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NEW U.S. GOVERNMENTS CREATE MIXED RESULTS IN FINANCIAL STOCK MARKETS
[RELATED: Philippine economic targets intact despite Trump - PERNIA]
[RELATED(2): NOV 16 -Trump, Duterte can’t stop growth]


NOVEMBER 15 -This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange. Global stocks were mixed on Friday, Nov. 11, 2016, and the dollar steadied, as investors sought greater clarity on the upcoming economic policies of President-elect Donald Trump. AP Photo/Mark Lennihan, File
New administrations are helping monetary authorities to promote growth even as they create mixed results in the financial markets, officials and analysts said yesterday. On one hand, the incoming Trump administration’s promise of higher government spending in the US, while lowering taxes, is raising bond rates, but on the other hand, could also benefit the stock market. “People are expecting that the US inflation will improve next year because of more fiscal spending,” deputy treasurer Sharon Almanza told reporters yesterday. At yesterday’s bond auction, the government was even forced to reject all bids for the 364-day Treasury bill in offer after rate rose 58.8 basis points to 2.468 percent. READ MORE...RELATED, Philippine economic targets intact despite Trump - PERNIA  RELATED(2) NOV 16 -Trump, Duterte can’t stop growth...

ALSO: Strong Philippine growth marks fiery Duterte’s start
[RELATED: PH economy grew 7.1% in first three months of Duterte admin]
[
RELATED(2) Philippine Agriculture rebound to boost Q3 GDP growth to 7%]


NOVEMBER 17 -The Makati skyline at night. (Photo from Wikimedia Commons)/Manila Bulletin
The Philippines became developing Asia’s fastest-growing major economy in President Rodrigo Duterte’s first three months in office, officials said Thursday, even as his fiery rhetoric hit the peso and stock prices. The economy expanded 7.1 percent on-year in July-September, beating the consensus forecast of 6.8 percent, Economic Planning Undersecretary Rosemarie Edillon said. That was faster than China’s 6.7 percent and beat other major emerging economies for the same period, Edillon said in a statement. India is due to report at the end of the month. The news surprised experts after Duterte sparked concerns among foreign investors over his controversial war on drug crime and a decision to pick fights with the United States and the United Nations on the issue. “All things considered, our economy’s strong growth in the third quarter is a very good sign of things to come,” Edillon added. READ MORE...RELATED,
PH economy grew 7.1% in first three months of Duterte admin...RELATED(2) Philippine Agriculture rebound to boost Q3 GDP growth to 7%]

ALSO:
Foreign media eager to cover Duterte’s Apec debut in Peru[RELATED: Duterte meets with Putin, Xi at APEC Economic Leaders' Summit]


NOVEMBER 17 -President Rodrigo Duterte. INQUIRER FILE PHOTO/JOAN BONDOC
LIMA, Peru — President Rodrigo Duterte arrives here for his first Asia-Pacific Economic Cooperation (Apec) Economic Leaders Meeting before midnight Thursday under the gaze of a curious foreign press, many of whom may be wondering what controversial thing he will say next. There’s been a marked interest in the Philippine president among foreign journalists, according to Malacañang insiders privy to requests for media coverage of Mr. Duterte’s activities in this annual trade summit featuring the leaders of 21 Pacific Rim economies. “Our past presidents don’t usually get that much attention from the foreign press,” said one source, who disclosed that at least one international media agency and a Peruvian news organization were seeking an opportunity to cover or interview the firebrand Mr. Duterte. READ MORE...RELATED,
Duterte meets with Putin, Xi at APEC Economic Leaders' Summit...

ALSO:
P214-B south line railway is biggest Duterte admin project
[RELATED: NEDA Board approves seven more infrastructure projects]


NOVEMBER 16 -The south line of the North-South Railway Project approved by the National Economic and Development Authority (NEDA) Board is the biggest infrastructure project of Duterte admin.The south line of the North-South Railway Project approved by the National Economic and Development Authority (NEDA) Board is the biggest infrastructure project of the Duterte administration, Budget Secretary Benjamin Diokno said Wednesday. "Pinakamalaking project namin ito so far. Babaguhin po namin, we will create a brand new PNR (Philippine National Railways)," Diokno told reporters in a press conference in Manila. The railway project will benefit the Bicol region, the Cabinet official noted. "Isang mahirap na rehiyon at nakakalimutan natin is 'yung Bicol region," he said. The 653-kilometer railway will run from Tutuban in Manila to Matnog, Sorsogon and will cost around P213.99 billion. READ MORE...RELATED, NEDA Board approves seven more infrastructure projects...

ALSO: By Gerardo Sicat - Trump, the world economic order,  our future
[ALSO FROM THE NEW YORK TIMES: High in Tower, Trump Reads, Tweets and Plans]


NOVEMBER 16 -BY GERARDO SICAT
It is an understatement to say that Donald Trump’s presidential victory in the United States took much of the world by surprise. The American presidency is the most powerful job in the world. It has immense responsibility and it could help tilt the way the world goes. New world directions? What an American president does to promote domestic growth affects also the economies of many countries. The decisions he makes on foreign policy could have serious implications on the course of world affairs. As a political outsider, some of the views he brought to the campaign deviated widely from mainstream Republican party issues, whether domestic or foreign policy. His campaign promises involved drastic change for American economic policy. READ MORE...ALSO,
High in Tower, Trump Reads, Tweets and Plans...

ALSO:
OFW money hits nine-month high


NOVEMBER 16 -
Money sent home by more than 10 million Filipinos working overseas continued to rise in September, insulating the economy from global volatilities and fueling domestic spending. Bangko Sentral ng Pilipinas said cash remittances grew 6.7 percent year-on-year to $2.383 billion in September, the highest since it reached $2.47 billion in December 2015. This brought cash remittances in the first nine months to $20 billion, up 4.8 percent from $19 billion a year ago. Remittances account for about a tenth of the gross national income. Top countries that contributed to the growth in cash remittances were the United States, the United Arab Emirates, Japan, Qatar, Taiwan and Kuwait. READ MORE...

ALSO: Marcos burial imperils PH growth, says Leni Robredo
[RELATED: Biz groups react to Marcos burial]


NOVEMEBR 20 -FILE PHOTO
Authorities have placed the country’s economic growth at risk by shoving aside the rule of law to pave the way for the sneak burial of dictator Ferdinand Marcos at the Libingan ng mga Bayani on Friday, Vice President Leni Robredo said yesterday. ‘‘The risks we face now as a country have to do with divisiveness and senseless disregard for rule of law,” Robredo said in her keynote speech before the Philippine Investment Retail Conference. She said that even as the country logged the fastest economic growth in Asia, at 7.1 per cent, for the third quarter of the year, “there are, however, storm clouds in the horizon.” Noting that the Supreme Court’s Nov. 8 decision to dismiss the petitions against the burial has yet to become final and executory, Robredo said it was disturbing that the burial pushed through “in coordination with some government agencies who have participated in disregarding a judicial process.” READ MORE...RELATED,
Biz groups react to Marcos burial...


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New governments create mixed results in financial markets


This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange. Global stocks were mixed on Friday, Nov. 11, 2016, and the dollar steadied, as investors sought greater clarity on the upcoming economic policies of President-elect Donald Trump. AP Photo/Mark Lennihan, File

MANILA, NOVEMBER 21, 2016 (PHILSTAR) By Prinz Magtulis November 15, 2016 - New administrations are helping monetary authorities to promote growth even as they create mixed results in the financial markets, officials and analysts said yesterday.

On one hand, the incoming Trump administration’s promise of higher government spending in the US, while lowering taxes, is raising bond rates, but on the other hand, could also benefit the stock market.

“People are expecting that the US inflation will improve next year because of more fiscal spending,” deputy treasurer Sharon Almanza told reporters yesterday.

At yesterday’s bond auction, the government was even forced to reject all bids for the 364-day Treasury bill in offer after rate rose 58.8 basis points to 2.468 percent.

READ MORE...

The issue was undersubscribed, with only P4.46 billion in tenders for the P8-billion offer.

Rates also rose for 91- and 182-day T-bills at 20.3 and 30.4 basis points ending at 1.484 and 1.809 percent, respectively.

In a statement, the Bureau of the Treasury said the election of Republican Donald Trump has created “policy uncertainty” that could eventually lead to the US Federal Reserve hiking rates.

“The market cannot really price it... that’s why it (rates) went up,” Almanza said.

For his part, Emilio Neri Jr., lead economist at Bank of the Philippine Islands, said higher spending plans in the US mimics that of the Duterte administration’s own program.


Emilio Neri Jr., Treasurer Vice-President, Bank of the Philippine Islands

This, in turn, is prompting bond yields to go up, but on the flip side, could also support the local bourse in the long run. “There are similarities on them (Duterte and Trump),” he said.

“In the US, investors are already cashing in expected better economic performance that could come with higher fiscal spending,” Neri said in a phone interview.

A day after Trump’s victory, the Philippine Stock Exchange index (PSEi) followed the uptrend at US’s Dow Jones to recover 0.88 percent and close at 7,181.87.

It, however, erased all gains so far this year, retreating 103.61 points at 6,871.48 yesterday. The PSEi ended 2015 at 6,952.08 on Dec. 29.

“There is a realization that there is a change in priority to fiscal stimulus in the local and global scenario,” a bond trader at a local bank said in a separate phone interview.

“The new administration in the US has a similar fiscal policy to us,” she said.

Still, Neri said it is still too early to gauge the full impact of a Trump presidency to the Philippines, especially with the new president’s protectionist tendencies that threaten our business process outsourcing industry.

This, in turn, is making the peso slide against the dollar in recent days. It opened at a new seven-year-low of 49.01 yesterday and weakened to 49.078 on the morning trade.

“It’s very difficult to call a bottom. We just started assessing the implication of this new development,” she said.

--------------------------------------------------

FROM PHILSTAR

Philippine economic targets intact despite Trump By Prinz Magtulis (philstar.com) | Updated November 15, 2016 - 4:58pm 7 17 googleplus1 0


Socioeconomic Planning Secretary Ernesto Pernia said Donald Trump as a candidate will be different from Donald Trump as president. AP


PERNIA

MANILA, Philippines — Macroeconomic assumptions are likely to be retained once economic managers meet next month as they await how incoming US President Donald Trump will pursue his policies, officials said on Tuesday.

"We are happy with our assumptions," Budget Secretary Benjamin Diokno told reporters on the sidelines of a budget hearing at the Senate.

Finance Secretary Carlos Dominguez, for his part, said the Development Budget Coordination Committee (DBCC) is "thinking" of Trump, who promised to pursue protectionist policies during his campaign but would rather "not anticipate" his policies.

"It's very hard to guess. You will have to see who he is going to put in his Cabinet," Dominguez said also in the Senate.

READ MORE...

The inter-agency DBCC, chaired by Diokno, will meet the first week of December to thresh out details of the 2018 budget.

Included in the agenda will be a revisiting of medium-term targets, including growth, foreign exchange, trade performance, revenue and expenditure assumptions, which will form the framework where the outlay will be crafted.

Currently, the plan is to cap the year with economic growth of 6 to 7 percent, then 6.5 to 7.5 percent in 2017 before keeping it steady at seven to eight until 2019.

With growth at 6.9 percent in the first half, Socioeconomic Planning Secretary Ernesto Pernia said the third-quarter performance could hit "above 7 percent" after a stronger agricultural output during the period.

Growth, as measured by gross domestic product (GDP), as of September will be reported tomorrow. Pernia did not mention a forecast for the year.

"The candidate Trump will be different from the President Trump," Pernia said.

Trump surprised markets after he defeated favored Democrat Hillary Clinton despite his racist remarks as well as questionable economic policies, including sending migrants home and keeping US jobs onshore.

RELATED: DFA: Trump's deportation plan has no 'calamitous impact' on Filipinos in US

This resulted in financial market volatility that wiped out this year's gains of the Philippine Stock Exchange index and weakened the peso to 49-level to a dollar.

For Dominguez, the renewed weakening of the local unit should not be taken too negatively.

"For some sectors like exports, it's very good. At the same time, it will be more costly for imports, but we are importing more capital goods, which means it's positive," the finance chief said.

With higher import values serving as tax base, however, Diokno said the government actually gains a net P7.2 billion for every one-peso depreciation.

The peso-dollar exchange rate has now broken above the 45-48 assumption for the year.

"It's not necessarily bad for us," the Budget chief said.

As for the possibility of business process outsourcing jobs closing under Trump, Pernia reiterated this is unlikely since these are private, not public, companies hiring Filipinos.

Dominguez agreed. "I don't want to speculate on the BPOs, but I think the cost gap between operations here and the US is very wide," he said.

"It will be more efficient for them (US firms) to stay here," he said.

-----------------------------

RELATED(2) FROM THE MANILA STANDARD

Trump, Duterte can’t stop growth posted November 16, 2016 at 11:55 pm by Bloomberg
By Karl Lester M. Yap

Neither Donald Trump’s protectionist ambitions nor Rodrigo Duterte’s rants against the US are proving to be enough to derail the Philippine economy’s momentum as one of the fastest-growing in the world.

That’s according to economists surveyed by Bloomberg News, who see growth exceeding 6 percent until 2018. Gifted with a burgeoning middle class and backed by $50 billion of revenue from remittances and outsourcing, the Southeast Asian economy is getting an additional boost from President Duterte’s $160-billion infrastructure plan.

Political risks “haven’t transpired into concrete policies,” said Gundy Cahyadi, an economist at DBS Group Holdings Ltd. in Singapore.

“We should pay more attention to hard data, which point to very robust growth prospects for the Philippines, given strong domestic demand,” Cahyadi said.

While the Philippines hasn’t been immune to the financial market rout since Trump’s shock win in the US election, strong domestic growth drivers have made it more resilient to global shocks compared to export-dependent Asian nations from Singapore to South Korea. Consumer spending makes up about 70 percent of the economy.

A government report on Thursday will probably show gross domestic product expanded 6.7 percent in the third quarter from a year ago after climbing 7 percent in the previous three months, according to the median estimate of 15 economists surveyed by Bloomberg.

Polled after Trump’s victory, economists forecast the economy will grow 6.6 percent this year, 6.3 percent in 2017 and 6.5 percent in 2018.

Investors have dumped Asian emerging-market assets after Trump’s victory, concerned that a rise in protectionism will curb global growth and trade. Indonesia and the Philippines have been among the worst-hit in Southeast Asia, with the peso falling near levels last seen during the 2009 global financial crisis.

Even before the US elections, financial markets were under pressure as investors worried about Duterte’s inflammatory attacks against the US—including his call for a “separation” from America—and his violent anti-drugs crusade that’s killed more than 3,000 people.

The American Chamber of Commerce, and businesses in the outsourcing and electronics industries, are among those that have raised concern that Duterte’s comments may harm the investment outlook.

Duterte has pledged to ramp up spending on roads, airports, seaports and railways to lure investors and create jobs. The Philippines has one of the lowest government debt ratios in Southeast Asia, at 40 percent of GDP, giving it room to boost spending.

“With foreign investors favoring emerging markets less, the Philippines is one of the better positioned to withstand the selloff,” said Joseph Incalcaterra, a Hong Kong-based economist with HSBC Holdings Plc. “The government has increasing scope to pursue fiscal stimulus and infrastructure build-up while private consumption will power growth.”

The gross domestic product grew 7 percent in the second quarter, according to the Philippine Statistics Authority. This brought the first semester growth at an average of 6.9 percent.

HSBC economist Joseph Incalcatera and Deutsche Bank analyst Diana Del Rosario projected a 6.5 percent growth rate for the third quarter.

“Consumer and business sentiment remained buoyant in Q3, which would suggest that private consumption and fixed capital formation barely slowed after elections,” Del Rosario said in an email.

Incalcatera said the Philippine economy was expected to continue to outperform the region.

“Overall, the Philippine economy continues to be driven by higher investment—a reflection of the government’s infrastructure spending—and strong private consumption, which is driven both by firm domestic employment and resilient remittances. We expect this growth momentum to sustain into 2017, despite policy uncertainty in developed markets,” he said. With Gabrielle H. Binaday


MANILA BULLETIN

Strong Philippine growth marks fiery Duterte’s start 0 SHARES Share it! Updated November 17, 2016, 2:24 PM


The Makati skyline at night. (Photo from Wikimedia Commons)/Manila Bulletin

The Philippines became developing Asia’s fastest-growing major economy in President Rodrigo Duterte’s first three months in office, officials said Thursday, even as his fiery rhetoric hit the peso and stock prices.

The economy expanded 7.1 percent on-year in July-September, beating the consensus forecast of 6.8 percent, Economic Planning Undersecretary Rosemarie Edillon said.

That was faster than China’s 6.7 percent and beat other major emerging economies for the same period, Edillon said in a statement. India is due to report at the end of the month.

The news surprised experts after Duterte sparked concerns among foreign investors over his controversial war on drug crime and a decision to pick fights with the United States and the United Nations on the issue.

“All things considered, our economy’s strong growth in the third quarter is a very good sign of things to come,” Edillon added.

READ MORE...

The country needed 6.9 percent growth in final three months of the year to hit the top end of its 6-7 percent target, she said.

Edillon said strong investment growth, particularly in construction and infrastructure, along with upbeat consumer spending drove the expansion, encouraged by low inflation and low interest rates.

Exports jumped 7.8 percent.

While the growth of salary remittances by the country’s huge overseas work force slowed, this was balanced out by a 2.9 percent growth on-year in agriculture, reversing five straight quarters of decline caused by typhoons and drought.

“It was a surprise for the financial markets,” First Grade Holdings securities analyst Astro del Castillo told AFP, referring to the growth figure.

“It affirms our view that fundamentals remain intact despite the political noise.”

The country’s stock market, which is at a seven-month low, rose 1 percent Thursday but the peso remains stuck near eight-year lows, with analysts blaming political developments as well as expectations the United States will raise interest rates.

The greenback was up 0.2 percent at 49.40 pesos in late morning trade, with analysts warning it could surge to 50 pesos by the end of the year.

In concerns echoed by other foreign business groups, international credit rating agency Standard & Poor’s warned in September that Duterte’s crime war threatened the Philippine economy and endangered its democratic institutions.

He won elections in a landslide in May after vowing an unprecedented crackdown on illegal drugs in which 100,000 people would die.

More than 4,000 people have been killed since he took office on June 30. About 1,800 were shot dead by police and about 2,600 others were murdered by unidentified attackers, according to official statistics. (AFP)

---------------------------------------------------------

RELATED FROM THE INQUIRER

PH economy grew 7.1% in first three months of Duterte admin By: Ben O. de Vera - @inquirerdotnet Philippine Daily Inquirer / 10:12 AM November 17, 2016



The economy grew 7.1 percent during the first three months of the Duterte administration, the Philippine Statistics Authority reported Thursday.

The gross domestic product (GDP) growth in the third quarter was faster than the 7-percent expansion in the second quarter as well as the 6.2-percent growth in the third quarter of last year.

READ: PH economy grew 7% in Q2

The government targets a conservative 6-7 percent GDP growth in 2016.

READ: Duterte economic team sees conservative growth in 2016

--------------------------------

RELATED(2) FROM MALAYA BUSINESS INSIGHT

Agri rebound to boost Q3 GDP growth to 7% By ANGELA CELIS November 16, 2016

The Philippine economy may have expanded by more than seven percent in the third quarter due to the rebound in agriculture according to Economic Planning Secretary Ernesto Pernia.

The agricultural sector grew by 2.98 percent in the third quarter.

“Exports are up, so maybe we’ll hit more than seven percent (for the Philippine economy) in the third quarter,” he said.

The Philippine Statistics Authority is set to announce the performance of the Philippine economy for the third quarter tomorrow, November 17.

“Maybe the fourth quarter will also be positive (for the agriculture sector). If it’s at that similar level, then it will actually be positive (for the full-year). The weather was better for agriculture,” Pernia said

The NEDA chief said that aside from the growth in the agriculture sector, other growth drivers include manufacturing and government spending.

Just last month, Pernia said that the Philippine economy could expand by 6.5 percent for the full-year, well within the government’s target of 6 to 7 percent.

Pernia then said that the strong growth in the first semester increases the probability of attaining the full-year 2016 growth projection.

The first semester gross domestic product for the first half of the year is 6.9 percent, which means that the economy will have to grow by at least 5.1 percent in the second half to attain at least the low-end of the growth target.

“The 5.1 percent (for the second semester), I think it should not be a problem. In fact, I think 6.5 percent should be achievable for the full year,” he said.

In October, the World Bank said Philippine economic growth is likely to remain strong and is projected to accelerate to 6.4 percent in 2016 before tempering slightly to 6.2 percent in 2017.

The multilateral bank agency’s forecast for the Philippines remain unchanged from its previous outlook released April this year.

According to the World Bank, the Philippine economy may surpass the forecasts if authorities can further ramp up spending on public infrastructure as planned.

The Asian Development Bank (ADB) meanwhile revised upwards its growth forecast for the Philippines this year and next, on the back of strong investment, private consumption, and the government plan to accelerate investment in infrastructure and human capital.

The multilateral bank agency forecasts 2016 gross domestic product growth of 6.4 percent, up from its March projection of 6 percent. For 2017, growth is seen dipping back slightly to 6.2 percent, but is still above the previous forecast of 6.1 percent.


INQUIRER

Foreign media eager to cover Duterte’s Apec debut in Peru By: DJ Yap - Reporter / @deejayapINQ Philippine Daily Inquirer / 11:13 AM November 17, 2016


President Rodrigo Duterte. INQUIRER FILE PHOTO/JOAN BONDOC

LIMA, Peru — President Rodrigo Duterte arrives here for his first Asia-Pacific Economic Cooperation (Apec) Economic Leaders Meeting before midnight Thursday under the gaze of a curious foreign press, many of whom may be wondering what controversial thing he will say next.

There’s been a marked interest in the Philippine president among foreign journalists, according to Malacañang insiders privy to requests for media coverage of Mr. Duterte’s activities in this annual trade summit featuring the leaders of 21 Pacific Rim economies.

“Our past presidents don’t usually get that much attention from the foreign press,” said one source, who disclosed that at least one international media agency and a Peruvian news organization were seeking an opportunity to cover or interview the firebrand Mr. Duterte.

READ MORE...

The requests have been forwarded to the Department of Foreign Affairs (DFA), though it is not believed he will have time to speak to media during the two-day event.

The Philippine leader, who will be departing from the Philippines on Nov. 17 (Manila time) with a short layover in New Zealand, is expected to land in this South American country at about 11:30 p.m. Thursday (Lima time). Lima is 13 hours behind Manila.

READ: Duterte flies to Lima, Peru this week

One Philippine official earlier said Mr. Duterte, whose propensity for making outrageous declarations such as “separating” from the United States or cursing out US President Barack Obama and the European Union, would have a bigger stage in the Apec to “showcase both his mystique and his agenda for the country.”

“Many of the other economic leaders would want to understand the President’s, I think, ideology, mission, and even programs from his own words, free of any biases or any slant,” said DFA Senior Special Assistant Leo Herrera-Lim.

This year’s Apec is the first for Mr. Duterte, who will have bilateral meetings with two to four leaders, including the prospect of a sit-down with President Vladimir Putin of Russia on the Philippine leader’s own request.

READ: Duterte wants bilateral talks with Putin at Apec meet

It is also the last Apec for Obama, often the subject of ire by the foul-mouthed Mr. Duterte, who has repeatedly expressed anti-American sentiment and his desire to pivot to China and Russia, upending traditional power structures and geopolitical alliances in the South China Sea.

The relationship between the United States and the Philippines has changed drastically since the last Apec, which happened to be hosted by Manila under the administration of then President Benigno Aquino III.


The social media lounge for the Apec summit in Lima, Peru. DJ Yap/PHILIPPINE DAILY INQUIRER

Apec is an economic, trade and investment forum among 21 Pacific Rim countries, including the Philippines, the United States, China, and Russia. It’s a year-long series of ministerial discussions that culminate in the Economic Leaders Meeting.

The member economies of Apec account for approximately 40 percent of the world’s population, an estimated 55 percent of world gross domestic product, and about 44 percent of global trade.

Established in 1989, with the Philippines as a founding member, Apec has worked to reduce tariffs and other trade barriers across Asia Pacific in a bid to create efficient domestic economies and dramatically raise exports.

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RELATED FROM CNN PHILIPPINES

Duterte meets with Putin, Xi at APEC Economic Leaders' Summit By CNN Philippines Staff Updated 11:52 AM PHT Sun, November 20, 2016


Duterte_APEC2016_PERU_01_CNNPH.jpg

Metro Manila (CNN Philippines) — President Rodrigo Duterte met with two world leaders in Peru before the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting formally opened on Saturday.

According to Malacañang's Media Accreditation and Relations Office (MARO), Chinese President Xi Jinping asked to meet with Duterte to follow through the memoranda of understanding (MOUs) signed by the Philippines and China during Duterte's state visit last October.


YASAY

In a statement, Foreign Affairs Secretary Perfecto Yasay Jr. said, "I am very happy to report that we are on track on this one and we will be pushing for more vigorous talks for the purpose of implementation the broad strokes that we have arrived at when we signed these MOUs."

During the meeting, Xi and Duterte also talked about Filipino fishermen having access to Scarborough Shoal. Xi said fishermen will have free access to the shoal and China would offer them training in fish culture among others, to help sustain their livelihood and families.

Duterte then met with Russian President Vladimir Putin. During the meeting both leaders agreed to foster stronger trade relations.

In a speech, Putin said Duterte was able to accomplish much in developing stronger ties between Russia and the Philippines.

He said, "It is my pleasure to have a chance to speak to you and your colleagues about developing our bilaterals."

Duterte in APEC Economic Leaders' Meeting

The APEC Economic Leaders' Meeting in Peru will happen from November 19-20 in Lima.

In a speech prior to his depature for the meet, Duterte said, "We will do everything to make sure that businesses – particularly our MSMEs (micro-small and medium enterprises) – will thrive and flourish."

He said he will highlight government support, as well as anti-corruption and -criminality efforts to strengthen the national economy.

READ: Duterte's APEC 2016 message: We are open for business

Expected to attend are U.S. President Barack Obama, Chinese President Xi Jinping, Canadian Prime Minister Justin Trudeau, Mexican President Enrique Peña Nieto, Japanese Prime Minister Shinzo Abe, Indonesian President Joko Widodo, and newly-elected Peruvian President Pedro Pablo Kuczynski.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.

Its member economies are Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, China, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Korea, Chinese Taipei, Thailand, the United States, and Vietnam.


GMA NEWS NETWORK

P214-B south line railway is biggest Duterte admin project Published November 16, 2016 12:52pm By TED CORDERO, GMA NEws


The south line of the North-South Railway Project approved by the National Economic and Development Authority (NEDA) Board is the biggest infrastructure project of Duterte admin.

The south line of the North-South Railway Project approved by the National Economic and Development Authority (NEDA) Board is the biggest infrastructure project of the Duterte administration, Budget Secretary Benjamin Diokno said Wednesday.

"Pinakamalaking project namin ito so far. Babaguhin po namin, we will create a brand new PNR (Philippine National Railways)," Diokno told reporters in a press conference in Manila.

The railway project will benefit the Bicol region, the Cabinet official noted. "Isang mahirap na rehiyon at nakakalimutan natin is 'yung Bicol region," he said.

The 653-kilometer railway will run from Tutuban in Manila to Matnog, Sorsogon and will cost around P213.99 billion.

READ MORE...

"Four years to make po 'yun, pero balak pa namin tataasan pa ng kaunti," Diokno noted, saying the cost will be adjusted due to a shift from narrow gauge tracks to standard gauge to accommodate more passengers.

"We will standardize it. The way I see it, let's say this project will cost P250 billion over the four-year period," the Cabinet official said.

The project will be funded by official development assistance (ODA), either from Japan or China. "With so much liquidity worldwide, I think they will vie and compete for this project," Diokno said.

Once the project is complete the government will bid out the railway maintenance and management to the private sector.

The south line of the North-South Railway project is among the nine projects the NEDA board approved on Monday.

The other projects are the following:

•Second Cordillera Highlands Agricultural Resources Management

•Expanded Philippine Rural Development Project

•Improvement/Widening of Gen. Luis-Kaybiga-Polo-Novaliches Road

•Plaridel Bypass Toll Road

•New Cebu Container Port

•Management and Operations of Airports (Iloilo, Davao, Bacolod, New Bohol, Laguindingan)

•Malitubog-Maridagao Irrigation

•New Nayong Pilipino at Entertainment City

Including the south line railway, the combined cost of the projects was estimated at P374.809 billion, according to the Department of Budget and Management. — VDS, GMA News

--------------------------------

RELATED FROM GMA NEWS NETWORK

NEDA Board approves seven more infrastructure projects Published November 15, 2016 10:18am Updated November 15, 2016 4:52pm By TRISHA MACAS, GMA News

The National Economic and Development Authority (NEDA) Board approved seven more projects during its second meeting in Malacañang on Monday.

Socioeconomic Planning Secretary Ernesto Pernia, in a text message to reporters, sent the list of projects approved and discussed during the meeting:

•Scaling-Up of the Second Cordillera Highlands Agricultural Resources Management Project (CHARMP2) / Department of Agriculture (DA)

•Expansion of the Philippine Rural Development Project / DA

•Improvement/Widening of General Luis Road (Quezon City to Valenzuela City) Project / Department of Public Works and Highways (DPWH)

•New Cebu International Port / Department of Transportation (DOTr)

•North-South Railway Project (NSRP)-South Line / DOTr

•Malitubog-Maridagao Irrigation Project, Stage 2 / National Irrigation Administration (NIA)

•New Nayong Pilipino at Entertainment City / Department of Tourism (DOT) The seven infrastructure projects are worth P270 billion, Pernia said. 

The NEDA Board also approved the Investment Coordination Committee (ICC) guidelines on processing of China-assisted projects.

It also confirmed the unbundling of the earlier NEDA Board-approved airport projects in n Iloilo, Bacolod, Davao, Laguindingan, and Bohol. But the DOTr and the Civil Aviation Authority of the Philippines (CAAP) are to decide for airport bundling for bidding.

The NEDA Board, however, deferred on the Chico River Pump Irrigation Project since NIA was instructed to reconfigure the project to include hydropower, information on crops that could thrive in the area based on soil type, and submit the information for ICC review.

The NEDA Board previously approved nine projects worth P171.14 billion set to be completed within the next six years:

•The P10.2-billion Inclusive Partnership for Agricultural Competitiveness (IPAC) under the Department of Agrarian Reform

•The P2.4-billion Eastern Visayas Regional Medical Center Modernization (EVRMC) Project of the Department of Health (DOH)

•The P2.2-billion Modernization of Gov. Celestino Gallares Memorial Hospital, also under the DOH

•The P23.5-billion Metro Manila Flood Management Project, Phase I of the Department of Public Works and Highways (DPWH) and the Metro Manila Development Authority (MMDA)

•The P37.8-billion Metro Manila Bus Rapid Transit (BRT)-EDSA of the Department of Transportation (DOTr)

•The P4.8-billion expansion of the Passenger Terminal Building (PTB) Area of the Bicol International Airport, a joint project of the DOTr and the Civil Aviation Authority of the Philippines (CAAP)

•The P7.4-billion change in the scope of the New Bohol Airport Construction and Sustainable Environment Protection Project, also under the DOTr and CAAP

•The P74.6-billion Ninoy Aquino International Airport public-private partnership (PPP)

•The P8-billion Maritime Safety Capability Improvement Project for the PCG, Phase II of the DOTr and Philippine Coast Guard (PCG)

Budget Secretary Benjamin Diokno previously said the administration of President Rodrigo Duterte would be the "golden age of infrastructure," allocating P8.2 trillion for infrastructure projects in the next six years. — VVP, GMA News


PHILSTAR COMMENTARY

Trump, the world economic order, and our future CROSSROADS (Toward Philippine Economic and Social Progress) By Gerardo P. Sicat (The Philippine Star) | Updated November 16, 2016 - 12:00am 0 9 googleplus0 0


BY GERARDO SICAT

It is an understatement to say that Donald Trump’s presidential victory in the United States took much of the world by surprise. The American presidency is the most powerful job in the world. It has immense responsibility and it could help tilt the way the world goes.

New world directions? What an American president does to promote domestic growth affects also the economies of many countries. The decisions he makes on foreign policy could have serious implications on the course of world affairs.

As a political outsider, some of the views he brought to the campaign deviated widely from mainstream Republican party issues, whether domestic or foreign policy. His campaign promises involved drastic change for American economic policy.

READ MORE...

They, therefore, lay open the question of whether the Trump presidency ushers in new and unpredictable directions for the world economy. Some of these are in the realm of economic policy, others involve big power relations (US vs. Russia, US vs. China), and others are domestic in nature: immigration (immigration wall, deportations), economic stimulus, medicare.

A turning point in the world economic order?

Trump promised to reverse the outcomes of the major trade agreements that have been negotiated in the past and to scuttle new trade agreements.

This means he will demand changes in the NAFTA (North American Free Trade Agreement) between Mexico, Canada and the US. This would also question the adoption of the TPP (TransPacific Partnership) and any other new trading agreements without introducing protective clauses to protect American interests. He promises to deal with trade with China (at one time he threatened the use of tariffs to contain trade with China) by seeking trade concessions.

All these — and more — have moved The Economist to voice an alarm about the new directions:

“Trump’s victory and the way it came are hammer blows both to the norms that underpin politics in the United States and also to America’s role as the world’s pre-eminent power.... Abroad, he has taken aim at the belief, embraced by every post-war president, that America gains from the thankless task of being the global hegemon.“

“If Mr. Trump now disengages from the world, who knows what will storm through the breach? The sense that old certainties are crumbling has rocked America’s allies. The fear that globalization has fallen flat has whipsawed markets…. Mr. Trump’s victory has demolished a consensus. The question now is what takes its place.”

Is Trump the president the same as the candidate?

The hope, of course, is that the governance of Trump the president would be mellower and more pragmatic than the rhetoric of Trump the candidate.

The Economist is not as sanguine or optimistic. It observes that as candidate, Trump was “narcissistic, thin-skinned and ill-disciplined…. The job of the most powerful man in the world constantly entails daily humiliations at home and abroad. ... His effectiveness will depend on his willingness to turn the other cheek and work for a deal.”

Commenting on the same issue, Francis Fukuyama, a well-known political scholar said: “I find it hard to conceive of a personality less suited to be the leader of the free world. This stems only in part from his substantive policy positions, as much from his extreme vanity and sensitivity to perceived slights.” (Financial Times, Nov. 13.)

The world economic order has produced winners. The world economic order that America helped to bring to the world produced many successes when viewed in the long haul. A walk-through in the course of seven decades gives an image of many countries that have experienced good economic progress.

When the world was badly destroyed by war, the US conceived a massive program of aid known as the Marshall Plan which brought food and development to war-ravaged countries.

For three decades, the US led many countries through the market capitalist bloc as it struggled in competition with the communist model for world economic domination. Eventually, by the 1990s, there was a clear triumph of market capitalism as the communist, Soviet empire fell apart and more countries embraced market capitalism as their model for their economic growth.

This economic order was helped by the setting up of world institutions that assisted countries in payments difficulties and those in need of development finance. Thus were born the IMF and the World Bank, and later other regional development banks.

An initial failure to put up a world trading system led to the formation of regional trade agreements among countries with like-minded trade and economic objectives.

Under American support through the United Nations, multilateral trade negotiations brought down trade barriers among nations and finally led to the establishment of the World Trade Organization (WTO).

In parallel but under tolerant rules for regional trading agreements within the WTO, many regional trade agreements flourished. The most significant of these was the three nation NAFTA between Canada, Mexico and the US.

Many waves of countries have succeeded exceptionally well under this world economic order.

Focusing only in East Asia, the waves of countries that moved forward is an impressive list. The waves began with Japan, then Hong Kong, Singapore, South Korea and Taiwan, then Thailand, Malaysia, Indonesia and most impressive of all, China, and finally, Vietnam.

The Philippine case.

The Philippines should have been the first and most favored new nation in East Asia to grow under conditions of trade openness. It enjoyed better facilities than South Korea and Taiwan to become the first among the industrializers of Asia.

At the beginning of independence, the Philippines enjoyed a 28 year period of economic adjustment in trade with the United States, our colonial benefactor. This was in the form of a special tariff preferential treatment that applied against a total range of American imports.

But during the early days of independence, the country went in the wrong economic policy direction. Philippine leaders adopted protectionist measures —exchange controls and import controls — restrictions against foreign investments and let them stay long.

Some of these were part of the restrictive economic measures that are provided in the Philippine constitution, which to this day still exists. Following the new 1987 constitution, the restrictive provisions even expanded, thereby further shooting ourselves in the foot.

Thus, Philippine economic future has been hampered by an earlier failure to embrace the right economic opportunities when they were open to us.

------------------------------

ALSO FROM THE NEW YORK TIMES

High in Tower, Trump Reads, Tweets and Plans By ASHLEY PARKER and MAGGIE HABERMANNOV. 19, 2016


President-elect Donald J. Trump, speaking in Raleigh, N.C., the day before the election. “The presidency may change him eventually, but it’s not going to change him initially,” a Republican strategist said. Credit Damon Winter/The New York Times

Donald J. Trump sits high in Trump Tower in New York, spending hours on the phone with friends, television personalities and donors to ask if they know people to recommend for his cabinet.

He joins a daily morning transition meeting with his family and staff, but still maintains the routine that sustained him during the campaign: starting his day at 5 a.m. reading The New York Post and The New York Times, then switching on MSNBC’s “Morning Joe,” whose co-host Joe Scarborough he once publicly savaged but now often seeks out for advice.

He gets angry when members of his inner circle get too much of the spotlight, as Rudolph W. Giuliani did when headlines about his millions of dollars in speaking fees appeared as the former New York mayor was publicly promoting himself to be Mr. Trump’s secretary of state.

And Mr. Trump has happily resumed control of his Twitter feed, using it to bash targets in the news media and criticize the cast of the Broadway musical “Hamilton” for imploring Vice President-elect Mike Pence, who was in the audience Friday night, to govern on behalf of all Americans.

JOB SEEKERS PARADED AT TOWER LOBBY

As a parade of job seekers, TV talking heads and statesmen like Henry Kissinger paraded through the lobby of Trump Tower this past week, Mr. Trump ran his presidential transition from his triplex on the 58th floor much the way he ran his campaign and his business before that — schmoozing, rewarding loyalty, fomenting infighting among advisers and moving confidently forward through a series of fits and starts.

President Obama, who met with Mr. Trump two days after the election, has held out hope that the gravity of the presidency will change the former reality show star. But people close to the 70-year-old president-elect say that he has such long-held habits formed by fame, wealth and the freedom to have done whatever he wanted that they remain skeptical, at least for now, that he will transform to fit the constraints of the White House.

Thus far, President-elect Donald J. Trump has been most comfortable preparing for office from Trump Tower in New York. Credit Sam Hodgson for The New York Times

“The presidency may change him eventually, but it’s not going to change him initially,” said Barry Bennett, a former senior adviser to the Trump campaign and a Republican strategist. “He’s a man who likes a lot of input from a lot of people, and he’s someone who has an incredible instinct for the American people.”

People close to Mr. Trump nonetheless say he is more focused now than he was in the first few days after his surprise victory. He was nervous and jolted, they said, by the 90-minute Oval Office meeting with Mr. Obama, and for the first time appeared to take in the enormousness of the job.

He is proud, they say, that he has so rapidly named people for his cabinet and senior staff, including a group of hawks and hard-line loyalists: Senator Jeff Sessions of Alabama as attorney general, Michael T. Flynn as national security adviser, Representative Mike Pompeo of Kansas as director of the C.I.A., and Stephen K. Bannon, the executive chairman of Breitbart News, as chief strategist.

“Ahead of schedule, under budget, high energy, trust and loyalty — there’s just a pattern to the whole thing,” said Richard F. Hohlt, a longtime Republican consultant in Washington. “That’s his mark of success.”

Loyalty, however, goes only so far.

There were initial reports from senior officials within Mr. Trump’s orbit that Mr. Giuliani, Mr. Trump’s most fervent supporter in the campaign’s final weeks, was the leading candidate for secretary of state. But the headlines about Mr. Giuliani’s business interests bothered Mr. Trump, who was urged by several business leaders and some media hosts to reconsider the option. Suddenly, he arranged a Saturday meeting with one of his fiercest critics, Mitt Romney, at Trump National Golf Club in Bedminster, N.J.

Transition officials say the meeting with Mr. Romney, a moderate Republican who was the party’s nominee for president in 2012, may not have been simply for show. They say that Mr. Trump believes that Mr. Romney, with his patrician bearing, looks the part of a top diplomat right out of “central casting” — the same phrase Mr. Trump used to describe Mike Pence before choosing him as his running mate.

Yet Mr. Trump loves the tension and drama of a selection process, and has sought to stoke it. A senior adviser described the meeting, in part, as Mr. Romney simply coming to pay his respects to the president-elect and “kiss his ring.”

Mr. Trump, who has been known to act precipitously against people who have not pleased him, did so again this past week when he removed Gov. Chris Christie of New Jersey, another longtime loyalist, as the head of his transition. People close to Mr. Trump say that, among other concerns, he determined that Mr. Christie had to go after two former top aides were convicted by a federal jury on all charges stemming from a 2013 scheme to close access lanes at the George Washington Bridge to punish a New Jersey mayor who declined to endorse Mr. Christie for re-election. And Mr. Trump was angered when Mr. Christie did not defend him after 11-year-old audio emerged of the candidate boasting about committing sexual assaults.

Mr. Trump also likes to surprise, and enjoys the worldwide speculation he sets off with his Twitter posts. And after he became upset by Mr. Giuliani’s headlines, his aides leaked the news that he was considering Gov. Nikki R. Haley of South Carolina for secretary of state — speculation that has since faded as Mr. Romney’s prospects have risen.

MEETING WITH JAPAN LEADER

Showmanship remains central to Mr. Trump, who on Thursday held his first meeting as president-elect with a foreign leader, Prime Minister Shinzo Abe of Japan. The setting was Mr. Trump’s marble and gold, Louis XIV-style residence on the 58th floor, with sweeping views of New York and Central Park. Mr. Trump, with General Flynn at his side, sat next to Mr. Abe under an enormous crystal chandelier as Mr. Trump’s daughter Ivanka, looked on.

The formality of the setting contrasted with the freewheeling style that Mr. Trump adopts in his cluttered corner office on the 26th floor, where aides, his children and his longtime assistant, Rhona Graff, move busily in and out as he holds court behind his desk. Mr. Trump, who does not use a computer or read online, does keep an eye on the television, particularly the now-constant news about himself. Most information he takes in is in person or on the phone.

He is worried, his aides say, that he will not be able to keep his Android phone once he gets to the White House and wonders aloud how isolated he will become — and whether he will be able to keep in touch with his friends — without it as president. He continues to discuss with the Secret Service how much he can return on weekends to Trump Tower, and still expects to use the Bedminister golf club and his private Mar-a-Lago resort in Palm Beach, Fla., as vacation retreats.

THE WASHINGTON TRUMP INTERNAIONAL HOTEL

The Trump International Hotel in Washington, just five blocks from the White House, could also take on an outsize role in the Trump administration. His children may stay there when they come to the nation’s capital, and there is chatter that it may supplant Blair House, which traditionally hosts foreign dignitaries visiting the president.

But for now, Mr. Trump seems most comfortable running the show from Trump Tower.

“I’ve witnessed him as a businessman sitting at the desk; I’ve witnessed him as a potential candidate sitting at the desk; I’ve witnessed him as a candidate sitting at the desk; and I’ve now witnessed him as the president-elect sitting at the desk,” said Kellyanne Conway, a senior adviser.

“It’s a comfortable environment,” she added, “but now the stakes are higher.”

Eric Lipton and Michael S. Schmidt contributed reporting.


MANILA STANDARD

OFW money hits nine-month high posted November 15, 2016 at 11:55 pm by Julito G. Rada

Money sent home by more than 10 million Filipinos working overseas continued to rise in September, insulating the economy from global volatilities and fueling domestic spending.

Bangko Sentral ng Pilipinas said cash remittances grew 6.7 percent year-on-year to $2.383 billion in September, the highest since it reached $2.47 billion in December 2015.

This brought cash remittances in the first nine months to $20 billion, up 4.8 percent from $19 billion a year ago. Remittances account for about a tenth of the gross national income.

Top countries that contributed to the growth in cash remittances were the United States, the United Arab Emirates, Japan, Qatar, Taiwan and Kuwait.

READ MORE...

“Remittances from land-based workers increased by 11.9 percent during the month, compensating for the 10.5-percent decline in sea-based workers’ remittances,” Bangko Sentral said.

It said the declining remittances from sea-based workers might be due to stiffer competition in the supply of seafarers.

Personal remittances, which include non-cash items, also rose 6.3 percent in September to $2.626 billion from $2.469 billion a year ago.

Remittances and BPO revenues provide steady inflows which boost private consumption.

Meanwhile, Finance Secretary Carlos Dominguez III said the economy could withstand the adverse effects of protectionist policy of newly-elected US President Donald Trump, as the Philippines was beginning not to rely too much on western economies.

Trump said during the campaign period US immigration policies might be tightened and outsourcing activities reduced in a bid to bring back jobs to the US.

“Our economy does not rely on exports too much. That is why even during the crisis in 2008, we were not so much affected,” Dominguez said at the sidelines of a Senate budget hearing.

“We have declared that we are reorienting our economy towards Asia, and we are going to have less reliance on the West. I think that was very prescient of the president who gave that direction,” he said.

Dominguez, however, said he did not want to speculate about the future of the business process outsourcing companies operating in the Philippines, mostly Americans.

Dominguez said the BPO sector began to flourish in the Philippines at the time of US President George W. Bush, a Republican president.

“That is a Republican move, that was when the BPO sector flourished. But we have to see what makes sense. Is it more efficient for Americans to do it here or not?” he said.

Dominguez said the cost differential in doing BPO jobs in the US and the Philippines remained substantial. He said the depreciation of the peso versus the US dollar would even “make us more competitive.”

Dominguez said it would be best to wait and see if the next US president would stick to what he said during the campaign period.

“The question is, is he going to stick to the normal or the usual Republican tact? It seems not. Trump is for cutting taxes which is the usual Republican tact, but he wants to spend on infrastructure which is not the usual Republican tact. So we really can’t say until we see what his team is going to put in his program,” Dominguez said.

Japanese financial firm Nomura earlier reduced its growth forecast for the Philippines next year to 6.1 percent from the previous estimate of 6.3 percent because of the potential adverse impact on the domestic economy of Trump’s policies.


INQUIRER

Marcos burial imperils PH growth, says Robredo By: Vince F. Nonato - Reporter / @VinceNonatoINQ Philippine Daily Inquirer / 05:03 AM November 20, 2016


FILE PHOTO

Authorities have placed the country’s economic growth at risk by shoving aside the rule of law to pave the way for the sneak burial of dictator Ferdinand Marcos at the Libingan ng mga Bayani on Friday, Vice President Leni Robredo said yesterday.

‘‘The risks we face now as a country have to do with divisiveness and senseless disregard for rule of law,” Robredo said in her keynote speech before the Philippine Investment Retail Conference.

She said that even as the country logged the fastest economic growth in Asia, at 7.1 per cent, for the third quarter of the year, “there are, however, storm clouds in the horizon.”

Noting that the Supreme Court’s Nov. 8 decision to dismiss the petitions against the burial has yet to become final and executory, Robredo said it was disturbing that the burial pushed through “in coordination with some government agencies who have participated in disregarding a judicial process.”

READ MORE...

“There are sectors in our society who insisted on carrying out this act, and therein lay the risk. Such divisiveness and political turmoil distract our economy from the work that would bring growth,” she said.

“And ultimately, it is those that are at the fringes of the economy—the last, the least, and the lost—who are the most vulnerable,” she said.

Robredo stressed that the issue of the Marcos burial will always be relevant under the 1987 Constitution, which is anchored on social justice.

“We cannot talk seriously about the Philippines’ growth prospects without considering as well the depth and scope of our country’s history. To truly move forward, we must hold a deep reverence for the past, and the truth of its sorrows and victories,” she said.

‘‘The Filipino poor are not faceless facts. Only by respecting the dignity of each person can we hope to empower them and transform them into our co-equals in reform,” Robredo said.

The high court’s decision lifted the status quo ante order that suspended burial preparations since August and prevented the Marcos family from burying the dictator’s remains in time for his 99th birth anniversary on Sept. 11.

But the National Union of People’s Lawyers (NUPL) on Saturday that while it had yet to file an appeal, the judicial process remains ongoing since it filed on Nov. 11 an “extremely urgent motion to hold in abeyance and/or issuance of new status quo ante.”

NUPL President Edre Olalia said ‘‘no official action or information was ever received” on the motion “despite our repeated queries.”

At the time, they had yet to receive a copy of the decision. NUPL, which represents Campaign Against the Return of the Marcoses to Malacañang, Samahan ng Ex-Detainees Laban sa Detensyon at Aresto, and two former Bayan Muna party-list representatives, said it still had until Nov. 26 to file their motion for reconsideration.

Olalia added that they intend on Monday to file a motion seeking to cite the Marcos family, the military and the police for contempt “for their bad faith and premature execution of a decision that has yet to become final and executory.”

------------------------------------

RELATED FROM ABS-CBN

Biz groups react to Marcos burial ABS-CBN News Posted at Nov 18 2016 08:39 PM


Photo from Facebook page of Imee Marcos

MANILA – Several business groups said Friday they respect the decision of the Supreme Court to allow the burial of the late dictator Ferdinand Marcos at the Libingan ng mga Bayani.

"We respect the Supreme Court's decision and that has always been the stance of the PCCI [Philippine Chamber of Commerce and Industry]," PCCI president George Barcelon said.

On a personal basis, Barcelon said he fears this will end up dividing the administration, saying President Rodrigo Duterte's relationship with the Marcos family could cause a backlash.

He added that the the issue could distract the government and the public from the important task of sustaining strong economic growth.

"While we respect the SC decision, I hope the issue quiets down, there are more important things to do...we have to stay focused," he said.

Meanwhile, Management Association of the Philippines president Perry Pe said the high court's decision to give the green light for Marcos' burial at the Libingan ng mga Bayani is already a closure on an issue that's stretched on for decades.

Pe said he is not sure how the protests will affect businesses.

Marcos was buried hurriedly at the Libingan ng mga Bayani (Heroes Cemetery) on Friday, as the family embarked on a political revival while thousands who suffered under his two-decade-long rule still cry for justice.

MORE STORIES: Marcos burial

Former first lady Imelda Marcos, wearing black terno, clutched a rosary, as soldiers carrying his wooden casket marched slowly to his grave, a video released by the family showed. The ceremonies were closed to the public.

READ: Protesters at People Power monument: ‘We blame Duterte'


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