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Game-winning deuce gives VetHealth-Delhi Chooks-to-Go Patriot’s Cup 3×3 second-leg title

FIELDING a complete lineup, VetHealth-Delhi 3BL took down the second leg of the 2019 Chooks-to-Go Pilipinas 3×3 Patriot’s Cup presented by Coca-Cola.

Still, the world’s no. 15 squad needed a game-winner from Kiran Shastri to outlast the Phenom-Basilan Steel, 21-20 (3:36), Sunday afternoon at the SM Fairview Events Center.

“It was a hard-fought tournament. Really excited to be here,” said Shastri, the no. 62-ranked player in the world. “It was a good win for us and we’re really proud of the way we played.”

Down 19-20 with under four minutes left in the game, Shastri missed a deuce but was rebounded by big man Bikramjit Gill. Bikramjit then found a wide-open Shastri, who knocked down the game-winning deuce.

“Our opponents were great and we just tried to win,” continued Shastri, who had eight points in the game.

Fil-Am guard Franky Johnson was on fire to start the game, scoring 12 of Phenom-Basilan’s first 16 points to give his side a three-point lead with 5:13 left.

However, Bikramjit Gill and newcomer AJ Gill powered VetHealth-Delhi to a 5-0 run, giving the Indian team a two-point cushion.

Needing a bucket to stop the bleeding, import Marcus Hammonds took matters into his own hands, knotting things up with a huge deuce with 4:10 remaining.

Inderbir Gill answered right back by willing his way to the paint for a lay-in to give Delhi the advantage but Roosevelt Adams was not to be denied. The 6-foot-4 sniper knocked down a deuce with 3:57 left in the game to retake the lead for Phenom-Basilan.

This led to the heroics of Shastri.

Indian national team member AJ Gill added seven points for VetHealth-Delhi.

Besides bringing home P 100,000, VetHealth-Delhi closed in on Gold’s Gym-Pasig in the standings.

The Kings, who will miss the third leg as they will join the Poitiers Challenger in France from July 6 to 7, remain on top with 170 points. VetHealth-Delhi and Phenom-Basilan are tied at second with 160 points. Wilkins-Balanga completes the top four with 130 points.

This was the first-ever leg in league history that did not feature either Pasig or Balanga in the finals as the former lost to Basilan, 20-18, while the latter fell to Delhi, 22-15 (1:43).

In the side events, Shastri retained his Coca-Cola Two-point Shootout crown after outlasting Inoza-Gulf Bulacan’s Jan Jamon in the 25-second tiebreaker, 6-5.

On the other hand, David Carlos remained as the Coca-Cola Slam Dunk king after stamping his class over Jebb Bulawan and Kenyan dunk artist Obi Fly.

The third stop of the Patriot’s Cup takes place on Saturday, July 6, at the SM Muntinlupa Events Center.

Smart supports Gilas Pilipinas Youth bid at FIBA Under-19 World Cup

MEMBERS of the Gilas Pilipinas Youth team won’t have any problems keeping in touch with family and friends while representing the country in the 2019 FIBA U19 World Cup in Greece starting June 29. The team has been equipped with several Smart Travel WiFi units that will provide them with reliable data connectivity.

Smart Travel WiFi is a plug-and-play wireless modem or pocket WiFi that connects any capable device to the internet. These units were provided by Smart Communications, the wireless subsidiary of leading telecoms and digital services company PLDT, to give the young players with connectivity while they face Greece, Argentina, and Russia during the preliminary rounds.

“The Smart Travel WiFi is a complement to our existing roaming services to keep you connected whenever you travel. Smart Roaming keeps an individual securely connected while Smart Travel WiFi allows more than one phone or gadget to conveniently access the internet without spending a lot of money,” ​said Alice Ramos, Smart vice president and department head of international roaming & carrier business.

“With these Smart Travel WiFi units, the players can stay connected to their families, friends, and fans all over the world, while they raise our flag in the world basketball stage,” said Gabby Cui, Smart assistant vice president and head of community development and partnerships.

PLDT Global and Smart executives provide the Gilas Pilipinas Youth team with Smart Travel WiFi units during the team’s send-off for the 2019 FIBA U19 World Cup

The Gilas Pilipinas Youth is composed of Kai Sotto, AJ Edu, Gerry Abadiano, Migs Oczon, Terrence Fortea, Joshua Ramirez, Dalph Panopio, Bismarck Lina, Geo Chiu, Carl Tamayo, Rhayaan Amsali, Dave Ildefonso, Xyrus Torres, and James Spencer.

Under the tutelage of Coach Sandy Arespacochaga, the team will have several tuneup games in the country and in Doha, Qatar, before they head off to the big event in Greece.

Phisgoc still recognized but only as a committee — says new POC president

THE PHILIPPINE Olympic Committee (POC) will continue to recognize Taguig Congressman-elect Alan Peter Cayetano as chairman of the ad hoc committee for the country’s hosting of the 30th Southeast Asian Games.

Joey Romasanta, the newly installed POC president, yesterday said Cayetano remains on top of the organizing body by virtue of his appointment made by former POC chief Jose “Peping” Cojuangco two years ago.

The Phisgoc, however, has to function as a mere committee under the Olympic council rule and not as chief of the Philippine Southeast Asian Games Organizing Committee (Phisgoc) Foundation, Inc., different body formed by Cayetano which he claimed should be on top of the organizing chores for the Games even if it does not have the POC Board’s approval.

Although Cayetano is not an incorporator of the Phisgoc Foundation, members of his inner circle in Ramon Suzara, Donaldo Caringal, Dexter Estacio and Monica Anne Mitra are all part of it, together with recently-resigned POC president Ricky Vargas, POC secretary general Patrick Gregorio, POC communications director Ed Picson and former POC chairman Tom Carrasco.

The Phisgoc Foundation took over the functions of the POC and made some crucial decisions on its own, like the creation of the Games’ official logo, theme, mascot and other marketing collaterals without the approval of the POC board.

It also entered into contracts and is largely blamed for the very slow buildup for the Games as questions in transportation, accommodation, sponsorship, marketing campaign, venues, volunteer program, parade uniform and technical handbook have recently surfaced.

Romasanta said he is set to sit down with Cayetano in the coming days to map out the SEA Games preparations.

“This is a complex problem that needs simple solution,” said Romasanta, the former POC first vice president who assumes the POC presidency via succession after Vargas filed his irrevocable resignation last Tuesday.

“We have to revert to the original plan of having Sec. Cayetano as chairman of the organizing committee under the POC. With that, I am seeking a one-on-one meeting with him before forming a tripartite agreement with him and (Philippine Sports Commission) Chairman Butch Ramirez.”

Discussion is still underway, but a POC board member in lawyer Clint Aranas hinted that they might review all contracts that Phisgoc Foundation had entered into.

Aranas, the designated spokesperson of the POC, said if they don’t see any problem with the contracts, they would gladly approve them before the general assembly.

“First of all, we have to find out what these contracts are about,” said Aranas, the archery president and general manager of the Government Service Insurance System.

“We’re going to review these contracts. If they are within the authority given to the chairman (Cayetano) based on his appointment as chief of the organizing committee, and for as long as it accords with the POC charter and by-laws, then I don’t think there will be problems. We will ratify it.”

Romasanta, however, suggested that there should be a cut-off on the dates that the contracts were made.

“Another solution is to come up with a cut-off,” said Romasanta, an old hand in sports after serving as chief of the Project: Gintong Alay in the 1980s.

“We have to agree on the date we assumed position. We will be accountable for the contracts made after we assumed position while they will be answerable to those made before we got here.”

“There are a lot of ways to skin a cat. But at this point, the most important way is to make sure that we come up with a successful hosting of the Southeast Asian Games.”

NBA trade: Hawks move up to No. 4, take Hunter

LOS ANGELES — — The Atlanta Hawks acquired the No. 4 overall pick in the 2019 NBA Draft from the New Orleans Pelicans for four picks, according to multiple reports an hour before Thursday’s draft was scheduled to begin.

That pick, which the Pelicans acquired from the Los Angeles Lakers in the Anthony Davis deal, became Virginia forward De’Andre Hunter. Like all other trades, the deal cannot become official until July 6.

The Hawks parted with picks No. 8 (Texas center Jaxson Hayes), No. 17 (Virginia Tech guard Nickeil Alexander-Walker) and No. 35 (Brazil forward Marcos Louzada Silva) this year, plus Cleveland’s 2020 first-round pick. In return, the Pelicans sent Solomon Hill, the No. 57 pick (later traded to Philadelphia and then Detroit) and a future second-round pick to the Hawks, ESPN reported.

Atlanta was flush with first-round picks after a deal during the 2018 draft that sent Luka Doncic to the Dallas Mavericks and brought Trae Young to the Hawks.

IN OTHER DRAFT-DAY MOVES
The Indiana Pacers acquired forward T.J. Warren and the No. 32 pick from the Phoenix Suns in exchange for cash, ESPN’s Adrian Wojnarowski reported.

The move clears salary-cap space for the Suns, who would shed the remaining three years and $35 million on Warren’s contract. Warren, 25, contributed 18 points and four rebounds per game last season for Phoenix.

The Pacers later dealt the 32nd pick, which became Stanford forward KZ Okpala, to the Miami Heat for three future second-round picks.

The Suns then dealt the No. 6 pick in the draft to the Minnesota Timberwolves for the No. 11 pick and forward Dario Saric, according to Wojnarowski.

The Wolves used the sixth pick on Texas Tech shooting guard Jarrett Culver, and the Suns took North Carolina forward Cameron Johnson 11th overall.

Saric, 25, moved to Minnesota in the middle of last season in the deal that sent Jimmy Butler to the Philadelphia 76ers. In a combined 81 games, he averaged 10.6 points and 5.6 rebounds in 2018-19, both figures below his career norms.

The Boston Celtics completed a pair of trades with the Philadelphia 76ers and the Suns, adding a future first-round pick while sending big man Aron Baynes to Phoenix, according to multiple reports.

First, the Celtics dealt the 20th overall pick (Washington wing Matisse Thybulle) to the 76ers for the 24th pick (Virginia guard Ty Jerome) and the 33rd pick (Purdue guard Carsen Edwards). Boston then sent Jerome and Baynes to the Suns for a 2020 first-round pick originally owned by the Milwaukee Bucks.

Reports earlier Thursday said the Celtics were interested in moving Baynes to clear cap space for a big free agent addition, with eyes on Butler and Toronto’s Kawhi Leonard.

The Memphis Grizzlies traded up two spots with the Oklahoma City Thunder to land Gonzaga forward Brandon Clarke, sending a 2024 second-round pick in exchange, according to multiple reports.

Clarke was taken 21st overall, and the Thunder got 23rd overall pick Darius Bazley, a forward who committed to Syracuse last year before choosing not to play on a team for the past year.

The Los Angeles Clippers sent the Brooklyn Nets a 2020 first-round pick and the 56th overall pick in Thursday’s draft to acquire the 27th overall pick, according to multiple reports.

The Clippers got Florida State forward Mfiondu Kabengele with the 27th pick, and the Nets got UCLA guard Jaylen Hands at No. 56. The 2020 first-rounder headed to Brooklyn was previously acquired from Philadelphia in the trade of Tobias Harris.

The Cleveland Cavaliers sent four future second-round picks to the Detroit Pistons for the 30th overall pick, USC guard Kevin Porter Jr.

The Hawks traded two future second-round picks and the 57th overall pick (later dealt to Detroit) to the 76ers for the 34th overall pick, Maryland big man Bruno Fernando.

The Golden State Warriors traded two future second-round picks to the Pelicans for the 39th overall pick, Serbian C Alen Smailagic.

The Washington Wizards acquired swingman Jonathon Simmons and the 42nd overall pick, Tennessee forward Admiral Schofield, from the 76ers for cash considerations.

The Denver Nuggets traded a future second-round pick and cash considerations to the Heat for 44th overall pick, Oregon center Bol Bol.

The Los Angeles Lakers traded a future second-round pick and cash considerations to the Orlando Magic for the 46th overall pick, Iowa State forward Talen Horton-Tucker.

The New York Knicks traded up eight spots with the Sacramento Kings to get Michigan guard Ignas Brazdeikis at 47th overall. The Kings get Virginia guard Kyle Guy with the 55th overall pick. Compensation for the swap is not yet known. — Reuters

Roger Federer downs Herbert to take a step closer to 10th Halle title

LONDON — Roger Federer’s Wimbledon preparations gained momentum as the Swiss blasted past Pierre-Hugues Herbert 6-3 6-3 on Saturday to reach the final of the Halle Open where he is seeking a 10th title.

The 20-times Grand Slam winner was dragged to three sets in his previous two rounds in Germany but was back to his best in his first meeting with Frenchman Herbert, winning 86% of points on his first serve.

Up next for the 37-year-old, who is looking to win a 102nd tour-level trophy and move closer to Jimmy Connors’ record of 109, is Belgian David Goffin who beat Matteo Berrettini 7-6(4) 6-3 in the other semifinal.

“The last couple of days were hard, that’s why I am thrilled to be in the final,” Federer, who was facing his 337th different opponent, said.

World number 33 Goffin had earlier ended Stuttgart champion Berrettini’s eight-match winning streak, withstanding 14 aces and saving all three break points he faced.

“Matteo is a great player, he’s serving so well. I had to be focussed and aggressive, not too passive,” Goffin said.

“Otherwise he would have had a couple of chances… I played well from the start. That was the key to stay focused from the start. I’m playing well, more aggressive… so, it’s a great feeling this week to be in the final.”

Goffin’s only victory against Federer in eight meetings came at the ATP Finals in London two years ago, where he eventually finished as runner-up.

The Halle Open is a warm-up tournament for Wimbledon which begins on July 1. — Reuters

Citi Philippines comes on board the local Paralympic movement

THE LOCAL Paralympic movement got a new supporter in Citi Philippines, which has vowed to rally behind the country’s differently abled athletes as they compete in international events, including the 10th ASEAN Para Games here in January 2020.

While its partnership with the Philippine Paralympic Committee was formalized in December last year following Citi’s agreement with the International Paralympic Committee, the tie-up in the country was brought to the fore at the weekend with the holding of the inaugural “Lakad Para Atleta” at the University of the Philippines College of Science Oval in Diliman, Quezon City.

A fund-raising walk in support of the Paralympic movement, Lakad Para Atleta, Citi said, is one of the activities the groups hope to stage to help generate excitement and national pride around the extraordinary accomplishments of the country’s para-athletes.

Citi incidentally is sponsoring two of the country’s top para-athletes — Adeline Dumapong-Ancheta (power lifting) and Jerrold Mangliwan (wheelchair racing).

Present during the Lakad Para Atleta last Saturday were officials of the PPC and Citi Philippines, joined by more than 2,000 participants, including 800 Citi employees.

“Citi Philippines is excited about the opportunity to partner with the PPC and to jointly work on the common goal of greater inclusion in sports. We are thrilled to sponsor the inaugural ‘Lakad Para Atleta.’ Our 800 Citi volunteers present today feel honored to be participating side-by-side with the nation’s incredible para-athletes and their supporters,” said Citi Philippines chief executive officer Aftab Ahmed.

For PPC president Michael Barredo, Citi Philippines coming on board of the movement and supporting what they are doing is a big boost.

“We are overwhelmed by the support of our partners, especially Citi Philippines. ‘Lakad Para Atleta’ and our partnership with Citi will help increase awareness of para sports in the country as we prepare for the upcoming ASEAN Para Games in January 2020, as well as the Tokyo Olympics and Paralympics later on the same year. We hope to make our fellow Filipinos proud of our achievements both in the sporting arena as well as in our quest to promote equality for all,” said Mr. Barredo.

The Lakad Para Atleta was also supported by UP, the Philippine Olympic Committee (POC) and the Philippine Olympians Association (POA), among other organizations.

The POC is also supporting the PPC by holding a series of sports activities for an “Olympic Day” together with the country’s top athletes from the POA. — Michael Angelo S. Murillo

Tough times ahead

Free agency in the National Basketball Association doesn’t officially start until the evening of June 30, and yet quite a few movements have already been marked as done — or, at least, as good as done. Among them are the departures of Celtics linchpins Kyrie Irving and Al Horford, the willingness (desire, even) of top management to keep them notwithstanding. Due to an unfortunate confluence of events, a campaign that was looked upon with loads of promise this time last year instead wound up dealing tons of disappointment. Dysfunction reared its ugly head, thus making divorce all but a foregone conclusion.

The operative phrase, to be sure, is “all but.” Despite the seeming certainty of the exits, the fact that there is still time on the clock underscores the possibility of the status quo being perpetuated. And as unlikely as it may seem, pro hoops annals are littered with enough occurrences of the improbable to keep it in play. Never mind that Irving has long been sending signals that he would rather be donning anything other than green and white, and that Horford, by extension, figures to latch on to a better opportunity to chase a ring without sacrificing optimal earning capacity.

Creditably, the Celtics are operating with the worst in mind, and have thereby made draft-day deals designed to provide them with cap room to go after a high-profile free agent, not to mention the flexibility to trade high-potential assets for proven talent. The flipside is that, regardless of outcome, they’re left to scramble and rework their best-laid plans. Their multi-year project to acquire Anthony Davis fell by the wayside, and chemistry issues stunted their aptitude to be greater than the sum of their parts.

In this regard, not a few quarters have pegged the Celtics to be better off accepting the inevitable. After all, it’s not as if they’re rebuilding from scratch. They remain competitive, with Jayson Tatum and Jaylen Brown headlining a youthful base boasting of enviable skill sets. On the other hand, they’re not about playoff appearances. Ultimately, they’re about championships. And names on the rise won’t cut it. Stars will, and they’ve got a grand total of one — assuming Gordon Hayward even gets to regain his pre-injury form.

In any case, the Celtics will keep plodding on. Tough times are ahead, but Danny Ainge and Brad Stevens will make sure they’re in the best possible position to contend for the hardware. Are Irving and Horford gone? The answer will come on June 30. No matter what, however, they’ll continue to forge ahead. Which, in the final analysis, is all that matters.

 

Anthony L. Cuaycong has been writing the 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.

Over 100 retailers rally with Huawei, offers special warranty program to confirm use of Google apps

To assure consumers who are interested in Huawei phones, partner retailers and dealers will offer a “Special Warranty Program” for upcoming purchases of any current Huawei model. All devices covered by this special warranty will have no issue concerning the usage of Google apps and services such as Google Play Store, Gmail, Google Maps, Photos, Chrome, and YouTube. The same goes as well with non-Google ones such as Facebook, Instagram, and WhatsApp.

This special warranty is offered exclusively by participating dealers to show their continued support to the brand while at the same time provide a worry-free experience for consumers with their new Huawei device. Key retail partners such as MemoXpress, Rulls, and around 30 more support the special warranty program, reassuring consumers that all Huawei devices purchased from them are fully equipped with Google services ready to go.

As dealers are offering this special warranty, current users of Huawei models express their confidence in the strength of their phones and also their satisfaction with the exceptional after-sales service.

Mark Anthony Lacsamana, a Huawei Mate 20 Pro User, agreed earnestly when asked if the device was worth his money.

“It’s because everything that I want in a phone is here. The camera, for example, is clear even at a distance. And then, in terms of its durability, it remains sturdy and has no scratches at all even when my phone fell several times,” he said in the vernacular.

Meanwhile, another customer, Ryan Lu, took his Huawei Nova 3i in for Service Day, and he’s proud of his choice of device. “It’s very stylish, unique, and affordable. And also, it’s very powerful,” he said of the device’s features, among them the KIRIN 710 processor. What he likes the most about the phone, however, is its capability for him to personalize and customize.

Ryan Lu shows his Nova 3i

Regarding recent issues involving Huawei and Google, Mr. Lu is unfazed, and he no longer bothers with them as long as the phone works well. In fact, he shared that his family, who would join him on that Service Day, were influenced by his purchase to buy Huawei phones for themselves.

Pauline Delicano is another proud and satisfied Nova 3i owner. Having tried other brands before, she switched to Huawei the moment she had the chance.

“Now, it’s one of the most competitive brands. I think it [the issues] doesn’t really matter as long as we will get the services that we have always been getting. I don’t think it wouldn’t affect us that much as long as the current users won’t be experiencing any problems,” Ms. Delicano said.

On the other hand, Mariel Tanggol, a Huawei concept store supervisor and a firm supporter of the brand, mentioned how thrilled her sales team was after hearing about the warranty program.

“Before the warranty program, I saw the eagerness among the sales promoters to help out consumers with their questions. But after the warranty came out, I also saw, as a supervisor, how they became more confident and motivated in demonstrating the units and explaining to customers about the issue,” she said.

Ms. Tanggol together with her sales team at SM Mall of Asia branch felt the trust and confidence of consumers towards the brand, and she has even seen a significant impact in sales after the announcement of the warranty program.

Huawei sales team

Ultimately, consumers will benefit the most with the warranty program wherein they now think that they are getting the value for the money they spent.

Also, according to the store supervisor, most consumers were surprised by the fact that dealers offer after-sales services like the special warranty. She also found that 99% of the customers who heard the news from the sales promoters expressed ecstatic remarks about this while showing contentment as well.

Furthermore, MemoXpress Vice President for Operations Edward Tan shared his warm response with Huawei’s fine way of addressing recent issues, saying, “We are one with Huawei in pushing for quality service including after-sales initiatives that will surely put Filipino consumers first.”

“We express our support and full trust with Huawei through this special warranty program to prove that Huawei devices are safe to purchase,” Mr. Tan added.

Edward Tan, Vice President for Operations at MemoXpress

Huawei’s products and services are available in more than 170 countries, and are used by a third of the world’s population. Fourteen R&D centers have been set up in the United States, Germany, Sweden, Russia, India and China. Huawei Consumer BG is one of Huawei’s three business units and covers smartphones, PC and tablets, wearables and cloud services, etc. Huawei’s global network is built on almost 30 years of expertise in the telecom industry and is dedicated to delivering the latest technological advances to consumers around the world.

‘Hot money’ flows out for 3rd straight month in May

MORE foreign capital went out of the Philippines in May for the third straight month, amid the escalating trade tensions between the United States and China, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

Foreign portfolio investments — also known as hot money because of the ease by which these funds enter and leave the economy — saw a net outflow of $749.84 million in May. This was significantly more than the $206.25 million net outflow in May 2018, and the $298.83 million that left the country in April 2019.

This brought the five-month tally to a $685.27 million net outflow, reversing the $813.81 million in net inbound capital logged during the same period in 2018.

The BSP forecasts $4 billion in net inflows for 2019.

Gross outflows stood at $1.988 billion in May, higher than the $1.418 billion seen in the same month last year and the $1.289 billion logged in April.

This offset the $1.238 billion in foreign capital that entered the country in May, a tad higher than the $1.212 billion in gross inflows seen a year ago and the $989.96 million the prior month.

Broken down, all investment instruments posted a net outflow, particularly the listed securities at the Philippine Stock Exchange ($508 million), peso government securities ($241 million) and other local currency debt papers and other portfolio instruments (each at less than $1 million).

The central bank attributed the 54.2% month-on-month increase in gross outflows in May to the “renewed trade tensions between the US and China.”

Trade tensions between the world’s two largest economies simmered again after Beijing and Washington imposed tit-for-tat levies on each other’s imports.

The US increased tariffs on $200 billion worth of Chinese goods to 25% from the previous 10% on May 10. In response, China slapped American imports higher levies of up to 25% on certain goods effective June 1.

President Donald J. Trump said Tuesday he is set to meet his Chinese counterpart Xi Jinping next week during the G20 Summit next week in Japan to discuss trade issues.

The BSP said the US continued to be the main destination of fund outflows, receiving 81.5% of total remittances.

On the other hand, the central bank said gross inflows grew 25% month-on-month as investors reacted on the lower inflation for April 2019 amid the midterm polls, as well as the BSP’s move to cut the reserve requirement ratio of big banks.

Roughly 81.5% of investments registered in May were in PSE-listed debt papers, particularly in holding firms and companies pertaining to property, banking, food, beverage, tobacco and transportation services.

By country, the top five investors last month were the United Kingdom, the US, Malaysia, Singapore and Luxembourg, accounting for 76.7% of the total.

Ruben Carlo O. Asuncion, UnionBank of the Philippines, Inc. chief economist, said there have been “not so good news” about the “protracted” trade conflict between Beijing and Washington.

“Emerging markets like the Philippines are usually very vulnerable to volatility brought by unfavorable sentiments mentioned,” Mr. Asuncion said in a text message. — K.A.N.Vidal

Outlook for PHL banks still stable

THE local banking industry will continue to benefit from robust economic growth of the Philippines, debt watchers Moody’s Investors Service and S&P Global Ratings said.

In a report, Moody’s said its outlook for the Philippine banking system remains “stable” for the next 12-18 months.

“Among other factors that will underpin the credit profiles of banks in the country, robust economic growth will continue to support asset quality at current strong levels,” Moody’s said.

The debt watcher projects the country’s gross domestic product (GDP) growth — which will remain among the highest in Asia — at six percent in 2019 and 6.2% in 2020, underpinned by “robust domestic consumption and an expansionary fiscal policy” despite the four-month delay in the enactment of the 2019 national budget.

“Private consumption, which contributed 68.5% of the country’s real GDP in 2018, will continue to be supported by the Philippines’ young population and remittances from Filipinos living overseas,” Moody’s said.

It added that easing inflation will “help improve consumers’ purchasing power.”

Latest data showed prices of basic goods and services grew 3.2% in May, a tad faster than the three percent tallied the previous month, driven by food and non-alcoholic beverage as well as water, electricity, gas and other fuel costs.

The easing inflation environment triggered the Bangko Sentral ng Pilipinas (BSP) to slash its benchmark rates by 25 basis points to a key rate of 4.5%.

However, the central bank opted to take a “prudent pause” in cutting rates to allow it to “observe and assess the impact of prior adjustments” such as the phased reduction in reserve requirement ratio (RRR) until July.

“We expect loan growth to recover to 13%-15% annually over the next 12-18 months as the Philippines’ central bank ends monetary tightening now that inflation is easing,” the debt watcher said.

Citing BSP data, Moody’s said year-on-year loan growth moderated to 11.9% in the first quarter of 2019, from 17.4% a year earlier.

Due to this rapid credit expansion, Moody’s expects the capitalization of local banks to “weaken moderately,” as consumption will continue to outpace generation.

However, shareholder support will prevent the significant deterioration of capital, as seen in the recent stock right offers (SRO) of big banks.

In 2018, Metropolitan Bank & Trust Co., Bank of the Philippine Islands, Rizal Commercial Banking Corp. and UnionBank of the Philippines, conducted SROs to support lending growth.

Philippine National Bank, meanwhile, is set to raise about P12 billion in July by offering 276.63 million common shares.

Moody’s expects profitability of banks to be stable as growth of net interest margins (NIM) offsets higher operating expenses due to investments in IT infrastructure and branch network.

“In addition, planned cuts in reserve requirement ratios for banks will help NIMs widen by enabling banks to deploy funds more efficiently,” the credit rater added.

BSP Governor Benjamin E. Diokno started slashing big banks’ RRR in May until it reaches 16% next month. He also vowed to bring the cash requirement to a single-digit percentage by the time he ends his term in 2023.

On the other hand, Moody’s said banks will maintain strong asset quality despite increases in interest rates, since “economic conditions are healthy and financial performance of Philippine corporates… remains strong.”

The debt watcher assigned a “Baa2” credit rating for the Philippines with a “stable” outlook, a notch above the minimum investment grade.

Meanwhile, in a separate statement, S&P kept its banking industry country risk assessment (BICRA) score to the local lending sector to group 5.

It mentioned that the economy’s strong growth trajectory, strong fiscal policies and an improving investment climate “provide sound growth opportunities for the country’s banks.”

Nikita Anand, S&P Global Ratings credit analyst, said the increase in non-performing loans will continue over the past few quarters.

“[H]igher interest rates will increase borrowers’ debt servicing burden,” Ms. Anand was quoted as saying. “Nevertheless, the increase in non-performing loans will overall be moderate and manageable for banks due to broadly supportive macroeconomic conditions.”

She added banks’ cost-to-deposit ratios will continue to climb as additional liquidity brought by the reduction in RRR will enable the lenders to grow.

The debt watcher upgraded the Philippines’ BICRA score by a notch to group 5 from group 6, citing “improvement in the institutional framework of the country’s banking system” with enactment of the law strengthening the central bank on Feb. 14. — Karl Angelo N. Vidal

Globe launches first 5G service in Southeast Asia

Globe Telecom, Inc. launched the first 5G broadband service in Southeast Asia. The Philippines is also the third in Asia to have 5G broadband service, after South Korea and Japan. — Reuters

MANILA — Globe Telecom Inc on Thursday launched Southeast Asia’s first 5G broadband service, with embattled Huawei Technologies Co Ltd. providing the equipment, a win for the Chinese firm despite cybersecurity worries from Western nations.

The Philippines is also the third in Asia to have 5G broadband service, after South Korea and Japan.

The Ayala-led telecoms firm aims to offer high-speed internet to tens of thousands of homes and offices in key urban centers as part of its $1.2 billion capital spending this year, Alberto de Larrazabal, Globe’s chief commercial officer, told reporters.

Globe would use Huawei’s equipment like radios and modems to deliver 5G quality broadband internet, he added. Huawei and Finland’s Nokia were Globe’s equipment providers for its 4G service.

The United States had warned that next-generation 5G equipment, which some telecoms experts see as more vulnerable to attack than previous technology, could be exploited by the Chinese government for spying if supplied by Huawei, which the company denies.

Washington, a treaty ally of Manila, had persuaded governments and telecoms operators to shun Huawei, the world’s largest maker of telecommunications equipment.

Globe hired independent firms “to ensure that our security protocols are up to date, to make sure privacy and security issues are addressed,” Mr. de Larrazabal said.

Philippine consumers, the world’s top social media users, often get frustrated with slow and choppy internet connections. The Philippines’ mobile internet and fixed broadband speeds lag behind its neighbors, data from Ookla’s Speedtest Global Index showed.

It ranks 107th among 178 countries in terms of fixed broadband speed at 19.55 megabits per second (Mbps) versus the global average of 59.6 Mbps. Among 140 countries, it ranks 107th in terms of mobile internet speed at 15.10 Mbps, nearly half of the 27.22 Mbps global average.

Globe is owned by Philippine conglomerate Ayala Corp, with Singapore Telecommunications Ltd holding a minority stake.

Globe At Home Air Fiber 5G is a fixed wireless broadband that uses technology where a site transmits connectivity to the home without the use of wired connection.

Plans range from 20Mbps to 100Mbps as opposed to existing 4G broadband plans that offers 5Mbps to 20Mbps. Air Fiber 5G will be available next month for home use broadband.

As for availability of 5G service to mobile handsets, Globe is still waiting for 5G capable handsets to become more pervasive.

“When the handsets with 5G become…more affordable…more pervasive then we can think about whether rolling it out for mobile makes sense. But for now it’s very targeted, it’s going to be somewhat stationary for at home use,” Mr. de Larrazabal said. — Reuters with report from Katrina T. Mina

Former DFA chief arrives home after detention in Hong Kong

By Arjay L. Balinbin, Reporter

FORMER Foreign Affairs secretary Albert F. Del Rosario was held at the Hong Kong International Airport on Friday before his return to Manila also that day.

“We are still in the immigration office, almost four hours na (already),” Mr. del Rosario said in a phone-patch interview on DZMM TeleRadyo on Friday morning.

Mr. del Rosario, who serves as non-executive director at the Hong Kong-based First Pacific, said he was supposed to attend a meeting by the First Pacific board of which he is a member and has informed the Department of Foreign Affairs (DFA) of his plan.

Melody M. del Rosario, vice-president for Public Relations and Corporate Communications at Metro Pacific Investments Corporation, confirmed to BusinessWorld via phone message that the company has a board meeting this week. “Yes, they have,” she said.

Mr. del Rosario also confirmed this during his interview saying: “I have a board meeting for First Pacific and then I have shareholders’ meeting also for First Pacific. All business.”

Both the former Foreign Affairs chief and retired Ombudsman Conchita Carpio-Morales sent a “communication” to the International Criminal Court (ICC) last March asking the organization to conduct a preliminary examination against Chinese President Xi Jinping and other officials in connection with the harassment of Filipino fishermen in the West Philippine Sea.

Last month, Hong Kong immigration authorities held Ms. Morales when she and her family went there for a five-day vacation.

Mr. del Rosario, when asked if the ICC communication that he and Ms. Morales have filed could be related to this incident, said: “Yes.”

Presidential Spokesperson Salvador S. Panelo, for his part, said in a CNN interview: “We cannot question the authority, the right of a country to stop or to investigate any guest or visitor wanting to enter that particular country. That’s their exclusive domain.”

“Now, whether or not a person is a security risk to them is for them to determine, not us…. Now, with respect to Albert del Rosario, I cannot also understand the good Ambassador, why he knew from the very start that the Hong Kong authorities have detained former Ombudsman Morales. Of course, we can only speculate that it could have been in relation to the case filed against China. But having said that, because if I were del Rosario, I would have not gone to Hong Kong,” he added.

In a phone message, Justice Secretary Menardo I. Guevarra, who has been designated by President Rodrigo R. Duterte as officer-in-charge while he is in Bangkok for a summit, said: “As OIC, I will request the DFA to find out the reason for former SFA’s exclusion and extend whatever assistance could be given to him as a former foreign minister of our country.”

“But personally, I believe that the lesson derived from former Ombudsman Morales’s similar experience should have been clear to him,” he added.

Senator Richard J. Gordon, in his statement, said the Hong Kong authorities acted with “disrespect” in the manner they treated Mr. del Rosario.

“Hong Kong authorities acted with disrespect and exhibited lack of good judgment. The maintenance of good and friendly relations, bilateral or multilateral, state to state, people to people, is a main objective of every government,” he said.

First Pacific has presence in the Philippines through key units PLDT, Metro Pacific Investments Corp., and Philex Mining Corp.

Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

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