[Blueboard] Newsbriefs 10 August Morning

Simbahang Lingkod ng Bayan slb at admu.edu.ph
Wed Aug 10 17:25:52 PHT 2005

*Newsbriefs 10 August Afternoon
Simbahang Lingkod ng Bayan*

*News Items:*

*1.      **'Jueteng lord' gave P300M to Arroyo campaign - **Mendoza** 

*2.      **Villar: AFP charges vs **Mendoza** won't matter in probe 

*3.      **Saludo: **Mendoza** testimony mostly hearsay* (abs-cbnnews.com)**

*4.      **Palace rejects calls for President to take leave of absence* 

*5.      **House committee suspends Arroyo impeach raps deliberations* 

*6.      **Shares close at near 2-month highs* (XFN-Asia)**

*7.      **Money Market Technical Analysis by Shio Cruz, SJ *

  'Jueteng lord' gave P300M to Arroyo campaign - Mendoza (inq7.net)

Incumbent Gloria Macapagal-Arroyo received 300 million pesos for her 
2004 presidential campaign from an alleged "jueteng lord," according to 
a military officer at the resumption of a Senate inquiry on the illegal 
numbers game.

Army Captain Marlon Mendoza, assigned as chief security officer of 
former Commission on Elections commissioner Virgilio Garcillano, claimed 
that he heard the poll official boast in a drinking spree that Rodolfo 
"Bong" Pineda contributed 300 million pesos to Arroyo's campaign kitty.

"I distinctly heard Garcillano say that Bong Pineda gave 300 million 
pesos for the President's success in the elections," he said.

Mendoza said his former "boss" made the boast when they were together in 
Naga City. He said he was with Garcillano between April and June 2004.

Prefacing his testimony with a speech on how much he loved the 
Philippines, Mendoza proceeded to say that Garcillano regularly met with 
Malacañang officials, including one Butch Pakinggan from the Office of 
then executive secretary Alberto Romulo, at the Diamond Hotel in Manila.

Garcillano also met with Batangas Governor Arman Sanchez, also an 
alleged to be a big-time "jueteng" operator, Mendoza said.

  Villar: AFP charges vs Mendoza won't matter in probe (abs-cbnnews.com)

Sen. Manuel Villar said court martial proceedings against Capt. Marlon 
Mendoza would not be discussed unless necessary in the Senate 
investigation on jueteng Wednesday.

"Committee ang magde-decide kung may kinalaman 'yon (mga kaso) o wala 
(It is the committee that will decide if the charges against Mendoza 
have a bearing on the investigation) , " Villar said over DZMM.

He added: "S'yempre pakikinggan naman natin 'yung side niya (Mendoza) 
(We should at least hear what Mendoza has to say)."

*Saludo: Mendoza testimony mostly hearsay* (abs-cbnnews.com)

Cabinet Secretary Ricardo Saludo on Wednesday dismissed Capt. Marlon 
Mendoza's Senate testimony as mostly hearsay, saying the witness did not 
establish links that that jueteng money made its way to President 
Arroyo's election fund.

Saludo said the Army captain failed to shed light on Mrs. Arroyo's 
involvement in the illegal numbers racket during Wednesday's hearing.

He said documents presented by Mendoza in the Senate inquiry should also 
be authenticated.

Mendoza, a former junior officer of the Intelligence Service of the 
Armed Forces of the Philippines (ISAFP), testified on Wednesday that he 
witnessed the bribing of two poll officers assigned in Mindanao to 
ensure Mrs. Arroyo's electoral victory last year.

*Palace rejects calls for President to take leave of absence* (inq7.net)

MALACAÑANG has rejected calls for President Gloria Macapagal-Arroyo to 
take a leave of absence while the impeachment proceedings are ongoing.

"The suggestion for the President to take a leave is both unwarranted 
and unacceptable in the absence of proof against her for any violation 
of law," Arroyo's spokesman Ignacio Bunye said Wednesday.

With the impeachment process already in place, Bunye said critics of the 
President should just allow it "to take its course in Congress."

*House committee suspends Arroyo impeach raps deliberations* (inq7.net)

Procedural questions marred the start of the impeachment hearings 
against President Gloria Macapagal-Arroyo at the House of 
Representatives on Wednesday, prompting the committee in charge of the 
deliberations to hold an executive session and suspend the proceedings 
until next week.

"They are trying to muzzle us," Iloilo Representative Rolex Suplico 
lamented after justice committee chairman Simeon Datumanong called for a 
closed-door meeting to thresh out his colleagues' protests on the venue 
of the hearing and to discuss his ruling to bar non-committee members 
from asking questions at the deliberations.

*Shares close at near 2-month highs* (XFN-Asia)
Share prices closed at their highest levels in nearly two months, 
powered by hefty gains in PLDT while banks also rose on speculation of a 
fresh round of consolidation in the industry, dealers said.

The composite index closed up 20.41 points or 1.03 percent at the day's 
high of 2,010.41 on 1.09 billion shares worth 1.08 billion pesos. It hit 
a low of 1,987.89.

It was the main index's best finish since June 17 when it ended at 
2,011. 17.

The broader all-shares index rose 8.54 points to 1,218.24.

Gainers beat losers 46 to 17, with 56 stocks unchanged.

*Money Market Technical Analysis by Shio Cruz, SJ*

Interest Rates

The 91-day Treasury bill average auction rate slightly declined  5.589% 
in the T-bill auction last August 1, 2005 after reaching a high of 
5.674% and a low of 5.35%. This is still near the lowest levels in 22 
months since late September 2003. Technical charts show that there is a 
possibility that the benchmark rate would settle near 5.25% before a 
healthy upward movement that would translate to slightly higher interest 

Dollar Peso

August is considered a summer vacation month in the Northern Hemisphere 
(especially in the U.S. and in Europe) where most market participants 
are out for the holidays. At home, August is still part of the 3rd 
quarter importation period in the Philippines in preparation for the 
peak during the yuletide season. 

At the beginning of the month, the dollar peso rate reached a high of 
USD/PHP 56.24 and a low of USD/PHP 56.11 to average at USD/PHP 56.167.  
The price of the exchange rate remained sideways to trade at USD/PHP 
56.125 with USD/PHP 56.20 as a targeted resistance level.    Last 
Friday, the early support of USD/PHP 55.95 was breached.  The price of 
the exchange reached a high of USD/PHP 55.97 and closed at USD/PHP 
55.91. Still, this levels are signals for a re-test of USD/PHP 55.89 and 
USD/PHP 55.79 low posted last July 26, 2005. 

Stock Market

The Philippine Stock Exchange Composite Index (Phisix) gave way to  a 
healthy downward correction to close at 1982.93 during the first day of 
the month.  It gained little ground for the next two days to close at 
1988.14 on the third trading day.  However, this was not sustained as 
the index moved sideways down to close at 1975.60 last week.  If this 
trend would continue, initial target for a healthy downward support is 
at around the 1950's level.  Otherwise, short-term technical charts 
point towards 2030s as possible highest immediate levels.  




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