THE MANILA TIMES | JUNE 28, 2019

Moody’s: April-June growth ‘not very great’ ÂťStory on B1 ++

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FRIDAY, JUNE 28, 2019

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PiĂąol wants out of DA

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Impeach Duterte, Palace dares critics

!'2)#5,TURE SecreTARY %MMANuel PiĂąol has asked President Rodrigo Duterte to get him out of the Department of Agriculture (DA) Q Secretary and transfer Emmanuel PiĂąol HIM TO ANOTHER AGENCY SENATOR ELECT #HRISTOPHER ,AWRENCE g"ONGu 'O SAID

BY CATHERINE S. VALENTE

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ALACAÑANG on Thursday challenged critics of President Rodrigo Duterte to kLE AN IMPEACHMENT COMPLAINT IF THEY BELIEVE THAT HE COMMITTED AN IMPEACHABLE OFFENSE WHEN HE AGREED TO ALLOW THE #HINESE TO kSH IN THE country’s exclusive ECONOMIC ZONE %%:

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Students to get free train rides STUDENTS will get free rides from the Metro Rail Transit Line 3 (MRT 3), Light Rail Transit 2 (LRT 2) and 0HILIPPINE .ATIONAL 2AILWAYS 0.2 AT SELECT HOURS FROM -ONDAY TO &RIDAY

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Duterte is wrong to call Carpio buang‌ or maybe not

Palace spokesman Salvador Panelo maintained that the President’s STATEMENT THAT #HINA COULD kSH IN Philippine waters was not a ground for impeachment.

Still, he dared those who criticized THE 0RESIDENT TO kLE A COMPLAINT IF THEY

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RESIDENT Duterte is wrong to call Supreme Court Justice Antonio Carpio buang, for criticizing his statement to allow Chinese kSHERMEN ACCESS TO g0HILIPPINE WATERS u Buang MEANS STUPID ‡ CERTAINLY A DEscription that applies to the Yellow senators who claim Duterte would be violating the Constitution to allow that.

RIG RRIGOBERTO IGG DD. TIGLAO

ÂłCriticsA2

BLESS ME

Rep. Martin Romualdez greets President Rodrigo Duterte during the anniversary celebration of the Presidential Security Group in MalacaĂąang. CONTRIBUTED PHOTO

ÂłTiglaoA5

What’s inside GHOST DIALYSIS WITNESSES FIGHT TRANSFER TO CITY JAIL NewsA2 LIGAYA TABIRAO Managing Director Meteor Philippines Inc.

DUTERTE NAMES IRAL BJMP CHIEF NewsA8

Romualdez not backing down in speakership race LEYTE congressman-elect Martin Romualdez has no plans to surrender in the speakership race as he goes head-to-head with Marinduque Rep. Lord Allan Velasco, the administraTION PARTY S BET /N 7EDNESDAY NIGHT 2OMUALDEZ was seen posing for photos with

President Rodrigo Duterte during the 122nd celebration of the PresiDENTIAL 3ECURITY 'ROUP 03' IN MalacaĂąang, hours after the ruling Partido Demokratiko Pilipino-Lakas NG "AYAN 0$0 ,ABAN PICKED 6ELASCO AS ITS OFkCIAL BET

ÂłSpeakershipA8

Selfies five times more deadly than shark attacks RIO DE JANEIRO: Selfies, which have become a global sensation in the LAST DECADE OR SO HAVE REMARKABLY KILLED kVE TIMES MORE PEOPLE THAN shark attacks.

And the death toll has crept up INCREMENTALLY EACH YEAR AS SMARTphones become more sophisticated AND SELkE STICKS INCREASE THE RANGE AT

ÂłDeadlyA8

‘Descendants of the Sun’ stars file for divorce

Guiding star

A tour operator specializes in journeys of faith

B9

ISKO’s SON JOAQUIN IS STEPPING INTO SHOWBIZ

EntertainmentD4

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SHORTLIVED UNION In this file photo, South Korean actor Song Song Joong-Ki (left) and actress Song Hye-Kyo pose for a photo call on the red carpet of the 52nd annual BaekSang Art Awards in Seoul. AFP PHOTO

SEOUL: Fans of Korean drama on Thursday mourned news of a divorce between two celebrities who turned reallife lovers after starring in the hit TV series “Descendants of the Sun.�

Leading lady Song Hyekyo, 37, and heartthrob Song Joong-ki, 33, were seen as

ÂłDivorseA8

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What’s inside DOF SEEKS MORE FREQUENT ENGAGEMENTS WITH SOLONS BusinessB2

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‘$1.1B NEEDED TO RUN SILANGAN PROJECT’

ÂťCorporate NewsB4

ANCHOR LAND ALLOTS P35-B CAPEX FOR 2019-2021 Corporate NewsB4

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FILIPINOS PREFER TO SAVE IN BANKS – PDIC SURVEY

ÂťForeign BusinessB5

SUSTAINED FISH OUTPUT GROWTH SEEN IN APRIL-JUNE Foreign BusinessB5

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V Seoul 0.59%

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FRIDAY JUNE 28, 2019

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Moody’s: April-June growth ‘not very great’

BY MAYVELIN U. CARABALLO

M

OODY’S Investors Service on Thursday expressed some pessimism about the Philippine economy’s performance in the second quarter AS IT CONTINUED TO lAG THE DELAYED APPROVAL OF THIS YEAR S NATIONAL BUDGET AS THE MAIN DRAG TO GROWTH “At this point, I don’t think you should be excited about Q2 (second quarter),�

Moody’s Vice President and Senior Credit /FkCER #HRISTIAN DE 'UZMAN TOLD REPORTERS IN A BRIEkNG Although he did not give an exact fore-

cast for gross domestic product (GDP) growth for April to June, de Guzman said Moody’s expectation was based on the fact the government lost its chance to SPEND FOR THE kRST kVE MONTHS OF THE YEAR “Because of the budget impasse, you

lost four months. Because of the election ban, you also [lost] another month. So for Q2, our expectations‌are not very great,� he said.

A dispute between Congress’ two chambers over alleged insertions resulted in the four-and-a-half-month delay of the passage of this year’s budget. This forced the government to run on last year’s budget, limiting it to spend for items detailed in the 2018 outlay and not on programs and projects supposed to be implemented this year.

This put total national government spend-

ing in January to March — which include expenditures for infrastructure and capital outlay, maintenance, personnel services and subsidies — at P778 billion, up 0.8 percent or P6 billion from the amount in the same period last year.

This also resulted in a lower-than-expected 5.6 percent Philippine economic GROWTH IN THE kRST THREE MONTHS OF THE year, well below the government’s target.

The government also blamed the delayed budget on the P809-million budget DEkCIT FOR THE kRST kVE MONTHS OF THE YEAR

which is 99.4 percent lower than the

ÂłGrowth B2

‘US-China trade war to Feisty Trump sets have little impact on PH’ tone as stormy THE ongoing trade war between the United States and China will affect countries in emerging Asia, but its impact on the Philippines will be small, according to Capital Economics.

In a report on Thursday, the London-based research consultancy company said that so far, the overall impact of the trade war between the world’s top two economies “has been small for most countries.� “For Malaysia, Singapore, Thailand and the Philippines, we think the net effect of the trade war so far will have been to knock only 0.10.2 percent from GDP (gross domestic product),� the report said.

It noted, however, that the Philippines would suffer the most once US President Donald Trump starts to punish companies who outsource jobs.

“The Philippines would be the biggest loser if Trump followed through on his threat to punish American companies that outsource jobs abroad,� Capital Economics said. “The Philippines has a thriving business-process and IT (information technology) outsourcing sector, which last year brought in revenues equivalent to [about] 10 percent of GDP,� it added.

The report also said those hoping for “a breakthrough� out of an expected meeting between the American and Chinese leaders this weekend on the sidelines of the latest gathering of the world’s top 20 economies in Japan were likely to be “disappointed.� “The upcoming meeting between Presidents Trump and Xi at the G20 (Group of 20) summit has raised

ÂłTrade B5

G20 looms OSAKA, Japan: US President Donald Trump set the tone on Thursday for what promises to be a stormy Group of 20 (G20) summit by lashing out at friends and foes alike over trade tariffs and foreign policy.

The long-running US-China trade war looked set to dominate the two-day meeting of world leaders in the Japanese city of Osaka from Friday, but clashes also loomed over climate and hotspots, including North Korea and Iran.

On board Air Force One en route to *APAN 4RUMP kRED OFF A CHARACTERISTICALLY bullish tweet, chiding long-standing ally India for “unacceptable� tariffs on American

goods. “India, for years having put very high Tariffs against the United States, just recently increased the Tariffs even further. This is unacceptable and the Tariffs must be withdrawn,�

Trump tweeted .

The US president earlier took aim at China, saying Beijing wanted to do a deal because the world’s No. 2 economy was “going down the tubes.�

Furious at what he sees as an unfair advantage in the trading system, Trump has already hit Beijing with $200 billion in levies on Chinese imports and appeared

Q US President Donald Trump walks down the steps of Air Force One at Osaka International Airport, in Osaka, Japan on Thursday.

AP PHOTO

ÂłG20 B5

Meralco to put 2,000MW under public bidding by end-June Pernia: PH growth of 6.5% ‘attainable’ RAMON, ISABELA: Manila Electric Co. (Meralco) is set to solicit proposals ON DEVELOPING TWO OF ITS COAL kRED power plants after the Supreme Court ordered early last month that companies must subject their power-supply agreements (PSAs) to public bidding, a Cabinet ofkCIAL SAID ON 4HURSDAY “For the building capacity, I’d like to inform you that we have sat down with Meralco and we are going to‌subject to [the] CSP (competitive selection process) [nearly] 2,000 megawatts [of coal-

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NRIQUE K. Razon Jr. is chairman of the of the sevenperson board of International Container Terminal Services Inc. (ICTSI). He is, at the same time, the company’s president.

A “statement of changes in benEkCIAL OWNERSHIP OF SECURITIESu also identified Razon as chief EXECUTIVE OFkCER #%/ IN CONnection with his acquisition in three trading days of one million ICTSI common shares.

On June 20, 2019, Razon bought 75,720 ICTSI common shares at P144 each.

kRED FACILITIES= BY THE END OF THIS month,� Energy Secretary Alfonso Cusi said in his speech during the switching ceremony for SN !BOITIZ 0OWER )NC S lOATING SOLAR project here.

Noting the urgency of putting the power giant’s coal plants in Atimonan town, Quezon province and Subic town, Zambales province to public bidding, the Energy chief said the invitation would be published in a newspaper of national circulation in compliance with the high court ruling .

“I think the publication will be within this week...and they [will] present to me the TOR (terms of reference) anytime now,� he told reporters after the event.

In its May 3 decision, the high tribunal ruled that all PSA applications submitted to the Energy Regulatory Commission (ERC) on or after June 30, 2015 must undergo competitive bidding.

CSP is designed to protect consumers, and rules under them require distribution utilities (DUs) to get at least two offers for power sup-

ply before awarding a deal, ensuring that consumers get the least cost.

Following the decision, the Department of Energy repeatedly called on Meralco and other power distribution utilities to fast-track the competitive bidding of its supply agreements and ensured the compliance of industry players.

Meralco, the country’s largest power distributor, has pledged to speed up the bidding for its deals to ensure the continued power supply in Luzon.

Earlier, Meralco President and

#HIEF %XECUTIVE /FkCER 2AY %SPINOsa said the company would subject its agreement with Atimonan One Energy Inc. to competitive bidding.

4HE LISTED POWER kRM IS PLANning to construct a 1,200-MW COAL kRED POWER PLANT IN 1UEZON AND X -7 CIRCULATING lUIDIZED BED #&" COAL kRED POWER plant in Zambales.

These two facilities are part of the seven PSAs of Meralco with ITS AFkLIATES COVERING MORE THAN 3,500 MW of electricity.

JORDEENE B. LAGARE

In a public ownership report (POR) as of March 31, 2019 but dated April 11, 2019, ICTSI listed seven directors as either direct or indirect holders of 266,633,090 ICTSI common shares, or 13.24 percent of 2,013,465,454 outstanding common shares. The company’s six executives directly owned 616,654 ICTIS common shares, or 0.03 percent.

THE Philippines can still reach a gross domestic product (GDP) growth rate of 6.5 percent for this year, Socioeconomic Planning Secretary Ernesto Pernia said on Thursday. “I would say 6.5 percent is attainable,� Pernia told reporters on the sidelines of the 27th Metro Manila Business Conference in Manila.

4HE kGURE FALLS WITHIN THE GOVernment’s downwardly revsied 6- to 7-percent growth target for 2019.

According to Pernia, growth drivers are election spending, consumption, consumer spendING AND LOWER INlATION "USINESS CONkDENCE ALSO CONtinues to be high, he noted.

The country’s GDP hit a fourYEAR LOW OF PERCENT IN THE kRST quarter due to the delayed approval of this year’s budget.

Government spending may continue to drag growth in the second

ÂłPerez B5

³’Attainable’ B5

The Razon-owned ICTSI On June 21, 2019, he bought 4,770 ICTSI common shares at P143.90 each; 60,000 ICTSI common shares at P144 each; 43,980 ICTSI common shares at P144.10 each; 150,000 ICTSI common shares at P144.30 each; and 20,000 ICTSI common shares at P144.40 each.

On June 24, 2019, Razon bought 325,530 ICTSI common shares at P143.50 each; 30,000 ICTSI common shares at P143.70 each; 40,000 ICTSI common shares at P143.60 each; 20,000 ICTSI common shares at P143.90

each; 210,000 ICTSI common shares at P144 each; and 20,000 ICTSI common shares at P144.20 each.

The additional acquisitions increased his ICTSI holdings to 1,682,105,057 common shares, or 61.99 percent. When com-

puted, Razon’s ownership of 1,682,105,057 ICTSI common shares was equivalent to 83.536 percent of 2,013,633,338 outstanding ICTSI common shares.

In an explanatory note, Razon WROTE IN THE SAME kLING THAT HE holds said ICTSI common shares as “trustee for E. Razon Trust.�

On June 20, 2019, ICTSI common shares opened trading at P145.10, hit a high of P147.30, fell to a low of P143.30, and closed trading at P144. On June 21, it opened at P144, hit a high of P146.80, dropped to a low of

P143.50, and closed at P143.30.

Ownership profile

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