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Senate resolution seeks inquiry into farm aid funds disbursement

THE Senate Committee on Agriculture and Food said it will be looking into the disbursement of the Agricultural Competitiveness Enhancement Fund (ACEF) to expedite the delivery of aid to farmers during the pandemic.

Under Senate Resolution No. 347, the committee asks the Department of Agriculture (DA) to report on the status of the fund, intended to provide support to farmers.

“We would like to know if the funds are being distributed and utilized for their intended purposes and beneficiaries,” Senator Cynthia A. Villar said in a statement Thursday.

“The Senate Committee which I chair has oversight authority over ACEF, so we would like to look into it and get regular updates from the DA.”

Ms. Villar also said the committee will be asking the Department of Budget and Management about farmer complaints regarding unreleased funds.

“We are in a crisis now, so farmers need all the support they can get… If the funds are there, then they should be released to the farmers and fisherfolk.” The fund was provided under the Agricultural Tariffication Act, which expired in 2015, but was later extended until 2022. Ms. Villar also said the inquiry will deter any misuse of the funds.

“ACEF was mishandled and misused before. We don’t want a repeat of that,” she said.

“The loans were extended to big corporations and influential people instead of to small farmers and fisherfolk.”

The law provided that 80% of the fund will be disbursed in the form of credit with minimal interest and should not exceed P5 million per project loan. This covers the acquisition and establishment of agri-based production and processing machineries, equipment and facilities.

The other 10% will be extended as grants for agricultural research and development, while the remainder will be used for scholarship grants and grant-in-aid programs. — Charmaine A. Tadalan

DoE sets energy-saving threshold at 15% to qualify for tax breaks

THE Department of Energy (DoE) said it is preparing guidelines for granting fiscal incentives for energy efficiency and conservation (EEC) projects, setting 15% in projected energy savings as the qualifying standard.

In a draft circular, the department outlined the process for acquiring its endorsement to the Board of Investments (BoI) to avail of income tax holidays and other incentives for energy-saving projects.

The department’s Energy Utilization and Management Bureau will be in charge of the applicants, and track projects granted tax breaks.

“The anticipated savings, due to energy efficiency and conservation measures to be installed/adopted will be double-checked by the technical staff without prejudice to making his own calculations,” it said.

“I(n) case discrepancies arise, the calculation of the technical staff shall be regarded as final,” it added.

The final decision on providing such incentives, though, lies with the BoI.

Republic Act No. 11285, or the EEC Act, requires the BoI to include energy-saving projects in the annual investment priorities plan for incentives provided under Executive Order No. 226, or the Omnibus Investments Code.

The guidelines provide for penalties against applicants failing to file a report within 30 days after the completion of their projects, and also require independent verification of any energy-saving claims.

The DoE is soliciting comments on the draft circular until Aug. 17. — Adam J. Ang

Rural utilities told to use locally available resources to power remote areas

THE National Electrification Administration (NEA) said off-grid power providers must use locally-available resources when possible to ensure affordable and reliable electricity.

The agency, which is tasked with fully energizing the country, told rural utilities in a recent virtual consultation to study electrification solutions drawing on locally-available resources.

“Energy access matters during the pandemic. Hence, we urge the electric cooperatives to consider setting up microgrids and solar home systems to connect remote communities without access to electricity,” NEA Administrator Edgardo R. Masongsong was quoted as saying in a statement.

The Department of Energy will be assisting electric cooperatives developing small-scale power facilities running on renewable sources like hydro and solar, according to Undersecretary Emmanuel P. Juaneza.

The NEA is celebrating its 51st anniversary this month, which is also National Electrification Awareness Month.

Recently, it launched a strategy conference with 121 electric cooperatives to draft a two-year sustainability plan, which includes enhancements to the industry’s resiliency during the pandemic.

The Philippines is now 96% electrified with around 13.81 million households powered out of 14.34 million. — Adam J. Ang

Wawa Bulk Water supply project wins IP approval

THE WAWA Bulk Water Supply project has won the approval of the Dumagat and Remontado indigenous peoples (IPs) of Antipolo, one of the requirements for proceeding with construction, the WawaJVCo, Inc. said.

On July 28 and 29, WawaJVCo, Inc. pursued negotiations and eventually forged a Memorandum of Agreement (MoA) with the Antipolo IPs for their support and approval of the construction of the Wawa Bulk Water Supply Project – Tayabasan Multi-Basin System.

The project aims to boost the water supply for Metro Manila and Rizal province.

The company said the agreement enables the project to move to the next step in the “Free, Prior, and Informed Consent” (FPIC) process in accordance with the Indigenous Peoples Rights Act of 1997.

WawaJVCo, Inc. said the negotiations represent the first FPIC process to resume after the lockdown protocols due to the coronavirus disease 2019 (COVID-19) pandemic.

The company’s authorized representative, Melvin John Tan, said he is looking forward to advancing the FPIC process in the Montalban ancestral domain. WawaJVCo, Inc. is a joint venture between Prime Metroline Infrastructure Holdings Corp. (Prime Infra) and the San Lorenzo Ruiz Builders and Developers Group, Inc. — Revin Mikhael D. Ochave

German regulator tenders for 4,000 MW of hard coal plant closures

FRANKFURT — Germany’s energy regulator on Tuesday set a Sept. 1 bidding date for a first auction inviting operators of hard coal-fired power stations to compete for compensation to close 4,000 megawatts (MW) of capacity under laws seeking to curb carbon emissions.

The auction system implements parts of a wide-ranging package of bills passed by the German government in June to arrange the long-term exit from coal mining and generation activities by 2038.

“The tenders create an incentive to quickly take the most climate-damaging hard coal-fired power plants off the grid. At the same time, security of supply remains guaranteed,” said Jochen Homann, president of the federal network regulator, the Bundesnetzagentur.

Last year, a total 20,000 MW of hard coal plant capacity supplied 9% of Germany’s generation output.

A series of tenders will be carried out between 2020 and 2027, in which operators will declare the price at which they would be prepared to shut their plants in return for funds to offset some of their financial losses.

The maximum price in the first round would be 165,000 euros ($194,403.00) per MW of generation capacity, the Bundesnetzagentur said in a statement.

The ultimate price decided upon would take into account bidders’ offers and the relevant CO2 emissions levels of the plants in question.

Some operators of plants run on imported hard coal have complained that they face heavy write-downs on their assets under the rulings.

They have raised objections to utility incumbents such as RWE and Uniper — that mine domestic brown coal and then burn it in adjacent plants — being set to receive high, fixed compensation to fund lay-offs and help affected regions.

Unlisted Steag, which operates 5,500 MW, last week said it was preparing to challenge the coal exit conditions in the country’s constitutional court to secure higher payments, citing interference with ownership rights. — Reuters

PHL stocks extend climb despite GDP contraction

By Denise A. Valdez
Senior Reporter

PHILIPPINE SHARES continued to rise on Thursday despite government data showing the economy entered its first recession since 1991.

The bellwether Philippine Stock Exchange index (PSEi) gained 69 points or 1.18% to close at 5,902.58 on Thursday. The broader all shares index also increased 29.32 points or 0.84% to 3,485.61.

The market was unaffected by the release of gross domestic product (GDP) data in the morning, which showed Philippine GDP contracted 16.5% in the second quarter, worse than its 0.7% decline in the first quarter and reversing the 5.4% growth in the same period last year.

“I think that the negative GDP is already priced in for the PSEi, and investors are looking for cues for economic recovery once the (stricter lockdown) is lifted,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message. Metro Manila and key cities are under stricter quarantine measures again until Aug. 18 as President Rodrigo R. Duterte agreed to give healthcare workers a “time out” amid rising coronavirus disease 2019 (COVID-19) cases.

The Philippines is close to replacing Indonesia as the country with the most COVID-19 cases in Southeast Asia as local cases hit 115,980 on Wednesday, edging closer to Indonesia’s 116,871.

Aside from local catalysts, the PSEi was also affected by activities overseas as investors anticipated developments on a new US stimulus package.

“Sentiment was also boosted on expectations that a stimulus deal will be reached by this week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The US Congress is currently discussing a new coronavirus stimulus package, which is eyed to support temporary unemployment benefits, a report by The Washington Post said.

US stocks advanced on Wednesday: the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices grew 1.39%, 0.64% and 0.52%, respectively. Most Asian stocks were treading in red territory on Thursday when the local market closed.

Five of six sectoral indices at the PSE ended the session with gains. Industrials rose 138.91 points or 1.84% to 7,673.06; holding firms accelerated 86.40 points or 1.44% to 6,067.16; services added 12.86 points or 0.92% to 1,397.36; property increased 23.62 points or 0.83% to 2,850.81; and financials climbed 4.17 points or 0.36% to 1,142.84.

Mining and oil was the sole declining index, losing 113.51 points or 1.96% to 5,673.12.

Value turnover stood at P6.53 billion with 7.27 billion issues switching hands, up from the previous day’s P5.38 billion with 2.04 billion issues.

Decliners beat advancers, 90 against 88, while 46 names ended unchanged.

Foreign investors snapped a seven-day selling streak, posting a net buying of P551.31 million on Thursday from the previous day’s P257.5-million net outflow.

Peso at new high even as PHL sinks into recession

THE PESO strengthened to a new three-year high versus the greenback on Thursday as investors have already priced in the economy’s contraction in the second quarter.

The local unit ended trading at P49.05 against the dollar on Thursday, gaining 2.50 centavos from its P49.075 close on Wednesday, data from the Bankers Association of the Philippines showed.

Thursday’s finish is the peso’s best in more than three years or since its P48.95-per dollar close on Nov. 11, 2016. The peso opened Thursday’s session at P49.06 per dollar. Its weakest was at P49.09 while its intraday best was at P49.01 against the greenback.

Dollars traded decreased to $587.1 million on Thursday from the $699.71 million seen on Wednesday. The local unit’s strength showed investors already expected a deeper contraction in gross domestic product (GDP) in the second quarter, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso closed stronger as the weaker GDP is already priced in [by the market] and they considered older data with month- on-month recovery such as manufacturing and exports.

The economy shrank by 16.5% in the second quarter, worse than the 0.7% drop in the first quarter and a reversal of the 5.4% growth in the same period in 2019, data from the Philippine Statistics Authority (PSA) released Thursday showed. This means the country has already entered a technical recession as it has logged two consecutive quarters of economic contraction. The 16.5% contraction is the deepest so far for the country based on available PSA data and is worse than the 10.7% decline in the third quarter of 1984.

Meanwhile, a trader said the market preferred the peso as they await economic data from the United States. “The local currency appreciated on expectations of elevated initial jobless claims report this Thursday,” the trader said in an e-mail.

Reuters reported that initial claims for unemployment benefits rose by 12,000 to a seasonally adjusted 1.434 million in the week ending July 25, data released by the US Labor department showed. For today, Mr. Ricafort sees the peso ranging between P48.95 to P49.15 versus the dollar while the trader expects the local unit to move around the P49.00 to P49.20 band. — L.W.T. Noble with Reuters

A PGA Championship like no other tees off

SAN FRANCISCO — In one of the most anticipated sporting events since the COVID-19 pandemic sent sports into a deep freeze in March, the PGA Championship comes to San Francisco this week with several top players out to make history. Originally scheduled for May, the tournament was pushed back to August, when San Francisco’s thick fog often blankets the city.

Starting on Thursday, it will be the first of three majors this year, with the world’s top players competing to hoist the Wanamaker Trophy and collect a $1.98-million check on Sunday.

Yet the winner will do so without fans in attendance for the first time in the tournament’s 102-year history due to the pandemic, sapping energy and ambiance from TPC Harding Park.

“It’s going to be very different,” said four-time PGA Championship winner Tiger Woods, who in normal times would have a flock of fans at every hole he played.

“But it’s still a major championship. It’s still the best players in the world. We all understand that going into it, so there’s going to be plenty of energy from the competitive side.”

All eyes will be on the 44-year-old Woods, who is looking to win his 16th major title and record-breaking 83rd PGA Tour victory.

Yet he is decidedly an underdog, having only played once since the tour resumed in June. The chilly conditions could also cause his surgically repaired back to tighten up, limiting his movement.

KOEPKA, SPIETH EYE HISTORY

Favorite Brooks Koepka is looking to become the only player to win the tournament three years in a row since it switched from being a matchplay event to a stroke play event in 1958.

Walter Hagen won the tournament four consecutive times between 1924-1927 and five times overall.

Koepka has been in this position before. He won back-to-back US Open titles in 2017 and 2018 but fell short of capturing a third when he was beaten to the trophy by Gary Woodland at Pebble Beach in 2019.

“I’ve already dealt with it at the US Open,” he said when asked about the added pressure.

“I feel like I know how to handle it and I played pretty well. I just got beat,” he said.

“My game feels like it’s in really, really good shape right now.”

A victory this week would give Jordan Spieth a career Grand Slam, something only Gene Sarazen, Ben Hogan, Gary Player, Jack Nicklaus and Tiger Woods have achieved in the men’s game.

“It’s probably the number one goal in the game of golf for me right now,” he said.

“I’d love to be able to hold all four trophies, and this is the one that’s in the way.”

Whoever wins will have earned their victory at what Koepka called a “big boy’s golf course.”

Harding Park’s narrow fairways are lined with overhanging Cypress trees and it features a nasty rough that will punish errant tee shots. Power without precision will not get the job done.

The cool coastal fog will also keep the ball from travelling as far as it would in hotter climates, making the 7,251 yard par-70 municipal course play much longer.

“If you can put the ball in the fairway, you’re going to have a great chance,” said ESPN golf analyst Andy North.

“It’s not going to be just a bomber’s paradise.” — Reuters

Maharlika FC signifies intent to join the PFL

By Michael Angelo S. Murillo
Senior Reporter

THE PHILIPPINES Football League (PFL) could add another team in its fold with Maharlika FC signifying its intent to join the four-year-old league.

Led by former Philippine Azkals player and 7s Football League founder Anton del Rosario, Maharlika FC is currently in the process of working on its license to operate as a team and compete in leagues like the PFL.

“We are currently going through the process of getting our license. I think we have a pretty good lineup of players willing to play for the team,” shared Mr. Del Rosario in an online forum with sports media on Thursday.

“But we are more focused on presenting a new side to be able to show that we want to look towards the future and instead of just focusing on winning we want to create something sustainable where we get the supporters and the fans behind our team and push us to be competitive,” he added.

Mr. Del Rosario did not divulge the names of the players of Maharlika FC, reserving the announcement for a later date. But he did say that the team is to be composed of “former Azkals players, ex-pros and a few youth guys.”

The Maharlika FC founder went on to share that they hope through the team they get to continue doing their share in the development of the sport in the country and bringing people in to support the “beautiful game.”

On the part of the PFL, it said the league welcomes Maharlika FC if the latter does push through with its plans to join.

“They (Maharlika) have sent their intent to join and are undergoing licensing process and they have high chances of making it,” said PFL Commissioner Coco Torre in an online interview with BusinessWorld.

Mr. Torre said they like the enthusiasm that Mr. Del Rosario and his group are showing and view them as a good addition to the league if ever.

“They are a very enthusiastic group and I see great potential with them because they have a vision which is aligned with ours. The way they plan to market their club will also help bring awareness and following to the league aside from their competitive attitude,” the PFL commissioner said.

If Maharlika FC successfully makes the cut, it will join Kaya FC-Iloilo, Stallion Laguna FC, Mendiola FC, United City Football Club, and the Azkals Development Team in the roster of teams competing.

The status of another team, Global FC, meanwhile, remains up in the air after it failed to honor its commitment to settle outstanding financial obligations with its players.

Sixers beat Wizards, 107-98, but Simmons hurts knee

JOEL EMBIID scored nine consecutive points in a 13-0 Philadelphia burst that bridged the third and fourth quarters on Wednesday afternoon in the National Basketball Association (NBA) “bubble” near Orlando, and the 76ers posted a 107-98 victory over the Washington Wizards despite losing Ben Simmons to a knee injury.

Embiid finished with game-high totals of 30 points and 11 rebounds for the 76ers (41-27), who won their second straight after beginning their Florida stay with a loss to Indiana.

The win might have been a costly one. Simmons left a tight  contest with 5:46 remaining in the third quarter, favoring his left knee. He had grabbed an offensive rebound four seconds earlier.

Initial reports from the locker room indicated there was no serious damage, but Simmons was not able to return to the game. He finished with eight points in 23 minutes.

Washington lost its fourth straight at the ESPN Wide World of Sports Complex despite 19-point efforts from Thomas Bryant and Jerome Robinson.

The 76ers led by as many as 10 in the first half, but in the wake of Simmons’ departure, the Wizards went up 74-69 on two free throws by Robinson with 1:38 remaining in the third period.

Furkan Korkmaz countered with one of two free throws for the 76ers before Embiid took over, scoring the final seven points of the quarter, giving Philadelphia a 77-74 lead.

Embiid added a dunk and Tobias Harris a jumper to begin the fourth period, completing the 13-point run and extending the margin to 82-74 with 11:00 remaining.

The Wizards rallied within 92-88 with 4:19 to go on a Troy Brown, Jr. jumper. However, Shake Milton bombed in a 3-pointer and added a short jumper in a personal five-point run that reopened a nine-point advantage.

Embiid connected on 11-of-20 field-goal attempts for the 76ers, who out-shot the Wizards 46.3% to 42.4%.

Harris chipped in with 17 points while Josh Richardson added 15, Milton 14 and Korkmaz 10.

Philadelphia’s Al Horford contributed 10 rebounds and a team-high five assists off the bench.

Bryant completed a double-double with a team-high 10 rebounds for the Wizards. Brown totaled 17 points while Ish Smith had 12 to complement a team-high six assists. — Reuters

Chooks-to-Go Pilipinas 3×3 discusses plans with stakeholders

Newly recognized professional league Chooks-to-Go Pilipinas 3×3 has started shoring up its preparations for its new season later this year despite the coronavirus pandemic, recently discussing its plans with stakeholders.

Got the nod from the Games and Amusements Board last week to operate now as a professional league, the people from Chooks-to-Go Pilipinas 3×3 said they are excited to level up and are doing everything they can to ensure that the conduct of the league will be rightfully and carefully done especially amid the challenges presented by the ongoing situation with coronavirus disease 2019 (COVID-19) pandemic.

The league is eyeing a September start to its season, which will be held in a bubble at the INSPIRE Academy in Calamba, Laguna.

To help it in its push for a successful staging of its tournament, Chooks-to-Go Pilipinas 3×3 recently met with team representatives of squads which will see action.

League commissioner Eric Altamirano led the meeting with team representatives who included San Juan-Go for Gold team governor Chris Conwi; Sta. Lucia sports head Buddy Encarnado; Nueva Ecija’s team manager Jai Reyes and official Mike Baldos; Porac-Big Boss Cement’s Ryan Monteclaro; Zamboanga-Family’s Brand Sardines’ Tonette Roque; Mindoro’s Justin Tan and Teytey Teodoro; and Sulu’s Marvin Forniza.

Mr. Altamirano and his team thoroughly discussed how the league would push through — including strict testings, player eligibility, and life inside the bubble.

Dr. Butch Ong of the University of the Philippines Science and Society Program discussed the health protocols while a representative from GET Philippines tackled the contract tracing application the players, staff, and team officials will use.

“We had to be very thorough and detailed during the meeting with the team owners since we can’t leave no stone unturned especially with the pandemic still ongoing,” said Mr. Altamirano.

Team representatives, for their part, came away satisfied with the meeting and vowed to follow what is asked of them.

“We are glad to be part of this organization,” said Mr. Encarnado.

“The players’ safety was greatly emphasized earlier. We can’t wait to get back to work since this is really for them,” Mr.Reyes, meanwhile, said.

The Chooks-to-Go Pilipinas 3×3 is a first-of-its-kind league founded by Bounty Agro Ventures, Inc. President Ronald Mascariñas last year with the goal of helping the country get enough FIBA 3×3 points to book a spot in the qualifiers for the 2020 Olympic Games, where 3×3 basketball is making its debut.

It succeeded in its immediate goal as the Chooks-to-Go backed squad earned a slot in the Olympic Qualifying Tournament happening in May next year in Austria. The team is hoping to go deeper and make its way to the rescheduled Tokyo Games in the middle of 2021.

Along the way, Chooks-to-Go Pilipinas 3×3 hosted a number of tournaments, something it aims to continue and build on now that it is a professional league. — Michael Angelo S. Murillo

US Open cuts winners’ prize money

NEW YORK — US Open singles winners will receive $850,000 less prize money this year, the United States Tennis Association said on Wednesday, with first-round prize money increasing.

The tennis Grand Slam, which begins on Aug. 31 in New York, will take place without fans and some of the sports’ biggest stars, amid the ongoing coronavirus outbreak across the United States.

The $53.4-million total prize pool is down from last year’s $57-million pot, the richest in the tournament’s history, with 2020 first-round prize money jumping 5% to $61,000 from $58,000. Singles winners will receive $3 million, down from $3.85 million in 2019.

Runners-up will receive $1.5 million, down from $1.9 million the year before. Semifinalists and quarterfinalists will also see their winnings dip slightly.

“The prize money distribution for the 2020 US Open is the result of close collaboration between the USTA, WTA and ATP, and represents a commitment to supporting players and their financial well-being during an unprecedented time,” USTA CEO Mike Dowse said in a written statement.

Additionally, USTA said it was donating another $6.6 million in monetary relief for players who have seen their earnings decline after the global viral outbreak upended the professional calendar.

Defending champion Rafa Nadal and women’s world number one Ash Barty are among those who have decided to skip the event, citing concerns about the coronavirus. The United States has more than 4.79 million cases of COVID-19 and more than 157,000 people have died. — Reuters

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