Policy rate cuts likely to resume in August »Story on B1 ++
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Angat nears record low BY DIVINA NOVA JOY DELA CRUZ
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HE water level at Angat Dam, the primary source of water for Metro Manila and nearby provinces, could be headed for a new record low after it breached the 160-meter critical mark on Saturday.
Q US State Department official (left) told Foreign Secretary Albert Del Rosario he got Chinese to withdraw from Bajo de Masinloc. He believed him. That’s how we lost territory.
The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) recorded a 0.35-meter drop to 159.43 meters on Sunday, extending continued declines despite the onset of the rainy season.
While still a little under 2 meters below the all-time low of 157.56 meters hit during a 2010 El Niño event, Pagasa hydrologist Jason Bausa noted that rains expected over the next few days would likely not
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PADDLING FOR GLORY
Paddlers from the Philippine Army compete during the second leg of the Philippine Dragon Boat 2019 competition on Manila Bay.
US fooled del Rosario into losing Panatag but he blames, vents his ire on, China
PHOTO BY JOHN ORVEN VERDOTE
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E R HAPS somet h i n g useful could come out of former foreign secretary Albert del Rosario’s pathetic “look-Iam-bullied” publicity stunt last week to portray China as an Evil Empire, when it refused to allow him into Hong Kong. ³TiglaoA9
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US, China urged to end trade war REACH US AT: E-mail: newsdesk@ manilatimes.net Tel. Nos.: 524-5664 to 67 Address: 2/F Sitio Grande, 409 A. Soriano Avenue, Intramuros, Manila 1002
CHINA and the United States should exert every effort to end a trade war as it is “taking a toll on global growth,” President Rodrigo Duterte said. “The US and China must both take the
high road and resolve their differences before the situation spirals out of control,” Duterte said on Saturday at the 34th Association of Southeast Asian Nations (Asean) Summit in Bangkok, Thailand.
Asean, for its part, “must strengthen our support for a rules-based and open multilateral trading system,” he added. Washington and Beijing
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What’s inside DUTERTE TO ASEAN: INVEST IN PEOPLE EDDIE GARCIA GOES BACK HOME NewsA7
BANGKOK: Thailand’s premier made an impassioned plea against protectionism on Sunday at a meeting of Southeast Asian leaders where the fallout from the US-China tariff war has dominated talks. Ongoing tussles in the disputed South China (West Philippine) Sea and a controversial plan to repatriate the persecuted Rohingya minority were also tackled by LEADERS AT THE kNAL DAY OF THE !SSOCIATION OF Southeast Asian Nations (Asean) summit.
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WHY GLOBAL ECONOMIC PROSPECTS ARE FADING
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ASEAN SUMMIT
Leaders of the Association of Southeast Asian Nations (Asean) — (from left) Malaysia Prime Minister Mahathir Mohamad, Myanmar leader Aung San Suu Kyi, Philippine President Rodrigo Duterte, Singaporean Prime Minister Lee Hsien Loong, Thailand Prime Minister Prayuth Chan-ocha and Vietnam Prime Minister Nguyen Xuan Phuc — clap after posing for a group photo during the opening ceremony of the Asean leaders summit in Bangkok, Thailand, on June 23. AP PHOTO
MANNY DOES NOT HAVE TO KILL HIMSELF TRAINING – SOMODIO
SportsC1
‘HE WAS A VERY HEALTHY MAN WHO COULD HAVE MADE MORE MOVIES’
EntertainmentD4
Protectionism slammed, RCEP pushed at Asean meet
home from an interview with Philippine Sports Commission chairman Butch Ramirez that early evening: “Sobra na talaga ang init natin ngayon. Parang nanggagaling na sa
PRESIDENT Rodrigo Duterte and other leaders of the Association of Southeast Asian Nations (Asean) have vowed to exercise restraint in the conduct of activities in the South China Sea (West Philippine Sea). In the Asean Leaders’ Vision Statement on Partnership for Sustainability, the leaders pledged to avoid actions that may further complicate the situation. g;7E= REAFkRM THE IMPORTANCE OF MAINtaining and promoting peace, security,
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Imagine the Big One striking now BY MAURO GIA SAMONTE Columnist First of 2 parts IT sounded ominous, the remark of the Philsports driver who took me
Asean pledges restraint; still no code of conduct
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What’s inside PAGCOR ORDERS POGOS TO FOLLOW GOVT REGULATIONS BusinessB2
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PERSISTENT PASS THROUGH FEES DEPLORED BY EXPORTERS BusinessB2
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RRR CUTS, STEADY INFLATION TO STRENGTHEN SM PRIME Stock WatchB3
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DD PLAN TO OFFER REITS MAKES PROGRESS
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BY MAYVELIN U. CARABALLO
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ONETARY policy easing in the Philippines is likely to resume as early as August after the Bangko Sentral ng Pilipinas (BSP) paused on reducing interest rates last week, according to HSBC.
In a comment released late last week, HSBC economist Noelan Arbis said the banking giant saw scope for such easing ahead, “given [the] relatively tepid domestic growth, a less hawkish Fed (US Federal Reserve), and a more benign INlATION TRAJECTORY IN THE SECOND HALF OF THE YEAR u “We forecast a 25bp (basis point) policy rate cut in [the] third quarter (likely in August), which coincides with the release of the country’s second quarter GDP (gross domestic product) [data],�
PH banks’ risk trend stable – S&P
Trading seen to go either way
THE Philippine banking industry’s risk trend is “stable� on the back of a supportive operating environment, S&P Global Ratings said. “The trend for economic risks faced by the banks operating in the Philippines is stable, in our opinion,� it said in a statement released on Friday night. According to the credit ratings agency, the country’s strong economic growth trajectory would drive constructive development outcomes and close infrastructure gaps. It said that, with 2019 growth forecast at 6.3 percent, supportive kSCAL POLICIES AND AN IMPROVING INvestment climate would aid growth. “All these factors provide sound growth opportunities for the coun-
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Policy rate cuts likely to resume in August
SHARES OUTLOOK FOR THE WEEK
THE stock market could go either way this week as a number of events could buoy investor sentiment, but the likelihood of profit-taking remains high. In a market note over the weekend, online brokerage firm 2tradeasia.com said market players would watch out for any cues on the trade issues between the United States and China during the Group of 20 (G20) meeting in Osaka, Japan, on June 28 and 29. “The rest of the world will be eyeing as to what would run next in the ‘Trump-Xi’ cards, especially on the aspect of tariffs,� it said.
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MONDAY JUNE 24, 2019
Business Times
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try’s banks,� S&P added. It pointed out, however, that the Philippines’ low income economy was constraining the country’s economic resilience. “The increase in the banking system’s nonperforming loans over the past few quarters will continue,� S&P Global Ratings credit analyst Nikita Anand said in the statement. The credit rater’s projection, she added, is based on the perceived increase in borrowers’ debt servicing burden because of higher interest rates. “Nevertheless, the increase in nonperforming loans will overall be moderate and manageable for banks due to broadly supportive macroeconomic conditions,�
Anand said. Thats said, S&P stressed that the banks’ well-established domestic franchise would continue to help them sustain a strong, stable AND DIVERSIkED CUSTOMER DEPOSIT PROkLE “The system’s loan-to-deposit ratio is likely to continue to increase with cuts in the regulatory reserve requirements, because banks will likely use the additional liquidity to grow,� Anand explained. Early last month, monetary authorities reduced banks’ reserve requirement ratio by 200 basis points, from 18 percent to 16 percent. This reduction will infuse about P190 billion in additional liquidity
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he added. The central bank’s policymaking Monetary Board decided on June 20 to take a “prudent pause� on its monetary policy easing, resulting in overnight borrowing, lending and deposit rates remaining at 4.50 percent, 5.00 percent and 4.00 percent, respectively. Monetary authorities are set to convene again ON !UGUST FOR THEIR kFTH RATE SETTING MEETING
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Should the public follow insiders’ trades? C
ONCRETE Aggregates Corp. (CAC) reported in a general information statement (GIS) an authorized capital stock (ACS) of 50 million shares divided into 40 million common A shares and 10 million common B shares. Both classes of shares carry par value of P10 per share. In its GIS, Concrete Aggregates said it has 550 stockholders who owned 27,466,449 common A and B shares. Of CAC’s 550 stockholders, 546 were Filipinos, who held 27,093,580 common A and B shares, or 98.64 percent. Only four foreigners owned 372,869 common B shares, or 1.36 percent. Ortigas and Company Ltd. Part-
nership is CAC’s top Filipino stockholder with 21,007,586 common A and B shares, or 76.48 percent, which it divided into 16,021,974 common A shares and 4,985,612 common B shares. PCD Nominee Corp. held for &ILIPINO BENEkCIAL OWNERS CAC common A shares and 29,050 CAC common B shares, for total hold-
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