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The conversion of an ordinary stock corporation to a one person corporation

With the end in view of keeping abreast of changing times and easing doing business in the Philippines, the Revised Corporation Code (RCC) introduced the concept of a corporation with a single stockholder. Under the RCC, a natural person, trust, or an estate can now establish a One Person Corporation (OPC). For purposes of transition, it also allows an old domestic stock corporation (OSC) incorporated prior to the enactment of the RCC to be converted into an OPC. Pursuant to this, the Securities and Exchange Commission (SEC) released its proposed guidelines on the conversion of an OSC to an OPC for public feedback.

PROCESS AND REQUIREMENTS
Pursuant to the guidelines, an application for conversion from an OSC to an OPC will be processed as an amendment of the articles of incorporation.

The guidelines further provide that when a single stockholder acquires all the stocks of an OSC, the OSC may apply for conversion into an OPC by submitting, among others, the following requirements: 1.) an affidavit of conversion which must be executed by the single stockholder who has acquired all the outstanding shares of the capital stock of the ordinary stock corporation and countersigned by the corporation’s corporate secretary, setting forth the: total number of shares of the OSC issued and outstanding, a list of stockholders of the OSC before the acquisition of all the outstanding shares by the single stockholder, and, the name of the single stockholder who acquired all of the outstanding shares of the capital stock of an OSC in his own name in the books of the corporation; 2.) original copy of the document effecting the transfer(s); and, 3.) Articles of Incorporation of the OPC, duly prepared, signed and acknowledged by the single stockholder and by the corporation’s treasurer in accordance with the SEC Guidelines on the Establishment of an OPC.

The articles of incorporation of the OPC should retain the provision indicating the names and addresses of the original incorporators of the OSC and should modify the provisions on the number of directors, their names and addresses, their subscription and payment details, to reflect name, address, subscription and payment details of the single stockholder. The corporate name of the corporation should likewise be amended to include the letters “OPC” either below or at the end of its corporate name.

Upon the issuance of the Certificate of Filing of Amended Articles of Incorporation by the SEC reflecting the conversion to an OPC, the articles of incorporation and by-laws of the OSC shall be deemed superseded and the OPC shall succeed the OSC, own all its properties, assume all rights and obligations, and be legally responsible for all the OSC’s outstanding liabilities. The OPC will retain the company registration number of the OSC and will have the “OPC” prefix in order to reflect its nature as an OPC.

COMPARISON OF OPC AND OSC
Given the simplicity of the process provided by the guidelines, it is enticing to convert an OSC into an OPC. However, one should first consider the benefits and drawbacks of converting an OSC into an OPC before proceeding to do so.

In an OPC, when an action is needed on any matter, it is sufficient to prepare a written resolution which shall be signed and dated by the single stockholder and recorded in the minutes book of the OPC. In contrast, a majority of the Board of Directors of an OSC must meet and approve the action and resolution. Therefore, it is easier for an OPC to approve a course of action to address a certain matter.

Given that both OPC and OSC are corporate entities with separate personality from their respective stockholders, the stockholders of both an OPC and an OSC can take advantage of the limited liability feature of corporate entities. As such, stockholders of both an OPC and an OSC generally should not be held personally liable for the debts and liabilities of the corporation more than their actual or promised investments in the corporation.

In an OPC, however, the sole shareholder claiming limited liability has the burden of showing that the OPC is adequately financed and that the property of the OPC is independent of the single stockholder’s personal property. Failure to do so may render the stockholder solidarily liable for the debts and liabilities of the OPC. In contrast, the stockholders of an OSC can generally claim limited liability without proving that the OSC is adequately financed and that the property of the OSC is independent of the stockholder’s personal property.

In the end, the decision to convert to an OPC would depend on various circumstances. At least with these guidelines, existing OSCs shall have the option to convert into an OPC and no longer need to establish a new corporation.

This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.

 

Leia Clarissa Veronica R. Veracruz is an Associate of the Corporate & Special Projects Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

crveracruz@accralaw.co

(02) 830-8000.

A winter of confusion

In his play, Richard III, William Shakespeare coined the phrase “winter of our discontent,” drawing an analogy between the dark and dreary winter season and the misfortunes and challenges that confronted his characters.

As I write this, I feel that we are experiencing a “winter of confusion” — with so many alarming events swirling about us, in the Philippines, in the US, and around the world, that threaten our very existence or that could change the trajectory of our lives.

The world is reeling from the threat of the coronavirus, leap-frogging from China to the rest of the world. In America, people are confused as President Donald Trump accuses the media and the Democrats of spreading “fake news” about the seriousness of the plague while every sensible expert warns of worse times ahead. As Americans hopelessly look to Trump to lead the country through the crisis, the stock market takes a steep dive, losing trillions in value, and small investors see their savings inexorably dissipate before their eyes.

Unbelievably, Trump has prevented health authorities from speaking candidly about the coronavirus, thus leaving the populace wondering how severe the problem is. Some quarters claim that the coronavirus is not as deadly as the flu (pointing out that the flu has also claimed thousands of lives, without setting off panic buttons), while others warn that the virus is so malignant, it can infect anyone who has contact with fellow human beings, thus it is best to stay indoors and avoid socializing.

Because people have no idea how to properly assess the coronavirus threat, they simply assume the worst and recede into their shells.

The effect on the economy has been devastating. When families stop socializing or going to the theaters or sports events or shopping centers, and when they stop making purchases and spending their money, the result is a business slowdown and a domino effect on manufacturing, imports, exports, marketing and, overall economic activities, worldwide.

It has been said that when the US economy has a cold, the rest of the world comes down with pneumonia. What could then be worse than seeing the United States and China, the biggest economic engines in the world, sputtering? Inevitably, the rest of the world sputters too. The economic impact is immediately felt, like a body being deprived of oxygen.

Trump’s incoherence and deviousness have simply made matters worse. But worse yet, Trump could win a second term as the contenders for the Democratic Party presidential nomination bash each other in a desperate effort to win at all costs. Thus the dire prospect of four more years of bad leadership has been coupled with the uncertainty posed by the coronavirus, coupled with the prospect of a worldwide economic recession, exacerbated by lack of reliable information on the multifarious problems.

In the Philippines, President Rodrigo Duterte has been sending conflicting signals concerning the fate of ABS-CBN Network, while his surrogates crucify those in Congress who are conducting hearings on the renewal of the network’s franchise. Duterte himself claims he has nothing to do with the mess that he actually began.

ABS-CBN has not been lacking in enemies and media rivals. The network’s enemies see an opportunity to get even, while the network’s media rivals have chosen to stay out of the fray despite the threat to press freedom which could also affect them. These media rivals may see a short-term advantage in the demise of a giant competitor, but down the road, they may find the same fate befalling them.

Anti-Duterte activists in the Philippines and the US have used the ABS-CBN issue as leverage to demand Duterte’s ouster in support of press freedom. But they surely know that Duterte will want to stay in power over their dead bodies. The activists are, perhaps, hoping the White House and Capitol Hill will dispatch someone to tell Duterte to “cut and cut clean,” the way they told Marcos. But, at present, Washington has other concerns and may not be inclined to upset Duterte while he plays the Chinese card.

Meanwhile, Chinese incursions in the Philippines have begun to trigger alarm buttons. Senator Richard Gordon (said to be an “Amboy”) has warned about trillions in funds from China being laundered in the Philippines, while thousands of Chinese “workers” — who could actually be members of the Chinese military — pour into the country in what some suspect as positioning for a takeover should the US decide to depose Duterte.

This happened in Cuba when President Fulgencio Batista was deposed and Russian-backed Fidel Castro wrested power. This was right at America’s virtual backyard.

Who says it can’t happen in the Philippines?

What if President Xi offers Duterte a presidency-for-life? Do we think Bong Go and Dennis Uy will object?

As these events are sensationalized in media, supporters and detractors of those involved are making an already confused situation even more confusing. Social media has become the propaganda battleground of choice because anyone can add to the cauldron of disinformation and misinformation for free and with no corresponding sanctions. Social media has become today’s Tower of Babel.

As a media practitioner with access to inside information, I must confess to being, at times, overwhelmed by the tsunami of events and the conflicting opinions being given by both well-meaning observers and DDT (Department of Dirty Tricks) specialists. One can imagine how much more confused the average citizen is who must depend on media and on balitang barbero (barbershop gossip) to keep abreast of developments.

If even reasonably intelligent individuals can be confused and misled, how can we blame the ordinary man on the street for being reactive and defensive?

Indeed, we are facing a winter of confusion. As worrisome as a winter of discontent.

One can only hope that a clear-headed and selfless leader will emerge to lead us out of the mists of misinformation, and to reassure and remind us that the world has been through worse times but has survived.

Europe went through the Dark Ages but eventually saw the light. Great Britain had Winston Churchill to keep the people’s spirits alive during the worst period of Nazi attacks. The British survived.

The United States had Roosevelt during the Great Depression to remind Americans that the only thing they had to fear was fear itself. The US survived.

America will survive Trump. But there will always be Republicans and Democrats who will promise heaven, albeit with stop-overs in hell.

The Philippines survived Marcos. No doubt, the country will survive Duterte. But then, there will always be other politicians who will take over. Who knows if they will be better or worse?

The lines of Percy Bysshe Shelley in his “Ode to the West Wind” are the logical denouement of Shakespeare’s “winter of discontent,” as well as our own winter of confusion:

“Oh wind, when winter comes, can spring be far behind?”

Yes, spring will come. Of course, after spring, winter will come again. C’est la vie!

 

Greg B. Macabenta is an advertising and communications man shuttling between San Francisco and Manila and providing unique insights on issues from both perspectives.

gregmacabenta@hotmail.com

Quo warranto and the pitfalls of populism

In a world that runs on the ideas of neoliberalism and free trade, transnational actors have reshaped how domestic politics work. After the downfall of communism — from the fall of the Berlin Wall to the transition of China into a global powerhouse of trade, and now, Vietnam’s growth — it can easily be said that trade has changed the world from what it was.

Giving power to the people, to consumers, to the market and decentralizing the economic authority from a select few, further democratizing trade and choice fueled the free-market ethos. Unshackling the economic potential of the world was only possible by recalibrating power structures away from the state authority to the market. Global trade has evolved from the early days and has helped push innovation and global development further than it was known and in a short time.

But also, a counter to the prevailing norm is the rise of economic nationalism, protectionism, and populist rhetoric. A common line between these is the re-consolidation of power back to the state apparatus. With populists winning the top political seats in various nations worldwide, it has cast a tall shadow on the growth of trade and industry and has drastically altered the politics of business. One such case is the long dragging trade war between the United States of America and China. With Trump pushing for tariffs for what he personally sees as an action to equalize trade and later China retaliating, nations are now pushed towards the conundrum of having to choose between the two economic powerhouses. Following suit, populists have taken their stand and have dragged their politics into the fold, such as the pivot of Philippine President Rodrigo Duterte, not only transitioning away from long-established trade partners but also defense policies, angling towards newfound allies China and Russia.

Now, the espoused free flow of industry meets a critical bottleneck all because of the re-centralization of power and authority to key personalities; Trump, Xi, Putin, Johnson, Bolsonaro, and Duterte, among many.

THE CURIOUS CASE OF THE PHILIPPINES
In the Philippines, the prevalence of populism was sparked by the public’s frustration with past administrations. Battered by the constant barrage of government mismanagement, corruption, and failure to improve social mobilization across the classes, the public was forced to seek a political leader that was a far from the cookie-cutter names known to have maintained dynastic hold of political power through the decades, to a name that was only known in the southern part of the Philippines, and that candidate was the brash, and unpredictable Mayor of Davao, Rodrigo Duterte.

After winning the Presidential race, now President Duterte has carried over many of the traits that endeared and polarized the voting population. From his folksy and working-class demeanor to his complex nature and mercurial temperament, his politics were far different from his predecessors’. Half-way into his term, President Duterte has time and again proven to be a tough puzzle to solve, leaving many to question the administration’s economic and political direction.

STRUGGLES OF POPULISM RED HERRINGS AND THE QUO WARRANTO
Being a populist is a full-time commitment. The only way to reinforce the public’s support for his administration is to constantly be ahead of its perception, which means his policies are dominated and highly influenced by both public satisfaction and opinions. Treading carefully to pursue public interest while balancing it with personal clout pushes populists to their limits, to a point of overextending and losing the long game. To protect against this, populists often consolidate power and authority by creating an external foe that the public can rally against and deflect all blame, much like a Red Herring fallacy. From communists, to the war on drugs, and now, big businesses; this formula has been used by the administration over the last few years and is again being utilized in the case of Solicitor General Calida against ABS-CBN. It’s use comes at a very opportune time when several issues remain unresolved such as the VFA issue, illegal POGO businesses, ballooning debt, and the lackluster infrastructure drive of the government.

POPULISM: BAD FOR BUSINESS
As manifested in the last senate hearing, the media institution did not commit offenses that can justify the non-renewal of its franchise. Senator Christopher Lawrence “Bong” Go stated that the President’s feelings were hurt by ABS-CBN, which only points to the impression that hurt feelings was the motivation for the case, despite Solicitor General Calida’s claims that the President is keeping his hands off the case.

The hearing leaves businesses with the impression of the government abusing its power and authority by using its mechanisms for personal vendettas — a primary example of the pitfalls of populism and why decentralization of power matters, because centralizing authority in one man can poison a whole nation with his politics.

 

Ren de los Santos is a Fellow at the Stratbase ADR Institute

Coronavirus is a risk to the Olympics, in 2020 and beyond

By Adam Minter

IN 1906, preparations for the 1908 Olympics were underway in Rome when Mount Vesuvius erupted and devastated Naples. The Italians, already strapped for funds to build Olympic venues, used the disaster as an excuse to back out of their commitment. The International Olympic Committee (IOC) didn’t miss a beat: In November 1906 — a mere 15 months before the opening ceremonies — London was selected as a replacement and held the games on time. Among other feats, the city built the first dedicated Olympic Stadium.

In 2020, the new coronavirus is a much graver threat to the Olympics than any volcano. Cases are spreading across Japan, qualifying events are being canceled, and countries around the world are cutting off travel to the country. With three weeks until the start of the torch relay, and five months until the opening ceremonies, the future of the 2020 Summer Games is less certain than any Olympics in decades. The IOC and Tokyo organizers recently told the news media that there is no “Plan B.” But even if Tokyo 2020 proceeds as originally planned, future games probably won’t. The coronavirus could change the Olympics in ways that may make them safer but certainly less appealing to athletes, spectators, and commercial sponsors.

The Olympics have always entailed risk, mostly financial. The 1896 Athens games incurred at least a 1,000% cost overrun (for a final price of roughly 3 million drachmas). During these early years, risk was managed by evaluating potential liabilities and — yes — buying insurance policies. The only phenomenon powerful enough to interrupt the games outright was a world war: The 1916, 1940, and 1944 games were canceled.

Since then, the games have grown mostly unimpeded, becoming the world’s biggest, most complex, and most expensive sporting event. Despite decades of promises that the games would be scaled back, and alleged reforms to produce that result, there’s little evidence of progress in reducing the size or risk. The 1964 Tokyo Olympics cost $282 million; costs associated with the 2020 edition may exceed $28 billion.

To manage the challenges of a metastasizing Olympics, organizers have elevated risk management to be the organizing principle in games planning. Candidate cities are evaluated, in part, on their capabilities to handle emergencies. Later, organizers list, evaluate, and game out potential scenarios for host cities. Some of these scenarios are manageable; the organizers of the 2018 Winter Games in Pyeongchang, South Korea, fended off a cyberattack in part because it was a possibility that many feared and expected.

In one sense, disease outbreaks are just another manageable, albeit dangerous, risk. The 2002 Winter Olympics in Salt Lake City experienced a flu outbreak; measles were imported during the 2010 Vancouver Winter Games; norovirus swept through Pyeongchang. Tokyo 2020’s organizers, too, have prepared for a range of risks, including an earthquake (judged the greatest threat), terrorism, and a range of endemic and imported known diseases, including measles, rubella, dengue, and sexually transmitted infections. None are welcome, but if handled properly — and protocols exist — they wouldn’t derail the games.

An emergent pandemic, however, presents a different set of issues. Unlike an outbreak of flu or measles, a pandemic by its very definition isn’t just local. If Japan is successful in containing the coronavirus (and it is a long way from that), other countries might not be — at least, not in time for July’s opening ceremonies. Regional outbreaks are already interfering with training and Olympic qualification events; they’ll also have the knock-on effect of deterring travel by spectators and some commercial partners. Even if a replacement site existed for the 2020 games, it would face the same challenges as Tokyo. There is no repeating 1908 in 2020; the games are just too complex, expensive, and global.

This probably won’t be the last time that the Olympics face this scenario. For years, scientists have observed that pandemics are growing with frequency. It was only a matter of time before one threatened to cancel the games (in fact, Zika virus nearly derailed the 2016 Rio games, and SARS hung over Athens 2004). Now that it’s happened, the lack of a Plan B doesn’t just pose problems for Tokyo 2020. It calls into question the economic, political and athletic viability of the games in their current form. Already, the IOC struggles to find cities willing to compete for the right to spend billions hosting the games. Tokyo’s troubles will make that quest even harder. Likewise, marketing and broadcast partners will face questions about the value of their yearslong, multimillion- and billion-dollar investments in a vulnerable short-term event.

That doesn’t mean the end of the Olympics, of course. But it does mean that a complex global event with multiple vulnerabilities must become less centralized and more risk-averse. There are several ways the IOC might go about doing this, all with considerable drawbacks. The committee could select two or three geographically diverse cities to share the games in any year, thereby reducing the risks associated with a single host. Similarly, the IOC could designate two or three permanent, alternating host cities that — among other duties — might serve as backups in case of a disaster (though that’s unlikely to be of much help in a global pandemic). Or, most radically of all, the IOC might finally concede that the modern Olympics are mainly a television event — and eliminate or significantly reduce the number of fans in the stands. This latter approach is under serious consideration for some 2020 qualification events. Already, Japan will hold a spectator-less sumo tournament this month — a first since World War II.

Obviously, none of these scenarios will deliver the experiences that have made the Olympics so valuable to athletes, commercial sponsors, spectators and host cities over the decades. Will sponsors pay millions to be associated with events held in mostly empty venues? These changes might even make the games more expensive to hold while doing little to protect from a global pandemic. But if the games are to persist as a safe experience for future spectators and athletes, a radical rethinking of how they are held is now the most pressing item on the IOC’s agenda.

 

BLOOMBERG OPINION

Heat beat Bucks for second time this season

MIAMI — The host Miami Heat held reigning NBA MVP Giannis Antetokounmpo to 13 points and became the first team to beat the Milwaukee Bucks twice this season, prevailing 105-89 on Monday night.

Miami is 2-0 against Milwaukee, which has the best record in the NBA at 52-9.

The Heat have struggled on the road (13-18), but they have the third-best home record in the league (26-4).

Antetokounmpo was removed from the game with 4:33 left in the fourth quarter as Miami had a 15-point lead. His 13 points tied his season low. He made just 6-of-18 shots from the floor, including 0-for-4 on 3-pointers. He had three assists and a game-high 15 rebounds.

Jimmy Butler and Jae Crowder scored 18 points apiece to lead Miami. Bam Adebayo had 14 points, 13 rebounds, five assists and three blocks.

Brook Lopez had 21 points for Milwaukee.

Bucks wing Kris Middleton, who missed the past two games due to a sore neck, returned and had 10 of his 12 points in the first quarter.

The game was a contrast of styles. Milwaukee had a 46-30 edge in paint points but made just 20.6 percent on 3-pointers (7-for-34). The Heat made 48.6 percent on treys (18-for-37).

Miami led 31-26 after one quarter. Miami’s Kelly Olynyk had one stretch of 69 seconds in which he scored eight straight of the Heat’s points. For the quarter, he went 2-for-2 on 3-pointers and 2-for-2 on free throws.

The Heat stretched their lead to 12 points in the second quarter before Milwaukee rallied and trailed just 53-52 at halftime. Crowder had 16 points in the first half, including 5-for-7 shooting from deep.

Heat backup point guard Goran Dragic, who was held scoreless in the first half after missing all five of his shots, put up nine points in the third, including a 3-pointer at the buzzer.

That gave the Heat an 81-70 lead. Miami then cruised in the fourth, winning its 39th game, tying its total from last season. The 89 points represented a season low for the Bucks.

Miami is 19-0 at home when leading after three quarters. The Heat is also 17-1 against the Eastern Conference at home. — Reuters

Breakthrough athletes to be given special awards at PSA event

By Michael Angelo S. Murillo
Senior Reporter

YOUNG and breakthrough athletes will get their share of the spotlight at the Annual Philippine Sportswriters Association Awards Night on March 6 at the Centennial Hall of the Manila Hotel.

Tennis phenom Alex Eala, gymnastics gold medal winner Daniela dela Pisa, future grandmaster Daniel Quizon and ace swimmer Miguel Barreto are to be conferred the Milo Junior Athletes of the Year award.

It is in recognition of their exemplary performance in their respective fields which brought not only individual recognition for them but also pride to the country.

Eala, 14, made tennis history for the country after winning the 2020 Australian Open Juniors women’s doubles title along with Indonesian partner Priska Nugroho.

The two beat the pair of Ziva Falkner of Slovenia and Matilda Mutavdzic of the United Kingdom in straight sets, 6-1, 6-2 to win the title.

Eala’s historic run and her strong performance in the singles’ competition gave her a total of 1,718.75 points to catapult her to fourth in the world currently from a previous career-best ninth.

With her steady ascent in the rankings, Eala is expected to be able to compete and see more action in high-level women’s tournaments in her bid to further improve her game.

Dela Pisa, meanwhile, provided one of the feel-good stories and standout moments in the 30th Southeast Asian Games which the country hosted in December.

The 16-year-old Cebu native bagged a gold in the hoop final of the women’s rhythmic gymnastics competition of the recent biennial meet. It was the only gold produced by Filipino gymnasts outside of the two won by Olympic-bound Carlos Yulo (artistic all-around and floor).

Making her feat more impressive was the fact that when she was four years old Dela Pisa survived ovarian cancer and continued to pursue her passion for the sport.

Apart from a gold medal, she also won a pair of bronze in the rhythmic ball and clubs, respectively, at the SEA Games.

After winning gold in the U16 standard competition of the Eastern Asia Youth Chess Championships in Bangkok in August, 14-year-old Quizon earned an International Master title.

He was likewise the best-placed Filipino in the blitz side event of the Asian Continental Chess Championship in China in June where he toppled three Grandmasters in Wan Yunquo and Liu Yan of China, along with Venkataraman Karthik of India.

Quizon is the youngest in the top 20 Filipino chess players in the country today.

Barreto, meanwhile, distinguished himself as the most bemedalled athlete in last year’s Palarong Pambansa by winning a total of seven gold medals in anchoring the National Capital Region’s dominance over at the pool.

The 16-year-old pride of Malolos, Bulacan highlighted the feat by shattering the record in the boys’ 200-meter freestyle and 100-meter butterfly.

He was also part of the Philippine swimming team, which advanced to the men’s 400-meter freestyle in the SEA Games.

UST clinches fourth straight UAAP men’s judo title

UNIVERSITY of Santo Tomas leaned on both a rookie and a seasoned senior to turn it around and edge out University of the Philippines, claiming its fourth straight UAAP men’s judo title on Sunday at the SM Mall of Asia Arena.

The Golden Judokas garnered 18 points off two golds, a silver, and a bronze in the day’s events to slip past Day 1 leaders Fighting Maroons, for a 34-32 final count.

League debutant Gabriel Ligero’s run set the tone for the day, stopping heavy favorite David Gordon of De La Salle University in the quarterfinals of the featherweight class. He eventually topped rookie Miguel Gonzalvo in the finals to claim an important gold for UST.

Ligero and his teammates went into the mats with no pressure despite the deficit going into the day. “Lagi lang sinasabi lang sa ‘min ni coach to play our best. Kung mananalo hanggang gold, eh ‘di better. ‘Yun lang naman din.

“Pinu-push pa rin naman kami ni coach na mag-champion. May mga natatalo, pero hindi namin sila hinahayaang matapos sa isang game. Pinapabawi namin sila sa mga next,” he continued.

Senior Eric Uy and sophomore Rafael De Leon finished 1-2 in the lightweight class to lead Ateneo de Manila University’s charge during the second day. They were in title contention but eventually finished in third place with 23 points.

UP needed to take both the golds in the extra-lightweight and half-lightweight class in order to end a 12-year drought, but only Edward Figueroa emerged with a title.

The graduating Fighting Maroon took care of a Ryan Benavides, who went into the final tired after a marathon semifinal against UP’s Hyesung Lee, to bag the -66 kg gold.

Russel Lorenzo needed to fend off UP sophomore Paolo Cruz in the -60 kg final in the golden score round to seal UST’s fourth straight crown.

Ligero, with his heroics and dominant showing, claimed the Most Valuable Player award. Meanwhile, middleweight gold medalist and Fighting Maroon Jayvee Ferrer bagged the Rookie of the Year title.

“Sa ‘kin, gusto ko lang mag-champion, paulit-ulit. ‘Yun lang naman ‘yung nasa isip ko. Masaya kasi first time ko, tapos champion ulit kami. Bonus na lang ‘tong kung ano man ‘tong mga nakuha ko,” the season MVP declared.

Fallorina barges into Last 64 of Predator-Volturi 9-Ball Cup

MARK “Iron Fist” Fallorina toppled Rodel Adona, 6-3, to qualify in the tough Round of 64 of the Predator-Volturi 9-Ball Cup 2020 tournament at the AMF-Puyat Makati Cinema Square, Makati City over the weekend.

Fallorina relied on his solid breaks to reach relatively easy runouts and maintained the hot winning form.

“My opponent [Rodel Adona] was really good. He deserves to win too,” said Fallorina, a habitue of Top Cue Billiards Hall in Speaker Perez, Quezon City.

“I just played based on my experience.” added Fallorina, who dedicated his victory to his wife Mary Ann Chavez and his daughters Samantha and Sabrina and his sponsor/manager architect Eric “Teod” Salud.

Other cue artists moved on to the knockout phase include 14-year-old Dartagnan Philippe Bonode, Jun Cornista, William Brillantes, Ge Novales, Jaynard Orque, Alvin Barbero, Jaime Evangelista, Jean Berne, AJ Manas, Carlo Paniqui, Raffy Septimo, King Hubaldo, Richard Paraiso, Nimrod Ceniza, Albert Albano, Jomar Aribas, Jet Rabe, Aris Rosario, George Cajara, Jay Francis Cruz, Noel Cruz, JR Magpantay, Mone Velez, Darwin Canapi, Bryan Flores, Pat Galleto and Ren De Vera.

Bernie Regalario and Eric “Billiard Cop” Bayhon, earlier joined fellow Wilde Blu stablemate Bastien Cyril Olanda, Sofhia Rosales and James Lim in the Last 64.

The tournament is organized by the Makati Pool Players Association (MAPPA) and offers P250,000 in cash and prizes at stakes.

The remaining players in contention will vie for the P40,000 top prize. The runner-up will get P20,000 while the third and fourth placers will settle for P15,000 and P10,000 cash prices, respectively.

Cebu Country Club opens defense of Interclub title

BACOLOD — With its tight, bending fairways and greens that are glass-like, Marapara will be the venue of the first and final rounds of the 73rd playing of the Men’s Philippine Airlines Interclub championship.

And without needing to say so, that’s where the tournament will be decided. As gusts howl at this time of year, the par-71 course designed by the late great Golem Silverio will be the beast that the Championship field would need to tame, as, like in the talented Senior division won by Canlubang, scores aren’t expected to be low for the week.

Both layouts are in perfect shape and vary in character, with Binitin — aside from its thick tree-lined roughs — having unpredictable bounces on its fairways and small greens as its final line of defense.

Cebu Country Club (CC) will open defense of the premier crown coming from a lower division in the Founders bracket, as it would try to write a piece of history that only it can own with another win this year.

On home soil last year, Cebu CC surprised the field by also coming from the Founders class, leading from the first day and never relinquishing it to duplicate what only Aguinaldo did in 1988.

Winning again this year would make Cebu CC as the only team to do it twice, and playing skipper Bayani Garcia is optimistic that they have the tools — and the preparation — to pull it out back-to-back.

“Everyone that has come here has come very well prepared,” Garcia said. “Whether we play in the Championship or the Founders (division), we will give it our best shot and we are confident that we can do it.”

Player point averages (PPAs) of teams determine what division it will land in, and with Cebu CC losing three of its regulars to personal reasons, it was relegated to the Founders and left Manila Southwoods, Luisita and Del Monte in the Championship derby.

Southwoods will be shooting to touch off another title streak here as it brought in a team loaded with firepower. Japanese Yuto Katsuragawa spearheads the team, which activated Vince Lauron to join Jun Jun Plana as the veterans and steadying presence of a very young yet talented squad.

Del Monte and Luisita will be fielding teams made up of its grassroots program.

Hosted by the Philippine Airlines, the international event was backed by platinum sponsors Asian Air Safari, Vanguard Radio Network, Fox Networks Group, Radio Mindanao Network, Inc., Asian Journal Publications Philippines, Inc., Auto Nation Group, Inc. (Mercedes Benz), and SMDC.

Major sponsors include The Boeing Co., University of Mindanao Broadcasting Network, Avolon Aerospace Singapore Pte Ltd, Manila Broadcasting Co., Primax Broadcasting, Rolls-Royce Singapore Pte Ltd, CIGNAL TV, Inc., Travellers International Hotel Group, Inc. (Resorts World), and Airbus.

Other supporters are Uniglobe Travelware Co., Inc. (The Travel Club), Philippine Manila Standard Publishing Inc. (Manila Standard), Officine Corp., GE Aviation, SEDA Hotels, BDO Unibank, Smart Communications, Inc., People Asia Magazine, A+E Networks Asia (History), Allianz PNB Life, Phoenix Petroleum Philippines, Tanduay Brands, Rockwell Land Corp., Petron Corp., Splash Corp., AB Heineken Philippines Inc. and Asia Brewery, Inc.–Summit.

Detours

When the season-opening PBA Philippine Cup unfurls later this week do not be surprised if as it progresses it makes detours in the cities of Manila and Pasig.

This, after the Philippine Basketball Association expressed its interest in bringing some of the games at the refurbished Rizal Memorial Coliseum in Manila and PhilSports Multipurpose Arena in Pasig apart from the usual league venues in the metro of Smart Araneta Coliseum and Mall of Asia Arena.

Both Rizal Memorial and PhilSports Arena were used as venues for the 30th Southeast Asian Games which the country hosted last December and underwent significant renovations.

They were recently inspected by PBA personnel and reports have it that they came away impressed and are considering bringing league matches in said venues.

Being a long-time fan of the PBA, I surely welcome this planned detour to Rizal Memorial and PhilSports Arena, incidentally both managed by the Philippine Sports Commission (PSC).

I think it is a great opportunity to bring the league to the people in those parts of the metro who may find going to Araneta and MOA too much of a stretch considering, among other factors, the kind of traffic we have in Metro Manila.

I had the chance to check out the newly refurbished Rizal Memorial during the SEA Games and the recently held Badminton Asia Team Championship, and I must say I was impressed with what they have done with the venue.

When I was there some work is still being done but they were basically wrap-up work.

The “new” Rizal Memorial, with fully functioning air-conditioning system and comfortable seating, can surely accommodate a good-sized PBA crowd.

Bringing the PBA there will surely expose more people, especially the younger ones, to the rich history of the venue which was host to many marquee sports events in the past.

It can also help the PSC generate more funds, stemming from the income the games would generate, while also benefitting business in the surrounding areas.

Parking may be an issue at the moment in the venue especially with the expected work in the Harrison Plaza area, but all in all the PBA in Rizal Memorial is a good proposition.

The same goes for PhilSports Arena, or “ULTRA” for those in the same age bracket as me.

ULTRA was used to be a steady home to the PBA in the late ‘80s and early 1990s before the league moved to the Cuneta Astrodome in Pasay and back to Araneta.

With its location in the middle of the metropolis I think it can lure more people from the north and south as well as those from Pasig, Mandaluyong, San Juan and Rizal areas.

Like Rizal Memorial, facilities in PhilSports have improved and spectators trekking to the venue can bask in them as they enjoy the games.

Parking, too, is not so much a problem like back in the day with areas like the nearby Capitol Commons having ample parking slots, apart from the different dining areas in the place.

While it remains to be seen if the PBA does push through with plans to make detours to Rizal Memorial and PhilSports Arena, still, considering the upside these have it is worth exploring and making a go at.

Make it happen, PBA.

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Finding their stride

The Heat haven’t exactly had a good run since the turn of the year. After taking the National Basketball Association by storm with its overachieving ways to start the 2019–20 season, they promptly went a middling eight and six in January. They appeared to have righted the ship to start the next month, only to absorb three different losing skeins of three, two, and two games to finish five and seven. A glaring inability to both hold on to seemingly comfortable leads and play up to par in the crunch had them struggling to hold on to provisional fourth in the East.

For head coach Erik Spoelstra, however, it was just a matter of time before the Heat would again find their stride. After all, they boast of a clearly defined culture that emphasizes work long before the klieg lights are turned on, and that values collective over individual objectives. From the Tim Hardaway to the Alonzo Mourning to the Shaquille O’Neal to the Dwyane Wade to the Jimmy Butler eras, talent and the results it produces have worth only if they lead to team success. Which was why the outcome of their match yesterday didn’t surprise him even as it left just about everybody else in shock.

Indeed, the Heat didn’t just win. They won over the Bucks, who had hitherto been running roughshod over the competition. And they didn’t just win over the Bucks. They won in convincing fashion, turning a close first-half battle into a foregone conclusion with steady play en route to the final buzzer. To the delight of the 19,600 at the American Airlines Arena, the visitors wound up uncharacteristically outhustled. All-Star Giannis Antetokounmpo, a veritable cinch to repeat as league Most Valuable Player, was held to a decidedly inefficient 13 points on six-of-18 shooting from the field.

Ask Spoelstra, and he’d tell you the triumph was no fluke. For the record, it was the second for the Heat in as many meetings with the Bucks. Simply put, they possess the tools, not to mention the resolve, to take the measure of the erstwhile bullies. And, moving forward, the feat may yet provide the spark they need to meet the playoffs with momentum. In the short term, it may well restart their quest to take the second seed in the East; their third consecutive victory has them just three and a half games behind the reeling Raptors with still 21 left to play.

Admittedly, the Heat can likewise backslide and fall to sixth in conference standings. They’re not likely to, though — not when they’re psyched anew, and not when their conquest of the Bucks underscores their capacity to stand toe to toe with the best of the best. They’ve already equaled the win total of their 2018–19 campaign, and they’re not about to stop.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Think long-term for your financial security

Some opportunities only come once in a lifetime. With the release of CIMB Bank Philippines’ (CIMB Bank PH) new ‘One Shot at Love’ short film, the digital bank wants to show every Filipino out there looking for love how having good saving habits can make them ready for those unexpected, life-changing moments.

The film tells the story of the typical working-class millennial: hard-working, future-oriented… and bored. The routine of every day gets exhausting, and without someone special to spend them with the days just blur on by until the next paycheck.

But life’s biggest moments hardly ever come with warning. You never know what each day can bring. But when the opportunity of a lifetime comes knocking on your door, you’d be happy to have some money in the bank to seize it.

Whether it’s for an unexpected plane ticket, for the capital for a new business, or for the funds to supplement a scholarship application, money allows freedom. This is the true meaning of financial inclusion — to give Filipinos the ability to seize the opportunities that life throws their way.

Bringing more Filipinos towards financial inclusion

Since its foundation in December 2018, CIMB Bank PH has aimed to bring more Filipinos towards financial inclusion. As an all-digital, mobile-first bank, it has served around two million customers since its first year of establishment, earning its reputation as the most awarded digital bank in the country in 2019, securing eight international awards, including Global Finance’s Best Digital Consumer Bank, Asian Banker’s Best Digital Bank, and International Finance’s Fastest Growing Digital Bank Award.

The all-digital bank seeks to empower Filipinos by giving them access to flexible, innovative products and services specifically designed to prepare them for every opportunity. Through the CIMB Bank PH mobile app, Filipinos can open a savings account and apply for a personal loan without the hassle of waiting in line or the extensive paperwork required by traditional banks.

Applicants can open an UpSave account seamlessly in 10 minutes, anytime all-year round, all without an initial deposit, minimum balance, nor any penalty charges for anytime withdrawal.

To help more Filipinos in their financial journey, UpSave account holders also have access to one of the highest savings interest rates in the market at a no-time-limit 4% per annum — 1600% higher than other major banks in the country. Account holders with P100,000 and above average daily balance can also get free life insurance coverage worth up to P2 million.

CIMB Bank PH’s digital model further accounts for Filipinos’ increasingly busy work schedules by forming strategic partnerships with local payment gateways, giving their account holders access to over 8,000 convenience partners to make their transactions, or withdraw in over 20,000 ATMs nationwide for free.

The all-digital bank eliminates the barriers of traditional borrowing methods offered by other banks through an all-digital loan application system. No need to appear for a personal review, as the system allows for initial loan approval of up to P1 million (with a minimum of P30,000), with zero processing fees and no hidden charges. Loans are payable within 12 to 60 months, providing flexibility and ease of mind for borrowers.

Giving everyone a chance to take charge of their life

Financial inclusion, after all, is giving every Filipino the chance to take charge of their life and make the decisions they need to create a better future.

How many people in the distant provinces remain unbanked without a choice? How many businesses failed to get off the ground because of a lack of capital? How much savings have been lost to inflation due to low interest rates?

With an always-accessible mobile app, best-in-market rates, and a hassle-free loan application system, financial inclusion for every Filipino might not be so far away.

“Highlighting how financial literacy is a main component of CIMB Bank’s operations in the Philippines as the company fulfills its mission in bringing Filipinos closer to their next step of achieving a comfortable future while enjoying today,” said CIMB Bank Philippines Chief Executive Officer Vijay Manoharan.

CIMB Bank PH is the newest member of the CIMB Group, one of ASEAN’s leading banks and is present in over 16 global markets. With the establishment of CIMB Bank PH, CIMB Group is able to extend its reach and transform the Filipino banking experience.

To know more about CIMB Bank PH, click here or download the app for Android and iOS.



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