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Celtics party

Back in March, Celtics team president Rich Gotham spoke about the possibility of the franchise formally celebrating the 10th anniversary of its last championship sometime during the 2017-2018 season. He disclosed that no actual planning to see it through had been made, but, “presumably, we’ll invite the guys back.” Needless to say, one of those “guys” happens to be Ray Allen, who remained on shaky footing with the other members of the Big Four and, by extension, the rest of the squad.

To recall, the title run was precipitated by the offseason acquisition of Allen and recent National Basketball Association Most Valuable Player Kevin Garnett, who wouldn’t have agreed to the trade netting him had the former not already made the jump. Together with resident stars Paul Pierce and Ramon Rondo, they went on to forge the biggest single turnaround in league history. As things turned out, it would be their lone turn at the top. Even as they made it to the Finals anew in 2009 and stayed relevant thereafter, injuries hampered their competitiveness and ultimately had them surrendering the throne.

By 2012, the advancing ages of the Celtics’ marquee names’ had head coach Doc Rivers contemplating changes in his rotation, including relegating Allen to a sixth-man role. The impending move didn’t sit well with the 10-time All-Star, who instead opted to sign with the rival Heat, thus incurring the ire of former teammates. Such was the ill will that it permeated the mini-reunion of the championship figures during an “Area 21” segment of Inside the NBA in May. If nothing else, the sentiments aired during the episode underscored the extent of the hard feelings.

Apparently, however, there’s hope. Over the weekend, Pierce Instagrammed a picture showing him and Allen side by side during a lull in an event they both attended in Shanghai. He captioned his post with “Time to get the band back together” and tagged Garnett and Rondo. For good measure, he added the hashtag “burythehatchet.” To be sure, he always seemed the most reconciliatory of the bunch; in a June interview, he expressed the belief that, “eventually, it’s going to smooth over. We’ll all sit down one day, probably have a cigar, glass of wine, and talk about it.” Parenthetically, there can be no discounting his capacity to influence Garnett and Rondo.

Given the turn of events, the informal picnic and the formal celebration of the 2008 champions may yet be complete. Either will be dull without Allen. As Pierce argued, “#onceacelticalwaysaceltic.” He should know. He became trade bait in 2013 and played for three teams in the ensuing four seasons, only to ink a one-day contract with the Celtics in order to retire in green and white. Clearly, they all owe each other for the rings. And they all owe each other respect.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

The Marcos quest for political power despite electoral integrity

The recent ruling of the Presidential Electoral Tribunal junking the first cause of action of the electoral protest of former senator Bongbong Marcos has dashed hopes of the defeated vice-presidential bet to tarnish and question the integrity of the 2016 elections.

In his poll protest, Marcos sought to cast doubt on the integrity of the whole electoral exercise by questioning the authenticity of the Certificates of Canvass generated by the Consolidation and Canvass System. With his poll protest, the son of the late dictator seeks to seize political power by discrediting the whole automated election system and resorting to the dreaded manual recount of votes.

Arguably, the nation had taken great strides towards preventing traditional modes of cheating perpetrated with impunity during the era of manual elections. Moreover, there has been a huge decline in election-related violence since automated elections was implemented in the Philippines. Our democracy has been fully exercised, with voters confident in the results of the process and able to see that the results of the 2016 elections accurately reflected the will of the people.

The world saw more than 44 million Filipinos troop to their respective polling precincts and make their voices heard through a process that is a cornerstone of our democracy. While some groups have aired various concerns on the automated election system, with allegations that question the credibility of the elections, it’s important to take note of actual verifiable facts.

First, the number of Filipinos who voted for their next local and national leaders translates to an 81.95% turnout, one of the largest in recent memory.

Second, the elections saw the largest deployment of Vote Counting Machines (VCM), not only in the Philippines and the region but the world. Despite glitches in some machines, these occurrences were statistically negligible and do not detract from the efficiency of the polls in general.

Third, it is further testament to Comelec’s competence that when it was ordered by the Supreme Court to print out voter receipts, it complied satisfactorily and reconfigured almost 100,000 VCM in just over a month. As a result, over 40 million vote receipts were printed. The polls also required the recruitment, hiring, and training of more than 45,000 field technicians in less than three months and the printing of 56 million ballots in 49 days, more feats of technical flexibility. Come election day, Filipinos created one of the largest paper audit trails in the history of elections, with over 43 million voter-marked ballots and corresponding voter receipts, as well as over 2 million count reports, all available for auditing.

Fourth, when the voting was done, the Commission was able to proclaim an astounding near-perfect 99.9% of all 18,000 or so elective positions 10 days after the elections. By election night, some 86% of all votes had been transmitted, a remarkable accomplishment for an archipelago with a big diasporic population. Compare this to 59% in 2010 and 57% in 2013. That more than 20,000 losing candidates conceded by election night further attests to a stable belief in the polls’ credibility. Foreign observers and governments were likewise impressed. Clearly, faster results mean less instability and inspire greater confidence in the process.

Finally, the random manual audits completed — 715 precincts — went beyond the required one per legislative district.

An election that is hailed as one of the most successful and credible in history should be above senseless politicking. Given the record transparency of the process, any allegations should be based on verifiable facts, not evident and discernible political spin. The automated election system has served its purpose, tabulating results correctly and efficiently without human intervention.

This early, the poll protest of former senator Marcos has proven two things. First, the automated election system has been widely accepted and perceived to be credible. Second, former senator Marcos seems to be living in his own bubble, that as he questions the legitimacy and integrity of the vice-presidential results, he tends to forget that the mandate of his own mother and sister in the North came from the very same automated election system that he wants to depict as a failure and defective.

Claudette Guevara is currently the Secretary-General of DemocracyWatch.

Cebu prepares to sell Balili lot to Naga City

CEBU GOVERNOR Hilario P. Davide III said he is in favor of selling to Naga City the controversial Balili property, which he said has no use to the provincial government. Mr. Davide will inform the Economic Enterprise Council (EEC) about the planned sale in a meeting next week. If the EEC approves the proposal, it will have to discuss the price for the 25-hectare property. The purchase of the property during the time of former governor Gwendolyn F. Garcia became controversial after the Department of Environment and Natural Resources discovered that 19 of the 25 hectares of land were under water. The province bought the property for P98.9 million and spent another P27 million for backfilling. Ms. Garcia is facing charges over the matter, but Mr. Davide said he is hopeful that the pending case will not affect the planned sale. The Naga City government plans to develop the property into an economic zone. — The Freeman

See related story on https://goo.gl/PMvZWA

Primehomes adds 2 towers to QC project

PRIMEHOMES Real Estate Development, Inc. has started construction for the second and third buildings at Larossa in Capitol Hills, its urban botanical community in Quezon City. 

In a statement issued on Tuesday, the company said the construction of the two buildings comes after the completion of the first building called Camia, which is now ready for occupancy.

The two buildings, to be called Magnolia and Sampaguita, will house 10 storeys each, including a floor for basement parking and a roof deck. This will form part of Primehomes’ 3.6-hectare mid-rise residential community.

Primehomes engaged contracting companies Design Coordinates, Inc. and Metro Stonerich Corp. for the towers’ construction.

Larossa will offer a total of 2,869 units, delivering an Asian tropical theme for the entire development. Units range from 23.4 square meters (sq.m.) for studio units, 28.5 sq.m. to 36.04 sq.m. for studio premiere, and 31.2 sq.m. to 38.74 sq.m. for one-bedroom units.

Among its amenities include a swimming pool, gardens, sun deck and a clubhouse called The Grove.

The company’s other projects include The Green Line City, an eight-hectare mixed-use land development in Taguig City, which will include residential, office, and recreational facilities. — Arra B. Francia

Most Asian currencies weaken as North Korea concerns ease

MOST ASIAN currencies weakened on Tuesday as the US dollar strengthened for a second day as Hurricane Irma proved not as destructive as first feared and anxiety over North Korean weapons tests receded.

The dollar held on to gains after Hurricane Irma was downgraded to a tropical storm early on Monday, while risk appetite recovered after North Korea opted not to fire missiles or test nuclear weapons on Saturday as some had feared.

Investor focus has also shifted to a batch of data from the United States due later this week.

The easing of concerns over North Korea pushed up South Korean equities and the won, which was among the few gaining currencies in the region.

South Korea’s benchmark KOSPI stock index rose about 0.2% in tandem with broader Asia shares excluding Japan.

The won was about 0.2% firmer, after closing slightly weaker in the previous session, helped by the United Nations Security Council unanimously stepping up sanctions against North Korea on Monday, imposing a ban on the country’s textile exports and capping imports of crude oil.

Meanwhile, the dollar rebound reflected in the People’s Bank of China lowering its official yuan midpoint to 6.5277 per dollar, snapping 11 days of stronger fixings.

The yuan was 0.3% lower after it weakened above the psychologically important level of 6.5 in the previous session when the Chinese central bank relaxed controls on capital outflows.

Markets in the Philippines were closed after the government suspended financial trading because of flooding.

RINGGIT AND RUPIAH
The ringgit and the rupiah were about 0.2% and 0.4% weaker as the currencies consolidated on the back of gains in the past few sessions.

The ringgit, which weakened marginally in the previous session, had risen close to 2% over last week, while the rupiah had strengthened more than 1% over the same period.

The rupiah was at its highest level against the dollar in 10 months on Monday.

“The Indonesian rupiah still looks pretty solid,” said Andy Ji, Asia currency strategist at Commonwealth Bank of Australia.

“It looks pretty good because current account has improved so much, which is a big plus, and capital inflows into the local market have been solid the whole year.”

Mirza Adityaswara, Indonesia’s central bank deputy governor, said on Monday that the country expected post a balance of payments surplus of $9 billion this year, higher than forecast earlier but less than 2016’s surplus. — Reuters

Trump hosts scandal-hit Malaysian PM Najib in White House

WASHINGTON — US President Donald Trump will on Tuesday host Malaysia’s prime minister in the White House for wide-ranging talks, giving his guest a welcome respite from a spiraling corruption scandal.

Prime Minister Najib Razak will be greeted in the Oval Office, for talks the White House says will focus on terrorism, trade and Asian maritime disputes.

“The United States and Malaysia have had a 60-year relationship and partnership built on common economic and security interests, and that continues,” said press secretary Sarah Huckabee Sanders.

She listed “strengthen counterterrorism cooperation,” halting the Islamic State group, “addressing North Korea” and “making sure that we promote maritime security in the South China Sea” as topics for discussion.

Mr. Trump is also likely to reiterate thanks for Malaysia’s efforts to assist the USS John S. McCain, which collided with a tanker as the destroyer was on its way to Singapore, tearing a huge hole in the hull and leaving 10 sailors dead.

Mr. Najib faces allegations that billions were looted from a sovereign wealth fund, 1Malaysia Development Berhad (1MDB), in complex overseas deals that are being investigated by authorities in several countries, including the US.

Both the prime minister and the fund deny any wrongdoing. The Justice Department has filed civil lawsuits to seize assets, from high-end real estate to artworks, it says are worth about $1.7 billion.

Ms. Sanders refused to say whether that case would come up.

“Look, we’re not going to comment on an ongoing investigation being led by the Department of Justice,” she said. “That investigation is apolitical and certainly independent of anything taking place tomorrow.”

One Justice Department investigation the White House has been willing to comment on is that investigating the Trump campaign’s ties with Russia.

Mr. Trump has also denied any wrongdoing. — AFP

SRA hopes trade deal review expands sugar access to Japan

WITH THE Philippines-Japan Economic Partnership Agreement (PJEPA) due to be reviewed next year, the Sugar Regulatory Administration (SRA) renewed calls for Japan to provide wider access to Philippine sugar.

Nearly 10 years after the PJEPA was sealed and ratified, Tokyo has yet to fulfill its pledge for the sugar industry, according to SRA policy and planning Manager Rosemarie S. Gumera.

“I hope we can take advantage of expanded market access and also tap their technical expertise,” Ms. Gumera said in an interview with BusinessWorld in Quezon City on Monday.

Ms. Gumera said the Philippines has been batting for unlimited export volume at zero duty for its sugar producers.

Japan has so far only offered technical assistance and training to  sugarcane producers, which have yet to materialize, according to Ms. Gumera.

Among the agreement’s terms was for Japan to fund the sugarcane industry’s research and development, including the construction of necessary facilities.

Although the  bilateral agreement was aimed at boosting trade and investment opportunities between the two economies, Japan has been protective of its local market for sugar. — Janina C. Lim

Labor force survey

UNEMPLOYMENT worsened in July, even as the same month saw a marked reduction in the ranks of those wanting more work, the Philippine Statistics Authority (PSA) reported yesterday. Read the full story.

Zamboanga ecozone says BPO locators expected to start operations in 2018

ZAMBOANGA CITY — Two business process outsourcing (BPO) buildings worth P221 million are set to be built inside the freeport zone here, with operations targeted to start by next year.

The buildings, rising four storeys, “will house call centers and medical transcription companies among others,” Christopher Lawrence S. Arnuco, chair and administrator of the Zamboanga City Special Economic Zone (ZamboEcozone) Authority, said in an interview with the media.

Mr. Arnuco said Zamboanga City’s strengths include the availability of workers fluent in English, Arabic and Spanish.

He added that the ZamboEcozone is optimistic that outsourcing firms will find the city’s offerings attractive.

Pedro Rufo N. Soliven, governor of the Philippine Chamber of Commerce and Industry Foundation, Inc. for Western Mindanao, said the city government has also mapped out significant allocations for the development of an information and communications technology (ICT) hub under its investment plan, which is included in the Zamboanga Peninsula regional development plan.

“[The] city has allocated in the 2017 budget the amount of P10 million, and another P15 million for next year,” Mr. Soliven told BusinessWorld.

He said the local government’s aim is to create “an enabling environment with the right ecosystem and private-public partnership… for the ICT sector to flourish and prosper.”

Earlier, the city government, in partnership with the Zamboanga ICT sector, released an executive order for the conversion of the idle Zamboanga Convention Center into an ICT hub. The city council has also approved a resolution for the plan. 

Last week, the Public-Private Partnership (PPP) center announced that an international transaction advisor has been hired for the San Ramon Newport Project inside the ZamboEcozone.

BDO LLP, a professional services firm based in the UK, will help the ZamboEcozone Authority prepare the feasibility study, including transaction documents, and manage the PPP bidding process until financial close.

The San Ramon Newport Project involves the financing, design, construction, operations and maintenance of an international seaport inside the ecozone.

“The PPP Center is very optimistic about the San Ramon Newport Project. The ZamboEcozone Authority, which will implement this project, is committed to get this project off the ground,” PPP Center Executive Director Ferdinand A. Pecson said in a statement.

As of 2016,the ZamboEcozone had 30 registered locators with P1.5 billion worth of actual investment and P23.7 billion of committed investment. Total exports last year were valued at $6.3 million while raw materials brought in were worth P1.3 billion. — Albert F. Arcilla

How PSEi member stocks performed — September 11, 2017

Here’s a quick glance at how PSEi stocks fared on Monday, September 11, 2017.

Nation at a glance — (09/13/17)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Japan’s regional banks turn to private equity, hedge funds for returns

JAPAN’S regional banks are turning toward private equity, hedge funds and real estate in search of higher returns as regulatory concerns restrict ownership of foreign bonds.

Alternative assets was the favored choice of investment for five lenders, according to a Bloomberg survey of 11 regional banks conducted in August. Foreign bonds was picked by three respondents, while none of the lenders said they found Japanese government bonds (JGB) attractive given depressed yields.

Japanese banks are following the nation’s largest insurance companies in considering more alternative assets as choices narrow with the Bank of Japan (BoJ) committed to holding down the benchmark bond yield at around zero percent. Overseas debt holdings have also come under scrutiny by the Financial Services Agency after investors suffered losses last year when Treasury yields surged following the election victory of US President Donald Trump.

“It’s like banks’ hands are tied with regulation while the BoJ is strangling their neck,” said  Yasunobu Katsuki, a senior analyst at Mizuho Securities Co. “What’s markedly different this fiscal year is there’s virtually no market to eke out profits. That discourages risk taking for higher returns as there is little buffer to offset any losses.”

Asset allocation will become more difficult under new regulations, according to six of the 11 regional lenders which responded to the survey.

Seven banks see unfavorable investment conditions for domestic bonds for the fiscal half starting Oct. 1.

Japan’s regional banks owned 28.7 trillion yen ($262 billion) of JGBs as of end July, or about a third of the holdings by all lenders, down from 32 trillion yen at the end of January.

Chiba Bank Ltd., the second-largest regional lender by market value, said in July that the “very difficult environment for investment” meant it would stay “immobile.” That view was echoed by a respondent in the survey, which said that a “sense of being in a stalemate is heightening as attractive assets are dwindling.”

The 10-year Treasury yield slipped to near 2% after peaking at around 2.63% this year. The Japanese benchmark bond fell below zero percent in September, while the nation’s Nikkei stock average is up just 2.5% since Japan’s fiscal year started in April.

Of the respondents, 10 banks expect the benchmark JGB yield to be between 0.05% and 0.1% by the end of the fiscal year. The 10-year yield was at 0.025% on Tuesday.

“We are diversifying allocations to foreign debt or investment trusts as returns from yen bonds have diminished significantly under the Bank of Japan’s negative-rate policy,” Nanto Bank Ltd., the fourth-largest holder of foreign assets among the country’s 64 regional lenders, said in its response to the survey. Still, the head of Nanto Bank’s investment management department said last month that it plans to trim overseas holdings by 80 billion yen by March because of the new regulatory requirements.

The banks were split on the outlook for foreign bonds. Four said the market is improving compared to their initial forecasts at the start of the fiscal year, while three of those surveyed said conditions have worsened. The remaining lenders said yields are tracking within projections.

Of the surge in US Treasury yields last year, five of the lenders said it caused “significant damage” to their portfolios. Income from investment at Japanese banks fell 1.1% in fiscal year 2016, according to data from the bankers association. — Bloomberg

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