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DBCC estimates worst-case fiscal risk from PPPs at P311.8 billion by end of 2021

THE government faces a worst-case scenario of P311.8 billion worth of contingent liabilities associated with 24 new Public-Private Partnerships (PPPs) entering critical stages of implementation.

The worst-case liability risk kicks in should the PPPs fail, triggering termination payments from the government, the Development Budget Coordination Committee (DBCC) said.

The DBCC issued the estimate in its 2021 financial risks statement.

The worst-case risk is P78 billion higher than the estimate made for 2019. The DBCC said the contingent liability risk rose due to the “addition of newly-awarded projects and the updating in the valuation of several existing projects as they advanced in the project implementation cycle.”

It said big-ticket projects such as Cavite-Laguna Expressway, MRT Line 7, Metro Manila Skyway (Stage 3), and the Clark International Airport Expansion Project have matured in construction and contributed significantly to the liabilities.

“For the same reason, the corresponding estimated flow of contingent liabilities in 2020 has increased to P33.1 billion from P22.8 billion last year,” it said.

“By the end of 2021, a net increase of 24 projects that have impact on the fiscal risk is expected” it added.

There are 25 PPP projects in the Investment Coordination Committee pipeline currently, which are expected to be awarded by the end of 2021 if they make it to the tender stage by February next year.

It said the government’s exposure to the Casecnan Multi-Purpose Irrigation and Power Project will end by November 2021.

“The national government has continued its management of contingent liabilities and fiscal risks arising from PPPs projects through constant monitoring and enhancing the valuation of contingent liability stock and flows.”

Fiscal risk from PPP contracts arises from project failure — in which a project does not generate sufficient revenue to pay off debt, forcing the government to step in.

Risk also stems from failure to gain regulatory approval for an increase in fees needed to keep a project going.

The government’s priorities could also shift, putting unsolicited projects at risk. All projects also face completion risk if construction is delayed.

“Finally, project costs could change by way of variations. In principle, an increase in project cost would increase the fiscal risk for that particular project,” it added.

Separately, the Department of Public Works and Highways (DPWH) listed in a note Monday 10 PPP projects it wants to be declared priorities.

These are the Central Luzon Link Expressway, the Davao-Digos Expressway, the second phase of the North Luzon Expressway East, the Metro Cebu Expressway, the Mindoro Batangas Super Bridge which is a floating bridge, the Luzon Eastern Seaboard Highway, the Davao Expressway, the DPWH Central Office Building, the  rehabilitation or reconstruction of Kennon Road, and the Laguna Lakeshore Expressway Dike Project. — Beatrice M. Laforga

Update on tax assessment due process from NIC to ND

Due process is an obligation of the state to respect all the legal rights owed to a person. This balances the power of law of the land and protects the individual person from it. In law, due process contemplates notice and opportunity to be heard before judgment is rendered.

Applying the principle of due process to my four-year-old daughter’s iPad usage, I, as her mother, with parental rights over her, cannot simply tell her that I want her to stop using it without hearing her side. She might say she owns the iPad, which gives her the right to use it. Informing her of the limits to the device’s usage constitutes due process, opening the path to a resolution of the issue — ultimately, that she can no longer use it.

The same is true for the Bureau of Internal Revenue (BIR) tax assessments. Due process is enshrined in our Tax Code.

Under Section 228 of the Tax Code, when the Commissioner or his duly authorized representative finds that proper taxes should be assessed, he must first notify the taxpayer of his findings.

Specifically, the tax assessment regulations (i.e. Revenue Regulations No. 12-99, as amended by RR No.  18-2013 and RR No. 07-2018) previously required the issuance of a Notice of Informal Conference (NIC) which provides the taxpayer the opportunity to present and explain his side on the initial findings of the BIR.

In addition, under RR No. 07-2018 which reinstated the issuance of NIC, the Revenue Officer who audited the taxpayer’s records must state in his report whether or not the taxpayer agrees with his findings that the taxpayer is liable for deficiency taxes. If the taxpayer is not amenable, based on the officer’s submitted report of investigation, the taxpayer needs to be informed, in writing through the issuance of the NIC, of the discrepancies in the taxpayer’s payment of his internal revenue taxes.

Based on the provisions of RR No. 07-2018, the taxpayer can still discuss with the revenue officer the initial findings before the issuance of the NIC. Because of this discussion, there are occasions when many findings can easily be explained by the taxpayer.

However, the BIR thinks that the NIC process drags out the assessment process for too long and that the NIC actually contains BIR’s initial discrepancies noted. Thus, the BIR updated the NIC issuance rules in RR No. 22-2020.

Under RR No. 22-2020, a Notice of Discrepancy (ND), instead of an NIC, must be issued to the taxpayer if he is found liable for deficiency taxes during an investigation conducted by a revenue office. It seems that the discussions of initial findings prior to the issuance of an ND are now strictly not allowed. Discussions on the BIR’s initial findings will only happen after the issuance of the ND.

Based on the prescribed template for the ND, the taxpayer must be able to present and explain his side on the discrepancies noted by the BIR within five days from receipt of the ND.  In case the taxpayer needs more time to present documents, he may submit such documents and explanations after the discussion but within 30 days from receipt of the ND. There can be no further discussion of discrepancies beyond 30 days from the receipt of the ND.

Also, the new issuance now explicitly provides that all documents supporting the taxpayer’s explanation must be submitted within the 30-day period.

Moreover, within 10 days from the conclusion of the discussion, the investigating officer must also endorse the case for review and approval for issuance of a Preliminary Assessment Notice (PAN) if the taxpayer is still found to be liable for deficiency taxes.

We understand the BIR’s need to expedite the assessment process which is beneficial also to the taxpayer for the early closure of tax assessment cases. However, since the Philippines is still under a state of emergency due to the COVID-19 pandemic and the resulting lockdowns, the initial five-day period, not to be extended beyond 30 days, may be too short for the taxpayer to prepare and retrieve supporting documents given the limited manpower available for companies working with minimal staffing.

Taxpayers are appealing for the BIR to allow extensions to the 30-day period before it proceeds to endorse the case for the issuance of a PAN.  We also hope that the BIR has fully evaluated the taxpayer’s records prior to the issuance of the ND so that the notice will only include the real and actual possible tax exposure of the taxpayer. Otherwise, the initial five-day period to present, not to extend beyond 30 days, will really be too short for the taxpayers to comply.

The taxpayer may also opt to conduct a tax compliance review to determine the procedures and practices that may lead to potential tax liabilities; quantify tax exposure, risks, and penalties; and eventually, determine the proper course of action and alternative tax-efficient policies and procedures which will help address potential tax findings in case of BIR audit. As the saying goes, we should be ready with our umbrella before the rain. Given the stricter implementation of due process, arguments and supporting documents must be ready before a potential tax assessment.

As for my daughter’s iPad usage, due process helped her understand that limiting her screen time is actually for her benefit. This example only reinforces the need to be ready with credible arguments in case future issues arise.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

Ma. Lourdes Politado-Aclan is a director from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

Sustainable finance is paving the way for post-pandemic recovery

 

Sustainable finance is more than simply issuing green, social, and sustainability bonds. More broadly, it refers to a process of taking environmental, social, and governance (ESG) considerations into business decisions — particularly on investment and lending. Environmental considerations usually refer to climate change, deforestation, and natural resource use. Social considerations, on the other hand, refer to human rights and labor issues, human capital development, inequality, community relations, and health and safety. Governance considerations refer to a company’s corporate structure and board oversight, its code of business ethics and values, transparency and reporting.

These sustainability and ESG considerations also apply to the value chain of an organization — including business practices, supply chains, and employees. This allows financial institutions to manage environmental and social risks that may impact other financial risk categories — credit, operational, reputation, and market risks.

BPI’s own sustainability journey formally started in 2008 when we signed up with the International Finance Corp. (IFC) to participate in their Sustainable Energy Finance Program. Since 2014, we have adopted the concept of shared value where we promote products and services that help solve social and environmental problems and at the same time create economic value. We identified three focus areas: Financial Inclusion and Wellness — widening our reach to underserved segments of society through our microfinance business, Scaling Up Enterprises — supporting SME businesses to help them grow, and Financing Sustainable Development — financing projects that support the UN Sustainable Development Goals. All of these are underpinned by prudent risk management and supported by the bank’s delivery infrastructure.

This year, we are not only enhancing our shared value framework but are working to align this with the BSP Circular 1085 on Sustainable Finance Framework issued in April 2020. The circular mandates banks to integrate sustainability principles, including those covering environmental and social risk areas, in their corporate governance framework, risk management systems, and strategic objectives suitable for their size, risk profile, and consistency of operation. The circular provides banks a transition period of three years to fully comply and put in place the policies, systems, and management oversight for sustainability and environment and social risks.

CHANGING THE FACE OF BANKING
The past six months of this global health crisis has revealed the financial and economic implications of social risks — reinforcing the urgency of managing environment and social risks. Thus, the issuance of the central bank’s Sustainable Finance Framework Circular has come at an opportune time as financial institutions are recalibrating their strategies to ensure survival and business continuity, taking into account the long-term social and economic effects of the pandemic.

The banking industry’s response to the pandemic has shown the importance of integrating sustainability in all aspects of the business. At the start of the quarantine, our main focus was to ensure the health and safety of our employees and to continue to provide banking services to clients. Despite limited mobility and health regulations, we kept our branches open on a rotational basis. We provided work tools to employees to allow them to effectively work from home. All this to reduce the health risk exposure of our people.

Our strategy to focus on digital transformation a few years ago has allowed us to provide clients with access to their accounts through robust online and mobile platforms. During the ECQ, we saw a significant increase not only in banking transactions through the digital channels, but a four-fold increase in digital enrollments from clients who previously would only transact in the branches. COVID-19 has reinforced this trend which is likely to continue once the crisis has passed, leading to the strategic rationalization of the bank’s brick and mortar channels, allowing for reduced carbon footprint and less exposure to health risks. And for more complex financial services and for enhanced customer experience, hybrid digital and in-branch solutions are being explored.

With a higher volume of digital transactions, we also saw the increased importance of creating awareness on cybersecurity, requiring us to ramp up client communication on how to spot scams and safeguard their account information.

The challenges presented by the COVID-19 pandemic also opened opportunities to tap the debt capital markets to refinance the bank’s MSME loan portfolio. The COVID Action Response Bonds or CARE Bonds, issued under the ASEAN Social Bond Framework, generated strong investor demand, with total subscriptions reaching P21.5 billion.

POST-PANDEMIC RECOVERY
For the financial sector, the current crisis has accelerated trends that were already underway: digitalization — online services becoming an integral part of retail banking; focus on cybersecurity — privacy and data protection; resilience of sustainable investments; and the importance of addressing social issues — inequality, access to finance, healthcare, employment. This far-reaching crisis of course will require a coordinated response from all sectors of society. The local banking industry is in a unique position to play a vital role in the post-pandemic economic recovery by providing access to financing to the hardest-hit sectors, and also in transitioning to financing practices that encourage businesses to take sustainability into account. Regulators and investors have recognized that sustainable finance has economic as well as environmental and social benefits, which is why it continues to gain traction.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP.

 

Maria Theresa Marcial is a member of MAP, Chief Finance Officer of Bank of the Philippine Islands, and Trustee and Treasurer of WWF Philippines.

map@map.org.ph

mtdmarcial@bpi.com.ph

http://map.org.ph

How COVID-19 is killing good manners and what to do about it

ONE CASUALTY of the current pandemic is likely to be good manners. True, manners and civility have been dying for ages, but COVID-19 (coronavirus disease 2019) is sure to finish them off. Which is too bad.

We often think of manners and civility as the same thing, but the first is only a part of the second. Civility is the sum of all the sacrifices that we make for the sake of living in a workable society. Manners matter to civility not only because they are valuable in themselves (although they may be) but because they have traditionally constituted what the historian Arthur Schlesinger, Sr. described as our “letter of introduction” to strangers. At a time when information about people was relatively expensive, Schlesinger saw good manners as signaling what sort of people we were.

In the post-pandemic era, manners will be different because our letters of introduction will convey a different message. What we will largely be doing — what we’re doing already — is signaling that what we care about most is our own safety and that of our loved ones.

Social customs can be sticky, but I predict some pandemic-induced changes will last.

Diffidence will rise. We will no longer be judged unfriendly for refusing to strike up conversations with strangers, masked or not. We’ll be less likely to hand cash to the homeless. We’ll be wary of crowds, though not entirely: Whether via vaccine or herd immunity or virus burnout, bars and restaurants and movie theaters will eventually fill. But away from the close-quarter destinations we choose for ourselves, altering our path to avoid others will no longer be seen as rude.

The Golden Rule will crumble. “No, please, after you” will die out. Nobody will hold the door for anybody else because nobody will want to touch the handle that long. To step aside and let someone pass is to let that person get too close. No longer will we hesitate to press the elevator’s “door close” button in a late-arriving rider’s face, or to demand that the manager put a coughing patron out of the restaurant.

As memories of pandemic shortages linger, we’ll abandon leaving as much and as good for others. We’ll become hoarders. Homes will be well stocked with paper goods. Cleaning products will vanish from the shelves as rapidly as they appear. (Yes, we could reduce this behavior by letting the prices of sought-after goods rise, which would lead to … oh, never mind.)

Now for the hard one: the handshake is dead. Everybody says so. (Even Dr. Fauci.) But from the point of view of civility, this will create a problem. Shaking hands traditionally signaled a lack of aggression. The open palm holds no weapon, and, while locked with someone else’s, cannot draw one. Bumping fists or elbows cannot carry the same signal. Maybe we’ll make no physical contact with strangers at all. Expect a lot more smiling and bowing.

But the end of handshake could lead to information loss. Across a variety of contexts, the act of shaking hands makes a difference in our evaluations of strangers. Some non-Western cultures employ a complex spectrum of tactile pressures to send various social signals through the handshake.

Consider business. Researchers say that the “quality” of handshakes between interviewers and interviewees strongly influences hiring recommendations — at least when the interviewees are male. Handshakes also matter in business negotiations. During past pandemics, executives continued to symbolize the deal with a clasping of hands even when other people were shying away from the practice. (No, it’s not a lack of understanding. The ability of hand-to-hand contact to transmit infection has been known for a century or more.)

Then there’s diplomacy. Consider the iconic 1993 photograph of Yasser Arafat and Yitzhak Rabin shaking hands at the White House to symbolize their agreement to the Camp David Accords. Around the world, the image was cited as evidence that the violent standoff in the Middle East would finally change. The handshake mattered precisely because it was so hard to believe it had happened. Socially distance the two leaders and the photograph becomes incomprehensible, signaling nothing in particular. (That the Accords ultimately failed doesn’t change the significance of the image. The struggle for peace is like Camus’s view of Sisyphus: the struggle itself toward the heights is what matters, even if the boulder ultimately rolls back down the hill.)

All of which leads us back to civility. If civility implies sacrifice, which sacrifices will survive? Unless things normalize swiftly, I suspect that the answer is, not many — at least among the public at large.

We could imagine a bifurcated future, however, in which traditional manners continue fading from popular use but survive in such specialized arenas as business and international relations. Shaking hands, sitting in close proximity and holding the door might be preserved in those arenas, just as they’ve retained archaic formalisms in contracts and flowery language in diplomatic notes.

That isn’t to say that we won’t develop new norms of civility. Retail shoppers, for instance, nowadays wait with visible patience for others to clear narrow aisles. But the norm involved is ultimately self-protective. (As is, it seems, wearing a mask.)

That’s why I expect to see a widening divide between a coarser world of everyday interaction and a certain gentility among those whose roles call for it. Which is perhaps another way of saying that from here on in, a lot fewer people will carry letters of introduction. Good for our physical health, perhaps, but not so good for civility.

BLOOMBERG OPINION

Parents shouldn’t wait to pass down their wealth

IN THE COMING DECADES, a Great Wealth Transfer will be upon us. Gen Xers and Millennials are expected to inherit trillions of dollars. Some estimates say as much as $68 trillion will be passed down from Baby Boomers.

For parents (or other family members) who indeed plan on leaving behind a financial legacy, it can be far more effective to gift early instead of waiting for the triggering event of your death to transfer wealth. This idea tends to elicit a negative reaction. After all, the risk of passing on money too early, or at all, is it will lead to spoiled kids and little motivation for them to be successful. It’s a valid concern, but gifting early could also help someone flourish and build their own legacy, as access to capital creates more opportunities.

A common refrain when discussing generational wealth is, “The first generation makes it, the second generation builds it, and the third generation blows it.” Such idioms come into existence because they have a kernel of truth. Family fortunes have been built and lost in just a few generations, which may be why some parents are reluctant to pass down their wealth too early.

FREEPIK

There’s a strain of the “bootstrap” narrative that pervades in this thinking: The concept is that if you withhold an inheritance, your child will be forced to pull themselves up by their bootstraps and make something of themselves on their own merit. They’ll be less likely to overindulge and loaf around.

Or perhaps parents think, “No one handed me seed money or paid for my college education or bought my first home, and look what I did.” Is that true, though? Can everyone replicate your level of success? Is it not perhaps a confluence of timing, talent and a dash of luck (or a strong labor market, affordable housing, etc.) that propelled you forward?

Millennials are already predicted to be the first generation to be worse off than their parents. This isn’t for lack of participating in the system that promised success. According to a report from Pew Research Center, 39% of millennials aged 25 to 37 have a bachelor’s degree or higher compared to approximately 35% of Baby Boomers. According to New America’s The Emerging Millennial Wealth Gap report, “Millennials now have 41% less wealth than a similarly aged adult in 1989.”

Tough love can be a motivating tactic for some, but it doesn’t guarantee successful children. Instead of withholding an inheritance from a child until your death, when the child may be in their 40s, 50s, or even 60s, why not gift early to encourage your children to start building their own financial freedom?

See the impact of your legacy. One benefit to beginning the gifting process early is being alive to see how your children benefit. You can watch and advise them on taking risks, making key purchases (like owning a home or an investment property) and enriching their lives.

Access to resources and capital has long made a huge difference in the ability to build and innovate. Many of the currently notable wealthy men and women in this country had seed money from a family member or a free place to live while building a business or access to a network and resources. And yet we still often herald these people as “self-made.” They’re not. Yes, there are outliers and expectations to the rule, but they’re rare.

We often fixate on the ultra-wealthy, but there are many ways to pass on legacy. Not all legacies have to be about passing on a fortune. Some are simply about reducing economic struggle. Providing support like paying off medical debts, heavily subsidizing the cost of college education, contributing to 529 Plans or similarly setting aside money for grandchildren’s educational expenses are ways to pass on your legacy that often aren’t framed as gifting early.

These aren’t the cash-in-hand gifts we often think about when we discuss passing on wealth, but enabling your children to get out (or stay out) of debt is a gift toward helping them build financial security.

Not ready to gift early (or at all)? Be open. It’s a parent’s prerogative on how they plan to spend and gift their wealth. It can all be donated to an important or beloved cause, given to a specific family member or spent entirely before death. Someone simply being your child doesn’t buy them the entitlement to your money in their adulthood.

However, if you plan to leave your child with nothing, it’s wise to tell them — particularly if your child is aware of your wealth and assumes they’ll inherit at least some of that money. Listen, I get that your child should not be counting coins that aren’t theirs too early, but it’s important to ensure that their financial planning isn’t built upon an assumption of inheritance.

Should you plan to pass on wealth in a trust or in your will after your death, then you may want to have a discussion about that with your children so they can actually incorporate that into their financial futures. It could make a difference in the level of career or investing risk they’re willing to take today, how they save and invest for their own lives, or even if or when they’d start a family of their own.

BLOOMBERG OPINION

China air force video seems to show attack on US base

BEIJING — China’s air force has released a video showing nuclear-capable H-6 bombers carrying out a simulated attack on what appears to be Andersen Air Force Base on the U.S. Pacific island of Guam, as regional tensions continue to rise.

The video, released on Saturday on People’s Liberation Army Air Force Weibo account, came as China carried out a second day of drills near Chinese-claimed Taiwan, to express Beijing’s anger at the visit of a senior U.S. State Department official to Taipei.

Guam is home to major U.S. military facilities, including the air base, which would be key to responding to any conflict in the Asia Pacific region.

The Chinese air force’s two minute and 15 second video, set to solemn, dramatic music like a trailer for a Hollywood movie, shows H-6 bombers taking off from a desert base. The video is called “The god of war H-6K goes on the attack!”

Halfway through, a pilot presses a button and looses off a missile at an unnamed seaside runway.

The missile homes in on the runway, a satellite image of which is shown that looks exactly like the layout of Andersen, though it is not named.

The music suddenly stops as images of the ground shaking appear, following by aerial views of an explosion. “We are the defenders of the motherland’s aerial security; we have the confidence and ability to always defend the security of the motherland’s skies,” the PLAAF wrote in a brief description for the video.

Neither China’s Defence Ministry nor U.S. Indo-Pacific Command immediately responded to a request for comment on the video.

Collin Koh, a research fellow at Singapore’s Institute of Defence and Strategic Studies, said the video was aimed at highlighting China’s growing prowess in long-range power projection.

“The video is meant to warn the Americans that even supposedly safe, rearward positions such as Guam may come under threat when conflicts over regional flashpoints, be it Taiwan or South China Sea, erupt,” he said.

The H-6 has been involved in multiple Chinese flights around and near Taiwan, according to Taiwan’s air force, including those last week. — Reuters

Jakarta readies more beds as virus overwhelms health system

INDONESIA’s capital is adding thousands of beds to house coronavirus disease 2019 (COVID-19) patients as its health system struggles with record increases in virus cases.

The system is “already overwhelmed,” said Jossep William, coordinator of volunteer department at the task force for handling the pandemic, adding that ambulances haven’t stopped running for days to transport patients. “We can still contain the patient flow for now but if it continues like this, our health system will collapse.”

The task force is opening up another tower at the Wisma Atlet, an apartment complex built to house athletes for the 2018 Asian Games that has since been converted to a hospital dedicated to the coronavirus outbreak. It’s also preparing to open another tower to bring the total capacity to 10,000 beds, from about 6,500, said Tugas Ratmono, who oversees the hospital.

Jakarta, home to more than 10 million people, has brought back social distancing measures and pledged to isolate people who have tested positive for the virus, instead of letting them quarantine at home. The country reported another record increase in virus cases on Saturday, bringing the total to exceed 240,000 confirmed infections, of which a quarter is in the capital. — Bloomberg

Jet fuel is now so cheap it’s being blended for use by ships

THE FUEL that powers passenger planes is normally among the most expensive oil products, but in a sign of the times the coronavirus has turned it into a blending component for typically cheaper shipping fuel.

Straight-run kerosene, usually processed into jet fuel, is now being used to make very low-sulfur fuel oil for the maritime industry amid a plunge in consumption by airlines. Higher than normal amounts of diesel and vacuum gasoil are also finding their way into shipping fuel.

The shift, almost unthinkable just a year ago, reflects the obliteration of demand the aviation industry has suffered in the wake of the COVID-19 pandemic. And with the International Air Transport Association not expecting air travel to get back to pre-virus levels until 2024, it may be a feature of the market for some time to come.

Jet fuel components were used for blending in April and May in Singapore before it became uneconomic as prices moved back to a premium to VLSFO, said Eugene Lindell, a senior analyst at consultant JBC Energy GmbH. The switching is picking up again after aviation fuel flipped back to a discount, he said.

“Only in a situation where the economy is in complete tatters, do we see usually more expensive components heading straight into VLSFO,” Lindell said.

Jet fuel prices in Singapore plunged from above $70 a barrel in January to close to $20 in early May before recovering to trade around $41, according to Bloomberg Fair Value data. VLSFO bunker prices in the Asian oil hub, meanwhile, are around 53% lower than they were at the end of last year, Cocket Marine prices show.

The destruction of demand for aviation and road transport fuels has led to a greater availability of blending components for shipping fuel, Unni Einemo, director of the International Bunker Industry Association, said at the Platts APPEC 2020 conference last week.

While jet fuel’s woes are resulting in cheaper prices for the shipping industry, blending can potentially pose problems. Trading houses and refiners typically buy a variety of fuel oil and distillates to mix into fuel for ships. Using too much straight-run kerosene, however, can lower the temperature at which fuels catch fire, a serious risk for vessels.

“As a very combustible petroleum product, jet fuel can be used in a marine fuel blend, and so we would not be surprised this practice may be occurring,” Tim Wilson, principal specialist for fuels, lubes and emissions at Lloyd’s Register, told Bloomberg earlier this year. However, jet fuel grades can have a far lower flash point, or temperature at which it ignites, than what’s required for shipping fuels, he said. — Bloomberg

Anthony Davis’ buzzer-beating trey lifts LA Lakers over Nuggets

LOS ANGELES LAKERS FORWARD ANTHONY DAVIS (3) shoots the ball against Denver Nuggets forward Paul Millsap (4) during the fourth quarter in game two of the Western Conference Finals of the 2020 NBA Playoffs. — REUTERS

ANTHONY DAVIS’ 3-pointer at the buzzer lifted the Los Angeles  (LA) Lakers to a 105-103 victory over the Denver Nuggets in Game 2 of the Western Conference finals on Sunday near Orlando.

“Special moment for a special player. Happy to be a part of it,” LeBron James said of Davis’ shot.

Davis, who scored the last 10 Laker points, delivered 22 of his 31 points in the second half for the Lakers, who hold a 2-0 series lead. Davis also finished with nine rebounds.

“Special moment for me, special moment for the team, especially in a situation like that trying to go up 2-0 against a special team, who are great competitors and (fought) for the entire 48 minutes,” Davis said of the Lakers, who played the game in their Kobe Bryant-designed “Black Mamba” jerseys. “So, to do something like in the jerseys we wore tonight makes it even more special.”

James contributed 26 points and 11 rebounds for the Lakers, who blew a 16-point third-quarter lead. Kentavious Caldwell-Pope chipped in 11 points, as did Danny Green.

Nikola Jokic had 30 points, nine assists, six rebounds and four steals for the Nuggets, while Jamal Murray added 25 points and Michael Porter Jr. scored 15 off the bench.

“We lost the game, but I think we played well most of the game,” Jokic said. “We were down (and) we came back again, so we’re going to keep our heads up until the next one.”

The first of Davis’ two 3-pointers came with 3:03 to play and gave the Lakers a 100-92 lead. But Jokic scored the game’s next seven points, including a 3-pointer to slice the margin to 100-99 with 1:04 left.

After Caldwell-Pope misfired on a shot, Jokic got the rebound, helped push the ball down the floor, then tipped a Murray miss for a 101-100 lead with 31.8 seconds left. Davis scored to give the lead back to the Lakers with 26.7 seconds remaining.

Jokic’s basket in the lane put Denver up 103-102 with 20.8 seconds left. Alex Caruso missed a 3-point shot with 6.9 seconds left, but Green got the rebound and took another shot. That one was blocked and the ball went out of bounds, setting the Lakers up for Davis’ game winner.

“It’s not about making the shot,” James said. “It’s about having the belief with just taking it for one and living with the result.”

Denver coach Michael Malone tried to look at the positive side, despite the crushing defeat.

“We gave ourselves a chance tonight,” Malone said. “Unfortunately, Anthony Davis hit an incredible shot to kind of take that win away from us. Defensive transition was tremendous. If we can continue that, we’ll continue to give ourselves a chance.”

Game 3 is Wednesday, Manila time.

In the third, the Lakers went up 70-54 after Green’s 3-pointer less than four minutes into the quarter, but the Nuggets outscored the Lakers 24-12 the rest of the quarter to pull within 82-78 heading into the fourth quarter.

A 10-2 run by the Nuggets allowed them to cut the Lakers’ lead to 35-33 after a Porter Jr. tip-in with 8:42 left in the second quarter. But the Lakers answered with a 20-7 surge after a 3-pointer by Kentavious Caldwell-Pope six minutes later for a 55-40 advantage.

By the break, the Lakers owned a 60-50 edge. James had 20 points in the first half to lead all scorers.

Both teams were sloppy taking care of the ball. The Lakers committed 23 turnovers to 19 for the Nuggets. — Reuters

Azkals keeper Etheridge begins journey with Birmingham City

PHILIPPINE AZKALS goalkeeper Neil Etheridge began his journey with Birmingham City FC in the English Football League Championship in steady fashion, helping his club to a 0-0 draw against Swansea City in his debut at the weekend.

It was a start that he wants to build on as his career with the Blues takes form.

Recently signed with Birmingham after playing with Cardiff City for three years, Filipino-English Etheridge, 30, said he was looking forward to the opportunity of playing for his new club and overcoming the challenges ahead of them.

“I enjoyed my stay in Cardiff, but the chance to play for Birmingham came and as a professional, you just want to play. So, I decided to sign up with them and get some stability. We have some bumps we need to get over on the road, but I’m excited,” said Mr. Etheridge, who saw himself on the bench in his final season with Cardiff in favour of English keeper Alex Smithies.

The Azkals keeper, part of the Philippine squad that fashioned out the “Miracle in Hanoi” in 2010 that lit a renaissance in local football, said he is using his move to Birmingham as a fresh start.

It is something he is determined to work, banking, among other things, on his experience and willingness to learn.

“It’s a new adventure for me, a fresh beginning. Birmingham being a massive club, a massive city here in England, I just want to prove to everyone what I’m capable of,” he said.

“I hope to bring some experience to Birmingham and learn quicker and adjust,” he added.

Following his debut on Sunday (Manila time), Mr. Etheridge said he was satisfied with his performance while also giving credit to his teammates.

“It was great for me to keep a clean sheet and make those sort of saves. Ultimately, it’s about the team. The boys at the back did a fantastic job,” he said in a post on the Birmingham Facebook page.

As a member of the Philippine national team, he has seen action 65 times. He last played for the Azkals in November last year in the World Cup Asian qualifiers against Syria where they lost, 1-0.

The Azkals are currently in third spot in Group A of the joint qualifiers with seven points built on a 2-1-2 record.

Syria (5-0-0) is on top of the heap with 15 points, followed by China (2-1-1) with seven. Maldives (2-0-3) is fourth with six points while Guam (0-0-5) has no points and is already eliminated in the race. — Michael Angelo S. Murillo

Dyip underscore need to be on the same page come the bubble

By Michael Angelo S. Murillo, Senior Reporter

WHILE they are excited over possibly getting back to action beginning next month, the Terra Firma Dyip recognize that being in the Philippine Basketball Association  (PBA) “bubble” will be a challenge and, thus, the need for them to be on the same page to succeed.

One of the guests on The Chasedown television show on Saturday, Terra Firma coach Johnedel Cardel shared that their team is excited for the resumption of the currently suspended PBA season, but mindful that once they enter the bubble, sacrifices in time and effort have to be made by everyone of them.

“The players are excited to get back to play and bring excitement to the fans after some months of not being able to,” said Mr. Cardel, coach of Terra Firma (formerly Columbian Dyip) since 2018.

“It’s going to be a challenge heading into the bubble, so everybody has to make a sacrifice. In there, the league will be very strict and the players will not be able to do everything they want. But I have talked to my players and I think they are ready,” he added.

The PBA is targeting to resume its Season 45 on Oct. 9 in a bubble setting at Clark City in Angeles, Pampanga.

Under the bubble setup, which is similar to that employed in the National Basketball Association, players, coaches, and staff of the teams and the league will be holed up in one location for the duration of the tournament and will be shuttled to and from the hotel and the playing venue.

Games will be played at the Angeles University Foundation while the teams will be staying in the nearby Quest Hotel.

The league is just awaiting approval to proceed from the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID).

Once it gets the approval, the league will have the teams start doing scrimmages in preparation for the restart.

Mr. Cardel said they have been preparing the best way they can within the past few weeks since some activities were allowed back, but admitted they are angling to do more.

“To be honest, it’s still hard to tell where we are at this point of our preparation because what we are doing right now are group practices, and the same goes for all the teams. So we’re still looking for our timing as a team, but we’re happy that after some months we got together finally to train. So we’re making the most of it and I told the players that we have to work hard despite the situation,” Mr. Cardel said.

He went on to say that come the bubble his players would struggle early on, but once action steadies, he expects them to be in the swing of things.

“Everybody should be committed to our campaign and be ready, from the top all the way to the 15th player,” the Terra Firma coach said.

Leading the Dyip is reigning rookie of the year CJ Perez, joined by the likes of Rashawn McCarthy, Juami Tiongson, Aldrech Ramos, Glenn Khobuntin, Andres Cahilig, Eric Camson, JP Calvo, and Reden Celda.

Also joining the team are rookies Roosevelt Adams and Bonbon Batiller.

Last season, the Dyip compiled an overall record of 11-22.

Stakes get higher at the Chooks-to-Go Pilipinas 3×3 President’s Cup

APART from seeing themselves compete as professionals, teams taking part in the Chooks-to-Go Pilipinas 3×3 President’s Cup will see the stakes get higher with the prize money increased.

In a release, league founder Ronald Mascarinas said they have made the decision to increase the prize money to help the Philippine men’s national 3×3 basketball team prepare for the 2021 FIBA 3X3 Olympic Qualifying Tournament.

Under the setup, besides the P100,000 top prize for each of the first four legs of the President’s Cup, the team that will face Family’s Brand Sardines-Zamboanga City Chooks — which consists of Philippine no. 1 player Joshua Munzon, no. 2 Alvin Pasaol, no. 5 Troy Rike, and no. 6 Santi Santillan — in the finals will also bring home the same amount.

Zamboanga City, however, has to make it to the finals of the country’s first-ever professional 3×3 league for the added incentive to take effect.

If not, the first-place team will bag P100,000 while the second and third-placed squad will pocket P30,000 and P20,000, respectively, in the tournament which is ranked level seven by the International Basketball Federation (FIBA).

“This season of Chooks-to-Go Pilipinas 3×3 is really to help our national team get ready for the Olympic Qualifying Tournament in Graz, Austria next year. We can’t just let them train without actually facing competition. It won’t make sense,” said Mr. Mascariñas, referring to the national squad which also includes Philippine Basketball Association players CJ Perez and Mo Tautuaa.

“But we also have to reward the teams that have taken the time and effort to face them. That is why we raised the stakes for our first conference,” he added.

Chooks-to-Go Pilipinas 3×3 recently solidified its standing as the home of three-on-three basketball in the country after getting the nod from the Games and Amusements Boars to operate as a professional league.

The President’s Cup powered by TM is tentatively set to open its curtains on Oct. 2 at the Inspire Academy in Laguna with 12 teams competing.

The second leg immediately takes place on Oct. 4. Legs 3 and 4 are set for on Oct. 16 and 18, respectively.

The grand finals, which has a P1-million prize for the champion, P300,000 for the runner-up, and P100,000 for the third-place finisher, will happen on Nov.  7.

Aside from Zamboanga City, the other teams competing are Uling Roasters-Butuan City, Bacolod-Masters Sardines, Nueva Ecija Rice Vanguards, Palayan City Capitals, Zamboanga Peninsula Valientes MLV, Porac Big Boss Cement Green Gorillas, Bicol 3×3 Pro, Pasig Sta. Lucia Realtors, Saranggani Marlins, Pagadian City Rocky Sports Valientes, and a team backed by Petra Cement.

To ensure its success, the league said it is operating in strict compliance with safety and health protocols set by the government relative to the coronavirus disease 2019 (COVID-19) pandemic.

Currently teams are doing workouts and are awaiting approval from the government to conduct scrimmages. — Michael Angelo S. Murillo

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