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Miners urged to allot more for communities

THE Environment department has urged mining companies in the Caraga Region to allot more resources in promoting sustainable and resilient communities.

“I urge the mining sector in this region to keep on investing in its role as a catalyst for economical sustainability and environmentally resilient communities,” Environment Assistant Regional Director Ben Ali Decampong said at a mining symposium in Surigao City last week.

The Caraga Region hosts a chunk of mining companies in the Philippines since it is rich in minerals such as gold, silver, copper, nickel, iron, chromite, iron and limestone.

Of the 50 metallic mines in the Philippines, 25 operate in the region, according to the Mines and Geosciences Bureau,

One of two nickel processing plants and one of two gold processing plants in the country are in Caraga.

At the symposium, the Chamber of Mines in Caraga said mining companies should be more involved in helping promote and develop communities and the economy as a whole. — Vincent Mariel Galang

Organizer eyes bigger Dinagyang Festival

THE organizer of Iloilo’s Dinagyang Festival promises a grander festival this year by featuring more merry-making instead of the usual visual presentations.

“This time we will bring back the core, the spirit of Dinagyang which is really experiential not visual,” said Jobert A. Peñaflorida, president of Iloilo Festivals Foundation, Inc. which is organizing the event.

Dance contestants will perform in an arena where judges will be deployed, instead of the usual theater performance, he said.

The grand champion will take home P5 million worth of prizes. — Emme Rose S. Santiagudo

Davao-Manado flights revived

THE revival of flights between Davao and Manado is expected to boost investment and tourism activities between Mindanao and North Sulawesi, Indonesia, the Mindanao Development Authority (MinDA) said last week.

MinDA Secretary Emmanuel Piñol said this is a strategic route under the transport and connectivity of the BIMP-EAGA that strengthens Mindanao, through Davao, as a gateway to the Association of Southeast Asian Nations (Asean).

It widens economic opportunities especially in tourism and trade, and Mindanao has a lot to offer, Secretary Emmanuel Piñol said.

Last week, MinDa, the Philippines East Asean Growth Area (EAGA) and the Indonesian Consulate General in Davao led the ceremonial reception of the inaugural flight of Garuda Indonesia’s Davao-Manado air connectivity at the Davao International Airport.

Garuda CEO Ari Askhara said the flights are expected to boost economic and cultural ties between North Sulawesi and Mindanao by offering easier access to travelers in Davao, the central business city in southern Philippines, to various destinations in North Sulawesi.

Davao Tourism Association President Renato Gatchalian, Jr. said the flights give Davao a chance again to build ties with another destination. The Manado-Davao route was last served by Wings Air in 2012. — Maya M. Padillo

Davao university signs housing deal

PAG-IBIG Fund signed a deal with Ateneo de Davao University and Realty Investments, Inc. last week for a housing project involving employees of the university.

The project seeks to provide 135 duplex type units with a floor area of 24 square meters and a lot area of 48 sq.m. for P480,000. The properties have an appraised value of P644,090.

Members will also enjoy a low interest rate of 3% that Pag-IBIG Fund provides gives to minimum wage earners, Marilene C. Acosta, deputy chief executive officer of the Home Lending Operations cluster of Pag-IBIG Fund, said.

Employees got notices of approval last week. — Maya M. Padillo

Nationwide round-up

Manila to sign labor deal with Russia

LABOR Secretary Silvestre H. Bello III said Manila is finalizing a labor agreement with Russia that will give more jobs to Filipino workers overseas.

Two members of the technical working group had been sent to Moscow ahead of President Rodrigo Duterte’s visit there, Mr. Bello said in an interview last week.

“We are finalizing that bilateral agreement which we hope to sign during the visit of the president in Russia,” he said.

Mr. Duterte will visit Russia starting Oct. 1. He will hold a bilateral meeting with Russian President Vladimir Putin and speak at the Moscow State Institute of International Relations.

Mr. Bello said jobs covered by the bilateral deal were still being discussed. — Gillian M. Cortez

Maoist leader killed in clash

A SUSPECTED Maoist leader was killed in a clash with government troops in Bukidnon province on Saturday, the military said in a statement.

Authorities identified the New People’s Army (NPA) leader as Joven Manggatawan. The NPA is the armed wing of the Communist Party of the Philippines.

Soldiers shot and killed the communist leader during pursuit operations in an uninhabited forest in Quezon, Bukidnon around 9:30 am.

The rebels left behind firearms including rifles, two anti-personnel mines, ammunition, supplies and subversive documents, according to the statement.

Brigadier General Edgardo Y. De Leon said that they have tried to convince Maoist rebels to surrender. “We have so far convinced 110 regular NPAs but there are still those who opted to remain. They would have to face the might of the military,” he said in the statement. — Marc Wyxzel C. Dela Paz

Bill to regulate parking rates

A CONGRESSMAN has filed a bill that seeks to limit parking fees that malls, hospitals, schools and other establishments impose.

Reps. Gavini C. Pancho, Jose Ma. S. Salceda, and Martin G. Romualdez filed House Bill 3559, which limits the standard parking fee to P40 regardless of parking time except for overnight parking.

“Beyond the standard parking fees, many shopping malls impose succeeding charges after a lapse in a prescribed time of use of their parking facilities,” according to the bill’s explanatory note.

For overnight parking, a customer will be charged a one-time fee of P150 per vehicle.

The measure also provides that shopping establishments must waive the parking fee for any purchase worth P1,000.

The bill also requires the establishment of a separate space for overnight parking to ensure protection of customers’ vehicles.

Violators will be fined P150,000 or imprisoned for up to three years.

At the Senate, Senator Sherwin T. Gatchalian filed Senate Bill 745, which proposes a standard parking fee of P40 per vehicle for up to eight hours and additional P10 for every succeeding hour. For overnight parking, a customer will be charged a one-time fee of P100 per vehicle.

The House trade committee is expected to discuss the bill this week. — Vince Angelo C. Ferreras

Group seeks child labor monitors in schools

THE Federation of Free Workers said the administration’s recently established Anti-Child Labor Council should also create monitoring teams in public schools.

In a statement, the group said Executive Order 92, which was signed by President Rodrigo R. Duterte last Friday, would allow labor groups and trade unions to help the government eliminate child labor.

While efforts have been made to address underage labor issues, guidelines and frameworks on strategies were still blurry and not institutionalized, the group said.

“We have been seeking a clearer mandate and a more concrete set of guidelines to coordinate all efforts to eliminate child labor in the Philippines,” it said. — Gillian M. Cortez

Ateneo beats UP to sweep first round of Season 82

By Michael Angelo S. Murillo
Senior Reporter

THE defending champions Ateneo Blue Eagles swept the opening round of University Athletic Association of the Philippines Season 82 with an 89-63 win over the University of the Philippines Fighting Maroons on Sunday at the Smart Araneta Coliseum.

Found themselves in an early bind, the Eagles collectively made the necessary adjustments on both ends from the second quarter forward to outsprint the Maroons and chalk up win number seven to remain undefeated in the ongoing tournament.

Earlier in the day, the University of the East Red Warriors staved off finishing last in the standing at the end of the first round after beating the National University Bulldogs, 78-72, in their battle of tail-ending teams.

Guard Matt Nieto got the Ateneo offense going early in the first quarter, notching eight of his team’s 12 points in the first five minutes and helping his team to a 12-7 lead.

UP though would find their bearing on the lead of Juan Gomez De Liano and Kobe Paras, tying the count at 15-all with two minutes to go, and eventually taking a six-point advantage, 21-15, at the end of the first.

The Eagles got the momentum to start the second quarter, opening with a 6-2 run in the first two minutes to come within a deuce, 23-21.

They reclaimed the lead, 24-23, after a triple by Ange Kouame with five minutes remaining.

Ateneo picked up from there as it build a 35-31 advantage at the halftime break.

In the third quarter the Eagles were on fire, outscoring the Maroons, 10-1, to stretch their lead to 13 points. 45-32, with 7:26 to go.

Making matters for UP, it saw big man Bright Akhuetie sit down at the eight-minute mark after getting his third foul and a technical that merited another personal foul, giving him four for the game at the point.

Aggravating things, Maroons coach Bo Perasol was ejected with 6:23 remaining after excessive complaining to the referees over what he perceived to be non-calls.

UP tried to steady its ship but Ateneo was not to relent and stayed in control, 61-46, heading into the fourth quarter.

Sensing the game was slipping from their hands, the Maroons made a last-ditch effort to make a comeback with guard Jun Manzo leading the charge.

Their effort had little success though as Will Navarro and the rest of the Eagles stood their ground, holding a 20-point cushion, 73-53, with five minutes remaining.

With the win pretty much in the bag, the Eagles just stayed the course and eventually went for the closeout and the win.

Five players scored in double digits for Ateneo in the win, led by Kouame with 19 points to go along with 15 rebounds and seven blocks.

Nieto had 18 points while Navarro and Thirdy Ravena added 14 and 13 points, respectively.

Backup guard SJ Belangel, meanwhile, had 11 points for Ateneo.

For UP it was Paras who top-scored with 15 points, followed by Javi Gomez de Liano with 14 and Manzo 12.

The Ateneo-UP match attracted 19,861 spectators at the Big Dome.

PBA: NLEX Road Warriors defeat Blackwater Elite for 3rd win in row

By Michael Angelo S. Murillo
Senior Reporter

THE NLEX Road Warriors stayed unscathed in the season-ending Philippine Basketball Association Commissioner’s Cup after they booked their third straight triumph with a 115-109 victory over the Blackwater Elite on Sunday at the Sta. Rosa Multipurpose Complex in Laguna.

On the lead of import Ola Ashaolu and Kiefer Ravena, the Road Warriors outlasted the Elite in a virtual fire fight to race to a 3-0 record and keep their spot at the top of the heap while sending Blackwater to its second straight defeat.

Mr. Ashaolu had a double-double of 31 points and 10 rebounds while Mr. Ravena had 25 points seven rebounds and seven assists.

The two teams split the opening half with Blackwater having its way, 25-19, in the opening quarter before NLEX exploded for 33 points in the second quarter to take a 52-46 lead at the break.

The two teams kept going at it in the third frame but the Road Warriors kept their head afloat, 85-81, with one more quarter to play.

In the fourth period, Messrs. Ravena and Ashaolu powered their team to a 21-14 run in the first seven minutes to help NLEX build a double-digit lead, 106-95.

Ray Parks Jr., Paul Desiderio and Mac Belo towed the Elite to within six points, 113-107, with 1:20 remaining in the game.

They, however, would not go near beyond six points as NLEX held on for the win.

Philip Paniamogan, Kevin Ighalo and JR Quiñahan scored 10 points or more for NLEX, which next plays the San Miguel Beermen on Oct. 4 in an overseas game in Dubai.

Leading the way, meanwhile, for Blackwater (0-2) was Parks who had 28 points, followed by Desiderio with 24 points.

Import Marqus Blakely had a better outing for the Elite than his first game, finishing with 18 points, 16 rebounds and eight assists.

Blackwater next plays on Oct. 5 versus the Northport Batang Pier.

PFL: Stallion Laguna FC halts Ceres’ winning run

STALLION Laguna FC continued to be a puzzle for defending champion and league-leading Ceres-Negros FC after the former forced the latter into a 1-1 draw in a Philippines Football League match on Saturday at the Biñan Football Stadium.

Riding a 16-game winning streak entering the contest, Ceres found the going tough against Stallion as it eventually was held to a draw.

It was the second time that the “Busmen” was held to a tie in the ongoing PFL season; the first one coming on opening day on May 25 also against Stallion, 2-2.

The two teams got the scoring early in the match with Robert Lopez Mendy finding the mark for Ceres in the 4th minute.

It did not take long for Stallion to level the count with Abou Sy finding the bottom of the net two minutes later.

The squads tried to add on their goals the rest of the way but not team would budge with their stand en route to finishing the match knotted and splitting the point.

Despite the draw, Ceres (16-2-0) still holds a commanding lead at the top of the race with 50 points. It also has yet to lose in the ongoing tournament.

Stallion (9-6-5), meanwhile, improved to 33 points, good for solo third place.

Kaya FC-Iloilo (14-1-3) is at second place with 43 points while Green Archers United FC (7-5-6) is at fourth with 26 points.

The rest of the positioning in the standings after Saturday’s fixture has Mendiola FC 1991 (3-4-10) at fifth with 13 points, Philippine Air Force FC (3-2-16) at sixth with 11 points and Global Cebu FC (1-4-13) with seven points. — Michael Angelo S. Murillo

Generika-Ayala battles Petron for early leadership

Games today
(Filoil Flying V Centre)

2 p.m. — PLDT vs Foton

4 p.m. — F2 Logistics vs Marinerang Pilipina

6 p.m. — Generika-Ayala vs Petron

PETRON and Generika-Ayala dispute early leadership in Group B to set pace in this quick Philippine Superliga Invitational Conference today at the Filoil Flying V Centre in San Juan.

The vengeful Blaze Spikers are coming off a convincing straight-set romp over rival F2 Logistics over the weekend, which they try to duplicate against the dangerous Lifesavers in the Group B action at 6 p.m.

In the curtain raiser at 2 p.m., PLDT eyes to nail its second straight win against the listless and shorthanded Foton while the Cargo Movers and Marinerang Pilipina gun for first win at 4 p.m.

Minus ace setter Rhea Dimaculangan and star blocker Mika Reyes, the Sisi Rondina-led Blaze Spikers still proved to be too much to handle for the Kalei Mau-less Cargo Movers as they ran way with a convincing 25-22, 25-23, 25-18 win to jump-start their redemption bid after being dethroned last All-Filipino conference.

The Blaze Spikers attempt to put on the same show against the Lifesavers to set the tone in this Invitational tourney that was fast-tracked in anticipation of the country’s 30th Southeast Asian Games (SEAG) hosting this November.

“What we have is a very short tourney so every game counts,” said Petron mentor Shaq Delos Santos.

Petron’s bid for second straight win, however, will not be an easy mountain to scale as Generika-Ayala looms as a worthy challenger just like always despite the continued absence of skipper Angeli Araneta due to a knee injury.

Sans Araneta, the Lifesavers had no trouble dispatching Marinerang Pilipina, 25-19, 25-23, 25-17 back in the conference opener last Tuesday, which should serve as springboard in their upset attempt on the Blaze Spikers according to tactician Sherwin Meneses. — John Bryan Ulanday

It’s all about James

As expected, LeBron James was the subject of headlines over the weekend. Even with a roster also featuring six-time All-Star Anthony Davis and made more colorful by such notables as Rajon Rondo and Dwight Howard, he remained the subject of scrutiny throughout and after Media Day. From pundits to punters to scribes to spectators came variations of the same question: How much should be expected of him coming off his worst season since his first in the league 16 years ago?

The answer, James argued, will come by example and not from explanation. “I’m very motivated, but I’m right now not in talking-about-it mode. Been very quiet this summer, for a reason. My mother always taught me, ‘Don’t talk about it, be about it.’ That’s where I’m at. As a team, me myself, need to get the Lakers back to what they’ve been accustomed to every year, so excited about that.” And, depending on perspective, the prospective looks to be full of positives, fraught with pitfalls, or both.

Consider this: By all accounts, James is already in midseason form, benefiting from forced rest off the first significant injury of his career and the Lakers’ inability to make the playoffs. When the 2019-20 season kicks off, he will have been six months removed from his last official National Basketball Association contest. Given the miles on his odometer, the long period away from competition figures to keep him fresher for the campaign ahead. He’s an old 34, though, so it’s fair to wonder how sharp he will stay over time.

Creditably, James appears willing to lighten his workload, going so far as to contend that the Lakers’ offense should and will go through their other first overall draft pick. “We do all know how good Anthony Davis is, and if we are not playing through Anthony Davis while he is on the floor, then there’s no sense to have him on the floor. He’s that great.” To be sure, he has said the same things before, only to be compelled to take on more responsibility in the face of unexpected developments. On the flipside, he has learned to pace himself — and not just between games, but during games.

What’s in store for the Lakers as they strive to meet their championship aspirations? It depends on a host of factors, but none more telling than James’ capacity to stall the effects of advancing age. And, in this regard, he’s in position to succeed.

 

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.

BSP cuts banks’ reserve requirement further

By Luz Wendy T. Noble

THE BANGKO SENTRAL ng Pilipinas (BSP) on Friday announced a 100-basis point reduction in banks’ reserve requirement ratio (RRR), to take effect at the start of November, setting the stage for the release of more funds for lending for productive economic activities.

The BSP said that, in its meeting on Friday, its Monetary Board slashed the RRR for universal and commercial banks, thrift banks and rural banks to 15%, five percent and three percent, respectively, to take effect “on the first day of the first reserve week of November…”

The announcement followed the MB’s decision on Thursday afternoon to slash benchmark interest rates by 25 bp for the third time this year, taking the rates for overnight reverse repurchase (RRP), as well as overnight deposit and lending to four percent, 3.5% and 4.5%, respectively.

“The cut in reserve requirements is in line with the BSP’s broad financial sector reform agenda to promote a more efficient financial system by lowering financial intermediation costs,” the BSP said in a press release.

“At the same time, the adjustment in reserve requirement ratios is aimed at increasing domestic liquidity in support of credit activity.”

The government has been moving to spur its own spending this semester after a three-and-a-half month delay in national budget enactment on Apr. 15 — on top of a 45-day ban on public works ahead of the May 13 midterm elections — deprived new projects, especially infrastructure, of funds. That, in turn, weighed on overall economic growth that disappointed at 5.5% last semester against an already tempered 6-7% government target for full-year 2019.

The BSP has been watching if earlier RRR reductions this year of up to 200 bp has fueled bank lending to productive economic activity.

BSP’s latest data show that M3 — the broadest measure of money circulating in the economy — expanded by 6.7% year-on-year to P11.9 trillion in July from a 6.4% rise in the same period a year ago. M3 also grew 0.8% from June.

Bank lending also inched up on the back of faster growth in credit to households. Latest BSP data shows that outstanding loans of universal and commercial banks expanded 11.1% year-on-year in July, faster than the 10.5% growth in June. Inclusive of reverse repurchase agreements, bank lending growth rose 10.7% in July from 10.3% the previous month.

MORE FUNDS FOR LENDING
Analysts said that this latest round of RRR cut will inject more liquidity into the financial system.

“The latest 1-percentage point cut in banks’ reserve requirements (RRR) would result to at about P110 billion in additional peso liquidity released into the financial system,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a mobile phone message.

Both UnionBank of the Philippines Inc. Chief Economist Ruben Carlo O. Asuncion and Security Bank Corp. Chief Economist Robert Dan J. Roces believe that this latest reserve ratio cut will give a P90-billion boost to liquidity.

Mr. Asuncion recalled Mr. Diokno’s goal to for banks’ reserve requirement to “reach single digit ratio by 2022” at the end of his term.

“It’s a step towards the reform promise. This may boost the liquidity in the market and provide an expansion of economic activities through bank loans and lending,” Mr. Asuncion said in a text message.

“We think this latest RRR cut should be generally positive for the financial system and to the economy in general, as greater amounts of funds and loans will be made available to consumers and businesses… the cut is timely and will help mitigate growth risks for the rest of 2019,” Mr. Roces said in a note.

MORE CUTS TO POLICY INTEREST RATES EXPECTED
By Friday, more analysts also said that they expect further unwinding of the cumulative 175 bp interest rate hike the MB fired off last year to temper inflation — which had clocked successive multi-year highs that peaked at a nine-year-high 6.7% in September and October and fueled a decade-high 5.2% full-year 2018 average — since reductions this year have so far totaled just 75 bp.

“The path to policy rate normalization continues,” HSBC Global Research Economist Noelan Arbis said in a note e-mailed to journalists on Thursday night.

But even with “[i]nflation… likely to remain below-target in the coming months due to base-effects and benign demand-side pressures,” Mr. Arbis said “we… expect the BSP to pause on policy rate cuts for now.”

“High frequency indicators suggest that the Philippine economy is getting back on track. Government spending is picking up, exports have turned positive and consumer sentiment has turned more upbeat,” he explained.

And with the central bank expecting “upside risks to inflation in 2020… We believe it would be most prudent for the BSP to let the previous rate cuts take their course for now before engaging in additional monetary policy rate loosening.”

Moreover, as “[c]ontinued reserve requirement ratio cuts also lessen the need for additional policy rate cuts for now… We expect the BSP to cut its policy rate again by 25bp in 1Q20, bringing it down to 3.75%.

In a note on Friday, Fitch Solutions Macro Research said it expects the BSP to “maintain its dovish stance over the coming quarters, due to softer domestic demand pressures and external demand headwinds.”

“… [W]e see the possibility of a further rate cut before year-end as high, with trade tensions unlikely to improve and inflationary base effects to result in subdued Q4 price growth readings. Moreover, a more significant deterioration in economic readings into 2020 could see the BSP completely reverse the 175bps of hikes in 2018, which would mean an end-2020 policy rate of three percent,” Fitch Solutions said, even as it was quick to add that “this is not our core view.”

It believes the BSP “will take a ‘wait and see’ approach through its last two meetings in 2019” on Nov. 14 and Dec. 12 as monetary authorities expect a rebound in price pressures next year.

“… [T]his suggests that they will remain on hold for the remainder of 2019” and “will cut once again in 2020, primarily because we believe external headwinds will not abate, and as such the BSP will feel it necessary to reduce rates further” — especially as Fitch Solutions does not expect any “meaningful resolution to US-China trade tensions before the November 2020 US presidential election.”

Gov’t sets smaller P220-B local borrowing program for Q4

THE GOVERNMENT plans to borrow P220 billion locally in the last three months of this year, smaller than what it had programmed for this semester and for the same period last year, the Bureau of the Treasury announced on Friday.

The Treasury’s October-December local borrowing program is smaller than this quarter’s P230 billion and the P270 billion it planned to raise in 2018’s fourth quarter.

BTr is looking to raise P100 billion in Treasury bills (T-bills) and P120 billion via Treasury bonds (T-bond) from October to December this year.

Broken down, it plans to offer P8 billion for 91-day tenor and P6 billion for both the 182- and 364-day T-bills on Oct. 9 and 23, Nov. 6 and 20, and Dec. 4.

The government will also auction off T-bonds consisting of P20 billion per offer of three-year notes on Oct. 3 and Dec. 12, five-year papers on Oct. 17, seven-year debt on Oct. 31, 10-year notes on Nov. 14 and 20-year papers on Nov. 28.

National Treasurer Rosalia V. de Leon said in a phone message that the programmed borrowing will act as a “strong cash buffer to meet fourth-quarter requirements”.

This quarter, the government raised P198.382 billion from domestic lenders out of the programmed P230 billion.

For this year, the government set a P1.189-trillion borrowing program to help plug the budget deficit capped at 3.2% of gross domestic product. Of the total, 73% will be sourced from local lenders while the remaining 27% will be from external creditors.

Robinsons Bank Corp. peso debt trader Kevin S. Palma said the Treasury opted for a smaller borrowing program as “inflation is expected to remain subdued in the foreseeable future, hence borrowing costs may continue to ease”.

“Strong demand will persist more so on the short-end to belly of the offerings as investors continue to anticipate the timing of the RRR cut sometime in 4th quarter, coupled with reinvestment requirements from a jumbo bond that will mature in November that amounts to some Php 197 billion,” Mr. Palma said.

The central bank on Thursday slashed the benchmark interest rates by 25 basis points for the third time this year, bringing the overnight reverse repurchase and the overnight deposit and lending to four percent, 3.5% and 4.5%, respectively.

On Friday, it also decided to slash in November the reserve requirement ratio by 100 basis points more for universal and commercial banks, thrift banks and rural banks to 15%, five percent and three percent, respectively, after reductions of up to 200 bp earlier this year that culminated at end-July. — Beatrice M. Laforga

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