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Stocks weaken further as investors turn cautious

LOCAL SHARES saw extended weakness, ending below the 7,800 mark on Monday as investors took money off the table ahead of the shortened trading week.

The bellwether Philippine Stock Exchange index (PSEi) went down 1.17% or 92.84 points to close at 7,787.98 on Monday. The broader all-shares index also dropped by 0.94% or 46 points to close at 4,817.15.

“Investors continued to take money off the table given the short trading week. There’s some support at 7,750 and combined with sustained foreign buying,…today’s dip could be treated as a buying opportunity. First quarter results and a potential BSP (Bangko Sentral ng Pilipinas) rate cut are the catalysts to watch for pushing the market upward,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message on Monday.

Net foreign buying grew to P305.94 million on Monday from the previous session’s P265.28-million net inflows.

BSP Governor Benjamin E. Diokno said Friday that a cut in interest rates will “be on agenda” at its third policy review for this year, which happens next month.

Policy rates are now at 4.35% for overnight deposit, a decade-high 4.75% for overnight reverse repurchase and 5.25% for overnight lending after a total of 175-basis-point increase last year.

The central bank chief also hinted on a reduction in big banks’ reserve requirement ratio, which is currently at 18%.

“The PSEi ended negative after the last-minute sell-off in 21 out of the 30 blue-chip stocks dragged the index lower by 92 points. There are a number of economic data that will be released by the US, Japan, and China this week so I think investors are liquidating shares ahead of the long weekend to book some profits and to avoid market shock in case investors react negatively to the data once our bourse opens on Monday,” said Jervin S. de Celis, an equity trader from Timson Securities, Inc.

Due for release this week are data on China’s purchasing managers’ index for March, Japan’s industrial production for February, and US retail sales and jobless claims.

“If we see improvements in these data, that may lift market sentiment in our neighboring markets and might push our index higher by next week. If the reports disappoint, then that may renew concerns on global growth and can dampen sentiments in our market by next week,” Mr. De Celis explained.

All sectoral indices ended in the red on Monday. Holding firms booked the highest decline at 2.17% or 166.33 points to 7,497.96. This was followed by services which dropped 1.15% or 18.50 points to 1,586.10; industrials went down by 1.07% or 125.75 points to 11,631.68; mining and oil shed 0.98% or 75.87 points to 7,593.01; financials gave up 0.34% or 6.04 points to 1,727.20; and property went down by 0.05% or 2.05 points to 4,132.32.

Value turnover went up to P7.87 billion from Friday’s P7.03 billion as 1.18 billion issues changed hands.

Losers outnumbered advancers, 107 to 87, while 47 issues were unchanged. — V.M.P. Galang

Duterte to take up Pag-asa situation in Beijing

By Charmaine A. Tadalan, Reporter

PRESIDENT Rodrigo R. Duterte will ask China to stop deploying vessels near Pag-asa island in the Kalayaan Group of Islands when he visits Beijing next week.

“We have to forge a mutually satisfactory solution to the conflict in that area, based on the directives of each constitution, as well as the aspirations of these two countries,” Presidential Spokesperson Salvador S. Panelo said in a briefing, Monday.

The President will travel to China for the Belt and Road Forum in Beijing on April 26 and 27. Mr. Panelo said bilateral talks between the Philippines and China are expected to take up the presence of Chinese vessels that has threatened Filipino fishermen at Pag-asa. Foreign Affairs Secretary Teodoro L. Locsin, Jr. earlier said he had filed notes verbales against China in that regard.

When asked if the government will reiterate its call to move the vessels away, Mr. Panelo said, “Yes.”

“I think that was the statement, the core of the diplomatic protest of the Secretary of Foreign Affairs,” he added.

Mr. Panelo said the government is waiting for the official response to the notes verbales, saying “We expect them to respond, whatever response they want, and then act accordingly.”

“We could not immediately make any statement on any report vis-a-vis the presence of vessels or any act of harassment until we validate them. It is only once we validate them that we make our diplomatic protest. And if they insist then we make strong statements against it,” he said.

Mr. Panelo also reaffirmed the government’s stand on the 2016 Hague ruling in favor of the Philippines’ claim on the West Philippines Sea, contrary to former foreign affairs secretary Albert F. del Rosario’s claim that the Duterte administration has “shelved” it.

“Effectively his previous statement, earlier, when he said ‘do not touch our property and if you do any harm to our soldiers, we will respond in kind.’ That effectively has already made a very strong assertion of sovereignty and statement relative to the arbitral ruling,” Mr. Panelo said.

Mr. Locsin, for his part, said in a social media post Monday, “This is actually not the right time to bring up disagreements over the South China/West Philippine Sea with both sides hot under the collar while a pissing contest is in full flower. But ‘swarming in unison’ is definitely not traditional fishing under any definition.”

Rappler motion on cyber-libel denied

MANILA regional trial court (RTC) Branch 46 has denied for lack of merit the appeal of Rappler, Inc. and its CEO and Executive Editor Maria A. Ressa and former researcher Reynaldo Santos, Jr. to dismiss their cyber-libel case, with the arraignment of the case thus proceeding on April 16.

In a nine-page order denying the Motion to Quash, Judge Rainelda H. Estacio-Montesa of Branch 46 stated that the elements of libel which include allegations of discreditable act, publication of the charge, identity of the person defamed, and existence of malice were present in the information filed against the court.

“Considering that all the essential elements of the offense as defined under RA (Republic Act) 10175 (Cybercrime Prevention Act of 2012) were sufficiently established in the Information, the allegations contained therein, indeed, constitute an offense,” the order read.

The case stemmed from the complaint filed by businessman Wilfredo D. Keng in October 2017 over an article Rappler published on May 29, 2012, which he said was updated in February 2014, titled “CJ Using SUVs of Controversial Businessman,” which reported that Mr. Keng, the alleged owner of the vehicle used by former Chief Justice Renato C. Corona, is involved in various illegal activities.

The Department of Justice (DoJ) indicted them of cyber-libel in January 2019 while the information was filed to the court the next month.

The court also denied the argument of Rappler that the prosecution retroactively applied the said law while a temporary restraining order (TRO) was issued by the Supreme Court on its implementation from Oct. 9, 2012 until April 22, 2014.

The court said the TRO “merely suspends the implementation and enforcement of RA 10175,” so crimes committed during the period cannot be prosecuted, but it did not suspend the effectivity of the law.

“So while crimes committed during the said period cannot be prosecuted during the effectivity of the TRO, they may be prosecuted after the lifting of the same just like what is done in this case,” the court said.

The court also upheld the DoJ’s claim that the prescriptive period for the filing of the cyber-libel case is 12 years, as the sentence for cyber-libel is until eight years of imprisonment, contrary to the argument of Rappler that the prescriptive period for the case should be one year, similar to ordinary libel.

It also said that Rappler, Inc. has corporate liability in the case as it published the article on Mr. Keng.

“The re-publishing of the article is the illegal act imputed to Rappler Inc., as the publishing platform of the article, which accusation as supported by the prosecutor’s resolution and attached documents the court finds probable cause to proceed with the trial of the case,” it said. — Vann Marlo M. Villegas

Sison warns against Duterte’s peace plan

COMMUNIST Party of the Philippines founder Jose Maria C. Sison has warned consultants of the National Democratic Front of the Philippines (NDFP) as well as “the Filipino people” about President Rodrigo R. Duterte’s plan to form a new panel to negotiate with communist rebels.

“The National Democratic Front of the Philippines (NDFP) and the Filipino people should be alert to Duterte’s militarist purposes in announcing that he wishes to reopen the peace talks with the use of a militarized negotiating panel under the militarized office of the presidential adviser, General Galvez,” said Mr. Sison in a statement on Sunday evening, April 14.

Mr. Duterte said last month he is ending the peace negotiations and told communist rebels to just talk to the next administration.

This time, the President said he wants a peace panel to be composed of at least two civilians and three military officials.

“I will look for a new one. A new way, a new person to talk. Maybe two, or one from military and then maybe around … Five. Two civilians, three military,” Mr. Duterte said at a campaign rally in Bukidnon last Saturday.

In response, Mr. Sison said: “The NDFP does not want to be baited into accepting a war panel of the Duterte regime whose purpose is merely to seek the impossible, such as the surrender of the revolutionary forces, especially the New People’s Army.”

The exiled communist leader said the President should answer first the question, “Why did he terminate the peace negotiations and annul all agreements painstakingly made since the The Hague Joint Declaration of 1992?”

Mr. Sison added that Mr. Duterte should also explain why he terminated the government’s section of the Joint Monitoring Committee formed under the Comprehensive Agreement on Respect for Humans Rights and International Humanitarian Law.

“The NDFP must remind Duterte that he cannot dictate the terms of whatever kind of negotiations he seeks from the revolutionary movement of the people,” said Mr. Sison.

Mr. Duterte is “merely play-acting in the name of peace while carrying out an all-out war and scheming to rig the May 2019 elections,” the exiled rebel leader added.

For his part, Armed Forces of the Philippines (AFP) public affairs chief Col. Noel J. Detoyato said in a message to reporters on Monday, “We are prepared to offer not only the hand of peace but the whole arm if need be. But first, Mr. Sison has to show sanity and coherence. He must also accept the fact that there are many roads towards peace but the road he has taken is not one of them…..The problem is here and not in the Netherlands.” — Vince Angelo C. Ferreras

Fuel prices up this week following supply cuts, Libyan conflict

OIL COMPANIES are raising the prices of petroleum products this week to reflect the movements in the international fuel market. Per liter prices of gasoline, diesel and kerosene will rise by P1.05, P0.75, and P0.60, respectively, starting at 6:00 a.m. on Tuesday, April 16. The Department of Energy (DoE) said the adjustment in this week’s prices come after Friday’s “involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.” On the demand side, the DoE said Chinese data showed exports rebounded last month, driving US and euro zone bond yields to three-week highs and helping offset weaker imports and reports of another cut in German growth forecasts. But it said demand for oil “has been breaking records despite talk of a slowing economy,” citing Phil Flynn, senior market analyst at Price Futures Group. “Chinese export data overnight seems to confirm that China’s economy might be stabilizing after weak data around the Chinese New Year holiday.” — Victor V. Saulon

Metro Manila is still top Holy Week local destination for Filipinos based on Agoda bookings

THE CAPITAL Metro Manila, composed of 16 cities and one municipality, remains the top local destination for Filipinos during the Holy Week holiday, based on bookings of online site Agoda. Manila has been number one since 2017. Bookings on the week of April 14-21 this year show six of the top ten destinations are within the country, with Cebu coming in 2nd, Boracay replacing Palawan on the 3rd spot, and Baguio is 7th. Batangas and Palawan are 9th and 10th, respectively. “Boracay rounding off the top three did not come as a surprise as the reopening of the famous stretch of white sand beach has been a highly anticipated occasion for local and foreign tourists alike,” Agoda said. The four other destinations in the top 10 are abroad: Tokyo, Hong Kong, Taipei, and Seoul. “Given Pinoys’ (slang for Filipinos) strong familial ties, spending a week of contemplation, introspection, and reflection with loved ones only seems fitting,” Agoda said.

Another Abu Sayyaf member arrested in QC

ANOTHER MEMBER of the bandit Abu Sayyaf group and one of the suspects in the 2001 Golden Harvest Plantation kidnapping incident in Basilan was arrested in Quezon City last April 12. The Quezon City Police District (QCPD) arrested Abuhair Kulim Indal, alias Annual Dasil and Abu Khair, in his residence at Barangay Culiat. “He is respondent in seven separate criminal cases in connection with his participation in the kidnapping of 15 workers at Golden Harvest Plantation,” said Philippine National Police (PNP) chief Oscar D. Albayalde in a press briefing at Camp Crame, on Monday. The PNP noted that Mr. Indal is a subject of a warrant of arrest by the Regional Trial Court in Isabela City, Basilan. QCPD director Brig. Gen. Joselito T. Esquivel Jr. said authorities got information on Mr. Indal’s location five weeks ago, but he could have been already been staying in Manila for a long time. He also said that the suspect was also charged for possession of explosives and for resistance and disobedience to person in authority. Mr. Albayalde said the suspect “attempted to resist arrest by running to his room to get a hand grenade.” Last February, police arrested another Abu Sayyaf member who is also a suspect in the Basilan kidnapping incident. — Vince Angelo C. Ferreras

No color-coding scheme on April 17-22

THE METROPOLITAN Manila Development Authority (MMDA) announced on Monday the suspension of the coding scheme from April 17 to 22 in consideration of travelers for the Holy Week holidays. In a statement, MMDA said the suspension will allow more public utility vehicles to serve commuters while private motorists will be able to use their vehicles as they leave and return to Manila. — Vince Angelo C. Ferreras

CA denies Reyes appeal on Marinduque House seat case

THE COURT of Appeals (CA) has denied the petition of Regina Ongsiako Reyes seeking to reverse her indictment for usurpation of official functions for taking the position of Marinduque Rep. Lord Allan Jay Velasco in 2013. In the 12-page decision written by Associate Justice Samuel H. Gaerlan on April 11, the CA special fifth division said the prosecution did not commit grave abuse of discretion in its July 2017 decision, which reinstated the case of usurpation of official function. “(T)here is no abuse of discretion, more so a grave one, that was committed by the Secretary of Justice when it reversed its earlier Resolution.” Mr. Velasco filed a complaint against Ms. Reyes for filling in the position of Marinduque representative at the House of Representatives (HoR) despite the Commission on Elections’ ruling in 2013 cancelling her certificate of candidacy. Ms. Reyes claimed that she was proclaimed as winner and has taken her oath and only the HoR Electoral Tribunal can resolve the case. Ms. Reyes elevated her disqualification from the election to the Supreme Court (SC) in October 2013, but the high tribunal denied her petition with finality. However, Ms. Reyes still performed duties at the HoR. The City Prosecutor in 2015 found probable cause to indict Ms. Reyes for usurpation of official functions. She contested the resolution before the Department of Justice (DoJ) in 2016, which granted her petition and moved for the withdrawal of her case. Mr. Velasco appealed the resolution and the DoJ reversed its ruling in 2017. The SC in January 2016 ordered to install Mr. Velasco as Marinduque representative. — Vann Marlo M. Villegas

P2.6B Panay east-west road project 25% done, target opening still by 2022

THE PANAY East-West Lateral Road project, which links Antique to central and northern Iloilo and Capiz, is 25% done and the target opening is by 2022, according to the Department of Public Works and Highways (DPWH). “Through this project we can open the potential of eco-tourism areas here in Panay. Those who will directly benefit are the central towns of Antique, Iloilo up to Capiz,” DPWH-Western Visayas Assistant Regional Director Jose Al V. Fruto said. Construction of the 41-kilometer road started in 2017, with P760 million initially allocated under the national budget and an additional P295 million set in 2018. Mr. Fruto said the project would cost up to P2.6 billion. — Emme Rose S. Santiagudo

Location for starting point on Davao side of bridge to Samal still under study

AT LEAST three sites are now being considered for the starting point in Davao City of the planned bridge going to the Island Garden City of Samal. Davao del Norte Gov. Anthony G. del Rosario, chair of the Davao Regional Development Council, said a feasibility study for the bridge is in progress. “The bridge that we are expecting to have here is going to be a very high one so that ships and boats (can) cross. The higher your bridge, the longer the ramp. In Samal there are lots of vacant lands so no problem with that, but the problem is here in Davao because there are a lot of business in the highway,” Mr. Del Rosario told BusinessWorld last week on the sidelines of a press conference. “Almost all (coastal) areas in Davao has container yards and that is why Diversion Road is the most logical (starting point) because you just add a ramp… Still the question is where to begin in Davao,” he added. Mr. Del Rosario also assured that the longstanding plan to build a bridge connecting mainland Mindanao and Samal, which is under the jurisdiction of Davao del Norte, will push through before the Duterte administration ends in 2022. He also said that the Chinese government has committed to finance the project. — Maya M. Padillo

System reviewers: AES tough to hack, but Comelec still has to keep close watch

INDIVIDUALS WHO took part in reviewing the automated election system (AES) that will be used for the midterm elections in May assure its security, but said they will still keep track of the Commission on Elections (Comelec) in ensuring its integrity.

Philippine Linux Users’ Group (PLUG) source code reviewer Pablo Manalastas Jr. said that while the system is taxing for those who plan to rig the automated elections, the Comelec still plays a part in upholding the 2019 National and Local Elections fairness.

“It’s very difficult for outsiders to hack into the system but it’s not as difficult to hack into the system if you’re a Comelec or a group of Comelec or Smartmatic personnel who knows all the.. access, then you can hack the system,” he said on Monday during the Poll Body’s consultation with the Local Source Code Review Committee (LSCRC) for this year’s elections.

“We have to have faith that the Comelec will do its job,” he added.

NPC Source Code reviewer Gadburt Mercado, for his part, said, “This is the first time we have been given unprecedented access so we clearly see the commitment of the agency towards ensuring the elections is a really transparent one.”

PDP-Laban’s Alexander K. Ramos said the systems they reviewed have greatly improved but admits, “There are a lot of issues regarding the system and procedures we are hoping will be implemented this coming elections. Of course, some have been addressed while others are working progress.”

Comelec Commissioner Luie Tito F. Guia, meanwhile, assured that the systems they are using for the automated elections will also have back up measures in verifying votes.

“There are mechanisms that you can verify whether the results are accurate or not… yes, we have a very technical system where the results are transmitted electronically but there is also a back up analog process where you can actually do your own addition using your own calculator if you are not still not satisfied if the results are accurate,” he said.

“There are many ways of verifying the results but we are continually making sure that the electronic part is secure,” he added.

Mr. Guia also said that Comelec will soon launch another Web site that will publish vote results in each precinct and the public can verify the results themselves.

The local source code review for this midterm automated elections ran from October 17, 2019 to March 21, 2019. — Gillian M. Cortez

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