Day: March 6, 2023

The local bourse's main index gained on Monday while the peso ended sideways against the United States dollar as investors awaited the release of the February 2023 inflation rate.

The Philippine Stock Exchange index (PSEi) rose by 0.24 percent, or 15.75 points, to 6,671.12 points.

All Shares followed which increased 0.24 percent, or 8.64 points, to 3,573.06 points.

Most of the sectoral gauges also increased during the day, led by the 1.27-percent rise of the Services index.

It was trailed by Property, 0.54 percent; Mining and Oil, 0.36 percent; Industrial, 0.20 percent; and Financials, 0.002 percent.

Only the Financials index ended the day in the negative territory after it slipped by 0.10 percent.

Volume reached 659 .95 million shares amounting to PHP4.75 billion.

Advancers led decliners at 102 to 83 while 45 shares were unchanged.

Meanwhile, the local currency gained against the US dollar after finishing the day at 54.88 from 54.82 close last Friday.

It opened the day at 54.8, an improvement from its 54.95 start in the previous session.

It traded between 54.91 and 54.76, resulting in an average of 54.844.

Volume went down to USD810.1 million from USD1.29 billion previously.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced both the PSEi and the peso's finish to wait-and-see stance on the release on Tuesday of the inflation rate for the second month this year.

He said investors are considering a possible peak for inflation last February following another uptick last January to a new 14-year high of 8.7 percent.

Ricafort said another driver for the equities and foreign currency trading for the day include the correction to two-week high of global oil prices.

But he said the latest level remains lower in nearly 14 months and this could help ease inflationary pressures and narrow the country's trade deficit.

Ricafort forecasts the peso to trade between 54.75-54.75 on Tuesday.

Source: Philippines News Agency

The national government will continue to assist commuters affected by the transport strike through its 'Libreng Sakay' (free ride) program, Malacañang said Monday.

In a news release, the Presidential Communications Office (PCO) assured the public that the government has enough assets and personnel to respond to the needs of the commuting public.

The PCO said the government prepositioned buses in Pasay City, Marikina City, Caloocan City and Quezon City as early as 4 a.m.

Citing reports from the various agencies, PCO said there is 'no disruption' except in a handful of routes in Metro Manila.

As of 10 a.m., the PCO said the EDSA Busway Carousel has not been impacted by any transport strike activity, with operations running smoothly with a low passenger volume observed at all stations.

Philippine National Police (PNP) personnel have also facilitated the ferrying of affected passengers from Almar Subdivision in Caloocan going to Quezon City.

Vehicles are likewise being deployed to cater to passengers from Manila to Baclaran, Parañaque City.

As of 7:15 a.m., the EDSA Busway was operating normally with a moderate to a heavy volume of passengers at the southbound from north sector stations, Manila Central University in Caloocan and Roosevelt Avenue, Quezon City.

Authorities guaranteed there are sufficient buses to transport stranded passengers.

100 buses for free rides

Speaker Ferdinand Martin Romualdez said the House of Representatives and Malacañang took the joint initiative in providing 100 buses for the free rides to ensure stranded commuters will have available rides going to their work or on the way back home.

'Through the joint effort of the House of Representatives and Malacañang, we have fielded 100 buses to augment the number of vehicles provided by local governments and other government agencies that would provide free rides to affected commuters,' he said.

If necessary, he said additional vehicles will be provided to augment free rides for the duration of the transport strike.

Romualdez said despite President Ferdinand R. Marcos Jr.'s call for the Department of Transportation (DOTr) to revisit the program's timetable and implementation, the transport groups still proceeded with the planned strike.

Romualdez said some 1,380 commuters were already served by the first 46 buses deployed by Metro Manila Development Authority (MMDA) to service various routes between 8:35 a.m. to 11:01 a.m. Monday.

As per MMDA's report, Romualdez said the first batch of 46 buses were deployed in the following routes: Baclaran-Sucat, Baclaran-Dapitan, SM Sangandaan-Divisoria, Buendia-Guadalupe, Zobel-Roxas-Dulo (Sta. Ana), DOST Bicutan-Sucat, Alabang-San Pedro, Alabang-Calamba, Philcoa-TM Kalaw, BFCT-Cubao, Monumento-Navotas and Monumento-Malanday.

'President Marcos has shown that he is sympathetic to the issues raised by certain transport groups over the jeepney modernization program. I appeal to those concerned to engage the government in a sincere dialogue to resolve this issue,' Romualdez said.

Meanwhile, Assistant Minority Leader and Gabriela Party-List Representative Arlene Brosas called for the junking of the jeepney modernization program, which was approved during the previous administration.

Brosas said she is not against the modernization but franchise should not be given to big businessmen.

She said public utility vehicles operators and drivers would only be buried in debt due to the high cost of modern public utility vehicles that will replace traditional jeepneys.

In Region 4-A (Calabarzon), authorities reported around 30 stranded passengers at the SM-Crossing Calamba Grand Terminal in Laguna at around 6 a.m.

However, jeepneys plying the Calamba-Biñan route and modern jeeps plying the Calamba-Pacita Complex route are in normal operation.

Daily commuters between Novaliches, Quezon City and Valenzuela City and vice versa have not been affected by the transport strike, according to reports.

At least 84 air-conditioned mini-buses or modern jeepneys belonging to two transport cooperatives continue to operate along the nine-kilometer Gen. Luis St. (formerly Novaliches-Polo Road) route from the former Novaliches town proper to MacArthur Highway in Malinta, Valenzuela City.

Fifty of the units are operated by the Novaliches-Malinta Jeepney Transport Service Cooperative and 32 units by the Novaliches Development Cooperative Inc.

In addition, about a dozen airconditioned buses under the Quezon City Government's Bus Service Program serve the local commuters from Gen. Luis St. to Quezon City Hall in Diliman.

On the other hand, the Speed Wheelers Transport Corporation also operates 26 modern jeepneys along the Novaliches-Trinoma-SM North EDSA and Cubao routes.

Hundreds of tricycles under the QC Government's Tricycle Regulation Division at the Novaliches District Center are also serving commuters along the two-kilometer section of Gen. Luis St. which passes through portions of Quezon City, North Caloocan City and Valenzuela City.

At least 11 major jeepney and UV (utility vehicle) groups in Metro Manila opposed the planned weeklong transport strike led by Manibela, an alliance of UV drivers and a party-list group.

The Land Transportation and Franchising Regulatory Board earlier announced that instead of June 30, traditional jeepneys have until Dec. 31 this year to consolidate the "first component" of the Public Utility Vehicle Modernization Program

Source: Philippines News Agency

The transport sectors in Region 12 and the Bangsamoro Autonomous Region in Muslim Mindanao rejected a nationwide strike and opted to continue normal operations on Monday.

George Mangansakan, president of Awang-Cotabato Transport Operators and Drivers' Association (ACTODA), said his group of about 3,000 members supports the government's modernization program.

??'The protest is too long, our drivers will have no income for four days; how can they survive?' he said in a radio interview.

'We are not joining the strikes. It will not give any good benefits for us,' he added.

Director Renato Padua of the Regional Franchising and Regulatory Board (LTFRB) in the Soccsksargen said the region's transport groups prioritized public service over a potentially disruptive protest action.??

Transport services across the region, he said, remained business as usual.??Soccsksargen region covers the provinces of North Cotabato, South Cotabato, Sultan Kudarat, Sarangani, and the cities of Kidapawan, Koronadal, Tacurong, and Gen. Santos City.

In Cotabato City, Mayor Bruce Matabalao declared the suspension of face-to-face classes from March 6 to 10, in anticipation of the transport strike.??

Transport services remained unhampered in the city, however, as transport groups opted to continue operating.??Likewise, the Department of Education in both regions did not issue any class suspension.

Source: Philippines News Agency

The national transport strike did not make a massive impact in Cebu as many public utility drivers continued to pick up passengers on their usual routes.

Eduardo Montealto Jr., director of the Land Transportation Franchising and Regulatory Board-Region 7, said that while there was no transport paralysis in Cebu, his office will continue to monitor the extent of the weeklong transport strike.

The transport sector here pledged last week not to disrupt public transport despite the call for a nationwide strike to protest the implementation of the Public Utility Vehicles Modernization Program (PUVMP).

However, at least 15 members of the Pagkakaisa ng mga Samahan ng Tsuper at Operator Nationwide (PISTON)-Cebu headed by Greg Perez held a two-hour protest action in front of the LTFRB regional field office in Cebu City on Monday morning to express their concerns about the phaseout of the traditional jeepney by the end of the year.

'They carried placards but they came here without disrupting our office and the flow of traffic because they stayed outside the gate. Salamat nga peaceful rai lang rally (I thanked them for having a peaceful rally), Montealto told the Philippine News Agency in an interview.

Montealto said his office would hear the sector's concerns and vowed to find solutions to the issues raised by traditional jeepney drivers and operators against the modernization program.

He, however, encouraged the remaining operators of traditional jeepneys who have not joined the consolidation process to become a transport coop or corporation under the PUVMP to listen to a seminar with the Cooperative Development Authority or Office of the Transport Cooperative (OTC) of the Department of Transportation.

'Some of them still don't understand what PUV modernization is all about. There are many of them who refuse to learn that no matter how you explain it, they won't understand that our country needs the modernization of the public transport sector,' he said in Cebuano.

Among the issues that Piston-Cebu raised during their rally at the LTFRB-7 was the call not to phase out traditional jeepneys, and that they need support for rehabilitation, financial assistance and the reversion of validity of transport franchises to five years.

The group also went to the office Cebu City Councilor Donaldo Hontiveros at the City Hall to vent their concerns against the PUV modernization.

Meanwhile, the Cebu City government deployed a Quick Response Team headed by Disaster Risk Reduction and Management Officer Harold Alcontin to the city's major thoroughfares.

The city government also prepared several buses to ferry passengers should the nationwide transport strike cripple public transport.

Source: Philippines News Agency

The Samar provincial government is targeting to raise the employability of its workforce through the JobsNext project meant to carry out skills training and enhanced job matching.

Samar Governor Sharee Ann Tan said that while the province has produced more than 10,000 graduates through the local government's scholarship program last year, only 3,900 of them had landed jobs.

'I am really eager to implement this project properly and with quality. We want that the future workforce of Samar will not only be competitive but will also excel in their field when they are hired not only in the country but also in other parts of the world,' Tan said on Monday.

'Our aim is to increase the employment capacity of the people based on what the market demands. We will produce what the market needs,' the governor added.

She made the remarks following the recent launch of the JobsNext project designed to mitigate the consequences of digitalization by providing appropriate skills to ensure employability and a sustainable future for Samar's workforce.

The official recognizes that digitalization and the advancement of technology for more efficient operations threaten the labor force.

The project is in partnership with the industry-led advocacy group Philippine Business for Education (PBEd) as the local government acknowledges the private's sector role to enhance employment.

PBEd Executive Director Justine Raagas pointed out that the employment concern cannot be solved by the government alone and it needs backing from other sectors.

As a partner of Samar province, JobsNext duty includes capacitating the local employment offices in the job selection and matching process to ensure compatibility between skills of available manpower and offered jobs.

'We recognize the potential that the province of Samar has, and with your very huge demographic. I think it is time to harness that and we channel their interest and their power and their innate capacity to use the internet, being digital dated we need to harness that for the good, by supporting them by giving them the tools that they need,' Raagas said in a separate interview.

PBEd is also implementing the JobsNext initiative in select local government units in Sorsogon, Negros Oriental and Eastern Samar with the support of the Citi Foundation.

The program aims to train at least 1,000 young individuals for future skills needed to land jobs in emerging sectors such as data analytics, cloud technologies, engineering and content production.

Source: Philippines News Agency