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Gov’t debt yields track US Treasuries’ decline

By Abigail Marie P. Yraola, Deputy Research Head

YIELDS on government securities (GS) traded in the secondary market were mixed last week amid the decline in US Treasuries and as weak data and tariff issues raised concerns about the outlook for the world’s largest economy.

GS yields, which move opposite to prices, inched down by an average of 0.03 basis point (bp) week on week, according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of Feb. 28 published on the Philippine Dealing System’s website.

Rates at the short end of the curve were mixed, with the 91- and 364-day Treasury bills (T-bills) declining by 1.39 bps (to 5.2794%), and 0.47 bp (5.7842%) week on week, respectively. Meanwhile, the 182-day T-bill went up 1.96 bps to fetch 5.6116%.

At the belly, the two-, three-, four-year Treasury bonds (T-bonds) saw their rates increase by 2.14 bps (to 5.8205%), 0.86 bp (5.8503%), and 0.17 bp (5.8831%), respectively. On the other hand, the five- and seven-year bonds inched down 0.13 bp (to 5.9212%) and 0.52 bp (6.0036%), respectively.

At the long end of the curve, yields fell across all tenors. The rates of the 10-, 20- and 25-year T-bonds went down by 0.81 bp, 1.15 bps and 0.96 bp to 6.1245%, 6.3474% and 6.3462%, respectively.

GS volume traded amounted to P24.79 billion on Friday, lower than the P39.83 billion recorded a week earlier.

“BVAL yields broadly tracked the movement in US Treasury yields, which dropped significantly over the week after a series of disappointing economic data on consumer sentiment and inflation expectations raised market fears of a likely wavering US economic performance from anticipated untoward effects of tariffs on consumption and future business prospects,” a bond trader said in an e-mail.

“Market participants have shifted their focus on the future viability of the United States to remain the trailblazer of global economic growth. Meanwhile, other developed economies have started strategizing their economic blueprints farther away from any trade policy pronouncements by US President Donald J. Trump,” the trader said.

ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo, Jr. said the lack of local catalysts led market participants to look to the US for drivers.

“For the week, local bond yields were slightly higher by 4-8 basis points across the curve. The yield curve saw a steepening move as investors positioned ahead of key economic data releases,” Mr. Ulpo said in a Viber message.

“Offshore, news regarding PMI (purchasing managers’ index) data, consumer sentiment, and tariff concerns affected US Treasury yields to dive lower. In particular, US President Donald J. Trump’s proposed tariffs introduced fresh uncertainties in the global trade outlook, causing a risk-off sentiment. This forced global investors to flee to safe haven assets as economic concerns continue to grow.”

Mr. Ulpo added that overseas uncertainties have affected interest in bonds.

“Domestic jitters from US policy uncertainties have likewise driven local demand strongly towards bond issuances as investors seek to secure relatively stable returns while waiting for greater clarity on future market opportunities,” the trader also said.

“Market participants have turned cautious in their approach to the bond market this year, primarily due to marked volatility in a rather less-risky market than equities.”

On Friday, the yield on benchmark US 10-year notes fell 6 bps to 4.227% from 4.287% late on Thursday, Reuters reported.

The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 8.9 bps to 3.991% from 4.08% on Thursday.

The prospect of higher US tariffs sent jitters through markets and revived concerns about an escalating global trade war.

Mr. Trump said on Thursday that 25% duties on imports from Canada and Mexico will come into effect on March 4 — not April 2 as he had suggested a day earlier — and said goods from China will be subject to an additional 10% duty. Last week, he also floated 25% tariffs on shipments from the European Union.

For this week, GS yield movements could be driven by the release of February Philippine consumer price index (CPI) data, which could affect the Bangko Sentral ng Pilipinas’ (BSP) policy easing path, Mr. Ulpo said.

The government will release CPI data on March 5 (Wednesday). The BSP said February headline inflation may have settled within 2.3%–3.0%.

“A reading at the lower end of this range could further reinforce expectations of a rate cut, potentially driving demand for government securities,” Mr. Ulpo said.

He added that the market will continue to monitor global developments, including the Trump administration’s trade policy and the movements of major central banks.

“On the global front, US labor market data will be a key factor in shaping expectations for the Federal Reserve’s next policy move, adding another layer of policy cue to market sentiment.”

“Domestic yields are seen to continue broadly declining next week from the compounded effect of lingering BSP policy rate cuts, anticipation ahead of the lower reserve requirement by end-March and brewing concerns on the global economic growth likely to exert downward pressures across the different portions of the yield curve,” the bond trader added.

The result of the Bureau of the Treasury’s bond auction this week could also affect GS yield movements, Mr. Ulpo said.

“The Bureau of the Treasury is set to offer a five-year bond at the primary auction, with yields expected to clear within the 5.95%–6.05% range. Market participants will closely watch the auction results to gauge demand for mid-tenor bonds ahead of the BSP’s anticipated rate cut in April.” — with Reuters

S. Korea-PHL consortium to build Clark low-cost housing complex

A CONSORTIUM consisting of South Korean and Filipino companies is investing P4.8 billion for an affordable housing complex in New Clark City, the Bases Conversion and Development Authority (BCDA) said.

“The BCDA is seeking to partner with a consortium of South Korean and local companies to develop a 6.1-hectare affordable housing complex in New Clark City, aiming to address the housing shortage and foster sustainable urban growth,” it said on Saturday.

The consortium includes Sta. Clara International Corp., Saekyung Realty Corp., and Korea Overseas Infrastructure and Urban Development Corp.

The project is expected to feature 12 high-density residential buildings with 3,320 units. Some 2,600 units will go on the open market, while the remaining 720 units will be offered under the Pambansang Pabahay Para sa Pilipino (4PH) Program.

“Beyond addressing housing needs, this project, if realized, will generate jobs, attract investment, and drive economic growth in Central Luzon,” BCDA President and Chief Executive Officer Joshua M. Bingcang said in a statement.

The project is also expected to incorporate green spaces and parks, road networks and stormwater drainage systems, fire protection measures and disaster-ready structures, retail and commercial spaces, and sports and leisure facilities.

In 2023, BCDA entered a memorandum of understanding with the Department of Human Settlements and Urban Development (DHSUD) to develop the initial housing units for the 4PH Program inside New Clark City.

CAMP JOHN HAY
In a separate statement, the BCDA said that investments in Camp John Hay have hit P1 billion in the two months since it regained full control of the property in January.

“This reflects the business sector’s trust and confidence in the BCDA’s track record and its plans of transforming the iconic destination into a premier ecotourism and investment hub,” it said.

To date, the BCDA has signed 75 residential and commercial lease agreements in Camp John Hay, totaling P1 billion in investments.

Of the contracts signed, 70 were residential lease agreements signed with Filipino and foreign nationals, including Koreans, while the remainder were commercial lease agreements.

“Numbers don’t lie. Breaching a billion mark in just two months is proof that Camp John Hay is thriving as more and more investors are seeing its potential of becoming the country’s next ecotourism and investment hub under the management of BCDA,” Mr. Bingcang said.

“More exciting things will be announced soon, as we are set to close more contracts and deals in the next weeks,” he added.

The BCDA said some of the investments have come in, including those from Metro Pacific Investments Corp. subsidiary Landco Pacific Corp., Stern Real Estate Development Corp., Amare La Cucina, Golfplus Management, Inc. (GMI), DuckWorld Philippines, and Top Taste Trading, Inc.

The BCDA is also conducting a review of the comprehensive master plan of the John Hay Special Economic Zone.

In January, the BCDA projected that investments in Camp John Hay will hit P10 billion under its management. — Justine Irish D. Tabile

How PSEi member stocks performed — February 28, 2025

Here’s a quick glance at how PSEi stocks fared on Friday, February 28, 2025.

Peso may move sideways as markets digest key US economic data, tariffs

BW FILE PHOTO

THE PESO could continue to move sideways against the dollar this week as the market digests key US economic data released over the weekend, which could affect the US Federal Reserve’s policy path moving forward.

On Friday, the local unit closed at P57.995 per dollar, weakening by 8.5 centavos from its P57.91 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso also declined by three centavos from its P57.94-per-dollar finish on Feb. 21.

“The dollar-peso traded lower after US President Donald J. Trump said the tariffs on Canada and Mexico will take effect next week, and an additional 10% tariffs on China,” a trader said in a phone interview on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that Mr. Trump’s comments caused safe-haven demand for the greenback on Friday.

Investors unnerved by the prospect of Mr. Trump’s impending tariffs drove a wave of selling on Friday that hit risk-sensitive currencies such as the Australian dollar and sent bitcoin tumbling, thereby boosting the dollar in the Asian session, Reuters reported.

On Thursday, Mr. Trump said his proposed tariffs of 25% on Mexican and Canadian goods would take effect on March 4, along with an extra 10% duty on Chinese imports, defying expectations of those who hoped for a further delay in the levies.

For this week, the trader said the peso’s movement would depend on US core personal consumption expenditures (PCE), personal income, and consumer spending data, which were released after the Asian trading session on Friday.

The trader sees the peso moving between P57.70 and P58.20 per dollar this week, while Mr. Ricafort expects it to range from P57.75 to P58.15.

In the US session, the US dollar edged lower on Friday following two straight days of gains, after a reading on inflation was largely as anticipated by investors while consumer spending unexpectedly fell, Reuters reported.

The PCE price index increased 0.3% in January, in line with expectations of economists polled by Reuters, after advancing by an unrevised 0.3% in December. In the 12 months through January, prices rose 2.5% after increasing 2.6% in December.

The Fed tracks the PCE price measures for its 2% inflation target. The US central bank paused rate cuts in January, leaving its benchmark overnight interest rate in the 4.25%-4.5% range, having reduced it by 100 basis points since September, when it started its easing cycle.

But consumer spending, which accounts for more than two-thirds of US economic activity, dropped 0.2% in January after an upwardly revised 0.8% increase in December.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.1% to 107.25, with the euro up 0.18% at $1.0416.

For the week, the dollar was up about 0.5% but down more than 1% for February, poised for its largest monthly decline since August.

Expectations the Federal Reserve will cut rates by at least 25 basis points (bps) at its June meeting edged up after the data, with markets pricing in a 71.4% chance of a cut, up from nearly 70% in the prior sessions, according to CME’s FedWatch Tool.

Fed officials have recently indicated they expect the central bank to hold rates steady until there is more clarity surrounding the impact of tariffs on inflation and a slowing economy.

Minutes of the US central bank’s Jan. 28-29 policy meeting showed officials were worried about higher inflation from Mr. Trump’s initial policy proposals. The policy rate was hiked by 5.25 percentage points in 2022 and 2023 to quell inflation.

The greenback had fallen earlier last week by nearly 4% from a more than two-year high in January on renewed worries about US economic growth and inflation as Mr. Trump shifted tariff deadlines on Canada and Mexico.

Investors are also bracing for the labor market impact from actions by the Department of Government Efficiency under Elon Musk.

Against the Japanese yen, the dollar strengthened 0.65% to 150.77 but has fallen nearly 3% for February as investors largely expect the Bank of Japan to hike interest rates this year. — AMCS with Reuters

Stocks may rebound before PHL inflation report

REUTERS

PHILIPPINE SHARES may rebound this week on increased flows amid fresh catalysts, including inflation and factory activity data, and with the market awaiting developments regarding the Trump administration’s trade policy.

On Friday, the Philippine Stock Exchange index (PSEi) slumped by 2.06% or 126.12 points to close at 5,997.97, while the broader all shares index declined by 1.83% or 67.07 points to end at 3,588.12.

Week on week, the PSEi went down by 1.64% or 100.07 points from its 6,098.04 finish on Feb. 21.

“The benchmark index failed to hold above the 6,000 psychological support level, impacted by the latest MSCI (Morgan Stanley Capital International) rebalancing,” online brokerage 2TradeAsia.com said in a market note.

For this week, 2TradeAsia.com said the release of February Philippine headline inflation data on March 5 (Wednesday) will take center stage. The consumer price index may have settled within 2.3%–3% last month, the Bangko Sentral ng Pilipinas said on Friday.

Anticipation for the report may cause the PSEi to rise on Monday, Rastine Mackie D. Mercado, research director at China Bank Securities Corp., said in an e-mail.

“We think that the PSEi could bounce back at Monday’s open given the MSCI-flows related forced downward closure on Friday. If this expectation materializes, we see the PSEi continuing to traverse the 6,000-6,150 range for most part of the week,” he said. “Upcoming data releases, such as the domestic February manufacturing PMI (purchasing managers’ index) and inflation could also spur reactive moves.”

“If the PSEi is able to find its footing atop 6,000 in the coming week, then prospects of a retest of the 6,150 level remain in play in the short term.”

Meanwhile, tariff announcements from US President Donald J. Trump could continue to weigh down market sentiment, said Toby Allan C. Arce, head of sales at Globalinks Securities and Stocks, Inc.

“The international community is increasingly wary of Trump’s hardline stance, which targets countries accused of unfair trade practices, drug trafficking, and immigration challenges… Investors, who had become less reactive to trade headlines, are now recalibrating their outlook as these measures threaten to exacerbate global economic uncertainties,” Mr. Arce said in a Viber message.

Mr. Trump said on Thursday that 25% duties on imports from Canada and Mexico will come into effect on March 4 — not April 2 as he had suggested a day earlier — and said goods from China will be subject to an additional 10% duty, Reuters reported. Last week, he also floated 25% tariffs on shipments from the European Union.

2TradeAsia.com placed the PSEi’s immediate support at 5,800 and resistance at 6,000.

“External risks continue to cap rallies, but mean reversion and factor rotation could create tactical opportunities once confidence stabilizes,” it added. — Sheldeen Joy Talavera with Reuters

Philippines, South Korea launch latest clean-energy knowledge sharing program

JEROME CMG-UNSPLASH

THE Department of Energy (DoE) said it has launched a knowledge-sharing program with South Korea on clean energy.

In a statement on Sunday, the DoE said its 2024/25 knowledge sharing program serves as a platform for the exchange of expertise and best practices.

“We aim to gain invaluable insights and best practices that will help us draft policy, strengthen our institutions, and implement innovative energy solutions that respond to our country’s evolving energy landscape,” Energy Undersecretary Alessandro O. Sales said.

The two governments held high-level discussions in August to explore ways for the Philippines to benefit from South Korea’s advances in energy technology while showcasing its own strengths in renewable energy, particularly in geothermal and pumped hydropower generation.

The Korea Energy Economics Institute, Korea Advanced Institute of Science and Technology, Korea Trade-Investment Promotion Agency, and Korea Hydro & Nuclear Power, are participating in the program.

The Asia Economic Development Committee (AEDC) of South Korea serves as the program’s official coordinating organization for Philippine government-related knowledge-sharing matters, facilitating energy cooperation between the two countries.

“This program is not just about technology transfer, it is a testament to the enduring friendship and shared commitment of our nations to sustainable energy development,” AEDC Chairman Yoon Sukhun said.

As part of the program, the Philippines submitted three key proposals aligned with its energy transition and socioeconomic development goals. These include initiatives accelerating electric vehicle adoption and charging infrastructure, integrating floating solar and smart grid technologies, and strengthening capacity building for clean energy development.

Since its inception in 2004, the program has supported over 759 research projects, fostering collaborations that drive innovation and enhance institutional capacity.

“The Philippines and Korea reaffirm their dedication to fostering strong energy cooperation, leveraging shared knowledge, and driving forward sustainable energy solutions that will benefit both nations in the years to come,” the DoE said.

The Energy department is seeking to increase the share of renewable energy in the power generation mix to 35% by 2030. — Sheldeen Joy Talavera

Jobs plan for wholesale, retail industry due midyear

PHILIPPINE STAR/RUSSELL A. PALMA

THE Department of Trade and Industry (DTI) said it hopes to release a jobs blueprint for the wholesale and retail trade industry by midyear.

“We need to finalize it because we have to validate it with our partners,” Trade Undersecretary Mary Jean C. Pacheco told reporters.

The DTI’s partners for the blueprint are the Supply Chain Management Association of the Philippines (SCMAP) and the Philippine Retailers Association (PRA).

“(We expect to release it) maybe by midyear,” she said.

The blueprint will set targets, which Ms. Pacheco said it will require buy-in by the partners.

“We haven’t presented (the first draft) yet. Because we finished it in December,” she said.

“Our plan is to do consultations first with SCMAP, then do one with PRA, and then do another with the both of them.”

In October, Trade Secretary Ma. Cristina A. Roque said that the blueprint will help create a thriving job market in the industry and ensure that innovation and technological advancements translate into opportunities for workers.

It is projected to benefit over 10 million workers in wholesale and retail, which accounted for P4.4 trillion of gross domestic product in 2023, the DTI said.

In December, PRA President Roberto S. Claudio welcomed the roadmap, noting that it will bolster the economy.

“The retail sector is ready to embrace innovation and enhance the customer experience. This blueprint provides a clear roadmap for us to achieve those goals while contributing to economic progress,” Mr. Claudio said. — Justine Irish D. Tabile

Priority regulatory issues for the financial sector

Second of two parts

IN BRIEF:

• With consumers still adapting to recent sharp rises in the cost of living, regulators’ focus on ensuring financial resilience and good consumer outcomes will increase.

• In 2025, regulators will look at accountability and timely remediation of long-standing risk management weaknesses that had gone unaddressed. They will continue to engage financial institutions in ensuring that governance and risk management are strengthened, in line with the institutions’ changing strategy and ambitions.

The past years highlighted several critical issues for financial institutions and regulators, ranging from geopolitical and macroeconomic issues to growing challenges in balancing support for technology innovation with protecting consumer and markets from the attendant risks. This presents a convergence of risk factors over the coming year and beyond, with regulatory fragmentation expected to continue as policymakers prioritize country-specific approaches to matters such as financial stability, financial inclusion, sustainability, artificial intelligence (AI), resilience, and governance.

The EY 2025 Global Financial Services Regulatory Outlook identifies critical themes that will shape the regulatory landscape over the coming year, exploring key regulatory priorities for financial institutions in 2025 and offering strategies for navigating these challenges effectively.

The first half of this article explored the first two key regulatory priorities: navigating the fragmented regulatory landscape driven by national interests and emphasizing operational and financial resilience. This second half will discuss remaining priorities: focusing on securing positive outcomes for consumers and managing risk in an evolving environment.

POSITIVE CONSUMER OUTCOMES AND EXPANDING SUSTAINABILITY EFFORTS
While inflation is easing, financial difficulties for consumers and businesses continue. In many countries, there is a contradiction in the approaches to regulations on financial stability and financial inclusion. On one hand, policymakers are encouraging international competitiveness and deregulation, and on the other, focusing on ways to boost citizens’ financial wellbeing and empowerment by helping them to build savings for later life, protecting access to financial services, and promoting competition.

With consumers still adapting to recent sharp rises in the cost of living, regulators’ focus on ensuring financial resilience and good consumer outcomes will increase. The UK’s adoption of the Consumer Duty in 2023 has attracted global attention, with several national regulators preparing to enhance consumer protections. This greater focus on helping customers build financial resilience supports the ESG agenda on financial inclusion, and looking beyond compliance to actual customer outcomes can offer financial institutions an opportunity to gain a competitive advantage.

On the global sustainable finance front, ESG reporting on emissions, climate risks and sustainability is becoming a business norm for the largest companies. There are similar initiatives and roadmaps with timelines on the Philippine front, not only on reporting requirements but also other areas like the sustainable finance taxonomy guide and climate risk stress testing.

The sustainability agenda is starting to widen and deepen, including a broadening focus on the “E” of ESG beyond climate and a deliberate look at the “S” as it relates at least to financial, digital and economic inclusion. It will take time before financial institutions also face specific accountabilities on biodiversity and nature-related risks, but it is now increasingly clear that banks need to accept that sustainability has a direct link to financial stability and will continue to shape future regulatory responses.

Organizations need to understand how regulators may view the principle of fairness and be prepared to demonstrate how they are delivering in customers’ interests. This involves showing how their products and services cater to the needs of specific customer groups, including vulnerable customers. Additionally, firms should help customers understand common fraud and scams, use technology to monitor transactions, enhance security, and verify customer identity. By doing so, firms can build trust and ensure they are meeting regulatory expectations for consumer protection.

MANAGING RISK IN AN EVOLVING ENVIRONMENT
Governance will remain a top agenda. The banking crisis of early 2023 highlighted long-standing risk management weaknesses and failures to strengthen governance in line with changing strategies. Going into 2025, regulators will look at accountability and timely remediation of long-standing risk management weaknesses that had gone unaddressed. They will continue to engage financial institutions in ensuring that governance and risk management are strengthened, in line with the institutions’ changing strategy and ambitions.

Moreover, they will put greater pressure on boards to ensure that they have effective oversight over risk management frameworks. It is imperative for financial institutions to pay close attention to feedback from supervisory interactions and cross-sector reviews.

The outlook provides the following points for organizations to consider for risk management, governance and accountability:

• Prioritize investments in systems and data that allow the proactive self-identification of issues and implementation of controls before the risks crystallize

• Explore how advanced technologies such as data analytics and AI can help predict future issues

• Conduct regular testing to better anticipate emerging issues

• Evaluate whether the three-lines-of-defense model is delivering optimal results

• Ensure governance arrangements give board members sufficient oversight of the firm’s risk environment

• Approach regulatory relationships systematically, with feedback being tracked and revisited to ensure that issues are being addressed

By doing so, firms can demonstrate their commitment to robust risk management and governance practices, meeting regulatory expectations and building a foundation for long-term success.

NAVIGATING THE REGULATORY LANDSCAPE FOR LONG-TERM SUCCESS
Governments see the finance sector as key to delivering economic and social objectives. Firms must engage with regulatory agendas to contribute insights and understand the issues driving policymakers’ and regulators’ thinking. They must also demonstrate that their risk management is flexible and responsive to a changing environment, and that they have the data and tools to deliver against regulators’ priorities.

As we move into 2025, financial institutions must be prepared for market disruption and volatility while delivering good outcomes for customers. The onus is on firms to prove that their risk management and governance arrangements are agile and robust enough to meet these concerns. By focusing on resilience, consumer outcomes, and timely remediation of weaknesses, financial firms can navigate the regulatory landscape effectively and build a foundation for long-term success.

This two-part article is part of a larger series on future trends for the financial services industry. In the following weeks, we will discuss how digital transformation drives the workforce in financial institutions, harnessing the power of Generative AI in banking, and building operational and financial resilience.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Christian G. Lauron is the financial services organization (FSO) leader of SGV & Co.

DLSU Lady Spikers beat Fighting Maroons to share UAAP third spot

DLSU LADY SPIKERS — UAAP/YVAN MARTINEZ

Games on Wednesday
(SM Mall of Asia Arena)
10 a.m. – UE vs FEU (men)
12 p.m. – UP vs UST (men)
2 p.m. – UE vs FEU (women)
4 p.m. – UP vs UST (women)

DE LA SALLE University (DLSU) got back on track by drubbing host University of the Philippines (UP), 25-22, 24-26, 25-18, 25-17, to dodge a worst start in almost two decades in the UAAP Season 87 women’s volleyball on Sunday at the Mall of Asia Arena.

Former Rookie-MVP Angel Canino led the way with 24 points on 20 hits as the Lady Spikers improved to 2-2 for a share of the third spot with the UP Fighting Maroons and the Adamson University Lady Falcons halfway through the first round.

La Salle, the UAAP Season 85 champion, absorbed another meltdown against the University of Santo Tomas earlier this week for a 1-2 start that matched the school’s dismal start in 2006, when it ironically won the title behind a 10-game winning streak.

Against the vastly improved UP, La Salle said enough with hopes of taking control of its fate as early as possible — especially against a tough field led by unbeaten champion National University.

The Lady Spikers did behind the contributions of Shevana Laput and Katrina del Castillo with 21 and 11 points, respectively. Libero Lyka De Leon took care of the floor defense with 18 digs and 14 receptions as new playmaker had Julyana Tolentino had 10 sets.

La Salle yielded an extended second set, regrouped in the third and was on the verge of allowing a rubber only to unleash a strong 9-2 finishing kick from a close 16-15 cushion to capitalize on UP’s inexperience.

Irah Jaboneta dropped an all-around game of 15 points, 11 receptions and eight digs while Joan Monares had 11 in UP’s second straight defeat.

In the men’s division, leader Far Eastern University (4-0) topped Ateneo De Manila University (2-2), 25-23, 32-30, 23-25, 25-15, to stay undefeated while La Salle (2-2) bested UP (1-3), 23-25, 25-13, 26-24, 25-15. — John Bryan Ulanday

Filipino runner Arbois tops best time in Tokyo Marathon

ASICS brand ambassadors (L-R) Richard Salaño, Migs Bustos and Arlan Arbois, Jr. represented the country in the Tokyo Marathon in Japan on Sunday.

TOKYO — Filipino runner Arlan Arbois, Jr. always had a knack for turning something out of nothing.

With little time to prepare after juggling national team duties and his responsibility as a newly enlisted Army personnel, the 24-year-old 2023 Phnom Penh Southeast Asian Games silver medalist came through with his best effort to date in the Tokyo Marathon on a windy, cold Sunday morning here.

Armed with nothing less but an iron will, the proud son of San Rafael, Davao City, who is an ASICS ambassador, clocked two hours, 24 minutes and 23 seconds in this 42.195-kilometer race that started in front of the Tokyo Metropolitan Government Building and ended between the Imperial Palace and the Tokyo train station.

He surpassed his previous best time of 2:26.38 in December a year ago in a race back home.

Forget about finishing 125th out of over 38,000 in this annual race considered as one of the seven “majors” of the sport, what mattered was Mr. Arbois accomplished what he had set out for.

“I didn’t expect it because I had little preparation because I was just recently accepted in the Army,” said Mr. Arbois, who wore ASICS’ newly released Meta Speed Edge, in Filipino.

“But every time I race, I always try to improve on my time. And I’m happy I did here,” he added.

Veteran Richard Salaño, in contrast, had a strong start but the chilly weather caught up on him and struggled in the end and finished at 174th in 2:28.40, or less than four minutes off his target.

“I was doing okay in the first 32 minutes and I thought I was on course of reaching my target and even touching the national record,” said the 33-year-old Army Corporal from Bulacan, whose trip was funded by ASICS.

“But I felt the chills in the 34th minute and I was just never the same. The cold weather got into me. Maybe because I stopped training for a week last month because I got sick,” he added.

It was the second time Mr. Arbois got the better of Mr. Salaño, after the former bested the latter in Cambodia two years ago in snatching the silver when not many even considered him a medal contender.

But Mr. Arbois came through.

And here in the land of the rising sun, he did it again. — Joey Villar

Man City defeats Plymouth; Bournemouth reaches FA Cup quarters for only third time

LONDON — Favorites Manchester City stayed on track for an eighth FA Cup triumph but were given a scare by second-tier Plymouth Argyle and Bournemouth reached the quarterfinals for only the third time by knocking out Wolverhampton Wanderers on Saturday.

Crystal Palace moved into the last eight after they beat second-tier Millwall although their 3-1 win was marred by an injury to French forward Jean-Philippe Mateta who was taken to hospital with concussion and a head wound after being clattered by Millwall goalkeeper Liam Roberts who was sent off.

Plymouth, second from bottom of the Championship, had stunned Premier League leaders Liverpool in the previous round and thousands of their fans made the long trip from Devon to the northwest hoping for another massive upset.

Maksym Talovierov gave them reason to dream when he headed Plymouth in front at The Etihad Stadium.

But teenager Nico O’Reilly equalized with a header from a Kevin de Bruyne free kick in first-half stoppage time and the left back then put City in front late on with another header from De Bruyne’s corner.

De Bruyne then made sure of City’s progress in the final minute but it was a battle for the Premier League champions who also came from a goal down to beat third-tier Leyton Orient in the previous round.

Bournemouth is chasing a European qualifying spot in the Premier League and their superb season under Andoni Iraola continued as it beat top-flight rival Wolves on penalties after a 1-1 draw on the south coast.

Evanilson gave Bournemouth the lead after 30 minutes and they should have finished the job before Matheus Cunha levelled for Wolves on the hour mark with a stunning long-range shot.

Cunha was sent off near the end of extra time after a clash with Bournemouth defender Milos Kerkez.

Wolves full back Matt Doherty had the chance to send his side through in the penalty shoot-out but missed the target and when Boubacar Traore’s effort struck the crossbar, Luis Sinisterra calmly sent Bournemouth through.

“I feel like we could have done it in 90 minutes, but the most important thing is we got the win and we’re into the next round,” Bournemouth’s Antoine Semenyo said.

Wolves could rue the loss of Cunha in the relegation battle as he faces a three-match ban.

“Cunha is a special player, he played in extra time when he was not in condition to play,” manager Vitor Pereira said.

“Last three weeks he has hamstring issue, emotional side was high in game, a lot of pressure and in the end it has happened, we must now cope.”

Palace eased past south London rivals Millwall but not without a cost. The 27-year-old Maheta was kicked in the head by Millwall keeper Roberts in the seventh minute at Selhurst Park and needed oxygen on the pitch before being taken to hospital. — Reuters

Balanced scoring pushes Sacramento past Houston

DEMAR DEROZAN and Zach LaVine combined for 41 points as the visiting Sacramento Kings rode a balanced offensive attack to a 113-103 victory over the Houston Rockets on Saturday.

Six Kings players scored in double figures as the team completed a sweep of the three-game season series with Houston. The Kings overcame the loss of center Domantas Sabonis to a left hamstring injury just over a minute into the game by shooting 50.6% from the field.

Jonas Valanciunas replaced Sabonis and produced 15 points, 14 rebounds and four steals. Malik Monk added 16 points and Keegan Murray posted 13. Keon Ellis chipped in 12 off the bench.

DeRozan (21 points, six assists) and LaVine (20 points, six rebounds) worked in tandem to confound the Houston defense. The Rockets trailed by 16 points midway through the first quarter and rallied to secure the lead in the second, only for DeRozan or LaVine to fashion responses to keep Houston at bay.

Alperen Sengun collected 30 points, 10 rebounds and five assists for the Rockets, while Jalen Green added 24 points. Guard Fred VanVleet returned after missing 11 games due to an ankle injury, and he tallied three points on 1-for-8 shooting in 35 minutes. The Rockets committed 16 turnovers.

The Kings turned a 15-0 run into a 19-3 lead while the Rockets opened the game shooting 1 for 12. Houston fashioned a 14-3 rally to work back into contention, with Jabari Smith Jr. capping the quarter with a transition dunk that cut the Sacramento lead to 25-21 entering the second.

LaVine, Trey Lyles and Jake LaRavia opened the second period with 3-pointers that helped the Kings extend to a 40-31 lead.

The Rockets rallied behind Dillon Brooks, who combined a 3-pointer with two three-point plays that pulled Houston even at 51-51. When Brooks followed with a 3-pointer at the 3:11 mark, the Rockets led 54-51. Brooks finished with 12 points.

Sacramento reclaimed a 63-59 halftime lead and, after Houston closed to within 84-82 on a three-point play by Sengun, the Kings used a 13-3 run bridging the final two periods to seize control.

The Rockets missed their final five shots of the third while committing three turnovers, and when Sacramento opened the fourth with a 3-pointer by Ellis and a driving layup by DeRozan, the lead reached 96-85. — Reuters

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