Home Blog Page 9540

Raptors rotation

If there ever was any game the Toronto Raptors could best steal at the Fiserv Forum, yesterday’s appeared to be it. They headed into the opener of the Eastern Conference Finals with significant momentum borne of a dramatic victory in the rubber match of their semifinal-round series against the Sixers. The monumental shot that set up their date with the regular-season-leading Bucks looked to have been a gift from the hoops gods, coming right at the buzzer and bouncing four times before finding the bottom of the net. And it was so defining for a franchise usually snakebitten this time of the year that Kawhi Leonard, its creator, could not but be feted in the aftermath as a savior destined to lead them to ultimate success.

To be sure, a narrative designed to inspire but feeding on emotion tends to be self-fulfilling only if the principal protagonists prove up to the task of backing them up with decisive action. Against the much deeper Bucks featuring presumptive league Most Valuable Player Giannis Antetokounmpo, it’s an endeavor that is much easier said than done. And, yesterday, it most definitely wasn’t done. True, All-Star Kyle Lowry finally contributed on offense and came up with 30 points on an efficient 15 shots. Unfortunately, his exertions proved inadequate in the face of Leonard’s passive fourth quarter — no doubt due to fatigue — and third wheel Pascal Siakam’s on-and-off (okay, mostly off) forays.

In this regard, the Bucks’ win was to be expected, never mind a pronounced difficulty in blowing Game One open early. For all the Raptors’ overreliance on Leonard and, to a lesser extent, Lowry and Siakam on offense, they continued to have a stout presence on the other end of the court; all outstanding one-on-one defenders, they were even better as a collective; that they managed to prevent Antetokounmpo & Company from shooting better than 40% from the field yesterday is a testament to their oneness in coverage.

Still, the Raptors remain in position to claim homecourt advantage with a win tomorrow. A split is all they need to do so, and, for motivation, they would be wise to note that despite their offensive travails in Game One, they could well have prevailed had the Bucks not benefited from splash mountain Brook Lopez’s career night. That said, they’re bound to encounter even stiffer opposition moving forward as counters to their already-predictable sets are developed. As more knowledge is gathered and used to prepare for battles ahead, skill set becomes the single most important factor in gaining superiority. It’s why the more stacked teams almost always come out on top in a long series, and why they, in turn, will continue to be the underdogs.

Certainly, Leonard gives the Raptors a chance. He needs considerable support, though, and not just from Lowry, Siakam, and Gasol. Fellow starter Danny Green and erstwhile supersubs Serge Ibaka and Fred VanVleet need to stop being on milk cartons. Meanwhile, head coach Nick Nurse would do well to expand the rotation to give him breathers. Admittedly, trust is built over time. In this case, however, trust is borne of necessity. Ask the Bucks, who weren’t afraid to steer plays away from Antetokounmpo yesterday even if results left much to be desired.

The Raptors know they’ll invariably go as far as Leonard can take them, but they can’t ride him at every single instance. He may be otherworldly, but he gets tired, too, and the burden they’ve placed on him is turning him into a worse version of James Harden. Which is why they’ll have to change, pronto. For them to prevail tomorrow, and beyond, they’re compelled to view variation as a friend. They can’t keep doing the same thing over and over again, and then expect a different result. Not when they’re running on fumes, and not against the Milwaukee Bucks.

 

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

PSEi sinks to 2019 trough as investors flee market

By Arra B. Francia, Senior Reporter

THE MAIN INDEX fell for the fifth straight session on Thursday on continued foreign outflows, with investors moving away from equities due to uncertainties in the US-China trade war.

The Philippine Stock Exchange index (PSEi) plunged 1.34% or 101.55 points to close at 7,475.16 yesterday. This marks the benchmark index’s lowest level since Dec. 28 when the market ended at 7,466.02.

The broader all-shares index likewise retreated 0.96% or 45.31 points to 4,662.86.

“The market today breaks its 7500 psychological support and 200-day moving average support, this denotes the negative sentiment most especially of foreign investors on the global risk of equities sell-off worldwide,” Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said in a text message on Thursday.

Investors continue to react on the trade war between the US and China, after both parties hiked tariffs last week. The US raised duties on $200 billion worth of Chinese goods starting last Friday, while China retaliated by imposing 25% tariffs on $60 billion worth of US goods. The two countries, however, said they will continue trade negotiations.

Mr. Tan added that the trade war has caused investors to move away from the volatility in equities markets in favor of fixed income securities.

Papa Securities Corp. Sales Associate Gabriel Jose F. Perez also blamed the large foreign selling for the local market’s weakness.

“Net foreign selling plagued the index once again today as it fell 101.55 points. Net foreign selling amounted to P1.9 billion, while value turnover was significant at P8.6 billion,” Mr. Perez said in an e-mail.

Thursday’s net foreign outflows were higher than the P1.16 billion seen in the previous session, marking the ninth straight day that investors were in selling mode.

In contrast, Wall Street indices were lifted by positive sentiment overnight as US President Donald J. Trump advanced on trade negotiations with Canada and Mexico.

The Dow Jones Industrial Average climbed 0.45% or 115.97 points to 25,648.02. The S&P 500 index rose 0.58% or 16.55 points to 2,850.96, while the Nasdaq Composite index jumped 1.13% or 87.65 points to 7,822.15.

Back home, all sectoral indices ended in negative territory, led by industrials which plummeted 1.76% or 199.45 points to 11,090.97. Holding firms dropped 1.67% or 118.99 points to 6,995.45; services tumbled 1.39% or 22.56 points to 1,598.22; financials shed 1.04% or 17.63 points to 1,663.38; mining and oil slipped 0.97% or 71.91 points to 7,287.94, while property dipped 0.07% or 3.2 points to 4,073.27.

Some 2.33 billion issues valued at P8.56 billion switched hands, higher than the previous sessions’ P7.23 billion.

Decliners trumped advancers, 116 to 78, while 45 names were flat.

Peso weakens ahead of RRR cut

THE PESO declined against the dollar to hit a fresh one-month low as market players awaited the central bank’s decision to trim lenders’ reserve requirement ratio (RRR).

The local unit closed Thursday’s session at P52.48 against the greenback, 13 centavos weaker than the P52.35-per-dollar finish on Wednesday.

This was the peso’s worst finish in more than a month or since it closed at P52.44 versus the dollar last April 2.

The peso traded weaker the whole day, opening the session at its best showing of P52.36 per dollar. Intraday, it slid to as low as P52.485 against the US currency.

Dollars traded thinned to $715.27 million from the $847.3 million that switched hands the previous day.

Foreign exchange traders said the peso weakened against the dollar on Thursday in anticipation of a cut in banks’ RRR.

“The peso moved weaker today, although the announcement came in after the close. It weakened on the expectation of a BSP (Bangko Sentral ng Pilipinas) cut, which was already announced,” a trader said in a phone interview.

The BSP decided to slash big banks’ reserve ratio by a total of 200 basis points to 16% from the current 18%, with the cut to be implemented in three stages.

The central bank will trim the RRR by a percentage point on May 31. Meanwhile, the reserve ratio will be slashed by another 50 basis points on June 28 and then on July 26.

Currently, universal and commercial banks are required to keep at least 18% of their deposits with the BSP — a share considered to be among the highest in the region. Trimming the RRR by a percentage point is expected to unleash about P90-100 billion into the financial system.

“If you cut reserves, it will free up around P100 billion in liquidity, which would effectively help bring down peso interest rate. More supply means less interest in the market,” the trader said.

Another trader said the peso opened the session at its best showing as banks took profits ahead of the BSP’s announcement.

“The market was expecting this to happen, so banks were somehow buying throughout the day.”

Meanwhile, a third trader attributed the peso’s weakness to the renewed safe-have demand towards the greenback after US President Donald J. Trump issued an executive order to the US Department of Commerce to block US companies from buying telecommunications equipment deemed as a security risk, a move seen to blacklist Chinese technology firm Huawei.

For today, the first two traders expect the peso to move between P52.30 and P52.70 versus the dollar, while the third gave a P52.35-P52.65 range.

Meanwhile, emerging Asian currencies were mixed on the day as United States and China aim to salvage trade talks that could end their protracted trade dispute.

The yuan was largely steady. Traders said the news that the US has hit telecoms giant Huawei with severe sanctions did not move the currency. — K.A.N. Vidal with Reuters

Duterte sacks Food and Drug Administration chief

By Arjay L. Balinbin, Reporter

MALACAÑANG on Thursday announced that President Rodrigo R. Duterte has fired Director-General Nela Charade G. Puno of the Food and Drug Administration (FDA) for alleged “graft and corruption.”

In a press briefing at the Palace on Thursday afternoon, Presidential Spokesperson Salvador S. Panelo read out a May 15 termination letter addressed to Ms. Puno, saying: “Please be advised that, upon instructions of the President, your appointment as Director General of the Food and Drugs Authority, Department of Health, is hereby terminated, effective immediately.”

According to Mr. Panelo, Executive Secretary Salvador C. Medialdea signed the letter for the President.

Mr. Panelo said Ms. Puno’s termination is “in line with the President’s continuing mandate to eradicate graft and corruption and to ensure that public officials and employees conduct themselves in a manner worthy of public trust.”

“To assure uninterrupted delivery of public services, you are hereby directed to immediately turn over all official documents, papers, and properties in your possession to the Office of the Undersecretary for Health Regulation, Department of Health,” he also said.

Ms. Puno was sought for comment but had yet to respond as of this reporting early Thursday evening.

It will be recalled that Ms. Puno survived an ambush in October last year, on her way to Daet, Camarines Norte. Her three police escorts were killed.

Last month, Mr. Duterte announced before flying to Beijing for the second Built and Road Forum that he would issue dismissal letters against corrupt officials.

He said that to address the country’s corruption problem, he has to do something “more than just a warning.”

Fitch sees ‘continuity’ in midterm poll results

By Gillian M. Cortez, Reporter

CREDIT-RATING agency Fitch, in a statement on Thursday, said it sees “policy continuity” in the remainder of President Rodrigo R. Duterte’s term, following the midterm elections.

“Early results of the mid-term elections suggest President Duterte and his allies would secure a majority in the Senate,” Fitch Ratings Associate Director Sagarika Chandra said in a statement. “This outcome, if confirmed, could bode well for policy continuity during the President’s remaining term.”

She added:”The key economic factors that we would be watching in the period ahead remain — the Philippines’ growth outlook, progress on tax reforms and fiscal policies. Fitch Ratings last affirmed the Philippines’ Issuer Default Rating in December at BBB/Stable.”

For his part, Senate President Vicente C. Sotto III said he doubts the proposed shift to a federal system — a priority in Mr. Duterte’s legislative agenda — will have a smooth sailing in the 18th Congress, even with the expected super-majority in the Senate.

“I cannot agree na sabihin na mas madali na ang federalism sa Senado dahil sa magiging composition ng bagong Senate,” Mr. Sotto said in a briefing, Thursday. (I can’t agree that federalism will be easier to push in the Senate just because of its new composition).

The latest count as of Wednesday night, according to the Commission on Elections convening as the National Board of Canvassers (NBoC) shows reelectionist Senator Cynthia A. Villar still leading the top 12 by 10,416,332 votes, followed by fellow reelectionist Grace Poe-Llamanzares (9,151,162), Christopher Lawrence “Bong” T. Go (8,549,086), Pilar Juliana “Pia” S. Cayetano (8,417,229), Ronald “Bato” M. Dela Rosa (8,025,527), and Juan Edgardo “Sonny” M. Angara (7,699,782).

Rounding up the top 12 are Maria Imelda Josefa “Imee” R. Marcos (7,157,978), Manuel “Lito” Lapid (6,607,637), Francis N. Tolentino (6,552,739), Aquilino Martin “Koko” D. Pimentel III (6,220,434), Joseph Victor “JV” G. Ejercito (6,079,028), and Maria Lourdes “Nancy” S. Binay (5,949,885).

P12 MILLION CONFISCATED FROM VOTE-BUYING
For its part, election watchdog Parish Pastoral Council for Responsible Voting (PPCRV) said the Comelec has granted their request for audit logs to check the cause of the glitch in the transmission of election results from the transparency server on May 13.

“Our IT (information technology) team will be going to work over the weekend so that we can analyze the logs,” PPCRV Chairperson Myla C. Villanueva told reporters.

The Philippine National Police (PNP), for its part, said it has confiscated a total amount of P12,208,958, so far, from 225 vote-buying incidents monitored by police.

PNP Spokesperson Col. Bernard M. Banac said Region XIII (Caraga) had the highest amount of money confiscated, at P7,976,100; followed by Region X (Northern Mindanao) at P1,125,718; Region I (Ilocos Region) at P561,000; and the National Capital Region at P541,100. — with Charmaine A. Tadalan, Vann Marlo M. Villegas, and Vince Angelo C. Ferreras

DFA recalls envoys in Canada over trash

By Arjay L. Balinbin, Reporter

MALACAÑANG on Thursday said the recall of Filipino representatives from Ottawa over the delayed trash shipments serves as a warning by President Rodrigo R. Duterte that his administration is ready to “sever” 70 years of diplomatic relations between Canada and the Philippines.

In a press briefing at the Palace, Presidential Spokesperson Salvador S. Panelo said the President was “aware” of Foreign Affairs Secretary Teodoro L. Locsin, Jr.’s order to the Philippine consuls in Ottawa to return to Manila after the Canadian government failed to meet the May 15 deadline for the shipment of its garbage from the Philippines.

He also said Mr. Locsin’s order shows “that we’re not only serious, we’re already warning them [that] we’re gonna sever [our] diplomatic relations.”

On the implications of this action on the Filipino citizens living in Canada, Mr. Panelo said: “Hopefully, wala dapat (There shouldn’t be).”

“I don’t think magkakaroon ng problema doon, kasi iyong mga nandoon naman eh legal — at kailangan din ang mga overseas workers natin,” he also said. (I don’t think there will be a problem there, because most Filipinos there are legal. They also need our overseas workers).

Sought for comment, the Canadian Embassy in Manila told BusinessWorld via e-mail: “Unfortunately, we do not have yet a statement right now.”

Mr. Panelo also said, “Ang sinasabi ng Canadian authorities (are saying that) they’re doing their best to bring back the garbage to them. I cannot even understand, because if I were the Prime Minister, kadali-dali naman niyan (that is very easy to do).”

In a series of Twitter posts on Thursday morning, Mr. Locsin said: “At midnight last night, letters for the recall of our ambassador and consuls to Canada went out. They are expected here in a day or so. Canada missed the May 15 deadline. And we shall maintain a diminished diplomatic presence in Canada until its garbage is ship bound there.”

He added: “That the government may consider a 2 to 3 week delay does not extend the deadline. Our diplomatic presence in Canada shall be de minimis. At the Japanese enthronement ceremony, DoF (Department of Finance) informed me that Canada did not show up at a meeting with Customs and that was the trigger.”

“When the President speaks as he did to the extent of ‘declaring war on Canada’ for its garbage here, he is to be taken seriously and not metaphorically; at least, I do because I do not think I know better than he does. Some of his officials do.”

Also sought for comment, Trade Secretary Ramon M. Lopez said in a media interview at the Palace that severing diplomatic ties with the Canadian government is far-fetched.

“Tingin ko hindi darating sa hantungan na ‘yun. Kung mangyayari ‘yun, I think magkakaroon ng impact ‘yun sa Canadian companies (I think that will not happen. If that happens, there will be an impact on Canadian companies),” he said. — with Charmaine A. Tadalan

PDEA finds 120 PUV drivers, conductors testing positive for drugs since late 2018

MORE THAN 100 public transportation drivers nationwide have so far been tested positive for using illegal drugs, the Philippine Drug Enforcement Agency (PDEA) said in an update Thursday on its surprise drug tests which began late last year.

The tests, which began on October 30, 2018, were conducted on 1,691 provincial bus drivers and conductors, of whom 15 at the outset were found positive.

Another round of testing on March 29 this year led to 50 bus, tricycle, UV express, taxi, and jeepney drivers out of 4,469 testing positive.

On April 15, 55 bus and van drivers and conductors were tested positive out of 7,910 who underwent drug tests.

In an interview with reporters on Thursday, PDEA Director General Aaron N. Aquino said bus and truck drivers were the frequent drug users. “Mostly lalabas diyan mga (we can see) bus drivers, truck drivers kasi (because) most of the time ito yung mga bumabiyahe nang malayo at sunod-sunod na araw (these motorists travel long distances for consecutive days),” he said.

He said that of the 120 who tested positive, 29 are undergoing rehabilitation.

“Definitely, driver’s license will be confiscated at ibabalik lang ‘yun (will only be returned) after their completion of the rehabilitation program,” Mr. Aquino also said.

For his part, PDEA spokesperson Derrick C. Carreon said, “We are planning to do it (drug testing) monthly….” — Vince Angelo C. Ferreras

All that election trash

CENTRAL VISAYAS: CEBU CITY

THE FREEMAN/PAUL ROSAROSO

A pedestrian walks past campaign posters dumped along Archbishop Reyes Avenue in Cebu City.

DAVAO: MATI CITY, DAVAO ORIENTAL

DAVAO ORIENTAL OFFICIAL FB PAGE

Members of a multi-sector clean-up team organized by the Davao Oriental government had to take risky climbs to remove campaign materials along the national highways after Monday’s elections. Provincial Administrator Art Benjie Bulaong said there is “still a huge bulk of election materials that are yet to be cleared and taken down.”

Comelec calls for filing of complaint over alleged pre-shaded ballots shown in video

MALACAÑANG ON Thursday said the Commission on Elections (Comelec) should conduct an investigation into the reported pre-shading of ballots in Lanao del Sur during the 2019 midterm elections held last Monday. “The Comelec should investigate that… That’s their turf,” Presidential Spokesperson Salvador S. Panelo said when asked about the video that was widely shared on social media, supposedly taken in the province and showing hands marking a pile of ballots. There were reports of election-related violence in Lanao del Sur as well as alleged massive vote-buying, including in war-torn Marawi City, which is under the province’s jurisdiction. President Rodrigo R. Duterte, in a televised media interview in Davao City last Monday, said he wanted to go to Lanao del Sur to personally check the situation there. “(B)ut the problem is if I go there today… it might be construed by the many na campaigning beyond the allowable days,” he said. As of Thursday afternoon, with 85.42% of election returns transmitted, reelectionist Gov. Mamintal A. Adiong of Lakas party was leading comfortably with 229,851 votes against his closest rival, the ruling party PDP-Laban’s Gene Mamondiong, with 39,931. Mr. Adiong’s running-mate and son Mujam was also way ahead of PDP-Laban’s Abu Mohammad Sarangani. Nonetheless, Mr. Duterte said Lanao del Sur “remains to be controllable.”

COMELEC
Comelec Spokesperson James B. Jimenez, meanwhile, said he is aware of the video, but cautioned the public against “jumping into conclusions.” “I can confirm the existence of the video but little else,” he said at a media briefing in Manila. “We encourage whoever has information on this video to come forward and file the complaint. If it was the original uploader themselves then so much the better,” he added. — Arjay L. Balinbin with a report from Gillian M. Cortez

VM-elect Rama backs P18B UHRI project, but wants contract review

CEBU CITY’s incoming vice-mayor, Michael L. Rama, wants the P18-billion integrated resorts and casino project of Universal Hotels and Resorts, Inc. (UHRI) on Kawit Island to push through, but will call for a review of the contract signed with the city government. Mr. Rama, who will chair the city council, said he will support the project despite attempts by his allies in the council to stop it. “My position is very clear. Let’s not project destruction. Let’s not project spoiler. Let’s be working out for curing…curative. Let’s not be pursuing nullity because there is always such thing as curative,” he said. He added that the new administration should call for a meeting with the Gokongwei-led UHRI to discuss what went wrong, what had happened, and what should be done to “cure” the controversial provisions of the agreement. Mr. Rama also pointed out that nullifying projects will affect the economy of the city and tarnish the local government’s image before the business community. His allies in the council earlier filed two separate cases to stop the project. Both cases were dismissed by the court. — The Freeman

Evasco to file failure of election petition in Bohol, accuses proclaimed winner Yap of vote-buying

LEONCIO B. Evasco, Jr., who lost his bid for the governor’s seat in Bohol by 2,161 votes based on 100% of election returns transmitted, is filing a petition for a failure of elections declaration in the province as he accused the winning candidate, incumbent Rep. Arthur C. Yap, of massive vote-buying. In a statement on Wednesday afternoon, Mr. Evasco, a close ally and former Cabinet secretary of President Rodrigo R. Duterte, said that during the campaign period, “I was already swamped by reports of vote-buying employed by the camp of Cong. Arthur Yap in nearly all towns of the Province including Tagbilaran City.” He described is as the “worst province-wide vote-buying operation never seen in Bohol before.” Mr. Evasco acknowledged that the petition may be denied by the Commission on Elections (Comelec), but he said, “The more important consideration is that all those who joined me in this journey will avail of the last one legal option to right an infirmed election. Until such time that this legal remedy is denied, the fight is not over.” On the other hand, Mr. Yap, who was proclaimed by the Comelec on Thursday morning, said in a statement on Wednesday afternoon, “The people have spoken. I have won this election.” — with a report from Carmelito Q. Francisco

Political rivals Catamco, Taliño-Mendoza to lead Cotabato

COTABATO 2nd District Rep. Nancy A. Catamco won her bid as provincial governor, beating four others, including her number one opponent, Rogelio T. Taliño, the incumbent mayor of Carmen town. On the other hand, Mr. Taliño’s eldest daughter, outgoing Gov. Emmylou Taliño-Mendoza, won as vice-governor. The camps of Ms. Catamco of the ruling party PDP-Laban and the Taliños under the Nacionalista Party (NP) were engaged in a fierce campaign with allegations of vote-buying and other anomalies. Ms. Catamco was proclaimed on Thursday morning with 272,249 votes against Mr. Taliño’s 268,718, along with her party-mate Krista Piñol-Solis, daughter of former governor and now Agriculture Secretary Emmanuel F. Piñol, as provincial board member for the 2nd District. Also proclaimed were the three congressional representatives for the province: Joel Sacdalan (PDP-Laban), incumbent Makilala Mayor Rudy S. Caoagdan (NP), and reelectionist Jose “Pingping” I. Tejada (NP).