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Shepherding the Bucks

Giannis Antetokounmpo was on the left block, his back to the basket. He had the ball with 2:28 to go in the match, and he looked left to survey the court. The Hornets, whose buoyant play to that point had the 19,149-strong Spectrum Center crowd pumped, were just three down following a P.J. Washington dunk, and he needed to manufacture points to keep them at bay. Seeing tight coverage, he decided to go for the best option: himself. He dribbled once to get closer to the paint, and then made a quick pirouette to the baseline to set up an arching fadeaway. The nine-footer, launched high to clear the outstretched arms of Miles Bridges, was money. It hit the bottom of the net, giving the Bucks some much-needed cushion against the hosts.

The Bucks would go on to win yesterday’s set-to, but not before taking the full measure of the overachieving Hornets. Certainly, they needed every bit of the effort Antetokounmpo put up in 35 minutes of play. He didn’t post a game-high plus-22 rating for nothing, and his aggregate stat line was the first to top 40-20-5 for the franchise since living legend Kareem Abdul-Jabbar did it in 1974. Indeed, he was that special, and he needed to be in order for them to claim their sixth straight and 11th triumph of their last 12 outings. With fellow All-Star Khris Middleton still sidelined due to a neck injury, he gladly took on a more active role on offense, and he delivered.

Although the regular season still has a quarter’s worth of contests left to play, Antetokounmpo’s stellar showing has him way ahead of the competition for the Most Valuable Player award. It’s telling that he’s even better — make that much better — since he claimed it last year, and that the Bucks have approximated his dominance throughout. They’re on pace for 70 wins, running roughshod over any and all opposition. And so good have they been that the Lakers, who would have otherwise hogged headlines for pacing the West with All-World LeBron James at the helm, remain consigned to second-fiddle status.

At this point, there’s only one thing left for Antetokounmpo to prove: that he has the resolve to shepherd the Bucks to the championship. Thwarted by the Raptors in the East Finals last year, he claims he has learned from his lesson and will act accordingly. And, at the rate he’s going, who’s to say he’s wrong in his contention?

 

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 rebounds vs dollar on positive data, BSP bets

THE PESO rebounded against the dollar following consecutive days of weakness as markets priced in better local manufacturing data and the possibility of another rate cut.

The local unit ended trading at P50.63 on Monday, stronger by 34 centavos from its Friday close of P50.97, according to data from the website of the Bankers Association of the Philippines.

The peso opened Monday’s session at P51.02 per dollar. Its weakest showing for the day was at P51.095 while its strongest was at P50.62 against the greenback.

Dollars traded slipped to $1.468 billion yesterday from Friday’s $1.684 billion.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion attributed the appreciation of the local unit to “better-than-expected” local data released on Monday.

“The peso’s strength may have relied on the better-than-expected PMI (Purchasing Managers’ Index) reading for February,” he said in a text message.

“Amidst PMI declines of regional neighbors, this may describe robust manufacturing output for Q1 2020,” he added.

IHS Markit Philippines reported that Philippine manufacturing PMI inched up to 52.3 in February from 52.1 in January. A reading of 50 and beyond is considered an expansion.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s strength came on the back of rate cut expectations.

“Peso exchange closed much stronger amid some market expectations about a possible coordinated rate cuts by the central banks in the US and in other parts of the world as a countermeasure to any adverse effect of the coronavirus…,” Mr. Ricafort said in a text message.

On Monday, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said the 25-basis-point (bp) rate cut left from the 50-bp rate cut he earlier signaled for 2020 is still “on the table” and that the Monetary Board will take into account the developments on the coronavirus outbreak during their next policy setting meeting.

“It’s still on the table. And we’re going to meet on Mar. 19 for policy setting. So we’ll see what’s happening that time,” Mr. Diokno said on the sidelines of his book launch in Pasay.

Earlier, Mr. Diokno said they will consider looking into more rate cuts if needed, depending on the progress of the outbreak.

The rate on the BSP’s reverse repurchase, overnight deposit and lending facilities currently stand at 3.75%, 3.25% and 4.25%, respectively.

For today, both Mr. Asuncion and Mr. Ricafort expect the peso to move around the P50.50 to P50.80 levels. — LWTN

Shares slump further on fears over virus outbreak

STOCKS dropped further on Monday on last-minute profit taking among investors as fears on the outbreak of the coronavirus disease 2019 (COVID-19) continue to weigh on the market.

The benchmark 30-member Philippine Stock Exchange index (PSEi) dropped by 38.63 points or 0.56% to close at 6,749.28 yesterday, while the broader all shares index decreased by 20.63 points or 0.50% to finish at 4,043.69.

According to Philstocks Financial Inc. Research Associate Claire T. Alviar, fears on the continued spread of COVID-19 affected the market.

“PSE index ended in the red on last minute profit taking as COVID-19 fears linger in the market,” Ms. Alviar said in a text message.

“While during intraday, it visited the positive territory as investors accumulate on dips, along with the rebound of some Asian markets after the major sell-off last week,” Ms. Alviar added.

World Health Organization director-general Tedros Adhanom Ghebreyesus likewise told CNBC on Sunday that the market panic was uncalled for, even after the organization on Friday raised its threat assessment for the virus to its highest level.

So far around 85,000 people in 53 countries have been infected. China, the world’s second-largest economy, is home to the vast majority of cases. About 70 have been diagnosed in the United States, Reuters reported.

Most Southeast Asian stock markets recovered from early losses on Monday as hopes grew major central banks would roll out stimulus measures to help cushion the economic fallout from the coronavirus’ spread.

On Friday, Federal Reserve Chair Jerome Powell said the central bank would “act as appropriate” to support the economy, raising hopes of a rate cut and chances that others would follow suit.

US stock index futures tumbled as trading reopened on Sunday night with investors still unnerved by the coronavirus and taking little solace from weekend comments by US officials that aimed to soothe panic about a pandemic.

S&P 500 e-mini futures were last down about 1%, indicating another bad day for the benchmark index on Monday after it fell more than 11% last week, its worst since the 2008 financial crisis.

Most sectoral indices at the PSE fell yesterday except for property, which rose by 55.64 points or 1.53% to end at 3,688.82.

Meanwhile, industrials declined by 191.54 points or 2.29% to 8,159.94; mining and oil dropped 108.29 points or 1.67% to 6,343.15; financials plummeted 24.5 points or 1.52% to 1,581.49; holding firms gave up 50.58 points or 0.76% to 6,576.50; and services went down 5.52 points or 0.4% to 1,345.86,

Value turnover dropped to P6.52 billion on Monday with 946.27 million shares changing hands from the P11.39 billion traded last Friday.

Decliners outnumbered advancers, 129 against 69, with 46 names closing unchanged.

Net foreign selling continued but thinned to P1.53 billion on Monday from the P4.08 billion recorded last Friday. — RMDO with Reuters

Manila eyes travel ban for Italy, Iran amid outbreak

THE Philippines will consider a travel ban for Italy and Iran and may expand restrictions for South Korea as a novel coronavirus outbreak spreads to these countries, authorities said on Monday.

“We will focus on certain countries that are showing the most activity in terms of coronavirus disease 2019 (COVID-19) cases,” Foreign Affairs Assistant Secretary Eduardo R. Meñez told a briefing.

The virus has killed about 3,000 people and sickened 88,000 more, mostly in China, according to the World Health Organization (WHO).

More than 3,700 people have been infected in South Korea, the biggest number of infections outside China.

Almost 1,700 people have tested positive for the deadly virus in Italy, a 50% jump from a day earlier. Almost a thousand people have been infected in Iran.

The Philippines has not reported a coronavirus infection for weeks and only three people have been confirmed to have been infected, all Chinese nationals from Wuhan City, where it was first detected.

Two of the patients have recovered and one has died, according to the local Health department.

Mr. Meñez said there were 6,139 Filipinos in South Korea, 161,885 in Italy and 1,181 in Iran. No Filipino had been infected in any of these countries, he added.

Health Assistant Secretary Maria Rosario C. Vergeire told a separate briefing the Philippines would decide on these three countries based on the number of transmissions, volume of travelers to the Philippines and their capacity to handle the outbreak.

The government was also studying whether there is a need for Filipinos there to come home, she said.

Meanwhile, more than 500 patients under investigation for COVID-19 in the Philippines have been discharged from hospitals, the Health department said in a statement.

It added that 43 patients were still being monitored in health facilities.

Health Secretary Francisco T. Duque III traced the lower numbers to heightened surveillance, early travel restrictions and enhanced laboratory processes.

“But this is not enough reason to let our guards down,” he said in the statement. “The DOH will continuously assess the situation and improve its surveillance protocols based on evidence and further developments.” Gillian M. Cortez and Vann Marlo M. Villegas

Jurisprudence on treaty termination sought by Senate

THE SENATE on Monday adopted a resolution asking the Supreme Court to come up with jurisprudence on whether President Rodrigo R. Duterte can end a treaty without Senate concurrence.

Twelve senators voted to adopt the document sponsored by Senate President Vicente C. Sotto III, while seven abstained.

The move comes after President Duterte on Feb. 11 announced his decision to end a military agreement with the US on the deployment of troops for war games.

The presidential palace has said it doesn’t need to seek permission from the Senate to terminate the two-decade-old visiting forces agreement. The 1987 Constitution is silent on the matter.

The silence is “an issue of transcendental importance that impacts on the country’s constitutional checks and balances,” according to a copy of the resolution.

“It presents a constitutional issue that seriously affects the country’s legal system as well as the country’s relations with the international community,” it added.

Senators Panfilo M. Lacson, Richard J. Gordon, Juan Miguel F. Zubiri and Franklin M. Drilon co-sponsored the document. Other senators who voted to adopt the bill are Juan Edgardo M. Angara, Maria Lourdes Nancy S. Binay, Risa N. Hontiveros-Baraquel, Manuel “Lito” M. Lapid, Francis N. Pangilinan, Emmanuel Joel J. Villanueva and Ralph G. Recto.

The seven senators who abstained — Aquilino L. Pimentel III, Ronald M. dela Rosa, Christopher Lawrence T. Go, Imee R. Marcos, Cynthia A. Villar, Francis N. Tolentino and Ramon B. Revilla, Jr. are all Duterte allies.

Mr. Pimentel, who heads the committee on foreign relations, cited the absence of details in the resolution.

The resolution filed on the same day did not go through the committee on foreign relations, but was referred to the committee on rules.

Mr. Sotto said the resolution might be included in a petition his office would file before the Supreme Court on Tuesday.

The Philippines on Feb. 11 formally notified the US about its decision to end the VFA. It will take effect after six months.

Mr. Duterte had threatened to end the pact after the US visa of Mr. de la Rosa, his former police chief, was canceled.

President Duterte’s decision could complicate US military interests in the broader Asia-Pacific region as China’s ambitions rise.

Some senators have sought to block the move, arguing Mr. Duterte had no right to unilaterally scrap international pacts the country’s Senate had ratified.

The VFA is important to the overall US-Philippine alliance and sets out rules for US soldiers operating in the Philippines, a former US colony.

Washington has called the relationship “ironclad,” despite Mr. Duterte’s complaints that include allegations of US hypocrisy and ill treatment.

Ending the VFA complicates Washington’s efforts to maintain an Asia-Pacific troop presence amid friction over the presence of US personnel in Japan and South Korea and security concerns about China and North Korea. — Charmaine A. Tadalan

Police arrest sacked guard who took 30 people hostage

Police arrested on Monday evening a former security guard who took about 30 people hostage at a mall in the Philippine capital, Manila after he was sacked by his bosses.

The crisis that lasted 10 hours ended after six bosses of Alchie Paray, the disgruntled guard at V-Mall Greenhills Shopping Center, agreed to resign, CNN Philippines reported. The hostage-taker claimed corruption surrounded his termination.

The gunman forced himself into the mall, shooting one of the security guards before capturing mall employees at gunpoint. The injured guard was rushed to a nearby hospital and was in stable condition.

During the standoff, a SWAT team was seen entering the four-story mall, which has more than 100 outlets. Shoppers were evacuated and a security cordon established around it.

The gunman was sacked by the company that provides security for the mall and had tried to get other guards involved, San Juan City Mayor Francis Zamora said, adding that he was demanding to speak to his former colleagues by video call.

“He was trying to initially get the other guards to join him for some sort of coup d’etat against the mall management,” he told the ABS-CBN News Channel.

The other hostages were now safe in police custody and were being debriefed, the mall management said in an e-mailed statement late Monday evening.
“Management continues to cooperate with authorities and will have a post-incident assessment with the police to avoid a repeat of this unfortunate situation,” it said.

“Management will also look into allegations made by the hostage taker against security agency officials who allegedly take bribes from tenants to disregard shopping mall policies,” it added.

The gunman will be charged with frustrated murder, illegal possession of explosives, illegal possession of firearms, grave coercion and grave threat, ABS-CBN said, citing police. — NPA with Reuters

State monitoring potential laundering

TWO GROUPS of foreigners brought in about $368 million or P18.74 billion into the country last year, prompting authorities to closely monitor potential money-laundering activities with more travelers carrying large sums of foreign currencies.

Customs Commissioner Rey Leonardo Guerrero, citing his agency’s Jan. 29 report to Finance Secretary Carlos G. Dominguez, identified the groups as the “Rodriguez” and “Chinese” groups, which brought in $200.24 million and $167.97 million, respectively.

The first group brought the money into the country from July 17 last year to January this year and listed Excellent Forex, Inc. as the recipient of the money.

The Chinese group brought in the cash starting Dec. 17 last year to January, he said.

He added that the couriers had been paid as much as P50,000 per flight to bring in the stash. They traveled two to three times a week to carry one or two pieces of luggage, Mr. Guerrero said.

The couriers had been escorted by either police, soldiers or airport police, he said.

Customs had reported the matter to the Anti-Money Laundering Council, according to the report. “Since then, this bureau and the AMLC have remained in close communication regarding this concern.”

Mr. Guerrero said they had forwarded the concern to Congress to serve as “possible basis of policy changes on the protocol to be observed regarding hand-carried foreign currencies passing through our airports.”

Meanwhile, presidential spokesman Salvador S. Panelo said the government would probe the suspected money-laundering and spying activities of Chinese nationals in the country.

Senator Richard J. Gordon earlier claimed Chinese nationals had brought in more than $160 million in cash into the country since December, and raised the possibility of money laundering activities.

He said Philippine offshore gaming operators (POGO) were probably being used as fronts for Chinese nationals who are part of the People’s Liberation Army (PLA).

“If the good senator has information on that, I think they should provide us with intelligence reports so that we can pursue their line of belief on that matter,” Mr. Panelo said.

Police had found a PLA identification card in a crime scene surrounding the murder of a Chinese national last week. The two suspects in the shooting had said the ID belonged to a Chinese national working in a local offshore gaming company.

Meanwhile, the House committee on ways and means will hold a closed-door meeting on Tuesday on the alleged money laundering scheme, “This involves national security concerns,” Albay Rep. Jose Maria Clemente S. Salceda, who heads the body, told reporters.

He said the $160 million mentioned by Mr. Gordon was only the “tip of the iceberg,” adding that about $840 million had passed through the Bureau of Customs last year. — Genshen L. Espedido, BML and GMC

House kicks out 2 committee heads amid rumored coup

THE House of Representatives on Monday elected new heads for the appropriations and Electoral Tribunal committees amid a rumored coup against its Speaker.

Party List Rep. Eric G. Yap replaced Davao City Rep. Isidro T. Ungab as head of the committee on appropriations, while Kabayan Party List Rep. Ron P. Salo replaced Oriental Mindoro Rep. Doy C. Leachon as chairman of the House of Representatives Electoral Tribunal committee.

Cavite Rep. Jesus Crispin C. Remulla moved to replace the House leaders. The plenary accepted his motion after no lawmaker objected.

“The only guide to a man is his conscience, and the truth will always prevail no matter what,” Mr. Ungab told reporters in a Viber message.

“I will always be mighty proud of my actions as I was raised and taught that there is never a wrong time doing the right thing,” Mr. Leachon said in a statement, adding that he would “never bow down to this masked leadership of tyranny.” — Genshen L. Espedido

Supreme Court bans single-use plastic in its offices

SINGLE-USE plastic products are now banned at the Supreme Court (SC) offices in line with the country’s waste management campaign. Deputy Clerk of Court and Chief Administrative Officer Maria Carina M. Cunanan issued a memorandum dated February 28, saying the court is “adopting the solid waste avoidance and waste management strategy of the National Solid Waste Management Commission (NSWMC).” The memorandum is addressed only to all heads of the SC offices and does not include all courts in the country. Under NSWMC Resolution No. 1363-2020, “plastic cups (lower than 0.2 mm in thickness), plastic drinking straws, plastic coffee stirrers, plastic spoons, plastic forks, plastic knives, and plastic labo and thin-filmed sando bags (lower than 15 microns)” are the items considered unnecessary single-use plastic. The SC, in a statement, said the policy is also in line with the court’s plans of sustainability. The SC announced in October last year that it will have the Manila Hall of Justice as the “first green courthouse in the Philippines” by 2022. — Vann Marlo M. Villegas

Regional evacuation center in Bacolod City ready for use

A REGIONAL evacuation center in Bacolod City has been completed, the Department of Public Works and Highways (DPWH) announced Monday. The P36-million facility can house up to 30 families or 150 individuals. Built on a 3,000-square meter lot in Barangay Vista Alegre, the complex has eight buildings for accommodations, office use, infirmary, laundry and drying area, toilets, materials recovery facility, and its own cistern tank and drainage system. DPWH-Western Visayas Regional Director Lea N. Delfinado said aside from serving as an evacuation center during calamities, the facility can be used as a venue for social events and trainings. Ms. Delfinado said the Bacolod City center is the fifth to be completed in Negros Occidental province and 10th out of the planned 11 in the region. The centers are placed under the management of the host local government unit.

5.5 earthquake shakes Leyte

A MAGNITUDE 5.5 earthquake jolted the island of Leyte early Monday morning, with epicenter in Leyte town. The Philippine Institute of Volcanology and Seismology (Phivolcs) recorded the tremor at 5:19 a.m., with the highest reported intensity at 5 in four towns in Leyte province and the cities of Tacloban and Ormoc. There were no immediate reports of major damage in these areas. In the neighboring island province of Biliran, where intensity 4 was felt, ceilings in some classrooms at the Biliran Science High School fell, based on a teacher’s report. The municipal governments of Biliran, Carigara, and Capoocan immediately declared a suspension of classes while authorities inspect structures. Phivolcs said aftershocks were expected and at least eight were recorded before noon Monday.

DHSUD go after illegal subdivision developers in Davao City, Samal

THE DEPARTMENT of Human Settlements and Urban Development (DHSUD) is cracking down on illegal subdivision developers in Davao City and the Island Garden City of Samal, mostly on land awarded to agrarian reform beneficiaries. “This is to go after those illegal subdivision developers and to file criminal complaints against them because they are mandated by law to provide minimum standards set by PD (Presidential Decree) 957 for their buyers and clients,” Miguel T. Palma Gil, officer-in-charge regional director of DHSUD-Davao, told the media last week. PD 957 provides regulations on the sale of subdivision lots and condominiums. Mr. Palma Gil said the investigation was prompted by a complaint from a Davao City resident over a blocked drainage system. It turned out that the subdivision was developed and the land units sold without a license. “They did not have a proper canal system, proper road networks… no water and electricity line… There are several now in the Davao Region,” he said in mixed English and Filipino. The DHSUD official also warned buyers against transacting with developers and sellers who do not have a license. — Maya M. Padillo

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