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Energy efficiency sector wants to be classed as infrastructure

THE PHILIPPINES should start viewing energy efficiency as a new infrastructure asset class that the government can use as an added resource in planning its energy mix, or the ideal combination of resources to support its power requirements.

“We’re not looking at a figure yet. We want to see how — any energy market, whether the Philippines or otherwise — can quantify targets. So that is still a work in progress. Even the US is struggling, even Japan is struggling,” said Alexander Ablaza, president of the Philippine Energy Efficiency Alliance (PE2), in a chance interview.

In a separate statement on Thursday, he said the local economy needs to mobilize $243 billion in energy efficiency capital to harvest 45,900 megawatts from the demand-side of the Philippine energy market in the next 21 years.

“We’re not looking at a figure yet,” he said when asked to quantify the future share of energy efficiency in the energy mix.

The idea is to use the energy harnessed by introducing energy efficiency and conservation measures to offset new coal-fired power plants.

“So the next five to 10 years, the challenge of the global movement right now — because the IEA (International Energy Agency) has formed a high-level commission for urgent action on energy efficiency — is how do we pave the way so the energy mix planning of any country fully integrates energy efficiency as a resources,” Mr. Ablaza said on the sidelines of the three-day Philippine Infrastructure Conference at Manila Marriott Hotel in Pasay City.

He said the independent IEA commission will examine how progress on energy efficiency can be rapidly accelerated through new and stronger policy action. He said through the last decade, the agency has become more convinced that, more than any single fuel, energy efficiency has a central role to play in meeting global sustainable energy goals.

He said IEA analyses have shown that with the right policies, the global economy could double in size by 2040 while still maintaining broadly the same level of energy use as today.

He said such policies would enable the world to achieve more than 40% of the emissions cuts needed to reach international climate goals using available cost-effective technologies.

“Taking baby steps, UK and the rest of EU have already classified energy efficiency as infrastructure so that’s the first step, and that’s what we should do here,” Mr. Ablaza said.

On April 12, 2019, the Philippines passed Republic Act No. 11285 or the Energy Efficiency and Conservation Act.

“The President’s approval of the bicameral-endorsed bill of the 17th Congress has finally shifted the energy-consuming market from the inertia of the 29-year voluntary market to one of policy-driven market transformation,” PE2 said in a statement on Thursday.

The organization said that with the new law, “the Philippines finally rejoined the global movement of accelerating energy efficiency markets.” — Victor V. Saulon

FIBA World Cup unfurls this weekend in China

By Michael Angelo S. Murillo
Senior Reporter

THE BASKETBALL world turns its attention to China beginning this weekend as the 2019 FIBA World Cup unfurls.

A two-week event happening from Aug. 31 to Sept. 15, the hoops spectacle gathers 32 of the best basketball nations in the world, including 20 in the top 30 in the current FIBA rankings with top seed the United States.

The Philippines, ranked number 31 in the world, is also competing in this edition of the World Cup, the second straight time that it has qualified after 2014 in Spain.

For the tournament, the 32 teams were divided into eight groups of four with the grouping determined by the drawing of lots held in March this year.

In the first round of group play, from Aug. 31 to Sept. 5, the games will be played in eight different cities in China with each team playing its group mates once with the top two squads advancing to the next round.

The second round, from Sept. 6 to 9, will have four groups of four made up of the teams that advanced from the first round, again playing each other once. The top two teams from these groups will qualify for the final knockout phase from Sept. 10 to 15.

The United States, the defending World Cup champion, begins its campaign in Group E, along with Turkey (17th ranked), Czech Republic (24) and Japan (48).

It will once again be bannered by National Basketball Association stars, led by All-Stars Kemba Walker of the Boston Celtics and Khris Middleton of the Milwaukee Bucks. Also part of the team are rising stars Donovan Mitchell of the Utah Jazz and Jayson Tatum of the Celtics. Coach of the team is Gregg Popovich of the San Antonio Spurs.

Team USA saw some top NBA stars beg off from national team duty for varying reasons, leaving not a few seeing it as vulnerable come tournament time.

But Mr. Popovich remains upbeat of their chances but recognizes they have their work cut out for them in the World Cup.

“We have to play our best [in the World Cup]. This is group of guys works very hard. We are definitely a better team now that when we started,” the US coach said in the lead-up.

Games in Group E will be hosted by Shanghai.

GILAS PILIPINAS
The Philippine team, meanwhile, begins its World Cup bid in Group D along with Serbia (4), Italy (13) and Angola (39).

Carrying the cause for Gilas Pilipinas are Philippine Basketball Association stalwarts June Mar Fajardo, Japeth Aguilar, Gabe Norwood, Paul Lee, Troy Rosario, Roger Pogoy, Raymond Almazan, Mark Barroca, Kiefer Ravena, CJ Perez and Robert Bolick, backstopped by naturalized player and former NBA campaigner Andray Blatche. Gilas coach is Yeng Guiao.

Gilas said it is expecting another uphill battle in the World Cup but nonetheless is determined to make the country proud and give its best.

“[The] Guys are competing and take a lot of pride in their opportunity to represent the flag. The goal is to continue to prove that we are world-class, and Lord willing, improve on our finish from the previous World Cup,” said Mr. Norwood, who was also part of the team back in 2014.

Games in Group D will be hosted by Foshan with the Philippines taking on the Danilo Gallinari-led Italian squad first on Aug. 31.

President Rodrigo R. Duterte, who is in China on official business, is expected to watch Gilas play Italy.

The Philippines then plays Nikola Jokic and Serbia on Sept. 2 then Angola on Sept. 4.

Gilas Pilipinas games can be seen over TV5 and ESPN5.com.

The rest of the groupings has Venezuela (20), Poland (25), host China (30) and Ivory Coast in Group A (venue Beijing); Argentina (5), Russia (10), Korea (32) and Nigeria (33) in Group B (Wuhan); Spain (2), Puerto Rico (16), Iran (27) and Tunisia (51) in Group C (Guangzhou); Greece (8), Brazil (12), Montenegro (28) and New Zealand (38) in Group F (Nanjing); France (3), Dominican Republic (18), Germany (22) and Jordan (49) in Group G (Shenzhen); and Lithuania (6), Australia (11), Canada (23) and Senegal (37) in Group H (Dongguan).

Analyst says Uthok fight a step in right direction for Magsayo

By Michael Angelo S. Murillo
Senior Reporter

ON AUG. 31 undefeated Filipino boxer Mark “Magnifico” Magsayo makes his ring return, taking on Thai veteran Panya Uthok; a bout that is a step in the right direction, one local boxing analyst said, in his push to jump-start his temporarily halted career.

Mr. Magsayo (19-0) is to take on Mr. Uthok (53-6) in the headlining fight of “Pride of Bohol” at the Bohol Wisdom Gymnasium in Tagbilaran for the vacant WBC Asia featherweight title and IBF Pan Pacific featherweight title.

It will be a homecoming for Bohol native Magsayo, 24, who last fought in Tagbilaran in November 2017 where he retained the WBO International featherweight belt by defeating Japanese Shota Hayashi by unanimous decision.

The event is also hoped to get Mr. Magsayo’s boxing career going anew after a two-year lull from the sport.

“Mark Magsayo knows for a fact that he has a talent in the sport, but in order to maximize that talent and reach his full potential, he has to fight the best boxers in the market, not just a hand-me-down opponent. Leaving ALA Boxing a few years ago was a gamble for him, but I can see where he is coming from,” said boxing analyst Nissi Icasiano when asked by BusinessWorld for his thoughts on Mr. Magsayo’s upcoming fight.

“I will concur that Magsayo has the wares to strut, but he is untested. This venture might be a step in the right direction,” Mr. Icasiano added.

Mr. Magsayo saw his career go idle for a long time following his hard-fought victory over Mr. Hayashi with contractual dispute with ALA Promotions, his former handler.

He made his ring return in April this year in Singapore fighting under Vladimir Boxing Promotions, knocking out Indonesian Erick Deztroyer in the fourth round for the win.

Seeing where the Filipino boxer is coming from, Mr. Icasiano underscored the importance of the Uthok fight to Mr. Magsayo. “For two years, he (Magsayo) was inactive. It’s a big blow to his career, especially prior to that he was busy, having a minimum of three fights per year. Plus, inactivity caused him to lose his position in the rankings. Against a former world champion like Panya Uthok, if he wins, it will definitely freshen up his name in the market. It’s not an instant ticket to a title shot, but it could lure big names in his next in-ring outings,” the analyst said.

Mr. Icasiano went on to say that he sees some things going for Mr. Magsayo against his Thai opponent which could well be the difference in the Filipino emerging on top.

“Magsayo’s opponent in this fight no longer possesses the threat that he once had when he was a bantamweight. Though he managed to carve a unanimous decision win against Filipino slugger Carlo Magali last April, Magsayo’s youth will play a big factor. He has the speed and the size. Of course, Magsayo’s crisp in his punches will make it difficult for Panya Uthok,” Mr. Icasiano said.

BVR on Tour hits Surigao for Gran Ola leg

THE travelling beach volleyball tournament Beach Volleyball Republic on Tour hits Surigao del Sur this weekend for the Gran Ola, Lianga leg.

The fifth stop of the tour this year, the Lianga leg will see top beach volleyball teams and players, including American Olympian David McKenzie, strut their stuff for the two-day event starting on Saturday, Aug. 31.

Mr. McKienzie, an all-American playing for California State University, Long Beach, is due to arrive in the country today and expressed excitement over competing against a stacked field of players, including from national team preparing for the 30th Southeast Asian Games, as well as standouts from club and collegiate teams at the Gran Ola Eco Surf Camp sand court.

“I haven’t played a tournament since September 2018, so very excited to play again. It will be nice to experience another part of Philippines,” said Mr. McKienzie. Also expected to see action in the leg are sand court veterans Sisi Rondina and Bernadeth Pons, who gave the Philippines a quarterfinals finish in the FIVB Beach Volleyball World Tour Boracay Open last May.

They are using the event as part of their preparation will for the SEA Games which the country is hosting later this year.

In the same Lianga event last year, Thailand 2’s Nasuda Janmong and Saranya Laesood bested BanKo-Perlas 1’s Dzi Gervacio and Bea Tan in the women’s division, while another international pair, Austria-Norway tandem of Marian Klaffinger and Aleksander Sorum, ruled the men’s division, beating Air Force’s Ranran Abdilla and Jessie Lopez. — Michael Angelo S. Murillo

Firefly LED brand joins Ateneo Blue Eagles in UAAP Season 82 flight

DEFENDING University Athletic Association of the Philippines men’s basketball champions Ateneo Blue Eagles begin their Season 82 campaign armed with its newly forge partnership with LED brand Firefly.

Officially signed on Aug. 28 at the Blue Eagle Gym in Ateneo, the partnership will see Firefly LED be part of the journey of the Blue Eagles as they embark on their quest for a third straight UAAP title.

The partnership also involves support for the Ateneo Lady Eagles, which finished sixth in the race last season, and the Ateneo Blue Eaglets, which finished runner-up in Season 81.

Present in the signing ceremony were Ateneo de Manila University’s Assistant to the President for University Athletics Fr. Nemesio S. Que SJ and University Athletics Director Emmanuel T. Fernandez, and Firefly Electric and Lighting Corp. Marketing Director Erik Riola and Assistant Brand Manager Christine Reyes.

Ateneo officials said they welcome Firefly coming on board in their campaign for the about-to-begin UAAP season, which officially starts on Sept. 1, hoping it will be the first of many tie-ups with the LED brand.

“This is yet a start, hopefully, for a longer partnership we are looking at in the future,” Mr. Fernandez said.

On the part of Firefly, the partnership with Ateneo is a continuation of its thrust of supporting local sports and teams, and aligning with groups it identifies and shares a common vision with.

“Firefly has been sponsoring premier basketball league for several years now. We consider basketball as one of our equities because it is very much aligned with our core target market,” said Mr. Riola, whose group prides itself in being the first local lighting brand certified by TUV SUD, a world-renowned German Testing Institute that certifies the quality and safety of various consumer products.

Season 82 of the UAAP begins on Sunday with ceremonies to be hold at the Mall of Asia Arena.

The Blue Eagles play their first game on Sept. 4 against the Adamson Soaring Falcons at 4 p.m. at the Smart Araneta Coliseum. — Michael Angelo S. Murillo

Serena survives scare to reach US Open third round

NEW YORK — Serena Williams survived a second-round scare at the US Open on Wednesday with a 5-7 6-3 6-1 win over American wildcard Catherine McNally to keep alive her hopes of securing a record-tying 24th Grand Slam title.

World number eight Williams, who captured the first of her six US Open titles two years before her 17-year-old opponent was born, spent the first half of the match trying to find her rhythm but when she did she was off to the races.

“She really came out and played really well, she showed no fear,” said Williams. “She had absolutely nothing to lose and she played like it.”

McNally, competing in only her sixth tour-level event of her career and against the highest-ranked player she has ever faced, used an old-school serve-and-volley approach along with a lethal slice backhand to unsettle Williams.

So effective was McNally, who has tried to model parts of her game after Swiss great Roger Federer, that at one point in the match Williams screamed at her racquet “why are you missing?”

But Williams, whose earliest US Open exit came in her 1997 debut when she lost in the third round, turned the match around when she finally broke McNally’s serve and then consolidated in a tight service game for a 5-2 lead in the second set.

Williams looked more like herself in the decider — both serving and returning better — as she went up a double break for a quick 3-0 lead before storming home and sealing the match when she broke to love.

“I survived tonight,” said Williams. “I am not too pleased with the way I played at all,” said Williams, whose 28 unforced errors were two fewer than McNally.

“But it’s OK, I’m alive, I’m still here and happy to be on this court. I’ll do better. I promise.”

Williams dropped only one point through her first three service games but it took her some time to make any inroads on the McNally serve as the American was hitting her targets with pinpoint precision.

The match proved a far more gruelling affair for Williams than she had in her opener, where she dismantled Maria Sharapova with one of her most dominant performances since returning from maternity leave in 2018.

McNally said she did not feel intimated walking onto the biggest stage in tennis to face one of the game’s all-time best players and left the match feeling beyond proud of what she accomplished.

“I got a set off Serena Williams. Had her close in the second set, too. Had some chances,” said McNally.

“For me, it just gives me a lot of confidence, shows me that I can compete out on the biggest stages. Just keep my head down, I’m ready to go back to work.”

Up next for Williams will be either Taiwan’s Hsieh Su-wei or Czech Karolina Muchova, who were unable to get their match in earlier due to rainy conditions. — Reuters

EAC looks to finish first round on winning note

HAVING LOST their last six games in Season 95 of the National Collegiate Athletic Association, the Emilio Aguinaldo College Generals look to end the first round of the competition with a victory when they collide with the San Sebastian Stags in league action today.

Currently bottom-scraping with a 1-7 record, the Generals are out to catch a break in their 4 p.m. match with the Stags (4-3) at the FilOil Flying V Centre in San Juan City.

After opening their campaign with a 1-1 record, Oliver Bunyi-coached EAC has seen things drop off for the team, losing six in a row, the last one at the hands of the Perpetual Help Altas, 88-84, on Aug. 20.

Leading the way for the Generals is Marwin Taywan who is posting numbers of 14.9 points and 4.9 assists per game followed by JP Maguliano with a double-double average of 13.9 ppg and 11.3 rpg.

Jethro Mendoza is the other General in double-digits in scoring with 10.5 points per game.

Out to add to the misery of EAC is San Sebastian, winner of its last two games.

The last victory of the Stags was over Perpetual Help, 107-90, on Aug. 23.

Allyn Bulanadi stepped up big time for the Stags in said game, dropping a career-best 31 points as they dominated the Altas right from the get-go.

Alvin Capobres backstopped Bulanadi with solid all-around numbers of 18 points, five rebounds and three assists with guard RK Ilagan adding 17 points, five boards and four dimes.

JM Calma had 14 markers to go along with seven rebounds for the Stags.

“The players really played hard and hopefully we get to continue with our winning ways,” said San Sebastian coach Egay Macaraya after their win.

Meanwhile, playing in the 2 p.m. game are the College of Saint Benilde Blazers (5-2) and Jose Rizal University Heavy Bombers (3-5). — Michael Angelo S. Murillo

RP Blu Girls eye top spot in Olympics qualifier

THE RP Blu Girls hopes to finish on top of the WBSC Softball Asia/Oceania 2019 Qualifying Event in Shanghai, China, to clinch a spot in the 2020 Tokyo Olympics in Japan.

Slated from Sept. 24 to 29, the Asia/Oceania Qualifying Tournament will pit the RP Blu Girls against powerhouse teams Chinese Taipei, Australia, China, and New Zealand, as well as Korea, Indonesia, and Hong Kong. The winner will move on to represent the Asia/Oceania region at the Tokyo Olympics, alongside world no. 2 Japan.

At the World Cup and Canada Cup in 2017, the Blu Girls beat Canada and Mexico twice and went on to stun Australia and Chinese-Taipei, all of whom are part of the world’s top six softball teams.

Djokovic nearly knocked out of second-round match

NEW YORK — Novak Djokovic’s US Open title defense just got a little tougher on Wednesday as a recent shoulder issue flared up and nearly knocked the Serbian out of a second-round match that tested his resolve.

Djokovic struggled with both his serve and backhand during a 6-4 7-6(3) 6-1 win over Argentine Juan Ignacio Londero and later said his left shoulder had been bothering him for weeks with the pain getting worse during the match.

“I’ve been experiencing some days of higher intensity of pain, some days less. It has been really fluctuating a lot, going up and down,” said Djokovic.

“What happened today on the court, actually how I felt, was quite rough and unpredictable.”

Djokovic, who had work done on the shoulder during his pre-match warm-up inside Arthur Ashe Stadium earlier in the day, was in clear distress when he took a medical timeout while leading 4-3 in the first set.

The Serbian ironman returned to court to close out the first set and then had more treatment before Londero, playing in only his second main draw match at Flushing Meadows, broke him twice for a 3-0 lead in the second.

So bothered was Djokovic by his backhand that in the third game of the second set, at 30-30 and with Londero well out of position, he failed to get even a soft backhand to the open court over the net.

But he roared back to take the next five games, a stretch during which he managed to fire off a number of backhand winners, en route to strolling through the tiebreak before getting more treatment on his shoulder.

“It was not easy to play with this kind of sensation, to be honest. I did not experience that too many times in my career,” said Djokovic.

“The way it has started for me, especially midway through the first set, I didn’t know if I would be able to finish the match.”

While Djokovic was nowhere near his best, Londero, who is in the midst of a breakout season that saw him win his first title, will be happy to have played at such a high level in his first career meeting with the 16-times Grand Slam champion.

Up next for Djokovic, who has won four of the last five majors, will be either fellow Serbian Dusan Lajovic, the 27th seed, or American Denis Kudla, who were unable to play their match earlier because of inclement weather. Djokovic said he would have the injury assessed on Thursday and hoped to be pain-free for his match on Friday. — Reuters

Complicated friendship

The careers of Shaquille O’Neal and Kobe Bryant are so intertwined that hearing news of one without the other being mentioned has become the exception rather than the rule. Their age disparity doesn’t matter. Neither is the fact that they played on different teams longer than together. Because they framed their greatest success alongside each other, perspectives of the remainder of their body of work become springboards for comparison. Heck, even they themselves can’t help but view their collective accomplishment with What Ifs and Could Have Beens.

In part, the wistful longing for a protracted alliance stems from how productive it was. O’Neal and Bryant were the principal protagonists in the dynasty the Lakers crafted at the turn of the millennium. Their dominance on the court — individually, as a pairing, and as leaders of the team — enabled them to run the table three straight times against otherwise-outstanding competition. And, as conventional wisdom would have it, more championships were in the offing for them had they not decided to bicker and jostle for alpha-male status. Instead, they split up, and while their accomplishments apart from each other still held merit, they couldn’t quite recreate the magic they had as the National Basketball Association’s most devastating One-Two punch.

Which, for all intents, was why no eyebrows were raised when Bryant once again found himself harking back to the good old days. At a convention in Las Vegas last month, he argued that O’Neal would “be the greatest of all time, for sure,” if the latter had just worked harder. “He’d be the first to tell you that. This guy was a force like I have never seen. It was crazy. Generally, guys that size are a little timid and they don’t want to be tall; they don’t want to be big. Man, this dude did not care. He was mean. He was nasty. He was competitive. He was vindictive … Yeah, I wish he was in the gym. I would have had f–ing 12 rings.”

After video of the declaration was posted on Instagram, O’Neal couldn’t help but push back on the narrative that he was lazy. “U woulda had twelve if you passed the ball more especially in the finals against the pistons #facts,” he replied. “You don’t get statues by not working hard,” he added. Clearly, he gave in to his sensitive nature and felt compelled to shoot back. Never mind that Bryant was actually extolling his singular talents, and that viewing the statements in the context of their thawed relationship would have been more prudent.

Fortunately, Bryant refused to take the bait. “There is no beef with @SHAQI know most media want to see it but it ain’t gonna happen. Ain’t nothin but love there and we too old to beef anyway #3peat,” he tweeted in response. To which O’Neal happily backpedaled, but not without a shot at another popular target. “It’s all good bro, when I saw the interview, I thought you were talking about Dwite, is that how u spell his name lol,” the Diesel wrote, paying as backhanded a compliment as any of his countless others to controversial Lakers pickup Dwight Howard. But that’s the subject of another story for another time.

Nothing has changed, to be sure. Bryant’s conciliatory stance and maturation notwithstanding, O’Neal remains just a wrongly interpreted quote away from resorting to payback. Their friendship will continue to be complicated. And, for all and sundry, looking back on when they jointly ruled the roost will always be an appealing proposition.

 

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.

Shares climb on window dressing as month ends

By Arra B. Francia, Senior Reporter

LOCAL SHARES rose on Thursday on window dressing ahead of the last trading day of August.

The bellwether Philippine Stock Exchange index (PSEi) climbed 0.57% or 45.31 points to close at 7,892.81 yesterday, while the broader all-shares index likewise added 0.35% or 16.96 points to finish Thursday’s session at 4,765.77.

“Investors bought ahead of the window dressing period as tomorrow marked the last trading day for August,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message.

“In addition, outside the region stocks gained as the energy sector got a boost from higher oil prices but the optimism was kept in check as a key part of the US yield curve kept inverting further, exacerbating fears of a recession.”

Yield curve inversions historically precede a recession by two to three years, as the public becomes more wary of how short-term investments perform, thereby favoring long-term bonds.

International markets rallied overnight, with the Dow Jones Industrial Average up 1% or 258.20 points to 26,036.10. The S&P 500 index went up 0.65% or 18.78 points to 2,887.94, while the Nasdaq Composite index added 0.38% or 29.94 points to 7,856.88.

The PSEi also defied the muted performance of Asian markets due to lingering trade concerns. The US is scheduled to impose additional tariffs on $300 billion worth of Chinese imports this Sunday, Sept. 1, in response to China’s tariff increase on $75 billion worth of US goods.

Meanwhile, Papa Securities Corp. Sales Associate Gabriel Jose F. Perez noted that the PSEi moved flat on a lack of immediate catalysts.

“Catalysts would then be any potential major US market movements, as well as possible developments from President [Rodrigo R.] Duterte’s visit to China — especially regarding POGOs (Philippine Offshore Gaming Operators),” Mr. Perez said in an e-mail.

Five sectoral indices moved to positive territory, led by industrials which jumped 1.12% or 123.07 points to 11,066.87. Mining and oil went up 1.06% or 87.37 points to 8,266.53; holding firms advanced 0.84% or 65.34 points to 7,842.85; financials gained 0.53% or 9.57 points to 1,809.89; while services firmed up 0.14% or 2.27 points to 1,575.43.

Property was the lone loser for the day as it dropped 0.14% or 5.89 points to close the session at 3,990.86.

Some 6.58 billion issues valued at P8.44 billion switched hands, slightly higher than Wednesday’s P8.36 billion.

Foreign investors were net sellers for the seventh consecutive day at P419.63 million, against the previous session’s P557.83 million.

Advancers outpaced decliners, 109 to 87, while 47 names remained flat.

Peso strengthens on profit taking ahead of likely weak US GDP data

THE PESO finished stronger on Thursday ahead of an expected downward revision in US economic growth data.

The local unit ended at P52.18 against the greenback yesterday, up 14.1 centavos from Wednesday’s P52.321-to-a-dollar close.

The peso opened at P52.35 versus the dollar. Its closing level was its best intraday showing, while its lowest point was seen at P52.40 against the greenback.

Dollars traded on Thursday increased to $1.148 billion from Wednesday’s $1.107 billion.

“The peso strengthened amid profit-taking as market participants have started to anticipate for a downward revision in second-quarter US GDP (gross domestic product) report [Thursday night],” a trader said in an e-mail.

Another trader interviewed via phone said the local currency went up amid rising investor risk-on sentiment as the market awaits the resolution of the trade war between the US and China.

“We are waiting for further development. Meanwhile, as the truce between the two countries holds up for the time being, it’s good for the peso,” the trader said.

The US economy grew 2.1% year on year during the second quarter, slowing from the first quarter’s 3.1% pace. But economists expects that this print will be revised lower.

Meanwhile, the US Trade Representative’s office said the initial round of a 15% tariff will be imposed on over $125-billion worth of Chinese goods beginning Sept. 1.

The remainder of the $300-billion list of China-made goods will be slapped with the levy starting Dec. 15.

US President Donald J. Trump announced the increase in the planned tariff to 15% from 10% last Friday on Twitter, escalating the bitter US-China trade war after Beijing hit back with retaliatory tariffs on $75 billion worth of US goods, including crude oil.

Today, the peso is expected to decline anew on likely strong US data.

“The local currency might weaken ahead of likely firm US Personal Consumption Expenditure inflation report [today],” the first trader said.

The first trader sees the peso moving from P52.10 to P52.30 against the dollar today, while the second trader expects it to play within the P52.00-P52.40 range.

Most emerging Asian currencies slipped on Thursday, as global recession worries and anxiety over the Sino-US trade tussle capped risk appetite while higher oil prices weighed on India’s rupee.

Global bond yields clung near record lows, while the inverse US yield curve, in which long-date yields are lower than their short-dated counterparts, stoked fears of a future recession.

Bets on safe haven assets picked up, with gold prices surging to near six-year highs, while the Japanese yen traded 0.2% higher. — Mark T. Amoguis with Reuters