May 292014
 
PSEi slumps on disappointing GDP Q1 results

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 …

May 292014
 
Don’t blame gov’t for tent fire, Palace says

Malacañang on Thursday defended itself against criticisms that the government’s slow pace in its post-Yolanda rebuilding efforts was to blame for the Tacloban City tent fire that killed at least seven people earlier this week. Presidential Communications Operations Office head Herminio Coloma Jr. countered Senator JV Ejercito’s allegation that red tape and supposed slow rehabilitation and reconstruction efforts caused the death of a mother and her six children in a fire that hit a tent community for Yolanda survivors. “We must acknowledge the breadth, depth and complexity of the task at hand, and it would not be responsible to simply blame government because this is something that can be empirically determined,” Coloma said in a news briefing on Thursday. He cited foreign experts who supposedly said that the country’s relief and rehabilitation programs are moving at a reasonable pace given the extent of the damage caused by Yolanda. “Kung tutunghayan natin yung mga evident indicators, katulad nga ng sinabi ni Secretary Lacson, wala namang civil disorder na naganap. Wala naman ding malawakang epidemya o pagkakasakit at wala rin namang kagutuman na umiiral. Yang ang pinaka-fundamental na indicators ng kalidad ng pagtugon natin,” Coloma said. “Baka naman hindi rin karapat-dapat na tayo ay maglalatigo sa sarili na walang katwiran—self-flagellation. Dapat lang siguro yung balanseng pananaw na kinikilala kung ano na yung nagawa; kinikilala rin kung ano po yung mahalagang hindi pa nagagawa; at higit sa lahat, mayroong determinasyon at commitment na pagdugtungin ‘yung dalawang bagay na ‘yon para sa kapakanan ng Read More …

May 292014
 
PNoy: 3-day school week up to DepEd

President Benigno Aquino III is leaving it up to the Department of Education (DepEd) to decide on the proposal to implement a three-day school week in the most congested schools in Metro Manila, Malacañang said Thursday. “Pinauubaya po ng ating Pangulo kay Secretary [Armin] Luistro at sa Kagawaran ng Edukasyon ang pagkilos at ang inisyatiba para magbigay ng agarang katugunan at kalutasan sa mga suliraning ito,” Presidential Communications Operations Office head Herminio Coloma Jr. said during a press conference. Coloma issued the statement after a DepEd official said the three-day school week scheme seems to be a viable solution to the perennial classroom shortage in the Metro.  “Ang kagandahan lang nito, mabre-break yung numero ng estudyante na papasok sa isang paaralan,” Education Assistant Secretary Jesus Mateo told GMA News TV’s Balitanghali on Wednesday. “Halimbawa kung ang isang paaralan, ang kakayanin lang ay isang libo na mag-aaral pero ang pumasok ay dalawang libo, ang mangyayari niyan, yung isang libo pwedeng Monday, Wednesday, Friday yung isa namang grupo pwedeng Tuesday, Thursday, Saturday, pero extended hours,” Mateo added. On Thursday, Coloma agreed that this move may address the problem. “Sa halip na magiging siksikan nga, ang ginawa nila ay inadjust nila yung time para mabigyan ng sapat na oras at sapat na lugar at sapat na pasilidad lahat,” he said.  Earlier, DepEd said it has yet to conduct studies about it but the Palace on Thursday said the government will ensure that whatever is decided will benefit the students. “Kaya ito ay pinapatupad Read More …

May 292014
 
Next Comelec chief? De Lima says she’s too focused on DOJ to think about ‘next calling’

Justice Secretary Leila de Lima on Thursday shrugged off reports that she wants to replace Sixto Brillantes Jr. as head of the Commission on Elections (Comelec). In a text message, De Lima, a former election lawyer, said she doesn’t know where 1-Bap party-list Rep. Silvestre Bello got the idea that she is eyeing the top Comelec post. “While I appreciate Rep. Bello’s candid statements, I don’t know where he got such idea,” she said. Bello, who once headed the Department of Justice (DOJ), was quoted in a report as saying in a minority bloc briefing that he has heard rumors that De Lima wants to chair the Comelec. The report further quoted him as saying that he is not discounting the possibility that De Lima might still pursue her bid to become a senator in the 2016 elections. De Lima dismissed Bello’s statements, saying she is more focused on her current job. “Regarding my supposed eye for those positions. I honestly don’t know yet what’s gonna be my next calling… Que sera sera… I’m just focused right now on my myriad tasks and challenges,” she said. Before serving as Justice chief in 2010, De Lima, in 2008, served as chair of the Commission on Human Rights under the term of former President Gloria Macapagal-Arroyo. Before that, she worked as an election lawyer. De Lima is the daughter of former Comelec Commissioner Vicente de Lima. A November 2011 survey by Pulse Asia revealed that De Lima was among the Top 12 Read More …

May 292014
 
Baligod weds girlfriend, Binay among principal sponsors

Lawyer Levito Baligod, the former counsel to several pork barrel scam whistleblowers, married his girlfriend of nine months Wednesday. Baligod, a widower who lost his first wife to cancer in February 2013, wed Marilou Galenzoga, a former Leyte mayoralty candidate, a report on GMA News TV’s “Unang Balita” said Thursday. Present in their wedding was Vice President Jejomar Binay, who served as one of the principal sponsors. Another prominent personality, former Chief Justice Reynato Puno, was also a sponsor. Baligod, at a media forum on Monday, said they picked Binay as a principal sponsor because “he is like a mentor to her,” referring to Galenzoga. Galenzoga was a regional officer of the United Nationalist Alliance (UNA), the coalition formed by Binay and former President and now Manila mayor Joseph Estrada for the 2013 elections. Despite Binay’s affiliation with Senators Juan Ponce Enrile and Jinggoy Estrada, both UNA members tagged in the alleged pork barrel scam, Baligod said there was no politics in choosing Binay as a sponsor. “My fiancé is the regional chair of UNA in Region VIII. Her relationship with Vice President Binay transcends politics. Kaya ‘di accurate na sabihin political move na ninong namin siya,” Baligod said, adding that he thought long and hard before including Binay’s name in their roster of sponsors. He finally gave the decision to Galenzoga. “Sabi ko if you really want him [to be ninong], let’s get him,” Baligod said. Binay has already expressed his intention to run for president in the 2016 Read More …

May 292014
 
PNP on the lookout for bullies, gangs when school starts

Police will be on the lookout for bullies and juvenile trouble makers outside campuses when school starts next week, the spokesperson of the Philippine National Police said on Thursday. PNP spokesman Chief Superintendent Reuben Theodore Sindac said police teams on foot patrol will go around school zones for such activities, radio dzBB reported Thursday afternoon. He said the teams have been briefed to detect and deal with bullying and “rumbles.” Sindac, however, said the PNP can only intervene if an incident happened outside school premises. He Those inside the school have be dealt with by the school administration, he added. The new school year is due to start June 2. Meanwhile, the Department of Trade and Industry on Thursday morning inspected the prices and quality of school supplies in Manila’s busy Divisoria district. Parents flocked to Divisoria to look for school supplies, including uniforms, that they can buy at a lower price. —Joel Locsin/NB, GMA News

May 282014
 
'Broken-hearted' family mourn Filipina murdered in NZ

The husband of a Filipina woman killed in a seemingly random attack in New Zealand said Thursday that his family was “lost in darkness” after her death. Blessie Gotingco, a 56-year-old mother-of-three, disappeared on Saturday night on her way home from work in central Auckland. Her body was discovered in a cemetery not far from her home two days later and police on Wednesday charged a 27-year-old man with murder. The cause of death has not been revealed. The killing has shocked New Zealand, where such attacks are relatively rare, and Gotingco’s husband Antonio said he had been overwhelmed by the outpouring of support from across the small South Pacific nation. He said he had known his wife of 30 years since they attended primary school in Cebu City, describing her as his best friend. “She is the light of our home and without her we will be lost in darkness,” he said in a statement released by New Zealand Police. “Right now we are just trying to pretend that everything is OK but deep inside we are broken hearted. We have been robbed, she is gone too soon.” The accused man, who has been granted interim name suppression, was remanded in custody at an Auckland court on Wednesday to reappear on June 18.

May 282014
 
Makati hospital orders Napoles discharge

The Ospital ng Makati has already ordered the discharge of alleged pork barrel scam mastermind Janet Lim-Napoles with the blessing of her attending physicians. In a progress report submitted to Makati Regional Trial Court Branch 150 before noon Thursday,  Dr. Florentina Villanueva said Napoles’ physicians and the hospital’s Internal Medicine Department has already cleared the embattled businesswoman for discharge. —Amita O. Legaspi/KBK, GMA News

May 282014
 
Peso moves sideways midday Thursday

MANILA, Philippines – The peso moved flat against the dollar midday Thursday, settling at 43.924 from the previous day’s 43.88. Total volume transacted at the Philippine Dealing System amounted to $736.5 million in the morning, higher than the $556.7 million posted in the same period on Wednesday. The peso opened Thursday at 43.899.

May 282014
 
Palace not keen on ordering lifestyle checks on ‘pork’ scam-tainted execs

Malacañang does not seem keen on ordering a lifestyle check on officials implicated in the pork barrel scam despite calls from several lawmakers, a spokesperson hinted Thursday. “We note the call for a lifestyle check of public officials. There are, however, requirements under existing laws, such as the Anti-Graft Law (RA No. 3019) & the Code of Conduct and Ethical Standards of Government Officials & Employees (RA No. 6713) before such check can be lawfully conducted.  This is in line with the Constitution’s guarantee to due process of law,” Presidential Communications Operations Office head Herminio Coloma Jr. told GMA News Online. He issued the statement after militant lawmakers called on President Benigno Aquino III to order a lifestyle check on all government officials, including allies, tagged in the scam to determine whether they benefited from the multibillion-peso fraud. Bayan Muna party-list Rep. Neri Colmenares, the House member with the 12th lowest net worth in 2013, said the Cabinet secretaries tagged in the controversy should also allow government agencies to look into their bank accounts to prove they did not amass ill-gotten wealth. Coloma, however, said the administration has “consistently advocated openness, transparency and accountability of public officials.” “In line with this advocacy, the SALNs (Statement of Assets, Liabilities and Net Worth) of the President and Cabinet members have been released and made available to the public,” he said. Budget Secretary Butch Abad and Agriculture Secretary Proceso Alcala, who are close political allies of the President, have been listed as pork Read More …