Facebook Instagram Linkedin X Youtube
Home Blog Page 11569

Coronation or extension?

By Michael Angelo S. Murillo
Senior Reporter
THE best-of-seven Philippine Basketball Association Governors Cup finals series hits Game Six today with one team going for the jugular and another out to stay alive and force a rubber match.
Series-leading Magnolia Hotshots Pambansang Manok, 3-2, look to complete their trek back to the champions spot with a victory over the Alaska Aces today in their scheduled Game Six match at 7 p.m. at the Ynares Center in Antipolo City.
Alaska, on the other hand, tries to live to fight another day and send the series to a winner-take-all on Friday.
The Hotshots, seeking their first PBA title in 12 conferences, put themselves in a position of command after fashioning out a gutsy 79-78 victory in Game Five on Dec. 14.
Paul Lee played the hero by hitting what turned out to be the game-winning basket with 1.3 seconds left on the clock.
The game-winner capped what was a very competitive match that saw both teams going all-out to get the victory.
Despite getting the crucial edge heading into today’s game, Magnolia knows that Alaska will not just roll up and die and is expecting a very tough challenge from the Aces.
“It is going to be hard next game because it’s a closeout game. In basketball it’s common knowledge that it is the toughest of games. We need to prepare for the next game but also we should be mindful not to put too much pressure on ourselves and just play our game,” said the best player of the conference, who finished Game Five with 11 points and 10 rebounds to go along with his game-winner.
Magnolia coach Chito Victolero, too, is not celebrating just yet, recognizing that they still need to work and get the title.
“We are happy with the victory. But the work is not over for us. We should not be content with this win [in Game Five]. We must avoid complacency heading into Game Six and stay hungry and prepared,” said Mr. Victolero, who is in search for his first PBA title.
DETERMINED TO STAY ALIVE
Alaska, for its part, is not giving up its fight and is determined to stay alive and keep its chances going for first PBA title since winning the 2013 Commissioner’s Cup.
“We treat every game like a do-or-die situation. I ride with my guys until the end,” said Alaska import Mike Harris as he looked forward to Game Six.
The import, who finished the last game with 20 points and 28 rebounds, highlighted the need for them to come out swinging right from the start to put them in a better spot to see their goal of extending the finals series through.
It is a position that Alaska coach Alex Compton agrees with, saying, “If you will ask me, we lost in the first half [of Game Five]. We did not have what we showed in the second,” said Mr. Compton, who nonetheless praised the effort that his players showed in the previous game.
Like his counterpart in Magnolia, Mr. Victolero, the Alaska coach is also seeking his first championship in the PBA.

Fil-Chinese teener Capito stuns world no. 1 Kaci to reach final 16

By Ted Lerner
WPA Media Officer
DOHA, QATAR — Up until the very last moments of the round of 32 today, this year’s World 9-ball Championship was notable for its lack of upsets that always seem to be a hallmark of this annual 9-ball extravaganza. That is until Robbie Capito decided he wasn’t going away quietly.
Robbie Capito? Yeah, don’t be surprised that you haven’t heard of him. Not many outside of his native Hong Kong have. But this cool headed and fearless 17-year-old of Filipino descent pulled off what is easily the biggest upset of this year’s championship, and one of the biggest we have seen in years here in Doha, when he came back from certain defeat and took down the world number one, Klenti Kaci, 11-10, to move into the final 16.
Only minutes before, Capito looked like he would be exiting the Al Arabi Sports Club as unknown as he was when entered at the start of his match. He trailed the mighty Albanian 7-1. He then slowly clawed his way back into the match, but it didn’t quite seem enough. Down 10-8, surely the steady Kaci would close out the match and move into the round of 16 on Wednesday.
Capito, who had earlier defeated Lebanon’s Mazen Berjaoui in the round of 64, never gave up, and he tied the score at 10 all. Breaking in the final frame and clearly under duress, he held his nerve and closed out the rack to notch an unlikely win, and an even more unlikely spot in the final 16 at the World 9-ball Championship.
Capito, who speaks four languages and is still in high school, will now go on to face Germany’s Joshua Filler when the tournament resumes on Wednesday. (The tournament will have a day off on Tuesday as Qatar celebrates its National Day). The Hong Kong native will have to reach into his bag of tricks to stop the flashy young German, as Filler has looked unstoppable so far. The German played his trade marked fast and loose style in two easy wins so far, first against Greece’s Nikolas Malaj and then Vietnam’s Nguyen Anh Tuan.
If you like the youth movement in pool, you certainly want to pay attention to another 17-year-old who has been turning heads this week. Like Capito, Poland’s Wiktor Zielinski is still in high school and can boast world class talent. The young Pole proudly displayed his formidable wares today in two solid wins, first against fellow Pole Tomasz Kaplan, and then the Philippines Johann Chua.
It will surely be fascinating to watch how Zielinski handles the likes of Albin Ouschan in the round of 16. The Austrian, who won this event in 2016, is playing top notch pool and looks impervious to the pressure. Ouschan’s two strong wins today showed he has the goods to go all the way this year.
Defending champion Carlo Biado stayed on track to defend his title, and he is also now the only Filipino left in the field. After two wins today Biado will engage in a fascinating matchup in the last 16 against former world 9-ball champion, and China’s last hold out, Wu Jiaqing.
America’s Shane Van Boening continued his march through the field today with two steady wins. Van Boening played with his characteristic laid back style, but always on point when he needed to be. After losing in the final here in 2015 and 2016, the American seems to be carrying a bit of a chip on his shoulder. It’s victory on nothing for Van Boening, and with the way he is performing now, he could be considered the favorite.
SVB, though, will first have to get through a red hot Chris Melling of England in a match that already has pool fans around the world salivating. Melling played in his usual swashbuckling in his two victories today but will have to step it up several notches to take down the determined Van Boening.
Corey Duel is the only other American remaining in the field. The veteran always plies his trade in characteristic quiet and laid back fashion and this week, these traits have served him well. Duel earned his spot in the final 16 with two workmanlike performances first against Canada’s John Morra and then versus Spain’s Francisco Diaz Pizarro.
Duel, though, hasn’t yet faced anything like what he will be up against on Wednesday when he matches wits with Taiwan’s Ko Pin Yi. Ko, who won the China Open this year and won this event in 2015, hammered compatriot Liu Ri Teng in the round of 64, 11-5, then did it one better to Korea’s Woo Seung Ryu, 11-4.
The Taiwanese are proving yet again that they are arguably the world’s strongest pool playing nation with a quarter of the final 16. It will be an all Taiwan matchup when Lin Ta Li takes on world number two, Chang Jung Lin. Chang had struggled in the group stages but shook off the rust today and looked his old killer self. In the round of 32 he disposed of hall of famer Ralf Souquet, 11-6.
Lin Wu Kun’s beautiful cue action led him to the semi-finals here last year and this year he appears to feel he can get there again or even more. Lin had to scrape his way into the final 16 in an 11-10 nail biter against China’s Liu Haitao.
Lin will face Finland’s suddenly red hot Petri Makkonen. The hard working Finn put in a tremendous effort today with wins over Filipino Jeffrey Ignacio, 11-9, then young Russian Fedor Gorst, 11-8.
World number six Niels Feijen has that same look he had when he marched to the crown here in 2014. The Dutchman looked untouchable in his two big wins today and he is admittedly confident and playing without pressure. In the round of 16 he’ll have to square off with his Mosconi Cup teammate Alex Kazakis. The Greek grinded out two tough wins today, first 11-10 over Poland’s Radislaw Babica, then over Finland’s Casper Matikainen, 11-9.
After a day off where the country celebrates the Qatar National Day, play resumes on Wednesday, Dec. 19 at 11 a.m. Doha time (GMT +3).
The winner of the 2018 World 9-ball Championship will receive $40,000. The runner up will receive $20,000. The total prize fund is $200,000.

James Dolan reportedly open to selling New York Knicks and New York Liberty

NEW YORK — James Dolan is selling the New York Liberty and the owner of the New York Knicks and Rangers would listen if bidders wanted to make a run at his NBA and NHL franchises.
Dolan, 63, serves as chairman of Madison Square Garden and told ESPN of recent feelers from suitors for the Knicks’ franchise exceeded $5 billion. However, he said no one has come through with what he described as “a bona-fide offer.”
Should that certified offer arrive, Dolan said he owes it to shareholders to vet the opportunity.
“You have a responsibility as the guy who runs the place to deliver on that for them, that’s being open and transparent,” Dolan said. “And so in that position, I could never say that I wouldn’t consider selling the Knicks.”
PACERS AGM
Kelly Krauskopf was named assistant general manager of the Indiana Pacers.
She is the first female assistant general manager in NBA history. Krauskopf spent the past 19 seasons as the top executive of the WNBA’s Indiana Fever, which reached the playoffs 13 times during her tenure.
“As the architect of one of the WNBA’s most successful franchises, Kelly is a true pioneer in our sport,” Pacers owner Herb Simon said. “I’ve worked with Kelly over the past two decades, so I know her tremendous basketball mind, strong work ethic and proven leadership skills will continue to be of great benefit to our organization.”
ARIZA
Trevor Ariza is officially a member of the Washington Wizards after passing his team physical.
An ill-fated, three-way trade involving the Memphis Grizzlies and Phoenix Suns fell apart on Friday before the Wizards and Phoenix Suns engaged to pull off the deal involving Kelly Oubre Jr. and Austin Rivers for Ariza. The 15-year veteran Ariza has 102 games of playoff experience and played for the Wizards from 2012-14. — Reuters

PBA Rookie Draft pick Job Cariaga: Burden of proof

By Michael Angelo S. Murillo
Senior Reporter
AMONG the players selected late in the recently held Philippine Basketball Association Rookie Draft, Al Josef Benedict “Job” Cariaga knows that he still needs to prove that he belongs with the big boys in Asia’s first play-for-pay league.
But the Filipino-Canadian player said he is up for it, believing he has the talent to hold his own which he intends to complement with the right work ethic to be a success as a professional player.
The six-foot guard Cariaga, who played for the AMA Online Education Titans and Zark’s Burger Jawbreaker in the PBA Developmental League, was picked in the fourth round by the Rain or Shine Elasto Painters. He was the 39th pick overall and third to the last selected.
Mr. Cariaga, who hails from Calgary, Alberta, Canada, said he was a bit surprised that he fell late in the draft but nonetheless was not worried of not being selected.
“I wasn’t really that worried because I know I have the talent to play in the PBA. Maybe I was just competing with big names in the draft that’s why I fell in the draft. But I’m just blessed that Rain or Shine gave me a chance to be part of the team,” said Mr. Cariaga in an interview with BusinessWorld immediately after the rookie draft on Dec. 16 at the Robinsons Place Manila in Ermita.
The Fil-foreign guard recognizes that to be picked in the rookie draft is one thing and to make it to the final roster of the team is another, which is why he is very determined to go all out to be able to make the cut.
“I’ll just come to practice confident. When you come in late in the draft you have to go out there with a first-round mindset and prove that you belong in the league. Of course, I have to have fun as well because at the end of the day it’s just basketball, right?” he said.
With Rain or Shine, Mr. Cariaga thinks he fits well even as he said that he is looking forward to learning from the veterans of the team and eventually making a name for himself.
“I like how Maverick Ahanmisi plays. Obviously the big names there like James Yap, players I look up to growing up. But I intend to make a name for myself in Rain or Shine,” said the newly drafted rookie, talking about what excites him about playing for the Elasto Painters.
Asked what he would bring to the team, Mr. Cariaga said he would strive to make his mark on defense.
“Rain or Shine fans can expect a lot from me especially on defense. I don’t have to score that much because there are a lot of scorers in the league. Even those not drafted today can score. I have to be selfless, do the dirty work and give my all to help the team,” said Mr. Cariaga.
Apart from Mr. Cariaga, other picks by Rain or Shine from the rookie draft were Javee Mocon (6th), Paul Varilla (13th), Robbie Manalang (19th), and Harold Ng (20th).

Gay, Aldridge carry Spurs past 76ers; Suns beat Knicks

LOS ANGELES — Rudy Gay had 21 points and LaMarcus Aldridge added 20 points and 10 rebounds as the host San Antonio Spurs routed the Philadelphia 76ers 123-96 on Monday to win for the fifth time in six games.
The Spurs led by 12 at halftime but broke open the game in the middle of the third quarter via a 15-0 run that expanded their advantage to 79-53. Gay had 11 points in a period that allowed San Antonio to build as much as a 26-point lead and take a 93-71 cushion into the final 12 minutes.
The fourth quarter was all but academic, with the 76ers showing fatigue while playing the second game of a road back-to-back that started Sunday afternoon in Cleveland. The Spurs, meanwhile, were hitting on all cylinders, recovering from a Saturday loss to Chicago in which they led by 21 points midway through the third quarter.
DeMar DeRozan poured in 20 points and Davis Bertans added 16 for the Spurs. San Antonio outshot the 76ers 56.3 percent to 40.8 percent and made 16 of its 17 free throws.
JJ Redick and Ben Simmons led Philadelphia with 16 points each, while Joel Embiid added 13 points and 11 rebounds. Mike Muscala scored 11 points and Wilson Chandler scored 10 for the 76ers, who have lost three of their past four games.
Philadelphia led throughout the first quarter by as many as nine points and still held a 36-32 advantage after a Jimmy Butler dunk with 10:40 to play in the second period. But that’s when the Spurs found their groove, rattling off an 9-0 run over the ensuing three minutes to pull ahead at 41-36. Bertans’ 3-pointer with 28.5 seconds to play in the quarter gave San Antonio a 60-49 lead entering the break.
DeRozan led all scorers with 16 points at the half.
SUNS SURGE PAST KNICKS
T.J. Warren scored 17 of his 26 points in a dominating third quarter and the Phoenix Suns opened a season-high five-game road trip by routing the New York Knicks in a 128-110 victory on Monday night.
Devin Booker led the Suns with 38 points in his second game back from a hamstring injury, but it was Warren who helped the Suns turn things around after halftime.
DeAndre Ayton had a double-double of 21 points and 13 rebounds, while Josh Jackson (14 points) and Richaun Holmes (13) also finished in double figures for Phoenix.
Emmanuel Mudiay led the Knicks with 32 points while rookie Kevin Knox added 13 of his 17 points in the first quarter. Mario Hezonja (14 points), Enes Kanter (13) and Courtney Lee (12) also finished in double figures for New York, which was outscored, 66-59, after halftime.
Warren started off by missing five of his first six shots and had two points at halftime. He made 7 of 8 shots when the Suns blitzed the Knicks with a 41-17 third quarter. Warren hit three 3-pointers and dunked twice during the span.
The Suns never trailed after Warren knocked down a 3-pointer with 4:37 remaining to make it 82-79. Phoenix surged to its first double-digit lead at 93-83 on two free throws by Jackson with 1:41 left in the quarter and carried a 100-83 lead into the fourth.
The Suns’ Jamal Crawford set a career-high with 14 assists, eclipsing his previous career high of 12 set three times, most recently on March 15, 2005, with the Knicks.
The Knicks lost for the ninth time in 11 games and played without leading scorer Tim Hardaway Jr., who was a late scratch with a sore right heel.
After falling well behind, the Knicks made a slight dent in the lead as a 9-0 run made it 109-95 on a 3-pointer by Hezonja with 7:11 left. Booker scored the next six points before Warren hit a 19-footer and a 3-pointer to make it 120-105 with 2:50 left. — Reuters

Christmas sports wishes

In less than week we will be celebrating Christmas; a time to be merry and excited with family and friends and to reflect on life.
Wishes also abound during this time of the year, which this writer would not let pass without sharing his.
Among this space’s Christmas sporting wishes is for Gilas Pilipinas to make it to consecutive FIBA Basketball World Cup appearances.
As we all know, the Philippine men’s national basketball team has gone through a lot in 2018 — from an infamous brawl to suspensions to personnel changes to tough losses.
It remains to be seen if we get to book a spot in the 2019 World Cup in follow-up to the Philippines’ 2014 stint in the tournament, but Gilas is still in the running and could advance if it plays the cards it has been dealt with well in the next window of the qualifiers.
I am sure this is not only my wish but also that of any basketball-loving Filipino, who has witnessed the struggles and triumphs of the team in the last decade.
Another is for the local football scene to be vibrant anew.
The Philippine Azkals made noise of late with a spirited run in the AFF Suzuki Cup that saw them advance to the semifinals after failing to get past the group stage of the tournament in 2016.
Their new coach Sven-Goran Eriksson has many excited of the promise of the team moving forward which is well and good for the nationals.
The young Philippines Football League had its solid moments this year but recently received bad news that one of the teams competing in the league, Davao Aguilas FC, had decided to cease from playing in the PFL, following other teams which have left previously.
But the league has reportedly been rebranded as the Philippine Premier League and proponents of it affirmed their commitment to help the league, and the sport in general, grow, which is something football fans in the land are holding on to.
I also wish football stakeholders here, particularly the fans, would really do their part in supporting the local football league.
Enough of pitying on how football is being “left out” in a basketball country, albeit I encourage them to continue calling out officials when they see something wrong to keep these regulators on their toes.
The fans should go out there in the venues and support their teams to help raise the appeal of football among owners and potential sponsors.
The Philippines will host the Southeast Asian Games in 2019, an event I wish to be a rousing success.
Previously the government contemplated backing out from, but it is seemingly all systems go now less than year before it officially happens.
Venues are being built for it while some are being renovated and readied to be at par with the standards.
Officials are touting it to be a big one in more ways than one, with 56 sporting events, and are leaving no stone unturned in the preparation.
If we pull this off accordingly, the better it is for the country both from a sports and non-sports perspective.
And, yes, I am hoping we get the overall championship.
Being a product of the University of the Philippines, another wish of mine is for the Fighting Maroons to win another title in the University Athletic Association of the Philippines.
We had a good run in Season 81, making it all the way to the finals before bowing to Ateneo de Manila University.
Nonetheless, it was a special season for UP basketball that had the entire community coming together to support it.
Looking forward to a breakthrough year in Season 82, with added fire power, and ending a three-decade championship drought.
Lastly is for Filipino combat sports athletes to continue flourishing next year.
Boxing great Manny Pacquiao became champion anew in 2018 while Jerwin Ancajas continued with his ascent.
Mixed martial arts fighters Eduard Folayang, Geje Eustaquio, Kevin Belingon, Joshua Pacio, and Stephen Loman are all champions, too, in various organizations while Filipinos athletes in jiu-jitsu, wrestling, wushu and other martial arts have done well as well.
Combat sports are seemingly good and fit the Filipinos and here is hoping more of our countrymen join the champion ranks and succeed.
Merry Christmas, dear readers! And may all our wishes come true.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@bworldonline.com

Vote of confidence

Per ESPN, the Thunder have picked up their option on the last year of head coach Billy Donovan’s contract. Needless to say, it’s a vote of confidence on the way the former Gators mentor has steered their campaigns since he arrived on the scene in 2015. There were plenty of rough moments, but more highs than lows, and not simply because he had at his disposal a roster deep in talent. Once he got the hang of the tendencies of his charges, he went about instituting a system designed to maximize their specific skill sets, to significant success.
True, Donovan’s cause depends in large measure on the willingness of top player Russell Westbrook to toe the line. In previous seasons, the latter has been both the Thunder’s greatest asset and biggest weakness, intensely bent on winning but prone to flights of individual fancy that went either way. So far through the 2018-19 campaign, however, he has managed to rein in the negative proclivities of his brightest star, taking pains to underscore that supernovas reach unparalleled peaks, but die out fast — not quite the ideal for a franchise bent on moving to the top and then staying there.
Certainly, the numbers show the strides Donovan has made year on year. Apart from so far steering the Thunder to within a game of first place in the highly competitive West, he has managed to get his charges subscribing to collective objectives. Westbrook is still Westbrook, a triple-double machine who starts the offense but, unlike before, doesn’t necessarily end it. If anything, it can be argued that the closer role has been taken over by Paul George, currently second in ESPN’s telling “RPM wins” metric.
And so the Thunder went about cementing their relationship with Donovan. They could have waited until the end of the season to do so. Instead, they got rid of any worries he might have had about his future and thereby allowed him to keep his focus on the team’s goals. And because he’s signed on until 2020, he has effectively chucked the lame-duck status that could have undermined his leadership. As it stands, Westbrook, George, and the rest have bought in, ensuring for him commitment from above and below. It’s now up to him to reward the trust with results.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

The Cross Collection for Scuderia Ferrari makes a perfect holiday gift

We never run out of our need for something to write with. Whenever we have a sudden idea in mind, an important item or task to take note of, or a thoughtful letter to send, the pen is a very powerful instrument, like handling a magic wand. If you still wonder what to give this Christmas, why not make your presents more special by giving your loved ones and yourself a worthwhile treat — something worth using and treasuring for years?
Christmas is a great time to give the perfect gift with the fresh Cross Collection made by craftsmanship icon Cross in collaboration with Formula 1™ racing team Scuderia Ferrari. Drawing inspiration from the spirit of the distinguished racing team that has captured the world’s imagination, Cross has created a thrilling collection of exclusive fine writing instruments and gift sets suitable not just for Ferrari fans alone, but for everybody who loves to write as a task or as an art.
The Cross Collection for Scuderia Ferrari is worth your eye’s gaze and your hand’s grasp for its head-turning design and finely-tuned performance. Each pen stands out for its aerodynamic silhouettes with hand-polished finishes inspired by bold Scuderia Ferrari signature colors of Rosso Corsa Red, Modena Yellow, Polished Metal, and Glossy Black. Plus, each finish is coupled by a custom-designed clip inspired by the nose and cockpit of a Formula 1™ racecar as it bears an authentic Scuderia Ferrari emblem.
In this collection, Cross’ elegant craftsmanship and performance-ensuring engineering deftly collaborate to bring authentic Scuderia Ferrari racing design details to the iconic Cross Townsend, Century II, and Classic Century profiles.
Inside the sleek Cross Townsend Collection for Scuderia Ferrari are pens available in Glossy Black Lacquer, Glossy Rosso Corsa Red Lacquer, and Brushed Black Etched Honeycomb Pattern.
Meanwhile, Cross Century II Collection for Scuderia Ferrari expresses all the speed and excitement of Formula 1™ racing with the Glossy Rosso Corsa Red, Polished Chrome, and Glossy Black Lacquer pens.
Lastly, Cross Classic Century Collection for Scuderia Ferrari authentically bears the Scuderia Ferrari soul with pens in Matte Modena Yellow Lacquer, Matte Black Lacquer, and Matte Rosso Corsa Red Lacquer.
Each finish of the three collections is available in ballpoint, rollerball, and fountain pen.
Regardless if you are a fan of racecars or not, this collection wraps the excitement of Scuderia Ferrari into a stunning writing instrument that fits like a glove as it races across any page. The Formula 1™ racing soul lives within each writing instrument in this officially licensed collection.
The Cross Collection for Scuderia Ferrari is available in Rustan’s and selected Scribe stores nationwide.
For more information, visit www.newtrends.ph/cross or connect thru www.facebook.com/crossphilippines.

Overseas Filipinos’ cash remittances (October 2018)

MONEY sent home by overseas Filipino workers (OFWs) grew by its fastest clip in six months in October, according to data the Bangko Sentral ng Pilipinas (BSP) released on Monday, prompting analysts to expect household spending that fuels overall economic growth but whose growth has slowed lately to have picked up this quarter. Read the full story.
Overseas Filipinos’ cash remittances (October 2018)

Oct. remittance data bare GDP boost

By Elijah Joseph C. Tubayan
Reporter
MONEY sent home by overseas Filipino workers (OFWs) grew by its fastest clip in six months in October, according to data the Bangko Sentral ng Pilipinas (BSP) released on Monday, prompting analysts to expect household spending that fuels overall economic growth but whose growth has slowed lately to have picked up this quarter.
OFW cash remittances increased by 8.7% to $2.474 billion in October from $2.275 billion a year ago. The latest inflows were also 10.59% more than the $2.237 billion logged in September.
“The top countries that contributed to the increase were the United States (US), Canada, and Taiwan,” the BSP said in a statement accompanying the data.
“Cash remittances from… land-based ($18.7 billion) and sea-based ($5 billion) workers grew by 2.8% and 4.2% year-on-year, respectively.”
October inflows brought year-to-date cash remittances to $23.768 billion, 3.1% more than the $23.06 billion recorded in last year’s comparable 10 months.
The 10 months to October saw the US, Saudi Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Canada, Germany and Hong Kong accounting for 79% of cash remittances.
For Michael L. Ricafort, economist at the Rizal Commercial Banking Corp. (RCBC), OFWs sent more cash to help their families cope with fast increases in prices of widely used goods and at the same time to take advantage of the peso’s weakness.
“Higher prices of goods and services may have required greater amount of OFW remittances needed to be sent back home and converted to pesos, assuming all other factors are the same,” Mr. Ricafort said in an e-mail when sought for comment.
October saw the second straight month of nine-year-high 6.7% inflation, before the pace eased to six percent in November.
Mr. Ricafort also recalled that global oil prices hovered around four-year highs in October, “thereby could have increased the demand for OFWs at that time for host countries that heavily depend on oil revenues (such as for large infrastructure projects), especially host countries in the Middle East, where there is a large concentration/demand for OFWs.”
The peso was trading at the P54-per dollar level from the start of October until the middle of that month, before it tapered to P53.535 at the end of the month. Mr. Ricafort said that made it “attractive to… convert more OFW remittances to get more peso proceeds after waiting for the US dollar/peso exchange rate to top out/reach the peak.”
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc. (UnionBank), said in a separate e-mail that the increase in OFW cash remittances was to be expected as Christmas approached.
“The 8.7% growth level is a good sign for end-year cumulative remittances. The usual seasonal push is driving this growth. OFWs are sending for Christmas spending of households… This definitely bodes well for year-end remittance growth numbers. I expect a stronger inflow in the coming months driven by Christmas season OFW household spending,” he said.
The third quarter saw household spending growth slowing to 5.2% from 5.4% in the same three months last year, and from 5.9% in the second quarter, which was blamed on high inflation.
State economic managers have said that they were “concerned” about the slowdown. Household consumption contributed about 67.18% to gross domestic product (GDP) in 2018’s first three quarters, according to Philippine Statistics Authority data.
At the same time, economic planners have expressed satisfaction that growth is increasingly fueled by investments. Among others, fixed capital formation grew 16.5% last quarter, slower than the preceding three months’ 21.2% increment but still bigger than the year-ago 7.8%.PSA data also showed government spending growth picking up to 13.1% in the first three quarters from 5.5% a year ago.
Hence, both economists expect that household spending could help push up GDP growth this quarter.
“It definitely can be a catalyst,” UnionBank’s Mr. Asuncion said.
“As almost always, household consumption has helped buoy economic growth. It is expected that there will be an uptick in household spending in Q4 because of inflation easing and Christmas spending.”
For RCBC’s Mr. Ricafort, “[r]elatively stronger growth in OFW remittances could continue to sustain up to the following month (November 2018), partly due to lower base/denominator effects and the growth could taper by December 2018 partly due to higher base/denominator by then.”
The economy grew by 6.1% in the third quarter, averaging 6.3% year to date against the government’s current 6.4-6.9% GDP growth target for whole-year 2018 that was revised down from a 7-8% initial projection.
Overseas Filipinos’ cash remittances (October 2018)

House measure seeks to form office to monitor, push priority infrastructure

A BILL establishing a one-stop shop for priority infrastructure projects has been filed at the House of Representatives.
House Bill No. 8755, authored by Quirino Rep. Dakila Carlo E. Cua, intends to fast-track infrastructure project planning and construction. “The one-stop shop facility shall facilitate all necessary procedures and communications with all relevant implementing agencies, government agencies, and contractors,” Mr. Cua said in an explanatory note.
The office, to be led by a project manager who will be appointed by the President with the rank of undersecretary, will prepare timetables for priority infrastructure projects, monitor and ensure related activities follow their respective timetables, facilitate processes and securing of requirements from all relevant state agencies, acquire right of way including through exercise of power of eminent domain, serve as contractors’ contact when dealing with state offices, and recommend actions to the President to resolve bottlenecks and other issues hindering project progress.
Sought for comment, Philippine Chamber of Commerce and Industry Chairman George T. Barcelon said in a telephone interview: “I think we need an agency to prioritize what are the infrastructure projects that would be most beneficial.”
“It’s very important that there are regional developments, such as farm-to-market roads, irrigation projects and maybe with an agency like that, they can be more responsive to some of the needs of the other regions.”
The government has embarked on an infrastructure program that will see some P8 trillion spent till 2022, when President Rodrigo R. Duterte ends his six-year term. — C. A. Tadalan

DoF still banks on watered-down tax amnesty program to deliver

THE DEPARTMENT OF FINANCE (DoF) remains hopeful that an impending tax amnesty program that has been ratified by Congress — but without two provisions initially designed to help verify claims made by delinquents in their applications — will grow the ranks of taxpayers in the country.
Congress ratified the tax amnesty measure last week which provides relief for those with unpaid national taxes for years up to 2017. It is now up for signature by President Rodrigo R. Duterte.
The final ratified version did not contain provisions to relax bank secrecy restrictions that would have helped verify whether participating individuals and business would be truthful about asset and other declarations that would be the basis for amnesty payment, as well as for automatic exchange of information (AEoI) with foreign tax authorities to help detect cross-border tax evasion and money laundering.
“We hope relevant taxpayers, and those who are currently non-taxpayers, will come out of the woodwork and avail of the generous amnesty provisions,” Finance Assistant Secretary Antonio G. Lambino II said in a mobile phone message on Saturday, even as he added: “… [w]e regret not having the provisions on the lifting of absolute bank secrecy and AEOI in the bill.”
“While the bill was supposed to allow taxpayers a fresh start via amnesty, it was also meant to signal a more aggressive fight against tax evasion. Those two missing provisions would have been formidable tools to detect and go after tax evasion.”
Legislators and tax experts said that inclusion of the said measures would have violated the Constitutional provision that a law must have only one subject matter.
The DoF has argued that the deleted provisions were integral parts of the program.
The House of Representatives Ways and Means committee leadership has said that it is open to filing another bill containing the deleted provisions and will wait for DoF to propose a draft.
Only the first of up to five planned tax reform packages has been enacted so far which cuts personal income tax rates and either increases or adds levies on various items.
President Rodrigo R. Duterte had asked for legislative approval of all the other packages by yearend, since lawmakers are expected to be increasingly distracted by campaigning for the May 13, 2019 mid-term elections.
Congress is currently on a Dec. 15, 2018-Jan. 13, 2019 break and its resumed session on Jan. 14-Feb. 8 is not expected to be as productive due to election campaigning, while the May 20-June 7 session is expected to see poor attendance in the aftermath of the polls.
The remaining tax reform packages involve corporate income cuts and removal of redundant fiscal incentives; higher taxes on minerals, tobacco and alcohol; a universal property valuation system as well as rationalization of taxes on financial instruments.
Although the main objective of tax amnesty is to grow the tax base, the DoF had expected the program in its original version to generate P41 billion in additional revenue, and only P26 billion without the easing of bank secrecy and the AEoI.
The last amnesty program was in 2008 from which the government raised P4.91 billion. Prior to that, there were 17 offers since 1972.
The latest planned program imposes an amnesty charge equivalent to a portion of taxpayers’ outstanding unpaid taxes in exchange for immunity from civil, criminal and administrative penalties. It will cover unpaid estate tax, other national taxes as well as delinquency in specific circumstances. Taxpayers will be given a year from issuance of implementing rules to avail of amnesty, except in the case of estate tax amnesty for which interested parties will be given two years to avail. — Elijah J. C. Tubayan

1...11,56811,56911,570...14,236Page 11,569 of 14,236
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube