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Nuggets blast Mavs despite quiet night from Nikola Jokic

JAMAL MURRAY scored 22 points, Aaron Gordon tied his season high with 21 points and the host Denver Nuggets beat the Dallas Mavericks 130-104 on Monday night.

Reggie Jackson had 20 points, Zeke Nnaji scored 14 and Julian Strawther contributed 12 for Denver.

Nikola Jokic finished with eight points on 3-for-8 shooting to go along with nine rebounds and seven assists. It is the third time this season he has failed to score in double figures, but he was ejected before halftime in each of the other two games where he didn’t score at least 10 points.

Luka Doncic scored 28 of his 38 points in the first half and added 11 rebounds and eight assists in the game for Dallas. Mr. Doncic continued his torrid December and is averaging 36.6 points, 11.6 assists and 9.3 rebounds this month.

Dante Exum added 11 points for the Mavericks.

Mr. Doncic had only six points in the first quarter but seemingly couldn’t miss in the second. He went 8-for-9 from the field in the period, going 6-for-7 from beyond the arc en route to 22 points.

The Nuggets were able to win the quarter despite Dallas opening the frame with a 9-2 run to get within 30-29. Nine of the 10 Nuggets who played in the quarter scored, and the only one who didn’t was Mr. Jokic, who did not attempt a shot or free throw. Still, Denver led 68-59 at halftime.

Mr. Murray scored Denver’s first seven points of the third quarter to push the advantage to 75-63. Two free throws by Mr. Doncic and a layup by Grant Williams cut the Mavericks’ deficit to 77-70, but Mr. Murray drained a trey to spark a run that got the Nuggets’ lead back to 12 with 5:34 remaining until the fourth.

Mr. Jackson’s fadeaway jumper gave the Nuggets a 98-80 lead heading into the fourth. — Reuters

Upstarts Girona ease to 3-0 win over Alaves 3-0 to reclaim LaLiga top spot

UKRAINE forward Artem Dovbyk scored twice as Girona wrote another chapter of their Cinderella story on Monday with a dominant 3-0 win over Alaves to leapfrog Real Madrid and reclaim top spot in the LaLiga standings.

The lowly Catalan side have forged ahead and sit alone at the top of the standings on 44 points, two ahead of Real Madrid and nine clear of last season’s champions Barcelona in third.

Girona’s stunning start to the LaLiga season scaled new heights last week when they claimed a statement 4-2 victory over Barca — their first league win over their Catalan rivals — and they kept the ball rolling against Alaves.

They dominated proceedings with the same intensity they have shown this season, with their 3-0 defeat at home to Real Madrid in late September, the only major blip in a stunning start to the campaign.

The win was Girona’s 14th in 17 games, giving them the most wins and points in Europe’s top five leagues. — Reuters

Lakers trade

Not a few quarters in the National Basketball Association (NBA) saw fit to mark Dec. 15, 2023, on their calendar, and with reason. The date marks the unofficial start to their capacity to initiate trades involving players who signed new deals in the offseason. And because they’ve already gone through a quarter of a season’s worth of matches, they can lean on a sample size large enough for them to assess their respective rosters’ strengths and weaknesses. The wheeling and dealing is slated to intensify in the coming weeks, reaching a crescendo closer to the Feb. 8, 2024, deadline for personnel swaps.

Whether or not franchises pull the trigger on talent acquisitions depends on a number of factors, and it’s worth noting that exploration does not necessarily lead to fruition. There is always an impetus to improve, but the maintenance, if not enhancement, of esprit de corps may well be affected by the introduction of unpredictable variables. After all, individual brilliance does not automatically translate to collective achievement. That said, executives around the league would be remiss in their duties if they refrain from surveying the landscape for complementary pieces that could spell the differences between mere competitiveness and actual success.

Take the Lakers, who are said to be angling for the services of the Bulls’ Zach LaVine. That they are looking into the possibility of adding the two-time All-Star is no surprise in and of itself. Considering their storied past, a deep postseason campaign is their minimum standard for what constitutes a fruitful outcome — and, even then, they find themselves subject to criticism. Which is why they seem to perpetually have the itch to tinker with their lineup. As their own experience informs them, however, they do not always better their standing as a result.

Needless to say, relationships play a big part in these types of discussions. Even as rosy projections can be iffy at best and premised on nebulous assumptions, established ties tend to muddle objective evaluations. Going back to the Lakers’ case, it bears pointing out that the Klutch Sports Group — which counts LaVine, LeBron James, and Anthony Davis as clients — has had extensive dealings with them. Then again, asset swaps require giving as much as taking. And if the grapevine is to be believed, the Bulls want local favorite Austin Reaves to be part of the cost of doing business.

Because the Lakers haven’t spent much time with a complete roster, and because the In-Season Tournament they just won underscores the gravity of their roster as currently constructed, there is cause for them to do nothing. The flipside, of course, is that they still don’t seem to have the tools they need to claim the hardware. And, that, in the final analysis, is what drives their evident impatience.

 

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.

Peso declines on tempered bets on interest rate cut 

MARI GIMENEZ-UNSPLASH

THE PESO depreciated against the dollar on Tuesday as officials from the US Federal Reserve continued to temper market optimism of possible rate cuts next year.

The local unit closed at P55.95 per dollar on Tuesday, weakening by eight centavos from P55.87 on Monday, based on Bankers Association of the Philippines data.

The peso opened Tuesday’s session at P55.80 against the dollar, which was also its intraday best, while its weakest showing was at P56 versus the greenback.

Dollars exchanged surged to $1.31 billion on Tuesday from $798.7 million on Monday.

The peso was dragged down by a stronger dollar on Tuesday as Fed officials continued to temper market optimism of possible rate cuts in 2024, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso continued to depreciate after Fed officials [Chicago Federal Reserve Bank President Austan Goolsbee] and [New York Federal Reserve President John Williams] pushed back on any discussions of possible rate cuts next year,” a trader likewise said in an e-mail.

The US central bank last week kept the Fed funds rate steady at the 5.25%-5.5% range for a third straight time on Dec. 12-13, with Fed Chair Jerome H. Powell saying they are likely done hiking borrowing costs.

It raised rates by a total of 525 basis points from March 2022 to July 2023.

The dollar was also boosted by the Bank of Japan keeping its key rate steady, Security Bank Corp. Chief Economist Robert Dan J. Roces added in a Viber message.

For Wednesday, Mr. Roces said the peso might be supported by a weaker dollar, while the trader said it could weaken ahead of likely upbeat US consumer confidence data.

Mr. Roces sees the peso ranging from P55.50 to P55.80 per dollar on Wednesday, while the trader expects it to move between P55.85 and P56.10. Mr. Ricafort sees the local unit trading between P55.85 and P56.05. — Aaron Michael C. Sy

Local shares rise on positive economic outlook

BW FILE PHOTO

PHILIPPINE shares rose on Tuesday amid an improved economic outlook and as investors anticipate a year-end window dressing.

The benchmark Philippine Stock Exchange index (PSEi) went up by 45.77 points or 0.7% to end at 6,521.27 on Tuesday, while the broader all shares index climbed by 16.57 points or 0.48% to close at 3,432.71.

“Investors digested positive economic narratives today including the International Monetary Fund’s sound assessment of the Philippines fiscal consolidation, and the Philippine Economic Zone Authority’s positive outlook on its investment approvals for full year 2023,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The International Monetary Fund said in a Dec. 15 statement that the Bangko Sentral ng Pilipinas (BSP) should keep interest rates higher for longer until inflation fully returns to target.

The Monetary Board last week kept rates steady at a 16-year high of 6.5% for a second straight meeting, after a 25-basis-point (bp) off-cycle hike on Oct. 26.   

The BSP raised borrowing costs by a total of 450 bps from May 2022 to October 2023.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said the market continued its rally as investors are bullish for next year.

“Looks like we are experiencing a Christmas rally,” Mr. See said in a Viber message, adding that investors are bullish on hopes of a rate cut next year.

Jayniel Carl S. Manuel, an equities trader at Seedbox Securities, Inc., said in an e-mail that the index’s recent uptick was due to “the phenomenon of year-end window dressing.”

“Additionally, we have observed an influx of investor cash into the market, further contributing to the upward momentum. As the fiscal year concludes, investors are strategically allocating extra funds, taking advantage of market opportunities and positioning themselves for potential year-end gains,” Mr. Manuel said.

Most of the sectoral indices rose on Tuesday. Financials went up by 33.04 or 1.93% to 1,738.24; property gained 25.53 points or 0.89% to 2,886.32; services increased by 12.67 points or 0.8% to 1,595.20; industrials jumped by 5.11 points or 0.05% to 8,883.39.

Meanwhile, mining and oil declined by 40.71 points or 0.42% to 9,494.28; and holding firms decreased by 6.97 points or 0.11% to 6,352.92.

Value turnover went down to P4.37 billion on Monday with 748.67 million issues changing hands from the P5.4 billion with 602.65 million shares on Monday.

Decliners outnumbered advancers, 96 against 88, while 47 names ended unchanged.

Net foreign buying declined to P394.99 million on Tuesday from P625.25 million on Monday. — Sheldeen Joy Talavera

Talks to settle dispute with China have ‘zero chance’ — congressman

PHOTO FROM PHILIPPINE COAST GUARD

By Beatriz Marie D. Cruz, Reporter

THERE is “zero chance” that diplomatic negotiations with China will lead to a peaceful settlement of its maritime dispute with the Philippines, if its vessels continue harassing Filipinos in South China Sea territories within the archipelago’s exclusive economic zone (EEZ), a Philippine congressman asserted on Tuesday.

“Any diplomatic negotiation has zero chance of reaching a peaceful settlement of the territorial dispute for so long as China keeps its gaslighting ways and insists on its legit claims over maritime zones that clearly belongs to the Philippines,” Camarines Sur Rep. Luis Raymund F. Villafuerte said in a statement.

Mr. Villafuerte said that Philippine should instead bolster its patrols in its territories in the South China Sea, amid its push to modernize its armed forces.

“The best approach for Manila at this point to better protect our seas is to double down on joint, and possibly multilateral, patrols with the United States and other close country-allies in our exclusive economic zone (EEZ),” Mr. Villafuerte said.

Meanwhile, President Ferdinand R. Marcos, Jr. is eyeing a “paradigm shift” in the government’s plan to deal with China amid its vessels’ incursions and swarming of South China Sea features closest to the Philippines, the Presidential Communications Office said.

Citing how Beijing has ignored traditional diplomatic means set forth by the Philippines, Mr. Marcos said the he is now looking to coordinate with international partners and come up with a joint position on what must be done to safeguard the South China Sea from conflicts.

“We have to do something that we have not done before, We have to come up with a new concept, a new principle, a new idea so that we move, as I say, we move the needle the other way,” the President told reporters on Saturday in a briefing on the sidelines of the 50th anniversary of the Association of Southeast Asian Nations (ASEAN)-Japan Relations in Tokyo.

On Monday, Chinese Foreign Ministry spokesperson Wang Wenbin said it was the Philippines that is heightening tensions with China in the disputed waterway, adding Manila has not fulfilled its supposed commitment to removing a World War II-era warship intentionally grounded on Second Thomas Shoal 24 years ago.

“The Philippines, bolstered by external support, has brushed aside China’s goodwill and restraint and repeatedly challenged China’s principles and red line,” Mr. Wenbin said.

Mr. Marcos has said his administration would not ask the Chinese Ambassador to the Philippines to be replaced or be recalled since it would not change anything as a new envoy would just echo China’s stance.

The Philippines has filed 130 diplomatic protests against China under his administration, with 63 of them being filed only this year, according to the Philippine Department of Foreign Affairs (DFA).

Senator Ana Theresia N. Hontiveros-Baraquel earlier urged the government to go beyond filing diplomatic protests against Chinese incursions in the South China Sea.

She sought “actionable and on-the-ground” steps to stop China’s reclamation and base-building activities in the South China Sea.

In a statement on Tuesday, Ms. Hontiveros-Baraquel said her office, in partnership with Bridges of Benevolent Initiative Foundation (BBIF) and Vivant Foundation, distributed about 1,500 Noche Buena gift packs to fishermen stationed near the South China Sea in Masinloc, Zambales on Sunday.

The senator also turned over solar panels to the Philippine Coast Guard on Sunday following a civilian-led Christmas convoy to the South China Sea.

China has been blocking Philippine resupply missions to BRP Sierra Madre. Second Thomas Shoal is about 200 kilometers from the Philippine island of Palawan and more than 1,000 kilometers from China’s nearest major landmass, Hainan Island.

Tensions between the Philippines and China have worsened after the Chinese Coast Guard fired water cannons to block Manila’s attempt to deliver food and other supplies to BRP Sierra Madre.

“We have, as I have said, the consensus that we must continue to promote peace, but we have to decide amongst ourselves what part each of us plays and what we can play, what we are willing to play,” said Mr. Marcos.

Hansley A. Juliano, a political science professor at the Ateneo de Manila University, said multilateral talks could help settle tensions.

“If a more multilateral bloc manages to emerge (ASEAN, the emerging NATO allies participating in Asian waters) in order to counterbalance Chinese aggression, I believe genuine multilateral engagement can happen,” he said in a Facebook Messenger chat.

Meanwhile, House Speaker Ferdinand Martin G. Romualdez said that the 2024 national budget includes P800 million for the construction of a port for fishermen at the town of Lawak, Palawan, near the Second Thomas Shoal.

He added that P1.5 billion is earmarked for the development and expansion of the Pag-asa Island

“We in Congress are one…in protecting the West Philippine Sea and in calling out China for its aggressive activities there, and its harassment of our Coast Guard, soldiers, fishermen, and civilian vessels,” Mr. Romualdez said in a statement.

“We urge China to accept the ruling of the Permanent Court of Arbitration, which invalidated Beijing’s expansive territorial claims in the South China Sea, including the West Philippine Sea,” he added. – with a report from John Victor D. Ordonez

Philippines’ bid for 2026 UN Security Council grounded on peace efforts

HONOR GUARDS hold the Philippine flag in Caloocan, Nov. 30, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

By John Victor D. Ordoñez, Reporter

THE PHILIPPINES’ bid for a non-permanent seat in the 15-member United Nations (UN) Security Council in 2026 rests on the back of the nation’s commitment to global and domestic peace-building, the Filipino ambassador to Vienna said.

Addressing representatives from 14 countries in a Dec. 14 meeting in Vienna, Philippine Ambassador and Permanent Representative to Vienna Evangelina Lourdes A. Bernas said the Philippines’ goal in eyeing membership to the UN Security Council is to building partnerships on sustainable development and bolster UN peacekeeping efforts.

The Department of Foreign Affairs (DFA) website quoted Ms. Bernas as saying that the Philippines is intent on “finding enduring solutions for overcoming common challenges through dialogue, consensus-building, and collaborative problem-solving.”

The ambassador also said that if given the chance, Manila would take on the role of a “partner, pathfinder, and peacemaker,” in dealing with other member states, noting the country’s history of deploying over 14,000 men and women in UN peacekeeping missions in the last 60 years.

The UN will hold an election for new UNSC members in 2026 in New York. Elected members would serve a term lasting from 2027 to 2028.

The Philippines was previously a Security Council member in 1957, 1963, 1980-1981, and 2004- 2005.

In September last year at the UN General Assembly, President Ferdinand R. Marcos, Jr. announced that the Philippines is eyeing a nonpermanent seat in the 15-member Security Council, saying the country is qualified due to its peace-building efforts.

No vetoes seen as Marcos inks 2024 budget today — senator

SENATE DEPUTY Majority Leader Joseph Victor ‘JV’ Ejercito tells reporters at the Kapihan sa Senado forum on Tuesday that he is confident that the President will not veto any items in the proposed 2024 General Appropriations Act. — PHILIPPINE STAR/JESSE BUSTOS

SENATOR Joseph Victor “JV” G. Ejercito said on Tuesday that he does not expect President Ferdinand R. Marcos, Jr. to veto items in the P5.768-trillion national budget for 2024, which he is set to sign into law today, Dec. 20.

“We are confident that there probably won’t be items that will be vetoed since controversial funds, like the confidential and intelligence funds, were solely allotted to national security agencies,” the senator told a news briefing. “We really did our best… on the part of the Senate; and I would say we don’t have controversial issues regarding the budget.”

Earlier, Senate President Juan Miguel F. Zubiri expressed confidence that the President would be signing the government’s spending plan for 2024 on Wednesday.

Congress ratified the Bicameral Conference Committee report on the national budget last Dec. 11, with the education, infrastructure, and defense agencies receiving the biggest funding increases.

Lawmakers had stripped confidential and intelligence funds (CIF) from civilian agencies, with only about P9.5 billion of these funds being realigned to security agencies mandated to use them.

But Senate Minority Leader Aquilino Martin “Koko” D. Pimentel, III had questioned a P450-billion increase in unprogrammed appropriations which lawmakers approved — reason why the total allocation in unprogrammed funds ballooned to P731.4 billion from the P281.9 billion recommended by the Department of Budget and Management (DBM).

These are funds put on standby in case of additional priority programs when revenue collections exceed the targets.

On Monday, Mr. Pimentel told CNN Philippines that Mr. Marcos should veto the increase, saying he would challenge the legality of the boosted unprogrammed appropriations before the Supreme Court.

“Usually, we will only be able to use it (unprogrammed funds) or utilize it once it is available,” Mr. Ejercito said. “I think it will be allotted to projects or programs that would have more impact, which will be classified as a priority.” 

Mr. Ejercito said he would leave it up to the President to veto or take away provisions in the budget. It would also be up to the courts to decide if the increase was legal or not, he added.   

Under the Constitution, Congress is barred from increasing appropriations recommended by the President “for the operation of the government as specified in the budget.”

Senator Juan Edgardo “Sonny” M. Angara, Senate Finance Committee chairman, had said that the increase was to “carve out fiscal space” in programmed appropriations, or items to fund specific state projects. — John Victor D. Ordoñez

P500B earmarked for cash aid, programs for the poor — Speaker

PHILSTAR FILE PHOTO

By Beatriz Marie D. Cruz, Reporter

CONGRESS has allotted P500 billion worth of financial assistance aimed at benefitting at least 12 million poor Filipino families in 2024, House Speaker Ferdinand Martin G. Romualdez revealed on Tuesday.

“We are allocating half-a-trillion pesos, or about nine percent of the national budget, as assistance to the poor and households with insufficient income,” Mr. Romualdez said in a statement ahead of the President’s expected signing of the P5.768-trillion national budget for next year.

Under the total allocation, P60 billion is under the Ayuda sa Kapos Ang Kita (AKAP) program, according to the Speaker. Families entitled to this one-time cash assistance of P5,000 in 2024 are those with a total monthly income of not more than P23,000.

Another P23 billion has been earmarked for the Assistance to Individuals in Crisis Situation (AICS) program of the Department of Social Welfare and Development, while P30 billion will go to the Labor department’s Tulong Pang-Hanapbuhay sa Ating Disadvantage/Displaced Workers (TUPAD) program.

In addition, Mr. Romualdez said P5 billion will be allocated to provide farmers with free irrigation, seeds, fertilizer, and other farm inputs. Another P5 billion is allocated for buying of farmers’ produce.

“By providing much-needed capital and buying their harvest, we will not only create jobs and assure the income of our farmers — we can ensure supply of affordable and high-quality local rice,” he said.

Also, Congress set aside P80 billion for the National Irrigation Authority (NIA) to build more dams, water reservoirs, and solar irrigation systems.

In health assistance, Mr. Romualdez said P1 billion is earmarked for the expansion of the Philippine General Hospital in Manila. A separate P1 billion is allocated for the Philippine Cancer Center, while P1.5 billion will be given to the National Kidney and Transplant Institute.

The Philippine Children’s Medical Center and Bicol Regional Medical Center will each receive P1 billion, while P500 million will go to the Batangas Regional Medical Center.

Tolentino to relinquish ‘Blue Ribbon’ post

FRANCISTOLENTINO.PH

SENATOR Francis N. Tolentino confirmed on Tuesday his intent to step down as the head of the Senate Blue Ribbon Committee, which looks into cases of corruption among government officials.

“In fulfillment of a sacred commitment to serve as Blue Ribbon Committee Chairman and Member of the Commission on Appointments for a concise term of one and a half years, I find it both a duty and an honor to uphold the essence of a prior agreement,” the senator told a news briefing.

He said the move was in line with a vow he made to only serve as the committee chief for a fixed term.

Mr. Tolentino said that he intends to focus on his duties as the head of the Senate Special Committee on Maritime and Admiralty Zones amid tensions with China in the South China Sea.

The senator’s resignation as Blue Ribbon chief will be finalized in a plenary session when Congress resumes in January.

Under his chairmanship, the committee was able to file measures proposing to amend the government procurement law, the Office of the Solicitor General’s participation in contract negotiations, and a proposal to abolish the procurement service unit of the Department of Budget and Management, he noted. — John Victor D. Ordoñez

Red tide remains in 10 areas

PHILSTAR

THE BUREAU of Fisheries and Aquatic Resources (BFAR) reported on Tuesday that due to toxic red tide, the harvesting of shellfish in 10 coastal areas in Visayas and Mindanao remains banned.

The BFAR’s Shellfish Bulletin No. 29 enumerated the red tide areas as: Sapian Bay and the coastal waters of Pontevedra and Roxas City in Capiz; Mambuquiao and Camanci in Batan, Aklan; the Gigantes Islands in Carles, Iloilo; the coastal area of Dauis and Tagbilaran City in Bohol; Dumanquillas Bay in Zamboanga del Sur; Lianga Bay in Surigao del Sur; the coastal waters of San Benito, Surigao del Norte.

The bureau said all types of shellfish and Acetes sp. (alamang) gathered from the said areas are not safe for human consumption. However, fish, squids, shrimps, and crabs are safe for human consumption provided that these are washed and gutted before cooking.

Red tide occurs as a result of high concentrations of algae in the water. Human consumption of contaminated shellfish may result in paralytic shellfish poisoning, which affects the nervous system. — Adrian H. Halili

2 SMNI programs suspended

THE MOVIE and Television Review and Classification Board (MTRCB) issued on Tuesday a 14-day preventive suspension order for two Sonshine Media Network International (SMNI) programs following the probe of their alleged broadcast violations.

MTRCB said the two programs Gikan Sa Masa, Para Sa Masa and Laban Kasama ang Bayan are under preventive suspension effective Dec. 18. During the 2-week suspension, the Board said it is expecting SMNI to address and rectify their alleged breach of broadcasting rules.

Gikan Sa Masa, Para Sa Masa faced suspension due to alleged death threats and the use of profane language by guests in two episodes aired in October and November.

On the other hand, Laban Kasama ang Bayan is being penalized over unverified claims by its hosts, Jeffrey L. Celiz and Lorraine Marie T. Badoy-Partosa, that House Speaker Ferdinand Martin G. Romualdez spent P1.8 billion on travel expenses.

In Gikan sa Masa’s Oct. 10 episode, former president Rodrigo R. Duterte, who was a guest on the program, reportedly mentioned a threat against the life of Partylist Rep. France L. Castro. The lawmaker has filed a case against Mr. Duterte.

In a statement, Ms. Castro said: “Hopefully this marks the start of SMNI and the people behind it being made accountable. The authorities should look into the pattern and consistent red-tagging, terrorist-labeling for longer and more decisive measures.”

“This suspension is long overdue but at last now something has been done to curtail the constant red-tagging, spreading of disinformation, and threatening of individuals using these two shows as well as the network,” she added.

MTRCB said it unanimously decided to suspend Laban Kasama ang Bayan, while the majority voted for a suspension on Gikan Sa Masa, Para Sa Masa in its Dec. 13 Board meeting. — Jomel R. Paguian