In observance of the Holy Week, the Philippine News Agency’s online news service will be off on March 29, Good Friday, and March 30, Black Saturday. Normal operations will resume on March 31, Easter Sunday.

— The Editors

Dominguez directs GSIS, SSS to help lift local bourse

By Joann Villanueva

March 13, 2020, 1:19 pm

MANILA – State-owned pension fund firms have been tasked to increase their equities holdings to help bolster the local stock market, which, on Thursday, posted a huge drop to the 5,700-level due to coronavirus disease (Covid-19) worries.

“I have instructed GSIS (Government Service Insurance System) and SSS (Social Security System) to take advantage of the low stock prices as well as to support the stock market by at least doubling their daily average purchase volume of last year,” Finance Secretary Carlos Dominguez III told reporters in a Viber message Friday.

Volatility was high on Thursday, with the Philippine Stock Exchange index (PSEi) losing more than 10 percent mid-trade, which resulted in the temporary halting of trading in line with PSE rules.

The main index recovered a bit after the trading stoppage and ended the day with a 9.71 percent, or 616.99 points, lost to 5,736.27 points. This drop was registered after the main index’s two-day rally.

On Thursday, Dominguez said, “the country and the government have all the tools – medical, financial and monetary - to successfully handle the situation.”

The World Health Organization (WHO) has declared Covid-19 as a global pandemic after about 118,000 people in 114 countries have been affected by the virus thus far.

In the Philippines, the Department of Health (DOH) has recorded 52 confirmed cases of Covid-19 with five deaths as of Thursday.

Dominguez and some economic managers have also decided to go on self-quarantine after being exposed to a confirmed Covid-19 patient last week.

"Still symptom-free. Had myself tested at 3 p.m. yesterday (Thursday) & was told that I could expect results in 24-48 hours from then," Dominguez said when asked on the current condition of his self-quarantine.

On Thursday night, President Rodrigo R. Duterte raised the Covid-19 alert system to Code Red Sub-level 2 due to the rise of confirmed cases.

He also explained the details of a resolution adopted by the Inter-Agency Task Force on the Emerging Infectious Disease, which recommended the placing of entire Metro Manila under “community quarantine.”

He said that while the task force does not want to use the term lockdown for the current situation the reality is it is a lockdown but clarified that “there is no struggle of power here.”

“It’s just a matter of protecting and defending you from Covid-19. That’s about it. It has nothing to do with the power of the military or the power of the police nor my power or these guys beside me. It’s just an issue of protecting the public interest and public health,” he said.

The resolution extends the suspension of classes in all levels in Metro Manila until April 12 but students must fulfill their education requirements.

Among others, the resolution prohibited mass gatherings, advised people to ensure social distancing, suspended work under the executive branch but there should be a skeletal force and advised all manufacturing, retail and service establishments to remain in operation.

However, the resolution suspended land, domestic air and domestic sea travel to and from Metro Manila from March 15 until April 14, 2020 “subject to the daily review by the inter-agency task force.” (PNA)

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