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Warriors sweep Blazers

LOS ANGELES — Stephen Curry and Draymond Green capped triple-double performances by combining on the game-clinching hoop in overtime Monday night as the Golden State Warriors completed a four-game sweep of the host Portland Trail Blazers in the Western Conference finals with a 119-117 victory.

The win vaults the Warriors into their fifth consecutive NBA Finals. They will await the Eastern Conference winner between Milwaukee and Toronto, with either the Bucks or Raptors holding the home-court advantage in the best-of-seven series.

Golden State, the two-time defending champion, joins the Boston Celtics (1957-66) as the only teams ever to reach five consecutive NBA Finals.

Playing without Andre Iguodala, Kevin Durant and DeMarcus Cousins, the Warriors led just 116-115 before Curry spotted Green open for a 3-pointer that pushed the Golden State lead to four with just 39.6 seconds remaining in overtime.

Damian Lillard got Portland within 119-117 with 32.8 seconds left with a driving hoop, and the Trail Blazers got the ball back after Curry missed at the other end.

However, Lillard had a shot blocked by Green, and after Portland got the ball out of bounds with 2.5 seconds left, Lillard misfired on a desperation 3-pointer, ending the Trail Blazers’ season.

Curry finished with 37 points, 13 rebounds and 11 assists. Green chipped in with 18 points, 14 rebounds and 11 assists as the Warriors won their sixth straight game overall and their 10th straight playoff game against Portland.

The triple-doubles were the first by teammates in NBA postseason history. Green’s was his fourth of this postseason, while Curry’s was his first.

Klay Thompson had 17 points, and Alfonzo McKinnie and Kevon Looney contributed 12 apiece for the Warriors, who won their 11th straight playoff series.

Meyers Leonard poured in a career-best 30 points, Lillard had 28 and CJ McCollum added 26 for the Trail Blazers, who had staved off elimination twice in their previous series against the Denver Nuggets.

Zach Collins had 10 points off the bench for Portland, which lost despite outscoring the Warriors 48-36 on 3-pointers.

The Trail Blazers led 69-65 at halftime, then for the first time in the last three games were able to build upon it in the third quarter.

With McCollum scoring 11 points and Lillard nine, Portland went up by as many as 17 points late in the period at 95-78 on a jumper by Leonard. That hoop capped a 10-0 run.

But the Warriors chipped away, first by scoring the last nine points of the third quarter to close within 95-87, and then drawing even at 104-all on a layup by Curry with 4:34 to play.

The game was tied at 106 and 111 before the teams went the final 1:48 without scoring.

Each team had a late shot at a regulation win, but Curry traveled before nailing a 3-pointer with 10.7 seconds left, and Lillard couldn’t convert a drive in traffic in the final second.

The Trail Blazers, who had double-digit leads at halftime in both Game 2 and Game 3, got the better of the first 24 minutes again, with Leonard contributing 25 points to a four-point lead. — Reuters

The future is bright

Their “Kami Naman” (Our turn) push did not go all the way but there is no denying how successful the University Athletic Association of the Philippines Season 81 campaign of the University of Santo Tomas Golden Tigresses was, and how the future is bright for them.

Losing in the finals to the Ateneo Lady Eagles in their rubber match Game Three last weekend, UST saw its championship bid come one win short of being fulfilled.

It was an ending to what was a spectacular journey for the Tigresses that had them making believers out of many, including this writer, that they could go all the way and bring the women’s volleyball tournament title back to España after nine years.

UST had a lot of going for it as it made its way to the just-concluded finals — solid players led by Queen Tigress Sisi Rondina and heir apparent in super rookie Eya Laure and huge momentum springing from a strong finish in the elimination round.

The Tigresses were rolling as they dethroned erstwhile champions De La Salle Lady Spikers with a gutsy victory in the Final Four and had Ateneo pushed the wall with a straight-sets win in the series-opener of the UAAP finals.

Unfortunately UST would not be able to maintain such wave even as the Lady Eagles found their identity the rest of the championship series which eventually culminated in Ateneo winning via shutout in Game Three.

Not surprising, much tear was shed after the Tigresses’ loss, ruing a missed solid opportunity to be on top of UAAP women’s volleyball anew.

A championship, too, would have been a fitting ending to the career of Rondina, the UST faithful believed; an assertion that is hard to argue against as Rondina was a picture of UST pride and grit in five years of playing for the Tigresses.

But as sad and unfortunate the ending was for the Tigresses in Season 81, there is still much to celebrate for the kind of run they had.

The trite expression of “It’s the journey not the destination” truly applies here.

From a team that was expected to decently compete, UST more than lived up to what it was billed and was unstoppable in key junctures of the tournament to merit where it eventually ended up.

Rondina had a final year to remember, leading the league in scoring and earning the UAAP Season 81 women’s volleyball most valuable player award.

And her efforts were not for naught because the impact of the kind of showing they had this season would go a long way for the holdovers to take cue from.

Speaking of the holdovers, Laure is Rondina in the making, if not she already is.

Then there are Ysa Jimenez, KC Galdones, Janine Balcorta, Mafe Galanza and Rachelle Roldan who showed so much promise in their rookie year.

Veterans Caitlyn Viray, Alina Bicar and Dimdim Pacres should be back for another run.

EJ Laure could well be back after sitting out the last two seasons because of injury, and her partnership with sister Eya has many in eager anticipation.

A healthier Melina Allessandrini is also expected to return with many hoping she could take the path that Ateneo’s Kat Tolentino took on her way back to numerous knee injuries.

Coach Kungfu Reyes should also be tow, ensuring the team of continuity in its system that has steadily been effective.

Kami Naman was not realized this season but considering where UST ended up and where it will be coming off for the next season and beyond, it is highly likely that such push will be realized. It is just a question of when.

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Raptors defense

In crucial moments the other day, the Raptors appeared to be finding ways not to win. Down zero to two and with their backs against the wall in the Eastern Conference Finals, they came up with a crucial adjustment that allowed them to battle the otherwise-superior Bucks to a standstill until crunchtime of Game Three: They solved the problem that was Giannis Antetokounmpo by slotting top defender Kawhi Leonard on the presumptive Most Valuable Player along with a consistent blitz, and it worked. Unfortunately, their own offense continued to sputter, and especially with the outcome of the match on the line in regulation.

Fortunately for the Raptors, Leonard was again up to the task of translating opportunity to success. Through a career-playoff-high 52 minutes of play, he proved to be their most consistent source of points. True, Marc Gasol contributed early on and Pascal Siakam and Norman Powell made up for the poor production of Danny Green, Serge Ibaka, and Fred VanVleet. On the other hand, it was clear to all and sundry that no one was better than him at playmaking under pressure. And so they gave the ball to him again and again. And he delivered, again and again.

Considering Raptors head coach Nick Nurse’s predilection for falling back on Leonard when push invariably comes to shove, predictability would still have reigned at the end of Game Three. He would still have been the main feature in isolation sets even if All-Star pointguard Kyle Lowry didn’t foul out midway through the fourth quarter. That he was bothered by leg issues from the first period on didn’t matter. That the Bucks overplayed him didn’t matter. Only the final score did, and it showed the hosts winning by six in double overtime, with eight of their last 10 points courtesy of his exertions.

Today, the Raptors will have to rely on their defense anew to carry them. How well Leonard has recovered from his physical concerns will determine their competitiveness, or lack thereof, against the Bucks; for a marquee name whose regular season was defined by “load management” borne of caution, durability becomes a critical factor. Perhaps that’s why they opted to have a film session instead yesterday. They know enough to preserve their energy for Game Four and beyond. Meanwhile, Antetokounmpo & Company will be making adjustments, with Khris Middleton and Eric Bledsoe due to break out. It’s still an uphill battle for them, but they’ve made strides, and they figure to keep generating confidence from hope.

 

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

BoP marks 6th month of surplus in April

By Reicelene Joy N. Ignacio
Reporter

THE COUNTRY’s balance of payments (BoP) — a summary of the Philippines’ economic transactions with the rest of the world for a given period — registered a surplus for the sixth month in a row in April due to inflows from the central bank’s foreign exchange operations and income from its investments abroad that were partially offset by state foreign debt payments, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

Latest available central bank data show that BoP turned around to a $467-million surplus in April from a $270-million deficit a year ago, taking the year-to-date tally to a $4.265-billion surfeit against a year-ago $1.497-billion gap.

“The surplus may be attributed partly to remittance inflows from overseas Filipinos and net inflows of foreign portfolio investments during the first quarter of the year, and net inflows of foreign direct investments in first two months of 2019,” the BSP said in a press release on its Web site.

“The reported BoP position reflected the final gross international reserves (GIR) level of $83.88 billion as of end-April 2019,” it noted.

“At this level, the GIR represents a more than ample liquidity buffer and is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.”

Such GIR level is also equivalent to five times the country’s short-term external debt based on original maturity (of up to a year) and 3.5 times based on residual maturity (short-term foreign debt falling due in up to one year plus principal payments on medium- and long-term loans of the public and private sectors falling due in the next 12 months), BSP said.

BoP marked 2018 with a $2.306-billion gap and is now projected by BSP at a $3.5-billion deficit this year.

Nicholas Antonio T. Mapa, ING Bank N.V. Manila’s senior economist, said in an e-mail to reporters: “We expect the Philippines to continue to see months of surplus with the external position less vulnerable in 2019 as the Philippines looks to see heavier reliance on the financial account even as the current account remains in deficit.”

Softening foreign demand amid simmering trade tensions between the world’s two biggest economies — the United States and China — made Philippine merchandise exports fall for a fourth month in April, fueling the trade-in-goods gap and, consequently, the BoP’s current account deficit to grow even more.

The BoP’s financial account consists of foreign direct and portfolio investments, as well as other forms of investment.

Sought for comment, Security Bank Chief Economist Robert Dan J. Roces said that “the ample international reserves serve as a good standby fund to help the economy stay afloat during an exchange crisis such as those that may be caused by the trade war or in times of national emergency.”

At the same time, Mr. Roces added, “the good numbers in terms of OF (overseas Filipino) remittances [that] form part of the current account… may not be enough to cover for the trade gap.”

“On a positive note, our high capital account means we have enough forex reserves to stabilize the peso.”

Hence, Mr. Roces said, “notwithstanding potential headwinds, as long as economic fundamentals stay robust… we are seeing a sustained surplus for the year.”

Also sought for comment, Michael L. Ricafort, economist of the Rizal Commercial Banking Corp., said in a mobile phone message that the BoP surplus “may reflect improvement in the GIR as well at 2.5 year highs, amid improvement in investment income due to gains in bond prices in the United States and developed markets” along with net foreign portfolio investment inflows of at least $200 million for the month, net foreign direct investments, growth in remittances and business process outsourcing revenues and foreign tourism receipts.

“Proceeds from foreign borrowing also added to the BoP surplus… Narrowing trend in monthly trade deficits/net imports… would also help improve BoP data in the coming months.”

Gov’t on road show to draw interest to energy auction

By Victor V. Saulon
Sub-Editor

THE DEPARTMENT of Energy (DoE) is taking to the United States and other parts of the globe its road show to drum up interest in the Philippine Conventional Energy Contracting Program (PCECP) after it extended the deadline for investors to submit their application to explore pre-determined oil and gas reserves in the country.

“As we support and strengthen the effort of President (Rodrigo R.) Duterte’s administration to explore and discover indigenous petroleum resources, the DoE remains committed to establishing the ‘Explore, Explore, Explore!’ program that will elevate energy independence, security and sustainability through effective and reasonable development of all indigenous energy resources in the Philippines,” Energy Secretary Alfonso G. Cusi said in statement on Monday.

The DoE said after the kickoff in Singapore last month, it will bring the PCECP road show to the American Association of Petroleum Geologists Annual Convention and Exhibition (AAPG ACE) in San Antonio, Texas from May 19 to 22. The US stint will be followed by road shows in other parts of North America, South America and the Middle East.

The department described AAPG ACE as among the prestigious events for the geosciences community and one of the largest global gatherings for oil and gas industry professionals and investors. It said an estimated 7,500 professionals from more than 72 countries are participating this year.

PCECP is the DoE’s initiative to spur exploration by offering areas in the country with potential oil and gas reserves. It is a revised, transparent petroleum service contract awarding mechanism that would allow investors to bid for exploration projects through the competitive selection process or by nomination.

The DoE delegation in Texas is headed by Undersecretary Donato D. Marcos, who will be presenting at the Henry B. Gonzalez Convention Center and will conduct one-on-one meetings with petroleum exploration companies at the booth located in the international pavilion.

In a text message during the weekend, Mr. Marcos, who led previous local and international road shows for PCECP, said he was already in Texas.

The DoE said to date, it had received 17 requests for the issuance of area clearance for various areas in the Sulu Sea, Recto Bank, Palawan, Quezon, Albay, and Mindoro have been received by the department from nine local and foreign companies.

It said three companies had acquired area clearances and had submitted their respective letters of intent to formalize their area nominations for approval by the DoE.

Six companies have viewed and four companies have purchased technical data sets that include seismic lines and well listings, the DoE said, while 16 companies have so far conducted courtesy visits to the department for one-on-one meetings regarding the details of the PCECP.

“Evaluation of applications is made by the DoE Centralized Review and Evaluation Committee based on the criteria pursuant to Department Circular No. DC2017-12-0017 and existing PCECP guidelines,” it said.

“Interested parties must comply with the legal, financial and technical requirements, which include the proposed work program and economic development plan for the contract area.”

At present, 22 petroleum service contracts are active in the Philippines, including Shell Philippines Exploration B.V. (SPEx), Total E&P Asia Pacific Pte. Ltd., Philippine National Oil Co.-Exploration Corp., Nido Petroleum Pty. Ltd., The Philodrill Corp., PXP Energy Corp. and Galoc Production Co.

The Philippines’ Malampaya deep water gas-to-power project, the largest and most successful natural gas industrial project in local history, is under a consortium led by SPEx.

Last week, the DoE announced the deadline for interested entities to submit their bids to secure service contracts in 14 areas in the Philippines offered by the agency for oil and gas exploration. In a notice posted on its Web site, the department said the 180-day application period for the pre-determined areas (PDAs) under the PCECP had been moved to Aug. 19 from May 21. It cited the need “to provide additional time for applicants and other interested parties to submit their complete application documents.”

These areas are onshore and offshore sites located in the Cagayan Basin (one area), Eastern Palawan (three areas), Sulu (three areas), Agusan-Davao (two areas), Cotabato (one area) and in Western Luzon (four areas).

No more tax reforms to make it out of 17th Congress

By Charmaine A. Tadalan
Reporter

THE 17th CONGRESS will likely end with enactment of the anti-terrorism, the security of tenure and the expanded anti-wiretapping measures, but without any of the remaining tax reforms wanted by the Executive, Senate leaders signaled on Monday.

Lawmakers reconvened yesterday for the remaining session days of the 17th Congress spanning May 20-June 7. Any measure that fails to make it out of Congress by then will have to start from scratch in the 18th Congress that opens on July 22.

“We will try our best to pass the anti-terrorism bill, the security of tenure… Ito ‘yung mga (these will require just) finishing touches na lang; anti-wiretapping and possibly the lowering of the age of criminal responsibility,” Senate President Vicente C. Sotto III told reporters following a caucus with members of the Senate’s majority bloc on Monday.

“And then meron kaming mga iba pa, ‘yung (There is also the) NEDA (National Economic and Development Authority) charter (amendment that will strengthen the socioeconomic planner), baka kailangan maihabol ‘yan, (which we may have to rush) and then a number of local bills, napakarami (that are so many).”

Senate Bill No. 2204, or the proposed Anti-Terrorism Act is designed to amend Republic Act No. 9372, or the “Human Security Act of 2007,” by redefining terrorism acts punishable by law and easing restrictions for law enforcers; while SB 1826 , or the proposed Security of Tenure and End of Endo Act, will amend Presidential Decree No. 442, or the Labor Code of the Philippines, by expanding the list of banned forms of contracting.

SB 1210, or the proposed Expanded Anti-Wire Tapping Act, will expand coverage of the anti-wiretapping law by prohibiting use of electronic and other modern equipment to listen into or record private communications.

These measures await second-reading approval in the Senate, while their counterparts in the House of Representatives had been approved on final reading, except for the anti-terrorism bill which is still in a committee.

Senate Majority Leader Juan Miguel F. Zubiri said senators planned to question measures proposed by the Department of Finance, after President Rodrigo R. Duterte vetoed bills like the one establishing the Coconut Farmers and Industry Development Trust Fund and the reconstitution of the Philippine Coconut Authority, due to perceived insufficient Executive role, among others.

“Marami tayong kasamahan na medyo napikon sa na-veto na kanilang (We have many colleagues who were miffed by the President’s veto of their) measures, which were recommended by the Finance team. They all listed to debate and ask questions on the different Finance measures,” Senator Zubiri said in an interview on Monday.

Mr. Zubiri said the Senate hopes for better coordination with the Presidential Legislative Liaison Office to prevent recurrence of approval of bills that will only be vetoed by Mr. Duterte eventually. “Umaapila na kami sa (We are appealing to) Malacañang, we said that they have to come up with a more effective PLLO para masabihan ang chairman kung lulusot (so that committee chairmen can be told of the odds that measures will be signed into law by the President),” Mr. Zubiri said.

Senate President Pro Tempore Ralph G. Recto said he will oppose any more tax reforms in the remaining weeks of the current Congress. “My personal position was that all major issues, [will have to wait for the] next congress. No midnight session,” Senator Recto said in an interview on Monday. “I’m against any taxes in the next nine (session) days.”

Sought for comment, Finance Assistant Secretary Maria Teresa S. Habitan said via text message on Monday, “We remain hopeful.”

Mr. Duterte has signed into law Republic Act No. 10963, which slashed personal income tax rates and increased or added levies on some goods and services, and the RA 11213, which grants estate tax amnesty and amnesty on delinquent accounts that remained unpaid after being given final assessment. Other tax reforms pending in the Senate Ways and Means committee are bills proposing to reduce corporate income tax and remove redundant fiscal incentives; simplify taxes on financial instruments; centralize real property valuation and assessment; increase government share from mining revenues and excise taxes imposed on alcohol and tobacco products.

Trade department notes investors lured from China

By Janina C. Lim
Reporter

THE DEPARTMENT of Trade and Industry says the Philippines has been able to attract investors from China, which is in the middle of a trade war with the United States.

“More of Chinese investors. Before, only $50 million a year. Very small. Now almost $1 billion,” Trade Secretary Ramon M. Lopez said in a mobile phone message on Monday when asked for updates on the status of Philippine efforts to lure investors from China amid uncertainty due to its trade row with the United States.

Economists have noted that the trade war will benefit the Philippines and other countries near China that offer viable relocation sites for locators that want to dodge rising US tariffs.

But geographic proximity is just one consideration.

Philippine Economic Zone Authority Director General Charito B. Plaza had said that uncertainty amid current moves to streamline the country’s package of investment incentives by removing perks deemed redundant has been keeping prospective investors away.

In order to seize opportunities amid the US-China trade spat, the Foundation for Economic Freedom (FEF) said in a press release on Monday that “[t]he Philippines could become an alternative destination for thousands of these factories seeking to avoid the US-China trade war,” noting that the country “has a highly skilled, English-speaking workforce.”

‘NOT WITHOUT COMPETITION’
But “[t]he Philippines is not without competition in the contest to attract these China-based factories to relocate,” FEF said.

“Other countries such as Vietnam are moving aggressively and with lots of incentives to boot with more liberal foreign ownership laws and less onerous labor regulations,” the group noted.

“The government owes it to job-seeking Filipinos to seize this opportunity to attract thousands of factories to our shores.”

The group recommended prompt enactment of the bill that will cut corporate income tax rates and streamline fiscal incentives and the proposed Public Service Act amendment to remove restrictions to foreign ownership and participation in public transportation and telecommunications.

“The quality, cost and efficiency of transportation and telecommunications are inputs to the decision of companies whether to relocate here,” FEF noted.

“Therefore, we need more foreign investment in the strategic sectors of transportation and telecommunications to bring more competition, improve services, and lower prices.”

USE PPP MORE
The group also asked for implementation of the measure designed to further ease doing business and rejection of the bill that will further restrict labor contracting modes since this will hinder flexibility of businesses, especially in dealing with disruption caused by technology.

The FEF also asked the government to implement its “Build-Build-Build” infrastructure development program “seriously and quickly” in order to bring down logistics costs. “We recommend that the government shift to public-private partnership (PPP) where feasible but undertake projects under official development assistance or General Appropriations Act whenever there is no incentive for private participation. The government should also quickly make a decision on the rehabilitation and expansion of the Ninoy Aquino International Airport and the Davao airport by private companies.”

AGI earnings increase 21% in Q1

ALLIANCE GLOBAL Group, Inc. (AGI) delivered a 21% increase in attributable profit in the first quarter of 2019, driven by the steady growth of its property, liquor, and quick-service restaurant businesses.

In a regulatory filing, the holding firm of tycoon Andrew L. Tan said net income attributable to the parent hit P4.35 billion from January to March, against the P3.6 billion it generated in the same period a year ago.

This followed a 19% uptick in revenues to P41.05 billion.

Property unit Megaworld Corp. accounted for 36% of AGI’s revenues for the quarter, followed by liquor manufacturer Emperador, Inc. at 27%. Travellers International Hotels Group, Inc. (TIHGI) and Golden Arches Development Corp. (GADC) contributed 17% and 18%, respectively, while the remaining two percent came from other businesses.

“We will continue to offer our premium products and excellent services to the market as we remain optimistic of the opportunities that lie ahead… We are mindful of the challenges in the external environment, but we will strive to work harder to sustain such good results,” AGI Chief Executive Officer Kevin Andrew L. Tan said in a statement.

Megaworld’s attributable profit went up 16% to P3.8 billion, on the back of strong residential sales and leasing income. Reservation sales alone reached P48 billion, while rental income from the lease of office and commercial spaces grew 16% to P3.9 billion.

The listed property developer also benefited from the expansion of its hotel segment, as revenues surged 56% to P574 million for the quarter. It now has a total of 5,175 keys under its hospitality portfolio.

For Emperador, net income attributable to the parent improved 10% to P1.7 billion after revenues also rose 13% to P11 billion. The listed firm reported strong sales in the local market while increasing contributions from its international presence.

The growth in Megaworld and Emperador offset the slower performance of TIHGI, which owns and operates integrated resort and casino Resorts World Manila (RWM). The listed gaming firm saw net income drop 45% to P243 million, even as revenues jumped 46% to P6.9 billion.

TIHGI incurred higher finance costs for the period as it pursued its expansion, including the addition of three new hotels and the opening of another gaming area for RWM’s Grand Wing.

Meanwhile, GADC — the exclusive franchisee of the McDonald’s brand in the country — reported a 16% increase in net income to P382 million. Revenues also climbed 13% to P7.5 billion supported by same-store sales growth of 4.8%.

The company opened 14 new stores and closed down one branch during the quarter, bringing its total store network to 633 by end-March.

Shares in AGI slipped 0.72% or 10 centavos to close at P13.80 each at the stock exchange on Monday. — Arra B. Francia

DoTr prepares to award rolling stock contract

THE Department of Transportation (DoTr) is set to award the contract to provide train sets for the Tutuban-Malolos segment of the North-South Commuter Railway (NSCR) project by end-May or early June.

Transportation Undersecretary for Railways Timothy John R. Batan said the Japan International Cooperation Agency (JICA), which will finance the project through a P777.55-billion loan together with the Asian Development Bank, is currently conducting financial evaluation of the bid submitted by the tandem composed of Sumitomo Corp. and Japan Transport Engineering Co. (J-TREC).

“Mag-aaward na tayo nyan if not this month, by next month. Nag-bid submission kasi tayo nyan noong Abril, ’yung financial evaluation report ay nasa JICA na for concurrence. Pagkalabas ng concurrence ng JICA ay mag-iissue na tayo ng award, pipirma ng kontrata at mag-issue ng notice to proceed (We are set to award the contract if not this month, by next month. The bid submission was in April and the financial evaluation report is now with JICA. After JICA’s concurrence, we will issue the notice of award, sign the contract and issue the notice to proceed),” he said during a briefing on Monday.

The contract set to be awarded to Sumitomo-J-TREC is for the procurement of 13 train sets with 8 cars each.

On Monday, the DoTr awarded the construction contract to DMCI Holdings, Inc. and Japanese firm Taisei Corp. for the civil works for six train stations of the Tutuban-Malolos railway, also called the Philippine National Railway (PNR) Clark Phase 1.

Actual construction also started after the contract signing, and is targeted to finish by end-2021.

The NSCR project is composed of three main railway segments that will link Clark, Pampanga to Calamba, Laguna: a 56-kilometer line from Calamba to Tutuban, a 38-kilometer line from Tutuban to Malolos, and a 53-kilometer line from Malolos to Clark.

The 147-kilometer project is expected to be fully operational by 2023.

Aside from the rolling stock package for the Tutuban-Malolos segment, the NSCR project also involves two more rolling stock packages that will be bid out eventually. These are for the 38 train sets for the Malolos-Clark and Tutuban-Calamba segment of the railway project, and the seven train sets for the airport commuter service.

“’Yung pangalawa nating rolling stock package, ’yung 38 na train sets, ’yan ay for publication nitong third quarter of 2019 [The call for bids for the second rolling stock package involving the 38 train sets is for publication by the third quarter of 2019],” Mr. Batan said.

The last package is for the airport express trains, which are high-speed trains that could run up to 160 kilometers per hour, making the travel time from the Clark International Airport to the would-be station in Buendia run in 55 minutes. — Denise A. Valdez

Manila’s most expensive condo costs P550,000 per square meter

A LUXURY condominium project is now pre-selling at a whopping P550,000 per square meter (sq.m.), making it the most expensive in Metro Manila, according to Colliers International.

“Strong demand in the pre-selling market has continued to raise residential prices, with the most expensive condominium project now priced at approximately P550,000 ($10,400) per sq.m.,” Colliers said.

While Colliers did not identify the project, it is reportedly The Estate Makati, a high-end condominium in the heart of Makati central business district (CBD) along Ayala Avenue across from Rustan’s Makati. It is being developed by SM Development Corp. and Federal Land.

“With the dearth of developable land, the most expensive pre-selling project along Ayala Avenue in Makati CBD is very attractive among investors; it being the last opportunity to own a pre-selling property in the Philippines’ primary business district,” Colliers said.

Luxury residential projects have been growing over the past three years in terms of take-up and launches. Colliers noted there is strong appetite for these projects, as developer continue to launch high-end condominiums in Fort Bonifacio, the so-called Bay Area and Makati CBD.

CONDOMINIUM STOCK
For the overall residential market, Colliers reported 3,700 units in Metro Manila were completed during the first quarter. This pushed Metro Manila’s condominium stock to 122,500 units as of end-March, from 118,900 units as of end-2018.

Nearly half of the new condo units delivered during the January to March period are in the Bay Area. About 1,800 units were turned over after Shore Residences Building 4 was completed.

Added supply also came from completion of the 490 units of Lincoln Tower of the Proscenium at Rockwell in Makati City, the Sandstone at Portico Tower 1 in Ortigas Center with 370 units, Verve Residences in Fort Bonifacio with 560 units, and Escala Salcedo and Two Roxas Triangle in Makati CBD with 430 units.

By 2021, Colliers expects Metro Manila’s condominium stock to reach about 142,000 units, with the Bay Area and Fort Bonifacio accounting for 75% of the new supply.

FLAT RENTAL GROWTH
Colliers also noted average rents for prime three-bedroom units in Makati CBD, Fort Bonifacio and Rockwell Center inched up 0.8% quarter-on-quarter.

“In 2019-2020 we see rents in the three business districts rising by an average of 0.6% due to the delivery of more units before rising to an average increase of 1.0% in 2021 as the completion of new units slows,” it added.

Capital values are also rising, with the average prices of prime three-bedroom units in the secondary market in Makati CBD, Rockwell Center, and Fort Bonifacio ranging between P139,000 and P350,000 ($2,600 and $6,600) per sq.m., 6.7% higher quarter-on-quarter.

“We expect prices to increase by an annual average of 6.3% from 2019 to 2021 as we factor in the new supply,” Colliers said.

At the same time, Colliers said leasing demand for residential condominiums was “firm” in the first quarter, especially in hubs where Chinese offshore gaming companies have set up shop.

“We recommend that developers with several ready-for-occupancy (RFO) units offer creative leasing models such as co-living, highlight features of projects such as landscaping, retail options, and accessibility; and launch more mid-income units,” Colliers said.

For investors, Colliers said they should cash in on the potential capital appreciation of condominiums, as the government starts work on rail projects in the greater Metro Manila area. — V.M.P.Galang

Huawei assures continued security support for Android smartphones

By Denise A. Valdez, Reporter

HUAWEI TECHNOLOGIES Co., Ltd. on Monday said it will continue to provide security updates and services for its smartphones and tablets, after Alphabet, Inc.’s Google said it would restrict the Chinese technology giant from updates to the Android operating system.

“Huawei will continue to provide security updates and after-sales services to all existing Huawei and Honor smartphone and tablet products, covering those that have been sold and that are still in stock globally,” the company said in a statement.

“We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all users globally,” Huawei said, noting it has “made substantial contributions to the development and growth of Android around the world.”

PLDT, Inc. and wireless unit Smart Communications, Inc. said they are working with Huawei to address concerns on firmware and software updates on devices purchased through the two companies.

“In light of the recent trade ban of the United States government on Huawei products, PLDT and Smart wish to assure its customers who have availed of Huawei handsets and devices via its official channels that said products will continue to function normally on the PLDT-Smart network,” the companies said in a statement.

Globe Telecommunications, Inc. said in a separate statement that it has gained assurance from Huawei that it will “continue to provide security updates and after sales services to its device users using the Globe network.”

“We wish to assure our customers that the current situation at Huawei will not impact its network services,” Globe said.

Reuters reported that Google is withdrawing Huawei’s license to use its Android operating system. This means that Google services relating to the transfer of hardware, software and technical services will no longer be available to Huawei devices, except those available through Android’s open source license.

It also means future Huawei devices that are powered by Android will lose access to Google applications such as Google Play Store, Gmail and YouTube.

However, existing Huawei devices will not lose access to Google, as Reuters reported Google Play and the security protections it provides will still be available on existing Huawei phones.

On its website, Smart is currently offering 13 Huawei phones — Huawei P30, P30 Lite, P30 Pro, Mate 10, Mate 10 Pro, Mate 20, Mate 20 Pro, Nova 3i, P20, P20 Pro, Y6, Y6 Pro and Y7 Pro.

For Globe, the company offers nine Huawei phones, namely: Huawei P30, P30 Pro, P30 Lite, Nova 3i, Y6 Pro 2019, Mate 20 Pro, Nova 3, Y3 2018 and Y7 Pro 2019.

Google’s decision to sever ties with Huawei came after the United States government included the Chinese tech firm in its trade blacklist last week.

Aside from selling Huawei phones, both PLDT-Smart and Globe have deals with Huawei for the rollout of their fifth generation (5G) network this year.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls.

How the Philippines saved more than a thousand Jews from Hitler

A LESSER-KNOWN historical event that took place during the administration of President Manuel L. Quezon is the topic of the film Quezon’s Game. Directed by Matthew E. Rosen and produced by ABS-CBN’s Star Cinema, it will be released nationwide on May 29.

Quezon’s Game tells the story of Quezon’s role in helping more than a thousand Jews escape the Holocaust by persuading American authorities to issue Philippine visas to the refugees.

“President’s Quezon’s compassion has been compared to Oskar Schindler, the German industrialist who inspired the Oscar Best Picture Schindler’s List (1993),” according to a press release.

It was in the late 1930s that Adolf Hitler systematically massacred six million Jews during the Holocaust. While other world leaders ignored the plight of Jewish refugees, Quezon — despite opposition — created an open-door policy which was meant to welcome more than 10,000 Jews to the country though he had originally planned to welcome thousands more.

The Philippines initially issued 10,000 visas but plans were halted when Japan invaded and occupied the Philippines during the Second World War. In the end, only about 1,200 Jews reached the country’s shores.

The film’s trailer includes this exchange between Vice-President Sergio Osmena, Sr., played by Audie Gemora, and Quezon, played by Raymond Bagatsing:

“Mr. President, why are you doing this? It’s not that we’re belittling the Jews but should the Filipinos be concerned about this?”

“I can’t turn a blind eye, Sergio. … This is the Philippines. We will stand against Hitler.”

Aside from Mr. Bagatsing and Mr. Gemora, the film’s cast includes Rachel Alejandro who plays Aurora Quezon, the President’s wife; David Bianco as Dwight Eisenhower; and Billy Ray Gallion and Tony Ahn as Alex Frieder and Herbert Frieder, two brothers who were instrumental in helping Jews escape to Manila.

Quezon’s Game opens nationwide on May 29. — Zsarlene B. Chua

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