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Phoenix Petroleum expects lower oil prices in fourth quarter as stockpiles rise

PHOENIXFUELS.PH

LISTED independent oil firm Phoenix Petroleum Philippines, Inc. is expecting the prices of dated Brent to go down by the fourth quarter as oil stockpiles are seen to build up, an official said.

“We expect dated Brent prices to increase into the $80s in the third quarter. But with stocks expected to start gradually building back in the fourth quarter, prices should then ease again,” Raymond T. Zorrilla, senior vice-president for external affairs of Phoenix, said in a Viber message.

Mr. Zorrilla said the company is hoping that the Mean of Platts Singapore (MOPS) — the benchmark for local fuel products — will remain steady at $80.

MOPS is the daily average of all trading transactions of diesel and gasoline reported by Singapore-based market wire service Platts of S&P Global, Inc.

Mr. Zorrilla said the company also wants to see the dollar-peso exchange rate stabilize within the range of $54 to $55 to help bring down local oil prices.

“Commercial crude and key product stocks have gradually declined from January and draws are set to over 2 million bpd (barrel per day) in July/August. That is deeper than our outlook from last month,” he said.

“However, prices have been eroding with sufficient supply to cover prompt needs and very little interest by financial participants in oil,” he added.

In its short-term energy outlook, the Energy Information Administration (IEA) projected global oil production to increase by 1.4 million bpd in 2023 and by 1.7 million bpd in 2024.

“Rising global oil production in 2024 in our forecast keeps pace with oil demand and puts moderate downward pressure on crude oil prices beginning in the second quarter of 2024,” the IEA said.

Mr. Zorrilla said commercial oil inventories are set to “draw rapidly” in the third quarter, but “a skeptical market is waiting for visible signs before pushing prices higher.”

In the second quarter, Phoenix Petroleum incurred an attributable net loss of P1.097 billion, reversing its P143.48 million net income in the same quarter last year.

Revenues fell by 63.2% to P14.6 billion from P39.7 billion previously.

In March, Phoenix Petroleum signed a memorandum of understanding (MoU) with Malaysian state oil firm Petronas for a joint exploration of downstream marketing business and associated technology solutions.

Under the MoU, the two companies will conduct a joint feasibility study on what will be the next phase of the partnership.

At the stock exchange on Monday, the company’s shares went down by P0.80 or 10.26% to close at P7 apiece. — Sheldeen Joy Talavera

Choosing a president

PEXELS-ELEMENT DIGITAL

SINGAPOREAN voters will cast their ballots on Sept. 1 to choose their president, the fifth time they will directly make their choice. Before 1993, Parliament appointed the president. Given the dominance of the People’s Action Party (PAP) that Lee Kuan Yew founded, which has not lost a general election since Singapore gained independence in 1965, it was clear that the president served mainly a ceremonial role and did not need to intervene in governance matters.

Ceremonial did not mean unimportant. With its multiethnic population, Singapore needed a person in the presidential palace who would be perceived as transcending partisan politics and could play a unifying role. The Constitution imposed stringent qualifications for the presidency. Popular appeal was advantageous, but not adequate. The candidates’ record must command the respect and, hopefully, the admiration of the national community for unquestionable integrity and competence, this latter demonstrated, not by testimonials but by quantitative measures.

For the 2023 elections, the Presidential Elections Committee (PEC) declared the eligibility of three candidates. Tharman Shanmugaratnam received a pass. Previous government service at ministerial level (Education and Finance) and as deputy prime minister made it unnecessary to subject him to scrutiny. The PEC approved the candidacy of Ng Kok Song, former chief investment officer at sovereign wealth fund GIC, and Tan Kin Lian, former chief executive of National Trade Union Congress Income Insurance.

Entrepreneur George Goh, a fourth aspirant, failed to clear the eligibility bar. The PEC noted a key requirement for presidential candidates from the private sector; they must show that in the previous three years they had managed profitably as CEO a company with shareholders’ equity of at least $500 million. Goh had documented his top management positions in five companies whose combined shareholders’ equity amounted to S$1.52 billion (P64 billion). None of the five companies met the required $500 million in shareholders’ equity. The PEC ruled that combining the resources of five companies was not acceptable.

Despite his control over the PAP and the party’s control of government, Lee Kuan Yew worried that elections might someday bring to power incompetent bureaucrats who might appoint officials unqualified for the posts or corrupt opportunists who would place personal over national interests and raid the Treasury to enrich themselves. Changes in the Constitution in 1991 expanded the president’s role so that the office could serve to check corruption or incompetence in government.

The amendments empowered the presidency to serve as the last line of defense to block attempts by the government to draw from the reserves what it had not accumulated, or to appoint unsuitable officials to critical civil service positions.

For the president to fulfill this function, the government decided to make the post elective. Direct election of presidents would make them accountable to the people whose votes would give them the legitimacy and the right to exercise state power in their name.

Direct elections also raised potential problems. First, the Chinese community accounted for about 70% of the population; it would be difficult for the Malay or Indian candidate to win in a head-to-head competition with a Chinese contender. A presidency permanently occupied by a Chinese incumbent would defeat the objective of projecting the president as a unifying symbol for the multi-ethnic community. Another constitutional change in 2017 addressed this problem by providing that the presidency would be reserved to an ethnic group excluded from the presidency for five continuous terms (or 30 years). Thus, in 2016, Halimah Yacob was elected from the Malay community and was also the first woman to serve as president.

The second problem was more politically complicated and immediately surfaced during the term of the first elected president, Ong Teng Cheong (1993-1999). After his education at the University of Adelaide in Australia (BS Engineering Honors) and at MIT in the US (MS Industrial Management), Ong distinguished himself in the private sector, serving as chairman and managing Director of Neptune Orient Lines. He became a leading figure in the PAP, serving in Parliament for more than 20 years and receiving ministerial appointments in Communications and Labor, as well as deputy prime minister. He also served as NTUC Secretary-General from 1983 to 1993.

Ong took his constitutional duty and powers as president to raise hard questions about the budgeting process and the allocation of surpluses. He was particularly concerned about the state of the country’s financial reserves and the conditions for drawdowns, stressing the need for greater transparency and accountability in their access and use. He also asked for more information and influence over appointments to such key institutions as the Corrupt Practices Investigation Bureau, Attorney-General’s Chambers and Central Provident Fund Board.

 

Edilberto C. De Jesus is a former president of the Asian Institute of Management. He served as Education secretary under then President Gloria Macapagal Arroyo from 2002 to 2004.

Delay in release of licenses may lead to rise in ‘colorum’ sales agents

ROMAIN DANCRE-UNSPLASH

INDUSTRY groups are seeking the faster release of licenses for aspiring real estate salespersons to increase efficiency in the sector.

Accredited Real Estate Salespersons (ACRES) National President Chris Malazarte said in a statement that there is a need for faster release of licenses to avoid so-called “colorum” sales agents.

“There must be a way to make the experience more encouraging for aspiring registered salespersons. This will lessen the evil we’ve been wanting to avoid — ‘colorum’ sales agents,” Mr. Malazarte said.

Anthony Gerard O. Leuterio, A Better Real Estate Philippines founder, said the licenses of real estate salespersons take three to four months, with some instances reaching as long as eight months.

The oath-taking of real estate salespersons has been limited to 100 individuals weekly despite being done online, he added.

“Delaying such would result in the rise of ‘colorum’ or unlicensed salespersons. Selling can’t wait. If somebody wants to buy from you, you can’t ask them to wait for your license,” Mr. Leuterio said.

“We just want things to be efficient because we are promoting nation-building. We are talking about thousands of salespersons wanting to help the real estate industry flourish. And more importantly, if we are delaying the process, it will create more ‘colorum’ practitioners,” he added.

Before being allowed to sell real estate properties, salespersons need to secure licenses from the Department of Human Settlements and Urban Development (DHSUD) and the Professional Regulatory Commission.

According to the ACRES, about 80% of sales are closed by a real estate salesperson.

Meanwhile, Mr. Malazarte said the registration experience of salespersons under current government policies have not been “simplistic.”

“The policies provided for by Republic Act 9646 or the Real Estate Service Act and Housing and Land Use Regulatory Board (HLURB) Board Resolution 922-14 are simple, but the experiences of the salespersons during registration are not simplistic,” Mr. Malazarte said. 

“We understand that there is a need for the DHSUD to regulate the real estate practice, and our organization appreciates the efforts of the department to improve its policies by making it more responsive to the climate of the industry today,” he added.

A Better Real Estate Philippines is an advocacy coalition and the mother organization of ACRES. The ACRES and other real estate groups had a consultation meeting with the DHSUD on Aug. 24 regarding the agency’s policies on business firms, brokers, and salespersons.

ACRES is an organization of accredited real estate salespersons. It currently has around 3,000 members. — Revin Mikhael D. Ochave

Treasury bill, bond yields to track secondary mart

BW FILE PHOTO

RATES of Treasury bills (T-bills) and bonds on offer this week could track secondary market yield movements following US Federal Reserve Chair Jerome H. Powell’s speech at the Kansas City Jackson Hole Economic Policy Symposium over the weekend.

The Bureau of the Treasury (BTr) will auction off P15 billion in T-bills on Tuesday, or P5 billion each in 91-, 182- and 364-day papers.

On Wednesday, it will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of five years and four months.

T-bill rates may track the decline seen in secondary market rates due to lower global crude oil prices recently, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills went down by 1.27 basis points (bps), 0.03 bp, and 2.42 bps week on week to end at 5.7522%, 5.9993%, and 6.3043% respectively, based on the PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

The 10-year bond also inched down by 3.02 bps week on week to end at 6.5225% as the market awaited signals from Mr. Powell’s speech on Friday, Mr. Ricafort said.

The Fed may need to raise interest rates further to cool still-too-high inflation, Mr. Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy, Reuters reported.

While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Mr. Powell’s remarks still delivered a punch, with investors now seeing one more rate hike by yearend more likely than not.

The Fed raised interest rates by 25 bps last month, bringing its benchmark overnight rate to a range between 5.25% and 5.5%. It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

The Federal Open Market Committee will meet on Sept. 19-20 to review policy.

Another lead for this week’s auctions would be the release of the September borrowing plan, a trader added in an e-mail.

The BTr has so far raised P118.32 billion out of its P225-billion program for this month — P79.385 billion via T-bonds and P38.935 billion through T-bills.

Last week, the Treasury raised P15 billion as planned via the T-bills it auctioned off as total bids reached P42.991 billion or more than twice the amount on offer.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills as tenders for the tenor reached P18.164 billion. The average rate of the three-month paper went down by 3.3 bps week on week to 5.671%, with accepted rates ranging from 5.643% to 5.69%.

The government also raised P5 billion as planned from the 182-day securities as bids for the tenor reached P10.495 billion. The average rate for the six-month T-bill was at 5.986%, rising by 4.1 bps, with accepted rates at 5.9% to 6.1%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt papers as demand stood at P13.882 billion. The average rate of the one-year T-bill likewise inched up by 0.9 bp to 6.334%. Accepted yields were from 6.25% to 6.35%.

Meanwhile, the reissued 10-year bonds to be offered on Wednesday were last auctioned off on July 12, 2022, where the government raised P35 billion as planned at an average rate of 6.76%. — A.M.C. Sy with Reuters

Knight Frank: Manila posts highest first-half rental growth in Asia-Pacific

Manila recorded the highest year-on-year rental growth of 49.3% in the Asia-Pacific region in the first semester, and a half-year rental growth of 29.8%, according to the Asia Pacific H1 2023 Logistics Highlights by real estate consultancy Knight Frank. This was four times above the Asia-Pacific average growth rate of 10.4%.

Peso expected to remain weak versus dollar until next month

BW FILE PHOTO

THE PESO is expected to remain weak against the greenback until next month amid a seasonal rise in dollar demand for imports this quarter, analysts said.

“This third quarter, there really is a seasonal depreciation as businesses buy US dollars to import and stock up on inventories ahead of the holiday season,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

“In the fourth quarter, we will likely see the peso appreciate again as remittances come in,” Ms. Velasquez said.

The local unit closed at P56.57 versus the dollar on Friday, strengthening by 19 centavos from Thursday’s P56.76 finish, data from the Bankers Association of the Philippines’ website showed.

For the year so far, the peso has depreciated by 1.44% against the dollar from its P55.755 close on Dec. 29, 2022.

The peso could recover to the P55 level in the fourth quarter amid the seasonal increase in remittances, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

Ms. Velasquez added the peso could also appreciate if the US Federal Reserve signals that they will hike one more time this year.

“Fundamentally, the peso is stronger because we have smaller trade deficits this year, continued inflow of remittances, and increasing tourist arrivals,” she said.

The Fed may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome H. Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy, Reuters reported.

While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Mr. Powell’s remarks still delivered a punch, with investors now seeing one more rate hike by yearend more likely than not.

The Fed raised borrowing costs by 25 basis points (bps) last month, bringing its target rate to a range between 5.25% and 5.5%.

It has hiked rates by a cumulative 525 bps since it began its tightening cycle in March last year.

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. likewise said the peso’s weakness will likely continue next month amid rising imports.

“Slower inflation prints for the Philippines combined with seasonal strength of remittances may bring us back to the P55 level by yearend,” he added.

Headline inflation slowed for a sixth straight month to 4.7% in July. For the first seven months, inflation averaged 6.8%, above the central bank’s 5.6% forecast and 2-4% target. — AMCS with Reuters

Shares may rise on bargain hunting before data

PHILIPPINE STAR/KRIZ JOHN ROSALES

LOCAL STOCKS may climb this week on bargain hunting after the US Federal Reserve said rates could stay high and as investors await the release of latest Philippine manufacturing data.

The Philippine Stock Exchange index (PSEi) fell by 65.17 points or 1.04% to close at 6,160.61 on Friday, while the broader all shares dropped by 25.17 points or 0.75% to end 3,332.40.

Week on week, the PSEi likewise dropped by 129.66 points or 2.06% from its close of 6,290.27 on Aug. 18.

“We may see episodes of bargain hunting given the local market’s current position,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc., said in a Viber message.

“However, we may not see a strong rally yet as confidence towards the economy is weighed down by mounting inflationary risks and a tempered outlook,” he added.

Philippine headline inflation eased for the sixth consecutive month to 4.7% in July from 5.4% in June, bringing the seven-month average to 6.8%.

The Bangko Sentral ng Pilipinas this month raised its inflation forecasts to 5.6% from 5.4% for 2023, 3.3% from 2.9% for 2024, and 3.4% from 3.2% for 2025.

“The market might enter a consolidation phase with a downward inclination. This projection stems from escalating concerns about rising Fed rates in the wake of Fed Chair Powell’s speech, signaling a substantial likelihood of an additional rate hike within this year,” Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message.

“This move could counteract any upward movements triggered by bargain hunting, especially as the index approaches its critical support level,” Mr. Temporal said.

The US Federal Reserve may need to raise interest rates further to cool still-too-high inflation, Fed Chair Jerome Powell said on Friday, promising to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy, Reuters reported.

While not as hawkish a message as he delivered this time a year ago at the annual Jackson Hole Economic Policy Symposium, Mr. Powell’s remarks still delivered a punch, with investors now seeing one more rate hike by year-end more likely than not.

The Fed has raised rates by 5.25 percentage points since March 2022, and inflation by the Fed’s preferred gauge has moved down to 3.3% from its peak of 7% last summer. Although the decline was a “welcome development,” Mr. Powell said, inflation “remains too high.”

Both analysts said that investors are awaiting the release of  the S&P Global Philippines Manufacturing Purchasing Managers’ Index data on Sept. 1 (Friday) and the producer price survey report on Aug. 30 (Wednesday) for leads.

For this week, Mr. Tantiangco placed the PSEi’s support at 6,000-6,100 and resistance at 6,400. — S.J. Talavera with Reuters

Backs-to-the-wall Gilas faces Italy after dropping ‘winnable’ first 2 games

PHILIPPINE STAR/KRIZ JOHN ROSALES

Games Today
(Smart Araneta Coliseum)
4 p.m. — Angola vs Dominican Republic
8 p.m. — Philippines vs Italy

AFTER letting two supposedly “winnable” games slip through their fingers, Gilas Pilipinas is feeling the pressure to get into the win column against powerhouse Italy.

To breathe life into their sagging fortunes as hosts of the FIBA World Cup, the nationals must deliver their very best performance and take down Italy, the group’s top dog, in their final pool assignment tonight at the Smart Araneta Coliseum.

And it won’t be enough to simply upset the world No. 3 Azzurri (1-1) in the 8 p.m. matchup to stay afloat in the Group A race to the second round.

The embattled Pinoy cagers need to beat the Italians by 13 points or more while praying the unbeaten Dominican Republic (2-0) defeats Angola (1-1) in the other tussle at 4 p.m.

Under this scenario, the hosts get into a triple tie with Italy and Angola and carry superior quotient in the tiebreaker for the coveted No. 2.

But more than keeping the flickering bid for Round 2 and Asia’s ticket to the Paris Olympics alive, it’s really about restoring the pride of a supportive nation that deserves a rewarding result, nothing less.

“We ain’t going to give up, we’ll keep fighting, we’ll keep competing,” Fil-Am NBA star Jordan Clarkson said.

His teammates are definitely on the same page.

“Laban pa rin kami. May laro pa, hindi kami susuko,” gunner RR Pogoy said.

The 40th-ranked nationals are dire straits after bowing to the Karl-Anthony Towns-powered No. 23 Dominican Republic in a tight contest in front of a record 38,115 crowd at the Philippine Arena, 81-87, and No. 41 Angola before 12,784 fans at the Big Dome, 70-80.

“There’s a game to be played on Tuesday and we’ll prepare as best as we can to play a Top 10 team (Italy). That’s all we can do right now,” according to coach Chot Reyes. “Whatever’s happening to the other teams is not within our control so we can only focus on what’s within our control right now.”

The Philippines is also engaged in an informal competition with other Asian teams for an outright Paris berth. Co-host Japan took the lead after a massive 98-88 comeback win over Finland in Okinawa for a 1-1 card. The rest of the aspirants are still searching for that first W in their respective groups.

“The objective is to get to the Olympics so no matter how flickering that hope is, that hope is still alive. So we still have to keep our heads up and find a way to play our best in the next game,” Mr. Reyes said.

“We hope Japan loses its last game and we win our last game then it’s all tied. I don’t know how they’re going to break that tie but in the end, it’s going to be dependent on the other games. It’s not going to be in our hands. The only thing that is in our control right now is the next game. We can’t worry about the other things that are going on.” — Nelson Beltran

Sotto raring to do more against Italy

KAI SOTTO — FIBA

KAI SOTTO wants more.

The 7-foot-3 Filipino center is still not satisfied with his performance in extended minutes against Angola as he hopes to contribute more to help Gilas Pilipinas to a breakthrough win at the FIBA Basketball World Cup.

After seeing a limited action against the Dominican Republic due to early foul trouble, Mr. Sotto redeemed himself with a solid outing off the bench with eight points and six rebounds.

It was a massive improvement, performance and appearance-wise, for fan favorite Mr. Sotto after going perfect from the field in three attempts in almost 20 minutes of play.

“Marami pa rin ang pagkukulang. Maraming pwedeng i-improve kasi syempre wala namang perfect game kahit manalo ka,” Mr. Sotto said as Gilas braces for an elimination match against world No. 10 Italy after absorbing a costly 80-70 loss versus Angola to stay winless in Group A,

Mr. Sotto, who played only 73 seconds against the Dominicans, actually had a rough start by committing two early fouls, but head coach Chot Reyes stuck with him due to a favorable match-up this time against the Angolans.

“It was a game of matchups and personnel. We thought Kai could stay longer on the floor. We like the matchups we have inside. So even if he had fouls, we could keep him inside,” accoding to Reyes, who cited the better fit of June Mar Fajardo-AJ Edu combo against the Karl Anthony Towns-led Dominicans in the first game.

Mr. Sotto repaid the coaching staff’s trust by converting a skyhook upon his first entry late in the first quarter that sent the Smart Araneta Coliseum into a frenzy. It was a decent game for him from there on.

“After the first game, tiningnan ko talaga kung ano yung ginawa ko sa court at iyung pagkukulang ko. Nag-focus lang ako sa mga kaya kong kontrolin. Inisip ko lang na babawi ako at bibigyan ko ng more trust iyung sa coaches ko pag nilaro ako,” he added.

Still, Mr. Sotto’s redemption and Gilas’ revenge bid after a gritty 87-81 loss against the Dominican Republic were foiled by Angola heading into the tall order against Italy, which they need to beat by at least 13 points in order to advance.

“I’m proud of the effort from everybody sa team, kung anuman natutunan namin from this game, ia-add namin against Italy,” he said. — John Bryan Ulanday

Angola defeat a lost opportunity for Gilas payback, Ravena says

PHILIPPINE STAR/JUN MENDOZA

IT WOULD have been a nice gift from the Gilas Pilipinas “avengers” to the national team legends watching at ringside.

But payback against Angola, Gilas’ conqueror in the previous FIBA World Cup in China four years ago, didn’t materialize.

“Sayang kasi parang gusto naming makabawi for them,” Gilas guard Kiefer Ravena said after the Angolans handed the home team a 70-80 loss, its second for the tournament.

Gilas old guard Gabe Norwood, Jayson Castro, Asi Taulava, Marc Pingris, James Yap and Larry Fonacier were among the 12,784 souls at the Big Dome to fire up the Nationals in the must-win match.

Mr. Norwood was the captain of the 2019 World Cuppers in Foshan, where he and current players Mr. Ravena, June Mar Fajardo, CJ Perez and RR Pogoy conceded an 81-84 overtime heartbreaker to the Angolans in group play.

“That was part of the motivation, bouncing back for those players who gave it their best during the 2019 World Cup,” Mr. Ravena said.

A way tougher opponent is up next in Italy.

“We can’t be emotional at this time when we have one more game left. Sayang lang pero kailangan bumawi ulit. Now we recover, forget about this and prepare for Italy.” — Olmin Leyba

Meeting Pacquiao a bucket-list item for Timberwolves’ Towns

ALL of the attention may be on the basketball court but some FIBA World Cup visitors have made it their mission to meet a world boxing legend while they are in the Philippines.

Manny Pacquiao, the 44-year-old ring icon, hosted the Dominican Republic’s Karl-Anthony Towns at his Makati home during some tournament downtime for the Minnesota Timberwolves center.

Mr. Towns, whose Dominicans remain unbeaten so far, visited Mr. Pacquiao right after led his team to a stunning 87-82 win over heavy favorite Italy Sunday night at the Smart-Araneta Coliseum.

“It’s fun. It’s great to meet a Filipino legend, boxing legend and sports legend. I’ve known Manny for a while,” Mr. Towns told reporters after the Dominican Republic went 2-0 in Group A to bolster its second-round hopes.

Mr. Towns had just turned in a 24-point, 11-rebound and five-assist performance in the stunner over Italy.

The 7-footer said he had visited Mr. Pacquiao in his training camp for a fight against Errol Spence, Jr., who turned out to be Yordenis Ugas following the former’s withdrawal due to injury in 2021. Mr. Towns has seen some of his matches in the United States.

“Being able to see him in the ring personally, being in training camp. It’s really fun to catch up. We haven’t seen each other in a while,” added Mr. Towns, who also stamped his class in his team’s close 87-81 win against home team Gilas Pilipinas in front of a record-breaking crowd.

Mr. Towns said he could not let a golden opportunity slip away to reconnect with the eight-division champion.

Italy also has a huge Pacquiao fan in its ranks, head coach Gianmarco Pozzecco, who looked for the Pambansang Kamao right after landing in the Philippines.

“I love Manny Pacquiao,” said Mr. Pozzecco, whose wards will battle the Philippines in a crucial game today to determine the teams advancing to the second round. — John Bryan Ulanday

Hidilyn leads 7-strong team to World Championships in Riyadh

HIDILYN DIAZ — PHILIPPINE STAR/JUN MENDOZA

TOKYO Olympics gold medalist Hidilyn Diaz will lead a seven-member team in the World Weightlifting Championships set Sept. 4 to 17 in Riyadh, where the competitors will seek qualifying points for next year’s Paris Olympics.

Apart from Mr. Diaz, the team will also include Tokyo Olympian Elreen Ando, Asian and World junior champion Vanessa Sarno, John Febuar Ceniza, Rosegie Ramos, Lovely Inan and Kristel Macrohon.

“This is an Olympic qualifying event and we’re hoping for the best,” Samahang Weightlifting ng Pilipinas president Monico Puentevella said.

Of the seven, Ms. Diaz, Ms. Sarno and Mr. Ceniza have the strongest chance of making the cut to the quadrennial event as they are currently ranked in the top 10 of their respective divisions.

For them to be officially considered though, they have to participate in at least five International Weightlifting Federation-sanctioned competitions.

So far, the three along with Elreen Ando have competed in two.

Ms. Diaz, whose 55-kilogram division where she struck gold in Tokyo was abolished, has been seeing action in the 59kg class where she will face off again with Ms. Ando on Sept. 8.

Ms. Sarno, who is considered the heiress apparent to Ms. Diaz, will compete in the 71kg division along with Ms. Macrohon on Sept. 13.

Ms. Ramos and Ms. Inan will laso battle each other in the 49kg bracket on Sept. 5 while Mr. Ceniza is plunging into action in the men’s 61kg group on Sept. 6.

Only one lifter per division is allowed per each country. — Joey Villar

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