Manila Standard - 2018 October 12 - Friday

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GLOBAL STOCK MARKETS SLUMP; PH, REST OF ASPAC JOIN ROUT

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Dow Jones plunge

TAIPEI Weighted SHANGHAI 9,806.11 SEOUL Shanghai Composite 6.31% (-660.72) KOSPI 2,583.46 2,129.67 5.22% (-142.38) 4.44% (-98.94) MANILA PSEi 1.66%

6,884.38 (-116.76)

HONG KONG TOKYO Hang Seng Nikkei-225 25,266.37 22,590.86 3.89% (-915.18) 3.54% (-926.70) VOL. XXXII • NO. 239 • 3 SECTIONS 16 PAGES • P18 • FRIDAY, OCTOBER 12, 2018 • www.manilastandard.net • editorial@manilastandard.net

Clamor mounts for oil tax freeze before Xmas Right numbers, wrong game A WOMAN bettor was so close to taking home the grand prize of the Philippine Charity Sweepstakes Office’s Ultra Lotto 6/58, at that point with a jackpot of P900 million. Next page

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MS reporters bag business journalism awards TWO business reporters of the Manila Standard won at the 27th Economic Journalists Association of the Philippines Business Journalism Awards. EJAP, the premier organization of business reporters and editors in the country, in partnership with Ayala Corp. announced the winners at the Fairmont Hotel in Makati City last Wednesday. Jenniffer B. Austria was declared the Reporter of the Year in Capital Markets beat, her second award from EJAP in the same category. Austria, a graduate from the University of the Philippines in Baguio, covers the Philippine Stock Exchange and Securities and Exchange beat. Darwin G. Amojelar was named Reporter of the Year in Telecommunications and Transportation beat, his first award for Manila Standard. This is his 9th award in various categories from the EJAP. Amojelar, covers the telecommunications and transport beat and has been with the Manila Standard since 2015. Next page

Pimentel

Tomawis

Rice-driven inflation entails policy change, says Finance

said Thursday. In a report, the DoF said basic food items such as rice, fish, meat and vegetables have been major drivers of THE contribution of rice to the in- inflation this year, with the contribuflation rate grew 10 times this year, tion of rice alone rising 10 times to 1 signaling a need for food policy re- percentage point of the inflation rate. Next page forms, the Department of Finance

By Julito G. Rada, Macon Ramos-Araneta and Maricel V. Cruz

PH growth on upward trajectory—Du30 DESPITE the record-high inflation rate and increases in prices of oil and other basic goods, President Rodrigo Duterte told his Asian counterparts that the country’s economy is on an “upward trajectory.” “The indications are encouraging. For the Philippines, our economy is on an upward trajectory of growth,” Duterte said

during the Leaders’ Gathering of the Association of Southeast Asian Nations in Bali, Indonesia. The President, however, acknowledged that the region faces several challenges, especially on the economic front. “Escalating trade tensions and protectionism threaten to undermine the gains Next page

Duterte’s allies in Senate call for end to price hikes By Macon Ramos-Araneta

DMINISTRATION senators favor the suspension of a looming increase in the excise tax on fuel as a way of easing the burden of consumers who have been reeling from the continued increase in prices.

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Senator Grace Poe, chairman of the Senate committee on public services, asked the Department of Finance to carefully study the suspension of excise taxes that are scheduled to go up in January 2019 under the Tax Reform for Acceleration and Inclusion law. She said the DOF should take into serious consideration the sentiments of consumers, particularly the poor. Senator JV Ejercito said the interests of consumers should take preeminence in the implementation of laws. “I urge government to implement the TRAIN law provision that provided for the suspension of fuel excise tax increase when the average Dubai crude oil price based on Mean of Platts Singapore for three months prior to the scheduled increase of the month reaches or exceeds $80 per barrel,” he said. “While we understand the need of government to increase revenues, [we] need to prioritize the protection of the public who are bearing the brunt of these high prices,” he added. Next page

Pinoys oppose death for drug-related crimes By Nat Mariano and Macon Ramos-Araneta MAJORITY of Filipinos are against the imposition of the death penalty for specific crimes related to illegal drugs, a Social Weather Stations survey showed. The survey, which was conducted for the Commission on Human Rights, showed that only 33 percent of the respondents agree with reinstating the death penalty for committing serious crimes related to illegal drugs. SWS listed the seven drug-related crimes as follows: Importation of illegal drugs; maintenance of drug dens; manufacture of illegal drugs; murder under the influence of drugs; rape under the influence of drugs; sale of illegal drugs; and working in drug dens. “For six out of seven specific serious crimes related to illegal drugs, 33 percent or less demand the death penalty,” SWS said in its report. It added that the only exception is the crime of rape under the influence of drugs, for which 47 percent (still a minority) think Next page that capital punishment should apply.

Chavez

Ong

Magtira

VISION OF DELIGHT. Some 90 rose-colored Miss Earth candidates led by Miss Philippines Celeste Cortesi pose by the swimming pool at the bayside Diamond Hotel in Manila during their presentation to press photographers on Thursday. The live telecast of the pageant’s coronation night on Nov. 3 will be held at the Mall of Asia Arena in Pasay City for the third consecutive year. Lino Santos

Merry mix of early birds for senatorial polls By Vito Barcelo and Macon RamosAraneta REELECTIONIST Senator Aquilino Pimentel III, folk singer Freddie Aguilar and former Bayan partylist representative Neri Colmenares were among the first 23 senatorial aspirants that filed their certificates of candidacy during the first day of filing at the Commission on Elections office in Intramuros, Manila. Among the senatorial hopefuls were former

Afuang

Roleda

Health department consultant Willie Ong; former Makati policeman Abner L. Afuang; and Samira Tomawis, a Maranao and Liberal Party candidate from Marawi City, Lanao del Sur. At least 13 new and existing party-list and groups filed their certificate of nomination and certificates of acceptance of nomination during the first day of filing. Kabayan Party-list, Partido Lakas ng Masa, a coalition consisting of Teacher’s Dignity Coalition, Next page

Aguilar

Colmenares


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