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Peso drops on US data

peso dollar
THE PESO went down on profit taking and following US inflation data. — BW FILE PHOTO

THE PESO declined against the dollar on Monday as investors pocketed profits following the US inflation data that came out before the weekend.
The local currency ended yesterday’s session at P52.26 versus the greenback, 12 centavos weaker than the P52.14-per-dollar finish last Friday, which was an eight-month high.
The peso opened the session weaker at P52.17 against the dollar, sliding to as low as P52.275 intraday. On the other hand, its best showing for the day stood at P52.11 versus the US currency.
Trading volume thinned to $693.89 million from the $831 million that switched hands the previous session.
A foreign exchange trader said the peso weakened yesterday in line with other currencies as the dollar recovered from the previous low.
“This move is just short-dollar profit taking… There’s nothing significant abroad,” the trader said in a phone interview. “We only had a data last Friday, the US CPI (consumer price index), which came in line with expectations.”
The US Labor Department reported that consumer prices declined 0.1% in December, its first drop in nine months, on the back of steep decline in gasoline prices amid pressures from steady increases in rental housing and healthcare costs.
“We don’t really have any near-term catalyst in the moment. The market will tend to just lock in profit and re-establish once there’s a new data coming,” the trader mentioned.
Another trader said in an e-mail that the peso weakened as “investors took advantage of the fresh eight-month high of the local currency to pile up towards the greenback.”
In the coming days, the first trader added that the momentum for the peso to strengthen is “still intact.”
ING Bank N.V.-Manila said in a report on Monday that the peso should “continue to enjoy an appreciation bias” as long as the US Federal Reserve remains dovish and investors chase yields.
Fed Chair Jerome H. Powell said on Thursday that the monetary authority can afford to “be patient” on its path towards higher interest rates, adding that policy makers are not looking at a “preset path” for key rates for this year.
“[However], we expect PHP to still slightly trail the regional gainers on corporate demand,” ING added.
For today, the first trader expects the peso to trade between P52.10 and P52.30, while the other gave a P52.15-P52.35 range.
“The peso might appreciate following the dovish hints from both Fed Chair Powell and Fed Vice-Chair Clarida, alongside with expectations of weaker US producer prices inflation,” the second trader noted. — Karl Angelo N. Vidal

Grateful MVP

By Michael Angelo S. Murillo
Senior Reporter
ON Sunday San Miguel Beermen star June Mar Fajardo made history by becoming the Philippine Basketball Association’s first-ever five-time most valuable player. It is an achievement that he said he is very grateful for and proud of as it is a product of a wonderful journey he got to share with so many people.
Beating out Northport Batang Pier’s Stanley Pringle in a tight two-way race for the top individual award, Cebu native Fajardo moved past PBA legends Ramon Fernandez and Alvin Patrimonio in a tie for most league MVPs at four.
After receiving his fifth consecutive MVP award, Mr. Fajardo could not help but look back at the journey he has had to PBA greatness in awe.
He shared he has certainly come far from his formative days in basketball of playing pickup games in Cebu to trying his luck in collegiate hoops in the province to now in the PBA.
Mr. Fajardo underscored that he would not be where he is right now if not for the people that helped him along the way, including his parents and brother who have supported him right from the very start and with whom he was happy to share the achievement.
“Who would have thought that I would be able to break the record for MVPs in the PBA? I, myself, did not expect this. I could not believe I was able to achieve this record for most MVPs in the league,” Mr. Fajardo shared in Filipino in meeting members of media after the annual PBA Leo Awards on Sunday at the Philippine Arena in Bulacan.
“This was made all the more special because my parents are here with me. Unfortunately my brother is not here because of work. I share this with them, my parents, because they are my inspiration for all the hard work they did for us. I want to make them happy with all my achievements because I believe that is the best feeling there is. To make your parents proud,” he added.
Twenty-nine-year-old Fajardo went on to say that his fifth PBA MVP award would only serve to push him more to improve his game just as he downplayed the idea of him being the greatest of all time in the local professional league.
“I do not want to be content with this latest achievement. I’m proud of this, of course, but there are still things I need to improve on and want more to achieve,” Mr. Fajardo said.
“I’m just happy to be in the conversation of the greatest of all time but I am not claiming that title. I believe that the MVP is not the basis for being the greatest ever but more of what one has contributed to the league. There are many who came before me and have done a lot. They are all legends and greats. I still have a long way to go. I’m only on my seventh year in the PBA,” he added.
In winning the MVP award for Season 43 of the PBA, Mr. Fajardo rode on season averages of 20.6 ppg, 12.4 rpg, and 1.2 bpg in 47 outings last year that also saw him help the Beermen to two finals appearances and one title.
Mr. Fajardo and the Beermen are set to make their 2019 Philippine Cup debut on Jan. 18 against the Columbian Dyip.

Sharapova doles out double bagel to Dart; Nadal drubs Duckworth

MELBOURNE — Former champion Maria Sharapova gave hapless Harriet Dart a 6-0 6-0 shellacking to fly into the second round of the Australian Open on Monday and had no words of comfort to offer the British qualifier after leaving her in tears.
In the opening match on Rod Laver Arena, the 30th seeded Russian was all over the 131st-ranked Dart from the first point and wrapped up the match in little more than an hour after a ruthless barrage of power hitting.
NADAL DRUBS DUCKWORTH
Former champion Rafa Nadal showed no signs of discomfort from his thigh strain as he sailed through to the second round of the Australian Open with a 6-4 6-3 7-5 win over local hope James Duckworth on Monday.
The first meeting between the 17-times Grand Slam champion, a winner at Melbourne Park in 2009, and Australian wildcard Duckworth, who is ranked 238 in the world, always had the potential to be an uneven contest.
The second-seeded Spaniard had pulled out of the Brisbane warmup with a thigh strain to raise doubts about his campaign but he allayed those fears on Rod Laver Arena against an error-prone opponent.
The Spaniard, who will next meet the winner of Australian Matthew Ebden’s contest with Jan-Lennard Struff of Germany, broke Duckworth six times while surrendering his serve twice and brought an end to the match with a brilliant crosscourt winner.
The centre court humiliation had Dart weeping as she beat a hasty exit and Sharapova had little sympathy for the 22-year-old after her nightmare debut at Melbourne Park.
“I mean, there is no time for that, I’m sorry to say,” the 2008 winner told reporters.
“But when you’re playing the first round of a Grand Slam — I have been in many positions, last year Wimbledon I came out against a qualifier that played really well.
“You know, there is no doubt that my level wasn’t where I wanted it to be, but she was there to take the match.
“So I’m not so much worried about my opponent, but I have to step up when the time is right and when I need to, so that’s my main goal.”
Dart, who made her Grand Slam debut at Wimbledon as a wildcard, briefly fired up the subdued terraces by grabbing a break point off Sharapova at 4-0 in the first set but blew the chance with an unforced error, one of 21 for the match.
She saved two match points in the final game but fell on the third with a clumsy volley that flew wide and neatly summarized her day.
“Tried some things — didn’t work,” the misty-eyed Briton told reporters, barely able to raise her voice above a whisper.
“She doesn’t really give you anything… It’s just unfortunate I didn’t get on the board.”
Dart was right about Sharapova not giving up many free points. The five-times Grand Slam champion landed 35 of her 36 returns, while blasting 20 winners in the rout.
Sharapova, who last tasted Grand Slam success at the 2014 French Open, had no taping on her limbs and moved well less than two weeks after being forced to retire with a thigh injury during her quarter-final clash at the Shenzhen Open.
The tall 31-year-old said she was still troubled by an injury to her right shoulder which forced her to cut her season short after the US Open.
“That’s a good question,” she said, when asked whether her right arm could ever be fixed.
“I have asked Dr. Altchek that many times. I saw him beginning of December, and he says it’s a day-by-day pain management situation.” — Reuters

Coach Tim Cone excited still over PBA openings after all of thirty years

By Michael Angelo S. Murillo
Senior Reporter
THE opening-day game between the Barangay Ginebra San Miguel Kings and TNT KaTropa on Sunday at the Philippine Arena in Bulacan marked the 30th year that veteran Philippine Basketball Association bench tactician Tim Cone is coaching in the league.
And he said he still excited about it after all these years, more so since he is coaching the Kings at this stage of his Hall-of-Fame career.
Talked to BusinessWorld prior to start of the 44th season of Asia’s first play-for-pay league, Mr. Cone, the winningest coach in PBA history with 21 titles, said he still looking forward to every league opening after 30 years as coach, which was further enhanced since taking the job with Barangay Ginebra in 2015.
“I think coaching Ginebra brings a certain level of excitement I did not have early in my career. Ginebra is still very new to me. The expectations and pressure from the big fans, it’s very challenging and we get so much attention on and off the court. Dealing with that and going through it is really refreshing,” said Mr. Cone, 61.
“So I don’t feel like I’m stuck with something I’ve been doing for a long time. And it is still new for me with Ginebra despite it being already three years. Plus, you never get tired of winning and I have a talented crew behind me and we feel we can achieve more,” added the coach, who started his PBA career with the Alaska franchise in 1989.
Mr. Cone went on to say that the ongoing Philippine Cup is something they are really eyeing as the Barangay Ginebra franchise has not won it for quite some time now, the last time during the 2006-07 season.
“Historically it (All-Filipino) has been the crown jewel. And we talk a lot about it, about winning it. The All-Filipino is a difficult one to win because all the teams know each other. And there is only one of it and two import-laden conferences in a season,” Mr. Cone said.
“Plus there is the dominant San Miguel team which has won four straight and aiming for more. But we have had success against them of late, beating them in the Commissioner’s Cup finals last year so I our confidence is a bit high in facing them. I believe we have what it takes to beat them,” he added.
The Kings opened their Philippine Cup campaign with a victory over TNT, 90-79, where big men Japeth Aguilar and Greg Slaughter made their presence felt with 21 and 17 points, respectively.
They return to action against San Miguel on Jan. 20.

Asian Cup: Qatar’s f4-goal Ali equals record against North Korea; Japan beats Oman

AL AIN, UNITED ARAB EMIRATES — Qatar strode impressively into the knockout rounds of the Asian Cup on Sunday as the 2022 World Cup hosts handed North Korea a 6-0 thrashing, with striker Almoez Ali scoring a record-equalling four times for Felix Sanchez’s side.
The Al Duhail forward was in rampant form for the Qataris as he became only the fourth player in Asian Cup history to score four in a single game.
Ali helped himself against a poor North Korean side, who trailed from the ninth minute and were six goals down with a quarter of the game still to go.
Qatar’s win moves them into pole position in group E and means they can finish no lower than second in the group whatever the outcome of their meeting with Saudi Arabia on Thursday.
The winner of that tie will face either Japan or Uzbekistan in the Round of 16 after those two nations guaranteed they would finish in first and second place in group F following wins over Oman and Turkmenistan respectively.
The leading pair also meet on Thursday to determine the finishing order in the group.
Ali put Qatar in command with goals in the ninth and 11th minutes before Boualem Khoukhi netted his side’s third from close range two minutes before the interval.
He completed his hat-trick 10 minutes into the second half after latching on to Akram Afif’s through ball and slotting past Ri Myung Guk.
Five minutes later, the same pair combined again for Ali to notch his fourth before Asian Player of the Year Abdelkarim Hassan completed the rout with a fine solo goal midway through the second half.
“We’re very pleased with the performance the team displayed today,” said Sanchez, after his side had registered the biggest win of the tournament so far.
“The fact of scoring early also gave us the confidence to keep going and the team never stopped trying to keep playing our game, even when it seemed the game was over, with the fourth goal especially.”
Japan had a penalty from Genki Haraguchi to thank for their routine 1-0 win over Oman as Hajime Moriyasu continued his unbeaten run since taking over as Japan coach following the World Cup.
The result means Japan are second in group F and must beat Uzbekistan on Thursday to win the group after Hector Cuper’s team thrashed neighbors Turkmenistan 4-0 in the day’s late game.
Eldor Shomurodov claimed two — in the 24th and 42nd minutes — while Javokhir Sidikov and Jaloliddin Masharipov were also on target for Uzbekistan. — Reuters

Record-breaking 3×3 hoops event in Cebu concludes

TO CULMINATE the first-ever Chooks-to-Go/Samahang Basketbol ng Pilipinas 3×3 basketball, Sisters of Mary School Girlstown hosted the last six legs of the tourney. And they made sure that the Philippines would shatter the International Basketball Federation (FIBA) record for most number of participants playing in a 3×3 game.
A total of 1,656 girls turned out, registered in the FIBA 3X3 play app, and participated in the Under-18 tourney held in Talisay City, Cebu, last Sunday.
With this outcome, the two-day event had a combined 3,036 participants — shattering the previous FIBA record of 1,898.
“When we were just in the planning stages of the event, we expected that we will break the record. But we did not expect that it would be by a wide margin,” shared Chooks-to-Go president Ronald Mascariñas.
“Girlstown made sure that the record will be owned by the country and the country should be forever grateful to them,” added the amiable executive, who gave a P100,000 donation to Girlstown before the games began.
With the high turnout for Girls-town, the project directors of the event, headed by SBP’s Ryan Betia, Xander Gubat, Region XIII director Jerry Abuyabor, and SMS athletic director Van Parmis, split the tournament into six legs.
The Leg 6-G1 squad composed of the Janier twins (Gleafel and Gleagen), Aianna Apostol, and Desiree Salvado outlasted 441 squads to become the overall champions. They outlasted Leg 4 champions G1 composed of Jane Madria, Jenifer Mahusay, Jenny Amor, and Ivy Garnica.
The event was played across 36 courts.
As the two-day tourney ended, the SBP expressed its sincerest gratitude to SMS for opening its doors to them.
“To be able to give back to those thousands of kids through my passion in basketball and to serve our country as well is more than fulfilling,” said coach Mark Solano.
“Well for the SBP, all the ranking points will definitely help the federation’s 3×3 world ranking for us to fulfill our Olympic dream!”
“No words can describe what we feel, especially after the smiles on the kids. It’s very fulfilling,” added coach Ryan Betia, who hails from Cebu.
Now, the waiting game begins for Chooks-to-Go and SBP as FIBA will look through the documents and verify if the record has been set.
“Now, we await FIBA 3X3. The SBP is currently in the process of sending over the proper documentation to FIBA’s offices. We are confident that we have done everything right and, more importantly, get the points to qualify for the Olympics,” said Mr. Mascariñas.
“And we are proposing to make this a yearly event,” he furthered.

PSI insists only Fina-recognized swim body can conduct nat’l tryouts

NO entity can select the members of the Philippine swimming team to the 30th Southeast Asian Games other than the local swim body recognized by the International Swimming Federation or Fina.
The legitimate officers of the Philippine Swimming, Inc. yesterday notified the PSI general membership in a memorandum not to entertain a group that falsely announced an open tryouts for the national team.
“It has come to our attention that a group led by Eric Buhain and Carlos Brosas have announced open tryouts for participation in the swimming competitions of the Southeast Asian Games to be held in the Philippines later this year,” said the memorandum issued by the PSI Board of Trustees.
“They also claimed to have opened online registration for participation in these tryouts claiming to represent Philippine Swimming Inc.,” added the statement which was circulated to all PSI registered members nationwide.
The duly elected officers of the swim association vehemently denounced the misrepresentation since Buhain and Brosas are not members of the PSI, which is also recognized by the Asian Swimming Federation (AASF).
“Participation in the Southeast Asian Games swimming competition can only be achieved under the auspices of the PSI, AASF and Fina,” said the memorandum.
“Clearly, the group led by Buhain and Brosas are misleading the general public as to the true leadership of Philippine Swimming Inc., as well as their authority to conduct any swimming competitions with an aim towards participating in the Southeast Asia Games,” it added.
The memorandum explained that a new set of PSI officers and board of trustees headed by Lailani Velasco as president were properly and validly elected on February 17, 2018.

Wesley So in 2018

The World Chess Federation has published its January 2019 rating list. The top 15 players are:

Magnus Carlsen NOR 2835

Fabiano Caruana USA 2828

Shakhriyar Mamedyarov AZE 2817

Ding Liren CHN 2813

Anish Giri NED 2783

Maxime Vachier-Lagrave FRA 2780

Vladimir Kramnik RUS 2777

Viswanathan Anand IND 2773

Alexander Grischuk RUS 2771

Levon Aronian ARM 2767

Wesley So USA 2765

Yu Yangyi CHN 2764

Ian Nepomniachtchi RUS 2763

Teimour Radjabov AZE 2767

Sergey Karjakin RUS 2753

The rating list is produced monthly. In the December 2018 edition GMs Levon Aronian and Wesley So were tied for 10th place at 2765. Wesley was inactive in December while Aronian played four rated games in the London Chess Classic — two vs. Maxime Vachier-Lagrave and another two against Fabiano Caruana. He drew all four games and gained an additional 2.2 ELO rating points. This was enough for the “David Beckham of Chess” to out-distance Wesley for the 10th spot.
It has not been a banner year for GM (Grandmaster) Wesley. After several superhuman performances in 2016 and 2017 his FIDE rating ballooned to 2822, no. 2 in the world just 16 points below no. 1 player Magnus Carlsen (2838). Many of us hoped that Wesley could just jack up his chess mojo just a little bit more for an attempt at the world title.
There were some indications though that Wesley is not yet ripe for a championship run — he still lacked the “killer instinct,” the desire to really trample on his opponents. Top grandmasters like Maxime Vachier-Lagrave, Levon Aronian and Shakhriyar Mamedyarov have at various times opined that he has to sharpen his style and not over-rely on his technique, excellent though it might be.
And some other people have pointed out that GM Wesley has yet to prove that he can compete on even terms with Magnus Carlsen. They have met more than twelve times and Wesley has never beaten the Norwegian GM. Well, he took care of that last May 2018 in the Altibox Norway Chess tournament.

So, Wesley (2778) — Carlsen, Magnus (2843) [D13]
6th Altibox Norway Chess
Stavanger (6.1), 03.06.2018

1.d4 d5 2.c4 c6 3.cxd5 cxd5 4.Bf4 Nf6 5.Nc3 Nc6 6.Nf3 a6 7.Rc1 Bf5 8.e3 Rc8 9.Be2 e6 10.0–0 Nd7!?
Back in June I commented on this game and pointed out that the usual line here is: 10…Bd6 11.Bxd6 Qxd6 12.Na4 0–0 13.Nc5 Rc7 14.Qb3 Qe7 15.Rc3 Bg4 16.Rfc1 e5 with a balanced struggle ahead. Khenkin, I (2609)-Karjakin, S (2732) Dagomys 2008 1/2 22.
11.Na4 Be7 12.h3!
According to Wesley this move is important. If he plays 12.a3 immediately then Black quickly develops a kingside pawn storm with 12…g5! 13.Bg3 h5 Black quickly gains an initiative on the dark-squared bishop and launches a pretty intense pawn storm.
12…0–0 13.a3 Na5 14.Nc5 Nc4 <D>
POSITION AFTER 14…NC4
15.b4!
Only a temporary sacrifice of the a3–pawn. Wesley will get it back soon with a dominant position.
15…Nxc5 16.dxc5 Nxa3 17.Nd4 Be4 18.f3 Bg6 19.Qb3 Nc4 20.Bxc4 dxc4 21.Qxc4 Qe8 22.Bg3 e5 23.Nb3 Bd8?
The alternative 23…e4 is not so appetizing either, but this move appears to be based on a miscalculation, as Wesley pointed out after the game.
24.Qd5
Simply winning a pawn, either on e5 or b7.
24…Qb5 25.Bxe5 Be7
The miscalculation Wesley was talking about is that now 25…Qxb4 is refuted by 26.Bd6 Re8 27.c6 discovering an attack on the black queen.
26.Qd2 Rfd8 27.Bd6 Bf6 28.e4 h6 29.Nd4 Bxd4+ 30.Qxd4 Re8 31.Rfe1 Kh7 32.g4 f6 33.f4 Qc6 34.f5 Bf7 35.h4 Ra8 36.Rc2 a5 37.g5 Bh5 38.g6+ Kh8 39.b5 Qxb5 40.Rb2 Qc6 41.Rb6 Qc8 42.Qd5 a4
Wesley had to calculate to ensure that 42…Bxg6 does not lead to perpetual check: 43.fxg6 Qg4+ 44.Kf2 Qxh4+ 45.Bg3 the checks end.
43.Rxb7 Rg8 44.c6 1–0
And with c6–c7 followed by Rb3 staring him in the face Magnus Carlsen resigns. This is easily Wesley’s biggest win for the year.
GM Wesley So did not win a single tournament with a classical (i.e., not a quickplay event) time control in 2018.
Tata Steel “A” Tournament in Wijk aan Zee, January 2018, tied for 5th-6th places with four wins eight draws and one loss, 8.0/13
Berlin Candidates’ Tournament, March 2018, 7th (out of 8) place with one win 10 draws and three losses, 6.0/14.
USA Championship in St. Louis, USA, April 2018, 3rd place with two wins and nine draws, 6.5/11.
Altibox Norway Chess, Stavanger, Norway, May 2018, one win, six draws, one loss, 4.0/8. Tied for 5th-6th places.
Sinquefield Cup, St. Louis, USA, August 2018, 8th place out of 10, eight draws one loss (4.0/9).
Batumi Olympiad, Georgia, September 2018. USA won the silver medal, GM Wesley So played 2nd board for the USA team and had five wins, five draws and one loss.
Isle of Man Open, October 2018, 24th place with two wins seven draws for 5.5/9.
I think his best event was at the Olympiad.

So, Wesley (2776) — L’Ami, Erwin (2639) [C60]
Olympiad-Batumi (3.3), 26.09.2018

Black is one of the leading Dutch players and also the long-time second of GM Anish Giri. He is always well-prepared theoretically.
1.e4 e5 2.Nf3 Nc6 3.Bb5 Nf6 4.d3 d6
Almost everybody plays 4…Bc5 here. This is the first sign that L’Ami has something prepared for his opponent.
5.0–0 g6 6.d4! Bd7
Taking the pawn is wrong: 6…exd4 7.e5 dxe5 8.Nxe5 Black is in a dangerous position. 8…Qd5 (8…Bd7 9.Bxc6 Bxc6 10.Re1 Be7 11.Bh6 Not a good position to be in for Black) 9.Re1! Qxb5 (9…Be7? 10.Bc4) 10.Nc3! Qa6 (10…dxc3 11.Ng4+ wins) 11.Nxc6+ Be6 12.Qxd4 it is obvious who is better.
7.d5 Ne7 8.Bxd7+ Nxd7 9.c4 Bg7 10.Be3 h6 11.Nfd2 f5 12.f3
We have a King’s Indian-type position but Black’s light-squared bishop is gone from the board — it is an essential part of any kingside attack by Black so our assessment is that White is much better.
12…f4 13.Bf2 g5 14.Nc3 Ng6 15.c5! Nxc5 16.Bxc5 dxc5 17.Qb3 b6 18.d6!
Giving up a second pawn. White doesn’t want his opponent to castle.
18…Qxd6 19.Nc4 Qc6 20.Rfd1 Nf8
With the idea of bringing this knight to d4. It turns out that Black does not have time for this.
21.Rd5 Ne6 22.Nxe5 Bxe5 23.Rxe5 c4 24.Qa3 Kf7 25.Rf5+ Kg6 26.Nd5
Threatening Ne7+
26…Qc5+ 27.Qxc5 Nxc5 28.Rf6+ Kg7 29.Rc6 Rhe8
[29…Rac8 30.Rc1 both c-pawns will fall]
30.Rxc7+ Kg6 31.h4 Rad8 32.h5+ Kxh5 33.Nf6+ Kh4 34.Nxe8
He should have played 34.Kh2! immediately with the idea of following up with Rh1 and possibly mating Black. Here is what might happen: 34…Re6 35.Rh1 Rd1 36.Rxd1 Nd3 (36…Rxf6? 37.Rh1 g4 38.Rg7! with forced mate) 37.Rxc4 (37.Rh1 Nf2 is an unwanted complication) 37…Rxf6 38.Rxd3 White is a rook up.
The funny thing here is that Wesley saw all of this but then decided to play it safe and win the exchange first. The end result is that the win takes 10 move more.
34…Rxe8 35.Kh2 g4 36.Rh1 g3+ 37.Kg1+ Kg5
Now there is no mate but anyway White still wins.
38.Kf1 Rd8 39.Ke2 Ne6 40.Rxc4 Nd4+ 41.Ke1 h5 42.Rc7
With the idea of Rh7.
42…Kg6 43.Rc3
It is not too late to spoil the win. 43.Rxa7? throws it away because 43…Nc2+ 44.Ke2 Nd4+ forces a draw. White cannot play 45.Kf1? Rc8! tables are turned and it is Black who is winning.
43…Kg5 44.Rd3 h4 45.Kd1 a5 46.a4 Rd6 47.e5 Rd8 48.Rd2 Kh5 49.Re1 h3 50.gxh3 Kh4 51.e6 Nxe6 52.Rxe6 1–0
Wesley may not have won any classical tournaments but he considerably improved his rapid play, winning the Leuven and Paris rapid chess tournaments, part of the Grand Chess Tour of 2018. Then, for the second successive year, he ruled the Leon Masters Tournament, a rapid event with a starting list of four players and then four-game matches until there is only one left standing.
What do we think will happen in 2019? My experience with Wesley is that he disappears off the grid for a few months and comes back even stronger. Let us therefore give him some leeway to recover his drive and come back strongly in the second half of the year.
Before the start of the Berlin Candidates tournament of 2018 Jan Timman wrote a long article for “New in Chess Magazine” where he assessed the chances of all eight candidates. He said that “So is first and foremost a solid player who relies on his strong technique. At this point, I don’t think that he has the punching power to secure a large plus score.”
Next time will be different.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Rockets is Harden

If there’s anything the Rockets’ match yesterday showed, it’s that their fortunes are tired to top dog James Harden’s. They go where he goes. It’s true of all high-usage players in the National Basketball Association, to be sure; not for nothing have marquee names become, well, marquee names. In the case of the red and white, however, the relationship with the reigning Most Valuable Player is taken to extreme. Everything revolves around him. Everything. And it has been especially apparent of late in light of injuries to the supporting cast.
To Harden’s credit, the Rockets have met with success more often than not with him at the helm. Not counting the first month of their 2018-19 campaign, when they seemed discombobulated following offseason changes to the roster, he has played even better than expected. Much, much better. In fact, he has strung together groundbreaking performances that those around him are only too happy to ride on. And it isn’t as if he has revolutionized the offense in putting up historic numbers. On the contrary, he’s eminently predictable; he’ll initiate proceedings up top, surveying the situation and then deciding, often on a whim, whether to drive and shoot, draw a foul, court a double team and pass to an open teammate, or take his trademark stepback three pointer.
Needless to say, the Rockets will live with whatever results Harden produces. And, so far, he has rarely disappointed. Little wonder, them, that he’s back in the MVP conversation, no small feat given the body of work Giannis Antetokounmpo has put together for the surging Bucks. Yesterday, though, he proved that he’s also human, and that for all his otherworldly exertions, he, too, can have an off day; he canned just one of 17 three-point attempts en route to a pedestrian 11-of-32 clip all told. Yet, it’s a tribute to his importance to the cause that he still wound up just a rebound short of a triple-double in nearly engineering a road win.
Certainly, the Rockets will get better when their other vital cogs, including point god Chris Paul, return. Make no mistake, through: All is on Harden, and Harden is their all. And he’s delivering in spades. The question is if he can keep up the pace or if the regular season will run him ragged. He has been there and done that; Game Seven of the 2018 Conference Finals saw him elephant-walk his timid self to the court. Where he hasn’t gone and what he hasn’t done: Triumph in the sport’s grandest stage. And because he’s looking to do so, he may have to first take a step back in order to move two steps forward. Else, he may find himself closer to being a one-time supernova than an all-time superstar.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Banks cite reduced rate hike pressures

By Melissa Luz T. Lopez
Senior Reporter
THERE IS LESS PRESSURE for the Bangko Sentral ng Pilipinas (BSP) to raise rates further this year as inflation has somewhat eased and the trade gap can be expected to narrow, two global banks said.
Deutsche Bank has scaled down its rate hike forecast to two from three previously, while HSBC Global Research scrapped its former expectations of a 25bp increase within this quarter. The lender said it expects slower inflation this year at 3.8% versus 5.2% in 2018, which should lessen pressures on the current account (CA).
“Lower oil and food prices provide relief to CA deficit economies like India and the Philippines. In fact, with the Fed also turning more dovish, we have scaled back our BSP rate hike forecast to two rate hikes, instead of three,” analysts at Deutsche Bank said in a report released Friday.
In December, the foreign bank said three rate hikes worth 25bp each would be needed to stabilize inflation, “moderate” the depreciation of the peso and reverse the widening gap in external trade. Now, it sees two increases within the second and third quarter.
These remarks came after the Monetary Board paused its policy tightening cycle, consisting of five consecutive rate hikes from May to November totaling 175bp at a time of surging consumer prices. These brought benchmark interest rates to the 4.25-5.25% range, with the key rate of 4.75% the highest in nearly a decade.
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The BSP has said that monetary authorities are almost certain that inflation will claw its way back to the 2-4% target range this year and in 2020, with sharp declines in monthly rates seen since November.
Meanwhile, latest remarks from Jerome H. Powell, chair of the United States Federal Reserve, also signalled a possible pause in rate hikes in the world’s biggest economy, affirming market views that global yields could slip this year.
Deutsche Bank sees the Philippines’ current account deficit narrowing to an equivalent of 2.8% of gross domestic product (GDP), following an expected gap equivalent to 3.3% of GDP in 2018.
The current account, which measures fund flows drawn from goods and services trading, posted a $6.47-billion deficit in the nine months to September. The central bank expects this level to have steadied until December at $6.4 billion, equivalent to 1.9% of GDP, amid a steep import bill.
The BSP projects an even wider current account gap of $8.4 billion, equivalent to 2.3% of GDP, this year as it sees even more imports of raw materials and capital goods for the government’s infrastructure drive.
In a separate report, HSBC Global Research said it does not expect further rate hikes from the BSP, with the Fed seen slowing its own tightening.
Instead, required bank reserves will likely be adjusted at a time of slower money supply growth.
“Less external pressure will also facilitate a less hawkish BSP, allowing it to possibly accelerate reserve requirement cuts to boost liquidity in the financial system,” HSBC said in its regional report.
Money supply grew 8.4% in November, picking up slightly from October’s 8.3%. Previously, liquidity grew at double-digit pace.
BSP Governor Nestor A. Espenilla, Jr. reduced the reserve requirement for big banks by 200 bp last year to 18%, adding that monetary authorities will resume planned cuts once inflation will have significantly eased.
Inflation is expected to remain a “small risk” early this year due to another wave of tax increase for fuel, but should be offset by sharp declines in food and transport costs — enough to bring prices back to target within the first six months.
Monetary officials said they are more comfortable now about inflation, with latest central bank forecast placing the full-year average at 3.2% and at three percent in 2020.
The first monetary policy meeting this year is set on Feb. 7.

New REIT rules could be out this semester

THE SECURITIES AND EXCHANGE COMMISSION (SEC) is confident it can issue the planned revised guidelines on real estate investment trusts (REIT) within this semester, a senior SEC official said last week.
SEC Commissioner Ephyro Louis B. Amatong said the corporate regulator has heeded the Department of Finance (DoF) and Bureau of Internal Revenue’s (BIR) requests to ensure that money raised through REITs will be reinvested in the country.
“The DoF and BIR are requesting us to see if we can provide assurance in the implementing rules that any funds raised by the development companies through the REIT, through the issuance of shares on REIT, will be reinvested in the Philippines,” Mr. Amatong said after the commission’s en banc meeting in Pasay City on Tuesday last week.
REITs are listed firms that own and operate income-generating real estate assets like offices, apartment buildings, hotels, warehouses, shopping centers, and highways.
Congress passed Republic Act. No. 9856 — the REIT law — back in 2009, but taxation issues have dissuaded companies from offering this investment vehicle.
With the 12% tax on transfer of real properties removed under RA 10963, or Tax Reform for Acceleration and Inclusion Act that took effect a year ago, and the SEC favoring a lower 33% minimum public ownership level for REITs from 40-67% under current rules, the chief concern now is DoF’s question on whether or not the funds will remain in the country.
Mr. Amatong said both the SEC and Philippine Stock Exchange (PSE) can suggest rules to ensure that such funds will remain in the Philippines. In the case of the PSE, Mr. Amatong said its disclosure system and existing monitoring system is capable of watching where fund-raising proceeds will be used. PSE President and Chief Executive Officer Ramon S. Monzon said last December that the bourse operator will work on releasing new guidelines that will address the DoF’s concern of keeping all such funds home. “We will both come out with revised rules in the REITs to keep all the funds here. They will also do their own rule change,” Mr. Monzon said, referring to the SEC.
“So if the private sector developers and the PSE and the SEC can come to alignment earlier, tingin namin, mapapabilis ang pag-release ng REIT and IRR (implementing rules and regulations), then revise new IRR that will provide comfort to BIR, DoF,” Mr. Amatong said.
“The target is definitely first half (of 2019)… We’re very confident na kaya ’yan (it can be done).”
Asked on interest in REITs this year, Mr. Amatong cited an application by one investment bank to be a REIT administrator.
“Alam namin may (We know of one party that is) interested. I think it is a matter of record naman. I think it is ATR that has applied to be REIT administrator, may pending application na,” Mr. Amatong said, referring to Maybank ATR Kim Eng. — Arra B. Francia

BSP notes opportunities in fintech for lenders

BANKS are not losing significant business volumes to financial technology (fintech) players just yet as the latter remain largely focused on payments rather than loans, the central bank said, but conventional lenders are well-advised to seek opportunities in this emergent field of business.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said that fintech firms are far from boxing out brick-and-mortar banks in providing financial services to Filipinos, as most still offer a limited array of services.
“Based on the fintech map for the Philippines, payments still dominated the fintech landscape with 44% of players offering innovative solutions to facilitate payment and settlement transactions,” Ms. Fonacier said in a recent e-mail interview.
Latest data from the BSP’s Core Information Technology Specialized Group showed that 16 of 60 identified fintech providers in the country still maintain ties with banks and other supervised financial firms in carrying out their business.
“Hence, there is much room for local lenders to seize the opportunities available in the fintech space,” Ms. Fonacier said.
The central bank has been keeping up with non-bank financial developments and even organized a new office to oversee fintech operations. Most banks have embraced digital solutions by partnering with fintech companies, which are often technology firms that provide the new platforms for e-payments.
The BSP is setting sights on raising the share of e-payments to 20% of total transactions by the year 2020, from just one percent back in 2013. Digitizing payments and remittances would be crucial to achieving financial inclusion, as such a move would improve access while trimming transaction costs, monetary authorities have said.
“Given this development, banks are not expected to only maintain their traditional brick-and-mortar stronghold of the market and be complacent, they need to be agile and proactive to keep pace with ongoing sophistication of the domestic financial services industry,” Ms. Fonacier added in her e-mail.
Results of the maiden Banking Sector Outlook Survey released in October showed that 71% of lenders said they will use technology-enabled solutions in order to help broaden their client base and sustain business growth.
According to the survey, 84.2% of universal and commercial banks as well as 92.9% of their thrift bank subsidiaries said they are using or will be using digital channels for financial transactions over the next two years. — Melissa Luz T. Lopez

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