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Peso drops anew ahead of March inflation report

THE PESO declined against the dollar on Thursday, dragged by market positioning ahead of local inflation data.

The local unit ended Thursday’s session at P52.18 versus the greenback, down 10 centavos from the P52.08-per-dollar finish on Wednesday.

The peso opened the session weaker at P52.13 per dollar, sliding to as low as P52.195. On the other hand, its best showing stood at P52.01 versus the US currency.

Dollars traded grew to $1.175 billion from the $948.95 million that changed hands the previous day.

A foreign exchange trader said yesterday that the peso closed weaker following a volatile session.

“We traded all over the place. The peso started higher, then traded lower, then went up again to close near the high,” the trader said in a phone interview.

“I think the market was just really looking for direction at the moment. Tomorrow, we have the CPI (consumer price index) data, so the short positions took profit or long positions cut losses,” the trader said on Thursday.

The market expects inflation for the month of March to have eased amid lower food and rice prices. A BusinessWorld poll among economists yielded a 3.5% median forecast, which if realized would be slower than February’s 3.8% print.

The estimate also sits well within the 3.1-3.9% forecast range of the Bangko Sentral ng Pilipinas.

“Higher domestic oil prices and upward adjustment in electricity rates, provide upside price pressures to inflation for the month. These may be partly offset by lower prices of rice and other agricultural commodities due to the arrival of imports,” the central bank’s Department of Economic Research said.

“The local currency closed weaker today due to positioning ahead of likely softer Philippine inflation report which might increase dovish policy expectations,” another trader said on Thursday.

For today, the first trader said the peso will likely move between P52 and P52.30 versus the dollar, while the other projected a P52.05-P52.35 range.

“The peso might depreciate following the impact of the softer inflation report and likely firm US labor reports for March,” the second trader noted. — Karl Angelo N. Vidal

Shares decline ahead of March inflation report

By Arra B. Francia, Reporter

LOCAL SHARES dropped on Thursday as investors stayed on the sidelines ahead of the release of inflation data on Friday.

The bellwether Philippine Stock Exchange index (PSEi) fell 0.51% or 40.93 points to close at 7,854.13 yesterday, snapping its two-day ascent. The broader all-shares index likewise slipped 0.15% or 7.72 points to finish at 4,832.62.

“A while ago, the Philippine Statistics Authority revised Q4 GDP (gross domestic product) higher to 6.3% from 6.1%…and tomorrow will be the announcement of inflation rate. I think some investors are waiting for these catalysts to go back to the bullish market,” Fidelity Securities, Inc. Trader Jenesis dela Peña said in a text message on Thursday.

A BusinessWorld poll of 13 economists yielded a 3.5% median for the headline inflation rate for March. If realized, this will be slower than February’s 3.8% pace and the 4.3% rate seen in March 2018. The poll result also falls within the 3.1-3.9% estimate range given by the Bangko Sentral ng Pilipinas last week.

Inflation has so far averaged 4.1% in 2019, slightly above the central bank’s 2-4% target range for the year.

Eagle Equities, Inc. Research Head Christopher John Mangun, meanwhile, attributed the market’s performance to generally cautious investor sentiment.

“The market continues to trade sideways on low volumes. The general investor sentiment remains cautious… I expected the index to be closer to 8,000 as inflation numbers are expected to be released tomorrow, however, it did not turn out that way,” Mr. Mangun said in an e-mail on Thursday.

Four sectoral indices moved to negative territory, led by financials which plunged 1.08% or 19.01 points to close at 1,732.35. Services stumbled 0.82% or 13.21 points to 1,586.47; holding firms slumped 0.57% or 44.36 points to 7,698.36, while property dipped 0.06% or 2.59 points to 4,081.27.

In contrast, industrials climbed 0.28% or 33.61 points to 11,734.78, while mining and oil rose 0.26% or 20.58 points to 7,725.18.

Foreign investors snapped their 10-day net buying streak, recording net outflows of P243.86 million on Thursday against net purchases of P2.12 billion in the previous session.

Turnover stood at P5.91 billion after some 1.29 billion issues switched hands, lower than the previous session’s P6.45 billion. Decliners outpaced advancers, 109 to 87, while 46 names were unchanged.

The main index failed to mirror the positive performance of markets overseas, after the United States and China supposedly made progress on a trade deal. Officials said they are hopefully getting closer to a deal this week.

With this, the Dow Jones Industrial Average advanced 0.15% or 39 points to 26,218.13. The S&P 500 index gained 0.21% or 6.16 points to 2,873.40, while the Nasdaq Composite index went up 0.6% or 46.86 points to 7,895.55.

DFA: Presence of Chinese vessels off Pag-Asa ‘illegal’

THE Department of Foreign Affairs (DFA) in a statement on Thursday said “the presence of Chinese vessels near and around Pag-asa (Islands) and other maritime features in the KIG (Kalayaan Islands Group) is illegal.”

DFA described the islands group west of Palawan as “an integral part of the Philippines over which it has sovereignty, sovereign rights and jurisdiction.”

The statement read further, “Such actions (the presence of Chinese vessels) are a clear violation of Philippine sovereignty, sovereign rights and jurisdiction, as defined under international law including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).”

“Moreover, it has been observed that Chinese vessels have been present in large numbers and for sustained and recurring periods‚ what is commonly referred to as ‘swarming’ tactics‚ raising questions about their intent as well as concerns over their role in support of coercive objectives,” DFA also said.

It added: “Such actions when not repudiated by the Chinese government are deemed to have been adopted by it.”

“The presence of Chinese vessels within the KIG, whether military, fishing or other vessels, will thus continue to be the subject of appropriate action by the Philippines.”

“For the record, the Philippines has consistently manifested its position on the Pag-asa Islands and on the KIG, and its objections or concerns over illegal, tension-raising or coercive activities, through diplomatic actions, including notes, verbals, and in meetings with the Chinese side, including the Philippines-China Bilateral Consultation Mechanism (BCM).”

The DFA called on “concerned parties to desist from any action and activity that contravenes the ASEAN-China Declaration on the Conduct (DOC) of Parties in the South China Sea, as these generate tension, mistrust and uncertainty, and threatens regional peace and stability.”

It also called for “the full and effective implementation of the DOC. We cannot emphasize enough the imperative to build and promote mutual trust and confidence, to exercise self-restraint in the conduct of activities; and to avoid actions that may further complicate the situation and undermine peace, security and stability in the region.”

“The Joint Statement issued by the Philippines and China on the occasion of last year’s State Visit of President Xi Jinping to the Philippines includes an agreement by both sides to exercise self-restraint with respect to activities in the South China Sea that would complicate or escalate disputes and affect peace and stability. We call on the Chinese government to adhere to this consensus reached at the highest levels, down to its agencies and its military,” the DFA also said.

LTFRB official suspended

By Denise A. Valdez, Reporter

AN OFFICIAL of the Land Transportation Franchising and Regulatory Board (LTFRB) was suspended on Wednesday for “corruption allegations,” the Department of Transportation (DoTr) said in a statement on Thursday.

DoTr said it issued an order for the 90-day preventive suspension of lawyer and LTFRB Executive Director Samuel Aloysius M. Jardin for allegedly soliciting P4.8 million “in exchange for facilitating and granting (an) application for a Certificate of Public Convenience (CPC).”

“Along with the order… a formal charge has been filed against Jardin for grave misconduct; receiving for personal use a valuable thing in the course of official duties wherein such gift was given in the expectation of receiving favorable treatment; and conduct prejudicial to the best interest of the service,” the department said. The formal charge and order of preventive suspension against Mr. Jardin, both dated April 3, have also been provided to the media.

Mr. Jardin was also directed to submit within three days from receiving the order his verified answer to the formal charges with supporting documentary evidence.

In its statement, the LTFRB quoted its chairman, lawyer Martin B. Delgra III, as saying, “I certainly don’t condone corruption in the LTFRB, more so that I have put so much stake in having to address the issue since assumption into office in July 2016.”

When sought for comment, Mr. Jardin said in a text message the allegation is based on a “false witness,” adding that he will issue his verified answer on Friday.

Duterte to fire another official

By Arjay L. Balinbin, Reporter

MALACAÑANG on Thursday said President Rodrigo R. Duterte is set to fire another official next week.

“I-a-announce niya (The President will announce it) next week. Binanggit niya rin ‘yun kagabi (He mentioned it last night) during the meeting with some businessmen, na (that) he will be firing another official,” Presidential Spokesperson Salvador S. Panelo said in a radio interview. The Palace e-mailed the interview’s official transcript to reporters on Thursday.

In a speech in Koronadal City on March 26, Mr. Duterte said he would be firing more officials because of “corruption.”

“Lessen ang (the) corruption but I will fire more next week. Hinihintay ko lang ‘yung report nila (I am just waiting for their report),” he said.

“You give me your report and if I find it justifiable, you can stay. Pero kung may corruption (But if there is corruption), I’m sorry,” he added.

In his speech at a campaign rally in Malabon City last Tuesday, Mr. Duterte said he would also release a document regarding police officials involved in drugs.

“I will release the document tomorrow [that shows] how the policemen and officials play with drugs, why the problem has not been stopped and why the policemen assigned to the anti-drugs [units] remain with the anti-drugs [units]. Kaya pinaglalaruan ang Pilipino (They are fooling the Filipino people),” he said.

Mr. Duterte also said that as far as the “Executive department is concerned, there is less or no corruption (on my) watch.”

He said the “real concern” is at the local governments.

“Iyan, corruption. Pinakamatindi corruption sa mababa. Wala na kayong problema dito sa taas, sa Executive department, ‘yung mga Gabinete (Corruption in the local level is the most problematic. We don’t have any problem here at the Executive department, the Cabinet secretaries),” he said in his speech.

“Sundan lang ninyo ako para malaman ninyo na talagang ‘yang corruption, hintuin ko ‘yan (Just follow me, so you will see that I will really stop corruption in government),” he added.

“Ngayon, kung sabihin mo, ma-control ko ba ang corruption sa lahat, ito sasabihin ko sa’yo: ang Pilipinas is corrupt to the core (Now, if you ask if I can control corruption in all [agencies], I tell you: the Philippines is corrupt to the core),” he said further.

He said corruption happens under “many tables” at “city halls” and even “at national offices.”

“Pagka dumaan ‘yang papel diyan, pera ‘yan. Eh ilang mesa ‘yan? Business permit…,” he said. (If a paper passes through there, it means money to them. How many tables are there? Business permits, [for example]).

Families of 8 fatalities seek transfer of Dengvaxia case to family court

By Vann Marlo M. Villegas, Reporter

THE families of eight children who died allegedly due to Dengvaxia vaccination have asked the Supreme Court (SC) to allow the consolidation and transfer of their separate cases to a “family court” in Quezon City.

In their urgent petition filed Thursday, the families, assisted by the Public Attorney’s Office (PAO), claimed there will be a “high probability” of a “miscarriage of justice” if the cases will be heard in various courts in three different judicial regions.

“(M)aintaining the cases with the present various multiple courts/jurisdiction will unduly delay the proceedings as the handling prosecutors, private complainants, accused, witnesses and assisting counsels will have to run around to attend the hearings,” they said.

“This will inevitably result in postponement of trial due to unavailability of either the prosecutor, parties, counsels or witnesses,” they added.

The Department of Justice (DoJ) in February indicted former health secretary Janette P. Loreto-Garin and 19 others for reckless imprudence resulting in homicide over eight complaints in relation to deaths allegedly linked to Dengvaxia vaccination.

However, seven of the cases were filed separately: in a Metropolitan Trial Court (MeTC) in Quezon City; a Municipal Trial Court (MTC) in San Pedro, Laguna; an MTC in Balanga, Bataan; two different MeTCs in Muntinlupa City; and in an MeTC in Caloocan City where two cases were filed. One case will be filed on a later date.

The families also raised the possibility of conflicting decisions in the cases which stemmed from the same issues.

“The consolidation for trial of the instant cases will avoid the possibility of having conflicting decisions on cases of similar nature arising from the same series of events and to be proved by substantially same (pieces of) evidence,” they said.

They also said a family court has jurisdiction over the cases, claiming that as stated in Section 5(a) of the Family Courts Act of 1997, family courts have “exclusive original jurisdiction” to hear and decide criminal cases wherein one or more of the victims is a minor.

According to PAO, its forensic team has already conducted an autopsy on 129 victims whose deaths were linked to Dengvaxia.

More than 20 Dengvaxia-related complaints are still pending before the DoJ.

Lawyers’ group say ‘strikingly similar’ reports on drug-related killings not being probed by authorities

By Vann Marlo M. Villegas, Reporter

THE FREE Legal Assistance Group (FLAG) lawyers said they found “similar description of killings” in police reports they reviewed in connection with the Duterte administration’s “war on drugs” and “not much effort” is being done in investigations.

“Police documents across all 23 police operations-related killings used strikingly similar (almost verbatim) language to describe the killings,” FLAG lawyer Theodore O. Te said in a press conference Thursday.

Mr. Te is referring to their review of the 29 cases contained in the first batch of documents submitted by the Office of the Solicitor-General (OSG).

“These phrases appear almost uniformly across different Spot Reports, Incident Reports, Progress Reports, Investigation Reports, Final Investigation Reports,” he said, citing in particular the part which states how the suspect, sensing that he is being tailed, shot first at the authorities, but missed, and the police returned fire.

“Investigation into the killings leaves much to be desired. While all cases indicate that investigations are ‘ongoing,’ it appears that not much effort has been placed into identifying and arresting assailants, based on the length of the time devoted to investigating the case, which ranged from several days to several months,” Mr. Te said.

FLAG is the legal counsel for three individuals who filed a petition before the Supreme Court (SC) in 2017 seeking to halt the implementation of the Philippine National Police Command Memorandum Circular 16-2016, which executed the “war on drugs.”

They reviewed 29 cases, copy-furnished to them by the OSG, which involved a total of 37 victims.

Among the cases, only 23 occurred during police operations while six were perpetrated by unknown assailants. Only 19 of the 23 cases were committed during police buy-bust operations.

Aside from similar description of the killings, Mr. Te also said there were lapses in police procedures.

He said FLAG also found in the reports that instead of turning over the seized alleged illegal drugs to the Philippine Drug Enforcement Agency as required by law, the material were just turned over to the Crime Laboratory of the Philippine National Police (PNP) for testing.

Mr. Te also said the rule of immediate physical inventory of seized items was only followed in one of the cases reviewed.

The Supreme Court (SC) on April 2 ordered Solicitor-General Jose C. Calida to release pertinent police documents over the government’s war on drugs to petitioners questioning the constitutionality of the anti-drug campaign.

This covered the 20,322 deaths in the anti-drug campaign from July 1, 2016 to Nov. 30, 2017. Out of the 20,322 deaths, only 3,967 died in anti-drug operations.

FLAG lawyer and senatorial candidate Jose Manuel “Chel” I. Diokno said the documents in relation to the drug war “will indicate there was really compliance with the circular and they may even support our arguments that, on its face, the circular itself is void and unconstitutional.”

OSG
For its part, the OSG said that it “will faithfully abide with the Court’s directive.”

In a statement on Thursday, the OSG refuted news reports giving the impression that the office “failed” to submit to the SC records in relation to the war on drugs.

“Such reports are misleading,” it said.

“From the time it was directed by the Supreme Court during oral arguments to submit the said documents, the OSG faithfully and promptly did so. The fact that the OSG submitted the required documents was duly noted by the Supreme Court in its Resolutions dated June 15, 2018 and July 10, 2018,” it said.

“There is therefore no truth to the reports that the OSG defied the Supreme Court’s orders,” it said, adding that it also furnished FLAG and Center for International Law (CenterLaw), also a petitioner against the anti-drug campaign, with copies of all documents they named in their respective petitions.

The SC ordered the OSG in December 2017 to submit all police reports and documents connected to the war on drugs.

The OSG filed a motion for reconsideration, citing national security, but the high court denied this in April 2018.

ROGUE COPS
In another drug-related development, the PNP assured that it is taking disciplinary actions against police officers proven to be involved in illegal drugs and other crimes.

PNP Spokesperson Col. Bernard M. Banac, in a press briefing on Thursday, cited that 441 cops have been dismissed since 2016 over various cases, including drug links, as part of the cleansing campaign among the ranks.

Those dismissed were part of the 8,440 PNP personnel given disciplinary sanctions for administrative and criminal violations.

The PNP also reported that 220 police officers have been found positive for illegal drug use and 119 were charged for protecting drug suspects, possession, selling, and coddling illegal drugs.

“Nakahanda ang PNP na imbestigahan lahat ng mga pangalan ng mga aktibong pulis na mapapangalanan ng ating Pangulo (The PNP is ready to investigate all the names of active police officers who will be named by the President),” he said.

President Rodrigo R. Duterte on Tuesday said he will release a document that will reveal all the names of cops involved in the illegal drug trade. — with Vince Angelo C. Ferreras

Use of bulletproof glass panel part of protocol to protect Duterte

MALACAÑANG ON Thursday said the use of a bulletproof glass panel to protect President Rodrigo R. Duterte when he spoke at a campaign rally in Malabon City last Tuesday was simply part of security protocols, even as it noted that the chief executive has “made many powerful enemies with his war against drugs, criminality, corruption and all forms of illegality.” In a statement, Presidential Spokesperson Salvador S. Panelo said, “There is also no denying that President Rodrigo Roa Duterte is a man of the masses and has made himself accessible to the public, and will do so at every opportunity. The man could not care less about these threats.” “PRRD is, however, bound by security protocols and, whether he likes it or not, these protocols are mandatorily attached to the position he holds. It is the duty of the Presidential Security Group (PSG) to provide the highest level of security protocols, which includes putting up a bulletproof glass panel if it deems necessary at a given situation, to keep the man holding the most powerful position in the country safe,” he added. “Whether the threats are real or imagined, we take them seriously and the Palace commends the PSG for doing a good job. We also thank the overwhelming majority of Filipinos who understand the complexities involved in protecting the President’s welfare and show genuine concern on the security of PRRD.” — Arjay L. Balinbin

Paolo Duterte points to Trillanes as behind viral video

PRESIDENTIAL SON Paolo “Pulong” Z. Duterte on Thursday said opposition Senator Antonio F. Trillanes IV is the person behind the viral video that supposedly links him to the illegal drug trade. “If there’s anything admirable about Mr. Antonio Trillanes, it is his relentlessness and talent to turn the absurd into something ridiculous, if not bizarrely entertaining,” he said in a statement Mr. Trillanes was sought for comment but had yet to reply as of this posting. Mr. Duterte added: “He may deny it, but the video supposedly showing my involvement in the illegal drug trade in the country has been clearly stamped with the indelible Trillanes signature of being a desperate mercenary, one who has done nothing good but attack the government.” “I have filed cases against Mr. Trillanes for ruining my name. I will file another string of cases for his continued attempts to destroy my reputation,” he said further. Several libel cases against Mr. Trillanes are pending before the Davao Regional Trial Court. A video entitled “Ang Totoong Narco List (The Real Narco List) — Episode 1” was uploaded on Youtube last Monday wherein a certain “Bikoy” revealed that Mr. Duterte is one of the persons who receive kickbacks from a drug syndicate. He said the Presidential son has two code names: POLODELTA-TSG01 and ALPHA TIERRA-0029. — Arjay L. Balinbin

Pateros revives balut industry, promotes food tourism

PATEROS, still known as the country’s balut capital, is aiming to live up to its label by re-energizing the industry of making fertilized duck egg and possibly setting up a new duck farm. “We may have lost the duck raising industry but the balut-making here in Pateros has been continuous. And we are currently very active in the revival program of our balut industry. I believe that in a year or two, balut will be the main industry of the municipality again,” Pateros Mayor Miguel Ponce III is quoted in a statement from the Department of Tourism (DoT). A Pateros Balut sa Puti Commission will be formed to handle the revival projects for the industry while discussions are ongoing for establishing the Pateros Duck Farm. The DoT, meanwhile, is helping the town develop its food tourism sector through the promotion of dishes using balut and dark-colored ducks. The DoT is pushing for the inclusion of specialty dishes in the town’s restaurants, local eateries, and catering services. A culinary portfolio featuring the best food finds in every city and municipality in Metro Manila, with balut as the banner cuisine for Pateros, will be published by the DoT-National Capital Region (NCR) office. “Tourism is all about experience. We want the people to experience something authentic so this is it — the balut of Pateros. We want to push the promotion of balut as a community business livelihood and a culinary tourism product,” DOT-NCR Officer-In-Charge Cathy Agustin said. There are still about 20 balut-makers in Pateros and the local government, with the Department of Science and Technology, introduced this year the incubator technology that will improve the yield of the traditional balut making process.

Seaweed farmers in Cebu ready to deal with dry spell

SEAWEED FARMERS in Cebu are prepared to deal with the prevailing dry spell given past experience with extreme weather conditions, according to Seaweed Industry Association of the Philippines (SIAP) Chairman Maximo A. Ricohermoso. In an interview, Mr Ricohermoso said while the quality of seaweed output could be affected by the mild-drought, the industry has already developed techniques to minimize the impact. The weak El Niño episode, which is expected to last until June, has affected about 300 hectares of seaweed farms in the northern part of Cebu, particularly in Bantayan. The Cebu provincial government said the damage is estimated at P28 million. A state of calamity has been declared in the province and affected seaweed farmers are among those that will receive assistance through the local emergency fund. Mr. Ricohermoso is confident that farmers can cope with the crisis, saying this kind of minor calamity is part of a seaweed farming cycle. He also said that demand for seaweed, or refined and semi-refined carrageenan, from the world market continues to increase. “The demand now is good, as well as the price,” he said. — The Freeman

Walk-in scanners to be installed at Davao City entry points

WALK-IN SCANNERS will be installed at Davao City’s entry points in Sirawan and Lasang before the start of the Holy Week on April 14 for a speedy checking of vehicles and passengers, Task Force Davao (TF Davao) Deputy Commander Randolph G. Cabangbang announced. “Sometimes, aabot hanggang Panabo ang traffic (the traffic congestion goes all the way to Panabo City) because we inspect baggages and vehicles manually. If we can have walk in scanners, I think we could lessen the time of checking,” Mr. Cabangbang said. He noted that an average of 1,500 public utility vehicles pass through these two entrypoints in the city’s northeastern side. Private vehicles are subjected to a visual search by asking the driver and passengers to roll down their windows. “Unless you have probable cause like covering something at the back, there we conduct further search,” he said. — Maya M. Padillo

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