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Drink producers shun China corn syrup imports to avoid new levy

PHILIPPINE beverage producers are swapping their imports of high-fructose corn syrup (HFCS) for domestic sugar to avoid higher taxes on the alternative sweetener, industry and government officials said, limiting exports from top supplier China.

Losing the Philippine market, or bulk of it, could lead to an oversupply of HFCS in China at a time when Chinese producers are expanding output of the sweetener from huge domestic corn stocks.

The Philippines was the biggest market last year for China’s corn syrup, buying 290,080 tons, or half of China’s exports.

The government on Jan. 1 imposed a tax of P6 a liter on drinks using sugar and other sweeteners versus a tax of P12 on HFCS.

The levies, part of a broader tax reform package, will be used to fund a countrywide infrastructure development program.

“Starting Jan. 1, 2018, we have shifted away from the use of HFCS,” Juan Lorenzo Tañada, director for legal and corporate affairs at Coca-Cola Philippines, the country’s top HFCS importer, told Reuters in a text message.

Mr. Tañada said the move would reduce the impact of the higher tax on its customers, adding the company will “re-export the HFCS that we are no longer going to use due to our shift to sugar.”

Sweetened beverage producers are the biggest HFCS buyers in the Philippines.

Pepsi Cola Philippines, another major HFCS importer, is disposing its HFCS supplies “by selling them abroad little by little, whatever we can sell,” according to a company official who declined to be named because he was not authorized to speak to the media.

China’s HFCS producers may end up flooding their domestic market if they lose their market in the Philippines, said Meng Jinhui, an analyst with Shengda Futures in Beijing.

“If the Philippines does not import any from China, it will add huge pressure on the domestic industry,” Mr. Meng said.

“That part of output would have to be diverted back to the domestic market, further causing oversupply,” he added.

Philippine HFCS buyers will re-export about 20,000 tons of previously imported supplies of the sweetener, the country’s Sugar Regulatory Administration (SRA) said on Tuesday.

The Philippines, which is forecast to produce 2.27 million tons of raw sugar in the crop year ending August, said there is enough local supply to serve the beverage sector, but it would have to curb exports.

The SRA last week raised the domestic allocation of locally produced sugar to 93% from 80% to meet the expected higher demand.

The export allocation for the United States was cut to six percent from 10% and for other countries to one percent from 10%.

Beverage makers used to buy around 250,000 tons of local sugar before making a switch to lower-priced HFCS in 2011, said Jesus Barrera, deputy director of the Philippine Sugar Millers Association.

Mr. Barrera said the higher demand could be met through 2018 production and by drawing from 300,000 tons of sugar left from the last crop year. — Reuters

India expects to regain post as fastest-growing major economy

NEW DELHI — India on Monday forecast gross domestic product (GDP) growth would accelerate to 7-7.5% in the 2018/19 fiscal year, to once again become the world’s fastest-growing major economy.

The government’s economic survey, presented to parliament on Monday went on to say that though the plan has been to reduce the fiscal deficit from an estimated 3.2% this year to 3.0% in 2018/19, a pause in the move toward a lower deficit could be merited in order to give the economy momentum.

Prime Minister Narendra Modi’s nationalist government is gearing up for a general election in 2019, and speaking to reporters after the survey’s release, the finance ministry’s chief economic adviser alluded to political considerations for possibly letting the deficit target slip.

“The cycle calls for ambitious consolidation but the political cycle calls for maybe more modest consolidation so it has to be a balance between the two,” Arvind Subramaniam said.

The survey, an annual report the health of the economy, was released ahead of the government’s budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday.

“A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75% this fiscal (year) and will rise to 7.0 to 7.5% in 2018/19, thereby reinstating India as the world’s fastest-growing major economy,” the survey said.

A senior official at China’s National Development and Reform Commission (NDRC) wrote in the Beijing daily on Monday that India’s main economic rival in Asia was likely to see growth slow to 6.5-6.8% this year.

Fuelled by stronger private investment and exports, the recovery forecast for India’s growth rate comes after the country posted its slowest growth in three years in 2017/18.

The slowdown was partly a consequence of the chaotic rollout of a nationwide goods and service tax (GST) last year and a shock move to take high value currency notes out of circulation in late 2016.

The budget is expected to step up funding of rural development programmes and help small businesses as Prime Minister Narendra Modi’s nationalist government heads into a national election in 2019.

“GDP growth might be at the lower end of the range but, broadly, the estimates are in line with our expectations,” said Suvodeep Rakshit, senior economist at Kotak Institutional Equities in Mumbai.

“The government will likely focus on rural and urban infrastructure, housing, agriculture as well as bit on the capital expenditure front with a judicious mix of budgetary and extra budgetary expenditure.”

The survey cautioned that persistently high oil prices remained a key risk for a country that relies on imports for much of its fuel needs.

The survey echoes the International Monetary Fund’s (IMF) expectation that India will regain the title of being the world’s fastest growing major economy in the coming fiscal year. The IMF last week predicted India would grow 7.4% in fiscal 2019.

The government also warned that climate change could pare back annual agricultural incomes in India by 15-25% with unirrigated lands being harder hit by rising temperatures and declines in rainfall.

Already, farm incomes have fallen because of the rising cost of production while crop prices have not risen, presenting a potential risk to Modi’s Bharatiya Janata Party in the upcoming election after it barely won re-election in his home state of Gujarat last month. — Reuters

Office vacancy rates seen to hit 10-12%

By Krista A. M. Montealegre,
National Correspondent

DEVELOPERS are bringing to the market a record amount of new office supply this year, which may push vacancy rates to double-digit levels, real estate consultant Santos Knight Frank said.

More than 1.4 million square meters (sq.m.) of leasable office space are expected to be added to the current supply this year compared to the 800,000 sq.m. that went online in the previous year, Morgan McGilvray, Santos Knight Frank senior director for tenant representation, said in a briefing on Tuesday.

Vacancy rates, which have remained at the single-digit mark since 2010, may climb to 10-12% — a level still considered “quite healthy” based on global standards, Mr. McGilvray said.

In the last quarter of 2017, vacancy rates decreased to 4.33%, from 4.66% in the previous quarter.

Lease rates will stay neutral or grow at a slower pace in the next couple of years compared to the 5-6% year-on-year expansion seen in the previous years until the take-up can match the new supply, Mr. McGilvray said.

“Last year was a year of uncertainty and transition. This year will be a year of stability and growth,” Santos Knight Frank Chairman and CEO Rick M. Santos said.

Office take-up or net absorption for the entire 2017 reached about 675,000 sq.m., still up 25% from the previous year when uncertainty brought about by Philippine President Rodrigo R. Duterte’s anti-West outbursts and United States President Donald Trump’s “America First” policy weighed on the market.

The delay in the approval for applications for incentives offered by the Philippine Economic Zone Authority (PEZA) also affected take-up of new supply.

“BPO (business process outsourcing) firms assure no significant changes in operations as they will continue to vigilantly watch for changes in law that would negatively impact their business, just as they have done in every past administration,” Mr. Santos said.

Likewise, the Philippines will continue to reap the dividends from the improved relations with China, which has led to investments in BPOs and gaming companies, said Jan Paul D. Custodio, Santos Knight Frank senior director of research and consultancy.

Chinese groups expressed interest in making real estate investments through acquisition of residential condominium units in bulk or partnering with local companies to undertake projects such as buildings, schools, hospitals and smaller infrastructure projects, Mr. Custodio added.

The Philippine government’s “Build, Build, Build” program will significantly benefit from China’s “Belt and Road” Initiative, with Beijing seeing opportunity in Manila’s population demographics, rising income and urbanization trends.

Meanwhile, the growth in retail development, expected to add 560,000 sq.m. of leasable space until 2019, will fuel demand for logistics property, as the booming traditional retail and e-commerce sector drive the need for warehousing and distribution centers near urban areas, said Kash Aristotle B. Salvador, Santos Knight Frank associate director for investment and capital markets.

The huge demand from inbound and local tourists will also trigger an influx of hotels and resorts to the Philippines, with more than 3,000 hotel rooms anticipated to open this year in the Bay Area, Makati and Bonifacio Global City.

The Philippines remains as a leading real estate market in the region anchored on sound macroeconomic fundamentals, talented labor pool, and a growing middle class that will set the country apart from other Asian markets, Mr. Santos said.

SSS eyes April contribution hike

By Melissa Luz T. Lopez,
Senior Reporter

THE Social Security System (SSS) is eyeing to raise monthly contributions starting April, which is expected to raise P45 billion in additional collections and extend its fund life by 12 years.

SSS President and Chief Executive Officer Emmanuel F. Dooc said the pension firm has submitted a written request to President Rodrigo R. Duterte to issue an executive order that would raise the monthly contribution rate to 14% starting April this year, coming from the current 11%.

The official added that the request also covers their proposal to raise the minimum salary credit to P4,000 from P1,000, as well as the credit cap to P20,000 from P16,000 currently.

“The combined results if we succeed in getting all these requests approved by the President is we will be able to collect more or less P45 billion in additional contribution revenues starting from April to end of this year,” Mr. Dooc told reporters during a press briefing of the agency’s Sulit Conference 2018 at the Crowne Plaza Manila.

Mr. Dooc said the letter was submitted to Finance Secretary Carlos G. Dominguez III last week, who has been reviewing the proposal before endorsing it to Mr. Duterte. After this, the Social Security Commission — the highest decision-making body in SSS — needs to adopt the order before it is implemented.

In January last year, Mr. Duterte approved a P2,000 across-the-board increase in monthly pensions for retired private sector workers. The first increase worth P1,000 has been already disbursed to pensioners in March 2017, while the second tranche is eyed by 2019.

SSS intends to raise its contribution rate by 1.5 percentage points (ppt) on an annual basis until it reaches 17%. Their latest request involves adjusting the rate by three ppts to cover the years 2017 and 2018.

The state-run pension firm had asked Mr. Duterte to increase contribution rates last year, but was postponed so that it could be timed with the reduction in income tax rates for salaried workers. Currently, the 11% contribution rate is being shouldered by the employer (7.37%) and the employee (3.63%).

The SSS is counting on Mr. Duterte’s issuance of an executive order as they await Congressional approval on proposed amendments to the agency’s charter, which will effectively empower its Commission to increase contribution rates by itself.

Mr. Dooc said a presidential decree would be the “faster way” to secure the contribution hike, as the proposed bill is yet to be tackled at the Senate.

The official said the additional collections will prolong the fund life of the SSS, following the bigger benefits they have been paying out since last year.

“We will increase the fund life from the current 2032 to I think 2044, which is even better than the previous fund life before we gave the first P1,000 tranche at 2042,” the SSS chief added.

Mr. Dooc added that the additional P45 billion collections is still a rough estimate, as the figure could go higher should the SSS see more paying members and new employers.

Ideally, the pension fund should last 70 years.

Landbank conducting due diligence, eyes exemption for PDS acquisition

LAND BANK of the Philippines (Landbank or LBP) is conducting due diligence to acquire the majority stake of fixed-income exchange operator Philippine Dealing System Holdings Corp. (PDS).

In a statement, Landbank President and Chief Executive Officer Alex V. Buenaventura said he had a “fruitful” meeting with the Securities and Exchange Commission (SEC) to secure exemptive relief.

“The meeting was held five days after [Mr.] Buenaventura wrote to the SEC, requesting for a meeting to discuss the application process for seeking an exemption,” the statement sent to reporters on Tuesday read.

“Landbank is seeking exemptive relief from [section] 33.2 in the SRC (Securities Regulation Code). It refers only to the 20% ownership cap,” Mr. Buenaventura told BusinessWorld in a mobile phone message.

Under the section 33.2 (c) of the Securities Regulation Code, the government only permits a maximum of 20% industry ownership and 5% individual ownership of an exchange.

However, SEC is allowed to grant exemptions to industries and individuals to acquire more than the law permits, provided that the control “will not negatively impact on the exchange’s ability to effectively operate in the public interest.”

“With the Board approval, the only thing left to do is to finish our due diligence and report to the Board. […] Rest assured that we will comply with all applicable laws in acquiring PDS,” the statement added.

Last week, Landbank’s board of directors approved the acquisition of 66.67% stake of PDS, a week after Mr. Buenaventura proposed the move to Landbank’s board of directors.

Currently, Landbank owns 1.56% of PDS through the Bankers Association of the Philippines.

Meanwhile, Finance Secretary Carlos G. Dominguez, also the ex-officio chairman of the lender’s board, told reporters on Friday that Landbank needs profit to subsidize farmer loans.

“According to the evaluation of the LBP management, the PDS is a profitable organization, and LBP does need profits so that it can continue to subsidize farmer loans,” Mr. Dominguez said, adding that the acquisition will push the government’s plan to make capital markets inclusive.

“We would like to use the PDS to promote the use of bonds for medium industries to tap the capital markets. Right now, they only really have to go to banks to borrow,” he said.

The state-run lender seeks to acquire PDS amid the longstanding plan of the Philippine Stock Exchange (PSE) to merge the country’s equities and fixed-income markets.

In a disclosure on Monday, the PSE said its P3.16-billion stock rights offer was approved by SEC on Jan. 25.

This will be done after the country’s corporate regulator rejected PSE’s request for an exemptive relief in 2016.

PSE Chairman Jose T. Pardo said last week the SRO would bring down ownership of trading participants in the PSE to 19%. — Karl Angelo N. Vidal

Grab urges LTFRB to increase cap on TNVS units

By Arra B. Francia, Reporter

GRAB PHILIPPINES (MyTaxi.ph, Inc.) is urging the Land and Transportation Franchising and Regulatory Board (LTFRB) to raise the cap on transport network vehicle services (TNVS) units plying the country to around 75,000, based on its estimated number of active units on the road.

Grab Country Manager Brian P. Cu on Tuesday said the figure is based on the active riders using its platform and rival Uber Philippines (Uber Systems, Inc.).

Both companies previously submitted a master list to the LTFRB showing 54,000 units were under Grab’s service network, while 70,000 were under Uber, or a total of  around 124,000 units.

Of this number, Mr. Cu estimated 40% use both service networks, while another 10,000 to 15,000 are inactive units. This leaves around 75,000 active units in the country.

Mr. Cu’s suggestion is higher than the cap set by the LTFRB through Memorandum Circular 2018-003, which limits the number of Grab, Uber, and other ride-sharing units to 45,000 in Metro Manila, 500 in Metro Cebu, and 200 in Pampanga.

“We provided them with all the numbers kung ilan ang active per hour, ilan ang active daily, weekly. Kaya nung lumabas ang 45,000, nagulat din kami kung saan nanggaling yun (When the LTFRB came out with 45,000, we were also surprised because we don’t know where they got it),” Mr. Cu told reporters after the company’s press conference in Quezon City on Tuesday.

The Grab executive, however, said the company has not made a formal suggestion to the LTFRB.

“All I can suggest is the method on how to determine. We were never asked on that method. So I will suggest is take up both lists, take away the duplicates, and see who’s active, and use that as the process,” Mr. Cu said.

At present, Mr. Cu said around 35,000 to 40,000 Grab drivers are active on a weekly basis. This number serves about 65% of passengers, which means that only six out of 10 passengers will be able to book a ride.

To increase the chances of successfully booking a ride, Mr. Cu said the company needs 2,000 to 3,000 more drivers.

“With 3,000 more, I’ll be able to serve 75% of anyone that books,” he said.

Meanwhile, the LTFRB will start accepting TNVS franchise applications on Feb. 5 to fill the gap between the 45,000-limit and the 14,789 units that have either been registered or have pending applications with the transport authority.

Mr. Cu said Grab will announce how the company can assist Grab drivers with their franchise applications this week.

Peso slumps to three-month low as markets watch Yellen’s last Fed policy meet

THE PESO slumped further against the dollar on Tuesday, logging a three-month low, as market players remained cautious ahead of outgoing US Federal Reserve chair Janet L. Yellen’s last monetary policy meeting.

The local currency ended yesterday’s session at P51.42 versus the greenback, 23.5 centavos weaker than its P51.185-per-dollar finish on Monday.

This is the local unit’s weakest close in three months or since it finished at P51.61 against the greenback last Oct. 30.

The peso traded weaker the whole day, opening the session at P51.30 versus the dollar, which was also yesterday’s best showing. The peso’s intraday low, meanwhile, stood at P51.495 against the greenback.

Dollars traded rose to $926.45 million from the $892.25 million that changed hands in the previous session.

“The peso plunged again today due to caution ahead of the Federal Reserve meeting on Thursday and bets of hawkish remarks from Yellen’s last speech as Fed chair,” a trader said in an e-mail on Tuesday.

Analysts are expecting a hawkish remarks from Ms. Yellen after her last Federal Open Market Committee meeting, which began last night.

However, it is unlikely that the Fed will raise its interest rates during the said meeting, as market players are looking at the March rate hike and two others within the year.

Meanwhile, Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, said expectations of a protectionist rhetoric from President Donald J. Trump’s State of the Union address was also factored in during yesterday’s trading.

“The trend is going south; it’s weakening. But potentially, I see it as not something bad because you see that the pressure on the peso has been coming from increasing imports,” Mr. Asuncion told BusinessWorld in a mobile phone interview.

Data released early this month showed that the country booked a record $3.78-billion trade deficit in the month of November as imports rose 18.5% to $8.74 billion compared with the same period in 2016, while exports only grew 1.6% to $4.96 billion.

For today, Mr. Asuncion said the peso will move between P51.10 and P51.60, while the trader gave a higher range of P51.25 to P51.65.

“The local currency is expected to continue depreciating as markets await for possible cues prior to the Fed meeting and with the last day of [Ms.] Yellen in the US Federal Reserve,” the trader noted. — Karl Angelo N. Vidal

8990 unloads P3 billion worth of receivables

MASS HOUSING developer 8990 Holdings, Inc. unloaded close to P3 billion worth of receivables to generate cash for its projects.

In a disclosure to the stock exchange on Tuesday, 8990 Holdings said its subsidiaries entered into an agreement with Dearborn Resources and Holdings, Inc. for the transfer of the real estate firm’s contract-to-sell (CTS) receivables worth P2.8 billion.

The sale of receivables to Dearborn, a financial holding company based in Metro Manila, is on a non-recourse basis and is based on the outstanding principal balance of the CTS receivables.

8990 Holdings has been selling its receivables to the banking sector in previous years, helping the company increase its cash flow to fund its projects, a company official said in a mobile phone message.

The latest batch of receivables were sourced from 8990 Davao Housing Development Corp. (P215.50 million), 8990 Housing Development Corp. (P1.80 billion), 8990 Luzon Housing Development Corp. (P559.96 million), 8990 Mindanao Housing Development Corp. (P5.45 million) and Fog Horn, Inc. (P248.78 million).

The CTS receivables were generated from the sale of housing units in 24 residential projects nationwide.

The company has developed a CTS Gold in-house financing program, allowing customers to pay a minimal downpayment and quickly move in to their homes. The company retains ownership of the homes until full payment is made by the homebuyer.

CTS Gold has two categories, namely: CTS Gold Convertible, which carries a fixed rate of 8.5% per annum and is intended for Home Development Mutual Fund (Pag-IBIG) take-up; and CTS Gold Straight, which carries an interest rate of 11.5% per annum and is not intended for Pag-IBIG take-up.

8990 Holdings, Inc. is setting aside P3 billion in capital expenditures this year to bankroll the construction of its projects and the acquisition of land properties.

At the same time, 8990 Holdings will be launching five projects located in Cebu, Iloilo, Ortigas, and Davao that will generate P60 billion in sales.

8990 Holdings saw a 22% decline in attributable profit for the first nine months of 2017 to P2.47 billion, weighed down by delays in processing of permits.

Shares in 8990 Holdings shed five centavos or 0.79% to P6.30 each on Tuesday. — Krista Angela M. Montealegre

Gov’t supporters in spotlight at Senate hearing on fake news

By Camille A. Aguinaldo

SHOULD PUBLIC officials let go of their private blogs in social media once they enter government? This question was raised on Tuesday’s inquiry by the Senate committee on public information on the proliferation of fake news in social media led by Senator Grace Poe-Llamanzares, committee chairperson, questioned Presidential Communications Operations Office (PCOO) Secretary Martin M. Andanar regarding the actions of his colleague, Assistant Secretary Esther Margaux Uson on her blog in social media.

Ms. Uson is known as a staunch supporter of President Rodrigo R. Duterte and has expressed her stand on issues related to the President through her Facebook page.

At the hearing, Ms. Poe noted that it could be “very hard” to separate Ms. Uson’s personal opinion from being a communications official and that her blog might have overlapped with her official functions.

“Have you considered that it is a conflict of interest and should be shut down?” Ms. Poe asked.

“I’ve spoken to Mocha about it. We’ve also spoken about her freedom of expression and also of her way of speaking on her own Facebook page,” Mr. Andanar replied, adding that Ms. Uson has taken down some of her statements on her Facebook page after he had called her out on these posts. The issue on the apparent overlap of official functions among bloggers occupying government posts was highlighted once again in the hearing following the statements of Communications Undersecretary Lorraine Marie T. Badoy, who pointed out that not all misinformation in social media came from bloggers supporting the President. She also claimed: “The misinformation, lies and all these misleadings do not come exclusively from the Duterte camp, neither do they come from officials identified with the government. In fact, the Vice-President (Maria Leonor G. Robredo) is the primary purveyor of fake news. And that the President is maybe a bigger victim than she is,” she said.

Blogger Tonyo Cruz then asked, “Is that the official position of the PCO (Presidential Communications Office) that they are accusing the Office of the Vice-President of spreading fake news? Or is that the personal opinion of Ms. Badoy?”

Ms. Badoy clarified that her statement was a personal opinion. In an interview with reporters, Ms. Poe said the PCO should fix its policy especially on the behavior of its officials in social media. “I am not forbidding them to publish or to say their personal opinion. But if you are with the government, it would result (in) confusion so if you want that privilege, they can do it as a private citizen instead,” she said in Filipino.

For her part, Marie Rafael-Banaag, Communications Assistant Secretary for Operations and Legislative Affairs, told the hearing that the Department of Information and Communications Technology (DICT) is coming up with a draft executive order on the conduct of government officials in social media.

As for policing individuals spreading fake news, media practitioners as well as Mr. Andanar said there was no need for additional laws to counter fake news but instead current laws on media only needed to be imposed. “Is legislation the proper remedy? We note that there are existing laws that may be tapped by anyone seeking redress against fake news or false information,” Mr. Andanar said.

Mr. Andanar then cited provisions on libel and false news publication in the Revised Penal Code and the cyber-libel provision of Republic Act 10175 or the Cybercrime Prevention Act of 2012. Bills have also been filed in Congress seeking to penalize those who spread false information in the Internet.

For his part, InterAksyon and BusinessWorld editor-in-chief Roby Alampay said: “At bottom, there are enough laws on libel, cybercrime, anti-bullying, anti-violence against women and children, against disinformation. There are laws that hold government accountable for data or info they come up with.”

Rappler Chief Executive Officer Maria A. Ressa echoed Mr. Andanar’s statement, saying that “the biggest problem is the lack of accountability, the impunity.”

While acknowledging the sentiments of media practitioners, Ms. Poe, meanwhile, believed “legislative solutions exist” but warned on attempts to regulate freedom of expression.

“We may want to erase all the misinformation-disinformation. We should be very careful in trying to regulate or criminalize any speech,” she said.

“Media literacy is the best long-term solution but it should not just be the government. We are grateful for all the private entities, particularly those coming from the media, that teach the netizens how to distinguish real from false information,” she added.

Ms. Poe also encouraged people to use existing laws and institutions, such as the Cybercrime Division of the National Bureau of Investigation (NBI).

Her committee is also set to subpoena Facebook, Google and Eduardo “Cocoy” Dayao, the blogger allegedly behind the SilentNoMore Facebook page, to attend the next hearing as well as to invite DICT and telecommunications providers Globe and Smart and the DICT.

Alaska stakes 4-game win run against Phoenix

By Michael Angelo S. Murillo
Senior Reporter

ONE of the hottest teams in the ongoing PBA Philippine Cup, the Alaska Aces trek back to the court today against the Phoenix Fuel Masters with an eye on extending their winning run which now stands at four games.

Following a 0-2 start to the season-opening tournament of the Philippine Basketball Association (PBA), the Aces have made a complete turnaround in their games after to put themselves in the top three in the standings midway into the race.

They now focus their attention in adding the Fuel Masters (3-3) to their list of victims when they collide in the main game set for 7 p.m. at the Mall of Asia Arena.

Alaska comes into game fresh from their conquest of the Blackwater Elite last Saturday, beating the latter, 88-84.

The Aces played in said game sans star forward Calvin Abueva who excused himself to attend to a “family emergency.”

But while Alaska was without one of their stalwarts, it still handled the situation well, standing their ground, particularly on the defensive end, and taking head-on the challenge that the Elite presented.

Chris Banchero and Vic Manuel paced the Aces with 16 points apiece and the two combining for 13 boards.

Kevin Racal had 14 points and rookie Jeron Teng finished with 10 points, three of which came in a crucial juncture late in the match that helped preserve the win for the Aces.

“I love the defensive effort and energy that we showed tonight. And we look forward to sustaining it in our coming games,” said Alaska coach Alex Compton following their victory.

Looking to halt the streak of the Aces are the Fuel Masters, themselves coming off a big victory over the Barangay Ginebra San Miguel Kings, 87-82, last Friday.

Willy Wilson led Phoenix in the victory, scoring 19 points, on 7-of-7 shooting, against his former team while adding five rebounds, two assists and two steals.

Matthew Wright and Jeff Chan also had 19 points each to help push the Fuel Masters back on the winning track after losing their previous three matches.

The spirited play of Mr. Wilson incidentally won for him the player of the week honors, beating teammate Chan, Rain or Shine’s Maverick Ahanmisi, Alaska’s Banchero and Manuel, Magnolia’s Mark Barroca, San Miguel’s June Mar Fajardo, Ginebra’s LA Tenorio and Raymond Aguilar and GlobalPort’s Kelly Nabong and Jonathan Grey for the award.

Meanwhile playing in the curtain-raiser at 4:30 p.m. are the TNT KaTropa (3-3) and Kia Picanto (1-5).

Both teams are coming off losses in their previous games with TNT bowing to the Magnolia Hotshots, 91-83, last Saturday while the Picanto were pounded by the Meralco Bolts, 105-76, last Wednesday.

Faeldon asks SC to free him from Gordon’s ‘bullying’

NICANOR E. FAELDON, a former Bureau of Customs chief and now deputy administrator of the Office of Civil Defense, has filed a motion asking the Supreme Court (SC) to urgently resolve his prior petition for his immediate release, saying that the Jan. 29 hearing at the Senate is a clear example of Senator Richard J. Gordon’s “bullying” and “abuse of power.”

“If there is still any lingering doubt in the minds of the Honorable Justices of [the Supreme Court], that the provisional reliefs prayed for by the Petitioner are absolutely necessary under the premises, then Respondent Sen. Gordon’s latest public display of bullying, pomposity, and utter abuse of power, should be more than enough,” Mr. Faeldon said.

He added that Mr. Gordon also threatened him publicly of a transfer from his detention at the Senate’s Office of the Sergeant-at-Arms (OSAA) to the Pasay City Jail if he would not show up in Monday’s hearing.

Mr. Faeldon recently asked the high tribunal to declare null and void the arrest and detention order issued by the Senate blue ribbon committee, headed by Mr. Gordon, dated Sept. 7, 2017 and to grant his release from the OSAA.

He was cited for contempt by Mr. Gordon for his absence in the Aug. 31, 2017 hearing of the committee in relation to the P6.4-billion illegal drug shabu, which entered the Port of Manila in May last year.

Named as respondents in the SC case are Mr. Gordon, the Senate blue ribbon committee, and Senate Sergeant-at-Arms M/Gen. Jose V. Balajadia Jr. — Minde Nyl R. dela Cruz

Fil-Aussie Jason Day clinches Torrey Pines title via playoff

LA JOLLA — Australia’s Jason Day sank an 18-inch birdie putt on the sixth playoff hole Monday to defeat Sweden’s Alex Noren and win the US PGA Tour’s Farmers Insurance Open.

Noren found the water with his second shot of the morning while Day placed his third inches from the cup to seal their fates.

Darkness halted their duel after five extra holes Sunday at Torrey Pines South Course after each finished 72 holes on 10-under par 278.

It was Day’s 11th US PGA victory and his first since the 2016 Players Championship.

“It has been a long time coming,” Day said. “It’s special because I worked very hard in the off-season to get back in this position.”

The triumph came after Day withdrew from a Wednesday Pro-Am with back issues that had him wondering if he could even compete after an MRI on his back 10 days earlier.

“I was in Palm Springs and I threw it out,” Day said. “I’m always going to try to maintain and be on top of it.”

He found bulging discs that can hit nerves under the stress of shotmaking.

“When they get bigger they get closer to the nerve and I get shooting pains down my legs,” Day said. “I just have to keep my core strong and hopefully I’m out here battling when I’m 40 or 45.”

The playoff continued at the par-5 18th hole, which both players birdied three times earlier in the playoff. They also parred 16 and 17 once in Sunday’s late-day drama.

On Monday, Day pulled his tee shot well right to begin the sixth playoff hole while Noren found the edge of the short rough left of the fairway.

Noren blasted his second shot onto the raised green but the ball rolled back into a water hazard, prompting Day to leave his second shot short of the water.

“I’m not regretting my decision. It’s just margins,” said Noren, a nine-time European Tour winner seeking his first US triumph.

“I had the perfect yardage to the pin with the 3-wood, 230 meters. I had the advantage I thought. If I hit a good one it would hit the back of the green. If I hit it short it would be perfect.”

Day rolled his approach inside of two feet from the cup, forcing Noren to try and hole his 40-yard pitch and run shot for birdie. He ran the ball well past, missed a long par putt and took the bogey before Day’s victory tap-in.

“We just had to stay patient,” Day said. “My goal is to get to number one and this is a start in the right direction.

“I’ve just got to take it in right now. I was up all night thinking about trying to get that 11th win.”

‘IT’S A GOOD DAY ANYWAY’
World number 14 Day’s US title total, topped by his 2015 PGA Championship title, also includes the 2015 Torrey Pines crown, putting him alongside such two-time winners as Arnold Palmer and Tom Watson.

Only Phil Mickelson with three wins and Tiger Woods with eight have won more often at the famed California course. Woods continued his latest comeback from nagging back injuries at the event, sharing 23rd.

World number 19 Noren’s runner-up finish was his best in a US event.

“I like playing over here. I know what to expect more now,” he said. “That’s my goal, to win in these conditions. I learned a lot. I’m proud of myself for stepping up when it got tough. It’s a good day anyway.”

Day and Noren were joined in the playoff by American Ryan Palmer, who was eliminated with a par at the first playoff hole, 18.

No spectators were permitted on the course to see the finish of the tournament, organizers citing security reasons with only 12 course marshals available to handle the resumption.

It was the third playoff in as many weeks on the PGA Tour, all of them at least four holes and two of them lasting at least six. — AFP

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