Stock investors on wait-and-see

Investors are likely to remain on the sidelines following the surge in speculative buying on third-line oil and mining issues amid the potential impact of the rising oil prices.

Volatility in oil prices has been driven by lower inventory levels in the U.S. on larger than expected drawdowns and potential supply disruptions from tensions over Iran, the world’s fourth largest oil exporter, says AB Capital Securities.

“With the Philippines importing more than 90 percent of its oil requirements and the economy having a reportedly high intensity of petroleum usage to generate each unit of GDP output, our economic growth may be imperiled towards the second half.”

The government has already warned the public about higher crude and refined petroleum prices as oil companies have pronounced plans of successive hikes of as much as 50 centavos per liter on fuel prices over the next several weeks.

With the expected rise in prices, “we won’t be surprised on any upward adjustment in inflation targets by mid-year. This may eventually force the Bangko Sentral ng Pilipinas (BSP) to adopt a more restrictive interest rate policy in second half of the year.

            BPI Securities has noted that the market corrected following two days of strong gains which saw the Phisix breaching the 2270 resistance.

            Leading the market's decline were Ayala Land, Inc. and SM, both of which had racked up steep inclines last week.

           “While buying sentiment remains strong, we may still see this correction continuing this week particularly if PLDT ADR trades lower,” says BPI Securities.

            Last week, trading mainly focused on commodity-related issues, with selected blue chips such as Ayala Corp. (AC up 5 percent) and PLDT (a record of P2,000 per share) leading the index’s rise.

             AB Capital noted that international oil and gold prices continued to shoot through the roof, fuelling speculative interest on third-liners.

“Index issues moved up slightly on account of better first quarter budget deficit numbers, overcoming fears of higher business costs and adverse consumer spending from rising crude prices.”

 The PSEi gained 39 points up by 1.7 from the previous week’s to close at 2,263 its highest since August 1999.

              “While everybody waited for a psychological resistance at $600 per ounce, gold prices charged without hesitation to reach over $637 per ounce, fuelling a buying frenzy on the biggest local mine players: Philex Mining (PX, PXB), Lepanto Consolidated (LC, LCB), Manila Mining (MA, MAB), Apex Mining (APX, APXB) and Atlas Mining (AT).”(Edu Lopez)

 

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Capiz march vs. Charter change

ROXAS CITY– The Capiz March Against Arroyo’s
Charter Change or C-MARCH welcomed the early
issuance of a Temporary Restraining Order (TRO)
by Capiz Regional Trial Court(RTC) Branch 17
Presiding Judge Edward Contreras Tuesday afternoon.

“This is a landmark case. This is the first TRO
issued in the country against the bogus people’s
initiative led by Department of Interior and
Local Government(DILG)-Malacañang,” said C-March secretariat Chris Heredia.

Contreras issued a 20-day temporary restraining
order on Tuesday, directing the poll body to
cease and desist immediately from taking
cognizance of verification of signatures of the
supposed registered voters presented by any people’s organizations.

The order stemmed from the petition for
prohibition filed by former Roxas City Councilor
Rey Antonio Bingo Altavas, a former staunch
critics of the Roxases. Altavas now works as
staff of Sen. Mar Roxas II in the Senate.

The victory is not just for Capizeños but for all
patriotic and nationalist Filipinos as well, she stressed.

The C-MARCH is the first broad alliance of
anti-Charter change in the province of Capiz,
which was launched Friday last week. The group is
composed of various organizations from different
political, socio-civic and church sectors opposing the people’s initiative.

Heredia challenged the other provinces to take
initiatives in order to achieve significant
victory in its legal battle against the peoples’ initiative.

“There is no question for the need to change the
present constitution but this is not the right
time to change it. Personally, I believe that
this will legitimize a regime whose legitimacy is being questioned,” she said.

Atty. Nelly Abao-Lee, Capiz provincial election
supervisor, said she was surprised by the sudden issuance of the TRO.

She said the issuance of the TRO by a local court
was, so far, the first in the country against a
government agency that is tasked by the
Constitution to administer an election.

Lee said copy of the TRO has been forwarded to
the Comelec National Office for immediate comment and action.

In her legal opinion, she stressed, the Comelec
cannot be restrained by the court because they
were merely doing their administrative functions.
She stressed that verifying signatures upon the
request of any individual persons or groups is
one of their primary tasks. She added the Comelec
never wasted the people’s money in doing so.

Except for the first district of Capiz, she said,
the Comelec had issued a certification that
22,372 signatures gathered for the people’s
initiative in the second district had been
verified to be true. The number represented 12.94
percent of the 172,945 registered voters.

Lee said her office cannot issue any
certification on the part of the first district
because the signatures submitted for verification
coming from Roxas City and Pontevedra towns have
yet to be verified when the TRO was issued.

So far, only 6,105 of the 14,371 signatures
gathered were verified to be true. The first
district, composed of six towns and Roxas City, has 203,208 registered voters.

By FELIPE CELINO AND ERWIN BONIFACIO 

Estafa vs. Pacific Plans

On April 26, 2006, aggrieved planholders filed Syndicated Estafa Charges
against the Directors and Officers of Pacific Plans, Inc. before the Office
of the City Prosecutor of Manila. The named Respondents in the Criminal
Complaints are Ambassador Alfonso T. Yuchengco, Helen Yuchengco Dee, Alfonso
S. Yuchengco III, Alfonso S. Yuchengco, Jr., Yvonne S. Yuchengco, Susanne
Yuchengco Santos and others. Syndicated Estafa, a non-bailable offense which
carries the penalty of life imprisonment to death, is punishable under P.D.
1689, in relation to Article 315 of the Revised Penal Code.

In their Criminal Complaints, Philip Piccio and other planholders alleged
that Pacific Plans, Inc., through its Directors and Officers, misrepresented
to the general public that they will pay, irrespective of cost at the time
of availment, the tuition and standard school fees for enrollment of their
Traditional Pacific Educational Plan scholars. Through such
misrepresentations, they pretended that they had the capacity to honor their
contractual obligations and assume the risks inherent in their open-ended
plans and were able to induce members of the general public to part with
their hard-earned money to purchase them.

In said Complaints, the Complainants averred that Pacific Plans, through its
Directors and officers, self-engineered and artificially contrived their
state of "financial distress" by transferring the funds and assets of
Pacific Plans to Lifetime Plans, Inc. Complainants further stated that
Pacific Plans subsequently filed a Petition for Corporate Rehabilitation
with Suspension of Payments with the Regional Trial Court of Makati City in
order to evade its contractual obligations to its planholders, despite the
fact that the findings of the Securities and Exchange Commission (SEC) and
its own audited financial statements showed that the company is liquid and
solvent. In said case, Pacific Plans proposed a mandatory swap of all
open-ended plans with fixed-value plans which offers a refund of their total
payments with a lower yield of 7% per annum to be paid out in the year 2010.

Philip Piccio is the President of PEP Coalition, Inc., a coalition of
aggrieved planholders of Pacific Plans, Inc., who have joined together in
their concerted effort and crusade to promote the protection of consumers,
good corporate governance, and a morally responsible pre-need industry. *The
PEP Coalition, Inc. has spearheaded the holding of a National Convention of
Pre-Need Victims to be held this coming Saturday, April 29, 2006, 8:00 A.M.
to 12:00 noon at the St. Paul's Pasig Gym. Expected to attend the National
Convention are planholders from Pacific Plans, CAP, Platinum, Capitol and
TPG. *Some 1,000,000 students who are the beneficiaries of these
educational plans face the imminent prospect of not enrolling in school
because of this controversy hounding the pre-need industry.

Insensitive corporate comm manager

A corporate communications manager of a large software company got a flak from local reporters who covered an event in Singapore.  This lady manager had her own way and insensitive to the concerns of the reporters. She even went into a shopping spree, forgetting her role as a facilitator instead of taking care of the reporters.  “It was a traumatic experience,” says one reporter who promised never to cover any future event of that software company with the same lady communications manager who used to be with a large global IT services and software firm and then moved to a German company. The shabby treatment by this lady communications manager on the reporters may affect her credibility.  If that’s the way she handles the press, then reporters would think it thrice before covering any of the company’s event.

            IT execs and employees come and go.  Michael Jabillo who used to be with Microsoft Phils. for four years is now with a local company Saklolo.net, the ABC of m-Commerce.  Mike is cooking up a project with a major daily paper.  Ariel Roda, ex-ePLDT executive who left the company in August 2005 is a consultant, helping Mike on some projects.

            Cris Magallona joined Dell Phils. as a business development manager.  He left HP Philippines in November 2004. Barry Bunyi heads the Dell Phils. as the country manager.

            The recent results of the PhilNITS certification exams was a disappointing one.  The number of passers in the recent exams was way below compared to the previous exams.  PhilNITS Foundation led by Maricor Akol would certainly re-examine and evaluate its procedure and processes to raise the number of passers in future certification exams. PhilNITS-certified IT professionals are in big demand in Japan and in Japanese companies operating in the country.—Edu Lopez

Fil-Ams to conduct medical mission in Jimenez

 

 

 

A group of Filipino Americans based in California and New York will conduct a

medical mission in the three towns of Misamis Occidental in June to July this

year.

            Raul Maghuyop, co-founder of the Greater Jimenez Association-USA who is

coordinating the mission said that more than 20 volunteers including doctors

and nurses will be coming to treat patients and give $3,000 worth of free

medicine to indigents in the towns of Sinacaban, Jimenez and Panaon on June 25,

2006.

            “This is our humble contribution to help our constituents who are in need of

medical assistance,” says Maghuyop.

            To ensure the success of this endeavor, the group will be tapping the local

doctors and nurses to volunteer and assist the medical mission.

            Maghuyop says that another US-based group, the Misamisnon USA will conduct a medical mission in July this year.

            The Greater Jimenez Association-USA was established in 1991 in California

where its first officers were elected in Sept. 1993.  Raul Maghuyop was the

first president and a co-founder which was then called the Greater Jimenez

Association of Southern California.

            The association had initiated several projects in the past such as

construction of waiting sheds in Jimenez, Sinacaban and Panaon towns;

distribution of food, rice, sardines, noodles, soap and other items; donation

of books in the libraries including sports equipment.

 

Prices ease up in Metro

Prices of construction materials in Metro Manila have slightly dropped
as shown by the whole price index of 0.6 percent in February, lower than the
previous month's 0.9 percent.
         The National Statistics Office (NSO) said that prices of GI sheets
have declined to -0.4 percent in February.   Prices of cement and interior
electrical fixtures and devices decelerated to 0.6 percent in February from 6.3
percent and 2.1 percent in January.
         Prices of lumber dropped slightly to 0.4 percent from 4.5 percent;
wood products, 1.7 percent from 2.6 percent; and electrical rough-in materials,
0.7 percent from 2.5 percent. 
         On the other hand, prices of sand, stone and gravel were higher at 0.4
percent from -3.0 percent; plywood, 0.6 percent from -0.3 percent; fuels and
asphalt, 4.3 percent from 0.3 percent; glass and glass products, 1.0 percent
from 0.5 percent; hardware, 1.9 percent from 0.6 percent; paints, 1.4 percent
from -0.2 percent; reinforcing steel, 0.9 percent from -2.3 percent; and
exterior electrical equipment and supplies, 2.1 percent from 0.5 percent. 
          Prices of the rest of the commodity groups generally remained stable
as they posted zero growth during the month.
          The annual inflation of the construction materials in NCR was at 8.6
percent in February, the same rate recorded in January. 
          Higher annual positive rates were seen in the prices of the following
commodity groups: cement, 10.1 percent from 10.0 percent; lumber, 12.3 percent
from 12.1 percent; wood products, 18.5 percent from 17.1 percent; fuels and
lubricants, 33.8 percent from 31.4 percent; glass and glass products, 9.0
percent from 7.9 percent; hardware, 7.4 percent from 5.4 percent; metal pipes,
15.4 percent from 15.3 percent; paints, 4.8 percent from 3.7 percent; and
exterior electrical equipment and supplies, 9.7 percent from 7.4 percent. 
          NSO noted a slower annual movements in the prices of sand, stone and
gravel, concrete products, plumbing fixtures, reinforcing steel, G.I. sheets,
interior electrical fixtures and devices, tileworks and electrical rough-in
materials. 
          The annual corresponding price decreases in plywood and structural
steel were at -1.0 percent and -3.1 percent from -1.3 percent and -2.9 percent,
respectively. 
          The rest of the commodity groups retained their previous month's
rates while inflation for blasting materials and machinery and equipment rental
was zero.(Edu Lopez)

SEC to probe MMC

 The Department of Environment and Natural Resources (DENR) has asked
the Securities and Exchange Commission (SEC) to investigate Manila Mining
Corporation (MMC) for disclosing to the public that its exploration permit has
already been approved.
        DENR Sec. Angelo Reyes said: "MMC’s false announcement and the
subsequent speculative effects in the Philippine Stock Exchange (PSE) is
therefore misleading and irresponsible for a publicly-listed company and does
not blend well with the government’s efforts to revitalize the mining
industry."
        He stressed that the renewal of the MMC's exploration permit (No.
XIII-014) covering its Kalaya-an Gold Project is still pending with his office
awaiting clearance and final approval.
         Reyes said this is contrary to the recent published reports  that
MMC’s exploratin permit had already been approved and that DENR Undersecretary
for Mining Demetrio L. Ignacio had given the company clearance to inform the
stockholders about its supposed approval during its annual stockholders meeting
recently.
         Mines and Geosciences Bureau Director Jeremias L. Dolino for his part
said that as required under DENR Memorandum Order No. 2005-20 “all applications
for Exploration Permits filed prior to August 26, 2005 shall be cleared with
the DENR Secretary.” 
          MMC’s application was filed 16 July 2004 but encountered opposition
from the community of Barangay Anislagan, Placer, Surigao del Norte.(Edu Lopez)

Footprints, a new version

          Imagine you and the Lord Jesus are walking down the road  together.  For much of the way, the Lord's footprints go along steadily, consistently, rarely varying the pace.
          But your footprints are a disorganized stream of zigzags, starts, stops, turnarounds, circles, departures, and returns.
           For much of the way, it seems to go like this, but gradually your footprints come more in line with the Lord's, soon paralleling His consistently.
           You and Jesus are walking as true friends!
           This seems perfect, but then an interesting thing happens: Your footprints that once etched the sand next to Jesus' are now walking precisely in His steps.
           Inside His larger footprints are your smaller ones, you and Jesus are becoming one.
           This goes on for many miles, but gradually you notice another change.  The footprints inside the large footprints seem to grow larger.
           Eventually they disappear altogether. There is only one set of footprints. They have become one.
           This goes on for a long time, but suddenly the second set of footprints is back. This time it seems even worse! Zigzags all over the place.  Stops.  Starts. Gashes in the sand.   A variable mess of  prints.
          You are amazed and shocked.
          Your dream ends. Now you pray:
          "Lord, I understand the first scene, with zigzags and fits.  I was a new Christian; I was just learning.  But You walked on through the storm and helped me learn to walk with You."
           "That is correct."
          "And when the smaller footprints were inside of Yours, I was actually learning to walk in Your steps, following You very closely."
           "Very good.. You have understood everything so far." 
            When the smaller footprints grew and filled in Yours, I suppose that I was becoming like You in every way."
           "Precisely."
          "So, Lord, was there a regression or something? The footprints separated, and this time it was worse  than at first."
           There is a pause as the Lord answers, with a smile in His voice.
          "You didn't know?  It was then that we danced!"
           To everything there is a season, a time for every purpose under heaven: A time to weep, a time to laugh, a time to mourn, and a time to dance.
          Ecclesiastes 3:1,4.
          Funny how you can send a thousand 'jokes' through e-mail and they  spread like wildfire, but when you start sending messages regarding the Lord, people think twice about sharing. Funny isn't it? Are you laughing? Are you thinking? Spread the Word and give thanks to the Lord for He is good!
          Funny isn't it, when you go to forward this message, how many on your list are not receiving it because you're not sure they believe in anything?
          Sad.
          It's not WHAT you have in your life, but Whom you have in your life that counts… Think about that.
          I ASKED GOD
          I asked for a  flower,
          He gave me a garden.
          I asked for a tree,
          He gave me a forest.
          I asked for a river,
          He gave me an ocean.
          I asked for a friend,
          He gave me "YOU."
          Send this to whomever you  think of as a friend….. I did. 

Public Indebtedness

DREAMT THAT THE GOVERNMENT CAME UP WITH A DEPARTMENT OF PUBLIC INDEBTEDNESS(I remember reading that the US has such department).

This Department is in charge of collating all information on our public debts: how much is owed, to whom, for what, what costs we are carrying for that debt, when it was incurred,and if it has a termination date or date due that it is supposed to be paid, etc.

It is peopled by idealist yet pragmatic and practical people from the academe, economists, financial experts, bank and management people, perhaps even the religious. They publish their reports on a quarterly basis for everyone to see.

The debts are classified according to priority: when due, how much payable, cost of carrying interests, etc.

They then classify them and publish them for everyone to see, with the intention of informing the citizenry, allowing them to participate in the payment of the debts directly if they chose to,  with the Banks concerned to receive the deposits for the intent to pay off the debts;

Quarterly the Department will make a report to the Filipino people published in the papers, including the Bank statements showing the movement of cash for receiving and paying of public debts;

They then prioritize a specific list of loans/debts, and ask the people to pay the debts themselves directly through voluntary donations.

It can help galvanize people's actions by showing the debt and dividing it into sets of  say PHP10 per person, and showing how long or fast it will take to pay off certain bills monthly.

A company with a thousand employees each donating PHP10/each would be generating PHP10,000 a month plus another PHP10,000 that the company will match up with, producing PHP20,000 monthly. In a year that would be PHP240,000 being deposited into a bank for purposes of paying public debts.(Perhaps this can be considered as offsets or credits to Internal Revenue individual income taxes OR even to the Corporate Income taxes? They just need to present their bank deposit slips or bank receipts).

If we can get 3,000,000 employees/citizens paying each PHP10/month, that would be PHP360million every year. What if some donates PHP100, or PHP1000 or even PHP10,000 monthly?

It will pay off the public debt over a period of years, freeup many funds for use of the public, bring about lower loan interests, and allow enterpreneurs more money in the public system to borrow and invest on, etc. More funds released from the government side will mean more and better hospitals, roads and bridges, better pay to government employees and military and police personnels, schools, etc.
Such would also give the people direct access to and make direct actions related to public indebtedness.

Without increasing rates to collect  taxes, our country can move forward and pay our debts until we become debt free, in say 10 years? Of course, the public debt must first be published to know. The payments and balances to particular debts that are being paid for directly by the people must also be published regularly.

Remember the Koreans donating their jewelries when the Korean and Asian economy collapsed by the end of the 90s? It can be done.

You may want to share your dreams too, and perhaps we can do it too. IS THE ABOVE DREAM ACHIEVABLE?

rene pamintuan

Competitive

The Philippines was second to Japan in average per capita income in the 1950s. Outside Japan, the Philipiines ranked ahead in literacy, English knowledge, industrialization, etc.
A World Bank mission to Asia in 1954,  rated the Philippines (and Burma!) as the country with the
"highest chances of success."   Far behind were Korea and Indonesia.  In the middle were
Thailand and Malaysia.  Key factors included the achievements in secondary and teriary education and,  I  believe,  natural resources. (However, the latter can be easily depleted if not managed well).

   There is indeed to catch up fast. We can not walk while others run. There are indeed many areas to address.  These are discussed in the Global Competitiveness Report as well as World bank and ABD reports (they are in the web). They include: governance, quality of education, quality of infra, rule of law, secured property rights, etc.
 
   There is hope. But all must rally behind nation-building.  We have to know the problems, and prioritize the solutions. 

Rolly
Dabaweno