CONGRESS is still studying how to regulate the vaping industry by law despite a “de facto” ban on the products due to import restrictions, a key legislator said.
Representative Jose Maria Clemente S. Salceda of the Second District of Albay said he remains interested in regulating and taxing the industry despite the freeze on import permits imposed by the Food and Drug Administration (FDA) and the National Tobacco Administration (NTA).
He said a ban on legitimate imports may lead users to resort to illicit products, which are a greater health risk than mainstream vape products.
“Ang amin pong caveat, that is pag-aaral ng CDC (Centers for Disease Control and Prevention) sa Amerika, halos 87% ng lahat ng injuries brought by vape are due to illicit vapes or illicit trade. So itong import ban ay baka lang mai-push them underground, baka lalo pong lumaki yung injuries to health. Kasi nga po that is in the nature, that all prohibition actually does not work and leads to more harm. (The caveat is that the CDC has found that nearly 87% of all vaping injuries are due to illicit vapes… an import ban could push the industry underground and led to more health risks. That is the nature of prohibition — it actually does not work and leads to more harm)” Mr. Salceda said.
Mr. Salceda is looking at a P45 tax for vape products, level with which the tax on cigarettes. This is expected to raise at least P2.6 billion in revenue. — Genshen L. Espedido
If we ask taxpayers what they think about what’s next for them, we could certainly get varying responses. One would answer, “Tax deadlines, of course!” Another would say, “Tax assessments and maybe, tax reform?” One might even say, “I would rather not think about it right now; don’t spoil my December!”
As we hit the final stretch of the year, taxpayers are busy with their financial year-end closing; while some may be occupied with the active assessments and catch-up collection efforts of the Bureau of Internal Revenue (BIR). Aside from these usual year-enders, what’s next for taxpayers? Here are some possible answers.
ANTICIPATED TRANSFER PRICING AUDITS
When Revenue Audit Memorandum Order (RAMO) No. 1-2019, Transfer Pricing Audit Guidelines, was issued more than three months ago, a lot of taxpayers asked how the BIR would actually conduct their transfer pricing audits. So far, some taxpayers have been experiencing the BIR’s inquiries on related-party transactions during the regular tax audits. While some BIR examiners appear to scrutinize certain transfer pricing documentation, it remains to be seen how the BIR would actually support its possible finding, should it disallow the analysis and conclusions in the documentation. In case of a BIR finding, taxpayers can reasonably expect the BIR to come up with its own transfer pricing analysis and possible adjustments and not to just expediently disallow the transactions.
Given that transfer pricing rules in the Philippines are relatively new compared to other jurisdictions that are mature in applying the concept of transfer pricing based on international principles, the challenge would be how a possible issue could be resolved between a taxpayer and a BIR examiner. This will inevitably arise, in particular, when the related party transactions have a cross-border element.
Nevertheless, taxpayers should be reminded about being ready with their transfer pricing documentation, considering Revenue Regulations No. 02-2013, Transfer Pricing Guidelines, and RAMO 1-2019, among others.
TECHNOLOGY BOOST TO TAX PROCESSES
In October 2019, the BIR invited technology experts to take part in its app development contest, “Hackatax.” According to reports, the BIR’s objective was to address the taxpayers’ pain points through simple tax forms and streamlined processes. Developers who took part in Hackatax were expected to come up with solutions to tax payment bottlenecks. Further, the project was reportedly aimed to cater more to self-employed taxpayers and owners of micro and small enterprises.
Seeing the fast pace in the development of technology, perhaps it is time that another technology-related project is launched, in addition to the existing eFPS and e-BIR Forms, to help address the problems encountered in a manual filing system with long queues.
I hope the Hackatax project will result in prompt and definitive technology-based solutions for taxpayers.
CITIRA BILL
Talk about the passage of the Corporate Income Tax and Incentives Rationalization Act (CITIRA) Bill appear to have quieted down.
One of the most debated provisions in the CITIRA Bill is the rationalization of incentives given to Philippine Economic Zone Authority (PEZA)-registered entities. Existing PEZA entities could eventually lose their 5% special gross income tax regime incentive within five years or so. PEZA itself fears that foreign investors will pull out of our country, and that there will be massive job losses.
Critics of the CITIRA Bill are apprehensive that limiting the fiscal incentives to certain prioritized investment activities with time-bound conditions might discourage not only the existing foreign investors but potential investors as well. Proponents of the bill, however, counter that the rationalization of incentives is fair to taxpayers; in addition, there is a proposed gradual lowering of corporate income tax from 30 to 20%.
When the CITIRA Bill will become a law is difficult to assess; as it was even recently reported that another version of the bill in the Senate could be possibly at hand this December.
WAIT AND SEE ON THE GENERAL TAX AMNESTY PROGRAM
Last year, we were so close to having a general tax amnesty program. As it turned out, however, only the estate tax amnesty and the amnesty on tax delinquencies were passed into law. The main issue was the non-inclusion of the relaxation of the bank secrecy law for tax amnesty applicants. Reports say that Congress is still working to address the issue, and that the automatic exchange of information among government agencies will also be included as part of the new general tax amnesty program to be proposed.
Like the CITIRA Bill, taxpayers can only hope for prompt developments in the general tax amnesty program.
CONTINUOUS INFLUX OF VAT REFUNDS
This year, the BIR issued a directive that, for applicants of input value-added tax (VAT) refund related to VAT zero-rated sales and to cancellation of VAT registration, they will have their refund money within 90 days from the date of application. While it is true that the 90-day period is being observed by the BIR, taxpayers should continue to expect that the BIR reviewers will be very strict in checking the documents attached to the applications.
The government’s proposed enhanced VAT refund system is still in the pipeline, and taxpayers should keep themselves abreast of developments to preserve their input VAT assets.
The tax matters above are just some of what taxpayers can expect next. It’s difficult to weigh whether the anticipation should excite us or make us anxious about the uncertainty.
I fondly recall the usual advice of elders to expectant parents, such as myself (I have a baby on the way soon) — that, there is no substitute for being adequately prepared for any contingency concerning our children. And as taxpayers, we should always be equipped for what’s next by staying up to date on tax developments, so that we can act accordingly.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Olivier D. Aznar is a partner of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd. For comments and inquiries, please e-mailpagrantthornton@ph.gt.com.
WHILE the overall championship and its best finish in the Southeast Asian Games to date are already in the bag, host country the Philippines continued to pile on its total medal haul on the ninth day of competition on Monday.
With gold medals from karatedo, archery, boxing and jiu-jitsu, among others, the Philippines, as of this writing, has accumulated 307 medals, 121 of which were gold, in the ongoing edition of the biennial regional sporting meet, with more expected to come in later in the day.
Jamie Lim gave the Philippine karatedo team a gold in the finals of the women’s +61kg kumite event held at the World Trade Center in Pasay City.
The daughter of Philippine Basketball Association legend Samboy, Ms. Lim defeated Indonesia’s Ceyco Zefanya, 2-1, in the finals to earn the second gold for the sport for the Philippines in the ongoing Games.
“I’m just so happy. I look up to my parents, my dad and my mom (Atty. Darlene Berberabe), and to be compared to them, it’s so big for me. It’s a special day for me,” said Ms. Lim after her gold conquest.
In archery, the husband-and-wife team of Paul Marton dela Cruz and Rachelle dela Cruz finished on top of the archery mixed compound recurve event in Clark, Pampanga.
The Dela Cruzes bested Chau Kieu Oanh and Nguyen Van Day of Vietnam, 148-147, to claim the top hardware.
Finishing with the bronze was the Indonesian duo of Sri Ranti and Prima Wardphana.
At the Philippine International Convention Center Forum, meanwhile, boxer Carlo Paalam captured the light flyweight gold after winning by points, 5-0, over Indonesia’s Kornelis Langu.
Jiu-jitsu also added gold medals with Meggie Ochoa, Carlo Angelo Peña and Dean Michael Roxas ruling the women’s U-45kg, men’s U-56kg and U-85kg divisions.
Ms. Ochoa won by points over Vietnam’s Le Thu Trang Dao, 13-0, while Mr. Peña also won by points, 17-2, over Rengga Richard of Indonesia. Mr. Roxas, for his part, won by submission over Singapore’s Benjamin Jie Jun Chia.
Also yesterday, silver and bronze medals were won by the Philippines in boxing, jiu-jitsu, karatedo, athletics and gymnastics.
TEAM SPORTS DELIVER
Meanwhile, Philippine team sports had it golden at the weekend with the country’s rugby 7, baseball and esports teams topping their respective events.
The Philippine Volcanoes dominated the men’s division, blasting defending champion Malaysia, 19-0, to capture the gold medal in the men’s category on Dec. 8 in Clark.
It was the second time that the Volcanoes defeated the Malaysians in the finals after scoring a 24-7 triumph in the 2015 Singapore SEA Games before finishing fourth in the 2017 edition held in Kuala Lumpur, Malaysia.
The Philippine men’s baseball team, for its part, routed Thailand, 15-2, also on Sunday to win gold.
The Filipinos unleashed their full force against the hapless Thais, scoring on each of the first seven innings to win the gold medal in eight innings.
In esports, Filipino representatives in Mobile Legends: Bang Bang clinched gold medal against Indonesia late Sunday, 3-2.
Part of the Philippine esports team Sibol, the local bets trailed early in the best-of-five series, 1-2, but fought back to stun the Indonesian team that had veterans from the world championship of the popular mobile game last month.
CASUGAY AS FLAG-BEARER
Filipino surfer Roger Casugay, meanwhile, will serve as Team Philippines’ flag-bearer for the closing ceremonies of the 30th SEA Games on Wednesday, the Philippine Sports Commission had announced.
Mr. Casugay made news at the weekend after he helped a rival surfer who had trouble in the waves of Monalisa Point beach in La Union after his surfer’s leash broke.
The Filipino surfer has gotten a lot of praise, including from Indonesian President Joko Widodo, for showing the traits that embody true sportsmanship.
Mr. Casugay’s selfless act of helping others somehow overshadowed his gold medal win in men’s longboarding category on Sunday.
“These Games are not only about medals. It is about character, resilience, love for one another and shoring up the faith of the person next to you, something that Casugay has exemplified,’’ said Philippine Sports Commission chair William Ramirez on Monday in a statement.
LOS ANGELES — Anthony Davis scored a season-high 50 points, sparking the Los Angeles Lakers to a 142-125 victory over the visiting Minnesota Timberwolves on Sunday night.
Davis connected on 20 of 29 shots from the floor and converted all 10 of his free throws in 39 minutes. It was his fourth career 50-plus scoring game. Davis also had seven rebounds, six assists and four steals.
LeBron James had 32 points and 13 assists for the Lakers, who won their fourth in a row and 14th in 15 games. Alex Caruso added 16 points, while Danny Green finished with 12.
Andrew Wiggins, who missed Friday’s loss to the Oklahoma City Thunder with a left thumb sprain, and Karl-Anthony Towns led Minnesota with 19 points each. Josh Okogie added 18 points, while Robert Covington had 16 for the Timberwolves, who lost their fourth consecutive contest. Eight players scored in double figures for the Timberwolves.
The Timberwolves rallied from several double-digit deficits throughout the contest before fading in the fourth quarter. Los Angeles used a 16-4 burst to seize a 103-84 lead after a 3-pointer by Caruso with 4:14 left in the third, but Minnesota cut the gap with a 19-7 run to pull within 110-103 heading into the fourth. Towns scored 13 points in the third.
The Timberwolves trailed by 11 early in the second quarter before putting together a 24-9 surge for a 55-51 lead after three free throws by Covington at 5:27. However, the Lakers closed the half on an 11-0 run for a 73-65 advantage at the break.
Davis scored 27 points in the first half, while James had 16 before intermission despite being limited by foul trouble.
The Lakers shot 61.2 percent to 50 percent for the Wolves in the first half. Overall, Los Angeles outshot Minnesota 58.5 percent to 51.8 percent. The Lakers committed just 10 turnovers to 15 for the Timberwolves. The Lakers also outrebounded the Timberwolves 41-33.
Lakers reserve guard Rajon Rondo sat out the contest with a strained hamstring. He is listed as day-to-day. — Reuters
COCA-COLA Philippines stays true to their mission of refreshing people, inspiring moments of optimism and happiness, and making a difference as they proudly support the 30th South East Asian (SEA) Games. Not only are they refreshing the best Filipino and other SEA region athletes, officials, volunteers, and spectators with millions of bottles of different Coca-Cola products — from Wilkins Pure to Thunder Supersoda, to Viva! Mineral Water to Coca-Cola — they are also encouraging and engaging people to advocate for a cleaner and a litter-free sports competition.
Hosted by the Philippines, the 30th SEA Games will feature 11 participating countries squaring off through 529 events in 56 sports. A total of 5,630 athletes will compete in different venues including the newly-built Clark City, the Rizal Memorial Stadium, and the Mall of Asia Arena.
WHILE admitting that it felt painful to miss out on a podium finish, still the Philippine football women’s national team is not looking at its 30th Southeast Asian Games campaign anything less.
Defeated in the bronze medal game by Myanmar, 2-1, on Sunday at the Rizal Memorial Football Stadium, the Philippine Malditas were left ruing but nonetheless grateful and positive to have been able to put up a spirited fight in front of the hometown fans throughout the competition and vowed to continue improving.
“The players really improved in the tournament, from the training two months back all the way to the competition. We may have lost but I’m proud of them. It is painful but it would help improve the team,” said national team coach Let Dimzon after their campaign ended.
The Malditas were on track for a bronze medal against Myanmar when Quinley Quezada gave the Philippines a 1-0 lead in the 57th minute.
But the Burmese side was not be deterred by it and came back strong, scoring back-to-back goals care of July Kyaw and Yee Yee O in the 77th and 79th minute to seize the upper hand.
The host team tried desperately to rally back but Myanmar would hold on for the win and the bronze medal.
“Despite the loss I think in this tournament we showed what we are capable of doing. We just have to keep the players together and add the needed pieces,” said Ms. Dimzon.
The Malditas coach was also thankful for the fan support their team received throughout the competition.
“It was huge for the morale of the team to see all the support we got. We’re very thankful and it was really heart-warming,” Ms. Dimzon said.
After the SEA Games, the Malditas would start preparing for the ASEAN Football Federation (AFF) Women’s Championship which the country is hosting next year.
SUCCESSFULLY dethroned the defending Southeast Asian Games champion in the semifinals, the Philippine men’s volleyball team tries to complete its scintillating run in this year’s edition of the biennial regional sporting meet by winning the gold medal in the finals today at the PhilSports Arena in Pasig City.
To face Indonesia in the scheduled championship match at 6 p.m., the Philippines is out to build on its huge five-set upset of erstwhile champion Thailand on Sunday and hand the country its first-ever gold in the event.
The Philippine men’s volleyball team dethroned Thailand with a gusty come-from-behind 17-25, 25-20, 23-25, 27-25, 17-15 victory, ending in the process the Thais’ reign as champion.
Bryan Bagunas sparked the team’s comeback from a 1-2 set deficit, delivering the big hits, including a big block and a championship-clinching attack that frustrated the Thais.
“This is too much, I can’t explain the feeling right now. We’re elated because we won and we’re assured of a silver. But we need to work harder for the title,” said coach Dante Alinsunurin after their win which was witnessed by some 6,000 fans live at the venue.
With Marck Espejo checked by the Thai defense, Mr. Bagunas, a product of National University, rose to the occasion, playing his heart out to the delight of the crowd, coming up with a SEA Games-best 27 points built on 23 attacks, two aces and two blocks.
Mr. Espejo, meanwhile, poured in 20 points on top of 12 excellent receptions.
Thailand was seemingly on its way to the finals with a 14-13 lead in the deciding set but committed a service error.
Substitute Amorntep Konhan gave the lead back to the defending champions but the Filipinos did not buckle down and earned the victory in two hours and 18 minutes.
Standing in the way of the Philippines for the gold is Group B mate Indonesia, which has been undefeated so far in the tournament and is coming off a straight-sets win over Myanmar in the semifinals.
In the SEA Games, the Philippine men’s volleyball team has earned six medals to date — one silver and five bronze.
The “Frenchman with Two Names” Maxime Vachier-Lagrave (MVL) is on a mission — he wants to be the next world champion. He thinks he can beat Magnus Carlsen.
As our readers know there have been only two people who have defeated Carlsen in three consecutive games — Wesley So accomplished that feat in the recent World Fischer Random Chess Championship. MVL beat Magnus twice in the Abidjan (Ivory Coast) Grand Chess Tour event earlier this year, and then got the third straight victory in the Norway opening blitz tournament in Stavanger. This Stavanger event must have been especially bitter for Carlsen, as up to then (June this year) he had won all five tournaments he participated in for the year. MVL not only broke his streak, he also snatched first place in the 9-round single round robin and did it by upending Carlsen in the final round.
But to play a world championship match means that he has to go through the Candidates’ tournament, and as strong a player as he is GM Vachier-Lagrave has never been able to qualify.
Back in the previous world championship cycle MVL already made a determined bid to qualify but just missed out by a whisker.
The World Cup 2017, a 128-player KO tournament held in Tbilisi, Georgia (Sept. 2–27, 2017) qualified the two finalists for the 2018 Candidates. After five very tough rounds the four semifinalists were MVL, Aronian, Wesley So and Ding Liren. Maxime actually had the toughest matches. He faced Grischuk in Round 4 and then Peter Svidler in five and managed to win both matches. He was looking quite invincible but fell to Aronian in a very tense and tight battle which reached all the way to the Armageddon phase. MVL only needed to draw in the last game to go through to the finals but, despite getting the advantage at one point finally lost. Aronian was to go on to win the World Cup after defeating the other finalist Ding Liren.
For the upcoming 2020 Candidates Tournament in Yekaterinburg, Russia, the qualifiers as defined by FIDE regulations are:
Runner-up 2018 title match — this is Fabiano Caruana
Two finalists from 2019 World Cup — Teimour Radjabov and Ding Liren (his second straight runner-up finish)
FIDE Grand Swiss tournament in the Isle of Man — Wang Hao
Two top placers in the FIDE Grand Prix — as of now Alexander Grischuk and Maxime Vachier-Lagrave are the top contenders but there is a final grand prix event to be held in Jerusalem starting Dec. 11 and both Shakhriyar Mamedyarov and Ian Nepomniachtchi can still qualify assuming they do well and MVL succumbs to the pressure.
The highest average rating (who does not qualify by one of the above methods, and is not Carlsen) — as of now this is Anish Giri with an average rating of 2782. He is being chased by MVL with 2777. Unfortunately for Vachier-Lagrave in the previous cycle the top two highest average rating qualified for the Candidates (this was how Wesley So qualified previously). This time, with the introduction of the FIDE Grand Swiss tournament, the two slots here was reduced to one.
One wild card chosen by organizer, subject to eligibility criteria — As per eligibility criteria MVL can be a wild card but the organizer has already indicated that they will nominate a Russian player as a wild card. This will probably be either Kirill Alekseenko (the highest non-qualifier in the Grand Swiss), Alexander Grischuk (assuming he does not qualify through the Grand Prix) or Ian Nepomniachtchi. I find it hard to believe though that Nepom will be nominated as wild card for he had verbally clashed with the organizer of the Hamburg Grand Prix after being eliminated in the 1st round. Nobody likes poor sports.
Maxime Vachier-Lagrave is a contender in the last three categories but realistically he needs to do well in Jerusalem in order to earn a ticket to Yekaterinburg.
Is it obvious to you, my dear readers, that I want him to qualify? This is because he deserves to be in the world championship cycle! Born 1990, he is part of the generation of chessplayers born in 1990 — this is a particularly strong class which includes Magnus Carlsen, Ian Nepomniachtchi, Sergey Karjakin, and Dmitry Andreikin. He became a grandmaster at the age of 14 and his peak ELO rating of 2819 makes him the 7th-highest rated player of all time (ok, I know what you are thinking — how about Wesley So? Well, he is the 5th highest rated player with a peak of 2822).
MVL has been competing since the age of six, has won numerous local and international tournaments and in addition to his strength in classical time controls is also highly skilled at rapid and blitz chess. You will recall that Caruana held Magnus Carlsen to 12 straight draws in their 2020 world championship match but then got completely taken apart in the rapid tie-breaks. This is not going to happen with MVL.
He is a very aggressive attacking player. He never shies away from complications. On the contrary, he revels in them. The wilder the position, the better for him. He’s so fond of imbalanced play that he struggles to play safe in situations when he only needs a draw. He just can’t help himself. He’s always a dangerous opponent for anyone, because he usually finds a way to steer the game into messy tactical play.
MVL knows his strengths and weaknesses, and he always plays to his strengths. He has a narrower opening repertoire than any of his competitors in the world elite. As black, he plays his beloved Sicilian Najdorf against 1.e4 and the Gruenfeld against pretty much anything else. As white, he plays 1.e4 and the Giuoco Piano. Ironically, his black games are often more aggressive than his white games. Many top players come prepared with novelties against his narrow black repertoire, and they often fail spectacularly. It’s telling that most of MVL’s exciting games come with the Black pieces.
I will show you how he eliminated former world champion Veselin Topalov in the Quarterfinals of the recently-concluded Hamburg Grand Prix, but first here is one of my favorite games — this is “The Magician from Riga” with one of his devastating attacks on his way to the World Championship in 1960.
As you know Black has two major ways to lay out his knights. He could go 10…Nb8-d7-e5 or 10…Nb8-a6-c7. The former is more popular but this game is a powerful demonstration of the ideas behind the latter formation.
We have transposed to a variation of the Benoni Opening. In fact, the position is almost identical to Gurgenidze-Tal except that Black’s knight is on b4 instead of c7, and white’s rook on a3 instead of a1.
15…a6 16.Bf1 Nd7 17.Na2 Ra7!
In essence provoking White to exchange knights on b4, after which Black’s knight would get an outpost on c5.
Topalov is known for his exchange sacrifices and here he provokes Black into going after his rook. The former world champion is banking on the idea that the black-squared bishop is stronger than a rook.
28…Bf4 29.Bf3 Bxe3 30.Bxe3 Rc8 31.Qd4 Qe5 32.Qa7
Topalov didn’t want any back-rank problems after 32.Qxb4 Ra8! 33.g3 Bxh3 although even then 34.Bd4 Qe7 35.Qxb5 Rc8 White is at least equal.
32…Be8 33.g3 Rc3
You will notice one thing about MVL’s play — he likes to sharpen up the game as the clocks wind down, trusting in his superior quick play skills.
34.Bd4 Qg5 35.Be2
[35.Bxc3? bxc3 Black is suddenly winning as the passed c-pawn cannot be stopped]
35…Qd2 36.Bf1 Rxb3 37.Kg2 Ra3! 38.Qb6 <D>
38…Ra6!
MVL gives back the exchange but his passed pawn on the b-file wins the day.
39.Qxa6 Qxd4 40.Qc8
Neither
40.Qxd6 Qxe4+ 41.f3 Qe1;
or 40.Bxb5 Qxe4+ 41.Kg1 b3 42.Bd3 Qxd5 change anything.
Topalov resigned because of 44…Qd1+ 45.Kf2 Qc2+ forcing the exchange of queens and queening his pawn.
Bobby Ang is a founding member of the National Chess Federation of the Philippines (NCFP) and its first Executive Director. A Certified Public Accountant (CPA), 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.
The Mavericks didn’t have any zip from the get-go yesterday. Playing on the second night of a back-to-back set against the rested Kings, they started slow and found themselves down by 20 at the break. They didn’t even get a taste of the lead at any point in the first half; the best they could do was forge two ties early on. And when they began the fourth quarter, they were still 14 points behind. Still, they plodded on, tightening the screws on defense and slowly clawing back on the strength of inspired play from veteran J.J Barea, plus the usual dose of late-game production from Most Valuable Player candidate Luka Doncic.
Considering the deficit the Mavericks needed to overcome, having the ball with a chance to go for a tie or the lead with potentially the last play of the game was nothing short of remarkable. Needless to say, the overflow crowd of 19,566 at the American Airline Center knew the outcome would be decided by Doncic. Coming off a timeout with 13.4 seconds left, a well-designed isolation set had Doncic receiving the inbounds pass and taking command of the open court. The stepback three was an option, but, at home, he knew well enough to drive to the paint and aim for an extension.
There was just one problem, however. Doncic missed. Against seemingly token opposition from overmatched Cory Joseph, he drove the lane, spun to his left, and pulled up from six feet. Unfortunately, his one-handed flick proved off the mark; perhaps it was short because of a hit on his shooting elbow. Beyond the no-call, however, those from the outside looking in couldn’t help but wonder why he began his assault on the basket prematurely. Even if he made the shot, there would have been more than enough time for the Kings to design a game-winning play after securing the rebound off their last timeout.
In any case, there can be no doubting the Mavericks’ claim to be counted among the league elite. And there can also be no doubting the biggest reason for their turnaround. Despite being just 20 and fresh off a Rookie of the Year campaign, Doncic is already showing superstar chops usually manifested only with the benefit of extensive experience. Yesterday was an uncharacteristic hiccup on his part, but, in the grand scheme of things, nothing to delve on. Even the best of the best have stumbled over the course of a long season.
For the Mavericks to truly thrive, though, they will need to win the games they should. As head coach Rick Carlisle noted in the aftermath, they didn’t do themselves any favors by timidly greeting the opening tip. “Gotta play the whole game,” he said. “A disappointing loss.” Indeed. The Kings, eight and 13 entering the set-to, should have been fodder. As things turned out, THEY were the fodder. Moving forward, they aim to learn and do better. And because they have Doncic leading them, the safe bet is that they will.
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.
THE PESO moved sideways on Monday following the latest round of cuts to banks’ reserve requirement ratios (RRR) and as markets await the Bangko Sentral ng Pilipinas’ (BSP) monetary policy decision.
The local unit closed at P50.77 versus the greenback on Monday, depreciating by less than a centavo from its P50.765 finish on Friday, according to data from the Bankers Association of the Philippines.
The peso opened the session at P50.83 per dollar. Its weakest showing was at P50.875, while its intraday best was its close of P50.77 against the greenback.
Dollars traded dropped to $653.4 million yesterday from $899.2 million on Friday.
Traders attributed the peso’s performance for the day to the central bank’s upcoming policy meeting as well as data from the United States.
“The peso weakened slightly from the impact of the latest BSP (Bangko Sentral ng Pilipinas) reserve requirement cut and upbeat US labor reports last Friday,” a trader said in an e-mail.
Meanwhile, another trader said the market is on the lookout for new signals from the central bank.
“The peso was flat as market is still awaiting for more clues regarding the BSP’s action especially with the Monetary Board meeting this Thursday. With this, we see sideways trading for the rest of the week,” the second trader said in a phone call.
The RRR for universal and commercial lenders now stands at 14% and four percent for thrift banks following 400 basis points worth of cuts for the year thus far, while the reserve ratio of nonbank financial institutions with quasi-banking functions is at 14%. Meanwhile, the RRR of rural banks is at three percent.
Meanwhile, the BSP Monetary Board’s Dec. 12 policy meeting is the eighth and last for 2019.
In the US, Reuters reported that November job growth was strongest in 10 months fueled by a hiring upsurge in the health care industry and the return to work of production workers at General Motors.
The monthly employment report from the US Labor department also showed that unemployment rate slowed to its lowest levels in nearly half a century and wage gains remained near their strongest in a decade.
The US government’s survey of establishments showed that non-farm payrolls grew by 266,000 jobs in November, pushed by the 60,200 additional health care workers paired with the increased hiring at restaurant bars.
For today, the first trader expects the peso to range at P50.65-50.85 versus the dollar, while the second trader sees the local unit moving around the P50.70-50.90 band.
Meanwhile, most Asian currencies also remained range-bound on Monday, as investors awaited trade talk developments ahead of the scheduled implementation of new tariffs by the US on Chinese imports.
The US is set to impose a new round of trade tariffs on Chinese goods on Dec. 15, a plan which White House economic adviser Larry Kudlow said on Friday was still in place. — LWTN withReuters
PHILIPPINE SHARES failed to sustain their recovery on Monday as investors poured money into the US market on the back of better jobs market data.
The 30-member Philippine Stock Exchange index (PSEi) shed 21.92 points or 0.28% to close at 7,779.80 on Monday, while the broader all shares index fell 8.08 points or 0.17% to finish at 4,637.88.
“The main index ended slightly lower on low trading volumes and some foreign outflows,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Monday.
Net outflows for Monday’s session reached P308.32 million, lower than Friday’s net sales worth P718.66 million.
“The main index opened higher today, but the gains were short-lived as sellers were clearly in control,” he said on Monday, adding that losses from Ayala Land, Inc. (down 0.80 points or 1.76%), Ayala Corp. (down 15 points or 1.81%), and SM Investment Corp. (down 18 points or 1.67%) weighed down on the index.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan said yesterday’s outflows can be attributed to investors pouring money into the US after the US Department of Labor reported that non-farm payrolls surged by 266,000 in November, while unemployment fell 3.5%
“Here at home, the major event will be the last BSP (Bangko Sentral ng Pilipinas) meeting which is scheduled towards the end of the week,” he added.
On Friday, the Dow Jones Industrial index gained 337.27 points or 1.22% to 28,015.06, the S&P 500 index rose 28.48 points or 0.91% to 3,145.91, while the Nasdaq Composite index increased 85.83 points or 1% to 8,656.53.
For Asian markets, AAA Southeast Equities’ Mr. Mangun noted that most were slightly higher due to weak trade data from China, which showed that exports declined for the fourth month in November by 1.1%, year-on-year, with exports to the US declining 23%.
Back home, subsectors were divided. Those that gained were led by financials which rose 20.44 points or 1.09% to 1,895.05; industrials added 94.91 points or 0.99% to end at 9,650.34; and mining and oil increased 19.66 points or 0.26% to close at 7,537.17.
Losers were led by holding firms, which fell 102.79 points or 1.32% to end at 7,648.03; property lost 28.35 points or 0.69% to 4,071.53; and services dropped 2.18 points or 0.14% to 1,497.17.
Some 576.20 million issues valued at P5.56 billion switched hands on Monday, versus previous session’s 468.04 million issues valued at P5.71 billion.
Losers outnumbered advancers, 105 to 81, while 48 issues were unchanged.
“We may see it (PSEi) test support at 7,750 before going higher. The sentiment right now is extremely gloomy, and nothing seems to give investors any reprieve. The next two weeks are going to be crucial for global markets, what we are seeing may be the calm before the storm,” Mr. Mangun noted. — Vincent Mariel P. Galang
Typhoon Tisoy (international name: Kamurri) left 17 people dead, isolated several provinces, and destroyed infrastructure and agriculture worth billions of pesos. Torrential rain submerged hundreds of villages in the Bicol region as well as in Isabela and Cagayan, floodwater rising to as high as the roof of most houses in those provinces.
The governments of Camarines Sur, Albay, Sorsogon, Quezon Province, Oriental Mindoro, Northern Samar, Virac town in Catanduanes, and Ilagan City in Isabela placed their territories under a state of calamity.
It could have been much worse. Many more lives would have been lost were it not for the timely and well-planned response of government agencies and the officials of the areas in the path of Typhoon Tisoy.
When the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) reported on Nov. 29 that the typhoon was expected to make landfall in the Bicol Region between Monday afternoon and Tuesday morning, the various agencies and units of the National Disaster Risk Reduction and Management Council (NDRRMC) went into action. The civil defense authorities in Sorsogon, Albay, Camarines Sur, and Catanduanes recommended the cancellation of classes at all levels on Dec. 2 and 3. In Catanduanes and Masbate, people living in coastal areas were moved to shelters. In Albay, people dwelling on the slopes of Mt. Mayon were evacuated to safer grounds.
Interior Secretary Eduardo Ano directed all governors, mayors, and village chiefs to stay at their posts and oversee response to the disaster that Tisoy would cause. The Philippine National Police placed all its units in Luzon and the Visayas on full alert, ready for calls for help. The Metro Manila Development Authority advised residents to take precautionary measures. Legaspi City Mayor Noel Rosal ordered all outdoor Christmas decorations taken down.
As southern and central Luzon was expected to be battered by strong winds and heavy rain, organizers of the 30th Southeast Asian Games cancelled or re-scheduled outdoor events in Subic, New Clark City, Calatagan and Tagaytay in Batangas. Officials of Camarines Sur forced residents in flood- and storm surge-proned areas to evacuate.
Philippine Airlines, Cebu Pacific, and Air Asia cancelled all their international and domestic flights from the afternoon of Dec. 2.
It is amazing that the NDRRMC was able to reduce considerably the number of lives lost and the amount of damage to infrastructure, agriculture, and private property given the fury and wide scope of Typhoon Tisoy and the organizational structure of NDRRMC.
The NDRRMC is a working group of various government, non-government, civil sector, and private sector organizations, administered by the Office of Civil Defense under the Department of National Defense. Its function is “to plan and lead the guiding activities in the field of communication, warning signals, emergency, transportation, evacuation, rescue, engineering, health and rehabilitation, public education, and auxiliary services such as firefighting and the police in the country.”
It is composed of 40 members that include the president of the Social Security System and the secretary of Tourism. The chairman is the defense secretary, with the secretaries of Interior and Local Government, Social Welfare and Development, Science and Technology, and the director general of the National Economic and Development Authority as vice-chairmen.
President Duterte wants a unified body dedicated to disaster risk reduction. In his State of the Nation Address last year, he urged Congress to pass a bill creating the Department of Disaster Management. He said: “We need a truly empowered department characterized by a unity of command, science-based approach, and full-time focus on natural hazards and disasters, and the wherewithal to take charge of the disaster risk reduction, preparedness and response, with better recovery and faster rehabilitation.”
There is, however, a strong objection to the separation of PAGASA from the Department of Science and Technology (DOST). The DOST, which also deserves honorable mention in risk reduction and management, has been able to build PAGASA as well as the Philippine Institute of Volcanology and Seismology (Phivolcs) into well-functioning units in the overall disaster risk reduction and management system in spite of its meager resources.
In the era before weather satellites and Doppler radar, sudden and alarming weather disturbances were a way of life in the Philippines. Typhoons batter islands, particularly those lying on the western rim of the Pacific Ocean, many times during the year, sometimes in the dead of night, causing loss of many lives and wreaking serious damage to infrastructure, private property and crops. Today, PAGASA is able to track a typhoon days before it makes landfall, and even before it enters the Philippine area of responsibility, as PAGASA did when it spotted Tisoy in late November, enabling the NDRRMC to perform its function commendably.
We do not know when the knowledge we now have about typhoons could have been gained had the bill to study typhoon prospered in the halls of Congress and passed into law before the end of the 1950s. In the mid-1950s, Rep. Francisco Perfecto of Catanduanes filed a bill in Congress to address the problems caused by typhoons, his island province being frequently pounded by the furious storms. The true intent of the bill was to study typhoons with a view to dissipating their force and reducing the damage they wreak. It included provisions for funding the specialized training of personnel and the acquisition of technical equipment.
A cynical member of the House of Representatives instantly dubbed the bill as the “Bill to Outlaw Typhoons.” The press lapped up the derisive label, prompting political pundits to comment that the bill was reflective of the inanities indulged by the occupants of the Lower House. The twisted information that a member of Congress wanted to declare typhoons outlaws gained wide circulation among politicized citizens. The fact is nowhere in the bill was there any statement or even a hint to declare typhoons outlaws.
But because of the jeers that rained down on his bill and the snide remarks blown his way, Rep. Perfecto allowed his bill to die a quiet death. He retired from politics at the end of his term in 1957.
Had Rep. Perfecto’s bill been made into law, perhaps the staff of the weather bureau would have gotten to know more about the behavior of typhoons by the beginning of the 1970s. A super typhoon, Yoling, hit Metro Manila on Nov. 19, 1970. Fortunately, it raged in the morning of that day when people were up and about. Power would not be restored in many parts of the metropolis until 10 days later, causing many people to miss the telecast of Pope Paul VI’s visit on Nov. 27.
Perhaps damage to property could have been reduced and many more lives saved if Yoling had been tracked before it entered the country’s area of responsibility and people warned of its potentially destructive force to enable them to secure their property and ensure their personal safety.
But the DOST has been making up for lost opportunities. It has made PAGASA what the late Catanduanes Rep. Perfecto may have envisioned it to be. PAGASA played a major role in reducing the destruction of Typhoon Tisoy as it did when typhoons battered the country in recent years.
Hail PAGASA! Hail NDRRMC!
Oscar P. Lagman, Jr. is a retired corporate executive, business consultant, and management professor. He has been a politicized citizen since his college days in the late 1950s.
