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7-Eleven Trail 2019 to sponsor top 3 cyclists to Spain

OVER 3,000 cyclists overcame difficult terrain to prove they are the best of the best at the recently concluded 7-Eleven Trail 2019, marking the sixth year of the biggest and most anticipated mountain bike race in the Philippines. The race, which took place at Timberland Heights in Rizal last Feb. 17, once again became a platform for the cycling community to hone their biking skills and gain a deeper appreciation for the environment.
“7-Eleven Trail continues to attract top cyclists from all over the country as we focus on increasing the quality of the race each year,” Philippine Seven Corp. President and CEO Jose Victor Paterno said. “We have specifically made this race challenging as we would want to help Filipinos of every skill level improve in this specific sport, while enabling Filipino athletes to shine on an international stage.”
This year’s race offered two distances: 30KM and 40KM, with participants that consisted of both athletes and enthusiasts.
The overall winners of the 40KM distance were each awarded an all-expense paid trip to La Pinilla, Spain to represent the country in the Red Bull Holy Bike cycling competition in May, as well as cash prizes and gift bags from event sponsors. Name, ranking, and official time are as follows:
Alvin Benosa (1:50:08); Archie Duran (1:51:28); Jericho Rivera (1:55:17).
For 38-year-old Benosa, the whole trail experience gave him mixed emotions. He admitted that he found the course hard but he was happy to know that his rigorous training paid off.
“I train every day and focus on my well-being to ensure I’m in perfect shape when the race date comes,” Benosa said. “The key is to be disciplined.”
The winner of the female 40KM category is Ariana Dormitorio with an official race time of 2:17:22. Being raised by a family of cyclists, she attributed her success to a support system that understands the career she chose to pursue.
“As long as you have friends and a very strong family support who also agrees on what you’re doing, it’s very fulfilling and I’m glad I have to do this everyday.”
Dormitorio is followed by second placer Nicole Quinones and third placer Melissa Jane Jaroda.
Next year, 7-Eleven Trail will only feature the 40KM race. 7-Eleven Trail 2019 will be the last time the 30KM distance will be offered. According to Paterno, who was also among the top finishers in his age group, they will be removing the 30KM category starting next year to make way for a more competitive race.
The event is part of 7-Eleven’s commitment to promoting a healthy lifestyle through outdoor and athletic activities.

ABS-CBN’s iWant now has a sports section

iWant Sports logo
CONSISTENT with its push to reach more Filipinos in the digital space, ABS-CBN recently launched a sports section on its popular streaming device iWant.
A one-stop section housing various sports content offerings, iWant affords every Filipino sports fan easy access to content on whatever device, whenever they want and wherever they are.
“We understand the desire of our diehard sports fans, and even casual sports enthusiasts, for intense and compelling sports content. We want to make it easier for them to catch the action and stories from the best tournaments in the country right now and witness great performances unfold in real time in one location, which is iWant,” said Dino Laurena, ABS-CBN Integrated Sports head, of iWant Sports.
iWant Sports started in time for the start of the opening of the Season 81 volleyball tournament of the University Athletic Association of the Philippines on Feb. 16.
Also available on the platform are goings-on and updates at the National Collegiate Athletic Association (NCAA), Premier Volleyball League (PVL) , Maharlika Pilipinas Basketball League, ASEAN Basketball League (ABL), Pinoy Pride, boxing events, and national tournaments.
Apart from the games, sports aficionados can also access other sports content such as ABS-CBN S+A productions like flagship program The Score, UAAP special University Town, lifestyle show Upfront, sports documentaries like UAAP G.O.A.T, as well as sports-related ANC or ABS-CBN programs like motoring show Rev, sports talk show Hardball, and current affairs show Sports U.
iWant can be accessed via its iOS or Android apps or via web browser on iwant.ph. One can also enjoy the streaming platform at home by connecting the service to their TVs by way of Chromecast and Apple Airplay. — Michael Angelo S. Murillo

Wade helps Miami Heat stun Golden State Warriors

LOS ANGELES — Dwyane Wade banked in a miracle shot — a three-pointer at the buzzer off of one leg — as the host Miami Heat shocked the two-time defending NBA champion Golden State Warriors 126-125 on Wednesday night.
For Miami, Goran Dragic had 27 points, Wade finished with 25 points, and Josh Richardson scored 21.
Klay Thompson led Golden State with 36 points, Kevin Durant had 29, and Stephen Curry added 24.
The Heat snapped their six-game home losing streak, and they did it two nights after losing to the team with the worst record in the NBA, the Phoenix Suns.
Miami had also given Golden State a great battle on Feb. 10 before falling 120-118.
On Wednesday, Dragic scored 20 of his points in the second quarter when Miami led by as many as 24 points. That was the highest-scoring quarter of Dragic’s stellar career.
Warriors forward Draymond Green fouled out and was held to five points.
In addition, Golden State rested starting center DeMarcus Cousins, who missed one calendar year after foot surgery and didn’t return until Jan. 18. He had a season-high 24 points on Monday, but the Warriors played it safe.
Meanwhile, the Heat got three players off the injured list: wing Rodney McGruder (right knee), point guard Justise Winslow (left knee) and forward Derrick Jones (illness). The Heat was still missing power forward James Johnson (left shoulder).
Early on, the game was all Miami.
Durant missed his first five shots, helping the Heat build a 32-22 first-quarter lead.
Miami, which shot a sizzling 63.2 percent from the floor at halftime, including 9-for-18 on three-pointers, stretched its lead to 74-59 at the break. Thompson’s 21 first-half points kept Golden State at least within range for their explosive offense.
Sure enough, the Warriors cut their deficit to 100-92 after three quarters. Curry had 10 points in the third quarter, and Durant added eight.
The Warriors finally caught the Heat at 109-all on a Durant fall-away jumper with 5:09 left in the fourth quarter.
Golden State then led 124-120 with 18 seconds left, but Wade made two three-pointers in the final 15 seconds, including the one Heat fans likely will remember for a long time. — Reuters

Hall of Famer center Abdul-Jabbar auctions four NBA champion rings

LOS ANGELES — An auction featuring four of Hall of Fame center Kareem Abdul-Jabbar’s NBA championship rings runs through Saturday.
The league’s all-time leading scorer is auctioning rings he won with the Los Angeles Lakers in 1980, 1985, 1987 and 1988, plus other game-used and autographed memorabilia from his legendary career.
Abdul-Jabbar, 71, wrote on his website earlier this month that “much of the proceeds” will benefit his Skyhook Foundation, a charity that helps kids learn about science, technology, engineering and math.
“When it comes to choosing between storing a championship ring or trophy in a room, or providing kids with an opportunity to change their lives, the choice is pretty simple. Sell it all,” Abdul-Jabbar wrote.
“Looking back on what I have done with my life, instead of gazing at the sparkle of jewels or gold plating celebrating something I did a long time ago, I’d rather look into the delighted face of a child holding their first caterpillar and think about what I might be doing for their future.
“That’s a history that has no price.”
The auction is being conducted by Goldin Auctions. As of Tuesday afternoon, the bidding on his ring from the 1985 NBA championship was up to $85,000, and the bidding on a signed basketball from his final NBA game in 1989 was up to $75,000.
A six-time NBA champion and six-time Most Valuable Player, Abdul-Jabbar was inducted into the Hall of Fame in 1995. — Reuters

Time to go

To argue that Carmelo Anthony has had a controversial 2018-19 campaign would be to understate the obvious. Following a season with the Thunder in which he wound up an ill fit as a third option, he found himself traded to and bought out by the Hawks (in the process literally earning an unused jersey), and then signing, to much fanfare, with the Rockets. Unfortunately, his welcome lasted all of three weeks; he was decommissioned after 10 games, and then traded to the Bulls, who also saw fit to promptly cut their ties with him. All the criticisms about his outdated style of play aside, he deserves a better finish to his Hall of Fame career.
Not that Anthony believes he’s done. True, he‘s ready for the possibility of forced retirement. “I’d be sitting here lying to you if I said it’s not coming soon,” he told The Huffington Post’s Taryn Finley. “At the end of the day, at anything you do, when it’s your time to go, it’s your time to go.” Then again, he’s clearly holding out hope some playoff-bound team somewhere would find some value in availing of his services. And it’s not inconceivable; pro hoops annals are littered with examples of supposed castoffs making significant postseason contributions en route to collective success.
That said, there appears to be a chasm between the possible and the probable when it comes to Anthony. It has been a full three weeks since the trade deadline came and went, and yet there has been little to no interest in him. And if there’s any sense of urgency, it can’t be more evident than today. After the first of March, no player claimed off the waiver wire can burn rubber in the playoffs. Which is why speculation on his immediate future has again intensified. Where will he go? Or, better yet, where can he go?
Strange things happen with frequency in the National Basketball Association, so there can no such thing as never insofar as player movements are concerned. On the other hand, it’s fair to contend that Anthony’s coming close to the end of the line. Even the Lakers, who continually aim to please LeBron James, his close friend, aren’t biting, and no wonder; his midrange strengths don’t fit the system of the purple and gold. And, at this point, they’re not even certain of making the postseason, where, at the very least, his experience can count in the locker room.
So, yes, Anthony’s at a crossroads again, and probably the last one he’ll encounter before calling it quits. Should he get the path with the dead end, it’s too bad his final outing was a whimper. Two points off one-of-12 shooting in an ultimately meaningless November loss shouldn’t be the way to go, but it may be his. To his credit, though, he’s ready — as, seemingly, everybody else has long been.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Getting kicked and being told to ‘go back to the kitchen’: What it’s like to be a female gamer

[vc_custom_heading text=”‘If you play casually, people are like savages.’
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Reporting
Mark Louis F. Ferrolino
Video
Paolo L. Lopez
Illustration
Fortunato V. Dañas
Editor
Sam L. Marcelo

Kyung-in “Tr1cks” Lee was sitting in front of a screen, playing an online game when the voice of some guy came through her headphones and, in much ruder language, asked her who she had to sleep with to get to her rank. Ms. Lee, captain of an all-female professional electronic sports (esports) team, fields these vulgar comments all the time. The disparagement is annoying, she said, since she climbed the ranks through solo queue—that is, on her own merit.
Ms. Lee and the rest of the members of the ArkAngel CSGO Female Pro Team recently sat down with BusinessWorld to talk about what it’s like to be women in the flourishing world of esports.  
The team is about to compete in the grand finals of the Word Electronic Sports Games (WESG) 2018-2019 season to be held in China from March 7 to 17, after bringing home the gold medal in the women’s division of Counter-Strike: Global Offensive (CS:GO) at WESG Southeast Asia last December.

“If you play casually, people are like savages,” Joy Maria “Joy” delos Reyes said. Her teammate, Shara Mari “Kuchiii” Koshikawa, added: “When they know you’re a girl, sometimes they kick you.” (“Kick” here means to boot a player out of a game.)

 
 
 

“If you play casually, people are like savages” 

 

[vc_video link=”https://www.youtube.com/watch?v=SEDV4FOB4D0″]

The members agreed that it was sometimes better to turn off their microphones in a match against random players—even if that would mean putting themselves at a disadvantage—than to deal with the misogyny that pervades esports.
Communication is essential in CS:GO, a multiplayer first-person shooter video game developed by Hidden Path Entertainment and Valve Corporation. Winning a match rests heavily on a team’s ability to relay in-game information such as how many opponents might be lurking in a specific location. If shutting off their mics isn’t a viable option, then the members of ArkAngel shift to another strategy: pretending that they’re prepubescent 12-year-old boys whose voices haven’t dropped.
Gender discrimination against female gamers can take several forms, including inappropriate comments (Jiles Korine “Laire” Buenviaje was told to “go back to the kitchen”) and unconscious bias in favor of male gamers. To illustrate the latter, Ms. Lee said that it is a common scenario for a less-competent male gamer to be chosen by a team over his female counterpart.

The leader of the ArkAngel team speaks from experience. While playing at a tournament in America, people repeatedly questioned her spot on a mostly male team. “They asked my captain at that time, ‘Why do you have a girl in your team? Like, of all the players you could have picked in America, why did you choose this girl?,’” she said.
Thankfully, two of her teammates came to her defense, saying that Ms. Lee deserved to be there—there was nothing “token” about her spot on the team. “It was the first time I ever heard a male player stand up for me based on my skills,” she said.
WAITING FOR THE CULTURE TO CATCH UP
In reality, esports is no longer the male-dominated space it used to be. According to a report released in 2018 by the Entertainment Software Association, 45% of gamers in the US are female, and adult women represent a greater portion of the video game-playing population at 33% than males under 18 years of age at 17%.
Although the demographics have changed, gaming culture has not. Eyeballing the competitive scene shows only a few women in the upper echelons. The issue is not one of competence but of confidence. “You can’t always take everything people say online to heart, and that’s something that a lot of them [female gamers] do,” she said, adding that “it gets hard especially in the pro scene.”
To equal the playing field, esports organizers have either mounted female-only tournaments or added female divisions to general tournaments. For instance, the WESG, an international esports championship tournament based in Shanghai organized by AliSports, started in 2016 with only four games then expanded to include female divisions in 2017.
Also worth noting is the Female ESports League (FSL), an annual league for female gamers that aims to grow the number of competitive female gamers and to see them compete in top-tier tournaments.
As early as 2005, an organization called Women in Games International (WIGI) has been promoting the inclusion and advancement of women in the global gaming industry. The organization stands as strong advocates for issues crucial to the success of women and men in the gaming industry, including a better work-life balance, healthy working conditions, increased opportunities for success, and resources for career support.
“Females really have a place in eSports scene. If they choose to have it, they can choose to enter that scene. And whether or not they excel in it is really their own choice,” Ms. Lee said.

SEPARATE IS NOT EQUAL
While female-only tournaments do provide a platform for women in the industry, some women view them as a means for segregation instead of integration and acceptance.
“When you enter the female scene, you can’t leave it. There is this sudden wall that people say, ‘You’re part of the female tournaments.’ It’s like you’re not part of the general tournaments anymore,” said Ms. Lee.
“So advantages, disadvantages: You have a spot, but it’s almost like you can’t break free from it,” Ms. Lee said.
Esports is on a promising track and the inclusion of women in the industry—both on stage and behind the scenes—is critical for its overall success. “Esports wasn’t made just for guys. It was made for gamers, and gamers don’t mean guys only. It means whoever loves games,” Ms. Lee said.

“Esports wasn’t made just for guys. It was made for gamers, and gamers don’t mean guys only. It means whoever loves games,” Ms. Lee said.

S&P cites stronger banking industry

By Melissa Luz T. Lopez
Senior Reporter
S&P Global Ratings gave a higher score for the Philippine banking system, citing better growth prospects following enactment of a law strengthening the central bank.
In a statement, the credit rater upgraded the Philippines’ banking industry country risk assessment (BICRA) score one notch to group 5 from group 6, citing “improvement in the institutional framework of the country’s banking system” with enactment of Republic Act (RA) No. 11211 on Feb. 14.
“We believe the amendments to the Bangko Sentral ng Pilipinas charter significantly improve the supervisory powers of the regulator by giving better legal protection to officials,” S&P said in a statement released yesterday.
Key features of the law include providing full legal support for central bank officials and employees as they carry out their mandate of inspecting and penalizing banks and other supervised financial businesses. BSP General Counsel Elmore O. Capule has said this would reduce the risk of such officials being intimidated by possible lawsuits as they carry out their duties.
The law also restores the BSP’s authority to float debt papers, adds P150 billion to the bank’s working capital and broadens supervisory powers to include payment system operators and even money service firms. These are seen to give more powers for the BSP to “address potential risks” in the financial system.
RA 11211 also imposes heftier fines and penalties on erring banks and other financial businesses, as well as culpable officers and employees.
As a whole, local banks are expected to still enjoy 14-15% credit growth this year, matching 2018’s level as demand is tempered by a “higher interest rate environment.”
“We believe the banking system has sufficient capital buffers and coverage against nonperforming assets to withstand emerging risks from currency volatility, higher interest rates, slower growth, and global macroeconomic headwinds,” S&P said.
“We also believe the Philippine banks’ well-established domestic franchise will continue to help them to sustain a strong, stable, and diversified customer deposit profile.”
However, the debt watcher flagged that loan growth will likely outpace deposit growth this year.
The latest BICRA shows a better score on industry risk, with concerns on the institutional framework reduced to “high risk” from “very high” previously. Meanwhile, economic and industry risk trends are seen “stable.”
S&P also affirmed the ratings given to Security Bank Corp. and the state-run Development Bank of the Philippines (DBP), amid better prospects for these lenders. Security Bank’s ratings long -term rating was kept at “BBB-” with a “stable” outlook, while its stand-alone credit profile (SACP) rating improved to “bbb” from “bbb-.”
Meanwhile, DBP also saw its “BBB” long-term rating plus a “positive” outlook in place, alongside a higher SACP rating of “bb+.”
“The upward revision in our assessment of the Philippines banking system results in a higher starting point for rating banks in the country,” the credit rater said.
The Philippines currently holds a “BBB” rating — a notch above minimum investment-grade rating — with a “positive” outlook from S&P, signalling a possible upgrade over the next two years should more reforms get into full swing.
In a separate report, S&P flagged that surprise moves from the United States Federal Reserve could again put the peso and other currencies under pressure this year, together with global trade tensions as the biggest risks.
While the Fed appears to have “dialled back on its language” in terms of future tightening moves, the global credit rater expects the US central bank to merely pause rather than market perceptions of reversing previous tightening moves.
“This dichotomy leaves the potential for market repricing, which could lead to a resumption of pressures on emerging market currencies,” the report read. “Another risk to the economy comes from global trade tensions, which could exacerbate the ongoing regional moderation in the electronics sector.”
Reuters reported that Fed Chair Jerome H. Powell said on Wednesday that policy makers are “in no rush” to change interest rates, amid signs that the US economy appears to be slowing.
S&P has scaled back its Philippine growth projections to 6.4% this year and 6.6% in 2020 and 2021. If realized, these would fall short of the annual government target of 7-8%, even as they would be faster than last year’s 6.2%.

Banks mark Q4 with bigger returns despite slower loan growth

By Leo Jaymar G. Uy
Research Head
FOURTH-QUARTER growth of assets and loans of the country’s biggest banks continued to post double-digit rates even as they recorded smaller increases than year-ago levels.
BusinessWorld’s 4th Quarter Banking Report shows the combined assets of the country’s 45 universal and commercial banks (UK/Bs) grew 11.4% to P16.58 trillion from P14.88 trillion in 2017’s comparable three months.
Fourth-quarter growth was faster than the third quarter’s 9.87% but was slightly slower than the 11.5% clocked in 2017’s final three months.
Bank loans, which make up around half of UK/B assets, grew 15.13% to P9.13 trillion during the quarter from P7.93 trillion the previous year. This is slower than the 18.5% loan growth observed in 2017’s fourth quarter.
190228Phil_Banking
In terms of profitability, the median return on equity (RoE) on these big banks improved to 5.36% from 4.82% in the third quarter. RoE — the ratio of net profit to average capital — measures the amount shareholders make on every peso invested in a company.
In terms of asset and loan size, BDO Unibank, Inc. (BDO) topped the list, followed by Metropolitan Bank & Trust Co. (Metrobank) and the Bank of the Philippine Islands (BPI).
Among banks with assets of at least P100 billion, Asia United Bank Corp. (AUB) posted the fastest asset growth of 19.01% year-on-year. It was followed by Philippine National Bank’s 17.35% and Rizal Commercial Banking Corp.’s 17.13%.
The same three months saw the Land Bank of the Philippines (LANDBANK) as the most aggressive lender, with year-on-year growth of 33.77%, followed by the Development Bank of the Philippines with 22.51% and AUB with 19.49%.
In terms of deposits, BDO had the most money with P2.42 trillion, followed by LANDBANK’s P1.66 trillion and BPI’s P1.59 trillion. AUB saw the fastest growth in deposits with 21.12% followed by Security Bank Corp.’s 18.35% and LANDBANK’s 16.7%.
ASSET QUALITY
Meanwhile, banks’ median capital adequacy ratio — or the ability to absorb losses from risk-weighted assets — improved to 17.89% in the fourth quarter from the third quarter’s 16.85%.
The ratio remains well above the regulatory minimum of 10% set by the Bangko Sentral ng Pilipinas as well as the international standard of eight percent.
Nonperforming asset ratio — nonperforming loans and foreclosed properties as a percentage of total assets — improved to 0.63% from 0.66% three months prior.
On the other hand, the nonperforming loan (NPL) ratio of the UK/Bs worsened to 1.45% in the fourth quarter from 1.40% in the preceding three months.
As percent of total assets, foreclosed real and other properties fell to 0.31% from 0.33%.
The banks’ coverage ratio — which is the ratio of the total loan loss reserves to gross NPL — was 130.64% during the quarter.
This was lower than the 152.27% recorded in the preceding three months but still more than enough to cover the entire value of bad loans held by big banks, with loan loss reserves totaling some P148.298 billion.
Since 1987, BusinessWorld has been tracking the quarterly performance of the country’s largest lenders based on their published statements of condition.
The report ranks these lenders in terms of the size of their balance sheet and presents other key ratios used in measuring bank performance, such as capital adequacy, earnings and liquidity.
This issue also marks the entry of Chang Hwa Commercial Bank, Ltd. and CIMB Bank Philippines, Inc. on the list after starting operations on July 9 and Dec. 3, 2018, respectively.

Combined assets of the Philippines’ largest banks reach P16.58 trillion in 2018

FOURTH-QUARTER growth of assets and loans of the country’s biggest banks continued to post double-digit rates even as they recorded smaller increases than year-ago levels. Read the full story.
190228Phil_Banking

Supreme Court moves to speed up resolution of small money claims

THE SUPREME COURT has increased the ceiling for small money claims cases filed with metropolitan trial courts nationwide uniformly to P400,000 from P300,000, effective April 1, raising government hopes the move could help improve the Philippines’ performance in the World Bank’s annual ease of doing business reports.
The high court said in a press release on Wednesday that the move will “streamline and harmonize the rules of procedure for money claims filed before all first-level courts.”
It quoted Associate Justice Diosdado M. Peralta, chairman of the high court’s Special Committee on Small Claims Cases, as saying this step “will result in the speedier, more efficient resolution of money claims cases, as well as help increase the country’s score in the World Bank’s ease of doing business report.”
According to the World Bank’s 2019 Doing Business report, the Philippines ranked 124th out of 190 countries, dropping from 113th on the preceding year’s list. Each economy is assessed on indicators like labor market regulation, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, trading across borders, paying taxes, enforcing contracts (time and cost of resolving commercial disputes before metropolitan trial courts), resolving insolvency and starting a business.
Mr. Peralta said he “believes that applying the Revised Rules of Procedure for Small Claims Cases on all money claims filed before metropolitan trial courts will increase the country’s score in next year’s report,” adding that it is in line with the four-point agenda of Chief Justice Lucas P. Bersamin which include making the rules of the judiciary more efficient and effective.
In 2010, the SC ordered implementation of the Rules of Procedure for Small Claims Cases across first-level courts nationwide for money claims not exceeding P100,000. In 2015, the court increased this ceiling to P200,000 and then to P300,000 in 2018.
Court Administrator Jose Midas P. Marquez said in a telephone interview that the move will ensure more cases will be resolved faster. “Sa small claims procedure… after one hearing the court has to decide within 24 hours from the time it heard the case,” Mr. Maquez explained.
The same Supreme Court press release quoted Secretary Ramon M. Lopez of the Department of Trade and Industry (DTI) as saying the increase in ceiling for small claims cases “will benefit small entrepreneurs using the court system and result in an increase in the country’s ranking in the World Bank Doing Business Survey.”
“This reform is one of the initiatives of the government to promote ease of doing business,” Mr. Lopez said, noting it will reduce the number of days for trial and judgment under the Doing Business report’s “enforcing contract” indicator.
“The DTI is optimistic that the strong partnership between the Executive and the Judicial branches of government will bring positive results. We look forward to working with the Supreme Court to improve the quality of judicial processes index, particularly in the area of court automation and case management.” — Vann Marlo M. Villegas

Random fuel mark tests start June

THE FIRST ROUND of field tests for marked fuel is scheduled to start in June, with authorities expecting to cover at least 15 billion liters this year and crack down on other smuggled petroleum products.
In a media briefing, officials of the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) said they are on track with rolling out the fuel marking program next month, and initial random testing in oil depots and even retail stations “three months after.”
“We are almost done with the IRR (implementing rules and regulations). It’s just that we can’t issue the IRR unless the fuel markers are approved by the BoC and BIR,” Deputy Commissioner for the Customs’ Enforcement Group Teddy Sandy S. Raval told reporters yesterday.
Fuel marking involves use of low concentrations of dyes to be blended with fuel in order to determine whether shipments have gone through legal import channels.
The measure is provided under Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) law, which took effect Jan. 1, 2018.
Marked fuel will show that importers of petroleum paid the required tariffs and went through all necessary steps before selling their products to the market.
The DoF tapped the joint venture of Switzerland-based SICPA SA and SGS Philippines in October as service provider for the fuel marking program. They are tasked to provide a unique chemical marker for gasoline, diesel and kerosene and also administer the tests on these products.
Customs expects about 6.8 billion liters of gasoline, diesel and kerosene to be imported this year, while the BIR projects some 8.4 billion liters of these products to be churned out by local refineries.
Mr. Raval said the bureaus are also waiting for approval by the Department of Energy for placing markers on fuel products, citing the need to ensure that these dyes will have no impact on fuel efficiency and emissions.
Citing previous studies, the Department of Finance (DoF) has said it expects to capture at least P20-40 billion worth of foregone import duties from smuggled or misdeclared petroleum products each year through the marking scheme.
The government has earmarked P1.96 billion for the program’s first year of implementation. However, the system is expected to be sustained through a Fuel Marking Trust Fund, to be supported by the collection of a fuel marking fee of P0.06884/liter.
The TRAIN law provides an initial five-year contract for fuel marking.
Emee I. Macabales, director of DoF’s Revenue Operations Group, added that the bureaus plan to deploy 20 mobile analyzers to do the random fuel tests nationwide, which would translate to around three tests per day covering up to 8,000 retail gas stations.
The machines will detect whether the samples are compliant, non-compliant or adulterated — the latter being the result of mixing of marked and unmarked fuel.
If the sample fails, a confirmatory test will be done before it is subject to apprehension and penalties, which are still being finalized by regulators.
Steve Harrison, global operations manager for SGS’ fuel integrity programs, said they usually see a high level of non-compliant fuel distributors in the first few months after shifting to the marking scheme.
“We usually find that within the first months or one year when we start testing, the number of non-compliance reduces… Most people are not criminals, they are opportunists,” Mr. Harrison said.
He added that safeguards are in place to ensure that the fuel markers which they will use are unique and cannot be purchased by other parties to keep the process intact.
The BIR said it will likely be tapping staff members assigned in respective regional offices to do the field tests, while the BoC will use or even increase their personnel for the Enforcement Service units across all 17 Customs ports.
In a separate development, Customs also said that steps are being taken to address congestion at the Manila International Container Port.
In a statement, the bureau said the International Container Terminal Services, Inc. has been ordered to repair the bay doors of examination areas in order to fast-track the release of shipments, as well as the transfer of overstaying containers to an inland depot to decongest the yard.
These are quick fixes pending issuance of a new Customs order that would tighten the rules on storing empty containers. Proposals include stricter enforcement of the 90-day limit for these containers, as well as requiring international shipping firms to stow them in depots outside Metro Manila. — Melissa L. T. Lopez

ALI plans massive fund raising

AYALA LAND, Inc. (ALI) plans to raise up to P45 billion in fresh capital this year to partially fund general corporate requirements and to refinance loans.
In a disclosure to the stock exchange on Wednesday, the listed property developer said its board of directors approved the plan to raise funds from a combination of retail bonds, qualified buyer notes, and bilateral term loans.
ALI said it plans to file an application for the shelf registration of up to P50 billion worth of debt securities with the Securities and Exchange Commission (SEC). A maximum of P16 billion is scheduled to be issued out of this program, which will then be listed on the Philippine Dealing and Exchange Corp. (PDEx).
A total of P25 billion will be sourced from bilateral loans. The company will also issue SEC-exempt qualified buyer notes of up to P4 billion. The notes will then be enrolled on the PDEx.
This type of debt instrument is issued to a qualified buyer as per SEC Memorandum Circular No. 6, Series of 2007, which describes a qualified buyer as a person who has a minimum annual gross income of P25 million for at least two years before registration, one who has a personal net worth of P30 million, or with a total portfolio investment of at least P10 million.
The fund-raising activities are seen to “partially finance general corporate requirements and to refinance maturing loans.”
At the same time, ALI said its board of directors has also declared cash dividends of 26 centavos per outstanding common share. This is three percent higher than the 25.2-centavo per share dividend released in the first half of 2018.
“The cash dividend will be payable on March 29, 2019 to stockholders of common shares as of record date March 13, 2019,” the company said.
ALI is allocating P130 billion for capital expenditures this year, 18% higher than its total spending in 2018, to continue its development of residential, office, commercial, and leisure properties across the country.
Of its 2019 capex, 40% will be spent for residential development. About 20-25% will go to its leasing business, while the remainder will be deployed for land acquisition.
ALI’s net income rose by 16% to P29.2 billion in 2018, driven by the performance of its residential and commercial business. Consolidated revenues also went up 17% to P166.25 billion.
Reservation sales hit P141.9 billion last year, following the launch of P139.4 billion worth of residential and office units for sale in the same period.
Shares in ALI dropped 0.67% or 30 centavos to close at P44.65 each at the stock exchange on Wednesday. — Arra B. Francia

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