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UP, UE to open volleyball of UAAP 82

By Michael Angelo S. Murillo
Senior Reporter

THE University Athletic Association of the Philippines Season 82 volleyball action kicks off later this week with the UP Fighting Maroons and UE Red Warriors first to take the court.

Commencing at the Mall of Asia Arena in Pasay City on Feb. 15, the new season will also adopt a new program format that will see men’s and women’s teams play alternately during game day.

The change in format from the previous setup where the men play in the morning and the women in the afternoon, made by the league with broadcast partner ABS-CBN S+A, was arrived at to give men’s volleyball more exposure, especially coming on the heels of a highly successful outing of the national men’s team in the recent 30th Southeast Asian Games where it won the silver medal.

“With the success of the Men’s Volleyball team in the last SEA Games, it is about time that we put Men’s Volleyball side by side with the Women’s Volleyball,” said league president Emmanuel Fernandez of season host Ateneo de Manila University in a statement.

For the first round, the teams facing off for the men’s side will also be the same pairing in the women’s game.

First to see action are the University of the Philippines and University of the East.

The UP and UE men’s teams collide in the scheduled 9 a.m. with the women’s squads going at it at 10:30 a.m.

The UP and UE men will try to get their respective campaigns going on a winning note coming off a rough Season 81 where they were the two bottom teams at the end of the elimination round and failed to advance to the next phase.

Their women’s counterparts, too, also have the same mindset with the end view of finally making it back to the Final Four.

The Fighting Maroons, dropping the “Lady” in their moniker beginning this season, finished last year at fifth with a 6-8 record, the third straight year they failed to make it to the semifinals of the UAAP.

Veterans Isa Molde, Tots Carlos and Justine Dorog have decided to play in their final year of eligibility, something the Godfrey Okumu-coached team looks to ride on as it makes its push.

The Lady Warriors, meanwhile, look to make better on their seventh place finish in Season 81, led by veteran holdovers Mean Mendrez and Seth Rodriguez and under the lead of second-year coach Karl Dimaculangan.

Also playing on opening day are the University of Santo Tomas and Far Eastern University.

Their men’s play joust happens at 2 p.m. and the women’s at 3:30 p.m.

Also playing on opening weekend, Sunday, Feb. 16, are Adamson University and National University — 9 a.m. men’s and 10:30 a.m. women’s — and rivals Ateneo and De La Salle University in the afternoon session.

Defending UAAP volleyball champions are NU for the men’s side and Ateneo in the women’s.

All UAAP games will air live on ABS-CBN S+A Channel 23, ABS-CBN S+A HD Channel 166, LIGA SkyCable Channel 86, LIGA HD SkyCable Channel 183, iWant and via livestream.

BIR loses to Taganito in tax claim

THE Bureau of Internal Revenue (BIR) loses its bid over the P38.8-million tax credit certificate claim granted to mining firm Taganito HPAL Nickel Corp.

In a seven-page resolution on Feb. 6, the court’s second division denied for lack of merit the partial motion for reconsideration filed by the BIR.

The court noted that Taganito’s direct exports sales of P1.2 billion are attributable to its unutilized input-value added tax (VAT) for 2013.

“As to petitioner’s compliance with the other requisites for claim of refund, the same were thoroughly discussed in the Decision assailed,” the court said.

“Hence, in view of the foregoing, this Court finds that respondent failed to raise any new or substantial matter, or compelling reason to justify the reversal or modification of the assailed Decision,” it added.

BIR claimed that the company is not entitled to its refund claim of unutilized excess input VAT for 2013. It also claimed, among others, that to be creditable, “the input tax must come from purchases of goods that form part of the finished product of the taxpayer or it must be directly used in the chain of production.”

It also claimed that connection between purchases and finished product should be “concrete” and nothing in the decision shows “direct attributability” of purchases or input tax to the finished product which sale is “zero-rated.”

The court said that Section 112(A) of the Tax Code allows a tax credit or refund of creditable input VAT to be attributable to zero-rated sales.

It said the law only requires that creditable input VAT should be attributable to zero-rated or effectively zero-rated sales and does not require the creditable input tax to be “directly attributable” to the sales.

“That where the amount of the allowable input tax paid cannot be directly and entirely attributed to any one of the transactions, it shall be allocated proportionately to each category of transaction,” the court said.

“In the present case, the input VAT paid by petitioner in the course of its trade or business are considered to be entirely attributable to its export sales considering the absence of taxable or exempt sales for TY 2013,” it added.

The appellate court also said that the cited case to support the bureau’s arguments cannot be applied as it was based on an earlier regulation.

The CTA also said the BIR failed to raise new arguments that would prompt the reversal of its decision.

The court in November last year partially granted the tax credit certificate claim of the company, allowing only the amount of P38.8 million out of its P39.8 million claim of unutilized input VAT attributable to its VAT zero-rated sales.

The input VAT in the amount of P992,062.97 was disallowed as the corporation, which is registered with the Philippine Economic Zone Authority (PEZA) failed to prove it as consumed or rendered outside the ecozone. Purchases done outside the PEZA zone are subject to 12% VAT.

Associate Justices Cielito N. Mindaro-Grulla and Jean Marie A. Bacorro-Villena concurred in the decision. — Vann Marlo M. Villegas

Normalizing the higher breed

Text and photos by Kap Maceda Aguila

TO PARAPHRASE that almost ubiquitous tee with the swoosh, Toyota knows hybrids — even if many of us probably do not.

Quietly, the Prius has marked a decade of presence here in the Philippines. Long before fiscal relief was extended to hybrids through the Tax Reform for Acceleration and Inclusion (TRAIN), Toyota Motor Philippines (TMP) had made the vehicle available as perhaps a promise of what could be.

Noted and respected third-party testing company Consumer Reports fawns over the Prius — giving it, the Prius Prime (the plug-in hybrid [PHEV] version), along with, yes, the Corolla Hybrid its “Best Hybrids/Plug-in Hybrids” nods. The Honda Insight also makes its way to this elite club, although well, this model is nowhere in sight (sorry, that was just begging to be said) yet in these parts.

I am of the opinion that the correct way to regard a hybrid is to forget that it’s one. Let me explain. People are wary of the unknown, the unproven. We celebrate uniqueness, yes, but in many aspects we don’t want to be the outlier. We go for the safe, the known, the comfortable. Last year, no Priuses were sold — zero; the year before, that total was six. Hardly inspiring.

But that number is deceiving. Consider that, in September last year, Toyota Motor Philippines launched in a big way the all-new Corolla Altis. Bar none, the Corolla is the most successful nameplate in history. We grew up aware of the name and the many iterations of the car that is today being built in 15 plants spread over 13 countries. More than 46 million Corollas have rolled out of production lines. Locally, it holds a dear place in our hearts to the tune of some 220,000 sold over the decades.

The additional significance of the 12th generation’s release is that it is the first Corolla generation to feature a hybrid variant. Since its local launch, 89 units of the hybrid variant (1.8 V HV) have been sold. Whether it is a result of a more attainable price point (P1.58 million versus the P2.339 million tag of the Prius) or the undeniable familial affinity with the Corolla brand, more people today are surely getting a better appreciation of hybrid benefits. The word is getting out, finally.

While the Prius has certainly taken giant leaps in the looks department, there may still be people out there who think it’s just a little too funky-looking for their palate. On the other hand, the Corolla hybrid assumes the look of its ICE-powered brethren, with tasteful, tiny cues to indicate a hybrid heart. There’s the blue tinge on the front logo and within the headlamp assembly (featuring bi-beam LEDs and LED daytime running lamps), plus tiny “Hybrid” decals on the back and side.

It has a rather subdued front fascia, marked by a black maw-like feature on its lower portion flanked by two chrome-accented fang-like pseudo air dams. The rear is also highlighted by chrome appointments and small, elegant taillamp assemblies (LEDs, too). It’s almost as if the Corolla doesn’t care to stand out — and in a good way. You could easily see the shared look with its luxe big brother Camry. It’s not far-fetched to invoke the gods of Lexus because you could almost sniff out their handiwork here.

The muted look extends into the dark-colored interior with an uncomplicated layout. Dull silver accentuates the black, soft-touch materials of the dash and door panels. There’s nothing to feel “threatened” by within. We’ve heard that some people think a steep learning curve precedes comfortable hybrid ownership. Perish the thought. In fact, the only thing that might initially jar you is that when you first push the start button, you might not realize the car is already good to go because, well, you don’t hear or feel a thing.

That’s the electric motor, capable of delivering up to 71hp, at work. When its state of charge and your demand for power allow, the 1.8-liter, four-cylinder VVTi engine (97hp, 142Nm) shuts off and gives way to battery-powered goodness.

And when the internal combustion engine does engage (remember that you don’t have to fuss over the operation as the vehicle does everything automatically), the nickel-metal hydride battery charges. Three driving modes are available (Sport, Eco, Normal), giving the driver more control over throttle response. It might surprise you that this Corolla can actually get pretty zippy — all the while saving you frequent trips to the gas station. I had the hybrid with me over the Christmas season and, despite the insane congestion, it mustered 18 kilometers per liter with nary a sweat. I wasn’t even half trying to hypermile. We asked some TMP people who reported that their local, real-world testing yielded an average of 22kpl.

Some motorists have expressed fears that wading through floods in a hybrid might mean electrocution. Toyota assures us that the electric motor’s battery (which is under the rear seat) has a waterproof cover. In the remote change that reason water seeps in, the system will cut the battery out.

The Corolla Altis rides on the Toyota New Global Architecture (TNGA) platform, which imbues benefits in the areas of agility, stability, and visibility. It’s a platform the Corolla shares with the Prius and the Lexus UX. NVH (noise, vibration, and harshness) levels have also been mitigated, a quality I can attest to.

The hybrid variant of the Corolla Altis is given the Toyota Safety Sense suite of features first seen in the new Hiace Super Grandia Elite. As in the van, the 1.8 HV gets a pre-collision system (PCS), lane departure alert (LDA), and automatic high beam (AHB). Meanwhile, it debuts in the Philippine market the lane tracing assist (LTA) and dynamic radar cruise control (DRCC) functions. All these mean a safer drive, and I did feel like someone was minding how I was at the wheel.

In addition, standard on all Corolla variants are seven SRS airbags, anti-lock brakes with electronic brakeforce distribution, vehicle stability control, hill start assist, and three-point emergency locking retractor seatbelts for all occupants.

So really, who’s afraid of hybrids? Why should you be?

Fuel economy, parking sensors and camera, suite of safety features, good looks in and out, head-turning 17-inch alloys, ample power, rear blower

Infotainment head unit needs an upgrade, USB port on side of unit is unsightly

Finally, a hybrid for you and me.

Yields on gov’t securities decline on BSP rate cut

YIELDS ON government securities fell almost across-the-board last week following the central bank’s decision to cut benchmark rates by a quarter of a percentage point.

Debt yields, which move opposite to prices, went down by an average of 4.9 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Feb. 7 published on the Philippine Dealing System’s website.

At the secondary market last Friday, yields were lower than week-ago levels almost across- the-board. In the short end of the yield curve, the 91- and 182-day Treasury bills (T-bills) declined by 5.4 bps and 0.5 bp to fetch 3.249% and 3.469% respectively. On the other hand, the rate on the 364-day T-bills went up by 3.3 bps, yielding 3.929%.

At the belly of the curve, the rates on the three-, four-, five-, and seven-year Treasury bonds (T-bonds) fell by 4.5 bps (4.187%), 6.5 bps (4.263%), 7.3 bps (4.309%), 7.9 bps (4.348%) respectively. The rate on the two-year T-bond was unchanged at 4.062%.

In the long end, the yields on the 10-, 20-, and 25-year T-bonds went down by 6.2 bps (4.394%), 6.1 bps (4.990%), and 12.7 bps (5.034%) respectively.

“The decline in local yields was primarily driven by market expectations of a possible policy rate cut from the BSP (Bangko Sentral ng Pilipinas) and lingering concerns over the coronavirus outbreak, which is highly viewed to negatively impact local and global economic activity,” a bond trader said in an e-mail.

“The downward pressure on yields was largely felt toward the long-term end of the curve, mirroring investor worries over the possible economic repercussions of the latest coronavirus outbreak,” the bond trader added.

ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro shared the same view in a separate e-mail: “Higher-than-expected inflation prompted some profit-taking after the market rally over the last few weeks. The reaction was muted, however, with the market correctly anticipating a cut in the policy rate during the BSP’s Monetary Board meeting on Feb. 6,” he said.

The BSP’s Monetary Board decided in its first review for the year last Thursday to cut key policy rates by 25 bps, bringing the overnight reverse repurchase rate to 3.75% and the overnight deposit and lending rates to 3.25% and 4.25%, respectively.

The Monetary Board also decided to raise its inflation forecast for the year to three percent from 2.9%, but kept its view for 2021 at 2.9%. Both forecasts still fall within the central bank’s 2-4% target.

The decision came a day after the Philippine Statistics Authority reported January headline inflation at 2.9%, its fastest pace in eight months or since the 3.2% reading in May 2019. The 25-bp rate cut also followed 75 bps rate cuts last year and 175 bps of rate increases in 2018 amid a high inflation environment.

Following the policy decision, BSP Governor Benjamin E. Diokno said geopolitical tensions have weakened prospects for global economic growth. He also noted the spread of the 2019 novel coronavirus could adversely affect economic activity and market sentiment in the coming months. The manageable inflation environment, he said, allowed room for a “preemptive reduction” in key rates.

Mr. Diokno also said central bank estimates showed the outbreak could dent the country’s economic growth in the first half by an average of 0.3% — by 0.2% for the first quarter and by 0.4% in the second quarter.

For this week, the bond trader said local yields are seen to go up “amid easing concerns” over the coronavirus outbreak, as well as “possible upward pressure in global yields” from a likely stronger US inflation that will be reported on Thursday.

Meanwhile, ATRAM’s Mr. Liboro noted the market has “aggressively priced in” a rally on the sale of the three-year retail Treasury bonds (RTBs) that ended last week, expecting it to move “from its coupon of 4.375% down to the 4.20% level.”

Mr. Liboro was referring to the Bureau of the Treasury’s sale of three-year RTBs that ended last Tuesday, two days ahead of the original schedule following strong demand. The raised amount of P310.8 billion exceeded the previous record-high RTB issuance worth P255 billion in 2017 and P235.935 billion last year.

“Current levels across the yield curve already reflect this and how the security trades upon listing will be the short-term catalyst. Should demand be sufficient to take it below 4.2%, we could see a continuation of the current rally. However, if profit-takers prevent it from moving down past 4.2%, we could see an adjustment higher on the longer-tenor securities as the yield curve reprices,” Mr. Liboro said. — Jobo E. Hernandez

Lazada holds sale to push its unified beauty portal

E-COMMERCE platform Lazada is holding a month-long sale this month to celebrate the “empowered Filipina” and to promote its unified beauty portal, Beauty by Lazmall.

“We really wanted to create an end-to-end beauty digital user experience for the Filipina beauty maven and… we wanted to make it easier for her to discover the newest and the most exclusive beauty brands and to discover the best deals, and experience beauty tech innovations,” Neil Trinidad, chief marketing director for Lazada Philippines, told BusinessWorld during the launch on Feb. 5 at the Mind Museum in Bonifacio Global City, Taguig.

The platform, which launched last week, consolidates brands selling on Lazada.

“All the brands on the platform are official stores so customers can be sure that what they’re buying is authentic,” Mr. Trinidad said.

Brands inside the Beauty by LazMall include L’Oreal, Disney by Luxasia, Clinique, Burt’s Bees, and Jeffree Starr Cosmetics, among others.

“We have a wide selection of beauty brands and we also have brands that are only exclusive to Lazada,” he added.

This month, Lazada had scheduled themed sales including a Valentine’s Day and Pay Day sale on Feb. 13 to 15, a Home and Living sale on Feb. 17-19, and the Baby Fair sale on Feb. 19-21. The sale offers over 300,000 deals and 200 brands up to 80% off, according to a release. — ZBC

US official says successful fishery talks crucial for WTO

WASHINGTON — The United States said on Thursday it was pushing hard for the World Trade Organization to reach agreement on cutting fishing subsidies in coming months and viewed those talks as a test of whether the global body can still achieve multilateral deals.

Deputy US Trade Representative Dennis Shea, the US envoy to the Geneva-based WTO, said a successful outcome would have “enormous importance” for the body but that there were still significant challenges ahead.

“In a way, it won’t be the WTO that saves the fish, it’ll be the fish that save the WTO,” Shea told an event hosted by the Asia Society think tank in Washington. Despite the challenges, Shea said he hoped a fishing subsidies deal could be struck in time for a WTO meeting in Kazakhstan in June.

Reaching a deal would contribute to the sustainability of the world’s oceans and meet targets set by world leaders, while providing new momentum for the WTO, he said.

“As the only active multilateral negotiation at the WTO, it will also be a test whether the institution is still capable of achieving meaningful multilateral outcomes,” Shea said.

Experts said global fish stocks could collapse unless a deal is reached soon to ban harmful fisheries subsidies worth over $30 billion annually. More than 90% of fish stocks are overfished or at maximum sustainable levels, according to the UN Food and Agriculture Organization.

Negotiators are battling over claims for carve-outs by some big players such as South Korea, the European Union and China, which is under fire from Washington for claiming exemptions intended for developing nations.

WTO Director General Roberto Azevedo said this week he agreed with US officials about the need for structural changes at the WTO to reflect global economic developments, including the rise of China and emergence of the digital economy.

To make its point, Washington has been blocking appointments to the WTO’s appeals body for two years, leaving it with too few members to make rulings.

The WTO initially hoped to reach an agreement on the issue by the end of 2019.

Shea said some countries remained more focused on protecting their fisheries subsidies than reducing or eliminating them. Many others did not submit required notifications on subsidies.

He said the United States and other partners had submitted five proposals to achieve meaningful reductions in harmful subsidies. — Reuters

Bucks finish season sweep over Magic in rout

ORLANDO — Brook Lopez highlighted a 23-point performance with five 3-pointers as the visiting Milwaukee Bucks completed a four-game season sweep of the Orlando Magic with a 111-95 victory on Saturday.

Giannis Antetokounmpo collected 18 points, 18 rebounds and nine assists for the Bucks, who have won 13 of their last 14 games overall and seven of their last eight versus Orlando.

While impressive numbers to be certain, a slow start and a primarily non-competitive contest led to the reigning NBA MVP seeing his five-game streak of at least 30 points, 16 rebounds and six assists come to a halt.

Khris Middleton recorded 21 points and 13 rebounds and Eric Bledsoe (18) and Wesley Matthews (12) also scored in double digits for Milwaukee.

Nikola Vucevic collected 21 points and 14 rebounds for his team-leading 26th double-double for the Magic, who have lost three in a row and eight of their last nine games.

Antetokounmpo’s dunk, Matthews’ corner 3-pointer and Lopez’s driving layup and short jumper started the Bucks on a 9-0 run to begin the third quarter to push their lead to 71-46. Orlando, however, made a spirited comeback entering the fourth before being held at bay the rest of the way.

The Bucks cleaned up some sloppy play and Kyle Korver and Lopez each made a pair of 3-pointers to create a double-digit advantage for their team in the second quarter. Middleton connected on a long, touchdown pass to Bledsoe for a reverse layup, highlighting an 11-3 run to end the quarter and give Milwaukee a 62-46 advantage at intermission.

Matthews drained a trio of 3-pointers to lift Milwaukee to a 15-10 lead before finishing the quarter with a 29-24 advantage without the benefit of a field goal from Antetokounmpo. Vucevic kept the Magic competitive with nine points and six rebounds.

While Milwaukee stood pat at the NBA trade deadline, it reportedly is set to bolster its roster as soon as Monday. Multiple outlets reported that the team is prepared to sign veteran forward Marvin Williams, who was waived by the Charlotte Hornets on Saturday.

WOLVES THUMP CLIPPERS
The new-look Minnesota Timberwolves were a puzzle too difficult to solve Saturday, getting 24 points from Jordan McLaughlin and 23 from Malik Beasley to earn a resounding 142-115 victory over the Los Angeles Clippers and end a 13-game losing streak.

Three players were making their debut for a Timberwolves team that was busy in advance of Thursday’s NBA trade deadline. One player who did not suit up was D’Angelo Russell, who was one of the biggest acquisitions on the final trading day.

Russell was nursing a right quad contusion but did take the microphone to speak to the crowd before the game to promise better things ahead. — Reuters

Strawweight Lito ‘Thunder Kid’ Adiwang earning his keep at ONE Championship

By Michael Angelo S. Murillo
Senior Reporter

JUST months into his ONE Championship career, Filipino strawweight fighter Lito “Thunder Kid” Adiwang is earning his keep. And how!

Started his ONE journey with the promotion’s reality show, “ONE Warriors Series” in 2018, Mr. Adiwang of Team Lakay has made an impressive ascent after securing a contract to be part of ONE’s main draw in the middle of last year.

“[Earning the ONE Championship contract] was the greatest feeling of my life, and I was super excited to show the world what I could do,” said Mr. Adiwang of how things are taking form for him.

And the young fighter has been making a strong impression not only in his division but the entire ONE-dom.

Mr. Adiwang has been unbeaten in two fights to date with the “big boys” at ONE, with his best still ahead of him.

He first saw action in the main draw in October at the historic ONE: Century event in Tokyo, Japan, against highly-touted veteran Senzo Ikeda.

There he was expected to face his first real test against the Japanese warrior, something he passed with flying colors.

Mr. Adiwang wrecked Ikeda, swarming him within the first few moments of the contest with his usual blistering pace. When action hit the mat, Mr. Adiwang brandished his unheralded ground game. He took Mr. Ikeda into a scarf hold and trapped his arm. Within moments, the Filipino stalwart had already latched onto a deep and secure armlock.

From there it was all over as Mr. Adiwang moments later was proclaimed the winner by technical knockout with Mr. Ikeda suffering from a hyperextended elbow joint and could not proceed.

The Filipino then followed it up with another convincing win here in Manila on Jan. 31, beating highly regarded Pongsiri Mitsatit of Thailand.

Playing in front of the hometown fans for the first time under ONE, Mr. Adiwang (11-2) promised to bring the heat and delivered accordingly.

He pounced on Mr. Mitsatit early, overwhelming his counterpart with wild hooks and sharp uppercuts from all directions. The Thai could do little aside from try to defend himself.

Mr. Mitsatit tried to extend the fight by backpedalling but the hometown bet was just unrelenting in his attack, eventually taking down his opponent to the mat.

From there, Mr. Adiwang shifted into grappling mode and again looked for his favorite scarf hold position. He maneuvered Mitsatit’s arm into a kimura from which the latter just could not escape from. After which the fight was waved off in Mr. Adiwang’s favor.

With the two quality finishes, Mr. Adiwang said they are representative of who he is as a fighter.

“I always go for the finish. That’s one thing fans can count on from me. I have an intelligent game plan, but my goal is to always end the fight early,” said the confident fighter.

And he cautioned that he is just beginning on his journey, and has his sights on bigger things moving forward.

“I’ll fight whoever they put in front of me. I’m ready for the big fights,” said Mr. Adiwang.

Asked who among ONE he would like to fight next, the Filipino said it is former strawweight champion Yoshitaka Naito of Japan.

“Now that would be a great challenge,” Mr. Adiwang said of Mr. Naito.

Razon entry drives Manila Water trade volume

NEWS of tycoon Enrique K. Razon, Jr. buying into Manila Water Co., Inc. made the listed water concessionaire the third-most actively traded issue last week.

A total of 173.45 million shares of Manila Water worth P2.37 billion exchanged hands on the trading floor from Feb. 3 to 7, data from the Philippine Stock Exchange showed.

Manila Water shares closed at P13.28 apiece on Friday, up 9.2% from P12.16 a week ago. Year to date, however, the stock’s share price has recovered by 36.9%.

“Several developments impact Manila Water during the week. First was the disclosure that [Razon-owned] Prime Metroline Holdings, Inc. signed a subscription agreement for the acquisition of 820 million common shares of Manila Water at P13 per share, which represents a 25% stake,” Mandarin Securities Corp. research analyst Zoren Philip A. Musngi said in an e-mail.

“Second, was the grant by [the Ayala group] of a 51% voting interest to Mr. Razon. Last was [last Friday’s] announcement of Prime Metroline’s intention to make a mandatory tender offer for Manila Water shares, where they’re looking to increase their stake, aside from the recent 25% buy-in,” he added.

In a separate e-mail, Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan attributed the week-on-week increase to “positive investor sentiment” following Mr. Razon’s entry into the company.

“Foreigners have also been net buying on the stock throughout the week except on Friday as some investors chose to take profits,” Mr. Pangan added.

In its disclosure to the stock exchange on Monday, Manila Water said it had agreed to sell 820 million common shares, or a 25% stake, at P13 each to Mr. Razon’s infrastructure firm Prime Metroline, raising P10.7 billion in additional equity capital that Manila Water would use to “pursue its long-term strategic initiatives.”

Ayala Corp. said in a disclosure on Thursday that its executive committee approved giving Mr. Razon a 51% voting interest in Manila Water. This is through the granting of proxy rights by its wholly owned subsidiary Philwater Holdings Co. to Mr. Razon’s Prime Metroline — until he incorporates Trident Water, which will be the vehicle for the transaction.

Ayala Corp.’s Philwater currently owns four billion of preferred shares in Manila Water, representing 65.95% of voting shares in the company, the disclosure said. It added that upon the grant of proxy rights to Trident Water, Ayala Corp.’s effective voting interest in Manila Water will be reduced to 31.6% but would remain the biggest shareholder at 38.6%.

Moreover, a newspaper bulletin by Prime Metroline on Friday — which was disclosed to the stock exchange by Manila Water — said it is going to conduct the tender offer of Manila Water shares held by the public as part of its subscription to 820 million common shares in the water firm. As disclosed when the listed water firm announced the entry of Prime Metroline earlier last week, the shares will be offered at P13 each.

Manila Water, along with the other Manila water concessionaire Maynilad Water Services, Inc., is waiting on the government for a new concession term after President Rodrigo R. Duterte declared that there were onerous provisions in their previous contracts. These contracts were originally set to last until 2037, but Mr. Duterte threatened to cut this short.

Manila Water shares jumped to as high as P14.60 each on Monday before closing at P12.76. On Friday, however, the stock went down 11.2% to P13.28 per share from Thursday’s P14.96.

The company posted an attributable net income of P4.41 billion as of end-September, 10.6% lower than its bottom line of P4.93 billion in 2018’s comparable nine months.

Timson Securities’ Mr. Pangan said the company’s net income trajectory remains unclear “given the new contracts have not yet been released, and also because the strategic direction of the company under the new leaders have not yet been confirmed.”

“[The] nearest resistance to break may be set at its recent high of P15, while support level at P12.8 may have to hold. If not, P12 would be the next support level to watch,” Mr. Pangan said.

Meanwhile, Mandarin Securities’ Mr. Musgni placed the stock’s immediate support at P13 and resistance at P14 “given recent developments.”

“We expect Manila Water shares to trade in this range as more details regarding the supposed tender offer are released,” he said. — ECAJ

Escape to South Island

Text by Angel Rivero
Photos by Jakob Kurc

WHERE’S the farthest South you’ve ever been?

My answer to this question is New Zealand’s South Island — officially named “Te Waipounamu” — home to some of the most pristine natural wonders left on the planet. Picturesque mountains, aptly called The Remarkables, greeted us as soon as we disembarked from the plane. Immaculate lakes, primeval-looking forests, and mighty glaciers abound. It is totally easy to figure out why this island was chosen as one of the major shooting sites for one of the best fantasy-novels-ever-written-turned-full-feature-films: the Lord of the Rings trilogy.

Our port of entry to the South Island was none other than the picture-perfect, adventure capital of world, Queenstown. The resort town fares especially high in many an adventurer’s bucket list, and that is because it is the birthplace of bungee jumping, is an amazing place to go skydiving, is the place where speedboats are specially engineered so that they could still speed through insanely shallow water, and is home to the highest cliff-jump swing in the world! I could go on and on, but you get the idea. Queenstown is a place of doing. And while you’re at it, you get to enjoy the amenities of an impressively well-equipped town that is gloriously uncrowded.

It’s almost too good to be true.

And you might already know, New Zealand’s South Island is a paradise for driving (in fact, it’s a necessity here if you plan to visit any of the breathtaking national parks). My choice of wheels for this holiday of adventure was the handsome, Ford Escape AWD Titanium 2.0-liter turbodiesel in Ruby Red. Its size was in a sweet spot for my taste — comfortable and commodious, but not gas-guzzling large. I was really happy that it didn’t carry a sharp-angled rear because it offered better storage space this way, without inhibiting rear visibility. My elevated sitting position also lent me an excellent command of the road — with the settings customizable via a 10-way, power adjustable driver’s seat.

The vehicle came with satellite navigation (extremely helpful when driving through the wilderness), an eight-inch display screen, and was equipped with Ford’s Sync3 hands-free media system that is compatible with Apple CarPlay and Android Auto. We also had the luxury of a premium Sony audio system with nine speakers. Best of all, the beautiful drives were ever more immersive, thanks to the Escape’s panoramic sunroof that constantly bathed us in sunlight and sky.

One thing important for visitors to understand about New Zealand, is that there is an earnest and sophisticated hiking culture there. The locals would rather refer to it as “tramping” — and boy, do they set the bar far and high! It is no surprise then that the country is consistently listed as among the best places to visit for hikes of a lifetime. In case you haven’t heard, there is such a thing as the “Nine Great Walks of New Zealand” — lasting anywhere from hour-long hikes to multi-day treks – and most of them are found within the national parks of South Island.

Every trek seduces the frisky hiker with incredible vistas en route, and most certainly at the very end, which often opens up to a breathtaking viewpoint unlike anywhere else. Having said that, getting to these remarkable trails requires driving to the trailhead in the heart of nature. And from my experience, driving the Ford Escape — and in tricky right-hand drive, mind you — never delivered a twinge of doubt, despite having to venture into some rough roads, bumpy surfaces, and an array of ever-changing terrain. There were no squeaks or rattles, and never did I ever feel a shortage in power.

When evening came, the Escape did not fail to please with its delightful driving aids, which includes adaptive lights go into automatic high beam when necessary, and some really cool automatic leveling of its active, bi-xenon headlights. Other generous safety features included are adaptive cruise control, lane-keeping aids, forward collision alert, and autonomous emergency braking. The vehicle is also equipped with intelligent AWD that adjusts the torque delivery to each wheel every 16 milliseconds.

To date, Ford has remained one of New Zealand’s most dominant vehicle brands — and for good reason! In my experience alone, it was a reliable and, very importantly, comfortable vessel that took me right into the middle of the South Island’s beautiful nature, which included the raw grandeur of Fjordland National Park — home to the storied allure of world-famous Milford Sound.

So, no matter its remoteness — a country ever the victim of being forgotten from the world map (yes, it’s true!) — a visit to New Zealand should definitely be up there in one’s bucket list. There are so many rich experiences to take home from this distant land. And as a Maori proverb goes: “Mai i te kopae ki te urupa, tatou ako tonu ai,” which translates to: “From the cradle to the grave, we are forever learning.” So, rattle ya dags… and let’s head to the wop-wops!

Peso to climb further on US, local data

THE PESO is likely to rise this week with the market anticipating better trade deficit data and with the market factoring in the positive US jobs report released late last week.

The local unit closed at P50.755 per dollar on Friday, strengthening by 2.50 centavos compared to its P50.78 finish on Thursday, according to data from the website of the Bankers’ Association of the Philippines.

Week on week, the peso also appreciated by 7.50 centavos from the P50.83-to-a-dollar close on Jan. 31.

Analysts said BSP Governor Benjamin E. Diokno’s hints on another rate cut as well as fresh signals from Beijing and Washington on their commitment to their phase one deal likely boosted the peso.

Mr. Diokno told Bloomberg TV in an interview on Friday that another rate cut may be possible by the middle of the year.

“Peso exchange rate closed stronger after BSP Governor [Benjamin E. Diokno] signalled another rate cut possible by mid-2020, after yesterday’s cut in local policy rates, improving sentiment on the local financial markets,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a text message.

For his part, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the peso’s strength came on the back of recent developments in the US-China trade deal.

“Market perception has slightly improved and more confident because of the reaffirmation to the commitment by both the US and China to their phase 1 deal,” Mr. Asuncion said in a text message.

For this week, analysts said among the factors that may affect exchange rates are some key economic data and the latest developments on the coronavirus outbreak.

“This [peso’s] strength is expected [to continue] next week with anticipated better trade data from last year,” Mr. Asuncion said.

“Major market leads that could have an impact on the peso include the latest US jobs data, Philippine trade deficit data, as well as latest developments on coronavirus,” RCBC’s Mr. Ricafort said.

The Philippine Statistics Authority will release the December trade deficit data on Feb. 11.

Both Mr. Ricafort and UnionBank’s Mr. Asuncion gave a forecast range of P50.60-P50.90 per dollar for this week. — L.W.T. Noble with Reuters

Greg Slaughter surprises with ‘taking a break’ announcement

By Michael Angelo S. Murillo
Senior Reporter

BARANGAY Ginebra San Miguel Kings big man Greg Slaughter surprised the Philippine Basketball Association with his decision at the weekend to “take a break” from playing after six years of parading his wares in the league.

In a post on his Instagram account, the 2013 top overall pick said with his contract having expired at the end of the season just passed, he would grab the opportunity to take a break and work on aspects of himself.

“With that, now that my contract has expired, I’ve decided to take a break to be able to work on myself in all aspects,” wrote Mr. Slaughter, 31, on Instagram on Saturday night.

“I may not know what the future holds, but one thing is for sure, the best is yet to come!” he added.

In six years with the Kings, Mr. Slaughter was a four-time champion, the most recent of which was the 2019 Governors’ Cup title won last month.

He was also a best player of the conference awardee in 2017 in the Governors’ Cup.

Mr. Slaughter viewed his Barangay Ginebra journey as an eventful one, thanking San Miguel Corp. and its boss, Ramon S. Ang, and the management on his IG post.

He also nodded on Coach Tim Cone and the rest of the Kings coaching staff and his teammates.

Mr. Slaughter thanked as well the Barangay Ginebra fans, who he considers as the best there is.

“To the best fans in the world — I can’t thank you enough for all the support you have shown me throughout the years. I will forever be grateful! #NSD,” he wrote.

While surprised by his move, many in the PBA expressed support to seven-foot “Gregzilla” and his decision and wished him luck on social media, including his teammates in Barangay Ginebra.

Among them were veteran Mark Caguioa, who is all set to ride into the sunset after the about-to-begin PBA Season 45; Japeth Aguilar and Aljun Mariano.

Also sending message of support were Doug Kramer, JC Intal, Allex Mallari and Juami Tiongson, among others.

Mr. Slaughter’s decision to take a break came amid talks that the Kings were planning to ship him out to another team, in particular for Northport big man Christian Standhardinger.

Mr. Cone and other Kings officials reportedly will try to talk to Mr. Slaughter about his decision and maybe for him to reconsider.

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