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Djokovic outlasts Federer in epic Wimbledon finale

LONDON — Novak Djokovic again proved the toughest nut for Roger Federer to crack, repelling all the Swiss threw at him in an epic duel to win a fifth Wimbledon crown in the longest singles final in the tournament’s 133-year history on Sunday.

The indefatigable 32-year-old withstood almost five hours of Federer brilliance, dredging his tank of mental and physical fortitude to prevail 7-6(5) 1-6 7-6(4) 4-6 13-12(3) in the first Wimbledon singles final decided by a tiebreak.

Serving for the match at 8-7 in a cliffhanger fifth set, Federer, three weeks before his 38th birthday, seemed poised to become the oldest man to win a Grand Slam singles title in the professional era and avenge back-to-back losses to Djokovic in the 2014 and 2015 Wimbledon finals.

But it was a case of so near yet so far as defending champion Djokovic, who must have felt he was playing most of the 15,000 fans as well as the 20-time Grand Slam champion over the net, fought off two match points before going on to snatch a 16th Grand Slam title.

Djokovic, who now leads Federer 26-22 head-to-head, is the first player since Bob Falkenburg in 1948 to win a Wimbledon men’s singles final having saved a match point and he described his victory as the “most mentally demanding” match he had ever been involved in.

Quite a statement for the sport’s ultimate warrior.

Nothing could separate the players in an intoxicating climax played in a soccer-like atmosphere and the match was already longer than Federer’s 2008 epic defeat by Rafael Nadal when Wimbledon’s new rule stipulating a deciding-set tiebreak at 12-12 kicked in.

Both players looked out on their feet but, as he did in the day’s two other tiebreaks, top seed Djokovic proved more steadfast.

A sublime backhand left Federer swishing at air to put the Serbian 6-3 ahead. There was confusion as Djokovic’s first match point was replayed after a Hawkeye intervention.

But there was no escape for a weary Federer who framed a forehand so badly the ball almost ended in Row Z, ending four hours 57 minutes of unforgettable drama.

It was a crushing blow for Federer who struck 94 winners to Djokovic’s 54 but did not take his chances. As well as the match points he also had a set point in the third.

Djokovic is now level with Bjorn Borg in fourth spot on the all-time list of men’s winners at Wimbledon and is only four Slams behind Federer, and two shy of Nadal.

“You have to keep reminding yourself that you’re there for a reason and that you are better than the other guy,” Djokovic said, when asked how he had pulled victory out of the fire.

“I’m just obviously thrilled and overjoyed to be sitting here as a winner. I was one shot away from losing the match. This match had everything. It could have gone easily his way.

“I think this was the most exciting and thrilling final I have ever been part of.”

FOREHAND MISTAKE
Federer held serve to stay alive seven times in the decider.

Djokovic’s nerve failed him at 7-7 when he double-faulted on his way to dropping serve.

Victory was in the palm of Federer’s hand at 40-15 and the frenzied crowd were preparing their salute.

But Federer hit an edgy forehand out on his first matchpoint, then left the door ajar on his second and Djokovic whipped a forehand past him at the net.

Eight service holds then sent the match into the tiebreaker which, almost inevitably, Djokovic dominated.

“It was a great match, it was long, it had everything. Novak, congratulations, man, that was crazy,” Federer said on court, disguising the heartache he must have felt.

Federer was the more threatening player in the sizzling opening set but failed to convert the one break point on offer when he missed a bread-and-butter forehand in the fourth game.

He then led 5-3 in the tiebreak but a succession of loose strokes allowed Djokovic to snatch it.

After the intensity of the first set, the second was a let-down as Djokovic went flat, winning only 12 points.

He re-focussed but with Federer winning around 80% of first-serve points it felt like Djokovic was hanging on.

Federer had a set point when Djokovic served at 4-5 but again his failure to convert came back to bite him.

Djokovic led 5-1 in the ensuing tiebreak and although Federer hit back to 5-4, the top seed capitalized on more errors by the Swiss to restore his one-set lead.

Federer finally dropped serve after nearly three hours of perfection on his delivery but it did not matter as he had more or less wrapped up the fourth set by then. — Reuters

Strycova, Hsieh take Wimbledon women’s doubles

LONDON — Czech Barbora Strycova completed a memorable Wimbledon as she partnered Hsieh Su-wei to the women’s doubles title on Sunday, beating Canada/China duo Gabriela Dabrowski and Xu Yifan 6-2 6-4.

After the spine-tingling drama of the earlier men’s singles final — the longest in the tournament’s history — Strycova and her Taiwanese partner finally got on court to bring the curtain down on the fortnight with a straightforward victory.

They became the first team to lift the doubles crown at Wimbledon without dropping a set since Serena and Venus Williams in 2009.

Strycova, 33, had also become the oldest Wimbledon singles semifinal debutant when she lost to Serena on Thursday.

It was great day for Taiwanese players with Latisha Chan teaming up with Croatian Ivan Dodig to win the mixed doubles, beating Latvian Jelena Ostapenko and 42-year-old Swede Robert Lindstedt 6-2 6-3 in the final. — Reuters

Green Archers climb the PFL ladder with big win over Global

GREEN ARCHERS United FC climbed to third spot in the standings of the Philippines Football League (PFL) following its big 9-0 victory over Global Cebu FC on Sunday at the Philippine Football Federation National Training Center in Carmona, Cavite.

At fourth place in the race entering the match, the Archers padded their push with a dominant showing versus Global to earn the full three points that pushed them to 14 points off four wins, two draws and two losses, overtaking Stallion Laguna FC (3-2-2) and 11 points.

John Celiz scored four goals to lead GAU to the win. All of his goals — 13’, 18’, 39’ and 45’ — came in the first half to help his team to practically put the game away at that point.

Marvin Angeles (52’ and 62’) and Roy Kent Bedia (80’ and 90’) had a brace each while Fredy Lobe Mbang (55’) accounted for the other goal.

The defeat sent Global to back-to-back losses and a record of 1-0-5 and three points, good for sixth place in the seven-team field.

Defending champion Ceres-Negros FC leads the pack with 19 points and a record of 6-1-0, followed by Kaya FC-Iloilo at 6-1-1 (19 points), Stallion is at fourth, Mendiola FC 1991 (1-1-4) at fifth with four points and Philippine Air Force FC (0-1-7) at seventh with a point. — Michael Angelo S. Murillo

Klean Athlete seeks to raise the bar of sports nutrition

TODAY’S athletes are more sophisticated in their buying and selecting behavior than ever before. The age of information has pushed the envelope in ways that athletes know exactly what they want, what to look out for, and where to get it. Consumer insight has evolved tremendously. Brands are now churning out products engineered to the exact specifications of athletes. The world of sports nutrition has kept pace.

It is apparent that championship athletes are keen on looking for the best available products to take them to that next level. Popular opinion will say there are no secrets to greatness other than proper coaching, hard work, and elite level preparation. But is that all there really is to it? Athletes of any sport will attest that proper nutrition is tantamount to winning at any level. And winning is a way of life.

With this rationale, Klean Athlete products are manufactured through a simple paradigm: provide formulas that are proven through sound science, support your active lifestyle, and give you everything you need — and nothing you don’t. It offers a product line made by championship athletes, for championship athletes. These products have undergone the most rigorous and state of the art tests to ensure that they are made by the best, for the best. The Klean Athlete product line includes supplements for the specific purposes of a workout: Isolate Whey Protein, Electrolytes, Endurance D-Ribose Chews, and Recovery Drink.

The thrust of Klean Athlete was always to raise the bar of sports nutrition, especially in terms of information and education through maximizing the platforms available to us today. Products are certified through the National Sanitation Foundation (NSF) International, which ensures that they are of premium quality and pass international standards for food safety.

Not only is Klean Athlete NSF Certified, it is NSF Certified for Sport®, a certification level which was created to meet the growing demands of athletes, coaches, and health care professionals to guarantee that sports supplements are free from banned substances. Every product that carries the NSF Certified for Sport® mark has undergone stringent laboratory testing to confirm content, purity, and compliance. This is especially relevant today as the sports associations and sanctioning bodies have doubled their efforts to crack down on doping and banned substances. To date, Klean Athlete is the only line of NSF Certified for Sport® nutritional supplements available in the Philippines.

Consumers with dietary restrictions will also be happy to note that the complete line is formulated without wheat or gluten and contains no artificial coloring, flavoring or sweeteners.

Klean Athlete is the clean choice for complete nutrition for athletes, promoting peak performance by fueling and fortifying with a solid nutritional base to fully support an athlete’s training and overall well-being, thus making it the new frontier for sports nutrition.

THE KLEAN ATHLETE TEAM
As Klean Athlete has been expanding globally, its introduction to the Philippine market has also been taking stride. Klean Athlete is now advocated by our very own team of world class athletes who live, train, and compete at the highest level. The Klean Athlete Ambassadors were introduced recently at venue partner, The City Club at Alphaland Makati Place.

The Klean Athlete Ambassadors are Elle Adda is a multi-sport practitioner of Yoga, Running, Mixed Martial Arts, Crossfit and Obstacle Course Racing; Amy Berezowski is the CEO and Head Coach of the Philippines’ first exclusively women boxing clubhouse — Empowered Clubhouse; triathlete Mark Hernandez; multi-sport coach Jojo Macalintal, the owner and head coach of Trimac Coaching; triathlete Pablo Sospedra Miro; triathlete Fabio Duque; student athlete Ignacio Escaño; and regenerative medicine research specialist Dr. Ben Valdecañas.

Klean Athlete Nutritional Supplements are exclusively distributed by Klean Athlete Philippines and readily available in-store at Apotheca Integrative Pharmacy and online via Klean Athlete PH on Shopee and Lazada.

Wesley in Zagreb

Croatia Grand Chess Tour
Zagreb, Croatia
June 26-July 8, 2019

Final Standings

1. Magnus Carlsen NOR 2875, 8.0/11

2. Wesley So USA 2754, 7.0/11

3-4. Levon Aronian ARM 2752, Fabiano Caruana USA 2819, 6.0/11

5-7. Anish Giri NED 2779, Ding Liren CHN 2805, Ian Nepomniachtchi RUS 2775, 5.5/11

8. Sergey Karjakin RUS 2748, 5.0/11

9-11. Viswanathan Anand IND 2767, Shakhriyar Mamedyarov AZE 2774, Maxime Vachier-Lagrave FRA 2779, 4.5/11

12. Hikaru Nakamura USA 2754, 4.0/11

Average Rating 2782 Category 22

Time Control: 130 minutes play-to-finish with 30 second delay before the clock starts on every move

Last Thursday we talked about World Champion Magnus Carlsen’s wonderful performance in the Croatia leg of the Grand Chess Tour. Second-placer Wesley So did quite well himself.

He had three wins (against Ding Liren, Shakhriyar Mamedyarov and Hikaru Nakamura) and eight draws with no losses.

Second place in Zagreb was financially rewarding. Prize money was not peanuts: $60,000, roughly P3.12 million. This, combined with his $15,000 for 4th place in the Ivory Coast leg, means that he has earned $75,000 (around P3.9 million) so far from the Grand Chess Tour. And he still has two Rapid/Blitz events and one Classical tournament to go, to say nothing of the London Chess Classic in December should he qualify. Life is looking good.

In terms of rating points the result was worth an additional 18.7 ELO rating points. Last March 2017 Wesley So was ranked no. 2 in the world with an ELO of 2822. This also made him the fifth highest rated player in chess history. After his below-par performance though in last year’s Berlin Candidates’ Tournament where he lost three of his first seven games Wesley’s rating and world rank has been steadily going down. In the June 2019 list for example he was already down to 14th place overall. After Zagreb he had a big rating boost and is no. 4th overall with ELO 2781.7, behind Magnus Carlsen (2881.7), Fabiano Caruana (2817.8), and Ding Liren (2808.2).

While talking to GM Maurice Ashley after the game Wesley expressed his happiness for having finished in second place:

“Obviously the way Magnus is playing in recent months we don’t want to break his streak of winning all tournaments this year, so we just let him win it! But it feels like second place is already a victory whenever he’s playing right now, because it’s like Bobby Fischer, back in the 70s or 60s — when he was playing the US Championship and others are just playing for second place.”

Compatriot Fabiano Caruana had this to say about Wesley:

“He did great. He played well throughout and he was very consistent. The games that he won were excellent quality. Against Mamedyarov was an excellent game, also the game he won against Hikaru, besides some minor slip in the endgame seemed like an excellent game as well, so he played very well throughout, and maybe with a bit more luck could have fought for first.”

What was the slip he was talking about? Well, let us see.

So, Wesley (2754) — Nakamura, Hikaru (2754) [C67]
GCT Zagreb 2019 Zagreb (8.2), 04.07.2019

GM Alireza Firouzja: The way he (Wesley) outplayed Nakamura in a Berlin typically known as a boring draw was impressive.

1.e4 e5 2.Nf3 Nc6 3.Bb5 Nf6 4.0–0 Nxe4 5.Re1

The usual continuation here is 5.d4 Nd6 6.Bxc6 dxc6 7.dxe5 Nf5 8.Qxd8+ Kxd8, the so-called “Berlin Wall.” The position after the text move might look familiar to the BW reader, because I had just written about it in a 2–part series last June 4 and 6 entitled “Attacking the Berlin”! I will point out where the deviation is in the coming notes.

5…Nd6 6.Nxe5

Of course Black can’t play 6…Nxb5 because of 7.Nxc6+

6…Be7

The game we took up last June 6th continued 6…Nxe5 7.Rxe5+ Be7 8.Bd3 0–0 9.Nc3 Bf6 10.Re3 g6 (10…b6 11.Bxh7+ Kxh7 12.Qh5+ Kg8 13.Rh3 etc) 11.Qf3! Bg7 12.b3 Ne8 13.Ba3 d6 14.Rae1 Nf6 15.h3 Nd7 16.Nd5! f5 17.Nxc7! Qxc7 18.Qd5+ Kh8 19.Re8 Nf6 20.Rxf8+ Bxf8 21.Bb2 Bg7 22.Bc4 Bd7 23.Bxf6 Bxf6 24.Qf7 Qd8 25.Re8+! Black resigns. This is Nezhmetdinov, R — Kotkov, Y Russian ch 1957.

7.Bf1 Nf5

Wesley and Nakamura had gotten this position before, but Nakamura continued here 7…Nxe5 8.Rxe5 0–0 9.d4 Bf6 10.Re1 Re8 11.Rxe8+ Nxe8 12.d5 b6 13.Nd2 Bb7 14.Ne4 Be7 15.c3 Nd6 16.Ng3 Bg5 17.c4 Rc8 18.b3 Qf6 19.Bxg5 Qxg5 20.Qd4 Re8 21.Rd1 Nf5 22.Nxf5 Qxf5 23.Bd3 Qe5 agreed drawn. So, W (2765)-Nakamura, H (2746) Kolkata 2018.

8.Nf3 d5 9.d4 0–0 10.Nc3 Nh4 11.Nxh4 Bxh4 12.Bb5

Previously played here are 12.Bf4, 12.Be3 and 12.Ne2. This is a new move but clearly not a game changer. Surprisingly though Nakamura started taking his time between moves while Wesley was blitzing out his replies.

12…Ne7 13.Bd3 Bf6 14.Qh5 g6 15.Qf3 Bg7 16.Bg5 f6 17.Bd2 c6 18.Ne2 Nf5 19.g3 Nh6 20.c4 Bg4 21.Qg2

White is threatening to pile up pressure against d5 with 22.cxd5 Qxd5 23.Qxd5+ cxd5 24.Nf4 Rad8 25.Rac1 and 26.Rc5. Black has to watch out also for exchanges on d5 followed by Bc4.

21…dxc4 22.Bxc4+ Kh8 23.d5 Nf7 24.Nf4 Ne5 25.Be2 Bd7 26.Rad1 cxd5 27.Bc3 Bc6 28.Nxd5 f5 29.f4 Nd7 30.Bxg7+ Kxg7 31.Bf3 Nf6 32.Nxf6 Qxf6 33.Bxc6 bxc6 34.Rd7+ Rf7 35.Qd2

Threatening to win the black queen with Rd6.

35…Rxd7 36.Qxd7+ Kf8

Some commentators pointed out that 36…Kh6! would have been a tougher nut to crack, but that is counter-intuitive as it looks very dangerous to tuck the king in the edge of the board.

37.Re5!

The obvious move 37.Re6 would allow 37…Qxb2 with various threats of perpetual check.

37…Rd8 38.Qxh7 Re8 39.Qh6+ Kf7 40.Qh7+ Kf8 41.Qc7! Rxe5 42.Qxe5!

[42.fxe5?! Qe7 holds]

42…Qxe5

This is really an impressive demonstration by Wesley of endgame mastery. He allows the queen exchange and the Black king to capture his e5–pawn, but he sees (either through calculation or intuition) that he will triumph in the K+P ending.

43.fxe5 Kf7 44.h4 Ke6 45.Kf2 Kxe5 46.Kf3?

Wesley had seen that after the most logical move 46.Ke3 Black plays 46…c5 and now 47.Kf3 wins:

In a straight race Black is clearly lost: 47…Kd4 48.Kf4 Kd3 49.Kg5 Kc2 50.Kxg6 Kxb2 51.h5 it is significant that the king is now on b2, because once white’s pawn queens it will be with check. 51…c4 52.h6 c3 53.h7 c2 54.h8Q+ White wins easily; so

47…a5 48.a4 c4 looks dangerous, but White wins just the same: 49.Ke3 Kd5 50.Kf4 Kd4 51.Kg5 Kd3 52.Kxg6 Kc2 53.h5 Kxb2 54.h6 c3 55.h7 c2 56.h8Q+ once again an easy win.

Having seen all of that the devil came into his head: so why doesn’t he play his king to f3 right away and save a tempo? Turns out it is not that simple.

46…c5

No choice as once again in a straight race Black loses: 46…Kd4 47.Kf4 Kd3 48.Kg5 Kc2 49.Kxg6 Kxb2 50.h5 c5 51.h6 c4 52.h7 c3 53.h8Q and this time Black is even worse than in the previous variation. There at least Black’s pawn was on c2, just one square from queening.

47.b3! Ke6?

This is where Nakamura slips up. 47…a6! draws. Let’s see … 48.Ke3 a5 49.Kf3 Kd4 50.Kf4 a4! 51.Kg5 Kc3 52.Kxg6 axb3 53.axb3 Kxb3 54.h5 c4 55.h6 c3 56.h7 c2 57.h8Q Black king is on b3 instead of b2, this time no check. 57…c1Q the position is equal.

48.Kf4 Kf6 49.a3 a6 50.b4!

I think this is what Nakamura overlooked. Otherwise 50.a4 a5 is a draw. Neither king can enter into the other’s side of the board. For example, after 51.g4 fxg4 52.Kxg4 Kf7! 53.Kg5 Kg7 54.Kf4 Kf6 55.Ke4 Ke6 etc.

50…c4 51.a4 Ke6 <D>

POSITION AFTER 51…KE6

52.Ke3!

According to the “Chess24” website, from the body language of the players, it was only after this move that Nakamura realized he was lost.

52…Kd5 53.Kd2! Kd4 54.Kc2! c3 55.b5 1–0

Let’s just continue White’s idea: 55.b5 axb5 (of course not 55…Kc5 56.bxa6 Kb6 57.Kxc3 Kxa6 58.Kd4) 56.axb5 Kc5 57.Kxc3 Kxb5 58.Kd4 Kc6 59.Ke5 Kd7 60.Kf6 there is no more doubt. You know, playing over a game like this fills me with sadness, for I know I can never play this well.

As usual there are those detractors of Wesley who point to his 8 draws and complain that he did not fight hard to win every game. In answer to this let me paraphrase Vishay Anand back from many years ago in a similar situation when the Spanish press grumbled about his 5 straight draws at the start of a big tournament. A certain journalist even went so far as to suggest that Vishay was treating the tournament like a vacation. The response? It goes something like this: why don’t you go play Magnus Carlsen, Levon Aronian, Fabiano Caruana, Anish Giri and Sergey Karjakin, and see if you can get five draws.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Record contest

The men’s singles final of the 133rd edition of The Championships in Wimbledon established a handful of firsts that won’t likely be eclipsed anytime soon. Yet, even as the epic Sunday match didn’t appear to have an end if not for a newly instituted rule change that mandated a tiebreak on the fifth set after a 12-12 score, it figures to go down in tennis annals as one of the best ever because of who won, and how he did so. Indeed, just about every warm body on Centre Court outside of the box of defending titleholder Novak Djokovic cheered for his opponent, and to a degree that stretched the boundaries of what should be deemed allowable in a so-called gentleman’s sport.

That most of the 14,979 who witnessed the superb set-to sided with Roger Federer is no surprise. After all, he’s the acknowledged best of the best of all time, with 20 major championships to his name and a full two-fifths of those courtesy of his exquisite play at the All England Lawn Tennis and Croquet Club. That they actively rooted against Djokovic, however, is. It’s not as if he’s a journeyman player out for an upset. In fact, he headed into the final as the proud owner of four replicas of the silver gilt cup winners hold aloft at the end of the tournament. And since he claimed his first in 2011, he had amassed an unparalleled 50-3 slate at Wimbledon, better than their favorite’s 46-7 record over that same span.

In any case, both Federer and Djokovic came prepared. From the get-go, they showed that they deserved to do battle for the hardware. And they left nothing in the tank throughout their determined effort to emerge victorious. In a record contest for the ages that lasted just two minutes short of five hours, momentum shifted constantly. One didn’t for a second look 37 years old and closer to a date with the rocking chair than with destiny. The other didn’t seem fazed by an otherwise overwhelming me-against-any-and-all-takers condition. One was an irresistible force, claiming a whopping 40 more winners than the competition. The other was an immovable object, winding up with 10 less unforced errors.

When the battlesmoke cleared, Djokovic was left standing only because he proved steadier under pressure. All three sets he won were via tiebreaks, during which he produced clutch shots that underscored his mental fortitude. Meanwhile, Federer was decidedly better on the whole, but faltered with the biggest points on the line. Every time he seemed on the cusp of winning, he was turned back in equal measure by his opponent’s resolve and by his own missteps. He even had two match points at 8-7 in the final set (and while he was serving, to boot), only to be denied.

Considering how tightly fought the final was, Djokovic’s reaction to the point that brought him triumph was quite subdued. He merely smiled and walked to the net, greeting Federer with a handshake and a pat on the chest, and then pointing to the skies and his team of backers. No jumps for joy, no fist pumps, no raised arms. Perhaps it was his way of saying he expected the outcome. The negative vibes directed his way notwithstanding, he showed all and sundry that he needed but one positive to bank on. He needed himself, period. As he noted in his post-mortem, “when the crowd is chanting ‘Roger,’ I hear ‘Novak.’”

Clearly, Djokovic’s mental toughness is what separates him from his peers. It also helps that he’s younger than Federer and, yes, Rafael Nadal, now just two ahead of him in the tally of Grand Slam titles. When all is said and done, he may yet have the highest number; his fitness regimen and dedication to his health makes age irrelevant. First things first, though: the United States Open next month, and if he’s deemed the man to beat at Flushing Meadows, it isn’t simply because the crown is his to retain. Rather, it’s because he believes in himself enough to take on the world.

 

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.

Peso climbs to new high as markets eye rate cuts

THE PESO rose to a fresh peak on bets of a rate cut by the US central bank. — BW FILE PHOTO

THE PESO strengthened against the dollar to hit a fresh high on the back of continued bets of monetary policy easing by the US Federal Reserve.

The local unit closed at P51 versus the greenback on Monday, 13 centavos higher than its P51.13-per-dollar finish last Friday.

This was the peso’s best showing in nearly one-and-a-half years or since it closed at P50.84 against the dollar on Jan. 26, 2018.

The peso opened the session at its worst showing of P51.155 per dollar, while it closed yesterday’s session at its intraday high.

Dollars traded thinned to $744.96 million from the $910.96 million that changed hands the previous session.

A trader said the peso moved in line with other currencies yesterday as the dollar was mostly weaker due to positioning ahead of a possible rate cut by the Fed.

Last Wednesday, Fed chair Jerome Powell hinted on a cut in benchmark rates in a prepared speech to the US Congress, strengthening the case for an easing move when the policy-making Federal Open Market Committee (FOMC) meets again later this month.

In his testimony, he said the central bank will “act as appropriate” to sustain expansion as “crosscurrents” such as trade tensions and concern on global growth are weighing on the economy.

“Even though an aggressive rate cut is unlikely, more or less there will be a cut by the FOMC, the first trader said, adding that the greenback is still trading at the low end of its recent range.

“The peso appreciated amid heightened global dovish sentiment after the Chinese economy grew at a slower annual pace in the second quarter of 2019,” another trader said in an e-mail.

China’s statistics bureau reported on Monday that its gross domestic product (GDP) grew 6.2% in the second quarter, its slowest pace in 27 years, dragged by the effects of its trade war with the US.

“The GDP data was in line with market expectations, but the industrial production and retail sales were better. That brought a slight spillover of risk-on sentiment,” the first trader said.

The trader added that the upbeat domestic remittances data also boosted the risk appetite of the market.

Cash sent home by Filipinos in May stood at $2.6 billion, 5.7% higher from the $2.5 billion booked in the same month last year. This brought cash remittances in the five months ended May to $12.3 billion, up 4.5% year-on-year.

For today, the second trader expects the peso to move between P50.85 and P51.15 versus the dollar. The other gave a P51-P51.15 range but noted the local unit might breach the support level. — Karl Angelo N. Vidal

PSEi surges past 8,300 on Fed, BSP easing bets

THE MAIN INDEX surged past the 8,300 mark on Monday as investors continued to bet on monetary policy easing by the US central bank.

The bellwether Philippine Stock Exchange index (PSEi) went up 223.47 points or 2.74% to close at 8,356.29 on Monday. The broader all-shares index also climbed 99.26 points or 2% to finish at 5,043.96.

“This strong close in the PSEi may also have been influenced by the dovish statement from the US Fed (Federal Reserve) minutes last week. Investors are also looking at the Monetary Board meeting,” Jervin S. de Celis, equity trader at the Timson Securities, Inc., said in a mobile message.

“Philippine stocks broke into bull market territory after Federal Reserve Chairman Jerome Powell in two days of congressional testimony last week bolstered investor expectations for an interest rate cut at the end of the month,” Luis A. Limlingan, head of sales of Regina Capital Development Corp., said.

Fed chair Jerome Powell, in a testimony before the US Congress last week, hinted on a possible cut in benchmark rates, saying the central bank will “act as appropriate” to sustain expansion as “crosscurrents” such as trade tensions and concern on global growth are weighing on the world’s largest economy.

Mr. Powell’s dovish cues were reinforced by the minutes of Federal Open Market Committee’s June 18-19 meeting, wherein several Fed officials said a near-term interest rate cut is warranted to quell the effects of possible economic headwinds.

Meanwhile, the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board will review its settings anew on Aug. 8.

BSP Governor Benjamin E. Diokno last week said the local central bank will likely cut policy rates in the second semester before moving to reduce banks’ reserve requirement ratio.

Timson Securities’ Mr. De Celis added that investors are already anticipating the second-quarter results of blue-chip stocks after SM Prime Holdings, Inc. yesterday kicked off earnings season as it reported a 16.4% increase in net income during the second quarter to P10.50 billion from P9.02 billion a year ago.

All sector counters ended in the green led by financials, which increased by 3.37% or 60.43 points to close at 1,849.22. Holding firms went up 3.33% or 258.52 points to 8,016.75; property rose 1.88% or 83.36 points to 4,507.29; industrials climbed 1.83% or 216.59 points to 12,007.84; services added 1.14% or 19.37 points to 1,713.02; and mining and oil gained 1.06% or 79.21 points to end at 7,516.37.

Some 1.59 billion issues valued at P8.51 billion switched hands on Monday, higher than the previous session’s P6.86 billion.

Advancers trumped losers, 124 to 62, while 56 names closed unchanged.

Net foreign buying ballooned to P1.04 billion on Monday from Friday’s P419.49 million.

On Wall Street last Friday, the three main indexes hit record intraday highs on hopes of an interest rate cut this month. — VMPG

Gasoline prices to rise by P1.05 a liter this week

PRICES of gasoline, diesel and kerosene products are set to rise this week to reflect global price movements, according to separate advisories issued by oil companies yesterday.

Gasoline products will increase by P1.05 a liter, while diesel and kerosene will cost P0.70 higher a liter.

Most of the oil companies that sent their advisories as of Monday afternoon scheduled the price adjustment at 6:00 a.m. on Tuesday, July 16.

Last week, they raised the price of gasoline by P0.25 a liter and cut diesel and kerosene prices by P0.40 a liter and P0.35 a liter, respectively.

Year-to-date adjustments as of July 10 stood at a net increase of P5.15 a liter for gasoline, P3.30 a liter for diesel and P1.75 a liter for kerosene, according to the Energy department website.

Meanwhile, President Rodrigo R. Duterte has signed into law the bill mandating a 20 percent student fare discount on all public vehicles, according to the presidential palace.

Under the law that Mr. Duterte signed on April 17, the discount will apply to regular domestic fares. Students must present their school IDs or validated enrollment forms to be eligible.

It covers all public transportation such as buses, jeepneys, taxis, tricycles, trains, aircraft and ships. The discount will not cover school, shuttle and tourist services.

The fare discount may be availed of during the entire period while the student is enrolled, including weekends and holidays.

Transport agencies have 90 days to issue rules implementing the law. — Victor V. Saulon and Arjay L. Balinbin

Duterte to continue drug war as he faces United Nations probe

PRESIDENT Rodrigo R. Duterte will continue his war on drugs despite a United Nations resolution that seeks to investigate alleged human rights abuses by the police, according to the presidential palace.

“We shall remain unrelenting in our campaign against illegal drugs, corruption, criminality and terrorism,” Executive Secretary Salvador C. Medialdea said in a statement yesterday, rejecting “in the strongest terms” the resolution issued by the UN Human Rights Council.

“No resolution from any international council, especially those led by states that are misinformed about the situation in our country, shall weaken our resolve to effectively protect our people’s lives, their properties and their freedoms,” he added.

The council on July 11 ordered the human rights office to present a comprehensive report as it expressed concerns about human rights violations in the Philippines. The body adopted a resolution that Iceland proposed and 17 other nations supported.

The council urged the government to cooperate with UN offices by allowing visits by its officials and by “refraining from all acts of intimidation or retaliation.”

The resolution also called on the Philippines “take all necessary measures to prevent extrajudicial killings and enforced disappearances, to carry out impartial investigations and to hold perpetrators accountable.”

Mr. Medialdea said minority members of the council had “short-circuited and rendered inutile” the time-honored mechanisms by which the UN maintains the accountability of member-states, such as the treaty body system and the universal periodic review.

“The Philippine government sees the resolution for what it is — a pernicious act, an affront to a sovereign, peace-loving nation, and an abuse of UNHRC processes,” according to the statement.

Philippine police have said they have killed more than 6,000 people in illegal drug raids, many of them resisting arrest. Some local nongovernmental organizations and the national Commission on Human Rights have placed the death toll at more than 27,000.

Police seek changes to anti-terrorist law

THE PHILIPPINE National Police (PNP) wants extended surveillance of suspected terrorists as part of proposed changes to the country’s anti-terror law, police chief General Oscar D. Albayalde said at a briefing yesterday.

Mr. Albayalde said 72 hours of surveillance under the Human Security Act is not enough to build a case. “You need to follow up, prove and validate all information against that person.”

The 12-year-old law limits the detention of a suspect to three days.

Early this month, Senator Panfilo M. Lacson filed a Senate bill that seeks to amend the law by extending the surveillance period to give law enforcers more time to gather evidence.

Mr. Albayalde said lawmakers should also delete a clause that imposes a P500,000 daily fine on a law enforcer who may have wrongfully detained a suspect. — Vince Angelo C. Ferreras

Health officials issue national dengue alert

HEALTH OFFICIALS issued a national dengue alert after cases of the viral disease transmitted by mosquitoes peaked to more than 100,000 as of June, a record since 2016.

“A national dengue alert is in place, which is due to the rapidly increasing number of cases in some regions,” Health Secretary Francisco T. Duque III said at a briefing yesterday.

Dengue cases rose 85 percent from a year earlier to 106,630, according to the Health department. Regions with the most cases were Western Visayas with 13,164, Calabarzon with 11,474, Central Visayas (9,199), Soccsksargen (9,107) and Northern Mindanao (8,739).

The local peak in dengue cases reflects a global spike that happens every three years, Gundo Weiller, World Health Organization (WHO) Philippine representative, said at the same briefing.

Science cannot explain the three-year spike that has been observed globally, Mr. Weiller said, adding that dengue, which causes fever and acute pains in the joints, has now erupted in places that have not seen the disease before.

Regions where dengue has become an epidemic are Mimaropa, Western and Central Visayas, and Northern Mindanao, according to the Health department.

Health officials asked the public to practice prevention by destroying mosquito breeding sites, wearing long pants and long-sleeved shirts and using a mosquito repellent. Victims should seek a cure as soon as the symptoms occur to prevent death. — Gillian M. Cortez

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