Facebook Instagram Linkedin X Youtube
Home Blog Page 10694

Texters and Kings begin best-of-five semifinals

By Michael Angelo S. Murillo
Senior Reporter

ACTION in the Philippine Basketball Association Commissioner’s Cup progresses to a higher level with the start of the semifinals, beginning with the best-of-five pairing of top seeds TNT KaTropa and defending champions Barangay Ginebra San Miguel Kings today at 7 p.m. at the Smart Araneta Coliseum.

The set-to was forged after the Texters and Kings emerged victorious over their respective foes in the quarterfinals, with TNT overcoming a gallant stand by the eighth-seeded Alaska Aces in which it had a twice-to-beat advantage but was forced to a decider while the Kings swept the Magnolia Hotshots Ang Pambansang Manok in their best-of-three quarters.

TNT booked their place in the semifinals on Wednesday, coming from behind to beat the Aces, 104-93.

Import Terrence Jones bounced back in a very big way after a so-so performance in the first game, finishing with a near triple-double of 37 points, 22 rebounds and nine assists.

Forward Troy Rosario added 20 points and seven boards while Jayson Castro had 17 markers and seven dimes.

Don Trollano (14) and Roger Pogoy (12) were the two other Texters in double digits in their team’s win.

“We have to prepare now for the next one, semifinals, against Ginebra. It is not an easy opponent. The crowd will be on their side and we have to work harder,” said TNT coach Bong Ravena following their victory over Alaska.

“It’s already the semis and nothing will come easy from here on. Good thing it’s a series. We have to do a good job of controlling the series early on, preferably win the first game to get the momentum already. We have to have our focus and play our best,” he added.

Barangay Ginebra, meanwhile, barged into the Final Four by blowing past Magnolia, 106-80, in Game Two of their quarterfinal series on Tuesday.

The Kings used a fiery third quarter to leave the Hotshots in the dust from which the latter could not recover from.

Import Justin Brownlee led a balanced Barangay Ginebra attack with 30 points while also pulling down nine rebounds and dishing out six assists.

Japeth Aguilar had 18 points with LA Tenorio, Mark Caguioa and Stanley Pringle adding 13, 12 and 11 points, respectively.

Like TNT’s Ravena, Barangay Ginebra coach Tim Cone is expecting a tough grind against the Texters in the semifinals.

“They have been the number one seed all the way through. Alaska was the first team to expose their weakness but up to that point, they’ve been pretty much unbeatable,” said the Kings coach as they look forward to playing with the Texters.

TNT defeated Barangay Ginebra, 104-96, in their lone game in the elimination round of the Commissioner Cup on June 12.

In said game, Mr. Pogoy exploded for 38 points, going 10-of-18 from beyond the arc.

Mr. Jones, for his part, had a triple-double of 17 points, 16 assists and 14 rebounds.

For Barangay Ginebra it was Mr. Brownlee who led with 29 points and 17 rebounds and Mr. Tenorio finishing with 18 points and seven assists.

Meanwhile, playing in the other semifinal pairing are the San Miguel Beermen, who are still awaiting the victor of the rubber match between the Blackwater Elite and Rain or Shine Elasto Painters later yesterday (July 25).

The Beermen book a spot in the semifinals after bucking a twice-to-win disadvantage in the quarterfinals against number two team Northport Batang Pier.

San Miguel’s semifinal series begins on Saturday, July 27.

NCAA 95 : Defending champion San Beda out to keep slate clean

By Michael Angelo S. Murillo
Senior Reporter

THE DEFENDING champions San Beda Red Lions are out to keep their slate clean in Season 95 of the National Collegiate Athletic Association when they battle rivals San Sebastian Stags in league action today at the FilOil Flying V Arena in San Juan City.

Currently on top of the standings with an unblemished 3-0 record, the Lions try to maintain their top form in their 12 noon collision with the Stags (2-1).

Completing the scheduled seniors’ play triple-header today are the Lyceum Pirates (3-1) against the Jose Rizal University Heavy Bombers (2-3) at 2 p.m. and the Emilio Aguinaldo College Generals (1-3) versus the Arellano Chiefs (0-3) at 4 p.m.

San Beda is coming off an 89-72 victory over the Emilio Aguinaldo College Generals in an NCAA on Tour offering on July 18 at the EAC Sports and Cultural Center in Manila.

The Lions had control of the match throughout to book their third straight win and maintain their position on top of the heap in the standings in the ongoing season of the country’s oldest collegiate league.

In three games to date, leading the charge for four peat-seeking San Beda is guard James Kwekuteye who is averaging 16 points and 6.7 rebounds.

Forward Calvin Oftana has been good for 12.3 points, 6.7 rebounds and two blocks a game with foreign player Donald Tankoua averaging a double-double of 10.7 points and 10.3 rebounds.

Floor general Evan Nelle has been steady at the point guard position for the Mendiola-based Lions with numbers of 9.7 points and 8.7 assists.

Looking to put a halt to the unbeaten streak of the Lions are the Stags, who absorbed their first defeat of the season in their last game.

San Sebastian was ahead of Lyceum for much of the time in their game on Tuesday but faltered in the end to have the rug pulled from under it.

Allyn Bulanadi led the Stags with 13 markers with Ramil Tero adding 12 and Itchie Altamirano 10 points.

Unfortunately for San Sebastian, veteran key cog RK Ilagan, its leading scorer, failed to score a point, which greatly affected their push especially down the stretch.

The Stags’ defeat left San Beda and the idle College of Saint Benilde Blazers (2-0) as the only unbeaten teams left in NCAA Season 95.

Cycling ambassadors set to take the Prudential RideLondon challenge

CYCLING enthusiasts and Pru Life UK ambassadors Kim Atienza, Gretchen Ho and Zoren Legaspi are off to take on a new challenge as they participate in the 2019 edition of Prudential RideLondon next week.

Kicking off on the weekend of Aug. 3 to 4, the event gathers the world’s premier elite and recreational cyclists to encourage people to cycle more safely and more often.

Initially conceptualized as an offshoot and legacy of the 2012 Olympic Games, the Prudential ride has evolved since, growing every year.

This year the cycling event is expected to see over 100,000 participants ride collectively more than three million miles in different events for all ages and abilities.

Given the chance to further test their cycling skills, Mr. Atienza said he is looking forward to the London ride.

“The Prudential RideLondon is one of the iconic rides in the world. I am very excited to participate in it and looking forward to it. It is a privilege to represent the Philippines there,” said Mr. Atienza at their send-off hosted by Pru Life UK on Thursday.

“I have been biking a lot as part of my preparation. It will be an enriching experience for us,” he added.

While out to have fun at the ride, Mr. Legaspi said they are going to compete as well.

“We are out to enjoy the race. But as a competitor, when you are in the moment am sure I’m going to compete and race with the rest of the pack,” said Mr. Legaspi, who shared he has been riding the bicycle for four years now.

Part of Pru Life UK’s program of promoting cycling in the country as a sustainable form of alternative transportation and platform for healthy living for three years now, Ms. Ho said she is proud and excited for how the push has progressed.

“I’ve been part of the program for three years. I’m proud of how it has progressed. More cyclists of different levels are taking part in the local races. They run it professionally and bring cycling to more people,” said Ms. Ho of the local PRURide PH races which the insurance group is organizing yearly.

“We are proud to have PRURide ambassador Kuya Kim, Zoren and Gretchen among our representatives to the world’s greatest festival of cycling… They bring with them our advocacy of promoting health and fitness among Filipinos to this event,” said Allan Tumbaga, SVP and chief customer marketing officer.

Messrs. Atienza and Legaspi and Ms. Ho will be joined by Pru Life UK employees Ryan Benguelo and Nelsi Rabe in participating in the Prudential RideLondon 2019. — Michael Angelo S. Murillo

LA Clippers roll out duo of Leonard, George

LOS ANGELES — Kawhi Leonard and Paul George were rolled out as members of the Los Angeles Clippers at an introductory press conference on Wednesday, with both players beaming that they finally will be wearing the same uniform.

Leonard, a two-time NBA Finals MVP, recruited the six-time All-Star George to join him in Los Angeles — George is from Palmdale, Calif., to the north, Leonard from Riverside, Calif., to the east — and sees George’s two-way game as a good complement to his.

“Now we’re on the Clippers and it’s just, I think we got something special and we can make history here.” Leonard said at the press conference. “We got the right team to do it … I’m ready to go.”

“I remember when I was at Indy and we drafted Kawhi,” George said. “We could have done some special things at Indiana, but it’s great to fast forward where we are now. We’re both here in L.A., and it just seems like this was destined. We were supposed to play together.”

PAU GASOL
The Portland Trail Blazers will sign six-time All-Star free agent Pau Gasol, the Spanish big man announced on Twitter.

ESPN’s Adrian Wojnarowski reported Gasol’s deal will be for one year and $2.6 million, as he joins a Blazers team coming off a run to the Western Conference Finals. “Ready and happy to join one of the best teams in the league!” Gasol tweeted.

Gasol, who turned 39 earlier this month, is coming off the worst season of his 18-year NBA career. In failing to average double digits in scoring for the first time of his career, he recorded just 3.9 points and 4.6 rebounds per game in 30 contests (six starts) with San Antonio and Milwaukee.

New Orleans Pelicans forward Zion Williamson’s shoe deal with Jordan Brand is the largest ever for an NBA rookie in terms of annual pay, ESPN reported.

Per ESPN, the contract is for five years. The report added that several competitors made offers with total values “well into the nine-figure range,” and other offers exceeding $10 million annually. The deal surpassed LeBron James’ as the most lucrative landed by a rookie.

The No. 1 pick in June’s draft, Williamson is widely regarded as the most coveted endorser to enter the NBA in years, arguably since James in 2003.

More than three weeks after the Denver Nuggets reportedly agreed to a lucrative contract extension with star combo guard Jamal Murray, the team officially announced the signed five-year deal.

The Nuggets did not reveal further specifics regarding the contract. The Athletic reported on July 1 that the sides agreed to terms on an extension worth $170 million.

Murray, 22, had one season remaining on his original rookie contract and would have been a restricted free agent next summer. Instead, the extension, which will kick in after the 2019-20 season, will run through the 2024-25 season.

Speaking on “The Warrior Podcast,” three-time NBA champion head coach Steve Kerr called out transactions sparked by star players as “bad for the league” and “a real problem.”

“I’m talking more about the Anthony Davis situation,” Kerr said of the big man maneuvering his way from the New Orleans Pelicans to the Los Angeles Lakers. “Where a guy is perfectly healthy and has a couple years left on his deal and says, ‘I want to leave.’ That’s a real problem that the league has to address and that the players have to be careful with.”

Kerr has an issue with Davis’ approach, while still under contract, as opposed to stars who have played out their contracts first before switching teams. — Reuters

UFC 240: Meet the four featherweight fighters at Holloway vs Edgar and Cyborg vs Spencer

ON JULY 28, two awaited featherweight match-ups will take place at UFC 240 — Max Holloway vs. Frankie Edgar for the men’s division and Cris Cyborg vs. Felicia Spencer for the women’s division. Get to know these four featherweights more.

Two matches, four featherweight fighters — In the end, only two can leave the Rogers Place stadium with the featherweight championship. It will be one man between Max Holloway and Frankie Edgar and one woman between Cris Cyborg and Felicia Spencer.

MEN’S FEATHERWEIGHT CHAMPIONSHIP: HOLLOWAY VS EDGAR
For Holloway and Edgar, this match has been long overdue. The pair has been scheduled to go up against each other in the octagon twice prior, first during UFC 218 and then at UFC 222. However, due to the fighters recovering from their respective injuries, the matches were rescheduled. This time, UFC 240 will definitely see reigning champion Holloway defend his title against former lightweight titleholder, Edgar.

MAX HOLLOWAY
Currently sixth in the official UFC pound-for-pound rankings, Hawaiian born Holloway is the reigning featherweight champion.

Active since 2012, Holloway has amassed a following — aptly called the “Cult of Max” — due to his bold, enigmatic, and lethal approach both inside and outside the octagon.

Perhaps what drew the crowd’s attention to Holloway was when he was called on to replace an injured Tony Ferguson to fight for the UFC lightweight championship in April 2018. Despite not being in training at the time and having only having six days to prepare, Holloway took on the challenge. The match unfortunately did not push through.

This fearless and unflinching quality takes Holloway to a different level inside the ring. In UFC 231, he defended his featherweight title against Brian Ortega in Toronto, Canada where his well-paced aggression helped him break three records. First, for the most significant strikes in one fight at 290, the most landed significant strikes in a round at 134, and lastly, the record for the most victories in the UFC featherweight division at 15 wins.

FRANKIE EDGAR
Born and raised in New Jersey, Frankie “The Answer” Edgar is currently #4 in the official UFC featherweight rankings. The former wrestler is known to have remarkable victories over legendary ex-world champions such as Hermes França, Sean Sherk, Urijah Faber, and thrice against B.J Penn.

One of the most memorable of his fights was the one against B.J Penn at UFC 112, where he defeated Penn to gain the lightweight title — despite being as massive underdog during that time.

Since then, his resume has been peppered with high profile wins and incredible matches. Fans attribute this to Edgar’s ability to stay intelligently technical no matter how fast the pace of the match is going.

On top of that, his ability to take a beating and not get knocked down gives him an edge. Edgar is the only fighter thus far to have been knocked down three times in a single round and still not lose.

This technicality and resilience coupled with his sharp jabs and high striking accuracy makes Edgar quite an obstacle to face in the octagon.

WOMEN’S FEATHERWEIGHT CHAMPIONSHIP: CYBORG VS SPENCER
If the men’s match was long overdue, the women’s featherweight battle was a quick development in minds of some UFC fans. Feared veteran fighter Cris Cyborg, who recently just lost her 21-win streak, is facing newcomer Felicia Spencer. Spencer just debuted at the UFC in May but is already considered one of the fastest rising prospects of the women’s division. As Spencer earns more experience under her belt, the lack of featherweights in the women’s division meant that a showdown between the UFC novice and Cyborg was bound to happen.

CRIS CYBORG
Arguably one of the most feared names in Mixed Martial Arts, Cris Cyborg was formerly in Strikeforce and Invicta FC before finally signing on to Ultimate Fighting Championship in 2015.

Her debut came long overdue, and only happened after the UFC created an entire weight division — women’s featherweight — just for Cyborg. That only goes to show how big of a draw she was for MMA fans.

Cyborg enters this match with 20 victories out of her past 21 fights. However, a dark spot does stain Cyborg’s history. In 2012, she tested positive for steroids, which caused her to forfeit a match win, and a year-long license suspension.

Recent years have been considerably better for Cyborg. Considered a knockout artist, she has stood out amongst the female UFC fighters who prefer grappling. Her recorded victories include notable wins over Holly Holm, Yana Kunitskaya, and Tonya Evinger. However, in December of 2018 Cyborg’s streak was broken by Amanda “The Lioness” Nunes which cost Cyborg the UFC women’s featherweight.

FELICIA SPENCER
A Canadian mixed martial artist, Spencer is the current Invicta FC featherweight champion.

After a winning streak of 6-0 at Invicta FC, Spencer finally signed on to the UFC in March this year. In May of the same year, she fought her first UFC match versus Megan Anderson where she won by rear naked choke.

While relatively new to the UFC world, fans are keeping a close eye on Spencer as one of the strongest prospects in female MMA fighters. With a strong background in Taekwondo, Brazilian Jiu Jitsu, and Kickboxing, she poses a serious threat in the division despite being a novice in the face of her more experienced opponent.

“This is kind of my moment to shock the world and shine,” Spencer said in an interview with MMA Junkie. “I and my team know something about me that the rest of the world doesn’t know yet, and I’m going to show the world on July 27.”

“Of course, ‘Cyborg’ is a legend in the sport,” Spencer adds. “But at the same time, she’s just a human being. She’s got the best nickname in the sport, but she’s not actually a ‘Cyborg.’ She’s just a human.”

Be the first to stream UFC 240 live on FOX+!

A highly motivated Kelly set to see action in Dawn of Heroes

SET to join champion Team Lakay mates on ONE Championship’s upcoming Manila event “Dawn of Heroes,” featherweight fighter Edward “The Ferocious” Kelly said he is feeling some pressure but is bent on not allowing it to derail him from his goal of doing well and delivering.

Going up against “The Stalker” Xie Bin of China as part of the preliminary fights for “ONE: Dawn of Heroes” on Aug. 2 at the Mall of Asia Arena, Mr. Kelly (12-6) is part of what is going to be a stacked mixed martial arts night, which includes his champion stablemates Eduard “Landslide” Folayang, Honorio “The Rock” Banario and Geje “Gravity” Eustaquio.

Mr. Folayang, the former ONE world lightweight champion, battles MMA legend and former Ultimate Fighting Championship champion Eddie “The Underground” Alvarez in a lightweight grand prix semifinal bout while ex-featherweight champ Banario goes up against Korean Dae Sung Park.

Former flyweight champion Eustaquio, meanwhile, is pitted against Yuya Wakamatsu of Japan in an alternate world grand prix fight.

Another Team Lakay stalwart, Danny “The King” Kingad, is also to take the ONE stage against Australian Reece McLaren in a lightweight grand prix semifinal joust.

“I feel a little pressure for me to do well in my next match. When you are performing on the same night with Eduard, Honorio, Geje, and Danny, I feel the need to do well and win. I also feel inspired because I know that I am not alone and no matter what happens, we will be there for each other,” said Mr. Kelly in the lead-up to Dawn of Heroes, which will be headlined by the featherweight championship fight between champion Martin “The Situ-Asian” Nguyen of Australia and Japanese challenger Koyomi Matsushima.

Still in search for his shot at featherweight gold, 35-year-old Kelly is viewing the Xie fight with significance and requiring his only best.

“Xie Bin is really a great submission athlete. I know that I have more experience fighting professionally than him but I am not underestimating his skills in any way. Making his opponents tap may be his strongest point but I believe that his striking is his weakness and that is where I will take the match. I just need to time my strikes accurately and prepare to defend myself from his takedowns,” the motivated Baguio pride said.

Mr. Kelly is coming off a victory over Korean Sung Jong Lee in April while Mr. Xie (7-2) is on a six-fight winning streak. Michael Angelo S. Murillo

The new Clippers

The sight of Steve Ballmer exhibiting exuberance when it comes to the Clippers is nothing new to longtime followers of the pro hoops scene. When watching games from his usual courtside seat at Staples Center or on the road, he gets worked up even over routine plays. He’s keen on showing his support for the red, blue, and black, and the energy with which he conveys his sentiments is unparalleled. He’s not just the richest owner in the National Basketball Association; he also happens to be its most demonstrative, with due apologies to the Mavericks’ Mark Cuban.

Considering Ballmer’s predilection for exultation, it’s no surprise that he wound up with a hoarse voice mere minutes into yesterday’s presser formally introducing offseason acquisitions Kawhi Leonard and Paul George. At one point, it had the makings of a pep rally; while on the lectern, he kept clapping and enjoined those gathered at the Green Meadows Recreation Center in South Los Angeles to celebrate with him. “Most of all, I’m pumped,” he exclaimed, “to say hello as Clippers to Paul and Kawhi. Come on! Come on! Come on! Get up!”

Certainly, Ballmer has reason to rejoice. He went all in, true to form, but the Clippers’ year-long courtship of Leonard (coupled with the latter’s overriding desire to play in Los Angeles) paid dividends. Heading into the 2019-20 campaign, they’re pundits’ early favorites to claim the title. “We need to win the last game played during the season,” he argued with emphasis. “It’s all about the Larry O’B.” And, he noted, their All-Star pickups are poised to put them in excellent position to do so — “MVP guys … who every year have gotten better. I’m inspired by that.”

Indeed, the Clippers appear to have the most complete roster. And while Ballmer took time out to underscore how proud he was of their overachievement last season, he made no secret of his expectations in the one to come — great enough that he didn’t even bother to address queries on the roles Leonard and George would play in leading them out of the Lakers’ imposing shadow. As far as he’s concerned, bigger things are in store. And he’s right; for the first time since he joined the league’s roster of owners in 2014, his hype is justified, and he’s bent on feeding it, and on it, until he has the hardware in his hands.

 

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.

KMC’s Space For Ingenious incubation program announces winners for third batch

KMC Solutions, flexible office solutions and staff leasing provider, has announced the startups joining the third batch of Space For Ingenious (SFI). The incubation program will provide them with intensive mentoring and support to help grow their business.

The winners were determined through a pitching competition called the Interspace Pitch Rally held last June 28. Each of them are local startups and push specific advocacies.
● Forth Co., an online marketplace for sustainable fashion
● Goally, a mobile and web end-to-end tool for planning and tracking financial goals
● Grupo Kalinangan, an organization that pioneers and innovates solutions and systems for improved management of heritage resources in the Philippines
● Hero Points, a reward points platform for both merchants and customers where every transaction includes a contribution towards local NGOs
● UPROOT Urban Farms, a social enterprise that aims to address food insecurity and poverty by enabling innovative and sustainable localized food systems using aquaponics
technology

For Ces Rondario, co-founder of entrepreneurial network Impact Hub, inventiveness is a necessity for their winners. “The essence of SFI lies in the ingenuity of the startups. Only those
with the most groundbreaking ideas can be considered.”

Pushing innovation

For 6 months, the startups will undergo training through the three pillars of the program. Operation provides them with workspaces and incubation facilities; network grants them access to a network of entrepreneurs and potential investors; and strategy offers mentoring and support from industry leaders and subject-matter experts.

Since May 2018, SFI has incubated 11 startups and helped produce successful alumni. For instance, Cryptors Cybersecurity was awarded the BID International Star Award for Quality in the Gold category at the International Star for Quality Convention held last April 13 and 14 in Geneva, Switzerland.

“Startup owners with innovative minds and the will to persevere are those who have the potential to disrupt their respective industries,” said Riccardo Corsini, vice president of marketing for KMC. “Aiding these individuals to scale up is our contribution to the startup community and to the country’s progress.”

House eyes 2019 OK of tax reforms

THE HOUSE of Representatives targets to approve all remaining tax reforms within the year, Deputy Speaker for Finance Camarines Sur 2nd District Rep. Raymond F. Villafuerte, Jr. said on Wednesday.

“Actually we’re targeting all of these by this year,” Mr. Villafuerte said in a press briefing at the Malacañan Palace, referring to tax reforms that failed to make it out of the 17th Congress which ended on June 3.

Finance Undersecretary Karl Kendrick T. Chua said in the same briefing: “In general, we would like… to have all of them approved by Congress — both houses — within the year, and hopefully the regular meetings and coordination between the Executive and Congress — the House and the Senate — will facilitate that process.”

Sought for comment, Senate President Pro Tempore Ralph G. Recto said in a mobile phone message: “The Senate will have to wait for the House to pass its version.” By law, tax measures are supposed to emanate from the House, although in practice the Senate holds parallel hearings on its own versions in order to save time but still waits for House approval.

Mr. Chua also told reporters that Malacañang officials had told him that President Rodrigo R. Duterte can be expected to sign “this week” the bill that will gradually increase the excise tax rate on tobacco products to P60 per pack by 2023 from P35 currently.

“It is an enrolled bill that was transmitted last June 27 to Malacañang, and that means it will lapse into law on July 27… I was told it will be signed this week because that is a priority measure, certified urgent by the President in the previous Congress and mentioned by the President in the SONA (State of the Nation Address),” he said.

The government has so far enacted Republic Act No. 10963 that slashed personal income tax rates but either added or increased levies on several products and services and RA 11213 or the Tax Amnesty Act of 2019.

Remaining tax reforms include proposals to reduce the corporate income tax to 20% by 2029 from 30% currently, to overhaul the fiscal incentives system, to centralize real property valuation and assessment, to increase the government’s share in mining revenues, to simplify the tax structure for financial investment instruments and to further increase the excise tax on alcohol products. All these had been approved on final reading in the House by December last year but remained at the committee level in the Senate as the 17th Congress adjourned on June 3.

Mr. Chua said another bill will be filed imposing a P45 excise tax on vapes and heated cigarettes, which are already included in the tobacco bill awaiting the President’s signature. “Well, in the bill that was approved, ‘yung heated tobacco is P10 per pack; we want it P45 per pack — similar to the regular cigarette para fair,” he said, referring to the heated cigarettes.

“Doon sa vapes, ‘yung e-cigarette, ‘yung P10 per milliliter, we are proposing P45 per milliliter…”

As for the strategies that will be carried out to ensure legislative approval of remaining tax reforms within the year, Mr. Chua said: “Because all bills will have fiscal implications, [what we will do] is to establish weekly meetings with members of Congress. And that is exactly what I am doing for the tax reforms, and what my colleagues are doing.”

“Ang instruction po ni Secretary [Carlos G. Dominguez III] is we have to do it regularly. So four times a week I’m usually meeting a legislator to understand their concerns and also to convey our position on certain bills,” he explained.

“I started July 1 with the new Congress, so we have been briefing those who have been interested to file and support some of our bills, and this continues.”

He said departments and agencies involved in the meetings include the Department of Finance, National Economic and Development Authority, and the Department of Budget and Management.

Mr. Villafuerte said the direction of House Speaker Alan Peter S. Cayetano is “to really have regular meetings not only with the Executive, not only with the (Cabinet) Economic Cluster… but importantly also, to have regular meetings with the Senate — that’s the direction of the Speaker.”

“And during the SONA, we briefly talked to Senate President [Vicente C.] Sotto and he really likes this idea.”

Mr. Chua said further, “There’s also the proposal to have more frequent LEDAC (Legislative Executive Development Advisory Council meetings) either at the technical level so that lahat ng bills po ay ma-vet, and when we present our position to Congress, it is more unified.” — Arjay L. Balinbin

Jollibee acquiring Coffee Bean & Tea Leaf

By Arra B. Francia
Senior Reporter

HOMEGROWN food giant Jollibee Foods Corp. (JFC) is embarking on its largest acquisition to-date with a $350-million deal to acquire California-based firm The Coffee Bean & Tea Leaf (CBTL).

In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit, Jollibee Worldwide Pte. Ltd. (JWPL), entered into an agreement to invest $100 million in a new Singapore-based holding firm that will acquire 100% of the CBTL brand.

JFC said the total consideration for the transaction is $350 million on a debt-free basis, which means that CBTL will have no debt upon acquisition.

“The acquisition of the CBTL brand will be JFC’s largest and most multinational so far with business presence in 27 countries… Our priority is to accelerate the growth of CBTL brand particularly in Asia, by strengthening its brand development, marketing, and franchise support system,” JFC Chairman Tony Tan Caktiong said in a statement.

The initial $100 million will represent 80% of the equity of the new holding company, which JFC will finance through a bridge loan.

The remaining $250 million will be in the form of advances to the new holding company. It will issue preferred shares worth at least the same amount in the next six to nine months in order to repay JFC’s advances.

Members of the family owning Viet Thai International Joint Stock Company will subscribe to capital in the new holding company equivalent to a 20% equity share. The company is JFC’s partner in the Superfoods Group, which owns and operates Highlands Coffee and Pho 24 mainly in Vietnam.

With Highlands Coffee and CBTL, JFC’s coffee business will now account for 14% of its worldwide system sales.

JFC also attributed the delay in Highlands Coffee’s supposed initial public offering this month to the CBTL acquisition. Instead, the new holding firm covering both the CBTL and Highlands Coffee brands will be the one to conduct a maiden share offering in the next three to five years.

Founded in 1963, CBTL is owned by International Coffee & Tea Leaf (ICT) in Los Angeles, California. It ended 2018 with 1,189 outlets, 336 of which are company-owned and 853 franchised. Of this, 284 are located in the United States, 292 are in South Korea, and 139 are in the Philippines. The rest are located in Indonesia, Malaysia, Singapore, Kuwait, Qatar, and India.

Mr. Tan Caktiong said the brand will add 14% to its global system wide sales and 26% to its total store network. CBTL will also be JFC’s second largest business after the Jollibee brand.

The CBTL acquisition is JFC’s largest to date, following the latter’s $210.25-million takeover of American fast-food chain Smashburger, according to Bloomberg data.

MIXED IMPACT
AAA Southeast Equities, Inc. President William Matthew M. Cabangon expressed some concern about the acquisition, considering that ICT has been incurring losses in previous years.

ICT recorded an attributable loss of $21.05 million in 2018, smaller than its attributable loss of $26.77 million in the year before.

“This is a mixed bag for JFC. It could hurt the stock in the near term since CBTL has been operating at a loss for years now and will now hurt JFC’s EPS (earnings per share). It is a dilutive acquisition,” Mr. Cabangon said in a mobile phone message.

At the same time, Mr. Cabangon also noted this could be good for JFC in the long term, as it will enable the company to ride a broader Asian consumer growth.

“This could be something global investors would take interest in.”

For PNB Securities, Inc. President Manuel Antonio G. Lisbona, the CBTL acquisition will complement JFC’s portfolio, which he noted has been dominated by hamburger brands.

“CBTL is also present in 32 countries, some of which may provide a backdoor for Jollibee or it’s other brands to enter,” Mr. Lisbona said via text.

Asked whether JFC has been acquiring too many brands lately, Mr. Lisbona said: “JFC’s long experience in its industry should provide a good level of comfort for investors.”

Rachelle C. Cruz, senior research analyst at AP Securities, Inc., noted, however, that “[t]here is market skepticism that this purchase will be earnings accretive considering Coffee Bean’s 2018 loss is about 12% of Jollibee’s profit last year.”

“Smashburger is yet to contribute positively on earnings and here is another acquisition that will probably be earnings dilutive in the next two to three years,” she said, referring to the US burger chain Jollibee took over in 2018.

Price of JFC shares lost P21.80 or 7.99% to close at P251 apiece on Wednesday. — with Bloomberg input

Duterte extends zero percent duty on BoI locators’ capital imports

By Arjay L. Balinbin
Reporter

COMPANIES registered with the Board of Investments (BoI) will continue to import capital equipment, spare parts and accessories at zero percent duty as President Rodrigo R. Duterte has issued an executive order (EO) extending the validity of the incentive for three years.

Signed on July 19, EO No. 85 — a copy of which was released to Palace reporters on Wednesday — extends the grant of zero percent duty on capital equipment, spare parts and accessories that is currently enjoyed by BoI-registered companies.

This incentive, according to the EO, will “enhance the attractiveness of the country as an investment destination and improve industry competitiveness, in line with the Philippine Development Plan 2017-2022.”

Covered imports should not be “manufactured domestically in sufficient quantity, of comparable quality and at reasonable prices” and should be “reasonably needed and… be used exclusively by the enterprise in its registered activity.”

Neither can the importer sell, transfer or dispose of the import concerned “without prior BoI approval” within five years from date of importation; else the business concerned will be liable to pay twice the amount of duty foregone or P500,000, whichever is higher, besides other penalties under EO 226, or “The Omnibus Investments Code of 1987”.

“Considering that importation of capital equipment is one of the major cost burdens of business enterprises in their start-up operations and expansion, there is a need to extend the zero duty on importation on capital equipment, spare parts, and accessories currently being enjoyed by BOI-registered enterprises,” the new EO stated.

The EO 85 succeeded EO 57, signed by Mr. Duterte on June 22 last year, which extended the incentive until July 6. EO 57 succeeded EO 22 of 2017, which in turn extended the same perk under EO 70 of 2012.

EO 85 is “valid for a period of three years” or until a law amending EO 226 is enacted.

RELIEF
“Any incentive that lowers the cost will of course help kasi it is a tax-free importation so it will encourage investors to expand,” Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis, Jr. said in a telephone interview when sought for comment.

He said this will give “relief” to those companies that will be affected by the planned overhaul of investment incentives under the proposed Tax Reform for Attracting Better and High-Quality Opportunities law.

“For those who are saying that they will be at a disadvantage when some incentives are withdrawn, this will give them some reprieve and at least they can prepare, those who will be negatively affected by the withdrawal of some incentives,” he said.

BoI locators also currently enjoy a four-to-eight year income tax holiday (ITH); a special tax rate of five percent on gross income earned after the ITH expires; exemption from wharfage dues, export tax, duty and impost fees; as well as less restrictions in the employment of foreign nationals.

IMF cuts Philippine growth forecast further

By Karl Angelo N. Vidal
Reporter

THE INTERNATIONAL MONETARY FUND (IMF) has further slashed its economic growth forecast for the Philippines this year and the next due to weaker-than-expected external demand and state spending last semester.

In an e-mail on Wednesday, IMF Country Representative Yongzheng Yang said the IMF now sees the Philippine economy growing by six percent this year, slower than the 6.5% forecast published in its World Economic Outlook report in April as well as the 6.6% and 6.7% it had pencilled in October and September last year.

The multilateral lender also cut its 2020 growth projection to 6.3% from the 6.6% estimated previously.

The IMF’s latest projection compares to last year’s actual 6.2% and the government’s 6-7% target for this year.

“The downward revisions mainly reflect weaker-than-expected external demand and weaker-than-expected public investment, partly due to the delayed approval of the 2019 budget,” Mr. Yang told BusinessWorld.

State primary expenditures — minus interest payments — dropped 1.94% to P1.41 trillion last semester from P1.438 trillion a year ago due to a four-month delay in national budget enactment.

“Note that these revised forecasts are still among the highest in the region, and that growth will continue to be driven by strong domestic demand,” Mr. Yang added.

The World Economic Outlook Update released on Wednesday also showed the IMF cut economic growth projections for ASEAN-5 — grouping Indonesia, Malaysia, the Philippines, Thailand and Vietnam — to five percent this year and to 5.1% next year, down by 0.1 point each.

Global growth forecasts were also cut by 0.1 point this year and next to 3.2% and 3.5%, respectively.

1...10,69310,69410,695...14,236Page 10,694 of 14,236
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube