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PSEi continues slump after hawkish BSP remarks

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE SHARES slumped for a third straight session on Thursday after the central bank governor said it was too early to cut interest rates, hurting investor sentiment.

The 30-member Philippine Stock Exchange Index (PSEi) fell by 0.59% or 41.20 points to close at 6,837.34. The broader all-share index dropped by 0.54% or 19.70 points to 3,567.89.

The index dropped as rate cut hopes were tempered by Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr.’s remarks that there was no assurance yet that inflation would settle within their 2-4% target, Philstocks Financial, Inc. trader Mikhail Philippe Q. Plopenio said in a Viber message.

“Additionally, investors digested the statement from US Federal Reserve Chairman Jerome Powell overnight that the Fed is not yet ready to cut rates,” he added.

Philippine inflation quickened to 3.4% in February from 2.8% a month earlier due to higher food and transport costs.

The BSP has kept the benchmark rate steady at a near 17-year high of 6.5%. It raised borrowing costs by 450 basis points from May 2022 to October 2023 to tame inflation.

“Philippine shares continued to be sold down as investors digested Mr. Powell’s testimony before the US House financial services committee,” Luis A. Limlingan, sales head at Regina Capital Development Corp., said in a Viber message. “Later, Wall Street awaits the release of the latest jobless claims data, and trade balance and consumer credit data for January.”

Global oil prices rose on Wednesday as Mr. Powell indicated that interest rates would likely come down this year, though the central bank is moving cautiously, he added.

Almost all of the PSEi’s sectoral indices fell, led by property which declined by 2.4% or 68.96 points to 2,793.83. Financials shed 0.89% or 17.90 points to 1,988.49, while mining and oil dipped by 0.48% or 41.33 points to 8,475.34. Holding companies fell by 0.16% or 10.90 points to 6,523.16, while industrials shed 0.09% or 8.38 points to 9,068.64.

Services added 0.8% or 14.19 points to 1,778.13.

Among the index members, International Container Terminal Services, Inc. was at the top, climbing by 2.74% to P300. Metropolitan Bank & Trust Co. lost the most, dropping by 4.78% to P59.70.

Value turnover rose P4.99 billion with 652.03 million shares switching hands, compared with 503.78 million stocks worth P4.85 billion on Wednesday.

Decliners beat advancers 109 to 64, while 44 stocks were unchanged. Net foreign buying dropped to P4.65 million from P50.33 million a day earlier. — Revin Mikhael D. Ochave

UN data: Global patent filings drop nearly 2% as innovation falters

SANJITBAKSHI-FLICKR

GENEVA – Patent filings slipped last year by nearly 2% in the first fall in 14 years amid economic uncertainty, the U.N. patent agency said on Thursday, in a move it described as “concerning”.

The World Intellectual Property Organization, which oversees a system for countries to share recognition of patents, reported 272,600 filings in 2023 which was a 1.8% decline from the previous year.

The top two countries China (69,610) and the United States (55,678) both reported fewer filings than 2022, falling 0.6% and 5.3% respectively. In the case of China, it was the first drop since 2002.

“I think it is really a broader reflection of what’s going on in the innovation economy. And I think to some extent, it is concerning…,” WIPO chief economist Carsten Fink told reporters.

“Innovation, technological progress is what generates future economic growth, future jobs, and I think, policymakers need to make sure that there is an innovation ecosystem that is vibrant and…generates the, the seeds of future growth.”

Japan and Germany, number 3 and 5 in the rankings, also filed fewer applications in 2023 although South Korea which is ranked fourth had a slight increase.

The Patent Cooperation Treaty which has 157 signatory states allows inventors to seek patent protection simultaneously in a large number of countries. It accounts for around 60% of non-resident patent applications, WIPO said. – Reuters

Experimental Novo obesity drug more effective than Wegovy in early trial

STOCK IMAGE | Image by Mohamed Hassan from Pixabay

COPENHAGEN – Novo Nordisk said on Thursday early trial data for its highly anticipated experimental obesity drug amycretin showed a higher weight loss compared with its popular Wegovy treatment, sending its shares to new record highs.

A Phase I trial of amycretin pill version showed participants lost 13.1% of their weight after 12 weeks, the company said at an investor meeting. That compares to a weight loss of about 6% after 12 weeks in a trial for Wegovy, its blockbuster obesity drug.

Investors welcomed the news as indicating Novo had more in its pipeline beyond its hugely successful Wegovy. Its shares have soared since launching the weekly injections in the United States in 2021 and are now Europe’s most valuable listed company, ahead of LVMH.

“Novo has made clear that the amycretin molecule likely will form the foundation of the company’s rapidly growing pipeline,” said Guggenheim analyst Seamus Fernandez.

Novo’s shares surged 5.1% to a record peak following the announcement. Shares have risen more than three-fold since June 2021 when it launched Wegovy in the United States.

Nearly half of Novo’s current valuation is based on the company’s pipeline of new experimental drugs such as amycretin, according to calculations by Berenberg analysts last week.

Wegovy, which showed an overall weight loss of 15% after 68 weeks, belongs to a class of drugs known as GLP-1 agonists, originally designed to treat type 2 diabetes, that have been shown to reduce food cravings and empty the stomach more slowly.

Following the success of these drugs, companies are working on other promising weight-loss therapies such as amycretin which targets a hormone called amylin in the pancreas that affects hunger.

Wegovy was the first of a new group of highly effective weight-loss drugs to be launched. Novo and Eli Lilly LLY.N are so far the leaders in the obesity drug market, forecast by analysts to be worth $100 billion by 2030.

 

HEART DISEASE

CEO Lars Fruergaard Jorgensen also announced the company was expanding its focus on diabetes and weight-loss therapies to include cardiovascular disease treatments.

The change comes after the drugmaker last August said a large study had shown Wegovy also had a clear cardiovascular benefit, boosting efforts by the company to move Wegovy beyond its image as a lifestyle drug.

“Any company that is so heavily exposed to one therapeutic area needs to try to develop other pillars to stand on,” said Wolfgang Lickl, portfolio manager at KB-Vermögensverwaltung.

“The sheer success in diabetes and obesity will make that difficult, but the cardiovascular field makes sense because of the many synergies,” he said.

Following the August trial, Novo has been trying to convince skeptical medical insurers that the long-term benefits of Wegovy are enough to reduce the overall burden on healthcare systems and the cost of treating heart disease in overweight and obese people. – Reuters

India AI crackdown expected to steer IT investment to PHL

REUTERS

By Justine Irish D. Tabile, Reporter

MORE artificial intelligence (AI) investment could find its way into the Philippines if the Indian government continues to stiffen regulations on the deployment of AI tools, the Information Technology and Business Process Association of the Philippines (IBPAP) said.

“Basically, if the Indian government makes it harder for AI to be deployed, the Philippines, as the second-largest destination for outsourcing, can get a larger share of the AI investment,” Dominic Vincent Ligot told BusinessWorld via Viber.

In an advisory issued March 1, the Indian government asked technology firms to seek approval before releasing AI tools to the public, Reuters reported.

Mr. Ligot said that the Philippines ranks first in terms of monthly search volume for AI tools and fourth in terms of AI usage, which suggests a potential opportunity should other jurisdictions make things difficult for AI developers.

“We have encouraging statistics on interest in and usage of AI. We should step up our own position to be open and supportive of AI innovation but also be wary of risks,” he said.

“Misuse of AI is the top risk, such as deepfakes and fake news,” he added. “There are also other discussions like copyright infringement, privacy, and, of course, the fear of job displacement.”

“We’re supportive of risk management regulation and incentives, but we are worried about a blanket ban,” he said, citing Rep. Juan Carlos C. Atayde’s House Bill 9448, which aims to regulate the use of AI and automation to protect jobs.

“That’s a little bit more worrisome because it seems like a blanket ban that you can’t use AI for HR or something like that, or you can’t necessarily replace people with automation, which is already being done,” he added.

He said the industry is seeking incentives for developing AI tools or for technological innovation.

“There are no incentives, which is what created the BPO (business process outsourcing) industry, which, with tax breaks and the lifting of the foreign ownership limit, suddenly created a middle class.”

“If you want to do AI, you cannot get funding, and even one of our members was complaining that the Bureau of Customs would even give you a hard time importing GPUs (graphics processing units) and data center equipment,” he added.

“I don’t know if the India thing will stick… but since that’s the signal right now, the number two Philippines can swoop in to take the AI jobs,” he added.

Mr. Ligot said that around 45% of IBPAP members already experimenting with the use of AI, while less than a third are at deployment cases.

“Most of the use cases are Agent Assist (technology). So what that does is it doesn’t eliminate the agent; it just allows the agent to do five to 10 times more calls faster,” he added.

La Niña effects expected to be more pronounced toward late 2024

REUTERS

THE government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), said on Thursday that rains associated with La Niña may become more pronounced towards the end of the year, even though the weather phenomenon’s onset could come as early as June.

“We are seeing a higher possibility of La Niña to develop in June, but its effects may be seen during the later parts of the year,” Nathaniel T. Servando, PAGASA administrator, said in a briefing.

Mr. Servando added that the likelihood of La Niña occurring is 55% in June, July, and August, triggering the issue of a La Niña Watch bulletin.

According to PAGASA, La Niña is characterized by “unusually cooler than average sea surface temperatures (SSTs) in the central and eastern equatorial Pacific (CEEP).”

He added that El Niño has started to weaken as it transitions to an ENSO-neutral (El Niño-Southern Oscillation) state in April, May, and June.

Weather conditions that are neither El Niño nor La Niña are considered to be ENSO-neutral.

“Despite the weakening of El Niño, we are expecting its effects to still be felt in the next few months,” he said.

In an advisory, PAGASA said 25 provinces in Luzon and five in the Visayas have the potential to develop drought conditions, while 22 may potentially experience dry spells. A further 15 may experience dry conditions.

“The warm and dry season will commence in March… The rainfall forecast for March shows that most parts of the country will likely experience way below to below-normal rainfall conditions,” PAGASA said.

The effects of drought and dry conditions threaten agricultural production, with a follow-on-impact on food security.

Agricultural damage resulting from El Niño has topped P1.06 billion, with Western Visayas hit hardest, according to a report by the National Disaster Risk Reduction and Management Council. — Adrian H. Halili

ADB to authorize port dev’t studies for use by offshore wind industry

STOCK PHOTO | Image by Grahame Jenkins from Unsplash

THE Asian Development Bank (ADB) said it is set to authorize consulting contracts to study the redevelopment of ports for use by the offshore wind power industry, adding that 10 candidate sites have been identified.

“I am to issue notice to proceed for selected consultants towards the end of the month or early next month so that I can meet the tight government deadline by October,” ADB Principal Energy Specialist Shigeru Yamamura said in a virtual forum on Thursday.

The bank provides technical assistance to the Department of Energy (DoE) to determine via a pre-feasibility study port readiness for offshore wind projects.

“We recently completed offshore wind regulatory framework development for the DoE and ERC (Energy Regulatory Commission),” he said. “We are also going to supply recommendations for environment and social safeguard standards for offshore wind sometime next month.”

For the study, the DoE has identified 10 sites — the Port of Currimao, Ilocos Norte; Port Irene, Sta. Ana, Cagayan; Port of Subic; Port of Tabaco, Albay; Bulalacao RORO Port, Oriental Mindoro; and Pulupandan and Banago Ports in Negros Occidental; the International Container Port Complex in Iloilo; the Batangas Energy Supply Base port facility of the Philippine National Oil Co.; and Bauan International Port, also in Batangas.

“The 10 ports we’ve submitted for ADB technical assistance are ports we’ve earmarked as marshaling ports — ports that require the highest investment,” Energy Undersecretary Giovanni Carlo J. Bacordo said.

Mr. Bacordo said the study will likely include the estimated cost of repurposing of ports, as well as the investment’s potential “considering there are already existing service contracts.”

To date, the DoE awarded a total of 82 offshore wind energy service contracts, with a potential capacity of about 63.36 gigawatts (GW).

At least 10 offshore wind projects with 6.72 GW are expected to generate power by 2028.

Mr. Yamamura said that the ADB will also propose “the optimal financing arrangement” for each selected port in the final report.

Action plans will be prepared to facilitate the private-public investment in the port “for earlier deployment of offshore wind in the government-designated timeframe,” he said. — Sheldeen Joy Talavera

Last subway deals targeted for 3rd quarter award

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Transportation (DoTr) said it is evaluating the remaining contract packages for the Metro Manila Subway, with the award target set for the third quarter.

“Bids have been submitted. The consultants are now in the process of evaluating the bid submissions,” Transportation Undersecretary Jeremy S. Regino said in a briefing on Thursday.

The three remaining contract packages were originally set to be awarded in the first quarter of 2024.

These include contract package 105 for Kalayaan Avenue and Bonifacio Global City underground stations, contract package 108 for the Lawton and Senate-Department of Education stations, and contract package 109 for the Terminal 3 station.

The subway will connect 17 stations. It is initially scheduled to start full operations by 2027, but was then delayed to 2029 due to right-of-way acquisition issues.

The 33-kilometer subway aims to cut travel time from Valenzuela to Ninoy Aquino International Airport from 1 hour and 30 minutes to 35 minutes, and carry over 500,000 passengers a day.

“We are expecting to have partial operations by maybe 2028 — from Valenzuela to Ortigas… but for the section from Ortigas up to Bicutan, the schedule is to complete it by 2029,” Transportation Secretary Jaime J. Bautista said.

The loan agreement for the third tranche of the financing, which is worth around P55.7 billion (150 billion yen), is expected to be approved sometime this March.

This will be funded by the Japan International Cooperation Agency (JICA). The loan agreement is targeted for completion this month, according to the Department of Finance (DoF).

“DoF is working with us, working with JICA, and so far, we don’t see any problem with the financing,” Mr. Bautista said.

The loan deal for the first tranche worth around P38.8 billion (104.5 billion yen) was signed in 2018, while the deal for the second tranche worth P94.1 billion (253.3 billion yen) was signed in 2022.

The loan agreements for the fourth and fifth tranches, worth a combined P151 billion (406.6 billion yen), are still under discussion.

The government has officially lowered the tunnel boring machine in Quezon City to build the subway’s North Avenue station.

“(We are) expecting that the fourth tunnel boring machine will start operations three months from now and hopefully, we should be able to finish tunneling up to Tandang Sora within 12 months,” Mr. Bautista said.

The tunnel boring machine will work on contract package 101, which includes the East Valenzuela, Quirino Highway, Tandang Sora and North Avenue stations.

The machine can dig up to 300 to 600 cubic meters per day which is equivalent to 6 to 12 meters in length.

Two more tunnel boring machines are expected to be delivered in 2024, Mr. Bautista said. There are currently five tunnel boring machines working on the project.

The country’s first subway system is currently making progress estimated at 40%, according to the DoTr, on works related to design, right-of-way, procurement, and construction.

The construction progress was estimated at 11%.

Mr. Bautista said that the project is facing major right-of-way issues.

“One of our stations will pass through a building owned by the Department of Education and that building is considered a heritage site… so we need to fix how to move the building or possibly move the station,” he said.

He added that some property owners do not want the project to pass under their properties.

“We’re negotiating with them to allow the government to operate under their properties… we’re expecting that we should be able to resolve all these right-of-way issues,” he said.

The government has acquired 55% of the right of way for the project, he said. — Sheldeen Joy Talavera

Futures tiptoe higher ahead of more economic data, Powell testimony

Wall Street futures edged higher on Thursday ahead of more economic data and commentary from Jerome Powell after the Federal Reserve chair stuck to the script overnight by saying the central bank still expects to cut rates later this year.

Mr. Powell said rate reductions will “likely be appropriate” later this year, “if the economy evolves broadly as expected” and once officials gain more confidence in inflation’s steady decline.

The comments kept alive investors’ expectations of an interest rate cut in June, giving a boost to U.S equities, which had faltered in the days leading up to the testimony.

Wall Street’s main indexes closed higher on Wednesday, with rate-sensitive technology and chip stocks in the lead.

“The much awaited Powell testimony did not provide many surprises. We still expect a 25bp (basis point) cut starting in June and 75-100bp of cuts this year,” Mohit Kumar, Jefferies’ chief economist for Europe, said in a note.

All eyes will be back on Powell who is set to wrap up his two-day testimony on Thursday.

Investors also awaited jobless claims data due at 8:30 a.m. ET (1330 GMT), which, along with the crucial nonfarm payrolls report on Friday, could provide further details on the strength of the US labor market.

A resilient labor market could make it difficult for the Fed to start cutting interest rates in June, given risks of a pick-up in inflationary pressures.

At 6:55 a.m. ET, Dow e-minis 1YMcv1 were up 33 points, or 0.09%, S&P 500 e-minis EScv1 were up 10.25 points, or 0.2%, and Nasdaq 100 e-minis NQcv1 were up 66.75 points, or 0.37%.

Electric carmaker Tesla lagged megacap growth and technology peers in premarket trading, down 1.6%.

Chip stocks such as Nvidia and Micron Technology MU.O gained 1.9% and 3.3%, respectively, and were set to extend their rally from the previous session.

Lingerie maker Victoria’s Secret & Co dropped 30.7% on a weak annual forecast.

Eli Lilly shed 1.6% after rival Novo Nordisk said early trial data for its highly anticipated experimental drug, amycretin, showed that participants had a weight loss of 13.1% after 12 weeks. – Reuters

100 US firms express interest in Clark investment

NEW CLARK CITY

THE Bases Conversion and Development Authority (BCDA) said that over 100 US companies have expressed interest in establishing connective infrastructure, information and communications technology, and critical minerals operations in the Clark area.

“From a former US air base, Clark has grown into the top tourist destination and investment hub in Central Luzon,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement on Thursday.

“With significant developments happening in Clark, many US companies are taking notice. This is why they want to have a big role in Clark developments,” Mr. Bingcang added.

The BCDA said that the US companies expressed interest during the Senior Leaders Seminar in Washington, DC, last month.

During the event, the BCDA pitched investment opportunities in New Clark City, Clark Freeport Zone, and Clark International Airport.

“These investment promotion efforts are consistent with Secretary (Frederick D.) Go’s push to attract more foreign capital and business expertise in critical sectors, including infrastructure, pharmaceuticals, and logistics,” Mr. Bingcang said, referring to the Cabinet official who heads the Office of the Special Adviser to the President on Investment and Economic and Affairs.

Among the projects the BCDA pitched were the 296.5-acre Filinvest Innovation Park in New Clark City, the $3.17-billion Subic-Clark-Batangas Railway System, and the $152-million Clark National Food Hub.

It also presented the $60-million expansion of the airside facilities at Clark International Airport, the $2-billion data center colocation facility, the $172-million solid waste management and waste-to-energy project in New Clark City, the $17.9-million solar photovoltaic power plant in New Clark City, and the $100-million Clark Integrated Public Transport System.

Mr. Bingcang and BCDA Chairman Delfin N. Lorenzana also met US Secretary of Commerce Gina Raimondo, who committed to pitching Clark as an ideal investment hub for US companies looking to expand in the Philippines.

Ms. Raimondo is set to lead a US trade and investment mission to the Philippines on March 11-12

Clark currently hosts US companies like Texas Instruments, FedEx, Hilton, UPS and Marriott. — Justine Irish D. Tabile

Gov’t funding may be needed to address Philippine skill gap

FREEPIK

GOVERNMENT funding for upskilling and reskilling and collaboration among agencies are needed to address the Philippine job market’s skills gap and job mismatch issues, an Accenture official said.

Ambe C. Tierro, country managing director at Accenture Philippines, said that the government can help address the talent gap, particularly in technology, if it provided more funding for reskilling and upskilling.

“It will be funding for more upskilling and reskilling, just like when we previously got support for healthcare business process outsourcing (BPO),” Ms. Tierro said at a Michael Page and Page Executive Philippines forum on Wednesday.

“I think the continuous funding and also getting bigger funding will be helpful, and I don’t think that is a personal thing; the information technology and business process management (IT-BPM) industry, at a scale, is advocating for more funding for skilling,” she added.

She said that the private sector mostly shoulders the cost of reskilling and upskilling as technology evolves.

Grace M. David, chief executive officer at EdTech company Edukasyon.PH, said that the conversation should be focused on talent development rather than job creation.

“Before the pandemic, only half of our college graduates entered the workforce, and only half of those who entered the workforce actually practiced what they studied,” Ms. David said.

“What is nice is that the Philippines has (available individuals); now let’s make sure that their talents and their skills are in alignment with the jobs that are needed by industry.”

She said that the issue should not only concern the education industry and the Department of Education but also other agencies.

“It is really working hand in hand with our economic sector to identify what those future jobs are because that should be the kind of training happening in the schools right now,” she said.

“Unfortunately, what is happening now is that after graduation, organizations like us… have to train the graduates so that they can actually match the jobs, and that’s where the gap is,” she added.

Asked about opening education to foreign investment, she said that the Philippines should be open to looking at how education has been innovated in other countries.

“We need bigger innovation to come in here in the Philippines, and it is not yet practiced amongst our competitors. We’ve got to look outside the Philippines,” she said.

“We need foreign innovation to really bring up the quality of education. I cannot touch on ownership at this stage, but we could touch on something that we could quickly adopt outside the Philippines and bring it here,” she added.

Congress has been debating resolutions proposing constitutional change to ease restrictions on foreign investment. The proposals seek to open the Philippines to foreign investment in public utilities, education, and advertising. — Justine Irish D. Tabile

Senate subcommittee to review mining tax regime proposals

Trucks load rocks and soil containing nickel ore minerals into a barge in the mining town of Sta Cruz in Zambales, Feb. 8, 2017. — REUTERS

THE SENATE has formed a ways and means subcommittee to tackle proposals to simplify and amend the fiscal regime for the mining industry.

“Upon the instruction of the committee on ways and means chairperson Senator Sherwin T. Gatchalian, I manifest for the creation for the record of a subcommittee to deliberate on House Bill No. 8937… and other such bills which may be referred to the committee covering the same topic,” Senate Majority Leader Joel J. Villanueva said on the Senate floor late Wednesday.

Senator and Finance Committee Chairman Juan Edgardo M. Angara will head the subcommittee, he added.

The House of Representatives in September approved House Bill No. 8937 on final reading. It seeks to establish a new fiscal regime for the mining industry through margin-based royalties and a windfall profit tax on large-scale miners.

The Department of Finance (DoF) on Wednesday pushed for a simpler mining regime with fewer tax tiers and lower rates to boost compliance.

It is proposing that large-scale miners operating within mineral reservations pay the equivalent of 5% of gross output, up from the 4% proposed in the House bill.

The DoF is also pushing to simplify the windfall profit tax to four tiers from 10 proposed in the House.

The current regime requires mining companies to pay corporate income tax, excise tax, royalty, local business tax, real property tax, and fees to indigenous communities. A mining fiscal regime measure has yet to be filed before the Senate.

The DoF is expecting its proposals for the fiscal regime to generate an average of P10.23 billion a year between 2025 and 2028, it said in a statement.

The government also expects to generate P5.55 billion yearly from royalties from miners operating within mineral reservations, P1.31 billion from royalties on miners outside mineral reservations, and P3.37 billion from windfall profit taxes.

Michael T. Toledo, chairman of the Chamber of Mines in the Philippines, told BusinessWorld that the current mining fiscal regime is more burdensome than those of Indonesia, Chile, Peru and South Africa.

“The addition of income-based taxes being proposed in HB 8937 will help sustain existing mining operations and encourage quality investment in the hugely untapped Philippine minerals sector,” he said last month. — John Victor D. Ordoñez

Fuel Masters, Gin Kings raring to make their Philippine Cup run

Games Friday
(Smart Araneta Coliseum)
4:30 p.m. — NorthPort vs Phoenix
7:30 p.m. — Ginebra vs Rain or Shine

ON deck and raring to make their runs in the Philippine Basketball Association (PBA) Season 48 Philippine Cup are two semifinalists from the PBA Commissioner’s Cup — Phoenix Super LPG and Barangay Ginebra.

The Fuel Masters, who surprised most with their Final Four feat in the import-laden conference with a youth-laden crew, look to build on this as they take a crack at the All-Filipino jewel beginning today at the Smart Araneta Coliseum.

First up for Jamike Jarin’s debuting troops is NorthPort, which comes into the 4:30 p.m. encounter already warmed up after a pair of 53-minute matches, a 100-107 loss to NLEX and 112-104 victory over Converge.

The Gin Kings, meanwhile, return to PBA action after getting swept by eventual champion San Miguel in the race-to-three semis of the previous conference.

Coach Tim Cone and the crowd darlings led by his Gilas Pilipinas stalwarts Scottie Thompson, Japeth Aguilar and Jamie Malonzo (moving on from the viral restaurant fighting incident he got involved in last month) and behemoth Christian Standhardinger aim to start positively versus Rain or Shine (0-2) at 7:30 p.m.

On account of their strong performance last conference, the Fuel Masters go into battle with high confidence and motivation.

“We’re excited to play. We just need to prove to everybody, again, that it wasn’t a fluke that we made it to the semis,” said Mr. Jarin, whose team racked up six straight wins en route to No. 4 seeding and twice-to-beat incentive in the Commissioner’s Cup playoffs, where it upset Meralco in two games in the quarters then gave top seed Magnolia a tough challenge in the semis before eventually losing in four.

But one major piece of that “fairytale run” is no longer at the team’s disposal now — the do-it-all Best Import Johnathan Williams III.

As such, the challenge is on the shoulders of veterans Jason Perkins, Javee Mocon, RJ Jazul and RR Garcia and promising youngsters like Tyler Tio, Ken Tuffin and Ricci Rivero to rise to the occasion and fill up the slack.

“We know everybody’s going to prepare hard against us so we have to double, or even triple, our efforts to get a victory in every game,” said Mr. Jarin. — Olmin Leyba

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