I regularly write on the monthly inflation rates of East Asian economies, and since 2018 until May 2019, the Philippines has been the “inflation valedictorian” of the region because our inflation rate is nearly two to five times those of our neighbors.
Then I checked the country’s inflation by commodity groups and by region. For 2019 Year to Date (YTD, January-May), these commodity groups did not have big difference between Metro Manila and Philippine inflation rates: food and non-alcoholic beverages; clothing and footwear; housing, water, electricity, gas; furnishing, household equipment and maintenance; health; communication; recreation and culture; and, restaurant and miscellaneous goods and services.
Three commodity groups have big difference, considered “outliers,” in Metro Manila versus the national this year (see table).
Inflation is lower in Metro Manila compared to overall Philippines for alcoholic beverages and tobacco — perhaps there is more smuggled tobacco and people shift to local drinks in the provinces. But inflation is higher in Metro Manila for transport and education, meaning Metro people endure more expensive mobility because of the insufficient supply of safe, convenient transportation so they have to drive their cars or motorcycles more often than necessary; and deflation in education in 2018 has ended and reversed.
When I was in Cebu City last April with my two daughters, among the things I noticed there was the difficulty and inconvenience of getting Transport Network Vehicle Service (TNVS) cars, and the long waiting time, so I was moving via taxi. And when I was in Bacolod City last December, the same thing — there were insufficient TNVS cars. At least I had nieces there who gave me rides.
It turns out that in Cebu, the Land Transportation Franchising and Regulatory Board (LTFRB) originally accredited 3,000 TNVS, but it wants to slash this number to half. For a big city like Metro Cebu (including the cities of Lapu-lapu and Mandaue), having only 1,500 TNVS would mean long waiting times, more inconvenience, and higher fares for people who want TNVS quality service.
And in Bacolod, around there are 500 TNVS, and less than 10% of these were granted the needed Provisional Authority (PA) and Certificate of Public Convenience (CPC) by the LTFRB, which does not act or grant their PA and CPC applications.
I saw the letter to President Rodrigo R. Duterte by Primo Morillo, Convenor of the TNVS Passenger Forum, an organization of largely young urban professionals who travel either by TNVS or use their own vehicles. He raised many valid issues from the perspectives of both commuters and car owners who want to share a ride with commuters in a transparent, technology-enabled and market-based pricing system.
The main mandate of the LTFRB is primarily the safety and convenience of passengers and commuters, and the availability of various ride options from entrepreneurs. Many passengers have spoken — they want more TNVS because of safety, convenience, and transparency factors. Why is the LTFRB going against the wishes of the commuters by reducing instead of raising the supply of TNVS?
Some taxi companies have improved their services because of more competition from TNVS, so why restrict further competition? The drivers and owners of these TNVS are also Filipinos, not foreigners; they are mostly micro- and small entrepreneurs like OFWs, not medium or big companies.
The LTFRB should not become a Land Transportation Favoritism and Restrictions Board favoring the taxi and restricting competition via TNVS. Passengers and the public benefit from more choices and options, in service quality and pricing. Inflation in transportation can be tamed by more competition.
Bienvenido S. Oplas, Jr. is the president of Minimal Government Thinkers.
THE PAST is a country we may have lived in and sometimes too hard to resist revisiting especially when we used to be at the top of it. Is it the default mode of old people, no longer in their prime not just in age but in status, to keep going back to the past?
Looking back too often is an unproductive approach. Even when times were glorious, celebrating fond memories, or for that matter, keeping old wounds of humiliation from closing, is an obstacle to moving on. Leaving the past in the unused attic of the mind to be visited only when requiring something from it, like a name or a lesson learned, works best.
Even high-profile status, once lost, should be left behind. Resting on old laurels refers to being content with past achievements and leveraging these to open doors and assert yourself. The laurels refer to the ancient practice in Rome when winners of chariot races or wars, even emperors and rulers, were given laurels to crown their heads to signify victory and prestige.
So, resting on old symbols of excellence denotes the irrelevance of shrubberies now faded and long past their blooming days deserving to be perched not on heads but under padded posteriors. Past triumphs do not always translate to future respect, seeming unconnected and irrelevant to the present — why bring that up?
While luncheon speakers are sometimes introduced by their “former” exalted positions, the mention of biographical history serves only to emphasize a descent, sometimes not always gradual or voluntary. Does such a person still have anything interesting to say? Maybe if he talks about the future.
Is it productive to dwell on the past?
Such a fixation is often associated with those no longer having anything to look forward to. Few things can be more boring than a formerly powerful person, even someone once at the top of the food chain (do you know who I am?) regaling anyone who cares to listen about now powerful people he used to boss around. Thus are old people ignored when repeating stories from long ago — he used to be my clerk in charge of company outings.
FREEPIK
Still, the past should not be wasted. After all, isn’t the rationale of recycling and efforts to save Mother Earth premised on discarded objects brought back to usefulness? Attics are raided for discarded clothes that come back in the fashion cycle. Slim-fitting shirts that are unbuttoned and untucked were already in vogue in the ’60s, along with Panama hats. Paisley ties too can be dredged and worn to theme parties featuring a revival band singing retro songs.
Selling nostalgia can be good business for the gray market. It works on the premise that the good old days were in fact better than the present. The memory works with colored lenses and screens out the unpleasantness of times past. Thus is the version of a simpler and less problematic existence promoted. And this is a marketable illusion. The influx of concerts featuring bands and names vaguely remembered from the past can fill up small concert venues with generous seating areas for wheelchairs and nurses’ stations.
Living in the past arises from an unwillingness to tackle a troublesome present. It is a coping mechanism which bestows an inordinate importance to triumphs that only the triumphant remembers or values. Who cares if you were once a very important person (no acronym for it yet then) that many kowtowed to? These same fans and underlings have themselves risen in stature and consider you a bore to be tolerated.
It is surprising how a moderate amnesia for old glories can be refreshing to others. Modesty arising from a realization of the irrelevance of previous perches on now forgotten pedestals elicit warmer receptions.
If someone familiar with that period mentions, even just in small talk, your previously awe-inflicting status, it is best to shrug the whole thing off. Quickly, you can change the topic — do you read ebooks, my friend? Such a trivial reaction will make the other person wonder if you’re still all there.
It’s fine to be underestimated, if only to eventually surprise with delight that the way you were before is not at all the way you are now. No reminders are needed, after all.
HONG KONG — Hong Kong protesters triumphantly took over the city’s legislature, but there is little to celebrate. Amid another march against a controversial extradition plan, a furious faction broke into the empty building on Monday night and trashed it, deepening a crisis for Chief Executive Carrie Lam. The violence will weaken some of the movement’s support, spook big business and could give Beijing a pretext to dig in.
On the 22nd anniversary of Britain handing Hong Kong back to China, graffiti covered the central chamber of the Legislative Council and a colonial-era flag was draped across the podium. Crowds stormed the site before police used tear gas to force them to disperse. The shocking images broadcast around the world were a stark contrast to earlier more peaceful demonstrations, where massive crowds parted politely to allow buses and ambulances to pass.
The leaderless group made its demands loud and clear. In a 4 a.m. response, Lam condemned the vandalism after an earlier government statement stressed that her proposal is effectively on ice. The fracas will nevertheless make it tougher for her to see out her term. At best, she is a lame duck.
Radical protesters, however, risk alienating both local and foreign supporters. Some 1,500 multinational companies that make Hong Kong their Asian home, and who prize stability and security along with the rule of law, are also bound to consider whether Singapore or some other city might be a better hub.
Meanwhile, protesters hoping to embolden Hong Kong’s special status may have just diluted it. Mainland authorities, who have been preoccupied with US trade talks and other pressing issues, could soon become more hands-on. They now have a ready excuse to justify tightening their grip — perhaps by expanding its main representative in the city, the Central Liaison Office, as they did following protests in 2003 and 2014.
Lam’s botched bill and her handling of the backlash have divided pro-Beijing legislators and infuriated their opponents, some of whom could become more radical. That will leave the city’s next leader in an even tighter spot. None of it adds up to a clear win.
THE NORTHPORT Batang Pier moved a step closer to notching a playoff incentive in the Philippine Basketball Association Commissioner’s Cup after outlasting the Columbian Dyip, 110-108, on Wednesday at the Smart Araneta Coliseum.
Got itself into a battle against a gritty Columbian crew, Northport held steady in the payoff quarter to hack out the win that improved it to 8-2 in the tournament, making a strong case for a top-two finish in the elimination round and the twice-to-beat advantage in the next round.
Big man Mo Tautuaa led the early charge of Northport, helping his team to a 20-12 advantage with 4:38 to go in the opening frame.
The Batang Pier would use the separation to build a 26-21 lead at the end of the first 12 minutes.
Columbian would open the second quarter on fire on the baton of Rashawn McCarthy and CJ Perez.
The Dyip raced to a 12-3 run in the first three minutes to overtake the Batang Pier, 33-29.
The pendulum swung back and forth after, eventually settling at a count of 52-50, and Northport on top, by the halftime break.
Northport hummed anew to start the third canto.
With Kevin Ferrer and Mr. Tautuaa on the firing end, the Batang Pier built a 66-59 lead with just five minutes lapsing in the frame.
Columbian fashioned out some fightbacks but Northport found ways to kept it at bay.
When the third-quarter smoke cleared, the Batang Pier continued to hold sway, 82-81.
At the start of the fourth quarter the jostling continued between the two teams.
The Batang Pier held a slim two-point cushion, 95-93, at the 6:11 mark before the Dyip went on a 6-0 run, led by import Lester Prosper, in the next two minutes to go up, 99-95.
The score was at 108-103, with Northport on top, entering the last two minutes on the strength of three straight triples from guard Nico Elorde.
Mr. McCarthy made it a two-point game, 108-106, with a triple with 46 seconds.
Northport had a chance to extend its lead with 28 seconds to go but import Prince Ibeh missed both his charities to keep Columbian in the game.
The Dyip made the Batang Pier pay for it as Mr. Perez was able to tie the game, 108-108, with a tipback with eight seconds remaining.
Northport, however, was able to execute a play with Robert Bolick driving into the lane.
His basket missed but it was ruled a goaltending on the part Mr. Prosper, giving the Batang Pier a 110-108 lead with two seconds left.
Columbian tried to send the game to extra period but the heave of Eric Camson as time expired failed to go through, handing the win to Northport.
Mr. Tautuaa led Northport with 23 points with Messrs. Bolick and Ferrer adding 21 points apiece.
Mr. Ibeh had 17 points and 15 rebounds while Mr. Elorde finished with 14 markers.
For Columbian, which dropped to 2-7 with the loss, it was Mr. Prosper who showed the way with 36 points and 17 boards with Mr. Perez adding 29 points and 12 rebounds.
“Credit to Columbian for they really made it hard for us. But breaks of the game and a win is win. We still have one game left and we’ll see where we end up,” said Northport coach Pido Jarencio in the postgame interview.
The Batang Pier next plays on July 12 versus the Meralco Bolts.
LONDON — It was the “super salty” blockbuster clash tennis fans around the world wanted to see and Nick Kyrgios and Rafael Nadal duly obliged on Tuesday by setting up a second round showdown at Wimbledon.
When last Friday’s men’s draw set the pair on a collision course, the only fear was that Yuichi Sugita and Jordan Thompson might gatecrash a reunion between the duo who are not exactly considered best buddies on the tour.
As it was, Nadal dispatched the Japanese 6-3 6-1 6-3, while Kyrgios, no stranger to hurling chairs across a court when things don’t go his way, was almost on his best behaviour as he secured a 7-6(4) 3-6 7-6(10) 0-6 6-1 win over his compatriot.
Considering Nadal accused Kyrgios of disrespect after losing to him in Acapulco earlier and the Australian hit back by describing the 18-time Grand Slam champion as being “super salty” in defeat, sparks could fly again when they face off for the seventh time, with their rivalry deadlocked at 3-3.
However, on Tuesday both players refused to get dragged into a war of words.
“Not sure that me and Rafa could go down to the Dog & Fox (pub) and have a beer together… we have a mutual respect but that’s about it,” said Kyrgios, who beat the Spaniard in their only previous meeting at Wimbledon.
“He’s one of the greatest tennis players of all time. I go into that match as an unbelievable underdog.”
As for Nadal, his only words on the subject were: “I’m too old for all that stuff.”
That might be the case but Nadal and his long-time ‘frenemy’ Roger Federer showed that age was no barrier when it came to winning matches.
The Swiss, chasing a record ninth Wimbledon title, was not exactly at his regal best on a day the Duchess of Cambridge had dropped in to cheer him on but that did not stop Federer handing Wimbledon debutant Lloyd Harris a 3-6 6-1 6-2 6-2 defeat.
BRITISH SUCCESS
The Duchess also surprised punters on the Court 14 when she turned up to watch British wildcard Harriet Dart play American Christina McHale.
Dart ended up being one of five Britons — along with Johanna Konta, Dan Evans, Cameron Norrie and Jay Clarke — to reach the second round on day two of the championships.
Victories for Kyle Edmund and Heather Watson on Monday meant seven home players advanced to the second round for the first time since 2006.
Reaching the last 64 is unlikely to be much cause for celebration for Serena Williams, though, as the American desperately wants to hoist the Venus Rosewater Dish for an eighth time to finally win a record-equalling 24th major.
But her 6-2 7-5 win over Italian qualifier Giulia Gatto-Monticone certainly put her in a good mood.
It was later confirmed that Williams will increase her workload after hooking up with Briton’s Andy Murray in the mixed doubles to form the ultimate Wimbledon super-couple — with the pair jointly owning 26 singles Grand Slam titles.
“If you guys really want it… all right, done,” Williams had teased reporters.
Murray has limited his participation at Wimbledon to the doubles competitions as he attempts to test his fitness levels after undergoing hip surgery in January.
Maria Sharapova’s Wimbledon ended in the first round for the second straight year as the 2004 champion retired with an arm injury while trailing France’s Pauline Parmentier 4-6 7-6(4) 5-0.
Another former champion, Spaniard Garbine Muguruza, was beaten 6-4 6-4 by Brazilian qualifier Beatriz Haddad Maia.
A day after Stefanos Tsitsipas and Alexander Zverev lost their chance to end the Nadal-Federer-Novak Djokovic stranglehold on men’s tennis, Austria’s French Open runner-up Dominic Thiem continued the Next-Gen exodus as he was humbled 6-7(4) 7-6(1) 6-3 6-0 by American Sam Querrey. — Reuters
THE rough campaign of Gilas Pilipinas Youth at the FIBA Under-19 Basketball World Cup continued on Wednesday morning (Manila time) after it absorbed a 92-64 shellacking from Russia to finish the classification phase winless.
Struggled all game long to get it going, the Philippine national youth team bowed to the Russians to leave it sans a win and as the lowest seed heading into the Round of 16.
Gilas Youth faces Group D top seed and world number 4 Serbia in the knockout phase set for today in Heraklion, Greece.
Against Russia, the Philippines trailed 28-15 by the end of the opening quarter and saw the game slip away from its hands the rest of the way.
Aleksandr Ershov led Russia in the win, finishing with 21 points and Nikita Mikhailovski with 16 points and 10 rebounds.
Anton Kvitkovskikh and Sergey Dolinin were the other players in double digits for Russia, winding up with 12 and 10 points, respectively.
For the Philippines it was Kai Sotto who led with 14 points, seven rebounds and six blocks.
Dave Ildefonso had 14 points, six rebounds and six assists. Carl Tamayo added 12 points of his own.
The loss meant the Philippines finish fourth in Group C, behind Argentina (3-0), Russia (2-1) and host Greece (1-2).
The nationals earned a date with Group D top seed Serbia (3-0), which breezed past the competition in its own grouping.
In three games to date, Ildefonso is leading Gilas Youth in its campaign with an average of 16 points to go along with 6.7 rebounds and 3.3 assists.
Seven-footer Sotto, meanwhile, has been good for 14.7 points, 8.3 rebounds and a tournament-best five blocks per game.
The Sandy Arespacochaga-coached team has been playing undermanned since its debut in this year’s edition of the tournament after big man AJ Edu went down with a campaign-ending knee injury in their first game against Greece.
Edu, who plays for the University Toledo in the United States, injured his right knee just two minutes into their opener against the host on Sunday.
He is now on his way to the US to undergo surgery, reports said.
The winners of the Round of 16 games advance to the quarterfinals, while the losers move on to the Classification Games for Places 9-16. — Michael Angelo S. Murillo
LONDON — Andy Murray wanted it, the British fans were desperate for it and the media were working themselves into a frenzy about it and on Tuesday it was confirmed that Serena Williams had said yes.
Speculation has bubbled about a Murray/Williams dream team for the Wimbledon mixed doubles since 23-time Grand Slam singles champion Williams hinted at the weekend about her availability.
After the American struggled past Italian Giulia Gatto-Monticone in the first round of the singles on Tuesday she left the British media in suspense.
“If you guys really want it… all right, done,” she teased after initially saying she was still trying to figure out the “singles part” and would “have to see.”
But shortly afterwards, Murray’s management team confirmed that they would be playing together.
It is a coup for Murray, and the tournament, with crowds set to flock to the All England Club in even greater numbers to try and catch a glimpse of the scratch pairing in action.
Twice men’s singles champion Murray, back playing doubles as he continues his recovery from career-saving hip surgery in February, had already been turned down for the mixed doubles by new world number one Ash Barty.
But Williams is not a bad consolation.
Asked at the weekend whether he wanted to play with the American great, the Scot said, with a trademark sense of understatement, the 37-year-old mum would be a “solid” partner.
TEMPTING CHALLENGE
Williams has won 16 Grand Slam doubles titles but has not played mixed doubles at a major since partnering fellow American Bob Bryan at the 2012 French Open.
She did win the 1998 mixed title at Wimbledon with Max Mirnyi, however, and the prospect of repeating that feat with a player she says she admires greatly proved too tempting.
“His work ethic is just honestly off the charts. That’s something I’ve always respected about him,” Serena told reporters when asked about the player who in 2013 became the first British man for 77 years to win Wimbledon. — Reuters
KIDAPAWAN CITY, North Cotabato bet Ronald Nonles, a former Colegio de San Juan de Letran standout, ruled the just-concluded Big Rook Chess Festival 2019 Under 2200 section, Standard competition held at the Assumption Association, Rama IV in Phra Khanong, Bangkok, Thailand last Sunday.
Nonles collected 5.5 points on four wins and three draws in seven outings, the same output of compatriot Fide Master (FM) Jony Habla of Novaliches, Quezon City, Nonles took first place by virtue of superior tiebreak points.
Nonles brought home an elegant trophy and the 7,000 baht (about P4,000) cash prize in the seven-round Under 2200 section, Standard competition tournament which attracted 38 players. Habla, on the other hand who also scored 5.5 points took home 6,000 baht (about P3,600) cash prize and an elegant runner-up trophy.
“Again I would like to dedicate my victory to my countrymen. It’s an honor to represent our country,” said Nonles who also won the Eastern Rapid Chess Championship Tournament (Blitz competition) last June 2 in Pattaya, Thailand.
With the victory, Nonles performance boosted the nation’s morale, said National Master (NM) and Fide Instructor (FI) Winston Joseph Silva, a close confidante of Nonles, who is also Operations and Marketing Coordinator at Jirapak Chess Academy in Bangkok, Thailand.
“Once again our flag has been raised in this foreign land after knowing that our Kababayan… Ronald Nonles got another chess title again in Thailand,” he said.
Nonles scored victories over Michael Culasing of the Philippines in the first round, Nathaniel Loyaga of the Philippines in the second round, Kankawee Maneesorn of Thailand in the third round and Prin Laohawirapap of Thaiand in the seventh and final round.
He split the point with Mohamad Sacar of the Philippines in the fourth round, Woman National Master (WNM) Arvie Lozano of the Philippines in the fifth round and Pasawon Wattanarat of Thailand in the sixth round.
Mohamad Sacar of Cotabato City placed third overall with 5.0 points on three wins and four draws to receive 5,000 baht.
Also with 5.0 points are 4th placer Woman National Master (WNM) Arvie Lozano of Dasmariñas City, Cavite and 5th placer National Master (NM) Ric Portugalera of General Santos City. Lozano got 4,000 baht while Portugalera went home 3,000 baht for his effort. — Marlon Bernardino
10-18. WNM Francois Marie Magpily 1722, Rheam Arah de Guzman 1950, Jarel Renz Lacambra 1841, Queenie Mae Samarita 1709, Franchell Eds Javier 1877, Laila Camel Nadera 1661, Naton Bazza Diaz 1708, Kristine Mae Flores 1541, Alexis Anne Osena 1720, 5.5/9
No. of Participants: 66
Time Control: 90 minutes play-to-finish with 30 seconds added to your clock after every move from move 1
WIM Vic Glysen Derotas
Vic Glysen Derotas, who plays for Nazareth School of National University, is the new Philippine Junior Champion, Girls Division. Unlike the competition in the Boys Division where there was a stern battle for the gold medal which lasted till the last day and hour of the competition, here in the Girls Division Derotas scored seven wins and gave up just one draw to clinch the title one round before the end. She was awarded the title of Woman National Master by the National Chess Federation of the Philippines (FIDE).
As a “subsequent event disclosure,” after a little more than a week Ms. Derotas, as our Junior Champion, represented the Philippines in the 20th ASEAN Age Group Chess Championships at the Golden Mandalay Hotel in Mandalay City, Myanmar where she won the Under-18 Girls Division and earned the outright Woman International Master title.
She is really a find. Vic Glysen, who is one of the brightest players from Cebu (Barangay Apas), is a former chess standout of the University of San Carlos-Basic Education Department. She won the Girls Kiddies title of the Shell National Youth Active Chess Championship in 2012 but jumped ship to NU after she lost her scholarship in 2016.
WNM Francois Magpily plays for UST in the UAAP. She won the 2018 Secondary Girls Division of the National Capital Region (NCR) Athletic Meet. Not a pushover at all!
1.c4 c5 2.Nc3 Nc6 3.g3
With White Derotas plays almost exclusively 1.c4 followed by a kingside fianchetto.
There is no saving Black. After 45.Rc8+ Kb4 (45…Kd4 46.Qd6+ followed by mate) 46.Qd6+ wins the rook and the black king cannot escape the mating net.
With Black Derotas plays 1…e6. If White starts with 1.e4 then we have a French Defense. If 1.d4 then we transpose to the Queen’s Gambit Declined. I have written extensively on crushing the French, but she handles it pretty well. Witness …
Vinuya, Ruth Joy — Derotas, Vic [C10]
2019 National Junior Chess Championship (5.7)
Ruth Vinuya is a child prodigy from Ilagan, Isabela. The daughter of a chess-playing tricycle driver, she was only 8 years old when she first represented her region (I think this is Region 2) in the 2013 Palarong Pambansa. She currently plays top board for the FEU High School girls’ squad.
1.e4 e6 2.d4 d5 3.Nc3 dxe4
Derotas is a stern devotee of the Rubinstein Variation.
This is not a good square for the bishop. You will see why later.
11…Rc8 12.Ne5 Qc7
This is trickier than you may realize. Black is threatening 13…cxd4 14.Qxd4 (now you see why his bishop shouldn’t be on c2) Bc5 15.Qf4 Nxe5 winning a piece, since 16.Qxe5 runs into 16…Bxf2+ 17.Kxf2 Ng4+.
White was given no chance after her opening inaccuracy.
Here in the Girls’ Division of the National Juniors we saw the strength of the National University Lady Bullpups. Last October they completely dominated the UAAP by winning all of their matches, in the majority of which via a 4-0 whitewash. Derotas, Allaney Jia Doroy, Jesca Docena and Natasja Jasmine Balabbo are all members of that team.
In fact, Allaney Jia Doroy was the prohibitive favorite to win the title. You will recall that in the 13th Asian Schools Age Group Championship 2017 held in Panjin City, China she was the most bemedaled Filipino player. Allaney Jia took part in the Under-17 competition and got gold in the standard and rapid tournaments and silver in the blitz. That’s 2 gold and 1 silver out of 3 tournaments.
She was definitely going for the gold in this tournament as well. She fought hard in every game and did not agree to any draws, winning 6 and losing 3 games. If you go over the games you will see that the losses were caused by over-reaching in the pursuit of the full point. I am sure that one day, to paraphrase one of our saints, she will still have the courage to pursue the win in every game, will acquire the serenity to accept the draw if the win is no longer there, and the wisdom to know the difference.
Black has to be prepared to give up the exchange before she decided on this.
10.Bb5
[10.exf6 Rxf6 11.Be5 (otherwise why did the bishop go to f4?) 11…Re6 12.Ng5 Rxe5+ 13.dxe5 e6 14.Qd2 (14.f4? Bxe5) 14…Nxe5 15.Be2 Nf5 Black’s pieces are very active and he has full compensation for the exchange]
Jesca did not like 16.fxe3 Qh4+ 17.g3 (17.Kd2? Bxe5 18.dxe5 Rd8+ 19.Nd4 Qg5 striking at e5, g2 and d4) 17…Qe4 18.Rh2 Bxe5 19.dxe5 Nf5 it is hard to believe that White can hold this position.
16…exf2+ 17.Rxf2 Rxf2 18.Kxf2 Nf5
Black has a nice attack with no material investment.
Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
Of all the handshake accords that went through within the first six hours of free agency in the National Basketball Association, the Warriors’ deal with the Nets (later expanded to include the Timberwolves) was, perhaps, the most mind-boggling. To be sure, they scrambled to create value out of Kevin Durant’s departure; they didn’t want their erstwhile top dog to leave without any compensation in return. Even as the decision made sense on paper, however, it came at a cost, and a not inconsiderable one that, if nothing else, formally marked the end of its dynasty.
Granted, the acquisition of D’Angelo Russell makes sense going by the numbers. He just came off a productive season that saw him nab an All-Star berth while leading the Nets to the playoffs for the first time in four years. And with returning cornerstone Klay Thompson out for the foreseeable future convalescing from a torn anterior cruciate ligament, his heady stat line of 21, four, and seven figures to serve them well. From the vantage point of the Warriors, his maturation into a positive locker room influence was likewise a factor; they appreciated his work ethic and desire to learn from missteps that compelled the Lakers to cut their ties with him just two years after choosing him with the second overall pick in 2015.
Unfortunately, Russell’s strengths on the court do not jibe with the Warriors’ pace-and-space predilections. As the Nets’ engine, he oversaw an elephant-walk offense that had him running screen-and-roll play after screen-and-roll play. Under head coach Steve Kerr, however, he will be forced to give the ball up as fast as he can, and keep reacting to the movement, alongside playmakers Steph Curry and Draymond Green. And, not coincidentally, he just so happens to have a better percentage from deep off the dribble than catching and shooting.
There is cause to argue that Russell will adapt in time. Talented players only too willing to learn tend to thrive alongside even more talented players only too willing to teach. And in Curry, Green, and Thompson, he has three of the most generous teammates in the league. That said, the counter-argument is likewise strong. In order to open up the cap space needed to welcome him to the fold, the Warriors had to trade vital cog Andre Iguodala. And in bidding farewell to 2015 Finals Most Valuable Player, they effectively closed the chapter on half a decade of dominance that earned them a place alongside the best of the best in pro hoops annals.
Was getting Russell worth the aggregate cost, a first-round pick included? Only time knows, and fans may not have to wait long for the answer to manifest itself. Depending on the timetable for Thompson’s return, not to mention on how well the Warriors do with him logging heavy minutes, he may be on the move anew. Indeed, part of his appeal as a consolation prize for Durant’s exit lies in his worth as trade bait. When he becomes eligible for transfer in December, the front office and coaching staff will, no doubt, be holding meetings to assess how he best gets them to meet set objectives.
Russell’s no fool, so he knows he’s on the clock. It’s likely why he continues to have no public reaction to his trade to the Warriors. He’s said to have been far more enamored with joining the Timberwolves, who were actively wooing him when the trade went down. Make no mistake, though; he’ll try. He understands his plight, and if he earns the right to stay, then well and good; there are far worse ways to burn rubber than for a first-class organization with three championships off a five-year streak of Finals appearances. If not, then so be it; his work is his audition, and there will be no shortage of suitors.
The final grade for the Warriors, then, has yet to be determined. What isn’t: They’re keen on rebooting without bottoming out, and the additional revenues they’ll be generating from their change of address will ease the burden of their proximity to the hard cap. They’re resolved to have their first season in the brand-spanking-new Chase Center be a winning one, and they will thus be keeping a close watch on the extent of Russell’s help in this regard.
Anthony L. Cuaycong has been writing the 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.
THE MAIN INDEX ended mostly unchanged on Wednesday as investors stayed on the sidelines ahead of the inflation report at the end of the week.
The bellwether Philippine Stock Exchange index (PSEi) slipped 0.01% or 0.92 point to close at 8,092.68, suffering losses despite strong gains in the morning session. The broader all-shares index likewise went down 0.04% or 2.08 points to 4,939.63.
“Our index ended flat today after the trade truce between US and China bolstered market sentiments for two days. Investors are probably anticipating the inflation data that is due on July 5,” Timson Securities, Inc. Equity Trader Jervin S. de Celis said in a text message on Wednesday.
The Philippine Statistics Authority will release official June inflation data this Friday.
“Market could continue in this sideways movement as the index waits on June’s inflation figure to be released on Friday,” Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said in an e-mail.
A BusinessWorld poll of 12 economists yielded a 2.9% median estimate for June inflation. This is toward the higher end of the Bangko Sentral ng Pilipinas’ (BSP) own estimate range of 2.2-3%. If realized, this would be slower than May’s actual inflation of 3.2% and June 2018’s 5.2%.
“The inflation report might determine whether the BSP will opt to be more lenient in their policy in the next meeting,” Mr. De Celis added.
Four sectoral indices ended in negative territory, led by mining and oil which plunged 1.6% or 123.54 points to 7,566.59. Services fell 0.92% or 15.86 points to 1,698.67; financials dropped 0.38% or 6.7 points to 1,721.11; while holding firms declined 0.04% or 3.3 points to 7,814.47.
In contrast, industrials climbed 0.66% or 79.09 points to 11,921.16, while property firmed up 0.21% or 9.53 points to 4,352.
Turnover climbed to P7.62 billion after some 1.31 billion issues switched hands, versus the previous session’s P5.93 billion.
Decliners trumped advancers, 98 to 90, while 63 names were unchanged. Foreign investors turned net buyers at P273.71 million, snapping a six-day net selling streak that ended with Tuesday’s P145.25 million.
Overseas, markets had different sentiments about the truce between the United States and China. The Dow Jones Industrial Average rose 0.26% or 69.25 points to 26,786.68. The S&P 500 index edged higher by 0.29% or 8.68 points to 2,973.01, while the Nasdaq Composite index was up 0.22% or 17.93 points to 8,019.09.
It was a different story for Asian indices, where investors worried about the lack of details on the supposed truce between the two nations. Japan’s Nikkei 225 slumped 0.53% or 116.11 points to 21,638.16. The Hang Seng index went down 0.25% or 71.99 points to 28,803.57, while the Shanghai Composite lost 0.94% or 28.68 points to 3,015.26.
THE PESO weakened further against the dollar on Wednesday as market participants await economic data to be released later this week.
The local currency closed Wednesday’s session at P51.16 versus the greenback, five centavos weaker than its P51.11-per-dollar finish on Tuesday.
The peso opened the session at P51.20 per dollar. It dropped to as low as P51.25, while its best showing stood at P51.12 against the greenback.
Trading volume declined slightly to $924.2 million from the $931.4 million that changed hands the previous day.
“We closed slightly weaker, but for the dollar-peso, it’s still choppy since the market is still awaiting key data later in the week,” a trader said in a phone interview.
US non-farm payrolls data, which will be released by the US Bureau of Labor Statistics on Friday, is expected to have climbed to 160,000 in June, coming from a meager 75,000 jobs in May.
On the local front, inflation data for the month of June will be reported by the Philippine Statistics Authority on Friday. A BusinessWorld poll of 12 economists yielded a 2.9% estimate median, which if realized would be slower than May’s 3.2% print.
The Bangko Sentral ng Pilipinas Department of Economic Research said June headline inflation likely landed within 2.2-3%.
“On some currencies, we saw a weaker dollar, but against Asian currencies, the dollar was stronger mainly on risk-off move. However, the low dollar bond yield capped any gains for the dollar-peso,” the trader said.
Meanwhile, another trader said the peso depreciated on “wavering trade optimism” following news of the US planning to impose tariffs on European goods.
The US proposed to slap on the European Union levies worth $4 billion covering 89 products such as cheese, meat, coffee, pasta and whiskey.
For today, the first trader expects the peso to trade between P51 and P51.30, while the other gave a P51.10-P51.40 range.
Most emerging Asian currencies on Wednesday were also shackled by underlying doubts about whether the United States and China could iron out their differences and strike a lasting deal to end their year-long trade war. — K.A.N. VidalwithReuters
