WeeklyPhilippine Update WEEKLY UPDATE WE TELL IT LIKE IT IS VOLUME I, NO. 7 Feb. 13 - 17, 2017 _______ ___ _ ____ __ ___PHIL. Copyright 2002 _ THE WALLACE BUSINESS FORUM, INC. accepts no liability for the accuracy of the data or for the editorial views contained in this report.__ Political Court upholds Marcos protest "Quotes The Supreme Court, sitting as the Presidential Electoral Tribunal (PET), has allowed former senator Ferdinand “Bongbong” Marcos Jr.’s election protest against Vice President Maria of the Week" Leonor “Leni” Robredo to proceed, declaring it “sufficient in form and substance.” In an 8- page resolution dated January 24, the tribunal dismissed VP Robredo’s claim that Mr. Marcos’ accusations of cheating and vote-buying were just a “series of wild accusations, guesses and surmises.” The tribunal also rejected VP Robredo’s argument that it had no “Release Napoles, the number one enabler of plunderers jurisdiction over the case. VP Robredo claimed Mr. Marcos improperly raised before the in government, and we might as well dissolve our justice system and declare this government a electoral tribunal the authenticity of Certificates of Canvass (COCs), which she said should government of criminals, where the innocent are have been raised in a pre-proclamation case filed before Congress acting as the National imprisoned and the criminals liberated. Maybe next they will be setting free the convicted drug lords who testified Board of Canvassers. against me.” Senator Leila de Lima on the reported move by Duterte ready to resign if Trillanes proves P2Bn bank deposit allegation Solicitor-General Jose Calida to acquit pork barrel President Rodrigo Duterte denied Senator Antonio Trillanes IV’s allegation that he has P2 “queen” Janet Napoles. billion in his bank accounts, saying he is ready to resign if the senator can prove that he “We have a political landscape where people tend to has even just a quarter of the amount. Pres. Duterte said Sen. Trillanes, whom he called make this kind of noise. The President is not focused on “tulisan” (brigand) was just bringing up an old issue that he already answered before he these things. He’s not trying to defend himself; the President is more focused on nation-building.” won the presidential race. The President tried to turn the tables on Sen. Trillanes as he accused him of using his office to ask for retainers, an act that he described has become a Presidential Spokesperson Ernesto Abella reacting to the renewed claims of Senator Antonio Trillanes “lucrative business” for the senator. about the P2 billion in President Rodrigo Duterte’s bank accounts. ‘Pay-off, not bribery’: Sombero qualifies role in BI scandal “This most significant historical achievement stands to Retired police superintendent Wenceslao “Wally” Sombero attended for the 1st time the benefit the Filipino peasant majority. It would be regrettable if the gains reached would be set aside by Senate inquiry on the alleged bribery of Bureau of Immigration (BI) officials for the release those in the government and the ruling elites who are of more than a thousand Chinese nationals illegally employed in the Fontana resort trying to derail the peace process.” operated by casino mogul Jack Lam. Charlie “Atong” Ang, a business partner of Mr. Lam, National Democratic Front of the Philippines Legal and Fontana managing director Norman Ng and services manager Alex Yu were also Consultant Atty. Rachel Pastores expressing her allowed to testify. Former immigration commissioner Al Argosino previously identified Mr. optimism that Pres. Duterte will reverse his decision of ending the peace talks. Ng and Mr. Yu as Mr. Lam’s interpreters. Mr. Sombero refused to call the P50-million transaction between him and former Bureau of Immigration Commissioners Argosino and “When I say we are not afraid of President Duterte, Michael Robles extortion or bribery, choosing to use the term “pay-off” instead. He also don’t get me wrong. I’m not picking a fight, I am not saying we are equals. What I am saying is, there is only said that the money did not come from Mr. Lam but instead it came from the people leasing one thing that makes us afraid and that is sin.” IT-BPOs inside of Fontana. Lingayen-Dagupan Archbishop Socrates Villages on the relationship of the Catholic Bishops Conference of the Philippines with Pres. Duterte. Government, MNLF to resume talks The government and the Moro National Liberation Front (MNLF) are set to resume their “By its very concept, I believe that CCT will not address talks on the final implementation of the 1996 peace agreement. Mr. Emmanuel Fontanilla, poverty. I don’t think it will ever, ever address poverty. To end poverty, we must address its roots in MNLF spokesman and member of the peace panel, said they were just waiting for the underdevelopment and inequality.” composition of the government panel for the resumption of talks. Mr. Fontanilla explained that the MNLF would not be part of the newly formed Bangsamoro Transition Commission National Anti-Poverty Commission Chairperson Liza Maza on the effectivity of the Pantawid that would discuss peace with the Moro Islamic Liberation Front (MILF) because the MILF Pamilya Pilipino Program (4Ps), the Philippines’ would have separate talks with the government. He said the resumption of talks with the version of conditional cash transfer scheme. government would be confined to 3 remaining unresolved issues for the final implementation of the 1996 peace accord, which was brokered by the Organization of Islamic Cooperation (OIC). These issues are governance, wealth sharing and territory. Optimism stays ‘very high’ -- SWS President Rodrigo Duterte ended his first 6 months in office with Filipinos retaining “very DISCLAIMER high” optimism over quality of life and the economy in the year ahead, according to a The articles in this Philippine Weekly Update (PWU) have been culled from various media sources. We cannot, therefore, vouch for the accuracy of what is reported. The Wallace Business Forum, Inc. 1 Feb. 13 - 17, 2016 Weekly Update December Social Weather Stations (SWS) survey that also showed the FINANCIAL INDICATORS Latest Week Week-ago Year-ago those who felt their lives improved from a year ago steadied. The 4Q2016 Social Weather Survey showed that readings generally steadied across T-Bill Rates (February 13, 2017 average) geographic areas and social classes from the preceding July-October 91-day 2.252 N.T. N.I. round. December’s survey found 37% of respondents saying their lives 182-day 2.467 N.T. N.I. improved (“gainers”) from 12 months ago and 21% saying they worsened 364-day 2.766 N.T. N.I. (“losers”), yielding a +16 “net gainers” score (the difference of gainers over losers) which SWS classifies as “very high,” roughly steady from the September survey’s record “very high” +19 (36% gainers, 17% losers). PESO DEPOSIT RATES (% p.a., January 30 – February 03, 2017) Savings Deposit 0.00 0.00 0.00 Vitangcol to face trial for $30 Mn MRT extort Time Deposit The Sandiganbayan will proceed with the trial of a graft case against Below 1 year 1.70 1.60 1.68 former Metro Rail Transit (MRT) general manager Al Vitangcol in 1 - 2 years 3.46 1.78 1.51 2.03 Over 2 years 3.17 3.38 3.19 connection with his alleged attempt to extort $30 million from Czech company Inekon Group in 2012. In a 5-page resolution dated Feb. 9, the DOLLAR DEPOSIT RATES (% p.a., January 30 – February 03, 2017) Sandiganbayan 6th Division denied Mr. Vitangcol’s motion to quash the Savings Deposit 0.22 0.21 0.18 case. The anti-graft court found no merit on Vitangcol’s arguments that the Time Deposit court has no jurisdiction over the case and that the facts cited in the case 60 days & below 0.56 0.60 0.54 information sheet do not constitute a crime. In his motion, Mr. Vitangcol 61-90 days 0.66 0.63 0.63 said that under Section 2 of Republic Act 10660, a regional trial court shall 91-180 days 0.77 0.75 0.72 181 days & above 1.00 1.00 0.94 have the “exclusive original jurisdiction” in cases that do not allege bribery or damage to the government or if the amount of the alleged bribery or LIBOR/SIBOR (% p.a., February 13 – 14, 2017) damage to the government is below P1 million. Libor 90 days 1.04 1.04 0.62 Council to review DENR closure of mining firms Sibor 90 days 0.96 0.96 0.86 Libor 180 days 1.34 1.34 1.25 The government’s Mining Industry Coordinating Council (MICC) is bent on Sibor 180 days 1.25 1.25 1.31 subjecting to review the recent decision of Environment Secretary Regina Lopez to close down some mining firms and terminate existing government FOREIGN EXCHANGE RATE (% p.a., February 17, 2017) contracts with mining companies. Finance Undersecretary and Legal Services Group head Bayani Agabin reiterated that the Department of PDS Weighted Ave. (P/US$) 49.99 49.92 47.67 Blackmarket (P/US$) 50.15 50.00 47.80 Environment and Natural Resources (DENR)’s closure and suspension PDS Weighted Ave. (P/EURO) 53.30 53.20 52.80 orders are appealable to the Office of the President, and as such could be reversed, modified or altered by Malacañang. PRIME LENDING RATE (% p.a., February 17, 2017) Bank of America 5.78 5.78 5.84 Economy BPI 5.60 5.35 5.40 Citibank 3.24 3.31 4.34 Inflation to continue above 2% -- DOF BDO 5.69 5.56 5.34 The Finance department expects headline inflation to increase in the near Hong Kong & Shanghai Bank 3.63 3.95 4.38 ING Bank 5.50 4.50 4.40 term but the indicator will remain within the government’s targeted range, Metrobank 5.50 5.50 6.25 amid rising energy prices after oil-exporting countries cut production.