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Djokovic back on top as old guard refuse to let go

LONDON — — Young German Alexander Zverev’s breakthrough title at the ATP Finals in London last month brought the future into focus but the year ended with men’s tennis in the grip of a block of 30-something led by a resurgent Novak Djokovic.
Serbian Djokovic, 31, needed elbow surgery in February to cure a problem that surfaced in 2017, but after some jarring defeats he returned to the kind of domination he achieved in 2015, winning Wimbledon and the US Open.
Roger Federer continued to hold back the clock as only he can by winning the Australian Open, aged 36 and a few weeks later became the ATP’s oldest world number one.
Rafael Nadal, 32, had an injury-hit year but that did not stop the Spaniard winning an 11th French Open title.
By the time the long season wrapped up, Djokovic, Nadal and Federer were one, two and three in the ATP rankings with seven of the top 10 aged 30 or over.
The eagerly awaited return of Serena Williams to the women’s game after giving birth to daughter Alexis Olympia last September failed to deliver the American a record-equalling 24th Grand Slam singles title, although she was tantalizingly close.
It is not the majestic tennis she played en route to the Wimbledon and US Open finals that will be remembered, however, but her controversial Flushing Meadows showdown against Japan’s Naomi Osaka and the ensuing fallout and allegations of sexism.
In one of the most infamous matches played in the New York cauldron, Williams raged after being given a code violation for “off-court coaching” in the second set, got a point penalty for angrily smashing a racket and was docked a game for calling umpire Carlos Ramos a “liar.”
Osaka, who has since turned 21, somehow stayed calm in the bedlam to beat her childhood idol, but was reduced to tears as the crowd booed during the postmatch presentations — angry at the perceived unfair treatment of the queen of women’s tennis.
Patience paid off for two of the WTA’s ultimate battlers.
Denmark’s Caroline Wozniacki beat Simona Halep on an oven-like Rod Laver Arena to win the Australian Open and claim her first Grand Slam title, at the 43rd attempt.
A few months later Halep became the first Romanian to win a Grand Slam title for 40 years as she beat American Sloane Stephens at Roland Garros.
‘COULDN’T BREATHE’
She had lost her previous three finals, including the year before in Paris from a winning position, but after losing the first set against Stephens roared back to claim the most popular victory of the year.
“In the last game I couldn’t breathe, I just didn’t want to repeat what happened the other years,” Halep, who finished 2018 as world number one, said.
Germany’s Angelique Kerber ripped up the script at Wimbledon. Serena Williams had looked unstoppable during a blazing fortnight on the All England Club lawns and was odds-on to claim an eighth singles title, equal Margaret Court’s 24 slams and become the first mum to win Wimbledon for 38 years.
With support in the Royal Box from friend Meghan Markle, wife of Britain’s Prince Harry, the stage was set for Serena but an inspired Kerber dropped just six games to become the first German woman to win the title since Steffi Graf in 1996.
That final was controversially played after the conclusion of the men’s semis between Djokovic and Nadal, itself delayed by South African Kevin Anderson’s epic, six-hour-36-minute defeat of American John Isner, 26-24 in the deciding set.
Djokovic took brutal advantage of a fatigued Anderson in the final and later in the year Wimbledon called time on “never-ending” matches as they announced that from 2019 onwards tiebreaks would be played at 12-12 in the decider.
Wimbledon lit the blue touch-paper for Djokovic who had entered the Championships seeded 12 after slipping to his lowest ranking since 2006.
After ending a two-year Grand Slam drought he went 28-3 for the rest of the year, including winning 16 consecutive sets to march to the U.S. Open title where he beat Argentina’s Juan Martin del Potro in the final.
That took him level on 14 Grand Slams with Pete Sampras and hunting Nadal (17) and Federer (20) on the all-time list.
Young guns like Zverev, Greek Stefanos Tsitsipas and Karen Khachanov are expected to chip away at the old order in 2019 but the changing of the guard is happening at a glacial pace.
Time has caught up with the 118-year-old Davis Cup, however.
This year’s final, won by Croatia in France, was the last before a controversial revamp kicks in after sweeping changes were voted in by the International Tennis Federation.
Next November in Madrid, 18 nations will contest a soccer World Cup-style climax to the event. — Reuters

ONE Championship ushers in ‘new era’ in Japan event

ONE CHAMPIONSHIP will stage its first event in Japan next year and it is coming in loaded with a fight card headlined by three world title fights.
Dubbed “ONE: A New Era” and set to take place on March 31 at the Ryogoku Kokugikan in Tokyo, the event will feature the world title clashes of reigning ONE Women’s Strawweight World Champion “The Panda” Xiong Jing Nan of China against ONE Women’s Atomweight World Champion “Unstoppable” Angela Lee of Singapore; Middleweight World Champion Aung La “The Burmese Python” N Sang of Myanmar against Ken Hasegawa of Japan; and Lightweight World Champion Eduard “Landslide” Folayang of the Philippines against Japanese legend Shinya “Tobikan Judan” Aoki.
In addition, newly signed ONE athletes Demetrious “Mighty Mouse” Johnson and Eddie “The Underground King” Alvarez are set to make their debut with the promotion.
Mr. Johnson’s opponent for his first ONE Championship bout will be Japan’s Yuya “Little Piranha” Wakamatsu while Mr. Alvarez will face top lightweight contender Timofey Nastyukhin of Russia.
Also on tap is the kickoff of the ONE Flyweight World Grand Prix, featuring a series of compelling bouts.
The scheduled fight of Mr. Folayang will mark the first time he is defending the lightweight gold after reclaiming it with an impressive unanimous decision victory over Singaporean Amir Khan last month.
It is also a rematch for Mr. Folayang against Mr. Aoki, who he beat in 2016 by way of technical knockout (knees and punches) in the third round to get first hold of the lightweight belt.
Both Messrs. Folayang and Aoki are currently riding three-fight winning streaks. — Michael Angelo S. Murillo

Columbian banking on fresh infusion from rookies

STRUGGLED SIGNIFICANTLY in the just-concluded season of the Philippine Basketball Association, the Columbian Dyip look to have a better campaign next year with added help from the young cogs they were able to pluck from the rookie draft.
One of the busier teams in the annual draft held on Dec. 16, Columbian said it is satisfied with the players it was able to get and is now evaluating them in the practices to see what contributions the team can get from them.
In the draft last Sunday, the Dyip selected five players, two inside the first round — Cjay Perez as the first overall and JP Calvo at ninth.
They then selected guards Cyrus Tabi (18th) in the second round and Teytey Teodoro (23rd) in the third before picking forward Oliver Arim (33rd) in the fourth round.
Columbian coach John Cardel said he is impressed with what he has seen so far from said players and excited over the possibly of incorporating them to the team.
“Monday was our first practice with the rookies and we’re really happy with how they performed. Cjay, Calvo, Tabi, Arim, and Teodoro are the type of players that we need — rookies that can run, hustle and give extra passes to my veterans. I also like the way they competed with the veterans of the team,” said Mr. Cardel, whose team had an overall record of 6-27 in the 2018 season of the PBA, albeit the coach only handled the squad in the third conference, following Chris Gavina and Ricky Dandan at the Columbian bench.
Mr. Cardel said he has high hopes, in particular, with Mr. Perez, who he sees figuring prominently in their push come next season.
“Cjay can help us in so many ways. Apart from scoring, he is a team player and an energy guy who I hope can influence the rest of the team,” Mr. Cardel said of the former National Collegiate Athletic Association most valuable player from the Lyceum of the Philippine University.
The Columbian coach also said he does not see the top rookie pick having much of a hard time transitioning to the PBA.
“While he is a rookie, he acts like a veteran. I was able to talk to him and said ‘Don’t look at yourself as a rookie. Just think you have been in the league for some time now. And he is responding well,” Mr. Cardel said.
As for guards Calvo, Tabi and Teodoro, Mr. Cardel said they are making strong cases for themselves for the guard-deep roster he is envisioning for the Dyip.
“I’m looking at deepening my guard rotation. We already have Jerramy King and RaShawn McCarthy but I need players who can help the veterans stay fresh late in the game. Calvo and Tabi I like their decision-making as well,” Mr. Cardel said.
“As for Teytey, he is a streaky shooter and in the PBA such players are already rare. So we can use a player like him as well who can deliver the points when called upon,” he added. — Michael Angelo S. Murillo

Making strides

The Suns were heavy underdogs heading into their match against the Celtics yesterday, and with reason. They held the league’s second-worst road record and the second-worst overall slate, and faced a hostile crowd cheering for the hosts who, in stark contrast, boasted of the second-lowest number of home losses. Yet, they were confident of their capacity to compete, and not simply because they hitherto appeared to be on a roll. As far as they were concerned, they possessed both talent and resolve to claim their first four-game winning run in nearly four years.
As things turned out, the Suns did go on to triumph, much to the chagrin of the 18,624 fans at the TD Garden. And they did so after spotting the Celtics 11 points in the first quarter. At any other time in the not-so-distant past, the double-digit deficit would have deflated them. Not yesterday; instead, it spurred them to show that they could hang with the acknowledged best of the best in the league. No doubt, their effort was borne of pride; if nothing else, they strove to disabuse observers of the notion that they don’t play to win.
Parenthetically, the Suns’ current mindset is informed by persistent contentions that they’re out to tank their campaign. Among other questionable decisions, they let go of would-be free agents early, never mind the possible use of expiring contracts as trade leverage. As interim general manager James Jones explained, however, there is logic to the seeming madness. Tyson Chandler had to be waived to allow for the development of highly regarded Richaun Holmes, while Austin Rivers’ refusal to be part of a rebuild led to the cutting of ties.
After eight roster moves, the Suns look to finally have normalcy, and they’re reaping the dividends. The small sample size notwithstanding, there can be no downplaying the strides they’ve made. Yesterday, for instance, they proved inferior to the Celtics in several key categories; they shot worse, had fewer assists, and committed more turnovers and fouls. Yet, they succeeded in climbing out of a hole, pulling away, and then holding on for the win precisely because of determination; they gathered 19 more rebounds — and, as a result, took 11 more shots — than their opponents.
Who’s to say how long the Suns will ride the wave? Considering their relative lack of depth, there is cause to argue that they’re actually better off being bad than being, well, mediocre. Don’t tell that to them, though; they’re out to win, and how.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

PSE targets P200B from fund raising

By Arra B. Francia
Reporter
THE PHILIPPINE Stock Exchange, Inc. (PSE) is projecting P200 billion from listed companies’ fund raising in 2019, despite falling short of the same target this year.
PSE President and Chief Executive Officer Ramon S. Monzon said listed companies have raised a total of P187.84 billion so far from the equities market in 2018.
“So we’re still P12 billion short. Can we repeat that feat next year? I hope so… We’re gonna try to hit P200 billion again next year,” Mr. Monzon told reporters in a briefing at the bourse’s site in Bonifacio Global City on Tuesday night.
At the same time, Mr. Monzon noted that the country’s big banks have already conducted their fund-raising activities this year, citing Metropolitan Bank and Trust Co. (Metrobank), the Bank of the Philippine Islands (BPI), Rizal Commercial Banking Corp. (RCBC) and Union Bank of the Philippines, Inc. (UnionBank).
These four banks conducted stock rights offerings in 2018, contributing majority of the capital raised at the PSE. Metrobank raised P60 billion, while BPI made P50 billion. RCBC and UnionBank generated P15 billion and P10 billion, respectively.
“… [E]verybody’s going to bank bonds. You go to bank bonds because the reserve requirement… is very small so you have more funds to lend out,” Mr. Monzon explained.
The Bangko Sentral ng Pilipinas (BSP) last August relaxed rules that would allow banks to raise capital via corporate bonds without securing central bank approval. Banks would need to comply only with existing rules of the Securities and Exchange Commission, as well as submit a certification of compliance and other supporting documents to the BSP.
Other companies that conducted stock rights offerings this year include PetroEnergy Resources Corp. which raised P758.3 million; Robinsons Land Corp., P20 billion; Integrated Micro-electronics, Inc., P5 billion and the PSE itself which raised P2.9 billion.
Property and construction firm D.M. Wenceslao & Associates, Inc. was the only company that conducted an initial public offering (IPO) despite the market volatility this year, raising about P8.15 billion for its expansion plans.
“Two were about to do it but backed out at the last minute,” Mr. Monzon said.
“Next year I think will depend on the market. If the market really is in the high 7,000 or 8,000, baka maraming maengganyo mag-IPO (there may be many companies that will be encouraged to conduct IPOs).”
Canned fruit manufacturer Del Monte Philippines, Inc. and tech manufacturer Cal-Comp Technology (Philippines), Inc. were the two firms that announced their intention to enter the exchange this year, but postponed their plans due to the weakness of the market.
There are also three companies that could enter the bourse through the backdoor, including businessman Dennis A. Uy’s PH Resorts Group Holdings, Inc. through Philippine H2O Ventures, Corp. as well as his holding firm Udenna Corp. through ISM Communications Corp. Tiger Resort Leisure and Entertainment, Inc. also plans to enter the PSE by taking over shell firm Asiabest Group International, Inc.
This year also saw Global Ferronickel Holdings, Inc. and DoubleDragon Properties Corp. conducting follow-on offerings, raising P517.5 million and P4.5 billion, respectively.
IRC Properties, Inc.; China Banking Corp.; Basic Energy Corp. and Golden Bria Holdings, Inc. also raised funds via private placements this year.

Nov. external payment balance marks this year’s second surplus

By Melissa Luz T. Lopez
Senior Reporter
THE PHILIPPINES’ external payments position swung to a surplus in November, supported by a stronger peso and by bigger incomes from the central bank’s foreign investments despite a wider trade gap.
The country’s balance of payments (BoP) posted an $847-million surplus last month, turning around from October’s $458-million deficit as well as the $44-million shortfall recorded in November 2017.
November’s balance also marked this year’s second surplus since August’s $1.272 billion, according to Bangko Sentral ng Pilipinas (BSP) data.
The BoP measures the country’s transactions with the rest of the world at a given time. A surplus shows that more money entered the Philippines, while a deficit means more funds left the economy than what went in.
In a statement, the central bank attributed the November surplus to bigger inflows given bigger income from the BSP’s offshore investments, as well as more dollars coming in from its foreign exchange operations.
The peso pared back losses as it traded at P52 versus the dollar, averaging P52.8083 for the month.
These inflows were partly offset by payments made by the national government for maturing foreign debt, as well as net foreign currency withdrawals during the period.
The November figure brought the year-to-date tally to a $4.747-billion deficit, narrower than $5.594 billion as of October.
The BSP now expects the full-year external payments gap to balloon to $5.5 billion, wider than the $1.5 billion expected in May and the $863 million shortfall recorded in 2017.
The central bank said this reflects the widening merchandise trade deficit, on the back of a sustained rise in imports of raw materials and intermediate goods as well as capital goods. These are meant to “support domestic economic expansion,” the BSP said.
Central bank officials have said that they do not expect the BoP to widen to unsustainable levels, saying that the current level remains “manageable.”
The BSP also said it has ample buffers versus external shocks, with $75.68-billion reserves enough to cover 6.7 months’ worth of import payments.
Ruben Carlo O. Asuncion, chief economist at the Union Bank of the Philippines, Inc., said the BoP will likely log a deficit in the coming months as imports are expected to grow faster.
“As long as exports remain sluggish in the coming months into 2019, I will continue to expect a widening BoP deficit,” Mr. Asuncion said when sought for comment, even as he noted that some relief may come from cooling trade tensions.
“With the US-China planning a January 2019 meeting, the general sentiment about global trade prospects may actually become better, hopefully, positively impacting demand for Philippine exports. Thus, a surplus may be sustained,” he added.
“However, since this information is relatively fresh, I am tentative about the surplus happening for December, although it may come as early as Q1 2019.”
In a separate commentary, analysts at Capital Economics said the Philippines’ trade deficit will likely balloon further in 2019 and would pile pressure on the peso. “With weak global demand set to drag on exports and the government’s infrastructure programme likely to keep imports strong, the current account deficit is expected to widen further over the coming quarters,” the London-based think tank said, tagging the trade gap’s further widening as “one of the key risks” for the economy.
The current account logged a $6.47-billion deficit in the nine months to September, matching the full-year estimate. This is expected to balloon to an $8.4-billion gap in 2019, equivalent to 2.3% of gross domestic product.

Business confidence in Asia wallows near three-year low

SINGAPORE — A very cautious optimism remains among Asian companies in the fourth quarter as they wait to see whether there will be any breakthrough in a trade dispute between the United States and China, a Thomson Reuters/INSEAD survey showed.
Representing the six-month outlook of 84 firms, the Thomson Reuters/INSEAD Asian Business Sentiment Index, edged up to 63 in the October-December quarter, slightly above a near three-year low of 58 seen in the previous period.
Anything above 50 indicates a positive outlook. But the latest result still marks one of the lowest readings since a rout in Chinese stocks in mid-2015 rattled world markets.
“This confirms the reading of the previous quarter: there is more uncertainty, there are increasing concerns about growth,” said Antonio Fatas, a Singapore-based economics professor at global business school INSEAD.
“This doesn’t mean there is going to be a crisis over the next quarters, but if there is one, this is an indication that it wouldn’t be a large surprise to some.”
Once again, a global trade war was cited as the chief business risk by respondents.
A slowdown in the world’s second biggest economy China and higher interest rates were also cited as risk factors.
The survey was conducted in 11 Asia-Pacific countries, across a range of sectors from Nov. 30 to Dec. 14.
US President Donald Trump and Chinese leader Xi Jinping earlier this month agreed to a truce that delayed a planned Jan. 1 increase of US tariffs to 25% from 10% on $200 billion of Chinese goods while they negotiate a trade deal.
But that deal remains far from certain.
Mr. Trump has long railed against China’s trade surplus with the United States, and Washington accuses Beijing of not playing fairly on trade. China calls the United States protectionist and has resisted what it views as attempts to intimidate it.
The dispute between the world’s two biggest economies, threatens businesses throughout the region due to global value chains.
Firms in the tech and telecoms sector — where valuations have already been hit by concerns over slowing global demand — were one of the most pessimistic in the survey with their lowest-ever reading of 44.
“Everyone is under pressure from valuations anyway in this sector,” said Suresh Sidhu, chief executive officer of Malaysian telecoms firm edotco Group Sdn Bhd.
“The fact that the trade war and currencies, particularly if you are Asian, start to mess with your revenue and earnings models has added another whammy.”
Firms in Taiwan, an important node in the global electronics industry, had the most negative outlook by country in the survey at 17. On a country basis, that marked the steepest fall in the quarter, from 58 in the third quarter.
Companies in other mature economies such as Korea and Japan were among the most pessimistic, while firms in the Philippines, Thailand, Malaysia – the rapidly developing Southeast Asia region – were the most optimistic.
However, even for emerging Asia, there are concerns over the scramble to keep up with rising US interest rates as regional central banks move to defend their currencies against a strengthening US dollar.
Rising rates was a concern flagged by Thai-based hotel operator Minor International PCL, which recently acquired a Spanish hotel group in a multi-billion dollar deal.
“This is the biggest acquisition we have done in our history so any movement in interest rates definitely impacts our cost of funding,” said the firm’s investor relations director Supitcha Fooanant.
Other respondents to the survey included Mahindra and Mahindra Ltd., PT Kalbe Farma Tbk, PT Hanson International Tbk, Canon Inc., Suzuki Motor Corp., Metropolitan Bank and Trust Co. and Sembcorp Marine Ltd. — Reuters

Disaster-prone sites get P20.5-B insurance coverage

A ONE-YEAR World Bank-backed P20.49-billion parametric insurance policy for disaster-prone provinces in the Philippines takes effect today, the Department of Finance (DoF) said in a statement on Wednesday.
The program will cover damage to government assets like schoolbuildings from calamities like earthquakes and typhoons in 25 disaster-prone provinces in the country’s eastern seaboard, namely: Albay, Aurora, Batanes, Cagayan, Camarines Norte, Camarines Sur, Catanduanes, Cebu, Davao del Sur, Davao Oriental, Dinagat Islands, Eastern Samar, Ilocos Norte, Ilocos Sur, Isabela, Laguna, Leyte, Northern Samar, Pampanga, Quezon, Rizal, Sorsogon, Surigao del Norte, Surigao del Sur and Zambales.
The Bureau of the Treasury acts as policyholder, while payouts will be from the Government Service Insurance System (GSIS).
The P2-billion premium for the program was allocated under the 2018 national budget.
The World Bank, through its International Bank for Reconstruction and Development, acts as intermediary to transfer GSIS risks to the global reinsurance market. National Treasurer Rosalia V. De Leon said in the same statement that more international reinsurers participated in the program, namely: Hiscox Re, Allianz Re Switzerland, AP3 (Tredje AP-fonden) and SCOR, on top of reinsurers from last year, namely: Nephila Capital Ltd, Munich Re, Swiss Re, AXA and Hannover Re.
This is the Philippines’ second parametric insurance policy after first launched in July 2017 with a P10.4-billion maximum cover and a P1-billion premium for the same 25 provinces. — Elijah Joseph C. Tubayan

MWSS tests Bulacan bulk water supply system

THE P24.4-billion Bulacan bulk water supply project that will supply water to consumers in a number of municipalities and cities in the province is on a test run in time for a formal launch in January 2019, its implementing agency said.
“We allowed already Bulacan water to open parang test run niya para makita natin kung may mga flaws pa (as a test run to check whether there are remaining flaws) especially the sharing of water,” Reynaldo V. Velasco, administrator of the Metropolitan Waterworks and Sewerage System (MWSS) said in a briefing in Quezon City on Wednesday.
He said the first and second phases of the project are 97% complete, adding that they are set for inauguration next month depending on the schedule of President Rodrigo R. Duterte.
The project, which was started by the previous administration, was built by the consortium of San Miguel Corp. (SMC) and Korea Water Resources Corp. under a 30-year contract.
The consortium, now named Luzon Clean Water Development Corp., will be offering water at P8.50 per cubic meters.
The consortium was named the winning bidder in December 2015, making the new water source the first water project under the government’s public-private partnership (PPP) scheme.
It is tasked to provide treated bulk water to the 24 water service providers in Bulacan to help meet the increasing water demand of its consumers, expand its current service area coverage and increase the households served.
Under a 30-year build-operate-and-transfer contractual arrangement, the private partner will undertake the financing, detailed design and construction, and operation and maintenance of conveyance facilities, treatment facilities and water source.
Mr. Velasco said the first phase of the project would provide six municipalities and two cities of Bulacan with treated water amounting to 400 million liters per day (MLD). The second phase could ramp up water delivery to as much as 800 MLD, he added.
The water rate is fixed, with only one rate rebasing upon a review by the MWSS, Mr. Velasco said, without citing the timeline for the rebasing schedule.
In his yearend report, Mr. Velasco said MWSS was “accelerating its efforts to confront the issue of water security in mega Manila, an issue that is threatened by vigorous urbanization and population growth.”
He also said the agency was “pursuing the development of core water professionals” and that it was “nearing its ISO compliant status.” — Victor V. Saulon

Phoenix gets SEC nod for P10-B commercial papers

PHOENIX PETROLEUM Philippines, Inc. said the Securities and Exchange Commission (SEC) had approved the registration of the company’s P10 billion worth of commercial papers and its permit to sell the securities.
In a disclosure to the stock exchange, Phoenix Petroleum said the certificate of permit to offer securities for sale issued by the SEC also authorized the offer, sale and issuance of an initial P7 billion worth of the commercial papers and the balance of P3 billion.
The company did not immediately respond to a request for details on the schedule of the offering.
Phoenix Petroleum previously said it will use 70% of the proceeds or around P4.9 billion for the importation of fuels and lubricants. The rest will be used to repay short-term loans with BDO Unibank, Inc., Asia United Bank Corp., Robinsons Bank Corp., United Coconut Planters Bank, and Development Bank of the Philippines, which are due in December.
On Wednesday, shares in the company traded higher by 2.43% to close at P10.94 each.
Last Dec. 5, Phoenix Petroleum said its board approved the subscription of 2 million preferred shares through private placement at an issue price of P1,000 per share. Proceeds will be used for the company’s capital expenditures.
It previously said that the issuance, with a total value of P2 billion, would have RCBC Capital Corp. as issue manager and underwriter.
On Dec. 14, Phoenix Petroleum sought voluntary trading suspension on its shares on Dec. 17 ahead of the redemption on Dec. 20 of 5 million preferred shares at P100 per share.
The redeemed shares would form part of the company’s treasury preferred shares and pursuant to its articles of incorporation particularly on the feature of its preferred shares, the same would be re-issued upon determination and approval of its board directors.
The transactions come after Phoenix Petroleum disclosed on Oct. 29 details of its subscription agreement with PXP Energy Corp.
On Oct. 26, PXP Energy announced the approval of its board on the subscription by Dennison Holdings Corp. of 340 million of the former’s common shares. Dennison Holdings and Phoenix Petroleum are both led by businessman Dennis A. Uy.
It said the subscription had an additional condition that Phoenix Petroleum shall grant certain preferential rights to PXP Energy for the latter to acquire up to 49% of the former’s interest in the planned joint venture with China National Offshore Oil Corp. (CNOOC).
The grant of preferential rights, however, is subject to the approval of the Phoenix Petroleum board and the consent of CNOOC.
Phoenix Petroleum announced on June 5 that it had signed a memorandum of understanding with a unit of CNOOC to develop a receiving terminal for imported liquefied natural gas in the country. — Victor V. Saulon

A place of her own


WE ALL long for a space where we can truly be ourselves. White as the uniform chef Jessie Sincioco often wears, her new building, at a cozy five stories, looms above the streets of a residential area near Makati’s City Hall.
Ms. Sincioco has been in the kitchen since at least the mid-1980s, and then becoming the first Filipina pastry chef of the much-missed Hotel Intercontinental Manila in 1990. She achieved a sort of fame in upper-crust circles with her restaurants Chef Jessie’s in Rockwell, and Top of the Citi, but achieved lasting and a more democratic fame when she prepared a roast beef for the visit of Pope Francis in Manila in 2015.
BusinessWorld paid a visit to Ms. Sincioco’s new headquarters, located in Pililia St. in Makati, during its open house on Dec. 8. “I just feel that I should really have a place where I can do my catering,” she said, when asked about the decisions that led to the five-story building. “Somehow it disrupts the operations of the outlets whenever we would have to prepare.”
The building is not yet fully opened and some parts are yet to be completed. It will be fully operational by February, and when it opens, one floor of the building will be dedicated to a kitchen and commissary which she designed herself. It will include a cold kitchen, a walk-in chiller and freezer, and a “huge hot section” which would enable her and her staff to cater to thousands. As well, while she says that teaching courses “can come later, when we’re settled,” she plans to offer certificate short-courses in the future.
Another floor will have her patisserie and café, and another function rooms and a dining area for a possible casual-dining restaurant. Another floor will hold function rooms to accommodate about 250. Offices and a stunning chapel with an oculus in the ceiling occupy the penultimate floor, while a roofdeck, also for events caps the rest of the building.
“To tell you honestly: not really,” she said, when asked if she ever thought she’d come to own her own building someday. “Never entered my mind.”
“I think it’s all the fruits of hard work, dedication — and I do love doing what I do.” — J.L. Garcia

Bids for term deposits decline ahead of holidays

By Melissa Luz T. Lopez, Senior Reporter
BIDS FOR term deposits plunged this week, as banks chose to hold more cash ahead of the holidays.
Demand for term deposits softened to P58.488 billion on Wednesday, dropping from the P85.065 billion fetched last week and settling below the P70 billion which the Bangko Sentral ng Pilipinas (BSP) put up for auction.
The short-term placements were met by weak appetite across all tenors, which came a week ahead of a series of holidays running up to Christmas.
The seven-day tenor saw tenders slide to P37.235 billion, down from P52.171 billion fetched during the previous offering to fall short of the P40-billion auction amount.
Lenders who submitted bids for these papers wanted bigger returns for parking their extra cash here, with yields ranging from 5-5.25% to average 5.1462%. This rate picked up from the 5.1135% fetched a week ago.
The same trend was observed for the 14-day placements, as bids also slipped to P14.623 billion from the P21.184 billion received a week ago. Banks also failed to fill the P20-billion auction amount, which drove yields higher to 5.2188% from 5.1649% last week.
Offers for the 28-day deposits were likewise halved to P6.63 billion versus P11.71 billion received a week ago, to settle below the P10 billion which the central bank wanted to sell. Banks also sought for bigger margins for these placements, with the average climbing to 5.2092% from 5.1952% previously.
The central bank has been relying on the term deposit facility (TDF) as its main tool to capture excess liquidity. By hosting these weekly auctions, the BSP is looking to tow market and interbank rates closer to its desired range by setting the standard for short-term instruments through the yields which they accept.
TDF rates have consistently risen since mid-November after the BSP raised benchmark yields by another 25 basis points. This marked the fifth straight hike from the Monetary Board this year, before policy makers decided to take a breather and keep rates steady during last week’s rate-setting meeting.
Currently, benchmark rates range between 4.25-5.25%, which also serves as the ceiling for TDF transactions.
BSP Deputy Governor Diwa C. Guinigundo previously pointed out that banks may be limiting their TDF placements as they choose to hold more cash to service bigger client withdrawals, as demand usually surges during the holiday season.
Financial markets will be closed from Saturday until Tuesday in observance of Christmas, to be followed by another long weekend for the New Year.
Next Wednesday, the BSP will offer P50 billion in term deposits — P30 billion for the seven-day term and P10 billion apiece in the 14-day and 28-day tenors.

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