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Sept. remittances smaller; year-to-date flows up

By Melissa Luz T. Lopez
Senior Reporter

MONEY SENT HOME by Filipinos abroad dropped in September to a five-month low as Saudi Arabia sent more overseas Filipino workers (OFWs) back home under an extended repatriation program, the central bank reported yesterday, although year-to-date flows were still bigger than a year ago.

Sept. remittances smaller; year-to-date flows up

OFW remittances totalled $2.186 billion that month, slipping by 8.3% from the year-ago $2.383 billion, the Bangko Sentral ng Pilipinas (BSP) said.

September inflows were the smallest since April’s $2.083 billion remittances and reflected the steepest fall in over a decade since a 10.9% drop in April 2003.

The BSP said remittances from land-based workers slipped by 11.7%, offseting a six percent increase in money sent by those working at sea.

The decline was largely due to lower amounts sent by those based in Saudi Arabia, which saw thousands of Filipinos suddenly head home.

“[T]he decline in remittances could partly be the result of the continued repatriation of overseas Filipino workers under the Saudi Arabian Amnesty Program which started last March 2017,” the central bank said in a statement, noting that the repatriation program has been extended effective Sept. 26.

Citing data from the Department of Foreign Affairs, the central bank said that a total of 8,467 undocumented OFWs availed of the program, which allowed them to return to the Philippines without penalty from the foreign government.

The BSP also attributed the drop in remittances to terminated arrangements between global banks and money service businesses, with more of the former choosing to end correspondent banking relationships in the face of perceived increased risks.

Despite the slip in September remittances, the nine-month tally still grew to $20.781 billion, up by 3.8% from the $20.025 billion posted during the same period in 2016.

However, this was below the central bank’s forecast of a four percent growth for the entire year.

The United States remained the biggest source of remittances between January and September worth $6.963 billion, accounting for a third of the total.

Saudi Arabia came second with $1.895 billion, although 3.5% less than last year due the repatriation of illegal workers.

Other major sources of funds were the United Arab Emirates ($1.874 billion), Singapore ($1.311 billion), Japan ($1.084 billion), and the United Kingdom ($1.002 billion), the BSP said.

Remittances support household consumption, which drives more three-fifths of national economic output.

Yesterday’s data bared a 1.976% year-on-year increase in cash remittances in the third quarter, slightly faster than the second quarter’s 1.856% hike but still much slower than January-March’s 7.682%.

The central bank’s September remittance report came a day ahead of the Philippine Statistics Authority’s scheduled third-quarter gross domestic product report today. A BusinessWorld poll of economists yielded a 6.6% median forecast for the quarter, fueled by robust consumption and improving public spending.

Trump’s trade barbs push Asian nations closer to China’s orbit

NEW DELHI/SEOUL — For years, smaller nations in Asia have looked to the US to provide a counterweight to an increasingly powerful China.

ASEAN 50 logo

Under President Donald Trump, they are learning to fend for themselves.

Mr. Trump declared his 11-day swing through Asia a success before heading home on Tuesday, saying that “all countries dealing with us on TRADE know that the rules have changed.”

On each stop, he devoted most of his time to trade deficits, moving away from a US strategy since World War II to enhance economic linkages in Asia as a way of boosting security ties and deterring conflict.

The approach is a sharp contrast with former US President Barack Obama, who announced a pivot to Asia backed up by an increased military presence and the Trans-Pacific Partnership (TPP) trade deal.

Mr. Trump subsequently called for US allies to pay more for security, and immediately withdrew from the TPP.

The US’s emphasis on negotiating — and revising — deals that put “America First” is raising alarms in a region where China is already the top trading partner for most countries.

As frictions with the US grow under Mr. Trump, smaller countries are searching for new solutions to avoid becoming overly dependent on China for economic gains.

That was seen over the weekend when Japan, in particular, pushed to revive the TPP. The 11 remaining members announced a framework agreement on the pact while Mr. Trump was in Vietnam defending his decision to shun such multilateral agreements in favor of bilateral deals.

“The credibility of the US is going down, so regional actors are trying to do their own things,” said Harsh Pant, a distinguished fellow at the New Delhi-based Observer Research Foundation who has written books about defense policy in the region.

“That is now the new normal, where regional states will have to come up with new ideas and new solutions to regional problems, and the US will fit in where it can.”

Mr. Trump appears to want it that way.

In a meeting with Southeast Asian leaders Monday in Manila, he called for a “free and open Indo-Pacific.” The phrase reflects the US desire for India to play a bigger role in its security matters.

“We want our partners in the region to be strong, independent, and prosperous, in control of their own destinies, and satellites to no one,” he said.

Still, Mr. Trump’s focus on trade deficits risks doing just the opposite. Already over the past decade, the 10-nation Association of Southeast Asian Nations (ASEAN) has grown more reliant on China, which accounted for 15% of its total trade last year compared with 9.4% for America. Back in 2007, ASEAN traded more with the US than China.

South Korea, which agreed to revise its bilateral deal with the United States, is being pulled toward China under Trump and the longer term consequences are unclear, according to a person familiar with the country’s trade policy who asked not to be identified speaking about internal deliberations.

Too much reliance on China is potentially strategically dangerous, the person said.

China punished South Korea after it allowed the installation of a US missile shield to defend against North Korea, with Beijing restricting tourism and making life hard for its companies. While both nations agreed last month to move past the dispute, China hasn’t yet fully restored economic ties.

The South China Sea is another area where China can use its economic might to advance its geopolitical aims.

In Hanoi, Mr. Trump offered to broker a peace deal between China and Southeast Asian nations like Vietnam and the Philippines, which has already shifted toward Beijing under President Rodrigo R. Duterte.

“President Trump’s offer to be a mediator in the South China Sea was off-balance,” Michael Fullilove, executive director of Sydney-based think tank the Lowy Institute.

“Because you have a very significant power imbalance between China and its neighbors, mediation isn’t what’s required. Support from the US for those smaller Asian nations is.”

At the Asia Pacific Economic Cooperation summit in Vietnam, Mr. Trump and Chinese President Xi Jinping again laid out competing visions for globalization.

While Trump said he wouldn’t enter large trade agreements “that tie our hands,” Mr. Xi painted a picture of a global order that would bring collective benefits.

Smaller Asian nations also called for a more collective approach. Singapore’s Prime Minister Lee Hsien Loong said world leaders should ensure the economic benefits of globalization and digitization are “fairly distributed” to mitigate the “winner takes all” effect of technology disruption.

Government officials in the region regularly have said they want the US to engage rather than withdraw, according to Carlos Gutierrez, chair of Washington-based Albright Stonebridge Group and former commerce secretary under President George W. Bush. While Mr. Trump’s moves to undercut international agreements can disrupt business activity, the US retains a cultural advantage, he said in an interview in Singapore.

“In absolute terms, I think the US will continue to be a powerhouse,” Mr. Gutierrez said.

“We’ll lose some time, but I think it’s way too early to say this is the beginning of the long-term decline of the US.” — Bloomberg

Sy, Zobel families among Asia’s richest

By Victor V. Saulon, Sub-Editor

THE family of Henry Sy, Sr., the Philippines’ richest man, jumped to ninth place in the Forbes 2017 list of Asia’s Richest Families, the publication’s annual ranking of dynasties in the region that is once again dominated by India.

With a net worth of $20.1 billion, the wealth created by the Sy family in retail, banking and property propelled it to the top 10, from 17th place last year.

The Sys, along with the Zobels, are the only Filipino families included in Forbes list of Asia’s 50 richest families.

The Zobels, who own diversified conglomerate Ayala Corp., are ranked 43rd with a net worth of $6.13 billion. The family was ranked 37th in the 2016 list.

“Asia’s wealthiest business dynasties on the list have remained relevant and successful by producing new generations that push the company in often surprising directions. Some young scions are even charting their own paths away from the family business,” Forbes said in a statement to introduce the list.

The publication cited 29-year-old Howard Sy, a grandson of Mr. Sy, the patriarch of the country’s richest family.

“A former investment analyst, Sy started a 24-hour self-storage company called StorageMart a year ago, anticipating that the country’s condominium boom would create a demand for storage space. His company now operates two facilities in Metro Manila,” it said.

The Zobels, themselves, are the heirs of a business that was founded as early as 1851 — Bank of the Philippines. Ayala has since branched to real estate, telecommunications, water infrastructure, electronics manufacturing, power generation, health care and education, among others.

Missing in this year’s list is a third Filipino clan that was in last year’s ranking — the Aboitiz family. Last year, it ranked 39th with a net worth of $4.95 billion. This year’s 50th wealthiest has a net worth of at least $5 billion.

“Asia’s 50 Richest Families list is a snapshot of wealth using stock prices and currency exchange rates from the close of markets on Nov. 3, 2017. Private companies were valued based on similar companies that are publicly traded. To qualify, a family’s wealth must be rooted in Asia and participation in building that fortune has to extend at least three generations,” Forbes said.

Topping this year’s list is India’s Ambani family, which reached that spot for the first time with a net worth of $44.8 billion, the publication said.

Forbes noted the collective wealth of Asia’s 50 richest families hit a record $699 billion, higher by 35% from last year.

“The Ambani family is this year’s biggest gainer in dollar and percentage terms. Their net worth rose by $19 billion as shares in Mukesh Ambani’s conglomerate Reliance Industries soared in the past year due to better refining margins and the demand produced by its telecom arm, Reliance Jio. Since its launch in 2016, Jio has notched up close to 140 million subscribers,” Forbes said.

South Korea’s Lee family dropped to no. 2 even if their wealth rose by $11.2 billion to $40.8 billion this year. The family derives nearly 45% of its fortune from Samsung Electronics.

Hong Kong’s Kwok family is in third spot with a net wealth of $40.4 billion. The Kwoks are Asia’s richest real estate family, controlling Sun Hung Kai Properties, which reached a record $6.7-billion in sales under contract for the year ended June 30, up 28% from the previous year, Forbes said.

Thailand’s Chearavanont family placed fourth, with a net worth of $36.6 billion. The family is behind Charoen Pokphand Group, one of the world’s largest producers of animal feed and livestock. Its wealth was boosted by nearly $9 billion by rise in the value of its holding in Chinese insurer Ping An.

“The cascading wealth of Asia’s very richest active tycoons is reshaping the ranks of even this legacy-driven list. Because of India’s size, the Ambanis can never be as dominant there as Samsung’s Lees have been in Korea. But with Mukesh’s next generation establishing a presence at the Reliance Jio telecom operation, this story could play out for years,” said Tim Ferguson, editor of Forbes Asia.

In all, India has 18 families in the list, followed by Hong Kong with nine, Singapore with five, Indonesia and South Korea with four each.

Yields on BSP’s term deposits up

By Melissa Luz T. Lopez,
Senior Reporter

YIELDS on term deposits climbed yesterday amid tepid demand, with banks reluctant to place their excess funds in a month-long term given uncertainties in the financial markets, particularly with a looming rate hike in the United States.

Tenders for Wednesday’s term deposit facility (TDF) totalled P114.346 billion, slipping from last week’s P124.081 billion as the 28-day tenor remained undersubscribed. This marked the third straight time when the bids logged below the P130 billion which the Bangko Sentral ng Pilipinas (BSP) wanted to auction off, which has already been reduced from P140 billion last month.

Offers for the seven-day term deposits surged to P45.16 billion, a recovery from the previous week’s P37.57 billion and surpassing the P40 billion which the central bank placed on the auction block.

However, banks asked for higher yields for parking their excess money in the term deposits to hit a 3.4054% average, inching up from the 3.3849% rate fetched on Nov. 8.

In contrast, demand for the 28-day tenor slipped to P69.186 billion from last week’s P86.511 billion, against the P90 billion which the BSP dangled for the longer-termed instrument. Yields moved slightly higher to 3.4933% from 3.4908% previously, hovering close to the 3.5% ceiling.

Since June last year, the TDF has been the central bank’s main tool to capture excess liquidity in the financial system by allowing banks to place extra cash they hold, in exchange for a small return. Through this, the BSP expects to influence market rates to log closer to the 3% benchmark rate, coming from below the 2.5% floor of the interest rate corridor.

A central bank official said developments in the global markets have been influencing market sentiment, prompting players to take a cautious stance.

“[B]anks continue to go more short term in anticipation of the US Fed’s tightening bias,” BSP Deputy Governor Diwa C. Guinigundo said in a text message. “Banks appear to have been convinced of the BSP’s position that current monetary policy settings remain appropriate given the manageable inflation outlook, well anchored inflation expectations and favorable liquidity and credit conditions. It’s the external factors that seem to be uppermost in the calculus of the market.”

Yields on government securities have also been on an uptrend last week amid growing expectations that the global interest rates will pick up, largely due to an anticipated rate hike from the US Federal Reserve during their December policy meeting.

The central bank kept its trading, clearing and settlement operations open despite the Nov. 13-15 work suspension for the country’s hosting of the 31st summit of the Association of Southeast Asian Nations, with state leaders and dialogue partners visiting Manila.

Mr. Guinigundo previously said that there has been a “decline” in the amount of surplus money supply in the financial system, leaving banks with smaller amounts to deploy under the TDF. Offhand, the lenders may have chosen to place the idle funds for their lending activities, as well as in long-term notes offered by listed companies that offered more competitive returns.

For next week, the BSP will again be offering P130 billion in term deposits, split into P40 billion under the week-long term and P90 billion for the month-long tenor.

National Book Store drops backdoor listing

NATIONAL BOOK Store, Inc. (NBS) will no longer pursue a backdoor listing, leaving the shares of its target company tumbling at the equities market.

With NBS’s move, supposed listing vehicle Vulcan Industrial & Mining Corp. told the stock exchange the bookstore’s stake in the company would be unchanged.

“Despite NBS’s decision to no longer pursue the backdoor listing, its investment and subscription to shares in the Company shall remain unchanged. There will likewise be neither change in the composition of the Board of Directors nor in public float,” Vulcan said on Wednesday.

NBS is Vulcan’s top shareholder with holdings amounting to 850 million shares or around 58.6% of the total capital.

On Tuesday, Vulcan said NBS had informed the company that it was dropping the backdoor listing of its retail assets.

“After careful deliberation and many years of study, the board of directors of National Book Store group has decided to no longer pursue a backdoor listing of its retail assets to enable it to focus on various initiatives integral to the future growth of the business,” NBS Managing Director Maureen Alexandra S. Ramos-Padilla said in a Nov. 14 letter to Vulcan Vice-Chairman Christopher M. Gotanco.

Vulcan requested a one-hour trading halt to enable investors to digest the information.

Shares in Vulcan fell by 16.67% to close Wednesday’s trading at P0.75 each.

“As previously disclosed, Vulcan will revisit its strategy and continue to explore various ways to deliver value to our shareholders,” said Vulcan, a company is involved in finding, developing, and producing oil and gas reserves and other mineral properties.

“While there is no other agreement planned at this time, the Company assures the Exchange that it will make timely and proper disclosures should one be had with NBS or any other party in the future,” it added.

Vulcan previously said that the delay in the backdoor listing was because of prevailing market conditions as well as the audit being done by NBS.

In its 2016 annual report, Vulcan said the backdoor listing had been postponed “until further notice.” As of last year, the company had no commercial operations since it is only in the stage of exploration.

The company finished the third quarter with zero revenue while incurring losses of P1.46 million, smaller than the P1.67 million in the same period last year. Losses in the third quarter amounted to P417,491, up from P371,727 a year ago. — Victor V. Saulon

Moody’s Investors Service assigns investment-grade rating to UnionBank

MOODY’S Investors Service has assigned an investment-grade rating to Aboitiz-led UnionBank of the Philippines (UnionBank) with a “stable” outlook in line with the country’s own score, on the back of the lender’s profitability and strong core businesses.

The credit rater said in a statement yesterday that it gave UnionBank long-term local and foreign currency deposit and issuer ratings of Baa2, the same level as the sovereign’s grade.

It also assigned a long-term foreign currency senior unsecured medium-term note (MTN) program rating of (P)Baa2 to the lender. The Aboitiz-led bank likewise got a baa3 baseline credit assessment (BCA), while the counterparty risk assessment is at Baa2(cr).

Moody’s said its ratings are based “on its assessment that “the bank will receive moderate support from the [g]overnment of the Philippines (Baa2 stable) in times of need.”

The debt watcher said UnionBank’s baa3 BCA also “reflects the bank’s above-industry-average core profitability, which is supported by its growing lending operations, in particular, its higher-yielding retail business, and its superior cost efficiency relative to its domestic peers.”

“In addition, the bank’s BCA incorporates its adequate capital generation and track record of strong support from key shareholders,” it said.

It noted that the “above-industry-average profitability” has boosted UnionBank’s growth, with capital and asset levels remaining strong.

Still, the bank’s “above-industry” loan growth — at a compounded annual growth of 30% between 2014 and 2016 against the system’s 16% — “exposes the bank to unseasoned risk,” Moody’s said. UnionBank’s gross non-performing loan (NPL) ratio of 3.95% at end-September, the credit rater noted, is higher than that of its other Philippine banks.

“Over the next 12-18 months, its new NPL formation rate is likely to rise gradually as loans begin to season, but will remain manageable, given the robust operating environment in the Philippines,” the debt watcher said.

“Given management’s intention to pursue a more moderate pace of loan growth in 2018, Moody’s expects that the bank’s internal capital generation will be largely sufficient to support business growth,” it added.

Also cited as a weakness was UnionBank’s funding profile, which Moody’s noted had “a high concentration of high-cost large corporate deposits.”

“Depositor concentration rose over the first nine months of 2017 in order to fund its somewhat rapid loan growth. However, liquid assets — which represented 48% of the bank’s tangible assets at end-2016 — provide some support against downside risks,” it added.

Moody’s said it is unlikely to raise UnionBank’s credit grade ahead of the Philippines’ rating, “given the high correlation of risks between the bank and the sovereign.”

However, it noted that an upward revision of the bank’s BCA, as well as the sovereign’s credit rating, could result in an upgrade for the lender.

For UnionBank’s BCA to be raised, Moody’s said there must be “a consistent improvement in the bank’s asset quality,” a steady increase in core earnings, higher levels of loss provisions and an improved capital profile, as well as “a proven ability to diversify its funding sources and reduce dependence on high-cost corporate deposits.”

Meanwhile, the bank’s rating could be downgraded should its risk and credit profile worsen amid due to its continued rapid expansion, acquisitions, a weaker operating environment, an increase in non-performing assets, and a rise in its reliance on corporate deposits, among others, Moody’s said.

The debt watcher first issued ratings for UnionBank in 2004, but withdrew its credit assessments  back in 2007.

In its quarterly report released last month, UnionBank said it saw a plunge in its net income, booking P2.03 billion in the third quarter from the P4.22 billion it recorded in the same period in 2016.

Shares in UnionBank closed flat at P87 apiece on Wednesday. — K.A.N. Vidal

Peso climbs to one-month high ahead of PHL growth, US data

THE PESO ended stronger against the dollar yesterday amid weak expectations for US consumer price index (CPI) data due for release last night.

The local currency closed at P51.04 against the greenback, gaining 14 centavos from its P51.18 finish on Tuesday.

This is also the peso’s best close in over a month or since Oct. 5’s P51.01.

The peso opened weaker at P51.20 versus the dollar. It as low as P51.23, while its intraday high was at P51.02 against the greenback.

Dollars traded yesterday were valued at $566.8 million, up from Tuesday’s $476.78 million.

Traders interviewed said the peso climbed in line with other major Asian currencies as the dollar traded weak overnight.

“The weakened dollar is persistent across the board against major Asian currencies. We also [saw] offshore prices break down, prompting more selling in the onshore spot market as well,” the trader said over the phone.

Meanwhile, market players were also waiting for data on October US CPI and retail sales.

“The market players might be shying away from the dollar in anticipation of CPI data [yesterday],” the trader added.

Analysts see the CPI data as one of the key reports the US Federal Reserve looks at when deciding on monetary policy.

Investors were also looking ahead to the Philippines’ third-quarter gross domestic product growth to be released today.

Analysts expect the country’s overall economic growth to have stayed above 6% last quarter on the back of strong domestic demand and recovering merchandise exports, results of a BusinessWorld poll showed.

A poll of 11 economists and analysts late last week yielded a median GDP growth estimate of 6.6% for the third quarter, edging up from the second quarter’s 6.5% and January-March’s 6.4%, but slower than the 7.1% recorded a year ago.

If realized, the figure would put the nine-month growth average at 6.5%, hitting the low-end of the government’s 6.5-7.5% target for the year. Philippine economic growth averaged 6.45% last semester.

Meanwhile, for UnionBank of the Philippines chief economist Ruben Carlo O. Asuncion, the “positive perception about the ASEAN (Association of Southeast Asian Nations) Summit” was also at play yesterday, which boosted the peso.

Traders said the peso might retest the P50-per-dollar level today, expecting a trading range of P50.80 to P51.30.

Most Asian currencies firmed against the dollar on Wednesday after the euro’s gains on upbeat German economic data weakened the greenback. The euro strengthened to 2-1/2 week highs as Germany’s seasonally adjusted gross domestic product rose by 0.8% on the quarter.

The dollar index that tracks the US currency against six major peers was at 93.812, its lowest level since late October and well below its overnight high of 94.542. — Karl Angelo N. Vidal with Reuters

PLDT eyes outsourcing deal with Huawei, Amdocs

PLDT, Inc. is currently in talks to outsource its information technology (IT) services to Amdocs and Huawei Technologies Co. Ltd., after talks with IBM Philippines fell through.

“The IBM discussion has been stopped, so now we’re focusing on Amdocs and Huawei, for a major part of our IT processes,” PLDT Chairman and CEO Manuel V. Pangilinan told reporters on the sidelines of the ASEAN Business and Investment Summit.

The scale of outsourcing, however, will be “much smaller” than the original plan, Mr. Pangilinan said. He declined to give an estimate on the number of jobs to be outsourced.

He said the target is to reach an agreement by yearend, with “some contracts” with Huawei already having been signed.

PLDT was in talks earlier this year with IBM Philippines to outsource the bulk of its back-office operations, in a bid to slash costs as part of its turnaround strategy. Mr. Pangilinan previously said the company can realize savings of as much as P7 billion over the next few years by outsourcing some of its IT operations.

The PLDT Group has also been implementing other cost-cutting measures including reduction in travel to attendance to seminars, especially abroad, and reduction in other entertainment activities.

For the nine months ending Sept. 30, PLDT had a recurring core income of P17.36 billion, up 5% from the P16.55 billion last year. The company revised its recurring core profit guidance to P22 billion from the original P21.5 billion.

“It will be a better year next year. If it will be a significantly better year, I doubt it. PLDT will continue to show signs of recovery,” Mr. Pangilinan earlier said.

PLDT is looking to trim costs given the massive investments needed in upgrading network infrastructure to meet the increasing demand for data connections and Internet with higher speeds.

For this year, PLDT has a capital expenditure of P38 billion, with an additional P15-billion spending for projects due to be finished in 2018.

It has invested around P300 billion or nearly $6 billion in the last 10 years for its fixed and wireless network infrastructure, which now has 150,000 kilometers of fiber optic cables.

Shares in PLDT rose by P1 or 0.06% to close at P1,650 each.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

NCAA title-clincher?

By Michael Angelo S. Murillo
Senior Reporter

THE defending champions San Beda Red Lions seek to finish the Lyceum Pirates when their best-of-three National Collegiate Athletic Association (NCAA) finals resumes today for Game Two at the Smart Araneta Coliseum.

Scheduled for 3:30 p.m., the Lions, the second seeds entering the finals, shoot for the win anew and complete an “upset” of the erstwhile invincible Pirates for the top prize of Season 93.

Got solid contributions from foreign player Donald Tankoua all throughout Game One last Friday and veterans Robert Bolick and Javee Mocon down the stretch, San Beda stood toe-to-toe with Lyceum en route to dealing the latter its first defeat of the season, 94-87, while taking a step closer to their 10th title in 12 years and 21st all time.

The two teams had it nip-and-tuck in the series opener with the outcome decided only in the closing moments.

Things were knotted at 64-all as the third canto came to a close before the protagonists buckled down for the sprint in the payoff quarter.

San Beda raced to a 77-76 lead with five minutes left in the game after which Mocon and Bolick started taking charge for the Lions as they swung to an 89-82 separation with 55 ticks to go.

Lyceum tried to claw its way back behind Mike Nzeusseu and newly minted league most valuable player CJ Perez, who pulled their team to within four points, 91-87, with 20 seconds remaining.

But that was the closest they would get as San Beda hung on tight and held on for the win.

Tankoua had a double-double of 27 points and 20 rebounds while Bolick finished with 24 points.

Pro-bound Davon Potts had 15 points with Mocon tallying 11 points and nine boards.

Perez, meanwhile, led Lyceum with 25 points and eight boards while Nzeusseu had 14 points and eight rebounds.

“We’re happy we got this win. The boys really stepped up and showed how they wanted it bad,” said San Beda coach Boyet Fernandez after their Game One win.

“But this is not yet over. We still need to win one more,” he was quick to add.

With their backs against the wall, Pirates coach Topex Robinson said they would try to learn from their mistakes in the opener and extend the series to a rubber match next week even as he owned up to their Game One loss.

“I take the blame for our Game One loss, It’s my fault as I made some bad decisions. The players played well. I could have done better though,” Mr. Robinson said.

“San Beda is a champion team and it showed in today’s game (Game One). This loss is not going to define us. What will define us as a team is how we are going to bounce back from this. We have to believe in ourselves,” added the coach, who led the Pirates to an unblemished 18-0 record in the elimination round to book a direct pass to the finals.

China, PHL make strong pitch for reaffirmed ties

By Minde Nyl R. dela Cruz

THE PHILIPPINES and China held bilateral talks on Wednesday, Nov. 15, and signed 14 agreements during what President Rodrigo R. Duterte called a “momentous occasion.”

The talks with China capped a series of bilateral discussions beginning Monday between state partners and member states of the Association of Southeast Asian Nations (ASEAN), whose 31st summit this year the Philippines is hosting.

“Mr. Prime Minister, at this time, because we are not really in parity as yours. But maybe in the years to come, the Filipinos will reciprocate what you have done for us,” Mr. Duterte said as he welcomed Chinese Premier Li Keqiang, who was traveling to the Philippines for the first time in a visit that marked the first by a Chinese premier in a decade.

In their joint press statement, Mr. Duterte noted to Mr. Li the “positive turnaround and vigorous momentum of Philippine-China relations.”

Mr. Duterte further expressed his eagerness to discuss with Mr. Li how they can advance the relation between the two countries and how they “can confront the drug menace that hunts both shores.”

“Mutual trust and confidence building have led to increased interaction on many levels of our two governments. Practical cooperation in many areas is bringing in an early harvest of tangible benefits,” the President said.

He also thanked Beijing for its “valuable support” of the Philippines’ chairmanship of the ASEAN this year, its assistance in the Build, Build, Build infrastructure program of his administration, and its providing military equipment to the Armed Forces of the Philippines and its “looking [out] for the welfare of Filipinos who live and work in China.”

Mr. Li, in turn, congratulated the Philippines for its chairmanship of the ASEAN and noted in not a few variations its “friendship” with China.

“I believe, in spite of some ups and downs in the relations between the two countries, the aspiration shared by the two peoples for taking our friendship forward and embracing even brighter future for themselves has never changed,” he said.

He noted as well “such areas as infrastructure, agriculture and poverty alleviation” where the two countries can further work together.

“My suggestion is that our two sides may sit down together to discuss and formulate cooperation plans in these areas, lasting for the next five or even 10 years to take forward our cooperation in these specific fields, to send out a message to the people of the two countries as well as the international community, that (the) China-Philippine relationship will continuously go forward and the people-to-people friendship between us will be further strengthened.”

The Chinese premier also noted as his final remarks:

“Due to well-known reasons for some period of time, there were much doubts expressed by international media outlets as to whether the friendship between our two countries would be able to — would be able to consolidate and even last.”

“I believe now is the time. It is the time for us to tell our own stories. It is the time for the media from China and the Philippines to report more on the bright prospects of China-Philippine relations and the much told stories of friendship between our two peoples.”

“We welcome more Philippine press to come to China to cover today’s events and make your historic contributions to covering the stories about how our two countries are working together to seize the opportunity of the day and usher in a new chapter in China-Philippine relations.”

“Chinese are open to the Philippine media and press,” Mr. Li said in English, concluding.

Among the accords signed between the two countries are:

• Agreement on Economic and Technical Cooperation between the Government of the Philippines and People’s Republic of China;

• Memorandum of Understanding on Jointly Promoting on Second Basket of Key Infrastructure Projects Cooperation between the Department of Finance of the Republic of the Philippines and the Ministry of Commerce of the Government of the People’s Republic of China;

• Exchange of Letters on Project of Dangerous Drugs Abuse Treatment and Rehabilitation Centers;

• Exchange of Letters on Project of Two Bridges Across Pasig River;

• Memorandum of Understanding for Cooperation on Industrial Parks Development between the Department of Trade and Industry of the Republic of the Philippines and the Ministry of Commerce of the People’s Republic of China;

• Memorandum of Understanding on Jointly Promoting the Philippine National Railways South Long Hall Project Cooperation between the Department of Transportation of the Republic of the Philippines and the Ministry of Commerce of the People’s Republic of China;

• Implementation Framework for the Memorandum of Understanding and Development of Project List for Cooperation in Production Capacity and Investment between the National Economic and Development Authority of the Republic of the Philippines and the National Development and Reform Commission of the People’s Republic of China;

• Memorandum of Understanding between the Department of Environment and Natural Resources of the Republic of the Philippines and the National Development and Reform Commission of the People’s Republic of China Concerning the Provision of Goods for Addressing Climate Change;

• Memorandum of Understanding on Defense Industry Cooperation between the Department of National Defense of the Republic of the Philippines and the State Administration of Science Technology Industry of the National Defense of the People’s Republic of China;

• Memorandum of Understanding between the Intellectual Property Office of the Republic of the Philippines and the State Intellectual Property of the People’s Republic of China on Cooperation in the Field of Intellectual Property;

• Memorandum of Understanding between the National Youth Commission and the All-China Youth Federation on Strengthening Youth Cooperation;

• The Financing Cooperation Agreement on Chico River Pump Irrigation Project and New Centennial Water Source-Kaliwa Dam Project between the Government of the Republic of the Philippines represented by the Department of Finance and the Export-Import Bank of China;

• The Republic of the Philippines 2017 Renminbi Bond Issuance Underwriting Agreement; and

• Memorandum of Understanding between the Bases Conversion and Development Authority and China Development Bank — with AFP

Federer rolls to ATP Finals semis

LONDON — Roger Federer held young pretender Alexander Zverev at bay in a gripping contest Tuesday to reach the last four of the ATP Finals and stay on course for a seventh end-of-season crown.

The world number two saw off a spirited challenge from the much-hyped German 7-6 (8/6), 5-7, 6-1 in front of a boisterous pro-Federer crowd to become the first man through to the last four at the O2 Arena.

“It was a good battle and I always enjoy myself at this beautiful arena,” said Federer, who has now reached the semifinals 14 times.

“I have so much fun playing in London and I have been so successful here. Thank you for making it such a special night.

“I’m happy and relieved that I can play freely against (Marin) Cilic, instead of it being a nailbiter. It’s been a tough group so to be through in two matches is great.”

Both players were scratchy on serve at the start of the match but were quickly into the groove in a tight first set that saw no breaks of serve, though Zverev had to fend off two set points in the 12th game to force a tie-break.

The 20-year-old third seed raced into a 4-0 advantage only to see the Swiss charge back to lead 5-4. Zverev earned a set point of his own at 6-5 but could not convert and Federer made his third set point count.

The 19-time Grand Slam champion broke in the first game of the second set to establish an iron grip on the round-robin match but Zverev hit back in the fourth to get back on level terms.

Federer only landed 43% of first serves in the second set and it finally cost him in the 12th game, when Zverev capitalized on his third set point to force a decider.

The Swiss refound his focus and some consistency on serve in the decider as Zverev’s level dipped, earning three breaks to close it out 6-1.

Zverev has been touted as the leader of a pack of young players hungry to oust the creaking old guard but Federer, who has suffered only four defeats all year, shows no sign of slipping.

Coming into the match Federer, 36, and Zverev had faced each other four times and each had won twice. This year, Federer beat the German in Halle but Zverev returned the favor at the Rogers Cup in Montreal.

SOCK WINS
Earlier, also in the Boris Becker group, Jack Sock kept his dreams of a fairy-tale finish to his season alive, beating Wimbledon finalist Marin Cilic 5-7, 6-2, 7-6 (7/4).

“It’s been an interesting morning so far,” said the American. “The fire alarm went off at 4:00 a.m. and we had to exit the building. But I love playing here in London. It’s an amazing atmosphere, you make me feel like home.”

The top two players from each of the two groups of four progress to the semifinals.

Federer, who beat Sock in his first match, is the standout star at the tournament after the withdrawal through injury of world number one Rafael Nadal.

Novak Djokovic, Andy Murray and Stan Wawrinka are all long-term absentees from the Tour this season. — AFP

NZ, PHL looking at expanding trade ties; to compare higher education standards

NEW ZEALAND and the Philippines are looking to expand economic relations following the bilateral meeting between the leaders of the two countries after the closing ceremony of the Association of Southeast Asian Nations (ASEAN) Summit in Metro Manila on Tuesday, Nov. 14.

“I’m also looking at the two-way trade that we have, a billion dollars. It’s impressive but [there’s] always more opportunity. But I think we have a strong foundation economically,” New Zealand Prime Minister Jacinda Ardern said at the meeting held at the Philippine International Convention Center.

President Rodrigo R. Duterte, for his part, said, “We will study it carefully because now that we have at least known each other and I can talk to you.”

Mr. Duterte, who has twice been to New Zealand where there is a community of about 50,000 Filipinos, lauded the country as one that is “governed well and protected well.”

Mr. Duterte, who has been a controversial leader for his war on drugs and repeated references to the killing of criminals, noted that policemen in New Zealand do not need to carry guns.

Ms. Arden said, “We consider ourselves a very peaceful nation and of course advocate for those principles and values as you will have heard at the point that I made during the summit.”

“So that was an opportunity to highlight some of our values. And you will have seen yourself that we live by them,” she added.

The New Zealand leader also praised the Filipino community in her country, describing them as a “strong, buoyant community and well-loved.”

EDUCATION
Meanwhile, Ms. Arden and Mr. Duterte stood witness to the signing of an agreement to strengthen ties in the field of education.

Commission on Higher Education (CHEd) Chairperson Patricia B. Licuanan and New Zealand Ambassador to the Philippines David Strachan signed the Memorandum of Cooperation between the New Zealand Qualifications Authority and the Philippines CHEd for a comparative analysis of the two countries’ bachelor’s degrees.

“Well, this is one good development. Education. It’s in good hands and of course, we can have access to the quality of education in New Zealand. It would be happy,” Mr. Duterte said.

The Philippines and New Zealand earlier signed other agreements on cooperation in the areas of energy and meteorological sciences.

Flag carrier Philippine Airlines (PAL) will also be launching in December thrice-a-week direct flights between Manila and Auckland. PAL currently flies to Auckland via Cairns, Australia.

PAL President Jaime J. Bautista said on Tuesday that if the market for the route continues to expand, the airline can increase the frequency to five times a week. — Rosemarie A. Zamora

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