World Bank slashes global growth forecast to 2.9%, warns of ‘stagflation’ risk

June 8, 2022 | 10:29 am

WASHINGTON – The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession.The war in Ukraine had magnified the slowdown in the global economy, which was now entering what could become “a protracted period of feeble growth and elevated inflation,” the World Bank said in its Global Economic Prospects report, warning that the outlook could still grow worse.In a news conference, World Bank President David Malpass said global growth could fall to 2.1% in 2022 and 1.5% in 2023, driving per capita growth close to zero, if downside risks materialized.Malpass said global growth was being hammered by the war, fresh COVID lockdowns in China, supply-chain disruptions and the rising risk of stagflation — a period of weak growth and high inflation last seen in the 1970s.“The danger of stagflation is considerable today,” Malpass wrote in the foreword to the report. “Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer.”Between 2021 and 2024, the pace of global growth is projected to slow by 2.7 percentage points, Malpass said, more than twice the deceleration seen between 1976 and 1979.The report warned that interest rate increases required to control inflation at the end of the 1970s were so steep that they touched off a global recession in 1982, and a string of financial crises in emerging market and developing economies.Ayhan Kose, director of the World Bank unit that prepares the forecast, told reporters there was “a real threat” that faster than expected tightening of financial conditions could push some countries into the kind of debt crisis seen in the 1980s.While there were similarities to conditions back then, there were also important differences, including the strength of the U.S. dollar and generally lower oil prices, as well as generally strong balance sheets at major financial institutions.To reduce the risks, Malpass said, policymakers should work to coordinate aid for Ukraine, boost production of food and energy, and avoid export and import restrictions that could lead to further spikes in oil and food prices.He also called for efforts to step up debt relief, warning that some middle-income countries were potentially at risk; strengthen efforts to contain COVID; and speed the transition to a low-carbon economy.The bank forecast a slump in global growth to 2.9% in 2022 from 5.7 percent in 2021, a drop of 1.2 percentage points from its January forecast, and said growth was likely to hover near that level in 2023 and 2024.It said global inflation should moderate next year but would likely remain above targets in many economies.Growth in advanced economies was projected to decelerate sharply to 2.6% in 2022 and 2.2% in 2023 after hitting 5.1% in 2021.U.S. growth was seen dropping to 2.5% in 2022, down from 5.7% in 2021, with the euro zone to see growth of 2.5% after 5.4%.Emerging market and developing economies were seen achieving growth of just 3.4% in 2022, down from 6.6% in 2021, and well below the annual average of 4.8% seen in 2011-2019.China’s economy was seen expanding by just 4.3% in 2022 after growth of 8.1% in 2021.Negative spillovers from the war in Ukraine would more than offset any near-term boost reaped by commodity exporters from higher energy prices, with 2022 growth forecasts revised down in nearly 70% of emerging markets and developing economies.The regional European and Central Asian economy, which does not include Western Europe, was expected to contract by 2.9% after growth of 6.5% in 2021, rebounding slightly to growth of 1.5% in 2023. Ukraine’s economy was expected to contract by 45.1% and Russia’s by 8.9%.Growth was expected to decelerate sharply in Latin America and the Caribbean, reaching just 2.5% this year and slowing further to 1.9% in 2023, the bank said.The Middle East and North Africa would benefit from rising oil prices, with growth seen reaching 5.3% in 2022 before slowing to 3.6% in 2023, while South Asia would see growth of 6.8% this year and 5.8% in 2023.Sub-Saharan Africa’s growth was expect to slow somewhat to 3.7% in 2022 from 4.2% in 2021, the bank said. — Reuters

A Brown Company, Inc. to hold annual stockholders’ meeting via remote communication on June 30

June 8, 2022 | 8:10 am

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Philex Mining Corp. to hold annual meeting of stockholders virtually on June 30

June 8, 2022 | 8:05 am

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Beneficial Life Insurance Company, Inc. to conduct annual stockholders’ meeting through remote communication on June 30

June 8, 2022 | 8:01 am

To register, please click the link:

https://form.jotform.com/benlifemis.com.ph/2022-ASM-registration

or send an email to:

corpsec@benlife.com.ph

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May inflation sizzles to 3-1/2-year high

June 8, 2022 | 12:34 am

shopper-grocery — A couple shops at a supermarket in Makati City. — PHILIPPINE STAR/ RUSSELL PALMA

INFLATION QUICKENED in May to its highest level in three and a half years, fueled by soaring food and transport costs, the statistics agency said on Tuesday.

The overall prices of consumer goods and services accelerated by 5.4% year on year in May, faster than the 4.9% in April and 4.1% a year ago, preliminary data from the Philippine Statistics Authority (PSA) showed.

This matched the median estimate in a BusinessWorld poll conducted late last week. It also hit the midpoint of the 5-5.8% forecast range given by the Bangko Sentral ng Pilipinas (BSP) for the month.

It was the second straight month that inflation zoomed past the central bank’s 2-4% target band.

The inflation print in May was the fastest pace in 42 months or since the 6.1% year-on-year growth logged in November 2018.

“The inflation path continues to be driven primarily by supply-side factors amid volatile global commodity prices. Supply chain disruptions could also contribute to inflationary pressures, and thus warrant closer monitoring to enable timely intervention to arrest emergence of further second-round effects,” BSP Governor Benjamin E. Diokno said in a statement.

Month on month, consumer prices went up by 0.4%. However, it increased by 0.5% on a seasonally adjusted month-on-month basis.

Inflation has averaged 4.1% annually so far this year, still lower than the revised 4.6% forecast by the central bank.

At a press briefing on Tuesday, National Statistician Claire Dennis S. Mapa said the May inflation print was driven by the rise in the prices of food and non-alcoholic beverages, utilities, and transport.

Prices of the heavily weighted food and non-alcoholic beverages jumped by 4.9% year on year in May, fueled by the 15.2% increase in vegetables, tubers, etc. and 6.2% jump in fish and seafood.

“We saw (in April) that the increase in transport costs was having a spillover effect on the food basket. This month, we have seen there is now a big effect,” Mr. Mapa said in Filipino, adding that they have not seen any supply issues.

Mr. Mapa also pointed out that rice inflation has been well managed. Inflation for rice dropped by 0.3% in the National Capital Region (NCR), and increased by 1.8% in areas outside the NCR.

Transport costs likewise climbed by 14.6% in May, as pump prices continued to climb amid volatility in the global market. Gasoline rose by 47.2%, while diesel surged by 86.2%.

The ongoing Russia-Ukraine war has pushed prices of oil above $100 per barrel amid concerns over supply. Russia is the world’s second-largest supplier of crude oil. Since the start of the year, the prices of gasoline, diesel and kerosene have gone up by P23.85, P30.30, and P27.65 per liter, respectively, according to the Energy department.

Housing, water, electricity, gas, and other fuels rose by 6.5% in May, easing from 6.9% in April but higher than 1.7% a year ago. Major contributors to this segment were electricity (17.6% in May from 19.5% in April), and liquefied petroleum gas (33.7% from 33.4%).

The food-alone index showed an increase of 5.2% in May, higher than the 4% in the preceding month and 3.7% from a year ago.

Meanwhile, inflation as experienced by the poor households jumped 4.3% in May from 3.8% in April. However, it was lower than 4.5% in May last year.

“The balance of risks to the inflation outlook now leans toward the upside for both 2022 and 2023. The upside pressures emanate from the potential impact of higher oil prices, including on transport fares, as well as the continued shortage in domestic pork and fish supply. Meanwhile, downside risks are linked mainly to the potential impact of a weaker-than-expected global economic recovery,” BSP’s Mr. Diokno said.

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. attributed the faster inflation rate to the rising prices in food and transport.

“Food and transport were the main contributors to the uptick which means second-round effects of higher oil, corn, wheat and fertilizer prices are starting to kick in. And with minimum wages set to rise, more second-round effects are expected to kick in the coming months,” he said in an e-mail interview.

The Labor department said a minimum wage increase ranging from P30 to P110 will be implemented in 14 regions starting this month.

“The strength of Philippine economic growth and demand indicators disproves that this inflation episode is purely supply-side driven,” Mr. Neri said, noting the need to hike more aggressively to combat inflationary expectations.

The National Economic and Development Authority (NEDA) said the extension of an executive order that lowers tariff rates for rice and pork imports, as well as cuts tariffs on corn will help ease global inflationary pressures. Executive Order (EO) No. 171 also temporarily removed the 7% duty on coal imports, in a bid to lower electricity prices.

Mr. Diokno said the central bank will continue to review the inflation and growth outlook ahead of the June 23 policy meeting.

“The pace and timing of any further monetary policy actions by the BSP shall be guided by data outcomes, in keeping with the BSP’s price and financial stability objectives,” Mr. Diokno said.

The Monetary Board hiked benchmark interest rates for the first time since 2018 by 25 basis points (bps) on May 19 to quell rising inflationary pressures.

“[The central bank] may have to actually hike (rates) more to avoid a sharper weakening of the peso which, in turn, will cause inflation to accelerate further,” Mr. Neri said.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said he expects BSP to continue to hike at the next few meetings “to get ahead of the curve.”

He said inflation will likely be elevated for the rest of the year, accelerating to a high of 6.8% in the fourth quarter and averaging 4.8% for the year.

“Given this outlook, a 25-bp hike is fully expected while a more forceful 50 bps may actually be necessary to get ahead of the curve,” Mr. Mapa said.

Mr. Neri projects inflation to settle above 4.5% this year, “more so if the conflict in Eastern Europe persists.”

In a note sent to reporters, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said another quarter-percentage-point hike would help temper rising inflation expectations as well as prevent inflation from spiraling. — MIUC

Marcos gov’t unlikely to suspend fuel tax

June 8, 2022 | 12:33 am

fuel-gas-station — Motorists start filling up gas at a station in Marikina City, June 6. — PHILIPPINE STAR/ WALTER BOLLOZOS

A SUSPENSION of the excise tax on fuel products is unlikely under the administration of President-elect Ferdinand R. Marcos, Jr., according to the incoming Finance chief.

Finance Secretary-designate Benjamin E. Diokno, who currently heads the Philippine central bank, said it would be unwise to suspend the excise tax on fuel products because reversing such a move would be “very difficult.”

“When you cut taxes on fuel, it will benefit everybody, the rich, the poor, the middle-income class,” he told CNN Philippines. “When there is a need to put it back, restore the cut because things have normalized, it’s very difficult to push such measures before Congress.”

“I think it’s a wrong move to cut taxes at this time.”

Mr. Diokno made the statement after fuel retailers on Tuesday raised the prices of gasoline, diesel and kerosene by P2.70, P6.55 and P5.45 per liter, respectively.

The current excise tax rate is P10 per liter for gasoline, P6 per liter for diesel, P5 per liter for kerosene, and P3 per liter for liquefied petroleum gas (LPG).

The Duterte administration had rejected calls to suspend excise taxes on fuel products despite the continued spike in oil prices. Instead, the government provided direct aid to the most vulnerable sectors.

Mr. Diokno said targeted assistance to jeepney drivers, farmers, and fisherfolk is “more efficient than cutting taxes” and that the next government “will continue that approach.”

However, some public utility drivers claimed they have yet to receive the P6,500 fuel subsidy promised by the government.

Mr. Diokno acknowledged that the delay in the distribution of the cash assistance is a “problem of implementation.”

“We’ll make sure implementation will be efficient and will be timely,” he said.

Mr. Marcos on Monday met with members of his economic team, including Mr. Diokno, incoming Budget chief Amenah Pangandaman, and incoming Socioeconomic Planning chief Arsenio M. Balisacan, among others.

Mr. Diokno said the economic team was tasked to prepare a medium-term fiscal plan for the next six years. “The first half will be a detailed fiscal plan,” he said, without giving details.

“The main goal is to reduce the [budget deficit] by the end of his term. We want to satisfy our plan to be an upper middle-income economy and reduce poverty by single digit.”

The government is targeting to bring down the budget deficit to 3% of gross domestic product (GDP) by 2028.

Meanwhile, Senator Mary Grace Natividad S. Poe-Llamanzares renewed her call for the suspension of excise tax on fuel and petroleum products until the global market normalizes, citing the possibility of a widespread transportation strike.

“The Executive department must alleviate the pain of our PUV (public utility vehicle) drivers and operators… While it is true that failure to meet our revenue targets may have adverse effects on our country, so could a transportation strike which can paralyze operations in key areas and cost us much more,” she said in a statement.

Senator Maria Imelda Josefa “Imee” R. Marcos said oil companies should increase the bioethanol content to keep pump prices low.

“While lawmakers are stuck in debate over a fuel excise tax suspension, increasing bioethanol content is the clear way forward to give some relief to consumers,” she said in a statement.

The Biofuels Act of 2006 requires oil companies to produce a gasoline blend with at least 10% bioethanol, but Ms. Marcos said the National Biofuels Board can recommend an increase in the minimum requirement, subject to the Energy department’s approval.

If bioethanol content is increased up to around 20% — the level safe for vehicle models as old as 2001, Ms. Marcos estimated that gasoline prices will drop by P3.60 per liter. — Kyle Aristophere T. Atienza and Alyssa Nicole O. Tan

Next central bank governor signals at least two rate hikes

June 8, 2022 | 12:32 am

FELIPE M. MEDALLA / COURTESY OF BANGKO SENTRAL NG PILIPINAS

THE PHILIPPINES will likely follow its interest-rate increase last month with at least two more hikes to curb inflation, according to the central bank’s incoming governor.

“It’s almost a sure thing to everyone that we will raise in June,” Felipe M. Medalla, a board member of the Bangko Sentral ng Pilipinas (BSP) who is set to take over from Benjamin E. Diokno as governor on July 1, said in an interview on Tuesday. There is a “90% chance there’s another one in August. The real question is: Is that the last one?”

He said the successive hikes will lift the benchmark rate to 2.75% from 2.25% now — a level seen reached by the end of third quarter in the median of forecasts compiled by Bloomberg. Increases beyond that will be data-dependent, Mr. Medalla said.

The BSP is scheduled to review policy settings on June 23 and subsequently on Aug. 18.

The peso fell by 0.2% to 52.95 per dollar, approaching the lowest since January 2019. Local stocks rose by 0.5%.

Mr. Medalla will take the helm at BSP as its rate hike cycle picks up speed to ride out the inflation wave sweeping the world. Consumer prices rose an annualized 5.4% in May, data released on Tuesday showed, the fastest in more than three years and well above the bank’s 2%-4% target.

The governor-designate also said the BSP need not move in lockstep with the US Federal Reserve, saying the nature of inflation in the Philippines is different from what the US is experiencing.

“Even if inflation is purely supply side, we are afraid there may be what we call second-round effects,” Mr. Medalla said in his first sit-down interview since accepting the nomination. Spillover inflation effects may materialize “if supply shocks are so prolonged.”

Second-round inflation has already materialized and the BSP wants to prevent a further buildup, Mr. Diokno said earlier on Tuesday after the latest inflation print. Both the incoming and outgoing BSP chiefs have signaled the need to tighten monetary policy after the lift-off in May. The policy prescription follows a clouded inflation outlook amid continued supply disruptions from Russia’s war in Ukraine that’s in its fourth month.

Philippines has among Southeast Asia’s quickest inflation. The peso slid last week to three-year low, potentially further fanning costs in a country that imports commodities from crude oil to wheat.

“Transmission of peso-dollar rate to inflation is quite low,” Mr. Medalla said, noting that the peso’s performance was better than the middle of the pack. He sees the Philippine economy growing at least 7% this year on the back of rejuvenated consumer spending as it recovers from the pandemic. — Bloomberg

Cebu Landmasters targets 21 projects worth P31.5B

June 8, 2022 | 12:08 am

PROPERTY developer Cebu Landmasters, Inc. (CLI) announced on Tuesday that it is planning 21 pipeline projects worth P31.5 billion.

“We are constantly getting better so that we can continue to scale up our performance and rise to the challenge of fulfilling all those housing demands, especially in VisMin (Visayas and Mindanao),” Chief Finance Officer Beauregard Grant L. Cheng said during the company’s annual stockholders meeting.

During the virtual event, he said that the company had set aside more than P13 billion for its 2022 capital spending to cover land acquisition and construction progress.

This year’s capital expenditure budget is 34.6% higher than last year’s P9.66 billion, and topped the P10.64 billion spent in 2018 when the company marked its first year of listing at the stock exchange.

“This (capital spending) will come in the form of more project launches across Visayas and Mindanao that will allow us to grow our topline and bottom line,” Mr. Cheng said.

He said the company had secured this year more funding facilities at longer tenors and at lower fixed rates.

Mr. Cheng said CLI is “confidently projecting” a 20% growth in revenues and net income to shareholders for 2022. He said financial results in the first quarter of the year indicate that the projections would be met.

In the first quarter, CLI posted P810.64 million in net income attributable to equity holders, 13.6% higher than the P713.83 million registered a year ago. It reported gross revenues of P3.65 billion, up 54% from P2.37 billion previously.

In 2021, the company reported that net income to shareholders surged by 42% to P2.61 billion. Consolidated revenues rose by 35% to P11.16 billion.

“Notwithstanding mobility restrictions and supply chain interruptions, our team achieved quick project turnarounds. Our construction activities stayed in full swing throughout 2021,” CLI Chairman and Chief Executive Jose R. Soberano III said in a statement.

“Our track record for delivering projects on time and our responsiveness to customer needs, thanks to digital innovations, allowed us to keep them satisfied and ready to endorse us to others,” he added.

Mr. Soberano said that CLI’s growth trajectory in 2022 will be supported by a land bank of 103 hectares valued at P12 billion.

“CLI will continue in 2022 to expand to new business segments, deepen our investments in the Visayas and Mindanao regions while strengthening internal systems to achieve its growth guidance of 20%,” Mr. Soberano said.

The company has said that its 22-hectare Davao Global Township (DGT) recently sold out the first three towers of its first residential project The East Village at DGT, with a fourth tower to be launched soon.

The planning and development of a 14.3-hectare property in Cagayan de Oro is also underway. It is planned to be a mixed-use university town.

CLI is also working on reclamation on the 100-hectare Minglanilla Techno Business Park in Cebu.

On Tuesday, CLI shares ended higher by 1.51% or four centavos to close at P2.69 at the stock exchange. — Luisa Maria Jacinta C. Jocson

North Star defers IPO on increased market volatility

June 8, 2022 | 12:07 am

NORTH Star Meat Merchants, Inc. announced on Tuesday that it is deferring its planned initial public offering (IPO) amid concerns about market volatility and inflationary pressures.

“While reception to the company and its plans has been positive, the company was constrained to defer the IPO due to increased market volatility amidst inflationary concerns,” the company said in a letter to the Philippine Stock Exchange (PSE). The letter was dated June 6 but made public on June 7.

North Star’s proposed listing would offer up to 392 million common shares, consisting of up to 360 million primary common shares and up to 32 million secondary common shares, with an overallotment option of up to 58 million secondary common shares.

The shares would have an offer price of up to P10 per share, bringing the IPO size to P4.5 billion.

According to the latest PSE advisory, the offer period was planned to run from June 13 to 17, with a tentative listing date on June 24.

The company said the deferral was made in consultation with BDO Capital & Investment Corp. and China Bank Capital Corp., its joint lead underwriters and joint bookrunners.

It also intends to proceed with its expansion plans with an adjusted timetable and funding source. The company earlier announced that proceeds from the offering will be used to expand its cold chain infrastructure, improve its operating cycle efficiencies and expand its product lines and research and development work.

“The company continues to believe in its growth prospects and hopes to be able to tap the capital markets in the future,” North Star said, adding that “we shall update the exchange of the company’s future plans with respect to the IPO at an appropriate time.”

North Star is a meat vendor and retailer. It operates 360 meat concessions nationwide, with a cold storage capacity of 8.09 million kilograms and a capacity to deliver up to 120,000 kilograms of meat daily. — Luisa Maria Jacinta C. Jocson

Buddha’s stories translated into Filipino

June 8, 2022 | 12:06 am

1 of 3

WHEN the human king observes a monkey save his troop from an accident on the mango tree they were living in, the human king learns in the end to not only how to be king but to be a servant leader from then on — that is the moral of the story which listeners’ learn from “Ang Haring Matsing” (“The Monkey King”). It is just one of the stories from the Jataka Tales which is now available as a 12-episode podcast.

The podcast is a collaboration between the Embassy of India in Manila and Areté Ateneo in which the Jataka Tales have been translated into Filipino.

Among the oldest and best-known stories of Indian literature, the Jataka Tales consists of stories with each featuring the Buddha in different forms until he attains enlightenment. Each story ends with a profound teaching and a moral lesson.

THE PROJECT
In February 2021, the Embassy of India in Manila contacted the faculty of Areté Ateneo about producing the Jataka Tales.

“We do have a very strong relationship with lots of universities, but because Ateneo had strong capacities in terms of production, we got a lot of support,” Ambassador Shambhu S. Kumaran told BusinessWorld at the podcast’s launch on May 31 at the Doreen Theater at the Ateneo Art Gallery.

“We decided that we should do more work together for cultural understanding and academic exchanges,” Mr. Kumaran added.

Titled Kwentong Jataka, each of the 12 short podcasts narrates one of the Jataka Tales in Filipino. Among the stories included are Ang Jackal na Nagligtas sa Leon (The Jackal Who Saved the Lion) which talks about friendship and trust, Uling’ ni Impo (Granny’s Blackie) which focuses on dept of gratitude, and Ang Puso ng Matsing (The Heart of the Monkey) which highlights courage.

The project aims “to contribute towards making enriching supplementary learning resources accessible for young learners in the Philippines,” a press release stated.

The project was conceptualized and funded by the embassy while the translation of stories into Filipino, the development of illustrations, and the production of podcasts was carried out by faculty of Areté Ateneo and the Filipino Language Department of Ateneo de Manila University.

“As children, what really moved us are stories. Today, I heard echoes of what I heard when I grew up, and am delighted that hopefully hundreds of Filipino children will also hear the stories from another culture,” Mr. Kumaran said in his speech during the launch. “While we may be so varied in so many things, the human condition is similar.”

The project is a part of the Indian Embassy’s effort to encourage wide-ranging, people-oriented and forward-looking educational collaboration with Philippine entities.

The Kuwentong Jataka podcasts are available for free on the website and YouTube Channel of the Embassy of India, the website of Areté Ateneo, as well as on Spotify and Apple podcasts. — Michelle Anne P. Soliman

New management denies alleged violence in Okada Manila takeover

June 8, 2022 | 12:06 am

THE new management operating casino-hotel Okada Manila has denied allegations of violent takeover and kidnapping when it took over the establishment.

Its denial comes after criminal complaints were filed by members of the ousted board, as disclosed to reporters on Monday.

Vincent Lim, assistant vice-president for corporate marketing and communications of Okada Manila, said in an e-mailed statement late on Monday that the charges filed against the camp of Kazuo Okada and Antonio O. Cojuangco are “pure fabrication and have no legal basis whatsoever.”

“No violent incidents occurred during the enforcement of the status quo ante order (SQAO),” Mr. Lim said.

“This was further corroborated by Major General Val de Leon of the Philippine National Police (PNP) who reported that elements of the Parañaque Police were present during the enforcement of the SQAO for the sole purpose of ensuring that no untoward incidents would occur during the serving of the SQAO at Okada Manila,” he said.

He added that representatives of the Philippine Amusement and Gaming Corp. also witnessed what transpired.

The statement from Mr. Okada’s camp came after the ousted board of the Tiger Resort, Leisure and Entertainment, Inc. (TRLEI) filed complaints before the Department of Justice (DoJ) on June 6 against Mr. Okada, Mr. Cojuangco, and Dindo A. Espeleta, among others, citing the alleged “forceful takeover” of Okada Manila on May 31.

The complaints cited offenses such as grave coercion, unjust vexation, slight physical injuries, kidnapping and serious illegal detention.

In a press conference on June 6, the TRLEI camp claimed that Mr. Okada stormed the establishment on May 31, allegedly utilizing brute force and intimidation to “compel legitimate TRLEI officers to yield control over Okada Manila.”

On June 1, Mr. Okada’s camp issued a statement saying that the Philippines’ Supreme Court issued the SQAO in April, which determined Mr. Okada as the single representative of Tiger Resort Asia Ltd. (TRAL), which is the parent firm of Okada Manila’s operator TRLEI.

Hajime Tokuda, director of Universal Entertainment Corp., which owns TRLEI, cited kidnapping as one of the offenses committed by the camp of Mr. Okada in his complaint to the DoJ. Mr. Tokuda claimed that he was taken against his will, was brought to an unknown car, and was transported home.

In response, Mr. Lim said that no kidnapping happened during the takeover, saying that Mr. Tokuda was transported to his home for his safety.

“Nothing could be further from the truth as far as the kidnapping of Mr. Tokuda is concerned. There was no kidnapping to begin with. In compliance with the implementing guidelines of the SQAO, all officers of Tiger Resorts were requested to vacate the premises of Okada Manila in a peaceful and orderly manner,” Mr. Lim said.

“Mr. Tokuda was, for his own safety and peace of mind, transported to his place of residence during the enforcement of the SQAO. No untoward incidents were reported by the police who were present during the enforcement of the SQAO,” he added.

Sought for comment, TRLEI Legal Counsel Estrella C. Elamparo said in a Viber message that the videos that became viral on social media speak for themselves.

“The videos, many of which have become viral on social media, photos and medico-legal reports speak for themselves. In legal parlance, res ipsa loquitur. (The thing speaks for itself.) Videos and photos cannot lie,” Ms. Elamparo said.

“Moreover, the SQAO had no implementing guidelines. This claim is absurd as their claim on the absence of violence. Rather than respond to the serious criminal charges with lame denials, they should just save their energies for the preliminary investigation that will be conducted by the DoJ,” she added.

Further, Ms. Elamparo said that they are studying the possible legal liabilities of the other personalities involved, including the police.

“In the meantime, we request that the police authorities refrain from making any untruthful remarks that can be used against them,” Ms. Elamparo said. — Revin Mikhael D. Ochave

NLEX, San Miguel Beer excited ahead of PBA Season 47 debut

June 8, 2022 | 12:05 am

SanMiguel_PBA — SAN MIGUEL Beer starts its quest to return to the top against Phoenix Super LPG. — PBA IMAGES

By Olmin Leyba

WITH or without Kiefer Ravena, NLEX is pumped up to get going in the 2022 Philippine Basketball Association (PBA) Philippine Cup and build on the gains of its semifinal stint in the previous conference.

“We can’t wait to get started,” coach Yeng Guiao said ahead of the Road Warriors’ Season 47 debut game against Terrafirma on Wednesday at 3 p.m. at the Smart Araneta Coliseum.

“We’re totally excited and ready to compete. Everyone is healthy and looking forward to a fruitful conference. Our previous semis experience gives us a lot of hope and confidence.”

San Miguel Beer (SMB), owner of a five-peat but a letdown in the last two All-Filipinos, starts its quest to return to the top against Phoenix Super LPG at 6 p.m.

The Fuel Masters beefed up on Tuesday by acquiring Javee Mocon from Rain or Shine in exchange for Nick Demusis plus their first-round pick in Season 48 and second-round selection in Season 49.

Kevin Alas, JR Quinahan, Don Allado, and fit-again Calvin Oftana and Tony Semerad are tipped to lead the way for the Road Warriors, even as Mr. Ravena has yet to sign a contract for his comeback stint following a stint in Japan.

“Magaling sila, fluid ang opensa, kaya kailangan i-disrupt namin ang execution nila,” said Terrafirma John Cardel of their opening opponent NLEX.

Mr. Cardel’s troops led by Season 46 Most Improved Player Juami Tiongson, Joshua Munzon, Aldrech Ramos and Andreas Cahilig are bent on improving on their 11^th place standing in the Governors’ Cup.

Meanwhile, the Beermen open their campaign without Terrence Romeo (back injury) but still with a lethal crew led by June Mar Fajardo, CJ Perez, Vic Manuel, Marcio Lassiter, Chris Ross and recent trade acquisition Rob Herndon, from Converge.

“Over the past two seasons, we either weren’t able to make the finals or win a championship because of so many things that happened during the pandemic,” said SMB coach Leo Austria, whose team underwent some personnel shake-up last season, shipping out Arwind Santos and Alex Cabagnot.

“We had more time to prepare this time and figure out what’s wrong. Talagang may problema kami sa cohesion and chemistry (last year). We’re able to address that in the off-season.”

Mr. Mocon joins forces with Matthew Wright, Jason Perkins, Sean Anthony and RJ Jazul the Phoenix banner.