MANILA, Philippines—The local stock barometer fell sharply on Thursday as investors sold down equities after the country’s first quarter domestic economic growth came in much slower than consensus forecasts. The main-share Philippine Stock Exchange index lost 111.21 points or 1.64 percent to close at 6,676.67. Dealers said the market was disappointed with the first quarter gross domestic product growth rate of 5.7 percent which was way below the 6.4 percent consensus forecast for the period. All counters were sold down but the most battered was the property counter (-2.4 percent), this sector being seen as the most sensitive to economic cycles. After breaking the 6,680 support level following the disappointing first quarter GDP print, the next support level to watch out for would be 6,600, said Asiasec Equities chief strategist Manny Cruz. Jonathan Ravelas, chief strategist at Banco de Oro Unibank, said profit-taking was triggered by the disappointing first quarter GDP results. With this, he said the market was at risk of revisiting the 6,500 to 6,600 levels. April Tan, head of research at leading online stock brokerage COL Financial, said there would be “no-rerating” in the stock market due to lower-than-expected GDP results. However, she said the sharp sell-off was likewise “not justified.” Fund manager Gus Cosio, president of First Metro Asset Management Inc., said while the first quarter GDP results were below consensus forecasts, he did not think this was a “disaster.” “It should bring valuations to realistic levels. For smart money, it’s opportunity,” he said, adding that Read More …
AMBASSADOR Daniele Bosio in a photo taken from the official website of the Italian Embassy in Ashgabat, Turkmenistan. FILE PHOTO MANILA, Philippines — The Laguna Prosecutors Office on Monday filed before the Laguna court child abuse and human trafficking charges against the Italian diplomat who has been detained in the country since last month. Daniele Bosio, the Italian ambassador to Turkmenistan, has been charged with three counts of violation of Republic Act 7610 or the Anti-Child Abuse Act and three counts of violation of Republic Act 10364 or the Expanded Anti-Trafficking in Persons Act of 2012. The prosecutor recommended P120,000 bail for each count of violation of Anti-Child Abuse Law but no bail was recommended for qualified trafficking. Bosio was on a holiday when he was arrested last April. Witnesses from the Bahay Tuluyan Foundation, a non-government group promoting children’s rights, alleged that while at the resort in Laguna, they saw Bosio “touching and caressing” three underaged boys in the swimming pool.When asked how they were related, one of the boys said Bosio was his father but another said they were not related at all. Sensing something wrong, the foundation executives sought help from policemen at the resort who arrested Bosio. For his defense, Bosio said he merely acted in the performance of his social and moral duty to afford the children their rights to play and recreation as well as their basic rights to food, clothing and cleanliness. But Provincial Prosecutor Agrifino Baybay III said in a resolution that if Bosio’s Read More …
By Bong LozadaINQUIRER.net 5:13 pm | Monday, May 26th, 2014 MANILA, Philippines — After two former senators marched to the Supreme Court Monday morning demanding that the Enhanced Defense Cooperation Agreement be declared unconstitutional, the Department of National Defense fired back and stood its ground. DND spokesman Peter Galvez maintained the constitutionality of Edca, saying that it falls within the bylaws of the 1987 Constitution. “We maintain that it’s within the constitution and existing laws,” Galvez said. Former senators Rene Saguisag and Wigberto Tañada led several other petitioners in asking the high court to issue a restraining order against the implementation of Edca. “We respect their initiative,” Galvez said. “Nonetheless, we hope they will see the merits and bigger picture on how the Edca will impact our country.” Galvez added that the “country’s interest has been paramount” during the ratification of Edca. “We will be cooperating in whatever hearing will be required.” RELATED STORIES Former senators ask SC to declare Edca unconstitutional Edca a deterrent to war—Bautista DND: Edca not treaty, needs no Senate OK Follow Us Other Stories: Binay wife allowed to travel to Hawaii Italian envoy facing child abuse rap ordered charged Filipinos in Singapore drop Independence Day plans after abuse Former senators ask SC to declare Edca unconstitutional Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun Read More …
By Tetch Torres-TupasINQUIRER.net 4:29 pm | Monday, May 26th, 2014 Former Makati Mayor Elenita Binay FILE PHOTO MANILA, Philippines — The Sandiganbayan has allowed former Makati Mayor Elenita Binay to travel to Hawaii. Both the 4th and 5th Divisions of the Anti-Graft Court said there was no reason to block the trip of the wife of Vice President Jejomar Binay. Mrs. Binay will be in Hawaii from June 6 to June 27. There is no need for Mrs. Binay to post a P90,000 travel bond because she has not yet withdrawn the bond she posted from previous trip. Mrs. Binay is facing a graft case. RELATED STORIES Binay wife hits Ombudsman for reviving cases Mrs. Binay seeks case dismissal Follow Us Other Stories: Italian envoy facing child abuse rap ordered charged Filipinos in Singapore drop Independence Day plans after abuse Former senators ask SC to declare Edca unconstitutional Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate: c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
By Tetch Torres-TupasINQUIRER.net 2:09 pm | Monday, May 26th, 2014 AMBASSADOR Daniele Bosio in a photo taken from the official website of the Italian Embassy in Ashgabat, Turkmenistan. FILE PHOTO MANILA, Philippines — The Department of Justice has ordered the filing of charges against the Italian diplomat who has been detained in the country since last month for alleged child abuse. Daniele Bosio, the Italian ambassador to Turkmenistan, will be charged with three counts of violation of the Anti-Child Abuse Act and three counts of violation of the Anti-Human Trafficking Act. RELATED STORIES Italian diplomat held for alleged child abuse in Philippines Biñan court allows Italian diplomat facing child abuse case to undergo medical check-up Follow Us Other Stories: Former senators ask SC to declare Edca unconstitutional Navy to hold anniversary at base facing West Philippine Sea TFC launches ‘Galing ng Filipino Dance Move Promo’ Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate: c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
SINGAPORE—Organizers of a Philippine independence celebration have dropped plans to hold it in a busy Singapore shopping district, police said Monday, after an abusive campaign by online commentators opposed to the event’s venue. The Philippines marks its 116th year of independence on June 12 and a group of Filipino residents in the city-state had initially planned a commemoration event on June 8 for compatriots and Singaporeans at a shopping complex along the busy Orchard Road shopping belt. In a statement sent to AFP Monday, police said organizers, the Pilipino Independence Day Council 2014 (PIDC), had withdrawn their application to hold the event at the Ngee Ann City shopping complex. “This follows police’s advice that there are public order and safety concerns with the venue proposed by PIDC,” police said. It said the organizers had been advised to hold the event at alternative locations, including a free speech park and a convention center. Organizers did not immediately respond to an AFP request for comment on whether they would go ahead with the event at a different location. Online commentators, mostly on anonymously-run local websites and Facebook pages, have heaped racial abuse and attacked the choice of venue by the organizers. Critics posting on ultra-nationalist blog The Real Singapore have characterized the commemoration of a foreign state’s independence day at the center of town as an example of foreigners overstepping their welcome in Singapore. An article on The Real Singapore said the event undermined “the significance of Singapore’s own independence as a Read More …
(Clockwise from top left) LASD Deputy Chris Figueroa and Sgt. Janice Munson of LASD COPS explain how to spot pirated DVDs; LASD and private investigators raided F.L.B. Video Pinoy on Santa Fe Avenue in Long Beach, CA and seized thousands of pirated DVDs; Hundreds of illegally produced ABS-CBN content were confiscated; TFC Balitang America reporter Steve Angeles talks with investigator Kris Buckner; among the seized items were a disc burner and a burner tower that were reproducing ABS-CBN Star Cinema movies; fake DVDs from ABS-CBN lined up the shelves of F.L.B. Video Pinoy. PHOTOS by NMFernandez/ABS-CBN TFC) LONG BEACH, California—The Los Angeles County Sheriff’s Department (LASD) and private industry investigators stormed recently into a Filipino store at the Santa Fe Center on Santa Fe Avenue in Long Beach after an investigation found out that the owners were selling and renting out pirated DVDs. A total of 4,500 pirated DVDs with a value of over US$90,000 were confiscated by LASD from F.L.B. Video Pinoy, together with a computer, external hard drives, a disc burner and a burner tower, among others, to duplicate DVDs illegally for rent or for sale at US$10 apiece. A fifth of the seized DVDs were films and TV shows from ABS-CBN’s Star Cinema and TFC. The said center on Santa Fe Avenue is a hub for Filipinos living in the City of Long Beach as it has an oriental supermarket, cargo and money remittance services, and restaurants serving Filipino and Asian food, among others. F.L.B. Video Pinoy, Read More …
CONTRIBUTED PHOTO NEWARK, New Jersey—In preparation for the Filipino American community’s Santacruzan festival, the Catholic Action of Mary (CAM) held the Santacruzan Presentation Ball was held on May 10 at the Doubletree by Hilton Hotel here. CAM proudly presented this year’s Reynas: Reyna Elena – Kirstie Baquiran, Reyna de las Flores — Katrina Macalintal and Reyna del Cielo – Lauren Mercado. Also presented were this year’s Hermanos y Hermanas Mayores : Marina Baisas (in memoriam), Maritess Enriquez, Maris Fandino, Ramona Gapasin, Rolando Lavarro, Rolando Macuja, Rebecca C. Rivera, MD, Linda Rupel, Nida and Oscar Valerio. Among the highlights of the evening of dining and dancing was the Proclamation from City of Jersey City Mayor, Steven Fulop presented by Mayor’s Aide Doug Carlucci, officially declaring Sunday, May 25, 2014 the “Santacruzan & Flores de Mayo Day” in Jersey City. The 36th Santacruzan and Flores De Mayo and Street Fair 2014 is on Sunday, May 25 Santacruzan day proper. CAM in cooperation with PACCAL (Pan American Concerned Citizens Action League 501(c) 3) will be celebrating the “Santacruzan and Flores de Mayo Street Fair 2014” now on its 8th year. It will be an all day event complete with flea market type vendors, food concessions, booths for non-profit organizations, businesses and sponsors and all day games and activities for the children. This year the Street Fair will now be located on Manila Ave. between First St. & Fourth St., Jersey City, NJ (10 a.m. to 8 p.m.)expanding to three city blocks. The highlight Read More …
PHOTO BY BRIAN PERRY WASHINGTON, D.C.—AARP and AARP Foundation donated more than $1 million in emergency relief funds to support victims devastated by Typhoon Haiyan (also known as Yolanda), one of the largest and strongest storms to make landfall in recorded history. The two organizations matched contributions dollar-for-dollar up to $500,000 and distributed those funds to relief organizations to provide meals, medical care, shelter and other forms of support to those in need, particularly older adults who are disproportionately affected during times of crisis. “AARP members responded to the devastation in the Philippines and Southeast Asia by donating funds to those in need,” said Lisa Marsh Ryerson, AARP Foundation President. “We’re proud to partner with relief organizations that are responding to the needs of the most vulnerable people affected by this natural disaster.” “We’re committed to serving the Filipino American community and supporting Filipino Americans who are 50+ with family and friends in the Philippines continuing the long and difficult process of recovery,” said Daphne Kwok, AARP Vice President of Multicultural Markets and Engagement for Asian American and Pacific Islander Audiences. One hundred percent of all funds raised went to organizations helping the victims of Typhoon Haiyan: HelpAge USA was granted $725,000 to distribute food, water, hygiene kits, and shelter materials and to set up helpdesks to direct seniors to essential services. CARE was granted $200,000 and is partnering with local organizations to provide short-term assistance, such as food distribution, and to work on longer-term recovery efforts. ABS-CBN Foundation International Read More …
Philippine President Benigno Aquino III, right, greets Vietnamese Prime Minister Nguyen Tan Dung during his courtesy call at the Malacanang Presidential Palace in Manila, Philippines Wednesday, May 21, 2014. AP MANILA, Philippines – The Philippines and Vietnam are pushing for stronger action against China’s continued “violation of the international laws” in the disputed waters in Southeast Asia. The two countries, seeking to strengthen ties amid increasing tension in the region caused by a territorial dispute with China, consider Beijing’s provocative actions as a threat to regional peace and security. “With regard to the situation in the East Sea, the President [Benigno Aquino III] and I shared the deep concerns over the current extremely dangerous situation caused by China’s many actions that violate the international law, the 1982 United Nations Convention on the Law of the Sea, and seriously infringe on the waters across our countries,” Vietnamese Prime Minister Nguyen Tan Dung said in a press conference in Malacañang. He said China’s illegal placement of the oil rig and deployment of Chinese vessels into Vietnam’s exclusive economic zone have seriously threatened peace, stability, maritime security and safety, and freedom of navigation in the East Sea. Dung urged the international community to oppose China’s violations and called on other countries to demand China to fully and strictly observe the international law. Aquino, meanwhile, expressed support and commitment to support moves to stop China’s continued intrusion in the West Philippine Sea (South China Sea). “If an injustice is done to one, is it Read More …