NEA directed to facilitate joint procurement of RE supply

June 16, 2025 | 12:01 am

electricy tower-pylons — EVENING_TAO-FREEPIK

THE Department of Energy (DoE) has directed the National Electrification Administration (NEA) to facilitate joint bidding to help electric cooperatives (ECs) comply with the requirements of the renewable portfolio standards (RPS) program.

“The joint conduct of a CSP to meet the RPS requirements of ECs serves the purpose of matching available and potential RE supply with demand and providing ample leverage to ECs in terms of price by consolidating EC demand and securing a uniform rate,” the DoE said in a department order dated June 11.

The RPS, a key component of the Renewable Energy Act of 2008, aims to encourage increased use of renewable energy sources.

Under the program, electric power industry participants — including ECs, distribution utilities, and retail electricity suppliers — are required to source a portion of their energy supply from eligible renewable energy resources.

Starting 2023, on-grid power suppliers were directed to increase the share of renewables in their energy mix to 2.52% from 1% previously.

NEA, which is mandated to supervise the management and operations of all ECs, has been tasked with issuing the rules, guidelines, and terms and conditions for conducting a joint competitive selection process (CSP).

The CSP mechanism requires power distributors to procure the least-cost electricity supply through competitive bidding.

“The NEA shall facilitate the timely execution of the power supply contracts between the concerned ECs and the generation companies operating RPS-eligible facilities,” the DoE said.

The agency also instructed NEA to require all relevant ECs to update their power supply procurement plans based on their RPS requirements and compliance plans to determine shortfall volumes.

In addition to the guidelines, NEA must also draft the terms of reference and other bidding documents aligned with the RPS compliance plans of ECs.

“The NEA shall monitor and supervise the compliance of the ECs with their responsibilities and obligations under the joint CSP,” the department said. — Sheldeen Joy Talavera

3,200 jobs created at San Fernando port in 1^st half

June 16, 2025 | 12:01 am

AROUND 3,200 jobs were created at the San Fernando International Seaport in the first half under the interim operation and management of Poro Point Management Corp. (PPMC), the Bases Conversion and Development Authority (BCDA) said.

“The PPMC has earned P50 million in revenue between December 2024 and May 2025 during its interim operation and management of the San Fernando International Seaport in the Poro Point Freeport Zone, La Union,” the BCDA said in a statement over the weekend.

“The port’s growing viability as a key logistics node in Northern Luzon has also created around 3,200 jobs within the first half of 2025,” it added.

According to the BCDA, the port’s earnings came from leases, vessel and cargo fees, and the government share of port services.

“This performance affirms the potential of San Fernando International Seaport as a vital logistics and investment hub,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.

“As we continue to modernize our ports, we are opening more doors for trade, employment, and inclusive growth in the region,” he added.

To support this growth, the BCDA said that the PPMC has been carrying out major repairs and upgrades at the port.

These include refurbishment of port offices and facilities, replacement of rubber fenders and concrete curbs, upgrading of electrical lines, establishment of a systematic waste disposal mechanism, and technical assessment and benchmarking.

“The rehabilitation and expansion of the San Fernando International Seaport will help drive opportunities for Northern Luzon,” PPMC President and Chief Executive Officer Felix Racadio said.

“It will create jobs for local residents, bring in new businesses, and gain traction in the tourism sector,” he added.

Meanwhile, the PPMC said that a new tariff structure for cargo handling and port service fees was approved and took effect on June 5.

This will enable “more stable and sustainable revenue streams moving forward,” the BCDA said.

“With its solid interim performance, upgraded facilities, and local workforce engagement, the BCDA and the PPMC are optimistic that the San Fernando International Seaport is poised to play a leading role in Northern Luzon’s economic transformation,” it added. — Justine Irish D. Tabile

Analysts’ Expectations on Policy Rates (June 2025)

June 16, 2025 | 12:00 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to cut rates by 25 basis points (bps) this week amid easing price pressures and slowing economic growth. Read the full story.

How PSEi member stocks performed — June 13, 2025

June 16, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Friday, June 13, 2025.

Mideast conflict, BSP review to drive sentiment

June 15, 2025 | 9:00 pm

PHILIPPINE SHARES may move sideways this week as the market monitors developments in the Middle East and ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting on Thursday.

On Friday, the benchmark Philippine Stock Exchange Index (PSEi) inched up by 0.22% or 14.27 points to close at 6,395.59, while the broader all shares index rose by 0.24% or 9.12 points to 3,785.31.

Week on week, the PSEi climbed by 0.29% or 18.8 points from the 6,376.79 finish on June 5.

“US-China tariff negotiations and trade drift kept market sentiment on edge [last] week amid fading global growth momentum,” online brokerage 2TradeAsia.com said in a market note.

“The local market managed to extend its climb last week backed by optimism on US-China trade relations prospects and expectations of a BSP rate cut in their meeting [this] week. However, the market was not able to close above the 6,400 resistance line, reflecting lingering concerns over prevailing and new risks,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

Last week, US President Donald J. Trump said US tariffs will be set at 55% while China’s will be at 10% under a deal that restored a tariff truce between the two countries following two days of negotiations in London. The two countries also agreed to eliminate Chinese export restrictions on rare earth minerals and allow Chinese students access to US universities.

Mr. Tantiangco said the BSP’s policy meeting on June 19 (Thursday), where it is widely expected to deliver a second straight 25-basis-point cut amid easing inflation, will be a key driver for the stock market this week.

“More than the interest rate decision, investors are expected to watch out for clues on the BSP’s policy direction. Hints of more policy easing in the latter part of this year from the BSP may give sentiment a boost,” he said.

“Sentiment this week is expected to be challenged, however, by ongoing Middle East tensions following Israel’s attack on Iran. A further escalation of such is expected to drive oil prices higher. This, in turn, may derail our country’s efforts against inflation. Pricing this in would be negative for the market.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an email that the PSEi’s minor support is at 6,290-6,300, while immediate resistance is at 6,500, adding that the conflict in the Middle East could lead to some risk aversion.

2TradeAsia.com placed the PSEi’s immediate support at 6,300 and resistance at 6,500-6,550.

“The market remains tactically fragile, with price action seemingly dictated by event risk over macro trend conviction. Until greater clarity emerges on the trajectory of US-China trade negotiations and the Federal Reserve’s response function, positioning should be built around optionality, balance sheet strength, and liquidity,” it said.

“In the near term, recalibrate risk as volatility presents entry asymmetry and not trend resumption,” it added. — Revin Mikhael D. Ochave

Peso may drop further against dollar on escalating Iran-Israel conflict

June 15, 2025 | 9:00 pm

THE PESO could weaken further against the dollar this week amid heightened geopolitical risks as Israel and Iran exchanged attacks.

The local unit closed at P56.21 per dollar on Friday, sinking by 32.5 centavos from its P55.885 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest finish in almost seven weeks or since its P56.42 close on April 28. This also marked the first time that the local unit ended at the P56 level since April 29’s P56.145-a-dollar close.

Week on week, the peso plummeted by 59 centavos from its P55.62 finish on June 5.

The peso depreciated against the dollar on Friday due to the fresh escalation in the conflict between Israel and Iran, a trader said in a phone interview.

The local unit dropped on Friday as global oil prices surged to near four-year highs after Israel’s attack, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The worsening of the situation in the Middle East could keep the peso at the P56 level this week, the trader said.

The trader sees the peso moving between P55.90 and P56.30 per dollar this week, while Mr. Ricafort expects it to range from P55.90 to P56.40.

The US dollar advanced against major currencies, including the euro and yen, on Friday as markets grabbed safe-haven assets as geopolitical tensions in the Middle East following an Israeli attack on Iran, Reuters reported.

In afternoon trading, the dollar gained 0.3% to 143.88 against the Japanese yen and rose 0.1% to 0.8110 franc against the Swiss currency, with the greenback on track to snap two straight sessions of losses against safe-haven currencies.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, climbed 0.5% to 98.2, snapping two straight sessions of losses. It was still set for a second consecutive week of losses.

Israel and Iran launched fresh attacks on each other overnight into Sunday, stoking fears of a wider conflict after Israel expanded its surprise campaign against its main rival with a strike on the world’s biggest gas field.

Tehran called off nuclear talks that Washington had said were the only way to halt Israel’s bombing, while Israeli Prime Minister Benjamin Netanyahu said the attacks were nothing compared with what Iran would see in the coming days.

The latest wave of Iranian attacks began shortly after 11:00 p.m. on Saturday (2000 GMT), when air raid sirens blared in Jerusalem and Haifa, sending around a million people into bomb shelters.

Around 2:30 a.m. local time (2330 GMT Saturday), the Israeli military warned of another incoming missile barrage and urged residents to seek shelter. Explosions echoed through Tel Aviv and Jerusalem as missiles streaked across the skies as interceptor rockets were launched in response. The military lifted its shelter-in-place advisory nearly an hour after issuing the warning.

US President Donald J. Trump had warned Iran of worse to come, but said it was not too late to halt the Israeli campaign if Tehran accepted a sharp downgrading of its nuclear program. — A.M.C. Sy with Reuters

GOCC subsidies decline 48% in April

June 15, 2025 | 7:36 pm

SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) declined 47.53% to P14.54 billion in April, the Bureau of the Treasury (BTr) reported.

The BTr reported that month on month, GOCC subsidies rose 36.82% compared to March.

In April, the Power Sector Assets and Liabilities Management Corp. (PSALM) received the most subsidies of P8 billion, accounting for 55% of the total.

This was also the first time PSALM received subsidies during the year.

The National Irrigation Administration (NIA) received P3.76 billion, followed by the National Food Authority with P750 million and the Philippine Rice Research Institute P561 million.

GOCCs that were provided at least P200 million in subsidies were the Small Business Corp. (P313 million), the National Power Corp. (P207 million), the Philippine Heart Center (P184 million), the Philippine Children’s Medical Center (P134 million), the National Kidney Transplant Institute (P124 million), and the Philippine Coconut Authority (P111 million).

Receiving P74 million was the Light Rail Transit Authority. Additionally, P60 million went to the National Dairy Authority, P59 million to the Lung Center of the Philippines, P40 million to the Tourism Promotions Board, P35 million to the Cultural Center of the Philippines, P24 million to the Philippine Institute for Development Studies, and P20 million to the Center for International Trade Expositions and Missions.

The rest of the recipients were the People’s Television Network, Inc. (P18 million), the Metropolitan Waterworks and Sewerage System (P14 million), the Philippine Institute of Traditional and Alternative Health Care (P12 million), the Subic Bay Metropolitan Authority (P9 million), the Philippine National Railways (P9 million), the Land Bank of the Philippines and the Southern Philippines Development Authority (P7 million).

GOCCs that received no subsidies were the National Housing Authority, the Bases Conversion Development Authority, the Development Academy of the Philippines, the Intercontinental Broadcasting Corp.-13, the Philippine Center for Economic Development, the Philippine Crop Insurance Corp. (PCIC), the Philippine Fisheries Development Authority, the Philippine Tax Academy, the Sugar Regulatory Administration the Zamboanga City Special Economic Zone Authority, and the Aurora Pacific Economic Zone and Freeport Authority.

In the first four months of 2025, subsidies to state-run firms fell 21.51% year on year to P37.13 billion.

PSALM was the top recipient during the quarter with P8 billion in subsidies, followed by the NIA with P11.80 billion and the NFA with P3 billion.

State-owned firms receive monthly subsidies from the National Government to support their daily operations if their revenue is insufficient. — Aubrey Rose A. Inosante

The current state of the global IPO market

June 15, 2025 | 7:34 pm

IN BRIEF:

• Major global markets are seeing a rise in profitable IPOs, but overall investor enthusiasm remains subdued.

• Privately-owned companies that are used to their ‘old ways’ may need to ‘reinvent’ how they use technology in their business and generate real-time operating and financial information for more agile decision-making in relation to governance, operations and finance.

•Companies are increasingly integrating artificial intelligence (AI) into their strategies to attract investor interest and drive growth.

According to the EY Global IPO Trends Q1 2025, the global IPO landscape experienced a notable 20% increase in value year on year in the first quarter of 2025, despite significant geopolitical uncertainties. This period has been characterized by considerable market disruptions and complex factors affecting investor sentiment. The new US administration’s extensive policy agenda hints at potential shifts in geopolitical and regulatory landscapes, trade and tax policies, and immigration strategies, presenting both opportunities and risks on a global scale. Concurrently, the emergence of more affordable artificial intelligence (AI) models has heightened competition, leading to increased investor apprehension.

As geopolitical tensions rise and economic conditions fluctuate, businesses are increasingly looking to public markets to secure funding and drive growth. This environment has prompted firms to refine their strategies, focusing on demonstrating financial stability and innovation to attract discerning investors. The integration of advanced technologies, particularly artificial intelligence, is becoming a focal point for many companies as they seek to differentiate themselves and capitalize on emerging market trends.

Despite these challenges, the global IPO market demonstrated resilience in Q1 2025, achieving year-on-year gains in both volume and value.

PROFITABLE IPOS AND MARKET ENTHUSIASM
In Q1 2025, the proportion of new IPOs that were profitable surged across most regions compared to the previous year, except for ASEAN and Japan. While the Chinese mainland has implemented strict regulatory measures to improve IPO quality, the overall increase in profitable debutants across various markets indicates a sustained investor interest in financially sound companies. Notably, the percentage of profitable listings in the US and India saw significant growth this quarter, driven by strong demand, enhanced pricing power, and effective cost management.

However, despite the rise in profitable IPOs, investor enthusiasm remains muted. Heightened market uncertainty, influenced by trade tensions and the new economic policies under US President Donald Trump, regulatory changes in most countries, and the disruptive rise of AI competitors, have led investors to adopt a more selective approach, seeking secure and predictable returns. Companies are now required to demonstrate robust financial performance and potential for value creation to attract investment.

Among the IPO cohort, only the US and Chinese mainland experienced an increase in median first-day IPO returns, while other markets saw declines. This reflects a selective resilience rather than widespread positive performance in the IPO space.

AI’S TRANSFORMATIVE IMPACT ON IPOS
AI is reshaping the business landscape, significantly affecting the growth trajectories of companies preparing for IPOs. Its integration into business models is redefining how firms approach public offerings. Retail investors are particularly interested in stocks poised to leverage AI for growth, especially in sectors like media, FinTech, and healthcare.

Recent filings indicate that a substantial percentage of IPO candidates across various sectors are highlighting AI in their disclosures, emphasizing its role in driving innovation and operational efficiency. This trend underscores AI’s growing importance in corporate strategies and investor narratives.

FILLING THE IPO PIPELINE
While the global IPO pipelines across all sectors have surged YOY in Q1 2025, completed listings have only increased in half of the sectors compared to the previous year. The Industrials and Real Estate, Hospitality, and Construction sectors are leading in terms of confidence and growth in IPO pipelines.

Despite the mixed performance, the Health and Life Sciences sector has shown strength, with a significant increase in new candidates and completed IPOs. The Technology, Media, and Telecommunications sectors also rebounded, driven by strong growth in the US and larger deals in India and South Korea.

WHAT ABOUT THE PHILIPPINE CAPITAL MARKETS?
According to the BusinessWorld Insights: Stock Market 2025 forum, analysts believe it will be challenging for the Philippines to meet its target of six IPOs this year, as issuers await better market conditions and higher valuations. Despite ongoing interest from companies, market performance is crucial for larger IPOs, with smaller ones potentially faring better if conditions do not improve. The Philippine Stock Exchange (PSE) missed its IPO target in 2024, achieving only three listings. Looking ahead to 2025, despite the influence and impact of the global headwinds, the local capital market is expected to recover, with projections indicating a bullish outlook and a potential rise in the PSE index.

More recently, there have been positive developments that can encourage local listings. On May 30, President Ferdinand Marcos, Jr. signed Republic Act No. 12214, or the Capital Markets Efficiency Promotion Act (CMEPA), which will bring long-awaited reforms to the Philippine capital markets by modernizing the tax system on passive income, making it more competitive, regionally aligned, and investor-friendly.

CMEPA is expected to help strengthen liquidity, increase trading activities and accelerate capital formation in the local capital market. Furthermore, the appointment of a new chairman of the Securities and Exchange Commission, Francis Ed Lim, the former president of the PSE, is expected to usher in more reforms that will make the capital market more accessible.

NAVIGATING UNCERTAINTY
As inflation expectations rise and geopolitical tensions persist, companies planning to go public this year must be well-prepared and adopt agile strategies to navigate the volatile market conditions. Those looking to list will need to demonstrate readiness to capitalize on the opportunities that arise when market volatility decreases.

The global IPO market is witnessing a significant increase in profitable listings, yet investor enthusiasm remains cautious. The Aerospace and Defense sector is experiencing growth due to heightened defense spending amid geopolitical tensions. Additionally, AI is becoming a crucial element in the strategies of companies preparing for IPOs, influencing investor interest and market dynamics. As market participants navigate these complexities, preparedness and adaptability will be key to successfully capitalizing on emerging opportunities.

Looking ahead, the ability of companies to effectively communicate their value propositions and growth potential will be critical in attracting investors in this competitive landscape. Companies that leverage data-driven insights and innovative technologies will likely stand out, fostering confidence among potential stakeholders. Privately owned companies that are used to their ‘old ways’ may need to ‘reinvent’ how they use technology in their business and generate real-time operating and financial information for more agile decision-making in relation to governance, operations and finance.

Moreover, as regulatory environments evolve and new market trends emerge, staying informed will be essential for companies aiming to thrive in the IPO space. By prioritizing transparency and strategic planning, businesses can position themselves favorably to weather the current economic, socio- and geopolitical uncertainties and seize the opportunities that lie ahead in the dynamic IPO market.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

Kristopher S. Catalan is the Philippine EY private leader and an assurance partner of SGV & Co.

Unknown Heart Padilla rules National Juniors Girls chessfest

June 15, 2025 | 7:23 pm

Frayna-Padiila-Gonzales — WGM Janelle Frayna (left), Heart Padilla (center) and NCFP CEO Jayson Gonzales

UNHERALDED Heart Padilla capped her fairy tale run by ruling the National Juniors Girls Chess Championship ahead of the big guns at the GMall in Cebu over the weekend.

Ms. Padilla, a 19-year-old native of Iba, Zambales, scored 7.5 points in nine rounds including a final-round victory over LJ Getubig of Tagoloan, Misamis Oriental to rule the weeklong event and claim a slot to the Asian Juniors Championships set July 18 to 27 in Colombo, Sri Lanka.

It was a stunning effort for Ms. Padilla, who finished ahead of pre-tournament favorites Mhage Gerriahlou Sebastian, a former winner here, and Woman FIDE Master Ruelle Canino, the reigning national women’s titlist.

Ms. Sebastian wound up second with seven points while Ms. Canino third with seven in this event organized by the National Chess Federation of the Philippines and backed by the Philippine Sports Commission.

Alekhin Nouri, for his part, reigned supreme in the open section to claim his second national juniors crown after winning it all four years ago.

The 19-year-old Mr. Nouri downed Oscar Joseph Cantela in the ninth round, finished tied for first with fellow FIDE Master Mark Jay Bacojo and Jerish John Velarde with 7.5 points apiece before emerging with the best tiebreak score over the latter two to snatch the gold.

Mr. Bacojo ended up second while Mr. Velarde third.

Meanwhile, 13-year-old Al Basher Buto likewise pulled off a shocker after winning the Under-20 open blitz section by scoring eight points out of nine and finishing ahead of older, fancied rivals. — Joey Villar

Alas team setter Julia de Guzman: Losses, failures are necessary parts of the process of becoming a better team

June 15, 2025 | 7:22 pm

SUCCESS takes time.

This was the reminder of Alas Pilipinas team captain Julia “Jia” de Guzman after the team settled for the silver medal after absorbing a painful 25-15, 25-17, 25-14 beating at the hands of the menacing Vietnam in Saturday’s AVC Nations Cup finals at the Dong Anh Arena in Hanoi.

“It takes time and loads of patience to build a culture that focuses more on the journey and growth over immediate results,” said the Nationals’ star setter. “Where other people only see wins or losses, achievements or failures, perfection or mistakes, we see all of it as necessary parts of the process of becoming a better team.”

“This is why we try to keep the same players, and also add more to the pool,” she added.

The stinging lopsided finals defeat didn’t actually tell the whole story.

In fact, just being in the finals and snaring that silver, was a feat in itself as it was the country’s best finish in the sport in the Asian level, eclipsing the bronze the country copped in last year’s edition of this same meet at the Rizal Memorial Coliseum.

And for Ms. De Guzman and the Filipinas, that silver shone as bright as Vietnam’s gold.

“When we make the mistake of putting all the weight on a ‘game win’ or ‘historic feat’ to count a day or tournament as successful, it’s easy to be blind to the progress, small wins and experience that was actually achieved,” she said.

“But when we truly live in the moment and give full respect to the process, we learn the most and the results will eventually follow.”

After the Hanoi tilt, there will be no rest for the weary Alas side as it shifts its focus on its next tournament ahead — the VTV Cup slated June 28 to July 5 in Vinh Phuc also in Vietnam.

There, the Nationals will have a chance to learn and settle an old score with their recent tormentors, the Vietnamese as they are bracketed together in Pool A alongside China’s Sichuan Wuliangchun and Australia.

“Step by step, Philippines. On to the next,” said Ms. De Guzman. — Joey Villar

Eala beats Gracheva in Nottingham Open qualifiers

June 15, 2025 | 7:21 pm

IT did not take long for Alexandra “Alex” Eala to bounce back in a bid to prepare best for her main draw debut in the 2025 Wimbledon on June 30 to July 11 in London.

Following a quarterfinal exit in the Ilkley Open, Ms. Eala hacked out a 6-3, 3-6, 6-3 win against France’s Varvara Gracheva in the Nottingham Open qualifiers over the weekend in Great Britain.

Ms. Eala, Women’s Tennis Association (WTA) No. 77, recovered from a second-set meltdown to beat Ms. Gracheva, WTA No. 104, in two hours and barge into the finale of the qualifying round.

Up next for the 20-year-old Ms. Eala is WTA No. 87 Aica Todoni of Romania for a seat in the main draw. Ms. Todoni beat home bet Jodie Burrage, 7-6(2), 6-1.

Ms. Eala last week scored two wins in the nearby Ilkley before running out of gas against defending champion Rebecca Marino of Canada, 6-1, 0-6, 6(4)-7, in the quarterfinals.

She previously beat Filipina-Australian Lizette Cabrera, 7-6(4), 6-3, and Swiss bet Valentina Ryser, 6-1, 6-2 for a good warm-up heading to Wimbledon.

The Wimbledon will be the second straight Grand Slam tourney for Ms. Eala this year after barging into WTA’s elite Top 100 rankings to become eligible in all major main draws. — John Bryan Ulanday

UP Fighting Maroons partner with Puma as outfitter for the UAAP Season 88

June 15, 2025 | 7:21 pm

REIGNING champion University of the Philippines (UP) just gained a solid backing for its title retention bid in the upcoming UAAP Season 88.

The UP Fighting Maroons partnered with Puma that will serve as its official outfitter for next season and beyond after inking a multi-year deal over the weekend at the Puma Flagship Store at the SM North Edsa in Quezon City.

The UP-Puma partnership is part of the sneaker’s brand to reaffirm its presence in the local basketball scene.

And the Fighting Maroons could not be proud enough to be among the world sports’ biggest stars that should serve handy in their mission to defend the UAAP crown.

“We’re truly grateful to Puma and the No Where To Go But UP foundation for this exciting journey. We started also with a lot of adversity,” said UP Office For Athletics and Sports Development Director Bo Perasol.

“We want to thank Puma for believing in the team, believing in UP and especially believing in the UP brand,” added No Where To Go But UP president Aruba Flores-Opida.

The UP-Puma tie-up came in the nick of time for UP’s trip to Serbia in a rigid training camp starting this week until July as part of its early preparations for Season 88.

All of the Fighting Maroons players attended the signing ceremony led by team captain Gerry Abadiano while the UP coaching staff was represented by assistant Christian Luanzon as head coach Goldwin Monteverde already flew first to Novi Sad in Serbia. — John Bryan Ulanday