Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9749

Sotto casts doubt on passing tax measures; terrorism bill top priority

SENATE President Vicente C. Sotto III said the bill updating the anti-terrorism law is the Senate’s top priority measure when session resumes on May 20, while expressing doubt about the passage of pending tax measures for the remainder of the 17th Congress.
“Anti-terrorism act is number one,” he told reporters on Thursday.
Asked about the chances of the Tax Reform for Attracting Better and Higher-Quality Opportunities (TRABAHO) bill as well as the proposed hikes on tobacco, alcohol, and mining taxes reaching third reading approval in the Senate, Mr. Sotto said in a text message to BusinessWorld on Saturday, “Hearings on those have not been completed. No comm(ittee) reports yet. Doubtful at this point.”
Congress is on break between Feb. 9 and May 19 for the 2019 midterm elections. It will resume on May 20 with only nine session days remaining.
Senate Bill No. 2204 seeks to address the gaps in Republic Act No. 9372 or the Human Security Act by redefining the term terrorist acts and removing the limitations of law enforcement agencies to prevent and to address terrorism. It was sponsored to the plenary on Feb. 6 by Senator Panfilo M. Lacson, chair of the Senate committee on public order and dangerous drugs.
Meanwhile, the TRABAHO bill and the proposed hikes in tobacco, alcohol and mining taxes remain pending in the Senate committee on ways and means. Committee chair Senator Juan Edgardo M. Angara conducted hearings on the bills last year and during the Senate’s Jan. 14-Feb. 8 session.
The House of Representatives passed on third reading last year House Bill 8083 or the TRABAHO bill as well as House Bills. 8677, 8618 and 8400, which seek to raise tobacco, alcohol and mining taxes, respectively.
Mr. Angara has said the Senate ways and means committee will come up with its report on the bill seeking to raise the excise tax on tobacco products when Congress resumes session in May.
Aside from the amendments to the Human Security Act, Mr. Sotto told reporters that the Senate’s other priority measures include the proposed Medical Scholarship Act, amendments to the Public Services Act, the proposed Mindanao Railways Authority, the Budget Reform Act, the National Transport Act, and the bill lowering the criminal age of responsibility.
“Some of them have been reported to floor so there’s a good chance that it will be passed on second and third reading. There are one or two of them, which are still being in the committee report level… It could still be passed in the first week of June,” he said.
The proposed Medical Scholarship Act and the Mindanao Railways Authority remain pending at committee level. Meanwhile, Senate Bill No. 1754 or the amendments to the Public Services Act, Senate Bill No. 1761 or the Budget Reform Act, Senate Bill No. 1284 or the National Transport Act and Senate Bill No. 2198 or the lowering of the age of criminality liability are awaiting second reading approval. — Camille A. Aguinaldo

CTA rejects bulk of SM Investments’ tax refund claim

THE Court of Tax Appeals (CTA) partially granted SM Investments Corp.’s tax refund claim from 2013, but drastically reduced the initial claim of over P1 billion to just P179.3 million.
In a 26-page decision dated March 4, the CTA special second division ruled that of the initial P1.17-billion tax refund claim of SM Investments, the company was only able to prove its entitlement for refund of excess creditable withholding tax (CWT) for 2013 in the amount of P179.3 million.
“In sum, the Court finds that petitioner was able to prove that it is entitled to its refund claim only in the total amount of P179,295,580.72. Hence, the partial grant of the instant Petition is in order,” according to the decision, written by Associate Justice Juanito C. Castañeda, Jr.
The court ordered the remainder of the claim disallowed in the absence of records reflectng its corresponding payments and for failure to prove that the corresponding payments were properly recorded.
Other CWTs were disallowed for not being fully supported by the original copies of pertinent documents.
The CTA said that when there is a discrepancy between the amounts shown in the financial statements and the amounts per certificate of withholding, “there is uncertainty as to whether the income payments indeed formed part of petitioner’s revenue in its return.”
“Petitioner did not offer any explanation or reconciliation of the difference that may be brought about by timing or revenue recognition difference,” it said.
The tax appellate court said it is strict in applying the “well-settled rule” that actions for tax refund or credit should be backed up with pieces of evidence entitling a taxpayer to an exemption that is scrutinized and duly proven.
“The burden is on the taxpayer to show that he has strictly complied with the conditions for the grant of the tax refund or credit. In the present case, petitioner failed to discharge its burden of complying with the substantiation and reporting requirements of its claim,” the CTA said.
Associate Justice Catherine T. Manahan concurred in the decision. — Vann Marlo M. Villegas

Senator calls for investigation into POGO workers’ registration, tax payments

SENATOR Leila M. de Lima has filed a resolution seeking an inquiry into the alleged noncompliance of some foreign gaming firms, particularly in the Philippine Offshore Gaming Operations (POGO) establishments, to ensure their workers are properly registered and taxed.
Filed on March 18, Senate Resolution No. 1030 called for the inquiry in the hopes of creating legislation “that would increase our capability to meet the increasing challenges in implementing our laws on resident foreign nationals.”
“Given the huge discrepancy between the number of foreign POGO workers in the Philippines and tax revenue from them, there is a need to document all foreign workers to ensure the legality of their presence and identify their taxpayer classification to accurately determine their corresponding tax liability,” Ms. De Lima said in the resolution.
The senator cited Finance Secretary Carlos G. Dominguez III’s estimate on March 6 in an interview with reporters that the government is losing P3 billion in tax revenue a month because of the nonpayment of personal income tax by foreign workers in the POGO sector.
According to the Department of Justice (DoJ), around 95,000 foreign nationals working in POGOs were issued temporary work permits by the Bureau of Immigration (BI) as of June 2018. Ms. De Lima warned that the lack of coordination among government agencies “could lead to serious issues, including those of criminality, national security, and possible abuse of our citizens by undocumented foreign nationals.”
A POGO takes bets and pays winners through an online gaming account. The Department of Finance (DoF) has expressed plans to compile a database of foreign workers hired by POGOs to ensure that they pay the correct taxes.
An interagency task force has also been formed to streamline the regulation of foreign workers. The task force is led by the Department of Labor and Employment (DoLE) and is composed of the DoJ, DoF, Department of Trade and Industry (DTI), Bureau of Internal Revenue (BIR), and Philippine Amusement and Gaming Corp. (PAGCOR). — Camille A. Aguinaldo

GOCC subsidies fall 13.8% in January

SUBSIDIES granted to state corporations declined in January, with the bulk of the subsidies going to the National Irrigation Administration (NIA), the Bureau of the Treasury said.
According to the Treasury’s cash operations report, overall subsidies remitted by the national government to government-owned and -controlled corporations (GOCC) hit P795 million, down 13.8% from a year earlier.
The government grants subsidies to state firms to cover operational expenses that are not supported by their respective revenues.
In January, more than half or 54.72% of the total budgetary support went to NIA, which received subsidies amounting to P435 million.
This was followed by state hospitals Philippine Heart Center, Philippine Children’s Medical Center and National Kidney Transplant Institute, receiving P74 million, P67 million and P50 million, respectively.
Of the 18 GOCCs which received state support in January, Aurora Pacific Economic Zone and Freeport Authority, Southern Philippines Development Authority as well as the Zamboanga City Special Economic Zone Authority received the lowest subsidies of P4 million each.
On the other hand, state financial institutions National Home Mortgage Finance Corp., Land Bank of the Philippines and Development Bank of the Philippines did not receive any budgetary assistance from the government during the month.
This year, the national government expects to provide P187.1 billion worth of budgetary support to GOCCs, up 20.5% from its cash-based equivalent in 2018. — Karl Angelo N. Vidal

DoLE moving to implement Japan deal to supply specialized workers

THE Department of Labor and Employment (DoLE) has issued guidelines for the deployment of workers to Japan under a latest bilateral agreement with Tokyo, a few weeks before a new Japanese law admitting new categories of workers with specialized skills takes effect in April.
In Department Order 201-19 dated March 22, the department outlined the occupations covered by the Memorandum of Cooperation with Japan’s Ministries of Justice, Foreign Affairs, Health, Labor and Welfare and the National Police Agency.
The two categories are Specified Skilled Worker (i) who will work in Japan for five years at maximum; and Specified Skilled Worker (ii) whose terms will be determined by contract as well as any extensions.
In December, the Japanese government signed into law its latest immigration policy for workers with specified skills. These occupations include care workers; building managers; machine parts and tooling workers; industrial machinery specialists; electric, electronics, and information workers; construction workers; shipbuilding and ship machinery workers; automobile repair and maintenance specialists; aviation workers; accommodations industry workers; agriculture, fisheries and aquaculture workers; food and beverage manufacturing workers; and food service specialists. The law will be effective on April 11.
“These guidelines shall cover the identified occupational categories of 25 December 2018 provided by the Basic Policy Operation of the System of the Status of Residence of ‘Specified Skilled Worker,’” according to the DO, signed by Labor Secretary Silvestre H. Bello III.
Qualified applicants for Specified Skilled Worker (ii) must be at least 18 years old; possess proof or evaluation of skills and knowledge in the specified skilled work fields they plan to enter employment in Japan; and a passport valid for six months before the intended date of departure.
Qualifications for Specified Skilled Worker (i) are identical to those of Specified Skilled Worker (ii) but also stipulate proof of proficiency in the Japanese language and for their line of work.
The Philippine Overseas Employment Administration (POEA) will send to the Japanese Ministries and Agencies the names of organizations or recruitment agencies authorized to recruit and place specified skilled workers.
Filipinos are considered one of priority nationalities under the new Japanese law, Mr. Bello saying that the Philippines will fill about 30% of the 350,000 worker quota. — Gillian M. Cortez

CTA rejects BIR appeal on drug store chain’s tax deficiency

THE Court of Tax Appeals (CTA) denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue (BIR) over the cancellation of the alleged tax deficiency of Central Luzon Drug Corp. amounting to P1.15 billion.
In a five page-resolution on March 6, the CTA special third division reiterated that it is necessary to issue a Letter of Authority (LOA) for a designated revenue officer to assess a taxpayer for its alleged deficiency.
The appellate court said that the authority RO (Revenue Officer) Josa C. Gomez was issued only through a Memorandum of Assignment (MoA).
“The record is bereft of any showing that a valid LOA was issued by respondent or the concerned Revenue Regional Director in favor of RO Gomez for the latter to continue the examination of petitioner’s books of account or accounting records for potential tax liabilities for the relevant period,” the CTA ruled.
“Being a product of an unauthorized tax audit/examination, the subject assessment predicated upon the findings of RO Gomez should be deemed a complete nullity and without any legal consequence, thereby warranting its cancellation and withdrawal,” it added.
According to the Tax Code, a valid LOA issued by the BIR Commissioner or Regional Revenue Director is necessary for an RO to “legally conduct a verification/audit of a taxpayer for potential deficiency taxes.”
The CTA in November last year canceled the tax assessment of Central Luzon Drug Corp. for 2009 for being assessed by an unauthorized officer.
In the motion for reconsideration, the BIR said its right to due process was violated when the CTA ruled on whether the revenue officer was authorized to conduct examination of the corporation’s tax liabilities.
It also argued that the deficiency tax assessment of the company should be upheld because Revenue Memorandum Order Nos. 8-2006 and 62-2010 allow heads of investigation office to issue a MoA in cases of reassignment or resignation of previously assigned officers in the LOA.
The court said the revised rules of the CTA allow it “to resolve not only the issues brought forth by the parties, but also those related or interwoven with the issues raised by the parties and even those are necessary to pass upon in order to achieve an orderly disposition of the case before it.”
The decision was written by Associate Justice Esperanza R. Fabon-Victorino and concurred in by Associate Justice Ma. Belen M. Ringpis-Liban. — Vann Marlo M. Villegas

DTI sees possibility of free trade negotiations with US later in 2019

THE Trade department said it might be possible for bilateral free trade talks with the United States to begin later this year, citing support for a deal from some US lobby groups.
“There may be a chance in the second half,” Trade Secretary Ramon M. Lopez told BusinessWorld on Thursday in Makati City.
“There are American groups that could help. Of course their Congress is independent so we can’t say,” he added.
In his opening statement at the US Senate Finance Committee delivered on March 12, US Trade Representative Robert E. Lighthizer noted ongoing trade negotiations with Japan, Europe, the UK and “several other countries.”
The Philippines and the US finally resolved last year a number of longstanding issues in their Trade and Investment Framework Agreement (TIFA).
A TIFA serves as a framework outlining key issues as a first step toward a free trade agreement.
The particular issues both countries settled were related to customs valuation, intellectual property rights, market access for Philippine agricultural products in the US, and automotive safety standards.
The Philippines noted progress in market access concerns for its mango, young green coconut, and carrageenan products.
Both countries also agreed to work on the improvement of cold chain facilities in the Philippines “to ensure observation of international guidelines and codes of practice for food hygiene adopted by the Codex Alimentarius Commission.”
The US also welcomed the Philippines’ intent to continue protecting geographical indications — labels indicating country of origin — by means of respecting prior trademark rights and not prohibiting the use of common names.
In the vehicle segment, both governments agreed to draw up a US work program in the context of the ASEAN-US TIFA on automotive standards issues.
The Philippines and the US also moved forward from technical and policy dialogues on the National Retail Payments System and other measures related to electronic payment services, including domestic retail debit and credit electronic payment transactions.
The Philippines has long been seeking a bilateral trade agreement with the US.
The Philippines currently avails of the US Generalized System of Preferences program which covers 5,057 products or some 47.7% of the 10,600 total US tariff lines. Of these, about 3,500 are open to developing nations.
The Philippines estimates that roughly $1.5 billion worth of its goods are shipped to the US duty free every year.
Bilateral trade totaled $27 billion in 2016, of which merchandise goods accounted for $18 billion and services, close to $9 billion. — Janina C. Lim

Caution urged in securing China loans

THE OFFICE of the Vice-President has cited the need to look into the government’s loan agreements with China, following Supreme Court Senior Associate Justice Antonio T. Carpio warning of China’s possible Reed Bank takeover.
“Importanteng tindigan ito, pero tingin ko kailangan patuloy ang pagbabantay sa maraming kontrata na pinipirmahan sa China,” Lawyer Ibarra M. Gutierrez, Vice-President Maria Leonor G. Robredo’s Spokesperson, said on Sunday over the BISErbisyong Leni weekly radio show.
Mr. Gutierrez also agreed the contracts should be publicized and explained to Filipinos. “Ipaliwanag ito ng buo sa ating mga kababayan,” he said.
Mr. Carpio on Friday said the contract contained a provision that will allow China to seize “patrimonial assets” of the Philippines, should the government fail to pay, in this case, the $62.8 million Chico River Pump Irrigation Project.
This also comes after former Foreign Affairs Secretary Albert F. del Rosario and former Ombudsman Conchita Carpio-Morales asked the International Criminal Court to conduct preliminary examination on China’s growing aggression in the South China Sea.
Under Article 8.1 of the Chico Irrigation Pump loan agreement, signed on April 10, 2018, it was stated in part that the Philippines “irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8.5 hereof or with the enforcement of any arbitral award thereto.”
It was noted in the same provision that the waiver of immunity will not cover assets used by a diplomatic or consular mission, assets under military control, and those located in the Philippines and “dedicated to a public or governmental uses as distinguished from patrimonial assets and assets dedicated to commercial use.”
“Ang nakakabahala dito, matagal naman na tayong umuutang, lahat naman ng administrasyon, umuutang, pero mukhang bagong-bago itong probisyon na ito na kapag hindi nakabayad, imbes na dagdagan ang interes, pwedeng kumuha ng pag-aari ng estado mismo,” Mr. Gutierrez also said.
“Itong Reed Bank na ’to, napakalaki ng gas deposit d’yan, ayon sa mga initial na survey. Bilyon-bilyong dolyar ang pinag-uusapan. So kung tayo ang makakakuha noon, malaking benepisyo para sa ating ekonomiya,” he added. — Charmaine A. Tadalan

A New Green Revolution: The Green Bonds

(Second of two parts)
In the first part of this article, we discussed some of the environmental consequences brought on by the rapid increase of infrastructure and economic development in the country. Although the Philippines maintains the lowest ecological footprint in ASEAN, growing overconsumption, unregulated production, and waste mismanagement all contribute to the environmental burden on the land.
One method to increase the impact of environmental protection and sustainability involves grassroots efforts not just from private citizens, but from organizations, local communities, and Local Government Units (LGUs). Although there is a lack of funding on this front, the Department of Finance (DoF) has begun urging its Bureau of Local Government Finance to strengthening LGU fiscal autonomy.
To be discussed further are the use of green bonds as an alternative funding source, which can encourage self-reliance and project autonomy, how green bonds are structured, and how they can be adopted for local implementation.
Like conventional bonds, green bond prices are also driven by interest rates, credit risk, foreign exchange markets, market perceptions of liquidity, and supply and demand. As interest rates increase, bond prices decrease. Moreover, the required return for investors tends to increase as the credit risk assessed to the issuer increases. Also affecting bond pricing are the anticipation of the project’s success and backup plans for future business opportunities. All of these are taken into consideration in calculating bond return.
Slightly deviating from a conventional bond, other additional terms and characteristics of a green bond — whether it is a floating rate, cancellable or callable — also affect its price. Further studies from Harvard Business School show that most US municipal green bonds are issued at a premium, where after-tax yields are six basis points lower than a conventional municipal bond. It makes sense to encourage more investors to invest, although most green bonds are generally oversubscribed.
Since the first green bond issuance in 2007, investments in green bonds have increased in recent years, with the International Finance Corp. (IFC) a unit of the World Bank Group, reporting an annual additional $1-trillion investment. While the creation of the green bond seems to follow conventional bond creation, evolving guidelines have been published across different markets around the globe to guide the creation and issuance of these bonds. It also provides a clear distinction for green bonds since investors demand identification.
Under the Climate Bonds Initiative, a four-stage bond certification process needs to be passed: project identification, bond structuring, transparency on use of proceeds, and screening of credentials. Furthermore, the International Capital Market Association has issued green bond principles aimed at streamlining voluntary guidelines in creating and issuing a ‘credible’ green bond.
In the Philippines, the Securities and Exchange Commission (SEC) has adopted guidelines from the ASEAN Green Bond Standards (AGBS) to improve an awareness and appetite in capital funding for green projects in the ASEAN region. It outlines rules and procedures for issuing ASEAN Green Bonds in the country starting with:

(1) The identification of eligible green projects, excluding fossil fuel power generation from the list;

(2) Clear documentation of the utilization of proceeds; and

(3) Proper establishment and disclosure of project selection and evaluation.

Management of proceeds must also be disclosed, where net proceeds must be tracked and adjusted periodically to match allocations required. Lastly, there should be an annual report on the projects done with their corresponding resource allocation.
APPETITE FOR GREEN BONDS
In the Philippines, the first green bond was issued in 2016 by Aboitiz Power Corp. Banco de Oro Unibank followed in December 2017. In 2018, a locally denominated green bond emerged through the $90-million loan issued by the IFC for Energy Development Corp.’s (EDC) geothermal energy generation output. This is just a piece of the $30-billion funding requirement for the energy sector in the Philippines.
Both public and private sectors have already begun gently nudging investors and issuers towards the green bonds market, as can be observed with the SEC’s recent adaptation of the AGBS, and the 2018 Philippine Investment Forum’s discourse on the future of green bonds. However, though the returns are fairly comparable to that of a conventional bond, issuers hesitate at the cost of additional requirements of the “green” label. Thus, where investors seek to ensure they invest in truly green projects, issuers look at it as a burden to consider.
In the Philippines where the preliminary and strongest of impacts of climate change can be felt through intensifying typhoons and unusual flooding brought by rising sea levels, green bonds can be a way for the national government and the LGUs to raise funding for climate change mitigation and resiliency projects through proper waste management, waste-to-energy, and resilient infrastructure initiatives. This is the case in the US where municipal bonds were expected to increase to $15 billion in 2018, up 43% from 2017 based on S&P Global Ratings report.
Given that the country requires much financing for its programs, green bonds can potentially tap into the $36-trillion market. After the SEC adopted AGBS, green bonds are now being seen as potential investment vehicles that can ease the flow of funds between needing LGUs and willing investors. They may be viewed as alternatives to the typical fund-raising avenues of the LGUs such as loan applications to Government Financial Institutions that are backed by their respective Internal Revenue Allotments to augment their income.
Given that such bond issuances have additional (and more tedious) requirements, the national government must also be able to extend technical assistance to such LGUs willing to explore this fund-raising track, through the BLGF. Strides can be taken to foster widespread awareness of the key role green bonds can play in securing the sustainable development in support of the country’s economic and social growth. However, as in all worthwhile initiatives, it will require close and intense collaboration among the government, the private sector, and the country’s banking and capital markets.
This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the authors and do not necessarily represent the views of SGV & Co.
 
Christian G. Lauron is a Partner and Abner E. Serania is a Senior Associate of SGV & Co., respectively.

Northport stays in the hunt for playoff berth

By Michael Angelo S. Murillo
Senior Reporter
THE Northport Batang Pier are still alive in the race for a quarterfinal spot in the PBA Philippine Cup after beating erstwhile streaking TNT KaTropa, 109-83, on Sunday at the Smart Araneta Coliseum.
Needing to sweep their remaining games in the elimination round of the season-opening Philippine Basketball Association tournament, including yesterday’s game, the Batang Pier (3-6) delivered from their end on the first hurdle by going on a fast start and hanging tough the rest of the way amid a spirited challenge from TNT, especially in the third quarter, to book the win.
Rookie Robert Bolick, Stanley Pringle and Lervyn Flores got Northport to a good start, helping their team to a 22-12 lead in the first 10 minutes of the opening quarter before Jayson Castro and Roger Pogoy scored back-to-back baskets to push TNT to within six points, 22-16, after one quarter down.
In the second quarter, Northport was back at it, humming to create a huge separation from its opponent.
The Batang Pier outscored the KaTropa, 17-6, in the opening five minutes to build a 17-point cushion, 39-22.
Mo Tautuaa stretched it to an even bigger lead of 27 points, 53-26, for Northport with less than a minute to play in the quarter before they settled for a 53-31 advantage at halftime.
TNT began the third canto with fire on its eyes, going on an 11-0 blast in the first three minutes to narrow the gap at 53-42, led by Mr. Castro and Ryan Reyes.
But Northport nipped the run on the bud, responding with an 18-9 counter in the next five minutes to reestablish a 20-point lead, 71-51.
It would continue to pour in the points after to stay at a safe distance, 82-61, heading into the fourth quarter.
Despite having control of the match, the Batang Pier showed no let-up in their attack.
They led, 102-72, with 5:25 to go and just cruised to the win after.
Mr. Pringle led Northport with 27 points and nine rebounds with Sean Anthony adding 14 markers off the bench.
Paolo Taha and Mr. Tautuaa had 13 points each while Mr. Flores finished with a career-high 11 points.
Mr. Bolick, meanwhile, had a near triple-double of eight points, 12 rebounds and seven assists for the Batang Pier.
Don Trollano was the high point man for TNT with 15 points, followed by Jay Washington with 13 and Mr. Pogoy 10.
“We just prepared hard for this game. We are still in contention for the playoffs and we just have to follow our system and game plan,” said Mr. Flores in Filipino after their win.
Apart from keeping them alive in the tournament, the victory also stopped for Northport a six-game losing streak.
For TNT (7-4), the loss was costly as it deprived it of a chance to vie for a top-two finish and the twice-to-beat advantage in the quarterfinals.
The KaTropa also saw their five-game winning streak come to an end.
The next do-or-die match for Northport is on Wednesday against the Alaska Aces.

FEU beats AdU in 5 sets

By Michael Angelo S. Murillo
Senior Reporter
THE Far Eastern University Lady Tamaraws dodged a major upset on Sunday, surviving a gritty effort from the tailending Adamson Lady Falcons in five sets, 30-32, 25-20, 23-25, 25-20 and 15-13, in University Athletic Association of the Philippines action at the Ynares Center in Antipolo City.
Played underwhelming for much of the contest, especially early on, the Lady Tamaraws stepped up to the challenge down the stretch to buck a 1-2 match deficit to win and improve to 5-3 for Season 81 while sending the Lady Falcons (1-7) to their fourth straight defeat.
The contest got off to a tight start with the opening set going on overdrive in the 30s.
FEU had early control but Adamson would charge back to make a game out of it.
The Lady Tamaraws had a chance to close out the set, 26-25, but the Lady Falcons showed grit, led by Bern Flora and Chiara Permentilla, to extend the frame and eventually outlast FEU, 32-30.
Got some momentum in the first-set closeout, the Lady Falcons continued to dictate the tempo in the second early on.
They built an 8-4 lead by the first technical timeout before FEU started to make its move.
The Lady Tamaraws overtook the Lady Falcons, 16-15, midway after which they outscored the latter, 5-4, to claim a 21-19 advantage moments later on the lead of veterans Hether Guino-o and Kyle Negrito.
From there FEU charged to the set win, 25-20, to level the contest at a set apiece.
In the third set Adamson regained its footing, racing to a 16-11 lead at the halfway juncture.
But the Lady Tamaraws did not allow Adamson to run away with the set, clawing their way back to within one point, 24-23, down the stretch.
Joy Dacoron helped the Lady Falcons avoid a slippage, connecting on a runner to put away the set and the 2-1 lead for the match.
The Lady Falcons sustained their fine form at the start of the fourth frame, leading 8-5 by the first technical time out and 16-14 midway.
Led by rookie Lycha Ebon though, the Lady Tamaraws galloped to a 7-1 run to take a 21-17 lead.
They would not look back after for the 25-20 set win and force a deciding fifth set.
Unfortunately for FEU it would lose Ebon early in the fifth frame after being stretchered off the court because of an apparent right knee injury. She was the second Lady Tamaraw to get hurt in the match after Jeanette Villarreal injured her ankle in the first set.
When play resumed, FEU rose to an 8-5 lead at the exchange, towed by substitute Ivana Agudo and Czarina Carandang.
The Lady Tamaraws extended their lead to 10-6 after but the Lady Falcons would not go down without a fight.
Adamson levelled the score at 13-all as Flora waxed hot.
FEU, however, held tight as they scored the next two points to complete the comeback to score the win.
Ebon led FEU in the win, finishing with 19 points, 16 off attacks, before getting injured.
STREETDANCE COMPETITION
Meanwhile, La Salle got back to the top of the UAAP streetdance competition after ruling this year’s edition in proceedings held on Saturday at the Smart Araneta Coliseum.
Anchored on a rock and roll-themed performance inspired by legendary band Queen, the La Salle Dance Company completed some unfinished business from last year and went all the way to the championship.
LSDC finished second last year but made sure to claim the title this time around while relegating erstwhile defending champion FEU Dance Company Street Alliance to a bridesmaid finish.
La Salle tallied a final score of 86.5 points to FEU’s 85. Finishing third were the National University Underdawgz with 83.25 points.
The title was the fourth for La Salle in the competition’s eight-year history.
The rest of the field scored as follows: University of the Philippines Streetdance (82), University of Santo Tomas Prime (79), University of the East Street Warriors (72.42), Company of Ateneo Dancers (70.75) and Adamson Cast (67.45).

PHISGOC allays fears of 2019 Southeast Asian Games not pushing through

By Michael Angelo S. Murillo
Senior Reporter
AMID reports that the Philippines is in danger of losing the rights to host the 2019 Southeast Asian Games later this year over “problems” regarding the budget and in-government disagreements that have delayed the country’s preparation, officials of the local organizing committee moved to allay such fears and said the Games’ hosting is still a go and that they are on top of things.
Speaking to members of media during a press conference at the Max’s Kabisera restaurant at the Bonifacio Global City in Taguig on Saturday, officials of the Philippine Southeast Asian Games Organizing Committee (PHISGOC), led by chairman Alan Peter Cayetano, took it as an opportunity to debunk reports that the Philippines was running the risk of losing hosting rights of the biennial regional sporting meet as perceived delays in preparation of the country is not sitting well with the SEA Games Federation Council which is closely monitoring the situation.
Mr. Cayetano, who was joined in the press conference by Philippine Olympic Committee Chairman Abraham Tolentino and PHISGOC chief operating officer Ramon Suzara, reiterated a statement released by the organizing body the previous day assuring that the Games will push through in the country from Nov. 31 to Dec. 13 this year.
He did, however, say that the preparations are encountering “challenges,” including the release of the budget for the hosting, but these were something that they are confident of being able to address.
“We will continue to host the SEA Games. There is no truth to reports of the contrary,” Mr. Cayetano, the former secretary of the Department of Foreign Affairs, said.
“Construction of major structures for the event is on track. And when we say on track we mean by September they will be ready, or two months before the hosting so our athletes can use them for training. Of course there are delays in construction but these are normal and we were assured that they will be completed on schedule,” he added.
The PHISGOC chairman was responding to a question over persistent talk of the country not being able to deliver from its end of hosting the 2019 SEA Games.
Last week, reports were published in various media (not in this paper) saying that the Philippines is likely to lose the hosting to either Indonesia or Thailand, which are deemed more prepared, as the country grapples for the release of the budget and bickering among officials eight months away from the event.
The reports further said that the SEA Games Federation Council is closely watching and might ask the Philippines to drop the hosting if it does not get its act together.
Mr. Cayetano said the budget is key in hurdling the challenges that the organizers are facing. It does not help either that the budget they were asking was further trimmed down by 33%.
The PHISGOC originally planned to propose a P9-billion budget for the hosting but eventually wound up with a proposal of an itemized budget of P7.5 billion to the Department of Budget and Management (DBM).
It was approved by DBM and the House of Representative but when it reached the Senate, the budget was slashed by one-third to P5 billion.
Mr. Cayetano said it will help the preparation if the budget is already released and the original amount be retained.
“We are appealing to Congress. As soon as we can pass the budget the better for us and restore the amount that what was taken away from the budget. It’s hard to make a reduction in the middle of the preparation,” he said.
Mr. Cayetano also addressed concerns on some stakeholders not agreeing on the direction that the preparation is going, asking them to talk to them and avoid creating further confusion.
“Crab mentality. That is a problem not only in sports but in politics as well. There are spoilers when we are doing great and getting our act together,” said the PHISGOC official.
“We appeal to them for us to come together. We want to be inclusive. If you want to say something, let’s talk about it in the board. Let’s not create a problem if there is no problem,” Mr. Cayetano added.
The 2019 SEA Games is set to take place in different parts of the country, including in Manila, Subic, Clark and Batangas with the center the New Clark City Sports Complex in Tarlac. There will be 56 sports in the Games involving 523 events.

1...9,7489,7499,750...12,787Page 9,749 of 12,787
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube