DoF backs Senate MUP bill — Estrada

June 4, 2024 | 8:27 pm

THE DEPARTMENT of Finance (DoF) has backed a Senate bill seeking to overhaul the pension system for military and uniformed personnel (MUP), but said that the guaranteed increase in their salaries should be studied first, Senate President Pro-Tempore Jose “Jinggoy” P. Estrada said on Tuesday

At a media forum at the Senate, Mr. Estrada said senators are still debating on whether Senate Bill No. 2501, which he sponsored, should increase the salaries of MUPs yearly and if both new military officers and uniformed personnel should both contribute 7% to the fund.

The Senate is set to continue floor debates on the bill that seeks to will overhaul the pension system for the military and police by requiring them to contribute 7% of their monthly income. The National Government will contribute double the rate.

Under the measure, other uniformed personnel would have to contribute 9% with a government top-up of 12%.

If passed, the reform would allow a guaranteed 3% yearly increase in the base pay of active personnel and in the pension benefits of retirees over the next decade.

Mr. Estrada said he has proposed to require both military and other uniformed personnel to both contribute 7% instead of a higher rate for the latter.

He said he had consulted Finance Secretary Ralph G. Recto and other DoF officials if the government can afford to impose the 7% contribution. He said they told him it was a viable provision, but suggested removing the guaranteed salary increases provided in the measure, citing the need for more study.

“I will strive for the MUP bill to be made into law and this has been long overdue and I think the government badly needs this in order to avoid bleeding the coffers of our government,” he said.

“There are just small problems with the increase of salaries of MUPs,” he said in mixed English and Filipino.

The House of Representatives approved a similar measure in September last year.

Employment of jeepney drivers helps ease struggles in PUVMP

June 4, 2024 | 8:20 pm

Employment of jeepney drivers would be more progressive and can help enact the Public Utility Modernization Program (PUVMP), a passenger advocacy group said.

According to Primo Morillo, convenor of The Passenger Forum: “Magandang plano na gawing employed yung ating mga transport workers. Magkaroon ng transition papunta sa ganon. It is a more progressive relation of production,” [It’s a good plan to employ our transport workers to help them transition into the modernization program. It is a more progressive relation of production] he said.

Mr. Morillo added that being employed could provide benefits that drivers and operators do not have right now

“Mayroon silang leave, meron silang benefits, meron silang kumbaga kita kahit na may sakit sila or may grumaduate na anak, diba? Kumikita pa rin sila kasi empleyo,” [In case they get sick, or they want to celebrate with their families, they can still earn money because they are employed] he elaborated on the possible benefits drivers and operators could have if they were employed.

According to Mr. Morillo, jeepney drivers refused to consolidate due to a lack of information on how PUVMP can improve their livelihood.

“Hindi malinaw kung paano makakatulong sa tsuper at operator yung programang iyon…dapat mayroong ganoong programa at natutukan yon ng ating gobyerno…sa totoo lang kung mapapaliwanag ito, marami po talagang tatanggap nito,” [It is not clear how PUVMP could help drivers and operators.If the government had an initiative aimed to educate them on the benefits of the program, drivers would’ve supported it] he said.

Apart from informing the people, Mr. Morillo also proposed a “route rationalization plan” to strategically convince consolidation and disperse subsidies equally.

“Yung route rationalization plan, makakatulong din yun para maidentify natin ano yung madaling iconsolidate at madaling i-modernize na ruta kasi halimbawa…may mga ruta talaga na malaki ang kita at kaya nilang mag modernize pwedeng hindi ganon kalaki yung subsidy na kailangan. Pwedeng yun ang unahing phase,” [Route rationalization plan can help identify areas that can easily be consolidated and modernized…Routes that earn higher are less dependent on subsidies making those easier to modernize. That can be the first phase.] he explained on strategizing the PUV consolidation.

“Pero yung pinakamahirap na mga ruta, yung maliliit ang kita, yun ang ihuhuli mo kasi baka ang kailangan doon full subsidy kasi maliit lang yung kita ng mga tsuper.” [But for those on the hardest routes with lower income, they should receive higher subsidies to aid in their transition to modernization.]

Approximately 1,900 jeepney units were unauthorized and deemed illegal in Metro Manila because of expired franchises. Meanwhile, 81% or 160,000 units nationwide has consolidated with the government’s modernization program. – Almira Louise S. Martinez

Novak hurts knee, rivals smell blood

June 4, 2024 | 7:45 pm

PARIS — Defending champion Novak Djokovic produced a superhuman effort to subdue Argentine Francisco Cerundolo 6-1, 5-7, 3-6, 7-5, 6-3 on Monday and reach the quarterfinals of the French Open, as the top seed shrugged off a knee issue for a milestone win.

Big-hitting women’s title contenders made short work of their opponents earlier as second seed Aryna Sabalenka thrashed American Emma Navarro 6-2, 6-3 while fourth seed Elena Rybakina eased to a 6-4, 6-3 victory over Ukraine’s Elina Svitolina.

Russian 17-year-old Mirra Andreeva then outclassed former compatriot and newly-French Varvara Gracheva 7-5, 6-2 to end home hopes in the afternoon, but all eyes were on a potential upset that was brewing on Court Philippe Chatrier.

Mr. Djokovic, who is chasing a record-extending 25^th Grand Slam title was taken to five sets for the second time in less than 48 hours but showed his class to seal a record 370^th match victory at the majors that broke a tie with retired Swiss great Roger Federer.

The Serb also celebrated reaching his 59^th major quarterfinal — the most by any men’s player — to eclipse his long-time rival Federer again, while an 11^th five-sets Roland Garros win tied him with Gael Monfils and Stan Wawrinka in the Open Era.

“Again a big, big, big thank you because once again like the last match. The win is your win,” an exhausted Mr. Djokovic told the crowd in fluent French.

But Mr. Djokovic’s title rivals in Paris will be smelling blood after another up-and-down display.

The 37-year-old showed no early signs of fatigue from his marathon third-round win over Lorenzo Musetti, a 4-1/2 hour epic that ended in the early hours of Sunday morning, as he blitzed claycourt specialist Mr. Cerundolo in the opening set.

He sustained a right knee issue early in the next and needed treatment on court before saving four break points to draw level at 3-3 with a backhand bullet, but allowed his opponent a way back in by surrendering his serve in the 12^th game.

Mr. Cerundolo grabbed another break early in the next set to go 3-0 up and comfortably got ahead in the clash as alarm bells began to ring for Mr. Djokovic in a second straight match at the claycourt Grand Slam he has won thrice.

The finish line seemed to appear in sight for Mr. Cerundolo when he raced up 4-2 in the next set, but the 25-year-old squandered the advantage as Djokovic sent down two big serves and produced a spectacular drop en route to holding for 6-5 before levelling the contest. Having dropped serve after a fast start in the deciding set, Mr. Djokovic took a nasty tumble during a point and ranted about the state of the Court Philippe Chatrier surface.

He dusted himself off and the smile returned shortly after as he executed a sensational drop volley while doing the splits at 3-3 and celebrated the point by lying on the court with his arms outstretched in a superhero pose.

With the crowd firmly behind him, Djokovic closed out a superb victory and paid tribute to fans on the main showcourt at around 9 p.m. local time.

“I actually felt great coming into the match, as good as I could under the circumstances and played really well in the first set,” Djokovic told reporters.

“Then in the third game of the second set, I slipped, one of the many times that I slipped and fell today. That affected the knee… At one point I didn’t know, to be honest, whether I should continue or not.”

Next up for the tournament’s top seed is a rematch of last year’s final against Norway’s Casper Ruud after the seventh seed defeated American Taylor Fritz 7-6(6), 3-6, 6-4, 6-2.

Alex de Minaur broke a long Australian jinx as the 11th seed battled from a set down to stun Daniil Medvedev 4-6, 6-2, 6-1, 6-3 and become the first man from his nation in two decades to make the last-eight at Roland Garros.

He will face fourth seed Alexander Zverev after the German outlasted 13th seed Holger Rune 4-6, 6-1, 5-7, 7-6(2), 6-2 in a match that ended in early morning hours. — Reuters

Yuka Saso zooms to 6^th in world rankings

June 4, 2024 | 7:44 pm

FIL-JAPANESE Yuka Saso’s smashing return as US Women’s Open titlist has also propelled her back into the Top 10 of the women’s golf rankings.

Ms. Saso, who scooped up her second crown in golf’s biggest event and a cool $2.4 million (around P140 million) Sunday in Lancaster, Pennsylvania, climbed to sixth with 239.85 points from a season-low 30^th the previous week.

This marks Ms. Saso’s second highest career ranking after she reached No. 5 for a week in 2021. This was on the heels of her breakthrough US Women’s Open triumph — achieved under the Philippine flag then — which catapulted her into ninth position. The parbuster who will turn 23 in two weeks had been outside the Top 10 over the last two years, though, as she struggled to regain her winning form.

Prior to landing at sixth this week, Ms. Saso last occupied a spot among the 10 best lady golfers in the planet in March 2022 when she hit ninth after taking 10^th place in the Honda LPGA Thailand.

Saso was the biggest climber in the latest world rankings released Monday, which saw American Nelly Korda maintaining top spot with 515.58 points despite missing the cut in Lancaster.

Bianca Pagdanganan, who didn’t play in the US Women’s Open after placing seventh in the preceding Mizuho Americas Open, slipped one place to 118^th with 41.81 points. — Olmin Leyba

Beermen and Bolts ready to rumble in best-of-seven

June 4, 2024 | 7:44 pm

Game today
(Smart Araneta Coliseum)
7:30 p.m. — San Miguel Beer vs Meralco (Finals Game 1)

OF ALL the participants in the PBA Season 48 Philippine Cup finals, Meralco veteran Cliff Hodge carries probably the strongest drive to bring home the bacon.

A Meralco lifer, Mr. Hodge has been to all four heartbreakers that the Bolts have gone through in the championship stage since 2016.

And with a more seasoned crew and stronger-than-ever self confidence, Mr. Hodge and Co. look to change their fortune against no less than the defending champion San Miguel Beermen (SMB).

“You always want a chance to try and achieve a championship. It’s been 13 years since I’ve been with Meralco and every time you don’t win, it sucks. I hope this is different,” said Mr. Hodge, whose team lost to Barangay Ginebra in four attempts in the import-flavored Governors’ Cup.

“And it feels different. I trust my teammates, my coaching staff and we believe we can do it. So that’s a start — believing you could actually do it. And I hope this is finally our chance to get it,” he added.

The repeat-eyeing Beermen are well aware of what Meralco will bring to the table in the best-of-seven finale that kicks off tonight at 7:30 p.m. at the Smart Araneta Coliseum.

And veterans that they are, they’re primed up for it.

“We know what kind of team they are (Bolts). They play hard and compete hard for 48 minutes a night. We’re in for a tough one. But we’re ready to compete,” said playmaker Chris Ross, who along with SMB Death 5 mates June Mar Fajardo and Marcio Lassiter are seeking to add an 11^th jewel to their present collection.

“Hopefully at the end of the series, we’ll have 11 chips. We know what kind of work we need to do and I think we’re all willing to do it,” he added.

San Miguel, also the Commissioner’s Cup kingpin, has been the most dominant team of this All-Filipino, winning all but two of its 17 assignments so far, including a 4-0 semis sweep of Rain or Shine.

But one of the squads that stained SMB’s record was Meralco, which snapped the former’s 10-0 start with a 95-92 reversal in the elims. And the Bolts are further sharpened by a grueling seven-game series versus tough Barangay Ginebra in the Final Four while early finalist SMB spent nearly two weeks off the playing court.

“The guys deserve to be here (finals). Dumaan kami sa butas ng karayom,” said Meralco mentor Luigi Trillo, who together with the active consultant Nenad Vucenic and the rest of coaching staff have whipped the Bolts led by Chris Newsome, Chris Banchero, Hodge, Allein Maliksi, Raymond Almazan and Bong Quinto into championship contenders.

“Second place doesn’t mean anything at this point,” Trillo said.

The duel features the league’s premier offensive team, SMB with 107.4-point average, and most efficient defensive squad, Meralco with 86.95 markers conceded per game.

But don’t be lulled into thinking SMB can’t defend or Meralco can’t put the ball to the hoops.

“In the last finals (Commissioner’s Cup won by San Miguel), they (Beermen) shut down Magnolia as well. So they’re not just an offensive team, they’re also capable (of scoring in bunches),” stressed Trillo.

The Bolts showed they could hit big shots when it mattered, too, such as when they made clutch buckets in sealing a 78-69 Game 7 clincher over the Gin Kings last Friday in Batangas.

“For us, it’s both ends,” said Trillo. — Olmin Leyba

Philippine Olympic bets get incentives ahead of competition

June 4, 2024 | 7:43 pm

WIN OR LOSE, Paris Olympics-bound Filipino athletes will receive at least P1.5 million each before they leave and wade into battle in the French capital.

Philippine Sports Commission (PSC) chairman Richard Bachmann said a group of senators have pledged at least P30 million including P23 million from Sen. Risa Hontiveros-Baraquel, to hand out to the Philippine contingent, currently numbering 15, to quadrennial meet slated July 26 to Aug. 11.

“For additional funding, I know Sen. Bong Go committed funding to the athletes who qualified and also to Sen. Risa Hontiveros so basically she funded and I asked her to grow that fund because we have already 15 athletes so we have like P23 million that would be given to those athletes who qualified,” said Bachmann during yesterday’s PSA Forum at the Rizal Memorial Sports Complex.

“Sen. Bong Go has a figure already, may additional siya. There’s also additional from other senators direct to the athletes already na pinasa lang sa PSC. Siguro mga P30 million plus,” he added.

For Mr. Go, he announced plans a few days ago of giving P500,000 each to the Paris Olympians.

Those amounts are apart from the proceeds that would be generated from the PSC Golf Cup set June 14 at the Canlubang Golf and Country Club in Laguna.

“All proceeds will go to the athletes who qualified to the Olympics as additional support that would be divided equally. That’s around P2 million,” said Mr. Bachmann.

To date, there are 15 who already made the cut—pole-vaulter EJ Obiena, boxers Eumir Marcial, Nesthy Petecio, Carlo Paalam, Aira Villegas and Hergie Bacyadan, gymnasts Carlos Yulo, Aleah Finnegan, Levi Jung-Ruivivar and Emma Malabuyo, weightlifters Vanessa Sarno, John Ceniza and Elreen Ando, rower Joanie Delgaco and fencer Sam Catantan.

Bachmann is expecting more, possibly in the range of 19, to qualify soon in swimming, athletics, judo and shooting among others.

Of course, that is just peanuts compared to what they will receive should they go home with medals as an Olympic gold is worth P10 million, a silver P5 million and P2 million for a bronze just from the government. — Joey Villar

Mbappé dons Real Madrid jersey

June 4, 2024 | 7:42 pm

KYLIAN MBAPPÉ — KYLIAN MBAPPÉ — REUTERS

FRANCE forward Kylian Mbappé has joined Real Madrid as a free agent on a five-year contract, the LaLiga club said on Monday, ending a transfer saga that rumbled on for years before the European champions captured their newest “Galactico.”

“Real Madrid C. F. and Kylian Mbappé have reached an agreement whereby he will be a Real Madrid player for the next five seasons,” the Spanish champions said in a statement, fresh off their 15^th European Cup triumph.

Mr. Mbappé shared images of himself as a youngster in a Real Madrid kit as well as meeting Cristiano Ronaldo onto his social media profiles shortly after the club statement.

“A dream come true,” he wrote. “So happy and proud to join the club of my dream @realmadrid.

“Nobody can understand how excited I am right now. Can’t wait to see you, Madridistas, and thanks for your unbelievable support. Hala Madrid!” — Reuters

No fine for Carter’s hard foul

June 4, 2024 | 7:42 pm

Caitlin Clark — CAITLIN CLARK — WENDELL CRUZ/USA TODAY SPORTS/REUTERS

CHICAGO coach Teresa Weatherspoon released a statement Monday addressing Sky guard Chennedy Carter’s hard foul on Indiana Fever rookie Caitlin Clark over the weekend.

Ms. Carter knocked Ms. Clark to the floor with a shoulder-check during Saturday’s game, a 71-70 win by the Fever. The WNBA upgraded the foul to a Flagrant 1 on Sunday.

“Chennedy got caught up in the heat of the moment in an effort to win the game. She and I have discussed what happened and that it was not appropriate, nor is it what we do or who we are,” Ms. Weatherspoon said in the statement.

Ms. Carter will not be fined by the WNBA. — Reuters

Mercury rising for Paris Games

June 4, 2024 | 7:41 pm

STANFORD, California — As the Paris Olympics fast approaches, summertime temperatures will only continue to get hotter, giving athletes additional challenges as they seek to bring home medals.

Temperatures are expected to soar again in the European summer, after setting records in 2023, and although it is too early for an exact forecast for July, national weather agency Meteo-France said warmer than normal conditions were most likely.

There will be no air-conditioning in the athletes’ rooms at Paris 2024, which has pledged to host the greenest ever Games, meaning they will have to pay more attention to their body temperatures as they train, recover and compete.

“It can be very hot and miserable (in Paris), as it was in Tokyo during the last Olympics,” Craig Heller, a biology professor at Stanford University who specializes in body temperature regulation, told Reuters.

“And that increase in environmental temperature has lots of effects on performance.” — Reuters

Rocky road

June 4, 2024 | 7:41 pm

To argue that Novak Djokovic had been having a down season heading into the French Open would be to grossly understate the obvious. It wasn’t simply that he had zero titles to his name since the turn of the year. It was that he had endured shocking loss after shocking loss, even in seemingly nondescript tournaments. And so pronounced had his swoon been that he even saw fit to part ways with longtime coach Goran Ivanisevich in an effort to inspire change — any change — in his outlook. Never mind that the hitherto-productive partnership brought him half his record-setting tally of 24 Grand Slam championships.

Given Djokovic’s travails, not a few observers rightly believed he would be hard-pressed to defend his title at Roland Garros. After all, he showed nothing in his abbreviated showings in tune-up events to inspire confidence in his campaign for a fourth major title on red clay. In fact, the questions that surrounded his push in the first week of competition didn’t concern his fitness for taking the measure of other marquee names. Rather, they focused on his capacity — or, to be more precise, lack thereof — to survive the early rounds.

And, true enough, Djokovic has rubbed elbows with trouble merely to set up a meeting with seventh seed Casper Ruud in the Round of Eight. Of his four set-tos, three have been decidedly rocky; he was pushed to a tiebreak by unheralded Pierre-Hugues Herbert, and then to nail-biting five-set marathons by low seeds Lorenzo Musetti and Francisco Cerundolo. The last two contests, in particular, were problematic and exposed his vulnerability to an upset. Were it not for his experience and determination, he would not have been able to overcome seemingly insurmountable obstacles en route to victory.

Certainly, Djokovic was only too glad to get the better of Cerundolo in a contest that lasted four and a half hours, and just one and a half days after logging the same court time against Musetti. As he indicated in his post-mortem, however, the exertions have had an effect on him. Tests are in the offing, and will determine whether he can answer the bell for Ruud later today. That said, it’s telling that the latter believes there will be no withdrawals. “I don’t expect him to surrender at all. I have to expect him to be fresh, ready and that it’s going to be a tough match.”

Indeed, only the worst piece of news will prevent Djokovic from heading to Court Philippe Chatrier. He may be 37 and ailing, but he’s sure to leave nothing in the tank as he casts moist eyes on the Coupe des Mousquetaires. Ruud will be ready and confident, fresh off a win against him in the semifinals of the Monte-Carlo Masters, but so will he. Which, from his vantage point, is all that matters.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Vietnam expands massive bank rescue effort on deposit exodus

June 4, 2024 | 5:44 pm

HANOI — Vietnam’s central bank lent another $1.2 billion to ailing Saigon Joint Stock Commercial Bank over the last two months, according to a bank document seen by Reuters, taking the total to $24.5 billion as part of its efforts to rescue depositors.

The massive bailout of Saigon Joint Stock Commercial Bank’s (SCB) depositors has so far cost the central bank the equivalent of 6% of Vietnam’s 2023 gross domestic product (GDP) in special loans.

Reuters reported in April that the central bank had mounted an “unprecedented” rescue of SCB, a lender engulfed in the nation’s biggest financial fraud, which a source at that time said would collapse without the funding.

As of May 29, the central bank had lent SCB VND622.7 trillion ($24.5 billion), according to the document prepared by SCB that detailed daily injections into the bank to keep track of the funds and their use, up from VND592.7 trillion ($23.3 billion) as of April 2.

SCB used the central bank funds to help it settle withdrawals and payments of VND626.9 trillion since October 2022 when the lender was put under central bank supervision, the document showed. At that time, it had deposits of VND669 trillion.

The State Bank of Vietnam and SCB, previously one of the country’s largest commercial lenders by deposits, did not reply to Reuters’ requests for comment. The State Bank of Vietnam confirmed in April it was providing financial support to SCB.

The run on SCB was triggered by the October 2022 arrest of real estate tycoon Truong My Lan, who in April was sentenced to death after being found guilty of masterminding a huge fraud at the bank.

Judges concluded that she siphoned off $12.5 billion in loans from SCB to shell companies while effectively controlling the bank through proxies. She pleaded not guilty and has appealed the ruling.

Under Vietnam’s official deposit guarantee scheme, only about $5,000 is covered per depositor per bank, but as of early April, the central bank’s cash injections into SCB amounted to about a quarter of Vietnam’s foreign exchange reserves.

The central bank has not said how it has funded its large-scale lending to SCB, but money supply rose by about $82 billion between September 2022, the month before SCB’s bailout began, and February 2024, the latest public data showed.

That is a 15% increase, compared to GDP growth of nearly 6% in roughly the same period, according to Reuters’ analysis of data from the central bank and Vietnam’s statistics office.

The Southeast Asian country’s foreign reserves, meanwhile, have remained largely stable, although the central bank has sold dollars in recent weeks to prop up its currency.

RESTRUCTURING ROADMAP
SCB’s woes occurred as Vietnam’s banking sector was facing heightened risks from prolonged turmoil in the country’s real estate industry, triggering concerns about broader risks to the financial system.

In April, the State Bank of Vietnam said it was continuing to support SCB under a roadmap for its restructuring — a move that ratings agency Fitch said last month was a positive sign of the central bank’s commitment to help significant lenders.

While the SCB’s woes showed shortcomings in Vietnam’s financial supervision, Fitch added, the unprecedented rescue efforts had not created new contagion risks in the country’s banking system.

But the increase in money supply came at a time when the Vietnamese dong weakened and contributed to a pick-up in inflation, which in May exceeded 4.4%, the highest since January 2023. — Reuters

German army to boost Rheinmetall artillery shell order by 200,000, document shows

June 4, 2024 | 5:39 pm

Germany Flag — A German national flag flies atop the illuminated Reichstag building in Berlin, Germany. — REUTERS

BERLIN — The German army intends to order 200,000 more artillery shells from armsmaker Rheinmetall than it had planned, a letter seen by Reuters on Tuesday from the Defense Ministry to parliament’s budget committee.

The army plans to get 200,000 additional 155mm artillery shells worth about €880 million ($960 million) within its framework agreement with the defence firm, the letter said.

It had already agreed to a €1.2-billion deal for several hundred thousand shells, fuses and charges.

The new shells are meant to refill the army’s depots as Germany helps supply Ukraine as it fights off the Russian military, which invaded in 2022.

As Western governments beef up their military and replenish their stocks after supplying arms to Kyiv, Rheinmetall, whose market value has more than quadrupled since the war in Ukraine, is seeing a sharp increase in orders.

By placing the order, the German defense ministry also wants to ensure that Rheinmetall can set up a new production line in the central German town of Unterluess.

Rheinmetall, one of the biggest producers of artillery and tank shells in the world, began ramping up production after Russia’s invasion of Ukraine, where the need for ammunition has exacerbated a shortage and left European manufacturers struggling to meet demand.

Der Spiegel magazine had originally reported the increase. — Reuters