THE MANILA TIMES | AUGUST 24, 2019

Budget deficit narrows to P75.3 billion in July »Story on B1 HH

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•• 4 SECTIONS PAGES • VOL. 120 NO. 312 24

SATURDAY, AUGUST 24, 2019

Yasay posts P240-K bail

FORMER Foreign Affairs secretary Perfecto Yasay Jr. on Friday posted a P240,000-bail after his arrest over alleged violation of banking laws.

National Capital Region Regional Trial Court Branch 10 then ordered the Manila Police District (MPD) to “immediately” release Yasay unless “he is being held for other lawful cause[s].”

After his arrest, Yasay said he would not post bail until he was given a chance to question the judge, whom he accused in a Facebook post of “abuse of due process and travesty of justice.”

Trusted since 1898

Duterte: No to early release of Sanchez P

Readings for President Duterte’s fifth visit to China

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OBSERVER YEN MAKABENTA

ä ObserverA4

Is Billy Dulay a dumb lawyer?

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BY CATHERINE S. VALENTE

RESIDENT Rodrigo Duterte will not allow the early release of rape-murder convict Antonio Sanchez, as he is not eligible under the law that credits good conduct time allowance (GCTA) for prisoners, Malacañang said on Friday.

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First Word WO elements m u s t normally be present for negotiation to take place: there must be both common interests and issues of conflict. Without common interests there is nothing to negotiate for; without conflict there is nothing to negotiate about.”

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KEEP HIM IN JAIL

Protesters, led by the Gabriela women’s group, rally in front of the Department of Justice in Manila on Friday against the supposedly impending release of convicted rapistmurderer Antonio Sanchez. PHOTO BY DJ DIOSINA

Speaking to reporters, Palace spokesman Salvador Panelo noted that those convicted of heinous crimes like Sanchez are not entitled to benefit from such law.

“Mr. Sanchez under Republic Act (RA) 10592 is not eligible, so the President, as chief enforcer of the law, will have to follow the law,” Panelo said during a media interview.

“Magagalit siya (He will really get angry) because if the law says he’s disqualified eh bakit mo mako-consider (then why should he be considered)?” he added.

Panelo, in a statement, said RA 10592 “is categorical in excluding recidivists, habitual delinquents, escapees and persons charged with heinous crimes from the benefit of its coverage.”

SIGNAL No. 2 was raised in more parts of Northern Luzon as tropical storm “Ineng” (international codename: “Bailu”) gained speed and maintained its strength on Friday, the state-run weather bureau said.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) last spotted the storm at 330 kilometers east-southeast of Basco, Batanes, at 5 p.m.

Ineng maintained its strength, carrying maximum sustained winds of 95 kilometers per hour and gustiness of up to 115 kph.

It also maintained a speed of 25 kph and was moving in a west-northwest direction.

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RAMON T. TULFO

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MEDAL OF HONOR

Gen. Benjamin Madrigal, Armed Forces chief (left), pays tribute to senator and colonel Emmanuel ‘Manny’ Pacquiao in a ceremony at Camp Aguinaldo in Quezon City on Friday, nearly a month after his victory against Keith Thurman in Las Vegas, Nevada, in July. The senator’s wife, Jinkee Pacquiao, watches as he receives a medal of honor from Madrigal.

PHOTO BY RUY L. MARTINEZ

What’s inside

PCSO TO LAWMAKERS: MAKE US TAX EXEMPT

NewsA2

IF YOU OPPOSE THE SOGIE BILL

Antonio ContrerasA4

OFTANA LEADS LIONS’ MAULING OF BLAZERS

SportsC1

of his aides were each sentenced to

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Storm signals up as ‘Ineng’ nears Batanes President

HERE IN MY LINE have OF SIGHT been a spate of kidnapp i n g s lately, and the Philippine National Police (PNP) seems helpless.

The reports are alarming.

A total of 30 — not 10 — personnel of the Bureau of Internal Revenue (BIR) have been kidnapped and released after they paid ransom, according to my sources at the National Bureau of Investigation (NBI).

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“Thus, the inevitable conclusion is that all those convicted of a heinous crime, including Mr. Antonio Sanchez, would be ineligible and disqualified from availing of the benefits of the GCTA,” he added.

The former mayor of Calauan town in Laguna province and six

IZA CALZADO IN FOR ANOTHER CHALLENGING ROLE

EntertainmentD1

Amazon forest fire threatens oxygen supply RIO DE JANEIRO: Amid global concern about raging fires in the Amazon, the most serious repercussion is it puts global oxygen supply in peril as approximately 20 percent of oxygen originate from the 7 million-square kilometer wilderness, Brazil said.

Official figures show nearly 2,500 forest fires are ongoing in the Brazil in the first eight months of the year — the highest number for any year since 2013.

Most were in the Amazon.

The extent of the area damaged by fires has yet to be determined, but smoke has choked Sao Paulo and several other Brazilian cities in the past week. United Nations Secretary-General Antonio Guterres said he was “deeply concerned” by the fires.

Neighboring Peru, which contains much of the Amazon basin, announced it was “on alert” for wildfires spreading from the rainforest in Brazil and Bolivia.

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Disaster-resilient SMEs key to value chain’s sustainability – SM’s Hans Sy SMALL and medium enterprises (SMEs) form the lifeblood of the Philippine economy through the stimulation of economic activity. SM, as a staunch supporter of SME growth, recognizes that disaster-resilient SMEs are the key to a sustainable value chain and in attaining business continuity.

“Empowering supply chains is particularly close to our hearts because SM’s roots were borne from our father’s entrepreneurial spirit,” Hans Sy said.

äSustainabilityA8 n Hans Sy, SM Prime Holdings chairman of the Executive Committee and the only Filipino global board member of the United Nations Office for Disaster Risk Reduction, cites the importance of disaster resilience especially for SMEs on Tuesday during a regional sustainability summit in Manila.

CONTRIBUTED PHOTO

to drop Fujian visit

PRESIDENT Rodrigo Duterte will no longer visit Fujian province to inaugurate the school building there built in honor of his mother as his trip to Beijing has been cut short, the Department of Foreign Affairs (DFA) said on Friday.

In a pre-departure briefing on the President’s official visit to China, Foreign Assistant Secretary Meynardo Montealegre said the President’s Fujian visit had been postponed to a “more appropriate time.”

“It’s postponed… It’s not appropriate at this time… It was just postponed for a more appropriate time in the future,” Montealegre told reporters.

Duterte had announced he would visit Fujian to attend the inauguration of a school named after his mother, Soledad.

Chief of Presidential Protocol Robert Borje said the decision to postpone the visit to Fujian was more of a logistical issue.

“Sometimes the window shortens for reasons that are maybe logistical in nature, sometimes it’s substantive, sometimes it’s also due to domestic issues,” Borje said during the same Palace news briefing.

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ASIAN STOCKS: s

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7,889.41 UP 0.52%

P52.27 TO $1

Shanghai 0.49%

What’s inside PURCHASE OF CELLPHONES, TABLETS REASONABLE – LTO BusinessB2

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SUGAR SUPPLY DOWN IN 3RD WEEK OF JULY

»BusinessB2

CONSTRUCTION MATERIALS’ RETAIL PRICE DOWN IN JULY BusinessB2

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DBP INCOME UP 12.3% TO P3.1B IN H1

»Corporate NewsB3

CHELSEA BAGS OPS FOR SASA PORT REHAB

»Corporate NewsB3

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S i n g a p o re 0 . 5 6 %

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Budget deficit narrows to P75.3 billion in July T

BY MAYVELIN U. CARABALLO

HE government posted in July a budget deficit that is narrower than the year-ago shortfall as revenue collections grew faster than state spending, the Bureau of the Treasury (BTr) announced on Friday.

In a statement, the Treasury said last month’s P75.3-billion deficit was higher than June’s P41.8-billion shortfall, but lower than P86.4-billion shortfall in July 2018 by 12.8 percent (P11.1 billion).

Government revenues rose by 9.2

percent to P264.1 billion in July from P241.7 billion last year, while expenditures grew by 3.4 percent to P339.4 billion from P328.1 billion.

A month earlier, revenues grew by 4.32 percent and expenditures declined by 0.99 percent.

July’s shortfall dragged the first-half deficit to P117.9 billion, 57.7 percent narrower than the P279.4 billion posted in the first seven months of last year.

For July alone, the Bureau of Internal Revenue (BIR) accounted for the bulk of revenues with P180.3 billion, a 9.9-percent increase from P164 billion a year earlier. The growth was slower than June’s 15.3 percent.

The Bureau of Customs (BoC) netted P54.6 billion — a 4.7-percent gain from last year’s P52.1 billion — while other offices contributed P1.9 billion, bringing total tax revenues for the month to

P236.9 billion.

Tax-revenue growth was slower at 8.8 percent in July than 11.85 percent a month earlier.

Non-tax earnings reached P27.2 billion, with the Treasury contributing P14.4 billion — up 22.1 percent — “driven by higher income from NG (national government) deposits, investment from the Bond Sinking Fund, guarantee fees and NG share from Pagcor (Philippine Amusement and Gaming Corp.) income,” the bureau said.

The bulk of government spending —

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PSEi flat as investors remain cautious

n Key facts on the Group of Seven member-countries, whose leaders will meet in Biarritz, France this weekend. AFP INFOGRAPHIC

G7 leaders to open summit focused on world economy WASHINGTON, D.C.: US President Donald Trump and other leaders of the world’s most industrialized nations will open their annual Group of Seven (G7) summit over the weekend by discussing the global economy.

White House officials said on Thursday (Friday in Manila) that the session was added to Sunday’s schedule at the last minute at Trump’s request.

The businessman-turned-politician insists that the US economy is strong despite fears that a recession may be on the horizon. At the same time, global economic growth has slowed due to weakness in Germany, Europe’s largest economy, and a pronounced slowdown in China, the world’s second-largest economy, as it remains locked in a tense trade standoff with the US. The dour global outlook is partly a reflection

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of Trump’s combative approach to trade with China and other nations he has hit or threatened to hit with tariffs.

Trump and the six other leaders of the G7 nations will begin meeting on Saturday for three days in the southwestern French resort town of Biarritz, France holds the 2019 presidency of the G7, which also includes Britain, Canada, Germany, Italy and Japan.

Leaders are to meet at an informal dinner on Saturday, where they are expected to discuss foreign policy and security issues before more formal working sessions on Sunday and Monday.

Trump is also scheduled to meet on the sidelines of the summit with several world leaders, including French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, Indian

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Bus consolidation necessary, but not sufficient

NE of the significant developments last week was the call of Congressman Edgar Sarmiento, chair of the House Committee on Transportation, for the consolidation of the many big and small bus operators that serve Metro Manila commuters. This recommendation is based on the observation that it is difficult to deliver a reliable high-quality service when service providers consist of many small fragmented uncoordinated units.

There are about 100 or so big and small bus operators operating the 3,000 plus buses that travel along EDSA. There are a few large operators with more than 100 buses; but many are small operators with less than 20 units.

Because different operators are in competition with each other in the same market, everyone loses.

The competition among bus operators is magnified when combined with incentives for drivers to chase for passengers. Bus drivers who are offered a commission on fares engage in unsafe and inefficient driving behavior to maximize their income--rushing to bus stops to grab riders ahead of the next bus, then lingering at bus stops, blocking other vehicles

behind. Even during parts of the day when demand is low, many buses are out trawling for passengers because each ROBERT SIY passenger means additional income for the driver.

Another problem is that small bus firms have fewer resources to draw upon to deliver quality and consistency.

With greater scale of operations, a bus firm can hire full-time professional management; it can negotiate with suppliers with greater leverage and receive more competitive bids; it can operate a proper workshop with qualified mechanics; it has better access to finance and technical expertise. And having a larger asset base enables a firm to better withstand economic shocks, crises and setbacks.

With a larger fleet, a bus operator can distribute its fixed costs across many buses.

For example, every bus or jeepney operator is now required by the Department of Transportation (DOTr) to have a full-time Safety Officer with the job of conducting a safety inspection of each unit and driver prior to dispatch daily. This is a standard requirement in many countries for obvious reasons. The cost of a full-time Safety Officer would be a

MOBILITY MATTERS

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TRADING was nearly flat on Friday as investors remained cautious ahead of a key speech from the chairman of the US central bank this weekend and a meeting between President Rodrigo Duterte and Chinese President Xi Jinping next week.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.51 percent or 40.58 points to end at 7,889.41, while the wider all shares rose by 0.27 percent or 13.23 points to finish at 4,770.38.

“Trading was thin once again, with many awaiting [Federal Reserve Chairman Jerome] Powell’s speech at the Jackson Hole meeting,” Regina Capital Development Corp. head of sales Luis Limlingan said, referring to the annual gathering of central bankers and economists in the US state of Wyoming.

An expected meeting between Duterte and his Chinese counterpart also drove market sentiment, he added.

Investors have taken a wait-and-see approach ahead of Powell’s address, which will be parsed for an idea about the Fed’s plans for monetary policy.

There are hopes Powell would outline further cuts to borrowing costs, having done so last month for the first time since the financial crisis, but with the US economy in much better health than most others, analysts warn there could be some disappointment.

Meanwhile, Duterte will visit China on August 28 and meet with Xi to discuss their conflicting claims to the South China (West Philippine) Sea, as the former faces pressure to confront Beijing over its repeated incursions into Philippine waters.

Duterte is due to return to the country on September 2.

“Investors chose to stay at bay for now, buying selectively at close heading into the long weekend,” Limlingan said.

In the US, the Dow Jones was up by 0.19 percent, while S&P 500 and Nasdaq decreased by 0.05 percent and 0.36 percent, respectively.

Most Asian markets ended in the green, with Hong Kong leading at 0.67 percent. This was followed

by Thailand, Shanghai and Tokyo, which rose by 0.63 percent, 0.49 percent and 0.40 percent, respectively.

Seoul and Singapore, meanwhile, dropped by 0.14 percent and 0.38 percent, respectively.

In Manila, all sectors ended in the green, except for property and mining and oil, which declined by 0.44 percent and 2.38 percent, respectively.

Over 31.24 million shares amounting to P895.64 million were traded.

Losers led winners, 109-93, while 48 issues were unchanged.

TYRONE C. PIAD WITH REPORTS FROM AFP

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