Gasoline, diesel prices higher again this week

July 1, 2019 | 9:28 pm

FUEL PRICES are up for the third straight week as oil companies announced rate hikes for gasoline, diesel and kerosene effective 6 a.m. of July 2.

Gasoline prices will increase by P1.20 per liter (/L), diesel by P0.95/L, and kerosene by P1.00/L.

Data from the Department of Energy showed that prior to the announced price hikes today, the net increase of year-to-date oil price adjustments was at P3.70/L for gasoline, P2.75/L for diesel and P1.10/L for kerosene. — Denise A. Valdez

Nationwide round-up

July 1, 2019 | 9:28 pm

PNP ready to arrest those who want to impeach Duterte

PHILIPPINE NATIONAL Police (PNP) chief Gen. Oscar D. Albayalde said they are ready to arrest people who want to impeach the President if found that they have violated the law. “Well, of course kung talagang ipag-utos ng Presidente at may nakita naman tayong (if it will be ordered by the President and when we see a) violation of the law, why not?,” he said at a press briefing at Camp Crame on Monday. Last week, President Rodrigo R. Duterte “warned” that those who want him to be impeached will be arrested. Mr. Albayalde, however, clarified that there should be an investigation first before they could arrest anyone. — Vince Angelo C. Ferreras

Moot and academic: SC junks petition on election source code

THE SUPREME Court (SC) has dismissed the 2013 petition of Senator Richard J. Gordon and Bagumbayan-VPN Movement, Inc. asking the court to compel the Commission on Elections (Comelec) to release for review the source code for the automated election. In a press release, the SC said the dismissal is based on the petition being moot and academic. The high court cited that the Comelec promulgated Resolution No. 10423 in September 2018, which modified the qualifications for source code review of interested parties. “As this Resolution No. 10423 governs the conduct of the [2019] elections and any automated election from here on unless it, itself, is superseded by another, the cause of action of the petitioners has ceased to exist,” the court ruled in a decision dated April 10. The petitioners claimed in their May 3, 2013 petition, 10 days before the 2013 elections, that Comelec failed to comply with Section 14 of Republic Act No. 8436 (Election Modernization Act), which requires the commission to allow political parties and candidates, or citizen’s arm to conduct a review of source codes. The SC also dismissed for “utter lack of merit” the indirect contempt charge filed by Mr. Gordon against former Comelec chairman Sixto S. Brillantes, Jr. for allegedly failing to comply with his commitments to the court during the oral arguments held May 8, 2013 to make the source code available for review and to grant more time to parties to comply with the requirements. — Vann Marlo M. Villegas

New Baguio mayor vows environmental protection as one of priorities as city gov’t appeals to residents to manage waste following Irisan dumpsite closure

July 1, 2019 | 9:26 pm

THE LOCAL government of Baguio issued an appeal to households and businesses “to find ways to manage their biodegradable wastes” following the cease and desist order (CDO) against the operation of the city’s Irisan open dumpsite. “We are requesting our residents to find ways to manage their biodegradable wastes by way of composting if there is space, if none we have to collect. We are asking the cooperation of our citizenry most specially our businessmen in the market to help reduce or manage their bio wastes,” Eugene Buyucan, head of the General Services Office (CSO), is quoted in a post on the city government’s official Facebook page. “We are hoping that the closure will be lifted as soon as possible so that we will be back to normal collection,” he added. The 5.2-hectare dumpsite, which was already ordered closed by the National Solid Waste Management Commission in 2012, was issued a CDO following a visit to the site last week by Undersecretary Benny D. Antiporda of the Department of Environment and Natural Resources (DENR). Mr. Antiporda said the order will be in effect pending the local government’s explanation of non-compliance to the closure order and the submission of a Safe Closure and Rehabilitation Plan as required under Republic Act No. 9003, the Ecological Solid Waste Management Act of 2000. Meanwhile, newly-elected Mayor Benjamin B. Magalong, in his speech during his oath-taking ceremony Sunday, listed “Revitalizing the environment” as the number two priority of his three-year administration. Among Mr. Magalong’s marching orders were: “For CEPMO (City Environment and Parks Management Office) and GSO, in coordination with DENR, to immediately undertake inspection of establishments and other structures to ensure compliance with environmental laws and ordinances. Violators will be dealt with accordingly.” The new mayor, a retired police general, called on all sectors to help achieve a “better Baguio.” He said, “Together, we can and we will efficiently and effectively govern Baguio with a breath of fresh air.”

Hearing on PECO-MORE Power expropriation case resumes July 2

July 1, 2019 | 9:25 pm

HEARING RESUMES Tuesday, July 2, on the expropriation case filed by MORE Electric and Power Co. (MORE Power) for Panay Electric Co. Inc.’s (PECO) assets. Iloilo City Regional Trial Court (RTC) Branch 37 Pairing Judge Victor E. Gelvezon scheduled the continuation of the hearing after denying on June 28 the motion of MORE Power to cease the hearing and decide on its application for a writ of possession (WOP) against PECO’s power distribution assets. PECO’s lead counsel Estrella C. Elamparo, in an interview, questioned MORE Power’s move saying that the power firm has no testimonial and documentary evidence to support its application. “Gusto nila wala na sila dokumentong isa-submit at ipapamarkahan (What they want is to do away with the submission and marking of documents)… because, for one, they don’t have testimonial evidence and no single documentary evidence,” Ms. Elamparo said. Among the documents required by the court for MORE Power to submit is the updated assessed total value of PECO’s distribution assets from the city treasurer’s office. Ms. Elamparo said no matter the outcome of the case, they are prepared for succeeding legal actions. MORE Power filed an expropriation case to acquire PECO’s assets after securing its congressional franchise through Republic Act No. 11212. PECO, whose franchise expired in January, continues to operate based on a provisional license issued by the Energy Regulatory Commission. — Emme Rose S. Santiagudo

Convicted Korean arrested at NAIA

July 1, 2019 | 9:25 pm

THE BUREAU of Immigration (BI) intercepted a South Korean national wanted for economic crimes in his country upon his arrival at the Ninoy Aquino International Airport (NAIA). Port Operations Division Chief Grifton SP. Medina identified the Korean as Chung Chan Ik, 63, who was nabbed hours after he arrived from Tokyo. Mr. Medina said the Korean was recently convicted for high tech and intellectual property crimes. “It appears that he fled to Japan after he was convicted and intended to hide in the Philippines afterwards,” he said. Lawyer Rommel Tacorda, head of BI’s border control and intelligence unit, said Mr. Chung’s offenses “ranged from embezzlement and breach of trust in the conduct of business and falsifying information in a public document.” — Vann Marlo M. Villegas

‘Bad faith’: DILG says ex-mayor Osmeña could face graft charges for stripping bare his office

July 1, 2019 | 9:24 pm

DEPARTMENT OF Interior and Local Government (DILG) Undersecretary Jonathan E. Malaya said former Cebu City Mayor Tomas R. Osmeña could be sanctioned for violating Republic Act 3019, Anti-Graft and Corrupt Practices Act, for stripping bare his office as his term ended last Friday. “The DILG will investigate the reported act of former Cebu Mayor Osmeña of stripping the Mayor’s office of everything from ceiling to floor tiles rendering it unusable and completely bare,” Mr. Malaya said in a text message to BusinessWorld on Monday, July 1. “But the act of even removing what are considered immovable objects like ceiling, walls, and the tiles is already bad faith because it renders the office, which is government property, as unusable by his successor and therefore affects the delivery of public service to the people of Cebu City,” he said. “What the mayor should have done was to file a claim for indemnification for all the immovable improvements he introduced to the office so that he can be reimbursed for the cost,” he added. The new mayor, Edgardo C. Labella, has said that he wants to hold office at the ground floor of the city hall and not at Mr. Osmeña’s former office on the 8^th floor. Mr. Labella, however, said the former mayor’s office could have been preserved and used as a lounge for VIP guests. — Vince Angelo C. Ferreras with a report from The Freeman

PNP says suspected suicide bombers in Sulu blast likely to be Filipinos

July 1, 2019 | 9:22 pm

PHILIPPINE NATIONAL Police chief Gen. Oscar D. Albayalde said the two alleged suicide bombers in last Friday’s explosion at a military camp in Sulu, which left eight dead and 22 injured, are likely to be Filipinos. “Ang alam lang natin (What we know is) even the Armed Forces of the Philippines ay identified itong mga taong ito (have identified these people) and they are not foreign nationals,” said Mr. Albayalde in a press briefing at Camp Crame on Monday. He said the investigation is still ongoing. For his part, Defense Secretary Delfin N. Lorenzana said the imposition of martial law in the entire Mindanao may not exactly be the solution to the continued security problems in parts of the southern islands. “Martial law actually is not the solution to all these, because anybody can just go anywhere, because we have not controlled the movement of the people in Mindanao, they can basically go anywhere you want without any checkpoints… we just have checkpoints in areas that are dangerous, from one island to another,” Mr. Lorenzana said. — Vince Angelo C. Ferreras

Zamboanga City to convert dumpsite to eco-park, solar energy farm

July 1, 2019 | 9:22 pm

THE ZAMBOANGA City government is planning to convert the 4.6 hectare former Lumbangan dumpsite into an ecological park with waste recycling facilities and a solar energy farm. In a statement released last week, Gerry R. Pollisco of the Office of City Environment and Natural Resources (OCENR) said post closure activities being undertaken by the City Engineer’s Office at the dumpsite, which ceased operation in 2015 with the opening of the Pasobolong sanitary landfill, is now almost 90% complete. Mr. Pollisco explained that the waste recycling facilities at the planned eco-park will help prolong the lifespan of the sanitary landfill. The park is also being considered for use as an input source for waste-to-energy facilities that will be open to private investors. Based on OCENR’s waste characterization survey, plastics compose 39% of the total waste disposed at the sanitary landfill while 61% is biodegradable waste.

Nation at a Glance — (07/02/19)

July 1, 2019 | 9:20 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Peso hits new one-year high on US-China truce

July 1, 2019 | 9:00 pm

THE PESO strengthened further against the dollar to hit a fresh one-year high amid market optimism driven by positive developments in US-China trade relations.

The local unit closed at P51.05 versus the greenback on Monday, 19 centavos higher than its P51.24-per-dollar finish last Friday.

This was the peso’s best showing in more than a year or since it closed at P50.84 against the dollar on Jan. 26, 2018.

The peso opened Monday’s session at P51.23 per dollar. Its intraday high stood at P51.045 versus the greenback, while its worst showing for the day was at P51.285.

Trading volume climbed to $870.2 million from the $726.79 million that changed hands in the previous session.

“The peso strengthened sharply from optimism after both the US and China agreed to resume trade negotiations during the G20 summit over the weekend,” a trader said in an e-mail.

On the sidelines of the G20 summit in Osaka, Japan on Saturday, US President Donald J. Trump and Chinese President Xi Jinping agreed to resume trade talks after weeks of hurling tariffs against each other’s imports.

Washington said it will cancel a planned 25% tariff on $300 billion worth of Chinese imports and will ease restrictions on American companies to sell to Chinese telecom giant Huawei Technologies Co. Ltd.

Another trader said developments in US-China trade relations triggered an increase in the market’s risk appetite.

“We saw generally stronger peso throughout the day despite dollar’s strength against other currencies such as euro, pound and yen,” the trader added.

The trader also noted that the local unit strengthened further to breaking the resistance level of P51.10 following the remarks of Socioeconomic Planning Secretary Ernesto M. Pernia on the government’s optimistic outlook on the economy.

For today, the first trader expects the peso to trade between P50.95 and P51.15, while the other gave a P51-P51.20 range.

“However, the local currency might weaken on expectations of upbeat US manufacturing data overnight,” the first trader noted.

The trade truce between the United States and China prompted a relief rally among most other Asian currencies on Monday, with the Chinese yuan and Thai baht leading the gains.

“Investors (have) heaved a massive, but exhausted, sigh of relief that both the US and China opted to push the reset button and restart trade negotiations amidst other pleasantries — now we’ll have to see, whether it all sticks,” Stephen Innes, managing partner at Vanguard Markets Pte Ltd said.

The last major round of Sino-US trade talks collapsed in May, rattling financial markets and renewing concerns the standoff between the two biggest economies could trigger a global recession.

The weekend trade truce sent the yuan to its highest level since June 21.

The relief in markets following the weekend Trump-Xi meeting was underscored by the broadening global impact of the Sino-US trade war.

Private surveys showed factory activity in South Korea and China shrinking, hurt by slowing global trade. — KANV with Reuters

PSEi up as US, China resume trade negotiations

July 1, 2019 | 9:00 pm

By Arra B. Francia, Senior Reporter

LOCAL SHARES climbed on Monday on the back of the resumption of trade negotiations between the United States and China.

The 30-member Philippine Stock Exchange index (PSEi) firmed up 0.55% or 44 points to close at 8,043.71, once again pushing past the 8,000 mark. The broader all-shares index likewise rose 0.44% or 21.87 points to 4,915.65.

“Investors breathed a momentary sigh of relief with trade talks resuming and the Huawei sanction partially lifted. The local ended the session with a lot of hopes that the G20 summit over the weekend will restart the trade talk between China and US,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

US President Donald J. Trump reportedly said his meeting with Chinese President Xi Jinping was “better than expected.” Mr. Trump has agreed not to impose new tariffs on $300 billion worth of Chinese goods for the time being, while also allowing US firms to sell products from tech giant Huawei as long as they do not threaten US national security.

Mr. Trump also said that China has agreed to buy large amounts of US agricultural products to reduce the trade imbalance.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez, meanwhile, noted that the PSEi’s reaction to the G20 Summit was “positive yet muted,” saying that investors should look at how Wall Street performs overnight.

“Issue to watch out for this time would be how US markets react to the G20 developments as they open tonight — more so that the Dow and S&P 500 futures are currently up by around 1.2%,” Mr. Perez said in an e-mail on Monday.

Last Friday, the Dow Jones Industrial Average was up 0.28% or 73.38 points to 26,599.96. The S&P 500 index rallied 0.58% or 16.84 points to 2,941.76, while the Nasdaq Composite index edged higher by 0.48% or 38.49 points to 8,006.24.

Back home, the services counter was the lone one in the red, dropping 0.67% or 11.56 points to close at 1,699.73.

The rest went up, led by property which jumped 1.67% or 71.76 points to 4,345.53. Mining and oil advanced 0.86% or 65.56 points to 7,656.77; holding firms gained 0.43% or 33.72 points to 7,736.73; industrials was up 0.36% or 42.82 points to 11,744.57; while financials added 0.03% or 0.67 point to 1,720.75.

Some 1.24 billion issues valued at P5.31 billion switched hands, significantly lower than the previous session’s P19.56-billion turnover.

Decliners outpaced advancers by a hair, 99 to 98, while 57 names were unchanged.

Foreign investors remained in net selling mode for the fifth straight session at P234.13 million, although dropping from Friday’s P6.38 billion.

Argentina hands Gilas Youth 2nd defeat at U-19 World Cup

July 1, 2019 | 8:18 pm

By Michael Angelo S. Murillo
Senior Reporter

GILAS Pilipinas Youth slumped to its second defeat at the FIBA Basketball Under-19 World Cup, bowing to Argentina, 77-72, early Monday morning (Manila time) at the Herklion University Sports Hall in Greece.

Playing sans injured big man AJ Edu for the first time, the Philippine national youth team fought gallantly once again but just could not take it all the way to absorb another loss in the tournament and remain winless in Group C.

The 6’10” Edu, one of the main defensive catalysts of Gilas Youth, suffered a torn anterior cruciate ligament (ACL) and meniscal tear on his right knee in their World Cup debut against host Greece on Sunday, which ruled him out for the remainder of the tournament.

Filipino-Nigerian Edu got injured just two minutes into the contest.

Against Argentina, the Sandy Arespacochaga-coach Philippine team did a good job staying in the game, led by Dave Ildefonso and Kai Sotto.

Gilas Youth made a serious late surge in the game and tried to snatch the victory but Argentina was able to survive it to book its second straight win.

Marco Giordano paced the Argentines with 18 points, followed by Francisco Farabello and Lucas Reyes with 15 points apiece.

For the Philippines, Ildefonso had a double-double of 22 points and 10 rebounds.

Sotto had 17 points, eight rebounds and six blocks with Gerry Abadiano and James Spencer adding nine points apiece.

The loss left the Philippines as the only winless team in its grouping with Argentina (2-0) on top and Russia and Greece following with 1-1 records.

Gilas Youth plays Russia on July 3 where it will try to come up with a win to have something to build on entering the next round.

Tournament format calls for the 16 participating teams playing against all other teams in its own group — a total of three games for each team.

All teams qualify for the Round of 16, where they will cross between Groups A and B and C and D. The winners of the Round of 16 games advance to the quarterfinals, while the losers move on to the Classification Games for Places 9-16.

In other groups are Senegal, the US, New Zealand and Lithuania (Group A); Mali, Australia, Canada and Latvia (Group B); and China, Puerto Rico, France and Serbia (Group D).