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Archives: Reuters Articles

Prospect of Marcos revival looms as Philippines votes for new president

MANILA, May 9 (Reuters) – The Philippines votes on Monday in its most divisive presidential election in decades, with the prospect of a once unthinkable return to rule of the Marcos family, 36 years after they were toppled in a “people power” uprising.

The election pits Vice President Leni Robredo against former senator and congressman Ferdinand Marcos Jr, the son and namesake of a dictator whose 20-year rule ended in a public revolt and his family’s humiliating retreat into exile.

Opinion polls put Marcos, popularly known as “Bongbong”, leading his rival by over 30 percentage points, having topped every poll this year. That means Robredo will need a late surge or low turnout if she is to win the presidency.

Marcos, 64, has presented no real policy platform but his presidency is expected to provide continuity from outgoing leader Rodrigo Duterte, whose ruthless, strongman approach proved popular and helped him to consolidate power rapidly.

Robredo, 57, a former human rights lawyer and staunch liberal, has pledged to improve education and welfare, fight poverty and improve market competition if elected.

Polls open at 6 a.m. (2200 GMT Sunday) and close at 7 p.m. (1100 GMT Monday) and an unofficial vote count could give an indication of who is the winner a few hours later.

Marcos is buoyed by a cult-like following of younger Filipinos born after the 1986 revolution, having launched a massive social media offensive in an upbeat campaign that has carried undertones of historical revisionism. nL3N2WU0CF

His supporters and social media influencers have dismissed narratives of plunder, cronyism and brutality under the martial law of his late father as lies peddled by opponents, presenting what his critics say is a different version of history. The Marcos camp has denied running misinformation campaigns.

Despite its fall from grace, the Marcos family returned from exile in the 1990s and has since been a powerful force in Philippine politics, retaining its influence with vast wealth and far-reaching connections.

The vote also presents an opportunity for Marcos to avenge his acrimonious loss to Robredo in the 2016 vice presidential election, a narrow defeat by just 200,000 votes that he sought unsuccessfully to overturn.

‘VICTORY OF UNITY’

Mass rallies took place across the capital Manila on Saturday in a festival-like finale to the campaigns. nL2N2WZ09N

Marcos has steered clear of debates and has campaigned on a message of optimism and unity, on Saturday telling hundreds of thousands of supporters that he dreamed of a “victory of unity of the entire Philippines”.

Robredo promised supporters better education, healthcare and public services if elected.

“It’s our right to have a future with dignity and it’s our job to fight for it,” she said, to chants of “Leni, Leni”.

A game-changer in the election could be vice presidential running mate Sara Duterte-Carpio, the incumbent president’s popular daughter, who could transfer some of her father’s huge support to Marcos. The president has not endorsed any candidate.

About 65 million Filipinos are eligible to vote to decide on a successor to Duterte after his six years in power.

Also up for grabs are about 18,000 posts, from seats in the senate and congress to mayors, governors and councillors. nL3N2WU11J

In a commentary, author and political analyst Richard Heydarian said the stakes are higher than any other election in recent years, with Marcos likely to overhaul the constitution to entrench his power if he wins, and Robredo in a position to prevent a “Marcosian hegemony”. nL3N2WX0TG

“Make no mistake: This is the most consequential elections in contemporary Philippine history,” he wrote in the Philippine Daily Inquirer.

PREVIEW-Philippines election a rematch of late dictator’s son and rights lawyernL3N2WX12Q

EXPLAINER-What’s at stake in the Philippines election?nL3N2WX0TG

SPECIAL REPORT-Marcos could control hunt for family’s wealth as Philippines presidentnL3N2WV114

EXPLAINER-A guide to the Philippines electionnL3N2WU11J

FEATURE-‘Our blood is boiling’: Victims angry as son of dictator closes in on Philippine presidencynL3N2WU0SN

FACTBOX-Marcos and Robredo lead field ahead of Philippine presidential votenL3N2WV183

Seeking return of disputed ‘golden age’, Philippine voters back son of dictator MarcosnL3N2WX0ZF

Fervour in Philippines as election campaign reaches climax nL2N2WZ09N

(Writing by Martin Petty; Editing by Susan Fenton)

((martin.petty@tr.com; +66896070413))

ADVISORY-Philippine markets closed on May 9 for holiday

Philippines financial markets will be closed on Monday, May 9, for a national holiday. Trading will resume on Tuesday, May 10.

(Editing by Elaine Hardcastle)

((enrico.delacruz@thomsonreuters.com))

UPDATE 1-Philippines on high alert as all systems go for election

Filipinos to choose Duterte’s successor

Situation ‘relatively peaceful’ – police

Military says ready for any contingencies

Recasts, changes media slug, adds comments from police and military

MANILA, May 8 (Reuters) – The Philippine police and military said on Sunday they were on high alert as last-minute preparations continued for the country’s general election, even as the overall situation remained “relatively peaceful”.

Filipinos vote on Monday to choose President Rodrigo Duterte’s successor, a vice president, 12 senators, hundreds of congressmen and thousands of governors, mayors and provincial and city councillors.

The presidential race is a rematch between Ferdinand “Bongbong” Marcos Jr., the son and namesake of the country’s late dictator, and Leni Robredo, the human rights lawyer who narrowly beat him in the 2016 vice presidential contest. nL3N2WX12Q

Three months of divisive campaigning ended on Saturday, with Marcos and Robredo making final bids to sway undecided voters with patriotic, upbeat messages. nL2N2WZ09N

Duterte did not endorse a presidential candidate, but his party backs frontrunners Marcos and his running mate, Duterte’s daughter Sara Duterte-Carpio.

“We are ready for any contingencies,” Armed Forces chief Lieutenant General Andres Centino told a media briefing with police officer-in-charge Lieutenant General Vicente Danao and senior election commission officials.

“We are committed… to ensure that we have a secure, accurate, free and fair elections tomorrow.”

Political violence, cheating allegations and vote-buying marred previous elections in the Philippines. But the police said they have recorded far fewer poll-related offences than in the 2016 general election and 2019 mid-term polls.

“Hopefully we can maintain this tranquillity up to the last day of our electoral process,” Danao said.

Philippine National Police spokesperson Jean Fajardo told another briefing the pre-election situation was “relatively peaceful”, with 16 election-related offences, including shootings in Nueva Ecija and Ilocos Sur provinces.

Voting will be longer than usual to accommodate COVID-19 safety measures.

Guia Morris, principal at Jacinto Zamora Elementary School in Manila, said they have spent weeks cleaning and disinfecting the rooms where voting will be done.

“The teachers are all prepared, and they attended orientation and seminars about the election,” she said.

(Reporting by Enrico Dela Cruz and Yuddy Cahya Budiman; Editing by Christian Schmollinger and William Mallard)

((enrico.delacruz@tr.com))

Philippine police say country ‘relatively peaceful’ ahead of election

MANILA, May 8 (Reuters) – Philippine police said on Sunday the country’s overall situation ahead of the May 9 general election remained “relatively peaceful”, despite some shooting incidents and other poll-related offences that they consider to be isolated.

Filipinos will vote on Monday to choose President Rodrigo Duterte’s successor, a vice president, 12 senators, hundreds of congressmen, and thousands of governors, mayors and provincial and city councillors.

The presidential election is shaping up as a rematch between Ferdinand “Bongbong” Marcos Jr., the son and namesake of the country’s late dictator, and incumbent Vice President Leni Robredo, the human rights lawyer who narrowly beat him in the 2016 vice presidential contest. nL3N2WX12Q

Three months of divisive campaigning ended on Saturday, with Marcos and Robredo making last-ditch bids to sway undecided voters with patriotic, upbeat messages. nL2N2WZ09N

“One day before the conduct of the actual election, we are considering our preparation and the situation as relatively peaceful,” Philippine National Police Spokesperson Jean Fajardo said in a media briefing.

The police have recorded 16 election-related offences since the campaign season began, including two cases of shooting incidents between supporters of rival local candidates in Nueva Ecija and Ilocos Sur provinces, she said.

“These are good indicators, these are good numbers,” Fajardo said, comparing the police data with the 133 recorded cases during the 2016 general election and the 60 recorded cases during the 2019 mid-term polls.

The police have also recorded more than 3,000 arrests related to the election ban on the carrying of firearms, also substantially lower because of what Fajardo described as an intensive campaign to confiscate loose firearms that could be used by private armed groups.

Saturday’s final campaign push ended without Duterte endorsing any presidential candidate, but his political party is backing Marcos and Duterte’s daughter Sara Duterte-Carpio, who is Marcos’s running mate.

Both remained comfortably ahead of their rivals, based on opinion polls. nL3N2WU0CF

(Reporting by Enrico Dela Cruz; Editing by Christian Schmollinger)

((enrico.delacruz@tr.com))

UPDATE 1-Fervour in Philippines as election campaign reaches climax

Winner gets 6-year term as president

Marcos leading all polls this year

Fierce rivalry between Robredo, Marcos

Recasts with speeches from candidates, adds details from rallies

By Neil Jerome Morales and Lisa Marie David

MANILA, May 7 (Reuters) – Crowds of hundreds of thousands massed in the Philippines on Saturday where the leading presidential candidates made a last-ditch bid to sway undecided voters with patriotic, upbeat messages after a divisive election race.

Fireworks lit up the sky as singers, celebrities and social media stars took to stages across the capital Manila ahead of the election on Monday, which pits Vice President Leni Robredo against frontrunner Ferdinand Marcos Jr, the son of the notorious late dictator who ruled the Philippines for 20 years. nL3N2WU0SN

If opinion surveys are accurate, Robredo, 57, will need a late surge, or low turnout to win the presidency, with Marcos, a former congressman and senator, leading her by over 30 percentage points, having topped every poll this year. nL3N2WU0CF

The two embody a political chasm that has existed more than four decades, with Robredo’s roots in the movement that led a 1986 “people power” uprising that toppled the elder Marcos, and Marcos Jr on the cusp of an almost unthinkable return for the once disgraced first family.

Marcos cast his campaign as a chance to bridge that divide.

“We will reach the day that when we join forces, when we again face the world and shout to our friends and wave our flag, we will be proud to say we are Filipinos,” Marcos told a roaring red-shirted crowd that waved national flags.

Opponents of Marcos say the presidency is the endgame in a years-long effort to change historical narratives of authoritarianism and plunder that have dogged his family, which despite its fall from grace remains one of the wealthiest and most influential in Philippine politics.

Marcos Jr has been criticised for his lack of a policy platform and for dodging debates and media appearances, a strategy that has minimised scrutiny and allowed him to generate support on social media among voters born long after his father’s rule.

BITTER RIVALRY

Monday will be a rematch of the 2016 vice presidential election which Marcos looked set to win, before losing by just 200,000 votes to Robredo. He alleged cheating and fought hard to overturn the result, which the Supreme Court upheld. nL3N2WX12Q

“This fight is not about one person or candidate. I am just a vehicle of the love that engulfs Filipinos,” Robredo told hundreds of thousands of supporters at a rally that turned swathes of the city’s business district pink, her campaign colour.

If the election reflects the opinion polls, Marcos, 64, could be the first Philippines president to be elected with a majority vote since the end of his father’s rule.

“I am so happy because he’s close to taking office as the next president. I am sure of that, as long as there’s no cheating,” said Marcos supporter Emma Montes, 43, a household helper, after attending Marcos’ rally.

About 65 million Filipinos are eligible to cast ballots on Monday to decide on the successor to President Rodrigo Duterte after six years in power, plus thousands of other posts, from lawmakers and governors to city mayors and councillors.

Christian Dave Palero, 22, a call centre agent dressed in a pink jacket, said he still believed Robredo had a chance to triumph.

“We’re exhausted but we’re happy and fulfilled,” he said. “We are confident Leni can win.”

PREVIEW-Philippines election a rematch of late dictator’s son and rights lawyernL3N2WX12Q

EXPLAINER-What’s at stake in the Philippines election?nL3N2WX0TG

SPECIAL REPORT-Marcos could control hunt for family’s wealth as Philippines presidentnL3N2WV114

EXPLAINER-A guide to the Philippines electionnL3N2WU11J

FEATURE-‘Our blood is boiling’: Victims angry as son of dictator closes in on Philippine presidencynL3N2WU0SN

FACTBOX-Marcos and Robredo lead field ahead of Philippine presidential votenL3N2WV183

Seeking return of disputed ‘golden age’, Philippine voters back son of dictator MarcosnL3N2WX0ZF

(Reporting by Neil Jerome Morales and Lisa Marie David; Additional Reporting by Jay Ereno, Adrian Portugal and Eloisa Lopez; Editing by Martin Petty)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914))

Philippines’ Marcos, Robredo set for rousing final rallies as presidential vote looms

By Lisa Marie David and Neil Jerome Morales

MANILA, May 7 (Reuters) – Philippines presidential candidates geared up for final rallies on Saturday to galvanise support and win over undecided voters, two days from an election plagued by misinformation campaigns and the rekindling of a bitter rivalry dating back decades.

Up to 65 million Filipinos are eligible to cast ballots on Monday to decide on the successor to President Rodrigo Duterte after six years in power, plus thousands of other posts, from lawmakers and governors to city mayors and councillors.

A two-horse presidential race has emerged between Vice President Leni Robredo and frontrunner Ferdinand Marcos Jr, the son and namesake of a strongman whose two-decade rule ended with his overthrow in a 1986 “people power” uprising. nL3N2WU0SN

Tens of thousands of supporters gathered in the capital Manila at rallies for Robredo and Marcos, braving the scorching afternoon heat hours before candidates were due to arrive.

The location of Robredo’s rally was symbolic, held along Ayala Avenue, where a huge march took place in 1983 after the assassination of senator Benigno Aquino, an icon of the struggle against the Marcos dictatorship.

The rally exuded a festival-like atmosphere, where supporters in bright pink, Robredo’s campaign colour, handed out ice cream, drinks, T-shirts and flags.

“Robredo has helped many people and they appreciate her,” said Mary Ann Ileto Fernandez, who was celebrating her 27th birthday at the rally.

“While many people do not openly show support, we know they will vote for her.”

If opinion surveys are accurate, Robredo, 57, will need a late surge, or a low turnout if she is to win the presidency, with Marcos, a former congressman and senator, leading her by over 30 points having topped every poll this year. nL3N2WU0CF

If that deficit holds, Marcos, 64, could be the first Philippines president to be elected with a majority vote since the end of his father’s rule.

Marcos Jr was due to address what was expected to be a huge crowd at a casino resort alongside Manila Bay, which his camp said was an event to show appreciation for an outpouring of public support.

Marcos’s lead has been attributed to his team’s astute use of use of social media to reach younger voters, to discredit Robredo and present what political experts say is a counter narrative to historical accounts of his father’s rule. Marcos recently praised his father as a “genius”. nL3N2WX0ZF

Monday will be a rematch of the 2016 vice presidential election which Marcos had also looked set to win, before losing by just 200,000 votes to Robredo. He fought hard to overturn the result, which the Supreme Court upheld. nL3N2WX12Q

Saturday’s rallies are expected to collectively draw hundreds of thousands of supporters, with candidates using celebrities and social media influencers personalities to energise supporters.

PREVIEW-Philippines election a rematch of late dictator’s son and rights lawyernL3N2WX12Q

EXPLAINER-What’s at stake in the Philippines election?nL3N2WX0TG

SPECIAL REPORT-Marcos could control hunt for family’s wealth as Philippines presidentnL3N2WV114

EXPLAINER-A guide to the Philippines electionnL3N2WU11J

FEATURE-‘Our blood is boiling’: Victims angry as son of dictator closes in on Philippine presidencynL3N2WU0SN

FACTBOX-Marcos and Robredo lead field ahead of Philippine presidential votenL3N2WV183

Seeking return of disputed ‘golden age’, Philippine voters back son of dictator MarcosnL3N2WX0ZF

(Reporting by Neil Jerome Morales and Lisa Marie David; Additional Reporting by Jay Ereno, Adrian Portugal and Eloisa Lopez; Editing by Martin Petty)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914))

BRIEF-Metro Pacific Investments Says Qtrly Gross Revenue 11,132 Mln Pesos

May 6 (Reuters) – Metro Pacific Investments Corp MPI.PS:

  • METRO PACIFIC INVESTMENTS CORP – QTRLY GROSS REVENUE 11,132 MILLION PESOS VERSUS 10,627 MILLION PESOS

Source text for Eikon: ID:nPSX1hgvcr

Further company coverage: MPI.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Ginebra San Miguel Says Qtrly Revenue 12.6 Bln Pesos

May 6 (Reuters) – Ginebra San Miguel Inc GSMI.PS:

  • QTRLY REVENUE 12.6 BILLION PESOS, UP 11%

  • QTRLY OPERATING INCOME ROSE 39% TO 1.8 BILLION PESOS

Source text for Eikon: ID:nPSX5qtyLN

Further company coverage: GSMI.PS

((Reuters.Briefs@thomsonreuters.com;))

Stocks tumble on inflation fears, Treasury yields jump

Stocks tumble on inflation fears, Treasury yields jump

U.S. Treasury yields jumped and global equity markets tanked on Thursday, erasing the prior day’s rally on Wall Street, as investors worried aggressive central bank policies around the world to tamp down inflation could easily shackle growth.

The rout on Wall Street snuffed a rally in European stocks. Fears of a recession, as the Bank of England suggested after it hiked rates earlier in London, quashed enthusiasm from Federal Reserve Chair Jerome Powell’s remarks on Wednesday when he said policymakers were not considering 75 basis-point moves in the future.

The yield on 10-year Treasury notes rose 12.2 basis points to 3.037%, with inflation-hedge gold rising after Powell emphasized risks to the economy from soaring inflation.

Data shows the long end of the Treasury market has suffered the most deeply negative returns this year going back to at least 1928, said Joseph LaVorgna, chief economist for the Americas at Natixis in New York.

“I’m surprised by the price action in the Treasury market because this has been an extraordinary historic move,” he said. “This is a pretty big move on top of an already significant move. It’s due to rising real yields,” LaVorgna said.

Markets will remain volatile until there is a clear picture of Fed rate policy and its trajectory later this year, said Anthony Saglimbene, global market strategist at Ameriprise Financial.

Investors are “worried that when we get to the back half of this year, the Fed is going to be so aggressive with raising interest rates that they’re going to take the economy into a recession,” he said, adding “there’s an overall negative sentiment in the market.”

Worries about fast-paced rate increases at a time of China’s COVID-19 lockdowns and the war in Ukraine to slow surging inflation have heavily weighed on stock markets this year.

The pan-European STOXX 600 index fell 0.70% after opening 1.84% higher. MSCI’s gauge of global stock performance shed 2.55% as it tumbled to lows last seen in March 2021. The global benchmark is down 14% year to date.

On Wall Street, the Dow Jones Industrial Average fell 3.12% and the S&P 500 lost 3.56%. The Nasdaq Composite shed 4.99% in its biggest single-day plunge since June 2020, and closed at its lowest level since November 2020. The technology-rich index is down 21.3% year to date.

Britain’s pound and government bond yields fell sharply after the BoE raised rates to their highest level since 2009 to counter inflation heading above 10% and warned the UK economy was at risk of recession.

Sterling was last at $1.2364, down 2.04% on the day, while the euro fell 0.7% to $1.0547 after dire German industrial orders data on Thursday.

German industrial orders fell more than expected in March, driven mainly by declining orders from abroad as the war in Ukraine hit manufacturing demand in Europe’s biggest economy.

“The German economy is programmed for a downturn,” said Thomas Gitzel, chief economist at VP Bank.

“The war in Ukraine, the supply chain problems and high rates of inflation are spoiling companies’ appetite for investment,” he said, adding that a recession was becoming increasingly likely.

The dollar index rose 0.946% after falling sharply on Wednesday following the Fed’s rate hike. It is up more than 7% so far this year. /FRX

Bitcoin fell 8.61% to $36,266.98.

World stocks lose $10 trillion in 2022
                                                                                  World stocks lose $10 trillion in 2022

China’s battered shares recovered some ground, gaining 0.7% as mainland markets resumed trade after a three-day holiday.

Investors also cheered a pledge by China’s central bank for more monetary policy support to help businesses badly hit by the latest COVID-19 outbreak.

U.S. gold futures settled up 0.4% at $1,875.70 an ounce, after paring gains of more than 2%.

Oil prices rose as a stronger dollar offset supply concerns after the European Union’s plans for new sanctions against Russia, including an embargo on crude in six months. Traders noted OPEC+ again rebuffed consumer calls for a faster pace of output rises.

U.S. crude futures rose 45 cents to settle at $108.26 a barrel and Brent settled up 76 cents at $110.90 a barrel.

Rate hikes push up global borrowing costs
                                                                              Rate hikes push up global borrowing costs(Reporting by Herbert Lash in New York Additional reporting by Marc Jones in London Editing by Nick Zieminski and Matthew Lewis)

Philippine consumers use app to counter record retail fuel prices

MANILA, May 6 (Reuters) – Philippine motorcycle enthusiast John Aldwin Bagabagon rode easier than many other local motorcyclists and drivers this year as domestic fuel prices surged to record levels.

Bagabagon, 35, and his family are among 200,000 consumers turning to a homegrown app to secure credits for bulk fuel supplies at low prices, saving about 50% on their gasoline purchases over the past four months.

“I save a lot especially now that gasoline prices are rising weekly,” Bagabagon said.

The app PriceLOCQ allows users to stock up on fuel at a set price by converting purchases to digital credits that are later redeemed at SEAOIL Philippines petrol stations.

Mark Yu, who launched the PriceLOCQ app in 2020 and whose family owns independent fuel company SEAOIL, says use of the app has “skyrocketed” since prices started rising this year, especially after Russia’s invasion of Ukraine disrupted global oil markets.

Gasoline sales via the app in a single day in mid-March hit 2 million litres, matching volumes for the entire month of February as consumers scrambled to get ahead of price spikes.

Half of PriceLOCQ’s clients are new customers of SEAOIL, which has around 6% of the retail fuel market, said Yu, who is also the chief financial officer of SEAOIL.

PriceLOCQ is the only app of its kind in the region, Yu said. Yu’s personal venture, LOCQ, is behind it, and partners with hedging firms to offset the risks amid volatile prices.

The Philippines imports more than 90% of its annual fuel requirements. Pump prices in capital city Manila, an urban sprawl home to 13 million people, have risen by 30% for gasoline and 66% for diesel this year, government data shows. Gasoline hit a record of 81.85 pesos ($1.56) per litre in mid-March 2022.

Early adopters of PriceLOCQ were able in 2020 to purchase up to 600 litres (158.5 gallons) of gasoline and diesel products for future refuelling at around 20 pesos per litre. Prices now are around 79 pesos per litre.

While locking in prices in a rising market is enticing, consumers are advised not to hoard gasoline and buy according to their needs, said Bernard Flores, a Manila-based financial consultant for Pru Life UK.

Authorities have also warned customers to understand the underlying risks of using the app, including the non-transferability of the credits and the danger of buying bulk fuel and seeing prices fall.

“It’s like the stock market where you find the desired price you prefer and you lock in on it. Whatever happens, whether the prices go up or down, you are locked in,” Flores said.

Many motorists remained undeterred, though, especially those on the roads as part of their job.

“If this app didn’t exist, we would have a difficult time because … we use gasoline every day,” delivery worker Johnrey Omolon said.

“It’s a huge help. We get to prepare (for changes) every time gasoline prices increase.”

 

($1 = 52.33 Philippine pesos)

 

(Reporting by Neil Jerome Morales and Adrian Portugal; Editing by Kanupriya Kapoor and Tom Hogue)

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