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Treasury bill rates may inch up as US-Iran tensions continue

RATES OF Treasury bills (T-bills) on offer today will likely inch up as tensions between the US and Iran continue.

The Bureau of the Treasury (BTr) will auction off P20 billion worth of T-bills on Monday, broken down into P6 billion for the 91-day and 182-day papers and another P8 billion for the 364-day securities.

“Expect Treasury bill levels to move slightly higher on increased geopolitical risk and weak general sentiment, and following the upward movement in the yield curve since the start of this (last) week,” said Carlyn Therese X. Dulay, first vice-president and head of Wholesale Treasury Sales at Security Bank Corp., via e-mail last week.

During the previous T-bill auction on Jan. 6, the government only awarded P19.104 billion out of its P20-billion program as yields on the one-year papers rose sharply.

Broken down, the Treasury borrowed P6 billion as planned via the three-month papers at the rate of 3.179%, 1.3 basis points (bps) lower compared to the 3.192% fetched during the Dec. 2 auction.

Another P6 billion was raised as programmed through the six-month T-bills, with the tenor fetching an average rate of 3.435%, higher than the previous offer’s 3.348%.

For the one-year securities, the BTr only accepted P7.104 out of the P8-billion program at a rate of 3.624%, 14.9 bps higher than the 3.475% fetched previously.

Meanwhile, at the secondary market last Friday, rates of the three-month, six-month and one-year papers ended at 3.264%, 3.427% and 3.749%, respectively, according to the PHP Bloomberg Valuation Service Reference Rates.

The tensions between the two countries escalated when US killed Iran’s top general, Qassem Soleimani, in a drone strike on Jan. 3, to which Iran retaliated by firing off missiles at US forces in Iraq.

Days after, news reports said the Iranian government admitted that they were the ones responsible for the crash of a Ukranian airline, killing all 176 on board.

The government said Iran’s air defense “unintentionally” shot down the aircraft as it was on high alert after its earlier missile attacks landed, which its president referred to as a “disastrous mistake” for the state.

Sought for comment, Jose Miguel B. Liboro, fixed-income head at ATRAM Trust Corp., said yields on the T-bills will likely move slightly higher amid faster-than-expected inflation data and as investors’ await for a retail Treasury bond (RTB) issuance.

“Apart from a higher than expected inflation print, which has already caused a sharp move higher across the yield curve, speculation of a possible RTB issuance over the next couple of months is weighing on investor demand,” Mr. Liboro said in an e-mail on Friday.

“Given that T-bill rates have already adjusted higher at the auction earlier [last] week, they are likely to remain flat to marginally higher against those levels with the BTr likely to cut awards should investor demand come in at higher levels,” he added.

The government reported last week that headline inflation picked up to 2.5% in December, averaging at the same rate in 2019.

Last year’s headline inflation average fell within the 2-4% official target and was significantly slower compared to 2018’s 5.2% print.

However, economists flagged the conflict between US and Iran as possible risks to inflation this year as it may cause global oil prices to spike.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in T-bills and P180 billion via Treasury bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga

Cagayan governor pushes for Aparri port reopening this year

CAGAYAN GOVERNOR Manuel N. Mamba announced that the reopening of the Port of Aparri will be one of his priority projects this year. At the first provincial management conference (ManCom) meeting Friday, Mr. Mamba said he intends to push for the port project, which they have already started processing. In a statement in Filipino, the governor said the operations of the port, which has been closed due to major damage from natural calamities, will boost the province’s economy as it will “provide linkage with neighboring countries” and “expand industries, tourism.” Aparri is located in the northeastern tip of the province, which is at the northernmost part of Luzon. In early 2018, the Regional Development Council-Infrastructure Development Committee chaired by Mr. Mamba passed a resolution supporting the Aparri port’s rehabilitation and reopening. Aparri Port is recognized as a catalyst in unlocking the region’s potential as a major transshipment facility, thereby realizing the region’s development potential as an agro-industrial and tourism hub,” reads part of the resolution.

Philippines to host Asian badminton team championships in February

ADD the Badminton Asia Team Championships among the international competitions descending on the Philippines this year.

This, after Badminton Asia confirmed late last week that the third staging of the championships will be held at the Rizal Memorial Stadium from Feb. 11–16.

Seeing how the country is experiencing a resurgence in the sport, Badminton Asia deemed it fit to hold the continental meet in the country.

“I think the Philippines is one of the fastest-developing nations in badminton. And it is good to bring an event like this in a developing badminton country. The game can be promoted to the masses better with an event like this,” said Badminton Asia Chief Operating Officer Chit Boon Saw.

The last time the country hosted the Asian Championships (individual) was 19 years ago in 2001.

The Badminton Asia Team Championships is among the international competitions the Philippines is set to host in 2020, which include the Asian Swimming Championships in November, the AFF Women’s Football Championship and the ASEAN Para Games.

The badminton event is also a high-stakes tournament as Olympic qualifying points are up for grabs for the competitors.

Over 290 shuttlers from all over the continent are expected to arrive for the competition, headlined by defending men’s champion Indonesia and women’s champion Japan.

Mr. Saw also hopes that the Philippine national team would make use of the tournament to further hone its skills.

“I hope the Philippine team takes this as an opportunity to learn and grow in the team event. As you know, there are not a lot of team tournaments in the world so this will be a good opportunity to learn on your home court,” said Mr. Saw. — Michael Angelo S. Murillo

Bill seeks to develop environmentally friendly charcoal alternatives

A BILL has been filed at the House of Representatives to seek out alternatives to charcoal that are more friendly to the environment, involving research programs and funding from the Land Bank of the Philippines (LANDBANK).

Representative Josephine Veronique R. Lacson-Noel of Malabon filed House Bill 5484, which if passed will be known as the Charcoal Industry Development Act of 2019.

“It is the fervent hope of this bill to (1) create and establish sustainable programs and look for alternative and raw materials to be used by the micro and small charcoal burners which will not be very detrimental to our environment…; and (2) provide credit access for the growth of the industry” Ms. Lacson-Noel said in the bill’s explanatory note.

Under the bill, the Department of Science and Technology (DoST) will establish a program to develop a technical program for improving charcoal products and processes, supported by LANDBANK funding for the “acquisition of charcoal inputs, charcoal machinery and implements necessary for the continuous production of charcoal.”

Charcoal is a cooking fuel for low-income households and its production typically involves harvesting wood, including coconut wood, which is then dried out to improve its qualities as a cooking material.

The Department of Labor and Employment (DoLE), along with the Commission on Higher Education, Technical Education and Skills Development Authority, Professional Regulation Commission and the private sector will also be roped in to implement a Human Resources Development (HRD) Master Plan for the industry.

The master plan will focus on the skills training of charcoal burners and implement standards, among others.

The bill was filed with the House Committee on Trade and Industry on Nov. 18. — Genshen L. Espedido

Uy’s telco commits ‘upgraded’ internet to municipality group

NEW telecommunications company DITO Telecommunity Corp. said it had forged an agreement with the organization of municipalities for the delivery of “fast and upgraded” internet services to their constituents.

“The League of Municipalities (LMP) signed with DITO Telecommunity, the third major telecommunications provider in the Philippines last January 10, 2019, a landmark agreement that provides a dedicated nationwide fiber network to directly connect the different municipalities of the country, the public areas of the respective barangays, which include schools and other key institutions, to deliver fast, upgraded, secure and reliable services to their constituents,” the China-backed firm said in a statement on Sunday.

DITO Chief Administrative Officer Adel A. Tamano said this partnership will allow municipal governments to provide “beyond the standard free WIFI hotspots” to their constituents.

“The effort significantly affords Filipinos even in the smallest of municipalities the advanced applications that can be driven through the private network such as direct video for conferencing or security, public broadcast exchange, e-Education, e-Medicine, e-Permits, Internet of Things, IP PBX, VoIP; among other things, to better live-up to the promise of delivering the kind of connectedness and community that Filipinos long for,” he explained.

The company, which aims to become a major industry player, recently signed agreements with its key contractor-partners and tower providers, China Energy Equipment Co. Ltd. and Filipino-Malaysian Consortium ZEAL Power Construction & Development Corp.

DITO had also said earlier that it is targeting to corner nearly a third of the market in two to three years.

DITO — which is owned by Dennis A. Uy’s Udenna Corp. and Chelsea Logistics and Infrastructure Holdings Corp. and China’s China Telecommunications Corp. — has a tight timeline to roll out its services to 37.03% of the country’s national population by July 9, 2020.

Within the one-year period, the company must also be able to deliver a minimum broadband speed of 27 megabits per second (Mbps). If it fails to meet these commitments, DITO’s certificate of public convenience and necessity and radio frequencies will be taken back by the government. — Arjay L. Balinbin

Soybean industry targeted for improved production, logistics — DoST

THE Department of Science and Technology (DoST) said it hopes to increase the income of soybean farmers through improved production and more efficient supply chains.

“The Soybean R&D (Research and Development) program aims to increase farm income by integrating soybean in different cropping systems and improve the supply of local soybeans from more efficient supply chains and from higher productivity of food-grade soybeans on-farm,” Rolando S. Corpuz, industry strategic S&T program manager for legumes from the DoST Philippine Council for Agriculture, Aquatic, and Natural Resources Research and Development (PCAARRD), said in an e-mail interview.

The Philippines currently imports almost 99% of its soybean requirement for food and feed from the United States, while the remaining 1% is locally-produced.

Mr. Corpuz said the Department of Agriculture (DA) estimates domestic production of soybean of around 2,000 to 3,000 tons per year which goes entirely to the food industry. Averaging P30 per kilo, the crop’s value of production is estimated at between P120 million to P180 million.

“Soybean is a very valuable raw material for various food products which can serve as an alternative to the traditional providers of sustenance among Filipinos,” Mr. Corpuz said.

Some of the potential products include soymilk, soy coffee, soybean curd, and soy sauce.

PCAARRD started the Soybean R&D program in May 2017, a three-year program with a total approved budget of P49.395 million.

The program is implemented in cooperation with the University of the Philippines Los Baños and the DA. Project sites are the major soybean growing areas of Isabela, Bukidnon, Davao City, Davao del Sur, Davao Oriental, Agusan del Sur, and Surigao del Sur.

The program in Surigao del Sur is being implemented by Surigao del Sur State University. Aside from enhancing the soybean value chain in the province, the program aims to develop sustainable soybean production in the upland in areas of Tandag, Tago and San Miguel.

Mr. Corpuz the program also hopes to make domestic soybean more competitive globally via the development of large-seeded soybeans, as well as improved quality, packaging, and handling. — Vincent Mariel P. Galang

The Co-Chairperson’s Report

It is regrettable that the news and commentaries regarding the “Co-Chairperson’s Report” have focused on the finding that “the percentage of shabu seized is less than 1% of the total estimated consumption of shabu.”

Almost everyone — the media, the Duterte administration and its supporters, and even the supporters of Vice-President Leni Robredo — has harped on this matter, as if the whole report was anchored on this. The unintended consequence: We won’t be able to see the forest for the trees.

The presentation regarding the ratio of shabu volume seized (SVS) to shabu consumption (SC) is but a description and a quantification of a metric used to assess performance of fighting illicit drugs. Some issues arise by using this metric, which can be discomforting to those enforcing an aggressive drug policy.

What is indisputable is the SVS. But estimating the SC and correspondingly, the shabu volume (SV) to satisfy SC, according to the Philippine National Police (PNP) spokesman Brigadier General Bernard Banac, is a “wild guess.” That wild guess cannot be attributed to the “Co-Chairperson’s Report,” because the source came from the PNP itself when it did an assessment of the magnitude of the drug problem in 2019.

Let us pursue to its logical conclusion the line of thought of the PNP spokesman, who said that the PNP’s estimate of the number of drug users is “even conservative compared with the estimate of PDEA” (Philippine Drug Enforcement Agency). The PNP estimates three million drug users. The PDEA puts the number at four million users. President Rodrigo Duterte’s figure is much higher — he has claimed that drug users number between seven million and eight million. Thus, if one uses the numbers from the PDEA and from President Duterte, then the ratio of SVS to SC would be less than 1%!

In fact, the “Co-Chairperson’s Report” is acutely aware of the information problem. One of its main findings is: “There is no common and reliable baseline data on the number of drug dependents in the country.” This is actually difficult to establish because of the asymmetry of information arising from the covertness of drug use.

Note the term used by the “Co-Chairperson’s Report” in the sentence above: “drug dependents.” The definition of “drug dependents” is very different from “drug users.” It goes without saying that a drug user is not necessarily a drug dependent. This has a deep policy implication. Recognizing the distinction between drug dependence and drug use will result in a reorientation of the whole drug policy.

To illustrate, a professor of psychology at the University of the Philippines, who has been commissioned to do a study on Metro Manila traffic, confided to me that jeepney drivers consume shabu to keep them awake and alert as they work long hours. Another friend told me that the typical Meralco lineman uses shabu to be productive and, more importantly, to be alert in doing a risky job.

The “Co-Chairperson’s Report” also expounds on the many complex facets of drug policy. It acknowledges that the creation of the Inter-Agency Committee on Anti-Illegal Drugs “is a step in the right direction.” To further strengthen it, the “Co-Chairperson’s Report” recommends putting in place a more comprehensive strategy in lieu of the fixation on tactical operations, mainly armed, on the street level. It likewise recommends the involvement of other agencies involved in prevention and reintegration, and the provision of augmented resources for these agencies.

Similarly, the “Co-Chairperson’s Report” calls for the end to tokhang, which essentially has become a witch-hunt and which has been associated with violence, including unlawful killings.

The ratio of SVS to SC (the 1%), which indeed makes sensational news, is but an item related to a major recommendation that dwells on supply constriction as a crucial strategy. The said ratio provides a bit of the picture puzzle (obviously important because one missing bit in a picture puzzle does not form the picture), but it is not the big picture.

The “Co-Chairperson’s Report” is first and foremost about the big picture. In the process, it states the findings and recommendations, and teases them out by providing the relevant data.

Because of the comprehensiveness and detailedness of the “Co-Chairperson’s Report,” it is bound to raise questions, even from those who are sympathetic to the Report. But precisely, the Report is meant to facilitate a healthy debate on drug policy.

We likewise have to understand the constraints of the “Co-Chairperson’s Report.” As Co-Chair of the Inter-Committee Agency on Anti-Illegal Drugs, the Vice-President’s action was constrained by the “rules of the game.” It was by working within such a system (which many any of her supporters warned her was a trap) that the Vice-President was able to come out with a significant document. The “Co-Chairperson’s Report” is now defining the terms of debate on the fight against illicit drugs.

This is a great step forward in fulfilling her statement: Dahil kung mayroon akong maliligtas na kahit isang inosenteng buhay, ang sinasabi ng prinsipyo at puso ko ay kailangan ko itong subukan (Because if I could save even one innocent life, my principle and heart would say that I should try it).

 

Filomeno S. Sta. Ana III coordinates the Action for Economic Reforms.

www.aer.ph

Chevrolet rolls out all-new 2021 Suburban, Tahoe in Detroit

By Kevin Limjoco

THE CHEVROLET Suburban boasts an incredible longest-running nameplate in automotive history at 85 years and a current market share of close to 70% of the entire North American full-size SUV segment combined with GMC and Cadillac.

To get a closer look at this iconic vehicle, General Motors Philippines, under The Covenant Car Company, Inc. group (TCCCI), invited select Philippine media last month to get a taste of the upcoming next-generation all-new 2021 Chevrolet Suburban and Tahoe.

TCCCI President and CEO Atty. Alberto B. Arcilla, and Lyn Manalansang-Buena, TCCCI executive vice-president and director for Marketing and Customer Services, hosted us for the grand presentation in -9°C snowy weather in Detroit.

A few weeks before the momentous reveal of the 12th-generation Chevrolet Suburban and Tahoe at the Detroit Piston’s home stadium at Little Caesars Arena last month, the Suburban became the first vehicle ever awarded an Award of Excellence star at Hollywood & Highland. Presented by the Hollywood Chamber of Commerce and unveiled at a ceremony on Hollywood Boulevard, the award recognizes the Suburban for its 67-year career in Hollywood film and television. The Suburban has starred in more than 1,750 films and television series. The filmography is even more impressive when combined with the Tahoe having both appeared in more than 2,500 films and television shows.

On the same day of the December reveal, we all went to the General Motors Milford Proving Grounds to explore the vast all-encompassing improvements of the models, engage with key engineers who worked on the vital products, and experience the drive, ride, and handling against its direct competition dynamically back-to-back. Having thoroughly tested both the top-range full-spec Ford Expedition and Lincoln Navigator models recently, I had a unique perspective on the results. The experience in Milford was dramatic.

The salient points: GM will offer an all-new potent 277 bhp / 460 lbs-ft inline-6 3.0-liter turbodiesel in its lineup to support the carried over but updated with Dynamic Fuel Management 420 bhp / 460 lbs-ft normally aspirated 6.2-liter V8, and 355 bhp / 383 lbs-ft 5.3-liter V8. The joint production with Ford 10-speed automatic gearbox is now applied with unique calibration and operation. The all-new Suburban and Tahoe will be built solely at the newly updated General Motor’s Arlington, Texas Assembly Plant with an investment of more than $1.4 billion.

The results of the all-new design, architecture and platform results in 60% more cargo room behind the third row for the Tahoe, 19% more maximum cargo space behind the first row for the Suburban, 10 additional inches (254 mm) of leveled third-row legroom for the Tahoe, fully independent rear suspension on the new more robust ladder-frame paired with available 4th-generation Magnetic Ride Control and Air Ride Adaptive Suspension that offers load leveling at all four corners of the vehicle, and up to four inches (102 mm) of ride-height adjustment.

Entirely new SUV-specific interiors offer up to five crisp and large display screens, nine camera views and new trailering features, 30 additional safety and driver convenience features.

With a 4.1-inch (105 mm) increase in the wheelbase and a lower cargo floor, the new Suburban has the most passenger and cargo space of any SUV. Legroom increases for both the second- and third-row passengers, and maximum cargo volume expands 19% while Suburban’s overall length increases less than 1%. With a 4.9-inch-longer (125 mm) wheelbase and a 6.7-inch (169 mm) increase in overall length compared to the current model, the Tahoe offers 40% more third-row legroom. Maximum cabin room increases by 30% even if the Tahoe’s overall length increased less than four percent.

Other features include standard LED headlamps and LED taillamps as well as active front grille shutters that close at certain times on the highway to enhance aerodynamics. The next-generation digital system has five times more data-processing power than the system in current models combined with industry-leading cybersecurity protections.

Validators call on government, private sector to cooperate in protecting Pujada Bay

VALIDATORS from the Most Beautiful Bays in the World Organization (MBBWO) called on local authorities to coordinate with private owners of islands and resorts around Pujada Bay to maintain its cleanliness and protect it from environmental degradation. The bay, located in Davao Oriental, has been accepted in the MBBWO list based on the provincial government’s application, subject to site validation. MBBWO officials, led by Founder and Manager Bruno Bodard and Treasurer Guy Ettiene Rousset toured communities around Pujada Bay last week. “We were very surprised by the beauty and quality of the Pujada and Mayo bays that we visited,” Mr. Rousset told media in a press conference held at Menzi Beachpark in Mati City, Davao Oriental, Saturday. Mr. Bodard said among the criteria in the Most Beautiful Bays tag include the community involvement in environmental protection. “The Pujada Bay has complied with the requirements. But I don’t want to say just Pujada Bay, because Mayo and Balite bays are also beautiful. I will call them Mati’s Bays. We will validate these Mati’s bays,” he said. “We are validating the quality of the water, even the mountain and the forest is very important. It is part of our validation,” Mr. Rousset said. He noted that one of the benefits of being included in the MBBWO list is getting international help in protection from toxic products and other concerns. Mati Mayor Michelle Nakpil Rabat, for her part, said the city government would soon implement a master plan for the protection of Pujada Bay. This includes the construction of sewage treatment plants as well as catchment basins for plastics and other wastes. In 1994, the Pujada Bay Landscape and Seascape was declared as a protected area under the National Integrated Protected Areas System (NIPAS) through Presidential Proclamation No. 431. Covering about 20,0887.43 hectares of protected landscapes and seascapes, Pujada Bay is bounded by the Guang-guang Peninsula in the east and the Pujada Peninsula in the west. — Maya M. Padillo

Kyle Kuzma scores 36, Lakers pummel OKC without Davis, LeBron

LOS ANGELES — Kyle Kuzma scored a season-high 36 points to lead the Los Angeles Lakers to a 125-110 road win over the Oklahoma City Thunder on Saturday night.

The win was the Lakers’ eighth consecutive.

The Lakers led by as many as 32 points in the second half but the Thunder cut the lead to just 11 with less than three minutes remaining before Kuzma hit back-to-back shots to put the game firmly in control once again.

Kuzma was four of six from behind the 3-point line.

For the second consecutive night, the Lakers put together a monster first quarter.

In Friday night’s win in Dallas, Los Angeles scored 45 points in the opening frame without Anthony Davis.

In Oklahoma City, the Lakers scored 41 points in the first 12 minutes without its two biggest stars.

Davis missed his second consecutive game with a contusion of his gluteus maximus.

LeBron James was held out with flu-like symptoms.

James had been listed on the injury report due to illness prior to Friday’s win in Dallas, where he finished with 35 points, a season-high 16 rebounds and seven assists.

But James couldn’t battle through it Saturday on the second of a back-to-back.

“His chest was burning all throughout the game,” Lakers coach Frank Vogel said before Saturday’s game. “We had to get him out early in the first quarter. I was using timeouts to get him rest, but most of my timeouts last night were centered around helping him fight through the chest cold.”

Los Angeles was without a third starter, as Danny Green missed with right hip soreness.

The Lakers jumped out to the big lead, thanks in part to hot 3-point shooting. Los Angeles shot 76.9% from behind the arc in the first half. The Thunder were just two of 13 from long distance before halftime.

Rajon Rondo added 21 points and 12 rebounds for the Lakers.

Danilo Gallinari and Shai Gilgeous-Alexander scored 24 points each to lead the Thunder, who lost for just the second time in nine games.

TATUM HITS CAREER-HIGH 41 AS CELTICS STOMP PELICANS
Jayson Tatum scored a career-high 41 points in three quarters of play as the Boston Celtics crushed the visiting New Orleans Pelicans 140-105 on Saturday night.

Tatum shot 16 of 22 from the field with a career-best six 3-pointers as the Celtics snapped a season-long three-game losing streak. Enes Kanter added seasons highs of 22 points and 19 rebounds.

Frank Jackson had a team-high 22 points off the bench for the Pelicans, who lost for just the third time in their last 10 games. Rookie Jaxson Hayes scored a career-high 20 points, and Lonzo Ball (10 points, 13 rebounds) fell an assist shy of a triple-double.

The Celtics had 14 steals compared to four for the Pelicans. New Orleans was outscored 74-42 in the paint.

The Celtics used a 19-3 run on their way to their first double-digit lead, 30-18, on a Gordon Hayward three-point play with 2:44 remaining in the first quarter. Boston led 41-24 after one, its most points scored in a quarter this season.

The Celtics grabbed their first 20-point advantage early in the second quarter and took their largest lead of the half at 57-35 on a Tatum 3-pointer with 7:42 to go. New Orleans got within 14, 64-50, with 3:02 left, but Tatum answered with a pair of 3s as Boston led 72-57 at the break.

Tatum led all scorers with 22 points — 11 apiece in the first and second quarter. Jackson paced the Pelicans with 14.

The Celtics began the third with a 21-9 surge and led 93-66 at the midway point of the quarter. Tatum eclipsed 30 points on the night with a layup with 4:37 left in the quarter, and he followed with a 3 as Boston grabbed its first 30-point lead, 101-71.

Tatum drained his sixth trey less than a minute later, and he surpassed his previous career high of 39 points on a bucket in the paint with 1:04 to go as the Celtics carried a 114-82 lead into the fourth quarter. Tatum sat out the final 12 minutes. — Reuters

Argentina working ‘nonstop’ to resolve debt crisis

BUENOS AIRES — Argentina’s new government is working “nonstop” to resolve its sovereign debt crisis, the South American country’s Economy Minister Martin Guzman said on Friday, a month after center-left Peronist President Alberto Fernandez took office.

“We are working nonstop to resolve the external public debt crisis, the result of a failed irresponsible model that does not work in any country of the world and which left us hostage to the international financial markets,” Guzman tweeted.

Fernandez’s government, inaugurated on Dec. 10, is set for tough talks with creditors to restructure around $100 billion in debt to avoid a damaging default after former president Mauricio Macri’s administration was dogged by economic crisis.

Guzman, a young economist and acolyte of Joseph Stiglitz, has been tapped to lead restructuring talks with private bondholders and other creditors, including the International Monetary Fund (IMF), which agreed to a $57 billion financing package with Argentina in 2018.

Earlier on Friday, Fernandez told journalists that “everything is fine and on track” with the IMF, though there was little to talk about at the moment.

Argentina’s debt talks will face their first big test this month with a $277-million payment due on a Buenos Aires provincial bond, seen as a gauge of how the indebted South American nation will handle its creditors. — Reuters

San Juan Go-For-Gold shooting guard John Wilson makes MPBL history

HISTORY was made in the Maharlika Pilipinas Basketball League (MPBL) at the weekend as San Juan Go-For-Gold shooting guard John Wilson became the first player in league history to reach the 1,000-point mark.

It happened on Saturday in San Juan’s 109-99 victory over the Pasig-Sta. Lucia Realtors at the former’s home turf of FilOil Flying V Centre.

Mr. Wilson, a former campaigner in the Philippine Basketball Association and a product of Jose Rizal University, needed only four points to reach the scoring milestone entering the contest, something he was able to do early in the match.

He went on to tally 24 points to go along with five rebounds and four assists as he led the Knights to the victory.

San Juan currently is on top of the North division with a 22-3 record, ahead of the second-running Manila Stars (21-5) and Makati Super Crunch (20-5).

“John really works hard and deserves this achievement,” said Knights coach Randy Alcantara of Mr. Wilson.

San Juan next plays the Davao Occidental Tigers in a battle of top teams on Jan. 18. — Michael Angelo S. Murillo