Daren dela Cruz tops U14 Age Group Chess Championship

July 26, 2022 | 12:01 am

DAREN dela Cruz overcame a first round defeat to rule the girls’ Under-14 (U14) division of the National Age Group Chess Championships that concluded over the weekend at the Robinson’s Place Malolos.

Ms. Dela Cruz dropped her opening round duel with Allie Jean Ong but scored 8.5 points in the last 10 rounds including a ninth-round triumph over fiercest rival and national girls juniors runner-up Ruelle Canino.

Robick Vohn Villa and Lexie Grace Hernandez, meanwhile, reigned supreme in the elite U18 section with the former seven points in nine rounds and the latter 10 out of the possible 11.

Cedric Khalel Abris drew his 11^th and last round game with Franklin Loyd Andes and then edged Jerish John Velardo via tiebreak (win-over-the-other rule) after the two ended up tied at first with 9.5 points to snare the boys’ U16 crown.

April Joy Claros split the point with Angel Nheazy Nicole Po in the final round to finish with 9.5 points and the girls’ U16 crown. — Joey Villar

8990 Holdings lines up projects for coming years

July 26, 2022 | 12:01 am

8990 HOLDINGS, Inc. said that it will be launching two new projects this year, in Quezon City and Pampanga, which it expects to generate P6 billion each apart from its pipeline projects for the coming years.

“Both of these projects would bring P6 billion each in revenues once completed,” 8990 Holdings President Anthony Vincent Sotto said during the company’s annual stockholders meeting on Monday.

The project in Commonwealth, Quezon City will have four high-rise buildings while the one in Pampanga will be a horizontal development situated on a 29-hectare property.

The company has several ongoing projects, including its Urban Deca Homes in Marilao, which will have 3,780 units; and Urban Deca Homes Banilad in Cebu, which will have 3,264 units. Both are expected to be completed by 2023.

In 2024, 8990 Holdings expects the completion of its 4,961-unit Urban Deca Homes Cubao, which has yet to start construction; Deca Homes Leganes in Iloilo, which will have 3,054 units; and Deca Homes South Bacolod, with 7,067 units.

In 2025, the company expects the completion of its Deca Homes Meycauayan project, which will have 5,169 units; Urban Deca Homes Ortigas, which will have 19,046 units; and Deca Homes Talomo in Davao, with 5,948 units.

Deca Homes Sta. Barbara in Iloilo will have 10,238 units and is expected to be finished by 2026.

Mr. Sotto said consumers are feeling the pinch of price inflation and 8990 Holdings was also affected in terms of construction costs.

“What we’ve been doing is that we’ve been planning ahead to make sure that we are vigilant in price changes in construction and we are able to adjust the prices so that it remains the most competitive in the market,” Mr. Sotto said.

“As for our buyers … they will likely keep their houses because our monthly amortization approximates what they would be paying for rent so it really makes sense for them to not forgo the purchase,” Mr. Sotto added.

On Monday, 8990 Holdings shares ended unchanged at P10.20 apiece on the stock exchange. — Justine Irish D. Tabile

RLC’s Bridgetowne hosts 2 sports events

July 26, 2022 | 12:01 am

ROBINSONS Land Corp.’s (RLC) Bridgetowne Destination Estate will be hosting two international obstacle sports events in August.

Ninja World Cup No. 1 by World Obstacle and New Fifth Discipline Test Event (Obstacle Discipline) by the International Modern Pentathlon Union will be held on Aug. 6 and 7 at the Bridgetowne Central Park.

“Bridgetowne’s expansive spaces and roads make it conducive to outdoor sports such as Obstacle Course Races (OCR) — there is plenty of space to set-up the obstacles, biking, running and more, making it a great and safe place for families, young and old alike, if they’re looking for active fun, sports and adventure,” Loise Albert Montes, senior development director for Bridgetowne, said in a statement.

Bridgetowne is a 32-hectare masterplanned destination estate being developed by Robinsons Land Corp. The estate will feature a mix of retail, commercial, offices, hospitality and residential developments.

Bridgetowne will soon unveil the 20-storey-high public art installation dubbed as “The Victor,” designed by Filipino-American visual artist Jefre Manuel Figueras. It will be installed next to the project’s 200-meter bridge connecting Quezon City and Pasig City.

FILSCAP celebrates Linggo ng Musikang Pilipino with lecture series

July 26, 2022 | 12:01 am

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IN CELEBRATION of this year’s Linggo Ng Musikang Pilipino, the Filipino Society of Composers, Authors and Publishers (FILSCAP), in partnership with the National Commission for Culture and the Arts (NCCA), will hold its 8^th Annual Master Lecture Series.

FILSCAP is the government-accredited non-profit collective management organization for music creators and copyright owners which primarily licenses the public playing, broadcast, and streaming in the Philippines of copyrighted local and foreign songs. Part of its mandate is to promote local music creation, development and appreciation.

The lecture series features renowned Filipino songwriters who will share tips, their songwriting process, and stories behind their compositions that have become part of the country’s collection of original Filipino songs.

The lectures will be held on July 26 with Yael Yuzon who co-wrote the songs “Bitiw,” “Di Na Mababawi,” and “Jeepney” by Spongecola; July 27, Ebe Dancel who wrote the songs “Bawat Daan,” “Dapit Hapon,” and “Dear Kuya” by Sugarfree; July 28, Fr. Manoling Francisco who wrote the church songs “Ama Namin,” “Anima Cristi,” and co-wrote “Tanging Yaman”; and July 29, Edwin Marollano who wrote the jingles “Ayos Na Ang Buto-Buto” by Vhong Navarro, “Asim Kilig” by Michael V., and “Mahal Ko o Mahal Ako” by KZ Tandingan.

Moderated by songwriters and music producers Jungee Marcelo, Trina Belamide, and Jonathan Manalo, the lecture series will be accessible on FILSCAP’s Facebook page at 7:30 p.m.

Proclamation 933, issued on Dec. 19, 2014, declares the last week of July as Linggo Ng Musikang Pilipino.

For more information, visit https://www.facebook.com/FILSCAP.

Philippines’ tax effort eased in 2020

July 26, 2022 | 12:01 am

THE PHILIPPINES’ tax effort eased in 2020 due to the coronavirus disease 2019 (COVID-19) lockdowns, falling below the Asia-Pacific average, a study showed. Read the full story.

BSP upgrades debt management system

July 26, 2022 | 12:01 am

THE BANGKO SENTRAL ng Pilipinas (BSP) has enhanced its external debt monitoring and analysis by shifting to the latest version of the Debt Management and Financial Analysis System (DMFAS).

“The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced analytical and managerial tools for debt portfolio analysis and reporting,” the BSP said in a statement on Monday.

“The upgrade to DMFAS 6 is expected to improve and expand BSP’s operations with the use of available DMFAS data sets in generating pre-built and user-defined reports,” it added.

The DMFAS acts as the primary database of the central bank for comprehensive external debt statistics used for operational and policy purposes. It is also used for dissemination to local and international stakeholders.

It is a database software developed by the United Nations Conference on Trade and Development (UNCTAD) in 2012. It is aligned with international standards and a rigorous set of validation checks to ensure the consistency of records.

The software is currently being used by 105 central banks and ministries of finance and other debt management offices in 69 countries.

The software is usually installed in a country’s central bank or Finance department or ministry. It supports the management of both external and domestic public debt, or loans and securities, and can also be used for private debt or grants, among others.

“Going forward, the BSP will continue its data-driven initiatives by expanding the coverage of the DMFAS database and analysis through possible integration with other external debt data sources,” the central bank said.

As of March, the Philippines’ external debt hit a record $109.8 billion, up by 3.1% from the $106.4-billion level as of end-December 2021.

Public sector external debt rose by $3.4 billion to $67.4 billion as of end-March, from $63.9 billion as of end-December 2021. Around $58.8 billion or 87% were National Government borrowings while the rest were loans of government-owned and -controlled corporations, government financial institutions and the BSP.

Meanwhile, the country’s outstanding debt stood at P12.5 trillion as of May. — K.B. Ta-asan

How PSEi member stocks performed — July 25, 2022

July 26, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, July 25, 2022.

Shares drop in thin trade ahead of SONA, Fed

July 25, 2022 | 9:00 pm

PSE-720p-2 — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE BELLWETHER INDEX ended lower on Monday in thin trade ahead of the President Ferdinand “Bongbong” R. Marcos, Jr.’s first State of the Nation Address (SONA) on Monday and the US Federal Reserve’s policy meeting.

The Philippine Stock Exchange index (PSEi) went down by 53.86 points or 0.86% to close at 6,209.53 on Monday, while the broader all shares index declined by 21.29 points or 0.63% to 3,359.77.

“Philippine shares started the last trading week of July quietly, as stateside will have a busy week ahead, both on the earnings and economic data front,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local bourse declined by 53.86 points [or] 0.86% to 6,209.53 as most investors are in a wait-and-see mode while waiting for President Marcos’ first State of the Nation Address and the Federal Reserve’s meeting this week,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“All sectors were in the red, led by the banks, declining 2.79%. This was dragged by the 4.62% drop of BDO Unibank, Inc. following its issuance of default notice to Udenna Corp.,” Ms. Alviar added.

Shares of companies under Dennis A. Uy-led Udenna Group also posted declines on Monday but managed to recoup their losses at the market’s close. Chelsea Logistics and Infrastructure Holdings Corp. lost 0.15 point or 11.81% to end at P1.12 each, DITO CME Holdings Corp. decreased by 0.14 point or 3.43% to P3.94, and PH Resorts Group Holdings, Inc. inched down by 0.02 point or 2.5% to P0.78.

The majority of sectoral indices ended in the red on Monday except for property, which went up by 22.25 points or 0.79% to 2,821.06, and mining and oil, which increased by 6.43 points or 0.05% to 11,255.39.

Meanwhile, financials declined by 41.88 points or 2.78% to 1,460.53; services dropped by 26.80 points or 1.63% to 1,615.62; industrials decreased by 77.28 points or 0.82% to 9,316.92; and holding firms lost 21.99 points or 0.37% to end Monday’s session at 5,870.67.

Decliners outnumbered advancers, 114 versus 61, while 47 names closed unchanged.

Value turnover climbed to P4.3 billion on Monday with 517.72 million shares changing hands from the P3.29 billion with 604.04 million issues seen the previous trading day.

Net foreign selling climbed to P690.95 million from the P146.35 million seen the previous trading day.

Regina Capital’s Mr. Limlingan said the market is waiting for the second-quarter earnings reports of companies such as Microsoft Corp., Apple, Inc. and Meta Platforms. He placed the PSEi’s support at 6,100 and resistance at 6,400.

Meanwhile, AP Securities Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message that the market will also monitor the US second-quarter gross domestic product estimate to be released on Thursday. He put the PSEi’s support at 6,000 and resistance at 6,400. — Justine Irish D. Tabile

Peso rises on lower oil prices, dollar weakness

July 25, 2022 | 9:00 pm

THE PESO rose against the dollar on Monday amid lower oil prices and the greenback’s decline versus other major currencies. — BW FILE PHOTO

THE PESO strengthened on Monday as the dollar eased versus other major currencies and amid a decline in oil prices.

The local unit closed at P56.10 per dollar on Monday, up by 18 centavos from its P56.28 finish on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P56.20 versus the dollar. Its weakest showing was at P56.25, while its intraday best was at P56.10 against the greenback.

Dollars exchanged inched down to $722.2 million on Monday from $789 million on Friday.

The peso strengthened on Monday amid the easing of the dollar against global currencies, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

“Peso also stronger after global oil prices easing to the lowest in about 3.5 months, with NYMEX crude oil price at $93 per barrel levels that could help ease inflation and lower the country’s oil import bill, as well as the recent easing of the benchmark 10-year US Treasury yield to 2.79%, among 2-month lows that could help reduced borrowing costs/financing costs,” Mr. Ricafort added.

The US dollar strengthened against the Australian and New Zealand dollars during Asian trading, although this move eased as European markets opened, Reuters reported. At 0715 GMT, the Australian dollar was flat against the greenback, while the New Zealand dollar was down 0.2% at $0.6242.

Versus the Japanese yen, the dollar was up 0.2% at 136.35.

The dollar index was at 106.760, having last week fallen from the two-decade high of 109.290 it hit in mid-July and analysts expect it to remain in demand.

Meanwhile, Brent crude futures for September settlement fell $1.19 or 1.2% to $102.01 a barrel by 0645 GMT, down for a fourth day.

US West Texas Intermediate crude futures for September delivery slid $1.33 or 1.4% to $93.37 a barrel, also down for a fourth day.

MUFG Bank Currency Analyst Sophia Ng said in a research note that the dollar weakened last week on the back of risk appetite improvements as well as a rally in the euro as the European Central Bank (ECB) delivered its rate hike on Thursday.

“The USD Index fell by 1.2% last week on the back of improvements in risk appetite due to stronger-than-expected US corporate earnings reports, in addition to a rally in the EUR (euro) on the ECB’s bigger-than-expected 50 bps (basis points) hike instead of 25 bps,” Ms. Ng said.

The ECB raised its benchmark deposit rate by 50 bps to 0%, its first rate increase in 11 years and a departure from eight years of negative interest rates, to rein in runaway inflation. It also raised its main refinancing rate to 0.50% and signaled more hikes.

However, the dollar’s weakness is unlikely to last as the US Federal Reserve is widely anticipated to raise its benchmark rate by at least 75 bps in its meeting this Wednesday, Ms. Ng said.

“Further, our London team expects the Fed to keep the possibility of another 75 bps hike in September alive at this meeting -— yet another factor that will help support the USD the week ahead,” she added.

“The peso strengthened after the downbeat European manufacturing and services reports last week fueled recession worries anew,” a trader said in an e-mail.

“The local currency might appreciate further as the greenback might lose appeal from a potentially downbeat US consumer confidence report [on Tuesday],” the trader added.

For Tuesday, Mr. Ricafort gave a forecast range of P55.95 to P56.20 against the dollar, while the trader expects a narrower band in which the peso might move within P56 and P56.20. — Keisha B. Ta-asan with Reuters

Zubiri elected Senate president; Romualdez is new House speaker

July 25, 2022 | 8:24 pm

By Alyssa Nicole O. Tan, Reporter
and Matthew Carl L. Montecillo

SENATOR Juan Miguel F. Zubiri, who was elected Senate president on Monday, vowed to push legislation that will create jobs, cut hunger and lower the prices of basic goods including food.

In a speech after his election, the senator also said lawmakers would be gauged based on how many houses for the poor are built, how much education is improved and how many people will benefit from economic growth, rather than social media popularity.

“It is with humility that I accept this position,” Mr. Zubiri said in plenary. “I do so conscious of the burden it carries, and committed to the work it entails. As presiding officer, I may wield the gavel, but not the power of this institution.”

“I say this because you and I know that never has the fate of the Senate been dependent on the hands of only one man. It has always rested on the collective shoulders of all its members.”

The Senate president vowed to push legislation that will allow the country not to lag behind the social, economic and technological curve.

“We do so in order to help the government — the presidency even — remedy deficiencies in the delivery of public services and recalibrate ineffective policies,” Mr. Zubiri said, promising that the Senate would remain independent.

The Senate would rather solve problems rather than find faults, he added. “While probes are magnets for publicity, it is the policies — laws patiently written line by line away from the limelight — that drive progress.”

Senators Pia S. Cayetano, Alan Peter S. Cayetano, Ana Theresia N. Hontiveros-Baraquel and Aquilino Martin “Koko” L. Pimentel III — who was elected minority leader — abstained from voting but said they would support Mr. Zubiri.

The Cayetano siblings would remain independent, while the other two would make up the upper chamber’s minority bloc.

“Together with Senator Pimentel I also make of record that I abstained on the vote on the Senate presidency and I’m glad that it will be on record that SP Migz was uncontested,” Ms. Hontiveros said, using Mr. Zubiri’s nickname.

“I also did not cast my vote in favor of my esteemed colleague. At this point, I would like to remain independent. I will also not participate or cast my vote on any minority leader,” Ms. Cayetano said.

“But as I have told the Senate president, he knows my commitment for the amazing work that the Senate will produce,” she said. “He knows that I will participate and ensure that nothing less than excellent work will come out of this Senate.”

Mr. Cayetano said he and his sister would be nonpartisan and would support and criticize anyone when needed.

Meanwhile, veteran lawmaker Lorna Regina “Loren” B. Legarda will be Senate president pro tempore, while Joel L. Villanueva will be the majority leader.

Ms. Legarda, who used to be a TV journalist and the most senior senator, cited the “great deal of work” before them. “It is not a cakewalk, and we cannot do this unilaterally.”

“For twenty-one years, we have had extensive experience as your legislator in the upper and lower houses. We have come a long way but we still have a lot to do,” she added.

Mr. Villanueva said he is ready to learn and listen as majority leader. “We will burn the midnight oil to live up to the responsibilities. We will not sleep or rest until we finish our job,” he added.

Also on Monday, Leyte Rep. Ferdinand Martin G. Romualdez, a cousin of President Ferdinand R. Marcos, Jr., was elected speaker of the House of Representatives.

The congressman got more than 280 votes, hours before the president’s first state of the nation address, according to the chamber’s Twitter account.

Mr. Romualdez, who is Lakas-CMD president, got the support of PDP-Laban, the National Unity Party, Nacionalista Party, the Nationalist People’s Coalition and the Party-List Coalition.

“With unity at the core of the government as our shared vision for the next six years, the House of Representatives requires — now more than ever — a leader that embodies inclusivity, possesses unquestionable competency and feels genuinely for the people we are all duty-bound to serve,” Ilocos Norte Rep. and presidential son Ferdinand Alexander A. Marcos III said in his nomination speech.

He also cited the Speaker’s legislative experience, which had helped pass two Bayanihan bills at the height of the coronavirus pandemic.

Former President and Pampanga Rep. Gloria Macapagal Arroyo was elected senior deputy speaker, while Zamboanga City Rep. Manuel Jose M. Dalipe will be the majority leader. Congressmen have yet to choose the minority leader.

Albay Rep. Edcel C. Lagman voted no, while Party-list Reps. Arlene Brosas, France L. Castro, Marissa P. Magsino and Raoul Danniel A. Manuel abstained.

Experts say Ateneo shooting signals bigger security issue

July 25, 2022 | 8:21 pm

By Kyle Aristophere T. Atienza and John Victor D. Ordoñez, Reporters

SUNDAY’S deadly shooting in one of the Philippines’ biggest universities could signal a bigger security issue and highlights the failure of the country’s justice system, according to political analysts.

The shooting, where at least three people died, “unmasked the hidden insecurity of the middle class that was not obvious before,” said Jairus D. Espiritu, a sociologist at the University of the Philippines.

“The killing of the former mayor right at the heart of one of the most exclusive schools in the country only showed that even the middle and upper-middle class are not safe,” he said, noting that most victims in the government’s drug war were poor.

The mayor’s assistant and a university guard also got killed.

The suspect, who is a licensed doctor from a city in southern Philippines, had accused the lady mayor of being a drug lord. He was not in police custody.

Police recovered two handguns and a silencer allegedly used by the suspect, whom police said had a long history of legal disputes with the mayor.

The suspect was out on bail for a cyber-libel charge. “This looks to be a determined assassin,” police Brigadier General Remus B. Medina, director of the Quezon City Police District who described the incident as “isolated,” told reporters on Monday.

Experts said the shooting showed the country’s culture of impunity made worse by ex-President Rodrigo R. Duterte, who had justified the killings in his anti-illegal drug campaign.

“This person would not have been emboldened to do this if he did not have a massive personal grievance based on his local context or if he did not believe that he’s doing this as part of a larger political project,” said Hansley A. Juliano, a former political science professor studying at Nagoya University’s Graduate School of International Development in Japan.

The gunman would also not have traveled from Basilan province to the Philippine capital “if he was not enabled along the way,” he added. “This was a vendetta at the local level, and this is not a new thing in the political scene in southern Philippines.”

Despite relaxed gun rules, school shootings are uncommon in the Philippines. But killings of politicians are not new in the country, especially during election season.

“The local spat was given symbolic cover because clearly, the suspect is treating his perceived political opponents as members of the partisan opposition against his political idols, such as the new President and his predecessor,” Mr. Juliano said.

He added that authorities should examine how the shooter had managed to bring this vendetta in public, on the eve of Philippine President Ferdinand R. Marcos, Jr.’s first address to Congress, for which a gun ban was enforced.

“This kind of random assassinations does pop up in many authoritarian contexts,” Mr. Juliano said, noting that the incident is no different from killings in the drug war.

Joy Aceron, convenor of transparency and accountability watchdog G-Watch, said the incident should prompt the public to push for policy engagements on justice system reform, accountability and peace.

“We should have a better prospect of improving the condition of our country to the point that random killings will no longer be a threat and impunity will no longer rule,” she said.

Mr. Medina said the shooting is unlikely to inspire future incidents. “This is just an isolated case,” he told the ABS-CBN News Channel. “It should not alarm the public.”

Mr. Medina said the gunman had entered the campus through GrabTaxi.

Quirino G. Esguerra, a lawyer for the late mayor’s family, called the illegal drug allegations against her “a big lie.” She said the suspect’s medical clinic in Lamitan City, Basilan province had been shuttered for operating without a permit.

COVID infections rose by 33% in past week, Health authorities say

July 25, 2022 | 8:21 pm

EXTENSIVE vaccination against Covid-19 continues including giving first and second doses of booster shots in some malls and hospitals in Manila. — PHILIPPINE STAR/ EDD GUMBAN

CORONAVIRUS infections in the Philippines rose by 33% to 19,536 in the past week, according to the Department of Health (DoH).

The average daily cases hit 2,791 on July 18 to 24, it said in a bulletin on Monday. Of the new infections, 56 were severe and critical.

DoH said 666 or 9% of coronavirus disease 2019 (COVID-19) patients in hospitals were in severe and critical condition. It added that 578 or 21.7% of 2,664 intensive care unit (ICU) beds for COVID-19 patients had been occupied as of Sunday.

“These case increases may translate to a spike in total and ICU admissions in October if compliance with minimum public health standard continues to decline and booster rates remain low,” DoH said in a separate statement. — Norman P. Aquino