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Shares climb on window dressing as month ends

By Arra B. Francia, Senior Reporter

LOCAL SHARES rose on Thursday on window dressing ahead of the last trading day of August.

The bellwether Philippine Stock Exchange index (PSEi) climbed 0.57% or 45.31 points to close at 7,892.81 yesterday, while the broader all-shares index likewise added 0.35% or 16.96 points to finish Thursday’s session at 4,765.77.

“Investors bought ahead of the window dressing period as tomorrow marked the last trading day for August,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

“In addition, outside the region stocks gained as the energy sector got a boost from higher oil prices but the optimism was kept in check as a key part of the US yield curve kept inverting further, exacerbating fears of a recession.”

Yield curve inversions historically precede a recession by two to three years, as the public becomes more wary of how short-term investments perform, thereby favoring long-term bonds.

International markets rallied overnight, with the Dow Jones Industrial Average up 1% or 258.20 points to 26,036.10. The S&P 500 index went up 0.65% or 18.78 points to 2,887.94, while the Nasdaq Composite index added 0.38% or 29.94 points to 7,856.88.

The PSEi also defied the muted performance of Asian markets due to lingering trade concerns. The US is scheduled to impose additional tariffs on $300 billion worth of Chinese imports this Sunday, Sept. 1, in response to China’s tariff increase on $75 billion worth of US goods.

Meanwhile, Papa Securities Corp. Sales Associate Gabriel Jose F. Perez noted that the PSEi moved flat on a lack of immediate catalysts.

“Catalysts would then be any potential major US market movements, as well as possible developments from President [Rodrigo R.] Duterte’s visit to China — especially regarding POGOs (Philippine Offshore Gaming Operators),” Mr. Perez said in an e-mail.

Five sectoral indices moved to positive territory, led by industrials which jumped 1.12% or 123.07 points to 11,066.87. Mining and oil went up 1.06% or 87.37 points to 8,266.53; holding firms advanced 0.84% or 65.34 points to 7,842.85; financials gained 0.53% or 9.57 points to 1,809.89; while services firmed up 0.14% or 2.27 points to 1,575.43.

Property was the lone loser for the day as it dropped 0.14% or 5.89 points to close the session at 3,990.86.

Some 6.58 billion issues valued at P8.44 billion switched hands, slightly higher than Wednesday’s P8.36 billion.

Foreign investors were net sellers for the seventh consecutive day at P419.63 million, against the previous session’s P557.83 million.

Advancers outpaced decliners, 109 to 87, while 47 names remained flat.

Peso strengthens on profit taking ahead of likely weak US GDP data

THE PESO finished stronger on Thursday ahead of an expected downward revision in US economic growth data.

The local unit ended at P52.18 against the greenback yesterday, up 14.1 centavos from Wednesday’s P52.321-to-a-dollar close.

The peso opened at P52.35 versus the dollar. Its closing level was its best intraday showing, while its lowest point was seen at P52.40 against the greenback.

Dollars traded on Thursday increased to $1.148 billion from Wednesday’s $1.107 billion.

“The peso strengthened amid profit-taking as market participants have started to anticipate for a downward revision in second-quarter US GDP (gross domestic product) report [Thursday night],” a trader said in an e-mail.

Another trader interviewed via phone said the local currency went up amid rising investor risk-on sentiment as the market awaits the resolution of the trade war between the US and China.

“We are waiting for further development. Meanwhile, as the truce between the two countries holds up for the time being, it’s good for the peso,” the trader said.

The US economy grew 2.1% year on year during the second quarter, slowing from the first quarter’s 3.1% pace. But economists expects that this print will be revised lower.

Meanwhile, the US Trade Representative’s office said the initial round of a 15% tariff will be imposed on over $125-billion worth of Chinese goods beginning Sept. 1.

The remainder of the $300-billion list of China-made goods will be slapped with the levy starting Dec. 15.

US President Donald J. Trump announced the increase in the planned tariff to 15% from 10% last Friday on Twitter, escalating the bitter US-China trade war after Beijing hit back with retaliatory tariffs on $75 billion worth of US goods, including crude oil.

Today, the peso is expected to decline anew on likely strong US data.

“The local currency might weaken ahead of likely firm US Personal Consumption Expenditure inflation report [today],” the first trader said.

The first trader sees the peso moving from P52.10 to P52.30 against the dollar today, while the second trader expects it to play within the P52.00-P52.40 range.

Most emerging Asian currencies slipped on Thursday, as global recession worries and anxiety over the Sino-US trade tussle capped risk appetite while higher oil prices weighed on India’s rupee.

Global bond yields clung near record lows, while the inverse US yield curve, in which long-date yields are lower than their short-dated counterparts, stoked fears of a future recession.

Bets on safe haven assets picked up, with gold prices surging to near six-year highs, while the Japanese yen traded 0.2% higher. — Mark T. Amoguis with Reuters

China gets mixed PHL signals on apology

PHILIPPINE authorities issued conflicting signals about Chinese apology for the sinking of a Filipino fishing boat in June, with President Rodrigo R. Duterte’s spokesman and top diplomat disagreeing about the matter.

“Hey morons! I merely noted the Chinese apology,” Foreign Affairs Secretary Teodoro L. Locsin, Jr. tweeted late Wednesday. “I did not accept it. I am not a fisherman,” he said.

But presidential spokesman Salvador S. Panelo said the presidential palace accepts the apology of the owner of the Chinese ship that rammed the Filipino boat at Reed Bank in the South China Sea and left its 22 crew members at sea.

“We likewise welcome the owner’s humility to take responsibility and acknowledgment that compensation must be provided to cover the actual loss,” he said in a statement on Wednesday night.

Philippine Ambassador to China Jose Santiago L. Sta. Romana said the ship owner’s offer to compensate the fishermen still had to be discussed.

“This is a matter that will still be subject to more studies, more discussions, and more negotiations,” he said at a televised briefing from Beijing on Thursday.

Wednesday’s apology comes more than two months after the mishap and on the day Mr. Duterte left for an official visit to China.

The Chinese fishing boat, registered in Guangdong, takes responsibility for the accident even if it was unintentional, according to a letter sent to the Foreign Affairs department. The owner said the Philippines should file a claim for damages related to the incident.

The Chinese Embassy on June 14 denied that a Chinese ship had sunk a Filipino boat in a “hit-and-run” incident. It said the Chinese ship was “besieged by seven or eight Filipino fishing boats,” preventing it from rescuing the Filipino fishermen.

It later sent its sympathies to the 22 distressed fishermen who were abandoned at sea for hours and were later saved by a Vietnamese fishing vessel.

Meanwhile, a local fisherman’s group rejected the apology of the Chinese ship owner, saying it was “overflowing with insincerity” and was issued in time for President Rodrigo R. Duterte’s visit to China.

“This is nothing but a fabricated statement to deodorize both President Duterte and the Chinese aggressor and make it appear that they are actually addressing the demand of the Filipino fisherfolk for justice,” Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas Chairman Fernando Hicap said in a statement late Wednesday.

He said the apology was overdue and the boat captain showed no sincerity “by being in denial of the fact that the ramming was no accident, but intentional to show arrogance and sow fear among the Filipino fishers.”

Aside from compensating the fishers, China can only redeem itself if it stops “occupying our fishing waters” Mr. Hicap said. — Arjay L. Balinbin

China can’t force Manila to ban POGO — envoy

CHINA has no authority to force the Philippines to ban online gambling involving Chinese nationals as part of its effort to crack down on a practice that supposedly causes illegal outflow of money, according to Philippine Ambassador to China Jose Santiago L. Sta. Romana.

“They can’t dictate on us,” the Philippine envoy said at a televised press briefing from Beijing on Thursday. “That’s a sovereign decision. That is where we stand.”

Presidential spokesman Salvador S. Panelo earlier said Chinese President Xi Jinping might raise the issue of Philippine offshore gaming operations (POGO) during his meeting with President Rodrigo R. Duterte in Beijing on Thursday.

Last week, Chinese Foreign Ministry spokesman Geng Shuang took note of the Philippine government’s move to suspend the acceptance of new applications for offshore gaming licenses pending a review of the sector.

“We hope the Philippines will go further and ban all online gambling,” Mr. Geng said, according to a transcript of his briefing on Aug. 20 posted on the Chinese Embassy website.

Mr. Sta. Romana said Mr. Duterte was prepared to explain the Philippines’ position on the matter.

“It will have an economic impact on us,” the envoy said. “So if we are to do it, we want a soft landing. We don’t want a drastic impact that will adversely affect our economy.”

Mr. Sta. Romana said the Philippines has been trying to regulate the online gambling industry.

The Bureau of Internal Revenue has said that as of early August, it had collected P200 million in taxes from offshore gaming companies. The bureau started collecting taxes from foreign workers employed by POGO in early July and ordered the companies to remit withholding taxes from the workers starting Aug. 10.

The government foregoes P2 billion in monthly revenue for every 100,000 unregistered POGO workers that fail to pay withholding tax on their earnings, according to Finance Secretary Carlos G. Dominguez III.

The Chinese embassy in Manila has expressed “grave concerns” about the plan of the Philippine Amusement and Gaming Corp. to relocate the industry to “self-contained hubs.” It raised concerns that the move could violate the rights of Chinese workers in the Philippines.

China is mounting pressure on Southeast Asian nations as it tries to stamp out online gambling that supposedly causes hundreds of millions of yuan to illegally flow out of its economy. Online and phone betting has exploded in countries such as the Philippines in the past few years due to demand from gamblers in mainland China.

The Philippine gaming regulator has said it won’t halt existing online casinos but will stop accepting applications for new licenses at least until the end of the year to review concerns about the burgeoning sector.

More than 50 Philippine offshore gaming operators have received licenses since 2016, and the industry employs about 138,000 workers, most of them from China. Revenue from the offshore gaming industry is projected to reach P9 billion this year, according to the Philippine gaming regulator. — Arjay L. Balinbin

Robredo denies sedition charge at DoJ

VICE-PRESIDENT Maria Leonor G. Robredo yesterday denied the sedition charge against her, saying she wasn’t part of an alleged plot to destabilize the government of President Rodrigo R. Duterte.

In a counter-affidavit, the vice-president denied meeting Peter Joemel Advincula, the self-confessed drug dealer who linked the Duterte family to the illegal drug trade, to discuss a strategy to unseat the president.

“I have never met Mr. Advincula. The first time I saw Mr. Advincula was in the news coverage of the press conference held at the office of the Integrated Bar of the Philippines,” she said in her filing.

Ms. Robredo also said there were no other allegations against her aside from her presence at the March 4 meeting.

Police last month filed a complaint for inciting to sedition, cyberlibel, libel, estafa, harboring a criminal and obstruction of justice against Ms. Robredo and several others including opposition senators, lawyers and church leaders. Mr. Advincula, was also sued but was named a police witness.

Mr. Advincula in May 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.

Human Rights Watch has said authorities should drop the “preposterous complaint,” saying it was a “transparent attempt to harass and silence critics” of Mr. Duterte’s bloody drug war. — Vann Marlo M. Villegas

Lawmaker files bill on presidential succession

A SENATOR has filed a “designated survivor” bill to ensure government continuity in case of a terror attack, a major disaster and other “exceptional circumstances.”

Senator Panfilo M. Lacson’s Senate Bill 982 addresses instances when the president and his successors specified by the 1987 Constitution are killed.

The lawmaker said the measure seeks give an “exhaustive order of presidential succession” to ensure that the office of the president is never vacated.

Under the law, the line of presidential succession includes the vice-president, Senate president and House speaker.

In case of death or permanent disability of successors specified in the Constitution, the Lacson bill provides the most senior senator, based on the length of service, will be next in line. After him will be the most senior congressman and the Cabinet member designated by the president.

Before any public or private event attended by the president, vice-president and ranking officials, the president must appoint Cabinet member to be sequestered in a secret and secure location.

“In the event of an extraordinary circumstance resulting in the death or permanent disability of the president, vice-president and the officials mentioned, the designated member of the Cabinet shall act as president,” according to a copy of the bill.

The acting president’s official actions will remain effective unless revoked by the elected president within 90 days. — Vann Marlo M. Villegas

Joint body to review rules on early release

THE DEPARTMENT of Justice (DoJ) and Department of the Interior and Local Government have created a committee that will review the rules on parole.

The body will submit a report and draft the revised rules within 10 days, according to a joint department order issues on Thursday.

The processing of inmates for parole have been suspended pending the review, according to the order.

Philippine authorities earlier said they would suspend the parole program pending a review of the guidelines.

This comes amid an uproar over a plan to free former Calauan Mayor Antonio L. Sanchez, a convicted rapist and murderer, for what prison officials earlier described as good conduct.

The Justice department has created a task force that will review the rules and will inform the Supreme Court about the suspension, Mr. Guevarra said in a text message.

Several senators, including Senator Franklin M. Drilon opposed the plan and said they would investigate it. Mr. Drilon was the Justice secretary who prosecuted Mr. Sanchez, who was sentenced in 1995 to seven life terms for the rape and murder of two University of the Philippines students in 1993.

Presidential spokesman Salvador S. Panelo on Friday said the ex-mayor was ineligible for an early release because he committed a heinous crime. The spokesman, who lawyered for the ex-mayor in the 1993 rape-slay case, earlier denied that he had anything to do with his planned release.

Mr. Guevarra on Thursday said the Bureau of Corrections would evaluate the qualifications of Mr. Sanchez. Last week, he said the convict along with thousands of other inmates would be released for good conduct. Their release, he added, could not be appealed.

The Supreme Court in June ruled that the law should be applied retroactively because it favors the accused.

Data from the Bureau of Corrections released yesterday showed that since 2013, 1,914 out of the 22,049 inmates released for good conduct were convicted of heinous crimes.

“We have to study and discuss that issue very carefully and thoroughly” Mr. Guevarra said in a text message yesterday.

He said a 2015 department order had affirmed BuCor’s authority to approve the release of inmates with expired sentences but still required the approval of the Justice chief for convicts sentenced to life in jail. — Vann Marlo M. Villegas

House bill raises statutory rape age

A LAWMAKER has filed a bill increasing the age of statutory rape to 16 years from 12 years.

Tingog Party-list Rep. Yedda Marie Romualdez’s House Bill 4160 will impose a life sentence for the crime of statutory rape against minors who are under 16 years old.

“If this measure is passed into law, any adult who has sexual intercourse with a minor below 16 years old is guilty of rape,” Ms. Romualdez said in a statement yesterday. “Even if the minor has given his or her consent to the sexual act, it is still rape.”

Ms. Romualdez said minors below 16 years old have no “power to resist to give their genuine and fully informed consent to any sexual activity.”

“Under the bill, the subsequent valid marriage between the offended party and the offender shall not automatically extinguish the criminal action or the penalty imposed,” according to the lawmaker.

It also redefined the crimes of qualified seduction, simple seduction, forcible abduction and consented abduction in relation to minors as victims.

The measure provides that qualified seduction involves a minor who is 16 years old and under 18 years, committed by a person in public authority, a priest, a guardian or teacher.

The penalty for qualified seduction was raised to two years and four months to six years imprisonment.

Simple seduction is committed by means of deceit and will be punishable by a maximum term of six months, while forcible abduction will be punishable by 12 years to 20 years in jail.

Meanwhile, those guilty of consented abduction will be sentenced to 6 months to four years in jail.

Senator Juan Miguel Zubiri earlier filed a bill that seeks to raise to 15 years the age of sexual consent. — Vince Angelo C. Ferreras

Word-of-mouth marketing boosts Northern Mindanao tourism

By Maya M. Padillo, Correspondent

CAGAYAN DE ORO CITY — With travel bans from various countries hanging over Mindanao, promoting tourism in the Philippine’s southern islands is no easy task.

“It’s unfortunate that we have some advisories (against travel to Mindanao), but I suppose this came about, of course, because of reports of some isolated incidents,” Department of Tourism-Northern Mindanao (DoT-10) Regional Director Marie Elaine S. Unchuan said in an interview during the opening of the 5th Regional Travel fair in Cagayan de Oro City on August 23.

But word-of-mouth promotion, which in the Internet age comes in the form of bloggers and influencers, makes a big contribution to changing traveler perception.

“We have a lot of people to thank, especially ‘yung mga turista na nag-share ng experiences nila (the tourists who share their experiences), encouraging ‘yung iba kasi nakikita nila ‘yung magagandang tanawin ng Mindanao (others because they see the beautiful sceneries in Mindanao),” Ms. Unchuan said.

One such influencer is Kyle “Kulas” Jennermann, the Canadian behind the vlog (video log) Becoming Filipino.

“A lot of people when they hear about Mindanao, they are fearsome. But what I found is, people are very positive,” he said in an interview in Cagayan de Oro.

Mr. Jennermann, who has been touring around Mindanao in a scooter, said the connections he makes with the people he meets in his travels mean the most to him.

“It’s the connection I have here, the people, they open their lives and their homes to me. The communities here, the barangay, the people work very hard, I really appreciate that. On top of that is the diversity and experiences,” he said.

Ms. Unchuan said while foreign visitors may still be difficult to convince, local travelers are on the rise.

“I think people have been seeing the beauty of Mindanao as a whole and Northern Mindanao as a region. You can see the beauty in social media and of course the aggressive promotions of the Department of tourism,”

The 5th Regional Travel Fair last week, organized by the Tourism Promotions Board, the DoT’s marketing arm, focused on expanding domestic tourism.

Among the attractions of Northern Mindanao are white water rafting in Cagayan de Oro, halal food in Lanao del Norte, Maria Cristina Falls in Iligan City, Mt. Kitanglad, Dahilayan Forest Park in Bukidnon, and the Divine Mercy Shrine in Misamis Oriental.

Ms. Unchuan said they are also highlighting experiences that showcase the culture of Mindanao through the seven tribes of Bukidnon, the Subanens of Misamis Occidental, and the Maranaos of Lanao del Norte.

“This (travel fair) is very significant because all the tour operators from different regions are here and they have already seen what we have to offer and they have been doing the B2B (business-to-business) with our tour operators,” she said.

New tourism destinations declared in Ilocos Sur and Nueva Ecija

FOUR SITES in Luzon — three in Ilocos Sur and one in Nueva Ecija — have been declared as new “tourist destinations” in the country and will be given priority for development. President Rodrigo R. Duterte has signed laws marking the tourism designation of the following: Mount Bulaylay in Cuyapo, Nueva Ecija (Republic Act 11406); Candon City Ecotourism Zone in Ilocos Sur (RA 11407); Santiago Cove in Santiago, Ilocos Sur (RA 11408); and Pinsal Falls in Santa Maria, Ilocos Sur (RA 11409). Copies of the laws, which Mr. Duterte signed on Aug. 22, were released to reporters on Thursday. As tourist destinations, the development of these areas “shall be prioritized by the Department of Tourism (DoT) and shall be subject to the rules and regulations governing the development of tourist destinations,” the laws said. Within 60 days from the effectivity of the laws, the DoT, in consultation with the local government unit of each tourist destination, will promulgate the necessary rules and regulations. — Arjay L. Balinbin

Court paves way for Cebu City’s use of P2.5B SRP lot payment

THE CEBU City government may now use the P2.5 billion proceeds from the sale of lots at the South Road Properties after the court granted the withdrawal of the civil case questioning the sale’s validity. Cebu City Legal Office Rey M. Gealon said his office has received a copy of the order from Regional Trial Court Branch 23. “The court’s order granting the withdrawal of this ‘midnight case’ renders justice to the people of Cebu City. Apart from the fact that the petition was patently flawed, it was also filed without merit. So it would have been dismissed, anyway,” Mr. Gealon said. — The Freeman

>> See full story on https://bit.ly/32aXjjG

Local florist calls for revival of Davao floriculture industry

FLORIST and businessman Jade Polizon said more events such as competitions and exhibits should be staged to breathe new life into Davao City’s floriculture industry. “We know that Davao City has lots of talented florists. I think it is lack of access to education and also the facility for this kind of industry. Unlike in Europe (where) there are a lot of schools and organizations catering to florists and every now and then there are big events organized for all flower enthusiasts. In Davao, we only have the Kadayawan,” he said in an interview at the Waterfront Insular Hotel’s Visual and Wearable Art Exhibition in line with this month’s Kadayawan celebration. He said while he has been in the industry for 15 years, it was the first time that he did a flower installation in the city. “I was really fortunate that Jennifer Romero of Waterfront Insular Hotel has given me the opportunity to showcase my talent,” he said. He noted that Davao City is already known for its waling-waling orchid, cutflowers and ornamental plants, but there is a need to open more venues to showcase this. — Maya M. Padillo

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