’s warning.

Foreign Affairs Secretary Teodoro L. Locsin, Jr. said in a social media post that Canada will shoulder “all the expenses to ship out all the 69 waste containers.”

“We will shoulder at a huge discount from ICTSI the container storage costs. This is thanks to the Canadian ambassador’s prompt response to the President’s demarche if you want to call it that,” he said in a separate post.

For his part, Presidential Spokesperson Salvador S. Panelo said in a statement on Tuesday, “On the issue of garbage from Canada, the DFA and the Department of Environment and Natural Resources noted that the Canadian government is committed to shoulder all the expenses to ship out all the 69 waste containers.” — Karl Angelo N. Vidal and Charmaine A. Tadalan

Almost 248,000 cops, soldiers to be deployed for May 13 polls

A TOTAL of 247,830 police and military officers will be deployed nationwide to secure the midterm elections on May 13.

The Philippine National Police (PNP) will have 149,830 personnel in more than 36,000 polling centers nationwide on election day.

“We are already on full alert status and as of this time, we have partial deployment already in the different hubs,” said PNP chief Gen. Oscar D. Albayalde in a joint press briefing with the AFP and the Commission on Elections (Comelec) on Tuesday.

The AFP, on the other hand, is sending out 98,000 soldiers, of which 40,000 were already deployed to conduct clearing operations at the routes for the delivery of election paraphernalia.

AFP chief-of-staff Gen. Benjamin R. Madrigal Jr. said most of the deployed military personnel will secure places under high threat of communist rebels.

“Ang bulk ng ating pwersa (The bulk of our forces) are those in the areas that are threatened by communist terrorists as well as local terrorist groups, especially in Mindanao and in the hinterland areas in Luzon and Visayas,” Mr. Madrigal said.

Mr. Albayalde also noted that 1,404 police personnel were trained by the Comelec to serve as substitute election inspectors should the need arise.

“Just in case po na kailanganin na mag (there is a need to) substitute (for the) EBs or election boards,” he said.

The PNP chief added that a “battalion” of reserved officers will be on standby at the national headquarters in Camp Crame on the day of elections.

ACTION CENTER
The PNP also launched on Tuesday the National Election Monitoring Action Center that will help the police keep track of the real-time situation on the ground, including the delivery of vote counting machines.

Almost 1.16 million government personnel — including the AFP, PNP, and Comelec manpower — and private sector representatives will provide services and assistance during next week’s polls.

The partner agencies and groups are the Department of Education, Department of Health, Parish Pastoral Council for Responsible Voting, and Manila Electric Co.

Meanwhile, the National Citizens’ Movement for Free Elections (NAMFREL) said it would not stay out of the election activities despite its pullout as a Comelec partner.

“NAMFREL has not closed its doors in participating in the Random Manual Auditing. We can go there to the audit site to observe the process. We have offered to assist the Comelec in a lot of matters,” said NAMFREL national council member Lito Averia in a forum on Tuesday.

NAMFREL withdrew from the partnership after Comelec limited its operation in the conduct of the Random Manual Audit.

“We have presented to Comelec our proposed Open Election Data Program, which we truly believe can greatly help Comelec in protecting the sanctity of this year’s mid term elections so that a clean, transparent and credible election may be achieved. We do not see anything wrong or detrimental to Comelec’s interest in our request. All is towards the pursuit of transparency,” said NAMFREL Chairperson Augusto Lagman.

BAYAN MUNA
In another election-related development, party-lists Bayan Muna and Kabataan denied the claims of the military that campaign materials of their groups were found in a camp of the communist New People’s Army (NPA) in Palawan.

“Based on the reports of our members in Palawan, the AFP apparently took Bayan Muna and Kabataan posters from the common poster areas and then maliciously presented them as having been recovered from a supposed, phantom NPA camp,” said Bayan Muna Rep. Isagani T. Zarate in a statement on Tuesday.

Kabataan Rep. Sarah I. Elago called the AFP “desperate.”

“Its massive propaganda against progressives in the guise of anti-drug and anti-terrorism campaigns has failed to bear fruit. Contrary to the results desired by state forces, the party-lists linked by its Western Command to the NPA have achieved promising ranks in the recent election surveys,” she said. — Vince Angelo C. Ferreras with a report from Gillian M. Cortez

Court grants De Lima furlough request on May 13 election day

A MUNTINLUPA City Regional Trial Court (RTC) granted the petition of jailed Senator Leila M. De Lima to allow her to vote on May 13 at the polling precinct in Parañaque City where she is registered. In an order dated April 30, Judge Liezel A. Aquiatan of RTC Branch 205 allowed Ms. de Lima to vote under the Commission on Elections’ (Comelec) Escorted Detainee Voting System between 12:00 noon to 2:00 p.m. The senator, however, was ordered to refrain from giving interviews before and after she votes. “(I)t is the policy of the State, to ensure that all qualified voters, including persons deprived of liberty found in jails, prisons and other detention facilities, are provided with access to exercise their right to suffrage,” the court said. Ms. De Lima has been detained for more than two years since February 2017 for allegedly conspiring to commit illegal drug trading inside the national penitentiary when she was Justice secretary. — Vann Marlo M. Villegas

3 tourism road projects in Gonzaga completed

THREE ROAD projects leading to tourist sites in Gonzaga, Cagayan have been completed, the Department of Public Works and Highways-Region 2 office (DPWH-2) reported. With a total cost of P99.5 million, the roads provide easier access to Bagsang Falls, Arindar Cave, and Manaring Hotspring. DPWH-2 District Engineer Rosauro R. Guerrero, in a statement, said these projects will boost not just tourism but the overall local economy. “This will also provide income-generating opportunities to the locals. Most especially, these newly-concreted roads will speed up the delivery of basic goods and services in the area,” he said. The projects were implemented through the Convergence program of DPWH and the Department of Tourism. Gonzaga, classified as a first class town with agriculture as the main industry, is about 133 kilometers northeast of Cagayan’s capital, Tuguegarao City.

Cebu court junks petition vs Gokongwei-led UHRI’s P18-B Kawit project

THE CEBU City Regional Trial Court (RTC) has dismissed the petition filed by eight councilors against the P18-billion Kawit development project of Gokongwei-led Universal Hotels and Resorts Inc. (UHRI). “In light of the foregoing considerations, the Court is of the considered view to ex mero motu dismiss this case on the grounds of litis pendentia and forum shopping,” reads the decision penned by Judge Soliver C. Peras, noting that the petition filed by Councilors Jose Daluz III, Jocelyn Pesquera, Raymond Alvin Garcia, Pastor Alcover Jr., Joel Garganera, Renato Osmeña Jr., Eduardo Rama Jr., and former councilor Erik Miguel Espina was already a subject of another petition pending before the court. The petitioners, who are members of the local opposition party, asked the court to stop Cebu City Mayor Tomas R. Osmeña and UHRI officials from entering into an agreement for the mixed-use real estate project on Kawit Island at the South Road Properties. — The Freeman

Zamboanga City opens 24/7 security command center

ZAMBOANGA CITY’S Security and Surveillance Coordinating Office (SSCO) Command Center was launched Monday at its temporary location at the Zamboanga City Police Office (ZCPO). The facility serves as the nerve center of all surveillance cameras being installed in the city for monitoring and crime prevention. “Part of SSCO’s mandate is to continuously scan, zoom the CCTV cameras to be proactive in crime prevention; monitor all pension houses, boarding houses and the likes where nefarious activities occur and requiring them to have security plans; act as intelligence coordinating center of the city, working through an expanded intelligence network and maximizing the utilization of the barangay intelligence network in the city’s 98 barangays,” the city government said in a statement posted on its official Facebook page. A permanent site for the command center is planned for construction in Barangay Cabatangan. Zamboanga is the second city in Mindanao, after Davao, to set up such a 24/7 security system.

Gov’t forces thwart group’s election day violence plan, seize firearms and IED factory in Maguindanao

A JOINT military and police operation over the weekend in Sultan sa Barongis, Maguindanao led to the arrest of four people suspected to be part of a group planning an attack during the May 13 midterm elections. In a statement, the Western Mindanao Command (WestMinCom) said the team was serving a warrant of arrest to Teddy Biang on May 4 when the three others were also apprehended for possession of prohibited drugs, high-powered firearms and deadly weapons. The troops also recovered drug money amounting to P338,500, assorted ammunition, drug paraphernalia, commercial radio transceiver, and other deadly weapons. Other members of the group fled the scene and during pursuit operations, the government forces discovered an area surrounded by marijuana plants and a structure used for storing dried marijuana leaves and seeds as well as scrap metals and metal fragments used to make improvised explosive devices (IED). “According to our source, the recovered assorted firearms and other deadly weapons are going to be used to disrupt the safe and orderly conduct of midterm national and local election 2019,” said Lt. Col. Elmer Boongaling, commanding officer of the 33rd Infantry Battalion. Village officials assisted in uprooting the marijuana plants and burning the area, including the makeshift structure, according to WestMinCom.

Nation at a Glance — (05/08/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (05/08/19)