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HSBC Philippines sees pickup in sustainability bond issuances

REUTERS

HSBC Philippines expects sustainability bond issuances to pick up after a slowdown amid high interest rates, an official said.

The growth will be driven by the Bangko Sentral ng Pilipinas’ (BSP) expected easing cycle, coupled with the ongoing push for companies and banks to develop sustainability frameworks and increasing demand for this type of financing among stakeholders, HSBC Philippines Corporate Sustainability Vice President Ceejay Hernandez said in a webinar on Friday.

“Money is expensive right now, but coupled with the increasing demand, the increasing regulatory space in terms of sustainability, and also the increasing understanding and demand on the stakeholder, it (the sustainable bond market) continues to grow,” Mr. Hernandez said.

Sustainable financing was already on the rise years ago but began to slow down when the central bank began its tightening cycle, he said.

“We’ve seen a considerable increase, especially in renewable energy or green financing. That definitely spelled a boom, in a sense, of sustainable financing. However, the increase in interest rates affected that, because when we look at the 2024 numbers, we’ve seen a bit of slowdown in terms of investments in sustainability,” Mr. Hernandez said.

He added that a supportive regulatory body has also helped boost issuances of sustainability bonds recently, noting the mandate issued by the BSP for lenders to adopt the Philippine Sustainable Finance Taxonomy Guidelines (SFTG).

Banks have until the end of this year to comply with the SFTG. The guidelines serve as a tool to classify if an economic activity is environmentally or socially sustainable to serve as a guide for stakeholders in making investment or financing decisions.

“Some of the banks, especially the smaller ones, it’s a bit of a challenge to set up a new framework. The idea of the BSP is really to work with these banks to set them up. And so, far as we’re seeing, a lot of banks, especially locally, have issued green bonds or blue bonds already because you cannot issue these bonds without sustainable finance frameworks,” Mr. Hernandez said. — AMCS

Carabao milk, meat output expected to decline 20%

A farmer guides his carabao on dry and cracked farmland in San Juan town, Batangas, April 18, 2010. — REUTERS

THE PHILIPPINE Carabao Center said that production of carabao (water buffalo) could drop this year due to the effects of El Niño on the supply of animal feed.

“We are estimating that production would drop by around 20%,” PCC Executive Director Liza G. Battad said on the sidelines of an agriculture event last week.

Ms. Battad added that the prevailing effects of El Niño on agriculture have caused volumes of  carabao feed — mainly rice straw — to decline.

The “super El Niño” impact on rice straw has a follow-on effect on both milk and meat production,” she said.

Each carabao typically consumes 40 kilograms of feed per day.

“Our real concern is feed. And at the same time, when it’s too hot, breeding is affected” she added.

Ms. Battad said that this could cause the breeding efficiency of carabaos to drop by 2% next year. The typical breeding time takes about 10 months.

“Our hope is to really contract artificial insemination services. And we will deploy them to areas where there are lots of animals to breed,” she added.

She said artificial insemination could sustain the momentum for building up herd at the cooperative levels.

Carabao males are typically used for meat, while females are kept from slaughter to specialize in dairy.

“We have more than 300 cooperatives that invested in their processing and consumer products,” she added.

Milka Krem is the PCC’s carabao milk advocacy program through which it hopes to “commercialize many products,” she said.

The government is aiming to increase dairy production to 80 million liters of milk per year by 2028, including carabao milk.

The US Department of Agriculture projects dairy demand in 2024 to rise 3% to 3.5 million MT in liquid milk equivalent. — Adrian H. Halili

ALI shares fall despite block share success

AYALA Land, Inc.’s (ALI) shares fell last week despite success in block share selling, attributed to investor profit taking and delays in Fed rate cuts. 

According to the Philippine Stock Exchange, a total of 64.6 million worth of P1.89-billion ALI shares were exchanged on the market from May 20 to May 24, making it the second-most actively traded stock last week.

ALI closed at P28.85 on Friday, down by 1.9% from P29.40 per share a week ago. Year to date, the price dropped by 16.3%.

“The decline this week was brought about by softer market sentiments amid fresh worries of a delay in Fed rate cuts and profit taking in ALI after an 8% rally,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail.

From May 13 to May 17, Ayala Land, Inc. saw a rally as the price per share surged from P27.75 on Monday to P29.40 on Friday’s close.

Following the rise in the share price of ALI, “foreign investors have persistently offloaded shares,” Globalinks Securities and Stocks, Inc. Senior Trader Mark V. Santarina said in a Viber message.

He added that investor sentiment was impacted by both the liquidity event and interest rate fluctuations.

On Tuesday, Federal Reserve policy makers signaled that rate cuts would be pushed back to several more months to ensure that inflation is back to the 2% target, a Reuters report said.

Since July, the Fed has kept the benchmark policy rate at  5.25%-5.5% as inflation was stronger than expected in the last three months.

Similarly, the Bangko Sentral ng Pilipinas monetary board has maintained key rates at 6.5% as inflation accelerated to 3.8% in April from 3.7% in March.

ALI’s decline in stock price overshadowed its rise in liquidity following a successful block share sale.

“The block sale initially boosted investor confidence due to the significant capital raised, indicating strong liquidity and strategic financial management by Ayala Land ,” Mr. Santarina said.

On Wednesday, Ayala Land raised 3.18 billion from a block sale of 98 million AREIT, Inc. shares at P32.45 apiece as part of a property-for-share swap deal. The swap deal includes ALI real estate properties amounting to P11.25 billion in exchange for 252.13 million AREIT primary common shares worth P44.65 apiece.

Mr. Santarina said that the deal resulted in positive short-term sentiment among investors despite this “some investors remained cautious about the long-term impact of asset sales on the company’s growth prospects and operational focus.”

On the other hand, Mr. Mercado said that this development influenced AREIT’s price action more than ALI.

In the first quarter of the year, ALI’s net income attributable to parents grew by 39.44% to P6.29 billion from P4.51 billion in the same period last year.

For the January to March period, Ayala Land’s net income reached P7.44 billion, 43.35% higher than the P5.19 billion in the same period last year.

Mr. Santarina expects Ayala Land, Inc.’s full-year income to reach P10 billion while its net attributable income is at P8.8 billion.

“[Assuming that there is] continued operational efficiency and favorable market conditions,” he said.

Mr. Mercado placed immediate support and resistance levels of ALI at P27.60 and P29.75, respectively.

“Immediate support is anticipated at P28.50, with stronger support at P27.80 if the stock experiences further declines while the major resistance point at P30, which the stock will need to breach to signal a potential upward trend,” Mr. Santarina said. — Andrea C. Abestano with Reuters

PSEi member stocks performed — May 24, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, May 24, 2024.


 

Peso to be range-bound ahead of US PCE data

ANGIE REYES-PEXELS

THE PESO may remain range-bound against the dollar this week as the market awaits the release of the May US personal consumption expenditures (PCE) index report, which is the US Federal Reserve’s preferred inflation gauge.

The local unit closed at P58.19 per dollar on Friday, weakening by six centavos from its P58.13 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso sank by 57 centavos from its P57.62 finish on May 17.

The peso depreciated against the dollar on Friday due to hawkish signals from minutes of the Fed’s latest meeting, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

This, in addition to mostly stronger-than-expected US economic data lately, supported the dollar against other currencies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For this week, Mr. Ricafort said the May US PCE price index to be released on May 31, Friday, will likely be the main catalyst for peso-dollar trading.

US consumer sentiment data released last week will also affect the peso, Mr. Roces added.

Mr. Ricafort sees the peso moving between P57.90 and P58.30 per dollar this week, while Mr. Roces said foreign exchange trading could remain fluid. — A.M.C. Sy

Shares may trade sideways amid lack of drivers

REUTERS

PHILIPPINE SHARES may move mostly sideways this week, with bargain hunting likely to ensue as the market looks for fresh drivers, analysts said.

On Friday, the Philippine Stock Exchange index (PSEi) fell by 0.6% or 40.10 points to end at 6,619.89, while the broader all shares index dropped by 0.39% or 13.80 points to close at 3,523.49.

Week on week, however, the PSEi rose by 0.02% or 1.20 points from its 6,618.69 close on May 17.

“Hawkish comments from the US Federal Reserve prevented the PSEi from gaining higher ground [last] week,” online brokerage firm 2TradeAsia.com said in a market note.

US Federal Reserve officials at their last policy meeting said they still had faith that price pressures would ease at least slowly in coming months, but doubts emerged about whether the current level of interest rates was high enough to guarantee that outcome and “various” officials said they’d be willing to hike borrowing costs again if inflation surged, Reuters reported.

That meeting was held before data showed the pace of consumer price increases beginning to cool again in April, yet reflected what US central bank officials since then have said is increased uncertainty about the path of inflation and monetary policy.

For this week, investors are expected to hunt for bargains and trade cautiously amid a lack of fresh leads, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Primarily, investors are expected to watch out for more cues on our inflation and interest rate outlook,” Mr. Tantiangco said.

“Investors are also expected to monitor the movements of our local currency against the US dollar. A rebound above the P58 level may spur positive sentiment but a further depreciation may weigh on the bourse,” he added.

On Friday, the peso closed at P58.19 versus the dollar, weaker by six centavos from the previous day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the PSEi’s major support at 6,540 and immediate major support at 6,800-6,820.

2TradeAsia.com placed the market’s immediate support at 6,400-6,500 and resistance at 6,700-6,800.

“The PSEi remains range-bound around the 6,400-6,800 band, with macro downside risks preventing any propulsion towards the medium-term resistance of 6,800,” it said.

Mr. Tantiangco added that the PSEi is currently trading with an immediate support at its 200-day exponential moving average (EMA) and immediate resistance at its 50-day EMA.

“If the market gets past its 50-day EMA, we may see a retesting of the 6,700 resistance line. If the market falls below its 200-day EMA, however, the market may test next its recent trough at 6,511.93 touched last May 10,” he said.

“Falling below this level too will be taken as a bearish development for the local bourse,” Mr. Tantiangco added. — Revin Mikhael D. Ochave with Reuters

Celtics go up 3-0 on verge of finals

JRUE HOLIDAY — TREVOR RUSZKOWSKI/USA TODAY SPORTS/REUTERS

BOSTON CELTICS guard Jrue Holiday went the entire day feeling under the weather before spending Saturday night making the Indiana Pacers feel sick.

The 15-year NBA veteran was a thorn in the Pacers’ side during the final 38.9 seconds of Saturday’s 114-111 victory, as Boston took a commanding 3-0 lead in the Eastern Conference finals.

Jrue Holiday was battling a fierce fever and spent much of the day sleeping. He wasn’t cleared to play until approximately 45 minutes before tipoff.

“I didn’t feel too well,” Mr. Holiday said. “I guess I just figured if I got a good day’s rest or tried to sleep through it, that would help me for tonight. But it’s Game 3 in the Eastern Conference finals, so I wasn’t going to miss this game.”

Mr. Holiday’s efforts present the Celtics with a chance to clinch the best-of-seven series on Monday in Indianapolis.

Mr. Holiday converted a go-ahead three-point play and added a key steal in the final seconds as Boston closed the game with a 13-2 run to hand the Pacers their first home loss in seven games this postseason.

Jayson Tatum recorded 36 points, 10 rebounds and eight assists as Boston recovered from an 18-point, third-quarter deficit. Jaylen Brown scored 24 points and Al Horford drained a career-high seven 3-pointers while scoring 23 points for the top-seeded Celtics.

Indiana’s Aaron Nesmith had a 3-pointer bounce off the rim as time expired.

Andrew Nembhard scored a career-best 32 points and added nine assists for the sixth-seeded Pacers, who lost at home for the first time since March 18.

The Pacers played without All-NBA Third-Team selection Tyrese Haliburton, who injured his left hamstring in Game 2.

Mr. Holiday finished with 14 points, nine rebounds and three steals, with his biggest contributions coming late in the game.

Boston trailed by five before Horford drilled a trey with 1:12 left, and Holiday added his pivotal three-point play to give the Celtics a 112-111 edge with 38.9 seconds to go.

The Pacers were later looking for a go-ahead shot and eschewed a timeout. Nembhard was handling the ball and Holiday forced it away with 3.3 seconds remaining. Holiday was then fouled and made two free throws with 1.7 seconds to play.

“I think I just made a play,” Holiday said. “I felt he’s a right-hand driver and he’s been very aggressive all night. He’s a great player and had a great game but I kind of jumped his right hand and made the steal.”

Pacers coach Rick Carlisle said the situation lent itself to letting one of his players make a play.

“With eight or nine seconds left and you’re in transition after a miss, I trust our players to be able to create a better shot than calling a timeout, having them set their defense,” Carlisle said.

Said Nembhard: “I was trying to get a shot, and he got in front of me and I lost the ball.”

While Nembhard’s turnover was the most glaring play, Indiana didn’t fare well after taking an eight-point lead with 2:38 left.

“They made timely baskets,” Siakam said. “At the end of the day, we just didn’t get the job done at the end.”

Derrick White scored 13 points for the Celtics, who shot 47 percent from the field and were 16 of 46 from 3-point range.

Indiana shot 50.5 percent from the field and was a porous 5 of 22 from 3-point range. The Pacers shot just 38.3 percent overall in the second half.

Boston trailed by 18 midway through the third quarter before moving within 93-90 on Horford’s 3-pointer with 8:31 remaining in the game.

McConnell and Nembhard answered with baskets to push the lead to seven. Indiana later led 109-101 after McConnell’s driving layup with 2:38 left before the Celtics responded with the closing charge.

“The biggest thing for us is we understood it was going to be very difficult here,” Horford said of his club overcoming Indiana’s 18-point lead. “We understood the challenge. … They kept bringing it. Let’s just keep playing and stay with it.”

Nembhard scored 17 of his 21 first-half points in the second quarter as the Pacers held a 69-57 lead at the break. Indiana shot a scorching 63.6 percent from the floor in the half.

Siakam and Turner scored 15 points apiece before intermission for the Pacers. Tatum had 20 through the first two quarters for Boston. — Reuters

Wolves behind enemy lines facing 0-2 deficit 

THE MINNESOTA Timberwolves hope to get more from Anthony Edwards when they hit the road in search of a much-needed win against the Dallas Mavericks in Game 3 of the Western Conference finals Sunday night.

The fifth-seeded Mavericks went to Minneapolis and stole Games 1 and 2 from the third seed by a total of four points, not only snatching the home-court advantage but throwing the door wide open to a potential sweep in the best-of-seven series.

Luka Doncic has outscored Edwards 65-40 in the first two games in a battle of All-NBA performers and has the signature moment of the matchup so far with a game-winning 3-pointer in Game 2.

The series is quite a turnaround from when Edwards made himself the face of a suddenly recognizable Minnesota franchise by dominating his matchup with 2023 postseason standout Jamal Murray of the Denver Nuggets in the recently completed Western Conference second round.

Edwards, who shot 50 percent from the field against the Nuggets, has gone just 11-for-33 (33.3 percent) from the floor against the Mavericks. He walked away from Friday’s 109-108 loss undeterred.

“We’ve been here before,” Edwards said. “I don’t think anyone in the locker room is panicking.”

At the same time, he gave some insight into what is expected to be an altered game plan at Dallas.

“I am turning down a lot of shots,” Edwards said. “I’m just making the right play. Sometimes, the right play may be to just shoot it.”

Timberwolves All-Star sidekick Karl-Anthony Towns has shared in the struggles. Towns shot 53.1 percent in Minnesota’s opening-round sweep of the Phoenix Suns, then 51.0 percent in the Denver series. But he has started the conference finals 10-for-36 (27.8 percent).

As Edwards noted, the Timberwolves have been here before. They lost three straight against the Nuggets, only to come up big in two potential season-ending scenarios, including Game 7 at Denver.

Minnesota has won five of six on the road in the postseason, with Edwards averaging 30.0 points on 48.9-percent shooting in those games, while Towns has gone for 23.2 points on 57.4-percent shooting.

Amid the accolades over his game-winning 3-pointer in the immediate aftermath of Game 2 came words of caution from the Mavericks hero himself.

“First to four. Nothing’s won,” Doncic said. “You’ve just got to think about the next game.”

The Mavericks failed to take advantage of early road success in their first two series. They earned a split on the road against the Los Angeles Clippers in Round 1, only to give the home-court advantage back after splitting Games 3 and 4 in Dallas.

Their second-round matchup against the Oklahoma City Thunder followed the same pattern. — Reuters

No guarantee it’s Nadal’s last French Open

RAFAEL NADAL — REUTERS

PARIS — Fourteen-time French Open champion Rafael Nadal said there was still a chance this year’s tournament in Paris may not be his last, in comments ahead of his tough opener against fourth seed Alexander Zverev.

The Spaniard, who turns 38 next month, skipped last year’s tournament due to a hip injury that needed surgery and has said he expects to retire at the end of 2024. But he wasn’t ready to repeat those words on Saturday.

“If I have to tell you it’s 100 percent my last Roland Garros, sorry but I will not, because I cannot predict what’s going on. I hope you understand,” Mr. Nadal told a packed press conference.

“I don’t want to close 100 percent the door, because it’s a very simple thing. First, I’m enjoying playing tennis,” he said, adding that he was “more or less healthy .. and playing without limitation.”

“Maybe in one month and a half I’ll say ‘OK, it’s enough, I can’t keep going.’ But today I cannot guarantee that it’s going to be the last one.”

Mr. Nadal skipped the Australian Open in January with a muscle problem, and the 22-times Grand Slam champion had raised doubts about his fitness for the year’s second major with lingering issues in Barcelona, Madrid and Rome. “I’m feeling better. That’s the truth,” Mr. Nadal added, appearing more cheerful than he has in recent months.

Mr. Nadal turned his attention to Monday’s clash with Mr. Zverev, a rematch of the 2022 semifinal when the German retired after an ankle injury. 

“It’s a super-tough first round,” he said.

Maybe I go there and I repeat the disaster of Rome. It’s a possibility. I don’t want to hide that,” Nadal said, referring to a second-round defeat by Hubert Hurkacz in the Italian capital this month.

“But in my mind is something different, play much better and give myself a chance to be competitive… I didn’t play this level of opponents, being competitive since a super-long time.

“So all these questions I understand that you’re making to me I’m asking to myself too. But the answer is going to be on Monday, no? That’s it.

“The rest of the things are just talking and talking, and in the end don’t matter. It’s about my feelings and my feelings are better. I want to enjoy that match.” – Reuters

Czech corporate exec favored in IRONMAN

PETR LUKOSZ aims for a second full IRONMAN (IM) Philippines victory in three years, leading a diverse mix of international contenders in the Century Tuna IM Philippines set to fire off on June 9 at Subic Bay Boardwalk.

Lukosz defied overwhelming odds, including a stellar field and the intense heat, to win the grueling 3.8km swim, 180km bike and 42.2km marathon in 2022. He became the first triathlete to cross an IRONMAN finish line in Asia post-pandemic, breaching the 10-hour barrier with a remarkable 09:52:34 clocking.

Despite falling short in his age-group category in the recent IRONMAN 70.3 in Cebu, the Czech corporate executive remains the triathlete to watch in the upcoming full-distance edition of the premier endurance race organized by The IRONMAN Group.

The IRONMAN Philippines has attracted 369 bidders from 44 countries, promising another thrilling and exciting competition that has characterized the first three editions of the event that requires not just power, speed and stamina but also mental toughness.

The host country is fielding 147 entries, led by athletes such as Jemuel Clemente, who finished 13th overall in last year’s edition won by Dutch Erik van der Linden. Other notable Filipino competitors are Daniel Valdez, Ramon Abeleda, Gabb Rosario, Lexter Ansaldo, Rolando Alquero and Edgar Puruganan.

Additionally, young guns like Enrico Pisuena, Carlos Dungao, Allen Santiago and Alab Adviento are also in the mix.

Japan has the next highest number of entries with 54, followed by France with 18 participants, the US with 16 entries, and Singapore and Vietnam each fielding 10 athletes.

Meanwhile, August Benedicto headlines the field in the 11th IRONMAN 70.3 Subic Bay, looking to build on his inspiring victory in the 1.9km swim, 90km bike and 21km run event in Cebu in 2022.

However, the veteran campaigner faces a more challenging competition this year, with strong contenders from 37 other countries aiming to spoil the locals’ bid in the event held to promote a culture of health and fitness, engaging people of all ages and backgrounds.

Registration is ongoing. For details, visit www.ironman.com/im-philippines-register.

Subic Bay, known for its scenic backdrop, well-maintained and wide highways, and incredible spectator energy, has become a sporting haven for athletes around the globe. The venue has been kept in championship condition year-round, guaranteeing another challenging competition in both the full IRONMAN and IM 70.3 races.

Vietnam is fielding 24 entries in IM 70.3, while Great Britain and Japan each have 13 participants, and Thailand has nine.

Aside from the individual and age-group competitions, the IM 70.3 race also features a relay event, with 41 teams already registered.

The IM 70.3 also offers age-group qualifying slots to the 2024 VinFast IRONMAN 70.3 World Championship on Dec. 14-15 in Taupo, New Zealand.

Weather permitting, ICTSI Jungolf tees off on Tuesday 

THE DEFENDING champions will be back as the ICTSI JPGT Luzon Series 2 resumes tomorrow (May 28) at the posh Pradera Verde Golf and Country Club in Lubao, Pampanga.

Adding to the excitement in the premier 15-18 division will be a pair of seasoned international competitors joining the title chase, promising an engaging and competitive tournament.

Meanwhile, the organizing Pilipinas Golf Tournaments, Inc. is closely monitoring the weather conditions due to Typhoon Aghon, saying the decision regarding whether to proceed with or postpone the tournament will be made by 11 a.m. today.

Maurysse Abalos and Ryuji Suzuki, who secured victories in contrasting styles in the 8-10 class during the circuit’s kickoff leg at Splendido Taal two weeks ago, are back in pursuit of consecutive championships. Ms. Abalos will face new challengers Georgina Handog, Mavis Espedido and Amiya Tablac while Lily Agamata aims to improve on her fourth-place finish from the first leg.

Mr. Suzuki, on the other hand, anticipates tougher competition from Vince Tablac, Theodore Rios, Monte Andaman and Zoji Edoc while Jose Luis Espinosa and Michael Ray Hortel II will try to bounce back from close defeats at Splendido in the 36-hole competition.

Precious Zaragosa and Vito Sarines will attempt to replicate their triumphs in the 11-14 category, which is spread over 54 holes. Zaragosa is gearing up for a strong challenge from twins Mona and Lisa Sarines, as well as Levonne Talion, Ayesha Salino, Beatriz Lapuz and Althea Bañez.

Vito Sarines, who rallied from an 8-stroke deficit to edge out Race Manhit by one stroke at Splendido, targets a strong start but is aware of the formidable competition. This includes Matthias Espinosa, Roman Ungco, Aenzo Sulaik, Kraig Tee, Zianbeau Edoc, Isaac Dillera, Dia Juane, Jose Jacob Gomez, Lucas Garcia, Miguel Encarnacion, Ezekiel Opinion, Nathaniel Yeung, Geoffrey Tan, Gerard Handog, Ruyichi Tao, Enzo Corpus, Iñigo Camposano and Manhit.

Focus will also be on the 72-hole 15-18 division with Reese Ng, a veteran of numerous international competitions, ready to foil Jiwon Lee’s back-to-back title bid in the girls’ category that also features Series I runner-up Lia Duque, Rafa Anciano, Maria Monserrat Lapuz and Angelica Bañez.

PGA Tour winner Murray dies at 30

GRAYSON MURRAY — AARON DOSTER/ USA TODAY SPORTS/REUTERS

TWO-TIME PGA Tour winner Grayson Murray died on Saturday, a day after withdrawing from the Charles Schwab Challenge in Fort Worth, Texas, the PGA said in a statement.

American Mr. Murray, who was 30, won his most recent title at this year’s Sony Open and had pulled out of the Charles Schwab tournament during the second round citing an illness.

The PGA did not disclose a cause of death. The tour decided to continue the tournament after consulting with Mr. Murray’s family.

Murray, who picked up his first title on the PGA Tour in 2017, reached a career-high 46th in the world rankings after his Sony Open win.

“We were devastated to learn – and are heartbroken to share – that PGA Tour player Grayson Murray passed away this morning. I am at a loss for words,” PGA Tour Commissioner Jay Monahan said in a statement.

“The PGA Tour is a family, and when you lose a member of your family, you are never the same.”

The PGA did not disclose a cause of death. Monahan said the tour decided to continue the tournament after consulting with Murray’s family.

American Webb Simpson said he heard the news only 10 minutes before teeing off on Saturday at Colonial Country Club.

“I first met Grayson at my home club when Grayson was probably eight years old, maybe nine,” he told reporters.

“When you hear news like that over the phone you don’t think it’s real at first, and you know, you hear the emotion coming from our swing coach and then you realize it’s real.”— Reuters