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PHL wrestlers win six gold medals in SEA Championships

TEAM Go For Gold Philippines showed a preview of its competitive fire in the Southeast Asian Games next year after collecting six gold medals in the just-concluded Southeast Asian Senior Wrestling Championships held at the Dalubhasaan Lungsod ng San Pablo in Laguna.
Veteran grapplers Margarito Angana and Michael Vijay Cater ruled their respective weight classes in the Greco Roman event together with Noel Norada in the week-long meet featuring the finest wrestlers in the 11-nation region.
Angana has not lost the skills that made him a two-time SEA Games gold medalist after defeating Plyabut Wiratul of Thailand in the men’s 60kg while Cater took the 55kg title at the expense of another Thai, Nattawut Keawkhanchum, before Norada made it three in a row by submitting Vietnam’s Pham Van Co.
Luke Cruz topped the 125kg category in men’s freestyle after beating Dimas Septo Anueraha of Indonesia in the finals, joining women freestyle gold medalists Minalyn Foy-os (57kg) and Noemi Tener (68kg) on the podium.
“We’re very proud our wrestlers. We believe that with our support, they can win more gold medals for the country,” said Go For Gold Philippines godfather Jeremy Go.
Jason Balabal, another two-time SEA Games gold medalist, wasn’t as successful, losing his finals match to an Indonesian foe in the men’s 87kg Greco Roman while Jefferson Manatad followed the same path against Supriono of Indonesia in the 77kg.
Ronil Tubog (61kg) and Francis Villanueva (97kg) also settled for silver as well as lady freestyle wrestlers Grace Loberanes (50kg), Kristine Jambora (53kg), Shelly Avalino (62kg) and Sweet Berry Perez (72kg).
Backed by Go For Gold Philippines, Filipino grapplers also pocketed eight silver and 13 bronze medals.
Vietnam brought home 12 golds, 11 silver and nine bronzes to secure the overall title of the tournament designed to gauge the competition in the SEA level.
Greco Roman specialists Jonathan Maquilan (63kg), Exel Tubog (67kg), Jason Baucas (72kg), Ronaldo Salon (97kg) and Smael Trazona (130kg) ended up with bronze medals along with freestyle wrestlers Alvin Lobreguito (57kg), Jhonny Morte (61kg), Joseph Angana (65kg), Jossel Canolas (65kg), Anthony Pajaron (70kg) and Royce Tiu (86kg).
Tener also competed in the 65kg women freestyle event and got a bronze together with Bemyla Bernas (57kg).

Embiid leads Sixers over Heat

LOS ANGELES — Joel Embiid posted 35 points, 18 rebounds and three assists, leading the visiting Philadelphia 76ers to a 124-114 victory over the Miami Heat on Monday night.
Embiid has nine games this season with at least 30 points and 10 rebounds. Nobody else in the NBA has more than three 30/10 games.
JJ Redick added 25 points to lead Philadelphia to its seventh win in its past 10 games. The 76ers got a solid game from point guard Ben Simmons, the reigning NBA Rookie of the Year who had 13 points, seven rebounds and seven assists.
This was likely the last game for the 76ers before they get four-time NBA All-Star Jimmy Butler in their lineup. Butler was acquired from the Minnesota Timberwolves on Saturday night.
Miami — which lost its third straight game, all of those at home — was led by Goran Dragic, Josh Richardson and Hassan Whiteside.
Dragic, who was coming off his first scoreless game since March 2012, bounced back with 22 points and five assists, both team highs. Richardson added 17 points, and Whiteside had a double-double with 13 points and 11 rebounds.
However, Whiteside — who had 11 points and five rebounds in the first quarter — was slowed by foul trouble the rest of the game. He had three fouls by the second quarter, four early in the third and five midway through the fourth.
Philadelphia led 32-26 after one quarter. Embiid had 10 points and six rebounds in the first. Miami cut its deficit to 64-62 at the half, but the Heat struggled to stop Embiid (18 points, nine rebounds) and Redick (16 points) in those first 24 minutes. Whiteside cooled off in the second quarter, scoring just one point.
Philadelphia extended its lead to 96-90 after three quarters. Whiteside was held scoreless in the quarter, while Embiid and Redick continued to connect.
Entering the fourth quarter, Embiid had 29 points, and Redick had 23, and Miami was unable to rally in the final period. — Reuters

Happy for The Silencer

I have been covering ONE Championship since its establishment at the turn of this decade and I have seen how far it has come and grown, including the athletes under it and the competition.
Among the first Filipino athletes I have followed under ONE are those from Team Lakay, namely Honorio “The Rock” Banario, Eduard “Landslide” Folayang and Kevin “The Silencer” Belingon.
Have interviewed them countless times, getting their thoughts on various concerns be it for their fights or outside of it.
I have also seen them steadily carve their niche in the ONE Championship ecosystem, and mixed martial arts in general, also seeing their career ups and downs.
Banario was the first to become ONE champion, claiming the featherweight title in 2013.
Folayang then broke through in 2016 when he TKO’d Japanese legend Shinya Aoki for the lightweight gold.
That left Belingon as among ONE Filipino “OGs” who had yet to win a title, until last week though when The Silencer finally got his.
Actually Belingon already won his own title in July this year when he defeated featherweight champion Martin Nguyen in a “super fight” to win the interim bantamweight world championship.
But his victory on Friday, Nov. 9, in Singapore at “ONE: Heart of the Lion” over longtime champion Bibiano “The Flash” Fernandes (split decision) made him the undisputed world champion and proved he has made it to the top.
Seeing how Belingon charted his path in ONE, I could not be more happy for Belingon.
He started his ONE career with a 4-5 record in his first nine fights, including losing his first two, before taking a year-long sabbatical from MMA.
When he returned in January of 2016, he was rudely welcomed back by Fernandes in their title fight, submitted in the opening round (kimura).
Since then, Belingon dedicated himself to recalibrating his game, working on almost every facet of it to make himself a better fighter.
The result was glaring, winning sixth straight fights, all by convincing fashion, to set up a rematch with Fernandes.
In the rematch, while there was still cloud hovering over Belingon and how he would fare against the Brazilian champion, he did not waste time in casting it aside as he delivered right from the get-go.
Near finishes of his opponent, submission escapes, control of the fight and striking, Belingon delivered, leaving us at the Singapore Indoor Stadium greatly impressed.
Even Fernandes himself I think was surprised, and in awe, of the performance of the Filipino.
The fight was rendered by judges as a close one with a split decision but in the end there was no denying that The Silencer was not to be silenced and deserving of the win.
Seeing how it went for Belingon since Day One with ONE Championship, I give him a tap on the back for a job well done and, ditto, on his supporters at Team Lakay. It was a long journey to the top but they made it happen. Now it is on to the next stage for Belingon, as an undisputed world champion. Salute!

* * *

Just a quick show of appreciation. I would like to thank the people behind the 2018 Global Martial Awards held on Nov. 8 in Singapore for having this writer as one of the nominees for Martial Arts Journalist of the Year along with seven others, including JM Siasat (GMA) and Santino Honasan (ABS-CBN) from the Philippines. It was an honor to have been recognized in such a way and the nomination was something I did not expect. Congratulations, Manabu Takashima (MMA Planet) for winning the award. It is an exciting time for MMA and martial arts and I’m looking forward to writing about it. Thanks again.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@bworldonline.com

Sixers gamble

Nope, Jimmy Butler was not on the roster for the Sixers’ visit to the American Airlines Arena yesterday. Even as the deal sending the four-time All-Star their way had already been approved by the National Basketball Association, a number of legitimate reasons prevented him from suiting up in their match against the Heat. Not coincidentally, the latter had also tried to pry him away from the Timberwolves, but sheer timing found him headed to the City of Brotherly Love instead of South Beach.
Significantly, the Sixers won without Butler, anyway. That they did so also without Robert Covington and Dario Saric, erstwhile vital cogs they had to give up to the Timberwolves, speaks volumes of their relative depth. Still, they will need him to be at his level best if they are to ensure their competitiveness for the remainder of the season. With the Raptors, Celtics, and Bucks crowding the top of the East, they have to get his partnership with resident stars Joel Embiid and Ben Simmons to work in order to keep up.
Admittedly, the Sixers took a risk in bidding goodbye to two-fifths of their starting lineup. And because Covington and Saric also happened to have been two of their three best perimeter shooters, they’ll face spacing concerns moving forward. The dynamic becomes especially complicated in the face of Butler’s mediocre numbers from three-point territory, not to mention predilection for taking midrange attempts. With Embiid crowding the paint and Simmons (and fellow sophomore Markelle Fultz) more likely to drive than launch from deep, their offensive efficiency is bound to suffer.
That said, the upside is simply too tremendous for the Sixers to ignore. For all their intentions to “trust the process,” they no doubt envisioned their ceiling and found it to be far from desirable, hence their decision to acquire Butler. Yes, he can be very, very good. Because he can likewise be very, very destructive, however, they understand the extent of their gamble, and will do all they have to in order to reap dividends and not compromise their future.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Vantage points:New Aston Martin coupe arrives in Manila

Text and photos by Kap Maceda Aguila

EARLIER this month, Aston Martin was named Luxury Brand of the Year at the Luxury Briefing Awards in London, touted as the “Oscars of the luxury industry” celebrating excellence and innovation. The company was lauded for executing “one of the fastest turnarounds and renaissances the luxury industry has ever seen.”
This upswing is no accident but is a product of an aggressive strategy embodied in the British car maker’s Second Century Plan, which calls for the production of seven vehicles over seven years — bankrolled by the infusion of £700 million. The end-goal is to provide sustainability and profitability for the 105-year-old company. Interestingly, the so-called “777” game plan obviously also references the brand’s timeless affinity for the fictional British Secret Service agent James Bond (known for his code number 007). In the pipeline is the return of the iconic Lagonda nameplate in 2020, the company’s first SUV in the DBX, and an all-electric vehicle called Rapide E.
Meanwhile, Aston Martin Lagonda’s second production facility is set to be commissioned by the first quarter of 2019 in St. Athan, Wales, in anticipation of the DBX, scheduled for release in the last quarter of next year. The factory is envisioned to be the company’s “Home of Electrification” when the brand’s BEVs (battery electric vehicles) enter production.
Earlier this year, the Brand Finance Auto & Tyres Report showed a big 268% jump in Aston Martin’s value to $3.6 billion — “leaping from no. 77 in the overall ranking to no. 24.” The company also registered the highest percentage growth in its history last year, “with profits growing by a quarter of a billion pounds as unit sales exceeded 5,000 for the first time since 2008.” The spike in sales was driven by demand for the DB11 and special models, including the Vanquish Zagato Coupe and the limited-production DB4 GT Continuation model.
VULCAN LITE?
According to company literature, the “Vantage” moniker first appeared in reference to a “high-output engine option for the DB2” in 1951, after which Aston annexed the name for a separate vehicle — highlighted by models which “include the William Towns-designed V8 Vantage, spectacular twin-supercharged V600 Le Mans and the much-loved V8 Vantage.”
Powered by a new, Mercedes-Benz-sourced 4.0-liter, twin-turbo V8 delivering 503hp at 6,000rpm and 685Nm at 2,000-5,000rpm, the Vantage’s dry weight of 1530 kilograms gives it “formidable power-to-weight and torque-to-weight ratios.” One horsepower is expected to move only 16.4 kilograms.
This brutish power plant is mated to an eight-speed automatic transmission — enabling the rear wheels to propel the car from a standstill to 100kph in 3.5 seconds and up to a claimed top rate of 314kph.
Inspiration has undoubtedly been drawn from the track-only, limited-edition Vulcan, Aston Martin’s two-door, two-seat car boasting a 7.0-liter, naturally aspirated V12 putting forth 820hp and 800Nm.
Visually, the Vantage echoes the Vulcan’s huge, muscular hood, and annexes the front mid-engine, rear wheel-drive configuration as well. Aston Martin says that aerodynamics play a big part in why the Vantage looks as it does. A front splitter “directs airflow underneath the car, where a system of fences channels cooling air where it is needed, and also ensures the rear diffuser is fed with clean airflow.” Through the diffuser, an area of low pressure is created while preventing rear-wheel turbulence from disrupting the flow of air exiting centrally from beneath the rear of the car. Additionally, the company stresses that the “significant level of downforce” on the Vantage is a “rarity on a production car and a first for a core production Aston Martin model.”
Inside, the aggressive design concept plays out similarly. “Sharp, focused lines [denote] the more aggressive nature of the car. A high waist interior theme and lower driving position creates a more immersive driving experience, and contributes to significant gains in occupant space and significant improvement in headroom compared with the outgoing Vantage.”
Rotary- and toggle-style controls are used, while the familiar PRND transmission buttons have been arranged in a triangular formation. There is room behind the seats for stowage, in addition to the trunk.
In an interview with BusinessWorld held on the sidelines of the Vantage launch a Pasay City hotel, Aston Martin Manila president Marc Louie Y. Tagle described the vehicle as “very aggressive, younger, more dynamic, and sprightly,” adding that the front mid-mounted engine “contributes to [the] nice handling” of the car. Overall, it is a “fun, good, value-for-money car.”
Mr. Tagle lauded Aston Martin CEO Andy Palmer for making each vehicle in the portfolio unique. “They’re differentiating each model in both design and ride quality,” underscored Mr. Tagle. “This signifies a new era in Aston Martin.”
The executive revealed that the brand has been the leader in the ultra-high-end luxury automobile segment for the last two years.

Double vision:The 2019 Ford Ranger Wildtrak drive to Zambales is brought to us by the number ‘2’

Text and photos by Aries B. Espinosa

I REALLY wouldn’t know if Ford Philippines consciously intended the ride-and-drive activity of its inside-and-out-new 2019 Ford Ranger Wildtrak held on Nov. 6-7 to play with the concept of pairs, doubles and of the number 2. But there it was, the pattern unmistakable, and too uncanny to pass unnoticed.
Here’s what yours truly pieced “two-gether:”
1) The most obvious one, of course, was that of the Ranger Wildtrak’s new engine and transmission. Out with the 3.2-liter, in with the 2.0-liter Bi-Turbo diesel engine mated with a 10-speed automatic transmission.
But don’t be fooled by the size. Despite being smaller, this twin-turbo engine produces 210hp and 500Nm of torque. Combine that with a lighter engine, and you get even more fuel-efficient readings.
For our group’s 240-kilometer run from Quezon City to Candelaria in Zambales via Clark in Pampanga and Subic, our Ranger Wildtrak didn’t deviate from the 14-15 kilometer-per-liter consumption.
2) Aside from the Ranger’s renowned power, there’s the two “Cs” — comfort and connectivity. You can call these creature comforts, and the 2019 Ranger Wildtrak dishes them out in spades. The sedan-like suspension is a given (and we felt this both on the well-paved roads of the north-bound expressways and on the dusty dirt trails of the Acoje Mining Trail in Zambales), and the interior amenities we enjoyed during the trip deserve special mention, as well, such as: the electric power-assisted steering; SYNC 3 connectivity system; the multi-function display’s eight-inch TFT touch screen; eight-way power-adjustable driver’s seat and four-way manual-adjust passenger seat; and smart keyless entry.
3) This trip also accomplished two things: We got to drive the 2019 Ranger Wildtrak, and then we visited Ford’s newest dealership — its 47th in the country — Ford Clark along M.A. Roxas Highway in the Clark Freeport Zone.
What’s particularly special about Ford Clark is that this is the first dealership in the country to follow the automaker’s new global dealership branding guidelines, following a more globally aligned exterior and interior look and feel to offer customers a better dealership experience, while at the same time aiming to connect the customer’s online purchasing journey with in-store environment — paving the way for a more connected and seamless automotive retail experience.
Our visit to Ford Clark also allowed us to witness the power meeting of Bert Lessard, Ford Philippines’ managing director, and Levy P. Laus, CEO and chairman of the Laus Group of Companies, which established and operates the 1,863-square-meter dealership highlighted by a four-car showroom display, an interactive bay, and seven service bays.
“Today’s automotive customers are increasingly sophisticated, business-minded and technologically savvy. Therefore, it is vital that a dealership facility, which is one of our most important customer touch points, adapts to this changing consumer behavior in terms of look, feel, and the experience it offers to customers,” said Mr. Lessard.
Mr. Laus assured the group that Ford Clark would thrive in this new automotive business landscape, as he revealed that the dealership would have no less than 5G Wi-Fi connectivity, on a par with the world’s developed regions.
4) There were two Wildtrak variants tested. The 2.0-liter Wildtrak Turbo 4×2 AT, the price of which starts at P1.455 million, and the top-of-the-line 2.0-liter Bi-Turbo Wildtrak 4×4 A/T, which costs at least P1.695 million. Besides the two Wildtrak variants, the Ranger 2.2L XLT 4×2 A/T variant (priced at P1.089 million) was also driven.
5) All the other small things. Just like Noah’s Ark where creatures were boarded in by twos, we were paired up and given our vehicle assignments. Then, after a long first day of driving, we watched the Zambales sunset on an island named Potipot, which has two repeating syllables that sound like an old-fashioned car horn.

Toyota Classics donates proceeds to Filipino Paralympic athletes

AFTER reaching what it called as “record-breaking ticket sales” at this year’s edition of the Toyota Classics charity concert series, held on Nov. 7, Toyota Motor Philippines (TMP) announced it donated P1 million and a unit of a 29-seat Toyota Coaster to the Philippine Paralympic Committee.
TMP said the cash is intended for the purchase of multi-sport wheelchairs to serve the mobility and training requirements of the athletes, as well as for Filipino Paralympic gold medalist Ernie Gawilan.
Mr. Gawilan is a Toyota “Start Your Impossible” hero. The car maker explained Start Your Impossible is its “first global corporate initiative,” of which forming a part is Toyota Motor Asia Pacific’s support for 12 athletes aspiring to compete in the 2020 Tokyo Olympic and Paralympic games. The athletes come from Singapore, Thailand, Indonesia, Malaysia, Philippines, India, Vietnam and Pakistan.
Toyota said its involvement with the Olympic and Paralympic movement is in line with its belief that the “freedom of being mobile is at the heart of being able to participate in society.”
Performing at thus year’s Toyota Classics was London’s Orchestra for the Age of Enlightenment. A special guest performer was Lea Salonga.

Dashboard (11/14/18)

Chevrolet Trailblazer

Chevrolet holds Motorama 2018

CHEVROLET distributor in the Philippines The Covenant Car Company, Inc. (TCCCI) is set to hold the second part of the Chevrolet Motorama 2018 on Nov. 22-28 at the SM Megamall Fashion Hall in Mandaluyong City. The first part of Chevrolet’s annual event was held on Nov. 7-13 at the SM Mall of Asia in Pasay City.
TCCCI said the Chevrolet Motorama 2018 “serves as a culminating show” for the brand as it highlights its new products in the country. The company said “2018 was a big year for Chevrolet” as it expanded its lineup with the introduction of the Trailblazer 4×2 LTX, Colorado High Country Storm and Malibu.
The Trailblazer 4×2 LTX has upgraded exterior and interior features while its platform-mate Colorado High Country Storm — previously available only in Thailand — gets bolder styling with plenty of black accents.
Besides these models, also to be displayed (and were displayed) at Motorama 2018 are the Chevrolet Suburban, Trax, Sail and Spark.
TCCCI said also available at the event are all-in low down payment packages and free gift certificates for accessories for the Trailblazer 4×2 LT A/T, Colorado 4×2 LT A/T, Colorado 4×2 LTX A/T, Trax LS A/T, Trax LT A/T, Sail 1.3L LT M/T, Sail 1.5L LT A/T, Spark 1.4L LT M/T and Spark 1.4L LT CVT.


Hyundai PH Skills Olympics
A competitor in the Skills Olympics.

Hyundai PHL tops Skills Olympics

HYUNDAI Philippines’ after-sales service team was crowned champion in the first Hyundai Trucks and Bus World Skills Olympics (WSO) held on Oct. 16-19 in Cheonan, South Korea. The win follows the Philippine team’s previous gold-medal finish at WSO’s Asia and Pacific leg held on July 19 at the Hyundai Logistics Center in Calamba Laguna.
Gary Junio of Hyundai Commonwealth and Mark Eric Rellosa of Hyundai Cainta bested technicians from 13 countries. Teams participated in practical and written challenges that tested their knowledge on Hyundai trucks’ and buses’ repair and maintenance.
Coming after the Philippines were China and Myanmar.

A new auto service business model in the time of Carmageddon

I’ve said in this column before that our worsening traffic situation is actually giving rise to new business opportunities for some enterprising individuals. That includes delivery service for food, packages and even groceries. Because a single errand can now easily eat up half of your day, you basically just prefer to stay at home or in the office and pay someone else to get or bring you whatever it is that needs fetching. For many of us, the fee for such a service is far cheaper than its time equivalent if we were to drive out ourselves.
Now, besides delivery, another business model has surfaced: the car valet maintenance service. In essence, it’s paying a company to take care of your automotive concerns so you can better spend your time on more important things. For instance, you need to have your car serviced for its routine preventive maintenance? Instead of you personally bringing the vehicle to the casa, you can now have someone do it for you.
There are now two companies offering the same type of service but also in two entirely different ways.
First is BeepBeep.ph, a Web site that compiles a directory of car shops and service centers. You book a service with them and one of their drivers will arrive and get your car so he can bring it to the shop you’ve chosen on their menu. The company says their drivers all wear a body camera, and that your car is insured the whole time it is under their custody. The service obviously is available depending on the operating hours of your chosen shop.
Second is MyCasa. You contact them and one of their service trucks with two technicians will come to you. The truck has all the tools needed for all the basic service jobs you might require for your vehicle (excluding car wash, that is). Which means they’ll work on your car on the spot — no need to drive it away. The service is available 24 hours a day. Yes, even at three in the morning.
BeepBeep.ph and MyCasa will each appeal to two different sets of car owners. I imagine the former will be for those whose vehicles are still under warranty, while the latter will be for those whose cars are no longer under warranty. Also, the first will be for people who don’t mind their cars being handled by strangers, while the second will be for folks (such as myself) who hate the thought of other men touching their wheels.
The difference in the nature of their service is clear. BeepBeep.ph doesn’t do the servicing itself; it just babysits your car while bringing it to the real experts. MyCasa, on the other hand, will perform the job while you watch (if you like).
Whether you go for BeepBeep.ph or MyCasa, the point is that such a service already exists. No need to get depressed when it’s time for the car to get some TLC.
I just have one issue with the marketing strategy of the companies involved in this business: The promotional materials of both BeepBeep.ph and MyCasa include photographs of female drivers beside their broken cars and not knowing what to do next. Which perpetuates the classic damsel-in-distress idea of women being helpless when it comes to car stuff. I’m a guy and I have no problem admitting that a lot of lady car owners out there know more about troubleshooting a vehicle than I do. Stop with this ridiculous marketing suggestion. I bet 80% of customers availing of this valet maintenance service are lazy-ass men who’d rather watch a sporting event on TV than bring their car to the dealership. Just setting the record straight.

Aug. fall caps year-to-date FDI growth

NET foreign direct investments (FDI) slipped to a five-month low in August as all components bared smaller inflows, the central bank reported on Monday.
August saw $752 million in FDI net inflows, down 17.7% from July’s $914 million and 41.2% less than the $1.28 billion a year ago.
That was the smallest FDI net inflow, so far, since March’s $697 million, according to data from the Bangko Sentral ng Pilipinas (BSP).
FDIs infuse capital into the economy, supporting business expansion that, in turn, generates more jobs, buoying consumer spending.
August inflows brought the year-to-date tally to $7.422 billion, 31% more than the $5.665 billion that entered the country in last year’s comparable eight months. This was 82% of the central bank’s $9.2-billion FDI forecast for the entire year, with four months left to spare.
FDI net inflows totalled $10.049 billion in 2017.
Investments in both debt instruments and equity kept coming during the month, but were lower compared to August 2017 inflows that were the biggest in 16 months, according to central bank data.
Bulk of investments were in debt instruments, reaching $534 million in August. However, this was 6.2% less than the $569 million placements a year ago, representing funds infused by foreign parent firms to their subsidiaries or affiliates in the Philippines.
Equity investments showed $172-million net inflows, smaller than July’s $261 million and about a fourth of the $652 million received a year ago. Broken down, foreign investors placed $187 million in the Philippines and pulled out $16 million in August.
Reinvested earnings totalled $47 million, down from August 2017’s $59 million.
Manufacturing continued to get a chunk of investments, the central bank said. Other sectors that benefited from sustained FDI flows were financial and insurance; real estate; arts entertainment and recreation; as well as electricity, gas, steam and air-condition supply activities.
The biggest sources were Singapore, Hong Kong, the United States, Japan and China.
The government reported a disappointing six percent economic growth in the second quarter, which last week was revised to 6.2%.
Still, the BSP said in a statement that the latest data showed “continued favorable investor sentiment in the Philippine economy.”
Sought for comment, one economist said the slide in FDIs is unlikely to persist. “This may be temporary. In general, the macroeconomic fundamentals are still respectable. I still see a robust ending to FDI inflows,” said Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines.
Economic growth slowed to 6.1% in the third quarter, bringing the nine-month average to 6.3%, short of the 6.5-6.9% government target for 2018.
Other observers flagged uncertainty in the local tax regime, amid moves to revamp fiscal incentives, as a concern of foreign investors.
Economic managers are banking on recent changes to the Foreign Investment Negative List (FINL) to entice more global businesses to enter the Philippine market. President Rodrigo R. Duterte has opened up Internet businesses, insurance and financing companies, and public works to bigger foreign participation through the 11th FINL signed Oct. 29, although some foreign business leaders described the updates as “modest gains”. — Melissa Luz T. Lopez

New mine revenue sharing bags final House OK, tax amnesty hurdles committee

THE HOUSE of Representatives approved three more tax reforms on separate levels as lawmakers resumed their regular session on Monday.
Approved on third reading were bills increasing the government’s revenue share from miners and providing a standardized framework for valuation and assessment of real properties.
At the same time, the House Ways and Means committee approved a revised proposal for general tax amnesty.
MINING TAX CHANGES
The chamber approved on third and final reading House Bill No. 8400, “An Act Establishing the Fiscal Regime for the Mining Industry”, that changes the royalty imposed on large-scale mining in mineral reserves to a margin-based three percent from the current five percent on gross output. The measure will also levies a 1-5% margin-based royalty on all large-scale miners outside mineral reserves. Small-scale miners will be levied a royalty equivalent to one-tenth of one percent of gross output, regardless whether it is operating in or outside mineral reserves.
Further, the measure will also introduce a 1-10% margin-based windfall profits tax on income before corporate income tax and a provision which disallows interest expense deduction when a mining contractor records a 3:1 debt-to-equity ratio.
REAL PROPERTY ASSESSMENT
HB 8453, or the proposed “Real Property Valuation and Assessment Reform Act”, reorganizes the Bureau of Local Government Finance which will develop and maintain a uniform valuation standard. This will guide all local government appraisers and assessors in preparing their schedules of market value that, in turn, are the basis of real property taxes.
TAX AMNESTY
Also on Monday, the House Ways and Means Committee approved an amended unnumbered substitute bill that grants a tax amnesty on all unpaid taxes up to 2017.
The measure imposes a two percent general tax amnesty rate based on total assets, instead of the 4-5% rate based on incremental assets which the committee had previously approved.
“For simplicity and ease of administration it will be more practical to use total assets as base for computing the general tax amnesty payments, than incremental assets,” National Tax Research Center Chief Tax Specialist Donaldo M. Boo explained to lawmakers of the committee. — Charmaine A. Tadalan

Rate hike pause or 25-basis-point rise a ‘possibility’ — BSP official

By Melissa Luz T. Lopez
Senior Reporter
THERE IS ROOM for the Bangko Sentral ng Pilipinas (BSP) to pause on policy tightening with inflationary pressure showing signs of waning, said one senior central bank official who nevertheless said the economy appears capable of absorbing higher interest rates.
Asked if policy makers could hold off further policy tightening on Thursday, BSP Deputy Governor Chuchi G. Fonacier replied: “I think there’s room for that, but I can’t really be precise about it.”
“There’s that possibility for a pause or 25 basis points (increase) on Thursday,” Ms. Fonacier said on the sidelines of the Chamber of Thrift Banks meeting on Monday.
The Monetary Board will hold its seventh rate-setting meeting for the year on Thursday in the wake of back-to-back 50bp increases in August and September. Benchmark rates now stand 4-5% as a result of a cumulative 150bp rate hike from the BSP since May. The key policy rate is now at 4.5%, the highest in nearly a decade.
A BusinessWorld poll among 11 economists last week resulted in a toss-up, with six betting that authorities will keep rates steady while five said a 25bp hike would still be on the table.
Ms. Fonacier said that preliminary data from early November show that the overall rise in prices of some items in the theoretical basket of basic goods widely used by households — the consumer price index (CPI) — has been “decelerating.”
She added that the recent recovery of the peso against the dollar may also help temper inflation.
Inflation clocked in at 6.7% in October, steady from September’s nine-year high which capped a sustained ascent since January. Food continued to lead the rise in prices of basic goods due to supply bottlenecks, although economic managers have said that recent interventions made by the state have started to take effect.
Month-on-month inflation likewise eased to 0.3% last month from 0.9% in September, which some have taken as a sign that inflation momentum is “moderating.”
Ms. Fonacier added that another factor being considered by monetary authorities is whether a hike would still be appropriate in the face of economic growth that has been slowing in the wake of four consecutive tightening moves introduced since May.
Economic growth clocked in at a softer 6.1% in the third quarter versus the upward-revised 6.2% climb in April-June as private consumption growth cooled to 5.2% year-on-year from 5.9% the previous quarter. Growth averaged 6.3% for the first three quarters, below the scaled-down 6.5-6.9% government target for 2018.
“I think the economy can still afford a hike of 25bp maybe at most, but there’s also this possibility of a stay-put or maintain because some numbers in the CPI basket are decelerating,” Ms. Fonacier said.
Monetary Board Member Felipe M. Medalla had said that the central bank may consider halting its tightening cycle amid signs that inflation is “abating.”
Last week, BSP Governor Nestor A. Espenilla, Jr. said October inflation shows that price pressures are “finally moderating,” prompting authorities to assess “if there’s still need for further policy rate adjustments.”
The central bank expects full-year inflation to clock in at 5.2%, well above the original 2-4% target band. Even the 2019 inflation target is at risk with the latest projection set at 4.3%, although BSP officials have said the impending liberalization of rice importation this year should prod inflation back on target in 2019.