F2 Logistics, Petron in PSL Grand Prix sudden-death today

May 4, 2018 | 5:52 pm

TWO of the best club teams in the country – F2 Logistics and Petron – take their intense rivalry to the highest level when they clash in a sudden-death Game Three of their Philippine Superliga (PSL) Grand Prix best-of-three finals series today at the Smart Araneta Coliseum.

The battle royale kicks off at 6 p.m., with both the Cargo Movers and the Blaze Spikers looking to add another gem in their growing collection of trophies from this prestigious women’s club tourney.

Already in their third finals encounter, there is no doubt that the rivalry between the Cargo Movers and the Blaze Spikers is simmering.

They both finished the classification round with identical 9-1 win-loss marks and coasted to the quarterfinals and the semifinals in dominant fashion.

But it’s a different story now.

Petron drew the first blood via a thrilling 23-25, 20-25, 25-15, 25-22, 15-9 victory in Game 1, thanks to import Katherine Bell, who caught fire down the stretch en route to a 42-hit effort

The Cargo Movers, however, refused to give up.

With reigning Most Valuable Player Maria Jose Perez dropping bombs, F2 Logistics registered a masterful 25-17, 25-22, 25-19 victory in Game 2 on May 3 to formally set the stage for this expected intense, dramatic winner-take-all battle.

Perez notched 17 kills and three blocks for game-high 20 points for the Cargo Movers, who tallied 11 blocks to limit power-spiking Bell to only 15 points – her lowest output since arriving in the country two weeks ago.

“I told the team that if we can’t stop Bell, at least we should control or neutralize her production,” said F2 Logistics coach Laniog, giving special credit to the fighting hearts his wards displayed throughout the one-hour and 22 minutes of battle.

“Our mindset was fixed on the idea that this would be our last game. So, we might as well give our very best. Even if we didn’t succeed, at least we gave our best. Fortunately, we won and we now have an opportunity to defend our crown,” he added.

The Cargo Movers will march in full force as they added former UAAP Most Valuable Player Majoy Baron in the mix to help Cherry Nunag, Lourdes Clemente and Aby Marano in the middle blocker’s spot.

The 6-foot-1 Baron, who is fresh from leading De La Salle University to its third University Athletic Association of the Philippines crown, was cleared to play after the Cargo Movers put Fritz Gallenero in the injured list.

“We know our middle blockers are peaking and we don’t want to disrupt that momentum. We just feel that the need to activate Majoy for defensive purposes.”

NOT WORRIED
But Petron coach Shaq Delos Santos isn’t worried.

“We don’t have to do anything special. The skills are already there,” said Delos Santos, who will bank on Lindsay Stalzer, Aiza Maizo-Pontillas, Frances Molina, Rhea Dimaculangan and Mika Reyes to help Ms. Bell on both ends of the floor.

“It all boils down to our desire to win and our mental toughness inside the court. For me, the skills and strategies will all come out if we will show the hunger, desire and eagerness to win,” he added.

Robredo calls for ‘decisive steps’ to protect OFWs in Kuwait

May 4, 2018 | 5:48 pm

Vice President Maria Leonor G. Robredo said immediate “decisive steps” must be taken to protect over 260,000 overseas Filipino Workers (OFW) still in Kuwait.
“The capacity of the Philippine Embassy in Kuwait to protect those who remain may be compromised as they deal with the serious strain in our diplomatic relations with the Kuwaiti government as a result of the incident,” Ms. Robredo said in a statement on Friday.
The Vice President made the remark amidst the diplomatic row between the two countries, following the “rescue missions” of distressed migrants by Department of Foreign Affairs (DFA) personnel in Kuwait.
She added: “These must start with an honest and candid acknowledgment of the crisis, a willingness to accept accountability and a conviction to do what is right.” — Charmaine A. Tadalan

AirAsia bares plan to open more hubs across Philippines

May 4, 2018 | 5:44 pm

Philippines AirAsia, Inc. has set in its priority projects its plan to build more hubs outside Manila, Kalibo and Cebu, its chief executive officer (CEO) told reporters on the sidelines of the Government Fares Agreement signing.
“We’re looking forward to opening Clark as the low-cost carrier hub in the Philippines for AirAsia. And then we are opening up [in] Panglao, when it opens. And Puerto Princesa and Davao,” AirAsia President and CEO Dexter M. Comendador said.
He said that the company wants to develop hubs in these areas because of the lack of space in Manila. After starting its operations in Clark, Pampanga in 2012, it moved its hub to Ninoy Aquino International Airport (NAIA) the following year, which also houses the hubs for Philippine Airlines and Cebu Pacific. — Denise A. Valdez

Comelec won’t disqualify candidates included in narco list

May 4, 2018 | 5:40 pm

The Commission on Elections (COMELEC) said it won’t prohibit candidates included in the “narco list” released by the Philippine Drug Enforcement Agency (PDEA) to run for office but is reminding every election hopeful to follow campaign rules seriously.
During the press conference regarding the start of campaign period for Barangay and Sangguinang Kabataan elections, COMELEC spokesperson James Jimenez states that the COMELEC cannot disqualify a candidate for being in the PDEA narcolist. Grounds for disqualification, however, are violating rules in campaigning such as wrong poster sizes and overspending. — Gillian M. Cortez

DENR to resume issuance of tenural instrument for protected areas

May 4, 2018 | 5:37 pm

The Department of Environment and Natural Resources (DENR) lifts the suspension on the issuance of special use agreement for protected areas (SAPA) after a seven-year ban.
In a statement released on Friday, May 4, Environment and Natural Resources Secretary Roy A. Cimatu had recently issued a memorandum to resume the enforcement of the implementing rules and regulations for the issuance of the tenural instrument for protected areas (PA).
“Now that the suspension has been lifted, the DENR can guarantee that individuals, groups and companies can once again apply for the special use of the PAs,” he added.
According to the Republic Act No. 7586, the SAPA is a tenurial instrument issued to convert PAs for productive uses, but will still be classified as a PA.
DENR said that this helps reduce the national subsidy needed for the maintenance of PAs, given that these would be generating revenues.
“SAPA also serves as a regulatory tool for increased resource use beyond carrying capacity and increasing local economic opportunities, such as increased local employment from ecotourism establishments,” Mr. Cimatu said.
The DENR issued the ban on issuing tenurial instruments due to not having a standard development fee for applicants.
With the lifted ban, Biodiversity Management Bureau Director Crisanta Marlene Rodriguez said that the development fees will be based on the fix percentage of the zonal value of the land and its improvements, as well as the zonal value of the closest commercial zone.
Ms. Rodriguez also said that applicants will have to pay the fee within 30 days of application.
“Failure to pay within the prescribed period shall be subject to surcharges of 8.33% monthly for the late payment or 100% for one year,” she said. — Anna Gabriela M. Mogato

Stocks rebound on ‘thin market’

May 4, 2018 | 5:32 pm

Local stocks bounced back on the end of the trading week, following its poor performance Thursday, May 3, as the market went under “oversold condition.”
The Philippine Stocks Exchange index (PSEi) climbed 11.09 points or 0.14% on Friday at 7,546.19, the first time it went up since markets resumed from the May 1 holiday.
The all-shares index also rose 2.82 points or 0.06%, closing at 4,605.3 on the week’s end.
“Expect some rally to ensue very soon. But don’t expect any reversal except that this downside has caused a medium term, very smart for a while due to the interest rate, due to the China situation with America, etc.,” Summit Securities Inc. President Harry G. Liu said.
But he clarified there is no negative crisis that would put the market in a long-term bear.
“Because of the thin market, there’s a lack of demand but there’s no fundamental whatever that is a big crisis. It’s purely day-to-day market condition absorbing the present news that’s in the market–the interest rate, the central bank adjusting,” Mr. Liu said, saying the market is on oversold condition.
“I expect a consolidation to follow the next few months,” he added.
Only two sectors ended in the green, led by holding firms that added 81.12 points or 1.08% at 7,592.15. The other sector was industrials, which went up 15.5 points or 0.14% at 10,948.
Mining and Oil was the biggest loser, shedding 98.57 points or 0.94% to close at 10,311.39. It was followed by property which lost 40.61 points or 1.14% at 3,520.39.
Services also headed south, falling by 6.98 points or 0.46% at 1,511.15. Financials was down 2.25 points or 0.11% at 1,906.87.
The market report showed more decliners than advancers, tallying 107 versus 88. Thirty-eight remained unchanged.
More foreigners were buyers than sellers, recording a net foreign buying of P532.119 million. — Denise A. Valdez

Peso ends the week flat as inflation accelerates

May 4, 2018 | 5:31 pm

The peso moved sideways against the dollar on Friday, May 4, following the faster inflation print in April.
The local currency ended at P51.675 versus the greenback on Friday, 0.5 centavos weaker than the P51.67-per-dollar finish on Thursday.
The peso opened the session flat at P51.67 against the US currency, while it soared to as high as P51.555. Meanwhile, it slipped to a P51.71 low before landing to its close.
Dollars traded rose to $823.4 million from Thursday’s $723.1 million.
“The peso closed sideways today, while appreciating at the morning trade after the release of stronger Philippine inflation for April,” a currency trader said in a phone interview.
The increase in consumer prices accelerated in its fastest pace in five years in April, the Philippine Statistics Authority announced early Friday.
April inflation stood at 4.5%, faster than the 4.3% print the previous month while matching the median estimate in a BusinessWorld poll of 11 economists.
This was also near the upper band of the 3.9-4.7% target range set by the Bangko Sentral ng Pilipinas. — Karl Angelo N. Vidal

Sandiganbayan orders suspension of Pampanga mayor over misuse of funds

May 4, 2018 | 2:53 pm

THE Sandiganbayan ordered the suspension of Guagua, Pampanga Mayor Dante D. Torres for 90 days for illegal use of public funds worth P2.7 million.

Mr. Torres reportedly utilized the fund intended for Aurelio Tolentino Frontage area to instead rehabilitate a municipal park.

The anti-graft court justified “the authority of the Sandiganbayan to order the preventive suspension of an incumbent public official has both legal and jurisprudential support. It would appear, indeed, to be a ministerial duty of the court to issue an order of suspension upon determination of the validity of the Information filed before it.” — Charmaine A. Tadalan

Proposed rehab projects for Marawi to cost around P55 billion — NEDA

May 4, 2018 | 2:52 pm

NATIONAL Economic Development Authority (NEDA) Undersecretary Adoracion M. Navarro reported close to 900 programs, projects and activities (PPA) have been proposed under the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP).

Ms. Navarro said the BMCRRP, provisionally approved by the Task Force Bangon Marawi (TFBM), estimated around P55 billion is needed to fund the PPAs, but is still subject to further vetting.

NEDA planned to raise funds through the government, private sectors, non government agencies and through official development assistance (ODA).

Ms. Navarro said that for 2018, P10 billion has already been committed, which came from the National Disaster Risk Reduction and Management (NDRRM) fund under the General Appropriations Act (GAA), in addition to a provisional P5 billion under the unprogrammed appropriations.

The NEDA undersecretary explained in a press briefing on Friday, the P55-billion budget is provisional as “it will depend on whether the government will have excess revenue, excess collection from the BIR (Bureau of Internal Revenue) and (Bureau of) Customs.”

The private sector, non government agencies and non-profit organizations will also be tapped for donations to be allotted for permanent housing, livelihood assistance and provision of educational.

The figure (of the donation) is being monitored by the Department of Finance (DOF) as head of the resource mobilization support group. — Charmaine A. Tadalan

Lawmaker condemns China’s installation of defense system on Mischief Reef

May 4, 2018 | 2:51 pm

A lawmaker “strongly” condemned China’s installation of a missile system in the West Philippine Sea.

“The Chinese has also set up missiles in the Mischief Reef, which, according to the ruling of the Permanent Court of Arbitration, is part of the exclusive economic zone (EEZ) of the Philippines,” ACT Teachers Representative Antonio L. Tinio said in a statement issued on Friday.

He also called for the government to assert the country’s rights over the Kalayaan group of islands.

The remark was made after CNBC reported China installed anti-ship cruise missiles and surface-to-air missile systems on Reef, Subi Reef and Mischief Reef. — Charmaine A. Tadalan

BPI lists new shares worth P53.67 billion

May 4, 2018 | 2:14 pm

Bank of the Philippine Islands (BPI) has listed 599.7 million new common shares at the local bourse following the completion of a P50-billion stock rights offer.
After the bell-ringing ceremony at the Philippine Stock Exchange Friday, BPI has listed the new shares priced at P89.50 apiece.
The new shares were issued to shareholders entitled to subscribe to a share for every 7.0594 common shares as of record date April 6.
The rights offer, which was conducted on April 16-25, was met with “strong support from both domestic and foreign shareholders,” resulting in an oversubscription of 22.3% as of the close of offer on April 25.
BPI’s major shareholders, including Ayala Corp., applied to subscribe for more than their pro-rata entitlements under the terms of the rights offer.
“We thank our shareholders who have supported this exercise as we pusue out growth strategy this year,” BPI president and chief executive officer Cezar P. Consing was quoted as saying in the statement. — Karl Angelo N. Vidal

China Bank profit slightly up in 2017

May 4, 2018 | 1:51 pm

China Banking Corp. (China Bank) saw its net profit rise slightly in the first quarter of the year amid growth in its core businesses.
In a disclosure to the Philippine Stock Exchange on Friday, the Sy-led China Bank said its consolidated net income rose to P1.5 billion in the January-March period, 2% higher compared to the same period in 2017.
Despite logging tepid profits, China Bank said the growth on its core businesses was sustained in the first three months as operating income grew to P6.14 billion by 9%.
“As China Bank carried out its expansion program by investing in new branches, more people, and up-to-date technology to support the growth of new businesses, operating expenses increased 13% to P4.24 billion,” the bank added. — Karl Angelo N. Vidal