Facebook Instagram Linkedin X Youtube
Home Blog Page 10711

Irishman tames Royal Portrush

To argue that Shane Lowry battled the odds in order to win the British Open would be an understatement. It wasn’t simply that he carried the hope of Ireland in the major tournament’s return to the country for the first time since 1968 and just the second time ever. It was that his performances in Grand Slam events had been spotty at best, and that his most memorable turn ended up in disappointment. He held a four-stroke lead heading into the final round of the 2016 United States Open, only to sputter with a 76 and finish a bridesmaid.

Not surprisingly, local habitues of the sport saw fit to root for compatriots with superior resumes. As things turned out, though, Royal Portrush claimed their champions one by one, and until only Lowry was left to keep their cause alive. Rory McIlroy, whose near-lifelong love affair with the course and sharp play in recent memory made him a natural favorite, all but bowed out on the very first hole of the very first round. Darren Clarke and Padraig Harrington likewise failed to make the cut. Graeme McDowell did, but closed with a 77 and in 57th place.

Amid all the tumult and increasing pressure to do well for flag and fans, Lowry held his head high. For all his usual doubts, he wielded his clubs with confidence; tied for the lead at the halfway mark, he then took advantage of benign conditions in the penultimate 18 to build a four-stroke lead. And in the face of brutal weather that pursuers figured would get scores closer, he turned the final round into a red-carpet walk to the podium. He was steady in the pouring rain and swirling winds, and, even as not a single player in the final 12 groups managed to break par, he put up a one-over 72 that reflected his steely nerves and capacity to display his best under pressure.

When the battlesmoke cleared, Lowry found his arms wrapped around with the Claret Jug to widespread cheer. “I can’t believe it’s mine,” he said, the gravity of his accomplishment finally hitting him. “You’re our there trying to win an Open in your own country, and it’s just incredibly difficult.” And he’s right, never mind that he seemed to be in control throughout the last day; at no time in his final round did his lead narrow to less than three strokes. Light made way to dusk, and, in the night, Royal Portrush was at peace with the outcome it carved; home to the British Open once more, it awarded the title of Champion Golfer of the Year to one of its own.

 

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.

Duterte’s anointed gets House leadership post

PHILSTAR

TAGUIG CITY 1st District Rep. Alan Peter S. Cayetano was voted speaker by an overwhelming majority at Monday’s opening of the 18th Congress, confirming President Rodrigo R. Duterte’s strong influence in the House of Representatives.

With 297 congressmen present, 266 voted for Mr. Cayetano, who was anointed by the President after weeks of wrangling over the House leadership.

The other nominee, Manila 6th District Rep. Bienvenido M. Abante Jr., got 28 votes while two lawmakers abstained and one casted a “no-vote.”

The other bets for speakership —  Marinduque Rep. Lord Allan Jay Q. Velasco, Leyte-1st District Rep. Ferdinand Martin G. Romualdez, and Davao City 1st District Rep. Paolo Z. Duterte — nominated the Taguig City lawmaker.

During his nomination speech, the solon Duterte, son of the President, said he does not agree with the supposed term-sharing agreement between Mr. Cayetano and Mr. Velasco as suggested by his father.

“The term sharing agreement, the one between Congressman Cayetano and Velasco with the President, I am against any term-sharing agreement. However, if the speaker resigns after 15 months, then we have to elect a new speaker,” said the presidential son.

Under the deal, Mr. Cayetano will serve for the first 15 months while Mr. Velasco will have the post in the next 21 months.

In his acceptance speech, Mr. Cayetano assured that the House is “partners” with the Duterte administration after reading the bible verse under Matthew 6:33.

“In layman’s terms, it’s very simple when we say seek first the Kingdom of God and his righteousness, we are saying… let us do what is right. People love their congressmen, but they love to hate Congress… Let us change that because this is the House of the People,” he said.

Mr. Cayetano also appealed for help and cooperation from his colleagues within his “15 months” as speaker.

Mr. Velasco, for his part, said he is hopeful that he will still have the majority’s support after 15 months.

“I’m not giving up, we had the gentleman’s agreement. I respect the 15 months of Speaker Alan Peter Cayetano,” said Mr. Velasco in a chance interview after the President’s State of the Nation Address (SONA) Monday.

“Hopefully on the 15th month, he said will step down and like what I’ve said, we will go back to elections of the next House speaker,” he added.

Bayan Muna Party-list Rep. Carlos T. Zarate, on the other hand, said that many things could happen in 15 months.

The speakership position is “very precarious,” he said, “even if it is already clear na 15-21 yan, who can say na (that) in 15 months, wala ng mangyayari (nothing else will happen).”

Meanwhile, Mr. Romualdez was elected as majority leader.

Davao City 3rd District Rep. Isidro T. Ungab will manage the committee on appropriations while Tagaytay City Rep. Abraham N. Tolentino will head the committee on accounts.

Elected deputy speakers are Mr. Duterte, Ferdinand L. Hernandez, Evelina G. Escudero, Loren B. Legarda, Conrad M. Estrella III, Prospero A. Pichay Jr., Roberto V. Puno, Eduardo C. Villanueva, Aurelio D. Gonzales Jr., Johnny T. Pimentel, and Luis Raymund F. Villafuerte Jr.

MINORITY
For the minority positions, Ako Bicol Party-list Rep. Alfredo A. Garbin Jr. said they will be choosing the minority floor leader on Tuesday, with the group endorsing Mr. Abante.

“Bukas (tomorrow) after the SONA (State of the Nation Address), we will constitute ourselves as the minority and we will elect among ourselves a minority leader,” Mr. Garbin said in a briefing on Monday.

The 28 opposition congressmen will also vote for the seven deputy minority and the four assistant minority leaders.

Mr. Garbin also said that Mr. Cayetano has assured him that the minority will be given chairmanship in major committees, one of which would be the committee on ethics and privileges. — Vince Angelo C. Ferreras and Gillian M. Cortez

Bill on foreign investments among Senate priorities

SENATOR VICENTE C. Sotto III on Monday maintained his post as Senate president for the 18th Congress.

The Senate, via voice vote, reelected Mr. Sotto, after his nomination by Senator Juan Miguel F. Zubiri was seconded by Senators Panfilo M. Lacson and Pia S. Cayetano.

Of the twenty-four senators, two were unable to attend the opening of session on Monday — detained Senator Leila M. De Lima and Senator Emmanuel D. Pacquiao, who was advised against traveling back to the Philippines after his fight with Keith Thurman on Sunday.

Senator Franklin M. Drilon noted during the plenary session that Senators Risa N. Hontiveros-Baraquel and Francis N. Pangilinan abstained from voting.

The chamber also reelected Senator Ralph G. Recto as Senate president pro tempore while Messrs. Zubiri and Drilon are the majority and minority leader, respectively. Mr. Sotto said among the priority measures they discussed were the proposed amendments to Republic Act No. 9372 (Human Security Act of 2007), Commonwealth Act No. 146 (Public Service Act) and RA 7042 (Foreign Investments Act of 1991).

“These were some of the bills that I know were left from the 17th Congress that we wanted to prioritize, but for lack of time,” Mr. Sotto told reporters in a chance interview ahead of the plenary session.

Sought for comment, University of Santo Tomas political science professor Marlon M. Villarin said he sees the new composition of the 18th Congress is more “collaborative” rather than confrontative.

“The re-election of Senator Tito Sotto as Senate President is a testament that the majority members of senate choose to be collaborative than confrontative in their legislative relationship with the executive department, but of course anytime depending on the political atmosphere especially 2022 presidential election is fast approaching, changes in the leadership is inevitable,” Mr. Villarin said over mobile phone message on Monday.

“The present set up of congressional leadership gives President Duterte a kind of legislative assurance that will sustain its programs and activity he promised to the Filipino people.” — Charmaine A. Tadalan

Senate committees buckle down to deliver SONA orders

THE SENATE will organize its committees on Tuesday to immediately begin with President Rodrigo R. Duterte’s “marching orders” during his fourth State of the Nation Address (SONA), Senate majority Leader Juan Miguel F. Zubiri said.

“We heard the marching orders of the President. Tomorrow we’ll start electing the chairperson of the different committees para sa ganun ay trabaho na po tayo (so that we can start working),” Mr. Zubiri said in a chance interview at the House of Representatives Monday evening.

“We’ll all be working. All the committees will be assigning their members to work on the different measures and from then we’ll await the committee reports,” he said.

Among the measures the President urged the 18th Congress to pass is the creation of the Departments of Water, Disaster Resilience and Management, and Overseas Filipino Workers.

The President also pushed for economic measures, such as the remaining packages of the government’s comprehensive tax reform program (CTRP), beginning with the proposal to gradually reduce corporate income tax and streamline fiscal incentives.

The CTRP also include improving the valuation system of local governments, rationalizing capital income tax, and increasing excise tax on tobacco and alcohol products.

Senator Imee R. Marcos opposed increasing anew the excise tax on tobacco products, but commended the President for bringing focus on the agriculture sector.

“Tobacco taxes utang na loob tigilan na kami nakadalawang beses na ang (for goodness’ sake, enough, there have been two hits on)  Ilocos,” she said in a chance interview, referring to the tobacco-growing region of Ilocos.

She, however, said, “Tuwang-tuwa ako na nabanggit ni Presidente ang agrikultura, higit sa lahat ang (I am very glad that the President mentioned agriculture, especially the) coco levy (fund).”

For his part, Senator Ronald M. dela Rosa, presumptive chair of the committee on public order and dangerous drugs, sees the President’s request to revive capital punishment on heinous crimes involving drugs and plunder as an appeal rather than a directive.

“Well, klaro ‘yung sinabi niya na humingi sya ng tulong na makalusot ‘yang mga batas na ‘yan. Depende sa indibidwal na myembro ng Congress ‘yan kung susundin nila. ‘Yung kaniyang appeal is appeal, hindi yun directive, hindi namumwersa, hindi nagdidirekta (it was clear that he is asking for help to have that law passed. It depends on the individual members of Congress if they will heed it. The President’s appeal is an appeal, it was not a directive, he is not forcing use, he is not giving us an order),” said Mr Dela Rosa, who previously served as city and national police chief under Mr. Duterte as Davao mayor and later as President. — Charmaine A. Tadalan

SC affirms validity of SSS premium hike

THE SUPREME Court (SC) has declared valid the premium hike in members’ contributions implemented by the Social Security System (SSS) in 2013.

In a statement on Monday, the SC Public Information Office said the court denied for lack of merit the petition for prohibition filed by labor group Kilusang Mayo Uno (KMU), Center for Trade Union and Human Rights, Anakpawis Party-list, and the National Federation of Labor Unions-KMU.

In denying the petition, the SC said Republic Act No. 8282, the Social Security Act, is complete in its terms and conditions and contains sufficient standard for the Social Security Commission (SSC) to fix monthly contribution rate and minimum and maximum monthly salary credits.

The SSC in April 2013 issued a resolution providing for an increase of SSS members’ contribution rate to 11% from 10.4% and the maximum monthly salary credit from P15,000 to P16,000.

In October 2013, the commission issued another resolution for the revised schedule of contributions, in which the employer and employee shall equally shoulder the 0.6% increase in contributions.

The SC said the increase in contributions is reasonably necessary for SSS to observe its mandate of promoting social justice under the Social Security Act.

“Given the past increases since the inception of the law, the contribution rate increase of 0.6% applied to the corresponding monthly salary credit does not scream of unreasonableness or injustice,” it said.

The decision, dated April 2 but was released only yesterday, was penned by Associate Justice Marvic M.V.F. Leonen. — Vann Marlo M. Villegas

Judge allows Lim or Faeldon to testify vs Trillanes

JUDGE ELMO M. Alameda of the Makati City Regional Trial Court (RTC) Branch 150 has granted the manifestation of the Department of Justice (DoJ) to bring to court former fellow accused of former senator Antonio F. Trillanes IV to testify against him in his rebellion case. The next hearing has been set on Oct. 7. The DoJ’s panel of prosecutors intend to bring either Metropolitan Manila Development Authority chair Danilo D. Lim or Bureau of Corrections chief Nicanor E. Faeldon to stand as witness against Mr. Trillanes over the 2007 Manila Peninsula Siege wherein they all participated. Assistant State Prosecutor Evee Eunice P. De Keyser told reporters that Messrs. Lim and Faeldon’s being former co-accused would help in the charge against the former senator. “We did not ask the court to issue subpoena because we undertook to bring them here,” she said. On the other hand, Reynaldo B. Robles, lawyer of Mr. Trillanes, said the two were not included in the 23 witnesses initially listed in the pre-trial order and “good cause” should first be presented before they are allowed to testify. The rebellion case of Mr. Trillanes was reopened after President Rodrigo R. Duterte revoked the amnesty granted to him in 2011 by former president Benigno C. Aquino III, citing the former senator’s alleged failure to comply with the amnesty requirements. — Vann Marlo M. Villegas

GSIS opens loan window for El Niño-affected members in Iloilo

THE GOVERNMENT Service Insurance System (GSIS) announced on Monday that it is allocating around P1 billion for its active members and old-age pensioners in Iloilo affected by El Niño. Members with no existing emergency loans may borrow P20,000 while those who still have an outstanding balance in their previous emergency loan account may be granted a P40,000. Old-age pensioners, meanwhile, may apply for a P20,000 loan. Based on GSIS data, there are 33,465 active members and 7,406 old age pensioners in Iloilo who are qualified to apply for the loan. The program excludes Iloilo City, and the municipalities of Janiuay, Lambunao, and Mina, which were already offered the same loan. Old-age pensioners must personally apply for the loan while active members may apply through GSIS kiosks located in all branches of the agency and extension offices, and various local and national government offices. — Reicelene Joy N. Ignacio

Anti-Duterte protest rallies draw thousands, held peacefully

PROTEST RALLIES against President Rodrigo R. Duterte and his policies on such issues as China and the West Philippine Sea drew thousands on Monday as he delivered his 4th State of the Nation Address (SONA). The police said there were no untoward incidents reported as crowds gathered in the capital Metro Manila as well as in major cities such as Iloilo, Cebu, and Davao. “Peaceful with no untoward incident,” said National Capital Region Police Office (NCRPO) chief Maj. Gen. Guillermo T. Eleazar in a phone message to BusinessWorld. As of 4 p.m., the NCRPO said 8,780 rallyists converged near the vicinity of the House of Representatives, of which 5,530 were anti-administration while the rest were supporters of the President. NCRPO deployed 14,100 policemen around Metro Manila. — Vince Angelo C. Ferreras

Minimal rollback in fuel prices this week

OIL COMPANIES are rolling back the prices of petroleum products this week to reflect the movement of rates in the international market. Gasoline will be down by P0.25 per liter (/L), diesel products by P0.20/L, and kerosene by P0.40/L. For most of the companies, the cut in pump prices will take place at 6:00 a.m. today, July 23. “These reflect movements in the international oil market,” Petron Corp. said. Last week, oil companies raised the per liter prices of gasoline, diesel and kerosene products by P1.05, P0.70, and P0.70, respectively. — Victor V. Saulon

PSE index sinks on cautiousness ahead of SONA

By Arra B. Francia, Senior Reporter

SHARES DROPPED on Monday as investors stayed on the sidelines ahead of the president’s State of the Nation Address (SONA).

The bellwether Philippine Stock Exchange index (PSEi) retreated 0.28% or 23.24 points to end at 8,246.83, paring losses at the market’s close despite dropping by as much as 1.5% to tread the 8,100 mark intraday.

The broader all-shares index likewise fell 0.32% or 16.04 points to finish at 4,994.67.

“The market remained flat as investors wait for the catalyst on SONA and earnings season for companies,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message.

President Rodrigo R. Duterte delivered his fourth SONA on Monday, where he reported the accomplishments during his first three years in office.

Mr. Tan, however, noted that this may be an accumulation phase for the PSEi as investors resort to profit taking following two straight weeks of gains.

“From a technical standpoint, the PSEi looks extremely attractive and with the recovery that we saw today after a massive sell off in early trading, investors are starting to take this rally seriously,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“Trading in blue chips continues to pick up and this may be the trend in the market for the next few weeks.”

The counter for holding firms was the lone sub-index that ended with gains, adding 0.1% or 8.48 points to 7,951.40. The rest declined, led by property which lost 0.85% or 37.97 points to 4,385.60. Mining and oil plunged 0.59% or 48.45 points to 8,077.82; services shed 0.6% or 10.09 points to 1,671.62; financials went down 0.07% or 1.46 points to 1,875.82; while industrials slipped 0.39 point to 11,704.31.

Some 862.56 million shares valued at P5.99 billion switched hands, lower than the previous session’s P6.74-billion turnover.

Decliners outpaced advancers, 103 to 80, while 61 names were unchanged.

Net foreign inflows dipped to P631.99 million, compared to Friday’s P759.81 million.

The PSEi tracked the negative sentiment seen in Wall Street last Friday. The Dow Jones Industrial Average went down 0.25% or 68.77 points to close at 27,154.20. The S&P 500 index shed 0.62% or 18.50 points to 2,976.61, while the Nasdaq Composite index declined 0.74% or 60.75 points to 8,146.49.

Most Southeast Asian stock markets also started the week on the backfoot as investors pulled money out of risky assets due to reduced odds of a double-barrelled US interest rate cut later this month.

Equities worldwide benefited last week from New York Fed President’s dovish comments that hinted at a half-point rate cut this month, but hopes were thwarted when his speech was recanted and qualified as “academic” rather than a policy suggestion. — with Reuters

Dengue emergency unit set up as hospitals struggle with high number of patients

THE Philippine Red Cross has set up a dengue emergency medical unit at the Jesus M. Colmenares District Hospital in Balasan as both government and private hospitals in Iloilo struggle with the high number of dengue patients in need of medical attention. “We are ready to accept patients & help decongest the hospital. The emergency medical unit is equipped with quality beds and air conditioning units to provide comfort to patients and their companions,” Philippine Red Cross said in a Twitter post. The towns of Maasin and Balasan have already converted their respective covered gyms to serve as temporary hospitals for dengue patients. Iloilo Provincial Hospital Management Office Officer-in-Charge Cynthia C. Ng said while all hospitals are operating at over-capacity, the medical sector and the local government units are doing everything to cope with the situation. “All hospitals in the province are crowded because over na ang capacity, but again we are trying with the (hospital) chiefs to cope… We make sure we accommodate, treat and cater to their (patients’) needs,” she said in an interview on Friday. — with a report from Emme Rose S. Santiagudo

Peso slips as US rate cut bets ease

THE PESO dipped slightly on reduced bets of a US interest rate cut.

THE PESO declined a tad against the dollar on Monday on the back of pronouncements from US Federal Reserve Bank of New York President John Williams.

The local unit closed Monday’s session at P51.076 versus the greenback, 3.6 centavos weaker than its P51.04-per-dollar finish on Friday.

The peso traded in a tight range, opening the session at P51.075 versus the dollar. It declined to as low as P51.14 intraday, while its best showing stood at P51.07 per US currency.

Trading volume thinned to $725.91 million from the $1.095 billion that switched hands the previous session.

“The peso weakened on reduced expectations of a 50-basis-point policy rate cut from the Federal Reserve after dovish comments from Fed Williams were dialled down by the Reserve Bank of New York,” a trader said in an e-mail on Monday.

The New York Fed clarified that hawkish comments from Mr. Williams were not meant to imply that there would be an aggressive US rate cut on July 31.

Mr. Williams said in a speech on Thursday that the US central bank needs to take “preventative measures” while interest rates are down and economic growth is easing than “to wait for disaster to unfold.”

“When they clarified Fed William’s speech, the dollar reversed a little bit over the weekend,” another trader said in a phone interview.

The second trader added that the market was cautious yesterday as investors awaited the State of the Nation Address of President Rodrigo R. Duterte.

“They will most likely look closely on his comment on the infra projects and his economic measures,” the trader said.

For today, both traders expect the peso to move between P51 and P51.20 against the dollar.

“The local currency might appreciate on anticipations of weaker US home sales data,” the first trader said.

Most Asian emerging currencies also fell on Monday as the US dollar held steady, while heightened tensions in the Middle East pushed oil prices higher.

The dollar index was barely changed at 97.171 after gaining 0.35% last week, but the greenback broke above 108 yen to hit its highest since Wednesday, still in the middle of the 107-109 range where it has traded for a month.

Underpinning the dollar, investors on Friday tempered expectations for deep US interest rate cuts later this month, though a quarter-point cut is still widely expected.

Brent crude futures were up 51 cents, or 0.8%, at $62.98 a barrel by 0042 GMT after a British tanker was seized by the Iranian military at the end of last week.

Any rise in oil prices puts pressure on major importers of the commodity in the region such as India, Indonesia and Thailand.

The dollar would hold the upper hand in Asia this week and the “jittery risk environment” surrounding Iran tensions could further impinge on the Asian currencies, OCBC Bank analysts said in a note on Monday. — KANV with Reuters

1...10,71010,71110,712...14,238Page 10,711 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube