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P350-M loan released for housing

STATE-OWNED Pag-IBIG Fund released a P350-million developmental loan to private developer PCHC-CSE Builders Joint Venture Company Ltd. for the implementation of Phase 1 of the Palayan City Township Project in Nueva Ecija.

The Palayan City Township Housing Project is spearheaded by the local government unit led by Mayor Viandrei Nicole Cuevas, who thanked Housing Secretary Jose Rizalino L. Acuzar on Wednesday for pushing the project that would benefit an initial number of 1,076 families.

The project, located in Barangay Atate, is among the 36 projects in various stages of development and construction under the President’s Pambansang Pabahay Para sa Pilipino (4PH) Program.

Lawyer Wilma T. Eisma, who represented PCHC-CSE Builders, received the check for the developmental loan from Pag-IBIG officials. At present, four buildings are currently being constructed at the Palayan township with a target date of completion in July this year. — Artemio A. Dumlao

Chambers urge BIR to revoke cross-border service tax rule

TEN business associations declared their opposition to a Bureau of Internal Revenue (BIR) cross-border taxation policy on services, citing its potential to increase the cost of doing business in the Philippines.

The Philippine Chamber of Commerce and Industry (PCCI) and Management Association of the Philippines (MAP) said on behalf of their co-signatories that foreign entities enter deals with Philippine clients on the understanding that the tax costs are manageable and that investments will be profitable.

“Once the tax costs do not justify doing business with Philippine clients … then foreign entities will more than likely look for other jurisdictions where the tax costs are lower,” they said in a joint statement on Thursday.

“In this light, it is respectfully submitted that subjecting the income of NRFCs (non-resident foreign corporation) on services rendered abroad will lead to an increase in the tax cost of doing business, which may drive away foreign entities from conducting business in the Philippines,” they added.

On Jan. 10, the BIR issued Revenue Memorandum Circular (RMC) 5-2024, which the business groups said will render taxable services to a Philippine entity that are performed by a foreign entity.

“RMC 05-2024 maintains that for cross-border services, the jurisdiction providing the essential service for income generation is entitled to tax the income,” the business group said.

The services covered under the RMC are consulting, information technology outsourcing, financial, telecommunications, engineering and construction, education and training, tourism and hospitality, and other similar services.

In the RMC, the BIR said that the circular clarifies the proper tax treatment of cross-border services in light of the Supreme Court’s (SC) decision on Aces Philippines Cellular Satellite Corp. vs. Commissioner of Bureau of Internal Revenue, dated Aug. 30, 2022.

The SC had ruled that the satellite airtime fee payments by Aces Philippines to Aces Bermuda, an NRFC, is subject to final withholding tax.

The business groups identified the application of the SC ruling in the case of Aces Philippines as an “undue expansion” of the Aces case as it did not account for several crucial factual elements which qualified the income-generating activity as a complete and integral process.

“In the case of Aces, the satellite transmission services are considered Philippine-sourced income because the income-generating activity is directly associated with gateways located within the Philippine territory, and the provision of satellite communication services in the Philippines is a government-regulated industry,” the business groups said.

The groups argued that the two factors are not present in other cross-border services, citing consulting services, which can be rendered or performed remotely.

The business groups also said that the RMC counters the situs provisions of the Tax Code which state that an NRFC can only be taxed on income sources within the country.

“However, applying RMC 5-2024, where a service-based company operates in various countries, providing services to clients, and their income earned is allocated to the countries where the services are performed, the source of income may still be considered to be derived within the Philippines for so long as the services performed in the Philippines are deemed essential,” the groups said.

The groups also said that the circular may violate income tax treaties of the Philippines with other various countries “which generally provide that business profits of a treaty resident shall not be taxed in the Philippines if the foreign treaty resident does not have a permanent establishment in the Philippines.”

The 10 business groups also said that the RMC 5-2024 “misapplied and misconstrued” the benefits theory of taxation as it provides that service fees paid to foreign companies are identified as an inflow of economic benefits in favor of the foreign company.

“If the RMC is applied to all cross-border services based on the criteria and standards stated therein, then all NRFCs or foreign individuals will be taxed in the Philippines for services rendered even if such services are performed abroad,” they said.

“An administrative issuance must not override, supplant, or modify the law, but must remain consistent with the law they intend to carry out… We also request that the immediate effectivity of the RMC be revoked or suspended in the meantime that it is being reconsidered in light of the foregoing discussion,” they added.

Aside from the PCCI and MAP, the statement was also signed by the Philippine Exporters Confederation, Inc., Tax Management Association of the Philippines, Philippine Institute of Certified Public Accountants, Financial Executives of the Philippines, Association of Certified Public Accountants in Commerce and Industry, Association of Certified Public Accountants in Public Practice, Joint Foreign Chambers of the Philippines, and IT and Business Process Association of the Philippines.

The 10 groups submitted a joint position paper to the BIR Commissioner Romeo D. Lumagui, Jr. on Feb. 13. — Justine Irish D. Tabile

Tarlac sustainability projects pitched to potential UK investors, BCDA says

THE Bases Conversion and Development Authority (BCDA) said on Thursday that it asked the UK government and investors to support two sustainability projects in New Clark City, Tarlac.

In a statement, BCDA said that the discussions with the UK delegation centered around a 44.8-hectare New Clark City Central Park and a 33.89-hectare mixed-income housing project, with conceptual plans and feasibility studies receiving backing from the UK Foreign, Commonwealth, and Development Office.

“As we now move forward with the next stage of implementation for both projects, we once again urge the government, as well as the private sector in the UK to consider helping us finance and execute these projects to achieve a truly inclusive and sustainable community in New Clark City,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.

The BCDA pitched the projects to the UK’s Department for Business and Trade, UK Export Finance, Infrastructure and Projects Authority, Transport for London, and Crossrail International.

The BCDA also met with UK infrastructure companies, real estate developers, and other private-sector investors.

According to BCDA, the projects have a combined cost of P13.26 billion. The estimate for the park is P2.58 billion and P10.68 billion for the affordable housing project. — Justine Irish D. Tabile

January fishport landed volumes increase 2.37%

Buckets of fish are sold at the Navotas fish port in this file photo. — PHILIPPINE STAR/MICHAEL VARCAS

THE catch landed at regional fish ports (RFPs) rose 2.37% year on year by volume in January, even with the closed season in force in some fisheries, the Philippine Fisheries Development Authority (PFDA) said.

Fish landed at RFPs amounted to 38,780.63 metric tons (MT) during the month, according to the PFDA’s monthly briefer.

“All RFPs still managed to supply sufficient and affordable fishery products to all their clients and stakeholders,” it said.

Commercial fishing was banned in several major fisheries starting the fourth quarter of last year, according to the Bureau of Fisheries and Aquatic Resources.

The closed fishing season is a conservation measure aimed at allowing fish stocks to regenerate.

“The PFDA is expecting to significantly recover by February when the annual closed fishing season in the waters of Zamboanga Peninsula, Northern Palawan, and the Visayan Sea simultaneously re-open,” it added.

The PFDA said that the Lucena Fish Port Complex posted an 8.17% increase in deliveries to 1,645.61 MT during the month.

The Zamboanga Fish Port, likewise, saw a 10.97% rise in fish landed, amounting to 857.75 MT.

The Navotas Fish Port posted a drop in volume to 10,606.00 MT in January.

Fish landed in General Santos City declined to 22,706.98 MT.

In 2023, fisheries production dropped 6.5%, accelerating the 5% decline recorded in the prior year, according to the Philippine Statistics Authority. — Adrian H. Halili

DTI signs new protocols for two FTAs

REUTERS

THE Department of Trade and Industry (DTI) signed two economic instruments on Wednesday updating free trade agreements (FTAs) with ASEAN, Australia, New Zealand and Hong Kong.

In a statement, the DTI said that it signed the Second Protocol for the ASEAN-Australia New Zealand FTA (AANZFTA), after the original FTA and the First Protocol were signed in February 2009 and August 2014, respectively.

“The finalization of the Second Protocol to amend the AANZFTA represents another milestone in our work to further strengthen regional trade and investment flows between ASEAN, Australia, and New Zealand,” Trade Secretary Alfredo E. Pascual said.

“We want to ensure the agreement continues to benefit businesses and reinforce our strategic links in the region,” he added.

The new protocol contains chapters on government procurement, trade and sustainable development, and micro, small, and medium enterprises (MSMEs), with new rules added to the “Trade in Goods and Customs Procedure” chapters.

The new rules under the Trade in Goods and Customs Procedure include “facilitating trade of essential goods during humanitarian crises and addressing related issues on non-tariff measures.”

The Second Protocol also amended market access commitments to provide “greater stability” for businesses looking to invest in professional services, education, transportation, construction, tourism and banking services sectors in Australia and New Zealand.

Professional Services and Education Services Cooperation annexes of the FTA were also added to provide a framework for authorities in negotiating initiatives by allowing mutual recognition of educational qualifications, digital education, blended learning, and other forms of education delivery.

The signed Second Protocol also includes enhanced provisions on electronic payments, competition rules, and consumer protection, the DTI said.

“Our goal is to foster resilience and sustainability for the long term, facilitating the flow of goods and services, and attracting investments,” Mr. Pascual said.

“I am confident this agreement will contribute to a stable and predictable trade and investment regime as well as greater movement of skilled professionals in the region,” he added.

Meanwhile, the DTI also signed the First Protocol to amend the ASEAN-Hong Kong, China FTA (AHKFTA) which adopted more “liberal origin rules” to allow traders to benefit from the lower tariffs under the agreement.

According to the department, the new rules cover manufacturing products such as food preparations, polystyrene, jewelry, woven fabrics, and denim.

“We welcome signing the AHKFTA First Protocol to boost trade through simplified export requirements between ASEAN and Hong Kong [as] we recognize the developments in the global economy and the challenges that come with it,” Mr. Pascual said.

“It is also important that ASEAN and Hong Kong optimize their economic partnership anchored on a rule-based system,” he added.

AHKFTA came into force in 2019, calling for tariff reductions for traded goods, removal of restrictions on trade in services, longer stays for business travelers, and better investment protections.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the enhancements to the AANZFTA and AHKFTA will help both exporters and foreign investors by lowering overall costs.

“[This will] further enhance supply chain management between countries, especially on specific industries as may be requested by those respective industries to enhance trade and investment.” Mr. Ricafort said in a Viber message.

He said that the enhancements are based on what exporters and investors require to make the existing FTAs more responsive, effective and relevant.

He added that “there is already a need for the FTAs “to better adapt to the changing times and requirements of the respective economies in each FTA.”

Trade Undersecretary for International Trade Allan B. Gepty said that undertaking a general review of the AANZFTA every five years is part of the agreement.

“Review is really part of the agreement with the end view to improve the rules, and include new and emerging areas in trade and investments such as e-commerce, trade and sustainable development, and the need to integrate MSMEs to global trade or global value chain,” Mr. Gepty said in a Viber message.

“For AHKFTA, we just need to also improve product specific rules to simplify requirements in availing preferential market access under the said FTA,” he added.

According to the Philippine Statistics Authority, exports to Hong Kong totaled $8.84 billion last year, while imports amounted to $2.01 billion.

Exports to Australia totaled $561.8 million in 2023, while imports from Australia amounted to $3.5 billion. — Justine Irish D. Tabile

Corn research, technical aid legislation filed in Congress

DA.GOV.PH

A MEASURE proposing to create a corn industry research institute has been filed in the House of Representatives in aid of the government’s food security efforts.

House Bill No. 9861 seeks to establish the Philippine Corn Research Institute, as farmers face challenges in growing the crop due to the high cost of production, fertilizer, and seed, as well as labor and environmental issues.

“This legislation aims to fully develop and utilize corn as one of the most essential crops in the country, primarily in the pursuit of food security and self-sufficiency,” Ilocos Norte Rep. Angelo M. Barba said in the bill’s explanatory note.

The measure also called for subsidized credit from the Land Bank of the Philippines to be applied to the purchase of inputs and machinery, according to a copy of the bill.

The Department of Agriculture, with other agencies, has been tasked with deploying agricultural engineers, agriculturalists and farm technicians to assist corn farmers in farm management and technical know-how.

The measure proposes to establish a farm mechanization training program to prepare farmers to use and maintain equipment.

The proposed law will require funding of P4 billion a year from the national budget, with 20% earmarked for the farm support and farm mechanization programs and 15% for research and development.

The funding also includes 60% for infrastructure support, and 5% for grants targeted at students in state universities and colleges taking up agricultural courses related to corn farming.

Corn crops were projected to be the most vulnerable to climate change by 2030, the World Bank said last year. — Beatriz Marie D. Cruz

Approval granted to release P2.5 billion for free public WiFi 

STOCK PHOTO | Image by terimakasih0 from Pixabay

THE Department of Budget and Management (DBM) has approved the release of P2.5 billion for free public wireless internet access.

“The disbursement encompasses the implementation of locally funded projects that include the Free Public Internet Access Program (FPIAP),” the department said in a statement on Thursday.

Some P2.4 billion will go to free WiFi connectivity in public spaces while P50 million will be provided to state universities and colleges.

The program aims to roll out free internet access in public spaces, such as government offices, public schools, state universities, public hospitals and medical facilities, and transport terminals, among others.

“Under the FPIAP is the construction of Information Communication Technology (ICT) facilities like high-capacity networks, Middle Mile, and Last Mile ICT infrastructures, as well as towers, data centers, assets, and other service buildings,” it added.

The DBM said it also approved a Notice of Cash Allocation amounting to P356.2 million for the maintenance and other operating expenses of the Department of Information and Communications Technology Office of the Secretary for the first quarter. — Luisa Maria Jacinta C. Jocson

DPWH, DoTr working to resolve infrastructure project conflicts 

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE Department of Public Works and Highways (DPWH) and the Department of Transportation (DoTr) are working to resolve implementation roadblocks hindering key infrastructure projects.

In a media release, the DPWH said DoTr had proposed to make possible adjustments to the bike lane and EDSA Greenways projects, whose plans present potential conflicts.

“The DoTr reported some implementation concerns on the agency’s convergence projects including the ongoing and upcoming projects with the DPWH which include the roads leading to ports and airports, other port and airport facilities, and active transport infrastructure,” the DPWH said in a statement on Thursday.

The Transportation department’s active transport campaign aims to establish a 2,400-kilometer bike lane by 2028.

In 2023, a total of P700 million was earmarked for the bicycle lane project. The allocation targets the construction of at least 470 kilometers of bike lanes.

The EDSA Greenways project seeks to build elevated walkways above the highway to improve pedestrian traffic.

Last year, the DoTr said it has secured 50% of the right-of-way needed for the project.

“We hope to hold more coordination meetings with the DoTr and other agencies as we aim to really beef up our efforts in improving mobility across the country,” DPWH Undersecretary for Planning and Public-Private Partnership Services Maria Catalina E. Cabral said. — Ashley Erika O. Jose

Asia-Pacific seen on pace to meet SDGs 32 years past initial deadline 

THE ASIA and the Pacific region is not expected to meet any of the 17 sustainable development goals (SDGs) by the 2030 deadline, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said on Thursday.

“At the current pace, the Asia and the Pacific region will not achieve the 17 SDGs before 2062, making it a 32-year delay,” ESCAP Deputy Executive Secretary Lin Yang said in a virtual briefing launching its SDG progress report.

She also noted that the progress so far in the region is “uneven and inadequate.”

“We see that as a region, we’re not actually on track to meet any of the 17 goals by 2030,” Rachael Beaven, director of the ESCAP statistics division, said. “As we’ve said, the average progress towards achieving all SDGs is increasing, but it’s increasing very slowly.”

“Back in 2017, it was at 4.4% and in 2023 it reached 17%. Based on that rate of progress, as we said, we’re not going to achieve all the SDGs until 2062,” she added.

At this rate, the region will only make a third of the necessary progress on SDGs by 2030.

Ms. Beaven also noted that the progress in some SDGs is even showing regression.

“For Goal 13 or climate action, we’re not just making any progress. We’re actually regressing. And so to address this, it’s essential that robust climate action measures are integrated into national policies, strategies and plans,” Ms. Beaven said.

“We also see the SDG progress very significantly across different segments of the population. We see that women and girls face different challenges than those faced by men,” she added.

The SDGs on eliminating poverty and industry, innovation and infrastructure have shown the most progress, but ESCAP said it is still “too slow” to make the 2030 target.

The report said that this “sluggish performance” is attributed to global headwinds and impacts from the COVID-19 pandemic, such as disrupted global supply chains.

ESCAP estimated that the Philippines made progress in 83 indicators, was stagnant in 28, and is regressing in 43. Meanwhile, there is insufficient data for the remaining 94 indicators.

To accelerate SDG progress, Ms. Beaven said that countries in the region must ensure “inclusive and equitable quality education and lifelong learning opportunities” as these would cascade towards achieving other goals.

“Many countries across Asia and the Pacific have now established national benchmarks for Goal 4 in the area of education and these are really helping to revitalize momentum towards this goal,” she said.

“The benchmarks are helping to hold countries accountable for their commitments to education, as well as helping to enhance national planning processes and encouraging discussions on challenges and good practices,” she added.

However, it said that lack of data is making it difficult to correctly assess progress towards SDGs.

“Improved data availability is contributing to improved development outcomes, particularly for vulnerable groups, including children and stateless populations,” the report said.

“Our report highlights how the Philippines is using better data to understand and address financial barriers to supporting children with disabilities,” Ms. Beaven added.

The report also found that improved urban data in Indonesia, Nepal, and the Philippines are “helping to gain a better understanding of urbanization dynamics, and that’s those changing elements that make up the urban environment.”

“The information collected is allowing policymakers to distinguish between rural and urban areas, and also to better understand the particular challenges that the populations in both of these areas face, including their differing access to basic services,” Ms. Beaven added. — Luisa Maria Jacinta C. Jocson

Peso rebounds as dollar weakens on Fed bets

BW FILE PHOTO

THE PESO rebounded on Thursday as the dollar was weaker amid hawkish statements from US Federal Reserve officials.

The local unit closed at P56.02 per dollar on Thursday, strengthening by eight centavos from its P56.10 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session at P56.06 against the dollar, which was also its weakest showing. Its intraday best was at P55.94 versus the greenback.

Dollars exchanged went down to $958.68 million on Thursday from $1.34 billion on Wednesday.

The peso rose as the dollar was weaker due to hawkish statements from Fed officials after faster-than-expected US consumer inflation in January, a trader said in a Viber message.

The peso-dollar pair consolidated as the dollar softened overnight, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

The US dollar traded in a tight range on Thursday, as market players tried to gauge when the Federal Reserve will likely begin cutting interest rates as Fed officials weighed in on Tuesday’s inflation data, Reuters reported.

The US inflation data pushed back bets on a first Fed rate cut to the middle of the year, after showing the consumer price index (CPI) gained 3.1% in January on a year-on-year basis, compared with an expected 2.9% rise.

The market is currently pricing in no rate cut in March compared to 77% bets a month ago that rate cuts would start then, according to CME’s FedWatch tool. Markets see about a 60% chance the Fed will also hold rates at its May meeting.

Chicago Fed President Austan Goolsbee said on Wednesday the Fed’s path will still be on track even if price increases run a bit hotter-than-expected in coming months, and the central bank should be wary of waiting too long before it cuts interest rates.

Fed Vice Chair for Supervision Michael Barr said the Fed remained confident, but the January CPI numbers show the United States’ path back to 2% inflation “may be a bumpy one.”

The dollar index, which measures the greenback against six peer currencies, consolidated below a fresh three-month high of 104.97 touched on Wednesday, ahead of US retail sales in January due later on Thursday. It last sat mostly flat at 104.66.

For Friday, the first trader sees the peso moving between P55.80 and P56.30 per dollar, while Mr. Roces sees the peso trading from P55.90 to P56.30. A second trader expects the peso to range from P55.85 to P56.10 versus the greenback. — AMCS with Reuters

Shares extend climb as BSP keeps rates steady

BW FILE PHOTO

PHILIPPINE SHARES rallied for the third straight day on Thursday after the Bangko Sentral ng Pilipinas (BSP) kept benchmark rates steady.

The Philippine Stock Exchange index (PSEi) climbed by by 0.4% or 27.62 points to close at 6,882.15, while the broader all shares index rose by 0.37% or 13.32 points to end at 3,601.55.

“Local shares edged higher as investors cheered the Monetary Board’s (MB) policy meeting decision today. As widely expected by the consensus, the MB left the key benchmark interest rate untouched at 6.5%,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Thursday.

The BSP kept its target reverse repurchase rate at a 16-year high of 6.5% during its first policy meeting for the year, as expected by 15 out of 17 analysts in a BusinessWorld poll conducted last week. Interest rates on the overnight deposit and lending facilities were likewise left unchanged at 6% and 7%, respectively.

This marked the third straight meeting that the BSP maintained rates following a 25-basis-point off-cycle hike on Oct. 26.

“This Thursday, the local market rose by 27.62 points (0.4%) to 6,882.15. This is as investors took positive cues from Wall Street’s rebound overnight amid bargain hunting after a huge sell-off driven by the US’ January inflation. The anticipated pause in the Bangko Sentral ng Pilipinas’ policy rates also added to the positive sentiment,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

Wall Street ended sharply higher on Wednesday as ride-hailing platforms Lyft and Uber rallied, while Nvidia displaced Alphabet as the US stock market’s third most valuable company, Reuters reported.

The S&P 500 climbed 0.96% to end the session at 5,000.62 points. The Nasdaq gained 1.3% to 15,859.15 points, while Dow Jones Industrial Average rose 0.4% to 38,424.27 points.

Wall Street indexes slumped to over one-week lows on Tuesday and the blue-chip Dow posted its worst day in 11 months, after data showed core consumer prices in January stayed at nearly double the Federal Reserve’s 2% target, forcing investors to reassess their rate cut expectations.

Back home, almost all of the market’s sectoral indices ended higher on Thursday, except for property, which fell by 0.37% or 11.17 points to 2,937.38.

Industrials climbed by 1.03% or 95.31 points to 9,290.27; services increased by 0.72% or 12.48 points to 1,729.45; financials went up by 0.62% or 12.22 points to 1,982.45; holding firms rose by 0.37% or 24.37 points to 6,471.55; and mining and oil gained by 0.32% or 28.98 points to end at 8,855.71.

Value turnover climbed to P5.31 billion on Thursday with 584.23 million issues changing hands from the P4.71 billion with 510.63 million shares traded the previous day.

Advancers beat decliners, 91 against 83, while 65 names ended unchanged.

Net foreign buying went down to P631.54 million on Thursday from P685.2 million on Wednesday. — R.M.D. Ochave with Reuters

SMB’s ‘Death Squad’ delivers record-extending 29th crown

PHILIPPINES STAR/ JUN MENDOZA

THE legend of the San Miguel Beer (SMB) “Death Squad” continues.

With highly-capable new faces and a heaven-sent replacement import in perfect harmony with the OGs from the previous “Death 5” era, the Beermen added to the myth with their smashing conquest of the PBA Season 48 Commissioner’s Cup.

In finishing off a fading Magnolia opponent in six games on Valentine’s Day, SMB’s deadly bunch delivered the franchise a record-extending 29th title in the pro league while boosting their personal collections.

June Mar Fajardo, Chris Ross and Marcio Lassiter — the remaining cogs in the old San Miguel machine that collared a Philippine Cup five-peat — can now wear rings on all 10 fingers.

Coach Jorge Gallent, in only his second conference at the helm, and Bennie Boatwright, who took over from original import Ivan Aska last Christmas, carved their names as first-time PBA champions.

Same goes for free agent signing Jeron Teng, whose father Alvin was part of nine San Miguel championships in the 1980s and 1990s, and rookie Kyt Jimenez, the Youtube sensation who earned his spot in the star-studded roster.

CJ Perez got his second crown to spice up his maiden Best Player of the Conference and Finals MVP plums as Don Trollano, who only came on board this conference via trade, made it two each and Jericho Cruz, hero of Game 5, annexed his third.

“This is special its an import conferences,” said Mr. Fajardo, whose last championship with reinforcements was back in the 2019 edition of the Commissioner’s Cup.

It wasn’t an entirely smooth trek to the top for Mr. Fajardo and Co.

They got off to a 3-3 start in the conference but turned things around with an 11-game streak stretching to the first two games of the finals.

They stumbled in Games 3 and 4 afterwards, allowing Magnolia to draw level, then recovered quickly to take Game 5, 108-98, and close it out in dramatic come-from-behind fashion, 104-102.

It helped a great deal that SMB had their No. 1 supporter — San Miguel Corporation big boss Ramon S. Ang himself — to draw strength from. True to its moniker, San Miguel made the most its vast arsenal from the first to the 15th man to get the job done.

“Everybody worked hard for this championship — from the coaches to the staff to the PTs and especially the players,” said Mr. Gallent.

“I’m just grateful and too honored in winning the championship,” said Mr. Perez.

And bad news for the rest of the field, the Beermen are just getting started.

Notes: As the triumphant San Miguel Beermen splashed beer on one another at the dugout, June Mar Fajardo and Chris Ross were ready with a scissor specifically for long-haired Kyt Jimenez. They took turns trimming the neophyte’s hair as the rest cheered on. — Olmin Leyba

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