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Philippine growth seen as ‘exception’ in region

PHILIPPINE economic growth will be an “exception” in a region feeling the effects of the US-China trade war, Nomura Global Markets Research said in a report, adding that its forecasts for Philippine economic growth are “above consensus” at 6% in 2019 and 6.7% in 2020.

In a report published Monday, “Asia in 2020: Glass half full and half empty,” Nomura Global Markets Research added: “In the Philippines, we expect a V-shaped pickup in growth, driven by accelerating public investment spending and strengthening overall domestic demand. We therefore reiterate our above-consensus GDP growth forecasts of 6% in 2019 and 6.7% in 2020 (Consensus: 5.8% and 6.1%, respectively),” it said.

Nomura Global’s 6% estimate for 2019 is scaled back from the 7.1% projection it made in 2018, and lower than the 6.2% rise in 2018. The government’s official target range is 6-7% for 2019 and 6.5-7.5% for 2020.

Nomura Global said the “Philippines has fared relatively better” than some of its neighbors that were affected by the US-China trade war, which resulted in scaled-back growth forecasts for Singapore and Thailand.

“Indeed, the exception in the region is the Philippines, which we believe is on track for a V-shaped pickup, as fiscal policy is becoming more expansionary, led by strong public sector investment spending.”

Nomura Global also expects the country to miss its fiscal deficit target of 3.2% of GDP (gross domestic product) this year. The Japanese research house only sees a 2.6% budget deficit in 2019, despite government efforts to catch up on spending, particularly on infrastructure.

The budget deficit in the 10 months to October was P348.3 billion, less than the P438 billion deficit a year earlier and well below the P624.4 billion full-year target, which is the equivalent of 3.2% of GDP.

In 2020, Nomura Global sees the budget deficit widening to 3.3%.

The economy expanded at a weaker-than-expected pace in the first half at 5.5% which public and private economists blamed on the delayed passage of the budget, leaving new infrastructure projects unfunded. Spending was also dampened by the 45-day ban on new public works projects ahead of the midterm elections in May.

Year-to-date, GDP growth was 5.8%. It will take 6.7% GDP growth in the fourth quarter to raise the full-year average and hit the low end of the 6-7% target this year, which economic managers said is attainable.

However, Nomura said a repeat of this year’s budget delay is unlikely as legislators focus their efforts on passing the proposed P4.1 trillion budget for 2020 on time, but warned that “another delay in the budget poses a significant threat to both near- and medium-term growth prospects.”

“We continue to believe the government is gaining traction in its catch-up spending plans and has a strong incentive to close any remaining under-spending gaps (relative to programmed spending) for the year to reach its growth target of at least 6% in 2019,” it said.

Latest data showed that government spending grew for the fourth straight month in October but at a smaller increment as it inched up 1.37% to P310.8 billion from P306.6 billion a year prior.

Meanwhile, preliminary data indicates a contraction in infrastructure spending in October to P82.2 billion, 12.92% lower year-on-year.

The government still posted a narrower budget deficit for the month at P49.3 billion, down 17.71% year-on-year and reversing an 85.52% increase in the previous month.

Nomura Global views the cash-based budgeting system, which the government is currently transitioning to, as speeding up the implementation of infrastructure and other projects, as the system requires allocations to be spent within a year.

“We believe the next phase of fiscal reforms in the Philippines is likely to be passed in the coming months, particularly the reform package to phase in corporate income tax cuts, accompanied by rationalization of fiscal incentives as an offset to foregone revenues,” Nomura added. — Beatrice M. Laforga

Luzon power demand projected to peak at 12,286 MW in 2020

THE Energy department expects power demand in Luzon in 2020 to peak at 12,286 megawatts (MW), which will be reached around the dry-season months, at a growth rate that is in line with performance seen in recent years.

“We’re basically growing like around 700 MW to 800 MW per year,” Energy Assistant Secretary Redentor E. Delola said in a chance interview.

“Next year, tinitingnan natin (we’re looking at 12,286 MW peak demand sa (in) Luzon,” he added.

Mr. Delola said the Department of Energy (DoE) has yet to finalize the estimates for the country’s separate power grids in Luzon, Visayas and Mindanao ahead of DoE’s preparations, including its call for power plant operators to explain their facilities’ recent de-ratings, or production of energy below the rated capacity.

“Sa Visayas and Mindanao hindi masyadong problema ang next year as far as supply (Visayas and Mindanao will not be much of a problem in terms of supply)” he said.

“Sa Mindanao talagang sobra sobra. Sa Visayas medyo comfortable ang level natin ng supply. Sa Visayas kasi nagpi-peak si Luzon hindi naman nagpi-peak si Visayas, so nakakatulong si Luzon (In Mindanao, there is oversupply. In the Visayas, supply is at a comfortable level, because Visayas’ power demand peaks at a time when Luzon is not. So Luzon helps)” he added.

Mr. Delola said the department’s focus is on Luzon, where reserve power thins during the dry season. But he said a new power plant would come online early next year — the first unit of GNPower Dinginin Ltd. Co.’s supercritical coal-fired power plant.

GNPower Dinginin, in Bataan, has two units, each with a capacity of 668 MW. The first unit was initially expected to start commercial operations towards end-2019.

“‘Yan ‘yung gusto namin na pumasok (That’s what we want to come in) before summer. So we’re coordinating with the proponent kung ano ang mga problema nila, pwede ba nilang ma-expedite? (what their problems are, and if they can expedite),” Mr. Delola said.

“Hopefully, makapasok siya ng April, kasi makakatulong siya sa atin sa summer (I hope they can come in by April, because the plant can help in the summer),” he said.

He said it helps that the 500-MW San Buenaventura Power Ltd. Co. (SBPL), the country’s first supercritical coal-fired power plant, now provides additional supply to the Luzon grid. SBPL started commercial operations on Sept. 26.

“Itong Luzon ang tinitingnan natin ngayon. If Malaya privatization pushes through, so mawawala siya sa mid next year if the proponent or the winning bidder decides not to run it as a power plant kasi open yun eh, so mawawalan tayo ng 150 MW (It’s Luzon that we’re looking at. If Malaya’s privatization pushes through, it will be out of the mix next year if the proponent or the winning bidder decides not to run it as a power plant because it’s option is open, so we will lose 150 MW.),” Mr. Delola said.

Last month, the second attempt of state-led Power Sector Assets and Liabilities Management Corp. to auction the Malaya thermal power plant failed anew as most of the pre-qualified bidders retreated, and a lone bidder submitted an offer below the floor price.

The Malaya plant remains operational and being dispatched as a “must-run” unit. A must-run plant is compelled to run and provide the needed power as deemed necessary to ensure reliability of power supply in the Luzon grid, especially in times of supply shortfall, system security and voltage support.

Mr. Delola said the DoE is coordinating with the National Grid Corp. of the Philippines (NGCP) for Luzon to import more power from the Visayas.

“Nasa range lang siya ng mga 100 MW. Gusto nating umabot siya ng 250 MW. Capable naman ang Visayas magbato ng 250 MW. The line is capable of carrying 400 MW (The power import is just around 100 MW. We want this to reach 250 MW. Visayas is capable of exporting 250 MW. The line is capable of carrying 400 MW.)” he said. — Victor V. Saulon

Regus touts local economy impact of flexible offices outside NCR

SERVICED office company Regus Philippines said local economies outside Metro Manila benefit greatly from having business centers or co-working centers in terms of economic value generated and additional employment.

Citing a study it commissioned, Regus said: “If one business center (or co-working centre) would be built in a suburban city/town, its annual value of economic output at a national level would be expected to amount to P186.46 million. The proportion of this total expected to benefit the local economy hosting the centre is P78.70 million per annum,” Regus said in an e-mail to BusinessWorld on Tuesday.

It added that by 2029, the “annual value produced by businesses accommodated in local business centers and their employees would be expected to be worth P66.867 billion per annum (in terms of 2019 prices), of which P27.135 billion would be retained by local economies.”

The Regus study, which analyzed the socio-economic impact of flexible work spaces in 19 countries including the Philippines, also said that by 2029, there could be a total of over 74,000 people working at co-working centers across the country, “providing net additional employment opportunities for local residents amounting to over 31,600 jobs.”

Regus, which is part of the International Workplace Group, has a global network of over 3,300 centers in more than 1,100 cities and 110 countries.

IWG, which established its presence in the Philippines in 1998, currently has 28 facilities under the Regus and Spaces brands nationwide. Most are located in Metro Manila, while others are in Davao, Cebu and Clark.

“This rise in local working is being largely driven by big companies adopting flexible working policies; moving away from relying on a single, central headquarters and increasingly basing employees outside of the major metropolitan hubs in flex spaces. Most are doing so to improve employee well-being by allowing their people to work closer to home, and also to save money and boost productivity,” Regus said in a statement.

“An individual flexible workspace or co-working center in a suburban location can benefit the local economy in numerous ways, from creating jobs both inside and outside the center, stimulating businesses and services in the nearby area, improving productivity and opening new working opportunities for those who live locally,” it added.

Lars Wittig — Country Manager Philippines, Thailand, Vietnam, Cambodia, South Korea — was quoted as saying: “What this study shows is that providing more opportunities for people to work closer to home can have a tremendous effect, not just on them, but on their local area too.”

“We already have hundreds of centers in these types of locations, some of which have populations as little as ten thousand people and we plan to open many more as this trend continues. Our vision is that, in the near future, there will be a professional workspace available on every corner,” he added. — Arjay L. Balinbin

Plastic shopping bag tax measure hurdles panel to raise P4.8 billion

THE House Committee on Ways and Means approved a bill calling for a P20 per kilogram tax on single-use plastic shopping bags Tuesday, a measure intended to raise P4.8 billion to fund the enforcement of the Solid Waste Management Act of 2000.

House Bill 178, which if signed into law will become the Single-Use Plastic Bag Tax Act, seeks to encourage the “exploration and utilization of environment-friendly alternatives” and generate additional revenue for the government by imposing an excise tax on single-use plastic bags.

According to the committee’s Chairman, Jose Ma. Clemente S. Salceda, the target revenue for this measure is P4.8 billion which is “100% earmarked” for solid waste management and implementation of Republic Act 9003 or the Ecological Solid Waste Management Act of 2000.

“It’s just the first step. The next step is a tax on primary plastic packaging especially sachets since they account for 2/3 of solid waste and garbage” Mr. Salceda said in a Viber message to reporters, adding that the Committee deferred the next step due to “possible food inflation and prices of basic commodities.”

He said a tax on sachets could be revisited in “three or four years” particularly if poverty levels drop, easing the potential burden on poorer consumers who buy commodities in smaller quantities. — Genshen L. Espedido

Industry brings up fisheries dep’t campaign promise

THE fisheries industry continued its lobbying for the establishment of a Department of Fisheries, saying a dedicated Cabinet-level office will better promote the sector’s development.

“Once and for all tinatawag namin ang pansin ng ating presidente, Rodrigo (R.) Duterte na ito ay isang campaign promise (we are calling the attention of our President Rodrigo R. Duterte, because this was his campaign promise),” Joseph Martin H. Borromeo, board member of the National Fisheries Research and Development Institute (NFRDI), said at a news conference Tuesday in Quezon City.

Mr. Borromeo said a bill was submitted to the House of Representatives on Nov. 4 for the creation of the Department of Fisheries and Aquatic Resources (DFAR), which will separate the duties of the Bureau of Fisheries and Aquatic Resources from the Department of Agriculture (DA) to give the sector more focused attention.

“Creating a department is not a cost, and it will not add to the bureaucracy of the government. Creating a department will simply fix the institutional failure happening to BFAR (Bureau of Fisheries and Aquatic Resources) kasi bureau sya. Aayusin lang natin from a bureau to a department (because it’s a bureau. We will just restructure it to a department),” he added.

Restituto Del Rosario, council member from the National Anti-Poverty Commission-Artisanal Fisherfolk Sectoral Council (NAPC-AFC), said the creation of the department will improve the industry’s representation in the government and help fishing communities rise from poverty.

“Nagpipilit kaming magkaroon ng departamento para may prumoteksyon sa mga mangingisda at maaring ito rin yung pag-asa naming para mabawasan ng kaunti yung kahirapan sa amin (We are insisting on a department to better protect fishermen and it could be our best hope for reducing poverty),” he said.

BFAR’s conversion to a department would mean a bigger budget to support the sector. In 2019, BFAR was given about P5.758 billion from DA total budget of P47.293 billion. The agency has said that it needs P60 billion to effectively implement its programs.

Mr. Borromeo said that he hopes the legislation will pass before the government steps down in 2022.

“We are very confident… Alam naman ng kongreso na kailangan (The Congress knows this is needed),” he said. — Vincent Mariel P. Galang

ERC raises legal concerns about Energy department’s net-metering draft

THE Energy Regulatory Commission (ERC) raised legal questions on the Energy department’s draft circular on net-metering, including inconsistencies with existing laws, while pointing out that the regulator is the entity with the mandate to issue rules and regulations.

“Upon perusal of the draft department circular, we were of the opinion that there are possible legal impediments in the implementation of the DoE circular. The cross cutting concerns of energy security, affordability, and reliability also needs to be considered and addressed,” said ERC Chairperson and Chief Executive Officer Agnes VST Devanadera in a statement Tuesday.

Net-metering allows ordinary electricity consumers with their own power generation to sell their excess capacity to the distribution grid.

The ERC said it has written the Department of Energy (DoE) to express its views on the draft circular, which it said should be made applicable to all types of renewable energy (RE) resources and not just focused on a certain type of technology or resource.

The DoE in October asked interested individuals and renewable energy stakeholders to comment on the draft entitled “Policies to Enhance the Net-Metering Program for Renewable Energy Systems and Other Mechanisms to Ensure Energy Security.”

The ERC said three “possible legal drawbacks” could arise out of the DoE’s draft circular.

First, the multiple compensation mechanism as proposed, is not consistent with the provisions of Republic Act (RA) No. 9513 or the Renewable Energy Act of 2008, and RA 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA).

Second, Section 6 (Own-Use RE Systems with Above 100 kilowatt (kW) capacity) and Section 7 (Own-Use RE Systems as Emergency Supply Option) are not supported by the express provisions of the RE Act.

Third, the responsibilities imposed upon ERC under Section 11 have been addressed with the promulgation of the amended net-metering rules.

The ERC said the use of the retail rate as one of the compensation mechanisms, as opposed to the use of the blended generation cost that the ERC adopted in its recently promulgated amended net-metering rules, would increase the generation cost of the distribution utility through the net-metering program.

It said its comment was based on the simulation it conducted on the impact of using the retail rate as the price of export at different levels of net-metering penetration.

It said the resulting retail rate of P13.8528 per kilowatt-hour (kWh) at the 30% maximum net-metering penetration level is even higher than the last feed-In tariff (FiT) rate set at P8.69 per kWh. The higher rate runs contrary to the EPIRA’s policy to provide the least cost power options to captive consumers, it said.

The ERC also said that it has the mandate to issue rules and regulations pertaining to net-metering and that it had fulfilled that mandate in its promulgation of the net-metering rules in 2013 and the amended net-metering rules in October 2019.

It said the amended rules sought to improve the interconnection set-up to take advantage of new technologies and to implement the Renewable Portfolio Standards (RPS); simplify permitting procedures; reduce installation soft costs; minimize the rate impact to non-net-metering customers; address the subsidy impact on the non-net-metering customers; rationalize entitlement to the lifeline subsidy rate; and implement a stringent reporting process.

Ms. Devanadera said the commission fully supports the development of the RE program, and that it commends the DoE for coming up with its draft department circular that seeks to encourage and promote electricity end-users participation into the net-metering program.

“The department circular, however, should not veer away from the confines of the law that it seeks to implement,” she said. — Victor V. Saulon

Team Philippines puts finishing touches to solid SEAG campaign

By Michael Angelo S. Murillo
Senior Reporter

HELD a very comfortable lead in the medal standings heading into the penultimate day of the 30th Southeast Asian Games on Tuesday, the Philippines put the finishing touches to its solid campaign by adding more hardware to its total haul.

As of 6 p.m. yesterday, host Philippines has collected 370 medals, broken down to 143 gold, 113 silver and 114 bronze.

Gold medals were added by esports, shooting, soft tennis, athletics, jiu-jitsu and kickboxing.

Caviar “Enderr” Acampado, playing for Team Liyab outside of the national team, beat his Singaporean opponent in the finals to win the first-ever StarCraft II gold medal in the esports event in the 2019 edition of the biennial regional sporting meet.

Enderr defeated Thomas “Blysk” Kopankiewicz, winning, 4-1, in the title match at the FilOil Flying V Centre in San Juan yesterday.

“I’m really happy and at the same time relieved that I didn’t disappoint our countrymen and all of our fans and supporters. My opponents were really tough but fortunately my preparation along with the program we had prior to the SEA Games helped me a lot. This is for all who believed in us,” Enderr said after his historic win.

Enderr was one of several Team Liyab mainstays who made it to the national esports team.

In shooting, the trio of Eric Ang, Carlos Conge Carag and Hagen Alexander Topacio topped the Trap team event.

They scored a total of 338, eight more than the Malaysian team of Bernard Yeoh, Chee Ong and Foo Chen.

Winning the bronze was the team from Thailand with a score of 321.

The men’s soft tennis team ruled its event by defeating Thailand, 2-1, in the finals.

The team was made up of Mark Anthony Alcoseba, Kevin Fraz Mamawal, Joseph Arcilla, Mikoff Manduriao, Noel Damian, Jr. and Dheo Talatayod.

In athletics, Eric Cray defended his title in the 400m men’s hurdles by clocking 50.21 seconds to win the gold. He was followed by Cong Lich Quach of Vietnam (51.60) and by compatriot Francis Medina (51.68).

Silver and bronze medals for the Philippines on Tuesday came from BMX cycling, athletics, sepak takraw, table tennis, billiards and wrestling.

DEBUTING SPORTS DELIVER
In the ongoing Games, debuting sports jiu-jitsu and kickboxing had an auspicious showing.

Jiu-jitsu had five gold medals to go along with two silver and three bronze while kickboxing delivered two gold and two silver medals.

Meggie Ochoa introduced herself to the SEA Games by winning a gold medal in the women’s -45 kg event of jiu-jitsu that got going Monday at the Laus Events Center at the New Clark City.

The 28-year-old Filipina blanked Le Thu Trang Dao of Vietnam in the final, 13-0, to add the gold to her growing collection that also included the same medal she won in the World and Asian championships.

The other Filipinos who delivered gold medals in jiu-jitsu’s maiden stint in the biennial meet were Carlo Peña (men’s -56 kg event), Dean Michael Roxas (men’s 85 kg), Adrian Rodolfo Erwin Guggenheim (men’s -94kg) and Annie Ramirez (women’s -55kg). The last two gold medals were won yesterday.

Jiu-jitsu silver medals came from Marc Alexander Lim (men’s 69kg) and Jenna Kalla Napolis (women’s 49kg) while bronze was handed by Gian Taylor Dee (men’s 62kg), Apryl Jessica Eppinger (women’s -62kg) and Peter Lawrence Meimban (men’s -120kg).

In kickboxing, meanwhile, Jerry Olsim claimed the first gold medal in the sport, and was seconded by Gina Iniong yesterday, while Jomar Balangui and Raquel Daquel earned silver medals in their respective weight divisions.

Benguet’s Olsim was the first to rock the dome, beating Klinming Sarayut of Thailand for the -69kg kick light category.

Ms. Iniong, meanwhile, dominated Thai Apichaya Mingkhwan, 3-0, to claim the women’s -55kg kick light event.

Ms. Dacquel, for her part, lost to Nguyen Thi Hang Nga, 2-1, in the women’s -48kg full contact while Mr. Balangui bowed to Phan Ba Hoi 2-1 in the men’s -54kg low kick.

“We all saw how our kickboxers competed. We are still finding our way in the sport but our athletes still fought and gave their all. Congratulations to the athletes and hopefully we can build on this showing,” said Senator Francis Tolentino, Samahang Kick-boxing ng Pilipinas (SKP) president.

CLOSING CEREMONY
Meanwhile, the 30th SEA Games concludes today with the closing ceremony to be held at the Athletics Stadium in New Clark City in Capas, Tarlac.

Philippine Southeast Asian Games Organizing Committee chairman and House Speaker Alan Peter Cayetano will lead the ceremony which will start at 6 p.m. and see special awards handed out.

The ceremony will also have the Philippines turning over the hosting duties to Vietnam which will welcome athletes in the region in 2021.

United States hip hop group Black Eyed Peas, who includes Filipino-American Apl d Ap, is one of the artists set to perform.

Boxers deliver the medals for SEA Games host Philippines

By Michael Angelo S. Murillo
Senior Reporter

LONG a steady source of medals for the Philippines in international competitions, boxing delivered once again for the country with a solid medal haul of seven gold, three silver and two bronze medals in the 30th edition of the Southeast Asian Games here.

Leading the golden honor roll are Eumir Felix Marcial, Nesthy Petecio, Carlo Paalam, Rogen Ladon, Josie Gabuco, James Palicte and Charly Suarez.

The seven gold mints were more than half of the 13 gold medals at stake in the Games, with five golds going to Thailand and one to Vietnam.

Mr. Marcial, silver medal winner in the last AIBA World Championships, provided one of the highlights in boxing, winning the 75-kg class (middleweight) with a first-round knockout of Vietnamese Manh Cuong Nguyen on the final day competition on Monday.

The 24-year-old native of Zamboanga initially staggered Mr. Nguyen with a solid left before delivering the finish, a crunching left to the body that had the Vietnamese haplessly going down to the canvas.

Ms. Petecio, for her part, won the gold in the 57-kg class (featherweight) with a 5-0 shutout of Nwe Ni Oo of Myanmar at the competitions held at the Philippine International Convention Center Forum.

Mr. Paalam got the Philippine boxing medal machine going with a 5-0 win over Kornelis Kwangu Langu of Indonesia, followed by a similar 5-0 thrashing scored by Mr. Ladon over Ammarit Yaodam of Thailand. Mr. Palicte also outclassed Van Hai Nguyen of Vietnam, 5-0.

Former world champion Gabuco, meanwhile, was the other lady gold medal winner for Team Philippines, whipping Endang of Indonesia, 5-0.

“There was pressure for us to win because the Games is being held here but we just did what we had to do and I’m happy that I got the win,” said Ms. Petecio, who added the SEA Games gold to the gold medal she won in the 2019 AIBA Women’s World Boxing Championships in October in Russia.

Finishing with silver medals, meanwhile, were Irish Magno (women’s flyweight), Riza Pasuit (women’s lightweight), and Marion Pianar (men’s welterweight).

Ms. Magno lost to Thi Tam Nguyen of Vietnam 1-4 while Ms. Pasuit and Mr. Pianar lost by similar scores of 5-0 against Sudaporn Seesondee and Wuttichai Masuk of Thailand, respectively.

Bronze medals were won by Ian Clark Bautista (men’s bantamweight) and Aira Villegas (women’s bantamweight).

Standouts

The 30th Southeast Asian Games is about to end its two-week run here and it has surely been an eventful one, filled with standout moments to take away from.

If you have been following the Games, it is no secret to you that combat sports for the Philippines have it golden.

Of the 137 gold medals we have as of this writing, at least 40% came from combat sports.

Winning the most gold mint is arnis with 14, a truly solid way to announce its return to the Games after a 14-year absence; a medal each for the time away from it? Probably.

Boxing, taekwondo and wushu have seven golds, with jiu-jitsu, judo, muay thai, sambo and karate among the multiple gold medal winners.

With the success of these sports for the country, it begs the question, should we channel more resources to them seeing their potential medal windfalls in international competitions?

In this edition of the biennial regional sporting meet, while veteran Filipino campaigners still made their presence felt, new heroes have emerged.

Swimming’s James Deiparine, athletics’ Kristina Knotts and Christine Hallasgo, skatboarding’s Margielyn Didal, Christiana Means and Daniel Ledermann, the Philippine obstacle racing team and esports team Sibol have trumpeted themselves as forces to be reckoned with in their respective fields with their gold medal performances.

The men’s volleyball team I am personally proud of seeing make waves in the Games.

Later yesterday it was going for the gold against Indonesia after a gutsy come-from-behind win over erstwhile defending champion Thailand in the semifinals.

Long in the shadows of their female counterparts as far as appreciation and attention of local fans, their performance in this year’s Games could finally merit them a share of the spotlight they deserve.

Feel-good moments also abound.

For me it all started at the opening ceremony on Nov. 30 which brimmed with much Filipino pride with the pageantry and production.

Then came the entrance of the country’s sporting legends Lydia De Vega (athletics), Akiko Thompson (swimming), Eric Buhain (swimming), Alvin Patrimonio (basketball), Bong Coo (bowling), Efren “Bata” Reyes (billiards), Onyok Velasco (boxing) and Paeng Nepomuceno (bowling), who were carrying the SEA Games Federation flag.

It was a goose bumps moment for me seeing all those heroes of my childhood and adolescent life as a sports fan.

Reyes, 65, continued to stand out for me in this SEAG, competing in what could be his last before he calls it a career.

He did not win gold in the 1-cushion event of billiards but still finished on the podium with a bronze. A legend and will always be a legend in my book.

Hallasgo, too, provided a feel-good moment when she came out of nowhere to win the women’s marathon event. She defeated longtime marathon queen and compatriot Mary Joy Tabal along the way which made her effort great through and through.

She was a late addition to the team and just trained here and was sans a sponsor but it did not stop her from winning it all.

Sixteen-year-old gymnast Daniela Dela Pisa, an ovarian cancer survivor, produced a gold and two bronze medals in rhythmic gymnastics and is a winner in more ways than one.

The husband-and-wife tandem of Paul Marton Dela Cruz and Rachelle Dela Cruz, meanwhile, topped the archery mixed compound recurve event, proving once again that “love wins.”

Then there is the story of surfer Roger Casugay, who apart from winning gold in the longboard event made news at the weekend after he helped an Indonesian rival surfer who had trouble in the waves of Monalisa Point beach in La Union after his surfer’s leash broke.

The Filipino surfer has gotten a lot of praise, including from Indonesian President Indonesia Joko Widodo, for showing the traits that embody true sportsmanship.

His actions showed that amid the competition, the Games is more than the medals won.

Fan support was standout, too.

Amid some issues that marred the 30th SEA Games in the lead-up and early goings of the country’s hosting, fans still trekked to the various venues to support the athletes.

And the more encouraging thing about it all was that in was not only confined to popular sports like basketball, volleyball and football.

Gymnastics, weightlifting, the combat sport and endurance sports and athletics, among others, had their solid following as well on the stands during the two-week stretch of the Games, which was truly a sight to behold.

With the 30th SEA Games ending today, I must admit I am having mixed emotions.

Happy that I finally get to rest from all the writing involved in covering the Games and more, and sad because as a fan the two-week run of seeing sports take front and center comes to an end for now.

Good thing I have all these standout moments and others to hold on to until another sporting event of interest comes along.

Thank you, SEA Games 2019. Mabuhay ang Atletang Pilipino!

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Pitcher bidding

Stephen Strasburg was a lock to return to the Nationals from the moment he entered free agency. That he opted out of his contract right before they celebrated their World Series victory served only to underscore the certainty of his continued tenure with the same franchise that drafted him first overall in the 2009 draft. He was a rock for them in the regular season, coming up with a career-high 18 wins through a National League-pacing 209 innings. He was even better in the playoffs, posting Major League Baseball’s first-ever 5-0 slate en route to claiming the Most Valuable Player award.

Considering Strasburg’s accomplishments, it would be an understatement to argue that the Nationals couldn’t have gone all the way without him. It’s why they pledged to do all they could to retain him after he opted out of a contract that still had four years and $100 million on it. It’s why they kept their promise in getting him to affix his Hancock on a newly minted deal worth a record $245 million over seven seasons. And it’s why they couldn’t help but effusively praise him in their statement announcing the agreement. Beyond the immediate past strides, owner Mark D. Lerner noted that “We would not have … accomplished everything we have these last 10 seasons if not for Stephen’s many contributions.”

The Nationals are right, of course; Strasburg has earned every penny of his precedent-setting accord, on the mound and off. And, outside of keeping them among the favorites for the 2020 title, he figures to set the bar for other free-agent signings. Because he got off the board early and for a new high, he will be triggering a bidding war for fellow pitcher Gerrit Cole, who just so happens to share with him super agent Scott Boras. The grapevine — which had the Yankees already offering the 2019 Cy Young runner-up the same figure over the same period — is now speculating, with reason, that suitors will engage in battles of oneupmanship and ultimately drive his price close to $300 million.

The amount will be invariably be staggering. It will reflect the Yankees’ need for a Number One starter to complete the rotation, or the Angels’ desire to partner perennial MVP Mike Trout with another marquee name, or the Dodgers’ intent to overwhelm opponents with a smorgasbord or strikeouts, or of the Padres’ recognition of the need for solid veteran presence to guide young talent. And, make no mistake, Cole is ready for his humongous payday; to recall, he didn’t even wait until the Astros got over their heartbreaking loss in Game Seven of the World Series to announce that “technically, I’m unemployed,” and that “it was a pleasure to play in Houston.”

Whatever the final number, Cole will be worth it. He understands the pressure that comes with great expectations, and he’s poised to deliver. Meanwhile, he would do well to thank Strasburg for setting him up nicely. Winter is coming, and he’s all smiles as a result.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Peso climbs ahead of US data

THE PESO strengthened on Tuesday ahead of the release of US inflation data. — BW FILE PHOTO

THE PESO appreciated on Tuesday ahead of US inflation data and amid positive signals regarding the US-China trade war.

The local unit closed at P50.735 against the greenback on Tuesday, strengthening by 3.5 centavos from its P50.77-per-dollar finish on Monday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.82 per dollar, which was also its intraday low. Meanwhile, its strongest showing was at P50.70 against the greenback.

Dollars traded climbed to $742.36 million from the $653.4 million seen on Monday.

A trader attributed the peso’s movement to the market anticipating US data.

“The peso strengthened ahead of likely weaker US consumer inflation reports for November 2019,” the trader said in an e-mail.

Reuters reported that a New York Federal Reserve survey found that US consumers’ inflation expectations saw an uptick in November, bringing the outlook for near and medium-term inflation inch up from a five year low. If realized, this could relieve policy makers that are worried about sagging inflation.

The US Bureau of Labor Statistics is set to release the data on consumer price index on Dec. 11.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said headlines related to the US-China trade war may have also affected Tuesday’s peso trading.

“The slight strength of the peso may have come from the positive news from the US agriculture secretary [Sonny Perdue] saying that the US may no longer push through with the additional tariffs on China scheduled to happen on Dec. 15. However, the market is still cautious about the eventual conclusion of the Phase 1 deal between China and the US,” Mr. Asuncion said in a text message.

Mr. Perdue told reporters on Monday that US President Donald J. Trump is not looking to impose the next round of scheduled tariffs against goods from China on Dec. 15, but wants the Asia’s biggest economy to make a “movement” to avoid them, Reuters reported.

“I don’t think the president wants to implement these new tariffs, but there has got to be some movement on their part to encourage him not to do that,” Mr. Perdue said, according to an audio recording of his responses to reporters’ questions.

“And hopefully the signal they sent over soy and pork reductions might be that signal,” he added, speaking at a National Grain and Feed Association conference in Indianapolis.

For today, the trader sees that the peso will move around P50.65-50.85 against the dollar, while Mr. Asuncion gave a forecast range of P50.50-50.80. — Luz Wendy T. Noble with Reuters

Stocks extend losses ahead of FOMC, BSP reviews

By Denise A. Valdez, Reporter

LOCAL SHARES continued to drop on Tuesday as investors chose to stay on the sidelines ahead of the policy meetings of the US Federal Open Market Committee (FOMC) and the Bangko Sentral ng Pilipinas.

The benchmark Philippine Stock Exchange index (PSEi) dropped 43.62 points or 0.56% to close at 7,736.18 on Tuesday, while the broader all shares index fell 27.87 points or 0.6% to 4,610.01.

“The local market extended its decline today as investors remained cautious with their trading. So far, investors are in a tense situation while waiting for the central bank meetings this week particularly from the Federal Reserve and the Bangko Sentral ng Pilipinas,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message on Tuesday.

The US FOMC was scheduled to begin its two-day meeting yesterday, which investors expect will result to another rate cut.

The anticipation of the meeting dragged on other Asia Pacific equities on Tuesday, as Japan’s Nikkei 225 and Topix indices slipped 0.09% and 0.08%, respectively. Hong Kong’s Hang Seng index and Australia’s S&P/ASX 200 index likewise declined 0.22% and 0.34%, respectively.

Aside from the monetary policy meetings, the impending deadline of the implementation of US tariffs on Chinese goods on Dec. 15 also affected the market on Tuesday.

“We’re hearing mixed narratives from both countries but the bottom line is they don’t have a deal yet which increases the likelihood of tariff escalations on the said date,” Mr. Tantiangco said.

Most sectoral indices at the PSE ended in the red. Industrials lost 119.10 points or 1.23% to 9,531.24; financials dropped 22.84 points or 1.20% to 1,872.21; services decreased 10.36 points or 0.69% to 1,486.81; holding firms gave up 34.42 points or 0.45% to 7,613.61; and mining and oil shed 24.02 points or 0.31% to 7,513.15.

Only the property index went up, adding 22.3 points or 0.54% to end at 4,093.83.

Some 525.65 million issues valued at P3.87 billion switched hands on Tuesday, declining from Monday’s 576.20 million issues valued at P5.56 billion.

Stocks that declined outnumbered those that gained, 139 against 55, while 44 names ended flat.

Net foreign selling increased to P563.90 million from the P308.32 million logged in the previous session.

“The main index ended at its low again today as sellers continue to take it lower. Buyers have stepped back and are letting “weak hands” do their worst,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Tuesday.

“Next support is at 7,700 however, we may see it bounce back tomorrow and end above the 7,750 major support level,” he added.

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