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Peso rebounds on BSP policy decision

THE PESO rebounded against the dollar on Wednesday after the Bangko Sentral ng Pilipinas (BSP) delivered another rate cut.

The local unit closed at P57.70 per dollar on Wednesday, strengthening by 16.5 centavos from its P57.865 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session weaker at P57.90 against the dollar. Its intraday best was at its closing level of P57.70, while its worst showing was at P57.92 versus the greenback.

Dollars exchanged went down to $1.38 billion on Wednesday from $1.47 billion on Tuesday.

“The market mostly moved sideways ahead of the BSP rate decision and was muted when the BSP announced the 25-basis-point (bp) cut. Traders mostly absorbed and repositioned following the rate decision,” a trader said by phone.

The Monetary Board on Wednesday cut benchmark interest rates by 25 bps for a second straight meeting, as expected by 16 of 19 analysts in a BusinessWorld poll, as price pressures remain manageable.

This brought its policy rate to 6%. The interest rates on the BSP’s overnight deposit and lending facilities were also adjusted to 5.5% and 6.5%, respectively.

The BSP in August kicked off its easing cycle with a 25-bp reduction, marking its first rate cut in nearly four years.

The peso rose against the dollar as it was supported by signs of easing tensions in the Middle East after Israel said it would not target Iran’s oil and nuclear facilities, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Thursday, the trader sees the peso moving between P57.50 and P57.90 per dollar, while Mr. Ricafort expects it to range from P57.60 to P57.80. — A.M.C. Sy

PSEi slips as peso weakness dents sentiment

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

THE MAIN INDEX inched lower on Wednesday as sentiment soured amid a weaker peso and following Wall Street’s slump overnight.

The Philippine Stock Exchange index (PSEi) dropped by 0.25% or 19.31 points to close at 7,437 on Wednesday, while the broader all shares index rose by 0.27% or 11.11 points to end at 4,097.56.

“The local market edged lower this Wednesday after two straight days of being up,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The bourse declined with the peso’s weakness against the dollar seen as a weighing factor. Spillovers from Wall Street’s overnight decline also weighed on Wednesday’s trading,” he added.

On Tuesday, the peso sank to an over two-month low of P57.865 per dollar. It rebounded on Wednesday, rising by 16.5 centavos to end at P57.70.

Meanwhile, Wall Street’s major stock indexes closed lower on Tuesday, with a 1% drop in the technology-heavy Nasdaq leading losses as chip stocks tumbled on demand concerns while the energy sector fell 3% as oil prices dropped, Reuters reported.

The Dow Jones Industrial Average fell 324.80 points or 0.75% to 42,740.42; the S&P 500 lost 44.59 points or 0.76% to 5,815.26; and the Nasdaq Composite lost 187.10 points or 1.01% to 18,315.59.

Notably, both the Dow and the S&P 500 registered record closing highs in the previous session.

“Philippine stocks traded sideways ahead of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board decision on benchmark interest rates,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia added in a Viber message.

“A 25-basis-point (bp) rate cut was widely expected but it was not set in stone yet, so it’s likely that investors opted to pocket their gains in case of a negative surprise,” Mr. Garcia said.

The Monetary Board on Wednesday continued its easing cycle as it cut its policy rate by 25 bps to 6%, as expected by 16 out of 19 analysts in a BusinessWorld poll.

Rates on the BSP’s overnight deposit and lending facilities were also reduced to 5.5% and 6.5%, respectively.

Majority of sectoral indices ended lower on Wednesday. Mining and oil dropped by 1.08% or 95.05 points to 8,669.49; property lost 0.83% or 24.63 points to end at 2,944.57; holding firms went down by 0.56% or 35.52 points to 6,291.19; and services declined by 0.04% or 1.07 points to 2,262.06.

Meanwhile, industrials climbed by 0.31% or 32.08 points to 10,102.59; and financials inched up by 0.03% or 0.94 point to 2,401.74.

Value turnover increased to P6.95 billion on Wednesday with 831.76 million shares traded from the P6.41 billion with 584.49 million issues that changed hands on Tuesday.

Decliners outnumbered advancers, 101 versus 86, while 75 names ended unchanged.

Net foreign buying increased to P841.27 million on Wednesday from P638.15 million on Tuesday. — R.M.D. Ochave with Reuters

BoI confident it will exceed P1.6-trillion investment goal

FREEPIK

THE Board of Investments (BoI) said it expects to breach the P1.6 trillion upper limit of its target range for investment approvals this year due to the volume of big-ticket infrastructure and renewable energy (RE) projects.

On the sidelines of the Investment Policy Forum on Wednesday, Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said the project pipeline is fueling confidence at the BoI.

“We are confident that we will breach P1.6 trillion because there are infrastructure projects coming in,” he told reporters.

“And this is in addition to the RE projects that are coming in, as you can see in our pipeline for green lanes,” he added, referring to the system of granting expedited permits for strategic projects.

The BoI had previously set an internal target of approving P1.25 trillion to P1.5 trillion in investments this year. The upper limit of the target was adjusted to P1.6 trillion in August.

As of September, the BoI said it endorsed P4.3 trillion worth of investments to the One-Stop Action Center for Strategic Investments, which is set to evaluate 158 projects. 

RE projects still account for the bulk of the list, with P3.91 trillion of the green lane-certified projects. Such RE projects number 128.

Six digital projects worth P346.33 billion were also endorsed for green-lane treatment, while 22 projects related to food security worth P13.5 billion were also endorsed.

Meanwhile, two manufacturing projects worth P29.61 billion were also given green-lane status.

In terms of approvals, the BoI has greenlit P1.35 trillion worth of investment pledges as of mid-September.

This represents an 82% increase from the P741.98-billion approved investments in the same period last year and surpassed the P1.26-trillion full-year investment approvals in 2023.

He said the main driver for BoI’s investment approvals performance was the removal of the restrictions on foreign equity on RE projects.

“We are already at P1.35 trillion (investment approvals), but not all of that is because of promotions … the most critical piece of the puzzle that led to that was the removal of equity restrictions,” he said.

Investments in RE projects increased after the government allowed full foreign ownership in the sector, which was previously capped at 40%.

The event Mr. Rodolfo appeared at was the International Institute for Sustainable Development (IISD)’s 16th edition of the Investment Policy Forum. The three-day summit aims to put together investment negotiators and policymakers from developing and emerging countries.

“It is the first time in the Philippines for this event. In terms of the number of participants, we have around 95 participants coming from countries from Latin America, Africa, and Asia, but we also have institution representatives,” IISD Director Suzy H. Nikièma said.

She said that more than 40 countries are represented at this year’s event.

“We created this event because we realized we didn’t have a platform where investment policy makers can meet together from developing countries and emerging economies to share the challenge to discuss ideas, strategize, and build coalitions,” she said. — Justine Irish D. Tabile

S. Korea, US, Japan main focus of tourism efforts amid restrictions on visas for Chinese visitors

BOHOL TOURISM OFFICE

THE Department of Tourism (DoT) said on Wednesday that it is focusing its efforts on South Korea, the US, and Japan due to restrictions on issuing visas to Chinese nationals.

“With a more stringent visa policy towards Chinese travelers, I don’t think we can expect a flourishing market from that jurisdiction,” Tourism Secretary Ma. Esperanza Christina G. Frasco told reporters on the sidelines of an event.

The Philippines is currently embroiled in a territorial dispute with China in the West Philippine Sea.

“That is why the DoT, respectful of these realities on the ground, is actively pursuing (promotional activities in) our top source markets, including South Korea, the US, and Japan,” she said.

Ms. Frasco added that the DoT sees the India market as a “massive opportunity.”

The industry is projecting demand for 456,055 hotel rooms by 2028, according to the Philippine Hotel Industry Strategic Action Plan 2023 -2028, prepared by the DoT and the Philippine Hotel Owners Association, Inc.

Ms. Frasco noted “challenges” in meeting the projections “in light of external factors that include geopolitical stresses upon these arrivals, over which we have little control.”

She also noted that Philippine visa policy is less liberal compared to its Association of Southeast Asian Nations neighbors.

“That is why we continue to advocate for a liberalized visa system to be instituted by the Department of Foreign Affairs in partnership with the Bureau of Immigration,” she said.

Ms. Frasco added that the President’s order to establish an electronic visa system could unlock markets like India. — Aubrey Rose A. Inosante

German envoy says defense talks with PHL could conclude this year

REUTERS

THE PHILIPPINES and Germany are looking to sign a defense agreement outlining areas of security cooperation by the end of the year, according to Germany’s Ambassador to Manila.

On the sidelines of the German-Philippine Chamber of Commerce and Industry briefing on Tuesday, Ambassador Andreas Michael Pfaffernoschke said that the two parties are still negotiating the terms of the agreement.

“I think it’s a general agreement on how to work together on security issues in the future,” Mr. Pfaffernoschke told reporters late Tuesday.

“The real content is still subject to negotiation, but it will include training like it’s already done for the Philippine Armed Forces in Germany; it might include equipment; and it will include joint exercises and many more,” he added.

He described the agreement’s scope would not reach the level of a Visiting Forces Agreement (VFA).

“It’s a Security Cooperation Agreement. I don’t think there’s an interest, neither of Philippine troops to be stationed in Germany nor of German troops to be stationed in the Philippines in the future. So we do not aim for a VFA but for something lower,” he added.

He said there is a working draft for the agreement, subject to further negotiation.

“For this agreement, Defense Secretary Gilberto C. Teodoro, Jr. and my Defense Minister in principle had agreed to (conduct negotiations until) the end of this year,” he said.

“But you know, once you have agreed on a text, there are still the legal checking procedures in the ministries, and that might again take time. So, I’m still hopeful that we will get there by the end of the year,” he added.

Asked for his outlook on trade and investment between the two countries, he said it will depend on whether the Philippines undertakes measures that are attractive to foreign direct investment (FDI) and removes any obstacles.

“If so, then I have every reason to advertise for more FDI to come to the Philippines. But it also depends on the government, and it is hard to predict what will come out of that,” he said.

He said that German companies have continuing interest in the Philippine business process outsourcing, automotive, pharmaceutical, semiconductor, and logistics industries.

“But I could expect others, like insurance and banking companies, to also come to the Philippines,” he said.

“I think slowly but steadily (they will come in); we just have to continue advocating for the Philippines,” he added. — Justine Irish D. Tabile

East Asia-Pacific among most exposed to climate shocks — WB

PHILIPPINE STAR/ MICHAEL VARCAS

THE East Asia and Pacific Region is the second most exposed to climate-related shocks globally, which could push part of its populations to extreme poverty, the World Bank (WB) said.

In a report, the Washington-based bank said the 67.9% of the East Asia and Pacific’s population is exposed to extreme weather events. It found South Asia (88.1%) to be the most exposed.

Less than one-tenth of the East Asia and Pacific population is at high risk to climate shocks, while the Sub-Saharan Africa has the highest share of its population both exposed and at risk to climate shocks (39.2% and 37.3% respectively).

“The pandemic has shown how shocks can have a long-lasting effect on welfare. Shocks are expected to increase with more frequent and severe extreme weather events,” the World Bank said.

The bank also noted that while the global distribution of income has improved since 1990, a large portion of the world’s population lives close to the poverty line. This indicates that moderate shocks can rapidly push people back into extreme poverty, it said.

Nearly one in five people is likely to experience a severe climate shock in their lifetime that they will struggle to recover from, the bank said. These climate-related hazards include floods, heat, drought, and cyclones.

Climate shocks will likely intensify as the three main anthropogenic greenhouse gases — carbon dioxide, methane, and nitrous oxide, trapped 50% more heat in 2022 since 1990, the bank said.

Greenhouse gas emissions, which cause global warming, impact the occurrence and severity of extreme weather events. The bank also noted the slower progress globally in reducing greenhouse gas emissions per unit of growth.

Ending extreme poverty and boosting shared prosperity requires delivering faster and inclusive growth, and increasing protection from climate shocks, according to the World Bank.

Around 8.5% of the global population is living in extreme poverty this year. This also means that 692 million people worldwide live on less than $2.15 per person per day.

Factors that hinder poverty reduction include slow economic growth and shocks such as the COVID-19 pandemic, inflation, and increased conflict and fragility.

The World Bank also noted that the Sustainable Development Goal of ending extreme poverty in all countries by 2030 will not be achieved.

“Between now and 2030, only 69 million people are projected to escape extreme poverty,” the bank said, noting that 7.3% of the global population will live in extreme poverty by the end of the decade.

“If economic growth continues to be slow and inequality remains unchanged, the 3% goal will remain out of reach for decades.”

The multilateral lender classified the Philippines as a “high inequality” economy with a Gini index of 40.7.

The World Bank projects that around 40% of the global population (or more than 3 billion people) will live on less than $6.85 a day, the poverty threshold for middle-income countries. It also noted that less than 20% will have less than $3.65 a day.

“This means that poverty at the higher lines is projected to decline at rates similar to the ones achieved in the beginning of this century, while progress in reducing extreme poverty is slowing significantly,” World Bank said.

“This projection reflects several factors, including differences in where the poor at the various lines live and the associated countries’ projected growth rates over the next half-decade.” — Beatriz Marie D. Cruz

PPP project pipeline now at 169, valued at P3.18 trillion

PPP.GOV.PH

THE pipeline of public-private partnership (PPP) projects is now at 169, with a total value of P3.18 trillion, the PPP Center said.

These include 113 national PPP projects and 56 local ones, according to the PPP Center website.

Of the national PPP projects, 75 are solicited and 38 unsolicited. Of the local PPP projects, 16 were solicited and 40 unsolicited.

The PPP Center has said that five PPP projects valued at around P28 billion will be awarded this year and by early 2025.

These include the New Bohol International Airport and the Negros Occidental Bulk Water Supply Project, which will be awarded by the end of this year, the PPP Center said in an e-mail reply to queries.

Also to be awarded next year are the University of the Philippines-Philippine General Hospital (UP-PGH) Cancer Center, the Boracay Bridge project, the Bislig City Bulk Water Supply project, the Bislig City Septage project, and a dialysis center at the Baguio General Hospital and Medical Center.

Projects due for submission to approving bodies by the end of this year include the Boracay Bridge project, the San Ramon Newport project, the UP-PGH Diliman project, and the Iloilo International Airport Project.

The operations and maintenance contract of the Metro Manila Subway and North South Commuter Railway, and rehabilitation, operations and maintenance of the Metro Rail Transit (MRT) Line 3 are also scheduled for awarding in 2025.

PPP projects for submission to approving bodies by next year are the Cagayan Valley Medical Center – Hemodialysis Center, the Kalibo International Airport project, and the Puerto Prinsesa International Airport project.

The government enters into PPPs to mobilize private funds to build needed infrastructure.

Meanwhile, National Economic and Development Authority Secretary Arsenio M. Balisacan cited the importance of PPPs in building climate-resilient infrastructure.

“Limited fiscal space, especially in the aftermath of the COVID-19 pandemic, necessitates developing our governance framework for public-private partnerships to finance climate-resilient infrastructure,” Mr. Balisacan told a forum on Tuesday.

The pipeline for PPP projects also includes major water supply, flood control, and irrigation infrastructure projects, Mr. Balisacan said. This is expected to help meet the economy’s growing needs while increasing resilience against climate change.

During the forum, President Ferdinand R. Marcos, Jr. emphasized the need to increase investment in disaster risk reduction and develop financing mechanisms to help address disaster risks.

“Sustained and predictable data and financing would help address disaster risks better,” he said in his speech.

“This entails ensuring that developing countries, particularly the least-developed countries, landlocked countries, and small island developing states, are provided greater access to these resources to advance their policies and build disaster resilience.” — Beatriz Marie D. Cruz

FAO working to expand Philippine Anticipatory Action project

REUTERS

THE Food and Agriculture Organization (FAO) said that it is seeking to expand its anticipatory action (AA) project in the Philippines.

“We’re working very closely with the Department of Social Welfare and Development to be able to scale up our pilot anticipatory action work in three provinces,” FAO Social Policy and Program Coordinator Ruth Honculada-Georget told BusinessWorld on the sidelines of a forum at the Asia-Pacific Ministerial Conference on Disaster Risk Reduction.

“So right now, it’s just limited. But FAO is planning,” she added.

Since 2021, the FAO, an arm of the United Nations, had been conducting simulations in disaster-prone regions of the Philippines.

The FAO said AA covers measures taken to reduce the humanitarian impact of expected disasters before they happen or before its acute impacts can be felt.

The FAO had also partnered with the Department of Agriculture (DA) to address food insecurity and protect the livelihoods of farmers and fisherfolk from natural disasters.

She added that the Philippines needs more risk information, early warning systems and a reliable information system to reduce crop losses from climate-related risks.

Agricultural production had been affected by the recent El Niño, where cropland endured droughts and dry spells.

La Niña, meanwhile, increases the chances of tropical cyclone activity in the coming months.

“We need to be better in not just understanding the forecast but communicating that information to our farmers so that they can prepare better… even local government units who really are there at the frontlines to help farmers,” she said.

The DA, FAO, and PAGASA, the government weather service, will pursue a seven-year project seeking to promote climate resilient agriculture.

The project will be rolled out in the Cagayan Valley, the Cordillera Administrative Region, Bicol, Northern Mindanao, and Soccsksargen, covering nine provinces and 100 municipalities.

Ms. Honculada-Georget added that the FAO will continue to work with the government and civil society organization to bring in technical expertise to scale up the program.

“It’s the government that has the resources to reach the most vulnerable and poorest households in at-risk areas,” she said.

She added that financial constraints continue to hinder the wider adaption of AA.

“There’s a lot of challenges in the sense that when you talk about financing, the knee-jerk reaction would be that (it) is not enough,” Ms. Honculada-Georget said.

According to an FAO report, the Philippine government has been making policy and legislative changes to enable local governments to access their Quick Response Fund on the declaration of an imminent disaster.

“From our end, it’s important for us to recognize that the challenge may seem like it’s just the financing, but it’s more about having the systems, the laws in place to make available those resources,” she added.

Legislators have filed bills seeking to establish a mechanism to ensure AA measures are in place ahead of natural disasters. Senate Bill No. 2643 was filed in April, while a similar bill was filed before the House of Representatives in February.

The Philippines is among the top countries most prone to climate risk disasters, according to the World Bank. The country experiences about 20 tropical cyclones each year. It is also located within the Pacific Ring of Fire, an area with active seismic activity. — Adrian H. Halili

Palay farmgate price up 12.7% in September

REUTERS

THE average farmgate price for palay or unmilled rice rose 12.7% year on year to P22.43 per kilogram in September, according to the Philippine Statistics Authority (PSA).

The PSA said that most regions reported growth in the average farmgate price of palay during the month, while three regions — the Cagayan Valley, Central Luzon, and Mimaropa — reported falling prices.

The highest palay prices for September were posted in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), where palay prices rose 95.8% year on year to P26 per kilo.

The lowest farmgate price was recorded in Mimaropa at P19.7 per kilo, down 1.2% year on year.

The National Food Authority (NFA) said last week that it will set the buying price for palay at P23 to P25 per kilo depending on location and grain quality, allowing it to better compete with private traders for grain to build up its inventory.

On a month-on-month basis, the farmgate price slipped 4.5% from August.

The PSA said 11 regions posted higher farmgate prices month on month, while five regions posted declines.

Mimaropa reported the highest decline of 22.65%, from P24.15 per kilo a month prior.

BARMM saw a 10.1% increase month on month from August.

The PSA reported that palay production is expected to decline by 11.9% year on year to 3.35 million metric tons  during the three months to September. — Adrian H. Halili

The ‘BuZ’ is coming: Establishing the Bulacan Ecozone

Aside from traveling the world, my bucket list includes going to live concerts of my favorite artists. I’m sure most people my age are the same. In the Philippines, fans are lucky to have concert venues that can accommodate a large scale audience, which makes our country appealing to concert organizers. When it comes to concert venues, I’m pretty sure the Philippine Arena and Philippine Sports Stadium are among those that come to mind. These are the two largest event venues in the country which are both located in Bulacan.

In the coming years, however, Bulacan will not only be on the minds of concert goers but also of foreign investors.

In June, the bill creating the Bulacan Special Economic Zone and Freeport lapsed into law as Republic Act No. 11999 and took effect on July 13. This law establishes the Bulacan Ecozone or “the BuZ.” The purpose of this new ecozone is to attract foreign investment that will generate employment and increase productivity and individual, as well as family, incomes.

The BuZ covers: (a) the Airport Project and the Airport City Project of San Miguel Aerocity, Inc., which includes the development of a new Manila International Airport in Bulakan, Bulacan; and (b) land of certain cities and municipalities in Bulacan that are not yet included as component parts of the Airport Project and the Airport City Project.

The law also establishes the Bulacan Special Economic Zone and Freeport Authority (BEZA). The purpose of BEZA is to manage and operate the BuZ, in accordance with the provisions of the law; and to establish the general framework for land use, planning and development for the BuZ. The BEZA is to be organized within 180 days from the effectivity of the law.

Let’s discuss the salient features of the BuZ.

REGISTRATION WITH BEZA
Prospective locators within the BuZ may register with BEZA and qualify for business incentives in accordance with Republic Act No. 11534, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). However, the Airport Project and the Airport City Project remains covered by its specific franchise granted under Republic Act No. 11506, including the incentives and regulatory regime provided by that law.

The management and operations of any existing Philippine Economic Zone Authority (PEZA)-supervised economic zones in the BuZ will remain with PEZA. Any existing PEZA-registered locators within the BuZ will have the option to register with PEZA or the BEZA. The capitalization requirement and incentives granted by the two Investment Promotion Agencies (IPA) are basically the same.   

The BuZ also allows foreign citizens and companies owned by non-Filipinos to set up enterprises in the BuZ in any sector of industry, international trade and commerce subject to existing laws, rules and regulations on foreign equity restrictions.

SPECIAL CUSTOMS TERRITORY
The BEZA will operate and manage the BuZ as a separate customs territory. As such, BEZA is to establish a permanent customs control or customs office at its perimeter to enhance revenue collection and prevent imports of prohibited goods into the customs territory. On the other hand, exports or removal of goods from the BuZ to other parts of the Philippines are subject to customs duties and taxes.


INCENTIVES FOR ECOZONE ENTERPRISES/INVESTORS
Registered enterprises operating within the BuZ may apply for fiscal incentives granted under CREATE, and such other fiscal incentives as may be provided by law (e.g., R.A. No. 11506). This includes an income tax holiday, the special corporate income tax rate (SCIT) of 5% or enhanced deductions, VAT and duty exemption on imports, and VAT zero-rating on local purchases, among others. The grant of fiscal incentives by the concerned IPA shall only be to the extent of the approved registered project or activity of the registered business enterprise.   

Foreign nationals, who either intend to invest in the BuZ or possess highly specialized skills, can apply for a special resident visa within the territorial coverage of the BuZ while the investment subsists.

A Special Skills Visa is available to foreign executives and foreign technicians with highly specialized skills which no Filipino possesses. Applications are to be sponsored by the registered enterprises that require the expertise of the applicants. The law also requires that such enterprises formulate and undertake an understudy or skills development program to ensure the transfer of technology or skills to Filipino workers.

An Investors Visa, on the other hand, is available to any foreign national who invests $250,000, either in cash and/or equipment, in a BEZA-registered enterprise.

REVENUE SHARING
The revenue from the 5% SCIT to be collected from the registered enterprises will be allocated as follows — 40% to the National Government, 20% to BEZA, and 40% to local government units.

IMPLEMENTING RULES AND REGULATIONS
The implementing rules and regulations (IRR) are due within 90 days from the effectivity of the law. The draft IRR as of Sept. 27 has been released on the website of the Board of Investments for public comment.

The creation of the Bulacan Ecozone is expected to generate revenue from investments, exports, and taxes that will boost the economy. The ecozone will also provide more job opportunities. It is hoped that investors will be sufficiently enticed and not miss the BuZ.

Personally, I look forward to the creation of the new airport as it will attract more tourists and international artists to perform in the country. Who knows? Maybe we can finally have a Taylor Swift and BTS concert here.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

 

Nestine P. Buisan is a senior manager at the Tax Services department of Isla Lipana & Co., the Philippine member firm of the PwC network.

nestine.p.buisan@pwc.com

Yapp leads Team Asia’s 3-2 edge over Team Europe in Reyes Cup

SINGAPORE ACE cue artist Aloysius Yapp — ONE SPORTS/RM CHUA

ALOYSIUS YAPP took control of the decisive fifth rack as he gunned down Jayson Shaw, 5-4, to give Team Asia a critical 3-2 lead over Team Europe in the inaugural Reyes Cup at the Ninoy Aquino Stadium on Tuesday night.

The 28-year-old Singaporean Southeast Asian Games gold medalist showed nerves of steel in overcoming a gritty Mr. Shaw by sweeping the final rack in snatching the hill-hill win and giving the hosts the much-needed lead going into the final two days.

Mr. Yapp was also part of that second doubles match with former world 10-ball and 9-ball king Ko Pin Yi of Taiwan that bested the Spanish duo of Francisco Sanchez Ruiz and David Alcaide, 5-2.

The other match that Team Asia won was Vietnamese Duong Quoc Hoang’s 5-3 victory over Albanian Eklent Kaci.

The Europeans averted what could have been a disastrous opening day as they rallied from 4-1 down in snatching a 5-4 win by a team of Sanchez Ruiz, David Alcaide, Mickey Krause of Denmark and Eklent Kaci over Filipinos Carlo Biado and Johann Chua, Alosius Yapp and Duong Quoc Hoang.

Mr. Shaw had a great start by seizing the first two frames thanks to a break-and-run in the second.

But Mr. Yapp fought gallantly back, took the third rack from 7-all and then leveled it at two after Mr. Shaw broke dry that allowed the former to take total control of the table.

Mr. Yapp did take control, 3-2, but Mr. Shaw tied the count again after a golden break in the sixth.

The two combatants alternated racks again with Mr. Yapp taking the seventh and Mr. Shaw the eighth before the Singaporean got possessed and dominated the winner-take-all rack.

The visitors’ other triumph came from Messrs. Shaw and Krause over Messrs. Chua and Biado, 5-3.

Action resumed in Day Two last night in this three-day, 21-match and race-to-11 tournament, which is being done in tribute to legendary Filipino Efren “Bata” Reyes. — Joey Villar

Aaron Judge ends homer drought as NY Yankees snag 2-0 ALCS advantage

AARON JUDGE — REUTERS

NEW YORK — While the rest of his New York (NY) Yankees teammates were doing enough to win close postseason games, Aaron Judge was often ending his postseason at-bats without productive results.

At least until Tuesday.

Judge hit his first homer of the postseason, a two-run shot in the seventh inning that padded the lead as the Yankees earned a 6-3 victory over the Cleveland Guardians in Game 2 of the American League Championship Series (ALCS).

The Yankees hold a 2-0 lead in the best-of-seven series as it shifts to Cleveland beginning on Thursday.

New York manager Aaron Boone said of Judge’s blast, “It gave us some breathing room there.”

Judge hadn’t gone deep in the postseason since Game 5 of the 2022 AL Division Series against Cleveland. On Tuesday, he sent a 1-1 fastball from Hunter Gaddis onto the netting in Monument Park beyond the center field fence to give the Yankees a 6-2 lead.

“I was excited it went out,” Judge said. “You never know on these windy, chilly nights what that ball is going to do when you hit it to center here, but the ghosts were pulling out there to Monument Park, that’s for sure.”

It was just his third hit of the postseason but his 14th career playoff homer.

“It’s a big swing for Judgey,” New York first baseman Anthony Rizzo said. “He’s had really good at-bats and come up in big situations. To get the home run, it was a really easy swing, and he’s the best in the business at that.”

In the first inning, Gleyber Torres scored New York’s first run when Cleveland shortstop Brayan Rocchio dropped Judge’s popup. Judge also lifted a sacrifice fly in the second to make it 3-0 after the Guardians opted to intentionally walk Juan Soto to load the bases.

Alex Verdugo added an RBI double in between Judge’s first two plate appearances. Another run scored in the sixth when Rizzo doubled to right and a bobble by Will Brennan allowed Anthony Volpe to race all the way home from first.

The New York offense provide sufficient on a rocky night for Yankees ace Gerrit Cole, who allowed two runs on six hits in a laborious 4 1/3-inning outing. Cole struck out four and walked four in his shortest postseason outing since lasting two-plus innings in the 2021 wild-card game at Boston.

“I lost a little bit of the zone, a few too many walks again,” Cole said. “But I think they threw a lot of quality at-bats together, and… they won some of those long at-bats, and they ended up putting enough pressure on us that it didn’t allow us to continue to cruise.”

Cole stranded two in the third inning by retiring Jose Ramirez for the final out and left the bases loaded in the fourth by getting a called third strike with his curveball to Rocchio.

Cleveland pulled within 3-1 on Josh Naylor’s sacrifice fly in the fifth, and Cole was replaced by Clay Holmes after walking Lane Thomas to load the bases with one out. Holmes gave up a run-scoring groundout to Brennan, then walked the bases loaded again before striking out Austin Hedges to end the inning.

Cleveland is facing a two-games-to-none deficit for the first time in its six appearances in the ALCS after Rocchio and Brennan committed run-scoring errors.

“It was what it was,” Cleveland manager Stephen Vogt said of Rocchio misplaying Judge’s popup. “I think the run would have scored on the next play with the sac fly. It’s not ideal obviously to have that happen.”

Holmes (2-0) was among four New York relievers who combined to pitch 4 2/3 innings. Luke Weaver allowed a one-out homer to Ramirez in the ninth before closing out the win.

“You know it’s coming,” Holmes said of Judge’s homer. “It’s one of those things if he keeps swinging it’s going to happen.”

Cleveland starter Tanner Bibee (0-1) allowed three runs (two earned) on five hits in 1 1/3 innings. He fanned two and walked one. The Guardians used seven relievers the rest of the way. — Reuters

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