Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11563

EastWest eyes P15B from LTNCDs

EAST WEST Banking Corp. (EastWest Bank) is looking to raise up to P15 billion by selling peso-denominated long-term negotiable certificates of deposit (LTNCD).

In a disclosure to the local bourse on Thursday, the Gotianun-led bank said its board of directors approved the issuance of up to P15 billion worth of peso-denominated LTNCDs. Terms of the offering were not disclosed.

The offering will still need regulatory approval from the Bangko Sentral ng Pilipinas.

EastWest Bank said it will issue LTNCDs to “diversify its funding sources as part of its overall liability management.”

LTNCDs are similar to regular time deposits which offer higher interest rates, but the difference is that these cannot be pre-terminated. Being “negotiable” means that these can be traded at the secondary market prior to maturity date.

In August 2017, EastWest Bank listed P2.631 billion worth of long-term debt notes on the Philippine Dealing and Exchange Corp. (PDEx), completing the five-tranche borrowing plan worth P10 billion. The LTNCDs were all due by 2022.

EastWest Bank is the 13th largest commercial bank in the Philippines in asset terms, with P296.53 billion as of end-September 2017.

The bank reported it booked a P3.75-billion net income for the first nine months of 2017, a 60% jump from the P2.33 billion recorded in the same months a year ago.

Shares in EastWest Bank fell by 1.3% or 40 centavos to P30.35 apiece on Thursday. — Karl Angelo N. Vidal

RLC prices stock rights offering at 16% discount

ROBINSONS LAND Corp. (RLC) has priced its P20-billion stock rights offering at P18.20 per rights share, it disclosed to the stock exchange on Thursday.

The Gokongwei-led property developer said the price was based on the volume weighted average price of RLC shares on the PSE as of Jan. 24, discounted by 16%. One rights share will be made available to every 3.7217 existing common shares held as of Jan. 31.

The company last November announced the issuance of 1.1 billion common shares in a stock rights offering. The shares will be offered from Feb. 2 to 8.

BPI Capital Corp. will act as sole issue manager, book runner, and underwriter for the offer.

RLC’s parent firm JG Summit Holdings, Inc. expressed its intent to participate in the offer, saying it plans to avail of any remaining shares that will be unsubscribed by the end of the offer period.

Proceeds of the offering will be used to finance RLC’s acquisition of land located in several parts of the country to support the expansion of its business segments, which include commercial centers, residential, office buildings, and hotels.

For shopping malls, the company ended 2017 with 47 under its portfolio. It opened a new mall in Tacloban, Leyte in December. Under the residential business, RLC has  over 70 condominium buildings and housing projects. The company’s office developments, meanwhile, are located across Metro Manila, Cebu City, and Ilocos.

The hotel segment consists of 10 Go Hotels, three hotels under the Summit brand, as well as the Intercontinental Hotels Group, which manages Crowne Plaza Manila Galleria and Holiday Inn Manila Galleria.

In 2017, RLC said it is forming a fifth unit that will handle infrastructure-related businesses. The new company will be the one entering bids for government infrastructure projects, reclamation projects, mixed-use complexes and real estate-related infrastructure projects.

Incorporated in 1980, RLC’s other subsidiaries include Robinson’s Inn, Inc., Robinsons Realty and Management Corporation, Robinsons (Cayman) Limited, Robinsons Properties Marketing and Management Corporation, Altus Angeles, Inc., Altus San Nicolas Corp.,GoHotels Davao, Inc., RLC Resources, Ltd., and Lingkod Pinoy Bus Liner, Inc.

RLC’s attributable profit for the first nine months of 2017 stood at P4.56 billion, slightly higher than the P4.50 billion reported in the same period in 2016. Nine-month revenues were also flat at P16.64 billion.

Shares in RLC gained 80 centavos or 3.85% to close at P21.60 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia

Dollar still king as supply of cold cash soars unabated

THE TRUMP administration may have softened the US’ strong dollar policy and sent the greenback lower, but the supply of cold, hard American cash is alive and well.

In an era of electronic payments and digital currencies, the amount of US currency in circulation has increased unabated. The weekly average value of paper notes and coins in circulation reached a record of $1.62 trillion earlier this month, according to Federal Reserve data.

While that’s not surprising given the world’s largest economy is in the ninth year of an expansion, the increasing supply of physical US currency is outpacing gains in gross domestic product. It also comes as the value of the greenback falls relative to other currencies, with a Bloomberg index measuring the dollar having dropped about 10 percent over the past year.

So what’s behind the pickup in cash despite the proliferation of digital options such as Apple Pay and Square? Economists say several factors may help explain why.

For one thing, there is still a significant portion of Americans who don’t have a bank account or use traditional financial services. Nine million households were “unbanked” — meaning they deal exclusively in cash — in 2015, according to the Federal Deposit Insurance Corp.’s latest study.

What might also be sustaining the cash craze is demand abroad. About 60% of American dollars are held outside the US, according to San Francisco Fed research. The dollar is among the most sought-after safety nets, sources of stability and store of wealth in a global economy, they said.

More sinister factors are at work, too. Regulators have cracked down on the flow of illicit funds following the financial crisis. “Money-laundering rules have in fact pushed more underground activity, out of banks and into cash transactions and that has kept demand very high,” said Lou Crandall, chief economist at Wrightson ICAP LLC. — Bloomberg

Peso strengthens on US protectionism worries

THE PESO strengthened against the US currency on Thursday as the dollar slumped due to concerns over the United States government’s protectionist trade policies, and ahead of the European Central Bank (ECB) decision on its interest rates. 

The local currency ended Thursday’s session at P50.81 versus the greenback, 15 centavos stronger than its P50.96-per-dollar close on Wednesday.

The peso traded stronger the whole day, opening the session at P50.86 versus the dollar, while its intraday high stood at P50.72. The peso’s worst showing, meanwhile, landed at P50.91 against the US currency.

Dollars traded soared to $1.05 billion from the $791.45 million that changed hands in the previous session.

“The US dollar has declined because of the recent protectionist policy from the US,” Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, said in a mobile phone message on Thursday.

On Tuesday, President Donald J. Trump imposed tariffs on imported solar panels and washing machines in support of the American manufacturers.

A trader said the dollar’s weakness across the board prompted the dollar-peso trading to follow suit.

“It was a volatile session as we continue to see funds selling dollar aggressively,” the trader said.

Meanwhile, Mr. Asuncion added that US officials’ comments welcoming a weaker dollar added to the downward pressure.

On Wednesday, US Treasury Secretary Steven T. Mnuchin was quoted by Reuters as saying: “Obviously a weaker dollar is good for us as it relates to trade and opportunities.”

Another trader added the peso continued to gain strength as investors took profits ahead of the ECB interest rate decision on Thursday.

“The markets are likely to take cues on possible hawkish indications from the ECB as economic data shown constant growth within the Euro area, which might put some downward pressure towards the dollar,” the trader said in an e-mail.

For today, the first trader said the peso might move between P50.65 and P50.90, while the other trader gave a slightly slimmer range of P50.60 to P50.90.

“[T]he local currency will continue to appreciate following the ECB rate decision and amid likely softer initial GDP (gross domestic product) growth data from the US,” the second trader noted. – K.A.N. Vidal

DMCI Homes expands QC condominium project

DMCI HOMES, Inc. unveiled on Thursday the second tower for its residential condominium project in Quezon City (QC) called Infina Towers, targeting both investors and end-users as potential clients.

Located along Aurora Boulevard in Project 3, Quezon City, Infina’s South Tower will have 40 storeys. The project will offer two-bedroom and three-bedroom units with a gross floor area spanning 52.50 to 81.50 square meters (sq.m.). The price of each unit starts at P5.08 million, with pre-selling to begin on Jan. 26.

The entire development covers a land area of 12,701 sq.m.

“Infina Towers offers an ideal place for start-up families to raise and optimize their children’s potential with the easy access of top-notch educational institutions such as the University of the Philippines Diliman and Ateneo de Manila University as well as flourishing businesses in nearby Araneta Center in Cubao area,” the company said.

Aside from universities, Infina Towers is also within the vicinity of medical institutions such as Quirino Memorial Medical Center and World Citi Medical Center. The towers will also be accessible through the Anonas Station of Light Rail Transit Line 2 or through the Araneta Bus Terminal.

Amenities include lounge areas, a game area, a fitness gym, an audio-visual room, sky lounge, function room, pool complex, gazebo, court roof garden, and a basketball court. The tower will also offer commercial spaces at the ground floor for the unit owners’ convenience, as well as five levels of basement parking.

The launch of the second tower comes less than a year after Infina’s North Tower was introduced to the public in April 2017, which is now already 64% sold.

The company looks to turn over the North Tower by September 2021, while the South Tower will be delivered to customers by September 2022.

DMCI Homes’ net income grew 59% to P2.7 billion in the first nine months of 2017, boosted by higher sales and reservations.

Real estate development is among the business segments ventured into by the Consunji group, which has core investments in coal mining, nickel mining, energy, and construction under DMCI Holdings, Inc. The company also maintains an interest in Maynilad Water Services, Inc.

DMCI Holdings saw its net income attributable to the parent rise 18% to P11.7 billion in the first nine months of 2017. This follows a 23% growth in revenues during the same period to P58.4 billion.

Shares in DMCI Holdings picked up 14 centavos or 0.96% to finish Thursday’s trading session at P14.66 apiece. — Arra B. Francia

Duterte forms review body on 1987 Charter

PRESIDENT Rodrigo R. Duterte has formed a consultative committee to review the 1987 Constitution, by way of appointment letters sent out by Malacañang on Thursday, Jan. 25.

The appointments follow on the heels of a meeting over dinner Wednesday night between leaders of Congress to settle their row over how the legislature should vote on charter amendments.

The following were appointed to the committee:

Former chief justice Reynato S. Puno was appointed chairman of the 19-member committee (including Mr. Puno), which also includes former Senate president Aquilino Q. Pimentel, Jr., retired associate justice Antonio Eduardo B. Nachura, former assemblyman Reuben R. Canoy, and analysts Ranhilio C. Aquino and Edmund S. Tayao.

The other committee members are Arthur N. Aguilar, Eddie M. Alih, Antonio B. Arellano, Ali Pangalian M. Balindong, Virgilio C. Bautista, Victor S. dela Serna, Roan I. Libarios, Susan U. Ubalde-Ordinario, Randolph C. Parcasio, Bienvenido L. Reyes, Rodolfo D. Robles, Julio C. Teehankee, and Laurence B. Wacnang.

On Wednesday night, leaders of Congress have agreed to focus on coming up with amendments to change the 1987 Constitution and to set aside debates over the manner of voting in a constituent assembly, the heads of both the Senate and the House of Representative said Thursday.

“We have decided to focus on the revisions that have to be made rather than how these changes will be effected,” Senate President Aquilino L. Pimentel III said in a statement.

“We agreed to discuss the manner of voting in another time. We will first talk about the details, for example, the government structure, until we amend the Constitution. And when we have finished, it will not make any difference anymore if we vote separately or jointly,” House Speaker Pantaleon D. Alvarez said in a radio interview.

A consensus was also reached among the leaders for the need to shift the government structure to federalism, according to Mr. Alvarez.

The agreement was made during a meeting over dinner Wednesday night among Messrs. Pimentel, Alvarez, Senate majority leader Vicente C. Sotto III and House majority floor leader Rodolfo C. Fariñas.

Both Messrs. Sotto and Alvarez described the gathering as “cordial.”

Asked if there were specific amendments discussed in the meeting, Mr. Pimentel said they talked about the system of government and the economic provisions in the present Constitution.

Business groups as well as other lawmakers have been calling for amending the Constitution but only for the purpose of changing its economic provisions, particularly on foreign ownership limits.

“It’s just a matter of explaining to the people that we are doing this to benefit the country. Number one, to save money by streamlining some processes, number two, by equalizing development all over the country by sharing powers and resources, and number three, making the government, the administration more accountable because of the adoption of some parliamentary concepts,” Mr. Pimentel said.

Over the past weeks, the Senate and the House of Representatives have been in sharp disagreement over the manner of voting to amend or revise the Constitution if both chambers are convened as a constituent assembly.

While congressmen pushed for a joint voting, the senators — arguing against the House outnumbering them — took the position of separate voting, also in accordance with the procedure under a bicameral legislature.

Mr. Pimentel said the differing views on how to amend the charter “should not distract us from the crux of this exercise: to make revisions to the charter that will help improve our people’s lives.”

But he said he would leave the Senate committee on constitutional amendments and revision of codes to determine the preferred mode of changing the Constitution since resolutions were filed to call for a constituent assembly and, on the other hand, a constitutional convention.

“Let us await the report of the committee, since it will now start hearing all of these referrals given to it,” the Senate leader said.

Mr. Alvarez said a more detailed discussion of the proposed features of federalism would be held in the coming weeks, in subsequent meetings between the support staff of both chambers of Congress.

“Both the House and the Senate have support staff that will first discuss proposed amendments. When the proposals are clearer, we will sit on it until it gets approval in the majority,” he said in Filipino.

He added that both chambers would strive to harmonize the contentious issues in the charter amendments.

Sought for comment, Senator Francis N. Pangilinan, who chairs the Senate committee on constitutional amendments and revision of codes, said he would like to be informed first what was discussed on Wednesday.

“The Senate met in a caucus last week and took a common stand on the matter of charter change. I am certain my fellow senators would like to be briefed first by the leadership as to what was discussed in the meeting before we can commit to anything in this regard,” he said in a text message to reporters.

Mr. Pangilinan held a hearing last week on charter change with constitutional experts, including Mr. Puno, supporting a separate vote should Congress convene as a constituent assembly.

Senate minority leader Franklin M. Drilon said it was best to await the Senate’s decision on the matter. “The Senate is a collegial body. The need for cha-cha, the mode amendment and related issues are being heard by the Senate committee on constitutional amendments. It is best that we await the decision of the committee and the Senate itself on these issues,” he said in a text message to reporters.

Senator Francis G. Escudero, who remained unconvinced on federalism, said: “The issue has always been the manner and process of doing so. But I guess, as the saying goes, let’s agree on what we can agree and set aside for tomorrow what we cannot agree upon.”

Ifugao Representative Teodoro B. Baguilat, Jr. of the House minority bloc described the way Congress leaders decided on charter change and federalism as “whimsical and frivolous.”

“Now after dinner of selected House and Senate leaders, a temporary cease-fire is in effect with no clear picture on what type of federalism are we going to tackle, how both Houses will vote on the proposed charter changes and the time line,” he said. — main report by Camille A. Aguinaldo

Duterte’s passage to India yields 9 investment deals

By Arjay L. Balinbin

THE PHILIPPINES has inked nine investment agreements with Indian corporations, Trade Secretary Ramon M. Lopez said on Thursday, Jan. 25, amid the start of the India-ASEAN Summit 2018 attended by President Rodrigo R. Duterte.

“We had a series of meetings with big conglomerates in India, especially those with special interest in operating in the Philippines. Those with intention either to expand or to enter the Philippines,” Mr. Lopez told reporters in a televised press briefing in New Delhi.

According to the trade secretary, the Philippines has received seven letters of intent (LoIs) and entered into two memorandums of agreement (MoUs). “So, basically, there are about nine agreements on how we can expand and strengthen our trade and investment relationship,” he said.

He also said by text, when sought for comment, that the LoIs will give us “$1.25 billion worth of investments and 10,000 jobs….”

One MoU, between the Board of Investments of the Republic of the Philippines and Invest India, aims to facilitate direct investment by providing practical investment information to enterprises of both countries and assisting visiting investors.

There is also a business-to-business agreement between National Association of Software and Services Companies (NASSCOM) of India and the IT & Business Processing Association of the Philippines (IBPAP), which intends to promote development and growth of the IT BPM industry in the Philippines.

The Philippine government also has an LoI with India’s Adani Green Energy Limited. Other Indian firms that have submitted their LoIs include Interglobe Air Transport for the promotion of the Philippine tourism; Interglobe Technologies for the expansion of its digital delivery services to the Philippines; KG Information Systems Private Limited for IT consulting and services delivery; The Farm at San Benito (Narra Wellness Resorts, Inc.) for the expansion of its operations in the Philippines, particularly in Davao and Palawan; and Hinduja Global Solutions which seeks to expand its operations with two to four additional sites.

For his part, Presidential Spokesperson Herminio Harry L. Roque, Jr. reported that during their bilateral meeting on the eve of the ASEAN-India summit, President Rodrigo R. Duterte and India’s Prime Minister Narendra Modi agreed to give further momentum to cooperation between the two countries.

“The two leaders agreed on expanding bilateral ties on all fronts. This includes business as well as security and even military cooperation,” Mr. Roque said.

He also said Mr. Duterte had called for further cooperation in the pharmaceutical industry as well as the business outsourcing industry.

On the political side, “the Philippine President described India as a superpower that has a moderating effect in international relations, and he also emphasized the commonality between the Philippines and India, noting both countries’…independent foreign policy,” Mr. Roque said.

Mr. Roque added that the President explained his war on drugs, to which Mr. Modi “responded very positively,…saying the threat of drugs to young people is very serious,” Mr. Roque echoed.

Moreover, according to the spokesman, Mr. Duterte emphasized that ASEAN, in addition to being an economic body, must also cooperate militarily in combating terrorism in the region.

The two leaders agreed further on bilateral negotiations involving trade and military cooperation, Mr. Roque said.

Sol-Gen wants charges revised vs Aquino, others on Mamasapano

THE OFFICE of the Solicitor-General (OSG) petitioned the Supreme Court (SC) on Thursday to have the Office of the Ombudsman file 44 counts of reckless imprudence resulting in homicide against former president Benigno S.C. Aquino III and other officials involved in the ill-fated Mamasapano police operation of Jan. 25, three years ago yesterday.

The said operation partially achieved its manhunt but at the cost of 44 slain police operatives in the hands of rebels of the Bangsamoro Islamic Freedom Fighters and mainly the Moro Islamic Liberation Front (MILF), which had a standing peace agreement with the government. The Mamasapano killings effectively scuttled the draft Bangsamoro Basic Law being sought by the MIlF.

Named respondents in Solicitor-General Jose C. Calida’s petition, besides Mr. Aquino, are dismissed National Police chief Alan L.M. Purisima, and former Special Action Forces Chief Getulio P. Napeñas, on whose watch, upon the instructions of Messrs. Aquino and Napeñas, the Mamasapano operation was carried out.

“Wherefore, People of the Philippines, through the [OSG] acting as People’s Tribune, respectfully pray unto this Honorable Court… to direct the Office of the Ombudsman to file forty-four counts (44) of reckless imprudence resulting in homicide against each of the respondents Aquino, Purisima, and Napeñas,” the petition read.

The petitioners, including the Volunteers Against Crime and Corruption (VACC), also asked the high court to order the Office of the Ombudsman to void its graft and usurpation of authority charges against Mr. Aquino and company.

The petition reads: “At bar, the acts of negligence of the private respondents clearly show that probable cause exists to indict them for reckless imprudence resulting in multiple homicide and that there is grave abuse of discretion on the part of the public respondent Office of the Ombudsman, specifically the manifest error and palpable mistake in its whimsical and despotic exercise of its prosecutory power by dismissing the charge of reckless imprudence against the private respondents, despite the presence of glaring facts and evidence.”

In his statement, Justice Secretary Vitaliano N. Aguirre II said, “While mindful of the security concerns involved in the trial of the case, we will pursue the quest for justice with dogged determination and perseverance.”

Mr. Aguirre is a cousin and former lawyer of Mr. Napeñas.

Presidential Spokesperson Herminio Harry L. Roque Jr., for his part, said: “Three years after the tragedy in Mamasapano, the cry for justice for our Fallen SAF 44 heroes remains elusive. President Rodrigo Roa Duterte does not wish a repeat of such a waste of lives and promising future of gallant Filipinos even as he vows to uncover the truth behind this botched operation and find a just closure for the bereaved families who lost a husband, father, brother, or son.” — with Minde Nyl R. dela Cruz

NLEX Road Warriors out to ‘repair’ Philippine Cup bid

By Michael Angelo S. Murillo
Senior Reporter

HAVING seen their promising start to the PBA Philippine Cup do an about-face of late, the NLEX Road Warriors are out to do some “repair” and get back on the winning track when they hit the court anew today at the Smart Araneta Coliseum.

After winning two straight to open their campaign in the season-opening conference of the Philippine Basketball Association (PBA), the Road Warriors (2-3) have slumped to three losses in a row, sending them a couple of rungs back in the race.

It is a trend they hope to stop when they collide with the Rain or Shine Elasto Painters in their matinee match at 4:30 p.m. to get back in the swing of things and put themselves on better footing to compete moving forward.

The most recent of the losses of Yeng Guiao-coached NLEX was dealt by the defending champions San Miguel Beermen, 109-98, last Friday in a match that was highly competitive that turned chippy in the end.

The Road Warriors fought well throughout the contest, keeping in step with the Beermen and even taking control in various points.

They, however, would lose their grip on the game down the stretch as San Miguel started to put added muscle to its push.

It did not help either that during that key stretch NLEX seemingly lost focus with big man Michael Miranda being ejected by kicking San Miguel guard Chris Ross on the groin.

Even Mr. Guiao had a fiery verbal altercation with Mr. Ross late in the game.

Rookie Kiefer Ravena led the NLEX thrust against San Miguel with 15 points to go along with six assists and two blocks.

Alex Mallari, JR Quiñahan and Raul Soyud had 12 points each while Mr. Miranda had 10 points, 11 rebounds and three blocks before being sent off the court.

“We have to fix our problems on both ends of the court. It must be a team effort for us as we adjust,” said Mr. Guiao as he made his assessment of the struggles they are currently having.

Out to keep NLEX with its struggles is Rain or Shine (2-3), itself still on shaky ground in the PBA Philippine Cup.

The Elasto Painters are coming off a tough 98-94 loss at the hands of the tailending Kia Picanto last Saturday and are itching to make up for it.

Rain or Shine pretty much had control of the game versus Kia but lost steps in the second half that proved to be costly.

Rookie Rey Nambatac led the Elasto Painters with 12 points, while veteran James Yap added 11 points.

Chris Tiu and Jewel Ponferada each had 10 points for Rain or Shine.

Incidentally, both NLEX and Rain or Shine will be missing the services of key players in today’s game.

The Road Warriors will be sans Mr. Miranda while the Elasto Painters will be without Raymond Almazan.

The two were meted one-game suspensions by the league — Mr. Miranda over the Ross incident in their last game and Mr. Almazan for the physical altercation he had with Kia’s Eric Camson also in their last game.

Meanwhile in the main game at 7 p.m., skidding teams Barangay Ginebra San Miguel Kings (2-2) and Phoenix Petroleum Fuel Masters (2-3) take on each other.

Abra congressman hurt, two police dead in grenade attack

A PHILIPPINE congressman and ally of President Rodrigo R. Duterte was slightly wounded early Thursday in a grenade attack that killed two police officers, police said.

There was no immediate claim of responsibility for the blast that wounded Representative Joseph Sto. Niño B. Bernos, who sits in the House of Representatives for the lone district of Abra, an impoverished northern province notorious for political violence.

Thirteen other people were wounded including Mr. Bernos’s wife, La Paz town Mayor Menchie Bernos, in the explosion that police said occurred as the couple watched a pre-dawn fireworks display in La Paz, located about 350 kilometers north of Manila.

Both the congressman and his wife were treated for minor injuries before being sent home, while two wounded police officers died in the hospital, said regional police spokeswoman Carolina Lacuata.

The congressman’s office in Manila told AFP it will issue a statement later Thursday, while declining to discuss the attack.

Mr. Bernos belongs to Mr. Duterte’s ruling PDP-Laban party, the congressman’s aides said.

The wounded included the La Paz police chief and one other police officer, Ms. Lacuata said in a statement.

She said police investigators found two hand grenade levers at the crime scene, though it was unclear if there was more than one explosion.

A study conducted by Manila-based Philippine Center for Investigative Journalism listed 31 Abra politicians murdered allegedly by gunmen hired by rival politicians in a six-year period between 2001-2006.

The most prominent of the victims was Representative Luis Bersamin, Jr., whose House seat Mr. Bernos now holds.

Mr. Bernos’s older brother, Ysrael Bernos, was also assassinated in 2006 while sitting as mayor of La Paz.

Mr. Bernos beat three rivals for the House seat in the 2016 elections. — AFP

Wozniacki to meet Halep at Australian Open finale

MELBOURNE — World number one Simona Halep quelled a tenacious Angelique Kerber fightback and saved two match points to reach her first Australian Open final with a 6-3 4-6 9-7 victory in a compelling scrap on Rod Laver Arena on Thursday.

A wildly unpredictable match veered one way, then the other, before Halep finally broke Kerber’s resistance to claim victory on her fourth match point when her exhausted opponent fired a backhand over the baseline.

When Halep won the first five games it seemed the expected battle royal between two of the game’s most ferocious competitors would turn into a damp squib.

But Kerber roared back and had two match points at 6-5 in a brutal deciding set before Halep turned it around with some brave hitting to seal victory in two hours and 20 minutes.

The 26-year-old plays Caroline Wozniacki in Saturday’s final when both players will be gunning for their first grand slam title and the world number one ranking.

Caroline Wozniacki is one match away from ending her Grand Slam title drought after overcoming a late wobble to beat unseeded Elise Mertens and reach the Australian Open final yesterday.

The Danish world number two won 6-3, 7-6 (7/2) in one hour 37 minutes after almost allowing the world number 37 a way back when serving for the match at 5-4, and seemingly in complete control.

Two double faults enabled Mertens, in her first semi-final at this level on her Australian Open debut, to level at 5-5.

Serving to take it to a tie-break at 5-6, Wozniacki then needed to save three set points before sealing the match in the tie-break.

“It means so much to me,” she said after reaching her maiden Australian Open final and her first Grand Slam decider since 2014, where she will play either top seed Simona Halep or the 2016 Melbourne Park champion Angelique Kerber on Saturday.

“I got really tight at 5-4. I thought ‘calm down it’s all good.’ It wasn’t good anymore. Served a couple of double faults.

“Normally I am really calm so once I started feeling really nervous, it felt like my legs were shaking a bit.

“I just took a few deep breaths and once she had set point, I said: ‘Well, I guess it is a third set. Just need to go forward.’”

Wozniacki has never quite lived up to the hype in the majors — this will be just her third Grand Slam final appearance, nine years after her first at the US Open in 2009.

The 27-year-old rose to the top of the world rankings in 2010 but has only made the title match at a Grand Slam once since then, also at Flushing Meadows in 2014.

Mertens, in only her fifth Grand Slam appearance and Australian Open debut, signaled her intent to attack from the start, standing inside the baseline to receive Wozniacki’s second serve. — Reuters/AFP

Filinvest-JG Summit proposal for Clark airport to go before ICC

THE GOVERNMENT may rule on the unsolicited proposal of Filinvest Development Corp. (FDC) and JG Summit Holdings, Inc. (JGS) for the long-term development of Clark International Airport (CIA) by the end of the month.

Bases and Conversion Development Authority (BCDA) Vice-President and Chair of the Special Bids and Awards Committee Joshua M. Bingcang said the BCDA is currently awaiting the decision of the National Economic and Development Authority (NEDA) which will likely be ready before the month ends.

“The ICC [Investment Coordination Committee] will decide. We are awaiting the policy of the economic managers,” Mr. Bingcang said in a phone interview, though he did not discuss the recommendation of BCDA or the Department of Transportation (DoTr).

FDC and JG Summit submitted in November an P839-billion proposal for the long-term development of the airport, which includes the expansion of terminals and runways, along with the operation and maintenance of passenger terminals.

The companies also proposed to develop, operate and maintain the commercial assets of the CIA, which include facilities for general aviation and fixed-base operations, and real estate.

FDC and JGS tapped Singapore’s Changi Airports International as the technical partner for the project.

DoTr Secretary Arthur P. Tugade told reporters earlier this month that the department has submitted its decision to NEDA and is awaiting the agency’s approval.

The consortium has said that its new proposal is different from its earlier P186.64-billion proposal for the expansion of CIA’s passenger terminal building.

At that time, the DoTr rejected the unsolicited proposal and opted to build the infrastructure, and bid out the operations and maintenance contract to the private sector.

The government awarded the contract for the construction of the new terminal building to the consortium of listed builder Megawide Construction Corp. and Bangalore-based airport operator GMR Infrastructure Ltd.

The consortium submitted the lowest financial proposal of P9.36 billion in an auction on Dec. 14, which is about 25% lower than the P12.55-billion auction ceiling, beating four other contenders.

Clark International Airport has long been singled out as a potential alternative gateway to Ninoy Aquino International Airport, which accommodated over 39.5 million passengers in 2016, well above its 30.5 million designed capacity. — Patrizia Paola C. Marcelo

1...11,56211,56311,564...12,679Page 11,563 of 12,679
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube