Fil-Am defending champion Coryn Rivera to lead racers at Prudential RideLondon Classique

July 26, 2018 | 9:52 pm

THE Prudential RideLondon Classique rolls off on July 28 with Filipino-American defending champion Coryn Rivera leading the pack of competitors.
Topped last year’s edition of the Classique, the richest one-day race in women’s cycling, Team Sunweb’s Rivera, whose parents are both Filipinos, enters the race as one of the favorites for the second year in a row.
But she is expected to be crowded in her quest for a second straight title with other top women’s cyclist in the world also set to see action.
Among those seen giving Ms. Rivera a run for her money in the race are 2016 winner Kirsten Wild (Wiggle High5), last year’s runner-up Lotta Lepisto (Cervelo-Bigla Pro Cycling), Belgium speedster Jolien d’Hoore (Mitchelton-Scott) and 2016 world champion Amalie Dideriksen (Boels-Dolmans).
Ms. Rivera, who visited the country early this year to touch base with her roots and share her passion, is currently on a hot streak, winning the overall title at the OVO Energy Women’s Tour last month and followed that up by winning her first USA national title.
While she is already competing for the United States, Ms. Rivera said during her brief stay in the country that she is encouraged with what is happening in the cycling scene in the Philippines and wishes nothing but the best for Filipino cyclists competing in various races.
For this year’s Classique, nine of the top 10 teams in the UCI Women’s World Tour rankings will be racing. The teams competing are Boels-Dolmans Cycling Team, Mitchelton Scott, Team Sunweb, Ale Cipollini, Canyon SRAM Racing, Wiggle High5, WaowDeals Pro Cycling, Cervelo-Bigla Pro Cycling Team, Cylance Pro Cycling, Valcar PBM, BTC City Ljubljana, FDJ Nouvelle Aquitaine Futuroscope, Hitec Products – Birk Sport, Team Virtu Cycling, Rally Cycling, Trek-Drops, WNT-Rotor Pro Cycling Team, Storey Racing, and Team Tibco – Silicon Valley Bank.
The Prudential RideLondon Classique offers the same prize pool of €100,000 as the male riders in the Prudential RideLondon-Surrey Classic. — Michael Angelo S. Murillo

Hawks ink Carter

July 26, 2018 | 9:51 pm

You’d think Vince Carter doesn’t need the money or the aggravation. Not counting his myriad paychecks from endorsements, he has earned an estimated $167 million since the Raptors drafted him fifth overall in 1998. Through 20 years of toiling in the National Basketball Association, he has filled a resume that makes him a surefire Hall of Famer. On paper, there’s no longer any reason for him to keep burning rubber. And yet he’s still plugging along, apparently intent on subjecting his body to the rigors of at least another season.
Considering Carter’s perspective, you can’t help but conclude that he loves to play, and that he loves to be a mentor even more. He just came off a campaign in which he normed 17 minutes over 58 games for the dysfunctional Kings, and even that didn’t dissuade him from shedding his candidacy for the rocking chair one more time. Yesterday, news broke that he would be signing with the lowly Hawks for the veterans minimum, as clear an indication as any that he’s not chasing rings or aiming to improve his financial standing.
For perhaps anybody else at Carter’s age and bearing his credentials, the stint would be an exercise in masochism. For him, though, it’s a celebration of his commitment to his craft. “If I didn’t love it, I wouldn’t have the desire to put the work in that I have to put in each and every day,” he told the Charlotte Observer earlier this year. “The day I don’t want to prepare for the season, prepare for a game, is the day I’ll walk away — and I’m still willing to do it.”
Indeed, the commitment has enabled Carter to join Robert Parish, Kevin Willis, Kevin Garnett, and fellow 1998 classman Dirk Nowitzki as the only players to log 21 seasons in the NBA. In late January, he’ll be one of just a handful to see action at 42. And though his aggregate wage for the 2018-2019 season doesn’t compare to the $8 million he received from the Kings, it catapults him to the Top 20 in the list of the league’s highest-paid names of all time.
That said, Carter’s motivation stems most from his desire to stay relevant in, and give back to, the sport. In this regard, you’d do well to note that when he was drafted 20 years ago, Hawks teammate Trae Young was three months away from being born. And, no doubt, his vast experience is what led to his employment; he figures to be most crucial off the court, acting as counselor to teammates and making an imprint as they aim to make the same impact he did.
Will the coming season be Carter’s last? Only time will tell. As far as he’s concerned, however, he’ll stop when he can no longer lace them up. As he has been wont to do in recent memory, he’ll start the 2018-2019 campaign by saying he’ll be done after two years. Retirement is calling out, but he’s not listening — yet.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Peso down on corporate demand, US deal with EU

July 26, 2018 | 9:00 pm

THE PESO depreciated against the dollar on Thursday due to corporate demand following the “favorable” agreement between the United States and the European Union on trade policies.
The peso closed the session at P53.435 versus the greenback, 6.5 centavos weaker than the P53.37 finish the previous day.
The peso immediately strengthened as it opened the session at P53.29 per dollar. It climbed to its intraday high of P53.27 before declining to its worst showing of the day which stood at P53.455 against the US currency.
Dollars traded grew to $625.4 million from the $557.1 million that switched hands the previous day.
A foreign currency trader said that the peso closed weaker versus the greenback following a reversal in the afternoon session.
“We saw a reversal in the afternoon session due to corporate demand,” the trader said in a phone interview on Thursday.
The trader added the pair initially mimicked the weakness of the dollar in the morning trading, opening the session stronger.
Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, said the greenback edged higher “on the possible trade war aversion between Europe and the US after reaching a favorable deal.”
Reuters, citing the Wall Street Journal, reported that US President Donald J. Trump has secured a concession from the EU to avoid a trade war.
European Commission President Jean-Claude Juncker and EU trade official Cecilia Malmstrom agreed to work with the US to lower industrial tariffs on both sides, increasing American exports.
On Tuesday, the Trump administration said it will pay up to $12 billion to subdue the effects of the trade war on American farmers.
Meanwhile, another trader said the local unit depreciated as investors took advantage of the weaker dollar ahead of likely stronger US gross domestic product data to be released.
On Friday, Mr. Asuncion expects the peso to move between P53.30 and P53.50 versus the dollar, while the second trader gave a P53.35-P53.55 range.
On the other hand, most Asian currencies strengthened on Thursday, with the dollar weakening after the presidents of the United States and the European Commission agreed to lower trade barriers, alleviating immediate concerns about worsening global trade relations.
Investors were also eyeing the European Central Bank’s (ECB) policy statement due later on Thursday for any references to the pace of monetary policy normalization.
Among regional currencies, South Korea’s won led the gains, strengthening 0.5% against its US peer while the Indian rupee strengthened for a second straight session, gaining as much as 0.13% on improving risk sentiment.
Taiwan’s dollar firmed 0.2%, Singapore’s dollar weakened 0.3% while the Thai baht traded flat. — K.A.N. Vidal with Reuters

Foreign buying helps fuel 3rd day of gains for PSEi

July 26, 2018 | 9:00 pm

By Arra B. Francia, Reporter
THE Philippine Stock Exchange index (PSEi) surged past 7,600 on Thursday on sustained foreign buying and as investors continued to digest President Rodrigo R. Duterte’s State of the Nation Address (SONA) on Monday, particularly on his push for legislative approval of the remaining tax reform packages.
The main index jumped 2.02% or 151.85 points to finish at 7,665.85, its highest in more than a month, while the broader all-shares index likewise climbed 1.54% or 69.99 points to 4,605.52.
“This has been expected technically because we have been oversold before the SONA. So now that the SONA is over, everything is coming into the picture and investors are watching what will happen. That’s why the market continued to rally,” Summit Securities, Inc. President Harry G. Liu said in a telephone interview.
Mr. Liu said investors will especially be watching progress of legislative action on the remaining three to four tax reform packages after Senate leaders signaled on Tuesday and Wednesday that even just the second package — which seeks to slash corporate tax rates and remove redundant fiscal incentives — will be difficult to approve within the year before midterm election fever sets in starting January 2019.
Mr. Liu said investors are also looking forward to more second-quarter earnings results, which will determine listed firms’ plans for the remaining half of 2018.
“We think that investors may already be positioning ahead of the 2Q earnings season and the release of 2Q GDP and an anticipated BSP rate hike on Aug. 8,” RCBC Securities, Inc. said in a daily note, adding that “[f]oreigners may have also been encouraged by the peso’s relative stability since mid-June.”
Regina Capital Development Corp. Managing Director Luis A. Limlingan, meanwhile, said PSEi rode partly on optimism on Wall Street following news of easing trade tensions between the United States and European Union.
Locally, five sectoral indices ended with gains: holding firms by 2.68% or 197.47 points to 7,547.92, property by 1.89% or 69.92 points to 3,757.32, industrials by 1.61% or 170.73 points to 10,774.96, financials by 1.02% or 19.17 points to 1,893.84 and services by 0.79% or 11.63 points to 1,484.06.
Mining and oil was the lone sub-index that declined — by 0.64% or 63.71 points to 9,822.11.
Some 697 million issues switched hands, valued at P6.66 billion, slightly lower than the previous session’s P6.90 billion.
Advancers trumped decliners, 125 to 79, while 42 were flat.
Foreign investors were predominantly buyers for a second straight day, with net inflows growing nearly threefold to P644.67 million from P246.30 million on Wednesday.
Thursday’s 20 most active stocks showed 16 that gained, including SM Investments Corp. (up 3.86% to P969 apiece), BDO Unibank, Inc. (1.85% to P137.50), and Aboitiz Equity Ventures, Inc. (5.27% to P54.95 each).

Which regions can support themselves under a federal form of government?

July 26, 2018 | 8:40 pm

The shift to federalism, the cornerstone of the Duterte administration, aims to maximize the growth potential of regions and local governments by granting them fiscal autonomy.
Economic experts as well as lawmakers flagged fiscal risks in implementing federalism since many regions may be ill-prepared to stand on their own feet. One of the indicators of a region’s self-sufficiency is its reliance on internal revenue allotment (IRA). IRA refers to local government units’ (LGUs) share of the national government’s revenue. If federalism pushes through, the regions least dependent on IRA could be the only ones capable of sustaining their basic operations.
The chart below shows how much of each region’s total operating income comes from IRA.

Sotto leads in net satisfaction with top officials in SWS poll

July 26, 2018 | 8:25 pm

ONLY TWO months in the Senate Presidency, Senator Vicente C. Sotto III led in a second-quarter poll on net satisfaction among the country’s top officials, conducted by the Social Weather Stations on June 27-30, a month after he was elected to the chamber’s top post.
This is the first time for Mr. Sotto to be included in this poll as the Senate leader. The Second Quarter 2018 Social Weather Survey showed Mr. Sotto’s first rating to be a “very good” +54, ahead of Vice-President Maria Leonor G. Robredo’s “good” +32, Acting Chief Justice Antonio T. Carpio’s “moderate” +11, and the “neutral” +8 of Representative Pantaleon D. Alvarez of Davao del Norte (1^st District), his last rating as Speaker of the House of Representatives.
A power struggle last Monday, July 23, led to Mr. Alvarez’s replacement by Gloria Macapagal-Arroyo, the former president and congresswoman from the 2^nd district of Pampanga.
Mr. Sotto registered “very good” ratings across all social classes and age groups, among women, among respondents with educational attainments of “some high school” and “some vocational/college,” and in urban areas and in the National Capital Region (NCR), Balance Luzon, and the Visayas.
The Senate leader, who was a leading comedian, songwriter and film composer before embarking on a political career in the 1990s, had the highest score of “very good” +65 among the ABC class, followed by his “very good” +63 in NCR, and “very good” +60 among women and among respondents in the 45-54 age bracket.
(SWS terminology for net satisfaction ratings is as follows: +70 and above, “excellent”; +50 to +69, “very good”; +30 to +49, “good”; +10 to +29, “moderate”, +9 to -9, “neutral”; -10 to -29, “poor”; -30 to -49, “bad”; -50 to -69, “very bad”; -70 and below, “execrable.”)
Ms. Robredo’s net satisfaction stayed “good” at +32, dipping two points from her rating last March. She registered “very good” ratings in Class E, two points behind Mr. Sotto’s +57, and in the Visayas at +50, in contrast to her “moderate” +14 in NCR.
Mr. Carpio registered a “moderate” +11. He stayed “moderate” among men and women and across all areas except the Visayas where he was a “neutral” +7, but achieved a “good” +31 rating among the Class ABC respondents.
Mr. Alvarez, in his last rating as House speaker, rose 7 points from March to his neutral +8. He stepped up one grade to “moderate” +24 in Mindanao, leaping by 26 points from “neutral” -2 last March, and to “moderate” +28 among ABC respondents, also leaping by 29 points from “neutral” -1 last March.
The noncommissioned survey was conducted using face to face interviews of 1,200 adults (18 years old and above) nationwide: 300 each in Metro Manila, Balance Luzon, Visayas, and Mindanao, with sampling error margins of ±3% for national percentages and ±6% each for the said areas.
In a message to reporters, Mr. Sotto said, “It’s encouraging. Perhaps it’s a reflection of the ‘very good’ performance of the Senate as a whole.” — Ricky S. Torre

Duterte signs Bangsamoro law

July 26, 2018 | 8:22 pm

PRESIDENT RODRIGO R. Duterte on Thursday said he has signed the Bangsamoro Organic Law (BOL).
Speaking in Ipil, Zamboanga Sibugay, Mr. Duterte said in Visayans, “The BBL has been signed, but I’m still going back (to Davao City) because I have a ceremony with (Moro Islamic Liberation Front leaders Ghazali) Jaafar and (Al-Haj) Murad (Ebrahim).”
Mr. Duterte, however, was contradicted that afternoon by his spokesman, Harry L. Roque, Jr., and aide, Christopher T. Go., who both said the President has not yet signed the autonomy law creating the Bangsamoro Region in Mindanao.
“As of 5:43 p.m., BOL has not yet been signed by the President,” Mr. Roque said in a text message to reporters.
Mr. Duterte in his remarks also said: “And also I’d like to talk to (Moro National Liberation Front leader) Nur ([Misuari)], so that we can have it by the end of the year. I can create also just like an autonomy for him if that’s what he wants, and pending the federal system implementation he can just wait for it if he (Nur) trusts me.” — Arjay L. Balinbin

Duterte to send only one representative to climate change meetings abroad

July 26, 2018 | 8:22 pm

PRESIDENT RODRIGO R. Duterte on Wednesday night said he will send only one representative in any conference on climate change abroad.
Mr. Duterte spoke at a welcome dinner hosted by the Asia-Pacific Healthy Islands Conference in his hometown of Davao City.
“Can you now force or exact obedience from the other countries if the commission or the body itself that would govern (or) try to control the carbon footprints in this planet is in disarray?” said Mr. Duterte, who heads the country’s Climate Change Commission (CCC).
He added: “There’s a climate change in Africa and they are there. There’s a climate change in New Zealand and they are there en masse. Then there’s a climate change in Tokyo, they are there.”
“Every department sends somebody who does not even know the definition of a climate and how it changes. How is the process done to create a problem for the ecosystem and environment?”
“So all of them. And when I saw the list of 11 travels, climate change conferences all over the world and it has nothing. Nothing good has come to my country except the expenses of going out and seeing the cities.”
“To hell with climate change because whether you like it or not, the typhoon is coming from….The Philippines is the window of the Pacific Ocean. So that is how you b___s___ with the money. You go.”
“And I said to this day, I fired a lot. Most of them were my friends who were with me when I was campaigning, and it pains me deeply to see them go.”
“It makes me sad, but, you know….Once and for all, we decide. We cannot be going to conventions every now and (then). I would insist on one representative from the Climate Change Commission, and I will not allow everybody to go out.”
“You need only one mouth. We are not as rich as France, Great Britain where you can send a delegation….”
In its statement, the CCC said, “Pacific island nations, including the Philippines, consider a two-degree Celsius increase above pre-industrial levels nothing short of an existential threat given their common vulnerability to climate change impacts such as sea level rise, ocean acidification, and more extreme heatwaves and rainfall, such as those currently slamming Japan, Greece, and Laos.”
The statement also quoted Secretary Emmanuel de Guzman, CCC vice-chairperson, as saying: “The Philippines and its Pacific neighbors fought together to enshrine the 1.5 degrees Celsius warming threshold in the (2016) Paris Agreement.”
Mr. de Guzman led the Philippine presidency of the Climate Vulnerable Forum (CVF), a group of 48 Pacific and other developing nations, during the Paris climate negotiations.
“Vulnerable countries must stand together in solidarity and lead the call for urgent climate action worldwide. We can only do so much on our own to implement Paris. We must protect not only our islands but our people’s health and wellbeing not tomorrow but today,” Mr. de Guzman also said.
Susan Pineda-Mercado, special envoy of the President for global health initiatives, said for her part: “Pacific island nations urgently need reliable clean energy that can power health centers and produce safe water, more highly-trained medical staff, better technology and financing facilities more responsive to their needs.”
“We need to urgently elevate the investment agenda of the Pacific’s health sector in a way that is sensitive to the worsening impacts of climate change while also providing funding, capacity building and technology transfer programs that can advance healthier and more resilient island systems across the Pacific,” she added.

Martires named Ombudsman

July 26, 2018 | 8:19 pm

PRESIDENT RODRIGO R. Duterte announced on Thursday, July 26, he has signed the appointment of Supreme Court (SC) Associate Justice Samuel R. Martires as the new Ombudsman, a day ahead of Conchita Carpio-Morales’s scheduled retirement Friday.
The President made the announcement during his speech at the 69^th charter anniversary of Ipil town, Zamboanga Sibugay.
“We have a new Ombudsman. I signed the appointment of Justice Martires,” Mr. Duterte said of the SC justice who is due to retire next year yet.
On Thursday morning, Presidential Spokesperson Harry L. Roque, Jr., said the Palace had just received from the Judicial and Bar Council (JBC) the list of nominees for the next Ombudsman.
JBC’s shortlist also included retired Sandiganbayan Presiding Justice G. Edilberto Sandoval and lawyer Felito Ramirez. — A.L. Balinbin

Puno: PHL not ready for parliamentary system

July 26, 2018 | 8:18 pm

By Gillian M. Cortez
A LEADING proponent of the draft federal charter said the Philippines is not ready for a parliamentary system, going by last Monday’s power struggle at the House of Representatives.
Retired chief justice Reynato S. Puno, who headed the Consultative Committee (ConCom) to Review the 1987 Constitution, also said he will not support federalism without an anti-dynasty provision.
“Just look back at everything that happened in Congress last Monday,” he said in his interview with The Chiefs on One News, regarding the ouster of House Speaker Pantaleon D. Alvarez right before the State of the Nation Address (SONA) of President Rodrigo R. Duterte.
Mr. Puno said the committee supports a presidential federal type of government: “There would be less risk in adapting a federal presidential system of government. On the other hand, my fear is that we are not ready for a parliamentary form.”
“We have to educate the public about the advantages and disadvantages of a unitary form of government verses federalism, then we have to educate them about the federal structure–what will happen to the federal government–and more importantly, what will happen to the regions,” he also said.
“We like to point out that power will be shifted from the federal government to the federal regions, then you unlock the potential of the regions. We believe that is the key to development of the regions. We are not only devolving economic powers (but) we are also devolving political powers and this is what our regions need.”
Regarding political dynasties, Mr. Puno said, “If this anti-dynasty provision (in our draft federal charter) is taken out, I will not support federalism.”

Ramon Magsaysay Award bares 2018 roster

July 26, 2018 | 8:16 pm

By Gillian M. Cortez
THE Ramon Magsaysay Award Foundation (RMAF), now marking its 60^th year, announced on Thursday its six new awardees for this year, 2018.
The awardees, representing Cambodia, East Timor, India, the Philippines and Vietnam, “are clearly Asia’s heroes of hope,” said RMAF president Carmencita T. Abella.
They are Youk Chhang of Cambodia, Maria de Lourdes Martins Cruz of East Timor, Howard Dee of the Philippines, Bharat Vatwani and Sonam Wangchuk of India, and Vo Thi Hoang Yen of Vietnam.
Youk Chhang was honored for his efforts in preserving the memory of the Cambodian Genocide in the 1970s and turning this as inspiration for his countrymen to attain justice in their society.
Maria de Lourdes Martins Cruz was cited for humanitarian action towards the impoverished in East Timor and her efforts in pursuing social justice and peace.
Howard Dee was honored for his charitable services for the Filipino poor while helping them achieve progress in their lives.
Bharat Vatwani was awarded for his dedication towards the mentally-afflicted destitute, showing that restoration of dignity is possible even in the most ostracized in society.
Vo Thi Hoang Yen was cited as an inspiration for Persons With Disabilities (PWDs), showing that anyone in society could progress despite their physical condition.
Sonam Wangchuk was cited for producing learning systems in Northern India that have helped improved lives, especially among the Ladakhi youth.
Ms. Abella said, “All are unafraid to take on large causes. All have refused to give up, despite meager resources, daunting adversity, and strong opposition.”
The 2018 laureates will be formally awarded on August 31 at the Cultural Center of the Philippines.
The Ramon Magsaysay Awards was established in 1957 and is widely deemed the highest honor in Asia. It is given to individuals who possess and showcase exemplary leadership and selfless service like that of the late Philippine president after whom the award is named. To date, there are 330 Magsaysay laureates in the past 60 years, including this year’s awardees.

Comelec backs Robredo on 25% shading threshold

July 26, 2018 | 8:15 pm

THE Commission on Elections (Comelec) has backed an appeal by Vice-President Maria Leonor G. Robredo, citing that the 25% shading threshold was used in the 2016 general elections.
“In the 9 May 2016 (elections), the Comelec generally instructed the voters to fully shade the ovals of the ballots. However, it ha(d) set the shading threshold of the oval at about 25% to guarantee that the votes are not wasted due to inadequate shading or that no accidental or unintended small marks are counted as votes,” Comelec said in its comment to the Presidential Electoral Tribunal (PET) dated July 23.
“All election results are based on this threshold,” Comelec also said in its comment.
The Comelec recalled in its comment that during the 2010 National and Local Elections, “the shading threshold was set at 50%” and shadings from 25% to 49% were “considered ambiguous marks.” The poll body Comelec argued this process lengthened queuing time in the polling place. Thus the threshold was thereafter set at 25%.
Ms. Robredo’s legal counsel Romulo B. Macalintal said in a statement on Thursday, “It is not only historical in the highly specialized field of election law, but more importantly it was a vindication of our voters’ constitutional right of suffrage which was placed in danger by some procedural technicalities raised by Marcos in the course of the revision and recount of the ballots at the PET.”
Former senator Ferdinand R. Marcos Jr. has a pending protest against Ms. Robredo’s election victory in 2016 as recognized by the Comelec, and has urged PET to apply the 50% shading rule.
The Supreme Court has dismissed Ms. Robredo’s petition to consider the 25% shading threshold and she has filed a motion for reconsideration last June. — Gillian M. Cortez