Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 12701

Trillanes links Paolo Duterte to ‘triad’

A SON of President Rodrigo R. Duterte appeared before a Senate hearing on Thursday, Sept. 7, to face insinuations by an opposition senator of being part of a so-called triad on illegal drugs.

At the seventh public hearing of the Senate blue ribbon committee on the P6.4-billion shabu shipment from China last May, as well as on the systematic bribery at the Bureau of Customs in connection with the shipment of drugs, opposition Senator Antonio F. Trillanes IV boldly accused Davao City Vice-Mayor Paolo Z. Duterte of being a member of an international triad whose operations, however, the senator has yet to locate for the record.

TATTOO
The proof, Mr. Trillanes said in the course of his questioning Mr. Duterte, lies in a “dragon”-like tattoo on Mr. Duterte’s back. According to Mr. Trillanes, the tattoo bears “sacred digits,” which can be decoded by the “US-DEA (Drug Enforcement Agency).”

Mr. Duterte, who appeared at Thursday’s hearing following an invitation by the committee headed by Senator Richard J. Gordon, said he had a tattoo, but declined to describe it, invoking his right to privacy.

“No way,” he said in response to Mr. Trillanes’s prodding that Mr. Duterte have his tattoo photographed so the image can be sent to the US Drug Enforcement Agency for decoding secret digits.

Mr. Trillanes further claimed that during President Duterte’s term as Davao Mayor, the city became a “transhipment point” for cocaine.

“Kaya yung mga pinakita kong instances sa Davao, bakit may mga ganung shipment na nadidiscover — hindi ito nahuhuli, nadidiscover lang ng port laborers dun na may mga cocaine? Bakit nangyari ito, so many instances sa Davao City Port, na sabi ng Mayor na galit na galit siya sa drug lords?” the senator said. (That’s why I showed instances in Davao where shipments of cocaine were discovered — not apprehended but discovered by port laborers. Why is this happening…in Davao where the [former] Mayor kept saying he was angry at drug lords?)

These shipments show “how fake (is) the war on drugs in Davao City,” Mr. Trillanes said.

Also invited to the Senate hearing was presidential son-in-law Manases R. Carpio, husband of incumbent Davao Mayor Sara Duterte-Carpio.

Mr. Trillanes also claimed before the two that they maintained bank accounts amounting, as of 2015, to P104.3 million and P121 million, respectively.

Messrs. Duterte and Carpio both disputed Mr. Trillanes’s claims regarding these bank accounts, but refused to accommodate Mr. Trillanes’s prodding that they sign a waiver on said deposits. Mr. Duterte, for his part, wondered aloud to the committee if he should answer Mr. Trillanes’s “irrelevant questions.”

At some point, Mr. Gordon asked Mr. Trillanes to “refrain from editorials.” The two senators previously had a row over Mr. Trillanes’s insistence to invite Messrs. Duterte and Carpio to the Senate inquiry after they had been linked to this controversy.

‘GAY’
Interviewed later by reporters, Mr. Trillanes “Marami tayong planong gawin (We intend to do much more).”

He added: “Puwede natin ma-compel na pabuksan yan eventually by having cases filed dito kay Vice-Mayor Paolo Duterte for hidden wealth and ill-gotten wealth. Dahil vice-mayor siya. Public official siya, hindi niya na-re-report sa SALN.” (We can compel that the bank accounts be opened, by having cases filed against Vice-Mayor Paolo Duterte for hidden wealth and ill-gotten wealth. Because he’s a vice-mayor. He is a public official, who has not reported his assets in his SALN [Statement of Assets, Liabilities and Net Worth].)

Also interviewed by reporters, Mr. Duterte’s lawyer, Rainier L. Madrid, said Mr. Trillanes “hates the President because he wasn’t chosen as his Vice-President, (which is) understandable.”

Mr. Madrid also said that Mr. Duterte was willing to show his tattoo but he advised against it.

When asked if he had seen Mr. Duterte’s tattoo, Mr. Madrid said, “I haven’t seen it because I am not gay. Siguro if Senator Trillanes said na may pagka-gay siya (Perhaps if Senator Trillanes said he was quite gay), I would have changed my mind.”

Mr. Faeldon, meanwhile, was a no-show at the hearing, but sent a letter to the committee, saying he was willing to have his bank accounts investigated. Senator Panfilo M. Lacson had earlier accused Mr. Faeldon in a detailed privileged speech of profiting from the corruption at the Bureau of Customs.

Mr. Gordon said he was inclined to “declaring him (Mr. Faeldon) in contempt or have the NBI (National Bureau of Investigation) arrest him” if he refuses to (attend) the next hearing. — Mario M. Banzon with a report by Reuters

Marawi rebuilding to cost $1.1billion — Lorenzana

REBUILDING THE besieged Philippine city of Marawi could cost about P56 billion ($1.1 billion), according to Defense Secretary Delfin N. Lorenzana.

Months of fighting between Philippine troops and Islamic State-led militants have left the once vibrant city on the southern island of Mindanao a virtual ghost town, displacing more than 230,000 people.

“There’s a need to rebuild the infrastructure, provide social assistance to those traumatized by the war, restock armed forces ammunition and replenish its funding,” Mr. Lorenzana said in a Sept. 5 interview, adding that he expects the conflict to be over within three weeks.

At least 770 people have been killed since fighting began on May 23 when hundreds of militants laid siege to the city, prompting Philippine President Rodrigo R. Duterte to declare martial law. As the conflict dragged on, the cost has mounted and the most recent estimate is equal to more than a third of the budget for defense this year.

Mr. Lorenzana said current estimates indicated that P50 billion would be needed for the rehabilitation of Marawi City. Up to P3 billion had already been spent by the military since fighting began, and another P3 billion for social welfare and other services, he said.

The government may need to ask lawmakers for an additional P10-billion budget this year to start reconstruction. On top of that, an estimated P7.5 billion is needed to hire 20,000 soldiers and 10,000 police, he added.

He said that for every 10,000 soldiers, the government would need at least P2.5 billion a year to train and equip, compared with the P4 billion projection of military chief Eduardo M. Año.

The government this week announced its plans to sell P30-billion of bonds in the fourth quarter to help fund Marawi’s reconstruction. — Bloomberg

UAAP Season 80 starts this weekend at MOA

By Michael Angelo S. Murillo
Reporter

THE local sporting collegiate scene gets added oomph with the start this weekend of Season 80 of the University Athletic Association of the Philippines (UAAP).

UAAP Season 80 starts this weekend at MOA
UAAP Season 80 men’s basketball coaches: (L to R) UP’s Bo Perasol, Ateneo deputy Sandy Arespacochaga, La Salle’s Aldin Ayo, FEU’s Olsen Racela, UE’s Derrick Pumaren, UST’s Boy Sablan and NU’s Jamike Jarin. Not in photo is Adamson’s Franz Pumaren. — ALVIN S. GO

Hosted this year by Far Eastern University (FEU) and carrying a theme of “Go for Great,” the new season as customary will begin with men’s basketball as one of the first marquee sports to be played.

The De La Salle Green Archers are the defending champions after sweeping archrivals Ateneo Blue Eagles in the finals of Season 79.

They remain as the consensus favorites entering the new season even as they are set to play sans league most valuable player Ben Mbala early in the season after the Cameroonian got a call-up from his motherland to play in the FIBA Afrobasket 2017 in Tunisia.

Despite not having the full complement of players in the early goings of the tournament, opposing coaches still picked La Salle as one of the teams to contend with even as they said the field would be competitive, owing to the fact that all teams worked hard to improve.

“Defending champion La Salle is still the team to beat,” said Ateneo assistant coach San Arespacochaga, who represented head coach Tab Baldwin in the press conference for the new season early this week.

He was seconded by University of the Philippines’ Bo Perasol, who added Ateneo and FEU as the “usual suspects.”

“These teams have the programs year in and year out. They always come out strong,” said Mr. Perasol.

For coach Aldin Ayo of defending champion La Salle, being installed as the team to beat is something they are taking on as a challenge.

“We’re very excited for the new season. We’re ready. This is a new team but we’re ready,” said Mr. Ayo, who led La Salle to the title last season after helping the Letran Knights to the National Collegiate Athletic Association crown the previous year.

Also getting the coaches’ attention for Season 80, apart from the usual suspects, are Adamson University, UP and National University (NU).

“Adamson is actually a strong team under coach Franz Pumaren and so is UP, which was a dark horse last year but I think will be a contender this time around,” Mr. Arespacochaga said.

“NU I think is the dark horse of the league this season,” added the Ateneo deputy of the Bulldogs, who are now handled by NCAA champion coach Jamike Jarin.

Installed as one of the tournament favorites, Adamson is not backing from it but mindful nonetheless not to get ahead of themselves.

“All the teams are coming in well prepared. We’re going to compete but we’re not expecting anything easy,” said Franz Pumaren of Adamson.

It was a sentiment shared by FEU coach Olsen Racela, who is set to make his collegiate coaching debut this season after taking over from brother Nash.

“The league I think is well-balanced. Everybody should give their all this year and we must be ready,” said Mr. Racela.

Also present during the press conference were University of the East’s Derrick Pumaren and University of Santo Tomas’ Boy Sablan, who vowed to be competitive in Season 80.

“We are parading an all-Filipino team, and a young team, but we will be competitive,” said Mr. Pumaren.

“On our part, we had more preparation time this year than the last. Hopefully it makes a difference,” Mr. Sablan, for his part, said.

Organizers of UAAP Season 80 said their aim is to make the new season more “fan-friendly” and to reach more people as well as fine-tuning the conduct of the games, including the officiating.

UAAP Season 80 men’s basketball kicks off tomorrow at the Mall of Asia Arena with UE taking on NU at 2 p.m. while Ateneo faces off with Adamson at 4 p.m.

On Sunday, also at the MOA Arena, UST battles UP at 2 p.m. to be followed by the clash between FEU and La Salle at 4 p.m.

Abella says war on drugs needs ‘rethinking,’ ‘restructuring’

MALACAÑANG ON Thursday, Sept. 7, acknowledged the need for “rethinking” and “restructuring” the government’s drug war.

Presidential spokesperson Ernesto C. Abella in a press briefing said in part, “The fact that the PNP is being investigated, that there are Senate hearings, this indicates that actually the whole nation is in the process of rethinking the way we do — the way we do things.”

“And so that is part now of the entire restructuring and renewing, and actually it falls within the ambit of the President’s campaign that there should be lesser crime, lesser corruption and lesser — also address illegal drugs… A major rethinking going on,” he added.

President Rodrigo R. Duterte’s war on drugs has come under fire following the murders of three teenagers who, by indications, had no part in the illegal trade.

Mr. Abella also disclosed that the Department of Justice through the National Bureau of Investigation has begun its inquiry into the killing of 14-year-old Reynaldo de Guzman, who was picked up in his neighborhood in Cainta, Rizal, and found weeks later brutally killed in Nueva Ecija province.

For its part, Amnesty International’s Director for Southeast Asia and the Pacific, James Gomez, issued this statement on Wednesday:

“How many more children must die in the Philippines to end this horrific and heartless violence? Reynaldo de Guzman’s family has had to endure the anxiety of his disappearance followed by the unimaginable grief of discovering his body with stab wounds and his head wrapped in packing tape.”

“This is not an isolated case or a mistake, but the latest atrocity in a wave of unlawful killings that has claimed the lives of more than 50 children and thousands of other Filipinos.” — Rosemarie A. Zamora

Palace marks holiday in Ilocos Norte on dictator Marcos’s birth centennial

MALACAÑANG ON Thursday, Sept. 7, issued a proclamation dated last Wednesday declaring Sept. 11 a “special (non-working) day in the province of Ilocos Norte.”

Sept. 11 this year marks the birth centennial of the late dictator Ferdinand E. Marcos, who died in exile in Hawaii in 1989, three years after his ouster by the People Power Revolution of 1986.

President Rodrigo R. Duterte has been open in his admiration for the late dictator, despite running on the banner of the now-ruling PDP-Laban, the party whose raison d’etre in the 1970s was its opposition to the Marcos dictatorship. Mr. Duterte’s mother, Soledad Roa, was also a prominent oppositionist at the time.

Proclamation No. 310, signed by Executive Secretary Salvador C. Medialdea on Mr. Duterte’s behalf, noted Mr. Marcos’s birth anniversary as being commemorated in his home province of Ilocos Norte.

The dictator’s eldest daughter, Imee, is currently provincial governor, while his widow, Imelda Romualdez-Marcos of Leyte, is a congressional representative of Ilocos Norte’s 2nd district.

“(T)he Ilocano community has been annually celebrating the birthdate of the late Ferdinand E. Marcos, and commemorating his life and contributions to national development as a World War II veteran, distinguished legislator, and former president,” the proclamation also read in part, adding that:

“(I)t is but fitting and proper that the people of the Province of Ilocos Norte be given full opportunity to celebrate and participate in the occasion with appropriate ceremonies.”

The Palace and its communications office have come under fire before for its past tributes to the late dictator and his legacy, the most recent being a video (since taken down) on martial law, amid the still-continuing hostilities in Marawi City in Mindanao.

Sought for comment, University of Santo Tomas political science professor Edmund S. Tayao said in a phone interview: “The declared holiday is in observance of the birthday of a former president, and a president is a national official, national leader, so it’s ironic that it can only be a holiday in a local government and not in the whole country…[I]t’s something that’s impossible to consider in the national level.”

Mr. Duterte’s proclamation is “consistent with his decision to bury Marcos in the Libingan ng mga Bayani,” Ramon C. Casiple, Executive Director of the Institute for Political and Electoral Reform, said in a text message.

He added: “Marcos dictatorship was the single cause for our 20-year economic, social and political downside. Ilocanos may celebrate based on their own but not the whole nation, and not through a presidential proclamation.”

On Sept. 11, a protest caravan from Elliptical Road in Quezon City to the Libingan ng mga Bayani will be held by CARMMA (Campaign Against the Return of the Marcoses to Malacañang), SELDA (Samahan ng mga Ex-Detainees Laban sa Detensyon at Aresto) and other groups. — Rosemarie A. Zamora

EAC takes on San Sebastian in NCAA triple-header

MIDDLING teams Emilio Aguinaldo College (EAC) Generals and San Sebastian Stags collide today in the scheduled triple-header today in the National Collegiate Athletic Association (NCAA) men’s basketball tournament.

Sporting identical 4-5 records, both the Generals and Stags look to start their respective second-round bids with a win in Season 93 of the country longest-standing collegiate league in their 4 p.m. clash at the FilOil Flying V Centre in San Juan City.

Also seeing action in the NCAA triple treat are league leaders Lyceum Pirates (10-0) and San Beda Red Lions (9-1) against separate opponents, with the former taking on the College of St. Benilde Blazers (2-8) at 2 p.m. and the latter battling the Mapua Cardinals (1-9) in the curtain-raiser at 12 noon.

EAC comes into game fresh from a victory over the Perpetual Help Altas, 61-57, on Aug. 25.

It was a victory that effectively halted for the Generals a three-game losing streak and kept them within striking distance of the third and fourth spots in the standings.

Forward Sidney Onwubere had a huge double-double of 21 points and 17 rebounds while guard Francis Munsayac added 16 points and Jerome Garcia had eight as the Generals survived a gallant stand by the Altas.

“It is a big relief for us. We gave our all in the game and we’re happy to end the first round on a winning note,” said EAC coach Ariel Sison.

San Sebastian, the Season 93 host, meanwhile, is coming off a loss in its final game in the first round, bowing to the Jose Rizal University Heavy Bombers, 73-62, at its home gym in Mendiola.

Jayson David waxed hot for the Stags with 18 points while Allyn Bulanadi also provided some clutch plays but they proved to be not enough as they slumped to the lost. — Michael Angelo S. Murillo

PAL says PAGCOR should honor lease contract

PHILIPPINE AIRLINES (PAL) insisted its lease contract with the Philippine Amusement and Gaming Corp. (PAGCOR) for a 10-hectare property in the old Nayong Pilipino complex is legal and valid.

In a statement on Thursday, the Lucio Tan-led airline said it expects PAGCOR to honor the contract, which will expire on July 11, 2033.

“The existing contract between PAL and PAGCOR is legal, valid and binding based on the terms negotiated and finalized by both parties three years ago,” said the flag carrier, which proposed to use the property for a proposed P20-billion ($400-million) annex to the Ninoy Aquino International Airport (NAIA) Terminal 2.

PAGCOR, under its previous management, and PAL on July 30, 2014 signed the lease agreement for the property located along Manila International Airport (MIA) Road in Pasay City.

Under the contract, PAL would pay a monthly rental fee of P40 per square meter. At the time of the contract signing, PAL paid one month advance rental and a security deposit equivalent to five months’ rental or P24 million.

PAL issued the statement on Thursday after PAGCOR said it reviewed the lease contract, and found it is “not yet the absolute and registered owner of the property.”

“At any rate, this statement of PAGCOR is immaterial and irrelevant. Assuming for the sake of argument PAGCOR is not the absolute and registered owner of the property, it can still enter into a valid contract owing to the fact that it has control and/or possession over the area and has the legal personality to do so,” the flag carrier said.

PAL also cited Article 12.8 of the contract, which states: “PAGCOR covenants and warrants it is the lawful owner of the leased premises; that is free from all encumbrances; that it has a right and has been duly authorized to lease the same as aforesaid and that it will warrant and defend the same against the lawful claims and demands of all persons.”

It added that PAGCOR, as owner of the leased property, had already accepted its initial payments, gave permission to conduct tests, and issued statement of accounts.

PAL acknowledged that the lease contract only allows it to use the property as aircraft parking, ramp, and apron facility. The contract requires PAL to secure “prior written consent from PAGCOR” if it would use the property for another purpose.

“PAL recognizes the role of PAGCOR and reiterates its willingness to engage with PAGCOR and other stakeholders in pursuit of its goal to work with government in building, developing, enhancing and upgrading airport infrastructure,” the flag carrier added.

Last week, PAL revived its proposal for a NAIA Terminal 2 annex, which would handle 12-15 million passengers per year and be able to serve 12 to 17 wide-bodied and single-aisle jets.

“PAL has been doing its share to help decongest NAIA while stimulating air travel to the Philippines. PAL’s proposed P20-billion passenger terminal is in fact a testament to such commitment which will benefit the flying public, Philippine tourism and the national economy,” PAL President Jaime J. Bautista said last week.

Mr. Bautista said that once the project is approved by the government, the groundbreaking is targeted for February 2018, completion of construction by December 2020 and start of operations in July 2021. — P.P.C. Marcelo

Davao Region’s construction sector bullish as 8th Philconstruct Mindanao opens today

DAVAO CITY — Key players are bullish on Davao Region’s construction industry with major public infrastructure and private developments lined up.

“Davao has the most promising lineup of infrastructure developments and renovations in Mindanao and this has attracted both local and foreign investors,” said Ramon F. Allado, event chairman of the three-day 8th Philippine Construction (Philconstruct) Show slated Sept. 8-10 at the SMX Convention Center.

It is being held simultaneously with the 11th Manufacturing Technology Davao Expo.

The event will feature more than 350 companies carrying top brands in building materials and construction equipment. Over 13,000 visitors are expected to participate.

Patrick Lawrence C. Tan, Globalink Events International, Inc. chief executive officer, said one of the highlights of the show is the outdoor display of 70 large machinery and construction equipment not only from Manila but also from Germany, South Korea, Europe, and China.

He pointed out that the construction sector needs more modern machinery and equipment to handle most of the work given the continued shortage of skilled manpower in the region due to the migration of workers to Manila or abroad.

Among the public infrastructure and private projects lined up are: P46-billion Davao City Bypass Road, to be funded by the Japan International Cooperation Agency, which will be implemented starting the first quarter of 2018; P34.5-billion Davao City Coastal Road project spearheaded by the Department of Public Works and Highways; P20-billion Azuela Cove, a mixed-use estate which will be built by Aviana Development Corp., a joint venture of Ayala Land, Inc. and the Alcantara and Sons (Alsons) Group, with a time frame of 2017 to 2021; and the P5-billion St. Luke’s Hospital, which will start construction next year and is targeted for completion by 2020. — Carmencita A. Carillo

First all-American US Open semis since 1981

NEW YORK — For the first time since 1981, the US Open women’s semi-finals will be an all-American affair with seven-time Grand Slam champion Venus Williams and three first-Slam-title hopefuls in the mix.

First all-American US Open semis since 1981
Winning Moments: US tennis players Venus Williams, CoCo Vandeweghe, Madison Keys and Sloane Stephens celebrating after winning their 2017 US Open Women’s Quarterfinal matches in New York. US 15th seed Madison Keys defeated Estonian qualifier Kaia Kanepi 6-3, 6-3 on Wednesday to complete the lineup for the US Open’s first all-American women’s semifinals since 1981. — AFP

Williams, seeking her third US Open crown after 2000 and 2001, will face Sloane Stephens while 20th seed CoCo Vandeweghe and 15th seed Madison Keys collide in Thursday’s matches at Arthur Ashe Stadium, with the winners meeting Saturday for the championship.

“It’s pretty awesome,” said Keys after completing the foursome with a 6-3, 6-3 victory Wednesday over Estonian qualifier Kaia Kanepi.

“I thought it would be a really special moment. I’m happy I helped out and got my name in there.”

No matter who advances, it will set up the first all-American US Open final since 2002, when Williams lost to younger sister Serena.

“It has been a great two weeks for American tennis, seeing all the American players in the draw and all of them advancing so deep and competing so well,” Williams said.

“It’s great to see this resurgence and I hope it can continue.”

US ninth seed Williams, enjoying one of her finest seasons at age 37, is leading the charge. This year’s Australian Open and Wimbledon runner-up is the US Open’s oldest semifinalist and the oldest in any Slam since Martina Navratilova at Wimbledon in 1994.

“It’s such a wonderful feeling, because you put in so much work to be able to succeed at these moments,” said Williams, on the verge of making three Slam finals in a year for the first time since 2002.

Williams and Stephens in a showdown of African-American stars at Arthur Ashe Stadium shows the namesake barrier-breaker’s dream of tennis racial diversity is alive in the 20th anniversary season of the world’s largest tennis venue.

“It’s great for American tennis. It’s great for African-American women,” Stephens said. “I hope that we keep it going.”

Ashe, the first black man to win a Grand Slam title when he captured the 1968 US Open, battled racism and bigotry with grace and patience until his death in 1993.

“He’s a total legend,” Williams said. “He played during a time where he couldn’t just focus on the tennis. I’m very blessed to be able to focus on my game. But he had to fight because of the color of his skin.

“It was a completely different time. So I can’t even imagine the pressure he was under. To come out of it with grace, as a champion, it’s incredible.”

Williams, whose first Slam final was on Ashe 20 years ago, will return to the world top five for the first time since January 2011, her highest level since being diagnosed with the strength-sapping illness Sjogren’s Syndrome.

Stephens, who missed 11 months with a left foot injury before returning at Wimbledon, beat Williams in the first round of the 2015 French Open in their only prior match.

“She’s a great player, a great person. She’s a great leader,” Stephens said. “I’m happy she’s still playing. She means a lot to the game.”

Stephens, ranked 83rd, has matched her deepest Slam run from the 2013 Australian Open.

“If someone would have told me when I started at Wimbledon that I’d be in the semifinals, I would have said they’re crazy,” Stephens said.

NERVOUS CAR RIDE FOR KEYS
Vandeweghe eliminated Czech world number one Karolina Pliskova 7-6 (7/4), 6-3 before Keys, who is 2-0 against Vandeweghe, shook off nerves to win.

“I was real nervous,” Keys said. “The car ride over I was definitely feeling it but once I got out here I felt really good.”

Vandeweghe’s best Slam charge was into this year’s Australian Open semifinals while Keys made her deepest run to the 2015 Australian Open semifinals.

In 1981, Americans Barbara Potter, Chris Evert, Martina Navratilova and eventual winner Tracy Austin reached the final four.

The latest US players have looked to Venus, Serena, Lindsay Davenport and Jennifer Capriati as role models.

“We wanted to be those same players in a later generation. Now that we’re older, we can put that into words, but we all wanted to be there,” Vandeweghe said. — AFP

2 Indonesians rescued from Abu Sayyaf captors

PHILIPPINE SOLDIERS rescued two Indonesian hostages on Thursday after a firefight that killed five of their Islamist militant captors on a southern island, an army commander said.

Five soldiers were also wounded in the encounter with about 20 members of the kidnap-for-ransom Abu Sayyaf group on its stronghold of Jolo in the country’s Mindanao region, Brigadier-General Cirilito E. Sobejana told reporters.

“Minutes later, we intercepted a van which was carrying two Indonesian captives while pursuing the Abu Sayyaf after the encounter,” said Mr. Sobejana.

“They are now safe and undergoing tactical debriefing after medical checkup.”

Militants from the Abu Sayyaf, a small but violent group known for beheading, kidnap-for-ransom and extortion, have attacked numerous trawlers and commercial ships in the Sulu and Celebes Sea.

The Islamic State-linked group poses one of the biggest internal security threats for the Philippines, with one faction pursuing an extremist agenda and another involved in lucrative banditry, including the piracy and kidnap business.

Abu Sayyaf typically holds at least two dozen hostages at a time, taking more people captive after others are executed, rescued or released when ransom is paid. A German and two Canadians were among those beheaded since 2016 after its deadlines expired.

Mr. Sobejana said the two Indonesian fishermen were abducted aboard a Malaysian-registered boat in November last year in waters near Malaysia’s eastern state of Sabah.

The army said the group is still holding about 18 captives on the islands of Jolo and Basilan, including a dozen foreigners from Indonesia, Japan, Malaysia, the Netherlands and Vietnam.

The Abu Sayyaf has fighters among a militant alliance that has occupied Marawi City in Mindanao for more than 100 days. Troops are still fighting to retake the city after a protracted battle that has killed more than 800 people, including 145 soldiers. — Reuters

Ayala Corp. marks return to dollar bond market

AYALA Corp. returned to the dollar bond market on Thursday, as it launched its $400-million fixed-for-life senior perpetual notes.

In a disclosure to the stock exchange on Thursday, the country’s oldest conglomerate said the issuance is the first corporate fixed-for-life bonds with no coupon step-up in Southeast Asia, as well as the first fixed-for-life with no step up (and reset) deal in the Philippines.

Ayala priced the perpetual notes, which will be issued by wholly-owned subsidiary AYC Finance Limited and guaranteed by the parent, at an annual coupon rate of 5.125% for life with no step-up.

“The pricing of the notes reflected a 50-basis point compression from initial price guidance,” the company said.

Perpetual bonds are fixed income securities with no maturity date, which means that they never expire. The principal for this bond will never be repaid to investors, but instead will have a stream of interest payments forever.

Ayala said the offering was over five times subscribed in the international debt market, which it attributed to investors’ confidence in the company.

 “This successful launch of fixed-for-life notes provides us with the financial flexibility to manage our sources of capital. We are grateful for the continued support we have received from our investors that is reflected in this issuance,” Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala was quoted as saying in a statement. 

Bulk or 71% of the investors hailed from different Asian countries, while 19% came from the Philippines and the rest from Europe. In terms of type of investors, 67% were fund or asset managers, 12% were banks, 7% were insurance and pension funds, while 14% were private banks and other investors. 

“Finding favorable conditions in a volatile credit market allows Ayala to optimize its average cost of funding while extending its debt maturity profile,” Ayala Corp. Chief Finance Officer Jose Teodoro K. Limcaoco said in a statement.

The company looks to settle the transaction by Sept. 13. 

Ayala tapped Hongkong and Shanghai Banking Corp. Limited (HSBC) as global coordinator. Deutsche Bank A.G., Singapore Branch, HSBC and JP Morgan Securities plc were engaged as joint lead managers, while BPI Capital Corp. and Chinabank Capital Corp. acted as domestic lead managers. 

Ayala Corp. reported its first-half attributable profit stood at P15.06 billion, 9.35% higher than the P13.77 billion it posted in the same period a year ago. 

Shares in AC gained P3 or 0.33% to P915 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia

Del Potro shatters Federer’s dream of Nadal US Open showdown

NEW YORK — Juan Martin del Potro sensationally gatecrashed the US Open again on Wednesday, stunning five-champion Roger Federer and shattering hopes of a first New York showdown between the Swiss legend and Rafael Nadal.

The Argentine giant, who won his only Grand Slam title in the city in 2009 by beating Federer in the final after seeing off Nadal in the semis, triumphed 7-5, 3-6, 7-6 (10/8), 6-4 in front of a spellbound Arthur Ashe Stadium crowd.

The 28-year-old will once again face world number one Nadal in the semifinals (tomorrow, Manila time) a stunning achievement for a man who had saved two match points to beat sixth seed Dominic Thiem in the last 16.

Nadal, who will keep his world number one status following third seed Federer’s exit, had earlier defeated Russian teenager Andrey Rublev 6-1, 6-2, 6-2 in just 97 minutes.

It will be a sixth US Open semi-final for Nadal and 26th at the majors while Del Potro, the 24th seed, will be playing in just his fourth last-four match at the Slams.

For 36-year-old Federer, it was a first Slam loss of 2017 after he had captured the Australian Open and Wimbledon titles to take his career tally to 19.

“I served really good. I hit my forehand as hard as I could and I played a great match. I deserved to win,” said Del Potro who will be in his first Slam semifinal since Wimbledon in 2013.

“This feels like my home court. I played Rafa here in 2009 too. Hopefully I can get the same result on Friday.”

Del Potro, whose career was almost ended last year after undergoing four wrist surgeries, wrapped up the first set thanks to a break in the 11th game secured with a blistering crosscourt pass.

Federer, who had a 16-5 winning record over Del Potro ahead of the quarterfinal, leveled the tie after breaking for a 3-1 lead in the second.

However, the match turned in the third set tie-break when Del Potro saved four set points before a weary and error-riddled Federer dropped serve again to trail 3-2 in the fourth.

Victory was Del Potro’s eight minutes short of three hours with a deep forehand as Federer was left to survey the wreckage of 41 unforced errors.

“It’s hard to explain, I didn’t play that badly,” said Federer.

“I just ran into a guy who was better on the bigger points. I don’t deserve to still be in the tournament.”

Nadal will take an 8-5 record over Del Potro into the semi-final where the winner will face either Kevin Anderson or Pablo Carreno Busta for the title.

“Juan Martin is a top player. When he’s playing well, it’s difficult to stop him. Probably the forehand is maybe the fastest on the tour,” said Nadal, who is chasing his second major of the year to add to his French Open.

Rublev, bidding to be the youngest man in 17 years to reach the semifinals, had no complaints over his loss to Nadal.

“He gave me a lesson: 1, 2, and 2,” said the Russian, who lost 16 of the last 19 points of the opening set and finished with 43 unforced errors. — AFP

1...12,70012,70112,702...13,232Page 12,701 of 13,232
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube