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Peso climbs versus dollar

THE PESO strengthened on Thursday amid risk-on sentiment following the passage of a US legislation supportive of Hong Kong’s autonomy.

The local unit closed at P50.705 versus the greenback on Thursday, climbing by 9.5 centavos from the P50.80-a-dollar finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened at P50.82 against the dollar. Its weakest point for the day was at P50.87, while its strongest was at P50.70.

Dollars traded grew to $1.045 billion from the $858.25 million posted on Wednesday.

A trader said there was risk-on sentiment in the market which boosted the peso.

“The peso closed stronger on the back of positive risk sentiment despite the news of US supporting Hong Kong. The market took it as a good news in the absence of a strong statement from the side of China,” the trader said in a phone call.

The said development is a proof of the “resilience” of the peso, according to UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion. He added that the absence of fresh leads due to the US holiday supported the peso.

“There was not much going on due to the Thanksgiving break, but the news that [US President Donald J.] Trump has signed the Hong Kong bill increasing the US’ scrutiny of the city-state’s trade status with the biggest economy in the world. This was essentially negative to the market, but the peso was resilient..,” Mr. Asuncion said in a text message.

Reuters reported that the legislation backing Hong Kong by requiring the State department to certify at least annually that the special administrative region keeps “enough” autonomy to justify favorable trading terms with the US which aided it in maintaining its position as a financial hub.

Aside from this, the law, which was unanimously approved in the US Senate and by all except one in the House of Representatives, also provides sanctions for human rights violations in Hong Kong which has been in the midst of political unrest for the past four months.

“I signed these bills out of respect for President Xi [Jinping], China, and the people of Hong Kong. They are being enacted in the hope that Leaders and Representatives of China and Hong Kong will be able to amicably settle their differences leading to a long term peace and prosperity for all,” Mr. Trump said in a statement, according to the Reuters report.

Before this, Mr. Trump had been vague on whether he would sign or veto the law, while trying to strike a trade deal with China.

For today, the trader gave forecast range of P50.65-50.85, while Mr. Asuncion sees the peso playing around the P50.70-50.90 band. — L.W.T. Noble with Reuters

Stocks drop as Trump signs bills supporting HK

By Vincent Mariel P. Galang, Reporter

PHILIPPINE SHARES failed to sustain its recovery on Thursday, reflecting the downward performance of Asian markets after the US decided to sign a bill supporting protesters in Hong Kong, which could negatively impact developments in the US-China trade war.

The 30-member Philippine Stock Exchange index (PSEi) fell 68.23 points or 0.87% to close at 7,768.66, while the broader all shares index was down 34.05 points or 0.72% to reach 4,650.95.

“With regional markets downed, local market corrected today as China replied that they will retaliate on US passage of the Hong Kong Bill that tend to side on the protesters. This may negatively affect the on-going passage of the phase 1 agreement in the US-China trade negotiations,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Thursday.

On Thursday, US President Donald Trump signed two bills, the Hong Kong Human Rights and Democracy Act of 2019, which reaffirms and amends the US-Hong Kong Policy Act of 1992. These show support to pro-democracy protesters in Hong Kong. This is seen to complicate the US-China negotiations.

Asian markets were sluggish following the recent action of the US government.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun noted the same sentiment and said, “China’s foreign Ministry promptly warned of unspecified “firm counter measures” in response and summoned the US ambassador in Beijing. On the other hand, Western equities markets hit fresh highs ahead of the Thanksgiving holiday.”

Mr. Mangun also noted that “things are back to normal after two days of excitement” as foreign investors continue to leave the market.

“Most investors are still on the sidelines as the general sentiment remains dull. Investors may gain confidence if the main index can end the week above the 7,750-support level,” he said in an e-mail.

Back home, most sectoral counters ended in the red, except from the services sub-sector, which gained 4.31 points or 0.28% to end at 1,545.24.

Losers were led by mining and oil, which fell 242.73 points or 2.87% to end at 8,209.38. Holding firms fell 88.91 points or 1.14% to 7,662.06; financials fell 19.63 points or 1.03% to 1,871.54; industrials went down 98.60 points or 0.99% to 9,785.40; and property fell 22.95 points or 0.56% to 4,026.21.

Some 668.52 million issues valued at P5.44 billion switched hands on Thursday, lower than previous session’s 1.82 billion shares worth P7.68 billion.

Foreigners were sellers for the eighth straight session, with net outflows at P744.16 million, down from previous session’s P1.05 billion.

Losers edged out advancers, 116 to 64, while 52 issues were unchanged.

Duterte says there will be ‘no sacred cow’ in SEA Games ruckus

PRESIDENT Rodrigo R. Duterte will not spare organizers of the Southeast Asian (SEA) Games from punishment if allegations of corruption against officials including his ally Speaker Alan Peter S. Cayetano are proven.

“There is no sacred cow in this government,” presidential spokesman Salvador S. Panelo said at a briefing earlier. “Those who transgress the law will be accountable.” he added, noting that the Mr. Duterte has been known to fire friends and allies for corruption.

Mr. Cayetano heads the Philippine Southeast Asian Games Organizing Committee.

The palace said Mr. Duterte would investigate the mishaps reported about the SEA Games. The president earlier said during his recent trip to South Korea he wanted to investigate alleged corruption by the organizers.

“The Office of the President will also be conducting a separate probe on the aberrations and irregularities in the administration of our country’s hosting of the SEA Games immediately after the games,” Mr. Panelo said in a statement on Thursday.

The Senate will investigate the alleged irregularities separately.

Meanwhile, Tourism Secretary Bernadette Romulo-Puyat on Wednesday met with officials of Metro Manila’s hotel industry to improve the services to SEA Games delegates after reports of logistical problems from foreign athletes.

“It is in situations like this that we are faced with the challenge of making our visitors’ stay in the country one of fun and fulfilling experience,” she said in a statement.

Also on Thursday Mr. Cayetano said he was ready to face a probe by the Senate.

He brushed off criticisms against the event, adding that he was ready to send a letter to the Commission on Audit (CoA) for “an independent special audit of all government funds used for the SEA Games.”

Mr. Cayetano also denied any conflict of interest about his position as Speaker and chairman of the organizing committee. Some congressmen in the past had associated themselves in sports, he said.

Senator Panfilo M. Lacson earlier said the transfer of P1.5 billion in public funds for the games from the Philippine Sports Commission to a private group headed by Mr. Cayetano was cast in the same mold as the P10-billion pork barrel scam.

The lawmaker said taxpayer money was “questionably” lodged in the Philippine SEA Games Organizing Committee, a private foundation created to oversee the country’s preparations and hosting of the biennial sports meet.

Meanwhile Foreign Affairs Secretary Teodoro Locsin Jr. said he had nothing to do with the P7.5-billion budget for the games that had been inserted in the budget of the Department of Foreign Affairs (DFA).

On Tuesday, he tweeted that someone had asked him to keep the P7.5 billion in the DFA’s 2019 budget. Mr. Locsin said he ordered the funds returned to the Treasury bureau when he became Foreign Affairs chief in October last year. The SEA Games budget was inserted in the DFA budget for this year because Mr. Locsin’s predecessor, Mr. Cayetano, took on the role of lead organizer. — Gillian M. Cortez and Genshen L. Espedido

Panelo says VP report on illegal drugs made up

PRESIDENTIAL Spokesperson Salvador S. Panelo doubts any of the revelations that Vice President Maria Leonor G. Robredo will make on the government’s deadly war on drugs are real.

Mr. Panelo slammed the vice president because she had yet to divulge her so-called findings during her short stint as President Rodrigo R. Duterte’s drug czar.

He said Ms. Robredo was likely to make up her report, adding she should have come out with it by now.

The vice president also should have also acted against people she knew were involved in anomalies, Mr. Panelo said.

“It was her duty at the time she discovered that irregularity to reveal that to the public and prosecute the people behind it,” he said.

Mr. Duterte fired the opposition leader whom he put in charge of his deadly war on drugs late Sunday, days after her appointment. Mr. Panelo earlier said Ms. Robredo “had it coming,” citing her missteps including meeting with officials of the United States Embassy and United Nations.

Philippine police have said they have killed about 6,000 people in illegal drug raids, many of them resisting arrest. Some local nongovernmental organizations and the national Commission on Human Rights have placed the death toll at more than 27,000.

Ms. Robredo this month said she had agreed to head the Duterte administration’s anti-illegal drug campaign, which majority of Filipinos support despite international criticism, if only to stop the killings. She accepted the post against the advice of many of her party mates, who said the appointment might be a trap.

The opposition leader has vowed to enforce the state’s anti-illegal drug campaign within the bounds of the law. She said she would treat the drug problem not only as a crime, but also as a health issue.

Police have said Ms. Robredo had not committed “missteps” while she was the drug czar, contradicting the presidential palace.

Ms. Robredo had said she would reveal what she had uncovered while head of the Interagency Committee on Anti-Illegal Drugs.

Human Rights Watch on Monday criticized Mr. Duterte for firing the vice president “on ludicrous grounds.” It said the president was never even remotely sincere, and that his appointment of Ms. Robredo was a “total sham.” — Gillian M. Cortez

Duterte defends drug war against critics

PRESIDENT Rodrigo R. Duterte yesterday defended his deadly war on drugs against critics, saying the country needs an iron fist to destroy drug lords.

In a speech, the president said he is serious about his campaign, having dealt with drug lords even before he became president by throwing them in various areas to instill fear.

“You don’t know how many I have thrown in Manila Bay,” Mr. Duterte said. “I threw this one drug lord in Laguna de Bay while the other one I threw in the Mountain Province, in a ravine,” he said, without naming them.

Mr. Duterte won the presidency in 2016 based on a platform to rid the country of illegal drugs. He had promised to eradicate the menace in six months.

Philippine police have said they have killed about 6,000 people in illegal drug raids, many of them resisting arrest. Some local nongovernmental organizations and the national Commission on Human Rights have placed the death toll at more than 27,000.

He put Vice President Maria Leonor G. Robredo, an opposition leader, in charge of his anti-illegal drug campaign this month, only to fire her less than three weeks later. He said he didn’t trust her. — Gillian M. Cortez

Duterte orders drive vs illegal recruiters

PRESIDENT Rodrigo R. Duterte yesterday ordered Labor and Social Welfare officials to combat illegal recruitment of Filipinos to other countries.

“I order you to come up with a structure, a bigger one, to go after [illegal recruiters],” he said in a speech.

Last year, Labor Secretary Silvestre H. Bello III signed an order that set up a task force against llegal recruitment especially of minors, and human trafficking.

Mr. Duterte is also pushing the creation of a Department of Overseas Filipinos that will better address issues affecting overseas workers. — Gillian M. Cortez

China rejects alleged control of Philippine grid

THE Chinese government said it has no control over the National Grid Corp. of the Philippines, belying claims made by an opposition Senator.

“To my knowledge, the State Grid Corp. of China took part in the Transco (National Transmission Corporation) project as a cooperation partner, providing safe, efficient and high-quality electricity services,” Chinese Foreign Ministry Spokesperson Geng Shuan said at a Nov. 27 briefing of the Ministry of Foreign Affairs, according to a transcript emailed to media.

“The project is now operated, managed and maintained by the Philippine side, with the Chinese partner offering necessary technical support upon request.”

Senator Risa N. Hontiveros-Baraquel earlier filed a resolution seeking a national security audit over concerns that China might be accessing the country’s power grid system.

The State Grid Corp. of China was part of the group that was awarded the 25-year concession agreement to operate Transco’s power transmission facilities.

Ms. Baraquel earlier recalled that during a Nov. 21 hearing on the Energy department’s budget, TransCo President Melvin Matibag said a third party, in this case, China, could disable the power grid.

Mr. Geng dismissed the concern, citing the closeness and friendship of the two countries.

“The allegation of China’s control over the Philippines’ power grid or threat to the country’s national security is completely groundless,” he said.

“The Philippines is China’s close and friendly neighbor as well as an important partner.”

He also noted that China fulfills its social responsibilities through the “Brighten Up” project, which seeks to provide electricity to far-flung areas. — Charmaine A. Tadalan

Let the Games begin

By Michael Angelo S. Murillo
Senior Reporter

THE 30th edition of the biennial Southeast Asian Games officially kicks off this weekend with opening ceremonies happening at the Philippine Arena in Bocaue, Bulacan.

This marks the fourth time that the Philippines will be hosting the regional sporting meet, but first since 2005.

In this year’s SEA Games, happening from Nov. 30 to Dec. 11, participants of as much as 9,000 from the 11 member nations will pit their skills in 56 sports involving 530 events.

Ten new sports are set to make their Games debut, namely E-sports, skateboarding, kurash, sambo, modern pentathlon, kickboxing, surfing, underwater hockey, jiu-jitsu and obstacle course.

The events will take place in four designated clusters — Clark, Subic, Metro Manila and “Other Areas,” which include Batangas, Cavite, La Union and Laguna.

Among the venues to be used is the P9.5-billion world-class New Clark City Sports Complex located in Capas, Tarlac, which will host the athletics and aquatic events.

The Philippines will parade 1,094 athletes who will try to give the country the overall championship it last tasted in 2005.

In the 2017 SEA Games in Kuala Lumpur, the Philippines finished sixth overall with a haul of 24 gold, 33 silver and 64 bronze medals, its worst placing in the history of the Games.

Host Malaysia topped the last staging of the Games with a medal haul of 145-92-86, followed by Thailand 72-86-88, and Vietnam 58-50-60.

With the event happening on home soil, local sports officials are hopeful that it will inspire the Filipino athletes to deliver the overall championship.

“I think we have a realistic shot at finishing at number one. The athletes are coming in prepared and determined and we like our chances,” said Philippine chef de mission William Ramirez in the lead-up to the Games.

Mr. Ramirez is also the chairman of the Philippine Sports Commission.

He was echoed by Philippine Olympic Committee president Abraham Tolentino, who said, “Playing here at home should work to our advantage. We can be number one again.”

OPENING CEREMONIES
Taking cue from the Filipino spirit of bayanihan (community), organizers said the opening ceremonies set for 7 p.m. at the Philippine Arena will be a collaboration of local and international talent and an exposition of Filipino culture and contemporary music and dance.

Among those involved in the production of the opening are Palanca-award winning writer Floy Quintos, National Artist for Music and Ramon Magsaysay Awardee Maestro Ryan Cayabyab, United States-based Emmy-award winning live content creator FiveCurrents, and Filipino companies Video Sonic and Stage Craft International, Inc.

Performers are Lani Misalucha, Christian Bautista, Aicelle Santos, Jed Madela, Elmo Magalona, KZ Tandingan, Iñigo Pascual, The TNT Boys, Ana Fegi, and Robert Seña, and international rap artist Apl d Ap.

“This year’s opening ceremonies are envisioned as a showcase of the enduring aspects of Philippine traditional and contemporary culture,” said Mr. Quintos.

Adding, “The production’s aim is to show how aspects of culture reflect the energy, physical dexterity and competitive spirit of the Filipino.”

PROBLEMS ADDRESSED
Meanwhile, after being hit by criticisms over a number of issues and problems that hounded the early activities of the Games this week, the Philippine Southeast Asian Games Organizing Committee (PHISGOC), the main coordinating body for the event, said these have already been addressed.

Speaking at a press conference on Wednesday at the PHISGOC Sub Press Center at the World Trade Center, PHISGOC chief operating officer Ramon Suzara said issues that hounded preliminary activities this week have been resolved.

“We have tackled the issues raised by the different chefs de mission and we want to put a rest on this. What happened here was normal and we have solved them,” said Mr. Suzara.

PHISGOC was on the receiving end of strong criticism after issues on transportation, accommodation, food, accreditation and unfinished venues, among other things, were brought to the fore by athletes and officials from the competing teams.

Philippine gymnastics team sees solid outing in SEA Games

World champion gymnast Carlos Yulo leads the 23-man Philippine gymnastics team seeing action at the 30th SEA Games. — PSC-POC MEDIA GROUP

By Michael Angelo S. Murillo
Senior Reporter

RIDING the momentum of the recent success of gymnast Carlos Yulo in international competitions, the Philippine gymnastics team is expecting to do well when competition in the 30th Southeast Asian Games unfurls this weekend.

Fielding in 23 athletes, the Gymnastics Association of the Philippines (GAP) said it is targeting at least 10 gold medals in the competition, believing that the entire team is coming in prepared.

Leading the Philippine contingent is 19-year-old Carlos Edriel Yulo, who recently made Philippine gymnastics history by being the first Filipino to win a gold medal in the World Championship recently held in Stuttgart, Germany.

His strong showing in the Worlds also allowed him to book a spot for next year’s Summer Olympic Games in Tokyo, Japan.

Mr. Yulo said he is eyeing a sweep of all seven events he is competing in.

For GAP secretary-general Bettina Pou, it is not only Mr. Yulo who is upbeat of his chances but the entire team as well.

“The team is very positive heading into the Games. There is some nervousness, of course, since we are also playing here at home but the athletes are not allowing it to affect their focus. We are targeting at least 10 gold medals,” said Ms. Pou in an interview.

In the last edition of the SEA Games in 2017 in Malaysia, gymnastics gave two gold medals in the 23-gold medal haul of the country.

Kaitlin De Guzman and Reyland Capellan bagged gold medals in the women’s artistic uneven bar and men’s artistic floor exercise, respectively.

The GAP official said the federation sees the about-to-start SEA Games as a good opportunity to showcase the potential of gymnastics as a sport that Filipinos can really excel in.

“The athletes know that if they do well it will not only benefit them but the entire gymnastics community in the country,” said Ms. Pou.

“They really worked hard in training both here and abroad and determined to put up a good showing. And we’re really behind them all the way and we see them doing well. Hopefully the people would go out and support them as well as the other Filipino athletes,” she added.

Gymnastics events in the SEA Games will all take place at the Rizal Memorial Coliseum, beginning with artistic gymnastics on Dec. 1 until Dec. 4.

Rhythmic gymnastics takes place from Dec. 6 to 7 while aerobics gymnastics is on Dec. 9.

Northport completes PBA Governors’ Cup semifinal cast

By Michael Angelo S. Murillo
Senior Reporter

THE semifinal cast for the Philippine Basketball Association Governors’ Cup is now complete with the Northport Batang Pier the last one to catch the semis bus after completing an upset of the top seeds NLEX Road Warriors with a 126-123 triple-overtime victory in their do-or-die match on Wednesday at the Smart Araneta Coliseum.

Northport, the lowest seed entering the playoffs, showed tremendous determination and big-game mentality in outlasting the Road Warriors in a classic game that resulted in NLEX exiting the tournament earlier than expected after having a solid showing in the elimination round.

The triumvirate of Sean Anthony, import Michael Qualls and Christian Standhardinger led the charge of the Batang Pier, who battled back from double-digit margins at many points in the game.

In winning over NLEX on Wednesday, Mr. Anthony exploded in the fourth quarter and in the extra periods to help will his team to the gutsy win.

Mr. Anthony finished with 30 points and 11 rebounds to win player of the game honors.

His exemplary performance complemented the all-game brilliance of Messrs. Qualls and Standhardinger.

Mr. Qualls had 31 points, 21 rebounds and five blocks while Mr. Standhardinger had 33 points, 23 rebounds and seven assists.

For NLEX it was Manny Harris who led the way with 43 points and 16 rebounds. Kiefer Ravena, meanwhile, had 22 points.

“Credit really goes to the players. This was our fourth knockout game and they showed tremendous desire, composure and commitment. They never gave up,” said a proud and relieved Northport coach Pido Jarencio after the game.

Northport with the win earned a date in the semifinals with the Barangay Ginebra San Miguel Kings whom it battles in a best-of-five affair following the conclusion of the 30th Southeast Asian Games which the country is hosting.

The PBA, which lent its players to the Philippine team, takes a short break to give way to the biennial sporting meet.

Playing in the other semifinal bracket are the Meralco Bolts and TNT KaTropa.

UV, NU nab overall supremacy in SBP-Passerelle Twin Tournament

ROXAS CITY, CAPIZ — University of Visayas (UV) and Nazareth School of National University (NU) were crowned champions in their respective divisions at the SBP-Passerelle Twin Tournament National Finals in Roxas City, Capiz. Around 120 student-athletes saw action at Dinggoy Roxas Civic Center, where they went head-to-head and competed for the biggest title in youth basketball.

UV toppled defending champion La Salle Greenhills (LSGH) in an epic showdown in the SBP division, while NU made a colossal feat for bagging the championships for the second straight time.

Backed by Milo, the National Finals of the SBP-Passerelle Twin Tournament marked the culmination of the regional competition that took place in key cities in Metro Manila, Luzon (Baguio, Pangasinan, Pampanga), Visayas (Iloilo, Roxas, Cebu), and Mindanao (Davao, Cagayan de Oro, Zamboanga).

Young cagers of the University of Visayas passed the La Salle Greenhills test with flying colors, scoring a 62-58 victory. UV Green Lancers went off to a strong start in the first half of the SBP division championship game, and kept its dominance until the finish.

Completing the Top 3 of the SBP division was Corpus Christi School, who edged off Berkley School, 59-36.

Nazareth School of National University (NU) showed master class in the Passerelle division against International School for Better Beginnings (ISBB), taking a 25-point victory, 91-66. The NU Bullpups stood its ground as champion two times in a row, while ISBB took home the silver finish for the first time in its SBP-Passerelle history.

Wrath of Celtics fans

Yesterday’s other highly anticipated return to the homecourt of a former team was scuttled due to an injury to Kyrie Irving. Not that he dreaded the prospect of facing the Celtics on the road in light of all the ill feelings that accompanied his foray into free agency; it was his seventh straight missed match since he suffered from a sore shoulder, an absence announced earlier in the week. To be sure, the development was prompted in part by the Nets’ success without him; considering that they had lost a mere set-to, he didn’t need to rush his convalescence.

In any case, the fact that Irving was nowhere near the TD Garden did not prevent fans from piling on him. They came prepared, elaborately designed props included, and not just because they didn’t want to waste the pretty penny they spent for tickets that substantially increased in demand as soon as he formalized his departure. They carried with them animosity built up through a 2018–19 season that began with promise and slowly deteriorated largely in the face of his constant brooding and passive-aggressive style of leadership. And they were creative in expressing themselves.

For Celtics followers, that Irving subsequently acknowledged his failures — or even that management absolved him — mattered not a whit. The damage had been done, and they wanted all and sundry to know how much they blamed him for it. Inside the arena, they peppered their cheers with “Kyrie sucks!” chants. Forget the way the proceedings unfolded; offense or defense, live ball or free throws, they made their sentiments clear, and in extremely animated fashion. They were, in a nutshell, having fun at his expense.

For good measure, the Celtics ended yesterday with an emphatic victory. They had fans going home with smiles and the not insignificant bonus of having seen the outcome influenced by the outstanding showing of Kemba Walker, Irving’s All-Star replacement; the 39 points (on 24 shots), six rebounds, and four assists on the board underscored that his presence on the court wasn’t missed. At all. And, judging from his elongated Instagram story in the aftermath, he got the message, and wasn’t pleased. “Don’t fall for the Game that’s played in front of you for Entertainment, it’ll never be as serious dealing with LIFE.”

Despite the lamentation, Irving understands that he will not — and, perhaps, never — escape the wrath of Celtics habitues. The schedule for the current campaign has them taking another crack at him in March. They’ll be ready. He should be, too.

 

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.

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