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Pacers rip Cavs to snap LeBron NBA playoff streak

NEW YORK — Forget LeBron James making his eighth consecutive trip to the NBA Finals — the Cleveland Cavaliers star might have trouble just getting out of the opening round of the playoffs.
Victor Oladipo scored a game-high 32 points to power the Indiana Pacers over the host Cavaliers, 98-80, on Sunday in the opening game of their first-round NBA playoff series.
“Stay calm, stay composed, play the game I have all year long,” Oladipo said of the key to his overwhelming day. “This was a great team win.”
James had won 21 first-round playoff games in a row until the rout, having never before lost the opener in a first-round NBA post-season series.
James, seeking his ninth career trip to the NBA Finals and fourth league title, had not dropped a first-round playoff game since the New York Knicks beat Miami in the fourth game of the 2012 opening round, a minor setback on the Heat’s title run, a career first for James.
James said falling behind in a series just motivates him to step up his game.
“I’m down 0-1 in the first round. I was down 3-1 in the finals. So I’m the last guy to ask about what I’m gonna be like the next couple days,” James said.
The Pacers jumped ahead 33-14 after the first quarter and led by as much as 23 in holding off the Cavs, who came no closer than seven points the rest of the way.
“You can’t ease into the playoffs,” said Cavs coach Tyronn Lue. “I thought (Indiana) came in and they attacked us.”
James had a triple-double in a losing cause with 24 points, 10 rebounds and 12 assists. The rest of Cleveland’s starters only managed 25 points, Kevin Love with 17 rebounds but only nine points.
J.R. Smith had 15 points off the Cavaliers’ bench while Myles Turner had 16 points and Bojan Bogdanovic added 15 for Indiana.
The Cavaliers had their lowest-scoring first period of the season and only five baskets with six turnovers in the opening quarter, drawing boos as they walked off at halftime trailing, 59-38.
CELTICS EDGE BUCKS IN OT
The Boston Celtics nearly fell victim to another Eastern Conference opening upset bid before edging visiting Milwaukee, 113-107, in overtime.
Al Horford scored 24 points and grabbed 12 rebounds for Boston while Terry Rozier, starting in place of injured Kyrie Irving, added 23 points. Marcus Morris scored 21 off the bench while Jaylen Brown netted 20 and Jayson Tatum contributed 19 points and 10 rebounds for the Celtics.
“We’ve been down a lot, a lot of injuries, and we’ve always found a way,” Horford said. “Morris made some big shots, Tatum down the stretch, Terry — that’s what we’re all about. We just find a way.”
Greek star Giannis Antetokounmpo led the Bucks with 35 points, 13 rebounds and seven assists and gave the Celtics headaches until fouling out in overtime.
“He’s a great player,” Horford said. “He knows how to finish around the rim. He has great touch. We tried to contain him as best we could.”
Khris Middleton added 31 points, hitting five-of-seven three-pointers, with eight rebounds and six assists in a losing cause.
The Bucks, who have not won a NBA playoff series since 2001, have been losers in seven consecutive first-round playoff series. — AFP

Cocolife, Foton look to join PSL semifinal cast

WITH the semifinal cast for the 2018 Philippine Superliga (PSL) Grand Prix now half complete, the Cocolife Asset Managers and Foton Tornadoes look to join in the mix when they play their respective quarterfinal assignments today at the FilOil Flying V Centre in San Juan City.
Seeded third and fourth, respectively, in the playoffs, Cocolife and Foton earned twice-to-beat advantages and are out to make it to the next round of the import-laden PSL tournament, joining already-qualified F2 Logistics Cargo Movers, the defending champions, and the Petron Blaze Spikers.
Cocolife (6-4) will take on the sixth-seeded Cignal HD Spikers (3-7) in the 4:15 p.m. contest while Foton (5-5) faces off with the Sta. Lucia Lady Realtors (5-5) at 7 p.m.
The Asset Managers and HD Spikers met only once in the classification phase, with Cignal emerging on top in straight sets, 25-15, 28-26 and 25-15, on Feb. 20.
Serbian Sara Klisura led Cocolife in said game with 20 points, eight digs and 12 excellent receptions but after her there was hardly any support from the rest Asset Managers, something they hope to change in the quarterfinals.
Foton, meanwhile, was a victor over Sta. Lucia in their only encounter in the elimination round, winning in four sets, 25-18, 22-25, 25-20 and 28-26, on March 22.
The Tornadoes rose from a slow second set to get the job done in said game, with Dindin Manabat leading the way with 18 kills and three blocks.
If Cocolife and Foton succeed in eliminating their respective opponents at the first instance, they will join F2 Logistics and Petron in the best-of-three semifinals, which begin on April 24.
F2 Logistics (9-1) ousted the Smart Giga Hitters in straight sets, 25-18, 25-18 and 27-25 on Saturday that effectively kept Smart winless in the tournament.
Petron (9-1), meanwhile, was also a straight-set winner over Generika-Ayala Life Savers, 25-19, 25-20 and 25-21. The Life Savers finished their campaign with a 3-7 record.
The PSL Grand Prix games are shown live over ESPN5. — Michael Angelo S. Murillo

Japan’s Kodaira beats Kim in playoff for PGA Heritage title

WASHINGTON — Japan’s Satoshi Kodaira sank a 24-foot birdie putt on the third playoff hole to defeat South Korea’s Kim Si-woo and win the Heritage tournament on Sunday for his first US PGA Tour victory.
The 28-year-old from Tokyo had won six times on the Japan Tour, most recently at last November’s Taiheiyo Masters, but captured the biggest title of his career with a birdie at the par-3 17th at Harbor Town in Hilton Head, South Carolina.
World number 46 Kodaira was coming off his best major showing, and what had been his top US result, with a share of 28th at last week’s Masters.
Kodaira settled for the plaid jacket given to Heritage winners instead of the green one handed out at Augusta.
Kodaira also was excited to accept a berth on the US PGA Tour and several guaranteed tournament entries that will come with the triumph as a tour member.
Kim and Kodaira both finished 72 holes at 12-under-par 272, one stroke ahead of Americans Luke List and Bryson DeChambeau with Billy Horschel and Webb Simpson on 274.
Kodaira and 51st-ranked Kim began the playoff by replaying the 18th hole. Both parred twice more as they had in the final round. Kodaira went up and down from beyond the green and sank a testy five-footer for par on the second playoff hole to extend the playoff.
Both had made bogeys at 17 in the final round but Kodaira sank his tricky putt and Kim missed to end the showdown.
Kim, 22, was denied his third US PGA title after wins in 2016 at Greensboro and last May at the Players Championship.
Kodaira, who shot 63 Friday, fired a final-round five-under-par 66 to charge into the hunt. He opened with three birdies, began the back nine with another then sank birdie putts of 28 feet at the par-3 14th and 10 feet at the par-5 15th but missed the 17th green and made bogey. — AFP

Grenke Chess Classic

Grenke Chess Classic 2018
Karlsruhe/Baden Baden, Germany
March 31-April 9, 2018

Final Standings
1 . Fabiano Caruana USA 2784, 6.5/9
2. Magnus Carlsen NOR 2843, 5.5/9
3-5. Levon Aronian ARM 2794, Nikita Vitiugov RUS 2735, Maxime Vachier-Lagrave FRA 2789, 5.0/9
6. Matthias Bluebaum GER 2631, 4.5/9
7-9. Viswanathan Anand IND 2776, Hou Yifan CHN 2654, Arkadij Naiditsch AZE 2701, 3.5/9
10. Georg Meier GER 2648, 3.0/9
Average ELO 2736 Category 20
Time Control: 100 minutes for the first 40 moves, then 50 minutes for the next 20 moves then 15 minutes play-to-finish with 30 seconds added after every move starting move 1
The 2018 Grenke Chess Classic is a 10-player round-robin held in Germany from March 31 to April 9. The first three rounds were in Karlsruhe alongside the Grenke Chess Open, then after a rest day the last six rounds are in the Kulturhaus LA8 in Baden-Baden. The spa city of Baden-Baden has been the venue of many great chess tournaments in the past and it is also the site of the world headquarters of Grenke Leasing (with special emphasis on IT Equipment), the major sponsor of the event.
As BW readers know the Berlin Candidates tournament, won by Fabiano Caruana, finished just last March 27, and from there he went straight to Karlsruhe to play in the Grenke Classic.
Useless Trivia: Did you know that “Karlsruhe,” which translates to “Charles’ Repose,” is named after Margrave (or “military commander”) Charles III William who founded this new city to get peace from his wife. The city was planned with the palace tower at the center and 32 streets radiating out from it like the spokes of a wheel. Almost all of these streets survived until today. Because of this city layout, in metric geometry, Karlsruhe metric refers to a measure of distance that assumes travel is only possible along radial streets and along circular avenues around the center.
But I digress. The field in Grenke Classic included the reigning world champion Magnus Carlsen and Maxime Vachier-Lagrave who both did not play in the Candidates’ event, so surely both players wanted to measure themselves up against the world championship challenger. Let’s see how strong he really is!
Well, Caruana showed that at current form he was very strong indeed. Fabulous Fabi did not lose a single game and had four wins (against Vachier Lagrave, Naiditsch, Meier and Vitiugov) to sore 6.5/9, a full point ahead of second-placer Magnus Carlsen (who also did not lose a game but only had two wins).
Not only that but Fabiano proved that he had the strength and will to finish strongly when needed. Remember the London Chess Classic last December? He performed a magnificent feat by first squeezing out a six-hour victory over the hard-to-beat Michael Adams to tie Ian Nepomniachtchi for first place and then emerged victorious in the 4th game of a playoff against a well-rested Ian Nepomniachtchi.
In the Berlin Candidates Caruana was tied with Karjakin after the 12th round (total of 14 rounds) and had the worse tie-break, so he had to finish at least half a point ahead of Karjakin to win, but Fabi responded by defeating both Aronian and Grischuk (definitely not an easy thing to do) in the final two rounds and ended up one point ahead of his closest pursuer.
Now in Grenke Caruana did it again with a last round victory over GM Nikita Vitiugov. Fiona Steil-Antoni asked him where he was getting the energy from and his reply was “I can’t say I’ve had much energy throughout the tournament. I’ve felt a bit burnt out, but I haven’t really put any stress on myself. I guess it’s working out, and obviously I was lucky in a bunch of games, specifically my game against Magnus. I was very lucky to survive that, and my game against Hou Yifan, and also my wins were kind of random, but I guess I took my chances!”
Here is Fabi’s best game.

Vachier-Lagrave, Maxime (2789) — Caruana, Fabiano (2784) [A29]
GRENKE Chess Classic 2018 Karlsruhe/Baden Baden GER (7.3), 07.04.2018

1.c4 e5 2.Nc3 Nf6 3.Nf3 Nc6 4.g3 Bb4
Caruana: “I thought he was surprised in the opening. I normally don’t play 4…Bb4 and he was very clearly unfamiliar with the line, and we were both on our own after 9.Qc2, I guess.”
5.Bg2 0–0 6.0–0 e4 7.Ng5 Bxc3 8.bxc3 Re8
This line was very much in vogue in the late ’80s in large part due to Kasparov weaponizing it for his world championship match with Karpov. He usually continued with 9.f3 though.
9.Qc2
Here is one such Kasparov game which made a huge impression on me. 9.f3 exf3 10.Nxf3 d5 11.d4! Kasparov remarked here that this was a novelty prepared for his Seville world championship match which he never got to use. 11…Ne4 12.Qc2 dxc4 13.Rb1 (Garry Kasparov: ‘The key move: by attacking the b7–pawn, the rook hinders the development of the bishop on c8, and in some cases it is threatening via b5 to support the action in the center or on the kingside.’) 13…f5 (13…f6! is the move to play) 14.g4! (Garry Kasparov: ‘On seeing this unexpected move, Vassily nervously flinched and sank into agonising thought. What I had played was obviously not in his analysis! It suddenly transpired that Black faced serious dangers, and Ivanchuk’s ardent expression somehow immediately faded.’) 14…Qe7 (14…fxg4 15.Ne5!) 15.gxf5 Nd6 (15…Bxf5) 16.Ng5 Qxe2 17.Bd5+ Kh8 18.Qxe2 Rxe2 19.Bf4 Nd8 20.Bxd6 cxd6 21.Rbe1! Rxe1 22.Rxe1 Bd7 23.Re7 Bc6 (23…h6 24.f6!) 24.f6 1–0 Kasparov,G (2760)-Ivanchuk,V (2625) Moscow 1988. The conclusion will be 24…Bxd5 25.Re8+ Bg8 26.f7 Nxf7 27.Nxf7# Wow.
9…d5 10.cxd5 Qxd5 11.d3 Bf5 12.Bf4 h6 13.Nxe4
“I just made sure that after” 13.dxe4 Nxe4 14.c4 Qd4 15.Rad1 Qc3 “and here I thought I am already much better” (Caruana)
13…Nxe4 14.Qb2 b6 15.Rfd1
Caruana expected MVL to take the c7–pawn: 15.Bxc7 Rac8 16.Bf4 Na5 17.Rad1 Qe6 18.Bxe4 Bxe4 19.dxe4 Qxe4 but then he will have “very good compensation” (Caruana) for it.
15…Qc5 16.dxe4 Bxe4 17.Bf1?!
This was a surprise to Caruana. He had expected 17.Bxe4 Rxe4 Caruana expected 18.Bxc7 Na5 19.Bf4 Rae8 with Black having full compensation for the sacrificed pawn.
17…Re7 18.a4
After the game Caruana remarked that “the whole concept of a2–a4 followed by Ra1–c1 feels wrong.”
18…Rae8 19.Rac1 g5! 20.Bd2
[20.Be3 is met by 20…Qf5 and Ne5.]
20…Qf5 21.f3 Qc5+ <D>
POSITION AFTER 21…QC5+
22.Kh1
Caruana speculated that MVL might have missed that 22.Kg2? is refuted by 22…Bxf3+! and now 23.Kxf3 (23.exf3 Re2+ 24.Bxe2 Rxe2+ 25.Kh3 (25.Kh1 Qf2) 25…Qf5+ followed by mate) 23…Qg1! and I do not see any defense to 24. — Re3+ 25.Bxe3 Rxe3+ 26.Kg4 Ne5+ 27.Kh3 Rxg3+ 28.hxg3 Qh1#
22…Bd5
With the idea of Rxe2
23.Be1
No choice:
23.c4 Rxe2 24.Bxe2 Rxe2 25.Rf1 Bxf3+ 26.Rxf3 Ne5 27.Rcf1 Qc6 28.Qa3 Rxd2 29.Qe3 (otherwise Black will follow-up with …g5–g4) 29…Nxf3 30.Qxf3 Qxc4 with an easily winning endgame;
23.e4 Rxe4! 24.fxe4 Bxe4+ 25.Bg2 Bxg2+ 26.Kxg2 Re2+ 27.Kh1 Qd5+ 28.Kg1 Qg2#
23…Bc4 24.e4 Bxf1 25.Bf2 Qc4 26.Rxf1 Qxa4 27.c4 Ne5 28.Bd4 g4 29.fxg4
Or 29.f4 Nf3 30.Bh8 f5 31.exf5 Qc6 Caruana: Black mates first
29…Qd7 30.Qc3 c5
Black starts harvesting pawns.
31.Bxe5 Rxe5 32.Qf3 Rxe4 33.Rcd1 Qe6 34.g5 hxg5 35.Rd5 g4 36.Qc3 Re5 0–1
After this tournament the live ratings of the players are as follows:

1. Magnus Carlsen NOR 2839

2. Fabiano Caruana USA 2818

3. Shakhriyar Mamedyarov AZE 2814

4. Vladimir Kramnik RUS 2792

5. Maxime Vachier Lagrave FRA 2789

6. Hikaru Nakamura USA 2787

7. Wesley So USA 2786

8. Ding Liren 2783

9. Sergey Karjakin RUS 2778

10. Anish Giri NED 2777

As you can see Caruana is back in the no. 2 spot, exactly where the world championship challenger should be.
We will continue on Thursday.
 
Bobby Ang is a founding member of the National Chess Federation of the Philippines and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.
bobby@cpamd.net

Porous defense

It would be an understatement to argue that LeBron James isn’t used to losing a match in the first round of the playoffs. Heading into yesterday’s curtain-raiser against the Pacers, he had won his last 21 outings and 48 of 55 overall. And there was even more reason for fans to expect the same old, same old from the King: He had yet to suffer a setback in 12 Game One opening-series appearances. As far as oddsmakers were concerned, the Cavaliers were heavy favorites for a reason: him.
Unfortunately for James, the 2017-2018 campaign isn’t like any other in his career. For all the confidence pundits had in the Cavaliers owing to his mere presence, there were enough factors in play for doubt to set in. Among others, an evident lack of cohesion on court coverages owing to injuries and personnel turnover stood out; they stumbled through the regular season next to last in defensive efficiency, a position that underscored the difficulties that lay with their bid to claim a fourth straight Finals berth. And against the Pacers, who had beaten them thrice in four previous meetings, it was particularly worrisome.
True enough, the Cavaliers found themselves shellacked in their initial playoff homestand. Outplayed and outhustled from the get-go, they didn’t so much as get a taste of the lead en route to an 18-point drubbing. And even though they managed to mount a couple of second-half rallies from 23 behind, their glaring inability to consistently make stops told on the outcome. Pressed to rely on defense to get them back in the game in light of their poor shooting, they predictably failed to summon the requisite effort.
Significantly, James stayed even-keeled in the aftermath of the setback, noting that if the Cavaliers could come back from a one-three deficit with the Larry O’Brien Trophy on the line, a zero-one slate to start the playoffs isn’t cause for concern. They’ll do much better in Game Two, he contended, and he may well be right. There’s just one problem, though: The current roster is nowhere near as formed — as united, even — as that which managed to go all the way in 2016.
Of course, James is James, and if only for the constancy of his excellence, the Cavaliers cannot be written off. The numbers don’t lie, though; based on advanced stats, they’ll have to shoot lights out every time they burn rubber. Otherwise, they end up taxing their decidedly porous defense, to unfavorable results.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Peso drops on weak remittances

THE PESO dropped on weak February remittances data.

THE PESO weakened against the dollar on Monday as data on money sent home by Filipinos overseas in February came out weaker than expected.
The local unit ended yesterday’s session at P52.07 versus the greenback, 12 centavos weaker than its P51.95-per-dollar finish on Friday.
The peso opened the session stronger at P51.92, which was also its best showing for the day. During the day, it dipped to as low as P52.12 against the US currency.
Dollars traded slipped to $518.1 million from the $522.65 million logged during the previous session.
“The peso broke from its tight range [on Monday] as it ended weaker,” a trader said in a phone interview. “I think it’s mostly on the back of the remittance data of the Philippines coming in weaker than expected.”
Overseas Filipino workers (OFWs) sent more money home in February although at a slower pace from the previous month, the central bank reported yesterday.
Remittances totalled $2.267 billion for the month, up 4.5% from the $2.169 billion inflows tallied in February 2017, the Bangko Sentral ng Pilipinas (BSP) said. However, the figure slipped from the $2.379 billion cash transfers received in January.
February’s growth pace is likewise the slowest in three months since a 2% increase recorded in November, data showed.
Despite the decline, February remittances brought 2018’s tally to $4.647 billion, 7.1% higher than the $4.338 billion received during the comparable period last year.
“The peso weakness is quite surprising because other currencies are seeing a weaker dollar. This is a specific move for the peso,” the trader added.
Meanwhile, another trader said the peso weakened “amid safe-haven buying for the dollar following the escalation of geopolitical concerns on military activities in Syria during over the weekend.”
The White House announced that American, British and French military forces struck what is believed to be a chemical weapons facility in Damascus, Syria following a suspected gas attack.
In response, Russia vowed to respond to any attack on its ally, adding that the Syrian military had intercepted 71 of the missiles fired.
For today, the first trader expects the peso to move between P52 and P52.20 against the greenback, while the second trader gave a slightly lower range of P51.95 to P52.15.
“The local currency is expected to continue losing strength on expectations of upbeat US retail sales data and increased geopolitical involvement in Syria,” the second trader noted. — Karl Angelo N. Vidal

Stocks decline on concerns over US-Syria tensions

LOCAL SHARES fell on Monday, as investors stayed on the sidelines amid growing concerns on the United States’ attacks against Syria.
The benchmark Philippine Stock Exchange index (PSEi) dropped 0.37% or 29.73 points to close at 7,870.25 yesterday, settling below the 8,000 mark for the second consecutive day.
The broader all-shares index likewise lost 0.48% or 23.37 points to end at 4,771.28.
“The market traded in the red today after some initial strength in the morning following weakness in the US markets last Friday,” Papa Securities Corp. trader Gabriel F. Perez said in an e-mail on Monday.
Concerns over the US’ military attacks against Syria dragged down Wall Street indices last Friday. Over the weekend, the US and its allies warned Syria of further missile attacks should it once again make use of chemical weapons, despite no signs of retaliation from Russia, Syria’s backer.
Following this, on Friday, the Dow Jones Industrial Average was down by 0.50% or 122.91 points to 24,360.14. The S&P 500 index edged 0.29% lower or 7.69 points to 2,656.30, while the Nasdaq Composite index slipped 0.47% or 33.60 points to 7,106.65.
However, Asian indices seemed unperturbed by the geopolitical tensions, with majority posting gains on Monday.
Back home, five sectoral indices suffered losses, led by services that shed 1.08% or 17.78 points to close at 1,617.88. Mining and oil followed with a 0.65% or 72.75-point decline to 11,096.06; holding firms dipped 0.52% or 41.61 points to 7,867.22; industrials went down 0.42% or 48.2 points to 11,208.38; while financials gave up 0.37% or 7.54 points to 2,021.09.
Property was the lone sectoral counter that went up, adding 0.27% or 10.03 points to 3,614.96.
Some 1.68 billion issues switched hands, translating to a value turnover of P4.77 billion, thinner than Friday’s P6.09 billion.
“Pullbacks on low volume are generally regarded as weak movements. So this shouldn’t be regarded as a definite sign that the index’s low and support of 7,834 will be breached [on Tuesday],” Papa Securities’ Mr. Perez said.
Decliners outpaced advancers, 130 to 68, while 49 names remained unchanged.
Foreign investors turned buyers on Monday, netting purchases worth P139.71 million, reversing Friday’s net foreign outflows worth P829.5 million.
Moving forward, analysts said investors will be looking at the first-quarter performance of listed firms.
“I think investors are more focused on companies’ performances this first quarter, specifically on how TRAIN (Tax Reform for Acceleration and Inclusion) law will affect not just companies but the overall economy,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said via text.
“This first-quarter earnings will I think determine market direction in the next few weeks and the index will possibly move toward an appropriate valuation,” Ms. Telagen said. — Arra B. Francia

World Bank cites need to address ‘poor quality of jobs’ to reduce poverty in PHL

THE WORLD BANK has labelled the poor quality of jobs in the Philippines as the “missing link” to reducing poverty and inequality in the country, even as the government carries out a more ambitious infrastructure development program.
“The key challenge facing the government is not unemployment, but rather the poor quality of jobs in the labor market, as a large share of employment opportunities in the Philippines consist of low-paid jobs,” the World Bank said in its Philippine Economic Update report.

Oil firms to hike fuel prices on Tuesday

After last week’s price cut, oil companies this week will raise the prices of petroleum products to reflect the movement of prices in the international market.
Gasoline prices will rise by P0.35 per liter, diesel by P0.55 per liter and kerosene by P0.80 per liter.
For most oil companies, price adjustment will take place at 6:00 a.m. on Tuesday, April 17.
This week’s increase follows last week’s price cut for both gasoline and diesel, at P0.40 and P0.30, respectively. Kerosene prices were unchanged last week. — Victor V. Saulon

OFW allegedly forced by Saudi employer to drink household bleach in ‘serious but stable’ condition — DFA

The Department of Foreign Affairs (DFA) is coordinating with authorities in Saudi Arabia following the hospitalization of a Filipino household service worker who was allegedly forced to drink household bleach by her employer.
In a statement issued Monday, April 16, the Philippine Consulate in Jeddah said Agnes Mancilla remained in serious but stable condition at the King Fahad Central Hospital in Jizan, Saudi Arabia.
“We would like to assure our kababayans that we are working closely with authorities in Jizan to make sure that justice will be given to Agnes Mancilla,” Consul General Edgar Badajos said. — Camille A. Aguinaldo

Remittance growth slows in February

Overseas Filipino workers (OFWs) sent more money home in February although at a slower pace from the previous month, the central bank reported on Monday, April 16.
Remittances totalled $2.267 billion for the month, up 4.5% from the $2.169 billion inflows tallied in February 2017, the Bangko Sentral ng Pilipinas (BSP) said. However, the figure slipped from the $2.379 billion cash transfers received in January.
February’s growth pace is likewise the slowest in three months since a two percent increase recorded in November, data showed.

Stocks continue decline on jitters over US-led strike on Syria

Local shares fell on Monday, April 16, as investors stayed on the sidelines amid growing concerns on the United States’ attacks against Syria.
The benchmark Philippine Stock Exchange index dropped 0.38% or 29.73 points to close at 7,870.25 on Monday, settling below the 8,000 mark for the second consecutive day. The broader all-shares index likewise lost 0.49% or 23.37 points to end at 4,771.28.
“The market traded in the red today after some initial strength in the morning following weakness in the US markets last Friday,” Papa Securities Corp. trader Gabriel F. Perez said in an email.
Concerns on the US’ military attacks against Syria dragged down Wall Street indices last Friday. Over the weekend, the US and its allies warned Syria of further missile attacks should it once again make use of chemical weapons, despite no signs of retaliation from Russia, Syria’s backer.
With this, the Dow Jones Industrial Average was down by 0.5% or 122.91 points to 24,360.14. The S&P 500 index edged 0.29% lower or 7.69 points to 2,656.30, while the Nasdaq Composite index slipped 0.47% or 33.6 points to 7,106.65.
Asian indices seemed unperturbed by the geopolitical tensions, with majority posting gains on Monday.
Back home, five sectoral indices suffered losses, led by services that shed 1.09% or 17.78 points to close at 1,617.88. Mining and oil followed with a 0.65% or 72.75-point decline to 11,096.06; holding firms dipped 0.53% or 41.61 points to 7,867.22; industrial went down 0.43% or 48.2 points to 11,208.38; while financials gave up 0.37% or 7.54 points to 2,021.09.
Property was the lone sectoral counter that went up, adding 0.28% or 10.03 points to 3,614.96.
Some 1.68 billion issues switched hands, translating to a value turnover of P4.77 billion, thinner than Friday’s P6.09 billion.
“Pullbacks on low volume are generally regarded as weak movements. So this shouldn’t be regarded as a definite sign that the index’s low and support of 7,834 will be breached tomorrow,” Papa Securities’ Mr. Perez said.
Decliners outpaced advancers, 130 to 68, while 49 issues remained unchanged.
Foreign investors turned buyers on Monday, netting purchases worth P139.71 million, reversing Friday’s net foreign outflows worth P829.5 million. — Arra B. Francia

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