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Gentler Woods

There was a time when press conferences featuring Tiger Woods yielded nothing by way of information. He was being reticent by design, to be sure. He didn’t want those on the outside looking in to know more about his private life, and, just as importantly, his peers from getting a better grasp of how he went about his business on the course. As far as he was concerned, winning wasn’t everything; it was the only thing. And for a long, long while, his steely demeanor served to underscore his dominance and singular stature; he was on a pedestal by his lonesome, with all and sundry looking up from a distance — exactly the way he wanted things to be.

That time is long gone, and happily, even for Woods. His kinder, gentler self was on display when he met with members of the media two days before the start of competition at Royal Portrush, and if anything seemed out of the ordinary, it showed in the candor with which he patiently addressed query after query. At Carnoustie last year, he found himself in contention for the Claret Jug, and he revealed that his extremely positive British Open experience fueled his belief that, for all his physical travails, he could win again in golf’s grandest stages. And he did at the Masters in April.

Certainly, Woods continues to enter tournaments with an unwavering commitment to prevail. It’s his approach that has changed, and dramatically. He no longer prepares with a focus bordering on obsession; rather, he does so with a keener understanding of the limitations brought upon him by his advancing age and increasingly brittle body. Meanwhile, he sports the confidence of a 15-time major champion every time he tees off, backstopped by the knowledge that he remains without peer when it comes to mental fortitude.

When Woods begins his campaign for a fourth British Open victory today, he will not be the favorite. It isn’t simply that he knows little of and about Royal Portrush. It’s that, as he acknowledged, his game is “not quite as sharp as I’d like to have it right now.” Much of his perceived handicap stems from his relative lack of in-event reps due to new realities, family pursuits included; after he played at the United States Open, for instance, he saw fit to go on a two-week vacation in Thailand with loved ones. And he hasn’t wielded a club in competition since then. In this light, “not quite as sharp” may well be an understatement.

At this point, Woods is compelled to take the long view. “I want to play here as long as I possibly can,” he noted. “And, you have to understand, if I play a lot, I won’t be out here that long.” Which is why he’s content to walk the tightrope, accepting the fact that, under the circumstances, getting ready simply means not taxing himself and, when he needs to hit the ball on a certain lie in a certain way, trusting that he will always have the imagination and skill set to do so.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Peso plunges on strong US data

THE PESO plunged against the dollar on Wednesday, dragged by reduced expectations of a rate cut by the US Federal Reserve due to upbeat June US retail sales data.

The local unit closed yesterday’s session at P51.13 versus the greenback, 23 centavos weaker than its P50.90-a-dollar finish on Tuesday.

The peso traded within a wide range, opening the session at P50.95 per dollar. It slipped to as low as P51.16, while its intraday high stood at P50.88 against the greenback.

Trading volume climbed to $1.208 billion from the $1.045 billion that changed hands the previous session.

Traders attributed the decline of the peso to the dollar’s ascent, driven by the upbeat June US retail sales data.

The US Commerce Department reported retail sales climbed 0.4% last month as households bought more automobiles and other goods.

“In the morning session, the peso went as high as P50.88, but as the dollar strength continued, the dollar-peso moved lower on the back of short positioning covering among banks,” the trader said in a mobile phone interview.

“Somehow it’s a panic move to cover their short positions since they’re seeing strong dollar.”

Another trader said the release of the stronger-than-expected US retail sales report reduced market expectations of a strong policy cut by the Fed by the end of the month.

“We also saw US Treasury yields also climbing up also due to this upbeat retail sales data,” the first trader added.

The US central bank is expected to cut rates for the first time in a decade at its July 30-31 policy meeting. Fed chair Jerome Powell hinted on a cut in benchmark rates, saying it will “act as appropriate” to sustain economic expansion.

For today, the first trader expects the peso to trade between P51.10 and P51.30 versus the dollar, while the other gave a P51-P51.30 range. — Karl Angelo N. Vidal

Shares extend decline on US-China tariff threats

STOCKS continued to decline on Wednesday as the market was weighed down by threats of new tariffs by the US on Chinese goods.

The Philippine Stock Exchange index (PSEi) lost 30.09 points or 0.36% to finish at 8,233.48 yesterday. The all-shares index also gave up 11.45 points or 0.22% to close at 5,001.54.

“Local shares traded slightly in the red after President Trump cited that they could impose tariffs on another $325 billion of China goods. This was from a statement where he said that if the US wanted and an agreement with China on trade tariffs, it had ‘a long way to go,’ in a briefing with reporters. This came a day after he cited that the trade war had caused a slowdown in its economy,” Luis A. Limlingan, head of sales of Regina Capital Development Corp., said in a text message.

China on Tuesday rebuffed a suggestion from US President Donald Trump that Beijing needs a trade deal with the United States because its economy is slowing, saying this was “totally misleading” and that both countries wanted an agreement.

Mr. Trump, in a Monday tweet, seized on slowing economic growth in China as evidence that US tariffs were having “a major effect” and warned that Washington could pile on more pressure.

Official data on Monday showed China’s economic growth cooled to 6.2% in the second quarter, the weakest annual pace in at least 27 years, amid trade pressure from the United States. In the first half, the economy grew 6.3% compared with a year earlier.

Mr. Trump said on Tuesday the United States still has a long way to go to conclude a trade deal with China but could impose tariffs on an additional $325 billion worth of Chinese goods if it needed to do so.

Jervin S. de Celis, equity trader at the Timson Securities, Inc., shared the same sentiment: “The new threat of trade tariffs by US President Trump may somehow affect the PSEi’s movement as well as the MSCI announcement in early August.”

Mr. De Celis said profit taking also continued following the PSEi’s recent rally past the 8,300 mark.

He added that investors are waiting for more second quarter earnings results.

Most sector counters closed lower led by industrials, which went down 54.76 points or 0.46% to 11,807.16. Holding firms dropped 36.18 points or 0.45% to 7,911.60; property declined 15.88 points or 0.35% to 4,417.03; services dropped 3.63 points or 0.21% to 1,676.70; and financials lost 2.41 points or 0.13% to 1,851.64.

Mining and oil was the lone gainer as it ended 41.67 points or 0.53% higher at 7,835.94.

Losers narrowly beat gainers, 89 to 85, while 67 names ended flat.

Value turnover ended lower at P5.31 billion on Wednesday as 903.06 million shares changed hands, versus the previous session’s P10.49 billion.

Foreigners continued to be net buyers at P384.07 million, although lower than Tuesday’s P1.18 billion. — V.M.P. Galang with Reuters

Duterte’s ratings steady after China incident

PRESIDENT Rodrigo R. Duterte kept his majority approval rating and remained the most trusted government official in June, weeks after a South China Sea incident that put his warm ties with Beijing on the spotlight.

Mr. Duterte’s approval rating was steady at 85 percent, just 2 points lower than a month earlier, according to a poll by Pulse Asia Research, Inc. His trust rating was unchanged at 85 percent.

His latest ratings come after a Filipino fishing boat sank after colliding with a Chinese vessel on June 9 at the disputed Reed Bank. The president has called the collision a “little” maritime incident.

Mr. Duterte had refused to take an aggressive stance, saying his government was not capable of going to war with China.

“The issue of human rights violations, vulgarity and even the Chinese intrusions are not sticking,” Louie C. Montemar, a sociology professor at the Polytechnic University of the Philippines, said in a mobile phone message.

“In the minds of many, these are not things that will make them hungry. I think many still believe that relations with Beijing are still being handled well by the Davaoeño in Manila,” he added.

The approval rating of Vice-President Maria Leonor G. Robredo, who visited the 22 stranded fishermen, rose 6 points to 55 percent.

The Pulse Asia poll interviewed 1,200 adults from June 24 to 30 and has an error margin of +/- 2.8 points.

Mr. Duterte’s high ratings come even if majority of Filipinos think that the country should try to regain islets occupied by China and assert its rights in the disputed waterway.

The proportion of Filipinos who think the country should recover the islets from China has risen to 93 percent in June from 89 percent in December, according to the Social Weather Stations.

China has been building artificial islands in the disputed Spratly Islands and setting up installations including several runways. China claims sovereignty over more than 80 percent of the waterway based on its so-called nine-dash line drawn on a 1940s map.

President Rodrigo R. Duterte has sought closer investment and trade ties with Beijing, including over resources in the South China Sea, since taking power in 2016.

His predecessor, Benigno S. Aquino III, sued China before an international arbitration tribunal over its territorial claims, and won. He also strengthened Philippine alliance with the US to try to check China’s expansion in the main waterway. — Arjay L. Balinbin

Anti-graft court junks former military man’s plea in forfeiture suit

THE SANDIGANBAYAN has denied a plea by a former military finance officer and his family to dismiss a case where the government is seeking to recover P55 million in alleged ill-gotten wealth.

In a resolution, the anti-graft court’s Second Division rejected claims by retired Lieutenant General Jacinto C. Ligot that the law was violated when two charges for a single case were filed, as well as his right to the deposit secrecy.

These arguments have been discussed and answered in previous proceedings, it said.

“The court reiterates its findings that there is no violation of the rule against instituting more than one suit for a single cause of action,” it said. The Bank Secrecy Act was also not violated, it said.

Mr. Ligot was accused of participating in a scheme at the Armed Forces in 2011, in which retiring military officers were illegally given a hefty sum. — Vince Angelo C. Ferreras

Bill to increase age of consent in rape cases

SENATE MAJORITY Leader Juan Miguel F. Zubiri has filed a bill that seeks to raise the age of consent in statutory rape to 15 years.

Senate Bill 305 will change the 89-year-old Revised Penal Code as amended by the Anti-Rape Law of 1997, raising the age of consent from 12 years.

Under the law, statutory rape involves children below 12 years and does not require proof that force was used. This has encouraged sexual abuse of children, Mr. Zubiri said, adding that the country has the lowest age of consent in Asia.

One of five children below 18 years experience sexual violence, the lawmaker said, citing a 2016 study. “By raising the age to 15 years, I hope that we could put a dent on the number of children victimized.”

Senator Leila M. de Lima had filed a similar bill in the previous Congress that failed to make it out of the committee. — Charmaine A. Tadalan

CA denies protection plea from lawyers

THE COURT of Appeals (CA) has rejected a plea by a lawyer’s group to stop government threats against its members.

In an order, the appellate court’s Special 15th Division dismissed the petition by the National Union of People’ Lawyers on a technicality after the group failed to provide a list of its members.

The union had sought a temporary protection order, but the appellate court noted that the Supreme Court had already issued a separate writ to safeguard the rights of its members, who are mostly human rights lawyers.

The government of President Rodrigo R. Duterte had tagged the lawyer’s group as part of a bigger movement that’s allegedly plotting to oust him.

The NUPL has dismissed the ouster plot as absurd, adding that it would continue to speak out against the government’s policies including on illegal drugs.— Vann Marlo Villegas

Customs streamlines baggage declaration

THE GOVERNMENT wants to make travel easier by doing away with Customs baggage declaration forms for those with nothing to declare, the agency said in a statement yesterday.

The forms will be made readily available by airline operators during flights, and passengers will be informed about how to fill them out.

Duties and taxes will not be collected if the value of imported goods does not exceed P10,000. — Reicelene Joy Ignacio

Storm Falcon, monsoon rains trigger flooding, landslides around the country

AS TROPICAL STORM Falcon crossed on a north-northwest track over the tip of Luzon, the southwest monsoon also brought rain, triggering landslides and flooding in different areas across the country, including in the southern island of Mindanao. Several road sections in the mountainous region of the Cordillera were temporarily closed. Weather bureau PAGASA, in its 5 p.m. bulletin on Wednesday, said Falcon is expected to exit the country by Friday morning. For Thursday, moderate to heavy rains are still expected in Zambales, Bataan, Cavite, Batangas, Occidental Mindoro, northern Palawan including Calamian and Cuyo Islands, and Romblon. Light to moderate with at times heavy rains will be experienced over Metro Manila, and the rest of Luzon and Visayas. Meanwhile, PAGASA is monitoring another low pressure area, which was spotted 180 kilometers west of Sinait, Ilocos Sur as of 4 p.m. Wednesday.

Cauayan moves towards becoming a Smart city with MultiSys app

PAYMENT FOR taxes and permit applications can now be done cashless in Cauayan City, Isabela — the first step towards its transformation into a Smart city in partnership with Multisys Technologies Corp. In a statement, software engineering solutions firm Multisys said Cauayan is the first to use their Smart City application, which will also be tapped for other cashless transactions in city hall, for small enterprises, and RFID (radio frequency identification) cards for residents. “The Smart City project is an ambitious yet feasible plan that we would like to pursue and materialize. Not only will it make people’s lives easier but will also help promote user-friendly government payment transactions. At the same time, it empowers micro-business owners by taking an easier yet efficient way of running their businesses,” said MultiSys Chief Executive Officer David Almirol Jr. Kiosk machines will be installed at the city hall, other government officers, cooperatives, and private establishments with high foot traffic. Micro and small businesses, meanwhile, can have their own Mobile Point of Sale Devices or the MPOS machines. “We start turning cities into ‘Smart Cities’ one city at a time… We want to make life easier, empower the people and promote hassle free payment transactions to save time while being cost efficient. We are positive that Cauayan City won’t be the only ‘Smart City’ in the country as we aim to provide the same services nationwide,” Mr. Almirol said.

MMDA suspends anti-jaywalking unit after officers caught in fraud; traffic enforcers to take over implementation

THE METROPOLITAN Manila Development Authority (MMDA) has suspended the operations of its anti-jaywalking unit following the arrest of an administration officer for falsification of documents. The unit’s deputy chief for administration, identified as Joanna S. Eclarinal, was arrested on Monday after the treasury office noticed that a jaywalking violator presented a supposed official receipt (OR) from the anti-jaywalking office for a P500 fine. MMDA General Manager Jose Arturo S. Garcia Jr. said jaywalking enforcers issue a ticket for violation, and the fine should be paid directly to the treasury office. “Ang ginawa kasi nila, pinaaakyat sa opisina nila…bibigyan sila ng OR (What they do is they let violators go to their office upstairs, give them an official receipt). Walang (There is no) check and balance,” said Mr. Garcia in a press conference on Wednesday. Two other officers of the unit, who are allegedly accomplices of Ms. Eclarinal, remain still at-large. The anti-jaywalking unit’s head, Salvador F. Galang, said he was not aware of the scheme by his staffers. “Wala talaga akong alam,” Mr. Galang said, noting that he “exits” the office by 2 p.m. and the fraudulent activities were likely being committed after that time. While the anti-jaywalking unit operations is suspended, Mr. Garcia said traffic enforcers will apprehend jaywalkers. — Vince Angelo C. Ferreras

GenSan court junks KAPA petition vs SEC

A GENERAL Santos (GenSan) City court has junked Kapa-Community Ministry International, Inc.’s (KAPA) petition for injunction against the Securities and Exchange Commission (SEC), citing lack of jurisdiction over the matter.

In a statement Wednesday, the SEC said the GenSan Regional Trial Court Branch 35 dismissed the petition filed on April 4 regarding the commission’s issuance of a cease and desist order (CDO) against KAPA for its unauthorized selling and offering of securities.

“Accordingly, the motion is hereby denied and this case is hereby ordered dismissed,” Presiding Judge Oscar P. Noel, Jr. wrote in his ruling last June 17.

The GenSan court earlier issued a writ of preliminary injunction against the SEC, dated April 10, allowing KAPA to operate without the commission’s authority.

The SEC contested this, citing Section 179 of the Revised Corporation Code.

“No court below the Court of Appeals shall have jurisdiction to issue restraining order, preliminary injunction, or preliminary mandatory injunction in any case, dispute, or controversy that directly or indirectly interferes with the exercise of powers, duties and responsibilities of the Commission that falls exclusively within its jurisdiction,” states the relevant provision in the code.

The petition for injunction was dismissed alongside the resolution of the motion for issuance of a show cause order KAPA filed against the SEC, after the latter revoked its incorporation papers on April 3.

The SEC has since ramped up efforts to stop KAPA from further soliciting investments from the public.

It obtained on June 4 a freeze order from the Court of Appeals, through the Anti-Money Laundering Council, to preserve all assets linked to KAPA.

The commission then filed a criminal complaint against the supposed religious group, as well as its operators and promoters, before the Department of Justice (DoJ) for violations of Republic Act No. 8799, or the Securities Regulation Code (SRC).

The DoJ is now conducting a preliminary investigation on KAPA.

At the same time, a Regional Trial Court of Davao has also issued a hold departure order against the operators and promoters of the ministry.

As of July 8, three aggrieved investors, alongside the National Bureau of Investigation, have already filed a complaint against KAPA before the DoJ for syndicated estafa.

KAPA, led by its president, Joel A. Apolinario, has been enticing the public to invest amounts of P10,000 to P2 million supposedly as “donations,” in exchange for a 30% monthly return dubbed as “blessings” or “love gifts” for life.

With claims of having five million members, the SEC said the group may have collected at least P50 billion from the public.

These fraudulent practices are prohibited under the SRC, and violators could face up to P5 million in penalties or imprisonment of seven to 21 years. — Arra B. Francia