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Peso weakens versus the dollar as manufacturing PMI ends below 50

THE PESO weakened against the greenback on Wednesday amid profit taking and after a contraction in the manufacturing sector due to the Luzon lockdown.

The local unit finished trading at P50.88 per dollar yesterday, shedding 20 centavos from its P50.68 close on Tuesday, according to data from the Bankers Association of the Philippines.

The peso opened the session at P50.70 per dollar. Its weakest showing for the day was at P50.93, while its strongest intraday level was seen at P50.67 against the greenback.

Dollars traded went down to $346 million from $363.1 million on Tuesday.

A trader said despite the weaker peso at the close of the session, trading was mostly sideways.

“In the past days, the peso strengthened, so today was for profit taking and the start of reversal although it’s not full reversal as it did not reach the P51 figure,” the trader said in a phone call on Wednesday.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s decline came after news of a contraction in local manufacturing activity.

“The peso exchange rate closed weaker after the latest decline in the Philippine manufacturing gauge,” Mr. Ricafort said in a text message.

The IHS Markit Philippines Manufacturing Purchasing Managers’ Index released Wednesday showed a reading of 39.7 for March which means a contraction, as it fell below the 50 mark which signifies growth.

This was also lower than the 52.3 seen in February and the 51.5 logged in the same month in 2019.

“The lockdown of Luzon island to halt the spread of coronavirus disease 2019 (COVID-19) had a dramatic impact on the Philippines manufacturing sector in March,” IHS Markit said in a report.

The enhanced community quarantine is set to end on April 12 if officials see the virus outbreak has been contained.

As of Tuesday, health officials reported that COVID-19 cases in the country reached 2,084, with 88 deaths and 49 recoveries.

For today, both Mr. Ricafort and the trader expect the peso to trade within the P50.70 to P51 range versus the dollar.

Meanwhile, Asian currencies eased on Wednesday as investors braced for a steep economic slump in the wake of lockdowns in many countries to contain the coronavirus’ spread, although losses were limited by the US Federal Reserve’s move to increase dollar liquidity, Reuters reported.

The Fed on Tuesday broadened the ability of dozens of foreign central banks to access US dollars during the coronavirus crisis by allowing them to exchange their holdings of US Treasury securities for overnight dollar loans. — L.W.T. Noble with Reuters

Stocks climb on expectations of slower inflation

THE MAIN INDEX sustained its climb yesterday as investors focused on expectations that inflation slowed in March amid the virus outbreak.

The 30-member Philippine Stock Exchange index (PSEi) picked up 87.29 points or 1.64% to 5,408.52 on Wednesday. The broader all shares index also gained 41.04 points or 1.26% to 3,278.81.

“Philippine shares started the second quarter on an optimistic note as investors are hoping the market has bottomed, with many strategists expecting a ‘V’ shaped recovery, a sharp drop in GDP (gross domestic product) in the (second quarter) and a swift snapback in the (third quarter),” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The Bangko Sentral ng Pilipinas (BSP) said on Tuesday it expects March headline inflation to ease to 2-2.8% from 2.6% in February. The driver would be the drop in oil prices and the stable food prices due to the implementation of a price freeze amid the declaration of a state of calamity in the country.

Like Mr. Limlingan, Philstocks Financial, Inc. Research Associate Claire T. Alviar pointed to this reason to be among the confidence boosters of investors in yesterday’s trading.

She added the expansion of China’s manufacturing output was also a catalyst for growth, after the country reported a Purchasing Managers’ Index (PMI) of 52 in March earlier this week, exceeding expectations.

“Service sector had the biggest gain today given the slower inflation forecast of BSP as investors anticipate that this sector would benefit the most… This pushed the market in the green territory, despite World Bank’s 3% GDP growth forecast for the Philippines in 2020,” Ms. Alviar said in a text message.

Services rose 27.02 points or 2.26% to 1,219.06 on Wednesday. Other sectoral indices also advanced: holding firms by 94.39 points or 1.80% to 5,327.91; mining and oil by 56.25 points or 1.35% to 4,218.15; financials by 15.77 points or 1.28% to 1,239.41; property by 29.69 points or 1.08% to 2,777.99; and industrial by 50.92 points or 0.80% to 6,412.63.

Value turnover ended at P5.58 billion with 498.18 million issues switching hands, down from Tuesday’s P7.42 billion with 546.31 million issues.

Some 99 names ended higher, 87 names ended lower, and 41 names ended unchanged yesterday.

Net foreign selling narrowed to P418.75 million on Wednesday from P634.52 million on Tuesday.

Meanwhile, Wall Street’s three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic.

The Dow Jones Industrial Average fell 410.32 points or 1.84% to 21,917.16; the S&P 500 lost 42.06 points or 1.60% to 2,584.59; and the Nasdaq Composite dropped 74.05 points or 0.95% to 7,700.10. — Denise A. Valdez with Reuters

Imports needed for COVID-19 fight declared tax-exempt

IMPORTED GOODS, supplies and equipment, including test kits and protective equipment needed for containing the coronavirus disease 2019 (COVID-19) outbreak, as well as imported materials needed to manufacture these products have been declared exempt from all taxes, duties and fees, the Bureau of Customs said.

In Customs Administrative Order (CAO) 07-2020 released Wednesday, the BoC said such imports are exempt from value-added tax (VAT), excise tax and other fees.

The exemption was also outlined in Revenue Regulations (RR) No. 6-2020, which was also issued Wednesday.

According to CAO 07-2020 and RR 6-2020, these tax exemptions will be implemented and “in full force” during the three-month validity of Republic Act. No. 11469 or the “Bayanihan to Heal as One Act.”

The exemption covers COVID-19 testing kits; personal protective equipment (PPE) such as gloves, gowns, masks, goggles, and face shields; surgical equipment and supplies; laboratory equipment and reagents; and medical equipment, devices and tools, as well as other items to be identified by the Department of Health (DoH).

Other imported items declared exempt were medical consumables such as alcohol, sanitizers, tissue, thermometers, hand soap, detergent, sodium hypochlorite, cleaning materials, povidone iodine, and common medicines such as paracetamol, mefenamic acid, vitamins, hyoscine, oral rehydration solution and cetirizine.

Further, “importation of materials needed to make health equipment and supplies deemed critical or needed to address the current public health emergency” are also exempt from taxes, duties, VAT, excise tax and other fees.

Only manufacturers in the “master list” of the Department of Trade and Industry and other incentive-granting bodies can avail of the exemption, the BoC said.

“Donations of these imported articles to or for the use of the national government or any entity created by any of its agencies which is not conducted for profit, or to any political subdivision of the government are exempt from donor’s tax and subject to the ordinary rules of deductibility under existing rules and issuances,” according to RR 6-2020.

CAO 07-2020 and RR 6-2020 implement Section 4 (o) of the “Bayanihan to Heal as One Act,” stating to “liberalize the grant of incentives for the manufacture or importation of critical or needed equipment or supplies for the carrying-out of the policy declared herein, including healthcare equipment and supplies: Provided that importation of these equipment and supplies shall be exempt from import duties, taxes and other fees.”

Even before the issuance of the implementing rules, Customs Assistant Commissioner Vincent Philip C. Maronilla said in a mobile phone message that the bureau has been implementing the tax exemption “provisionally.”

Separately, the BoC said Tuesday that it seized P15 million worth of alleged smuggled personal protective equipment in Manila, recovering gloves, facemasks and goggles.

“Smuggled PPE may pose a health risk to users since such items may not comply with the safety standards set by the government rendering them not fit for human utilization,” the BoC said in a statement Wednesday.

As of Tuesday, the BoC processed more than 3,800 shipments of PPEs.

Also Wednesday, the BoC released CAO 06-2020 implementing conditional tax or duty-exemption on imports of coffins and urns, among other items. — Beatrice M. Laforga

Fitch Solutions reduces PHL consumer spending 2020 growth outlook

FITCH SOLUTIONS Macro Research said it reduced its 2020 consumer spending growth estimate for the Philippines to 6.7% from 7% due to the lockdown imposed on Luzon to contain the coronavirus disease 2019 (COVID-19) outbreak.

Fitch Solutions said spending will be focused on food and health-related products, depressing purchase activity for items deemed less essential like clothing, footwear and appliances.

In a note issued Tuesday, Fitch Solutions said the new estimate is also lower than the 9.8% rise in consumer spending in 2019.

It said the assessment was based on spending patterns observed during the China lockdown in January and February and the social distancing measures in South Korea.

“We expect this to hold even for non-essential e-commerce shopping online (e.g. for clothing and footwear), due partly to the aforementioned ‘prioritizing’ mindset among consumers, and partly due to delivery companies prioritizing the delivery of the increased essential food and grocery orders over those of non-essential goods,” Fitch Solutions said.

The month-long enhanced community quarantine (ECQ) was initially implemented in Metro Manila on March 15 and was then expanded to Luzon. It will run until April 12 if the outbreak is controlled by that time. Fitch Solutions said the lockdown “could be extended, given initial difficulties implementing the measures and confusion over what restrictions were in place.”

Fitch Solutions is of the view that the first fiscal stimulus package worth P27.1 billion may not have a “considerable” impact on the economy or consumer spending.

The P27.1 billion stimulus program announced by economic managers early in the lockdown was focused on supporting the tourism sector. The program also includes a package for the health sector and some subsidies for affected workers and establishments.

“For scale, Malaysia, with less than one third of Philippine’s population, announced a stimulus package worth $57 billion (about P2.9 trillion) on March 27.”

Fitch Solutions said that the P200 billion package for vulnerable Filipinos recently announced by President Rodrigo R. Duterte may help to boost consumer spending outlook in the second half of 2020 and in 2021.

Mr. Duterte said Monday that the government has allotted P200 billion to aid low-income households to support those who may have been thrown out of work during the lockdown.

Cash assistance for the vulnerable population will range from P5,000 to P8,000.

Fitch Solutions downgraded its 2020 growth outlook for the Philippines to 4% in late March from an earlier forecast of 6% mainly due to the outbreak’s impact on tourism, remittances, the supply chain, and foreign direct investment. If realized, this projection will be lower than the 5.9% recorded in 2019 and the official target of 6.5% to 7.5% set by the government. — Luz Wendy T. Noble

Palay output estimate for first quarter slashed by 6.7%

PRODUCTION of palay, or unmilled rice, in the first quarter of 2020 is now estimated at 4 million metric tons (MT), 6.7% lower than the previous projection, the Philippine Statistics Authority (PSA) said.

In its updated Palay and Corn Estimates, PSA said that the new projection for palay in the just-concluded quarter compares with the initial estimate of 4.28 million MT issued on Jan. 1.

The new projection, if realized, would represent a 9.5% year-on-year decline from the actual output of 4.42 million MT in the first quarter of 2019.

The PSA said the area planted to rice may have contracted 3.7% year-on-year during the quarter, from 1,153.19 thousand hectares in the first quarter of 2019. The yield per hectare is expected to decline year-on-year to 3.60 MT from 3.83 MT.

Meanwhile, corn production for the quarter was estimated at 2.39 million MT, 1.5% lower than the previous estimate of 2.43 million MT issued on Jan. 1.

The estimate, if realized, would point to a 1.3% year-on-year decline from the actual output of 2.43 million MT in the first quarter of 2019.

“Harvest area may reduce to 700.20 thousand hectares from 706.26 thousand hectares in 2019. Yield per hectare may slightly decrease to 3.42 MT from 3.43 MT,” the PSA said. — Revin Mikhael D. Ochave

QC extends property tax deadline by one month

QUEZON CITY has extended the deadline for the payment of annual and first quarter real property taxes to April 30 from March 31 after an enhanced community quarantine was imposed on Luzon.

“All annual and/or first quarterly Real Property Tax due payable to Quezon City Government for 2020 which is due to be paid on or before March 31, 2020, can be paid not later than April 30, 2020, without penalty, surcharges and interest,” according to the city ordinance granting the extension, which was passed on March 16.

In a statement on the city’s Facebook page, Quezon City Mayor Maria Josefina G. Belmonte said the city decided to give residents more time to settle their tax bills.

“We have requested the City Council to enact a resolution or ordinance extending the payment of taxes. This way, local residents have more time to settle their dues amid the declaration of community quarantine in Metro Manila,” Ms. Belmonte said.

Even with the extension, Quezon City treasurer Edgar T. Villanueva said the discount provided by the city government to early taxpayers remains in effect, adding that the City Treasurer’s Office is staffed at minimal levels but working five days a week at City Hall.

“Gusto rin namin ipaalam na sarado ang aming tanggapan sa City Hall at satellite offices tuwing weekend habang may community quarantine. Babalik ang normal operations kapag tapos na ang quarantine period (We would like to announce that the City Hall and satellite offices are closed on the weekends for the duration of the community quarantine, Normal operations will resume at the end of the quarantine),” Mr. Villanueva said. — Genshen L. Espedido

More Metro Manila LGUs to host mobile markets

THE Department of Agriculture (DA) will open more mobile produce markets sourcing directly from farmers to ensure sufficient food for the Metro Manila during the enhanced community quarantine (ECQ).

The mobile markets, operated under a program known as Kadiwa ni Ani at Kita, and known as Kadiwa on Wheels, will cover Quezon City, Pateros, Caloocan, Taguig and Pasig, according to Assistant Secretary for Agribusiness and Marketing Assistance Services Kristine Y. Evangelista.

“We have engaged Pateros, Quezon City, Caloocan, Taguig, and Pasig for the services of Kadiwa on Wheels. The number is growing and in the next weeks, we expect more orders from other LGUs (local government units) in metropolitan areas,” Ms. Evangelista said.

The DA has been preoccupied with ensuring the continued flow of food into urban areas as Metro Manila throws up checkpoints in an attempt to contain the coronavirus disease 2019 (COVID-19) epidemic, at the cost of delaying deliveries of produce. It is also trying to persuade LGUs to use more fresh produce in their food packs for their more vulnerable citizens, rather than the typical ration of canned food.

Ms. Evangelista said the Quezon City location for the mobile markets will be in the Elliptical Road area, where the DA is located.

DA plans to deliver 10 to 12 metric tons of produce to sustain the Kadiwa operations in the capital.

Agriculture Secretary William D. Dar said the DA will open more outlets to serve urban families, and provide Luzon agricultural producers direct market access to improve their earnings.

“We are hoping to provide an assured market for our farmers and fisheries, while providing cheaper and nutritious food to our people, especially in this time of crisis,” Mr. Dar said.

The DA also distributed free vegetable seed and planting materials across the country to encourage urban agriculture with supply chains disrupted due to COVID-19.

Bureau of Plant Industry (BPI) Assistant Director Gerald Glenn F. Panganiban said vacant areas can be converted to community vegetable gardens.

The BPI, has led the distribution of seed for eggplant, tomato, upo, sitao, okra, upland kangkong, mustard, pechay, alugbati, saluyot, and onions.

“We urge the public to join us in promoting this urban agriculture program to ensure a continuous supply of home-grown nutritious vegetables on the tables of every Filipino household,” Mr. Dar said. — Revin Mikhael D. Ochave

Durant and Young headline players-only NBA 2K tourney

NATIONAL Basketball Association fans missing their favorite players in action get to see them strutting their stuff albeit on a different platform by way of the NBA 2K video game.

In an official announcement made yesterday, 2K, the NBA, and the National Basketball Players Association (NBPA) said the “NBA 2K Players Tournament” will get under way beginning April 3 (US time) to provide fans an outlet to be entertained as the battle against the coronavirus disease 2019 (COVID-19) pandemic rages on.

The NBA regular season was suspended on March 11 after Utah Jazz center Rudy Gobert tested positive for COVID-19. Almost every other sport in the United States — and many across the world — have been shut down and are expected to remained shut down for some time.

The NBA 2K20 gameplay tournament will between 16 current NBA players, led by Kevin Durant of the Brooklyn Nets and Trae Young of the Atlanta Hawks.

It will be a single-elimination, player-only tournament on Xbox One.

The winner will be crowned the ultimate NBA 2K20 champion and select a charity beneficiary to receive a $100,000 donation from 2K, the NBA and the NBPA in support of ongoing coronavirus relief efforts.

“We’re thrilled to partner with the NBA and NBPA to bring basketball back to fans throughout the world and to help those in need during these uncertain times,” said Jason Argent, 2K Senior Vice-President, Sports Strategy and Licensing, in a statement.

“Entertainment, especially sports, has the ability to bring communities together — including athletes, fans and families — and we hope that everyone will enjoy the tournament,” he added.

It is the same sentiment that the NBA and NBPA shared.

“This tournament offers a unique opportunity for our players to compete with one another while also supporting their philanthropic efforts and engaging with their fans,” said Josh Goodstadt, EVP of Licensing for THINK450, the commercial arm of the NBPA.

“We are excited to work with 2K and the NBA to bring this experience to life for the entire NBA community.”

Based on players’ seeding — which is determined first by NBA 2K rating, second by tenure — players in the tournament will go head-to-head online in NBA 2K20.

Prior to the tournament beginning, every player will choose eight of today’s NBA teams, each of which can only be used once. If a mirror match is set, the away team is awarded first choice of team. Rounds one and two will be single elimination, with the semifinals and finals running best-of-three.

Durant, with a game rating of 96, is the top seed followed by Young (90).

The rest of the top 8 are made up of Portland’s Hassan Whiteside (87), Utah’s Donovan Mitchell (87), Phoenix’s Devin Booker (86), Cleveland’s Andre Drummond (85), Chicago’s Zach LaVine (85) and Montrezl Harrell (85).

The rest of the field has Indiana’s Domantas Sabonis (85), Phoenix’s Deandre Ayton (85), DeMarcus Cousins (81), Denver’s Michael Porter Jr. (81), Washington’s Rui Hachimura (79), LA Clippers’ Patrick Beverley (78), Sacramento’s Harrison Barnes (78) and Miami’s Derrick Jones Jr. (78).

Organizers said the roster of participating players is subject to change.

Tournament coverage begins April 3 at 7:00 p.m. ET on ESPN, with a matchup between Jones Jr. (16) and Durant (1) tipping off at 7:30 p.m. ET.

Jones Jr. and Durant will each play as one of their pre-selected teams, with Jones Jr. choosing from the Boston Celtics, Brooklyn Nets, Dallas Mavericks, LA Clippers, Los Angeles Lakers, Miami Heat, Milwaukee Bucks and Philadelphia 76ers, and Durant choosing from the Brooklyn Nets, Chicago Bulls, Dallas Mavericks, Golden State Warriors, Houston Rockets, LA Clippers, Oklahoma City Thunder and Utah Jazz.

Additional matchups will air through April 12. Every tournament game will debut on either ESPN or ESPN2, while also streaming on the ESPN App and running on NBA.com, the NBA App, and 2K and NBA social channels including Twitter (@NBA2K, @NBA), Twitch (@NBA2K, @NBA), YouTube (@NBA2K, @NBA) and Facebook (@NBA2K, @NBA).

The Lakers’ Anthony Davis was chosen for the cover of the latest edition of the game, NBA 2K20, after Milwaukee’s Giannis Antetokounmpo was on the cover for 2K19. Other recent cover athletes include Kyrie Irving, Paul George, Stephen Curry, James Harden, Durant and LeBron James. — Michael Angelo S. Murillo with Reuters

FIBA moves to update 3×3 World Tour season calendar

WITH an end to the coronavirus disease 2019 (COVID-19) pandemic anything but certain at this point, world basketball governing body FIBA moved to update the 3×3 World Tour season calendar.

On the heels of its decision to suspend all FIBA competitions beginning March 12, FIBA on Wednesday confirmed that the first five Masters of the FIBA 3×3 World Tour of 2010 are moved to the second semester of the year, including that scheduled to take place in the Philippines.

Apart from the Manila Masters, affected were those in Doha, Chengdu, Mexico City and Utsunomiya.

The Doha, Mexico City and Utsunomiya Masters will not take place as originally scheduled. A new date will be announced at a later stage.

The Manila and Chengdu Masters, meanwhile, are now planned for Aug. 15–16 and Oct. 17–18, respectively.

The Manila Masters was supposed to happen on May 2-3 at the SM Megamall Fashion Hall and would have marked the first time that the tour would be passing Philippine soil since 2015.

Preparations were being done for the competition by local organizers until COVID-19 rendered it impossible to be staged on its original schedule, prompting FIBA to adjust its calendar.

As for the FIBA 3×3 Olympic Qualifying Tournaments, FIBA said discussions are still being done with the International Olympic Committee (IOC), which last week decided to postpone the Olympic Games to July 2021 over concerns on COVID-19.

The world basketball governing body said it will continue to monitor the COVID-19 situation on a daily basis and evaluate the options for the lifting of the suspension of competitions when the situation allows for it. — Michael Angelo S. Murillo

What happens now?

FIDE Candidates Tournament
Yekaterinburg, Russia
March 15–April 5, 2020

Current Standings (round 7 of 14)

1–2 Maxime Vachier-Lagrave FRA 2767, Ian Nepomniachtchi RUS 2774, 4.5/7

3–6 Fabiano Caruana USA 2842, Alexander Grischuk RUS 2777, Anish Giri NED 2763, Wang Hao CHN 2762, 3.5/7

7–8 Kirill Alekseenko RUS 2698, Ding Liren CHN 2805, 2.5/7

Average Rating 2774
Category 21

Time Control: 100 minutes for the first 40 moves, then 50 minutes for the next 20 moves, then 15 minutes for the rest of the game with 30 seconds added to the clocks after every move starting move 1

The FIDE Candidates Tournament began on March 16th, in Yekaterinburg, Russia, with eight of the top players of the world to play a double round-robin to decide who would challenge the reigning world champion, Magnus Carlsen, in December for the title. The 14-round event took place in the Hyatt Regency Hotel in Yekaterinburg, Russia — play was originally scheduled 17 March to April 3 this year with a prize fund of €500,000.

One of the competitors, Teimour Radjabov, withdrew from the event before it began, questioning the decision to hold the tournament as planned due to the ongoing corona virus pandemic. He was replaced by a French player, Maxime Vachier-Lagrave.

Why was Maxime Vachier-Lagrave chosen? To answer that we should go back to how the eight (8) original players qualified:

1 Runner-up of the previous world championship match — Fabiano Caruana

2–3 Two qualifiers from the 2019 World Cup — Teimour Radjabov and Ding Liren. Third placer is Maxime Vachier-Lagrave, who defeated the other semifinalist Yu Yangyi in a match

4–5 Two qualifiers from the FIDE Grand Prix — Alexander Grischuk and Ian Nepomniachtchi. Third placer is Maxime Vachier-Lagrave

6 One qualifier from the FIDE Grand Swiss — Wang Hao. Next in line is Kirill Alekseenko

7 One qualifier by rating — highest-rated player not otherwise qualified – Anish Giri. Next in line is Maxime Vachier-Lagrave

8 One organizers’ nominee – Kirill Alekseenko

That last bit about organizers’ nominee we should take a closer look, for they cannot just nominate anybody, there are rules as to who they can nominate:

a.) The player from the top-10 players by average FIDE rating as per Clause E — that would be Maxime Vachier-Lagrave;

b.) The player placed third in the 2019 FIDE World Cup — that would be Maxime Vachier-Lagrave;

c.) The best non-qualifying player from the 2019 FIDE Grand Swiss — Kirill Alekseenko;

d.) The best non-qualifying player from the 2019 FIDE Grand Prix Series — Maxime Vachier Lagrave

e.) The organizers, being Russian, naturally preferred a Russian player and chose Alekseenko. That is absolutely within their rights.

OK, now Radjabov withdrew from the tournament. Radjabov had qualified through the World Cup, so I assumed that MVL was named as his replacement since he was next-in-line from the World Cup. Why else did he have to play an additional match with Yu Yangyi to determine third place? But no, apparently the rules stipulate that any withdrawal will be replaced by the next one in the rating list not otherwise qualified. Good thing that was MVL too, so problem averted. Perhaps the rules committee on the world championship should plug that loophole in the next cycle.

Due to the lateness of the withdrawal Vachier-Lagrave only had two weeks to prepare for the tournament, but he arrived in Yekaterinburg fresh and ready to play. In the second round he defeated the second seed in a terrific game.

Vachier Lagrave, Maxime (2767) — Ding, Liren (2805) [C88]
FIDE Candidates 2020
Yekaterinburg (2.4), 18.03.2020

1.e4 e5 2.Nf3 Nc6 3.Bb5 a6 4.Ba4 Nf6 5.0–0 Be7 6.Re1 b5 7.Bb3 0–0 8.h3

[8.c3 would, of course, allow the Marshall Attack, a specialty of Ding. 8…d5 9.exd5 Nxd5 10.Nxe5 Nxe5 11.Rxe5 c6 etc]

8…Bb7 9.d3 d6

Black can still play a’la Marshall with 9…d5, and this was what MVL expected.

10.a3 Qd7

The text is commonly played here but the queen gets in the way of the development of the other pieces. Personally I feel that Breyer style with 10…Nb8 11.Nbd2 Nbd7 12.Nf1 Re8 13.Ng3 Nc5 14.Ba2 Ne6 is the best way to continue.

11.Nc3 Rfe8 12.Bd2 Nd8 13.Nd5

See what I mean? Now if Black takes the knight 13…Nxd5 14.exd5 the b7–bishop and d8–knight will have difficulty coordinating and getting back into play.

13…Nxd5 14.exd5 c5

MVL: “14…c5 surprised me a bit, especially in connection with 15…f5.” He expected 14…c6.

15.a4 f5

This move has been universally panned by the critics. It appears that most believe that Black’s best play here is to stay solid, sit tight with 15…f6, and wait to see what White plays. Makes sense, but not in keeping with Ding’s keep-pieces-active style. Moreover, this move lays a trap.

16.axb5 axb5 17.Rxa8 Bxa8 <D>

POSITION AFTER 17…BXA8

18.c4!

Maybe Ding did not consider this move? If Black moves his b-pawn, either to b4 or to capture on c4, he will be hit by 19.Ba4!, attacking both queen and rook, while 18…Rf8 19.cxb5 Qxb5 runs into 20.Nxe5!

Ding was baiting MVL to go for the visually-attractive 18.Nxe5?! which doesn’t work here. The continuation will be 18…dxe5 19.d6+ c4 20.dxc4 (20.dxe7 is not good either. 20…cxb3 21.exd8Q Rxd8 22.Rxe5 Qc6 Black is the one playing for the win) 20…Bf6 and black is better.

18…Nf7

Getting the rook out of the way with 18…Rf8? is refuted by 19.cxb5 Qxb5 20.Nxe5! dxe5 21.d6+ winning.

19.cxb5

Black still cannot take the b5–pawn because of Ba4.

19…g5?!

Ding is trying to generate counterplay at any cost. This move though plays into MVL’s hands as White is the better developed and coordinated.

20.Nh2! Kg7 21.Bc4 Kg6 22.g4! Nh6 23.Qf3 Bd8 24.Qg2 f4

To be followed-up with Nh6–g8–f6.

25.b4

[25.Qe4+ Kg7 26.b4 Bb6 gives us the same position as in the game]

25…Bb6 26.Qe4+ Kg7 27.bxc5 dxc5

Recapturing with the bishop would allow 27…Bxc5 28.d4! Bxd4 29.Nf3 Black’s pawn center is about to collapse.

28.Nf3 Nf7 29.Bc3 Bc7 30.b6 Bb8 31.Qf5

The simplest way to victory: ‘It’s natural I didn’t spend too much time’ — MVL.

31…Qxf5 32.gxf5 Kf6 33.Nd2 Rd8

After 33…Kxf5 we get the following forced line: 34.Ra1 Bb7 (34…Bd6 35.Ra7 and b6–b7) 35.Ra5 Bd6 36.Bb5 Rd8 37.Bc6 Bc8 38.Ra8 (with the idea of Rxc8 followed by Bd7+) 38…Kg6 39.Ne4 (this time threatening Nxd6, Nxd6, Bxe5) 39…Be7 40.Ba5 Black’s position is completely hopeless.

34.d6! Rxd6

None of the captures work:

34…Nxd6 35.Rxe5 Nxc4 36.Re8+;

34…Bxd6 35.Ra1 followed by Ra7 or Ne4.

35.Rb1

With the none too subtle threat of b6–b7.

35…Nd8

[35…Bb7 (or 35…Bc6) 36.Ne4+ Bxe4 37.dxe4 followed by Bc4–d5, b7, Rb1–a1–a8]

36.b7! Bxb7 37.Ba5 1–0

No matter what he does Black is losing a piece.

After seven rounds had been played, and with Vachier-Lagrave, the replacement player, tied for the lead with Ian Nepomniachtchi, the tournament was suddenly suspended. Russia had announced that, as of March 27th, no international flights, commercial or charter, would be allowed in the country’s airspace. That gave FIDE President Dvorkovich no choice but to call off the event, to be resumed when the situation was safer.

There is now a lot of uncertainty chief among them: (1) Teimour Radjabov withdrew from the tournament when his request for a postponement due to the corona virus pandemic was not granted. Now that he has been proven right he is asking that his candidates’ status be reinstated, (2) Caruana and Ding Liren, the top two seeds, were playing well below their usual standards due to the uncertainty and worry associated with the pandemic — shouldn’t the tournament be restarted from the beginning under more “normal” circumstances? (3) If the tournament is restarted, should Maxime Vachier-Lagrave, Radjabov’s replacement, be allowed to compete?

The idea of Dvorkovich that the tournament be restarted in the same place with the same players and the same number of points sound good to me. What do our readers think? You know my email address.

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

The Last Dance

For hoops fans, and especially for those who followed the National Basketball Association through the Bulls’ Dynasty in the nineties, ESPN’s decision to move up the release of The Last Dance two months to April 19 is a welcome one. With the new coronavirus pandemic forcing most countries in the world to implement quarantine measures, the broadcast giant will most certainly be serving the 10-part documentary to a captive audience. As the Lakers’ LeBron James argued on The Road Trippin’ podcast of former teammates Richard Jefferson and Channing Frye last week, “if I’m Michael Jordan, I’m going in there and I’m making a conference call and I’m like, ‘Okay, what’s the reason that we’re going to hold onto it until June now? Compared to now when everybody is at home?’”

To be sure, all and sundry would have tuned in even if The Last Dance stuck to its June playdate. Jordan’s status as the best of the best in NBA annals, his continued influence as owner of the Bobcats, and his contributions to the Jordan Brand make him a compelling figure on whom to hang the limited series. And, make no mistake; while the project purports to be about the Bulls’ 1997–98 season, it makes no bones about its focus on the lead character. It’s why the initial teaser, posted via a 30 for 30 tweet way back in May 2018, carried a #MichaelJordan hashtag and used up just about all of its minute-long runtime on footage of him, and with him doing the voiceover.

In this regard, Jordan’s teeming followers will be pleased to note that he cooperated fully with the production bankrolled by Netflix and ESPN Films. In fact, Jump 23, his company, is a partner along with NBA Entertainment, which owns the 500-hours-plus worth of footage of the championship campaign acclaimed director Jason Hehir and his staff pored through. They then complemented their three-year effort with the conduct of over a hundred interviews to present, in his words, “the definitive story of an era-defining dynasty.”

All things considered, The Last Dance looks to be a certified blockbuster. There’s already a lot of hype, fuelled in no small measure by anticipation. James couldn’t help but tweet to his 45.7 million followers “April 19th can’t come fast enough. I CAN NOT WAIT!! Yessir!#LastDance” as soon as he heard the news yesterday. Yet, in the steady hands of Emmy Award-winning Hehir, it seems to be destined to live up to outsized expectations. Which is just as well. After all, its subject did, and more. Jordan ruled the nineties without equivocation, and, as the appetite for the foretaste shows, he rules still.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

alcuaycong@bworldonline.com

Duterte told to extend lockdown as cases reach more than 2,300

By Genshen L. Espedido

PRESIDENT Rodrigo R. Duterte should extend the month-long lockdown of the entire Luzon island by another month to contain coronavirus disease 2019 that has infected more than 2,300 people, a congressman said on Wednesday.

“Science, the experience of other countries and common sense would dictate that the Philippine government should extend the enhanced community quarantine for another 30 days,” Caloocan Rep. Edgar R. Erice said in a statement.

The lawmaker, who is vice chairman of the House committee on Metro Manila development, said the gains of the 30-day lockdown would be wasted if the President lets it expire on April 13.

“I have been to more than a hundred villages in my city in the past two weeks and I am afraid that if COVID-19 reaches these areas, all hell will break loose,” Mr Erice said.

He said the government should mobilize all resources to ensure enough food for the poor and lower middle class.

Health Secretary Francisco T. Duque III earlier said it was still too early to say whether the lockdown should be extended.

The Department of Health (DoH) yesterday reported 227 new cases, bringing the total to 2,311.

Eight more patients aged 65 to 84 died, raising the death toll to 96, it said in a bulletin. One more patient recovered, bringing the total of those who have gotten well to 50, it added.

Meanwhile, the government seeks to open large quarantine facilities in 10 days, Carlito G. Galvez, Jr., chief enforcer of the country’s anti-COVID-19 measures, told radio DZBB.

He said that the Department of Interior and Local Government has ordered cities to convert their gymnasiums, convention centers and sports arenas into quarantine facilities.

“Our target is within 10 days,” Mr. Galvez said in Filipino.“Local governments must act now. Time is off the essence.”

He said the Rizal Memorial Coliseum in Manila and the World Trade Center in Pasay City will be the first to be turned into quarantine areas. These can house 200 to 700 patients combined, he added.

The government is also preparing the Philippine International Convention Center and Cultural Center of the Philippines in Pasay, PhilSports Arena in Pasig City and Philippine Arena in Bulacan to house COVID-19 patients.

The Department of Public Works and Highways is coordinating with regional directors to prepare quarantine facilities in areas outside Metro Manila, Mr. Galvez said. — with Vann Marlo M. Villegas

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