Day: June 23, 2023

Philippine shares slipped anew on Friday due to hawkish signals from Federal Reserve officials who raised the possibility of more hikes in the Fed rates, even as the peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.18 percent, or 11.36 points, to 6,393.55 points. All Shares followed with a drop of 0.09 percent, or 2.94 points, to 3,414.75 points. Half of the sectoral indices also finished the week down, namely Holding Firms, 0.43 percent; Industrial, 0.37 percent; and Financials, 0.15 percent. On the other hand, Mining and Oil rose by 0.78 percent, Property by 0.59 percent, and Services by 0.25 percent. Volume reached 537.03 million shares amounting to PHP3.32 billion. Advancers led decliners at 103 to 89 while 41 shares were unchanged. ‘Philippines shares were sold on news as investors digested further the implications of the recent statements of the Fed (Federal Reserve), ‘Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said. This, after Fed officials indicated the possibility of additional hikes in the Fed’s key rates despite a pause earlier this month, as inflation continues to remain elevated. Relatively, the peso weakened against the US dollar and closed the week at 55.77 from its 55.62 finish on Thursday. It opened the day sideways at 55.6 and traded between 55.775 and 55.55. Average level for the day stood at 55.645. Volume reached USD1.06 billion, up from the previous session’s USD 767.4 million. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the peso’s performance to correction due partly to strengthening of the US dollar, indications for a possible cut in the Bangko Sentral ng Pilipinas’ (BSP) key rates if inflation decelerates further down to 3 percent level, and the hawkish signals from Federal Reserve officials. He said the peso-US dollar exchange rate went down slightly for the second consecutive week by 0.2 percent. For next week, the currency pair is seen to trade between 55.45-55.95 while the range for Monday is expected between 55.65-55.85.

Source: Philippines News Agency

Iloilo City Mayor Jerry Treñas is at loggerheads with Vice Mayor El Cid Familiaran here, after declaring the latter as persona non grata for supposedly making his city a dumping ground of Badjaos from Bacolod. ‘As the chief executive of Iloilo City, I abhor this kind of behavior. He should be accountable (for) his actions. Therefore, I am declaring Vice Mayor El Cid Familiaran persona non grata effective immediately. An executive order (EO) will be issued,’ Treñas said in a statement Friday noon. Later in the afternoon, Treñas signed EO 83, stating that Familiaran be declared ‘undesirable and unwelcome in the City of Iloilo for his role in the uncoordinated and poorly planned transfer of the Badjaos to their respective domiciles’. ‘As the prime duty of the government to serve and protect the people, and maintain peace an order, VM Familiaran facilitated for the Badjaos to be sent in their hometowns and ‘stop loitering around and leave the city [Bacolod City] which led to 80 Badjaos arriving in Dumangas Port which are not residents of the metro,’ he said. ‘Although we do not discriminate, I strongly abhor the act of the vice mayor to order their transfer in the metro due to the lack of coordination and communication,’ he added. On Wednesday night, 84 Badjaos traveled from Bredco port in Bacolod on board a roll-on, roll-off vessel bound for the port of Dumangas, Iloilo. They were sent off by personnel of the Department of Social Services and Development and officials of various barangays here back home to Mindanao via Panay Island, but it turned out they proceeded to Iloilo City and stayed there instead. In a statement, Treñas said he is ‘very disappointed for the lack of proper coordination on the part of Familiaran regarding this matter’. ‘As a leader himself, he is expected to observe proper measures as a sign of respect to other local government units,’ he added. Aside from the statement he posted on social media, the Iloilo City mayor was also quoted by the Iloilo media as saying, ‘I cannot think of how stupid a local government can become, they must resolve this issue themselves. The stupidity of a government official is shown by his actions. I cannot imagine how stupid these officials have become’. On Friday morning, Familiaran, who sits as acting mayor since Mayor Alfredo Abelardo Benitez is out of the country, already apologized to Treñas for what happened when the Badjaos arrived in Iloilo. However, the vice mayor later reacted to the subsequent statement of Treñas. ‘I have high respect for Mayor Treñas, but I lost (that respect). Respect begets respect,’ Familiaran said, adding that the mayor could have investigated first before jumping the gun on blaming him for what happened. Familiaran told reporters here the destination of the vessel boarded by the Badjaos was not Iloilo City therefore, Bacolod is not dumping them there. ‘They promised to go home. It’s not our intention that these individuals will proceed to Iloilo City. They docked in Dumangas port and we expected them to go home directly to their homeland in Mindanao,’ he added. In recent weeks, Badjaos, both adults and children, came to this city anew, causing concerns as they were roaming and begging for alms on the streets.

Source: Philippines News Agency

The Municipal Council of Hamtic on Thursday placed their town under a state of calamity due to confirmed African swine fever (ASF) cases. Antique Provincial Veterinary (ProVet) office head of the Public Health Division Dr. Marco Rafael Ardamil said in an interview Friday that the declaration was made after they received the confirmation of ASF from the Department of Agriculture-Regional Animal Disease Diagnostic Laboratory (DA-RADDL). He said that he still has no information as to how much will be the calamity fund to be allocated to assist the hog raisers, but that these will be in the form of indemnification since the ProVet and Municipal Agriculture Office (MAO) has started the depopulation of 30 infected hogs at the University of Antique (UA) in Hamtic. UA Hamtic, which is in Barangay Guintas, is offering college courses majoring in Animal Science and Crop Science which is why it had been raising around 100 hogs as part of the students’ lessons. ‘We depopulated the 30 remaining hogs of UA Hamtic using electric stunner,’ Ardamil said. He said they are also requesting the Department of Agriculture (DA) Regional Office 6 for additional manpower and test kits as they also need to depopulate in the other barangays that have ASF cases. DA Regional Executive Director Jose Albert Barrogo, who was asked about the request of the ProVet, said that they are now coordinating for the test kits. ‘We have 63 units of test kits set to be delivered to the DA Regional Office and some of it will be given to Antique,’ he said. Barrogo said that they are also providing technical assistance to Antique, particularly to the Hamtic LGU, which is doing its best to contain the virus. The DA official said that with the confirmed ASF cases in Hamtic, Antique, all six provinces in Western Visayas have now been penetrated by the virus. Meanwhile, Hamtic Municipal Agriculture Officer Isidro Ramos said that as of June 21 there are already 1,787 hog mortalities in the 28 barangays of the municipality. He also said that the total damage incurred due to hog mortality is PHP16,977,500 as reported by the 362 affected hog raisers. He said that together with the ProVet and the augmented personnel from DA, they will conduct a test and destroy scheme where the healthy hogs will be separated from the infected ones so these could still be slaughtered and sold within the barangay. ‘We need additional test kits because of the test and destroy scheme that we will implement,’ he said.

Source: Philippines News Agency

Fresh guidelines, like relaxing rules on bail and improved access to counsels of persons deprived of liberty (PDL) are among the solutions initiated to address the congestion of the country’s jails, a senior official said Friday. Newly completed facilities in Quezon City and Taguig City and in Marawi City, Lanao del Sur are likewise expected to alleviate the situation, Bureau of Jail Management and Penology (BJMP) spokesperson Chief Insp. Jayrex Joseph Bustinera said during the Laging Handa press briefing. The BJMP runs 478 jails nationwide, mostly housing PDLs who have cases pending before the courts. “(P)inipilit din po ng BJMP na matapos na mga project para malipatan na po at makapag-contribute sa decongestion [program] natin (The BJMP is working overtime to complete projects so it can be occupied and contribute to addressing the decongestion problem in jails),” Bustinera said. In the case of the Quezon City jail in Payatas which is projected to house up to 6,000 inmates, the BJMP said the Covid-19 pandemic converted it into a temporary medical facility but it is now in the final stages of completion, including installation of perimeter fences. Similarly, the Metro Manila District Jail in Camp Bagong Diwa, Taguig City has been completed. Bustinera said that for the Marawi jail, the Maute rebellion six years ago temporarily stalled its use and turnover. As per the Department of Justice order, he said provisional liberty may be granted by posting bail even before a trial starts. There are paralegal officers who can assist the Public Attorney’s Office for bail reduction or processing involving certain cases. ‘Para sila po ay makalaya kahit nililitis pa ang kanilang kaso (So they may be set free while their cases remain pending),” Bustinero said. He said the BJMP lauds the continuation of the government’s grassroots campaign against illegal drug use, pointing out that up to 70 percent of PDLs face drug-related charges.

Source: Philippines News Agency