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Jewels from Gibraltar

Gibraltar Masters 2018
Caleta, England
Jan. 22-Feb. 1, 2018

Final Top Standings

1-7. GM Hikaru Nakamura USA 2781, GM Richard Rapport HUN 2700, GM Maxime Vachier-Lagrave FRA 2793, Levon Aronian ARM 2797, GM Nikita Vitiugov RUS 2732, GM Michael Adams ENG 2709, GM Le Quang Liem VIE 2737, 7.5/10

8-25. GM David Howell ENG 2682, GM Abhijeet Gupta IND 2610, GM Debashis Das IND 2501, GM Jan-Krzysztof Duda POL 2724, GM Grigoriy Oparin RUS 2607, GM Wang Hao CHN 2711, GM Daniele Vocaturo ITA 2609, GM Boris Gelfand ISR 2697, GM S.P. Sethuraman IND 2646, GM Emil Sutovsky ISR 2673, GM Daniil Dubov RUS 2696, Lance Henderson dela Fuente ESP 2429, GM Ori Kobo ISR 2477, GM Ivan Cheparinov BUL 2699, GM Alexander Motylev RUS 2673, GM S.L. Narayanan IND 2573, GM Vladimir Epishin RUS 2536, GM Falko Bindrich GER 2605, 7.0/10

Total of 276 players

Time Control: 100 minutes for the first 40 moves followed by 50 minutes for the next 20 moves then 15 minutes play-to-finish with 30 seconds added to your clock after every move starting move 1.

GM Mikhail Antipov (born June 10, 1997) won the 2015 World Junior Championship at the age of 18. Now, for outsiders like me there was hardly anything surprising about a Russian winning the title, but actually it was a huge upset. Antipov’s rating was only 2538 good for no. 8 seed. The two top seeds GM Jan-Krzysztof Duda (POL 2645) and Jorge Cori (PER 2637) were both rated 100 points above. Antipov lost in round 5 to third seed GM Karen Grigoryan and he was written out of the picture, but after that Antipov really gave release to all of his aggressive tendencies and scored 6.5 out of the last 8 rounds to tie for 1st and just outpoint Duda in tie-breaks.

His tactical brilliance is really something. Witness the following game.

Antipov, Mikhail Al (2588) — Schwartz, Ylon (2267) [B81]
Gibraltar Masters 2018 Catalan Bay GIB (1.38), 23.01.2018

1.e4 c5 2.Nf3 e6 3.d4 cxd4 4.Nxd4 Nf6 5.Nc3 d6 6.g4

C’mon, all of you have heard of the Keres Attack, right? Did you know that this was an over-the-board inspiration from the game Keres vs Bogoljubow in Salzburg 1943? His thought process was that in this position White often played, among other things, 6.g3, followed by 7.Bg2, only to later initiate a “bayonet” attack with f4, g4, g5, etc. “The thought came into my head, however, why not save a tempo and begin immediately with 6.g4?”

OK, did you know that the greatest exponent of the Keres Attack was not Keres (who actually only played it three times in his career) but Anatoly Karpov? Such a classical positional player, and the positions he got from this opening really suited him!

6…h6

The text and 6…Nc6 are the most common responses to the Keres Attack. Let me show you one game to orient you on its dangers. 7.g5 Nd7 8.Be3 Be7 9.h4 0–0 10.Qh5 a6 11.0–0–0 Nxd4 12.Bxd4 b5 13.Bd3 b4? (The correct move for Black is 13…Ne5 but the position is still fraught with danger for him, but also for White.) 14.Bxg7! Nc5 (14…Kxg7 15.Qh6+ and whether the black king goes to g8 or h8 White’s 16.e5! wins; 14…bxc3 15.e5!) 15.Qh6 Re8 16.Ne2 (intending to bring the knight to h5) 16…e5 17.Ng3 Bg4 18.Bc4 Ne6 (18…Bxd1 19.g6!) 19.Bxe6 fxe6 (19…Bxe6 20.Nh5 Bg4 21.Nf6+ Bxf6 22.Bxf6) 20.g6 1–0 Movsesian,S (2580)-Babula,V (2540) Lazne Bohdanec 1996.

7.g5

Another theme you have to be familiar with: 7.h4 Nc6 8.Rg1 g6 9.g5 hxg5 10.Bxg5 a6? (Black should play 10…Be7) 11.Nxc6 bxc6 12.e5! 1–0. Juhasz,J (2270)-Reith,A (2100) Hungary 1996.

7…hxg5 8.Bxg5 a6 9.f4

Now we are going on to a bit of unfamiliar territory. The usual moves here are either 9.Bg2 or 9.Qd2.

9…Qc7

I believe 9…Qb6 goes into a superior form of the Poisoned Pawn Variation since the h-file is under the control of Black.

10.Qd2 Nbd7 11.0–0–0 b5 12.Bg2 Bb7 13.Rhe1 Rxh2 14.Nd5?! Qc4

Black should have accepted the sacrifice. After 14…exd5 15.exd5+ Kd8 16.Nc6+ Kc8 (16…Bxc6 17.dxc6 Nc5 18.Qc3! Rxg2? 19.Bxf6+ gxf6 20.Qxf6+) 17.Re3 White has a strong attack, but Black is still fighting.

15.Re3 Nxe4? <D>

POSITION AFTER 15…NXE4

This was Black’s idea. After 16.Rxe4 Bxd5 he is winning, but alas he overlooked something…

16.Nxe6!! fxe6

[16…Nxd2 17.Ndc7+ Qxc7 18.Nxc7#]

17.Bxe4 1–0

It is mate after 17…Rxd2 Bg6.

The Indian GM Sandipan Chanda (born Aug. 23, 1983 in Calcutta) is always a strong competitor. He represented India in the chess Olympiad in Calvia 2004, Turin 2006 and Dresden 2008. Sandipan was very highly regarded in India. His rating reached a peak of 2656 in 2011 and he was even tapped to second Vishy Anand in his 2013 world championship match with Magnus Carlsen.

GM Chanda’s rating may have dipped a bit but he is still a force to reckon with. Take a look at his over-the-board inspiration against the great Vassily Ivanchuk. Just an amazing win.

Sandipan, Chanda (2579) — Ivanchuk, Vassily (2726) [E42]
Gibraltar Masters 2018 Catalan Bay GIB (6.6), 28.01.2018

1.d4 Nf6 2.c4 e6 3.Nc3 Bb4 4.e3 c5 5.Nge2

This move has been played literally hundreds of times. Its idea is obvious — to recapture on c3 with the knight and therefore preserve his pawn formation.

5…cxd4 6.exd4 d5 7.c5 Ne4 8.Bd2 Nxd2 9.Qxd2 a5 10.a3 Bxc3 11.Nxc3 a4

We are still “in the books”, but now, after 35 minutes’ thought, Sandipan decides to do something no one else had ever done.

12.Nxa4!? Rxa4 13.Bb5+

The big idea. But is it any good?

13…Bd7 14.Bxa4 Bxa4

The Chessbase shop (www.chessbase.com then click “shop”) has lots and lots of instructional DVDs on openings, strategy, middle game, biographies, historical tournaments, etc. etc. One of its best chess authors is GM Adrian Mikhalchishin. I remember one particular DVD on winning methods where he explained what “black square strategy” was and “the theory of the weakest piece.” It was very illuminating.

Another of his DVDs which I found particularly instructive was on the Chess Secrets of the World Champions where he expounded on some favorite stratagems which the holders of the title used to do battle. There was Tigran Petrosian and his exchange sacrifice and Garry Kasparov’s pawn sacrifices. Did you know that Mikhail Tal liked to give up two pieces for a rook and one or two pawns? His idea was to unbalance the position and force a battle with unequal weapons where he was confident his brilliant tactical powers can overcome the opponent.

This is exactly that type of position on the board.

15.Qb4 Qd7 16.0–0 Qb5?!

The correct move for Black was 16…0–0 but perhaps Ivanchuk was afraid of 17.b3 Bc6 18.a4 and the pawns run up the board quickly.

17.b3!

But it turns out that the move can still be played.

17…Qxb4 18.axb4 Bb5

[18…Bxb3 19.Ra7 gets White’s rook on the 7th rank.]

19.Ra7!

Sandipan is always one step ahead of Chuckie. It turns out that this rook can nevertheless get on the 7th rank.

19…Bxf1 20.Rxb7 Nc6 21.Kxf1 0–0?

The toughest defense is to keep his king in the center. Black should play 21…Rf8! to guard the f7–pawn and then move his king towards the queenside.

22.b5! Na5

After 22…Nxd4 23.c6 followed by c6–c7 and Rb8.

23.Rc7! 1–0

And now Ivanchuk realizes that he cannot take the b3–pawn. After 23.Rc7 Nxb3 (23…Rb8 24.b4 Nb7 25.Rd7 wins comfortably.) 24.b6 Na5 25.c6 followed by b6–b7 and Rc8.

But if he doesn’t take the pawn then 23.Rc7 Rb8 24.b4 Nc4 25.b6 Nxb6 26.cxb6 the back rank mate prevents Black from taking the b-pawn 26…g6 27.b7 Kg7 28.Ke2 White’s king will simply march up the board to a6 and win the rook.

No choice but to resign.

By the way, while we are on the topic of Chess DVD’s. Wesley So himself has recently authored two DVD’s in the Chessbase shop:

My Secret Weapon: 1.b3, and

My Black Secrets in the Modern Italian

This is the first time we have a Filipino author of a Chessbase Opening DVD and naturally I quickly snapped them up and went over the contents carefully. They are both equally well produced and very instructive. Together with the videos is a database of model games for the lines under discussion.

Next Tuesday, I have a treat for BW readers. With Wesley So’s kind permission we will present one of his recent wins from the Black side of the Italian Game with his own notes and comments.

Don’t miss it!

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, 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

In dieting, low-fat or low-carb are the same — study

MIAMI — Common dieting advice urges people to either eat fewer carbohydrates or less fat in order to shed weight. But a study Tuesday found neither approach is better than the other.

Nor is a person’s genetics or insulin metabolism a key factor in whether a diet works for them or not, said the report in the Journal of the American Medical Association (JAMA).

The findings could have implications for the $66-billion US weight loss industry, and particularly the latest trend of DNA dieting, which claims to point people to the best diet for their genes.

“We’ve all heard stories of a friend who went on one diet — it worked great — and then another friend tried the same diet, and it didn’t work at all,” said lead author Christopher Gardner, professor of medicine at Stanford University. “It’s because we’re all very different, and we’re just starting to understand the reasons for this diversity. Maybe we shouldn’t be asking what’s the best diet, but what’s the best diet for whom?”

The study enrolled 609 people — 57% women — aged 18 to 50 and randomly assigned them to either a low-fat or low-carb diet for a year. At the end, the average weight loss was 13 pounds in both groups.

Some individuals lost far more — up to 60 pounds, while some gained 20. But researchers were unable to find any link between dietary approach and superior weight loss.

After a year, “there was no significant difference in weight change between a healthy low-fat diet vs. a healthy low-carbohydrate diet,” said the report.

At the beginning, “participants got part of their genome sequenced, allowing scientists to look for specific gene patterns associated with producing proteins that modify carbohydrate or fat metabolism,” said the report.

They also drank a shot of glucose on an empty stomach so researchers could measure their bodies’ insulin outputs.

“Neither genotype pattern nor baseline insulin secretion was associated with the dietary effects on weight loss,” it said.

What seemed to help people lose weight was following a single strategy: eat less sugar, less refined flour, and as many vegetables and whole foods as possible.

“On both sides, we heard from people who had lost the most weight that we had helped them change their relationship to food, and that now they were more thoughtful about how they ate,” said Gardner. — AFP

ABB, QEV Philippines to put up 4 charging stations in Q1

SWISS ENGINEERING group ABB said on Wednesday it will supply QEV Philippines with 200 electric vehicle (EV) charging stations in the next three years.

In a statement, ABB said the first four charging stations in Metro Manila are expected to be up within the first quarter of the year.

QEV Philippines, a joint venture between Filipino businessman Enrique M. Aboitiz and Spanish businessman Enrique Bañuelos, plans to open three charging stations in Shell gasoline outlets along C. Raymundo Avenue, Pasig City; E. Rodriguez Avenue, Bagumbayan Libis, Quezon City; and at the SM Mall of Asia, Pasay City.

The fourth location has yet to be determined.

QEV Philippines last year said it is targeting to install 200 charging stations by 2022. Of the 200, 100 fast chargers will be located at SM malls and another 100 in Shell outlets.

ABB said it will provide the Terra 53 multi-standard electric-vehicle DC charging stations, as part of its wider cloud-enabled network. The network allows Internet-based connected services, remote assistance, diagnostic troubleshooting and repair, as well as remote updates and upgrades.

“ABB is delighted to be involved in bringing game-changing technologies to the transportation landscape in the Philippines. This is an important step in moving away from fossil fuel-dependent vehicles to cleaner, more sustainable options,” said Frank Mühlon, head of ABB’s Global Business for Electric Vehicle Charging.

Starting this year, QEV Philippines will seek government assistance to convert 10,000 jeepneys into e-jeepneys annually.

“Together with ABB, QEV is fully supporting the government’s Public Utility Vehicle (PUV) modernization program. Our vision to convert some 20,000 jeepneys into cleaner EVs will help operators reduce energy and maintenance costs,” Audrey D. Peñaranda, general manager of QEV Philippines Electromobility Solutions and Consulting Group, Inc., was quoted as saying.

An industrial technology leader, ABB has already installed more than 6,000 cloud-based charging solutions in over 55 countries.

Acer, Inc. counts on extra life from gamers to escape PC purgatory

ACER, INC. is finally showing signs of life. Now it’s hoping a growing legion of gamers will help pull it out of a multi-year rut.

Once the global leader in laptop sales, Acer is counting on high-end gear such as displays and slick gaming rigs to sustain a recovery, with the company projected to show its first annual revenue growth in seven years. Chief Executive Officer Jason Chen argued in an interview that gaming and esports will buttress a turnaround effort based on linking its hardware to virtual reality and artificial intelligence-based applications.

Acer is one of the highest profile victims of the post-smartphone PC implosion. Despite surging since reporting better-than-expected profit in November, its shares are still down almost 80% from a decade’s high in 2010. But while global PC sales fell again last year, products targeted at serious gamers rose to between 13% and 15% of Acer’s revenue, Chen said in the interview.

Revenue from gaming gear almost doubled in January, Chen told reporters Wednesday. He also shed light on plans to hive off different divisions, confirming that Acer will apply to Taiwanese regulators to float StarVR — its virtual reality venture with Sweden’s Starbreeze AB — and its smart parking systems business. The Taiwanese company’s shares gained as much as 2.9%.

“The only other sport bigger than esports is soccer, the World Cup,” Chen, who took up his post at the start of 2014, said in an interview with Bloomberg Television this month. “The sky is the limit.”

Acer faces competition from the likes of Razer, Inc. to Asus and MSI in everything from gaming mice to headsets. But its growing momentum in gaming gear may stem from price competitiveness. The company’s top-of-the-line Predator rigs have won strong reviews for design and performance and, at up to $2,500 apiece, compares favorably with the likes of Dell’s Alienware machines.

Chen talked up Acer’s prospects in pro-gaming. Esports revenue is expected to surge an average of more than 32% annually to $1.5 billion through 2020, according to gaming consultancy Newzoo. And viewership for competitive match-ups isn’t expected to ease anytime soon. Newzoo estimates 385 million people watched esports in 2017; this year’s Super Bowl attracted a US audience of 103.4 million, its lowest in nine years.

He was careful, however, to emphasize that Acer will stick to its fundamentals — PCs — even as it moves upscale.

“It won’t take up more than 50% of our revenue but it will grow to more than where we are today,” Chen said. — Bloomberg

Nissan, Honda recall select cars fitted with Takata airbags

NISSAN Philippines, Inc. (NPI) and Honda Cars Philippines, Inc. (HCPI) are again urging owners of select models to have their vehicles’ airbag components replaced. The airbags, made by Japan-based Takata Corporation, have been the subject of recalls in markets worldwide since 2013.

NPI, which first issued recalls in 2015, bared affected Nissan models are the Grand Livina built between 2008 and 2014, 2007-2014 Navara, 2003-2008 Frontier, 2006-2007 Teana, 2003-2012 X-Trail, and 2003-2012 Patrol Super Safari. The company noted, however, that customers can also verify if their vehicles are affected by the recall by logging on to www.nissan.ph, where a tab allows them to input their VIN or chassis number. They can also call (02) 403-6593 or 0927 600-9557 to schedule an appointment with a Nissan dealership, where the repair will be performed without any charge.

HCPI said it would replace the passenger front airbag inflators of 10,461 Honda vehicles. Affected models are City, Jazz and Pilot sold in the Philippines from 2012 to 2015. The company said owners can also check if their vehicles are among those recalled at www.hondaphil.com/services/vin-search, where they can log in their VIN or chassis number. Customers can call 1-800-1000 46632 or (02) 857-7240 to schedule repair work at a Honda Cars dealership.

HCPI said the replacement of airbag parts is free and will take about an hour.

Defective Takata airbag inflators have been blamed for 17 deaths and more than 180 injuries worldwide as of July 2017, according to a Reuters report.

Tiger eyes Masters

For fans of Tiger Woods, here’s the good news: The 544th-ranked player in the world will tee off tomorrow at the Honda Classic, as sure a sign as any that the back problems requiring him to undergo surgery last year, his fourth in a span of three years, have been satisfactorily addressed. Sure, his presence on tour for the second straight week is aided in no small measure by his missed cut at the Riviera. Nonetheless, his willingness to subject his body to the rigors of competitive golf sans restraint speaks volumes of his convalescence.

And now the bad news: Not counting Woods’ participation at the Hero World Challenge under friendly and controlled conditions late last year, he has been nowhere close to respectable with a driver in his hands. He hit only 17 of 56 fairways at the Farmers Insurance Open last month, and 16 of 36 at the Genesis Open last week. And it’s not as if he has wielded his irons with the accuracy he needs to correct his mistakes off the tee; in the aforesaid tournaments, he was just 58 of 108 in Greens in Regulation all told.

True, Woods has never been straight off the tee. And, true, he has at least been long, yet another proof that his tweaked mechanics don’t prevent him from swinging with power. On the other hand, he has had far too many two-way misses for comfort, making on-course corrections difficult at best. “It is what it is,” he noted. “It was tough on me.” And it figures to be the same for a while, especially in light of his decision not to rely on any swing coach after severing his ties with Chris Como just before heading into his event in the Bahamas.

For Woods, there’s only one solution: More reps. Which is why he’s at the Honda Classic, and why he will likely be at a handful more stops before his scheduled date with Augusta National in April. Indeed, for all his travails, he remains confident of contending at the Masters. And, creditably, he has done well regardless of his level of sharpness; needless to say, he relies as much on knowledge of the terrain as in his talent to stay competitive. Of course, it’s one thing to be on the leader board, and quite another to be at the top. For that, he will have to bring much, much more than his surprisingly solid short game.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Generali Life Assurance Philippines looking to expand presence, products

LIFE INSURER Generali Life Assurance Philippines, Inc. (General Philippines) is seeking to expand its presence in the Philippines as it intends to take advantage of the rising need for insurance among Filipinos.

“This year, we intend to significantly outpace this by growing our gross written premiums by at least 40%,” Generali Philippines President and Chief Executive Officer Reynaldo C. Centeno said in a statement given to reporters during its press conference in Taguig.

To achieve this, the local unit of the Italian insurer will be expanding the scope of its products, services and distribution in the country.

Mr. Centeno said the insurer will focus on making its group insurance product — specifically its group medical product — more comprehensive as it plans to expand its healthcare provider network.

“We have expanded our product offering. We have introduced a comprehensive medical coverage, backed by a nationwide network of medical providers… We intend to expand on that as we grow the business,” he said.

Currently, Generali Philippines said it has a healthcare provider network of 1,600 accredited medical facilities and 22,000 medical specialists.

The insurer provides employee benefits to corporate multinationals, mid-market and small and medium enterprises. It offers group medical insurance, group life insurance and credit life insurance.

Aside from this, the insurer is also looking at adding a group savings product “that will be helpful to young people so that they can save easily.”

To expand Generali Philippines’ distribution network, Mr. Centeno also noted that it is eyeing to “move into the provinces,” particularly in the Visayas and Mindanao regions.

“Geographically, we would like to move into the provinces. We’re looking at specific sites in Visayas and Mindanao like Bacolod, Davao, and so on to expand,” he said, which will entail its expansion of healthcare provider network as well.

Mr. Centeno said Generali Philippines has a strong presence in Mega Manila as well as in Cebu.

Sector-wise, Mr. Centeno added that the insurer is focusing its distribution efforts to reach business process outsourcing (BPO) firms to maximize the sector’s growth.

“We have focused on BPOs because of the significant growth in that industry, and because of the   real need for healthcare and life insurance protection for people working in the BPO business,” Mr. Centeno said.

In addition, the insurer also developed four digital services, enabling policyholders to track their enrolment and termination, access their benefit plans and summary of claims, and consult with medical specialists over the phone, among others.

“All of these — complete product service, a digital service platform, and strengthening our distribution channel — will help us move forward and really harvest the opportunities in the Philippine market,” Mr. Centeno said.

Generali Philippines also expressed its optimism on the Philippine market. John R. Spence, Generali’s Asia regional head, said there has been a significant growth in the insurance industry across Asia, including the Philippines.

“Right across Asia, we’re seeing significant growth as economic situation of citizens improved. They [already] recognized the need for insurance,” Mr. Spence said.

Mr. Spence added that they are seeing significant growth in the Philippines, with the life insurance market continuing to grow 2-3% above the gross domestic product growth, while the non-life insurance market is growing at the same pace as the domestic economy.

Latest data from the Insurance Commission shows that Generali Philippines is the 26th biggest life insurer company in the country in terms of total premiums with P147.88 billion at end-2016.

Meanwhile, it posted a capital of P1.44 billion in 2016, the second-biggest among life insurers. — Karl Angelo N. Vidal

Book focuses on forming a weightloss habit

A NEW BOOK by The Sexy Chef, one of Manila’s leading healthy food delivery services, teaches readers not only to lose weight through cooking, but to stick to a plan. The book is aptly named 21 Days to A Sexier You. Sexy Chef co-owner, singer Rachel Alejandro, said during a press conference in Quezon City earlier this month that the 21-day weightloss plan, which she helped draft, was formed under the belief that habits are formed after 21 days of sticking to them. The plan contains exercise tips, diet tips, and even clothing cues to get you started. The company’s first two cookbooks — The Sexy Chef Cookbooks and Eat, Clean, Love — emphasized healthy lifestyles, while 21 Days really pushes weight-loss measures, said Barni Alejandro, Ms. Alejandro’s sister and Sexy Chef co-owner, by focusing on four “fat-fighting” nutrients: calcium, omega 3, vitamin D, and fiber. The dishes were devised with the help of fitness nutritionist Nadine Tencgo. The four highlighted nutrients are supposed to kick in to coax the body even more to melt away fat when other diets hit a weight-loss plateau. The book has sections ranging from Breakfast, Grab and Go Mason Jars, Flat Belly Meals, Juicing, and the sisters’ personal favorite: the Meatless Mondays chapter. “We love plant-based food,” said Barni Alejandro. Most of these recipes contain Quorn, a meat substitute derived from a fungus, with Barni Alejandro saying that her favorite recipe is the Quorn tinola with lemongrass. Rachel Alejandro was quick to remind, however: “Being sexy, a lot of it is a mind-set, and being confident, and feeling good about your body.” — JLG

Strong LPG sales fuel Pryce profit in 2017

PRYCE Corp. posted a 29% increase in net income in 2017, driven by higher revenues from sales of liquefied petroleum gas (LPG), the company told the stock exchange on Wednesday.

The listed firm, which imports and distributes LPG under the brand name PryceGas among its businesses, said last year’s P1.25-billion profit was within its target.

Consolidated revenues rose 37% to P9.23 billion in 2017 from P6.72 billion, with sales volume growing by double-digits after the increase in LPG prices last year.

“Sales volume of LPG grew 11% to 210,000 metric tons (MT) from the previous year’s 189,000 MT. Despite this modest volume growth, revenues were up 37% because of the sharp increases in LPG contract prices during the year,” the company said.

In 2017, contract prices averaged $491 per MT, 42% or $145 higher than the previous year’s average of $346 per MT.

“Volume growth was achieved mainly in the Visayas and Mindanao (VisMin) regions, where demand is more concentrated on fuel for household cooking. Sales in the VisMin regions experienced a 22% year-on-year volume growth as compared to about 4% volume growth in Luzon,” Pryce said.

In value, sales of LPG along with cylinders and accessories stood at P8.67 billion, making up 94% of total revenues. Industrial gas sales amounted to P391.5 million, or 4% of revenues. Sales of real estate as well as pharmaceutical products accounted for the rest.

For 2018, Pryce said it would continue its expansion projects to increase the storage capacities of its marine terminals. The move, which was started about two years ago, is also aimed at bringing its products closer to the markets.

The company said all of its seven VisMin import terminals had been or would be expanded to allow each one to accommodate at least one shipload of 2,500 MT cargo.

It said the expansion of its terminals in Albuera, Leyte as well as in Sta. Cruz, Davao del Sur had been completed last year. It expects the expansion of the LPG terminals in Sogod, Cebu and Balingasag, Misamis Oriental to be completed by July and August 2018.

Pryce said the ability to discharge a shipload in a single terminal would reduce its import costs by $10 to $20 per MT.

The company will build at least 15 refilling plants in VisMin areas to make its product closer to consumer markets.

“These expansions are expected to be completed by the end of 2019 and all are funded from internally generated funds,” the company said.

For 2018, the company expects sales volume to increase by 15% and profit to rise by 20%. It attributed the target to the expansion projects and the implementation of Republic Act 10963 or Tax Reform for Acceleration and Inclusion (TRAIN) Law.

In particular, Pryce said net income is targeted to reach P1.55 billion “plus or minus 10%” for this year. — Victor V. Saulon

How PSEi member stocks performed — February 21, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 21, 2018.

Infrastructure: The road ahead

US intelligence tags Duterte a threat to democracy

PHILIPPINE PRESIDENT Rodrigo R. Duterte is taking seriously the US Intelligence Community’s report tagging the firebrand leader a threat to democracy in Southeast Asia, his spokesman said on Wednesday.

The Feb. 13 report, titled “Worldwide Threat Assessment of the US Intelligence Community,” is bylined by Daniel R. Coats, who, as Director of National Intelligence, heads this community.

The report places Mr. Duterte alongside Cambodian’s Hun Sen, the Rohingya crisis in Myanmar, and Thailand’s military-backed constitution as regional threats to democracy.

It also noted that countries in Southeast Asia “will struggle to preserve foreign policy autonomy in the face of Chinese economic and diplomatic coercion.”

VIEWED WITH ‘SOME CONCERN’
Mr. Duterte’s spokesman, Herminio Harry L. Roque, Jr., rejected the US Intelligence’s assessment of the Philippine leader as “myopic and speculative at best.”

Nevertheless, “(w)e view this declaration from no less than the intelligence department of the United States with some concern…,” Mr. Roque told DZMM radio.

The report said in part, “Democracy and human rights in many Southeast Asian countries will remain fragile in 2018 as autocratic tendencies deepen in some regimes and rampant corruption and cronyism undermine democratic values.”

“In the Philippines, President Duterte will continue to wage his signature campaign against drugs, corruption, and crime,” the report read further, adding that Mr. Duterte has suggested he could suspend the Constitution and declare a revolutionary government.

A leading critic of Mr. Duterte, opposition Senator Leila M. de Lima, had earlier warned that, under a revolutionary government, the military can oust its own commander-in-chief.

Mr. Roque for his part said Mr. Duterte “is no autocrat or has autocratic tendencies. He adheres to the rule of law and remains loyal to the Constitution. An autocracy is not prevalent, as they would like everyone to believe. Our media are still able to broadcast and print what they want — ‘fake news’ included. Our judiciary and the courts are functioning as usual. Our legislature remains independent and basic services are still being delivered.”

“I do not think that’s true. He is a lawyer, he knows the law, he wants to uphold the rule of law, he knows about the Bill of Rights,” the spokesman said.

This is not the first time the United States has criticized Mr. Duterte, who is notorious for his defiance of international pressure.

More than 4,000 people have been killed in what police call legitimate operations against suspected drug dealers and users under Mr. Duterte’s signature war on drugs since July 2016. International Criminal Court prosecutors have opened a preliminary examination into his anti-drugs campaign.

MANIPULATION OF SOCIAL MEDIA
The report also pointed out that “(d)omestic and foreign challenges to democracy and institutional capacity will test governance quality globally in 2018, especially as competitors manipulate social media to shape opinion.”

It added: “The number and sophistication of government efforts to shape domestic views of politics have increased dramatically in the past 10 years. In 2016, Freedom House identified 30 countries, including the Philippines, Turkey, and Venezuela, whose governments used social media to spread government views, to drive agendas, and to counter criticism of the government online.”

Mr. Roque in response said, “While it is true that the administration uses and maximizes social media to promote government messages and accomplishments, members of the political opposition and other cause-oriented groups use the same media platform to advance their agenda.”

“I don’t know of any government in the free world which does not use the Internet and social media to promote its agenda. This is very true especially in the case of the US. This latest intelligence assessment is a classic case in point.” — main report by Reuters with Arjay L. Balinbin

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