Stocks, peso weaken on Trump fears

The local stock market tumbled sharply Wednesday, tracking a global financial market bloodbath as investors braced for a Donald Trump presidency in America.

The Philippine Stock Exchange index (PSEi) shed 188.76 points or 2.58 percent to close at 7,119.04 as Trump’s poll victory shocked global markets.

One stock that benefited from news of Trump’s poll victory was Century Properties Group, which surged by 20 percent. The company has a branding deal with Trump for a $150-million upscale residential project. Ahead of the US elections, President Duterte named company chair and founder Jose Antonio special envoy to the US.

The peso slightly slid against the dollar alongside weakness across regional currencies following Trump’s win, which the Bangko Sentral ng Pilipinas said could be a “global political risk.”

The domestic currency weakened to close at 48.59 to $1 from Tuesday’s close of 48.58:$1, staying at a seven-year low level.

At the Philippine Dealing System, the peso hit an intraday low of 48.85 against the dollar and a high of 48.57 after opening at 48.62. The total volume traded rose to $691.9 million from Tuesday’s $549.6 million.

“Regional currencies including the peso fell on renewed risk aversion surrounding market surprise in early results showing a Trump victory,” BSP Governor Amando M. Tetangco Jr. said in a text message to reporters.

Also, “market cautiousness on a possible retreat of the Fed from a December hike because of this market reaction is weighing on regional currencies,” Tetangco added.

“We will continue to closely monitor developments and provide liquidity to the market as needed to address market price action on renewed global political risk,” according to Tetangco.

“The (stock) market lost 2.5 percent in line with the region as Donald Trump’s apparent election victory was met with concern by investors. The main worry seems to be his ‘America first’ rhetoric, which is viewed by many as anti-trade,” said Manny Lisbona, president of PNB Securities.

Lisbona said the silver lining, however, was that the odds of a rate increase in December had declined to 50 percent from 82 percent, based on some news reports.

“Local markets sold off furiously as the Republican candidate seems destined for an upset victory as of 3:30 pm. The PSEi took its cues from performances of Asian bourses as well as the futures market, wherein the Dow (futures) slid as much as 860 points,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

“Trump has promised a big change in the corporate sector and huge capital spending via infrastructure, leading to hiring and wage pressure. Massive tax cut is also promised. Foreign policy skill, which is clearly lacking, will be a test to the new administration. We can expect immediate flight to safety with gold and US treasuries being bid up,” Limlingan said.

The PSEi was led lower by the property counter, which fell by 3.47 percent, while the industrial and holding firms counter slipped by more than 2 percent. The services and financial counters fell by over 1 percent. Only the mining/oil counter rose, but by just 0.15 percent, as gold mining firms Lepanto and Philex advanced. Gold is deemed a good hedge against global economic uncertainties.

Investors dumped shares of URC (-6.76 percent) and ICTSI (-5.26 percent), two Philippine companies with sizable overseas businesses.

Ayala Land, Ayala Corp. and Megaword all fell by more than 4 percent while Metrobank, GT Capital and Jollibee all slid by more than 3 percent.

SM Prime, SM Investments Corp. and Metro Pacific Investments all slid by more than 2 percent while BDO and JG Summit declined by over 1 percent.

source: business.inquirer.net

‘Why are you Americans killing the black people…?’ – Duterte

PRESIDENT Duterte on Sunday lashed out at the U.S. police killings of black men in his latest outburst against critics of his anti-drug campaign, which has left hundreds of suspects dead.

The Philippines’ brash-talking President also threatened Sunday to withdraw the country from the United Nations after its human rights experts criticized the extra-judicial killings committed under his anti-crime drive.

Reacting to U.S. criticisms, Duterte cited the string of shootings involving police and black men that have sparked protests in the U.S.

“Why are you Americans killing the black people there, shooting them down when they are already on the ground?” he asked. “Answer that question, because even if it’s just one or two or three, it is still human rights violations.”

Criticisms against Duterte’s crusade against a problem that he says has become a pandemic provoked an angry outburst from Duterte, who held a news conference after midnight Saturday that dragged on for more than two hours.

The U.S. State Department and two U.N. human rights experts have urged Duterte and Filipino authorities to stop extrajudicial killings in the fight against illegal drugs and ensure law enforcement compliance with international human rights obligations. Philippine police say more than 500 drug suspects have been killed in gunbattles with police since Duterte was sworn in eight weeks ago.

Agnes Callamard, the new U.N. Special Rapporteur on summary executions, suggested that Philippine officials could be held liable, saying in a recent statement that “claims to fight illicit drug trade do not absolve the government from its international legal obligations and do not shield state actors or others from responsibility for illegal killings.”

Responding to the criticisms, Duterte pointed to the haunting image of a bloodied child being pulled from the rubble of a missile-struck building in the Syrian city of Aleppo to note the inability of the U.S. and the U.N. to stop such deadly conflicts, complaining that he comes under fire for the killings of criminals.

“Maybe we’ll just have to decide to separate from the United Nations. If you’re that rude, son of a bitch, we’ll just leave you,” Duterte told reporters in Davao, where he first built a reputation for his tough crime-busting style while serving as the southern city’s longtime mayor.

Duterte also belittled U.N. work in the Philippines without providing facts, raising questions, for example, about the performance of the world body’s agency that fights hunger.

If the Philippines breaks off from the U.N. — which Duterte called “inutile” and “stupid” — he said he would invite other countries like China and African nations to form a new international body. The U.N., he said, should return Manila’s financial contributions.

“Look at the iconic boy that was taken out from the rubble and he was made to sit in the ambulance and we saw it,” Duterte said, referring to the photo of a 5-year-old Syrian boy, Omran Daqneesh, that has gone viral online.

“Why is it that United States is not doing anything? I do not read you,” Duterte said. “Anybody in that stupid body complaining about the stench there of death?”

When asked about the possible repercussions of his remarks, Duterte replied: “I don’t give a shit about them. They are the ones interfering.”

Duterte wondered whether U.N. officials were threatening to put him in prison and repeated that he was ready to sacrifice his life and presidency for his country.

Duterte’s drug crackdown has left more than 500 suspected dealers dead and more than 4,400 arrested since he took office on June 30. Nearly 600,000 people have surrendered to authorities, hoping to avoid getting killed. The arrests have further overwhelmed the Philippines’ overcrowded jails. AP/ac/rga

source: globalnation.inquirer.net

‘Pietà’-like photo, PH drug war story on New York Times front page

The war against illegal drugs being waged by President Rodrigo Duterte is now going global.

The New York Times in its August 3, 2016 issue featured the rise in killings of suspected drug users and pushers in the country since Duterte assumed the presidency last June 30.

The newspaper also splashed the now viral photo of Jennelyn Olaires weeping while cradling her husband Michael Siaron, a pedicab driver and alleged drug pusher, who was shot and killed by motorcycle-riding men in Pasay City last month.

The photo, which was likened to Michelangelo’s sculpture “Pietà,” went viral and was even described by the firebrand President as “melodramatic” during his first State of the Nation Address (Sona).

“Eh tapos nandiyan ka nakabulagta (And there you are slumped on the ground) and you are portrayed in a broadsheet na parang (like) Mother Mary cradling the dead cadaver of Jesus Christ. Eh ‘yan ‘yang mga yan magda-dramahan tayo ditto (That’s what I call being melodramatic),” Duterte said.

The Times story which accompanied the photo is titled “Body Count Rises as Philippine President Wages War on Drugs.”

The story gave an overview on Duterte’s crackdown against illegal drugs and cited a letter penned by the International Drug Policy Consortium urging the United Nations drug control agencies “to demand an end to the atrocities currently taking place in the Philippines” and to state that extrajudicial killings “do not constitute acceptable drug control measures.”

It also quoted political analyst Ramon Casiple who said that people should give the President “100 days” to see if his war against drugs has been effective.

The photo of Olaires and Sairon was first featured by the Philippine Daily Inquirer on its front page last July 24. CDG

source: globalnation.inquirer.net

VIRAL: ‘Bekimon’ impersonates Duterte using gay lingo

What if the tough-talking President Rodrigo Duterte uses gay language in his strongly worded speeches?

Comedian Bern Josep Persia, popularly known as “Bekimon,” took to Facebook to share his now viral impersonation video of the firebrand longtime mayor of Davao City using gay lingo.

Persia particularly mimicked Duterte’s remarks against perpetrator of illegal drugs, and his call on government agencies to reduce red tape in processing applications.

“Patayin ko kayong lahat. Tigbashin ko kayo, shigmak kung shigmak, mag-cookie party sa mga bahay niyo. Jinojobi ko sa inyis, pag wit kayo umi-stop laro, stop look and listen ng mga kacharutang echos balungos niyong mga yan day, ishumbak ko kayo nang bonggang bongga,” Persia said.

“’Yun namang mga ahensya ng gobyernish, yung mahaba-habang mga pilantropy, mga sampung oras kang magpilantropy, magbigay ka ng maraming maraming mga requirement, wititit wititit na yang gawin. Dapat keri boom boom nang isang pasahan ng mga charorot barurut,” he added.

Duterte won the presidency in a landslide with a “change is coming” slogan, rooted on a relentless war against drugs, criminality and corruption in government.

As of writing, Persia’s video has garnered more than 1.6 million views, 31,000 shares, 30,000 likes, and 12,000 comments. YG/CDG

source: technology.inquirer.net