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Peso weakens slightly as coronavirus cases increase

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THE PESO declined as investors were cautious amid new cases of the coronavirus disease outside China. — BW FILE PHOTO

THE PESO slightly weakened on Thursday on risk-off sentiment due to new cases of the coronavirus disease 2019 (COVID-19) outside China and with signals that the US Federal Reserve might not tweak its rates anytime soon.

The local unit ended trading at P50.58 versus the dollar, depreciating by four centavos from its P50.54 finish on Wednesday.

The peso opened at P50.60 versus the dollar. Its weakest showing for the day was at P50.69, while it rallied to as strong as P50.57 against the greenback.

Dollars traded climbed to $1.235 billion from $998.3 million on Wednesday.

A trader said the slight weakness in the local unit came amid developments in the COVID-19 outbreak.

“The peso got weaker with the COVID-19 seen developing in Japan and South Korea. This resulted to kind of a risk-off sentiment,” the trader said in a phone call.

CNBC reported Japan’s ministry of health confirmed the deaths of two passengers on board the virus-stricken Diamond Princess cruise ship that was under quarantine at Yokohama Port, near Tokyo.

Meanwhile, Reuters reported that Korea’s Center for Disease Control and Prevention (KCDC) reported 31 new cases of the virus on Thursday, which brought the country’s toll of infected cases at 82.

About 49 of said patients are in Daegu or nearby, possibly getting infected through a person who attended a local church.

Meanwhile, another trader attributed the peso’s depreciation to the recent signals of a hold from the Fed.

“The peso depreciated slightly after the Federal Reserve policy minutes indicated that the US policy makers are keen to hold its current policy rates steady, which tempered some market bets of a possible US interest rate cut in the near term,” the second trader said in an e-mail.

Reuters reported that the minutes showed Fed being clear that it looks to hold interest rates steady after three cuts in 2019.

The Fed pointed out to the US consumer spending levels, dissipating US-China trade tensions, and loose financial conditions as a support to their view.

For today, both traders see the peso moving within P50.50-P50.70 against the dollar. — Luz Wendy T. Noble with Reuters

Shares rise further as China cuts benchmark rate

By Denise A. Valdez, Reporter

THE MAIN INDEX sustained its climb on Thursday as positive investor sentiment due to China’s rate cut buoyed the local bourse.

The benchmark Philippine Stock Exchange index (PSEi) added 16.06 points or 0.21% to end at 7,413 on Thursday, while the broader all shares index gained 13.78 points or 0.31% to 4,375.87 at the close.

“The market rose on the back of positive investor sentiment as reports circulated that China may release another economic stimulus to soften the economic impact brought by the COVID-19 (coronavirus disease 2019) outbreak,” Timson Securities, Inc. Trader Darren T. Pangan said in a text message.

Reuters reported yesterday that China is reducing its lending rate in an effort to support its economy that is being challenged by COVID-19. China’s one-year loan prime rate (LPR) was cut by 10 basis points to 4.05% and the five-year LPR was trimmed by five basis points to 4.75%.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan pointed to the same reason as driver of the market’s movement yesterday, adding that this news came after the US Federal Reserve impressed interest rates may not change soon.

“Local shares closed higher on signs that China may be planning further measures to support its economy as it reels from a virus-induced slowdown and after Federal Reserve officials signaled they aren’t anxious to raise interest rates anytime soon,” he said.

Most Asian markets closed in green territory on Thursday. Japan’s Nikkei 225 and Topix indices increased 0.34% and 0.16%, respectively. China’s CSI 300 and Shanghai SE Composite indices likewise grew 2.30% and 1.84%, respectively.

Wall Street was up on Wednesday’s close as well. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite indices rose 0.40%, 0.47% and 0.87%, respectively.

Back home, sectoral indices were equally divided among gainers and losers. Property climbed 36.29 points or 0.92% to 3,982.95; financials improved 14.16 points or 0.81% to 1,751.41; and mining and oil climbed 5.35 points or 0.07% to 7,109.14.

On the other hand, holding firms lost 18.29 points or 0.25% to 7,211.70; services shed two points or 0.13% to 1,469.68; and industrial gave up 8.81 points or 0.09% to 9,053.07.

Value turnover stood at P5.79 billion with 1.86 billion issues switching hands. This is slightly lower than Wednesday’s P6.49 billion worth of 621.16 million issues.

Names that gained at the close of trading were 90, those that declined were 84, and those unchanged were 54.

Offshore investors turned bearish yesterday, with net foreign selling reaching P533.02 million from Wednesday’s net inflows of P62.97 million.

Timson Securities’ Mr. Pangan said the PSEi managed to break into the 7,400 level after five days despite average volume and foreign flows turning to selling yesterday.

Duterte warned about risks of ending VFA — envoy

THE country’s diplomats advised President Rodrigo R. Duterte about the risks of ending a US military pact on the deployment of troops for war games, but a decision had already been made.

“Secretary Locsin met with the President and US Ambassador Jose Manuel Romualdez but the President had already made up his mind,” Foreign Affairs Assistant Secretary Igor G. Bailen told a Senate hearing on Thursday.

Foreign Affairs Secretary Teodoro Locsin, Jr. earlier said he wanted a review of the visiting forces agreement (VFA) before ending it.

Mr. Duterte had threatened to end the pact after the US visa of Senator Ronald M. dela Rosa, his former police chief, was canceled.

Mr. Bailen also said the President could end the VFA without Senate concurrence.

“A plain reading of Section 21, Article 7 of the Constitution merely requires the concurrence of at least two-thirds of all the members of the Senate to make a treaty binding on the country,” he said.

“Were the frameworks of the Constitution had a different intention, they would have specifically and explicitly provided for the necessity for a similar concurrence by the Senate in the termination of or withdrawal from a treaty,” he added.

Mr. Bailen added that Mr. Duterte had “merely exercised his diplomatic powers granted to him by the Constitution” when he sent the termination notice to the US Embassy in Manila.

“As the power to enter into treaties is vested in the President, the power to terminate the same is incidental,” he added.

This led opposition Senator Franklin M. Drilon to question whether the President could also end other treaties and international agreements without Senate concurrence.

“The United Nations Convention on the Law of the Sea is the very basis of our entitlements to a 200-nautical mile exclusive economic zone in the West Philippines,” he said.

‘LEFT OUT’
“Our baseline and other laws reflect this and other water marks. What if the executive department unilaterally decides to terminate the UNCLOS, will the Senate be left out from the conversation too?” he asked.

Administration Senator Aquilino Martin L. Pimentel III, who heads the foreign relations committee, said Senate Resolution 305 will serve as the upper chamber’s stand once a lawsuit is filed at the Supreme Court.

The Senate resolution filed by Mr. Drilon, “expresses the sense” of the Senate that the termination of treaties and international agreements approved by the Senate will be valid only upon Senate concurrence.

Mr. Pimentel said lawmakers can separately question the VFA termination before the Supreme Court if the entire chamber fails to adopt the Drilon resolution.

Mr. Duterte on Feb. 11 announced the termination of the two-decade-old VFA, which the US Embassy said was “a serious step with significant implications.”

Mr. Duterte’s decision, sparked by the revocation of a US visa held by a former police chief who led Mr. Duterte’s bloody war on drugs, takes legal effect in six months and US officials have expressed hope it can be reversed or delayed.

Mr. Duterte’s decision could complicate US military interests in the broader Asia-Pacific region as China’s ambitions rise.

Some Filipino senators have sought to block the move, arguing Mr. Duterte had no right to unilaterally scrap international pacts the country’s Senate had ratified.

The VFA is important to the overall US-Philippine alliance and sets out rules for US soldiers operating in the Philippines, a former US colony.

Washington has called the relationship “ironclad,” despite Duterte’s complaints that include allegations of US hypocrisy and ill treatment.

Ending the VFA complicates Washington’s efforts to maintain an Asia-Pacific troop presence amid friction over the presence of US personnel in Japan and South Korea and security concerns about China and North Korea.

Some lawmakers in the Philippines are concerned that without the VFA, two other pacts that make up the long-standing US alliance with Manila would be irrelevant, namely the 2014 Enhanced Defense Cooperation Agreement made under the Obama administration, and a 1951 Mutual Defence Treaty.

Salvador S. Panelo, Mr. Duterte’s spokesman, has called the VFA a one-sided deal that only benefits the US. — Genshen L. Espedido

Filipinos from cruise ship to come home next week

THE Philippines expects to repatriate starting next week about 500 Filipinos who are crew members of a novel coronavirus-stricken cruise ship docked in Yokohama, the Department of Foreign Affairs said on Thursday

This is a week earlier than planned after Japanese authorities allowed the additional quarantine of Diamond Princess cruise ship passengers to be done in home countries, Foreign Affairs Assistant Secretary Eduardo Martin R. Meñez told reporters in a group message.

Mr. Meñez said the Philippine Embassy in Tokyo was still confirming the number of Filipinos who have volunteered to come home.

DFA said one of the 41 Filipinos on the cruise ship who tested positive for the coronavirus disease 2019 (COVID-19) had been treated and was discharged from the hospital

Foreign Affairs Secretary Teodoro Locsin, Jr. earlier ordered the repatriation after the passengers completed a two-week quarantine.

The ship had been kept in quarantine since Feb. 3 after a passenger, who disembarked in Hong Kong, was found to have been infected with the virus that has killed more than 2,000 people and sickened about 74,000 more, mostly in China.

The Philippines earlier this month repatriated 30 Filipinos from Wuhan City in China, where the virus was first detected.

The repatriates were staying inside a sports complex in Tarlac for a two-week quarantine. — Vann Marlo M. Villegas

Agents to look at murder of BuCor official

JUSTICE Secretary Menardo I. Guevarra has ordered the National Bureau of Investigation (NBI) to investigate the killing of a prison official.

Fredric Anthony E. Santos, chief of the BuCor or Bureau of Corrections’ legal division, was shot and killed by two gunmen in Muntinlupa City on Wednesday.

The official, one of those suspended over alleged anomalies in the country’s prison system, was about to fetch his daughter from school, according to police.

Mr. Guevarra gave the NBI 30 days to build the case and submit a report.

He said the killing might be linked to irregularities in the early release of inmates, which the Senate had investigated.

“It’s still under investigation, but it’s very likely that it might have something to do with the good conduct time allowance issue,” he said, referring to state practice of early prison releases.

The Ombudsman suspended Mr. Santos and dozens of prison officials after about 2,000 inmates had been illegally release for good conduct. — Vann Marlo M. Villegas

Baguio eyes WTE plants on Pinsao lot

THE BAGUIO City government is looking at a five-hectare property in Pinsao village as potential site for waste-to-energy (WTE) plants as well as the relocation of the slaughterhouse. In a statement, Mayor Benjamin B. Magalong said he already had an initial discussion with the “claimant of the property,” which covers a total of 8.5 hectares, and appropriate documentation is currently being processed. “The city’s priority development projects that will be established in the property will be the bio-mass waste to energy plant, the residual waste to energy plant and the relocation of the slaughterhouse,” the local government said. Baguio City has signed an agreement with PNOC Renewables Corp., the renewable energy arm of state-run Philippine National Oil Co., for the development of a WTE facility, which can also be possibly used by neighboring towns in Benguet. The local government earlier identified a portion of the property within the Baguio Dairy Farm that was ceded by the Agriculture department to the city as the site for the proposed Japanese WTE technology. However, initial assessment indicated that it was not the most suitable site for the project. “The proposed… bio-mass and residual waste to energy plants will help the local government address the current solid waste management woes that it is currently experiencing considering that it is still hauling the generated residual waste outside the city which is eating a huge chunk of its annual budget,” the city government said.

Pototan gets disaster-resilient school building

A DISASTER-resilient building has been turned over to a secondary school in Pototan, one of the flood-prone towns in Iloilo. The P5.5-million building at the Alberto Sorongon Memorial National High School was funded by Insular Foundation Inc., the corporate social responsibility arm of Insurance Life Assurance Co. Ltd. (InLife). “Our school serves as the catchment area of the five barangays here namely, Brgy. Iwa Ilawod, Brgy. Iwa-Ilaya, Brgy. Ubang, Brgy. Macatol, Brgy. Fundacion, and Brgy. Zarrague. We are really happy that his project is realized,” Assistant School Principal Ma. Grace P. Coronado said during the turnover ceremony earlier this month. Aside from having a one-meter elevation from the ground, the building is also designed to withstand a 250-kilometer per hour typhoon and has a seismic load resistance of more than intensity 7 for earthquakes. The roof deck of the fire-resistant structure can also be used as an evacuation center. Insular Foundation Chairman and InLife Executive Chairman Nina D. Aguas, who led the turnover ceremony, said the project was the fourth after two similar buildings in Samar and one in Tacloban City, which were all affected by super typhoon Yolanda in 2013. “Insular Foundation believes that investing in the development of the human capital through education is a big step towards making life better for our people and our country,” she said. — Emme Rose S. Santiagudo

Manila gov’t partners with PayMaya for citizen ID cards

DIGITAL PAYMENTS firm PayMaya Philippines, Inc. announced on Thursday that the city government of Manila has started rolling out the PayMaya citizen ID cards to its residents, including senior citizens, persons with disabilities (PWDs), and solo parents. The cards will be used for the distribution of cash benefits from the local government and residents can utilize this to purchase goods from the city-managed Kadiwa stores, which are equipped with card and QR code payment systems powered by PayMaya. Over 1,000 beneficiaries have so far received their cards. “Financial inclusion is at the heart of what we do at PayMaya. By supporting traditionally vulnerable segments like our senior citizens, PWDs, and solo parents of Manila, we are empowering them with the tools to help them improve their lives. We thank Mayor Isko (Francisco M. Domagoso) and his city council for spearheading this remarkable initiative,” PayMaya Chief Operating Officer Paolo Azzola said. — Arjay L. Balinbin

Farmers’ group, DA ask Mindanao local governments to avoid blanket ban on hogs, pork movement

THE DAVAO Hog Farmers Association of Davao, Inc. (HOGFADI) and the Department of Agriculture (DA) have called on local governments in Mindanao to avoid blanket bans on the entry of hogs and pork products amid confirmed cases of African Swine Fever (ASF) in parts of the Davao Region. “Be selective and don’t just impose a lockdown. There are other areas that are free of ASF,” HOGFADI President Eduard C. So said during Wednesday’s Habi at Kape forum. He cited as an example Cagayan de Oro City’s prohibition of hog and pork products from General Santos City, which is in the Soccsksargen Region. “GenSan has been affected. I don’t think its fair that we lockdown the entire Mindanao. There are processes (and protocols) that should allow GenSan (to locally export),” Mr. So said in mixed English and Visayan. The DA has already released color-coded maps indicating ASF infected zones, the buffer areas where hogs will be tested and monitored, and safe zones. “Local governments units (LGUs) should understand this. LGUs should also align their ordinances on the administrative order,” said Noel Provido, DA-Davao Region information officer. A total restriction on inter-province and inter-regional movement of hogs and pork products will hurt the industry, Mr. Provido said. Mr. So said they will be meeting with the DA regional directors to discuss how to address concerns and improve the situation. The ASF outbreaks in parts of Davao Occidental, Davao del Sur and Davao City are being managed following DA procedures. — Maya M. Padillo

Graft court clears Maguindanao mayor of malversation due to lack of evidence

THE ANTI-graft court has dismissed for lack of evidence the charges of falsification of public documents and malversation of public funds against Mayor Datu Sajid Islam U. Ampatuan over P77 million worth of construction materials to non-existent suppliers. Mr. Ampatuan, who was among those acquitted in the Ampatuan massacre case, is mayor of the town of Shariff Saydona Mustapha in Maguindanao province. “The prosecution’s evidence is insufficient… insofar as accused Ampatuan is concerned, considering that such evidence failed to establish his participation, much less, the precise degree of his participation in the alleged falsification of the documents subject of said cases,” reads the Sandiganbayan Sixth Division’s resolution dated February 7. The court said the prosecution failed to prove the non-existence of the suppliers as well as his participation in the questioned transactions. The Sandiganbayan also ordered the lifting of the hold departure order against Mr. Ampatuan. — Genshen L. Espedido

Nationwide round-up

18 immigration officers relieved over bribery scheme for Chinese nationals

IMMIGRATION officers allegedly involved in a bribery scheme that allows easier entry for Chinese nationals at the country’s main airport have been relieved of duty, Presidential Spokesperson Salvador S. Panelo announced Thursday.

The order, which comes from President Rodrigo R. Duterte, covers “all officials and employees of the Bureau of Immigration (BI) who are involved” and they could face charges if there is evidence found during the investigation.

Mr. Panelo also said that despite Mr. Duterte’s trust on Immigration Commissioner Jaime H. Morente, the latter’s performance will be up for discussion with the Cabinet.

“The present situation in the Bureau of Immigration, as well as how it is being run by Commissioner Jaime Morente, will be taken up in the next Cabinet meeting,” he said.

Mr. Morente has already launched a probe on the modus, dubbed as the pastillas scheme since the money paid by Chinese nationals are rolled and wrapped in paper, making it look like the native sweet delicacy.

WITNESS
The scheme, which has allegedly been taking place at the Ninoy Aquino International Airport (NAIA), was first reported earlier this week by Senator Risa N. Hontiveros-Baraquel, who presented a witness in Thursday’s Senate probe.

Immigration Officer 1 Allison A. Chiong, in his testimony at the hearing, said that as a “frontline immigration officer,” he has personally witnessed the illegal transactions between immigration employees and Chinese nationals.

He said the scheme started after the Department of Justice removed their overtime pay.

“To cope with the substantial deduction of their salaries, some immigration officers decided to offer ‘VIP services’ for immigrants who are casino high-rollers,” he said in his opening statement.

He narrated that in the initial method, names of Chinese nationals were sent through Viber, but that has since been deleted to avoid detection after they were scrutinized by the National Bureau of Immigration.

Frontline immigration officers were then told to bring Chinese nationals to the holding area of the Travel Control and Enforcement Unit so that their names can be checked against a list of payers.

Mr. Chiong, who admitted to having been part of the scheme, said there are also syndicates in the bureau competing with each other and working with travel agencies in China.

He said each officer receives around P20,000 weekly if assigned at the NAIA Terminal 1, and P8,000 weekly at the Terminal 3.

Ms. Hontiveros-Baraquel said Senate President Vicente Sotto III extended to the witness immunity from suit and application for the witness protection program.

Mr. Chiong also revealed that there are “VVIPs” or those who are blacklisted or have records but were allowed to enter the country through “special arrangement” at a fee ranging from P50,000 to P200,000.

BI Spokesperson Dana Krizia M. Sandoval, in a statement sent to reporters, said, “In compliance with the directive of the President, we are immediately relieving the services of 18 immigration personnel mentioned during today’s Senate hearing regarding the Pastillas scheme.”

She added, “The expose by Immigration Officer Alex Chiong is deeply alarming, and we will ensure that we will take every measure to destroy this system of corruption, and impose the harshest penalties to erring personnel.” — Gillian M. Cortez and Vann Marlo M. Villegas

Duterte assures Espenido of security amid drug link probe

PRESIDENT RODRIGO R. Duterte will not allow any harm to come to his drug war poster boy, Lieutenant Colonel Jovie Espenido, the Palace spokesperson said on Thursday.

“We cannot stop him (Mr. Espenido) from entertaining such apprehension but the President will not allow anyone to be hurt or to be harmed outside of what is allowed by law — outside of legal processes or methods sanction by law,” Presidential Spokesperson Salvador S. Panelo said in a briefing.

Mr. Espenido, who was relieved of his duties from the Bacolod City Police earlier this month due to his alleged involvement in the illegal drug trade, said on Wednesday that he is fearing for his life and thinks there are government officials who are out to get him for being on the frontline of the administration’s campaign against illegal drugs.

The Philippine National Police is currently conducting a probe on officers suspected of drug links and are included in the President’s watchlist. Mr. Panelo said Mr. Espenido can request for protective measures from the government. — Gillian M. Cortez

Topacio brings election case against Pimentel before the Supreme Court

LAWYER FERDINAND S. Topacio has asked the Supreme Court to declare Senator Aquilino L. Pimentel II as ineligible to hold office for having exceeded the prescribed maximum number of terms in the Constitution.

In a 17-page petition, Mr. Topacio said the Commission on Elections (Comelec) “erred and acted with grave abuse of discretion amounting to lack or excess of jurisdiction” when it dismissed the case he filed against Mr. Pimentel in the 2019 elections.

The Comelec on February 13, 2019 denied the petition of Mr. Topacio to cancel the certificate of candidacy of Mr. Pimentel. The election body, sitting en banc, denied his motion for reconsideration on December 13, 2019. — Vann Marlo M. Villegas

DepEd lifts suspension on national, regional events, field trips

THE DEPARTMENT of Education (DepEd) has lifted the suspension of all national and regional activities as well as field trips and other off-campus activities starting February 24.

In a memorandum issued late Wednesday, DepEd said all its units “may already resume the conduct of national, regional, and/or off-campus activities… provided all precautionary measures identified by DepEd and DoH (Department of Health) are strictly followed.

A suspension on school-related activities involving big gatherings was imposed by DepEd last Feb. 4 to minimize the risk of the coronavirus disease 2019 (COVID-19) spread.

The latest order, however, maintains limitations on official foreign trips “subject to the latest updates and advisories on travel restrictions by concerned authorities,” reads the memo signed by Education Secretary Leonor M. Briones on Feb. 19.

Education workers and students who will go on personal trips to countries with confirmed COVID-19 cases are required to “self-quarantine for 14 days from the date of arrival in the Philippines.”

The self-quarantine period for DepEd personnel will be charged to their leave credits while students should be provided with “alternative delivery modes of education.”

DepEd also said that schools should continue to strictly implement COVID-19 preventive measures identified in earlier memos.

Nation at a Glance — (02/21/20)

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 — (02/21/20)

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