Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9152

Compulsory investment of branch offices

The Revised Corporation Code (RCC), which took effect on Feb. 23 this year, introduced amendments to the otherwise outdated Corporation Code. One of the amendments can be found in Section 143 of the RCC which prescribed the amount of required securities deposit for branch offices of foreign corporations. Pursuant to such an amendment, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 17, Series of 2019 (SEC MC No. 17-2019) on the revised guidelines on securities deposit of branch offices of foreign corporations, which superseded the guidelines set in Memorandum Circular No. 2, Series of 2012 (SEC MC No. 2-2012).

SEC MC No. 17-2019 now requires foreign corporations to deposit securities satisfactory to the SEC in the actual market value of at least P500,000 (previously, under the Corporation Code, the SEC required a deposit of at least P100,000), within 60 days after the issuance of a license to transact business in the Philippines.

The securities deposit requirement is geared for the benefit of present and future creditors of the foreign corporation as a fund for the protection of their claims. Consequently, the law attempts to foster social and economic development of the country by requiring the investment in Philippine securities. It must be noted, however, that certain foreign corporations are exempted from the investment requirement, particularly, foreign banking corporations, including offshore banking units, foreign insurance corporations, foreign non-stock corporations, including foreign religious corporations, foreign corporations with representative offices in the Philippines, regional or area headquarters or operating regional headquarters of multinational companies.

The amount of investment varies throughout the years the branch conducts business. Within six months after the end of each fiscal year, the SEC will look into the gross income of the branch generated in the Philippines. If the gross income exceeds P10 million (previously, under the Corporation Code, P5 million), the branch shall be required to deposit additional securities equivalent to 2% of the increase in gross income. Additional securities will be required if the actual market value of the securities deposit or financial instrument has decreased by at least 10% from the time it was deposited to cover the decrease. Upon submission, the SEC will issue a certificate of deposit of additional securities.

SEC MC No. 17-2019 introduced changes to SEC MC No. 2-2012 only in so far as the amount of the securities deposit conform with the revisions under the RCC. In hindsight, the SEC could have considered including more elbow room for branch offices with respect to the allowable deductions in determining the gross income. “Gross income,” which is the basis of the additional securities, has been defined as synonymous to “gross revenue.” MC No. 17-2019 defines gross income as the “gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.”

Similar to MC No. 2-2012, no deductions are allowed except for sales returns, allowances and discounts and direct costs and expenses incurred with foreign entities and related parties. Claiming such deductions is likewise subject to approval by the SEC after submission of the audited special or annual income statement showing separately the amounts of direct cost and expenses actually incurred.

On the other hand, the SEC may allow the partial release of securities upon application of the branch if there is more than a 10% decrease in gross income of the branch or if the actual market value of the total securities deposit has increased by more than 10% of the actual market value of the securities at the time they were deposited. The SEC likewise allows the branch to substitute other securities for those already on deposit as long as it is solvent, in which case, the SEC will issue a certificate of substitution of securities deposit. In case the foreign corporation decides to withdraw its business in the Philippines, the SEC shall return the securities deposit upon written application and issue a certificate of return of deposit.

Effectively, the securities deposit became a mandatory additional investment in the Philippines on top of the assigned capital required of a particular foreign branch office. While the increase in the amount of securities deposit may be a welcome change for creditors and suppliers of goods and services of a branch, the monitoring and reporting of the additional security can be burdensome for the branches. It is also worth noting that MC No. 17-2019 is unclear whether branch offices which have previously been issued a license are required to provide additional securities. Perhaps, the SEC could reconsider the composition of gross income and allowable deductions in the gross income to provide more leeway for compliance of branch offices.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Mara Kristina O. Recto is an Associate of the Corporate and Special Projects Department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

morecto@accralaw.com

(632) 830-8000

Staying in your lane

By Tony Samson

CHIEFS are averse to getting advice too willingly proffered by subordinates or peers, especially when these are neither solicited nor welcome. Routine pronouncements that the chief is always open to suggestions from the ranks, and that his door is always open for peasants to walk in unannounced are mere lip service to participative management. (Are you here to water the plants?)

Worse for an underling is giving unsolicited advice in a public forum. An observation on the common background of appointees to important government positions can invite a severe scolding and ad hominem attacks on waistlines and comparisons to jellylike aquatic lowlife not yet fully evolved into insect eaters.

Leaders put arrogant advice-givers (as opposed to advisers) off-balance by publicly castigating them so that everyone knows they’re out of favor, and fresh meat for the trolls.

It is important for any adviser to know his place. The semblance of an opinion being solicited must be established. Here’s the etiquette for giving advice to the chief.

When asked for an opinion on a crisis, take some time to reply. Quick answers are viewed as shallow and not well thought out. (Can’t you think of something more original?) It’s better to repeat the question, nod, and say something cryptic — a crisis should not be wasted. Let another eager beaver jump in and be treated with contempt.

On a one-on-one situation, it is best to dodge with anecdotes and try to see what the chief is really looking for, especially when it comes to the evaluation of another executive. (Don’t you think she’s too passive?) There is no urgency in giving a straightforward answer. (She may just be a bit too careful, Sir.) Watching a basketball game beside the revered one when this question is popped, it’s best to shift the focus on the half-time cheers and nod your head to the rhythm of the drums as if tuning in to his mental pendulum.

Refrain from giving actionable advice, like sacking somebody, even if the person is at the top of your hate list. It is always good to present an analysis of the situation and the implications of certain options — true, he seems to be indispensable to the ongoing project. He’s good at what he does. But is that what the company needs at this time?

If you need to bring up a controversial topic your leader is surely going to be upset about, like the high representation expense of a cousin, it is best to test the waters. Maybe the report is not yet complete, and some other explanation is being verified. Probing reactions to the offensive idea can lead you to the right path, which is to change the topic — yes sir, the weather has been beastly.

Should you volunteer advice without being asked? (Okay, it is a difficult topic that needs to be acted on.) You need to create the situation for bringing it up — I don’t really want to comment on those coffee mugs. This surfacing of a topic which is not on the chief’s radar screen can elicit a question from him — what coffee mugs are you talking about? (It’s the office renovation, Sir.)

Never post advice on e-mail or chat groups. This is sure to leak to the object of scorn with a little twist of the knife — what do you think? Leaving digital tracks will one day come back to haunt you — look, this fiasco was his idea.

Certain phases require one set of advisers which need to be changed when moving to a new one. Campaign advisers may not be selected for top positions in the winner’s administration. Thus, a position requiring the votes of peers may entail committee appointments promised to too many aspirants. The dissatisfaction of the losers is sure to again shift political alignments and groupings.

“Staying in your lane” is a phrase that over-eager advice-givers should heed. Like driving a car, it is best to move only in one’s designated space and not swerve to other drivers’ passages through life. Straying into another person’s lane, even with a signal light, invites the risk of collision… sometimes even with an unexpected third party on a motorcycle.

 

Tony Samson is Chairman and CEO, TOUCH xda.

ar.samson@yahoo.com

Technology brought us all together: that’s part of what’s holding us back

By Faye Flam

SHOULDN’T we have space colonies and a universal cure for cancer by now?

Instead there are signs that the pace of technological progress is slowing — even as researchers pump out papers at a prolific and increasing rate. With slowing progress in computing power, medicine and agriculture, my Bloomberg Opinion colleague Noah Smith warns that the stakes could not be higher.

Surely some of the fault lies with technology itself.

Our connected world has allowed researchers to become so tightly networked that they’re falling into the trap of groupthink. That might explain why some researchers seeking cures for Alzheimer’s disease, for example, have conceded that they’ve been throwing years of work and billions of dollars toward a single theory that has failed to lead to any treatment — while ignoring promising alternatives.

Sociologist James Evans of the University of Chicago has concluded that what’s being lost, at least in biomedical research, is scientific independence. Being able to work independently of other labs allows researchers to come up with fresher insights.

In a new study, Evans and colleagues found that weak studies are more likely to come from labs that share lots of researchers and methods with others, and strong studies come from labs that do things their own way.

Weak studies are not just those that come to the wrong conclusions but those whose conclusions are fragile. If a competitor tries to replicate them, the result will be different, unless conditions and methods are exactly the same. The conclusions of such studies are unlikely to represent broad biological facts, and probably won’t be of much use in medicine.

To sort the weak from the strong, Evans and colleagues were able to use a special case where thousands of studies on the interaction between drugs and genes can be re-tested quickly. A machine can now do what’s called a high throughput assay to rerun a whole slew of previous studies. And so Evans was able to evaluate more than 3,000 published claims against the results of this mechanical backup, which can not only replay the exact experiments but also test the robustness of the claims by varying the parameters a bit.

FREEPIK

There was a huge correlation between centralized, networked groups and weak studies. The most networked groups were more likely to replicate themselves and each other, but less likely to reach conclusions that checked out with the mechanical system.

Groupthink is well known in politics and media. Where once competing reporters would look into the same events independently and not know the others’ results until the next day’s papers, now there’s an unconscious temptation among journalists to believe the interpretation of the most prominent news outlets, or whoever posts online first.

Scientists are subject to the same human foibles, but groupthink shouldn’t be conflated with scientific consensus, which is often based on ideas that are backed up by multiple lines of inquiry. That would include things like the structure of DNA, Einstein’s theory of relativity, and the basic physics behind the greenhouse effect. Those are widely accepted now, in part because they were supported by independent, even isolated researchers.

What’s rewarded these days is the absolute opposite of those historic claims. While science works best when researchers prove one idea multiple ways, funding agents and journal editors today reward those with only a single line of evidence to support multiple claims. They want bigger claims and are content with lesser evidence.

The technology that’s allowed so much connection has of course also been positive, enabling people to collaborate and learn more efficiently. Researchers can sometimes even counteract extraneous noise by harnessing a wisdom-of-the-crowd phenomenon, where many individuals converge on a right answer. But like many technological changes, it’s come with unintended consequences. The fact that U.S. researchers are producing 1,000 papers a day shows there’s a lot of energy out there to be used more productively — if funding encouraged bold exploration.

 

BLOOMBERG OPINION

Nationwide round-up

Food-inspired flavors in liquids for vapes, e-cigarettes will be banned

FOOD-INSPIRED flavors used in e-liquid for vaporizers (vapes) and electronic cigarettes (e-cigarettes) will be among those excluded from a list of allowed flavors that is planned to be released in September by the Food and Drug Administration (FDA). “We’re still preparing and probably (we will release it) by end of September,” FDA officer-in-charge Rolando Enrique D. Domingo said in an interview with reporters on Monday. Mr. Domingo, who also sits as undersecretary of the Department of Health (DoH), said the flavors that would be permitted are those already existing in actual tobacco-based cigarettes such as tobacco and mint. He pointed out that if e-cigarette and vape groups argue that using electronic nicotine and non-nicotine delivery Systems (ENDS/ENNDS) are intended for those trying to quit tobacco products, this should not have flavors that will attract even those who do not smoke. “Kasi (Because) if people use it only to quit smoking, dapat wala siyang pinagkaiba sa sigarilyo (it should be no different from cigarettes),” he said, adding that these devices should not have sweet or other appetizing flavors. The list of allowed flavors for e-liquids is in line with DoH’s Administrative Order (AO) 2019-0007 published last July. The guidelines state that all industries involved in the manufacture, distribution, importation, exportation, sale including online sale, offering for sale, and transfer of ENDS/ENNDS are required to get a license to operate from the FDA. E-cigarette and vape groups have slammed the provision in the AO banning flavors that appeal to the youth. The Philippine E-Cigarette Industry Association (PECIA) said in a social media post on August 18 that the rule is “vague.” — Gillian M. Cortez

Patients’ group seeks lifting of ban on Dengvaxia

PHILSTAR/KRIZ JOHN ROSALES

THE PHILIPPINE Alliance of Patients’ Organizations (PAPO) called on the Department of Health (DoH) on Tuesday to lift the ban on the Dengvaxia vaccine. In a statement, PAPO said the widespread cases of dengue in the country justifies the release in the market of Dengvaxia, the first and currently the only vaccine available for dengue.” A vaccine that would benefit a hyperendemic population like our own exists. With an internationally-approved vaccine, patients in the Philippines should be allowed the choice of getting immunized,” said PAPO President Girlie Lorenzo. The DoH, through the Food and Drug Administration (FDA), revoked the product license of Sanofi Pasteur for the distribution and use of Dengvaxia last December 2018. Health Secretary Francisco T. Duque III has previously said that using Dengvaxia for prevention is not advisable in an epidemic situation, noting that the vaccine is only meant for those who have had dengue in the past. The DoH announced earlier this month a national dengue epidemic with 10 out of 17 regions reaching the epidemic threshold. DoH data show more than 188,000 dengue cases from January 1 to August 3 this year. In PAPO’s Manifesto on Patient’s Right to Information and Access to Medicines, the group cautioned others “not to politicize the issue because majority of those who are dying (from dengue) are children.” PAPO also cited that the DoH has said that children aged five to nine years old are more prone to the disease. The World Health Organization said the Dengvaxia vaccine is advisable to use on patients aged nine to 45 years old. — Gillian M. Cortez

OSG wants to be legal counsel of police in sedition case

THE OFFICE of the Solicitor General (OSG) has asked the Department of Justice to be allowed to serve as the legal counsel of the police in the preliminary investigation on the sedition complaint it filed last month against Vice-President Maria Leonor G. Robredo and 35 others. The comment of the OSG comes after the motions of several respondents, including three former opposition senatorial bets — Jose Manuel I. Diokno, Lorenzo R. Tañada III, and former Magdalo Representative Gary C. Alejano — and former Supreme Court spokesperson Theodore O. Te, among others. In its 23-page comment, the OSG maintained that it is within its mandate to represent the Philippine National Police-Criminal Investigation and Detection Group under Executive Order No. 292, which states that it shall represent the government in any proceeding or investigation. “The gravity and seriousness of the offense/s, not to mention the personalities involved of plotting to topple the duly constituted government and overthrow its duly elected President will essentially and necessarily affects the general welfare,” the OSG said. It also asked that the prosecution panel formed by the Justice secretary be upheld. The PNP-CIDG in July filed a complaint of sedition, inciting to sedition, cyberlibel, libel, estafa, harboring a criminal and obstruction of justice against Ms. Robredo and 35 others allegedly involved in a plot to unseat President Rodrigo R. Duterte. — Vann Marlo M. Villegas

Nation at a Glance — (08/21/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Nation at a Glance — (08/21/19)

San Beda stops Lyceum

By Michael Angelo S. Murillo
Senior Reporter

THE DEFENDING champions and league-leaders San Beda Red Lions kept their unblemished record intact after besting the Lyceum Pirates, 88-73, in National Collegiate Athletic Association Season 95 action on Tuesday at the FilOil Flying V Centre in San Juan City.

A rematch of the finals of the last two NCAA seasons, the Lions kept their dominance over the Pirates with the win, proving to be the steadier team in the end to book their seventh victory in as many games.

Earlier in the day, the San Sebastian Stags and Perpetual Help Altas halted their slide in the tournament with hard-earned wins over the Letran Knights and Emilio Aguinaldo College Generals, respectively.

San Beda versus Lyceum got off to competitive start until the Lions midway found the mark, led by Donald Tankoua and JB Bahio, to pull away with a 29-17 lead at the end of the first 10 minutes.

The Lions kept the pressure on the Pirates with Clint Doliguez starting the proceedings with back-to-back triples to make it an 18-point lead, 35-17, with just a minute and a half lapsing in the frame.

Jaycee Marcelino tried to rally back Lyceum but they were still down, 44-36 at the break.

Lyceum kept the pressure on San Beda to begin the third quarter, going on a 15-7 run in the first four minutes to overtake the Lions, 51-50.

The two teams went back and forth after with the Lions eventually staying on top, 61-58, heading into the final frame.

Sensing that the Pirates were getting too close for comfort, the Lions had a six-point blitz to begin the fourth to build a 67-58 lead by the 9:27 mark.

They would continue to hold sway, 74-64, at the midway point of the final canto.

From there, San Beda was steady, building their lead to 18 points, 82-64, with three minutes remaining.

It was never really serious threatened after as San Beda cruised to the win.

Calvin Oftana led the way for San Beda with 20 points.

Nzeusseu was the high point man for Lyceum (6-2) with 18.

STAGS SURVIVE KNIGHTS
Meanwhile in opening seniors’ play, San Sebastian survived playing undermanned in the end and a career game from Letran big man Larry Muyang to edge out the Knights, 102-101, in overtime to stop a three-game losing streak.

The Stags, playing sans head coach Egay Macaraya who was serving a one-game league-imposed suspension, lost a 17-point lead in the fourth period and were stretched to overtime by Letran but did just enough in extra time to book the win.

Allyn Bulanadi, Ken Villapando and Alvin Capobres stepped up in overtime for the Stags, which played with six players fouled out down the stretch, including top man RK Ilagan.

The Knights got the lead, 101-100, with 48 seconds left off a Muyang basket but Letran failed to add on to that.

Instead it saw San Sebastian reclaim the lead with 18 seconds left, 102-101, off the break with Bulanadi finding Villapando who scored the go-ahead basket.

It was a hole the Knights could not recover from as they slid to their second straight defeat.

Ilagan led the Stags with 22 points before fouling out with Bulanadi adding 21 points and Capobres 19.

With the win San Sebastian improved to 3-3 for the season.

For Letran (5-3), Muyang had a career-high 32 points to go along with 18 rebounds.

Jerrick Balanza had 21 points while Fran Yu added 13 markers.

“The players just showed tremendous hunger to win in this game. They did not want to lose. This is a good confidence boost for us after losing three straight,” said San Sebastian assistant coach Melo Banua, who took over for Mr. Macaraya, in the vernacular after their win.

In the second game, Perpetual Help stopped a two-game slide with an 88-87 win over EAC.

The Altas had control of the contest for much of the time but had to dig deep against a gallant stand from the Generals who kept fighting all the way to the end.

The victory was fashioned out by the Altas with interim coach Myk Saguiguit at the helm, taking the place of coach Frankie Lim who is on leave.

Rey Peralta led the way for Perpetual Help (3-5) with 19 points, followed by JJ Egan with 16 and Kim Aurin 14.

On the part of the Generals (1-7), who have now lost sixth straight, was paced by CJ Cadua with 22 points and Marwin Taywan 21.

Cards lose no-hit bid in eighth

ST. LOUIS — Dakota Hudson held the visiting Milwaukee Brewers hitless for 6 2/3 innings Monday night, propelling the St. Louis Cardinals to a 3-0 victory.

Hudson (12-6) exited with a no-hitter intact with two outs in the seventh inning after walking Eric Thames with his 111th pitch. Yasmani Grandal ended the combined no-hitter one inning later with a two-out double off reliever Giovanny Gallegos.

Cardinals reliever Andrew Miller got the last out in the eighth inning with the bases loaded, then closed out the game in the ninth to earn his fifth save. Hudson had seven strikeouts but allowed four walks.

The division-leading Cardinals won for the eighth time in 10 games. The Brewers have lost five of their past seven games. Kolten Wong (groundout) and Dexter Fowler (single) drove in runs for St. Louis in the fifth inning, and Paul DeJong added a solo homer in the sixth.

NATIONALS 13, PIRATES 0
Trea Turner hit a three-run homer, Matt Adams and Asdrubal Cabrera each hit two-run dingers, and Adam Eaton hit a solo shot as Washington cruised to victory at Pittsburgh.

Washington racked up 11 runs in the first four innings after hitting eight homers Sunday in a 16-8 win over the Milwaukee Brewers. The Nationals have won seven of their past eight games and have scored 62 runs in their past five games.

Nationals starter Joe Ross pitched 3 1/3 scoreless, three-hit innings before he left after getting hit in the right leg by a Josh Bell comebacker. Javy Guerra (2-1) took over and was perfect for 3 2/3 innings.

ROYALS 5, ORIOLES 4
Nicky Lopez and Nick Dini homered on back-to-back pitches starting the seventh inning, helping Kansas City win at Baltimore. The Royals ended a two-game losing streak while the Orioles dropped their eighth consecutive game.

Kansas City scored three in the sixth and was up 3-2 when Lopez homered on the first pitch of that seventh inning off Gabriel Ynoa. Dini followed with his solo shot on the next pitch. Dini’s first major league home run and gave the Royals a three-run lead.

Kansas City starter Jorge Lopez (2-7) gave up one run on two hits in five innings. Ian Kennedy pitched the ninth for his 22nd save despite allowing a home run to Rio Ruiz.

WHITE SOX 6, TWINS 4
Jose Abreu hit a three-run homer, and Yolmer Sanchez drove in a run with a suicide squeeze to lead Chicago to a victory over Minnesota in Minneapolis.

Ryan Goins went 3-for-4 with an RBI and two runs for Chicago, which snapped a seven-game losing streak at Target Field. Jorge Polanco homered and drove in two runs for Minnesota, which had its four-game winning streak snapped.

Chicago’s Ivan Nova (9-9) overcame a rocky start to improve to 5-0 in his past six starts, allowing two runs on 10 hits over 5 1/3 innings. Alex Colome, despite giving up three hits and a run in the ninth, picked up his 24th save.

ASTROS 5, TIGERS 4
Yuli Gurriel had a two-run double as part of a four-run first inning, and Houston then used some gritty bullpen work to fend off visiting Detroit

Gurriel drove home Alex Bregman and Yordan Alvarez with his double to straightaway center field and later scored on a fielding error by Tigers left fielder Brandon Dixon to cap the Astros’ early four-run outburst.

Houston extended its lead to 5-2 before holding tight down the stretch, with relievers Hector Rondon, Will Harris and Roberto Osuna (28th save) putting together the final 10 outs. Ronny Rodriguez and Travis Demeritte homered for the Tigers.

PADRES 3, REDS 2
Francisco Mejia hit a go-ahead home run in the fourth inning, and Kirby Yates worked out of a ninth-inning jam as San Diego won at Cincinnati.

Josh VanMeter had an RBI single off Yates in the ninth to make it 3-2, but the closer induced a fielder’s choice to retire the potential tying run in a rundown between third and home for the second out. After plunking Jose Iglesias to load the bases, Yates fanned Eugenio Suarez for his 36th save and third in three days.

Greg Garcia was 2-for-4 with two runs, and Manny Machado had an RBI single for the Padres, who have won four of their past five games.

MARINERS 9, RAYS 3
Tom Murphy hit two home runs and drove in four runs as Seattle defeated Tampa Bay in St. Petersburg, Fla. Austin Nola also homered for the Mariners, who improved to 5-2 on their nine-game trip.

Tommy Pham and Austin Meadows went deep for the Rays, who had a two-game winning streak snapped. The Rays’ lead over the idle Oakland A’s for the American League’s second and final wild card was trimmed to one game.

Mariners starter Marco Gonzales (13-10) pitched five innings, allowing three runs on five hits. He walked two and struck out five. — Reuters

Three PBA teams to see action at Macau tournament in September

PHILIPPINE Basketball Association teams will pit their skills at the Terrific 12 East Asia Super League (EASL) in Macau, China, next month.

Newly minted PBA Commissioner’s Cup champions San Miguel Beermen, the TNT KaTropa and Blackwater Elite take part in the 12-team EASL happening from Sept. 17-22 at the Tap Seac Multisports Pavilion.

Dubbed The Terrific 12, the FIBA-recognized basketball tournament features three clubs from the Chinese Basketball Association (CBA), four from the B.LEAGUE (Japan), two from the Korean Basketball League (KBL) and three from the PBA.

Apart from the Beermen, the KaTropa and the Elite, other participating teams in the EASL are the Liaoning Flying Leopards, the Shenzhen Aviators, and the Zhejiang Guangsha Lions from China; the Chiba Jets, the Niigata Albirex, the Ryukyu Golden Kings and the Utsunomiya Brex from Japan; the Jeonju KCC Egis and the Seoul SK Knights from Korea.

Tournament format will see 16 total games played in three stages — the Group Stage, Semifinals and Finals.

In the Group Stage, clubs will be divided into four groups of three, with each team playing two games. The top team from each group will advance to compete in the Semifinals following a rest day on Sept. 20.

The champion will be awarded $150,000, the runner-up will be awarded $100,000 and the third place will be awarded $50,000.

For the tournament, San Miguel will be reinforced by imports Dez Wells and Lester Prosper. Mr. Wells will be the team’s import in the season-ending PBA Governor’s Cup while Mr. Prosper was one of the top reinforcements in the Commissioner’s Cup while playing for the Columbian Dyip.

The Beermen though would miss the services of June Mar Fajardo and Marcio Lassiter for the Terrific 12 as the former is expected to rest after his tour of duty with Gilas Pilipinas in the FIBA World Cup in China while the latter rests and recovers from knee injury.

TNT, runner-up in the Commissioner’s Cup, will be bannered by former National Basketball Association campaigner KJ McDaniels.

For Blackwater, Alex Stepheson returns to banner the team with Aaron Fuller. To recall, Mr. Stepheson was the import of the Elite in the Commissioner’s Cup and led the team to a strong 5-1 record before leaving for the United States for a medical emergency.

The Super League started in Macau in 2017 with eight teams participating in Summer Super 8. Last year the number of teams grew to 12 and began to be known as the Terrific 12. — Michael Angelo S. Murillo

WWE superstar Sheamus not retired but enjoying time away from the ring

WHILE saying he is not yet retired, World Wrestling Entertainment superstar Sheamus said he is enjoying his time away from the ring, taking stock of his options moving forward.

Last seen in the ring at WrestleMania 35 in April this year where The Bar, his tag team combination with fellow superstar Cesaro lost in the four-way Smackdown Tag Team Championship match to reigning champions The Usos, Sheamus said he has been busy attending to a number of things and enjoying the break he is having after a decade of continuous performance in the ring.

Ireland native Sheamus, whose real name is Stephen Farrelly, was in the country last week to drum up buzz for the upcoming WWE show in Manila on Sept. 20 and during his stay here he met members of local media.

“I’m not yet retiring. I miss playing in the ring though. But I don’t know what my story is for the future,” said Sheamus in a press conference on Aug. 15 at Skinny Mike’s Sports Bar at the Bonifacio Global City in Taguig

The 41-year-old Sheamus was addressing talk of him having hung his boots after the WrestleMania 35 loss.

He said he does not know yet when he would return to the ring but nonetheless shared his preference to face off with Brock Lesnar one last time before he calls it a career.

Channeling his focus on the WWE Manila event, the former WWE champion said Filipino fans should come out and support it for it is going another night of exciting WWE action.

WWE was last in the country in 2016 where Sheamus was one of the headliners. He faced Cesaro at “WWE Live Manila” at the Mall of Asia Arena and lost.

Charlotte also saw action here three years ago, successfully defending her women’s title against Sasha Banks.

WWE Live Manila 2016 also featured superstars John Cena, Big Show, Chris Jericho, Roman Reigns, Seth Rollins, Sami Zayn, Goldust, Kevin Owens and The New Day.

For the Sept. 20 Manila event of WWE at the Smart Araneta Coliseum, billed to see action are WWE champion Kofi Kingston along with Roman Reigns, Finn Balor, Charlotte Flair, Xavier Woods, Big E, Asuka, Elias, Kevin Owens, Shinsuke Nakamura, Rusev, Bayley, Carmella, and The Ilconics. — Michael Angelo S. Murillo

Marathon man Medvedev beats Goffin for Cincinnati crown

CINCINNATI — Russian Daniil Medvedev survived cramps and tantrum where he cracked a racquet to clinch his first Masters 1000 title on Sunday with a 7-6(3) 6-4 win over David Goffin in the final of the Cincinnati Masters.

Medvedev saved two breaks points while serving for the match at 5-4 in the second set before winning the next four, three of them with aces to close out his dogged Belgian opponent.

It was the second title of the year for Medvedev, who had lost on the past two Sundays, to Nick Kyrgios in Washington and Rafa Nadal in Montreal.

“It would be not a good feeling if I lost three finals in a row so it’s just a relief and I’m so happy,” he said in a courtside interview with ESPN after playing his 16th match in 20 days.

“I started feeling cramps at 5-3 (in the second set), first time in three weeks I started cramping, probably because of the nerves and it’s been 24 days in a row I played tennis.

“I started cramping quite hard, so last game, 15-40, I know if it’s going to be five-all I’m in a bad position.

“I made four serves that he didn’t return and three of them were aces. It’s just unbelievable.”

The pressure perhaps showed in the final game when Medvedev hurled his racquet to the ground after losing a point, but the temper tantrum was short lived and he regrouped quickly to clinch his fifth title in two years.

Earlier, Goffin did well to force a first set tiebreak by holding serve, including winning a 29-rally point.

But the Belgian, without a victory since 2017, lost the tiebreak on a double-fault.

“He played unbelievable the last three weeks,” Goffin said. “He’s super solid. He doesn’t miss. It’s like playing against a wall. That’s why everybody is struggling, because he’s so consistent, now with more confidence.”

Medvedev, who beat world number one Novak Djokovic in the semifinals, plans a short rest before the US Open starts in eight days.

“I need some days off,” he said. “I’ve been playing tennis for so long in a row. I just need to stay in the bed for a few days watching the TV 24 hours a day.

“Hopefully I can regroup and get to the US Open fresh.” — Reuters

Tiger Woods leaves door open for playing on Presidents Cup team

LOS ANGELES — Presidents Cup captain Tiger Woods said on Monday he may select himself to play for the team in December but he would need to see how sharp his game is before making the call.

Woods was not among the top eight players to automatically qualify for the squad after he finished 13th on the points list but he has the power to name himself to the roster with one of the four captain’s picks for the event at Royal Melbourne.

“My job as the captain is to put together the best team possible, to try to put together the best 12 guys,” he told reporters on a call.

“We’ll have open communication with our top eight guys and my vice captains and we will certainly talk about whether I should play or not play,” he said.

“Ultimately it is going to be my call,” added Woods.

Apart from his win at the Masters for his 15th major title, the 43-year-old had a relatively quiet season, which petered out with a whimper amid physical and emotional fatigue.

Woods missed the chance to defend his Tour Championship title when he could only manage to tie for 37th at the BMW Championship on Sunday, far from the sixth-place finish he likely needed to qualify for the season-ending event.

Woods said his Presidents Cup decision will depend on how he fares in informal rounds against players preparing for the fall season as well as his performance at the Zozo Championship in October in Japan.

“It’s practising, it’s playing, it’s staying sharp,” he said when asked what he needs to do to make the US side, which has dominated the International team since the biennial event’s inception in 1994.

The only US loss came in Melbourne in 1998 with a team that included Woods. — Reuters

To learn from

The best-of-seven Philippine Basketball Association Commissioner’s Cup finals between the San Miguel Beermen and TNT KaTropa came to an end last Friday with the former taking the title in six games; a championship series that was one of the more exciting and engaging ones in the local pro league in recent memory.

All that one needs to see in a finals series, San Miguel vs. TNT had it. From highly determined teams fighting it out, to physicality and drama, to stepped-up performances, the just-concluded finals series had it and more.

But aside from its upside, the recent finals also had its low side, particularly that involving San Miguel forward Arwind Santos and his deemed racist gesture toward TNT African-American import Terrence Jones.

As the seconds tick away in Game Five of the series and the win already in the bag for the Beermen, Santos was seen mimicking a monkey following a foul called on Jones.

After the game, Santos, a former league most valuable player, downplayed the incident, saying it was not racist and it was only of part of the “mind games” going on in the series.

He further justified it that he had been doing it with Filipino-American-African players in the league to get into their minds and disrupt their game.

But the PBA, officials and fans alike, did not see it that way and took the San Miguel forward to task for what he did and labelled it as racist.

Jones, the aggrieved party, also did not like what Santos did, saying there is no place for such action in sports and that respect should rule even as he asked the PBA to take action on it.

The league did act, meting a P200,000 fine on Santos, who also needs to undergo seminar and counselling on equality and racial discrimination and render 100 hours of community service.

Santos also issued a public apology, saying he did not mean anything bad with his action but recognized he did something wrong and was sorry for it.

Jones, for his part, said he has forgiven Santos after his apology but stressed the need for people to treat each other with respect not only in sports but life in general.

No doubt about it, this Santos issue is something to learn from — for all of us to be considerate of others and rid ourselves, as tough it can be, of any form of discrimination.

Is Santos racist? I do not believe so. I think what he did was primarily made in jest, which happens in many settings and in varying forms in Filipino life. But that does not mean what he did was right.

Santos deserved to be called out and penalized for his action for he did show lapse in judgment and narrow-mindedness considering his stature as a professional player and the platform they are at.

So, may we all learn from this episode. We all have our biases and prejudices all right, but these should not have to consume and get the better of us. We are definitely better than that.

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

1...9,1519,1529,153...12,801Page 9,152 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube