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Another comeback gives Warriors 3-0 lead on Blazers

LOS ANGELES — Stephen Curry saved 21 of his game-high 36 points for the second half and Draymond Green recorded a triple-double Saturday night as the Golden State Warriors rallied to stun the host Portland Trail Blazers 110-99 for a 3-0 lead in their Western Conference finals playoff series.

The top-seeded Warriors, playing without Kevin Durant and DeMarcus Cousins, will go for the series sweep and a berth in their fifth consecutive NBA Finals on Monday night in Portland.

For the second consecutive game, Golden State dominated the third quarter to get back in the game after trailing by double digits at halftime. This time, it was a 13-point deficit and they rallied without Andre Iguodala, who complained of a sore calf in the first half and played only four minutes after intermission.

Down 73-59 four minutes into the third quarter after a 3-pointer by Meyers Leonard, Golden State used an 18-3 flurry to take its first lead of the game at 77-76 with 1:54 left in the period. Six Warriors contributed points to the run, including Klay Thompson, who had six.

Encouraged by their home crowd for the first time in the series, the Trail Blazers tied the game at 82-all on a 3-pointer by Zach Collins in the first minute of the final period.

But with Curry on the bench for a rest, Thompson hit a tie-breaking jumper, Quinn Cook buried consecutive shots and Jonas Jerebko dropped in a jumper as the Warriors opened an eight-point lead they were able to massage to the finish.

Thompson complemented Curry’s 36 points with 19 of his own, helping the Warriors outscore the Trail Blazers’ tandem of CJ McCollum (23) and Damian Lillard (19) 55-42 in a battle of premier backcourts.

Green was the dominant frontcourt player in the game, accumulating 20 points, 13 rebounds, 12 assists and four steals.

Leonard finished with 16 points and Evan Turner 12 for Portland, which has now lost 11 of 12 playoff games to the Warriors in the last four seasons.

The Warriors outshot the Trail Blazers 48.8% to 40.0.

After telling his team just before the start that the game was a “must win,” Trail Blazers coach Terry Stotts made a lineup changed that paid immediate dividends.

Leonard, who never left the bench in Game 1, was inserted into the starting lineup and produced 13 first-half points as the Trail Blazers went up 66-53 by halftime.

Not only did Leonard have an early impact, but so did demoted big man Enes Kanter, who came off the bench to contribute seven points and five rebounds in just seven minutes. — Reuters

It’s all over but…

It’s all over but the shouting. The Blazers tried as well as they could to protect home court and, in the process, bring down their deficit in the Western Conference Finals to a single game, but their effort at the Moda Center yesterday ultimately left much to be desired. As in Game Two, they greeted the opening tip with purpose and kept the pedal to the metal in the first half. And, as in Game Two, they then saw fit to coast on a seemingly comfortable lead — a no-no given the relentless nature of the Warriors. They played not to lose when they should have kept playing to win, a recipe for disaster against the defending champions.

True, the Blazers are known for not quitting. In fact, their never-say-die disposition is precisely why they’ve managed to exceed themselves in the 2019 Playoffs. It’s certainly how they ran roughshod over the dangerous Thunder starring Paul George and Russell Westbrook and thereafter prevailed over the superior Nuggets featuring do-it-all Nikola Jokic. Unfortunately, the Warriors are notches above their previous opponents, leading scorer Kevin Durant’s absence notwithstanding; they’re heavy underdogs against the holders of three titles in four years on the strength of historically dominant numbers from end to end.

Granted, all the Blazers have always asked for is a chance. They’re so used to being written off and second-guessed that they’ll no doubt brandish the prevailing view of their current situation as added motivation. Considering their relish in showing up naysayers, they’ll be leaving nothing in the tank tomorrow. Well, it’s about time. And it’s not a question of whether they can compete in spurts, but of whether they can keep plugging on until the final buzzer. Relatively short on talent, they’ll have to go long on resolve. And, with the Warriors loading up on their usual workhorses, they’ll need to mix their campaign with a healthy dose of trust in others on the bench.

The Blazers do have cause to continue riding on the shoulders of leading scorers Damian Lillard and C.J. McCollum. After all, their one-two punch has driven them to where they are. On the flipside, they’re compelled to rely elsewhere for points in the face of the Warriors’ constant trapping of their principal playmakers. And if there’s anything the first two quarters of both Games Two and Three showed, it’s that they do have safety valves to lean on. Tomorrow, consistency of ball movement will be key. Under pressure, they’ve so far shown an alarming tendency to resort to isolation sets.

Again, it’s all over but the shouting. There’s no way the Blazers will win four straight matches versus supremely confident competition. Nonetheless, their response to the challenge before them figures to shape their future. They’ve overachieved, but naturally want to forge ahead. And, as with all the others in the league, the blueprint for continual improvement lies in their processing of experiences, the losses included.

 

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

Central bank chief signals more reserve ratio cuts

Benjamin Diokno
CENTRAL BANK Governor Benjamin E. Diokno has displayed a bias for economic growth since he assumed his post in March after a stint at the helm of the Budget department.

THE BANGKO SENTRAL ng Pilipinas (BSP) will consider reducing the reserve requirement ratio (RRR) for lenders further if banks don’t misbehave and speculate against the peso, Governor Benjamin E. Diokno said.

The BSP will “closely look at how banks will use funds freed up by RRR cut,” Mr. Diokno told a forum in Manila on Friday, a day after announcing a 2 percentage-point reduction in the funds that large banks must hold in reserve.

“Proper use will encourage further cuts and speculation will do otherwise.”

The reserve ratio will be lowered in three stages: to 17% from 18% on May 31, then to 16.5% on June 28 and 16% on July 26. The move follows a 25 basis-point reduction in the benchmark interest rate, providing more stimulus to the Philippine economy after it grew at the slowest pace in four years in the first quarter.

Mr. Diokno, who took office in March, is following through on a pledge by his predecessor, the late Nestor A. Espenilla, Jr., to bring down Southeast Asia’s highest reserve ratio to single digits by the middle of 2023. The move should help ease a liquidity crunch after money supply grew at the slowest pace in more than a decade at 4.2% in March. Loan growth was the lowest since 2015 in the same month.

The Monetary Board initially planned to implement a series of four cuts of 50 basis points each but decided to move more aggressively “to reduce speculation and allow bankers to prepare,” Mr. Diokno told the Italian Chamber of Commerce.

“There is no point in postponing what should be done anyway.”

The peso opened 0.13% weaker at P52.55 to the greenback on Friday from Thursday’s P52.48-per-dollar finish, hit its intraday weakest point at P52.65 and its strongest level at P52.445 before closing P52.63 to the dollar, 0.29% weaker than Thursday’s closing rate.

The Philippine Stock Exchange index ended a five-day losing streak a day after the BSP announcement, gaining 108.66 points or 1.45% to close 7,583.82, with financials posting the biggest rise among the six sectoral indices at 2.24%.

THE GOVERNATOR
“I like this new governor of the BSP — he is like the governator,” Trinh Nguyen, senior economist at Natixis Asia Ltd., wrote on Twitter after Mr. Diokno said there’s no point delaying what must be done.

“Decisive. I like.”

For Carel D. Halog, senior vice-president at the Land Bank of the Philippines, the reserve ratio cut is a step in the right direction. “It’s very timely and a welcome relief for banks. It will help lower intermediation cost and encourage lending.”

In a statement sent to journalists late Thursday, the Bankers Association of the Philippines (BAP) welcomed the RRR cut as as “a complementary boost” to the economy amid easing inflation.

“The 2 [percentage point] cut in reserve requirements recognizes the BSP’s effectiveness in strengthening the country’s banking system,” BAP President Cezar P. Consing said in the statement.

“It is a bold move, coming on the heels of a policy rate cut, but equally appropriate given how our financial system has advanced under the BSP’s stewardship,” added Mr. Consing, who is also the president and chief executive officer of Bank of the Philippine Islands.

Headline inflation eased for sixth straight month to a 16-month-low three percent in April, taking the year-to-date pace to 3.6% against the BSP’s 2-4% full-year target range.

Nations across Asia are turning to looser monetary policy to bolster their economies as a full-blown trade war between the United States and China continues to weigh on the global outlook. India lowered rates twice this year, while Malaysia and New Zealand eased this month. — main article by Bloomberg

Energy department extends deadline for service contract bids

THE DEPARTMENT of Energy (DoE) has extended the deadline for interested entities to submit their bids to secure service contracts for the 14 areas in the Philippines offered by the government for oil and gas exploration.

A notice posted on the department’s Web site said the 180-day application period for the pre-determined areas (PDAs) under the Philippine Conventional Energy Contracting Program (PCECP) had been moved to Aug. 19 from May 21, 2019.

It said the reason for the extension is “in order to provide additional time for applicants and other interested parties to submit their complete application documents.”

Ahead of the extension, DoE officials had been saying that several companies had expressed interest in submitting their application.

They also said other entities were keen on nominating areas outside the 14 PDAs, including offshore areas in the South China Sea where the Philippines has a standing territorial dispute with China.

DoE Undersecretary Donato D. Marcos, who attended local and international road shows to drum up interest in PCECP, did not immediately respond when asked whether the department had received applications for the pre-determined areas or whether areas outside of the identified 14 had been nominated for exploration.

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 allows investors to bid for exploration projects through a competitive selection process or by nomination.

These areas are composed of 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).

The application period is 180 days from the launch in November last year. None of the areas is within the waters being contested by China and the Philippines.

Under the PCECP, investors are also given a chance to develop locations other than those on the PDA list by nominating their areas of interest, subject to DoE approval.

Potential applicants may nominate and publish these areas at any time of the year. Their application will be subjected to a 60-day challenge period. — VVS

Proclamation for winning Senate bets, party-list groups possible by Sunday

By Charmaine A. Tadalan, Reporter

BOTH the 12 leading candidates in the senatorial race and the leading party-list groups may be proclaimed by Sunday, the Commission on Elections (Comelec) said Friday.

But Comelec Spokesperson James B. Jimenez also said in his press briefing Friday afternoon, “No formal invitation has been issued yet. There are still some matters…to be settled.”

“Again, sobrang tentative pa ang Sunday but as a heads up, sobrang reasonable na window.” (Again, Sunday is still a very tentative date, but it is a reasonable time window.)

He added: “One of the directions that we’re going in is one proclamation for both Senate and party-list winners….So hindi tayo pwedeng magmadali kasi kailangan i-compute muna natin yung party-list.” (So, we can’t rush this because we still have to compute the party-list)

With 145 out of 167 certificates of canvass already counted, the Comelec, convening as the National Board of Canvassers (NBoC), is seen to finish its count soon.

“We have canvassed 145 out of 167, so malapit na matapos (so it’s almost done),” Mr. Jimenez said.

Meanwhile, Tindig Pilipinas on Friday marched to the Philippine International Convention Center (PICC), where the NBoC is canvassing the votes, to urge the Comelec to address alleged irregularities in the midterm polls.

The group cited the 7-hour delay on Monday night in the transmission of election results to the transparency server, corrupted SD (Secure Digital) memory cards, and malfunctioning vote-counting machines, among others.

Human Rights Watch urges accountability on ex-PNP chief winning Senate race

ADVOCACY group Human Rights Watch (HRW) on Friday called for a winning senatorial candidate to be held accountable for his leading role in President Rodrigo R. Duterte’s drug war.

“Newly elected senator Ronald ‘Bato’ dela Rosa was Duterte’s police chief when the ‘drug war’ began after Duterte took office in June 2016.” HRW said in a statement credited to researcher Carlos H. Conde of the group’s Asia division.

“Dela Rosa presided over a Philippine National Police that routinely shot and killed drug suspects, claiming without proof they resisted arrest. Investigations by rights groups, including Human Rights Watch, and the media found numerous instances in which the police planted weapons and drugs on victims to cover-up the killings.”

“Dela Rosa was as vociferous in carrying out and defending the ‘drug war’ brutality as Duterte was in justifying it,” HRW also said. “‘If many believe that the number of drug addicts has gone down,’ he told reporters during his Senate campaign, ‘then somehow we are successful.’”

“However one views the election results, it won’t change the fact that victorious candidates implicated in “drug war” crimes shouldn’t receive a get-out-of-jail-free card.”

“Dela Rosa may still have a date with justice. The Duterte government has shown it won’t carry out necessary investigations, but the International Criminal Court (ICC) could. Although the Philippines has officially withdrawn from the ICC, the court, which is conducting a preliminary examination into killings during the anti-drug campaign, can still investigate alleged crimes against humanity that occurred while Dela Rosa was police chief, and any other crimes “occurring in the future in the context of the same situation.”

Mr. dela Rosa was sought for comment. He is currently in fifth place in the ongoing election count, with more than 18 million votes, and was reported by election watchdog Parish Pastoral Council for Responsible Voting as the top choice in the overseas vote.

Puno accepts dismissal, maintains ‘honesty’ in FDA tenure

By Vann Marlo M. Villegas, Reporter

DISMISSED Food and Drug Administration (FDA) Director-General Nela Charade G. Puno said she accepts her dismissal by President Rodrigo R. Duterte but maintained that she is “clueless” about the allegations of corruption against her.

Ms. Puno said in a statement she accepts her termination last Wednesday “without any ill feelings” but “takes exception to the mention of so-called ‘corruption allegations.’”

“I have not been charged in any legal proceedings nor am I aware of any official investigations being undertaken in relation to corruption involving me. Of course, if there will be any such allegations forthcoming, I am more than ready to face these in any forum,” she said.

Presidential Spokesperson Salvador S. Panelo on Thursday announced Ms. Puno’s dismissal, saying this was in line with Mr. Duterte’s campaign against graft and corruption.

Ms. Puno also noted that she worked in the private sector before her appointment to the FDA in 2016, which makes her “completely unfamiliar with the political maneuverings in the bureaucracy.”

“I served as the Director General of the FDA for 2 years and 10 months with complete honesty, diligence, dedication, and loyalty,” she said.

“I leave FDA with a clear conscience and what I believe to be a clean record. It is completely unnecessary to sully the personal and professional reputations of people who sacrifice to render public service,” she added.

Ms. Puno also said it was during her tenure the FDA gained recognition and accreditation of regulatory standards in the Association of Southeast Asian Nations.

Healthcare funding gap must be plugged by more sin taxes — DoF

THE Department of Finance projects the Universal Healthcare (UHC) Act to have a total funding gap of P426 billion in the first four years of implementation if a fresh tax increase on tobacco and alcoholic beverages is not passed.

“In 2020 — the first year of UHC’s implementation — the program is estimated to cost P258 billion, which the government can cover from its current funding sources from the national budget, the Philippine Amusement and Gaming Corp. or PAGCOR and the Philippine Charity Sweepstakes Office or PCSO, in the amount of P195 billion. Without ‘sin’ tax reform, UHC will be left with a funding shortfall of around P62 billion, Finance Secretary Carlos G. Dominguez III said in a speech at a joint news conference of the Finance and Health departments.

He added: “Without the sin tax reform, the cumulative funding gap by 2024 will stand at P426 billion, about one-third of the total cost.”

Both the DoF and the Department of Health (DOH) urged the 17th Congress to pass laws further increasing taxes on alcoholic beverages and cigarettes to fully implement the UHC law signed by President Rodrigo R. Duterte in February.

Senate Bill (SB) No. 1599 filed by Senator Emmanuel D. Pacquiao seeks to increase the current uniform excise tax rate on cigarettes and other tobacco products to P60 per pack from the current P35. This will be adjusted upward by 9% per year thereafter.

SB No. 2197, also proposed by Mr. Pacquiao, seeks to impose excise taxes on alcoholic beverage of at least P40 per liter and impose a unitary tax system on fermented liquor. This is expected to generate P236.6 billion in additional revenue within five years.

The 17th Congress, currently on a Feb. 9-May 19 break for the midterm elections, can act on bills between May 20 and June 7. Any measure that fails to pass will have to be filed again with the next Congress.

“We don’t have plan B. This is the only plan and it is ready to be passed,” Mr. Dominguez said in the news conference.

“We need to secure sufficient and sustained resources to ensure that the healthcare system will… transform as envisioned in the next 10 years. Now that the President has signed the UHC into law, we need to make sure that this unprecedented investment in Filipino’s health is funded sustainably,” he added.

“We look forward to the support of our counterparts in the legislature, during this crunch time. This is the final round, tapusin na natin ang boksing (let’s finish the match),” Health Secretary Francisco T. Duque III said.

The sin tax law of 2012 was able to curb smoking prevalence to 22.7% in 2015 from 29% in 2012, but Mr. Dominguez said that tobacco product use has started to climb again.

“[R]ecent polling shows that smoking prevalence has again began to increase, reaching 23% in 2018. This is an warning sign. With the rise of incomes and slower increases in tobacco taxes, for the past three years, tobacco has again become affordable to the youth and average Filipinos,” he said.

He added that the 2012 sin tax law failed to increase excise taxes to the satisfaction of finance and health authorities, leading among others to the continued rise in binge drinking among consumers.

“I presented the facts and issues to the President and the rest of the Cabinet. We were given clear and urgent instructions: tax alcohol and tobacco at higher rates than current levels and fund UHC beginning this year,” Mr. Dominguez said. — Karl Angelo N. Vidal

Iloilo’s MORE to source power supply from KEPCO’s Cebu plant

MORE Electric and Power Corp. (MORE Power) has signed an interim power supply agreement for 5 megawatts (MW) with KEPCO SPC Power Corp. (KSPC), helping ensure stable electricity in Iloilo City for the one-year term of the contract.

“We are happy to be in partnership with KEPCO SPC as we commit to bring more to the lives of the Ilonggos by delivering cheaper power,” said Roel Z. Castro, president and chief operating officer of MORE Power, in a statement on Friday.

The contract has an option for another 5 MW. It was signed on May 15 at the KSPC plant office in Naga City, Cebu.

MORE Power said KSPC had agreed to supply reliable power to Iloilo City at a much lower rate than the current supplier of the city.

It quoted KSPC President and Chief Executive Officer Jong Ryoon Yoon as saying: “KEPCO SPC is more than willing to assist MORE Power in its journey in giving Iloilo City secure, reliable and affordable power supply. [MORE] can always count on KSPC on these basic criteria of service.”

KSPC operates a circulating fluidized bed combustor coal-fired power plant with two units, each with a capacity of 100 MW. The plant is in Naga City, Cebu.

Under MORE Power’s franchise, or Republic Act 11212, the power distribution utility is allowed to resort to negotiated procurement of emergency power supply under Department of Energy (DoE) Circular DC 2018-02-003.

The DoE circular adopts and prescribes the policy for the competitive selection process in procurement by distribution utilities of PSAs for the captive market.

The emergency power supply contract must not be higher than the latest Energy Regulatory Commission-approved generation tariff for the same or similar technologies in the area. — Victor V. Saulon

GMA unit signs partnership with Singapore Press Holdings/Mediacorp JV

GMA New Media, Inc. (NMI) has tied up with Singapore Media Exchange (SMX) Pte. Ltd., a joint venture firm established by two Singapore media groups, to help GMA expand its audience worldwide.

In a statement Friday, the digital media and tech arm of listed GMA Network, Inc., said the partnership is intended to expand the broadcast network’s plan to further its reach across various cultures and territories.

“We are thrilled to work with SMX and see this as an opportunity to leverage the strength of media giants like Singapore Press Holdings and Mediacorp through SMX. This partnership is a significant enabler not just for premium content providers like GMA but for advertisers as well since the synergies it creates will be instrumental to achieving our goals in terms of revenue targets, market penetration, and cost efficiency, among others,” NMI Chief Operating Officer and President Judd Gallares was quoted.

For 2019, GMA has a revenue growth target of 12%, with election-driven revenue and a recurring advertising sales seen accounting for the biggest share.

In a regulatory filing, GMA said its attributable net profit surged 70.7% to P716.08 million in the three months to March, driven by advertisinga.

Consolidated revenue rose 14% year-on-year to P3.8 billion, on the back of political advertisements which accounted for over P300 million in the three-month period.

Meanwhile, SMX, co-owned by Singapore Press Holdings Ltd. and Mediacorp Pte. Ltd., aims to establish itself in the Southeast Asian market via partnerships in the region.

“The expansion offers advertisers a one-stop selection of programmatic brand-safe options to reach top-quality audiences across Southeast Asia, including exclusive access to premium formats,” according to the statement.

SMX is also expected to have more opportunities to combine its own proprietary data with those of its partners to gain a richer understanding of the audience for more precise and effective targeting.

“These regional partnerships I believe will propel SMX towards a strong regional offering that reinforces our ability to provide buyers with rich audiences, precision targeting and innovative ad formats while making the supply accessible with more buying options and across bidders,” SMX Chief Executive Officer Hari Shankar said in the statement.

NMI joins SMX’s new group of partners which consist of media publishers and marketplace platforms that have presence in Southeast Asia. — Janina C. Lim

Sta. Lucia Land buys stake in Uni-Asia for over P40-M

Sta Lucia Land, Inc. (SLI) said its board has approved the purchase of LBS Properties Inc.’s stake in Uni-Asia Properties, Inc., thereby gaining access to the latter’s development projects.

In a regulatory filing on Friday, SLI its board, in a special meeting on May 7, approved the P40.487 million purchase of 2,562,490 shares of Uni-Asia’s stock.

The shares were valued at P15.80 each based on Unia-Asia’s net asset value.

SLI said the deal will increase its stake to 4.37% in Uni-Asia which currently develops subdivision projects such as Centro Verde, as well as a township in Iloilo, Hacienda Verde.

SLI ”will benefit from the positive cash flows of Uni-Asia from the expected sales of its new township project in Iloilo,” SLI said.

SLI and LBS Properties are to execute a deed of conditional sale of shares which calls for a down payment of P20.24 million, or half the agreed sum.

The balance will be paid within one year through monthly installments of P1.69 million, secured by post-dated checks.

SLI said its board also approved during the meeting the development of seven sites via joint venture.

The sites, in Sto. Tomas and Lian in Batangas; Davao City, Cavite, Cebu, Iloilo and Bulacan, total some 2.219 million sqm.

The board also approved the formation of joint ventures with Sta. Lucia Realty and Development, Inc. to develop five other sites in Bulacan, Batangas, Cavite, Rizal and Iloilo totaling 135,022 sqm.

The board also authorized the purchase of seven sites in Calamba and Sta. Rosa, Laguna; Davao City; Iloilo; Negros Oriental; Pasig City and Palawan, totaling 627,174 sqm.

The board approved SLI’s plan to apply for an additional P200 million credit line with Maybank Philippines, Inc.’s Trust Department.

SLI fell 4.26% on Friday to close at P1.80. — Janina C. Lim

BDO completes sale of 15% stake in rural bank unit ONB

BDO Unibank, Inc. said it completed the sale of a minority stake in its rural banking unit to a Singapore investment firm.

In a regulatory filing on Friday, the bank said it completed on Thursday the sale to Osmanthus Investment Holdings Pte. Ltd. (Singapore) of a 15% stake in One Network Bank, Inc. (ONB).

BDO said in an earlier disclosure that the Osmanthus deal will further strengthen the rural bank’s foothold in microfinance.

The deal was first entered into in October.

Osmanthus is a unit of Singaporean private equity firm Archipelago Capital Partners Pte. Ltd. which invests in small- to mid-market firms in Southeast Asia.

“BDO’s partnership with Osmanthus in ONB is expected to accelerate ONB’s ongoing thrust into the micro-, small and medium enterprise (MSME) market and further extend coverage of the unbanked and underserved markets,” BDO added.

Since 2017, Osmanthus has been helping ONB develop the framework for its MSME loan business, which led to the establishment of initial test sites before the end of 2017.

“We believe in the vast potential of the MSME market in the Philippines and are committed to help ONB achieve a leading position in serving these customers,” Archipelago Capital Partners Chief Executive Officer Jovasky Pang was quoted as saying in a statement in October.

At the end of 2018, ONB was was the biggest rural bank in the country by assets with P27.3 billion, according to central bank data.

ONB operates 120 branches and over 220 automated teller machines, most of which are located in rural Mindanao.

BDO completed its acquisition of ONB in July 2015 from the Consunji group. — Karl Angelo N. Vidal

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