PH stocks index ends in the red as peso recovers

The local bourse’s main index reversed its course and fell on Thursday ahead of the Bangko Sentral ng Pilipinas’ (BSP) rate decision announcement but the peso gained to a greenback due to correction. After a two-day rally, the Philippine Stock Exchange index (PSEi) shed 0.10 percent, or 6.47 points, to 6,628.64 points. On the other hand, All Shares managed to keep its footing after rising by 0.02 percent, or 0.8 points, to 3,534.64 points. Most of the sectoral indices also ended with gains, namely Mining and Oil, 1.03 percent; Industrial, 0.43 percent; Property 0.22 percent; Services, 0.08 percent; and Financials, 0.04 percent. Holding Firms, on the other hand, declined by 0.67 percent. Volume reached 729.91 million shares amounting to PHP3.96 billion. Advancers led decliners at 90 to 81 while 61 shares were unchanged. Luis Limlingan, Regina Capital Development Corporation (RCDC), head of sales, attributed the PSEi’s drop to profit taking after the index’s rise in the past two days. Trading in the local bourse ended just before BSP announced the decision of its policy-making Monetary Board (MB) to keep the key rates steady due partly to the deceleration in domestic inflation rate. Days before the rate setting meeting, Finance Secretary Benjamin Diokno, who sits in the seven-man MB, and BSP Governor and concurrent MB Chairman Felipe Medalla hinted of a possible pause in the central bank’s key rates. The pause was made after nine consecutive rate hikes, totalling to 425 basis points, since May 2022. ‘(It was) more of a non-event since the consensus was no rate hike,’ Limlingan told the Philippine News Agency when asked if the BSP rate decision was among the factors during the day’s equities trading. He said any future rate decision is projected to lean on latest inflation developments. Oil prices, in turn, rose ‘as US debt ceiling negotiations outweighed worries about abundant supply.’ Brent crude oil futures increased by 2.7 percent to USD76.96 per barrel and the West Texas Intermediate (WTI) by 2.8 percent to USD72.93 per barrel. On the other hand, the peso gained to a US dollar after it ended the day at 55.87 from 56.2 a day ago. It opened the trade at 56.05 and ranged between 56.05 and 55.86. Average level for the day stood at 55.967. Volume went down to USD1.23 billion from the previous session’s USD1.64 billion. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso’s outturn to the widely expected BSP rate decision and to Medalla’s statement of the possible cut in bank’s reserve requirement ratio (RRR) by June this year He said investors’ sentiments globally were also supported by statements made by US President Joe Biden before his departure for Japan that a deal on US’ debt ceiling will likely be reached. For Friday, Ricafort eyes the peso to trade between 55.80-56.00 against the US dollar.

Source: Philippines News Agency

44 ex-NPA rebels in Davao City turned over to security sector

The Peace 911 has turned over 44 former members of the communist New People’s Army (NPA) in Paquibato district to the security sector during its recent 5th-anniversary celebration in Barangay Paquibato Proper here. In a statement Thursday, Maj. Gen. Jose Eriel Niembra, the Army’s 10th Infantry Division (10ID) commander, thanked Davao City’s Peace 911 for being “one of the most effective tools” to destroy insurgency. Niembra noted that the local peace initiative has also led to the declaration of the Davao Region, particularly this city, as insurgency-free. The security sector, composed of the Davao City Police Office and the 10ID under the Eastern Mindanao Command, received the former rebels on Tuesday. ‘The 10ID shares its victory and accomplishments with the Davao City Peace 911 for benchmarking such innovative and inclusive approach to nation-building through exemplary peace programs and initiatives resonating throughout the region,’ Niembra said. Meanwhile, Mayor Sebastian Duterte assured that the city government would take care of the former rebels’ livelihood and daily needs as they transition to mainstream society. ‘We are delighted to celebrate the success of the Peace 911 presentation and mass surrender event. This initiative demonstrates our strong commitment to fostering peace, unity, and progress in our communities,” Duterte said. Lawyer Jonah Presto, Peace 911 focal person, said an opportunity to become peace builders has been given to the former rebels to help sustain the peace and development in the city.

Source: Philippines News Agency

PH, US expand air transport bilateral partnership

The Philippines and the United States will expand air transport connectivity and modernize the two countries’ bilateral aviation partnership, according to the Department of Transportation (DOTr). In a news release Thursday, the DOTr said during the PH-US bilateral meeting on the sidelines of the 11th Asia Pacific Economic Cooperation (APEC) Transportation Ministerial Meeting on May 16 in Detroit, Michigan, the Philippines and the US discussed mutual interest to promote air transport and expand cooperation in the aviation sector. The Philippine delegation shared with their counterparts the current priorities in the aviation sector, particularly in the areas of civil aviation master planning, air traffic management, uptake of sustainable aviation fuels, and modernization of aviation infrastructure and operations. Other ongoing initiatives on maritime, road, and rail transport were also discussed. Officials of the DOTr highlighted the country’s efforts towards modernizing the transport network systems, anchored on the principles of sustainability, resiliency and green mobility. The two countries also signed the Record of Discussion (ROD) concerning the development of air transport policy and regulation, which expresses the general intention and common goal of both parties towards enhanced cooperation and understanding in the field of air transportation. With the signing of the ROD, the Civil Aeronautics Board, an attached agency of the DOTr, will work closely with the US Department of Transportation (DOT) to promote greater cooperation and discuss issues of mutual interest and concern related to aviation policy and regulation. The MOU was signed by the DOTr Undersecretary Elmer Francisco Sarmiento and US DOT Assistant Secretary for Aviation and International Affairs Annie Petsonk. The signing of the ROD establishing a technical aviation dialogue is an offshoot of the recent visit of President Ferdinand R. Marcos Jr. to Washington D.C.

Source: Philippines News Agency

P120-M coco processing plant in MisOr to generate 500 jobs

At least 500 jobs are expected to be generated by the anticipated construction of a PHP120 million coconut processing plant in Balingasag town, Misamis Oriental province. In a statement on Thursday, Provincial Board Member Erik Khu said the First Integrated Community Cooperative (FICCO) first presented the project two years ago, noting that it is the right time to make feasibility assessments this year. “FICCO can afford to buy it at PHP15 per kilo, considering that they can process eight by-products out of one fruit-bearing coconut tree,” he said. In its report, FICCO said it approved the project funding to buy a piece of equipment that would be housed in an eight-hectare area in Barangay San Isidro, Balingasag. According to its projection, the facility should initially open on July 8. The processing plant can produce long and short coconut fibers, coco peat, activated carbon and powder for briquettes from its shell, while the fruit and juice from coconuts can produce coco meat, starch, and oil. On May 24, Khu said FICCO, in cooperation with the Balingasag municipal government and the provincial labor and employment office, would hold a job fair exclusive for coconut farmers for the processing plant. He said every village in the town would have a quota of 7,500 coconut trees to hit the target of 60,000 coco drupes daily. FICCO also had a memorandum of understanding with Del Monte Philippines Inc. located in Bugo village here as the buyer of suitable coconuts for tetra-packed ‘buko’ juice that would soon be sold in the market.

Source: Philippines News Agency

3 Cebu gov’t-run hospitals cited as ‘hall of famers’

Three provincial government-run hospitals here have been cited as ‘Hall of Famers’ for consistently showcasing significant improvement in serving the Cebuano people. Dr. Mary Jean Loreche, head of the Cebu provincial hospital monitoring program’s evaluation team, said on Thursday that the three hospitals – the Carcar City Provincial Hospital, Balamban Provincial Hospital, and Ricardo L. Maningo Memorial Hospital in San Francisco, Camotes Island – bested 13 other hospitals run by the provincial capitol. The three hospitals have been able to maintain their perfect rating of 5.0 in their significant improvements, Loreche said. The evaluation team, she said, has assessed four provincial hospitals and 12 district hospitals based on management and leadership, client satisfaction, processes and systems, infrastructure, and economic enterprise, among others. ‘Governor Gwen (Gwendolyn) Garcia’s hospital monitoring initiative proved to be a success, with the notable vast improvements in the second round of the evaluation,’ she said. Garcia’s initiative came after they noted some negative comments against provincial and district hospitals, such as cracked floors, unorganized emergency rooms, and subpar meals. Dr. Olivia Dandan, head of the Balamban Hospital, said their excellent ranking has allowed them to apply for accreditation as a Level 2 health facility. As a Level 1 hospital, Balamban can provide emergency care and treatment, general administrative and ancillary services, primary care of prevalent diseases in the locality, and clinical services, such as general medicine, pediatrics, obstetrics and non-surgical gynecology, and minor surgery. Once it becomes a Level 2 hospital, it will have additional facilities, such as an intensive care unit for critically ill patients and specialist doctors for gynecology and pediatric services. ‘The province of Cebu has one of the best health care systems in place,’ Loreche said, citing their impressive improvements throughout the monitoring and evaluation program.

Source: Philippines News Agency

Australia announces fresh P3.3-B ODA for PH

The Australian government is allocating AUD89.9 million or approximately PHP3.32 billion worth of official development assistance (ODA) to the Philippines for 2023 to 2024, the Department of Foreign Affairs (DFA) said Thursday. The announcement was made on the sidelines of the bilateral meeting between visiting Australian Foreign Minister Penny Wong and DFA Secretary Enrique Manalo in Makati City on May 18. The funding will support programs, specifically on inclusive economic growth, education, training and scholarships, disaster and climate resilience, and peace and stability in Mindanao. The DFA said this is in addition to Canberra’s AUD10.95 million or around PHP405 million commitment to help the country establish a new immunization information, and strengthened laboratory network and surveillance systems during health emergencies like the coronavirus pandemic. From 2022 to 2023, the Australian Embassy said the Philippines has received an estimated PHP3.1 billion in ODA, a huge chunk of which went directly to peace-building in Mindanao. Apart from development cooperation, Wong and Manalo took note of ongoing cooperation in the areas of defense, maritime, counter-terrorism, law and justice, science and innovation, disaster risk reduction, education and training cooperation, and people-to-people exchanges, among others. Manalo and Wong also agreed to enhance trade and investment cooperation, including exploring possible cooperation on critical minerals and opportunities to improve two-way tourism. The DFA said both countries are currently negotiating a “work and holiday visa arrangement” but has yet to provide further details regarding its scope. Wong is in Manila for an official visit from May 16 to 18 upon the invitation of Manalo, an addition to the series of high-level visits and engagements between Australia and the Philippines during the Marcos administration. In a press conference in Makati City, Manalo said the possibility of an in-person meeting between President Ferdinand R. Marcos Jr. and his Australian counterpart Prime Minister Anthony Albanese is likely once the ASEAN-Australia Summit takes place in March 2024. He said a bilateral visit is also possible ‘at a mutually agreed’ time.

Source: Philippines News Agency