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Japan to back regional master plan for Subic area

JAPAN will provide technical assistance in drafting a master plan for regional development centering on Subic Bay Freeport, according to the Department of Finance (DoF).

In a statement yesterday, DoF said the proposed master plan will determine possible projects in Subic Bay and nearby areas covering road network development, logistics terminal development, disaster risk management and public utilities.

The agreement was reached during the bilateral meeting between Prime Minister Shinzo Abe and President Rodrigo R. Duterte on Monday on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit in Bangkok.

“The two leaders affirmed that the Japanese assistance is a testament to the deepening strategic partnership between Japan and the Philippines,” the DoF said.

So far, the Japanese government has 10 loan agreements with the Philippines to fund several big-ticket infrastructure projects under the “Build, Build, Build” program signed since 2016.

Japan remain the number one source of official development assistance (ODA) loans and grants with $8.26 billion as of December 2018. — Beatrice M. Laforga

Legal claims against shipping firms hindering seafarer hiring

THE maritime industry said the government is failing to protect seafarers from “ambulance-chasing” lawyers pursuing claims against shipping companies, who tend to keep the bulk of any settlements won.

They added that the litigious atmosphere is holding back the employment of Filipino seamen.

“In terms of the total manning industry, the demand [for Filipino seafarers] is still there but it’s not really increasing. It’s declining a bit… We don’t know why. However, we feel that this is probably litigious in nature because the ambulance-chasing law has not been effective,” Eduardo Ma. R. Santos, executive vice president of the Associated Marine Officers’ and Seamen’s Union of the Philippines (AMOSUP) and president of the Maritime Academy of Asia and the Pacific (MAAP), told BusinessWorld on the sidelines of the Maritime Forum 2019 at Sofitel Hotel in Manila Wednesday.

“There are still ambulance-chasers. We have an anti-ambulance chasing law that says lawyers can only get 10%. It’s not being followed,” he added.

Former president Benigno S. C. Aquino III signed in 2015 Republic Act (RA) 10706 or the Seafarers Protection Act, which hopes to regulate “the act of soliciting, personally or through an agent, from seafarers or their heirs, the pursuit of any claim against their employers for the purpose of recovery of monetary claim or benefit, including legal interest, arising from accident, illness or death, in exchange for a fee which shall be retained or deducted from the monetary claim or benefit granted to or awarded to the seafarers or their heirs.”

Mr. Santos said ambulance-chasing lawyers typically take most of the settlements and leave clients with 30%.

He said AMOSUP has been warning its members against such individuals, and it has even offered to assist them with their claims or issues with their companies.

“If you have a problem, come to the Union, we have a grievance procedure, and let’s talk about it with your shipping company. We can arrange it outside of court, outside of lawyers,” he said.

In a separate interview, Norwegian Maritime Authority Senior Surveyor Per-Arne Waloen said: “I think, in general, the Filipino seafarer deployment has declined a little bit in the last couple of years. This can be related to the salaries and other issues. There are other nationalities that can compete on salaries and, also, in the Philippines there has been some ambulance-chasing. This has also caused some shipowners to say, ‘Enough is enough.’”

Asked what the government should do on the matter, he said: “How can you solve ambulance-chasers? It is their livelihood. I think the authorities need to crack down on them. There are already regulations against them but how they can be implemented remains a question. They have to try.”

RA 10706 calls for fines of P50,000 to P100,000 and/or imprisonment of one to two years for violators. — Arjay L. Balinbin

New guidelines for tax exemption of non-stock non-profits

It is the activities of a non-stock, nonprofit corporation that entitle it to a tax exemption.

In a move to clarify the nature, character, and tax treatment of corporations under Section 30 of the Tax Code, the Commissioner of Internal Revenue (CIR) issued Revenue Memorandum Order (RMO) No. 38-2019 containing the new guidelines for the processing and issuance of Certificates of Exemption (CTE).

The RMO is a reiteration of Revenue Memorandum Circular (RMC) No. 64-2016, which provides parameters on which entities fall within the ambit of the so-called “Section 30 corporations,” i.e., tax-exempt corporations.

Section 30 corporations include (1) labor, agriculture or horticultural organizations not organized principally for profit; (2) mutual savings banks not having capital stock represented by shares, and cooperative banks without capital stock organized and operated for mutual purposes and without profit; (3) beneficiary society orders or associations, operating for the exclusive benefit of the members; (4) cemetery company, owned and operated exclusively for the benefit of its members; (5) non-stock corporations or associations operated exclusively for religious, charitable, scientific, athletic, or cultural purposes, or for the rehabilitation of veterans; (6) business leagues, chambers of commerce, boards of trade not organized for profit; (7) civic leagues or those organized exclusively for the promotion of social welfare; (8) non-stock and nonprofit educational institutions; (9) government educational institutions; (10) farmers’ or other mutual typhoon or fire insurance companies, mutual ditch or irrigation companies, mutual or cooperative telephone companies, or like organizations of a purely local character; (11) as well as farmers’, fruit growers’ associations operated as a sales agent for the purpose of marketing the products of its members.

The RMO shall apply to all tax-exempt corporations listed above except for non-stock and nonprofit educational institutions which are covered separately by RMC 44-2016.

Mere registration with the Securities and Exchange Commission (SEC) as a non-stock, nonprofit corporation does not automatically entitle an entity to the tax exemption. It is a corporation’s activities that determine the true nature of the organization and its taxability or exemption from taxes.

Thus, to determine whether a corporation qualifies for income tax exemption under Section 30 of the Tax Code, the BIR provided two determinative tests: (1) organizational test; and (2) operational test.

The organizational test requires that the corporation’s constitutive documents (i.e., SEC registration, Articles of Incorporation (AOI), and By-Laws) show that its primary purpose(s) falls under Section 30 of the Tax Code. The operational test, on the other hand, requires that the regular activities of the corporation be exclusively devoted to the furtherance of such primary purpose.

Further, the earnings of a Section 30 corporation that chiefly come from donations, grants, or contributions should not inure to the benefit of its trustees, organizers, officers, members, or any specific person. As such, the RMO listed certain payments to individuals that would be considered as inurement prohibitions.

However, realistically, Section 30 corporations need other sources of income to survive and continue serving their purpose. Thus, in concurrence with the law, the RMO recognizes that these corporations are allowed to engage in activities conducted for profit without losing their tax exemption.

The RMO reiterated that the tax exemption granted to Section 30 corporations is not absolute as it covers only the income received by corporations in furtherance of the purpose for which they were established; hence, income of whatever kind and character from any of their properties, real or personal, or from any of their activities conducted for profit regardless of the disposition is subject to tax. Thus, interest income from bank deposits, gains from investments, rental income from real or personal properties shall be subject to income tax. Consequently, Section 30 corporations are required to file quarterly and annual income tax returns to report such other income.

Furthermore, the exemption shall only be limited to income tax. It therefore excludes withholding tax, value-added tax, or percentage tax. Thus, Section 30 corporations have the responsibility to withhold taxes on the compensation income of their employees, and on the payments to individuals or corporations subject to tax. Likewise, their purchases of goods, properties, or services, and importations shall be subject to the 12% VAT. As an indirect tax, it can be passed on to the purchaser.

Section 30 corporations who availing of the tax exemption are required to secure a Certificate of Tax Exemption (CTE) or a tax exemption ruling. A CTE shall be valid for three years from the date of its effectivity, unless sooner revoked or canceled. However, it may be renewed or revalidated for another three years.

Nonetheless, to ease the process, the securing of CTEs has now been simplified under the RMO. The request is filed with the Revenue District Office (RDO) where the corporation is registered, and the CTE is subsequently issued by the Revenue Region.

However, the RMO remains silent on how the CTE requirements apply to new Section 30 corporations. Specifically, since two of the mandatory requirements are the Income Tax Returns or Annual Information Returns and Financial Statements of the corporation for the last three years, a new company will not be able to provide such documentary requirements. In that case, would the AoI and By-Laws be sufficient documents for them to secure a CTE and consequently, be qualified for tax exemption for the next three years? At the end of the day, a Section 30 Corporation does not lose its character as such, and its consequent exemption from taxation merely because it cannot submit certain documentary requirements.

While the BIR merely seeks to ensure that only qualified taxpayers are rightfully availing of the exemption, and safeguard against tax evasion and abuse of exemptions, it may be worthwhile to consider that the tax exemption granted to corporations under Section 30 of the Tax Code is to compensate them for the services they render to benefit the public. Thus, one would hope that more leniency and flexibility is afforded to them as long as they comply substantially with the requirements of the law.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only and should not be used as a substitute for specific advice.

 

Kent Lileo Tong is a Senior Manager at the Tax Services Department of Isla Lipana & Co., the Philippine member firm of PwC global network.

+63 (2) 8845 2728

kent.lileo.tong@pwc.com

Tigers oust Tamaraws

By Michael Angelo S. Murillo
Senior Reporter

THE University of Santo Tomas Growling Tigers advanced to the next flight of the step-ladder semifinals of UAAP Season 82 after surviving the Far Eastern University Tamaraws, 81-71, in their knockout match on Wednesday at the Smart Araneta Coliseum.

Flexing their league-leading offense in the opening half, shooting at a 53% clip and 41% from beyond the arc (9-of-22), the Tigers left the Tamaraws in the dust early, building a considerable distance which the Tamaraws tried to make for but eventually could not recover from, keeping UST’s University Athletic Association of the Philippines campaign alive.

UST started hot from the outside, led by Brent Paraiso and Renzo Subido, to go on top, 15-4 in the opening three minutes of the first quarter.

FEU tried to reclaim lost ground after but the Tigers were just staunch in their hold of the upper hand, still in command, 20-9, at the 4:34 mark.

When the quarter smoke cleared, UST was ahead, 26-16.

Scoring started slow in the second frame as both teams jacked up their defense.

The count stood at 31-18 with seven minutes left to play.

Ken Tuffin and the Tamaraws drained some baskets after to somehow narrow the gap but Soulamane Chabi Yo and the Tigers kept capping the effect to a bare minimum.

Making matter matters worse for FEU was that it saw senior Barkley Ebona ejected in the closing minutes of the second quarter after getting a second unsportsmanlike foul.

By the halftime break, UST was very much in command, 54-28.

Pounded on big time in the first half by the Tigers, the Tamaraws came out with more spring on their attack in the third quarter, sprinting to a 26-10 run to cut their deficit to just 10 points, 64-54, with three minutes to play in the frame.

The Tigers survived FEU’s juggernaut, 70-56, entering the fourth quarter.

Getting the momentum it was looking for in the third, FEU looked to extend it in the fourth period.

The Tamaraws opened things with a 9-0 blast to cut their deficit to just five points, 70-65, with seven minutes to go.

Back-to-back baskets by Subido and Chabi Yo restored some order for UST as it took a 74-65 advantage heading into the last five minutes of the contest.

The Tamaraws attempted to move back closer but just could get the buckets they needed.

UST held a 75-65 lead in the two-minute mark before Subido drained a triple with 1:28 left to make it a baker’s dozen lead for the Tigers, 78-65.

Back-to-back triples by FEU, care of Tuffin and Xyrus Torres brought UST’s lead down to seven points, 78-71, with 34 seconds remaining.

The Tamaraws though would not come any closer than that after as free throws by Zach Huang and Paraiso put the game way for UST.

Chabi Yo led the way for the Tigers in the win, finishing with 25 points and 10 rebounds.

UST next faces second seed University of the Philippines in the step-ladder where it will have a twice-to-win disadvantage.

CHABI YO IS MVP
Making it further a solid day for UST was that Chabi Yo and Mark Nonoy collared individual awards in Season 82.

Beninese Chabi Yo won the most valuable player after leading UST back into the playoffs after missing the previous three season.

Chabi Yo garnered 76 statistical points, built on averages of 16.9 points and 14.7 rebounds, to top the race.

The UST foreign player beat De La Salle University’s Justine Baltazar (64 SPs) and Jamie Malonzo (63.23), University of the Philippines’ Kobe Paras (62.08) and University of the East’s Rey Suerte (60.93).

The five comprised the mythical team.

Nonoy, meanwhile, collected 39.29 SPs to bag the rookie of the year.

The awarding ceremony for Season 82 individual awards will take place prior to the start of Game Two of the finals on Nov. 20.

LeBron’s triple-double rallies Lakers past Bulls

CHICAGO — LeBron James registered a triple-double with 30 points, 10 rebounds and 11 assists, and the Los Angeles Lakers stormed back from an 19-point second-half deficit for a 118-112 win over the host Chicago Bulls on Tuesday night.

Quinn Cook added 17 points off the bench for Los Angeles, which won its sixth game in a row. Anthony Davis finished with 15 points, seven rebounds and three blocked shots in his return to his hometown.

The Lakers outscored the Bulls 38-19 during the fourth quarter.

Zach LaVine led the Bulls with 26 points on nine-for-18 shooting, adding seven rebounds and seven assists. Otto Porter Jr. and Coby White had 18 points apiece, and Wendell Carter Jr. posted a double-double with 11 points and 11 rebounds.

Cook drained a 3-pointer from near the left corner to wipe out the huge second-half deficit as part of a 16-0 run that put the Lakers on top 96-93 with 8:12 to go in the fourth quarter.

Less than three minutes later, Los Angeles increased its lead to 104-97 on yet another 3-pointer from Cook. James assisted on the play, which prompted a full timeout from Bulls coach Jim Boylen to try to regroup.

It didn’t work. Los Angeles pulled ahead by double digits, 107-97, on a dunk by Dwight Howard with 4:57 remaining, and the Lakers never looked back.

Cook’s go-ahead basket energized the Lakers’ bench and deflated the Bulls, who started the fourth quarter with a 93-80 lead. Chicago’s advantage was 85-67 with 4:48 left in the third quarter after a 3-pointer from Porter.

Chicago built a 65-48 lead at the half.

The Bulls cruised to a 36-24 advantage in the second quarter, which marked the Lakers’ worst point differential in a quarter this season. It also created Los Angeles’ largest halftime deficit of the season.

Chicago opened the second quarter on an 8-0 run to set the tone for the rest of the first half. Thaddeus Young started the scoring binge with back-to-back baskets, including a baby hook, and White capped it with a dunk and a pull-up jumper.

The score was even at 19 before the Bulls closed the first quarter on a 10-5 run. — Reuters

San Miguel stops bleeding, defeats Blackwater in OT

By Michael Angelo S. Murillo
Senior Reporter

THE San Miguel Beermen are back on the winning track in the Philippine Basketball Association Governors’ Cup after defeating the Blackwater Elite, 99-96, in overtime in league action on Wednesday at the Cuneta Astrodome in Pasay City.

Played sans an import with Dez Wells sitting out the game because of an ankle injury, the Beermen turned to league most valuable player June Mar Fajardo to power them past the gutsy stand by the Elite, halting a two-game slide to improve to 6-3 in the ongoing tournament and earning a spot in the next round.

Fajardo finished with a game-high 30 points to go along with 13 rebounds in the San Miguel victory.

Blackwater had control of the opening half, taking the first quarter, 16-11, before claiming a 37-34 advantage at halftime.

In the third quarter, June Mar Fajardo and Terrence Romeo got the Beermen to a fiery start, outscoring the Elite, 10-0, to take a 44-37 lead with just two minutes lapsing.

Blackwater, however, would find its footing after on the lead of import Marqus Blakely.

The Elite went on a 23-13 blast in the next six minutes to overtake the Beermen, 60-57.

San Miguel moved to reclaim the upper hand and was successful in it, riding a 7-2 wave to go on top, 64-62, with one quarter left to play.

In the fourth period, the two teams battled it out early, looking to secure the momentum to build for the finish.

The Beermen were on top, 76-68, with 8:09 to go before Mac Belo and the Elite answered with a 10-4 run to come to within two points, 80-78, midway.

Messrs. Fajardo and Romeo then led another telling run by San Miguel, helping their team to an 88-79 advantage at the 2:25 mark.

But newly acquired Niño Canaleta jolted Blackwater to a fight back with the Elite pulling even at 88-all with 56 ticks to go.

The teams had their chances to claim the win and the victory in regulation but could not complete them, sending the contest into extra time.

In overtime, Marcio Lassiter got things going for San Miguel before Messrs. Fajardo and Romeo took over.

They held a 98-92 advantage with 1:10 left to play and never relinquished the lead from there on their way to the victory.

Mr. Romeo had 20 points with Arwind Santos adding 13 points and nine rebounds for the Beermen. Mr. Lassiter had 11 points.

Mr. Belo, meanwhile, top-scored for Blackwater (2-8) with 25 points and eight rebounds, with Mr. Blakely finishing with 24 and 18.

Dakak Golf Club ready for the world in 2020

THE most unique golf course in the world will be fully operational in the first quarter of 2020. This was revealed by Dakak Golf Club president Rick Gibson after numerous inquiries from interested clubs and tournament organizers.

“Due to unexpected rock formations located on hole No. 11, our previously planned Chairman’s Cup event slated for late November will move to a date near the end of the first quarter of 2020, with a final date to be announced at a later time,” said Gibson, a veteran Asian Tour winner, in a release.

“In this past weeks, the Habagat winds have been replaced by Amihan breezes and morning rain showers to help with our newly turfed areas on the ‘Ocean 9’ at Dakak Golf Club. The ‘Ocean 9’ has four holes available for play by our members, guests and staff and comments thus far include scenic and demanding!”

Started five years ago with Greg Norman as designer, the course’s front nine has been in play for over three years. Seven of Dakak’s front nine face the sea, and the entire course has a record stretch of ocean in play.

There are almost no man-made structures on the entire par 72 course, which is adjacent to the picturesque Dakak Beach Resort, a mere 20-minute drive from Dipolog Airport.

A newly renovated No. 5 fairway will reopen for the Nov. 23 Monthly Medal tournament. Selected Ocean 9 holes will be included as well.

Further improved drainage has been done on the ‘Hillside 9.’ A new maintenance program has been implemented, and additional maintenance equipment have been procured, and additional personnel have been hired to aid in the goal of making Dakak Golf Club become world-class golf experience within a world-class beach resort.

Donaire vs Inoue in Japan

FILIPINO BOXING champion Nonito “The Filipino Flash” Donaire, Jr. returns to the ring today to take on hometown bet Naoya “The Monster” Inoue in a high-stakes clash in Japan.

Happening at the Saitama Super Arena, Messrs. Donaire (40-5) and Inoue (18-0) will dispute the World Boxing Super Series Bantamweight title and the Muhammad Ali Trophy as well as battle for the Internationl Boxing Federation and World Boxing Association (Super) World Bantamweight Championships in a scheduled 12-rounder.

Mr. Donaire, 36, made his way to the finals of the WBSS by topping British Ryan Burnett (technical knockout) and American Stephon Young (knockout) in impressive fashion in the earlier rounds of the series.

It has been an impressive bounce back for the veteran fighter, who prior to the back-to-back wins, absorbed two losses out of three fights.

Mr. Donaire acknowledged that he is in for a tough fight against the undefeated Inoue, who has willed his way to being among the top fighters in the world in just 26 years of age.

But the Filipino champion is not allowing himself to be consumed by such thoughts, and instead used it as motivation heading into the fight even as he said that he is giving his all come fight day.

Mr. Inoue, for his part, has won his 16 of his total 18 fights by way of knockout, including the last two against Juan Carlos Payano of the Dominican Republic and Emmanuel Rodriguez of Puerto Rico to earn his spot in the WBSS finals.

Mr. Inoue has made it known that he idolizes his Filipino opponent but is nonetheless is determined to bring Mr. Donaire down in his home turf. — Michael Angelo S. Murillo

Citi shores up support for Paralympic movement

By Michael Angelo S. Murillo
Senior Reporter

FURTHER underscoring its commitment to championing inclusion in sports, and society in general, Citi Philippines recently unveiled a marketing campaign supporting the country’s para-athletes seeing action in next year’s ASEAN Para Games happening here.

Paralympic power lifter Adeline Dumapong-Ancheta and wheelchair racer Jerrold Mangliwan have been named as part of “Team Citi” — a diverse group of 41 Paralympic athletes from around the world, competing in 13 sports.

Ms. Dumapong-Ancheta and Mr. Mangliwan will be supported by Citi as they compete at the ASEAN Para Games from Jan. 15 to 20, 2020 at New Clark City in Tarlac, just as they serve as ambassadors of the company in its efforts to foster a more diverse, inclusive society and help change perceptions of persons with disabilities.

“Adeline and Jerrold are the embodiment of strength and courage in the face of adversity and are great ambassadors for Paralympic spot. We are deeply honored to have them as part of Team Citi. Together, we will increase awareness of Para sports and the need for greater inclusion of people with disabilities in our society,” said Citi Philippines Chief Executive Officer Aftab Ahmed during the launch of their marketing campaign on Monday at the 7107 Culture + Cuisine Restaurant at Treston International College, Bonifacio Global City (BGC), Taguig.

For the campaign, the athletes’ images with the message “Greatness deserves attention” will be shown on Citi’s digital billboards and social media channels in the weeks leading up to the ASEAN Para Games.

Seeing the support that Citi is giving, Ms. Dumapong-Ancheta, long the face of the Paralympic movement in the country, said they are very thankful for the attention given to them while also expressing hope that more people get to pick up the cause towards widespread inclusiveness.

“This is a truly inspiring moment. When I started in this sport I didn’t dream of these opportunities. I am honored to be part of an elite group of para-athletes promoting the vision of a society that is inclusive of all. I am hopeful that together we can grow the reach of the Para sports and change mindsets about what disability means,” said Ms. Dumapong-Ancheta at the launch.

Ms. Dumapong-Ancheta won a bronze in her Paralympic debut in 2000 in Sydney and has won multiple medals since in various international competitions, including the Asian Games and ASEAN Para Games.

She is a prime mover for the local Paralympic movement which has gained a lot of headway in the last decade.

Citi partnered with the International Paralympic Committee (IPC) in December last year.

Since then it has been actively participating in many activities, and organizing its own, including here in the Philippines with the first “Lakad Para Atleta” in June in support of para-athletes.

Next generation

FIDE Chess.com Grand Swiss 2019
Douglas, Isle of Man
October 10–21, 2019

Final Top Standings (All are GM)

1–2. Wang Hao CHN 2726, Fabiano Caruana USA 2812, 8.0/11

3–8. Kirill Alekseenko RUS 2674, Levon Aronian ARM 2758, David Anton Guijarro ESP 2674, Magnus Carlsen NOR 2876, Hikaru Nakamura USA 2745, Nikita Vitiugov RUS 2732, 7.5/11

Total of 154 participants: 133 GM, two WGM, 16 International Master.

Time Control: 100 minutes for the first 40 moves, then 50 minutes for the next 20 moves, followed by 15 minutes play-to-finish with 30 seconds added to your clock after every move starting move 1.

Jeffery Xiong is one of the new heroes of American chess. In September 2015, at the age of 14, he was awarded the title of International Grandmaster by the World Chess Federation (FIDE). He followed this up by winning the US Junior Championship the following year. In September, Xiong played in the FIDE World Cup. Although he was seeded no. 31st he made it to the quarter-finals (final 8) by upsetting Anish Giri and Jan-Krzysztof Duda.

So how did he do in the FIDE Grand Swiss tournament? The bare score is three wins, one loss and seven draws for 6.5/11, which landed him in 32nd place — in other words not so good. As I expected his opponents adjusted to his new status as a legitimate 2700+ player and no longer tried to wipe him off the board – they would now play solidly and accept the draw willingly if the resulting middle game positions are equal — something they would normally play on against a young upstart who should be beaten and his points taken away.

This means it is now harder for Jeffery Xiong to play for a win as his opponents are already wary of him. Anyway I am sure this is only a temporary setback and once Xiong makes his own internal adjustments the successes will start coming in again.

During the World Cup Jeffery sought to always complicate the positions where he hoped to outplay his opponents. Here in the Grand Swiss he faced India’s Baskaran Adhiban in the second round, a tactical monster who quite cleanly out-calculated him in an Open Spanish.

Xiong, Jeffery (2708) — Adhiban, Baskaran (2639) [C82]
FIDE Chess.com Grand Swiss Douglas ENG (2.9), 11.10.2019

1.e4 e5 2.Nf3 Nc6 3.Bb5 a6 4.Ba4 Nf6 5.0–0 Nxe4 6.d4 b5 7.Bb3 d5 8.dxe5 Be6 9.c3 Bc5 10.Qd3

Going into the Dilworth Variation with 10.Nbd2 0–0 11.Bc2 Nxf2 12.Rxf2 f6 is something that Adhiban might have planned. Theoretically white should be better but in practice Black gets an attack and a lot of swindling chances. Xiong prefers to be the one to do the attacking.

10…0–0 11.Be3 Bxe3 12.Qxe3 f5

In the Open Spanish Black usually has a weakness on c5 and to address that Black players usually go for 12…Ne7 13.Nbd2 Nf5 14.Qe2 (14.Qf4 g5 15.Qg4 Nfg3 loses the queen) 14…Nxd2 15.Qxd2 c5 and Black is ok.

13.exf6 Qxf6 14.Nbd2 Nxd2 15.Qxd2

Black still has a weakness on c5 but in exchange for that his pieces are actively placed. This is exactly Adhiban’s type of position.

15…Kh8 16.Rfe1

[16.Bxd5? Rad8]

16…Rad8 17.Nd4 Bg8 18.Bc2 Ne5 19.b4

Fixes the weakness on c5 but now Black gets the c4–square. I would say that Black gets the better deal.

19…Nc4 20.Qe2 a5! 21.Qf3

[21.a3 gives Black the chance for 21…Nxa3! 22.Rxa3 axb4 23.Ra7 (23.cxb4? Qxd4 Black is clearly better) 23…Rde8 24.Qf1 bxc3 25.Nxb5 c5 Black’s pawns on the queenside are looking very dangerous]

21…Qb6! 22.Qg3? <D>

POSITION AFTER 22.QG3

Losing — White had to play 22.bxa5! Nxa5 first before 23.Qg3 you will soon see why.

22…axb4 23.Nf5 Qf6 24.cxb4 d4

Next Black intends …Nb2 followed by …d4–d3.

25.Ne7 Be6 26.Nc6 Rd6 27.Na5 Bf5!

After the bishops are exchanged the Black passed pawn on d4 gets even more dangerous.

28.Bxf5 Qxf5 29.Nb3 d3 30.Rad1 d2 31.Re7?

Loses quicker. Going passive though with 31.Rf1 Re8 does not give any real chances to survive. Black will go Qf5–d5 and Rd6–g6 to force the exchange of queens, then the second player will move against White’s weak pawns. Boring technique, but a full point nevertheless.

31…Rg6! 32.Nd4 Qf6 33.Re6 Qxd4 34.Rxg6 Qe4! Attacking the g6 rook and also threatening …Qe1+ and mate. White resigns. 0–1

Let’s now look at some young talents from India. I had already introduced you to Grandmaster Nihal Sarin last Tuesday. He has a nice easy style which shows great talent.

Nihal, Sarin (2610) — Zatonskih, Anna (2422) [D58]
FIDE Chess.com Grand Swiss (5.66), 14.10.2019

1.Nf3 d5 2.d4 e6 3.c4 Nf6 4.Nc3 Be7 5.Bg5 h6 6.Bxf6 Bxf6 7.e3

The main line goes 7…0-0 8.Rc1 c6 9.Bd3 Nd7. Zatonskih (the wife of GM Daniel Fridman and a strong International Master in her own right — she is a 4-time US Women’s Champion) knew this, of course. She pondered for some time over this position before playing 7…b6. Probably just wanted to try something new.

7…b6 8.Qc2 Bb7 9.cxd5 exd5 10.0–0–0 0–0 11.Kb1

White now has the standard attack h2–h4, g2–g4, g4–g5, etc.

11…Nd7 12.h4 c5 13.g4 cxd4 14.exd4 Be7 15.g5 h5 16.Bh3 g6 17.Rhe1 Re8 18.Bxd7 Qxd7 19.Ne5 Qe6 20.Nb5 Bd8

[20…Rac8 21.Nc7 Qd6 22.Nxe8 Rxc2 23.Nxd6 wins material for White]

21.Nxf7! Qxe1

[21…Qxf7 22.Nd6 Rxe1 23.Rxe1 Qg7 24.Re6 is winning]

22.Qxg6+ Kf8 23.Qh6+ Kg8

[23…Kxf7 24.Nd6+ Kg8 (24…Ke7 25.Rxe1+) 25.Qg6+ Kh8 26.Nf7#]

24.Qh8+ Kxf7 25.Nd6+ 1–0

Aside from GM Nihal Sarin there is also Praggnanandhaa (born Aug. 10, 2005 in Chennai, Tamil Nadu), the youngest International Master in history (10 years 10 months and 19 days) and fourth youngest person to achieve the title of International Grandmaster. Another Indian talent who is making waves is Gukesh (born May 29, 2006 also in Chennai, Tamil Nadu). He is the second youngest ever to achieve the title of International Grandmaster at 12 years seven months and 17 days.

The last two named players above are from Tamil Nadu — they are Tamils. As you know, Tamils do not have a concept of “family name.” The first part of their name is a patronymic. Pragg’s full name is Rameshbabu Praggnanandhaa. His given name is Praggnanandhaa and his father’s name is Rameshbabu. Similarly Dommaraju Gukesh’s given name is Gukesh while Dommaraju is his father’s name.

Gukesh is currently rated 2544 but his play is steadily improving and I will not be surprised to see his rating go up to 2600+ by 2nd quarter next year.

Gukesh D. (2520) — Houska, Jovanka (2430) [B12]
FIDE Chess.com Grand Swiss (6.67), 15.10.2019

1.e4 c6 2.d4 d5 3.e5 Bf5 4.Nf3 e6 5.Be2 Ne7 6.0–0 c5 7.Na3!?

The 1st Indian prodigy was Mir Sultan Khan, someone who relied on native talent alone with no book knowledge, went to England in 1929, became one of the world’s top players including beating Capablanca, won the British championship three times and represented England on top board in three olympiads. This was a long time ago. Nowadays the child prodigies coming out of India are always well schooled in opening theory. Jovanka Houska has written a well-received book on the Caro-Kann but this does not stop Gukesh from challenging her in a forcing line.

7…Nec6 8.c4 Be4

Both 8…cxd4 and 8…dxc4 are considered very playable. The text move is not so popular but Jovi probably wanted to try out an idea.

9.Nb5 Nd7 10.Bg5 Qb8?

It is better to put the queen on b6. If now White continues as in the game 10…Qb6! 11.Rc1 dxc4 12.Nd2 Bd5 13.Bxc4 cxd4 14.Qh5 (White cannot play 14.Bxd5 because with the queen on b6 Black can reply 14…Qxb5! and the worst is over for Black) 14…Bb4 15.Bxd5 exd5 16.e6 0–0 17.exd7 Bxd2 18.Bxd2 Qxb5= with chances for both sides.

11.Rc1 dxc4 12.Nd2! Bd5 13.Bxc4 a6

[13…cxd4 14.Bxd5 (take note of my comment in the previous variation on move 14. With Black’s queen on b8 white is winning) 14…exd5 15.Re1 Bb4 16.Nd6+ Bxd6 (16…Kf8 17.Nxf7!) 17.exd6+ Kf8 18.Be7+ Kg8 19.Nb3 White has a winning attack]

14.Nd6+ Bxd6 15.Bxd5 exd5 16.exd6 Nxd4

[16…Qxd6 17.Re1+ Kf8 18.dxc5 Qc7 (18…Nxc5 19.Nc4! white penetrates 19…Qc7 20.Ne3 Ne6 21.Nxd5 Qd6 22.Qb3 Nxg5 23.Qxb7 Rb8 24.Rxc6!) 19.Nf3 h6 20.Bh4 Kg8 21.Qxd5 White is a pawn up and completely dominating the position]

17.Re1+ Kf8

[17…Ne6 18.Be7 Qc8 19.Qh5 g6 (otherwise Rxe6) 20.Qxd5 Qc6 21.Qb3 Qb6 22.Qc3 Rg8 23.Qh3 Qxb2 24.Nc4 Qg7 25.Bg5 White threatens Rxe6+. Black’s position is lost — if he tries to avoid the rook sac on e6, say with 25…Kf8, then 26.Bh6 wins his queen]

18.Nf3 Qxd6 19.Be7+ Qxe7 20.Rxe7 Kxe7 21.Nxd4 cxd4 22.Qxd4 Rhc8 23.Re1+ Kf8 24.Qxd5 Nc5 25.b4 Ne6 26.Qxb7 Rcb8 27.Qe4 a5 28.bxa5 Rxa5 29.Qxh7 Rb4 30.Qh8+ Ke7 31.Qxg7 1–0

 

Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant, he taught accounting in the University of Santo Tomas (UST) for 25 years and is currently Chief Audit Executive of the Equicom Group of Companies.

bobby@cpamd.net

Lakers’ reserves

For a while there, the Bulls looked like legitimate contenders. Despite sporting anemic advanced numbers and claiming just two victories through seven games to start the season, they managed to outperform the vaunted Lakers for much — make that most — of the first three quarters of yesterday’s match. Playing inspired ball from opening tip, they had the overflow crowd at the United Center engaged and primed for an upset. They were making shots and, more importantly, acting like ungracious hosts to keep the visitors, and especially hometown hero Anthony Davis, at bay.

And then reality struck. The Lakers happened, albeit not in the way casual observers would have expected a typical comeback to be forged. Down 13 with 12 minutes left, they found themselves relying on their supposedly questionable bench to take the measure of the Bulls. With Davis, fellow All-Star LeBron James, and the rest of the starting unit in the sidelines, they used the first three minutes and seven seconds of the payoff period to put together a remarkable 14-point run. They weren’t perfect, but they got the job done, sharing the ball to post five dimes on their six baskets while pressuring the competition to commit three misses and two turnovers.

That Lakers head coach Frank Vogel would stick to his rotation and rely on a five composed of Dwight Howard, Kyle Kuzma, Alex Caruso, Quinn Cook, and Troy Daniels to start the final quarter despite the sizable deficit speaks volumes of his trust in both his charges and the process itself. He’s still feeling out his lineup, and not because the 2019–20 campaign is just a little over a tenth gone; among other things, early revelation Avery Bradley and rotation regular Rajon Rondo were out due to injury. At the same time, it bears noting that he has the luxury of patience given the presence of Davis and James.

When the battlesmoke cleared, the Lakers left what Davis deems the Mecca of pro hoops with a sixth straight triumph in their pockets. He didn’t have a good game by any means, but at least he finished strong. James was again outstanding in coming up with a third consecutive triple-double, although the game ball goes to the reserves. Yesterday, they bailed the purple and gold out of a potentially embarrassing outcome. Little wonder, then, that Vogel was beaming in the aftermath. There’s still a lot of basketball to be played, but he knows the future is bright.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Stocks sink on cautiousness ahead of GDP data

LOCAL SHARES took a nosedive on Wednesday as investors went on a selling spree ahead of the announcement of third-quarter gross domestic product (GDP) data on Thursday.

The Philippine Stock Exchange index (PSEi) gave up 190.80 points or 2.32% to close at 8,025.88, as the broader all-shares index lost 83.01 points or 1.69% to 4,804.36.

“[T]he main index was the worst performer in Asia, by far, wiping out all of yesterday’s advances and even taking back some of Monday’s gains,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail Wednesday.

“We have just witnessed the massive selling pressure that always came as the PSEi got above 8,000. Perhaps investors are anticipating lower than expected GDP numbers and nobody wants to be left holding the bag,” he added.

The government is set to release third-quarter economic growth data on Thursday, which economists are expecting to reflect a recovery due to the increased household consumption and state spending during the period, based on a poll by BusinessWorld last week.

The poll of 13 economists on the third-quarter GDP showed a median estimate of 6%, improving from second quarter’s 5.5% and first quarter’s 5.6%.

But investors seem worried about the announcement. Timson Securities, Inc. Trader Jervin S. de Celis said the selling of shares in blue-chip stocks yesterday primarily caused the downfall of the PSEi.

“The PSEi succumbed to a profit taking today as heavy selling of shares in index heavyweights such as ALI, SM, SMPH, AC (Ayala Land, Inc.; SM Investments Corp.; SM Prime Holdings, Inc.; and Ayala Corp.) dragged the index. Investors may have taken some profits a day ahead of the GDP and MSCI index announcement,” he said in a text message on Wednesday.

Shares in ALI, SM, SMPH and AC declined by 4.08%, 3.12%, 4.43% and 1.71% yesterday, respectively.

Sectoral indices ended in the red. Property fell 154.98 points or 3.62% to 4,119.20; holding firms dropped 190.45 points or 2.34% to 7,922.14; financials shed 28.75 points or 1.46% to 1,935.76; industrials declined 120.56 points or 1.13% to 10,503.14; services decreased 7.84 points or 0.5% to 1,547.16; and mining and oil slid 27.63 points or 0.3% to 9,134.71.

Value turnover dropped to P5.89 billion from Tuesday’s P9.55 billion, with 595.80 million issues changing hands.

More stocks declined than advanced yesterday, 109 against 74, while 49 names were unchanged.

Foreign investors turned bearish after six straight days of optimism, as the local bourse saw a net selling of P975.03 million on Wednesday, a reversal of the P1.22 billion in net purchases seen the previous day.

“If the 8,000 key level does not hold in the next few days, all bets are off and the rally is over,” Mr. Mangun of AAA Southeast Equities said. — Denise A. Valdez

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