IN BRIEF

Trading seen to sustain sideways movement

LOCAL stocks are expected to move sideways this week as investors await more leads on first-quarter corporate earnings and the result of US Federal Reserve’s next meeting on May 3.

Analysts said investors would likely stay on the sidelines this week before the more chaotic trading in the first week of May. Aside from the Fed’s meeting, the Philippines’ inflation rate in April is also scheduled to be released in the first week of May.

“The Fed’s next meeting on the second and third, plus economic indicators should prompt watchers to possibly make early chess moves in upcoming sessions,” online brokerage firm 2TradeAsia.com said.

“Better a reactive market than an inert market—more trading opportunities for the former—but practice prudence in intraday trades as funds seek stronger impetus amid the lack of visibility on broader market fundamentals,” it said.

Listed firms began releasing their first-quarter results, which could provide indication if companies would be able to sustain profitability this year despite the macroeconomic headwinds.

Jenniffer B. Austria

It said there is no definite schedule when the MFN tariff for 2024 to 2028 will take effect, “however, we are prepared to implement the revised MFN once an Executive Order is issued by the President.”

Several associations and companies submitted their position papers to the commission prior to the deadline on April 14, 2023.

The TC said the review aimed to determine the appropriate adjustments to the Philippine MFN tariff schedule to promote trade policy stability, certainty and transparency in the trading environment.

New EO to fast-track OSW development

THE Department of Energy said over the weekend President Ferdinand Maros Jr.’s issuance of Executive Order No. 21 would hasten the rollout of offshore wind projects in the country.

“With heightened investor interest in energy projects, especially in renewable energy, it is crucial to have a clear framework that would speed up the development of OSW and speed up approvals of necessary permits. We will work together with the concerned government agencies, local government units, and the transmission concessionaire to implement the President’s directive,” Energy Secretary Raphael Lotilla said.

Lotilla said the EO would provide clarity and harmonize and streamline permitting processes and leasing fees for OSW projects under a whole-of-government approach and fully implement the Energy Virtual OneStop Shop System to cover all relevant government agencies and bureaus.

by Newsnet against the NTC.

ENTREPRENEUR FORUM. The Czech Chamber of Commerce and the Philippine Chamber of Commerce and Industry hold the Czech Entrepreneur Forum 2023 and sign three private sector agreements aimed at strengthening trade and investment cooperation between the two countries in sectors ranging from defense, information technology, security to infrastructure and agriculture. Attending the signing ceremony Fairmont Hotel in Makati City are (from left) Czech Republic economic and trade counsellor Maros Martin Guoth, Czech Chamber of Commerce president Vladimir Dlouhy, Czech Ambassador to Philippines Jana Sediva, honorary consul Guilbert Go, Czech Republic Prime Minister Petr Fiala, honorary consul Mark Frondoso, Philippine Chamber of Commerce and Industry president George Barcelon, Philippine Ambassador to Czech Republic Eduardo Martin Meñez, Smart Citi Teknologi founder, president and CEO Mario Marcos and TESLA Technologies CEO Peter Matejcek.

The Court of Appeals rejected the appeal of the National Telecommunications Commission to recall the AntiRed Tape Authority’s 2020 order to the telecom regulator to issue a certificate of public convenience to News and Entertainment Network Corp. or Newsnet, an affiliate of Now Corp.

The CA Former Special Eighth Division, in a 12-page resolution promulgated on March 28, 2023 denied the motion for reconsideration of NTC and affirmed its July 2022 decision.

Records showed that in July 20, 2022, the CA Special Eighth Division granted the petition for mandamus filed

Newsnet sought the petition for mandamus to compel the NTC to comply with the order of the ARTA dated Feb. 12, 2020 that automatically approved its application for the issuance of a CPC to install, operate and maintain a Local Multi-Point Distribution System to deliver interactive pay television and multimedia services in South Luzon, North Luzon, Visayas and Mindanao in the 25.35 GHz to 26.35 GHz frequency range with authority to charge rates therefor.

The NTC earlier canceled Newsnet’s PA to operate pay TV and LMDS nationwide following the expiration of the latter’s legislative franchise on Oct. 1, 2021.