Defending champion Ostapenko crashes in Roland Garros first round

May 28, 2018 | 6:42 pm

PARIS — Jelena Ostapenko became only the second defending champion to lose in the first round of Roland Garros when she slumped to a shock 7-5, 6-3 defeat by Kateryna Kozlova of Ukraine on Sunday.
Russia’s Anastasia Myskina was the only other defending champion to suffer the same fate in the first round in the Open era in 2005.
Ostapenko, who won her maiden tour title at the French Open 12 months ago with a breathtaking display of all-or-nothing big-hitting, drowned in a sea of errors on Court Philippe Chatrier.
The 20-year-old committed 48 unforced errors, 13 double faults and dropped serve seven times.
In all the four Slams, it’s only the sixth time in the Open era that the defending champion has perished at the first hurdle.
“I really didn’t expect anything from the match. Basically, I have hardly played for two and a half months but I wanted to show what I can do,” said the 66^th-ranked Kozlova who came into the match having played and lost just once on clay this year.
That came in Nuremberg last week, her first appearance on the tour since February because of a right knee injury.
On Sunday, Kozlova, who had defeated Ostapenko on grass in Rosmalen in 2016, was in the wars again, requiring a lengthy medical timeout at the end of the first set to treat blisters.
She then recovered from 0-2 down in the set before claiming victory when Ostapenko buried a backhand in the net on a second match point.
“One of the blisters was worse than the others, it was very bloody. But when you play a match, you try not to think about the pain.”
Kozlova will face either former world number one Victoria Azarenka or Katerina Siniakova of the Czech Republic for a place in the last 32.
ZVEREV MAKES PERFECT START
Second seed Alexander Zverev got his French Open title bid off to the perfect start with a 6-1, 6-1, 6-2 thrashing of Lithuanian Ricardas Berankis.
The 21-year-old, who arrived at Roland Garros on a hot streak of form after titles in Munich and Madrid before an Italian Open final loss to Rafael Nadal, stormed to victory in only an hour and 10 minutes.
Zverev lost in the first round last year to Fernando Verdasco, but the German confidently avoided a repeat and enhanced his credentials as a serious threat to Nadal’s hopes of an 11^th title.
“I have won two tournaments, made the finals in Rome; again, losing to Rafa in a close match. I feel good, and today was a good start to the tournament, and I’m happy the way it’s going so far,” said the beanpole German.
Fourth seed Grigor Dimitrov also reached the second round, even if he wasn’t exactly sure who he was facing.
Dimitrov had been drawn to face experienced Viktor Troicki in the tournament opener on Philippe Chatrier Court.
However, just before he was due to go on court, Troicki withdrew with a back injury, allowing Egyptian world number 182 Mohamed Safwat to make his Grand Slam debut.
In the process, he became the first Egyptian since Tamer El Sawy at the 1996 US Open to feature in a major.
“I was warming up and my coach said, ‘hey look’ and we saw up on the board that I was playing a different opponent,” said 27-year-old Dimitrov, a former Wimbledon semifinalist, after his 6-1, 6-4, 7-6 (7/1) win.
Safwat, 27, had lost in the final round of qualifying in what was his eighth futile attempt to make the main draw of the majors.
“I only heard I was playing an hour before the match,” said Safwat.
Seven-time major winner Venus Williams suffered back-to-back opening round exits at the Slams for the first time in her 21-year career.
The ninth-seeded, 37-year-old American slumped to a 6-4, 7-5 defeat to China’s world 91 Wang Qiang, a player she knocked out in Paris last year.
Williams, playing Roland Garros for the 21^st time, was in no mood for lengthy explanations after her loss.
“Nobody plans for this,” she said.
Aussie firebrand Nick Kyrgios was forced to withdraw after failing to recover from an elbow injury, saying a potential five sets on clay was “too risky.”
Kyrgios’ withdrawal meant that eight places in the first round were opened up to lucky losers.
Women’s fourth seed Elina Svitolina, a quarterfinalist in Paris in 2015 and 2017, overcame a first set 1-5 deficit to see off Australia’s Ajla Tomljanovic 7-5, 6-3.
Svitolina next faces Slovakia’s Viktoria Kuzmova who put out 2010 champion Francesca Schiavone, the 37-year-old Italian who made it through qualifying, 7-6 (7/2), 7-6 (7/2). — AFP

UAAP wars

May 28, 2018 | 6:41 pm

2017-2018 UAAP Chess Championship (Men’s)
2^nd Flr., QPAV Building, UST, España St., Manila
Feb. 17-April 8, 2018

Final Standings
1. National University (NU), 41.5/56
Bd01 IM Paulo Bersamina 14/14, Bd02 Robin Ignacio 4/8, Bd03 FM Austin Jacob Literatus 12/14, Bd04 Rafael Caneda 0/1, Bd05 Ryan Christian Magtabog 9.5/14, Bd06 Neil Conrad Pondoc 2/5
2. De La Salle University (DLSU), 33.5/56
NM Giovanni Mejia 9.5/14, Bd02 Christian Nanola 7/14, Bd03 Denzel John Amar 6.5/14, Bd04 Jeazzir Kline Surposa 10.5/14.
3. Far Eastern University (FEU), 32.5/56
Bd01 Rhenzi Kyle Sevillano 9/14, Bd02 NM Paul Robert Evangelista 5.5/11, Bd03 Jose Carlo Castro 0/2, Bd04 Romy Fagon 9.5/14, Bd05 Ferdinand Aviles 3/7, Bd06 Kristian Glen Abuton 5.5/8.
4 University of Santo Tomas (UST), 32.0/56
Bd01 Philip Andrew Uy 5.5/10, Bd02 Heirry Manaloto 8.5/14, Bd03 Christian Anthony Flores 9/14, Michael Angelo Manansala 0/3, Bd05 John Petter Ablid 9/14, Bd06 Jehosphapal Lemi 0/1.
5. Adamson University (AdU), 30.0/56
6. University of the East (UE), 28.0/56
7. University of the Philippines (UP), 19.0/56
8. Ateneo de Manila University (ADMU), 7.5/56
IM Paulo Bersamina scored 14/14 to lead the National University Woodpushers to their 3^rd straight UAAP chess Championship. Of course, one superstar is not enough — one need only recall Ateneo’s futile attempts to get out of the cellar even though their top board IM Jan Emmanuel Garcia was registering top-notch performances just a few years ago.
NU’s third board FM Austin Jacob Literatus had just as much to do with the gold medal as Bersamina — Literatus also played in all 14 rounds and scored 10 wins and 4 draws. A tremendous achievement. What is more, Austin had Black 11 times out of the 14 games. His attacking skills were on full display.

[AdU] Labog, Marc Kevin I. — [NU] Literatus, Austin Jacob [A40]
2017–2018 UAAP Chess (MEN) QPAV Bldg., UST, Manila (6.2), 04.03.2018

1.Nf3 g6 2.g3 Bg7 3.d4 d6 4.b3 Nd7 5.Bb2 e5 6.dxe5 dxe5 7.Nbd2 Ne7 8.Nc4 f6 9.h4 h5 10.Bh3 0–0 11.Be6+ Kh8 12.g4 Nb6 13.Qxd8 Rxd8 14.Nxb6?
Opening up the c-file for his opponent to exploit.
14…cxb6 15.Bxc8 Raxc8 16.gxh5 Rxc2 17.Ba3 Nc6! 18.hxg6 e4 19.Ng1 f5 20.Rb1
[20.Rd1 Bc3+]
20…b5 21.Nh3 b4 22.Bc1 Nd4 23.Ng5 Rdc8 24.Bd2 Kg8 25.Nf7 <D>
Position after 25.Nf7
The sequel has to be calculated carefully.
25…f4 26.Bxf4
Trying to get his kingside passed pawns going with 26.h5 is refuted by 26…e3! 27.fxe3 (27.h6 Rxd2 28.h7+ Kf8 29.h8Q+ Bxh8 30.Rxh8+ Kg7 31.Rxc8 Rxe2+ 32.Kf1 (32.Kd1 Rd2+ 33.Ke1 Nf3+ 34.Kf1 Rxf2#) 32…Rxf2+ 33.Ke1 Nf3+ 34.Kd1 e2+ 35.Kc2 e1Q+ 36.Kd3 Qe2#) 27…fxe3 28.Bxe3 Rxe2+ 29.Kf1 Rxe3 30.h6 Rc2! Black is clearly winning.
26…Rxe2+ 27.Kd1
[27.Kf1 Rcc2 28.Be3 Nf5 wins as well for Black]
27…Rc3! 0–1
The threat of Rd3+ was more than White can bear.
La Salle’s NM Giovanni Mejia was, several years ago when he was still in La Salle Greenhills, one of the very few High School students to qualify for the Philippine National Chess Finals. Obviously very talented, since then he has had a rough time going up the next level. Maybe he needs a top quality coach to give an extra push? Anyway in the college ranks Giovanni is of a high enough class to excel.

[UP] Saltorio, Jefferson M. — [DLSU] Mejia, Giovanni P. [B25]
2017–2018 UAAP Chess (MEN) QPAV Bldg., UST, Manila (2.1), 18.02.2018

1.e4 c5 2.Nc3 Nc6 3.g3 g6 4.Bg2 Bg7 5.d3 d6 6.f4 e6 7.Nf3 Nge7 8.0–0 0–0 9.Be3 Nd4 10.Qd2 Rb8 11.Qf2 Nec6
Black has a very good score with this line in the international tournament circuit, something like 75%.
12.a3 b5 13.g4 f5 14.gxf5 exf5 15.Rae1?!
Probably a mistake. Better to get his king out of the dangerous diagonal with 15.Kh1.
15…fxe4 16.Nxe4
[16.dxe4 Ba6 puts White’s f1–rook in peril]
16…Nxf3+ 17.Qxf3 Nd4 18.Qd1 Nf5
The threat, of course, is Nxe3 followed by Bd4.
19.c3 d5 20.Nxc5 Nxe3 21.Rxe3 d4 22.Rg3 Qb6 23.Qb3+?
[23.b4 dxc3 is likewise very bad for White, but it is better than what actually happens]
23…Kh8 24.Ne4 dxc3+ 25.Kh1 Be6 26.Qc2 cxb2 27.Ng5 Rbc8 28.Qe2 Rc1 29.Nxe6 b1Q 30.Nxf8 Rxf1+ 31.Bxf1 Qc6+ 0–1
FEU’s top board Rhenzi Kyle Sevillano is a child prodigy originally from the University of San Carlos. At the age of nine (this was way back in 2008) he was already competing in the Shell National Youth Active Chess Championship grand finals. This is the finals and not the regional qualifiers — in fact Rhenzi topped the Cebu leg by posting a perfect score. He did not win in that first year but did succeed in the 2013 Shell National Finals.
It was a bit of a disappointment that he did not match up well against NU’s Paulo Bersamina on Board 1, but Rhenzi is well-coached by GM Jayson Gopnzales and I am sure that it is only a matter of time before his star will once again be on the ascendancy.
But he has to stop playing the Grand Prix Attack all the time.

[FEU] Sevillano, Rhenzi Kyle — [UP] Saltorio, Jefferson M. [B23]
2017–2018 UAAP Chess (MEN) QPAV Bldg., UST, Manila (3.1), 24.02.2018

1.e4 c5 2.Nc3
Remember the game I showed you last Thursday when Sevillano played 2.f4 right away and Bersamina responded with the Tal Gambit? It went 2…d5 3.exd5 Nf6 4.Bb5+ Bd7 5.Bxd7+ Qxd7 6.c4 e6 7.dxe6 Qxe6+ 8.Qe2 Qxe2+ 9.Nxe2 Nc6 White is a pawn up but the two very active knights give Black great compensation. Sevillano,R-Bersamina,P UAAP Men’s FEU vs NU round 9, 2018 0–1 38. The next move is the way to avoid that Gambit.
2…d6 3.f4 Nc6 4.Nf3 e6 5.Bb5 Bd7 6.0–0 Nd4
According to the engine vs engine tournaments 6…Nf6 is an inferior move here because of 7.e5! dxe5 8.fxe5 Nd5?! (8…Ng4 is more accurate, although even here White is better) 9.Nxd5 exd5 10.d4 h6 11.c4 and now I will show you a tactical motif that you should be familiar with: 11…Nxd4? 12.Nxd4! cxd4 13.e6! Bxb5 14.exf7+ Kd7 15.cxb5 Rc8 16.Qg4+ Kc7 17.Bf4+ Kb6 18.a4 a5 19.Qe6+ Ka7 20.b6+ 1–0 (20) Horvath,J (2525)-Grabow,C (1800) Genova 1999.
7.Bxd7+ Qxd7 8.Nxd4 cxd4 9.Ne2 d5 10.d3 dxe4 11.dxe4 Bc5 12.Qd3 Ne7 13.Kh1 0–0
So far Black has done well but here he misses a good opportunity here to play 13…f5! 14.exf5 Nxf5 and his position is at least equal to White’s, perhaps even better.
14.c3 Rfd8 15.Rd1 Nc6 16.b4 Bb6 17.Bb2 Rac8 18.Qg3 Qe7 19.b5 Na5
[19…d3 should be considered]
20.cxd4 Qb4 21.Rab1 Qxb5 22.d5!
Targeting g7.
22…g6 23.Qg5 Nc4 24.Bc3
A small inaccuracy. It was better to put his bishop on a1 as it is a bit exposed on c3.
24…Qe8 25.Qf6 e5 26.Bxe5?!
Why not 26.fxe5 ?
26…Nxe5 27.fxe5 Rc2 28.Nf4 Rf2 29.Rf1 Rxf1+ 30.Rxf1 Bd4 31.Nd3 Rc8 32.h4 Rc3 33.Rf3 h5 34.d6 Qd7 35.Qg5 Rc8 36.Nf4 Rc1+ 37.Kh2 Bg1+ 38.Kg3 Kh7 39.Nd5 1–0
UST’s top gun Heirry Manaloto, a native of Paniqui, Tarlac, is known for his original ideas in the chess opening and his hard-to-fathom style, alternately positional and suddenly tactical. You might get an idea of what I mean from the following game.

[UST] Manaloto, Heirry G. — [FEU] Sevillano, Rhenzi Kyle [A49]
2017–2018 UAAP Chess (MEN) QPAV Bldg., UST, Manila (5.2), 03.03.2018

1.d4 Nf6 2.Nf3 g6 3.g3 Bg7 4.Bg2 0–0 5.0–0 d6 6.b3 Nc6 7.Bb2 a6 8.d5 Na5
The idea behind this move is similar to the Yugoslav Variation of the King’s Indian. Black will follow-up with c7–c5, and if possible b4–b5 and Rb8. It doesn’t work well in this setting though as Heirry will show.
9.e4 e5
[9…Nxe4? 10.Bxg7 Kxg7 11.Qe1 simultaneously attacking the two knights]
10.Nbd2 c5 11.dxc6 bxc6 12.b4
Forcing the knight to retreat to the awkward b7 square.
12…Nb7 13.Qe2 Qe7 14.Rfd1 Ne8 15.Nc4 Be6 16.Nb6 Rb8 17.a4 a5 18.Bc3 axb4 19.Bxb4
Now White has a dangerous passed pawn.
19…Nd8 20.a5 c5 21.Bc3 Nc6 22.Rdb1 Qa7 23.Ng5 Nc7 24.Nd5 Bxd5 25.exd5 Ne7 26.Qd3 f5 27.Ne6 Nxe6 28.dxe6 d5 29.Qe2 d4 30.Bd2 e4
Looks like Black has a powerful pawn center, right? Surprisingly enough, White is almost winning here already because of his active pieces.
31.Qc4 Be5 32.a6 Kg7 33.Bg5 Rfc8 34.f3 e3 35.Bxe7 Qxe7 36.f4 Bd6 37.a7 Ra8 38.Bxa8 Rxa8 39.Qd5 Qd8 40.Rb7+ Kh6 41.Rd7 Qb8 42.Qg2 Bxf4 43.Qh3+ 1–0

Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

James masterpiece

May 28, 2018 | 6:40 pm

LeBron James was exhausted in the aftermath of the East Finals. As the trophy was handed to head coach Tyronn Lue and all the other Cavaliers celebrated the Game Seven victory, he opted to lie on the floor and rest; he took in the formal ceremony from his unique vantage point, propping up his head with his hands and enjoying his respite. It was most certainly well-earned; he put up numbers that exceeded his best-of-all-time norms in rubber matches en route to victory, against the odds and with the weight of history on his shoulders.
Considering the roller-coaster ride James took to forge his eighth straight Finals appearance, it’s no wonder he was gassed. Yesterday was his 100^th contest of the 2017-2018 season, the most in his 15-year career, and he played every second of it. He needed to, of course; his was the engine from which the Cavaliers invariably drew power, and the fact that everything was at stake made the dependency even more pronounced. Lue may well have wanted to give him a breather or two during the set-to, but the risk proved too great, especially since the wine and gold started slowly. And when all was said and done, he presided over a 35-15-9 masterpiece that justified the decision to have him burn rubber from opening tip to final buzzer.
Certainly, credit has to be given the Celtics for providing a steely challenge. They likewise had to overcome numerous setbacks in coming to within a triumph of booking a seat in the Finals. That said, they proved too, well, green to overcome the Thanos-like obstacle that was James. For all their resolve, he simply could not be denied. Not in front of arguably the most hostile crowd in the National Basketball Association. Not in the absence of fellow All-Star Kevin Love. Not in the face of everything else but his mind telling him that his was a Sisyphean endeavor.
Consider this: Advanced analytics posited James to have the worst supporting cast since the turn of the decade, and yet he still delivered in fulfillment of otherwise-unrealistic expectations. Yesterday, he managed to directly account for 40% of the Cavaliers’ points on 50% shooting from the field. Meanwhile, those around him showed up just often enough to keep the Celtics at bay; needless to say, they were aided in no small measure by both the attention he drew and by his continued confidence in them. He kept setting them up for open looks even though they hitherto let him down; he finally got his first assist after 20 and a half minutes of play, and ended up with nine all told.
Given the enormous load James has had to carry, it’s no wonder he doesn’t care to think about anything other than the present. Asked about the Cavaliers’ Finals chances, he pleaded instead for slack. The moment is for savoring the immediate past accomplishment, and there would be another to dissect the future. In any case, one thing’s clear: He will be ready to meet the challenge. And win or lose, let it not be said that he didn’t touch greatness in the process.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Peso firms up against dollar on profit taking

May 28, 2018 | 5:53 pm

The peso regained strength against the dollar on Monday, May 28, as investors took profits following the local currency’s near-12-year low last week.
The peso ended Monday’s session at P52.49, 21 centavos stronger than the P52.70-per-dollar finish on Friday.
The peso immediately bounced back as it opened the session at P52.635 versus the greenback. It rose to a P52.465 high, while its intraday low stood at P52.64.
Dollars traded slipped to $637.4 million from the $719 million traded last Friday.
A trader said that the peso appreciated due to profit taking from last week’s near-12-year low of the local currency.
“The peso appreciated today as investors took profits from last week’s rally of the dollar,” the trader said in an e-mail Monday.
On the other hand, another trader said the peso “tracked the other markets” as the financial markets in the US is closed Monday for the Memorial Day.
“We tracked the other markets. It’s holiday in the US so there’s no heavy position taking. Whatever the global market does, it affected the peso,” he said in a phone interview. — Karl Angelo N. Vidal

Oil firms announce fuel price hike

May 28, 2018 | 5:43 pm

Oil companies will be raising the prices of petroleum products this week, the third straight week that they will be doing so after a slight decrease during the first week of the month.
Gasoline prices will increase by P0.65 per liter, while diesel and kerosene will rise by P0.35 and P0.45 per liter, respectively. The increase will be implemented at 6:00 a.m. on Tuesday, May 29.
Last week, oil companies raised the prices of gasoline, diesel and kerosene at P1.60, P1.15 and P1.00 per liter, respectively.
Separately on Monday, Phoenix Petroleum Philippines, Inc. said it is offering its high-performance fuels at discounted rates.
From May 29 to 30, 2018, a discount of P5.00 per liter on gasoline and P2.00 per liter for diesel will be given to motorists at selected stations in Metro Manila. The discount will be available from 6:00 a.m. to 10:00 p.m., the company said.
“At Phoenix Petroleum, we put our customers’ needs first, which is why we are offering this promo to cushion the impact of price increases. Even better, our fuels are powered with Phoenix PULSE Technology — putting our fuels at par with the majors, but at a better value,” said Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon in a statement. — Victor V. Saulon

Share prices barely move on lack of leads

May 28, 2018 | 5:42 pm

The main index closed flat on Monday, May 28, due to lack of leads alongside muted trading overseas.
The 30-member Philippine Stock Exchange index went down 0.06% or 4.61 points to close at 7,642.90 on Monday. The broader all-shares index also dropped 0.14% or 6.56 points to 4,648.11.
“Philippine markets closed slightly in the red with lack of activity from the US counterparts, which are still enjoying the long weekend and developments regarding the US and North Korea kept investors on the sidelines,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
US officials went to North Korea over the weekend to prepare for the summit between US President Donald J. Trump and North Korean leader Kim Jong Un. The meeting scheduled for June 12 aims to produce a framework for a nuclear agreement between the two countries.
Last Friday, the Dow Jones Industrial Average gave up 0.24% or 58.67 points to 24,753.09, while the S&P 500 index was also down by 0.24% or 6.43 points to 2,721.33. The Nasdaq Composite index on the other hand climbed 0.13% or 9.43 points to 7,433.85.
Sectoral indices were split between gainers and losers. Services lost 1.94% or 29.33 points to 1,482.83, while industrial went down 0.23% or 25.37 points to 10,948.99. Property also gave up 0.14% or 5.19 points to 3,815.27.
Financials advanced 0.79% or 14.92 points to 1,897.43. Mining and oil gained 0.39% or 38.16 points to 9,782.31, while property rose 0.14% or 5.19 points to 3,815.27.
Some 501.89 million issues switched hands, resulting to a value turnover of P5.39 billion, higher than Friday’s P4.8 billion.
Decliners prevailed for the day at 129, while 74 issued gained and 38 remained unchanged.
Net foreign selling stood at P421.9 million on Monday, higher than the P267.81 million recorded last Friday.
Twelve of the 20 most actively traded stocks of the day were losers, led by PLDT, Inc. which dropped 6.16% to P1,295 each. Bloomberry Resorts Corp. followed with a 4.24% decline to P11.30 apiece.
Third telco aspirant Now Corp was the among the day’s top gainers, climbing 8.38% to P11.64 each. Robinsons Retail Holdings, Inc also gained 2.81% to P89.60 each. — Arra B. Francia

Megaworld expects P1 billion in sales from Pampanga township development

May 28, 2018 | 5:34 pm

Megaworld Corp. expects to generate P1 billion from the sale of lots in the Shophouse District of its San Fernando, Pampanga township, disclosing on Monday, May 28, that it has so far sold out 70% of the lots.
The listed property developer said in a statement that since its launch in June 2017, prices of the lots in Shophouse District have already risen by 20%. Prices now range from P12 million to P32 million for the lots covering 276 to 680 square meters.
The company offers a total of 98 lots in the 6.3-hectare Shophouse District. Lot owners may use their property to build three-level shophouses, wit the ground and second floors for commercial purposes and the third level for the business owner’s residential unit.
Megaworld expects retail, food and beverage, pet shops, fashion boutiques, out-patient clinics, product showrooms, and boutique hotels to be build in the Shophouse District.
It noted that up to 40% of the Shophouse district will be allotted to open spaces such as alleys, roads, and easements. — Arra B. Francia

Supplemental budget for medical aid to Dengvaxia patients up for approval in Senate

May 28, 2018 | 5:24 pm

Senator Loren B. Legarda on Monday, May 28, said the Senate aims to pass on third and final reading the P1.16 billion supplemental budget for medical assistance to children vaccinated with Dengvaxia before the May session ends this week.
“The House will pass it on third reading and transmit to us because any matter of appropriations has to be transmitted from the Lower House. So before the end of Session this week, we will have a supplemental budget,” she told reporters on the sidelines of the Senate hearing on the Dengvaxia bill.
The P1.16 billion came from the refund of Dengvaxia manufacturer Sanofi Pasteur over the unused anti-dengue vaccines as demanded by the Philippine government. — Camille A. Aguinaldo

CLI partners with Lyceum Davao to redevelop property

May 28, 2018 | 4:45 pm

Cebu Landmasters, Inc. (CLI) has partnered with Lyceum of the Philippines University (LPU) for the redevelopment of its Davao campus into a mixed-use university township project.
In a statement Monday, the Cebu-based property developer said it has signed a memorandum of agreement with LPU for the 17-hectare LPU Town Davao. — Arra B. Francia

Security Bank asset managers to adhere to international code of conduct

May 28, 2018 | 4:31 pm

The asset management arm of Security Bank Corp. has completely adopted an international code of conduct ensuring the adherence of its asset managers to ethical principles.
In a statement, Security Bank’s Trust and Management Group (TAMG) has adopted the Asset Manager Code, a voluntary code of conduct set by the Chartered Financial Analyst (CFA) Institute.
The code outlines the ethical and professional responsibilities of firms that manage assets in behalf of clients. — Karl Angelo N. Vidal

Government makes full award of T-bills

May 28, 2018 | 3:56 pm

The government fully awarded the Treasury bills (T-bills) it offered on Monday, May 28, with yields sliding across all tenors, supported by additional liquidity in the system.
The Bureau of the Treasury (BTr) decided to fully award the T-bills, raising P15 billion it placed in the auction block on Monday. — Karl Angelo N. Vidal

How a Filipino Silicon Valley investor spots potential startups

May 28, 2018 | 3:01 pm

Filipino Silicon Valley investor Jojo Flores, who holds over 30 years of combined experience in running and investing in companies, began his stellar career with water.

His first major success in the business world was growing a bottled water brand to what is now known as Wilkins with a valuation of over $10 million. The successful run of the brand led him to establish an international water business with California-based entrepreneur Saeed Amidi. Today, Flores owns up to 90% market share of the brand in different countries including the U.S., Spain, and Austria, to name a few.

In 2005, which according to him was the time when “the bubble has just burst in Silicon Valley,” Flores saw an opportunity to establish a real estate business that would involve startup companies in the area.

Flores and Amidi bought a building along Silicon Valley with an initial plan to divide it into different spaces and lease to startups.

“But we felt that there were more opportunities to do than just real estate,” he said in a forum organized by QBO Philippines on May 22 in Makati City.

From a mere establishment offering affordable office spaces, the building turned into an innovation hub called Plug and Play the following year, helping tech startups raise funds and build connections with large corporations.

“[The building] gave us the chance to really see and experience startups and in some instances invest in them,” he said, adding that the new venture prompted the idea of scaling their previous investment in startups to a larger operation.

“We didn’t invent anything new, we just created a platform that is a microcosm of what is already happening in Silicon Valley. We just created a platform, where we can accelerate things to happen for all parties whether you are a startup, a corporation, a venture capitalist, or any other player in the ecosystem.”

Plug and Play supports a community of over 400 tech startups in three campuses in Silicon Valley. To date, it has raised in excess $.5 billion for its startups. It is also a seed and angel investor with more than 700 companies in its portfolio, including unicorns such as PayPal, Dropbox, Soundhound, Lending Club, and Zoosk, among others.

Last year, it was named by Business Journal as the “most active investor” in Silicon Valley.

“It’s been fun. We’ve probably helped around 3,000 to 4,000 startups, but a slap to my face was none of them are Filipinos,” he said.

So in 2012, Flores initiated the expansion of Plug and Play in Asia, where it now holds offices in key cities such as Singapore, Tokyo, Jakarta, and Beijing.

To further involve Filipino startups in its lineup of investees, Flores tapped his high school classmate and technopreneur Jay Fajardo and established Launchgarage in 2016, with the goal to “find really good startups and scale them globally.”

Patterned after Plug and Play, Launchgarage is an incubator, accelerator, and investor supporting tech startups in the Philippines and Southeast Asia.

In choosing startups to invest in, Flores said they look for three T’s: the team, which he said is the most important component of a startup; technology that requires validation from established corporations; and traction to prove marketability.

“At the end of the day, innovation has to be used by actual customers because if not, it’s just an invention,” he said.

While local startups have the potential to form a community similar to Silicon Valley, Flores said Filipino entrepreneurs should focus more on bringing their companies to the global market.

“We have been talking with over 20 governments around the world and they always tell me, ‘Oh we wanna create our own Silicon Valley.’ And in a very gentle way, we tell them that it’s not possible,” he said. “[They] should just create [their] own ecosystem that is local, but what’s more important is to bridge the startups that they have locally to the global scene.”

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