01:27.5
Today's address is expected to touch on issues like inflation, jobs and national security.
01:34.5
I think the issue of regional security and what's happening in the West Philippine Sea is the first.
01:40.8
The criminality, how will it be reduced, what are the strategies that we can do to get the OFWs back.
01:49.0
Remember, this is one of the more important promises of the President during the campaign.
01:53.9
I think the issue of regional security, how will it be reduced, what are the strategies that we can do to get the OFWs back.
01:55.5
Police in Metro Manila also on full alert with about 23,000 personnel deployed to secure the event as various groups staged protests calling for wage hikes, human rights protection among others.
02:09.4
Aside from progressive groups, pro-Duterte supporters are also expected to conduct their own rally later today.
02:16.8
Meanwhile, Quezon City Mayor Joy Belmonte said protesters will not be arrested for burning effigies.
02:23.9
He's a few meters away from the Batasan Pambansa.
02:28.0
They will be shown and condemned the 35-piscue bill that was given to the workers because it's a big insult.
02:37.3
And it should be really important that the family living wage is cut.
02:43.4
We will not be arrested. In fact, the law mentioned by our QCPD regarding effigies, the law I studied refers to at a distance.
02:53.9
We will not be arrested for burning effigies, but beyond 100 meters, there is no law that prohibits it.
02:58.5
We will not be doing anything that is not mandated by law.
03:03.1
So here's how today's schedule will look like.
03:06.2
Congress will open its third regular session in the morning with House Speaker Martin Romaldes and Senate President Francis Chis Escudero expected to separately address lawmakers.
03:16.6
Then the House and the Senate will hold a joint session in the afternoon for the President Sona, which begins at around 4pm.
03:26.5
Militant groups call for the abolition of the country's anti-insurgency task force and the protection of agricultural lands during the protests they held hours before President Ferdinand Marcos Jr.'s State of the Nation address.
03:40.3
Job Manahan now joins us with details. Hi Job, good morning.
03:46.9
Stanley, at least 800 people from different groups gathered here in Commonwealth Avenue earlier this Monday morning.
03:53.9
With a unifying message.
03:56.0
Tears on with President Ferdinand Marcos Jr.'s leadership and they don't like where his policies are going.
04:03.5
Groups such as Gabriela, Bayan Southern Tagalog and Kabataan Partylist urged Marcos Jr. to uphold human rights and the junking of the administration's push for charter change.
04:13.7
They also prepared an effigy of the President and Vice President Sara Duterte, who they said are working for the interests of the United States and China respectively.
04:23.9
Here's what they have to say.
04:36.8
There were emotional performances and speeches during the program, which centered on upholding human rights and equal job opportunities for Filipinos.
04:46.2
Their program ended at around 8am by burning the effigy of Marcos Jr. and Duterte and by punching and hitting it.
04:53.9
They cleaned up the area after.
04:56.3
The Philippine National Police has maintained their presence around the vicinity and vowed they would practice maximum tolerance on the protesters.
05:08.7
Stanley, right now the protesters have already transferred to the University of the Philippines, Diliman, to prepare for the afternoon leg of the protest.
05:17.8
This would be followed by several programs until they reach the point of destroying...
05:23.9
...another set of effigy around 4pm.
05:27.7
Okay, Job Manal, we do hope you can join us again for more updates on what's happening on the ground there.
05:32.8
Again, thank you for that report.
05:34.9
Moving on, progressive groups are also holding a protest action in Commonwealth Avenue today, despite gloomy weather.
05:41.9
Let's get more on this from our correspondent, Zian Ambrosio.
05:45.0
Good morning, Zian. What can you tell us?
05:48.0
Okay, Stanley, we are now here at Commonwealth Avenue.
05:52.3
The police are occupying three lanes.
05:53.9
Three lanes along Commonwealth Avenue and right now here beside me is the Chief PNP General Romel Marbile.
06:01.0
Okay, so as of now, Stanley, you can see all the policemen here, around 2,000 policemen.
06:09.8
They are occupying the northbound lane of Commonwealth.
06:15.0
The Philippine National Police reiterates that they will maintain maximum tolerance towards the protesters.
06:20.6
According to Police Lieutenant Colonel Reynaldo Vito.
06:23.9
The Liman Sub-Task Unit Commander from the PNP says there are 2,500 policemen who are deployed here in Commonwealth Avenue towards Batasang Pambansa.
06:33.8
They will remain in their posts until tonight or until after the State of the Nation address of President Bongbong Marcos.
06:39.9
Police Lieutenant Colonel Vito reminded the protesters that they are allowed to march up to the area before the Liman Doctors Hospital.
06:46.8
And as of 7.30 a.m., protesters were already on the said area and started to burn their effigy.
06:52.6
But the police did not stop them.
06:53.9
But Lieutenant Colonel Vito says they will definitely block the protesters if they go beyond their limit.
07:00.3
Meantime, according to the Chief of the Department of Public Order and Safety, General Elmo Sandiego, three main groups secured permit for the rallies today.
07:08.7
Two from the anti-government, progressive groups who were allowed to stage their rally along Commonwealth Liman Doctors Hospital.
07:15.1
And one is pro-government at the Sandigan Bayan area.
07:19.1
Right here with us now, Stanley, is Police Lieutenant Colonel Richard Mepanya.
07:23.9
Colonel Mepanya, may we describe po, ano po ba yung nakita ninyo kanina?
07:28.4
Meron pong mga jeep na nag-attempt po ba sila pumasok dito?
07:31.9
Yes, ma'am. Yung pong mga jeep na nakita natin kanina ay supposedly they're going to POA because they're pro-admin demonstrators.
07:42.2
Ah, okay. So tama po tatlo eh. Merong dalawang anti at saka isang pro. So hiwa-hiwalay sila ng area, sir, no?
07:48.7
Yes, ma'am. Yung pong mga rallies kanina, yung anti-demonstrators.
07:53.9
Yung administration ay bumalik na rin po ng UP Diliman.
07:59.5
Okay. So ngayon, sir, dumating si Chief PNP dito para mag-inspection. Tama po, sir?
08:04.2
Yes, ma'am. At nakita na po na po ng ating puting Chief PNP ang kahandaan po ng ating mga polis dito sa ating STU.
08:12.4
Okay. Maraming salamat po, Colonel Mepanya.
08:14.5
So ngayon po, pupunta naman tayo dito sa traffic. Titignan natin yung traffic sa ngayon. Medyo slow moving ang traffic dito sa along Commonwealth Avenue.
08:23.9
Diba kasi, Stanley, no? Minsan, dere-derecho yung daloy ng trafico. Pero ngayon, nakikita natin, katulad kanina, nagkaroon ng burning ng FEG. Medyo bumagal yung daloy ng trafico.
08:34.5
So ngayon, eto, kikita ninyo, medyo mabagal na ngayon. Ayan na, mabagal na yung daloy ng trafico sa ngayon. Kasi nga, simula nung dumating si Chief PNP, maraming ang nagtitinginan nga kasi dito nung dumating na nga si Chief PNP.
08:48.2
So sa ngayon, maayos naman ang sistema dito ng Philippine National Police.
08:53.9
Yan muna ang pinakuling balita mula dito sa Commonwealth, Quezon City. Stanley?
08:57.3
Alright, thank you so much for the update. Zian Ambrosio there reporting to us live from Commonwealth Avenue where policemen are situated.
09:05.7
In fact, about 2,500 police officers are there right now to maintain the peace.
09:12.3
There was mentioned about three groups that will be allowed that have permits to hold rallies, two anti-government and one pro-government.
09:20.1
Traffic situation has been slow moving since the burning of the FEG.
09:23.9
In the morning, we'll try to reach Zian Ambrosio again later on in our succeeding programs to get more updates on what's going on at Commonwealth Avenue.
09:33.4
Meanwhile, moving on, the high cost of living remains a top concern of Filipinos despite slightly easing inflation.
09:40.8
Economic managers and experts weigh in on the Marcos administration's efforts to bring down prices as well as its solution to the country's power woes in this special report by Alvin El Chico.
09:53.9
While only a handful of basic goods with suggested retail price were allowed to increase prices in the second year of the Marcos administration,
10:02.9
a number of basic products that the government does not monitor became more expensive.
10:08.0
Witness to this is supermarket owner Stephen Cua who checks prices of goods on a daily basis.
10:14.5
Cua says price spikes eased but the recent wage hike may further bloat prices.
10:19.3
Medyo bumagal lang ng konti ngayon. I guess they're all waiting for the wage increase.
10:23.9
To finalize. Manufacturers are still waiting for the final answer for them to make a final decision on pricing.
10:30.4
Kasi napaka hirap na magtaas o magbaba ng presyo. Akala ng tao, oh taas mo lang, parang palengke. Nationwide to eh.
10:37.0
Trade Secretary Alfredo Pascual admits prices of several goods outside the SRP scheme have risen but consumers still have a choice depending on their budget.
10:47.2
Meron naman talaga mga premium products na tumaas. Mga imported. Kasi nag-devalue yung peso.
10:53.9
Eh kung hiling nila imported products, eh pwedeng mangyari yun. Mababawasan yung pinamibili nila dahil nga tumaas na yung presyo ng mga imported products.
11:06.3
Sa exchange rate pa lang, kikita mo na natataas talaga yung local price.
11:11.9
In June, inflation eased to 3.7%, lower than the 5.4% recorded in June 2023.
11:20.5
We asked some economists to give their rating on the administration.
11:23.9
The administration's performance in handling inflation, from 1 being the lowest to 10 being the highest, one of them is UP professor JC Punumbayan.
11:32.8
Sa 6, pagdating sa overall inflation, pagdating sa presyo ng basic goods, hindi porke bumaba yung inflation ay bumababa na rin yung presyo ng mga bilihin.
11:42.6
Ang ibig sabihin lang nun, tumataas pa rin pero hindi na ganun kabilis yung pagtaas niya.
11:47.6
Aside from higher prices of goods, power supply and electricity prices also became a concern.
11:53.9
For consumers, in 2023, the Energy Department assured there will be no problem in electricity supply come summer of 2024.
12:03.3
But as more power plants bogged down, the Luzon and Visayas grids were plagued by yellow and red alerts,
12:09.9
which threatened supply and led to higher electricity prices in the spot market.
12:15.1
Energy Secretary Rafael Utilia blames climate change.
12:18.7
I am not God and I have not pretended to be God.
12:23.9
All my teams and all seeing these extreme events, if these are going to constitute the new normal, then we should be prepared for that.
12:39.3
Despite what's happening in the power sector, Punumbayan says he will give government a passing grade.
12:45.3
Para sa energy supply, siguro 7 ang ibibigay ko.
12:49.1
Dahil sa tindi ng init, you would expect na mas malawak pa yung mga brown.
12:53.9
Blackouts and blackouts. Pero hindi naman din nangyari na ganoon kalawa.
12:57.3
So in a way, parang okay pa naman tayo.
12:59.3
But Dr. Peña Reyes gave a lower grade.
13:01.9
Probably I would give 6.
13:05.4
Prices of electricity also.
13:09.4
So it's really more of managing the supply side of it.
13:20.0
How to ensure that we have adequate supply.
13:22.8
Both economists, though,
13:23.9
have outlawed the DOE for pushing more renewable energy projects in the power mix moving forward.
13:30.3
Balansihin natin na gusto natin na masiguro yung supply ng kuryente.
13:34.0
Pero on the other hand, kailangan malinis yung teknolohiya na gagamitin natin doon sa transition natin
13:39.9
habang mas nagre-rely tayo sa renewable energy.
13:42.9
Energy must be at the forefront of our investment plans.
13:47.4
And being able to attract investors there.
13:51.6
investors will not come easily
13:56.2
if they don't see improvements really
13:59.6
specifically in other areas.
14:06.8
Meanwhile, Secretary Rafael Utilia is positive
14:09.5
the series of alerts will not have a repeat in 2025
14:13.4
as more power supply goes online this year and the next.
14:17.5
This next year is a...
14:21.6
an election year.
14:23.6
We also need to prepare for that.
14:28.1
But on the whole, I am positive about what has been achieved.
14:33.6
But while the DOE aims to have more indigenous and sustainable energy in the future,
14:39.1
it will also accommodate controversial energy sources like coal and nuclear
14:44.1
to meet higher demand for electricity as the country's economy grows.
14:48.6
Alvin El Chico, ABS-CBN News.
14:51.6
Now, Coal Years Philippines bears its wish list for President Marcos III's State of the Nation Address.
15:00.1
Now, the property consultancy firm lauds the Marcos administration
15:04.1
for implementing what it calls pro-business and pro-investment reforms
15:08.6
which help the Philippine property sector become among the most attractive in the region.
15:14.1
But it sees the need for more measures to enhance the industry's competitiveness
15:18.6
and further the firm wants Marcos now
15:21.1
to ramp up his public infrastructure spending
15:24.6
through its Build Better More program.
15:26.6
The upskilling of Philippine workforce, greater push for tourism,
15:30.6
and continued support for migrant workers are also among the reforms it seeks.
15:36.1
Now, office demand in the first half of 2024 is up by 24% compared to last year
15:42.6
on the back of stronger leasing activity in these sectors.
15:46.6
Meanwhile, the President's residential market remains upbeat now,
15:51.1
as sales are up by 6.5% for the second quarter after a decline in the past three quarters.
16:01.6
Turning now to stocks in Asia, where markets are sliding with the US dollar
16:05.6
after US President Joe Biden, under pressure from Democrats,
16:09.6
dropped out of the presidential race and instead endorsed Vice President Kamala Harris.
16:17.1
Now, stocks opening lower in Japan and South Korea,
16:20.1
adding to weakness in Australia,
16:22.6
while futures for Hong Kong equities pointed to a steady open.
16:26.6
The People's Bank of China says it will lower the seven-day reverse repo rate of 1.7% from 1.8%
16:34.6
in a move that supports the economy and marks a step towards making the rate the new policy benchmark.
16:43.6
Now, stateside, US futures seem to be gaining.
16:50.1
US stocks extended their slump on Friday as lingering chaos related to a global technical outage
16:56.1
caused by a software glitch added uncertainty to an already anxious market.
17:02.1
A glitch in cybersecurity firm CrowdStrike software has caused Microsoft's Windows operating system to crash,
17:10.1
disrupting industries from airlines to banking and healthcare worldwide.
17:15.1
CrowdStrike shares slid,
17:18.1
while rival cybersecurity firms Palo Alto Networks and the Bientenon Loan advanced.
17:27.6
Meanwhile, nerves are on tender hooks ahead of the high-stakes mega-cap tech earnings.
17:35.1
Tesla Inc. and Alphabet Inc. will be the first of the magnificent seven to report earnings this Tuesday.
17:41.6
And analysts will likely press Elon Musk's electric vehicle giant on the progress of its plans,
17:50.1
while investors will delve into the details of Google's parent revenue boost from artificial intelligence.
17:56.6
After that, traders will have to wait until the following week
18:00.1
when Microsoft Corp., Meta Platforms Inc., Amazon.com Inc., and Apple Inc. report earnings from Nvidia
18:08.6
will only come out in late August.
18:11.6
Now, looking at the board now, most groups in the S&P 500 dropped on Friday
18:17.6
or Gage having its worst week since April.
18:21.1
That's after a rotation that saw investors trimming positions on this year's tech winners
18:26.6
in favor of laggards on bets.
18:29.1
The 2024 rally would broaden out of mega-caps as the Federal Reserve cuts rates.
18:35.1
On a weekly basis, both the NASDAQ and the S&P 500 logged their worst week since April,
18:41.1
while the Dow, having reached a series of all-time closing highs earlier in the week,
18:46.1
posted a Friday-to-Friday gain.
19:16.1
The S&P 500 is expected to continue to rise in the next two weeks.
19:21.1
Over to the rotation story.
19:24.1
The Magnificent 7 cohort of mega-caps ended the week with a 5% slide following the big sell-off.
19:31.1
But within the overall tech space, losses have been more pronounced in chipmakers
19:36.1
on concerns over U.S. tighter curbs on China.
19:40.1
A close watch gage of semiconductors like Nvidia Corp. and Intel Corp.
19:46.1
Aside from a slew of earnings next week,
19:50.1
traders will be looking at key economic reports,
19:53.1
including the Fed's preferred price gage,
19:56.1
which is expected to keep bets alive on a September rate cut.
20:03.1
Sky Cable enters into a commercial arrangement with leading Philippine fiber broadband provider Converge
20:09.1
that will enable Sky to upgrade its network and improve services to its subscribers.
20:15.1
Sky Chairman Mark Lopez says Converge has built a superior state-of-the-art fiber network nationwide,
20:22.1
which Sky customers will soon experience.
20:25.1
Sky President and Chief Operations Officer Claudia Suarez meanwhile says
20:30.1
the initiative supports the company's transformation plan aimed at improving Sky's products and services.
20:37.1
For Converge President and Co-Founder Maria Grace Uy,
20:41.1
the arrangement will allow Converge to maximize its network
20:44.1
and increase port utilization.
20:47.1
She notes this will be a revenue boost for Converge,
20:50.1
consistent with similar arrangements with other players
20:53.1
as they will be able to continue to monetize further excess network capacity.
20:59.1
Converge has the largest fiber-to-home network in the Philippines
21:02.1
with over 8 million ports and a fiber footprint extending over 700,000 kilometers,
21:08.1
reaching 16 million Filipino homes nationwide.
21:14.1
To get more information on how Converge is doing,
21:17.1
please visit our website at www.converge.com.
21:20.1
Now here's a look at the other local corporate headlines we're watching this morning.
21:25.1
Atlas Mining, more than doubled net income in the first half of the year to 2.1 billion pesos
21:29.1
on higher prices of copper and gold as well as shipments.
21:33.1
The operator of the Carmen Copper Project also reported revenue up 23% to 12.5 billion pesos
21:40.1
for the January to June period.
21:44.1
The Philippines' largest power distributor asserts it strictly adheres to the least cost mandate in contracting power supplies amid criticism of its recent competitive bidding.
21:57.0
Now in a statement, Meralco said the competitive selection process is an open and transparent bidding that consumers and stakeholders get to observe.
22:07.4
It adds mechanisms are in place to ensure a level playing field for all generation companies.
22:12.7
Meralco issued a statement following Sen. Alan Peter Cayetano's call to suspend Meralco's selection process for its 600-megawatt baseload supply due to issues on fairness.
22:25.9
The senator questioned why older power plants such as the Malampaya gas field were disqualified due to what he calls arbitrary terms set by Meralco when it comes to the age of the plant.
22:38.7
But a power provider defends itself saying,
22:41.8
There is no preference.
22:42.7
There is no potential treatment in selecting the bidders.
22:48.6
Up next, the opening numbers at the Philippine Stock Exchange with AIA Investment Management, Angel Pasis.
23:12.7
To create these investment opportunities, we must ensure that an enabling business environment is in place, that there is peace and order, and that the rule of law governs.
23:33.2
We will solidify our country's reputation as an attractive and reliable investment destination.
23:42.7
Thank you for watching.
24:12.7
Thank you for watching!
24:42.7
Thank you for watching!
25:12.7
Thank you for watching!
25:42.7
Thank you for watching!
26:12.7
Thank you for watching!
26:42.7
Thank you for watching!
27:12.7
Thank you for watching!
27:42.7
Thank you for watching!
28:12.7
Thank you for watching!
28:42.7
Okay, so far so good. I think the trajectory is predictable.
28:44.7
Okay, so far so good. I think the trajectory is predictable.
29:12.7
Okay, so far so good. I think the trajectory is predictable.
29:42.7
Okay, so far so good. I think the trajectory is predictable.
30:12.7
Okay, so far so good. I think the trajectory is predictable.
30:42.7
to be on track. Remember that
30:44.8
everybody was looking at price prices
30:46.7
which actually contributed to a significant
30:49.1
chunk of the inflation
30:54.2
imports coming in
30:56.8
with oil going down, it looks
30:58.9
like, you know, and remember we're already
31:00.9
within the 2 to 4
31:04.8
which is the target
31:08.8
guess it doesn't really
31:10.9
look like there's going to be
31:12.6
an upset to it unless
31:14.8
of course the exchange
31:19.0
go up again. But that is
31:20.7
not a likely scenario. Although this week
31:22.8
actually, we do expect
31:24.8
a bit of profit-taking.
31:26.5
Mainly because, yeah, the
31:32.6
breather and also of course there's a lot of
31:34.6
questions on, you know,
31:36.5
whether the Magnificent 7
31:38.2
will continue, will
31:40.3
be able to sustain
31:43.9
earnings and of course PCE
31:45.9
is out which is the Fed's
31:47.9
favorite inflation gauge.
31:49.7
Okay, so that could be a big factor.
31:52.0
The PCE coming out soon is a big
31:54.0
factor for the decision-making
31:55.8
by the Federal Reserve. Although for
31:57.9
us in the Philippines, it's still inflation.
32:00.1
But Angel, I'm wondering because
32:01.6
there are challenges to the rice
32:05.7
that is being proposed to bring
32:07.8
down those rice prices actually.
32:09.8
So I'm wondering how that
32:11.6
might affect projections for
32:13.5
inflation in the coming months,
32:15.6
especially if that gets challenged
32:19.5
So what's AIA's house
32:21.6
call for inflation for
32:23.5
the remainder of the year?
32:25.4
We don't really have forecasts
32:29.3
What we do monitor is really whether
32:31.7
there's going to be an upset to
32:33.5
the projections. And
32:34.9
so far actually with
32:37.4
the expectation that
32:39.5
rates will go down, the peso will
32:41.4
appreciate and oil expected
32:43.9
to go down. We do believe
32:45.8
that we've turned
32:47.7
the corner insofar as inflation
32:49.5
is concerned. Okay, you
32:51.5
talked about the U.S. markets a while back.
32:53.9
You were saying that it is
32:57.5
technical breather. What about the Philippines?
32:59.3
It's been a steep climb also for
33:01.6
a lot of our share prices reaching
33:03.4
or hitting just below
33:05.0
6,800. Do you think we're also
33:07.5
due for correction?
33:09.8
Yes, I do believe.
33:11.4
So we're going to take the lead
33:13.6
from the U.S. We're going to
33:16.1
have a little bit of profit
33:17.7
taking. But overall, I think
33:19.6
it will be an opportunity to pick up
33:21.6
at better prices.
33:23.4
Of course, we've turned
33:25.7
the corner, but you know,
33:27.0
just a word of caution,
33:28.9
I think it's still going to be bumpy. I think
33:31.5
volatility is here to stay.
33:33.6
So people just have to be ready for that.
33:36.3
Okay. Now, Angel, you know, we're
33:37.6
up for interest rate
33:39.6
cuts also in the coming months.
33:41.4
At least in the next two quarters.
33:43.6
I'm wondering how much potential
33:45.2
do you see those cuts
33:47.5
can pose for the market once
33:49.5
the BSP, of course, is cutting rates.
33:51.8
Many see a 25 bips cut,
33:55.4
enough really to be impactful
33:57.2
on these markets. It's not a
33:59.5
lot, but in terms of sentiment, of course, it
34:01.4
can drive this market up.
34:07.3
Okay. I think that's largely discounted.
34:10.0
So what we should
34:11.3
be looking at now really
34:13.2
is, okay, will the earnings
34:15.4
projection change as
34:23.5
come in, right? So at the
34:25.4
end of the day, we actually, and of course
34:27.5
if there's going to be new data
34:29.4
that will accelerate
34:35.1
cuts that we're expecting
34:37.6
in August, the cuts that we're expecting
34:39.5
in September, that's pretty much big.
34:41.3
In the cake already, what you
34:43.2
want to see really is
34:46.5
the disinflation trend continues
34:49.1
or two, what's another
34:51.1
thing to watch out for is
34:52.7
making sure that the
34:54.5
soft landing in the U.S. continues.
34:57.2
So we expect it to moderate,
34:59.4
but any sign that it's actually
35:01.1
going to be, the slowdown is going to be
35:03.5
sharper than what is being
35:05.3
priced in, I think that will be
35:08.2
a bigger correction
35:10.3
in the Philippine market.
35:11.3
And lastly, Angel,
35:13.3
global growth, Philippine
35:15.5
growth can remain dependent on a lot
35:17.4
of developments overseas
35:19.1
as well as particularly
35:20.9
demand growth and stability
35:23.2
among the economic superpowers,
35:25.2
the U.S. and China. Our exports
35:27.1
still continue to suffer due to weak global
35:29.1
demand. So what is your projection
35:31.4
for growth for this year
35:33.3
at least? Okay. So
35:35.2
at least it's going to be in line,
35:37.5
right? We're talking about
35:39.4
something like above full
35:41.3
full employment is around
35:46.2
It's still going to grow above that.
35:47.9
And a good indicator is really
35:49.6
loans growth and particularly
35:51.7
consumer loans still
35:55.6
double-digit growth despite
35:57.4
two years of very high interest rates.
36:00.0
So I think the consumer
36:02.1
which actually powers
36:05.5
70% of your economy
36:07.5
has remained resilient.
36:09.5
But more so now with
36:11.3
actually the inflation
36:12.3
appearing to be a thing.
36:15.4
All right. On that note, Angel Paz,
36:17.1
the CEO of AIA Investment Management,
36:19.0
thank you so much for joining us this morning.
36:21.1
Thank you for having me, Stanley.
36:23.3
All right. Have a great day.
36:25.0
Time to zip through some of the top headlines
36:26.9
for major business papers from Business World,
36:29.2
State-run Power Sector Assets
36:30.9
and Liabilities Management, or PSOM
36:36.9
Kaliraya-Botocan-Calayan
36:38.7
hydroelectric power plant complex in Laguna,
36:41.3
has attracted five
36:42.9
potential bidders.
36:44.4
Marubeni Corporation, Semirara Mining
36:48.1
Aboiki Sled Thunder Consortium,
36:50.5
First Energy, Prime Energy Corp.,
36:54.5
which participated in the pre-proposal
36:59.0
Now from Business Mirror now,
37:02.1
an electronic marketplace
37:03.5
to facilitate the procurement
37:04.8
of common use supplies
37:07.2
and equipment of national government agencies
37:09.2
will soon go live after the
37:11.3
enactment of Republic Act
37:15.5
or the New Government Procurement Act.
37:17.8
And from the Philippine Daily Inquirer,
37:20.0
the Gokongways and the Ayalas
37:21.4
are in talks for yet another
37:23.2
major deal, this time for Cebu Pacific's
37:25.8
acquisition of boutique airline
37:27.5
Airswift from the Ayala Group's
37:29.9
property arm, Ayala Land.
37:31.9
The budget carrier's acquisition
37:33.3
of Airswift, which may be sealed
37:35.7
in two months, bearing any
37:37.3
headwinds, is seen boosting domestic
37:39.2
tourism, especially in the
37:41.3
coastal town of El Nido
37:47.3
We're taking another quick break.
37:48.8
Coming up, Rosendo So, Farmers Group
37:50.7
Sinag will be with us to discuss their
37:52.7
wish list and assess the President's two-year term
37:54.9
ahead of Marcus' State of the Nation
37:57.1
address in the afternoon.
37:58.9
Market Edge will be right back.
38:11.3
Market Edge will be right back.
38:41.3
For strategic financing,
38:57.7
some of the nation's high-priority
38:59.6
projects can now look to the
39:01.7
newly established Maharlika Investment
39:03.9
Fund without the added
39:07.6
In pooling a small fraction
39:09.3
of the considerable
39:10.8
budget of the United States,
39:11.0
but underutilized government
39:12.8
funds, the funds shall be used
39:14.8
to make high-impact and profitable
39:16.6
investments, such as the Build Better
39:18.7
More program. The gains
39:20.6
from the fund shall be reinvested
39:23.0
into the country's economic
39:41.0
Welcome back to Market Edge.
39:49.1
Food for All is in the
39:50.8
President's 10-point agenda for economic
39:52.9
renewal. Talk to us about the hits
39:54.8
and misses in the President's efforts
39:56.8
to boost productivity and bring down the cost
39:58.9
of food through cooperatives,
40:01.0
modernization, and value chain development.
40:04.3
Samahang Industria na Agrikultura or
40:06.7
Sinag now joins us
40:08.5
for this discussion. Rosendo, good morning.
40:11.0
Good morning, Stanley.
40:14.6
Alright, President Ferdinand Marcos, Jr.,
40:16.4
delivering his third State of the Nation
40:18.3
address today. He has taken
40:20.4
the helm of the agriculture portfolio
40:22.2
until he put Francisco
40:24.1
T. Laurel well into
40:26.4
his second or third year in
40:28.3
office. Was it worth the delay
40:30.4
in appointing someone
40:32.1
for the position? Did it even make a
40:34.3
difference that he took on that responsibility
40:36.2
for two years? What do you think?
40:42.4
magandang achievement yung
40:45.3
nagawa rin ng Presidente for the
40:47.3
past two years and
40:54.9
And we are hoping
41:13.5
they will cut the budget
41:15.6
of agriculture from
41:21.4
the direction of more import
41:23.8
of the tariff tax.
41:25.3
And more importantly, as regards
41:27.4
how that budget is spent,
41:29.1
or is going to be spent,
41:31.1
are you happy with the allocations?
41:35.4
for the past two years, we are
41:40.4
We are happy with the allocation of
41:46.7
Secretary-General Laura is coordinating
41:48.8
with the Agri-Gasbit.
41:50.2
We are working with him and
41:58.6
Alright, let's score this administration in the
42:00.6
agriculture front. First off,
42:02.7
food supply. What are the highlights
42:05.0
and the areas for improvement
42:06.8
for this administration when it comes to
42:11.6
sadly, if you see, in spite of
42:15.4
our production did not
42:23.4
200,000 metric tons
42:25.3
less than last year.
42:27.2
So we think that the production
42:32.1
because of the El Nino effect
42:35.5
in our countries.
42:40.4
we think that the direction of our Secretary
42:45.5
communication with
42:47.1
the local agri-group
42:52.2
And of course, aside from El Nino, it was really
42:55.0
post-pandemic recovery.
42:57.1
A lot of that had to do
42:58.7
with food supply and even
43:03.4
and inflation in the Philippines.
43:04.6
Now, food inflation,
43:06.4
as I said, has been a threat at the height
43:08.7
of El Nino and post-pandemic.
43:10.4
Recovery and government has
43:12.0
bannered advances in fighting inflation.
43:14.7
Was it good enough for Filipinos?
43:16.2
Because a recent survey,
43:17.9
two in fact, one from
43:19.8
Pulse Asia and another one from
43:22.2
Okta Research, saying that
43:24.0
the consumers still don't feel
43:26.5
prices going down.
43:31.9
what happened, it's the oil
43:34.0
price. Three years ago,
43:36.5
the oil, the diesel,
43:40.4
Now, the diesel is almost
43:43.6
P60. So, it's double.
43:47.5
you start to plant,
43:58.0
the machine you use
44:09.4
we could see the cost of
44:19.4
Kung makita natin, talagang mataas
44:21.5
yung production cost.
44:23.5
So, I think the president
44:25.3
should not consider
44:30.9
rice. Because other countries
44:33.6
like Vietnam and Thailand,
44:35.6
the retail price is between
44:39.4
The retail price of rice
44:43.4
in their country. So,
44:51.9
the price of rice.
44:57.0
same with the work market.
44:59.0
Alright. But are we closer to the promise?
45:01.5
Because the president promised a P20
45:03.3
per kilo rice. Are we even getting
45:05.5
there? What do you think? By the end of this
45:07.6
administration, is that something
45:09.3
that can be achieved?
45:13.5
price will go down, and
45:15.4
the inputs will go down,
45:17.4
we think we could achieve
45:23.4
the oil price did not went down
45:25.2
to P29, we don't see
45:27.6
that the price of rice
45:29.4
will go down to P20.
45:31.0
And what are the expectations of the agriculture
45:33.3
sector? Because, you know, there are
45:35.3
short-term and long-term solutions to the
45:37.4
food supply problem. And
45:39.3
agriculture is a main driver to achieve
45:41.5
solutions to these problems.
45:43.5
But a lot of these are, as I've said,
45:46.0
long-term in nature. So, is
45:47.5
there anything that this administration can
45:51.2
The seeds that it can plant right away in the
45:53.6
next two years to advance the
45:55.4
agriculture sector?
45:59.2
is better than Thailand.
46:03.1
production, we are
46:09.3
Tans per hectare.
46:15.4
2.9 tans per hectare.
46:18.2
So, we are better than
46:19.5
Thailand. But, of course,
46:21.4
their area, so their
46:27.4
So, we think that the direction
46:29.7
of our DA secretary
46:31.5
should start with
46:37.3
have the budget of
46:39.2
the DA will not cut so that
46:41.1
we could produce more
46:48.4
Alright. Lastly, you know, the President is addressing the nation
46:51.1
this afternoon. Is there anything
46:52.9
that the agriculture sector would like
46:55.2
to hear from him later?
47:03.1
budget for agriculture will be
47:09.2
step for next year.
47:12.7
That means that the direction of the President is to help our local producers.
47:19.1
Alright. On that note, Mr. Sendo So, President of SINAG, thank you so much for this discussion, for joining us this morning.
47:29.1
Alright. Moving on, here's a quick look at the flash business headlines from overseas. A major shakeup in the race for the White House after weeks of intense pressure from his own party.
47:38.9
US President Joe Biden drops his
47:40.6
re-election bid. In a letter
47:42.6
posted on X, Biden wrote,
47:44.5
it's been the greatest honor of his life
47:46.6
to serve the American people as their
47:48.7
president. But he said, while
47:50.6
it was his intention to seek
47:52.5
re-election, it is in the best interest of his
47:54.6
party and the US that he
47:56.5
step down and focus on the
47:58.6
remainder of his term. His decision
48:00.7
comes nearly a month after his shaky
48:02.8
debate performance against
48:04.7
rival Donald Trump.
48:07.5
Meanwhile, Biden's
48:08.6
exit from the presidential race could prompt
48:10.6
investors to unwind trades,
48:12.6
betting that a Republican victory would
48:14.5
increase US fiscal and inflationary
48:16.9
pressures. The so-called
48:18.5
Trump trade, which resumes or
48:20.5
presumes the former president's tax policies
48:22.6
will lift corporate profits
48:24.6
while undermining the country's long-term
48:28.4
gained ground following Biden's shaky debate
48:30.4
last month. Investors also
48:32.5
expect market volatility could increase
48:34.6
as the uncertainty over the election
48:36.5
continues. Swaids
48:38.5
of the equities market have reacted
48:40.6
favorably recent weeks
48:42.6
to the prospect of a Trump
48:44.5
win. Cryptocurrencies have also
48:46.7
rallied on inflation
48:50.4
Over in China, it released a policy document
48:52.8
outlining its ambitions with
48:54.3
analysts spotting no sign of
48:56.4
imminent structural shifts
48:57.9
in the world's second biggest economy.
49:01.0
The 60-point document's publication
49:02.7
follows a closed-doors
49:04.7
meeting with the Communist
49:06.4
Party's Central Committee,
49:08.5
which takes place roughly every five
49:10.2
years. The plenum reasserted
49:12.6
China's quest for new productive
49:14.3
forces, a term Chinese
49:16.5
President Xi Jinping coined last year
49:18.4
that envisions scientific
49:20.2
research and technological upgrades
49:22.5
of the country's sprawling
49:24.1
industrial complex.
49:28.4
nearly 9 million Microsoft devices
49:30.5
that were hit by last week's
49:32.3
global tech outage now back online.
49:35.1
That's according to CrowdStrike,
49:36.8
the cybersecurity firm behind the
49:38.5
disruption. Despite this,
49:40.5
more than 1,200 flights were
49:42.5
still cancelled in the U.S. as
49:44.3
airlines struggled to recover from the
49:46.4
tech outage. A faulty
49:48.4
software update by CrowdStrike
49:50.4
triggered the recent system's problems
49:52.2
not just for airlines, but also
49:54.4
for other services such as healthcare
49:59.1
Moving on, Samsung's
50:00.4
largest union set to hold another
50:02.3
protest today, Monday, despite ongoing
50:04.3
negotiations with the electronics firm.
50:08.5
members of the National Samsung
50:10.2
Electronics Union are expected
50:12.3
to show up at the company's chip production
50:14.3
complex located south
50:16.3
of Seoul. Earlier this
50:18.3
month, thousands of union workers staged
50:20.3
a rally in Hwaseong, South Korea,
50:23.1
calling for increased
50:24.3
financial incentives and
50:26.6
additional paid leave.
50:30.6
And finally, activist
50:32.2
investor Elliot Investment Management
50:34.1
has reportedly built a sizable
50:36.3
position in Starbucks. The coffee
50:38.5
chain stock price took a hit in April
50:40.3
when it reported a drop in
50:42.3
same-store sales for the first time
50:44.5
in nearly three years.
50:46.3
It also reported lower than expected
50:48.1
profits as it grapples with weaker
50:50.4
demand in the U.S. and
50:57.0
And that's it for the show.
50:58.5
I'm Stanley Palisada. Thank you so much for watching.
51:00.6
Stay safe and stay with ANC.
51:08.5
When it comes to energy, renewable
51:10.1
energy is the way forward.
51:12.9
We are aggressively promoting
51:14.5
renewables so that it provides a
51:18.4
power mix by 2030
51:20.3
and then on to 50%
51:24.4
To accelerate the realization
51:26.2
of this green energy goal, we have opened
51:28.6
renewable energy projects
51:30.4
to foreign investments.
51:38.5
Thank you for watching.
