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Barty party under way as Ashleigh triumphs in Paris

PARIS — Ashleigh Barty, the Australian who ditched tennis to play professional cricket for a year, smashed Marketa Vondrousova for six on Saturday to lift the French Open crown at Roland Garros.

Boasting a bewildering array of shots and spins, the eighth seed crushed her Czech teenage opponent 6-1 6-3 to win her first Grand Slam title, and Australia’s first French women’s singles crown in more than four decades.

“It’s unbelievable… I played the perfect match today. I am so proud of myself and my whole team… it has been a crazy two weeks,” said Barty, the ninth different female champion in the last 10 grand slams.

“This is a special place for Australian players… it has been a magical two weeks.”

Not since Margaret Court’s triumph in Paris in 1973 has an Australian won the Coupe Suzanne Lenglen but this victory was in very little doubt from the moment the final began.

In a match-up where guile and artistry always trumped power, Barty was simply smarter throughout.

Producing angles so sharp they might have come with a health warning, the 23-year-old carved apart Vondrousova in the opening set, clinching it in half an hour.

While the match was no classic, those fans who had taken a break after the conclusion of the Dominic Thiem-Novak Djokovic men’s semi-final which had caused the women’s final to run more than an hour late, missed some of the more thoughtful tennis played on the Roland Garros clay this past fortnight.

Vondrousova, who herself has bamboozled a succession of opponents here, repeatedly found herself outfoxed by Barty, whose doubles excellence was always on display with her net-play and cleverly angled serving.

Barty, who returned to tennis in 2016 after a successful stint with the Brisbane Heat in Australian cricket’s Women’s Big Bash League, took nary a backward step, breaking instantly in the second set to deprive her 19-year-old opponent any foothold.

Cracking a stiff-armed, two-handed backhand, in the manner of Jim Courier, Barty was able to counter Vondrousova’s attempts to pull her wide with her loopy left-handed backhand, and the Czech rapidly ran out of ideas.

Vondrousova turned to ever riskier strategies — her drop shots became finer, her drives more firmly struck — and she earned a little breathing space, holding serve three times after that early break.

But the irrevocable damage had been done and when Barty slammed a short smash high into the stands it was all over and she raised her arms in triumph.

The victory lacked drama but lifts Barty to number two in the world — a feat last accomplished by an Australian woman in 1976 by Evonne Goolagong.

Considering her goal at the start of the year was to break into the world’s top 10, it has been a remarkable rise.

“I think it’s just been an amazing journey we’ve had over the last few years,” she told reporters.

“I just tried to say to myself today on the court: ‘I may never get this opportunity again, so enjoy it, try and grab it with both hands and go out there and smile.’”

Australia was smiling with her. — Reuters

PFL: Mendiola FC and Air Force FC draw, 1-1

MENDIOLA FC 1991 and Philippine Air Force FC notched their first points in the ongoing Philippines Football League (PFL) season after battling to a 1-1 draw on Saturday at the Philippine Football Federation National Training Center in Carmona, Cavite.

Both searching for their debut win in Season 3 of the PFL entering the contest, Mendiola and Air Force instead settled for splitting the points in the lone league match at the weekend.

Mendiola (0-1-1) was first on the scoreboard after Papuh Corsarme punctured a goal just seven minutes into the contest.

It would maintain a 1-0 lead all the way to the break as it fought off any challenge from the Airmen to level the count.

Air Force (0-1-2), however, was not to be denied in its push as forward Alvin Obero levelled things for his team in the 58th minutes.

The two teams tried to notch the go-ahead goal but none would come, leading them to the 1-1 draw and making do with a point each that goes with it.

Mendiola next plays on June 15 versus Stallion Laguna FC and Air Force faces off with Global Cebu FC on June 19. — Michael Angelo S. Murillo

Raptors cost McDonald’s millions in free french fries

ONTARIO — It appears McDonald’s has underestimated Toronto Raptors’ fans appetite for french fries in Ontario.

As part of a promotional partnership between the fast-food chain and the team, McDonald’s locations in Eastern Canada give away orders of free medium french fries whenever the Raptors hit at least 12 3-pointers in a game. According to The Financial Post, McDonald’s estimated 700,000 orders, but with the team playing so well, that number has ballooned to nearly three times the original estimate, resulting in approximately C$5.4 million (just over $4 million) worth of fries.

Chuck Coolen, head of marketing for McDonald’s in Eastern Canada, explained that the marketing plan’s initial forecast was based on a previous promotion with the NHL’s Montreal Canadiens and was finalized nearly a year ago — just 18 days before Demar DeRozan was traded for Kawhi Leonard last summer.

Last season, Toronto hit 12 3-pointers in 43 of 82 regular season games and five postseason games. This season, the Raptors hit the mark 44 times, plus another 10 so far during their playoff run.

Coolen said they have given away approximately 2 million orders of fries, but that number is still growing. While the final tallies for the playoffs aren’t yet available, after Game 1 of the finals alone, where the Raptors hit 13 threes, McDonald’s gave away a record 80,000 free orders.

Mike Forman, who owns four McDonald’s franchises in Whitby, Ontario, noted that while the company may be losing revenue on the free fries, they believe the long-term benefits will outweigh the short-term losses. Customers must download and use the McDonald’s app to redeem their free french fries, which hopefully will keep customers invested going forward.

“We believe it will pay off in the future,” Forman told The Financial Post. — Reuters

Beating Rafael Nadal in clay: Ultimate challenge in danger of becoming mission impossible for Thiem

PARIS — Beating Rafael Nadal on clay is the ultimate challenge, but that may have already become mission impossible for his opponent Dominic Thiem, even before Sunday’s French Open final gets underway.

Seeking a record-extending 12th title at Roland Garros, where he has an intimidating 92-2 record since 2005, Nadal has had the ideal preparation for Sunday’s showdown, beating arch-rival Roger Federer in straight sets on Friday before enjoying a rest day.

Austrian fourth seed Thiem, his victim in last year’s final, has enjoyed none of those advantages, needing two weather-disrupted days and five sets to get rid of world number one Novak Djokovic in the other semi-final.

Thiem, who has become part of the Roland Garros furniture with his fourth last-four appearance in a row, risks being mentally drained when he steps onto Court Philippe Chatrier, Nadal’s back-lawn.

“The physical part is one thing, and the mental part is another thing,” his coach Nicolas Massu told reporters after his protege’s semi-final spanned 24 hours.

“But when you are in this world… you have to be prepared for everything.”

Thiem won his last match on clay against second-seed Nadal, but that was the best of three sets. They have met on three previous occasions at Roland Garros and Nadal has won all three encounters in straight sets, including a 6-4 6-3 6-2 in last year’s final.

After winning his first five-set match here, a fired-up Thiem refused to complain about the schedule after his coach was told there was no chance the final would be put back to Monday to accommodate the Austrian.

“I’m full of adrenaline, of course, still from today’s match, and also I will have that tomorrow,” he said.

“So I’m not going to be tired. It’s all going to come after the tournament. So I’m ready to leave all or everything what I have out on the court tomorrow.”

So will Nadal, who is on the brink of an 18th major title, which would put him only two shy of Federer’s record and make him the only player to have won a slam 12 times.

Thiem, who has never made it to the final at another Grand Slam, is looking to become the first Austrian to win a major since Thomas Muster lifted the Musketeers Cup at the French Open in 1995.

Should he fail — which seems likely — the 25-year-old Thiem will be back.

“I think it’s really important that I go into the match with the belief to win,” he said.

“Of course it’s a big dream for me to win that match tomorrow, to win this title. But I also have it in my head that if it does not happen tomorrow — which can happen easily because of the opponent on the other side of the net — I don’t make myself too much pressure.” — Reuters

Vondrousova will be new face of Czech tennis, says Mandlikova

PARIS — Marketa Vondrousova’s quest to become the first Czech woman to win the French Open for 38 years fell just short but she is destined to win a Grand Slam title, according to 1981 Roland Garros champion Hana Mandlikova.

The 19-year-old left-hander’s dream run in Paris was ended emphatically by Australia’s Ashleigh Barty on Saturday, Vondrousova going down 6-1 6-3.

Mandlikova was also 19 when she claimed the French Open, having already won the Australian Open title. She believes Vondrousova can emulate her and become the new face of Czech tennis.

“I definitely think that,” Mandlikova told Reuters. “After Petra Kvitova and Karolina Pliskova, Marketa is now the one to look for. She’s already an awesome player and she definitely has it in her to win a Grand Slam.

“She just needs to work on mental toughness and just keep working hard on adding different elements to her game.”

Despite not being seeded, Vondrousova’s run to the final was not a total shock considering her claycourts skills and the fact she has been the most consistent player on the WTA Tour since bowing out in the second round of the Australian Open.

Her world ranking will rise to 16 on Monday and Mandlikova says the hard part for her will be that she is now a name, and her tricky game and deft dropshots will no longer be a surprise.

“It’s always easier when you’re a brand new face and have just appeared,” the 57-year-old said. “I’m not putting her game down because she has a talent, she has great hands.

“She has lots of tools and other players don’t really know what they are or how she uses them, although Barty got her tactics spot on today.

“I think the same thing happened with (2017 French Open champion) Jelena Ostapenko. She came here and hit bullets from everywhere and the girls didn’t know where they were going.” — Reuters

Raptors now heavy favorite to knock off Warriors

TORONTO — The Toronto Raptors are heavy favorites to win their first NBA championship after taking a 3-1 lead on the Golden State Warriors, while star Kawhi Leonard is now the overwhelming favorite to take home MVP honors.

The Warriors were still favored to defend their title after dropping Game 3, but that all changed following Friday night’s 105-92 loss. With two road wins in the series, the Raptors only need to win one of the next three games, including two chances at home.

PointsBet now lists the Raptors at -715 to win the series, BetStars and FanDuel both have them at -700 and SugarHouse lists Toronto at -590.

However, if the Warriors are able to win Game 5 in Toronto on Monday night, the money then returns to Golden State running the table and winning in seven games.

WARRIORS HOPE TO REVERSE HISTORY
A defiant Golden State Warriors team are adamant they can overturn a 3-1 deficit to the Toronto Raptors and erase memories of becoming the first team to fail to win the NBA title after holding the same advantage.

The memory of the LeBron James-led Cleveland Cavaliers recovering from a 3-1 deficit to snatch the championship in 2016 is still fresh in their minds and gives them faith that their goal of a third successive title is not dead.

“We just got to win one game and then build on that,” Warriors forward Draymond Green told reporters after Friday’s 105-92 Game Four loss in Oakland.

“But I’ve been on the wrong side of 3-1 before, so why not make our own history.”

The Warriors battled back from a 3-1 deficit of their own in the 2016 Western Conference Finals against the Oklahoma City Thunder, so they know what it takes to come back from the brink.

That Thunder team was led by Kevin Durant, who joined the Warriors the following season and went on to win back-to-back Finals MVP awards with the team in 2017 and 2018.

Durant has been sidelined with a calf strain since May 8, however, and it is unclear if he will be able to play in Game Five in Toronto on Monday.

The Warriors said they will be prepared to go with or without their sharpshooting forward.

“It’s not over,” a defiant Stephen Curry said.

“It’s not a good feeling right now, obviously, but we have been on both sides of it.

“And for us it’s an opportunity for us to just flip this whole series on its head.”

Coach Steve Kerr said his team’s desire to win is their most important asset going forward.

“We’ve got a lot of talent and we got a lot of pride,” he said.

“These guys have been to the Finals five straight years for a reason. They’re unbelievably competitive. And they’re together and they’re going to fight.

“So we’ll go try to get one win and, if we can do that, come back here and see what happens.” — Reuters

Fate

For a while there, it looked as if Novak Djokovic would cruise to a fifth straight appearance in the final of a Grand Slam tournament. Prior to his Round-of-Four meeting with World Number Four Dominic Thiem, he carried an air of invincibility at Roland Garros; he made short work of his previous opponents, barreling through five straight-sets victories without surrendering more than three games in each set. And it wasn’t simply because he had momentum; in eight previous matches against the only player standing between him and a date with defending champion Rafael Nadal, he had emerged triumphant six times.

Unfortunately, fate conspired against Djokovic’s bid for the Coupe des Mousquetaires and, by extension, a second career Nole Slam. First, his playing style — predicated on precise point construction — clashed with the elements; swirling winds wreaked havoc on his swings, and to the point where he lobbied for a suspension of the contest until conditions improved. Second, and more importantly, he faced an extremely sharp Thiem, whose focus was such that no hurdle on or off the court — not the press conference snafu involving Serena Williams and not the swirling currents that toyed with bounces and sent particles of red clay airborne — could make hazy.

When the rains came, Djokovic would eventually get the postponement he asked for, and the more benign setting seemed to help his cause. He leveled the contest at two sets apiece, and, when Thiem threatened to pull away in the final set, got yet another reprieve from more precipitation. He rallied from a 1-4 deficit and appeared ready for a protracted fight. In truth, he wasn’t; his serve — and, to be sure, strategy — failed him anew in the last game, and he wound up bowing 5-7 to crash out of the French Open.

In the presser that followed, Djokovic was alternately wistful, defiant, and, yes, accepting. “When you’re playing in hurricane-kind conditions, it’s hard to perform your best,” he said. No doubt, he was likewise put off by his contentious back and forth with chair umpire Jaume Campistol for a shot-clock warning in the third set. And in “these kinds of matches, one or two points decide a winner,” he noted. Nonetheless, he acknowledged Thiem’s superiority. “I mean, he took it, he won it, and well done to him … This match was always going to be tough because Dominic is a fantastic player on clay — and in general, but especially on clay.”

Under the circumstances, Djokovic can’t be too downcast with the result. Despite an up-and-down run-up to Roland Garros, he could well have reached the final had he not run into a determined Thiem. And, as he preps for Wimbledon early next month, he can take solace in the fact that he’s already in far better position than he was this time last year. Certainly, there are worse ways to begin his campaign to retain the title in the sport’s premier event than at the top of rankings.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Startup founder aims to bridge Philippine healthcare gaps with drones

Rapid advancements in healthcare mean those with the resources to live in global centers are often able to live longer, healthier lives. But seldom do life-saving medicines and materials make it to the world’s most remote communities.

In Rwanda and Ghana, two countries facing massive inequality in terms of the availability of vital medical supplies, both the lack of materials and proper infrastructure to transport them paint a fatal picture for those outside major metropoles. That’s why Keller Rinaudo founded Zipline in 2014, with the dream of building “an instant, automated logistics system for the planet.”

Zipline is the world’s first drone delivery service providing life-saving medicines to isolated communities otherwise considered unreachable. To date, they’ve made over 14,000 deliveries in areas across Rwanda and Ghana. Yesterday morning, June 7, Rinaudo and his team met with Secretary of Health Francisco T. Duque III and Secretary of National Defense Delfin N. Lorenzana to discuss bringing those services to the Philippines.

Speaking at “Future Forward”, an event organized by global non-profit Asia Society and co-presented by Businessworld Sparkup, Rinaudo shared his vision of an archipelago bridged by fully autonomous drones capable of delivering vital materials like blood and medicines in mere minutes.

The drones themselves, called Zips, are electric airplanes weighing in at roughly 35 pounds. Designed and manufactured by Zipline, they navigate to and from their destinations via an onboard chip. They are launched from distribution centers, and are tracked throughout their journeys by trained local operators.

A few minutes out from arrival, recipients get a text message informing them to watch out for their deliveries. Descending to about 40 feet off the ground, the drone drops the parcel, complete with a deployed paper parachute, to hit a predetermined target roughly the size of two parking slots. “This means that the experience of ordering something is super simple,” Rinaudo said. “You just send a text message and get what you need to save a person’s life 15 minutes later.”

“We thought that community acceptance would be a challenge,” Rinaudo said. “But we couldn’t have been further from the truth.” In Rwanda, up to 25 percent of the national blood supply is delivered to hospitals and healthcare facilities across the country by this system. Through their collaboration with Zipline, Rwanda was able to vastly increase access to medical supplies, while also reducing blood waste from seven percent, amounting to a national average of about $1 million in waste, to zero percent at the hospitals the drone delivery platform serves.

“People in Rwanda today say ‘Yeah, of course we have drones that deliver blood. How else would you solve that problem?’” he said. “It’s amazing how fast it goes from science fiction to totally boring.”

All in all, Zipline’s network comprises the largest commercial autonomous system in the world.

Speaking from their experience operating in the African region, Rinaudo said the key to their success has been deep collaboration with governments willing to embrace new technologies in solving age-old problems.

“Many people think the next big technological applications of our time will come out of places like Japan or the United States,” he said. Instead, Rinaudo points to the nations with greater needs and more open minds to new solutions. “It’s precisely the governments that embrace innovation that end up leapfrogging ahead of even developed nations,” he said.

While the Zipline team wasn’t at liberty to discuss in depth their specific plans for expansion into the Philippines, Rinaudo said that, historically, they’ve been able to make their first drone delivery within one month of signing contracts with their government partners.

Zipline’s massive platform is proof that AI-powered robotics can do for logistics what the Internet has done for information. Today, global players are finding countless applications in e-commerce and moving consumer goods.

“We don’t believe the long-term impact of that technology is delivering your tennis shoes or pizza,” Rinaudo said. “We believe the long-term impact of that technology is providing universal healthcare to every person on the planet.”

Startup founder aims to bridge Philippine healthcare gaps with drones

Rapid advancements in healthcare mean those with the resources to live in global centers are often able to live longer, healthier lives. But seldom do life-saving medicines and materials make it to the world’s most remote communities.

In Rwanda and Ghana, two countries facing massive inequality in terms of the availability of vital medical supplies, both the lack of materials and proper infrastructure to transport them paint a fatal picture for those outside major metropoles. That’s why Keller Rinaudo founded Zipline in 2014, with the dream of building “an instant, automated logistics system for the planet.”

Zipline is the world’s first drone delivery service providing life-saving medicines to isolated communities otherwise considered unreachable. To date, they’ve made over 14,000 deliveries in areas across Rwanda and Ghana. Yesterday morning, June 7, Rinaudo and his team met with Secretary of Health Francisco T. Duque III and Secretary of National Defense Delfin N. Lorenzana to discuss bringing those services to the Philippines.

Speaking at “Future Forward”, an event organized by global non-profit Asia Society and co-presented by Businessworld Sparkup, Rinaudo shared his vision of an archipelago bridged by fully autonomous drones capable of delivering vital materials like blood and medicines in mere minutes.

The drones themselves, called Zips, are electric airplanes weighing in at roughly 35 pounds. Designed and manufactured by Zipline, they navigate to and from their destinations via an onboard chip. They are launched from distribution centers, and are tracked throughout their journeys by trained local operators.

A few minutes out from arrival, recipients get a text message informing them to watch out for their deliveries. Descending to about 40 feet off the ground, the drone drops the parcel, complete with a deployed paper parachute, to hit a predetermined target roughly the size of two parking slots. “This means that the experience of ordering something is super simple,” Rinaudo said. “You just send a text message and get what you need to save a person’s life 15 minutes later.”

“We thought that community acceptance would be a challenge,” Rinaudo said. “But we couldn’t have been further from the truth.” In Rwanda, up to 25 percent of the national blood supply is delivered to hospitals and healthcare facilities across the country by this system. Through their collaboration with Zipline, Rwanda was able to vastly increase access to medical supplies, while also reducing blood waste from seven percent, amounting to a national average of about $1 million in waste, to zero percent at the hospitals the drone delivery platform serves.

“People in Rwanda today say ‘Yeah, of course we have drones that deliver blood. How else would you solve that problem?’” he said. “It’s amazing how fast it goes from science fiction to totally boring.”

All in all, Zipline’s network comprises the largest commercial autonomous system in the world.

Speaking from their experience operating in the African region, Rinaudo said the key to their success has been deep collaboration with governments willing to embrace new technologies in solving age-old problems.

“Many people think the next big technological applications of our time will come out of places like Japan or the United States,” he said. Instead, Rinaudo points to the nations with greater needs and more open minds to new solutions. “It’s precisely the governments that embrace innovation that end up leapfrogging ahead of even developed nations,” he said.

While the Zipline team wasn’t at liberty to discuss in depth their specific plans for expansion into the Philippines, Rinaudo said that, historically, they’ve been able to make their first drone delivery within one month of signing contracts with their government partners.

Zipline’s massive platform is proof that AI-powered robotics can do for logistics what the Internet has done for information. Today, global players are finding countless applications in e-commerce and moving consumer goods.

“We don’t believe the long-term impact of that technology is delivering your tennis shoes or pizza,” Rinaudo said. “We believe the long-term impact of that technology is providing universal healthcare to every person on the planet.”

Human rights experts push for UN probe on Philippine violations

By Gillian M. Cortez, Reporter

HUMAN RIGHTS experts on Friday called on the United Nations (UN) Human Rights Council to launch an independent investigation on the alleged violations in the Philippines, which they said has been worsening with the government showing no signs of intent to address the situation.

“It is time for the Human Rights Council to take action against these sustained attacks on human rights defenders and independent watchdog institutions,” the 11 experts said in a statement issued from Geneva and posted on the site of the UN Human Rights Office of the High Commissioner.

The 11 are: Agnes Callamard, Special Rapporteur on extrajudicial, summary or arbitrary executions; Meskerem Geset Techane, Chair of the Working Group on the issue of discrimination against women in law and in practice; Hilal Elver, Special Rapporteur on the right to food; Michel Forst, Special Rapporteur on the situation of human rights defenders; David Kaye, Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression; Clément Nyaletsossi Voulé, Special Rapporteur on the rights to freedom of peaceful assembly and of association; José Antonio Guevara Bermúdez, Chair-Rapporteur, Working Group on Arbitrary Detention; Dainius Pῡras, Special Rapporteur on the right to health; Victoria Lucia Tauli-Corpuz, Special Rapporteur on the rights of indigenous people; Dubravka Šimonović, Special Rapporteur on violence against women, its causes and consequences; and Diego García-Sayán, Special Rapporteur on the Independence of Judges and Lawyers.

The UN Human Rights Council is composed of 47 UN member states elected by the UN General Assembly.

“The (Philippine) Government has shown no indication that they will step up to fulfill their obligation to conduct prompt and full investigations into these cases, and to hold perpetrators accountable in order to do justice for victims and to prevent reoccurrence of violations,” said the independent experts who “have raised their concerns with the Government of the Philippines on 33 occasions over the last three years.”

They also noted the country’s withdrawal from the International Criminal Court, which was initiated by President Rodrigo R. Duterte.

“This is the last of many actions demonstrating that the Government is seeking to evade scrutiny and reject accountability,” they said.

International group Human Rights Watch (HRW), in reaction to the experts’ call, said an independent probe “is long overdue.”

HRW Deputy Director Laila Matar, in a statement, said, “This collective expression of concern and call to action by 11 top UN experts only further highlights the responsibility of the Human Rights Council to address the situation in the Philippines.”

“(I)t is incumbent on Council members and observers to work together at the upcoming 41st session to ensure an investigation is finally put in place,” she said.

BSP chief ‘cautiously optimistic’ on Philippine economy

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno is “cautiously optimistic about the current state of the Philippine economy,” amid lingering global headwinds.

“(We) recognize the uncertainty in the global economic environment, with the IMF (International Monetary Fund) further revising down its global growth prospects due to volatilities in commodity prices, uncertainty over advanced economies’ policy normalization, as well as ongoing trade tensions as a result of the US-China (trade) war,” Mr. Diokno said in a speech during the centennial anniversary of the Rotary Club of Manila on Thursday evening.

The IMF warned that rising trade tensions may contribute to a global economic slowdown. In April, it lowered its outlook for global growth to the lowest since the financial crisis, citing downside risks such as the collapse of US-China trade talks.

“But while the external environment is challenging, I am cautiously optimistic about the current state of the Philippine economy,” Mr. Diokno said, adding that the IMF, World Bank and Asian Development Bank growth expectations are in line with the government’s revised growth targets of 6-7% in 2019 and 6.5-7.5% in 2020.

However, Mr. Diokno said the government is ensuring there are “adequate buffers” to shield the economy from the possible negative effects of these external shocks, particularly “rising protectionist measures and heightened policy uncertainty.”

“‘Keeping our house in order’ remains the first and best line of defense,” the BSP chief said.

“We are improving economic openness through liberalization of trade and foreign direct investment, we are enhancing external competitiveness by strengthening domestic industries; we are diversifying products and markets to non-traditional growing economies; and we are sustaining domestic economic resilience by building adequate buffers.”

The on-going trade war between the United States and China has not had a significant impact on the Philippine economy so far.

“There was no direct imposition against the Philippines in terms of the country’s exposure to the products imposed with tit-for-tat measures between the US and China. But the extent of the impact would depend on the industries affected,” Mr. Diokno said.

He said the Philippines could increase exports of food and agricultural products to the US, taking advantage of the tariffs slapped by the US on similar Chinese goods.

The US-China trade war may also have a positive impact on the Philippine electronics sector, Mr. Diokno said.

“That is if companies on either or both of the countries use the Philippines as an alternative manufacturing site. This scenario, however, would take time and the Philippines would have to compete with other potential relocation sites like Vietnam and Indonesia,” he said.

However, Mr. Diokno noted this may not happen in the next few years as it takes time to shift production facilities to another country.

“We also recognize the continued trade friction could negatively affect overall investment sentiment and increase caution and uncertainty in the global growth prospects. This could take a toll on the country’s external sector. Nevertheless, given that the economy’s growth is mainly driven by domestic demand, the trade friction would have limited negative impact on Philippine exports,” he said. — R.J.N.Ignacio

PHL dollar reserves climb for 7th straight month

GROSS international reserves (GIR) climbed for the seventh straight month in May, the central bank said on Friday.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the GIR level stood at $85.02 billion in May, 1.3% up from the $83.88 billion logged in April, and 7.3% up from the $79.202 billion recorded in May 2018.

This is the highest reserve level since October 2016 when the GIR stood at $85.106 billion.

“The month-on-month increase in the GIR level was due mainly to inflows arising from the National Government’s (NG) net foreign currency deposits, BSP’s foreign exchange operations and income from investments abroad, and revaluation gains from the BSP’s gold holdings, resulting from the increase in the price of gold in the international market,” the BSP said in a statement on Friday.

“However, the increase in reserves was tempered partially by payments made by the NG for servicing its foreign exchange obligations,” it added.

The BSP’s foreign investments generated $72.149 billion in May, rising 0.4% from $71.847 billion in April and $63.92 billion in May 2018. This accounted for bulk of the reserves.

Meanwhile, the country’s foreign currency stash increased to $2.837 billion last month from $2.201 billion in April. However, the May figure was still 48% lower than the $5.460 billion recorded in May 2018. A stronger peso usually means losses for the BSP, while a weaker peso pads the GIR.

The central bank uses the reserve money to temper sharp swings in the exchange rate.

The BSP’s gold holdings stood at $8.332 billion in May, up 2.5% from $8.124 billion in April, and up 1.6% from $8.197 billion in the same month last year, reflecting improved gold valuations in the international market.

Reserves maintained under the International Monetary Fund (IMF) dropped 0.6% to $520.8 billion in May from $524.3 billion in April. Special drawing rights — or the amount which the Philippines can tap under the IMF’s reserve currency basket inched up 0.08% to $1.183 billion from April’s $1.182 billion.

The end-May GIR settled well above the BSP’s $77 billion projection for the year and the end-2018 level of $79.193 billion.

The current level, which the BSP said “serves as an ample liquidity buffer” can cover up to 7.5 months’ worth of import duties and is equivalent to 5.1 times of the country’s short-term external debt based on original maturity, and 3.6 times based on residual maturity.

International reserves are composed of gold, the BSP’s assets held in foreign currencies, country quotas with the IMF, and foreign currency deposits held by government and state agencies.

It is a key measure of a country’s macroeconomic footing, as it stands as the country’s buffer versus external financial shocks. International debt watchers have cited the Philippines’ ample reserves as a credit strength. — R.J.N.Ignacio