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Stocks post gains despite global growth concerns

THE MAIN INDEX extended gains on Thursday, bucking negative sentiment overseas as investors were concerned over a possible slowdown in global growth.
The bellwether Philippine Stock Exchange index (PSEi) climbed 0.77% or 60.45 points to close at 7,881.79 yesterday. The broader all-shares index likewise rose 0.76% or 36.89 points to 4,845.96.
“As global equities trade sideways because of concerns on the slowing of global growth, here at the PSE the main index continues to regain strength… We had another low-volume day today as the main index continues to climb with foreign inflows,” Eagle Equities Inc. Research Head Christopher John Mangun said in an e-mail on Thursday.
Mr. Mangun, however, noted that the rally may be short-lived without the support of local investors.
The US Federal Reserve’s Beige Book, which contains anecdotal information from business contacts throughout the Federal Reserve’s 12 districts, said manufacturers are becoming increasingly worried about Washington’s trade spat with China, as well as other factors that could dampen their growth prospects.
The Beige Book also noted concerns on the longest government shutdown in US history, as US President Donald J. Trump insists on Congress to fund his request for a $5-billion US-Mexico border wall.
The Organization for Economic Co-Operation and Development also cut forecasts for the global economy to 3.3% in 2019 and 3.4% in 2020, representing a 0.2 percentage point and 0.1 percentage point decrease, respectively.
With this, the Dow Jones Industrial Average fell 0.52% or 133.17 points to 25,673.46. The S&P 500 index slumped 0.65% or 18.20 points to 2,771.45, while the Nasdaq Composite index shed 0.93% or 70.44 points to 7,505.92.
Meanwhile, Southeast Asian stocks edged higher in thin trading on Thursday as investors remained on the sidelines with the return of global growth concerns.
Back home, four sectoral indices ended in positive territory, led by financials which soared 2.63% or 45.59 points to 1,778.36. Holding firms firmed up 0.78% or 61.88 points to 7,910.64; industrials edged higher by 0.77% or 88.90 points to 11,636.30; while mining and oil added 0.17% or 13.98 points to 8,140.68.
In contrast, property dropped 0.5% or 20.22 points to 3,981.97, while services slipped 0.19% or 2.99 points to 1,551.23.
Turnover slimmed to P5.84 billion after some 2.13 billion issues switched hands, from Wednesday’s P6.01 billion.
Advancers beat decliners, 115 to 84, while 47 names ended flat.
Foreign investors remained buyers as they recorded net purchases of P565.24 million, higher than the previous session’s P272.89 million.
“The index inches closer to its significant resistance level at 7,900. Strong foreign flows along with high value turnover may assist the index to break through this tomorrow,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in a separate e-mail. — Arra B. Francia

Bachelet: PHL drug war ‘not a model by any country’

By Camille A. Aguinaldo, Reporter
UNITED NATIONS (UN) High Commissioner for Human Rights Michelle Bachelet flagged the Philippine government’s campaign against illegal drugs on Wednesday, saying that its policies “should not be considered a model by any country.”
The UN official made the statement during the 40th session of the UN Human Rights Council in Geneva, Switzerland, on Mar. 6. Ms. Bachelet, a former political prisoner before she became president of Chile for two terms, cited the Philippines as among the countries over which the UN has an “increasing concern” due to its human rights situation.
“People who have fallen into the trap of drug reliance need help to rebuild their lives; drug policies should not be more of a threat to their lives than the drugs they are abusing. I encourage the Philippines to adopt a public health approach, and harm reduction initiatives that comply with human rights standards,” Ms. Bachelet said.
“The drug policies in place in the Philippines, and its lack of respect for rule of law and international standards, should not be considered a model by any country,” she later added.
Sought for comment, Malacañang said on Thursday that the figures Ms. Bachelet was citing on the number of drug-related deaths at 27,000 was wrong.
“The problem with that statement coming from that UN official is that… she relies on what she receives (as) information coming from the critics and the detractors of the administration. And we have been saying that this information is wrong. Like, for instance, when she claims that there were 27,000 deaths, the official count is only 5,000,” presidential spokesperson Salvador S. Panelo said during a Palace briefing.
Ms. Bachelet also said UN Special Rapporteurs as well as opposition politicians, human rights defenders, and journalists are being threatened in the Philippines.
UN Special Rapporteur on Extra-Judicial Executions Agnes Callamard also urged Philippine authorities to “respond effectively to the repeated denunciations of the situation on the country” following Ms. Bachelet’s statement.
“Such responses should include independent and impartial investigations into the thousands of killings they (Philippine authorities) have themselves attributed to the Philippines Police and Security Forces. The continuing absence of effective investigations amount to separate violations of the right to life,” Ms. Callamard said in her Facebook post on Wednesday.
The UN High Commissioner for Human Rights also raised concerns over the bill seeking to lower the criminal age of responsibility to 12 years old from the present 15. The proposed measure bagged third reading approval in the House of Representatives on Jan. 28, while its counterpart version in the Senate remained pending on second reading.
“I also note that Special Rapporteurs of this Council have been subjected to threats; and opposition politicians, human rights defenders and journalists have been threatened, attacked and jailed. And I am extremely concerned by Congress consideration of measures to reintroduce the death penalty for drug related crimes, and reduce the age of criminal responsibility from 15, to 12 — or even 9 — years old,” Ms. Bachelet said.
The UN Human Rights Council opened its 40th session on Feb. 25. The Council is expected to review over 120 reports presented by human rights groups and experts and to take action on decisions and resolutions before it concludes session on Mar. 22.

Mahathir, Duterte vow cooperation on Mindanao

By Arjay L. Balinbin Reporter
MALAYSIAN PRIME Minister Mahathir Mohammad, who was in Manila on an official visit on Thursday, March 7, vowed the Malaysian government will help in the development of Mindanao, noting the area’s economic potential following the establishment of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).
In a joint press statement that he delivered at the Palace on Thursday afternoon together with his Philippine President Rodrigo R. Duterte, Mr. Mahathir said, “We discussed a wide range of issues on bilateral relations between Malaysia and the Philippines as well as regional and international issues of mutual concern.”
“Given the vast economic potential of this area, I believe with the establishment of the Bangsamoro Autonomous Region of Muslim Mindanao or BARMM, we have to boost economic ties between both countries. I therefore assured Mr. President of Malaysia’s desire to continue to be of help in the development of Mindanao.”
On trade relations, Mr. Mahathir said he and Mr. Duterte agreed to “encourage private sectors from both countries to explore opportunities of collaboration and venture in new cooperation and investments.”
“One of the main priority areas where cooperation could be exerted is…to enhance connectivity which is vital to promoting economic development,” he said further.
For his part, Mr. Duterte said: “We resolved to ramp up cooperation to address security issues, particularly on terrorism, piracy and transnational crimes, including the fight against the illegal drug trade.”
SABAH CLAIM
Also on Thursday, Malacañang insisted that the Philippines has a claim to the territory of Sabah (North Borneo).
This is in response to Mr. Mahathir’s remarks in an interview with ANC that the Philippines has no claim over the territory. “Well, as far as we’re concerned, there is no claim,” he said.
He also said the matter would not be tackled during his bilateral meeting with Mr. Duterte. “We will not discuss that,” he said.
Sought for comment during a Palace briefing, Presidential Spokesperson Salvador S. Panelo said: “That’s the position of Malaysia.”
“The position of the President,…meron tayong claim (we have a claim). Totoo namang may claim tayo, diba (It is true that we have a claim [to Sabah], right)? That has been the bone of contention ever since….” Mr. Panelo said.
Asked if the issue was part of the agenda of the two leaders’ meeting at the Palace, Mr. Panelo said: “It’s not on the agenda as far as I know.”
Mr. Duterte, before he assumed office in June 2016, vowed that he would pursue the country’s claim to Sabah. However, he has been keeping mum on the matter.
A report by the late journalist and lawyer Napoleon G. Rama of the Philippines Free Press on Dec. 30, 1961, prompted the Philippine government back then, under the administration of President Diosdado P. Macapagal, to pursue the country’s Sabah claim.
The report went back in history to recount the Sultanate of Brunei’s ceding Borneo to the Sultanate of Sulu in 1850 following the latter’s assistance in quelling a rebellion in Brunei.
Mr. Rama also said that in 1878, the “Sultan of Sulu entered into an agreement with Alfred Dent and Baron von Overbeck, two adventurers who pioneered in colonizing and carpet-bagging in the southern island. The British say the agreement ceded North Borneo in perpetuity. The heirs of the Sultan of Sulu say it was merely a lease contract calling for a yearly rental of $5,000.”
“The British copy of the contract in question holds that North Borneo was ‘ceded in perpetuity.’ The heirs of the Sultan of Sulu swear that there was no such giveaway condition in the original contract. The British copy, they say, was a spurious document — a forgery,” the report said.
The Philippines’ claim over Sabah became a contentious issue as late as 2013 when heirs of the Sulu Sultanate led a standoff in the territory.

AMLC reports hike in frozen drug-related assets to P1.4 billion

By Carmencita A. Carillo, Correspondent
DAVAO CITY — The Anti Money Laundering Council (AMLC) has frozen a total of P1.4 billion in illegal drug-related assets from 2017-2018, almost four times the P365 million held from 2013 to 2016.
AMLC Executive Director Mel Georgie B. Racela, speaking during the first Rehabinasyon National Anti-Drugs Summit held in the city last month, said the frozen assets value is equivalent to about P13 billion worth of illegal drugs taken out of the market.
A risk assessment conducted by AMLC in 2017 showed that the Philippines was used as a transshipment point for the proliferation of illegal drugs due to its strategic location and porous shorelines.
“Syndicates continue to innovate strategies to transport illegal drugs which ultimately goes to the streets; the use of financial institutions and products to move proceeds of illegal drugs was also apparent,” Mr. Racela said.
However, he added, the total assets subject to free order is just a number if not compared to the magnitude of the drug trade.
“If we have gotten rid of all laboratories in the country that means they will be importing two metric tons per month of drugs to meet the demand,” he said.
Multiply that with the selling price of P7,000 per gram of shabu (methamphetamine) and that would be worth P162 billion of annual gross revenues for drugs, he added.
A survey by the Dangerous Drugs Board showed an estimated 1.8 million drug users in 2015. In 2017 to 2018, there were 1.6 million drug surrenderers, 175,000 arrested, and 5,000 killed.
Mr. Racela said their job is to conduct financial investigations on cases referred to AMLC. Once the freeze order is filed, the Court of Appeals needs to act on it within 24 hours which means it has to issue the freeze order to include all covered institutions including banks, he explained.
“Upon issuance of freeze orders, banks should file a return, and should conduct an investigation within their branches and identify covered individuals identified by AMLC to be engaged in laundering or transacting proceeds of unlawful activities and freeze their assets,” he said.
A memorandum of agreement (MOA) was signed between the Philippine Drug Enforcement Agency (PDEA) and the AMLC on March 5 to strengthen coordination and exchange of information, including studies and researches on current and emerging trends in money laundering and financing for terrorism.
PDEA Director General Aaron N. Aquino referred to laundered drug money as those coming from the trafficking of illegal drugs and also financial terrorism.
NEDA Undersecretary Rosemarie G. Edillon, meanwhile, said illegal drug use also affects national productivity.
“Using very conservative assumptions, let’s say one million drug dependents who had less labor productivity because of drugs, if these efforts were devoted to productive activity, the (country’s) growth would have been 6.5% in 2018 instead of just 6.2%,” Ms. Edillon said at the forum.
In an interview with BusinessWorld, Ramon Cualoping III, assistant secretary of the Presidential Communications Operations Office, said “what AMLC and NEDA are saying is that if the entire economy is worth P17 trillion, 6% of that is lost due to drugs.”
Department of Trade and Industry (DTI) Davao del Norte Provincial Director Romeo L. Castañaga, for his part, said, “The illegal drug trade may not directly affect a particular industry but it is clearly a threat to human capital as it destroys the victim’s capacity to be productive in society.”
To support the whole-of-nation approach to achieve a drug-free Philippines, DTI launched the “Aid Campaign” that provides business support to former drug dependents as part of the reintegration process.
Under the whole-of-nation approach, 42 government agencies along with civil society and the church will coordinate to help address drug addiction in the country.
Mr. Cualoping said, “The drug addiction problem is not solitary, it is familial, it is communal, and it is an economic problem.”
While police enforcement is ongoing, 90% of anti-drug campaign efforts now are on rehabilitation and reintegration, he added.
There are currently 15 drug rehabilitation centers under the Department of Health nationwide, but the bulk of rehabilitation happens at the community level with the Barangay Anti-Drug Abuse Council (BADAC) under the Department of the Interior and Local Government (DILG).
“There are also rehabilitation centers run by former drug dependents, which is good because they understand the problem and they can empathize and we have many success stories there,” Mr. Cualoping said.

Sandiganbayan denies Andaya’s motion to quash Malampaya fund case

THE SANDIGANBAYAN has denied Camarines Sur-1st district Rep. Rolando G. Andaya, Jr.’s motion to quash grounds against him in connection with his alleged involvement in the P900-million Malampaya fund scam. Mr. Andaya filed on Jan. 15 an omnibus motion to quash the information against him, which included 97 counts of graft and another 97 charges for malversation. In a 28-page resolution dated March 6, the anti-graft court said “contrary to accused-movant Andaya, Jr.’s allegation, an objective and careful reading of the 194 Informations in these cases reveals that there is nothing ambiguous or confusing in the allegations therein against him.” The Court also said that arguments of the prosecution and the camp of Mr. Andaya “should all be heard by the Court at an opportune time, or at the time which they are required to submit their respective pieces of evidence.” Mr. Andaya in his motion asserted that the Informations against him were “fatally defective” due to its failure to specify how he participated. The case stemmed from the use of the Malampaya fund, worth P900 million, for the Department of Agrarian Reform, which Mr. Andaya granted, despite lack of clear basis for the amount. Mr. Andaya had argued as well that Special Allotment Release Order and the Notices of Cash Allocation, which he had signed were done in performance of his duty as then Budget Secretary. He said in the motion that to conclude this as an act constituting a crime is “a giant leap in logic.” The prosecution, however, explained that the points raised by Mr. Andaya did not invalidate the Informations, which the Sandiganbayan already settled in a Resolution, dated Aug. 20, 2018. — Charmaine A. Tadalan

De Lima seeks inclusion of witnesses in drug case

SENATOR LEILA M. de Lima is seeking the inclusion among the accused in her drug-related case the 13 witnesses of the prosecution against her.
In a motion dated March 1 filed before Muntinlupa City regional trial court (RTC) Branch 256, Ms. de Lima, through her legal counsel, said the convicts who were turned witnesses are “not mere witnesses” of the alleged drug transactions in the New Bilibid Prison “but rather major players and perpetrators of illegal drug trading.”
The 13 convicts are Herbert Colanggo, Engelberto Durano, Noel Martinez, Reynante Diaz, Jaime Patcho, German Agojo, Hans Antonio Tan, Peter Co, Joel Capones, Vicente Sy, Rodolfo Magleo, Jojo Baligad, and Froilan Trestiza.
They are serving sentences for murder, kidnapping, homicide, robbery, and violation of the Comprehensive Dangerous Drugs Act of 2002, among others.
Citing the Department of Justice (DoJ) Joint Resolution dated Feb. 14, 2017 which indicted Ms. de Lima over alleged conspiracy to commit drug trading in the Bilibid, the motion stated that the 13 convicts turned-witnesses are “principal characters” in the illegal drug trading inside the prison.
“In this instant case, it is submitted that the prosecution in excluding the aforesaid witness in the Information, committed a manifest disregard our rules and laws; Such action was made with grave abuse of discretion and should be set aside,” it read.
Among the grounds cited for grave abuse of discretion committed by the prosecution are that persons convicted of crimes involving “moral turpitude” are disqualified as state witness and their exclusion among the accused violates the equal protections clause “as it provides manifests partiality towards said witnesses.”
The motion also asserted Ms. de Lima’s “absolute innocence” of the accusation against her, noting that she had no participation in the illegal drug trade at the national penitentiary and she has not dealt or conspired with the convicts-witnesses.
“It would be a complete travesty of justice should the Honorable Court sanction the arbitrary and wrongful exclusion from the Information of those who had actual participation in the illegal drug trade, based on their own admissions and on the very findings in the DOJ Joint Resolution,” the motion read.
Ms. de Lima has been detained for more than two years for allegedly conspiring to commit illegal drug trading inside the prison when she was still the Justice secretary.
In November 2018, she also asked the Court of Appeals to bar the 13 convicts from standing witness against her, following a lower court’s denial of her motion to disqualify them as state witnesses, claiming that “criminals convicted of crimes involving moral turpitude cannot become State Witnesses.” — Vann Marlo M. Villegas

7 Las Piñas police arrested for extortion now face kidnapping charges

FOLLOWING THE recent arrest of two police officers for extortion, another seven policemen in Las Piñas City were arrested on Thursday, March 7, for demanding cash from the family of a drug suspect in exchange for his freedom.
The suspects were identified as Police Staff Sgt. Joel Lupig, Police Corporal Vener Gunalao, Police Corporal Jayson Arellano, Patrolman Jeffrey De Leon, Patrolman Mark Jefferson Fulgencio, Patrolman Raymart Gomez and Patrolman Erickson Rivera.
The suspects were assigned at the Las Piñas City Police Station Drug Enforcement Unit and allegedly tried to extort money from a certain Shelane Lugutan, sister of suspect Cyrus Wency Lugutan, who was arrested in an anti-illegal drugs operation in November last year.
The accused police officers eluded the arresting team, but subsequently surrendered themselves to National Capital Region Police Office (NCRPO) chief Major General Guillermo T. Eleazar on November 29 last year.
Mr. Eleazar personally served an arrest warrant for a case of kidnap-for-ransom on Wednesday afternoon against the suspects inside the Custodial Detention Facility of the Regional Headquarters Support Unit in Camp Bagong Diwa in Taguig City.
Criminal cases of kidnapping with serious illegal detention along with an administrative case of grave misconduct were filed against the suspects.
Meanwhile, Interior and Local Government Secretary Eduardo M. Año said the outburst of Mr. Eleazar to an erring police officer was understandable.
“His outburst was understandable given the circumstances. It was a classic case of a ‘father losing his cool over his son’s misbehavior’ with the goal of correcting it and sending a message to his other children that bad behavior will not be tolerated in his household,” said Mr. Año in a statement on Thursday.
Mr. Eleazar scolded Police Corporal Marlo S. Quibete, chief of the Eastern Police District’s drug enforcement unit, after he was arrested for extortion on Tuesday evening.
Mr. Año added, “I personally support Police Major General Guillermo Eleazar, National Capital Region Police Chief, in his drive to rid the NCRPO of ‘kotong cops.’ His action yesterday was simply a manifestation of his frustration over police scalawags in his unit who continue to tarnish the image of the entire Philippine National Police.”
For his part, Philippine National Police chief General Oscar D. Albayalde said he supports the call of Mr. Eleazar to cleanse ranks.
“When a recruit takes his oath as a professional police officer, he automatically loses or waives some of his rights in favor of organizational discipline, duties and responsibilities. So, being scolded, reprimanded, bawled out, or dressed down for misdemeanor, misconduct or commission of crime is just part and parcel of his life being in the uniformed service,” said Mr. Albayalde in a statement on Thursday. — Vince Angelo C. Ferreras

Iloilo City to undertake coastal rehabilitation program

THE ILOILO City government, inspired by the rehabilitation initiatives in Boracay and Manila Bay, is launching its own coastal cleanup in 26 villages stretching from Barangays Bitoon, Jaro to Santo Niño Sur, Arevalo. Mayor Jose S. Espinosa III said earlier this week that he already gave initial directives to environment specialists, private stakeholders, international agencies, and the City Environment and Natural Resources Office (CENRO) during a meeting with the Iloilo-Batiano River Development Council. “During the meeting with the Iloilo-Batiano River Development Council, we also issued a directive and we have gathered aerial photos showing the sorry state of the coastal areas,” he said. “I can remember the times before that we can still swim in our coastal waters but now it is not safe. If Boracay and Manila Bay can be cleaned, why can’t we clean our coastal treasures here in the city. We have witnessed how they did it , so we now, we are doing it here,” the mayor said. A task force will be created to take charge and monitor the clean-up implementation after he issues an executive order. CENRO head Noel Z. Hechanova said the program would only target solid wastes, which contributes to about 10%-15% of the pollution load in the coastal waters. “This is the tip of the iceberg because the solid waste only contributes around 10 to 15 (percent) in the pollution load, the rest is generated by waste waters from the comfort rooms,” he said. Mr. Hechanova emphasized the need to have proper and well-maintained septic tanks. “Once you have septic tanks, any bodies of water will be really affected. Since 2006, we have been campaigning to clean septic tanks regularly. It should also be constructed correctly,” he said. — Emme Rose S. Santiagudo

Cebu water supply dwindles due to weak El Niño

THE METROPOLITAN Cebu Water District (MCWD) has appealed to consumers to conserve water as supply continues to dwindle with the onslaught of the weak el niño phenomenon. MCWD spokesperson Charmaine Rodriguez-Kara said water supply started decreasing in the last week of Feb. by at least 9,000 cubic meters per day (cu.m./d). This has affected 9,000 water connections in Talisay City and elevated areas in Cebu City like Banawa, Sambag, 1, and the uptown area. Ms. Karat said these areas are experiencing reduced service hours or water rationing. As of Wednesday, the Jaclupan well was down to 27,000 cu.m./d from 33,000, while the Buhisan dam in Cebu City was down to 2,500 cu.m./d from 6,000. MCWD’s biggest supply comes from the Luyang River in Carmen at 35,000 cu.m/d, which is covered by a bulk water supply contract between the MCWD, the Cebu Manila Water Development Inc., and the Cebu provincial government. Ms. Kara said that in Metro Cebu, more than 69% of the water supply comes from groundwater sources, which is not affected directly by the shortage of rainfall. However, surface water sources that supply both the northern and southern portion of MCWD’s service area are affected by the El Niño phenomenon. MCWD is currently developing four wells in separate locations in its service area this year to augment water supply, she added. Talks are also ongoing between the provincial and Cebu City governments to drill ground water in government-owned lots to augment daily water production. In total, MCWD is exploring over 30 wells in the entire service area — some privately owned and others owned by government. — The Freeman

Holcim coordinating with contractor over 100 protesting terminated workers

HOLCIM PHILIPPINES, Inc. said on Wednesday that it is coordinating with its contractor, Fort Steel Cargo Integrators Inc., whose employees have been protesting over their alleged mass termination. In a statement, the company said it is respecting the rights of all workers to express themselves and that it is looking at all aspects of the protests. “We regret this incident but rest assured that we are closely coordinating with our contractor for the immediate resolution of this matter,” it said. The workers are assigned at the Davao City plant of Holcim, which also has operations in La Union, Bulacan, Batangas, and Misamis Oriental. On Tuesday, about 100 workers of Fort Steel Cargo held their protest in front of the regional office of the Department of Labor and Employment as they accused the company of terminating them without notice. — Carmelito Q. Francisco

4,000 police deployed for 82nd Araw ng Davao celebration

THE 82ND founding anniversary of Davao City kicked off on March 1 amid tight security, with up to 4,000 personnel from the city, regional, and other auxiliary forces deployed throughout the city on shifting schedules from March 1 to 19. The opening program of the Araw ng Davao featured a 3D mapping light show that showed the different icons of the city at the facade of the City Hall. “We are showing the history of Davao and this is important so we know where we came from and where we are headed,” City Tourism Operations Office (CTOO) Chief Regina D. Tecson said. The more or less 15-minute light show will be up until March 16, from 6 to 10 p.m. This year’s Araw ng Davao celebration seeks to highlight not only the city’s history but its diversity. Ms. Tecson said that for the first time, the Mutya ng Davao Search held on March 2 included a member of the lesbians, gays, bisexuals and transgenders (LGBT) community. “For the first time also, we will be conducting the Ginoong Davao pageant for male Dabawenyos who embody the Dabawenyo spirit and the Reyna Dabawenya for transgenders,” she said. — Carmencita A. Carillo

Better CDO City library coming soon

THE Cagayan de Oro City Engineering Office has released the perspective of the proposed rehabilitation of the City Library, which already has an initial allocation of P100 million this year from the local government. The planned 5-storey building will also house the office of the Girl Scouts of the Philippines and 52 classroom projects at the City Central School.

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