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Gov’t all set for global bond offer

THE GOVERNMENT is set for a planned $2-billion global bond offer involving an equal dose of new money and a liability management segment, an official of the Bureau of the Treasury (BTr) said.

“The size of the transaction is $2 billion: $1 billion in new money and $1 billion for liab[ility management],” Deputy Treasurer Ma. Sharon P. Almanza told reporters late Thursday when asked for updates on the planned Republic of the Philippines (ROP) bond offer, even as she declined to disclose the tenor.

She said it is only a matter of time before the offer is launched as the Treasury has secured necessary approvals from the Monetary Board and the US Securities and Exchange Commission, among others.

“So we would just line the issuance,” she added.

“I think we are almost ready for the launch of the ROP, but depending on the market conditions.”

SECOND GLOBAL BOND UNDER DUTERTE
Finance Secretary Carlos G. Dominguez III had said last week that the planned offer will “happen between now and February.”

At the same time, Mr. Dominguez told reporters last Thursday that the sale would still be “depending on market conditions.”

In January 2017, the government of President Rodrigo R. Duterte entered into a similar $2-billion deal with 25-year tenor. It raised $500 million in new money then, while swapping some $1.5 billion as part of the government’s debt-liability management exercise.

The government plans to borrow a total of P888.23 billion this year, of which P176.27 billion — nearly a fifth — will be sourced from foreign markets.

The 2018 full-year financing program is 22.05% more than the upwardly adjusted P727.74-billion program for 2017.

The government borrows to pay maturing debt and help plug its fiscal deficit, which is pegged at equivalent to three percent of gross domestic product (GDP) until 2022 — as it plans to drastically raise spending, particularly on infrastructure.

The Duterte administration has set an P8.44-trillion infrastructure spending plan until 2022, when it ends it six-year term, to boost GDP growth to 7-8% starting this year from a targeted 6.5-7.5% in 2017. — Elijah Joseph C. Tubayan

Philippines to form part of tracked banking data

THE PHILIPPINES will soon be part of global statistics on cross-border banking after it has been accepted as a reporting institution by the Bank of International Settlements (BIS).

The Bangko Sentral ng Pilipinas (BSP) said the Philippines will join an “elite group” of less than 50 economies included in the international banking statistics (IBS) released by the global financial authority.

In a statement on Sunday, the central bank said it has cleared rigorous standards set by the BIS as it vouched for the quality of industry data maintained by the BSP. Hence, Philippine data will be included in BIS’ global aggregates on banking information starting this month.

“The participation of the Philippines in the IBS is a significant milestone [because] it confirms the international importance of the Philippine banking system,” BIS General Manager Agustin Carstens was quoted as saying in the statement.

Established in 1930, the BIS is an international organization that fosters cooperation among 60 central banks. It also prescribes global standards on bank supervision and financial stability via the Basel III framework.

“Our inclusion in the elite group provides us with more granular cross-border banking data that would be very critical in formulating well-informed policies when and how they may be needed,” BSP Governor Nestor A. Espenilla, Jr. said.

Starting this month, the BSP will report banking statistics to the international body that will include quarterly balance sheet positions of local banks reflecting both foreign and domestic credit, among other data.

There were 592 universal, commercial, thrift, rural and cooperative banks operating in the Philippines as of September 2017 running 10,980 branches and offices nationwide. Loans by these lenders reached P8.574 trillion as of end-November, against deposits worth P11.48 trillion, according to latest central bank data.

The Philippines is also one of the world’s biggest recipients of remittances and has grown foreign direct investments (FDI). In 2016, net FDI inflows reached $8 billion, while remittances from overseas Filipino workers amounted to $26.9 billion. — Melissa Luz T. Lopez

No pressure for now to tweak policy — BSP

By Melissa Luz T. Lopez
Senior Reporter

DOMESTIC CONDITIONS affirm the central bank’s decision last month to keep interest rates steady despite rising global yields, with the Bangko Sentral ng Pilipinas (BSP) chief saying monetary authorities do not feel pressured to tweak policy settings given current conditions.

“There is limited evidence of overheating or the buildup of financial stability risks based on an assessment of inflation dynamics as well as output, liquidity, and credit conditions over the policy horizon,” BSP Governor Nestor A. Espenilla, Jr. said in a recent e-mail interview.

Last week, Fitch Group’s BMI Research flagged “rising” credit threats to financial stability, saying that a record-low interest rate environment at a time of robust economic growth usually triggers increased leverage and “malinvestment.”

Increased lending, in turn, is expected to trigger a deterioration of asset quality as banks keep on approving new loans, the research unit added.

Bank lending expanded by 19.2% in November, the slowest pace since June 2017. This brought outstanding loans granted by banks to P6.961 trillion, according to central bank data.

Even the International Monetary Fund has flagged fast credit growth as a key risk due to potential overheating, although overall prospects look upbeat.

The central bank considers credit risk as one of the biggest sources of risk this year, even as it assures that it has enough tools to address such concerns.

“The Bangko Sentral has measures in place to mitigate the risks arising from banks’ exposure to different economic sectors, particularly the real estate sector, and to ensure that the same are within manageable levels,” Mr. Espenilla added, pointing out that loan quality remained “satisfactory” despite double-digit credit expansion.

The sustained double-digit rise of bank lending has benefited “diversified” economic activities, the central bank chief said, and property prices remain “broadly in line” with fundamentals.

Domestic inflation — which averaged 3.2% in 2017 to settle within an official 2-4% target — also gives the BSP room to leave borrowing rates unchanged.

Economic growth averaged 6.7% in the nine months to September 2017, well within the 6.5-7.5% goal. Strong manufacturing performance coupled by robust private household spending and increased investments on public infrastructure show that overall growth prospects are intact, Mr. Espenilla added.

Favorable domestic conditions allow the BSP to stand firm despite an evolving overseas environment.

“The Monetary Board has considered the potential impact of the recent monetary policy adjustment in the United States on global financial conditions, noting that keeping monetary policy settings steady at this juncture would allow the BSP some room to continue to assess evolving global economic conditions and calibrate its policy tools as appropriate based on the latest assessment of inflation dynamics and risks to the inflation outlook,” said the BSP chief.

The US Federal Reserve introduced three rate hikes in 2017 and bared plans for another three increases this year as part of its normalization tack.

Despite this, the BSP has stood pat on its monetary policy stance since September 2014.

Congress returns to tackle charter change, impeachment

CONGRESS RESUMES session this week with the Senate expected to tackle charter change, and the House of Representatives the hearing on the impeachment complaint against Chief Justice Ma. Lourdes P.A. Sereno.

Senator Francis Pancratius N. Pangilinan, the chairman of the Senate committee on constitutional amendments and revision of codes, has called on online involvement in the Senate hearing on Wednesday, Jan. 17, on the proposals to amend the 1987 constitution.

“Filipinos with different political beliefs are invited to join us in the public hearing on amending the 1987 Constitution. You may also tweet your opinions if you cannot come. We would like to hear all sides on the matter of Charter Change,” Mr. Pangilinan said in his post on Twitter on Sunday, Jan. 14.

In a radio interview on the same day, Mr. Pangilinan said the Senate committee on constitutional amendments and revision of codes which he heads has already issued notices to his colleagues and invited constitutional experts and members of the academe, business sector, labor, civil society, and other concerned stakeholders to help provide inputs in going about the needed constitutional reforms.

Among the former members of the Supreme Court (SC) invited by Mr. Pangilinan’s committee are Reynato S. Puno, Antonio Eduardo B. Nachura, Vicente V. Mendoza, Hilario G. Davide, Jr., Adolfo S. Azcuna, and Artemio V. Panganiban, Jr.

Members of the 1986 Constitutional Commission that drafted the present Constitution, such as Christian S. Monsod, Rene V. Sarmiento, Felicitas S. Aquino, Ricardo J. Romulo, Bernardo M. Villegas, and Jose Luis Martin “Chito” C. Gascon, were also invited, as were Executive Secretary Salvador C. Medialdea and Chief Legal Counsel Salvador San B. Panelo.

Mr. Pangilinan, president of the opposition Liberal Party, said the hearing will tackle three bills: Resolution of Both Houses No. 1 by Minority Leader Senator Franklin M. Drilon, Joint Resolution No. 1 by Senator Richard J. Gordon, and Senate Bill No. 128 by Senator Juan Miguel F. Zubiri.

Asked what the Filipino people can expect from the hearing, Mr. Pangilinan said: “We would like to make sure and clarify that we will not allow any railroading. We will not allow any unnecessary pressure and delay. We will be transparent. All voices, pro or against, will be accommodated. We will not tackle the interest of a particular political party…”

For his part, President Rodrigo R. Duterte has rejected anew calls from his allies to extend his six-year term and to cancel elections next year, while supporting moves to shift to a federal system of government.

In an interview with news Web site MindaNews, Mr. Duterte said he wants a federal government with a leadership structure similar to the French government, with both president and prime minister. He also wants the Philippine Senate and House of Representatives to be merged into a single chamber with some 50 lawmakers to enact laws faster.

If the Philippines wished to change its system of government “you want a setup that would ensure fairness and equality,” Mr. Duterte told MindaNews, while warning that federalism may still not solve the use of money, power and violence to win elections.

Mr. Duterte also said he doesn’t want to stay in power beyond 2022 and doesn’t favor calls to scrap mid-term elections for lawmakers and local officials next year as proposed by some House of Representative lawmakers.

The President, who promised the shift to federalism during the campaign to bring peace to the southern Philippines, further said he will form in a few days a consultative body to review the nation’s Constitution. He has repeatedly supported lifting the constitutional ban on foreign ownership, except on land, to further boost the economy and promote competition.

IMPEACHMENT
For its part, the House committee on justice, sitting as the impeachment committee, resumes its proceedings on lawyer Lorenzo G. Gadon’s complaint against Ms. Sereno.

Among the charges against her that the committee is expected to resolve are manipulation and delay of the resolution of Administrative Matter (A.M.) No. 17-06-02-SC in which Justice Secretary Vitaliano N. Aguirre II requested the transfer of the Maute cases outside of Mindanao; delayed action on the petitions requesting the release of the retirement benefits of justices and judges; manipulation in the shortlist of the Judicial and Bar Council (JBC); and non-disclosure of the Statement of Assets, Liabilities, and Net Worth (SALN).

Among the invited resource persons are Associate Justices Lucas P. Bersamin, Samuel R. Martires, and Diosdado M. Peralta, and Court Administrator Jose Midas P. Marquez.

In a phone interview, Oriental Mindoro Representative Reynaldo V. Umali, who leads the impeachment committee, said: “Justice Bersamin may have something to comment on the Maute issue. As for the retirement benefits, it’s Justice Martires. Other hanging issues on the JBC manipulation will be on Justice Jardeleza. And then the SALN issue is another matter. We want to put closure on that before we proceed to the others, on the internal rules and procedures. Those are the things that we would try or expect the justices to clarify.”

Mr. Peralta is also expected to comment on the supposed JBC manipulation as he was the chair of the council at the time, according to Mr. Umali.

The justice committee would also “follow through” with the points already raised by Mr. Marquez, Mr. Umali said.

Mr. Umali added that the committee will discuss the “internal rules and procedures which he (Mr. Marquez) cannot explain because he was not in the proceedings but the justices concerned would have personal knowledge on. It’s basically validation of the many things he said.”

As for Associate Justice Antonio T. Carpio’s declining to take part in the impeachment hearing, Mr. Umali said, “His reason is valid because in a probable cause hearing, personal knowledge is important.”

He added: “At the same time, personally, my concern is on the raffle of cases (Maute case), being part of the raffle committee, which has been answered already so I have nothing [else] to raise… but I don’t know about the other members so we will not tackle that tomorrow.”

Mr. Umali said the committee is expected to conclude the impeachment proceedings by “end of February, hopefully.”

“Hindi na kami maghi-hearing ngayon (We will no longer hold hearings now) like in the past na three hearings per week. Babalansehin namin (We will balance it) because we also have to work on con-ass (constituent assembly) eh. We have to manage our schedule vis-a-vis our schedule on the con-ass,” Mr. Umali said.

The committee will continue with its proceedings on Wednesday, Jan. 17.

OTHER MEASURES
On other matters, the House committee on local government will work this week with the committees on Muslim affairs and on peace, reconciliation, and unity on the harmonization of four House bills (HB) which provide for the Bangsamoro Basic Law and abolish the Autonomous Region in Muslim Mindanao (ARMM), one of the priority measures of the House leadership.

The committee on poverty alleviation chaired by Trade Union Congress of the Philippines (TUCP) party-list Representative Raymond Democrito C. Mendoza is expected to draft a substitute bill that would institutionalize the Pantawid Pamilyang Pilipino Program (4Ps) begun by the Arroyo administration.

The economic affairs committee headed by Tarlac Representative Victor A. Yap is also set to hold a briefing with government agencies on the status of the implementation of big-ticket infrastructure projects under the “Build, Build, Build” program. — reports by Arjay L. Balinbin, Minde Nyl R. dela Cruz and Bloomberg

Ex-congressman warns of abolition of Robredo’s post

By Minde Nyl R. dela Cruz

THE OFFICE of the Vice-President (VP) may be abolished should a new constitution be in place on the watch of the ruling PDP-Laban, warned a former congressman.

In a news release, Bayan Muna chairman and former congressman Neri J. Colmenares said: “Under the PDP-Laban Constitution, the Office of the Vice-President will be abolished by 2019 if they succeed in having the new Constitution ratified during the 2019 elections. Vice-President [Maria Leonor G. Robredo] will be ousted from her office long before her term ends in 2022.”

Mr. Colmenares also noted that the proposal, which he described as “self-serving,” does not include a transitory provision for the Vice-President and does not list the second highest official as successor to the President.

“Even if VP Robredo is allowed to stay until 2022, she will be a lame-duck Vice-President who is not even listed in the line of succession to [President Rodrigo R. Duterte],” Mr. Colmenares said.

Section 7 of Article VII of PDP-Laban’s proposal states: “In case of death, permanent disability, removal from office, or resignation of the President, the President of the Senate, or in case of his inability, the Speaker of the Federal Assembly shall then act as President until the President shall have been elected and qualified.”

The proposed Section 6 of Article VII of the PDP-Laban’s version of the new Charter also states that the Senate President or the Speaker of the Federal Assembly shall act as President if the President-elect fails to qualify.

The current 1987 Constitution designates the Vice-President as the next in line in case of the chief executive’s inability to perform his duties.

PDP-Laban’s proposal also extended the term of the President and those of the senators and of the Federal Assembly from three years to five years, all of whom may be elected for two consecutive terms.

“[T]he same PDP-Laban Cha-cha (charter change) contains no express provision disqualifying Pres. Duterte from running for President in 2022. In fact, under Section 3, Article VII of the PDP-Laban Constitution it allows the President to run for a second term,” Mr. Colmenares said.

He added: “The problem is, while PDP-Laban wants to lengthen the terms of congressmen from [three] years to [five] years, they are practically cutting the term of the second highest official under the 1987 Constitution.”

The Bayan Muna leader said this would make the pending electoral protest for the position of the Vice-President “moot as the second highest official under the new Constitution is no longer the Vice-President but the Senate President and House Speaker.”

Sought for comment, a legal adviser of Ms. Robredo questioned the “agenda” behind the proposed charter.

“[T]he current proposals to revise the Constitution are supposedly anchored on a drive to promote and institute a federal system of government. The question therefore is, how does abolishing the OVP relate to the establishment of Federalism? Or is the abolition already in service of some other, unstated, agenda?” lawyer Ibarra M. Gutierrez III said in a statement sent to the media.

Mr. Gutierrez noted that the OVP “has been a feature of our Republic for over 80 years, ever since it was created under the 1935 Constitution” and that the only time there was no VP was “during the dictatorship of Ferdinand Marcos.”

15 key infrastructure projects being readied for 2018 launch

THE GOVERNMENT expects a pickup in infrastructure activity this year, with 15 big-ticket projects already in the pre-construction stage, the Finance department said.

This adds to the 44 projects already in the works as of January.

“[About] 60 projects are under construction and pre-construction so most of these will start getting implemented this year, that’s P1.8 trillion based on project cost,” Finance Undersecretary Gil S. Beltran told reporters on Thursday.

“The Build, Build, Build policy will go into high gear,” he added.

Among those in pre-construction include the P355.6-billion Mega-Manila Subway project, the P285-billion North-South Commuter Railway, the P211.46-billion Malolos-Clark Railway, and the P134-billion Philippine National Railway South Commuter Line, according to the list provided by Mr. Beltran.

It also includes the P51.7-billion Visayas-Mindanao grid interconnection, P37.76-billion Metro Manila Bus Rapid Transit EDSA line, the P35.26-billion Mindanao Railway Phase 1, and the P25-billion Metro Manila Flood Management project.

Completing the list are the P12-billion C5 South Link Expressway, the P11.37-billion construction of 30 bridges across the archipelago, the P5.47-billion Metro Manila Bus Rapid Transit España-Quezon Avenue Line, the P4.36-billion Arterial Road Bypass, the P4.61-billion Binondo-Intramuros Bridge, the P1.38-billion Estrella-Pantaleon Bridge, and the P1.16-billion partial rehabilitation of Marawi City.

“You know it’s coming together believe it or not. Even I am surprised. The money is coming in from our taxes, the loans are coming in… the implementing agencies are getting their act together. It’s coming together,” Finance Secretary Carlos G. Dominguez III said.

Of the 15, eight will be funded by ODA (official development assistance), three from multilateral lenders, three directly from the government’s purse, and one public-private partnership.

The Duterte administration shifted its approach to funding projects with ODA and budget funds, in order to fast-track the implementation process. It will also construct projects on a 24/7 basis.

The government aims to spend P8.4 trillion in infrastructure until 2022 to boost economic growth to 7-8% starting this year. — Elijah Joseph C. Tubayan

Aces rout Picanto, 102-65

By Michael Angelo S. Murillo
Senior Reporter

THE Alaska Aces booked their second straight victory in the ongoing PBA Philippine Cup after pounding on the hapless Kia Picanto, 102-65, yesterday at the Smart Araneta Coliseum.

Channeling a juggernaut on both ends of the court in the third quarter, Alaska, which opened the season-opening Philippine Basketball Association (PBA) conference with back-to-back losses, streaked to their second win and improved to 2-2.

Alaska took early command of the contest only to find Kia find its groove as the first quarter progressed to take the frame, 21-20.

The two teams struggled to get their offense going in the opening half of the second period, fighting to a 26-25 count with the Picanto holding a slim lead.

The nip-and-tuck affair continued thereafter until Alaska went on a 10-6 run in the last three minutes to take a 39-34 advantage heading into the halftime break.

Taking cue from their strong finish in the second quarter, the Aces continued to flow to start the third frame, going on a 9-0 blast to extend their lead to 48-34 at the 8:54 mark.

Kia tried to rally back but Calvin Abueva, rookie Jeron Teng and the rest of the Aces would stand their ground and establish a commanding 75-39 advantage at the end of third.

With the victory practically in the bag to begin the fourth quarter, Alaska gave their auxiliaries some floor minutes.

But the Aces showed no letup despite that, stretching their lead to 40 points, 86-46, with six minutes remaining on the clock.

Kia continued to fight but it proved to be just delaying the inevitable as it slumped to its fourth defeat in as many games.

Mr. Teng paced Alaska with 23 points with Carl Bryan Cruz adding 16.

Chris Bancero had 11 points while Mr. Abueva, Vic Manuel and Jake Pascual finished with 10 points each.

Rashawn McCarthy led Kia with 16 while Eric Camson had 15.

“It was defense that did it for us. I think we got our teeth back on defense and Kia missed some shots. I really appreciate the effort that the guys gave and hopefully we get to sustain that when we face the tough teams ahead,” said winning coach Alex Compton in the postgame press conference.

Alaska next plays the Barangay Ginebra San Miguel Kings on Jan. 21 while Kia takes on the Rain or Shine Elasto Painters on Jan. 20.

Alert level raised on Mt. Mayon; Bulusan, Kanlaon also watched

THE PHILIPPINES early on Sunday raised by one notch the alert at its restive Mayon Volcano in Albay province in the country’s easternmost Bicol Region, citing signs of rising magma that could lead to hazardous eruptions.

Also as of Sunday, the Philippine Institute of Volcanology and Seismology (Phivolcs) was monitoring Bulusan Volcano in Sorsogon province, also in Bicol, and Kanlaon Volcano in Negros island in the Visayas.

Residents were evacuated from two villages near Mayon, a tourist attraction in Albay province because of its near-perfect cone shape, following a “phreatic or steam-driven eruption” on Saturday, and there was a further eruption on Sunday.

Saturday’s eruption unleashed ash, rocks and sulfuric odor, and was followed by rumbling sounds and a faint glow in the crater, Phivolcs said.

Phivolcs raised the alert to level 2, which means that the current activity is “probably of magmatic origin, which could lead to more phreatic eruptions or eventually to hazardous magmatic eruptions.”

A second ash eruption was recorded before noon on Sunday, but Phivolcs said in a subsequent bulletin that it was maintaining alert level 2.

Mayon’s most destructive eruption was in February 1841, when lava flows buried a town and killed 1,200 people. It last erupted in 2014, spewing lava and forcing thousands of people to evacuate.

“The public is strongly advised to be vigilant and desist from entering the six kilometer (3.7 mile) radius Permanent Danger Zone to minimize risks from sudden explosions, rockfall and landslides,” Phivolcs said.

It advised people experiencing ashfall to cover their noses and mouths with a damp, clean cloth or dust mask. It also said aircraft must avoid flying close to the volcano’s summit.

Those within the slope of the volcano, but outside the 6-km danger zone, were told to take precautionary measures against possible roof collapses due to accumulated ash and rainwater.

Phivolcs chief Renato Solidum said the volcano appeared due for another eruption as it has been displaying abnormal behavior since late last year.

But Cedric Daep, head of the Albay Provincial Disaster Risk Reduction and Management Office, said those in evacuation centers may be allowed to return to their homes later in the day, unless Phivolcs raises the volcano alert level further.

He said not all residents evacuated live inside the 6-km danger zone.

“We have not reached the critical level,” he said in a radio interview. “Alert level 3 is what we considered critical, 4 is when eruption is imminent, and 5 is eruption in progress.”

Kanlaon Volcano in Negros is also under alert level 2, according to Phivolcs, noting that five volcanic earthquakes were recorded in the past 24 hours as of Sunday.

On the other hand, alert level 1 (abnormal) remained in effect over Bulusan Volcano, where one volcanic earthquake was recorded in the past 24 hours. — main report by Reuters

OFW remittance growth may have slowed in Nov.

By Melissa Luz T. Lopez, Senior Reporter

REMITTANCES from overseas Filipino workers (OFWs) likely grew at a slower pace in November ahead of an expected surge the following month, HSBC Global Research said, adding that the indicator is on track to post another record for 2017.

HSBC economists expect remittances to pick up by 4.7% in November from a year earlier. If the projection pans out, it would represent a slowdown from the 8.4% increase logged in October, but monthly inflows will remain above $2 billion to sustain a trend seen since February 2016.

“This is partly driven by base effects, as remittances were unusually high in November 2016,” HSBC economists said in a report, referring to the 5.2% rise a year earlier.

The Bangko Sentral ng Pilipinas (BSP) will release the remittances data today. Money sent home by OFWs hit $23.056 billion in the 10 months to October 2017, up 4.2% from a year earlier.

Remittances support domestic consumption — which, in turn, fuels overall economic growth.

Despite the slower growth expected for the month, HSBC analysts said this provides more room for higher remittance growth just before the year’s end.

“This also sets us up for potentially high remittances in December, since remittances growth in 2017 reported thus far has been below its pace from the previous year,” the bank economists added. “We expect 2017’s average remittance growth to at least match 2016’s pace (5.4% average per month), which calls for higher remittances at the end of the year.”

Remittances peak every December as OFWs send more money for their families to spend during Christmas. However, a new record was reached in March 2017 when inflows hit $2.615 billion as migrant workers took advantage of a weaker peso so their remittances could go a longer way in peso terms.

The BSP expects full-year cash remittances to rise 4% from the $26.9 billion logged in 2016 to hit $28 billion.

The steady stream of worker remittances, coupled with business process outsourcing revenue, tourism receipts, and increasing investment flows are expected to support the country’s external position, as these will balance out increased importation and keep the trade balance at a narrow deficit.

Patriots roll past Titans; Eagles clip Falcons, 15-10

LOS ANGELES — The Super Bowl champion New England Patriots beat the Tennessee Titans 35-14 Saturday to move within one win of a return to the National Football League’s (NFL) championship showcase.

But the Atlanta Falcons, the team the Patriots stunned in last season’s Super Bowl, won’t get a shot at redemption after falling 15-10 to the Philadelphia Eagles.

Another milestone night for superstar quarterback Tom Brady saw the Patriots roll past the Titans and into their seventh straight American Football Conference (AFC) title game.

They will face either the Jacksonville Jaguars or Pittsburgh Steelers for a berth in the Feb. 4 Super Bowl.

In frigid temperatures at the Patriots’ Gillette Stadium in Foxborough, Massachusetts, the Titans seized a 7-0 lead.

But the Patriots responded with a vengeance, with three second-quarter touchdowns giving them a 21-7 halftime lead that they stretched to 35-7 before the Titans tacked on another touchdown in the fourth quarter.

Brady completed 35 of 53 passes for 337 yards and three touchdowns as he set an NFL record with his 10th career post-season game with three TD passes.

Danny Amendola posted his first career 100-yard receiving game, catching 11 passes for 112 yards.

James White scored two touchdowns and Chris Hogan and Rob Gronkowski scored one apiece while the Patriots defense sacked Titans quarterback Marcus Mariota eight times.

The Patriots had been riled in the run-up to the contest by a bombshell ESPN report that painted a picture of internal strife and a rift between Brady, coach Bill Belichick and billionaire owner Robert Kraft.

But Brady insisted that didn’t alter his approach — or his satisfaction in the win.

“I just try to be consistent, show up and do the best I can do every week for the team, regardless of whether I’m the worst quarterback in the league or the best quarterback in the league or somewhere in between,” he said.

“My job is to do the best I can do for us every week. It was a good team win today — and we’re going to need another one next week.”

EAGLES THRIVE AS UNDERDOGS
In Philadelphia, the Eagles didn’t mind admitting they were motivated by pundits who branded them underdogs against the Falcons despite Philadelphia’s number one seed in the National Football Conference.

“Keep calling us underdogs, man, keep doing it,” defensive end Chris Long crowed. “We love it! Keep it up! We stink!”

Defensive tackle Fletcher Cox was more reflective.

“I think negativity by so many can certainly fuel you in a positive way and we felt it,” Cox said. “We felt disrespected, sure, but it wouldn’t have mattered unless we had won, which we did. We earned our respect.”

Expectations for the Eagles dipped when quarterback Carson Wentz suffered a season-ending knee injury on Dec. 10.

Nick Foles — who has struggled to convince since replacing Wentz — finished the game with 246 passing yards, making 23 of 30 attempts.

Foles overcame a slow start to set up a touchdown for LeGarrette Blount from one yard on a brave fourth down play in the second quarter to give the Eagles a 6-3 lead.

Rookie kicker Jake Elliott booted three field goals as the Eagles advanced to a meeting with either the Minnesota Vikings or the New Orleans Saints in the National Football Conference championship game next weekend in Philadelphia.

The Falcons, desperate for a shot at redemption after squandering a 28-3 lead in their Super Bowl loss to the Pats last season, had a late chance to take the lead.

But quarterback Matt Ryan’s pass to receiver Julio Jones fell incomplete in the end zone on fourth and goal from the two-yard line with 58 seconds left to play.

“We had chances to make plays and we didn’t make them,” Ryan said. — AFP

Refund the only option for Sanofi — Pimentel

SENATE PRESIDENT Aquilino L. Pimentel III on Sunday urged the Department of Health (DoH) to demand a full refund of the P3.5-billion contract with French pharmaceutical company Sanofi Pasteur over the Dengvaxia vaccines, instead of asking for reimbursements from unused vaccines.

“All the vaccines were defective from the very beginning. Therefore, under our laws, we should demand the whole P3.5 billion we paid them and not just part of it,” he said in a statement.

Mr. Pimentel ‘s remarks came two days after the DoH demanded a P1.4-billion refund from Sanofi Pasteur over the government’s unused Dengvaxia vaccines.

The DoH had also asked the vaccine manufacturer to conduct serotesting “at no cost to the government” in order to determine the pre-vaccination status of over 830,000 children who received the Dengvaxia vaccine under the anti-dengue immunization program.

Acknowledging the Health department’s request, Sanofi Pasteur in a statement mentioned that its officials had requested for a meeting with Health Secretary Francisco T. Duque III regarding the matter.

Mr. Pimentel said the Civil Code of the Philippines indicated that a defective product could be replaced or refunded.

“Since there is no possible replacement for the vaccine, refund is the only option,” he said.

Mr. Pimentel added that even if Sanofi Pasteur reimburses the full amount, it does not release them from any liabilities that could arise from putting at risk the children vaccinated with Dengvaxia.

The DoH had suspended the immunization program following Sanofi Pasteur’s analysis that the Dengvaxia vaccine may pose health risks for those vaccinated without having dengue.

The Senate blue ribbon committee is investigating the previous administration’s alleged “hasty” procurement of Dengvaxia vaccines.

Amid reports of dengue deaths among children after being vaccinated with Dengvaxia, the DoH has yet to conclude that the deaths were related to the vaccine, pending an investigation by both the Public Attorney’s Office (PAO) and the Philippine General Hospital (PGH). — Camille A. Aguinaldo

Bataan Defenders of Bai Shipping join MPBL

THE Maharlika Pilipinas Basketball League (MPBL) has welcomed the Bataan Defenders as the league’s newest member, rising the participants to eight heading to the inaugural staging opener on Jan. 25.

Jointly bankrolled by Governor Albert Garcia and Bai Shipping, the Defenders’ entry in the fledgling amateur league was sealed recently during the contract signing held recently at the Dillingers/Prohibition Resto Bar in Greenbelt 3.

Commissioner Kenneth Duremdes and operations head Zaldy Realubit and Bai Shipping team officials led by Noel Ongkiko, Randy Medina and Lisandro Favila signed the contract that would make the Defenders the newest member of the league put up by Senator and boxing eight division world champion Manny Pacquiao.

Joining the MPBL, which serves as a sanctuary for people who want to make their mark in the local basketball scene and provide a new venue for ex-pros who still want to showcase their wares, fits the direction of Bai Shipping.

“Our purpose is to give opportunity for players who want to make it to the PBA. We want to expose the natives of Bataan and at the same time, our business is also based there, so this is the direction we’re undertaking,” said Mr. Ongkiko.

Mr. Ongkiko said investing in young players will be the team’s main thrust.

“We want to form a young, competitive team,” he added. “As much as possible, we want players aged between 18 to 24 years old.”

Mr. Ongkiko added that they are in the process of selecting the composition of the coaching staff while also looking for ideal players who can make up the squad.

Bai Shipping, according to Ongkiko, is the first shipping industry that will participate in a commercial basketball league, something which the company is proud of.

“Excellence, proficiency and safety. That’s been the philosophy of the company,” added team manager Favila. “That’s been our core values.”

The Bataan Defenders will join the cast composed of Muntinlupa Cagers, Bulacan Kuyas, Valenzuela Classics, Tanduay Batangas City Athletics, Caloocan Supremos, Yakimix Parañaque Green Beret, and Navotas Clutch.

Two more cities have also expressed interest in participating – Quezon City and Imus. — Rey Joble

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