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Winning culture

Not a few quarters pegged the Warriors to be goners the moment Kevin Durant was confirmed to have been injured and unable to return in Game Five of their semifinal-round series against the Rockets. Already with a history of calf strains, the former league Most Valuable Player appeared to have suffered from one anew shortly after he scored on a jumper with 2:11 left to play in the third quarter. He clutched his right leg as he was running back on defense, compelling him to leave the court — and, evidently, for good after he was examined and ruled ineligible to return. They were then just up by three points and legitimately wondering how they could cope without their most indispensable performer.

The fallback was, to be sure, clear to all and sundry. The Warriors would revert to their pre-Durant sets, through which a title in two trips to the Finals proved they were no slouches. Still, those from the outside looking in raised queries on how they could take the measure of the formidable Rockets in his absence when they barely kept pace with him around. Of course, hoops isn’t all theory, and practice often yields spectacular results, precisely the reason matches are played with passion. And, with cause, they believed the burden of proof wasn’t theirs, but the Rockets,’ to carry.

As things turned out, the Warriors claimed Game Five, and then Game Six on the road, in the clutch. In both cases, the usual suspects stepped up; Steph Curry, Klay Thompson, Draymond Green, and Andre Iguodala were simply outstanding. Meanwhile, the Rockets had ample opportunities to pounce, but, under pressure, somehow failed to live up to promise; James Harden and Chris Paul were up to the task, but, unlike their fellow marquee names, did not have an achieving supporting cast to backstop their efforts. As general manager Daryl Morey tweeted in the aftermath, “You come at the king, you best not miss.” And they did. A lot.

Considering how the best-of-seven affair ended, it’s with no small irony that the Warriors got help from a supposedly thin bench, and that the Rockets got little to none from a deeper one. Intangibles certainly count. Every single charge Steve Kerr tapped wound up exceeding prognoses, perhaps buoyed by the confidence shown by the stars. Mike D’Antoni was not as lucky, and it’s fair to wonder if his notoriously short rotations factored in on the outcome; heralded midseason acquisition Kenneth Faried, for instance, played all of five minutes in the entire series.

“F– ing giants” was how Kerr described the Warriors after they prevailed in Game Five, and he’s right. They may have had a tumultuous regular season beset with injuries and infighting, but they also have a winning culture that trumps their travails. It was what they leaned on in overcoming the loss of DeMarcus Cousins, and then Durant. No doubt, they wanted to show up the Rockets in the worst way possible, but, really, they didn’t need extra motivation other than that of their desire to be, well, themselves. It’s why they’re on track for a three-peat, and why, for all the challenges ahead, they understand that only they can truly derail their date with fate.

 

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

Foreign direct investments climb in February

FOREIGN DIRECT investments (FDI) climbed in February on investor optimism over the country’s growth prospects and fundamentals, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

FDI net inflows rose 20.2% to $746 million in February from $621 million in the same month last year, central bank data showed. February’s climb snapped six straight months of decline in FDI net inflows.

“Investment inflows continued as investors remain confident in the Philippine economy on the back of strong economic growth prospects and sound macroeconomic fundamentals,” the BSP said.

Net equity capital investments, which comprised bulk of the inflows, grew 141.7% to a $233-million inflow in February from $96 million the previous year. The BSP said the increase was due to the 126.3% climb in equity capital placements to $258 million mainly from Japan, China, United States, Singapore, and Switzerland. Withdrawals meanwhile totalled $76 million for the month.

The BSP said equity investments in February mostly went to transportation and storage; financial and insurance; manufacturing; real estate; and professional, scientific and technical industries.

Meanwhile, foreign companies chose to reinvest $79 million of their local earnings in February, 10.1% higher than the previous year’s $69 million and marking the biggest such amount logged since September.

Foreign firms’ loans to their Philippine units meanwhile dropped 4.5% to $435 million in February from $455 million in the same month last year.

For the first two months, however, net inflows stood at $1.355 billion, still lower by 15.7% from $1.607 billion in the same period in 2018 following the sharp decline seen in inflows in January.

The BSP attributed the year-to-date decline to lower net equity capital investments, which declined 67.1% to $188 million in January-February from $569 million in the same period a year ago. This, as placements dropped 31.5% year-on-year to $442 million in the first two months, while withdrawals grew by 236.5% to $255 million.

Equity capital placements during the two-month period came mostly from Japan, China, South Korea, Mauritius, and the United States, the BSP said, and were mainly invested in financial and insurance; transportation and storage; real estate; administrative and support service; and manufacturing industries.

Meanwhile, net placements in debt instruments, which represent capital infusions from parent foreign firms to their subsidiaries in the Philippines, increased 12.9% to $1 billion in the first two months from $896 million the prior year.

Reinvestment of earnings also grew 10.1% to $155 million during the period.

Sought for comment, Security Bank Corp. Chief Economist Robert Dan J. Roces said higher FDI will be seen in the coming months due to S&P Global Ratings’ recent upgrade of the country’s long-term credit rating to “BBB+” from “BBB,” or just a step away from an “A” level grade.

“Investors continue to view the Philippines as a favorable investment destination with the FDI growth. Higher foreign investments dictate market direction so momentum must be sustained,” Mr. Roces said.

“Main hindrances to even higher FDIs include a restrictive investment environment and thus reforms must be able to produce an environment that’s encouraging to foreign investors. Among these are better transportation infrastructure and logistics capability,” Mr. Roces added.

Mr. Roces said that FDI comes in the way of manufacturing and therefore would help in addressing the trade gap.

Michael L. Ricafort, economist at Rizal Commercial Banking Corp. said easing inflation and improved ties with other countries may have boosted FDI net inflows in February.

“The sharp decline in both inflation and in most interest rate benchmarks from among decade-highs in October 2018 may have encouraged more foreign and local investors to increase borrowings/loans in able to finance the establishment of production facilities, leading to more and faster FDIs from these countries,” Mr. Ricafort said in a text message.

“Improved diplomatic ties with Japan, China and the US may have resulted to more FDIs from these countries,” Mr. Ricafort added.

Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc., said: “With the 5.6% Q1 GDP (gross domestic product) result, it is what it is. In the long run, with fiscal reforms waiting to be legislated, FDI inflows is expected to rise further.”

FDIs are a source of capital for the Philippine economy, spurring domestic activity by funding business expansion and generating more jobs.

From a record high of $10.256 billion in 2017, FDIs dropped 4.4% to settle at $9.802 billion last year. Foreign business groups attributed the paler investor appetite to jitters over higher commodity prices, the proposed changes to tax incentives and the global trade tensions.

The BSP sees foreign direct investments reaching $10.2 billion this year. — R.J.N. Ignacio

Philippines raises $842 million from euro bonds sale

MANILA — The Philippine government raised 750 million euros ($842.33 million) in eight-year euro-denominated bonds in an offering that was six times oversubscribed, a senior finance official said on Friday.

The euro bonds issue, which was the country’s first in 13 years, had a coupon of 0.875 percent and offers 70 bps over benchmark, National Treasurer Rosalia De Leon said.

The offer attracted strong demand even after the Philippines, one of Asia’s most active sovereign bond issuers, posted a weaker-than-expected growth in the first quarter, Ms. De Leon said.

Weak exports and farm output and a delay in the approval of this year’s budget slowed the Philippine economy’s annual growth to 5.6% in the March quarter, much weaker than the economists’ 6.1% forecast and the previous quarter’s 6.3 percent.

The government raised more than the original target of 500 million euros after orders reached almost 3 billion euros, Ms. De Leon added.

Manila is diversifying its funding sources, she said.

It is also in the process of arranging its second offering of Panda bonds in China’s domestic market and is keen to issue more yen-denominated “samurai” bonds.

Books for its planned 2.5 billion yuan ($367.04 million) issue of three-year Panda bonds are due to open next week, according to capital markets publication Refinitiv IFR.

The Philippines is raising funds to help finance its 3.7 trillion pesos ($70.92 billion) budget this year.

Credit rating agency Standard & Poor’s raised its long-term sovereign credit rating on the Philippines to BBB+ from BBB last month to reflect the country’s strong economic growth trajectory. — Reuters

ERC prepares legal strategies after SC ruling on power supply deals

By Victor V. Saulon, Sub-editor

The Energy Regulatory Commission (ERC) is preparing “legal strategies” in response to the Supreme Court decision requiring all power supply agreements (PSAs) forged after June 30, 2015 to undergo a competitive selection process (CSP) to arrive at the least-cost power for consumers, its chairman said.

ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said her office would go back to the high court and present the “big picture translated into statistics.” She said the commission was ready to present the possible implication of its decision in hopes of opening the justices’ mind.

“We have had decisions before by the Supreme Court that really affected many people or many institutions and then on MR (motion for reconsideration) or on clarification, when the parties fleshed out in details with statistics, documents, the Supreme Court opened its minds,” she told reporters in a briefing on Friday at the agency’s head office.

“I cannot believe that the Supreme Court would go for something that’s disastrous,” she added.

She said the ERC had yet to receive a copy of the decision and was basing its statement on the press release issued by the High Court’s public information unit.

The case stemmed from an announcement made by Manila Electric Co. (Meralco) in May 2016 that it had sought regulatory approval for seven PSAs, covering 3,551 megawatts (MW) to meet the expected increase in power demand and number of customers. The company also said the contracts were in preparation for the impending expiry of existing PSAs from 2019 to 2020.

The contracts were forged on April 29, 2016 or just before the April 30, 2016 deadline set by the ERC. After that date, contracting parties are required to first undergo a CSP before forging a PSA.

CSP requires contracts between power generation companies and distribution utilities to be subjected to price challengers, a process that is aimed at lowering electricity cost.

The ERC promulgated CSP in November 2015 but had to restate its effective date until April 30, 2016 through a resolution in March 2016. It said the move was prompted by letter-inquiries from distribution utilities and generation companies assailing the legal implication of the CSP to existing power supply deals.

A group called Alyansa para sa Bagong Pilipinas on Nov. 10, 2016 raised the issue before the Supreme Court, leading to the latter’s issuance on May 6, 2019. The court has yet to release the complete document containing its decision.

‘MASSIVE’ IMPLICATIONS
ERC Commissioner Catherine P. Maceda described the implication of the SC decision to be “massive both in a positive and a negative way.” On the positive side, the decision called for greater transparency, she said.

“In a negative way, because it will affect supply and considering the problems that we have now as manifested by the outages this summer season, you can just imagine kung ang sasabihin (if they say), stop all those that are already supplying that are affected by the decision of the Supreme Court,” she said.

The ERC officials that what they know so far is that the court decision meant all PSAs filed on or after June 30, 2015 need to go through CSP. The ruling also meant that all cost recovery would retroact to the effectivity of the new contract but in no case earlier than June 30, 2015.

“What if the results of the CSP will be that they will not be the winning bidder,” she said, referring to generation companies that delivered power under a certain set of terms and based on an agreed rate.

Ms. Maceda said this early, and even before the ERC gets hold of the actual decision, the agency was already anticipating the “worst-case scenario,” so that Ms. Devanadara, a former Justice secretary, could prepare the legal strategies while reviewing the technical aspects of the affected PSAs.

Ms. Devanadera said the court decision will not only concern officers of Meralco and electric cooperatives, or their contracts, but the number of people that they serve.

“It will affect many millions of people,” she said. “This will really be a real, acute shortage in [power] supply,” she said.

“I still believe that we will be able to present statistics and clarification of the situation, and the Supreme Court, as I’ve said, they have shown that they are not after bringing in disasters,” she added.

“They mean well,” she said. “Duty namin ipakita ano ‘yung magiging implication (Our duty is to show what will be the implication).”

Duterte will not allow election cheating — Palace

MALACAÑANG warned on Friday that President Rodrigo R. Duterte will not allow any form of cheating by the election commission in the 2019 midterm elections on Monday, stressing that the Commission on Elections (Comelec) should ensure the integrity of the ballots.

“Huwag na nilang ituloy kung ano ang balak nila, hindi papayag si Presidente (They should not push through with whatever they plan to do, the President will not allow it),” Presidential Spokesperson Salvador S. Panelo warned at a press briefing on Friday.

In a statement, he said: “We urge the Commission on Elections to do its constitutional duty as the sentinel of the elections in ensuring the integrity of the ballots. Any form of cheating committed by the electoral body’s personnel or contractor (Smartmatic) will not to be tolerated by this Administration.”

He noted that there have been “concerns and apprehensions” raised by “various quarters” regarding the conduct of the upcoming 2019 elections.

“The President has put in place measures designed to determine if cheating has been committed in the polls. We are thus issuing a stern warning to those who have sinister plans and evil machinations of thwarting the will of the electorate to abandon them,” he said.

He also stressed that violators will be “prosecuted to the fullest extent” of the law, and nobody will be spared “regardless of their political affiliation or station” in life.

Mr. Panelo likewise reported that the government is now “all set” for the elections with “36,000 schools now ready to be used as polling precincts and 230,000 teachers as members of the Electoral Boards and technical support for Monday’s elections, as per the Department of Education.”

The Philippine National Police (PNP), he also said, will deploy “150,000 police personnel in various parts of the country to ensure public safety and security” on Monday.

He noted that the PNP has already launched the National Election Monitoring Action Center “to monitor situations in all polling centers from Camp Crame, including the arrival of vote counting machines (VCMs), counting of ballots, and delivery of ballot boxes.”

The Department of Energy (DoE), he said, has assured that there will be “stable power” on Monday, which has been “a paramount concern as electricity is required in the automated voting system.”

“We wish the candidates all the best. This is the time to show our Filipino bayanihan spirit in ensuring that the elections will be held without any major glitches and will reflect the true desires of the Filipino people,” Mr. Panelo said.

Meanwhile, the PNP said that 24 individuals have been arrested for alleged vote-buying since January 13.

“As of today, based on the reports forwarded dito sa (here at the) National Election Monitoring Center, all in all, we have arrested 24 persons already. Merong dalawang nakatakas na hinahanap ng ating mga pulis (two escaped and the police are searching for them),” said PNP Director of Operations Police Major General Mao Aplasca at a press briefing on Friday, May 10 at Camp Crame, Quezon City.

Mr. Aplasca said that these incidents were reported in Region IV-A and the Cordillera Administrative Region.

The PNP has created 105 special teams against vote buying. — Arjay L. Balinbin with Vince Angelo C. Ferreras

Comelec assures it will be ready for the polls despite hitches

THE Commission on Elections (Comelec) said that despite some mishaps surrounding the preparations in the days before the May 13 elections, it will be able to address them on time.

On Friday, the Poll Body’s spokesperson James B. Jimenez said that recent reports of corrupted SD Cards which will be used in the automated election system (AES) should not worry anyone. He announced at a 6 p.m. briefing that there are 686 corrupted SD cards.

He added that when an SD Card is corrupted, “We respond by having replacement cards. This will be swapped with the corrupted SD Cards… so we do not issue out new SD cards unless we have the corrupted SD Cards.”

The Comelec has 85,769 back up SD Cards ready for scenarios like this. Mr. Jimenez said that a few days before the elections will allow them time to address the issue.

The Comelec spokesperson also reported that the poll body’s online precinct finder should also be available by Monday. It is currently working with the Department of Information and Communications Technology (DICT) on issues over the precinct finder being unavailable to many voters.

“This was relayed to the DICT. They’re the ones who are doing the program. I’ve been told it’s been remedied so we’re undergoing testing again… later on, we will release the official link of the precinct finder,” said Mr. Jimenez.

In another election related development, the Comelec has also mapped out its plans for the Random Manual Audit (RMA) that it will be conducting after the May 13 elections. The Philippine Statistics Authority (PSA) developed an Automated Random Selection program for the random determination of municipalities/cities and clustered precincts which will participate in the RMA.

The votes that will be audited are those for Senator, Mayor, and House of representative (HOR) district members. The RMA will start on May 15.

“This is just auditing how the machines will perform. This has nothing to do with specific positions… we will only look at three positions,” said Comelec Commissioner Luie Tito F. Guia.

The Legal Network for Truthful Elections (LENTE) has been appointed as the lead convenor for the RMAs, replacing fellow election watchdog group National Movement for Free Elections (Namfrel) after it declined its accreditation as the Comelec’s RMA lead convenor. This after the Comelec declined to grant Namfrel access to election data without which, the watchdog group said, “diminishes the verifiability of data separately provided during the RMA.”

Meanwhile, former journalist the Rodrigo “Jiggy” D. Manicad, Jr., who is running for the Senate as an independent, filed a motion for the Comelec to allow watchers from political parties to monitor back up vote counting machines (VCMs) against possible vote rigging.

“Kailangan magpreserve ang integrity ng elections (We need to preserve the integrity of the elections),” he said to reporters as he filed an Urgent Ex-Parte Motion before the Comelec on Friday.

The Motion called for the Poll Body to allow poll watchers of not only Mr. Manicad’s party but also other political parties “to witness an inspection of, testing and sealing of and to monitor the Reserve Machines, on May 13, if they will be utilized for the elections, and to monitor the said machines until the final completion of the counting of votes.”

The Reserve Machines are only utilized in case the VCMs being used break down or fail to operate during the elections.

Despite there only being a few days left before the elections, Mr. Manicad said that this Motion is for the interest of everyone and can be used as a “precedent” to future elections.

The senatorial hopeful also said in his Motion that the Comelec should create “an inventory of all the Reserve Machines, and to disclose the locations of all the Reserve Machines” to watchers to ensure that the machines are not used during the elections unless needed.— Gillian M. Cortez

DoTr, Angkas to pilot test motorcycle taxis

THE Department of Transportation (DoTr) will be working with Angkas in a pilot test that will allow motorcycle taxis to temporarily operate in select areas across the country.

In a statement released Friday, the DoTr said the six-month pilot test for the general guidelines for motorcycle taxi operations in the Philippines will start in early June. It will be rolled out in Metro Manila and Metro Cebu. A public awareness campaign on the initiative is also set to commence concurrently.

“Ang isasagawang pilot implementation ng motorcycle taxi operations ang magsisilbing batayan ng mga panukalang batas sa Mataas at Mababang Kapulungan… kaugnay ng regulasyon ng motorcycle taxi industry sa bansa [The pilot implementation of motorcycle taxi operations will serve as a guide for legislation to be drafted by the Senate and House of Representatives… on regulating the motorcycle taxi industry in the country],” it said.

The recommendation comes from the technical working group (TWG) that the DoTr formed in December 2018, it said. The TWG has members from the Land Transportation Office, the Land Transportation Franchising and Regulatory Board, the Philippine National Police — Highway Patrol Group, the Metro Manila Development Authority, the Senate, the House of Representatives, commuter welfare groups, road safety advocates, motorcycle manufacturers, motorcycle organizations, and law schools.

The initiative came after a tug of war between the government and Angkas on whether to allow the motorcycle ride-hailing company to operate. The Land Transportation and Traffic Code, or Republic Act No. 4136, currently does not allow single motorcycles to operate for public transport.

“Patunay ito na nakikinig ang gobyerno sa publiko. Patunay ito na bukas ang aming mga isip, [This is proof that the government listens to the public. This is proof of our open-mindedness],” Transportation Secretary Arthur P. Tugade said in the statement on the pilot test for motorcycle taxis.

Among the guidelines set for the pilot test are a 10-hour limit for daily operations of a motorcycle taxi, and a 60-kilometers per hour speed limit. The use of safety gear and having accident insurance are also required.

The fares will be based on a matrix drafted by the TWG. In Metro Manila, the first two kilometers will cost P50, and every succeeding kilometer up to the seventh will cost P10. If the ride goes beyond seven kilometers, every additional kilometer will cost P15. A 1.5x surge cap will also be allowed in case of a rise in demand.

In Metro Cebu, the first kilometer will cost P20, with a P16-per-kilometer rate for the next eight kilometers. A ride beyond eight kilometers will cost P20 per additional kilometer.

In a statement, Angkas Chief Executive Officer Angeline Tham welcomed the development that moves the company closer to being allowed to operate full time.

“We hope that the Angkas pilot will serve to show legislators and regulators the viability of this mode of transport so we can fully pass it into a law. We are set to launch in June once all operating procedures are finalized, so sit tight,” she said. — Denise A. Valdez

Albay mayor wanted for Batocabe murder surrenders to police

POLICE confirmed that Daraga, Albay Mayor Carlwyn G. Baldo, the main suspect in the killing of Ako Bicol party-list Representative Rodel M. Batocabe and his security escort, surrendered on Friday morning to the authorities.

Criminal Investigation Division Group — Region 5 director Col. Arnold Ardiente told BusinessWorld that the mayor surrendered directly to the court at 8:30 a.m. and is now in the BJMP District Jail.

Accompanied by his family, Mr. Baldo voluntarily surrendered to Judge Ma. Therese San Juan-Loquillo of the Regional Trial Court 10 in Legazpi City, Albay.

Last month, the Department of Justice indicted Mr. Baldo and six others for the killing of Mr. Batocabe. The Daraga mayor is facing two counts of murder and six counts of attempted murder.

On Jan. 3, the Philippine National Police (PNP) tagged Mr. Baldo as the mastermind behind the assassination.

Christopher C. Naval, Mr. Baldo’s aide, surrendered to the police on Dec. 30 last year while Emmanuel Rosello was arrested on Jan. 3. The PNP said on Jan. 4 that the alleged main gunman, Henry Yuzon, surrendered to the authorities but was also arrested for a pending rape case. Jaywin Babor, the alleged driver of one of the getaway motorcycles, also surrendered to the authorities that day.

Mr. Batocabe, who had announced that he would run for mayor in the midterm elections, and his police escort SPO2 Orlando Diaz were killed during a gift-giving activity in Daraga on Dec. 22. — Vince Angelo C. Ferreras

PNP arrests 3 suspected members of Islamic State

THE Philippine National Police’s Criminal Investigation and Detection Group (CIDG) arrested three suspected members of the Islamic State (ISIS) — Daulah Islamiyah Ranao in separate operations at Parañaque City and Rizal province on Friday.

Norodin Abolkhair Manalinding and Cairo Gen Manatao Abolkhair, natives of Madaya Dilod in Marawi City, were nabbed during a surveillance operation at 3:30 a.m. in Baclaran, Parañaque City for violating RA 10591 or the Comprehensive Law on Firearms and Ammunition Regulation Act, RA 7166 or an Act Providing for Synchronized National and Local Elections and for Electoral Reforms, and RA 9516 or the Law on Explosives.

“Initial investigation revealed that Norodin Abolkhair Manalinding is allegedly the finance facilitator and recruiter of the said group,” said Lt. Col. Arnold C. Ibay, CIDG-National Capital Region director, at a press conference on May 10.

Authorities were able to seize the following from the two suspects: one 9mm pistol which had no serial number; one magazine; nine bullets; one fragmentation grenade; one .45 caliber pistol; one .45 magazine; six .45 caliber bullets; and one black tactical bag.

Arrested in another operation was Tagoranao Dimaro Sarip Jr. He was arrested at 6 a.m. at Cainta, Rizal through search warrants for violation of RA 10591 and RA 9516.

“Allegedly, Tagoranao is a propagandist and member of the media cell of ISIS responsible in spreading propaganda for the group,” said Mr. Ibay.

Seized from him were: one .45 caliber Colt pistol which had no serial number; one magazine for a .45 caliber pistol; four .45 caliber bullets; one hand grenade; one plastic box; one black flag; and one black sling bag. — Vince Angelo C. Ferreras

‘Bikoy’ charged for beauty pageant estafa

A CRIMINAL complaint of estafa was filed against Peter Joemel Advincula — the man who claims to be “Bikoy,” the man behind the viral “Ang Totoong Narcolist” videos — for organizing a beauty pageant and later disappearing without giving the prizes to the winners.

In a three-page complaint, Arven E. Valmores of Ardeur World Marketing said Mr. Advincula used his corporate name and logo for the promotion of the beauty pageant in 2018 without his consent.

Mr. Valmores noted in his complaint that Mr. Advincula did not attend the coronation night and became unreachable after leaving the winners and the production staff unpaid.

“Being nowhere to be found, all the pageants big winners and production staff started to communicate with the complainant and sought redress of the grievances and unpaid prizes and wages,” the complaint read.

Feeling the pressure and the possible negative impact on his business, Mr. Valmores said he was forced to shell out P304,422 to pay the winners and staff.

“Respondent became untraceable and efforts to locate him to answer for his misrepresentation remained until recently where he resurfaced in a press conference at the Integrated Bar of the Philippines offices last May 6, 2019,” the complaint noted.

Meanwhile, the Philippine National Police said that manhunt for Mr. Advincula has been underway since May 8.

“The manhunt operation is underway to find him and to serve the pending warrants of arrest against Advincula and his cohorts for estafa issued by Judge Leody M. Opolinto of the Municipal Trial Court of La Trinidad, Benguet on Sept 26, 2007, and for Large Scale Illegal Recruitment issued by Regional Trial Court Third Branch of Baguio City on Aug. 10, 2007,” said PNP chief Gen. Oscar D. Albayalde in a statement on Friday.

“It appears that Advincula has been using different names to hide his real identity such as R.B. Santos, John Paul Rafael Benedict Santos, Arcangel de Leon or Archie Santos, Lory Camba, and Jaime Gaupo, Jr.,” he added. — Vince Angelo C. Ferreras

MinDA’s Abul Khayr Alonto, 73

DAVAO CITY — Secretary Abul Khayr D. Alonto, the first Muslim to head the Mindanao Development Authority (MinDA), died on the evening of May 9.

He was 73.

“A life dedicated to advance the lives of all Mindanaoans, Secretary Alonto selflessly and relentlessly fought for Mindanao until the end, a true warrior for development and advocate of peace,” MinDA said in a statement.

The Marawi City-born Mr. Alonto — one of the sons of the first Lanao del Sur governor and ambassador Abdul Ghaffur Madki Alangadi Alonto, and Bai Hajja Rasmia Indol Dangcal — was a rebel leader in his youth.

He headed the Lam Alif group, whose members and he would later become leaders of the Moro National Liberation Front (MNLF).

“Secretary Alonto, in an unprecedented margin was elected as Vice-Mayor of Marawi City in 1972 and was subsequently awarded as the youngest city executive of the country during that year. As Acting City Mayor of Marawi in 1974, before being sworn in as the city’s chief executive, he joined his MNLF comrades and went ‘underground’ to fight against the abuses committed during the Martial Law regime,” reads his profile on the MinDA site.

By 1979, following the signing of the Philippine government-MNLF Tripoli Agreement in 1976, he participated in the institutionalization of the autonomous region in Mindanao.

He was appointed MinDA chair in September 2016 by President Rodrigo R. Duterte, his schoolmate at San Beda College.

Romeo M. Montenegro, MinDA’s deputy executive director, posted on his social media account that it was his honor to have shared Mr. Alonto’s vision and passion for Mindanao.

“You taught us to challenge our limits and to emulate your audacity to bring forth action. Mindanao has lost a fighter, and MinDA lost a leader,” Mr. Montenegro wrote.

In a text message to BusinessWorld, Davao City Chamber of Commerce and Industries, Inc. President Arturo M. Milan said Mr. Alonto “will be remembered for his unwavering support for the chamber and the business community in Mindanao.”

As head of MinDA, Mr. Alonto pushed for key infrastructure projects and a more equitable share of the national budget for Mindanao.

One of the projects he was particularly excited about was the railway system, which he envisioned as a uniting tool for Mindanao.

In a forum in November 2017, Mr. Alonto said: “If a person can have his breakfast in Zamboanga, eat his lunch in Iligan, then dinner in Davao, that is the one, connected and united Mindanao we envision. That is home.” — Carmelito Q. Francisco

BSP to look at growth as it considers further rate cuts

THE COUNTRY’S economic outlook and the peso’s stability will be the key deciding factors for the Bangko Sentral ng Pilipinas (BSP) in further cutting its policy rates and reducing banks’ reserve requirement, think tank Fitch Solutions said in an analysis.

The central bank’s Monetary Board on Thursday cut benchmark interest rates by 25 basis points (bps) in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the slowest clip in four years last quarter and two days after the PSA said inflation eased to the slowest pace in 16 months in April.

“With trade-related risks still a threat…, the Philippines government and the BSP will look to loosen policy further if growth shows limited signs of recovering,” Fitch Solutions said.

“We at Fitch Solutions will be reviewing our monetary policy forecast over the coming days, following the BSP’s cut. Key to the BSP’s decision to ease further will be the stability of the Philippine peso over the coming months and the outlook for growth,” it added.

Philippine gross domestic product (GDP) grew by 5.6% in the first quarter, its worst performance in four years, the PSA reported on Thursday. The first-quarter outcome was lower than the 6.3% in the preceding quarter and 6.5% in the same period in 2018.

“The slowdown in growth reflects the external headwinds faced by the Philippines economy but also the limited domestic fiscal support and the impact of tighter monetary policy in Q1,” the think tank said.

Fitch Solutions said the economy will likely benefit from stronger government consumption in the coming months following the approval of the 2019 spending plan.

“The BSP may also seek to ease reserve requirements or its policy rate even further, given that inflationary pressures have now receded to within its target band,” it said.

BSP Governor Benjamin E. Diokno said on Thursday the Monetary Board will discuss a potential reserve requirement cut at its weekly meeting next week.

Fitch Solutions sees the economy growing by 6.1% this year, down from the 6.2% print in 2018.

Malacañang on Friday said it expects higher GDP growth in the next quarters despite the 5.6% outcome in the first three months of the year.

“We expect higher growth in the next few quarters as the Build Build Build Infrastructure Program starts to gather steam and domestic consumption, as a result of deflation, starts to pick up,” Presidential Spokesperson Salvador S. Panelo said in a statement on Friday.

“The delay in our infrastructure program because of the budget deadlock during the first quarter is now a thing of the past. Soaring inflation has been decisively addressed. We expect higher growth in the next few quarters as the Build Build Build Infrastructure Program starts to gather steam and domestic consumption, as a result of deflation, starts to pick up,” Mr. Panelo said. — RJNI and ALB

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