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BIR: Notarization date to determine which laws apply in ante-dated property deals

BW FILE PHOTO

THE Bureau of Internal Revenue (BIR) has released a circular clarifying how to determine which laws apply in ante-dating deeds of sale for real property.

“In case of delay in the presentation of notarized deeds of sale or other transfer documents, the relevant laws and regulations on the kind of tax, rate of tax, zonal or fair market values, effective at the date of notarization shall be applied, but the corresponding penalties and interest for late filing of return and payment of applicable taxes shall be imposed,” it said.

“However, in cases where it is found that the deeds of sale or other transfer documents are ante-dated, the laws and regulations effective at the time of presentation of the deeds of sale or other transfer documents shall be applied.”

The BIR said that unless the taxpayer proves otherwise, a deed of sale or transfer document may be considered ante-dated if they were dated before the effectivity of the capital gains tax law.

These are also considered if documents were dated before the effectivity of the regulations imposing the creditable withholding tax on sales or transfers of real property.

Also, documents are counted as ante-dated if they are dated before the effectivity of the current zonal values as reflected in the latest revised schedules of zonal values of real properties within the jurisdiction of the applicable Revenue District Office.

“In order to show that there is no ante-dating of public instruments, a taxpayer may submit supporting documents such as, but are not limited to, canceled checks, invoices, contracts to sell, or certifications from the appropriate Clerk of Court or Executive Judge, or the National Archives of the Philippines,” it added. — Luisa Maria Jacinta C. Jocson

Farmers report drop in ginger farmgate prices as retail prices surge

SAAD.DA.GOV.PH

FARMERS have reported declining farmgate prices for ginger, coinciding with a spike in retail prices in Metro Manila markets, analysts said.

Jayson H. Cainglet, executive director of the Samahang Industriya ng Agrikultura said that farmgate prices in Nueva Vizcaya have dropped to as low as P30 per kilogram.

According to Department of Agriculture (DA) price monitors, Metro Manila prices for ginger were between P220 and P280 per kilogram as of June 5.

“Problem talaga ng DA ang monitoring and logistics support para makuha sa areas na walang trading hub ang mga ani ng farmers (It’s really a problem for the DA to monitor and provide logistics support in areas with no trading hubs),” Mr. Cainglet said in a Viber message.

He added that farmgate prices for ginger of P180 per kilo suggest that the retail price should be between P220 and P230.

“Normally, ginger is harvested before the rainy season, so the high prices now are quite surprising,” Raul Q. Montemayor, national manager of the Federation of Free Farmers, said in a Viber message.

The department has said that the spike in ginger prices may have been caused by the increased demand from food processors, crowding out consumers.

“On the local front, the demand for ginger for processing has also grown, so it is being made into tea,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said in a briefing on Thursday.

“So, the demand is now big for processing ginger,” he added.

Mr. De Mesa said that imported ginger declined last year to about 143 metric tons, citing data from the Bureau of Plant Industry. — Adrian H. Halili

Incentives critical in accelerating net-zero transition — UNDP advisor

PHILSTAR FILE PHOTO

INCENTIVES for investment and research and development are needed to drive the Philippine decarbonization campaign en route to achieving its net-zero targets by 2030, a United Nations Development Programme (UNDP) advisor said.

At a Makati Business Club forum on Thursday, Michael Sheren, president of MVGX Tech and UNDP Sustainable Finance Hub Senior Advisor, said trillions of dollars worth of investment are needed for the green transition.

In particular, Mr. Sheren said that there is a need to invest $3.5 trillion annually to sustain the transition.

“That is roughly how much you will need moving forward. But what you can do is take some of the money earmarked for the brown economy and shift it over. That way … it will make it less expensive, but you will still need $2 trillion,” Mr. Sheren said.

“But there’s roughly $100 trillion in the debt capital markets right now available, so the money is there, the technology is there, and what it really means is having policymakers help and work with industries in setting incentives,” he added.

Citing an example of a policy implemented in the UK, he said that the UK government pushed hard for offshore wind, which now allows the country, on a good day, to get 80–90% of its energy requirement from renewables.

“That was not cost-effective when it started, but the government made the policy that allowed it to happen,” he said.

According to the Department of Energy’s website, renewable energy developers enjoy income tax holidays, special real estate tax rates, a corporate tax rate of 10% after their income tax holiday, and a zero-value-added tax rate, among others.

“So if you’ve got innovation, I would also say things like capex and research and development tax benefits are crucial. This transition isn’t nice to have; if we were just trying to get from one economy to another, that is one thing, but this is an existential threat to the species,” he said.

“There are huge vested interests in some of those existing technologies, and being able to provide government and innovation support is the absolute key,” he added.

He said that manufacturers he has spoken to said they can build renewable energy facilities that are cheaper than any kind of fossil fuel equivalent.

He added that one of the biggest areas for improvement for the government is ensuring adequate transition financing.

“This refers to how you will finance those brown industries that you still need until they run out. You can’t just shut everything down immediately,” he said.

“So instead of doing 30-year bonds, you do 10-year bonds with really tight strings attached to them,” he added.

He said that a bank may look to finance a brown-economy facility for a time until there’s a renewable energy facility that can replace it.

The government is aiming to reduce carbon emissions by 75% by 2030, while increasing the share of renewable energy in the power generation mix to 50% by 2040. — Justine Irish D. Tabile

Inflation main downside risk for PHL — WB

A supermarket is seen in Quezon City, March 4 2022. — PHILIPPINE STAR/MICHAEL VARCAS

INFLATION is expected to be the main downside risk to Philippine economic growth, the World Bank (WB) said on Thursday.

“Inflation is the main downside risk for the Philippines and managing it will require the continued use of nonmonetary measures to complement sound monetary policy,” Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand, said in a forum.

“The nonmonetary measures include the efforts to ensure better supply and demand management and timely and adequate food imports (particularly of staple food items),” he said.

The government must also ensure social assistance to vulnerable sectors where impacts of food inflation are most felt, Mr. Diop added.

He also said that the government’s push to lower tariffs in key commodities like rice would help address sticky inflation.

“For any imported product that is subjected to import tariff, if you reduce the tariff, you tend to reduce the price in the market. So from that perspective, it actually goes in that direction,” Mr. Diop told BusinessWorld after the forum.

Inflation accelerated to a six-month high of 3.9% in May, approaching the upper end of the central bank’s 2-4% target.

Mr. Diop noted that inflation risks remain amid ongoing geopolitical tensions and possible climate shocks.

“In the baseline this year, we see inflation being in the bracket. But then there are risks to that baseline.”

“If you have like a supply shock, let’s say there’s a calamity or a natural disaster that destroys agriculture, that could put some pressure on food prices. If you have energy prices globally suddenly increasing, that could also affect prices,” he added.

Mr. Diop noted the core inflation, which excludes volatile prices of food and fuel, remains well within target.

“The good thing is that the core inflation, which is the most important indicator for the central bank, is really very well-anchored,” he said. “A lot will depend on the tensions in the labor market. If the labor market is very, very hot, that could lead to an increase in core.”

Core inflation eased to 3.1% in May from 3.2% in April and 7.7% in the same month a year earlier, according to data from Philippine Statistics Authority (PSA).

The unemployment rate rose to 4% in April from 3.9% in March, the PSA reported.

The World Bank retained its gross domestic product growth projection for the Philippines at 5.8% in 2024 and 5.9% in 2025 on the expectation of better external conditions and trade, but higher-for-longer interest rates and China’s property crisis continue to be risks. — Beatriz Marie D. Cruz

PSEi back at 6,500 level on inflation, Wall St. boost

BW FILE PHOTO

THE BELLWETHER INDEX climbed to the 6,500 level on Thursday on continued optimism over slower-than-expected May Philippine headline inflation and boosted by the strong performance of US markets overnight amid US Federal Reserve rate cut bets.

The Philippine Stock Exchange index (PSEi) rose by 1.06% or 68.54 points to end at 6,509.86 on Thursday, while the all shares index gained by 1.04% or 36.10 points to close at 3,489.79. This was the PSEi’s best close in almost two weeks or since it finished at 6,571.60 on May 27.

“This Thursday, the local market rose as investors continued to digest the Philippines’ May inflation data, which remained within the government’s 2-4% target range,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“The local bourse extended its gains as investors digested the better-than-expected inflation print for May and anticipated that the Fed might lower interest rates later this year. This sentiment was bolstered by the slowdown in private payroll data, which reported 152,000 new jobs last month, adding to evidence of a weakening labor market that investors believe could prompt the Fed to cut benchmark interest rates,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said via Viber.

Headline inflation picked up for a fourth straight month to 3.9% in May from 3.8% in April, the Philippine Statistics Authority reported on Wednesday. This was a tad lower than the 4% median estimate in a BusinessWorld poll of 16 analysts.

Meanwhile, the S&P 500 and Nasdaq indexes hit record closing highs on Wednesday, powered mainly by technology stocks as markets digested economic data that could support a much-expected start to the Federal Reserve’s policy easing cycle, Reuters reported.

The May private payrolls report on Wednesday was the latest data to suggest an easing in labor market tightness that could propel the Fed to begin cutting rates this year. A report on Tuesday showed job openings fell in April to the fewest in more than three years.

The Dow Jones Industrial Average rose 96.04 points or 0.25% to 38,807.33; the S&P 500 gained 62.69 points or 1.18% to 5,354.03; and the Nasdaq Composite gained 330.86 points or 1.96% to 17,187.90.

Back home, almost all sectoral indices rose. Services climbed by 2.75% or 53.77 points to 2,003.77; industrials went up by 0.93% or 84.33 points to 9,112.03; property rose by 0.74% or 18.27 points to 2,462.48; holding firms increased by 0.69% or 39.04 points to 5,699.55; and financials inched up by 0.31% or 6.27 points to 1,993.54.

Mining and oil was the lone decliner as it lost 0.33% or 30.89 points to end at 9,132.53.

Value turnover declined to P4.64 billion on Thursday with 332.43 million issues switching hands from the P4.74 billion with 377.15 million shares traded on Wednesday.

Advancers beat decliners, 102 versus 81, while 60 names closed unchanged.

Net foreign buying stood at P37.17 million on Thursday versus the P634.52 million in net selling seen on Wednesday. — RMDO with Reuters

Peso recovers on Fed, ECB rate cut hopes

PHILSTAR FILE PHOTO

THE PESO rebounded against the dollar on Thursday as data supported hopes of a US Federal Reserve rate cut by this year and with the European Central Bank (ECB) poised to begin easing its own policy stance for the first time since 2019.

The local unit closed at P58.611 per dollar on Thursday, strengthening by 16.9 centavos from its P58.78 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session stronger at P58.68 against the dollar. Its weakest showing was at P58.72, while its intraday best was at P58.54 versus the greenback.

Dollars exchanged went up to $1.38 billion on Thursday from $1.32 billion on Wednesday.

The peso was supported by heightened expectations of a rate cut by the Fed within the year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The May private payrolls report on Wednesday was the latest data to suggest an easing in labor market tightness that could propel the Fed to begin cutting rates this year, Reuters reported. A report on Tuesday showed job openings fell in April to the fewest in more than three years.

Traders now see a nearly 69% chance of a September rate reduction, according to the CME’s FedWatch tool. Expectations had hovered around 50% last week.

“The peso appreciated due to optimistic expectations ahead of a potential European Central Bank policy rate cut,” a trader added in a text message.

The European Central Bank was all but certain to cut interest rates from record highs on Thursday and acknowledge it has made progress in its battle against high inflation, while also stressing the fight is not yet over given sticky services prices, Reuters reported.

ECB policy makers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.

The broad-based decline was seen as more than enough for the ECB to begin undoing the steepest streak of interest rate hikes in its history, which were a response to spiraling prices in the wake of Russia’s invasion of Ukraine.

For Friday, the trader said the peso could depreciate again ahead of likely robust US employment data.

The trader expects the peso to move between P58.50 and P58.75 on Friday, while Mr. Ricafort sees it ranging from P58.50 to P58.70 per dollar. — AMCS with Reuters

PPA awards P934-million Leyte port dev’t project 

THE Philippine Ports Authority (PPA) said it awarded a P934.21-million Leyte port development project to MAC Builders Corp.

According to the notice of award dated May 31, the Leyte-based construction company was awarded the contract to construct the new Port of Babatngon, Leyte.

“Pursuant to the provisions of the bid documents, you are hereby instructed to formally enter into contract with us and to post the required Performance Security in the form and the amount stipulated in the Instructions to Bidders, within 10 days from the receipt of this Notice of Award,” according to PPA General Manager Jay Daniel R. Santiago.

Failure to enter into a contract or provide the performance security are grounds for the cancellation of the award, the PPA said.

In April, the PPA started inviting bids for the development of Port of Babatngon.

According to the bids and awards committee, the project attracted nine parties: Goldridge Construction and Development Corp.; WTG Construction and Development Corp.; Vicente T. Lao Construction; Sunwest, Inc.; UKC Builders, Inc.; Marra Builders, Inc.; Khan Kon Chi Construction and Development Corp./Octagon Concrete Solution, Inc.; Luzviminda Engineering and MAC Builders.

The PPA said only eight of the nine bidders submitted technical and financial proposals before the deadline, with Luzviminda Engineering withdrawing its bid.

The PPA said MAC Builders was declared the low bidder for the project.

The PPA said that the project must be completed within 720 days.

The contract includes the development of the port operational area and causeway and construction of a reinforced concrete pier, it said. — Ashley Erika O. Jose

PHL needs to upgrade teacher training institutions, commission says

PHILSTAR FILE PHOTO

THE GOVERNMENT needs to upgrade teacher education institutions to boost the pool of licensed teachers and raise the quality of education, according to the Second Congressional Commission on Education (EDCOM 2) and education experts.

“Quality learning is contingent upon quality teaching,” Senator Aquilino Martin D. Pimentel III said on Wednesday during an online symposium on teacher education organized by the Philippine Institute for Development Studies (PIDS), Philippine Business for Education, and the World Bank.

He was being quoted in an EDCOM 2 statement issued on Thursday.

Ancieto C. Orbeta, Jr., PIDS president, said institutions that train teachers are underperforming based on low passing rates in board exams.

Mr. Orbeta said only about 33% of elementary school teacher examinees pass, with 40% passing the secondary education board exams.

“Such statistics underscore the urgent need for reform and improvement in our teaching education institutions to ensure that they produce highly competent and effective teachers critical for student learning,” Mr. Orbeta said.

The Philippines placed 77th out of 81 countries in the 2022 Program for International Student Assessment’s global ranking index of student performance in math, reading, and science.

President Ferdinand R. Marcos, Jr. on Monday signed into law a bill increasing the teaching allowance for public school teachers from P5,000 to P10,000 starting next school year.

The government allocated P924.7 billion for education in this year’s P5.768-trillion national budget. — John Victor D. Ordoñez

WHO, DAMO Academy partnership to further medical AI

STOCK PHOTO | Image by Gerd Altmann from Pixabay

A research institute that handles cutting-edge technologies has partnered with the World Health Organization (WHO) to advance digital innovations and bring the benefits of medical artificial intelligence (AI) to more developing countries. 

The launch took place at the United Nations’ AI for Good Global Summit on May 30 in Geneva, Switzerland. 

DAMO Academy, Alibaba Group’s research institute, and the WHO Collaborating Center on Digital Health will leverage their resources by conducting research and providing advisory in digital health, AI, and industrial development. Both parties will also conduct joint training related to medicine, engineering, and other areas to help each other cultivate professional talents with digital health capabilities. 

“In forging this partnership…, DAMO Academy embarks on a mission to make the benefits of medical AI accessible to those in need,” said Le Lu, head of DAMO Academy’s medical AI team, in a press statement sent on June 6.  

“We aim to improve healthcare for those in need through the advancements in medical AI development and digital health accessibility,” he said. 

“… Our collaboration symbolizes not just a shared vision but a joint commitment to harnessing digital innovations to foster global health and wellness,” Shan Xu, head of the WHO Collaborating Center on Digital Health, said in the same press statement. 

The medical AI team at DAMO Academy is collaborating with global medical institutions to explore cost-effective and efficient methods for multi-cancer screening using AI technology.  

It has achieved progress in the early detection of seven common cancers – including breast cancer and colorectal cancer – through a single CT scan. 

Its AI model achieved a sensitivity (a measure of how accurate a screening test is in identifying a condition) of 92.9% and a specificity (a measure of how well a test can correctly identify people who do not have a disease) of 99.9% in a large-scale, real-world pancreatic cancer detection test, according to a November 2023 study published in Nature Medicine magazine. – Patricia B. Mirasol

French Open script rewritten

JASMINE PAOLINI — REUTERS

Sabalenka, Rybakina ousted; Djokovic undergoes surgery

PARIS — The script was ripped up at the French Open on Wednesday as ailing second seed Aryna Sabalenka and off-color fourth seed Elena Rybakina were sent tumbling out in the quarterfinals before Alexander Zverev restored some normality.

Hampered by illness throughout her match, Ms. Sabalenka crashed to a 6-7(5), 6-4, 6-4 defeat to Russian teenager Mirra Andreeva as the Australian Open champion’s 11-match Grand Slam winning streak ground to a halt on Court Philippe Chatrier.

The 26-year-old barely looked like she could continue but soldiered on as fans on the main showcourt got behind her.

Ms. Andreeva took full advantage and reached her maiden major semifinal, becoming the youngest in the last four at a Grand Slam since Martina Hingis in 1997 and setting up a clash with Rybakina’s conqueror Jasmine Paolini.

Ms. Andreeva’s refreshingly fearless stroke play has caught the eye at Roland Garros and she paid tribute to her coach Conchita Martinez, although she admitted that it was hard to keep track of all her instructions. “I would say that I always play the way I want to play. We have a plan with my coach for the match, but afterwards I forget everything,” Ms. Andreeva told reporters.

Ms. Sabalenka said she had been struggling with a stomach bug for a few days, which ended her bid to become the first woman since Serena Williams in 2015 to win the Australian Open and Roland Garros in the same season.

“I had a difficult time out there physically. I did my best to try and manage it,” Ms. Sabalenka said.

The precocious Ms. Andreeva’s opponent in the next round could have been Ms. Rybakina but the Russian-born Kazakh failed to find a way past Italy’s Ms. Paolini, who battled hard to secure a 6-2, 4-6, 6-4 win.

“I started to play better with more consistency last year and in the middle of July,” Dubai champion Ms. Paolini said. “Match by match I felt more convinced that I can play at a higher level. But it was a process. It’s not like I switch on something.

Ms. Paolini said she expected a big challenge against Andreeva.

“I played against her in Madrid, and she’s a really great player, I think. She’s so young but she’s so, so good mentally, and she can defend very well. She can serve well,” she added.

Ms. Paolini’s compatriot Jannik Sinner had ensured that he would become the world number one for the first time next Monday after defending champion Novak Djokovic pulled out of the tournament with a knee injury.

Reports in the French and Serbian media said the 37-year-old Djokovic had surgery in Paris but there was no confirmation from the player, whose hopes of playing in Wimbledon and at the Paris Olympics could be affected by the injury.

With Mr. Djokovic’s withdrawal sending seventh seed Casper Ruud through to the semifinals, fourth-seed Mr. Zverev joined him with a 6-4, 7-6(5), 6-4 win over 11th seed Alex de Minaur.

Slow court conditions took some of the bite out of Mr. Zverev’s powerful serve, forcing the towering German to win extended rallies against his speedy opponent.

A key moment came in the second set tiebreak when Mr. Zverev fell behind 4-0 and the crowd rallied around the Australian.

“I stayed calm,” Mr. Zverev told reporters.

“I knew that the conditions today are extremely difficult to hit winners. I knew that it has to go the long way sometimes, and that’s what I did in the tiebreak.

“The serve today didn’t play such a big role as it did maybe the other days just because it was very, very slow.”

Mr. Zverev, 27, will be making his fourth consecutive semi-final appearance at the event as he looks to capture his first Grand Slam title. — Reuters

Celtics hungry for glory; Mavs play spoiler’s role

DAVID BUTLER II/ JESSE JOHNSON/USA TODAY SPORTS/REUTERS
DAVID BUTLER II/ JESSE JOHNSON/USA TODAY SPORTS/REUTERS

A CELTICS team desperate for championship glory faces Luka Doncic and a Dallas Mavericks squad eager to play spoiler in an intriguing NBA Finals matchup that tips off Thursday in Boston.

Led by superstars Jayson Tatum and Jaylen Brown, the sharpshooting Celtics have had a relatively easy road to the finals.

Coming out of the weaker Eastern Conference as the top seed, they breezed past the Jimmy Butler-less Miami Heat, dispatched the Cleveland Cavaliers and swept the Indiana Pacers, who were without point guard Tyrese Haliburton for the final two games.

The Celtics have won 12 of their 14 playoff games and gone undefeated on the road but they know that none of that will matter if they fail to end a title drought that stretches back to 2008.

The mission is clear — hang that elusive 18th championship banner from the TD Garden rafters and put recent postseason disappointment, including falling to the Warriors in the 2022 finals and coming up short in the conference finals last year, firmly behind them.

Anything less will be seen as a bitter disappointment.

“They were the best team in the regular season and they have been the best team in the playoffs,” former player and current ESPN analyst JJ Redick said on a call with reporters.

“I feel strongly that they are the favorites going into this series. At the same time, I wouldn’t be surprised if Luka and Dallas and Kyrie (Irving) and (head coach Jason Kidd) made this a series and won… This is going to be a phenomenal series.”

Standing in Boston’s way is a confident Mavs team under far less pressure and uniquely equipped to ruin the Celtics’ title aspirations.

That starts with Mr. Doncic, the 25-year-old Slovenian who is quickly becoming the face of the league.

He has been the best player in the playoffs and is the first to lead in points (489), rebounds (164) and assists (150) coming into the finals. 

By his side is veteran point guard Irving who, after turbulent stints in Brooklyn and Boston, has looked more comfortable and confident on the court than he has in years.

“I think it’s fair to say that offensively they are as talented as any backcourt in NBA history,” Redick said of Doncic and Irving.

One big, 7-foot 2-inch question mark hanging over the series is the health of Boston’s Kristaps Porzingis, the former Maverick who suffered a calf strain in the Heat series and has been sidelined since.

The Celtics are hopeful that their prized offseason acquisition, who averaged 20.1 points and 7.2 rebounds and 1.9 blocks during the regular season, will be healthy enough to match up against the Mavs’ breakout big men Daniel Gafford and Dereck Lively II.

Game One of the NBA Finals is Thursday in Boston. — Reuters

Bolts brace for Beermen’s comeback

CHRIS NEWSOME — PBA.PH

Game Today
(Smart Araneta Coliseum)
7:30 p.m. — Meralco vs San Miguel (Finals Game 2)
*Meralco leads series, 1-0

BY TAKING Game 1 of the PBA Philippine Cup finals, Meralco has earned the distinction of being the only team powerhouse San Miguel Beer (SMB) hasn’t defeated all conference.

But no way are the Bolts allowing themselves to be intoxicated by such success. “This team is a championship team, a dynasty team. They’re capable of doing amazing things. You were all there for the ‘Beeracle’ so you know you cannot count this team out,” said Meralco ace Chris Newsome, referring to SMB’s celebrated fightback from 0-3 against Alaska in capturing the 2016 All-Filipino title.

“They’re very smart all the way through and they’re proven winners so you can never count out the heart of a champion. And for us, it’s just about staying humble and staying focused because we know what we’re trying to accomplish,” he added.

Such a mindset is crucial as the Bolts seek a 2-0 lead in the race-to-four tonight at the Smart Araneta Coliseum. They go into the 7:30 p.m. second match looking to sustain the momentum from their 96-83 Game 1 stunner Wednesday as well as their earlier 95-92 reversal that ended SMB’s sweep bid in the elims last month.

“We need to prepare and the more we zone in and lock in on the things we need to do, the better chance we have of beating this team,” said Meralco coach Luigi Trillo.

, expecting Newsome, Chris Banchero, Allein Maliksi, Bong Quinto and the team’s contain-June Mar Fajardo-crew Raymond Almazan, Cliff Hodge, Brandon Bates and Kyle Pascual to stay on full power.

As bad as falling to Meralco a second time and losing for only the third time this conference was, the Beermen are quick to move on. 

“Tapos na iyung Game 1. Focus kami sa Game 2. Mahaba-habang series pa ito, makakapag-prepare pa kami sa mga susunod,” said SMB star CJ Perez, who dealt with foul trouble in the opener.

Mr. Fajardo rued San Miguel’s 19 turnovers, which Meralco converted to 18 easy points, and ineffective rebounding that enabled Mr. Hodge to grab nine of his 15 rebounds off the offensive board. The Kraken also gave due credit to the Bolts’ suffocating defense, which led to their conference-low 35 points in the second half.

“Bounce back na lang, long series,” said Mr. Fajardo.

“Hindi iyon ang San Miguel basketball,” noted Mr. Perez. “Meron lang kaming 18 assists so kailangan namin i-adjust ang laro namin, i-distribute nang maayos ang bola.”

According to PBA chief statistician Fidel Mangonon, Wednesday’s W marked only the third time in eight best-of-seven duels that Meralco drew first blood. But in the two previous occasions — 2016 and 2021 Governors’ Cup finals against Ginebra — the Bolts dropped Game 2.

Mr. Newsome and Co. are now out to change this and add more pressure on fancied SMB. — Olmin Leyba

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