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RCBC innovation head to push ‘sachet banking’

By Karl Angelo N. Vidal, Reporter

FORMER financial technology (fintech) firm head and now Rizal Commercial Banking Corp. (RCBC) Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva eyes to continue his “sachet banking” push to include more unbanked Filipinos into the formal financial system.

In an interview, Mr. Villanueva said the Yuchengco-led lender will aggressively pursue banking services that will cater to market segments with deficient financial access.

“In RCBC, I will continue my sachet banking push. The priority is to roll out an integrated and inclusive digital finance products and services for the unbanked and undeserved,” Mr. Villanueva told BusinessWorld in a phone message on Wednesday.

With the intent of transitioning the unbanked to fully banked individuals, Mr. Villanueva said the initiative will cover the creation of basic deposit accounts with microinsurance coverage nationwide.

This would allow new-to-bank clients to establish a credit profile, exposing them to other banking products such as lending and investments.

“We will review, rationalize, and optimize all digital assets to promote omni-channel customer access,” he added, noting that the thrust will also cover key sectors such as small and medium enterprises as well as agriculture.

According to the latest Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas in 2017, only 22.6% or some 15.8 million Filipino adults maintain formal bank accounts, citing lack of money and lack of need to have an account as the main reasons.

Mr. Villanueva took the post of innovation and inclusion head of RCBC effective May 1, months after leaving his managing director post at FINTQnologies Corp., the fintech arm of PLDT Group’s Voyager Innovations, Inc.

During his stint at FINTQ, he advocated for the “sachet banking” model, providing unbanked and underserved Filipinos access to financial services such as savings, loans, insurance and investments for as low as P20 through mobile and online channels.

Mr. Villanueva concurrently holds the position of chief digital transformation adviser for the entire Yuchengco Group of Companies — an appointment which took effect last April 22.

“The first order of the day is on how to accelerate the pace and impact of digital transformation across all businesses of the conglomerate,” Mr. Villanueva said. “This will be done by driving change towards creating a delightful customer experience and delivering enabling strategies and inclusive digital solutions achieving hyper-growth.”

“As digital technologies are fast reshaping all industries, Lito’s onboarding is a welcome development to the group as we all need to embrace these disruptions to compete and future-proof our businesses,” said Helen Y. Dee, RCBC and Yuchengco conglomerate chairperson.

Mr. Villanueva’s career spans two decades, previously holding key roles in Visa, the Economist Intelligence Unit and International Finance Corp. He is also the founding chairperson of Fintech Alliance Philippines, an industry group representing more than a third of the country’s registered fintech companies.

RCBC booked a steady net income of P4.3 billion in 2018, supported by increased lending across all segments.

RCBC shares stood at P26 apiece on Tuesday, up 40 centavos or 1.56% from the previous close.

Known for its burgers, Shake Shack has the best hotdog

NEW YORK icon Shake Shack is building a home in the Philippines with the opening of its first branch in BGC’s Central Square.

The favorite of frequent flyers, a bite of Shake Shack has been seen as a badge of honor. A photo of a Shake Shack burger in its white wrapper tells your followers on Instagram, “I’ve been there.”

Shake Shack, while having its base and origins in New York, has more than 200 branches worldwide (including those in the United States), in such diverse locations as Seoul and Tokyo to London and Shanghai. The restaurant started in New York in 2004 as an actual shack in Madison Square Park, as part of the city’s rehabilitation efforts.

It’s not a wild stretch of the imagination then for the country’s SSI Group to be the New York restaurant group’s partner in the country. The SSI Group has been behind bringing the Starbucks concept to the Philippines, after all.

“We want people with a proven track record,” said Shake Shack Culinary Director Mark Rosati. Meanwhile, Steven Sarmenta, EVP-GM at the SSI Group, said about bringing food icons to the country, “It’s not just the brand, and the product itself, but the lifestyle [associated with it.”

BusinessWorld got a bite of the ShackBurger, its original with cheese, lettuce, tomato, and special secret ShackSauce, along with the Shack-cago Dog, with Ricks Picks Shack relish, onion, cucumber, pickle, tomato, sport pepper, celery salt, and mustard. As a Shake Shack virgin, unlike the more seasoned travelers at my table, I really couldn’t pass a verdict on how similar the taste is to the burger in New York. I can say, however, that the burger was moist, tender, and any deficiencies in flavor are balanced out with textures and freshness. The hotdog, I can also say, was one of the better ones I’ve tasted in this lifetime.

The Philippine branch also has exclusive offerings, sourced from partners in the Philippines: there’s the Ube Shake, the Calamansi Limeade, and the concretes (frozen custard ice cream). The concretes include the Uuuube-by Baby, with ube (purple yam), coconut marshmallow, ube cookie, toasted coconut, and pinipig (popped rice), topped with leche flan, while the Shack Attack, a Shake Shack classic, has been remade with Filipino chocolate. Lastly, there’s the Calamansi Pie Oh My with Calamansi Pie from Wildflour Bakery.

No insane pricing here either: the basic burger is about P250, which Mr. Sarmenta points out is 16% cheaper than the same burger in the US, 21% cheaper than in Hong Kong, and 19% cheaper than in Singapore.

“We’re the lowest,” he said.

There are a lot of burgers at this price range with far more flavor and edge, but I suppose you can go and line up so you can also say “I’ve been there.”

Shake Shack opens to the public on May 10 in Central Square BGC. — Joseph L. Garcia

Gov’t sees boost in MRT-3 speed, trains after turnover

THE GOVERNMENT expects improvements in the MRT-3’s operations. — BW FILE PHOTO

By Denise A. Valdez, Reporter

THE GOVERNMENT expects a boost in speed and number of train sets running for the Metro Rail Transit Line 3 (MRT-3) as it officially turned over the rehabilitation and maintenance of the train line to its original designers in a ceremony Tuesday night.

Japanese firms Sumitomo Corp. and Mitsubishi Heavy Industries, Ltd. (Sumitomo-MHI) together with TES Philippines, Inc. (TESP) started their official takeover of the MRT-3 rehabilitation and maintenance works on the eve of May 1, which continues the 24-month procedure it started in February.

Transportation Undersecretary for Railways Timothy John R. Batan said the entry of the group is expected to improve the speed of the MRT-3 from the current 30 kilometers per hour (kph) to its optimal 60 to 65 kph. The number of train sets running on the line is also expected to rise from the average 15 at present to about 20 after the rehabilitation.

“Yung mga riles natin are in really bad condition. That’s why meron tayong speed restriction na 30 kph. Sa June, third week of June, ’yung team natin is going to go to Japan para doon sa factory acceptance ng mga bagong riles. So as early as July, the new rails will start coming in. So by the end of this year, we would have made significant progress sa riles,” he told reporters after the turnover ceremony at the MRT Depot in Quezon City.

“Currently we are operating 15 train sets. Ang target natin after the rehabilitation, which is after 24 months, is makabalik tayo ng 20 train sets during peak hours,” Mr. Batan added.

The governments of the Philippines and Japan signed the 43-month contract for the MRT-3’s rehabilitation last year, with a project cost of P16.985 billion payable for 40 years and with a 12-year grace period.

As for the Dalian trains, or the 48 MRT-3 trains procured during the previous administration, Mr. Batan said Sumitomo-MHI wants to do its own assessment of their usability on the MRT-3.

The Dalian trains were delayed from use due to issues in its compatibility with the MRT-3 system. Its manufacturer, Chinese firm CRRC Dalian Co., already agreed last year to make the necessary adjustments to make it usable on the MRT-3.

“Essentially they need to review the documentation, they need to look at the trains themselves para ma-assess nila ’yung maintenance requirements ng Dalian trains. But they have given us indication that they are open and willing (to use it),” Mr. Batan said on Sumitomo-MHI’s request to reevaluate on its own the Dalian trains.

SEC cancels Yeheey’s incorporation papers

THE SECURITIES and Exchange Commission (SEC) has invalidated the incorporation papers of Yeheey iTraffic System, Inc. for the damage it might cause the public due to its paid-to-click scam.

In a statement issued Wednesday, the SEC said its Enforcement and Investor Protection Department (EIPD) issued the order to revoke Yeheey’s certificate of incorporation on April 4, citing the “serious misrepresentation” it can do or is doing for asking the general public to register in its platform in exchange for high returns.

The commission found that Yeheey invites members to register as premium subscribers for P1,000. After then, members can earn 1,200 points by logging in and out of its online platform four times a day for six days. They will also be given $2 for every recruit they bring in to the system.

Such acts constitute a public offering of securities, which requires a secondary license from the SEC.

“Considering that nowhere it is stated in the primary purpose that YEHEEY is authorized to engage in the selling or offering for sale of securities to the public, the activity of YEHEEY of selling or offering for sale of investments is considered an ultra vires act and therefore constitute serious misrepresentation,” the EIPD said in a statement.

The commission added that certifications from its various departments such as the Markets and Securities Regulation Department, Corporate Governance and Finance Department, and Company Registration Monitoring Department showed that Yeheey made no effort to apply for a permit to offer securities.

The EIPD further found Yeheey to be engaged in a Ponzi scheme, where investors are presented impossibly high returns. These returns are taken out of the capital of later investors to early investors, since they have no material products that generate profit. A Ponzi scheme is prohibited under Section 26 of the Securities Regulation Code.

Prior to the revocation of Yeheey’s incorporation papers, the SEC had already issued an advisory against Yeheey in August 2018, warning the public to be cautious when dealing with the individuals or groups representing the firm. — Arra B. Francia

PNB to complete thrift bank integration by mid-2019

PHILIPPINE NATIONAL Bank (PNB) targets to complete the consolidation of its savings lending arm with the parent lender by mid-2019, as it is still working on regulatory approvals.

PNB Executive Vice-President Chester Y. Luy said the Lucio C. Tan-controlled lender expects to complete its absorption of PNB Savings Bank “before the second quarter…or perhaps first part of third quarter.”

“That is going well. We just need to have all the regulatory approvals in place,” Mr. Luy told reporters following PNB’s press briefing on Tuesday.

PNB announced in September last year that its board of directors approved the full integration of its wholly-owned thrift banking subsidiary into the parent lender.

The merger plan needs to be approved by regulatory agencies such as the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

PNB said that the integration will allow the parent bank to “deliver a more efficient banking experience” and “serve a wider customer base,” while PNB Savings Bank clients will have access to the universal lender’s diverse financial services upon full consolidation.

“That is why we’re putting the savings bank back into the bank to allow ourselves to have a very good cover of the consumer finance business locally,” PNB President and Chief Executive Officer Jose Arnulfo A. Veloso said during the press briefing.

He added that the consolidation will also enable its overseas Filipino clients to “have a referral bank of the consumer finance means into the country.”

Thrift lenders like PNB Savings Bank mainly target individual borrowers and small businesses, which are deemed riskier but higher-yielding segments compared with corporate clients which commercial banks usually serve.

Rizal Commercial Banking Corp. is also set to absorb its thrift banking unit RCBC Savings Bank to reduce operating costs and consolidate capital. The merger is expected to be completed in the second half of the year.

The planned integration of PNB Savings Bank into the parent will bring PNB’s total number of branches to 711.

PNB Savings Bank was the sixth-biggest thrift bank in the country in asset terms as of end-2018 with P61.8 billion.

PNB posted a net income of P1.9 billion in the first quarter of the year, up 30% from P1.5 billion posted in the same quarter last year. The bank also posted a P1.03 billion as of end-March, 21% higher year-on-year.

PNB shares stood at P52.50 apiece on Tuesday, up 10 centavos or 0.19% from the previous close. — Karl Angelo N. Vidal

Market seen riding debt rating upgrade euphoria

SHARES are seen to firm up in the remainder of the week as investors cheer the Philippines’ credit rating upgrade from debt watcher S&P Global Ratings late on Tuesday, marking the first such move since 2013 to the highest grade in the country’s history.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.71% or 55.70 points to close at 7,952.72 on Tuesday.

This marks a 0.4% increase on a monthly basis, as well as the main index’s return to the 7,900 level since April 11.

“We expect investor optimism, particularly from institutional funds, to push share prices and trading volumes higher. Aside from the stock market’s positive reaction, we are also keen on seeing the medium- to long-term impact of this upgrade on the country’s economy and fiscal position,” PSE President Ramon S. Monzon said in an e-mail, reacting to the S&P rating upgrade.

S&P raised the Philippines’ long-term sovereign credit rating to “BBB+” from “BBB” on Tuesday — three notches above minimum investment grade and just a step away from single “A” grade — citing the country’s strong economic growth trajectory supported by solid government fiscal accounts, low public indebtedness and the economy’s sound external settings. The rating was also assigned a “stable” outlook, indicating the country is likely to maintain the grade in the next six months to two years since the economy is expected to remain strong over the medium term.

“I expect the PSEi to react positively to this news, especially now that the Philippines is one notch away from ‘A’ rating,” Timson Securities, Inc. Trader Jervin S. de Celis said in a mobile phone message.

“This should encourage foreign investors to pour in more investments into our market and this might be a reason for the bourse to revisit the 8,000 level this week or early next week.”

Unicapital Securities, Inc. Technical Analyst Jeff See also said the PSEi could retest 8,000 this week since it has been able to hold the 7,800 position.

In a text message, Mr. See also cited as drivers “[m]arket speculation on BSP (Bangko Sentral ng Pilipinas) will cut interest rates and lower bank reserves” when the Monetary Board holds its third policy review for the year on May 9.

“Companies will also be releasing their first quarter 2019 earnings by May.”

BSP Governor Benjamin E. Diokno, who assumed his post in early March, has cited the need to bring down banks’ reserve requirement ratio — which at an already-reduced 18% is still “really high” — and said cutting benchmark interest rates would be just a matter of timing.”

Mr. Diokno said last week that a rate cut will depend on key macroeconomic data, the outlook on El Niño’s impact on farms and oil price movements.

Meanwhile, a number of firms are scheduled to release their first-quarter earnings reports this week, including Metro Pacific Investments Corp., Aboitiz Power Corp. and Aboitiz Equity Ventures, Inc. — Arra B. Francia

Restaurant Row (05/01/19)

Dusit Thani’s special dinner

A SPECIAL six-course Thai dinner, paired with the award-winning wines of GranMonte, will be served on May 3 and 4, 6 p.m., at Benjarong, Dusit Thani Manila. Teaming up are Thaintom Chantharawan of the Michelin-starred restaurant Chim by Siam Wisdom, Visootha Lohitnavy, oenologist and winemaker of GranMonte, and Wathcarapon Yongbanthom, Benjarong Manila’s Thai chef de cuisine. Limited slots are available. For reservations, call 238-8888.

Crimson marks 5 de Mayo

LA RUMBA Cinco de Mayo buffet at Crimson Hotel’s Café Eight.

FROM May 3 to 11, The Crimson Hotel’s Café Eight celebrates Mexico’s Cinco de Mayo with La Rumba, a buffet spread inspired by the rich diversity and vibrant flavors of the Mexican cuisine. There will be flavorsome appetizers such as chicken taco salad, stuffed jalapeño, pork empanada, pinto beans and chili with avocado salsa, and traditional Mexican soups such as pozole and albondigas, while the restaurant’s live and carving stations will serve stuffed beef, tacos el Pastor, Chipotle-marinated dorado, beef chimichangas and fajita sandwiches. The main dishes range from gambas al ajillo and pork carnitas, to vegetable chili lasagna and meatballs enchilada. For desert there’s churros, flan de manga, corn cheesecake with tamarillo, and apple burrito. The buffet is P1,470++ per person and includes the buffet and unlimited Mexican beer. Guests can also avail of the buy-one-get-one-free promo on all Tequila cocktails. For details, visit www.crimsonhotel.com/manila/, or call 863-2222.

Mother’s Day at TWG Salon

MOTHER’S DAY comes early as TWG Tea offers a Mother’s Day Set Menu from May 5 to 26 at all its salons in Greenbelt 5, Shangri-La Plaza, and Central Square. Begin the meal with seared halibut fillet wrapped in a chive crepe with baby potatoes and shallot confit, followed by squid and scampi pasta served with shimeji mushrooms, garlic and parsley infused with Tokyo-Singapore Tea. It is suggested to pair this dish with a warm cup of Geisha Blossom Tea or the French Earl Grey Tea. The meal ends with a heart-shaped gateau of honeycomb layered with strawberries and banana, coated with Silver Moon Tea infused white chocolate topped with dried roses. The TWG Tea’s Mother’s Day Set Menu is priced at P1,250 for a starter, main course, tea, and dessert.

Party with Jose Cuervo

CELEBRATE Cinco de Mayo with Jose Cuervo which is holding three parties in Metro Manila on May 4. The parties will be at Poblacion, Makati City, with select partner bars in Don Pedro and Alfonso St.; at Pop-Up in Katipunan, Quezon City; and The Island in Bonifacio Global City, Taguig. Partygoers can enjoy five shots of Jose Cuervo tequila at partner bars for P300.

Happy Hour at Wolfgang’s

THE newest drinking place in Bonifacio Global City, Wolfgang’s Steakhouse by Wolfgang Zwiener Bonifacio Global City kicks off evening with its Happy Hour Bar menu and specialty cocktails. Happy Hour runs from 3 to 7 p.m. and 9 p.m. to midnight. The bar menu includes katsu steak sandwich, truffle fries, and the Seafood Taster, among others. The specialty cocktails include a rum-based Lemongrass Mojito, gin pomelo Downtown Manila, Jalisco Spike, and Overthyme which combines thyme, oregano and strawberry with Botanist Gin and ginger beer. There are also imported draft beers, classic cocktails, and more.

Catch them if you can: the soaring business of downing drones

AFTER troublesome drones infiltrated London’s Gatwick airport late last year, disrupting passenger flights and costing potentially millions of pounds in revenue, that was the instinctive question posed by the watching world.

But for some businesses, shooting them down is a dangerous and unfeasible answer. They’re starting to tout better ideas: firing a net, jamming the drone, using a bigger drone to scoop it up.

These companies are part of an emerging industry offering myriad solutions, all hoping to solve the problems caused when drones fly where they’re not supposed to fly. The US Federal Aviation Administration announced in early 2018 it had logged more than one million registered drones, and Goldman Sachs Group Inc. predicts that by 2020, there will be 7.8 million shipments of consumer drones — an industry worth $3.3 billion in revenue. But as drones proliferate, major incidents will likely increase, raising questions about how to keep wayward devices in check.

“Laws will not stop drones; only technology will,” said Joerg Lamprecht, chief executive officer and co-founder of Dedrone Holdings Inc., a company that specializes in drone detection. “The race is on; the future is unmanned; and we’ve got to be staying in charge and in control.”

GOOGLE, AMAZON
Drones are becoming cheaper, increasingly accessible and more frequently used in business. An offshoot of Alphabet Inc.’s Google, Wing Aviation LLC, on Tuesday became the first drone operator to receive government approval as an airline, enabling it to begin routine deliveries in US skies.

Amazon.com Inc. has experimented with delivery by drone, and construction companies like McCarthy Building Cos. are using them to survey sites. Drone photography is proliferating and has sparked drone film festivals, and a breed of the devices designed for racing is rapidly gaining popularity. Let’s not forget finance types, who can invest in an exchange-traded fund dedicated to drone-focused stocks.

But when drones become problematic, and require detecting and disabling, it’s too dangerous to just shoot them down, even if that seems like the easiest answer, according to Arthur Holland Michel, co-director at the Center for the Study of the Drone at Bard College in New York. Bullets aimed at drones need to land somewhere, potentially causing damage and harm.

NIMBLE FLIERS
In any event, drones aren’t that easy to hit. Take the example of the DJI Phantom 4, the most popular drone in the US, according to the FAA data, analyzed by Bard. This drone — succeeded now by newer models — has a top speed of about 45 miles per hour, can fly as high as 6 kilometers (3.7 miles), and an almost 30-minute flight time, according to its manufacturer SZ DJI Technology Co.

Drones designed for racing are even more nimble. Their top speeds can reach into the triple digits; they can change direction instantly and have a dangerous tendency to fall out of the sky when their operator signal is cut.

“You cannot simply do it with existing technologies used with shooting regular aircraft,” Holland Michel said.

HAVOC WREAKED
Drones have wreaked havoc on a number of occasions. In the Gatwick case, drone incursions halting travel for more than 120,000 people over 36 hours. In August last year, two drones laden with explosives attacked Venezuelan leader Nicolas Maduro during a military parade.

In 2015, a drone landed on the roof of the office of Japanese Prime Minister Shinzo Abe. Also in 2015, a drone accidentally crashed onto the lawn of the White House, triggering a brief lockdown.

“It’s a large issue, and not just for airports, but for everybody that shares airspace above their head,” said Jim Hall, who is a former chairman at the National Transportation Safety Board.

Companies including Dedrone, OpenWorks Engineering Ltd., Fortem Technologies Inc., DroneShield Ltd. and the non-profit charitable trust Battelle say they have solutions. They’re all developing counter-UAS, or unmanned aircraft system, solutions. The technology is very new — at times so new — its terminology is not yet standardized.

CANNONS, MESH
UK-based OpenWorks sells a shoulder-mounted cannon that fires a net to catch the drone. DroneShield, based in Sydney, offers a large, gun-shaped jammer that when triggered will force a drone to land, or fall out of the sky. Dedrone, based in San Francisco, creates a mesh network designed to detect and identify drones based on how they “talk” to the operator by intercepting signals, feeding this information to a complementary jamming system developed by Battelle, of Columbus, Ohio.

Fortem Technologies uses a specialized radar to detect the drone — and attaches it to a bigger and faster drone. The firm’s DroneHunter can chase the target “like a dog on a leash,” leading to its capture, said the Pleasant Grove, Utah-based company’s Chief Executive Officer Timothy Bean.

OpenWorks says it has deployed hundreds of its devices. DroneShield, which went public in 2016 and trades on the Australian Stock Exchange, signed an accord with STC Specialized, an arm of the Saudi Telecom Company, in March, to cooperate on sales opportunities.

CAREFUL APPLICATION
These technologies have to be carefully applied, and not just used at will. Drones are considered aircraft under federal law — and just like regular aircraft, it’s illegal for citizens to sabotage or destroy them. The penalty can be up to 20 years of prison, said Michael Beylkin, an attorney in the Denver office of Fox Rothschild, a law firm with specialties including laws governing drones used in media and entertainment.

There are no exceptions, unless the aircraft is invading your private space, according to Beylkin. Even then, a drone would have to be dive-bombing a person repeatedly, and the response can only be proportionate, he said.

Devices that aim to jam drones similarly cannot be used outside of strict parameters: They are restricted devices that law permits only federal agencies to use. And with the new technology comes other limitations: Jamming devices don’t discriminate between targets and can disrupt everything from Wi-Fi internet to other planes. Pursuit drones need to be faster and more agile than their targets requiring significant technological innovation.

For the former National Transportation Safety Board Chairman Hall, the answer is better legislation, military-grade technology, and closer cooperation on the issue between authorities and operators. — Bloomberg

Peso to climb after S&P upgrade

THE PESO is seen to strengthen against the dollar for the rest of the week, propelled by the sovereign debt rating upgrade from S&P Global Ratings.

On Tuesday, the local currency barely moved versus the greenback, as market participants stayed on the sidelines ahead of the US Federal Reserve policy meeting.

Michael L. Ricafort, Rizal Commercial Banking Corp. economist, said the peso will likely strengthen after the global debt watcher raised the country’s long-term sovereign credit rating by a notch to “BBB+” from “BBB.”

“The latest credit rating upgrade by S&P…will be positive for the peso and the rest of the local financial markets, as the Philippines’ higher credit ratings will increase international investor confidence and interest to put more money in the country,” Mr. Ricafort said in a text message.

S&P on Tuesday upgraded the Philippines’ debt rating to “BBB+,” two notches above the minimum investment grade. It also assigned a “stable” outlook to the rating, which means it expects to maintain this grade in the next six months to two years.

“We raised the rating to reflect the Philippines’ strong economic growth trajectory, which we expect to continue to drive constructive development outcomes and underpin broader credit metrics over the medium term,” S&P said.

“The country’s latest credit rating upgrade may fundamentally allow a bigger number of international/global funds to increase investment exposures in the country,” said Mr. Ricafort. “This will also increase investor appetite on the Philippines as the credit rating upgrade reduces risk premium, which would lead some easing of local interest rates/bond yields and more price gains in the local financial markets.”

Nicholas Antonio T. Mapa, ING Bank N.V. Manila senior economist, said the upgrade “limits the reliance on interest rate differentials” to push the local unit, as foreign flows are “seen to continue even with less attractive carry trade opportunities.”

“[T]he upgrade also shows that ratings agencies view the external position of the Philippines as favorable with its more than adequate level of gross international reserves and the proverbial “aces up our sleeves” in OF (overseas Filipino) remittances and BPO (business process outsourcing) receipts, two sources of FX (foreign exchange) akin to the Philippine dynamic,” Mr. Mapa said in an e-mail on Tuesday.

Meanwhile, a foreign exchange trader said on Tuesday the peso-dollar move will be dependent on the decision of the Fed’s policy-making body Federal Open Market Committee (FOMC).

“By the time we come in, the FOMC meeting is already out. The FOMC decision will dictate the move,” the trader said in a mix of English and Filipino.

Fed officials are expected to keep interest rates unchanged during its third policy meeting this year, even as US President Donald J. Trump urged the central bank to use available tools to move the economy.

“We have a potential to go…up like a rocket if we did some lowering of rates, like one point, and some quantitative easing,” Mr. Trump said in a series of tweets.

For the rest of the week, the trader expects the peso to move between P52 and P52.25, while Mr. Ricafort gave a P51.80-P52.10 range. — K.A.N. Vidal

How much goods and services can minimum wage earners across regions now afford?

How much goods and services can minimum wage earners across regions now afford?

UST Tigresses claim 2nd seed in Final Four

By Michael Angelo S. Murillo
Senior Reporter

THE UNIVERSITY of Santo Tomas Golden Tigresses enter the Final Four of women’s volleyball in Season 81 of the University Athletic Association of the Philippines as the number-two seed after edging defending champions De La Salle Lady Spikers in four sets, 25-14, 25-23, 23-25 and 25-19, in their one-game playoff for the second spot on Wednesday at the FilOil Flying V Arena in San Juan City.

Afforded an opportunity to claim the second spot when they and the Lady Spikers wound up with identical 10-4 records at the end of elimination play last weekend, the Tigresses took full advantage of it and spiritedly played and came out steadier in the playoff to get the better of La Salle and finish second with the twice-to-beat advantage to boot in the semifinal.

The Tigresses came out galloping to start the contest, racing to a 16-11 lead by the second technical timeout of the first set.

La Salle tried to shoot its way back but UST, on the lead of Sisi Rondina and Eya Laure, would not allow any Lady Spikers comeback as it sped with a 9-3 blast to claim the set and the 1-0 lead.

In the second set the two teams slugged it out early but the Tigresses took early advantage, 8-6.

Rondina And Company then made a ferocious run to extend their lead to eight points, 16-8, midway.

La Salle, however, would respond with a strong run of its own as Des Cheng and May Luna started humming.

They led the Lady Spikers’ 9-1 run to narrow the gap at 18-17.

UST remained undeterred by it and instead of folding it buckled down to work to create another separation, 24-18.

La Salle though was not to go down without a fight, charging back to come within a point anew, 24-23, and angling to pull the rug from under UST.

It efforts were eventually crushed as Laure connected with a kill to close out the set and send the Tigresses up, 2-0.

Unlike the first two sets, La Salle had a fast start to begin the third frame, building a 6-1 advantage.

The Tigresses did not stay down for long, outscoring their opponents, 7-1, to overtake the Lady Spikers and squeak past, 8-7, by the first technical break.

A back-and-forth ensued with UST still managing to stay on top, 16-15, by the halfway point.

The Lady Spikers got an early cushion in the homestretch with Luna taking charge, helping her team to a 21-18 advantage.

Rondina once again would rally her team back, reclaiming the edge, 23-22.

La Salle dug deep after, first tying the count at 23-all before going for two points to win the frame and stay in the contest, 2-1.

The fourth set began nip-and-tuck until the Tigresses made a mini run to take a 16-13 lead by the second technical break. Having the momentum, UST did not relent from there. With Rondina from the firing end, they raced to a 22-16 advantage and never looked back after.

Rondina led UST with 29 points, 27 of which from attacks. Laure backstopped her with 17.

Rookie Jolina Dela Cruz paced La Salle with 12 points.

“We really wanted to win this game. We said to ourselves we have nothing to lose and that we just have to go for it and play,” said Rondina after their victory.

“But there is no relaxing right now. We will continue working and stay on the same page to achieve our goals,” she added.

UST and La Salle will begin their Final Four matchup on Sunday, May 5.

Warriors now up, 2-0

KEVIN DURANT led a balanced attack with 29 points Tuesday night as the Golden State Warriors went up 2-0 in their Western Conference semifinal series against the Houston Rockets with a 115-109 win in Oakland, California.

Both Warriors star Stephen Curry and Rockets star James Harden sustained injuries in the contest.

After a three-day break, the series shifts to Houston on Saturday and Monday.

For the second game in a row, all five Warriors starters scored in double figures, including Curry, who dislocated the middle finger on his left hand early in the game and yet still managed 20 points.

Curry didn’t seem bothered by the injury after returning quickly to the game, but the same couldn’t be said of Harden, who sustained a scratched left eye shortly after Curry’s mishap.

Harden finished with a game-high-tying 29 points but often was seen squinting and rubbing his eye after returning to action.

The Warriors took advantage of 18 offensive rebounds and 24 points off 18 Rockets turnovers to overcome Houston’s 51-33 dominance in points scored off three-pointers.

Durant, who had 35 points in Golden State’s home win in Game One on Sunday, shot 9-for-22 from the field in Game Two.

Klay Thompson added 21 points and Andre Iguodala 16 for Golden State. Warriors forward Draymond Green had another outstanding all-around game with 15 points, 12 rebounds and seven assists.

Chris Paul complemented Harden with 18 points, seven rebounds and six assists for the Rockets, who went 3-0 at home in their first-round triumph over the Utah Jazz.

Eric Gordon had 15 points and Austin Rivers 14 for Houston, while Clint Capela (14 points, 10 rebounds) and PJ Tucker (13 points, 10 rebounds) collected double-doubles.

The Rockets outshot the Warriors 46.8% to 46.2% but attempted fewer field goal attempts.

Curry was the first to head to the locker room just 3:29 into the game, having jammed his finger into the basketball.

X-rays were negative, and Curry, with two fingers on his left hand taped together, was able to return to the game a little more than three minutes later.

Harden was inadvertently swiped in the left eye by Green just before the midpoint of the first quarter.

Harden, who had yet to score in the game, was gone for nearly a full quarter, returning to the game with 7:09 left in the half and Houston trailing 36-31.

The Rockets fell back by as many as 11 before Harden poured in 10 points in the final 4:27 of the half, helping Houston stay within arm’s length at 58-49 at the break.

BUCKS LEVEL SERIES
Meanwhile in Milwaukee, Giannis Antetokounmpo scored 15 of his 29 points in the third quarter and the top-seeded Bucks pulled away for a 123-102 victory at home over the Boston Celtics to even their Eastern Conference semifinal at one game apiece.

The Bucks dominated the third by outscoring the Celtics 39-18 and ended the period with an impressive 24-2 run over the final 7:06.

Antetokounmpo keyed the clinching run by hitting four free throws, a pair of 3-pointers and a tip-in.

Game 3 is Friday night in Boston. — Reuters

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