Facebook Instagram Linkedin X Youtube
Home Blog Page 11825

Eddie Alvarez excited over new challenges in ONE Championship

NOW part of Asia’s biggest sport media property ONE Championship, former lightweight champion Eddie “The Underground King” Alvarez said he is very excited over his about-to-begin new journey even as he said he was happy with the decision he described as “well-made.”
Officially signed with ONE early this week, Mr. Alvarez, 34, a champion fighter with Bellator and the Ultimate Fighting Championship (UFC), is set to showcase his top-notch skills under the Singapore-based promotion after inking a multi-bout deal.
“Really exciting time for me and everyone in my team. It was a decision well-made and professionally done by ONE and we really appreciate that. I’m looking forward to competing with the best lightweights in the world through ONE,” shared Mr. Alvarez to global media in a conference call on Thursday morning (Manila time).
“I pride myself in giving my all and that is something I bring to the table. I’m really excited. It is going to be a fun adventure,” he added.
Mr. Alvarez (29-6, one no contest) was last seen in July this year in his rematch with Dustin Poirier in the UFC where he lost by way of technical knockout in the second round (punches and elbow).
After the defeat, which was his last fight under his recent UFC contract, Mr. Alvarez was left unsigned, opening the doors for other promotions, including ONE, to sign him up.
Philadelphia native Alvarez said the opportunity to make history in winning a world title in another major promotion was one of the factors that lured him into signing up with ONE.
“Not going to many details but I had a lot offers around the world. We got offers from just about everyone you can think of and everyone expressed interest,” said Mr. Alvarez during the hour-long media conference.
“But the idea of ONE Championship [interested me] because as far organizations it is something I have not had a world title in. I won in Bellator twice and also won in the UFC. ONE Championship is a world organization that I haven’t held a world title. And for myself and my family, as well as my fans, it means a lot to make history. To go in every major organization and succeed is something I am excited about. And I am up for it,” he added.
In Bellator, Mr. Alvarez (29-6, 1 no contest) won the lightweight title in 2009, holding it for two years.
He was once again crowned champion in 2013 when he won over Michael Chandler by split decision.
Mr. Alvarez then moved to the UFC after where he beat the likes of Gilbert Melendez and Anthony Pettis before taking the lightweight title from Rafael Dos Anjos by way of technical knockout (punches) in the opening round of their title clash in July 2016.
He was to lose the title though four months later to Conor McGregor. — Michael Angelo S. Murillo

Davis, Payton send Pelicans flying past Rockets

LOS ANGELES — Anthony Davis had 32 points and 16 rebounds, and Elfrid Payton had a triple-double as the retooled New Orleans Pelicans routed the host Houston Rockets 131-112 in the season opener for both teams Wednesday night.
Payton, one of two key offseason acquisitions, had 10 points, 10 assists and 10 rebounds, and the other key pick-up, forward Julius Randle, had 25 points off the bench.
Payton was brought in to replace point guard Rajon Rondo, who signed as a free agent with the Lakers, and Randle replaced All-Star forward DeMarcus Cousins, who signed with the Warriors, as New Orleans tried to assemble a group to surpass last season’s team, which finished sixth in the West and lost to Golden State in the conference semifinals.
Nikola Mirotic added 30 points, including 6 of 8 3-pointers, and 10 rebounds, E’Twaun Moore scored 21 points and Jrue Holiday had 10.
The Rockets didn’t look like a team ready to match or surpass last season, when they had the NBA’s best record and took the Warriors to seven games before losing in the West finals.
Eric Gordon came off the bench to lead the Houston with 21 points, PJ Tucker and Chris Paul had 19 points each, James Harden had 18 — 12 fewer than he averaged while earning the MVP award last season — and 10 assists, and Michael Carter-Williams had 10 points.
Carmelo Anthony came off the bench in his Houston debut and finished with nine points.
New Orleans had a 17-point halftime lead after shooting 61.7 percent in the first half, and the Pelicans didn’t cool off to start the third quarter.
Mirotic made three 3-pointers and Moore added one as five Pelicans contributed points during a spurt that produced a 97-68 lead.
Gordon made a basket, and Carter-Williams hit a 3-pointer to start a 16-4 run that pulled the Rockets within 101-84 at the end of the third quarter.
Another basket by Gordon started the fourth-quarter scoring, but New Orleans scored the next six points to take a 107-86 lead.
The Pelicans led by as many as 11 points during the first quarter and finished the period with a 35-29 lead as Davis and Mirotic each had 10 points.
Houston matched New Orleans’ scoring for most of the second quarter before the Pelicans finished with a 16-5 run that saw five players score.
New Orleans held a 71-54 halftime lead as Davis had 18 points, Randle had 17, and Mirotic 15.
DEROZAN LEADS SPURS PAST BUTLER, WOLVES
DeMar DeRozan scored a game-high 28 points in his San Antonio debut, and four of his teammates scored in double figures as the host Spurs held off the Minnesota Timberwolves 112-108 Wednesday in one of 11 of the night’s season openers.
DeRozan, acquired in the offseason trade that sent Kawhi Leonard to Toronto, scored the final four points of the game after Minnesota rallied for a 108-108 tie on Jimmy Butler’s 3-pointer in the final minute.
LaMarcus Aldridge added 21 points and a game-high 19 rebounds for the Spurs, who also received 18 points from Rudy Gay.
Butler, who was away from the team for much of the preseason after requesting a trade, was in the starting lineup and scored 23 points in 31 minutes. Jeff Teague led the Timberwolves with 27 points, and Andrew Wiggins added 20.
RAPTORS 116, CAVALIERS 104
Kawhi Leonard scored 24 points and grabbed 12 rebounds in his Toronto debut in defeating visiting Cleveland.
Kyle Lowry had 27 points and eight assists for the Raptors. Fred VanVleet added 14 points, Pascal Siakam had 13 points and Danny Green chipped in with 11. Jonas Valanciunas grabbed 12 rebounds. Leonard and Green were acquired by Toronto from the Spurs in a July trade.
Kevin Love scored 21 points and added seven rebounds for the Cavaliers, and Cedi Osman had 17 points and 10 rebounds. George Hill and Jordan Clarkson each added 15 points, and Rodney Hood scored 12.
BUCKS 113, HORNETS 112
Giannis Antetokounmpo came within two assists of a triple-double as Milwaukee, in Mike Budenholzer’s first game as coach, held on to defeat host Charlotte, with James Borrego debuting as its coach.
Antetokounmpo, who finished with 25 points, 18 rebounds and eight assists, hit two free throws with 23.7 seconds remaining to give the Bucks the lead for good at 113-112. The Bucks then held on as Charlotte’s Kemba Walker missed a short jumper and Nicolas Batum missed a 3-point attempt at the buzzer.
The Bucks led by as many as 20 on several occasions in the first half but had to come from behind in the final minute after Walker, who scored 41 points, rallied the Hornets. He hit two free throws with 36.3 seconds left for a 112-111 Charlotte lead.
KNICKS 126, HAWKS 107
Tim Hardaway Jr. scored 16 of his game-high 31 points during host New York’s 49-point second quarter in an easy win over Atlanta.
Hardaway led a whopping seven players in double figures for the Knicks. Enes Kanter (16 points, 11 rebounds) and Noah Vonleh (12 points, 10 rebounds) had double-doubles while Trey Burke, Mario Hezonja and Allonzo Trier had 15 points each. Rookie first-round pick Kevin Knox added 10 points on 4-for-16 shooting in his NBA debut. — Reuters

Kaya to take on Stallion in Copa Paulino Alcantara semis

KAYA FC-Iloilo will take on Stallion Laguna FC in the semifinals of the Copa Paulino Alcantara with home field advantage.
Set for Sunday, Oct. 21, Kaya will host Stallion at the Iloilo Sports Complex in their knockout semifinal match to determine who advances to the final later this month.
Kaya sealed home field advantage after it defeated JPV Marikina FC, 1-0, on Wednesday to top Group B of the Copa and set up a date with Group A second-running team Stallion.
Robert Lopez Mendy provided the marginal goal in Kaya’s win over JPV at the Philippine Football Federation Artificial Turf Pitch in Carmona, Cavite, finding the bottom of the net at the seventh minute of the contest.
Mr. Lopez Mendy was set up by Jalsor Soriano and the Senegalese striker responded accordingly by calmly slipping the ball past JPV keeper Nelson Gasic to give his team the lead.
The two teams battled hard the rest of the way but JPV just could not get the breakthrough it needed to slump to the defeat and, in the process, hand group leadership to Kaya heading into the semifinals.
“It was a hard-fought battle to get the number one spot, but we’re happy that the objective was met. We’ll be playing the semifinals in Iloilo on Sunday,” said a pleased Kaya coach Noel Marcaida after the match.
He was quick to say though that work still needs to be done if they are to go deeper in the tournament and vie for a spot in the 2019 AFC Cup.
Playing in Iloilo once again after some time, Mr. Marcaida said they are excited to be back in action in front of their home fans and vowed to prepare hard and play well come Sunday.
“It’s been a long while not playing in Iloilo, and all the Ilonggos are expecting us to come back. We’re happy, we’re hungry and we can’t wait to play in Iloilo,” the Kaya coach said.
Kickoff of the Kaya-Stallion match is 3 p.m.
Meanwhile, playing in the other semifinal bracket are Davao Aguilas FC and JPV Marikina.
Davao secured the top spot in Group A with a 4-0 victory over Stallion also on Wednesday at the Biñan Football Stadium.
Phil Younghusband and Sungmin Kim each had a brace to tow their team to the top spot. — Michael Angelo S. Murillo

Belingon expects hometown-like Filipino crowd against Fernandes in Singapore at ONE: Heart of Lion

ONE interim bantamweight world champion Kevin “The Silencer” Belingon is expecting a massive turnout from Filipino fans when he takes on reigning ONE Bantamweight World Champion Bibiano “The Flash” Fernandes at ONE: Heart of the Lion in Singapore on 9 November.
Home to thousands of overseas Filipino workers, the Singapore Indoor Stadium has enjoyed a huge Filipino crowd whenever ONE Championship hosts an event in the country known as “The Lion City.”
When Eduard Folayang challenged then-ONE Lightweight World Champion Shinya Aoki in November 2016, the stadium exploded from the screams of Filipino fans that filled every section of the state-of-the-art showground to support the beloved Filipino mixed martial arts superstar.
“Fighting in Singapore is almost like fighting in Manila. Thousands of Filipinos are based there, and they never fail to show support when their fellow Filipino is scheduled to compete at a ONE Championship event,” Belingon said.
“I was there when Eduard Folayang pulled off the unexpected against Shinya Aoki to capture the ONE Lightweight World Title in 2016. Filipino fans were cheering for Eduard from start to finish, and the stadium erupted from the chants of countless Filipinos when he was officially crowned as the new ONE Lightweight World Champion,” he added.
Now more than ever, Belingon is banking on crowd support when he takes on Fernandes in their highly-anticipated rematch on 9 November.
“I expect the same support, and hopefully an even bigger turnout from Filipino fans when I challenge Bibiano Fernandes for the ONE Bantamweight World Title on Nov. 9 at the Singapore Indoor Stadium. Our country is known for its passionate and knowledgeable fans who never fail to show massive support for one of their own,” he stated.
Should the usual massive Filipino crowd show up, Belingon feels that it would help him muster an inspired performance to get crowned as the undisputed ONE Bantamweight World Champion.
“I know how big of a following ONE Championship has from Filipino fans. I’m confident that they will flock to the stadium and show support in what would be the biggest and most important bout of my career. A huge Filipino crowd will surely help bring out an inspired performance from me as I attempt to bring the gold-plated belt back to the Philippines,” he ended.

Legit contenders

To say Anthony Davis had an eventful offseason would be to underscore the obvious. Following an outstanding second half of a 2017-18 campaign that saw him lead the Pelicans to their first playoff series victory in his six-year career, he went about making significant changes to his outlook. Among other things, he boldly declared his intent to be a perennial fixture in Most Valuable Player (MVP) discussions, rightly noting it to be both integral to and caused by collective success. He was committed to show all and sundry that he didn’t just possess the talent to dominate, but the resolve to win, even going so far as to share agents with acknowledged best LeBron James. And for good measure, he wound up being named the league’s best power forward and center in a survey of general managers conducted annually by NBA.com.
Needless to say, Davis’ extremely positive outlook was informed by his immediate past experience; he made the Pelicans legitimate contenders in the highly competitive West, sweeping the third-seed Blazers in the first round and then taking a game from the powerhouse Warriors — which, not coincidentally, the James-led Cavaliers failed to do in the Finals — before bowing out of the postseason. Meanwhile, he made sure to prep new starters Nicola Mirotic and Elfrid Payton on the vital roles they were slated to play moving forward. His goal: hit the ground running en route to claiming homecourt advantage to start the 2019 playoffs.
Yesterday, Davis and the Pelicans did just that, embarrassing the highly touted Rockets at the Toyota Center to signal their lofty aims. And they didn’t merely prevail against the reigning conference runners-up; they were ahead from the get-go and able to put up the consistent effort required to keep the hosts at bay in front of a hostile crowd. Of course, the five-time All-Star was at the forefront, coming up with 32 on 21 shots, 16, eight, three, and three in an MVP-type performance that stood as the best by far of all the players who had already made their season debuts. Likewise transcendent were, as he predicted, Mirotic (with 30 on six-of-eight shooting from three-point territory, 10, and three) and Payton (with a triple-double line).
How superb were the Pelicans? Consider this: They managed to score a whopping 76 points in the paint and — with Davis having established an unstoppable presence down low — another 30 off 25 shots from beyond the arc, on the way to 131 at the buzzer. In reaching a scoring mark they topped only twice last season, they won an opener for the first time in four years. Parenthetically, it was the most the Rockets had given up since 2016.
Granted, one game does not an entire campaign make. Given Davis’ pronouncements and his avowed purpose of walking the talk, however, the Pelicans have reason to look at the bright side. And if only because he’s motivated, they look to rub elbows with the established elite for the foreseeable future.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Over 750,000 Filipino users affected in Facebook breach, NPC demands report

On Oct. 13, Facebook filed a notice to the NPC, saying 30 million users were affected in the global breach, including 755,973 Philippine-based accounts. From some of these users, hackers were able to glean timeline posts, friend networks, and even information from recent Messenger conversations.

By Anna Gabriela A. Mogato
Following yet another massive global data breach, the National Privacy Commission (NPC) has ordered Facebook management to submit “a more comprehensive data breach notification report”, and take accountability for the breach that has affected over 750 thousand Filipino users.
Facebook believes their system was breached on September 12, two days before data began being siphoned. By Sept. 25, Facebook management caught wind of the attack and launched countermeasures, allegedly resolving the issue three days later. On Sept. 29, the NPC was notified of the event, a day after publishing an update that estimated over 50 million accounts were compromised worldwide.
On Oct. 13, Facebook filed another notice to the NPC, amending that figure to 30 million affected users. Of those 30 million users, 755,973 accounts were based in the Philippines. The report to the NPC found that:
– 387,322 Filipino users had their basic profile information compromised,
– 361,227 Filipino users had more advanced personal information compromised,
– While 7,424 Filipino users had timeline posts, lists of friends, joined groups, and names in recent Messenger conversations compromised.
The attack was facilitated through an exploit of Facebook’s “View As” feature, through which hackers managed to secure access tokens to user accounts without their knowledge or consent. An access token refers to a “key” to one’s account without the need for the login, password and two-factor authentication codes.
In their letter, Facebook noted that they don’t foresee any more extensive harm to Philippine accounts.
The NPC, unconvinced, ordered Facebook to provide “identity theft and phishing insurance for the affected Filipino data subjects.” If Facebook cannot comply with giving out insurance, it will have to establish a help desk for Filipinos to turn to for privacy-related matters within six months of receiving the order.
NPC also said that Facebook will have to implement a program to further spread the awareness on identity theft and fishing.
“The level of awareness for spam, phishing, and identity theft in the Philippines is not the same as those of the United States and the other developed nations; considerations of risk must always consider the cultural milieu in which the risk is appreciated,” NPC said in its order.

CEMEX subsidiary to build $235-M cement production line

cemex_logo
CEMEX subsidiary SOLID Cement Corp.’s new cement production line is expected to start operations by late 2020.

By Anna Gabriela A. Mogato

CEMEX Holdings Philippines, Inc. (CHP) is eyeing to increase its capacity by 26 percent through a new cement production line worth approximately $235 million.
In a disclosure to the Stock Market on Thursday, CHP said its subsidiary, SOLID Cement Corp., has entered into “principal project agreements” with China-based CBMI Construction Co., Ltd. to establish a new cement production line.
The new facility, which will be located in SOLID’s Antipolo, Rizal cement plant, is expected to produce 1.5 million metric tons per year. The company is set to start operations by the fourth quarter of 2020.
CHP plans to source funding for the new production line through any of, or a combination of: free cash flow, debt from a subsidiary or its parent company, proceeds from capital market transactions, or debt from a financial institution.

Powering customer engagement with analytics

Trends & Verint – Engage 18: On the Road Manila held
The profound effects of technology on various industries have led to both the rise and fall of business titans all over the world. Consumers across the globe are becoming more accustomed to seamless customer experience effected by today’s real-world digital transformations. No longer is it enough to offer good products for the market. For a company to succeed in the new world of convenience and technology, they must also use all the tools at their disposal to ensure their customers have the best experience possible.
That is the pursuit of technology-enabled business services firm Trends and Technologies, Inc. (Trends) as it partners with New York-based analytics company Verint Systems once more to launch “Trends & Verint — Engage18: On the Road Manila” in Shangri-La at the Fort, Manila.
Backed by the latest artificial intelligence and business analytics technologies, Verint’s Customer Engagement Portfolio is offering Philippine companies an opportunity to simplify, modernize, and automate their operations to enrich their customer experience.
Verint is a global leader in Actionable Intelligence solutions with a focus on customer engagement optimization, security intelligence, and fraud, risk and compliance. Together with Verint, Trends makes it easier for contact centers, service desks, and other local businesses to purchase, deploy and use Verint’s broad portfolio of customer engagement solutions.
“We have a lot of industry and business reach, and we have an understanding of how different businesses work across industries. We are visible, present in the financial sector, in telecommunications, BPOs, and call centers. We can give our customers best practices on how they can leverage and optimize their investments in the solutions we’re offering,” Jasmin Marie P. Sayo, head of Customer Experience of Trends’ Business & Solutions Group, said.

Mr. Ady Meretz, Verint President for Asia Pacific (left) and Ms. Jasmin Marie P. Sayo, Trends’ Customer Experience, Business & Solutions Group Head (right)

Ady Meretz, president of Verint Systems Asia Pacific, said that Verint has dramatically increased its portfolio over the past years as the company began to focus on revolutionizing customer experience through technology.
“Over the last five or 10 years, we’ve emerged to be more of a CX player, a customer experience player, which meets the demand of the market. It’s about how you can give better service to the customer through different products that allow you to do it better,” Mr. Meretz said. “We have a lot more we can offer the Filipino market with our available products.”
Verint’s Customer Engagement Portfolio, particularly Identity Authentication and Fraud Detection, Knowledge Management, and Real-Time Speech Analytics, promises to deliver greater automation and shared intelligence to drive overall satisfaction and loyalty not just for customers, but also for employees.
For instance, contact centers and service desks increasingly face the need to authenticate legitimate customers in a way that is effective, but unobtrusive, while identifying fraudsters as quickly as possible. With Voice Biometrics, the key to Verint Identity Authentication and Fraud Detection, customer service professionals can passively screen calls using ‘voice-prints’ — digital representations of a person’s voice that are unique to each individual. Screening is performed in real time, verifying identities within seconds without disrupting the customer experience for legitimate callers.
By minimizing the need for authentication questions that often frustrate callers, contact centers can deliver a better customer experience.
To provide a central repository of information for contact center employees to respond to complex situations effectively, Verint launched its proprietary Knowledge Management solution. It is a highly scalable platform that makes it easy to deliver the right tables, images, videos, articles, FAQs, and other knowledge not just to contact center agents but also to customers through self-service. It can give customer service professionals the tools they need to provide exceptional service while increasing first contact resolution rates and reducing agent training time.
Meanwhile, Verint Real Time Speech Analytics analyzes voice interactions between customers and agents in real time to provide a guide towards better outcomes. The solution detects sentiments and phrases of interest during live calls, which alerts employees with coaching prompts to handle the situation. It can help your organization enhance coaching opportunities by alerting supervisors to specific issues, such as use of profanity and/or escalating emotion, enabling them to provide in-the-moment corrective action.

ALI issues final tranche under P50 billion 3-year shelf registration

October 5, 2018 – Ayala Land, Inc. (ALI) issued and listed anew on the Philippine Dealing and Exchange Corporation (PDEx)an P8 billion 5-year bond with a coupon rate of 7.0239% per annum (the “Bonds”).
The Bonds represent the final tranche of the company’s P50-billion three-year debt securities program approved by the Securities and Exchange Commission(SEC) in March 2016 under the shelf registration rules that took effect in November 2015.  “We are grateful to the SEC for having introduced shelf registration in the country.  Since then, issuance timelines have been compressed by a month to about 60 days on the average, or even as short as 30 days in the case of follow-on issues.The significance of this speed to market advantages only all the more underscored by the volatility we all experience in the markets today, where the timing of issuances has never been as crucial.  Due largely to the P50-billion debt securities program, we have (i) fixed up to 90% of our debt portfolio which will insulate us against rising interest rates, (ii) secured up to 95% of our debt in stable term funding, and (iii) sourced up to 60% of our debt from the capital markets with a wide range of tenors making our maturity towers manageable,” ALI Chief Finance Officer and Treasurer Augusto D. Bengzon said.
The Bonds were rated PRS Aaaand assigned a Stable Outlook by the Philippine Rating Services Corp. Obligations rated PRS Aaa are of the highest quality with minimal credit risk while a Stable Outlook denotes that the rating assigned will likely be maintained in the next twelve months.Proceeds from the offer have been earmarked for project development as ALI builds more sustainable mixed-use large-scale estates around the country. Seven investment banks, namely BDO Capital& Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, East West Banking Corporation, First Metro Investment Corporation, PNB Capital& Investment Corporation and Standard Chartered Bank,comprised the Joint Lead Underwriters and Joint Bookrunners for the Bonds.  This is the largest syndicate of underwriters assembled by ALI since 2014 which was put together by the company to ensure wide distribution while achieving tight pricing for the issue.  The Bonds were priced at the low-end of the spread range of 50 basis points over benchmark.

DoF: less pressure to put off oil tax hike

By Elijah Joseph C. Tubayan
Reporter
THERE MAY BE less pressure for the government to press on with its stated commitment earlier this week to put off an oil excise tax hike set in January amid signs that Dubai crude price — Asia’s benchmark — could in this final quarter average less than the $80 per barrel (/bbl) trigger price under the law for automatic suspension, the Department of Finance (DoF) hinted in a bulletin on Wednesday.
At the same time, one DoF senior official said in an interview that the situation bears watching as oil prices remain “too volatile,” hence, pressure is still tilted to the upside.
“While Dubai oil price levels for the next six months using Oct. 8 futures prices would have required suspension of the adjustment in excise tax for the next six months, the latest prices levels show otherwise,” read the bulletin — attributed to DoF Undersecretary and Chief Economist Gil S. Beltran — which was e-mailed to reporters, citing data from S&P Global Platts.
“From $82.577/bbl on Oct. 8, Monday, Dubai crude [futures] dropped 2.9% on Oct. 12, Friday to $80.188/bbl. Similarly, Dubai crude oil futures for the next six months dropped below US$80/bbl.”
Oct. 12 futures data show $77.913/bbl for November and $77.482 for December, from above $80/bbl for both months on Oct. 8 and 11, yielding a prospective $78.53/bbl average this quarter.
Dubai crude spot price rose by 43% to $77.02/bbl in September from $53.86/bbl a year ago and by 6.78% from August’s $72.23/bbl.
Spot prices averaged $81.74/bbl in the 12 trading days to Oct. 16, 49% more than the $54.86/bbl in last year’s comparable period. Dubai crude dropped to $79.30/bbl on Oct. 15 and further to $78.80/bbl on Oct. 16 from above-$80/bbl since September’s last three trading days.
Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act (TRAIN) that took effect in January, raised fuel excise taxes by P2.50 per liter this year and is scheduled to add P2/liter and P1.50/liter in 2019 and 2020, respectively, totaling a P6/liter excise tax hike.
Malacañan Palace announced its commitment to suspend the scheduled oil tax hike last Monday in the wake of Oct. 11 futures data showing above-$80/bbl levels this month to December, with prices falling below that trigger starting January. Oct. 8 futures data showed below-$80/bbl starting April. The Finance department explained then that Malacañang made the announcement in advance to douse inflation expectations.
“The announcement was made when the price and the futures market were above $80, so the decision to suspend will be released some point next year. Malacañang will announce it formally,” Assistant Secretary Antonio Joselito G. Lambino II, DoF’s spokesman, said in a telephone interview.
“[Presidential] Spokesperson [Salvador S.] Panelo already made an announcement that the suspension is forthcoming. We will abide by Malacañang’s decision. But the decision was made based on recommendations made by the leadership in the Senate and the… House and a support statement from the economic managers.”
Analysts said this week that the law’s trigger price may not be the only deciding factor in this issue, since the January trigger period is just four months away from the May mid-term elections that, in turn, have a bearing on the 2022 presidential elections.
The DoF bulletin on Wednesday noted that “[u]ncertainties in the global economy arising from the trade war, US President (Donald) Trump imposing sanctions on Iran, and declining Venezuela production scared financial and commodity markets, sending equities and commodity prices gyrating from day to day.”
“This has resulted in volatile crude oil prices,” the department explained.
But Mr. Lambino said that pressure remains on the upside.
“My understanding from experts is that it’s too volatile. We’re also looking at intensification of sanctions by the US against Iran by November. We’re also looking at the actual demand for oil, so that’s volatile,” he said.
“When the announcement was made, the prevailing price was about $80, and that was about a week ago. We’re still looking at the major factors globally when it comes to oil prices.”
SPENDING CUTS
The Finance department estimates suspension of January’s scheduled oil tax hike to cost the government some P41 billion in foregone revenues.
Economic managers are now scrounging for items — except for infrastructure and human capital development — for which expenditures could be suspended.
Also on Wednesday, Budget Secretary Benjamin E. Diokno said that the increase in fuel vouchers for public utility jeepney franchise holders will be put on hold, following Malacañang’s announcement of impending suspension of the scheduled oil tax increase.
The program was intended as a mitigating measure for the public transportation sector affected by the fuel tax hike under TRAIN.
About 179,000 jeepney franchise holders nationwide are entitled to receive P5,000 worth of fuel vouchers this year and P20,515 in 2019.
“The Pantawid Pasada for next year is premised on the P2 adjustment. Now if the P2 adjustment is suspended, then the Pantawid Pasada benefits will be based on 2018,” Mr. Diokno said in a media briefing on Wednesday.
Surging oil and rice prices drove headline inflation to multiyear peaks lately, averaging five percent in the nine months to September against the central bank’s 2-4% target range for full-year 2018.
The government now forecasts full-year inflation to average 4.8-5.2% this year and 3-4% in 2019.

Competition body fines Grab, Uber P16 million

By Denise A. Valdez
Reporter
THE PHILIPPINE COMPETITION COMMISSION (PCC) has imposed fines totaling P16 million on Grab Philippines (MyTaxi.PH, Inc.) and Uber Philippines for violations of interim measures ordered on April 6 as the watchdog reviewed the companies’ March 25 acquisition deal.
“Last Thursday, Oct. 11, PCC imposed a fine on Grab and Uber amounting to P16 million. This is for violating the interim measures order that PCC issued last 6th April,” PCC Commissioner Stella Luz A. Quimbo said in a press briefing on Wednesday. “The interim measures order contained a total of seven interim measures and PCC found violations in two of these measures. And for these two measures, we found a total of 10 counts of violations.”
The measures bound the firms to maintain separate business operations and to refrain from executing final agreements that would transfer assets, equity and interest — including Uber’s assumption of a board seat in Grab — during the review period.
Both companies were collectively fined P4 million for proceeding with the merger during the PCC’s review period. An additional P8 million was imposed on Grab for failure to maintain pre-merger business conditions (pricing, rider promotions, driver incentives and service quality) during the review and P4 million on Uber for the same violations.
“These fines are not for finding of a substantial lessening of competition, but rather the fines are imposed for causing undue difficulties on the PCC review and decision making process,” Ms. Quimbo explained.
Grab gained 93% of the ride-hailing market in the Philippines after the deal and Uber stopped operations in the Philippines on April 16. The PCC reviewed the deal on April 3-Aug. 10.
PCC Commissioner Johannes R. Bernabe said Uber got a smaller fine since it had to comply with the Land Transportation Franchising and Regulatory Board’s April 11 cease-and-desist order from continuing its operations after the merger.
Grab Philippines said it was studying legal remedies to address the situation.
“We are currently studying all our legal options with regard to the fine imposed by the Philippine Competition Commission. We will continue to provide additional information as it becomes available,” it said in a statement.
Mr. Bernabe said the PCC will exhaust all legal means to compel Uber to settle the penalty.
The PCC last week appointed United Kingdom-based audit firm Smith and Williamson to monitor Grab’s compliance with voluntary commitments for 12 months.
Those commitments are meant to address competition concerns the PCC raised on May 22, including Grab’s service quality, fare transparency, pricing, removal of a “see destination” feature for drivers, driver and operator non-exclusivity, incentives monitoring and a service improvement plan.

Market unfazed as BSP says Espenilla to take ‘intermittent medical leaves’

By Melissa Luz T. Lopez
Senior Reporter
BANGKO SENTRAL ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. has extended his medical leave until the end of the month, adding that he could take “intermittent” leaves in the future.
Observers said, though, that this did not worry the market.
In an advisory, the BSP’s Corporate Affairs Office announced on Wednesday that Mr. Espenilla will be on medical leave until Oct. 26, marking the fifth straight week that he would be out of office.
“Thereafter, he may be taking intermittent medical leaves. During his medical leaves, BSP deputy governors will be taking turns as officer-in-charge in accordance with established BSP business continuity protocol,” the statement read.
“In the meantime, the BSP team stays steadfast in pursuing the Continuity ++ agenda while Governor Espenilla is completing his treatment.”
The central bank chief was diagnosed with early-stage tongue cancer in November 2017. Mr. Espenilla, now 60, said in February that he was declared cancer-free after surgery and radiation therapy.
Analysts said they believe that markets are unfazed by Mr. Espenilla’s health issues.
Traders sought for comment said there was “no observable impact” on financial markets following the news.
“[T]here is no change in views regarding BSP’s monetary policy,” one currency trader pointed out.
Policy direction remains clear, according to industry observers.
“Generally it’s very difficult to comment on the issue given the sensitivity of the matter. However, I do believe that for as long as BSP provides a clear, consistent and decisive communications strategy, the market will carry on with their business and look to the speedy recovery of the Governor,” said Nicholas Antonio T. Mapa, senior economist at ING Bank NV Manila.
“BSP’s adherence to a consistent and forceful hawkish stance has helped calm markets of late and rendered relative stability even as the Governor remains away. Consistent messaging will be key in maintaining market stability and the deputies will continue to hold the down the fort for as long as the Governor needs to get back to good health.”
Central bank officials have kept a hawkish stance as they announced another 50 basis points increase in policy rates last month, which was a show of force to rein in price expectations as inflation surged to a fresh nine-year high.
Monetary Board Member Felipe M. Medalla, however, said on Tuesday that the BSP may pause its tightening cycle should inflation momentum ease starting this month.
The peso has been seeing some reprieve this week as it returned to the P53 level versus the dollar level, which traders attributed to negative sentiment on Wall Street.
The Philippine Stock Exchange index has also been seeing sustained foreign outflows, with investors wary about trade tensions between the United States and China and, recently, the worsening political row between Washington and Saudi Arabia.
“At this point, market reaction regarding the governor’s health remains minimal, luckily, because BSP already laid their immediate plans out in the last meeting, and, as far as the public knows, the officers left in charge during his absence remain in line with Espenilla’s intended direction,” said Rens V. Cruz II, an analyst with Regina Capital Development Corp.
“However, investors will begin raising issues if the current macroeconomic woes (high inflation, currency depreciation, current account deterioration) persist and BSP will be delayed in responding with tightening policy measures.”
BSP Deputy Governor Chuchi G. Fonacier told reporters recently that monetary authorities have been able to communicate with Mr. Espenilla daily even during his leave. He had also assured that his new round of treatment has been “progressing very well.”
Also yesterday, the BSP governor said via WhatsApp messages that the central bank is piloting the use of digital tools for its bank supervision and consumer protection services through the RegTech for Regulators Accelerator.
To be rolled out are chatbots which will automate the handling of complaints from the public which are sent via mobile phone message and online platforms, which comes at a time of an aggressive push towards electronic transactions.

1...11,82411,82511,826...14,244Page 11,825 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube