Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11123

ONE Championship officially launches free mobile app

By Michael Angelo S. Murillo
Senior Reporter
SINGAPORE — Staying true to its push to bring mixed martial arts in its truest form to more people and continue to evolve as a game-changing organization, ONE Championship officially launched here on May 14 its mobile app.
Available for download on both Android and iOS platforms, the app has been up since early this month but was finally presented to the public in conjunction with ONE’s upcoming “Unstoppable Dreams” event on May 18 with group CEO Chatri Sityodtong leading the unveiling.
The new ONE Championship mobile app aims to provide millions of martial arts fans around the world with access to every ONE Championship live event, as well as the complete library of digital content all for free.
Content will stream in Full HD and will also provide users with statistical information and a detailed background on their favorite ONE Championship superstars.
Mr. Sityodtong touted their latest offering as a “big moment” not only for martial arts but for sports in general, saying “There is no major sports media property that has done this in history. With the app, we are giving the power to our fans to celebrate alongside with us.”
The ONE CEO went on to say that the mobile app should only complement the major inroads they have made across the board since setting up shop seven years ago even as he allayed fears that making the app available for free would take a toll on the group’s revenues.
“The world’s most valuable sports property today is the National Football League, which is worth $75 billion. I genuinely believe in my heart that ONE Championship will become the world’s biggest media sports property. We will surpass the NFL, a single American sport played within the country with only 325 million people,” said Mr. Sityodtong at the launch of the mobile app at the Marina Bay Sands Expo and Convention Centre.
“Asia has 4.4 billion people. If 4.4 billion people download the ONE Championship app and are watching it, I don’t think I have to worry [of our revenues],” added the ONE official.
MAJOR OFFERING
For one of the app’s early offerings, Mr. Sityodtong said fans will be in for a treat with ONE: Unstoppable Dreams, which he said is arguably the best fight card that organization has made to date.
Headlining the event is the women’s atomweight world championship fight between champion Angela Lee of Singapore and Mei Yamaguchi of Japan.
Also on tap is the world featherweight battle between Australian champion Martin Nguyen and Christian Lee of Singapore as well as the ONE Super Series muay thai flyweight world championship clash between Sam-A Gaiyanghadao of Thailand and Sergio Wielzen of the Netherlands.
Set to see action as well are Filipino mixed martial arts star Eduard “The Landslide” Folayang against Russian Kharun Atlangeriev, MMA legend Shinya Aoki versus Russia’s Rasul Yakhyaev, and Singapore’s Amir Khan against Sung Jong Lee of South Korea.
“Having Unstoppable Dream was really part of the plan as we went on with the launch of the app. For May 18 we knew we had to have a huge card because we are launching the mobile app. We wanted to have millions, and eventually billions, of fans see the beautiful work of Angela Lee, the beautiful work of Mei Yamaguchi, the beautiful work of Martin Nguyen, Christian Lee, Sam-A Gaiyanghadao, Shinya Aoki and Eduard Folayang. These are some of the best in what they do bar none and we designed May 18 to be a big event and we are super-excited that the fans get to see this now on more platforms,” Mr. Sityodtong said.

Warriors steal series opener in Houston

WASHINGTON — Season wins leader Houston battled an entire campaign to seize a home-court edge throughout the NBA playoffs, but defending champion Golden State stole it away with a 119-106 victory Monday.
Kevin Durant scored 37 points and Klay Thompson added 28 for the Warriors to capture the best-of seven Western Conference final opener in a rare series start on the road for a team seeking its third NBA crown in four seasons.
“We’re just trying to win every game we play,” Warriors forward Draymond Green said. “It ends up being ‘stealing home court’ but we don’t look at it that way. We won one game on the road. Let’s try to win two.”
Stephen Curry added 18 points, six rebounds and eight assists while Green contributed nine rebounds and nine assists for the Warriors.
“It’s a great start. We played well,” said Thompson, who scored 11 points in the fourth quarter. “We’re not going to relax. We’re still not where we want to be. We still have a long way to go.”
NBA scoring champion James Harden netted 41 points to lead the Rockets, who host game two on Wednesday.
“We’ve got to do a better job of taking better shots, not turning the ball over and getting back on D,” Harden said. “We’ve got to make them rotate and take tougher shots.
“They do a really good job if you take bad shots or turn the ball over. That’s what they thrive on. Those mistakes can’t happen.”
Durant scored 17 first-half points and sparked Golden State after the Rockets played aggressively at the start, using two big runs to jump ahead only to have the Warriors overtake them by the middle of the second quarter.
“You know they are going to come out with a lot of energy,” Durant said. “We just tried to take their best punch and keep fighting.”
“To withstand that run says a lot about our team,” Green said. “The further you get along in the playoffs, the more intensity you need to bring.”
Rockets coach Mike D’Antoni knows that all too well.
“If we’re going to knock these guys off we have to get a better mental focus,” D’Antoni said. “We ran out of gas a little bit in different spots and they didn’t.
“It’s just a bunch of stuff we can clean up and we will. We’ll come out and attack them Wednesday.”
‘THEY MADE US PAY’
Chris Paul had 23 points and 11 rebounds for the Rockets, who fell behind in the third period and couldn’t catch up in the fourth.
“Every time we made a mistake they made us pay,” Paul said. “Some of it was breakdowns, things we can clean up and do better. We have to communicate better.”
Durant says the Warriors know Harden will always be a threat but Golden State must remain poised against a Rockets lineup that can unleash a barrage of 3-pointers if their focus lapses.
“We know James is always going to score over us. We just had to keep solid and keep playing hard,” Durant said.
“This Houston team never stops. They are always in the game with 3-point shots. We play a calm steady game, look for a good shot and play good D every time down.”
STAYING MENTALLY SHARP
Thompson had a 3-pointer and two free throws in a 10-2 Warriors run that Durant capped with a 3-pointer for a 100-87 lead with 7:58 remaining in the fourth quarter. Houston never threatened again.
“We can do a little better job against them mentally,” D’Antoni said. “They are champions for a reason. If we want to beat them we have to be mentally sharp.
“KD was on. We can live with that. But we can’t have that and mental mistakes.”
The Rockets jumped ahead 9-2 and 21-12 but the Warriors battled back, taking their first lead of the game at 35-33 on David West’s layup 2:57 into the second quarter.
“They took the challenge and played awfully well,” Warriors coach Steve Kerr said. — AFP

Busmen eye another ASEAN Zone final appearance in Yangon

DEFENDING ASEAN Zonal winner Ceres-Negros FC shoots for a second consecutive final appearance in a key AFC Cup away matchup today against Yangon United FC in Myanmar.
A 4-2 winner in the first leg of their knockout matchup on May 9 in Bacolod City, Ceres is out to finish things and advance to the next round of the tournament in the second leg to be played at the Thuwunna Stadium in Yangon.
The “Busmen” were towed to the first-leg victory over Yangon by the brace of team leading scorer Bienvenido Marañon and goals each from Patrick Reichelt and Super.
Mr. Marañon got the scoring going for Ceres in the 29th minute after racing on to a throughball from teammate Manny Ott.
It was followed up on to by Mr. Reichelt four minutes later off a rebound from a blocked shot, helping Ceres to a 2-nil lead.
Spaniard Marañon further buried the visitors with another goal as the opening half drew to a close, scoring in the 44th minute to make it 3-0.
Yangon was able to break through 10 minutes after the start of the second half, with Sekou Sylla, who used to play for Global Cebu FC, on the scoring end.
The hosts though were quick to check any momentum that Yangon was trying to build with a 63rd-minute goal from Super setting the visitors back anew.
Yangon tried to claw its way back but could only come within two points with Mr. Sylla providing another point in the 83rd minute.
Now a step closer to advancing to the ASEAN finals anew, Mr. Marañon encouraged his teammates to take cue from the first-leg victory and play inspired football.
“I think we played really, really well. They had two or three chances and scored two goals so they had a lot of luck, but I think 4-2 is really good for us as we can score at any moment over there. We have to continue like this and keep the ball because we will get chances. We have to play like we did today, we have to try to score and if we do that it’s finished,” said Mr. Marañon following their first-leg victory.
Ceres-Negros now needs protect its two-goal advantage in the first leg to ensure their place in the final legs in August.
The Ceres-Yangon match is to be played at 3:30 p.m. (Myanmar time), 5 p.m. in Manila, and will be shown live over Fox Sports. — Michael Angelo S. Murillo

NLEX Road Warriors gun for back-to-back wins

By Michael Angelo S. Murillo
Senior Reporter
FINALLY barged into the win column of the ongoing Philippine Basketball Association (PBA) Commissioner’s Cup in their last game, the NLEX Road Warriors look to sustain the momentum of that victory and win back-to-back games when they take on the GlobalPort Batang Pier in the 7 p.m. main game today at the Smart Araneta Coliseum.
Defeated the Phoenix Fuel Masters in overtime, 120-115, in an out-of-town game in Laguna on May 11 to notch their first win in four tries, NLEX now focuses on building on it when it treks back to action and get its campaign soaring.
Playing in the 4:30 p.m. opener, meanwhile, are the Magnolia Hotshots Pambansang Manok and Columbian Dyip.
Import Arnett Moultrie led the way for the Road Warriors in their debut victory in the midseason PBA tournament.
Mr. Moultrie finished with 37 points to go along with 17 rebounds.
JR Quiñahan added 16 points with Alex Mallari and Larry Fonacier finishing with 13 and 11 points, respectively.
NLEX had control for much of the contest only to encounter a furious charge back in the payoff quarter from Phoenix, which leveled the count as regulation expired.
In extra time though, the Road Warriors would regain their footing, with Messrs. Mallari and Fonacier taking charge.
The Road Warriors raced to a 118-110 lead in the first four minutes of overtime and never looked thereafter.
Following their hard-earned victory, NLEX coach Yeng Guiao heaved a sigh of relief and expressed hope that it is the start of a turnaround for them in the Commissioner’s Cup.
“We finally learned how to win. After three losses we have to start somewhere,” the NLEX coach said.
RETURN TO WINNING
Out to counter NLEX and its forward thrust is GlobalPort, which is angling to get back to winning after being rebuffed in its previous game by Magnolia, 92-87.
The defeat effectively ended for the Batang Pier a two-win ascent and dropped them to 2-2.
Forward Sean Anthony had a huge game of 20 points and 11 rebounds but it turned out to be not enough to tow GlobalPort over Magnolia.
Import Malcolm White had 17 points and 14 boards with Stanley Pringle and Mo Tautuaa adding 14 and 12 points each.
In the second game, Magnolia (1-1) shoots for its second win in three matches while Columbian (3-2) tries to stretch its winning record before taking a break for the PBA All-Star festivities.
Meanwhile, named PBA player of the week for the period of May 7 to 13 was Alaska muscleman Vic Manuel, who has helped the Aces to a 3-1 record early in the Commissioner’s Cup.
Mr. Manuel had a career-high 29 points and pulled down 12 boards in their 110-100 win over the TNT KaTropa on May 13 to hand Alaska its third win in four games and push himself in front for the weekly individual PBA award.
In winning the award, Mr. Manuel beat out Meralco’s Baser Amer and Chris Newsome, Columbian’s RaShawn McCarthy, Rain or Shine’s Raymond Almazan, Barangay Ginebra’s Kevin Ferrer and NLEX’s Quiñahan.

Mark Barriga expresses readiness for world title shot

PROVING himself very deserving of a shot at the International Boxing Federation (IBF) minimum weight title following an impressive win on May 13 in his headlining fight at “Survival Instinct,” Olympian Mark Anthony Barriga expressed his readiness to take the next challenge and cultivate further what has been a flourishing professional career.
Head and shoulders above Colombian Gabriel Mendoza in their IBF minimum weight title eliminator that went the full 12 rounds at the SM North Skydome on Sunday, 22-year-old Barriga positioned himself as the mandatory challenger for the belt currently held by Japanese Hiroto Kyoguchi.
Making full use of his speed and displaying solid marksmanship all throughout the fight, Mr. Barriga pretty much had his way against his opponent en route to the dominating 120-108, 120-108 and 119-109 unanimous decision win.
The victory stretched the 2012 London Olympics campaigner’s pro record to 9-0, something he is very thankful for and angling to further building on.
“First of all, I would like to thank God for making this possible and all my supporters who were with me in the lead-up to this fight,” an appreciative Barriga shared to members of the media after his fight.
“Regarding the title shot, me and my team are always ready. We will work hard in training as we await our shot,” added Mr. Barriga.
Interestingly, Davao native Barriga could well face compatriot Vince Paras for the IBF minimum weight title if the latter wins his fight against Mr. Kyoguchi on May 20 in Japan.
IN LINE WITH THE GAME PLAN
Speaking on his overwhelming conquest of Mr. Mendoza at Survival Instinct, Mr. Barriga said it was a direct result of their team sticking to its game plan.
“Coach Joven [Jimenez at Survival Camp] kept reminding me not to forget about the jab because it was one way to disrupt his (Mendoza) attack. And we kept on doing it and it paid off well for us,” Mr. Barriga said.
The Filipino fighter shared further that he was hoping to get the stoppage against Mr. Mendoza but knew he had to be smart and guard himself from being too overzealous, which could have led to disaster.
“I was hoping for a knockout, of course, but I had to deal with what was given to me and stay patience and not get overzealous. What was important was we got the win,” he said.
Also victorious at Survival Instinct were former world champion Marvin Sonsona, AJ Banal and Genesis Servania.
Survival Instinct was organized by Joven Sports Promotions and was part of ESPN5’s “Live Boxing Month” fare. — Michael Angelo S. Murillo

Integrity fears hit US leagues after sport betting ruling

WASHINGTON — A US Supreme Court decision Monday allowing states to legalize sports betting brought integrity worries for sports leagues, the NBA and NFL among those seeking a federal regulatory framework.
Nevada had been the only state where US sports wagering was legal, but several states are ready to pass laws and join them after the ruling overturning a law that had banned other states from such gambling offerings.
That could open the door for as many as 50 different systems without some federal guidance on the issue, something the leagues emphasized.
“We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures,” NBA Commissioner Adam Silver said.
“Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority.”
The NBA was hit with gambling issues in 2007 when referee Tim Donaghy pleaded guilty to two charges related to an FBI probe alleging he bet upon NBA games that he officiated. He was sentenced to 15 months in prison. The league responded by banning all sports betting by its referees.
The NFL also backed US lawmakers taking quick action to avoid chaos in multiple states over betting regulations.
“The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute,” the NFL said in a statement.
“Congress has long-recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events. Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting.
“We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game.”
The NFL Players Association (NFLPA) vowed to work with other player unions in looking out for the integrity of the sport.
“The Supreme Court’s decision today reaffirms the decision to collaborate with the other sports unions on the issues of player safety, integrity of our games and privacy and publicity rights,” an NFLPA statement said.
INTEGRITY KEY TO MLB
Major League Baseball (MLB) said in a statement the ruling would have “profound effects” on the league.
“As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports. — AFP

Standout moments

The National Basketball Association (NBA) playoffs have now reached the conference finals with four deserving teams now left fighting to determine who get to dispute the world championship.
And as has always been the case during this time of the NBA season, I have been a captive audience of the playoff festivities, taking every opportunity possible to watch matches and savor the frenzy and excitement that go with them.
Along the way standout moments creep up, making watching the games more worthwhile.
One such moment is how young NBA stars have made their presence felt in these playoffs.
While definitely the play of old reliables and established superstars in the league is to behold, to see new-generation stars join the mix is much welcome.
Utah’s Donovan Mitchell, Philadelphia’s Ben Simmons and Joel Embiid and Boston’s Jayson Tatum, Jaylen Brown and Terry Rozier III are just some of the young guns who have raised their stock with their spirited and game-altering performances in the postseason.
Mitchell has emerged as a bona fide star with the Jazz as he led them to a West semis appearance before bowing to the top seeds Houston Rockets.
The 13th pick in this season’s rookie draft, Mitchell has all but made Utah forget erstwhile resident star Gordon Hayward with his jacked-up play on both ends of the court and leadership, enough to convince many, including this writer, that Utah’s future is pretty much safe and promising.
The same could be said of the Sixers with Simmons and Embiid in tow.
From far outside the playoff picture in seasons past, Philadelphia went all the way to the Eastern Conference semifinals and was actually poised to go even deeper had breaks went their way in some of the games against Boston.
Despite the abrupt exit though, Simmons and Embiid more than underscored that “The Process” in Sixers-land has taken far bigger root and that the team is all but set to take on bigger challenges moving forward.
The Celtics trio of Tatum, Brown and Rozier, while not “The Big Three” that the Celtics were envisioning at season’s start, has been huge in the postseason.
They have certainly made up for the absence of Hayward and Kyrie Irving and quite interestingly made Boston all the more tough to read collectively.
They are now in the East finals against the Cavaliers.
Another standout moment for me in these playoffs is LeBron James and his growing legend.
Now on his 15th year in the league, he continues to amaze and is still the alpha dog in The Association if you are to ask me.
From buzzer-beaters to triple doubles to clutch plays on both ends, “The King” has done it in the 2018 NBA playoffs with no signs of slowing down.
He has led a Cavaliers crew to each and every adversity this season, making what he has been doing all the more impressive.
Other standout moments from my end are the “upset” of the New Orleans Pelicans of the Portland Trail Blazers in the opening round of the West playoffs, the seamless return from injury of Golden State superstar Stephen Curry, the sweep of East top seed Toronto at the hands of Cleveland and the virtual disappearance of Raptors star DeMar DeRozan in the semifinals.
Indeed the 2018 NBA Playoffs have not been bereft of noteworthy happenings and the good thing about it all is that it is not yet over with the conference finals and NBA finals still to look forward to.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@www.bworldonline.com

Fundamental differences

Heading into Game One of the West Finals, fans had ample reason to believe it would be a humdinger and indicative of how tightly fought the entire series would be. After all, the Rockets boasted of the league’s best record, with a formidable roster that general manager Daryl Morey assembled precisely to take the measure of the Warriors. Led by presumptive Most Valuable Player James Harden and point god Chris Paul, it appeared to have the talent level and collective skill set it required to upend the defending champions.
As things turned out, the Rockets did, indeed, prove to all and sundry that it could stand toe to toe with the Warriors — for a half. In battling their rivals to a standstill in the first 24 minutes of the match, they could not have played better; Harden was, in particular, schooling every defender in his way, and particularly when fellow All-Star Steph Curry was all that stood between him and a bucket or a dime. After the break, though, they wound up in the same position as just about the rest of the league in the face of an inevitable burst of offensive prowess: staring at the backsides of the blue and yellow and struggling to keep pace.
In retrospect, TNT analysts Reggie Miller and Chris Webber were right to underscore the fundamental difference between the protagonists. The Warriors invariably rely on crisp passing to generate points, hence their remarkable status as the league’s assist kings through the last four years. Meanwhile, the Rockets prefer to go the isolation-heavy route, relying on Harden and, to a lesser extent, Paul to directly exploit mismatches and involve those around them whenever practicable.
That said, Miller and Webber miss the point. One system is not intrinsically better than the other, and the fact that the Warriors and the Rockets go their own separate ways speaks as much of the predilections of head coaches Steve Kerr and Mike D’Antoni as of the strengths of their charges. In any case, the outcome cannot be denied. One contest is all it took for the truth to come out. If the status quo continues, the best-of-seven affair will not be as close as armchair pundits initially believed.
Needless to say, the onus is on D’Antoni to make adjustments for tomorrow’s battle. And, yes, the pressure is on; another loss at the Toyota Center will be catastrophic against the Warriors, formidable under any circumstance and — the monumental meltdown in the 2016 Finals notwithstanding — especially imposing as front runners. Certainly, the Rockets will have to change their mind-set; yesterday, they were caught flat-footed in too many instances.
If the Rockets want a puncher’s chance to meet their objectives, they need to assume nothing is a given, and fast; they’ll have to show maximum effort from opening tip to final buzzer. In short, they’ll have to be like the Warriors — expecting the worst and acting accordingly. Otherwise, they would do well to prepare themselves for a long summer ruminating on the What Ifs and Could Have Beens.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

DMCI sets P40.7-billion capex for 2018

DMCI Holdings, Inc. is setting aside P40.7 billion in capital expenditure this year, the bulk of which will go into its property and integrated energy businesses, company officials said on Tuesday, May 15.
“Without Maynilad [Water Services, Inc.], capex is P31.5 billion,” said Herbert M. Consunji, DMCI chief finance officer, told reporters after the holding firm’s annual stockholders meeting at the Manila Polo Club in Makati City.
Mr. Consunji said of the P31.5 billion, P16 billion had been allocated to DMCI Homes, Inc. Semirara Mining and Power Corp. will corner P13 billion, he added.
DMCI Power Corp., the firm’s off-grid energy developer, has a budget of P2.034 billion, which will go largely into the development of a 15-megawatt (MW) coal-fired power plant in Masbate province.
Last year, DMCI Holdings allocated a budget of P34 billion or P19.71 billion excluding the capital expenditure for Maynilad. — Victor V. Saulon

S&P upgrades Security Bank to investment grade, affirms rating for DBP

S&P Global Ratings bumped up its credit ratings on Security Bank Corp., while affirming its ratings on Development Bank of the Philippines (DBP) following an upgrade on the Philippine banking industry’s credit risk assessment.
In a statement sent to reporters late Monday, the global debt placed Security Bank to investment grade as it upgraded the lender’s long-term issuer credit rating to the minimum investment grade of “BBB-” from “BB+,” with a “stable” outlook. The short-term credit rating was also notched up to”A-3″ from “B.”
Meanwhile, the credit rater affirmed DBP’s long-term credit rating to “BBB,” a notch above the minimum investment grade, and the short-term credit rating to “A-2.” The state-owned bank also maintained its “positive” outlook from S&P.
The rating action was done following S&P’s view that “credit risk in the Philippine banking sector has reduced with the establishment of credit bureaus and banks’ improving underwriting practices in the consumer loans segment.”
Due to this, the credit rater upgraded the Banking Industry Country Risk Assessment (BICRA) to group “6” from group “7.” — Karl Angelo N. Vidal

Philippine banking sector’s credit risk score improves

S&P Global Ratings has upgraded its risk assessment on the Philippine banking industry supported by the sector’s improved credit fundamentals.
The global credit rater said it upgraded its Banking Industry Country Risk Assessment (BICRA) score on the domestic banking industry to “6” from the previous “7.”
“We revised our Banking Industry Country Risk Assessment (BICRA) on the Philippines to group ‘6’ from group ‘7’ due to the sector’s improved credit fundamentals,” S&P said in a May 14 report.
S&P uses its BICRA framework to evaluate and compare global banking systems. Scoring is done on a 1-to-10 scale, with 1 being the best score or those with the lowest risks.
The debt watcher said the credit risk in the Philippines has reduced on the back of “the establishment of credit bureaus and the banks’ improving underwriting practices in the consumer loans segment.” — Karl Angelo N. Vidal

TRAIN key to future rating upgrade

By Melissa Luz T. Lopez
Senior Reporter
THE PASSAGE of succeeding tax reform measures would help the Philippines secure further rating upgrades, an analyst at Fitch Ratings said, with additional revenues seen to bolster the country’s fiscal position and keep it a “star performer” in Asia.
Stephen Schwartz, head of sovereign ratings for Asia Pacific, said Fitch has high hopes for the Philippines given the comprehensive tax reform program being pushed by the Duterte administration, saying it inspired the latest upgrade and may trigger subsequent rating actions in the coming years.
“To the extent that revenue performance is strong, that is a positive rating driver. When we next update the rating outlook, we will certainly look at the latest trends in revenue performance and also the outlook for the remaining reform packages in the tax area,” Mr. Schwartz said in a recent interview in Manila.
Fitch in December upgraded the Philippines to a “BBB” rating with a “stable” outlook — one notch above minimum investment grade status — shortly after the passage of the Tax Reform for Acceleration and Inclusion Act (TRAIN) in Congress.
Prospects remain bright for the Philippines as far as Fitch is concerned, as Mr. Schwartz anticipates additional tax packages to clear the legislative mill.
“Going forward, we understand that remaining tax measures are likely to be revenue-neutral but will be more efficient and growth-oriented. So that should be, over time, a positive rating driver if the packages are passed on time and implemented efficiently,” the Fitch analyst said.
The TRAIN is seen to raise the share of government revenues by 0.5-1% of gross domestic product (GDP) annually over the next five years, which in turn will support the ambitious infrastructure program of the Duterte administration.
The entire tax reform program — which is expected to run up to five packages — is supposed to yield about P2 trillion in additional revenues, which will help finance the government’s planned P8.44-trillion infrastructure program until 2022.
The succeeding proposals look to trim corporate income taxes to 25% from 30% while streamlining tax perks granted to companies. Lower estate and donor’s taxes will be compensated by higher property valuation rates to raise more funds for local government units.
A set of additional luxury taxes — which entail higher duties on fancy cars and jewelry, duties on fatty food, and income taxes on lotto and casino winnings — may also be considered should there be a need to augment tax collections.
On infrastructure, Fitch also recognized a solid start to the government’s flagship “Build, Build, Build” program.
“It’s not always easy to implement projects… but our assessment is that the Philippines in relative terms has been doing a pretty good job at implementing its ambitious spending targets,” Mr. Schwartz added. “We are optimistic right now that the government will achieve success, but we’ll be monitoring over time.”
Fitch expects the Philippine economy to grow by 6.8% this year, faster than 2017’s 6.7% although short of the state’s 7-8% goal. Philippine GDP expanded by 6.8% during the first quarter.
The massive infrastructure spending agenda is seen to propel economic growth to average 7-8% by 2022, while addressing connectivity and logistics woes in order to improve the ease of doing business in the Philippines.

1...11,12211,12311,124...12,767Page 11,123 of 12,767
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube