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Ex-Grizzlies coach Fizdale named coach of NY Knicks

NEW YORK — David Fizdale, fired as coach of the Memphis Grizzlies last November, was named Monday as the new coach of the NBA’s struggling New York Knicks.
The 43-year-old American — who has served assistant coaching stints with Golden State, Atlanta and Miami — took on the challenge of reviving a woeful side that has missed the playoffs for five consecutive campaigns.
“I am honored and humbled to join the Knicks,” Fizdale said. “I appreciate the enormous responsibility it is to coach the Knicks and am ready to give my all to build the type of winning team the passionate fans of New York will be proud of.”
Fizdale guided the Grizzlies to a 43-39 record in his first season, losing to San Antonio in the opening round of the playoffs. This past season, he was fired after the team opened the campaign 7-12 on their way to a 22-60 finish, second-worst in the NBA.
The Knicks didn’t finish that much better, going 29-53, which led to last month’s firing of coach Jeff Hornacek, setting the stage for Fizdale to be hired.
“After a thorough coaching search, it was clear that David would be a great fit with the Knicks and we’re thrilled he’s joining our organization,” Knicks President Steve Mills said. “He’s an experienced coach, strong leader and effective communicator who understands what it takes to build a winning culture.”
With Miami, Fizdale was an assistant on NBA championship teams in 2012 and 2013 powered by LeBron James.
“David is a dynamic coach who will thrive in New York,” Knicks General Manager Scott Perry said. “His championship pedigree, resiliency and expertise in player development make David well-suited to establish the Knicks as a consistent winning basketball team.” — AFP

Banding together

Having covered the local sports beat for a while now and talked to many stakeholders, one thing stands out is the fact that much still needs to be done as far as the country’s sports program is concerned.
Various tangents for discussion go with it, including the role that the private sector can play in furthering local sports organizations’ thrust to shore up their programs and look after the welfare of our athletes.
In line with this, the Philippine Basketball Association (PBA), MVP Sports Foundation (MVPSF) and San Miguel Corp. (SMC) recently released separate donations totaling P46 million to the Philippine Olympic Committee (POC).
MVPSF and SMC each gave P20 million while the PBA donated P6 million, with each of the 12 competing teams contributing P500,000.
The donated money will be directed towards the athletes and their National Sports Associations for their preparations for the Southeast Asian (SEA) Games next year and the Asian Games later this year.
The donation was formally handed over to the POC in a brief ceremony during the halftime break of the game between the Barangay Ginebra San Miguel Kings and TNT KaTropa on May 6.
POC President PBA Chairman Ricky Vargas, along with other officials of the sports body, received the donation and expressed his gratitude, saying “this is for the athletes, country and the programs.”
To ensure transparency and clarity, Vargas said for each donation there is “a directed memorandum of agreement for the donee.”
For San Miguel it will choose the NSAs and programs it will be supporting while that of the MVPSF is geared towards the incentives for medal-winning athletes and for training as well.
That of the PBA, meanwhile, is for training in the SEA Games and Asian Games and the NSAs.
This banding together of these various groups is surely a welcome development.
As said at the top, the involvement of the private sector in local sports development could not be more overstated considering funding for such is admittedly far from being ideal.
While the P46-million donation may not be big relative to what Philippine sports in general needs, still it is a step in the right direction and would go a long way in inspiring more people, groups and corporations to come on board and pick up the cause of supporting our country’s sports programs and athletes.
So kudos to the PBA, MVPSF and SMC. May this be the start of a steady commitment from your end to Philippine sports. And may more groups follow suit.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@www.bworldonline.com

Coach of the Year

For the record, the National Basketball Association has already seen the spectacle of a Coach of the Year awardee fired just after taking home the Red Auerbach Trophy. The singular distinction belongs to George Karl, whose newly minted status as the best of the best on the bench in 2013 was followed by his unceremonious dumping by the Nuggets. He deserved the regular-season honor, having led the blue and gold to 57 wins and homecourt advantage to start the playoffs. Whether he also deserved to then be bounced from the hot seat — even after losing in the first round without injured star Danilo Gallinari — is another matter altogether.
To be sure, the Nuggets’ “What Have You Done For Me Lately” consideration of Karl’s position is nothing new. Every single year, franchise owners bankrolling outrageous payrolls expect their bench tacticians to squeeze the most out of those who wear their jersey. And “most” invariably means constant improvement, not a steep decline when the matches truly matter. Which, in a nutshell, is why Dwane Casey may yet find his own standing with the Raptors in question following their second straight zero-four elimination at the hands of the Cavaliers, never mind the sterling work he did en route.
Certainly, what Casey accomplished for the Raptors heading into their 2017-2018 campaign wasn’t easy. He sought to take apart the star-centric system that hitherto generated for them modest successes and then put up a new one that emphasized the importance of ball movement for a deeper rotation. In other words, he willingly took a step back in order to be given the opportunity to move two steps ahead. And, for the most part, it worked; they claimed the top seed in the East on the strength of a net rating that crowded the league elite. Even as their competitiveness continued to be spearheaded by All-Stars DeMar DeRozan and Kyle Lowry, they employed a bench whose productivity had no equal.
There was just one problem, however: They had too much of a history against the Cavaliers, whose pitfalls prior to the conference semifinals served only to ramp up the pressure on them to deliver. Their traditional foils were down and close to out; they just had to strike the knockout blow. Instead, they found themselves giving in to ghosts of playoffs past and — after snatching defeat from the throes of victory in Game One — essentially surrendering to the inevitable. In the end, it didn’t matter that their opponents were actually outscored by a whopping 40 points in the previous series against the Pacers, and that advanced analytics had them winning handily. It mattered only that longtime tormentor LeBron James was on the other side.
In combing through all the What Ifs and Could Have Beens, the Raptors are right to wonder if starting over won’t ultimately prep them for success. They’re very, very good as presently constructed, but because they so happen to be toiling in the James Era, they have to be great. Anything less will simply be an exercise in futility. And it doesn’t help that their increasing desperation during the best-of-seven affair may well have broken their trust with DeRozan. True, Game Three became a humdinger because Casey bravely chose to bench their erstwhile leader over the last 14 minutes and 16 seconds of the contest. On the other hand, nothing prevented him from employing offense-defense substitution patterns and turning to their primary scorer during crucial sequences.
That Casey didn’t even think of calling on DeRozan even while designing after-timeout plays under pressure speaks volumes of his reactionary style. He went with the group that got the Raptors close in the crunch, the evident mismatches notwithstanding. And, no doubt, he will be called to account for it; until now, for instance, fans remain baffled as to why, out of a full timeout with 57.9 ticks remaining in the fourth quarter, he tapped reserve guard Fred VanVleet to take a contest 34-foot shot from an unimaginative inbounds sequence. They were down by just three, and with the shot clock down to five, he could have gone to — or even merely involved — either of his All-Stars. Instead, he went with a substitute who had previously missed six of eight field-goal attempts, including five of six from three-point territory.
So, yes, Casey can rest easy knowing he worked extremely hard to be the Coach of the Year favorite. And, no, he won’t be able to do so knowing he also flubbed his chance. No one will care that the series was actually just three points from being a two-all affair instead of one more sound shellacking. Instead, what will be etched in the minds of all and sundry is the part they were given in the midst of James’ march to greatness. And if he winds up being the latest victim, he can find small mercy in the fact that he won’t be the last.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

EDC expects flat profit, revenues this year

Energy Development Corp. (EDC) expects this year’s revenues and profit to be flat, a positive development for the Lopez-led listed company that ended the first quarter with a double-digit decline in top- and bottomline figures.
Erwin O. Avante, EDC vice-president and head for corporate finance, told reporters this would just approximate last year’s crucial numbers as the company recovers from the impact of the natural disasters that occurred last year.
In the first quarter, the country’s largest geothermal and wind energy company posted consolidated revenues of P8.18 billion, down 15% from the level a year ago.
Its consolidated recurring net income attributed to equity holders of the parent firm was at P1.81 billion, lower by 44% from a year earlier.
Mr. Avante also said that the company expects to spend P6.1 billion this year, which he said is about the same as the capital expenditure last year. — Victor V. Saulon

LT Group sets around P11 billion capex for 2018

LT Group, Inc. (LTG) plans to spend P10 billion to P11 billion for capital expenditures in 2018, amid expectations of a better year given the government’s move to address illicit activities in tobacco trade.
The holding company of tycoon Lucio C. Tan, Sr. cited the government’s efforts in addressing underground cigarette firms produced locally and imported as finished goods, which it said has given its tobacco business a level playing field.
“We’re still hopeful that enforcement will continue, and that government could put a lid on these illegal and illicit activities. Enforcement is continuing, I think the secretary of finance said that although numerous but volume is not as big as previous years,” LTG President Michael G. Tan said in a press briefing in Century Park Hotel in Manila on Tuesday, May 8. — Arra B. Francia

Robinsons Land partners with Hong Kong firm for P5.6-billion Pasig project

Robinsons Land Corp. (RLC) has partnered with Hong Kong Land Group (HKLG) for the development of real estate projects in the country, starting with a P5.6-billion residential property in Pasig City.
The Gokongwei-led property developer disclosed to the stock exchange on Tuesday, May 8, that it has signed an agreement with HKLG through its representatives Hong Kong Land International Holdings Ltd. and its subsidiary Ideal Realm Limited.
The parties will be forming a 60-40 joint venture (JV) firm for the residential project, set to rise on Block 4 of Bridgetowne East in Pasig City. Aside from developing the property, the JV company will also be in charge of marketing and sale of the residential units. — Arra B. Francia

Bloomberry reports 73% profit surge in first quarter

Bloomberry Resorts Corp reported a 73% increase in attributable profit for the first three months of 2018, boosted by record volumes in both mass gaming and VIP gaming segments.
The owner and operator of Solaire Resorts and Casino in Manila and Jeju Sun Hotel & Casino in Korea booked a net income attributable to equity holders of the parent of P3.7 billion in the first quarter, higher than the P2.14 billion posted in the same period a year earlier, according to a regulatory filing disclosed Tuesday, May 8.
 
“We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to making this a banner year,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement. — Arra B. Francia

Foreign expert says PHL government needs to review CCT’s targeting mechanism

THE GOVERNMENT should revisit its conditional cash transfer program to ensure that they are given only to those who need them, an expert said.
“You have to slow down the program because you are still learning,” Nanak Kakwani, an economics professor from the University of New South Wales said during a seminar hosted by the Philippine Institute for Development Studies (PIDS).
She said that this may give the government breathing room to reassess its targeting mechanism.
Mr. Kakwani had a similar stance with a 2015 PIDS study where the CCT, or the Pantawid Pamilyang Pilipino Program, had a 29% leakage rate.
The study noted that about three in every 10 CCT beneficiaries are not poor and do not even deserve to be part of the program.
The government said earlier that the issuance of the National ID system would help plug these leakages. — Elijah Joseph C. Tubayan

IMF sees Philippine inflation to remain above 4% until 2019

The International Monetary Fund (IMF) expects Philippine inflation to remain elevated until 2019, and is even expecting price increases to overshoot the central bank’s target this year.
Inflation is seen to hit 4.2% this year using 2012 prices, IMF country representative Yongzheng Yang said via e-mail. If realized, this will log higher than the 2-4% target band set by the Bangko Sentral ng Pilipinas (BSP). — Melissa Luz T. Lopez

S&P maintains bullish outlook for Philippine banks

The Philippine banking system is likely to benefit from a brighter outlook for the economy, S&P Global Ratings said, with stronger domestic activity to fuel increased lending for local players.
“Our view on the Philippines banking system is pretty much aligned with our view on the government as well. We are equally optimistic on the Philippines banking system as a whole,” S&P credit analyst Ivan Tan said in a webcast last week.
“We are seeing this positivity feeds through to the conglomerates and the corporate sector, and banks in the Philippines typically lend to the large corporates and medium-sized SMEs as well. Basically the banking sector is a face or representation of the economy there and when the economy does well, the credit profile of the banking system will improve as well.”
On April 26, S&P revised upward its rating outlook for the Philippines to “positive,” hinting at a possible credit upgrade in the coming months. — Melissa Luz T. Lopez

Government raises P10 billion from reissued three-year bonds

The government made a full award of reissued three-year Treasury bonds (T-bonds) on Tuesday, May 8.
At Tuesday’s auction, the Bureau of the Treasury (BTr) raised P10 billion from the reissued bonds maturing on Jan. 5, 2021.
Total tenders reached P19.424 billion, nearly double the amount the BTr wanted to raise.
The three-year bonds fetched an average rate of 4.703% with a coupon rate of 4.25%. This was higher than the 4.632% average rate fetched when the papers were last sold.
At the secondary market, before Tuesday’s auction, the 20-year papers were quoted at 5.3893%. — Karl Angelo N. Vidal

Olazo abstract fetches P1.9 million at benefit auction

Antique furniture, 18th-century maps of Asia and the Philippines, wooden figures of bu’lul (god of harvest), and renowned paintings by Filipino artists were among the auctioned pieces for the benefit of scholars at International School Manila (ISM), in partnership with Gavel & Block, a subsidiary of Salcedo auctions on May 5 at The Peninsula Manila.
Filipino abstract painter Romulo Olazo’s 1986 untitled mixed media on canvas took the highest bid at an estimated final price of P1.9 million from its opening price at P380,000.
Other artworks sold included Ang Kuikok’s 1973 oil on wood painting of Still Life Table with Fruits and Ramon Orlina’s Madonna and Child sculpture which were sold at an estimated price of P1 million.
Benefit is the first auction by Salcedo Auctions to help raise funds for the Vicky SyCip Herrera (VSH) Filipino Scholarship at International School Manila (ISM). — Michelle Anne P. Soliman