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The coronavirus is a human credit crunch

By Clara Ferreira Marques

IT IS THE FLOW of people, as much as money, that keeps the global economy ticking over. It follows that a sudden halt to the movement of workers, shoppers, and tourists should worry us just as much as the drying up of credit during the global financial crisis in 2008. With fewer obvious quick fixes, the virus outbreak should perhaps concern us even more.

A little over a decade ago, it was the US housing market that soured. Investors lost confidence after years of unbridled lending and poor regulation, and an American credit crunch went global. To fight it, central banks unleashed an unprecedented policy response; governments increased spending and in some cases snapped up teetering assets.

Today, it’s all seizing up again, but not because of capital. Instead, hundreds of millions of people are unable or unwilling to move, causing simultaneous supply and demand shocks. More than a month after Lunar New Year, Chinese factories are only slowly reopening, and consumers are staying home. Elsewhere, barriers erected to stop travelers from China, Iran, and elsewhere will take time to come down, especially when such controls fit with a prevalent populist agenda.

Where people go and don’t go matters because this is where the economic damage is caused. That comes not from the virus itself — absent a demographic hit on the scale of the 1918 Spanish flu — but from the measures to contain the outbreak, and the fear it sows among populations. It’s a salutary reminder of just how central the flow of humans is to the world economy, from students in Australia and tourists in Paris to farmers-turned-factory workers in China’s cities. The increase in those movements in recent decades makes the shock of an abrupt standstill all the more stark.

China’s draconian containment measures, isolating the central hub of Wuhan and the surrounding region, offered the first clear signal of how severe the consequences could be. With transport of goods and workers blocked, manufacturers and their clients outside China soon felt the pinch. That continues: February’s manufacturing purchasing managers’ index sank to a record low, below even the nadir of November 2008, and new order numbers provided little reason to cheer. Even when work does restart, some local authorities have imposed special restrictions to quarantine newly returned workers.

Provided there is no fresh surge of cases, manufacturing will come back. Restoring human mobility globally will take longer.

That’s because it’s not just about factory workers in China. The crunch is, or could be, far broader: foreign students keeping Australian universities afloat; Chinese tourists spending $18 billion a year in Thailand; families migrating to New Zealand; skiers in Japan; bankers in New York. Schools are now shut in Japan and South Korea, and pockets of Europe too. Executives who are usually racking up air miles to oil the cogs of multinationals are being forced to scrap travel. Millions are already working from home.

It’s a huge hit to productivity and consumption, and much of that will take far longer to resume even if the spread is contained. Few countries and companies will rush to scrap controls.

Some of the demand associated with that mobility — for conferences, education, and to a degree even tourism — may well be destroyed, not deferred. That’s bad news for destinations such as Thailand and Hong Kong, which rely on a chunk of the more than 150 million Chinese who travel abroad annually, and more broadly for an ailing travel industry. Empty airports won’t be filling up soon. And spare a thought for cruise companies.

The biggest problem with a human crunch, though, is that it may be harder to fix than a credit seizure. When banks become reluctant to lend, ultra low rates and liquidity injections help. Some of that response is already happening, with this week’s Federal Reserve emergency half-point cut coming hours after Group of Seven finance chiefs pledged to do all they could to combat the crisis.

Fiscal measures will be positive too, keeping companies alive by providing support with rental or other payments, encouraging forbearance from banks and getting consumers to spend. That’s important, given the heavy indebtedness of non-financial corporates in China, in particular: Their debt load has ballooned to more than 150% of GDP, Rabobank estimates.

Not everything is grim. There could be productivity gains if companies are forced to figure out what to do with fewer workers.

In the end, though, the only real cure for the human crunch will be a vaccine and better healthcare systems. These are problems that can hardly be fixed fast.

 

BLOOMBERG OPINION

PHL exports could take $300-M hit from coronavirus outbreak

SUPPLY CHAIN disruption in China caused by the outbreak of coronavirus disease 2019 (Covid-19) have the potential to disrupt up to $300 million worth of Philippine manufacturing exports, a United Nations Agency said.

According to an analysis from the United Nations Conference on Trade and Development (UNCTAD) released Thursday, a 2% reduction in intermediate inputs from China will affect $115 million worth of subsequent Philippine exports of communication equipment, $77 million in office machinery, $42 million in electrical machinery, and $22 million in automotive products.

The disruption in world trade could mean a $50 billion decline in global exports overall, UNCTAD said.

“In addition to grave threats to human life, the coronavirus outbreak carries serious risks for the global economy,” UNCTAD Secretary-General Mukhisa Kituyi said.

“Any slowdown in manufacturing in one part of the world will have a ripple effect in economic activity across the globe because of regional and global value chains.”

The worst-hit economies are the European Union ($15.6 billion), the US ($5.7 billion), and Japan ($5.19 billion).

The report said that around 20% of global trade consists of intermediate products from China.

“China’s rising importance in the global economy is not only related to its status as a manufacturer and exporter of consumer products. China has become the main supplier of intermediate inputs for manufacturing companies abroad.”

As China’s factories temporarily close and the movement of people restricted in an effort to contain Covid-19, reduced parts supply from Chinese producers has been affecting global output.

“For many companies, the limited use of inventories brought by a lean and just-in-time manufacturing process would result in shortages that will impact their production capabilities and overall exports,” according to the report.

The 22-point February decline in the China Manufacturing Purchasing Manager’s Index (PMI) translates to a 2% annual decline in the supply of intermediate goods.

Semiconductor and Electronics Industries of the Philippines, Inc. (SEIPI) president Danilo C. Lachica said in a mobile message Monday that the industry is concerned about supply chains as the outbreak further impacts countries outside of China.

“Hong Kong is already part of our hot area. We are concerned about South Korea and Taiwan,” he said.

Mr. Lachica has said the industry may lower its 2020 target of 5% export growth as factory closures in China could lead to a slowdown in electronics parts exports to that country.

Merchandise exports to China, according to the Philippine Statistics Authority, accounted for 13.7% of the value of total Philippine exports or $9.63 billion in 2019. Imports from China made up 22.9% of the total, or $24.5 billion.

Electronics exports accounted for 57% by value of total Philippine merchandise exports last year.

Of the $40 billion in Philippine electronics exports last year, 2.3% or $916 million are communications and radar products, 1.7% or $713 million are office equipment, and 0.4% or $156 million are automotive electronics.

China’s slowdown, the report said, also impacts the Philippines by $17 million in various machinery, $17 million in precision instruments, $7 million in chemicals, $2 million in metals and metal products, and $1 million each in leather products, rubber and plastics, and wood products and furniture.

UNCTAD said that the overall effects of the outbreak will become clearer as more data becomes available.

“The estimated global effects of Covid-19 are subject to change depending on the containment of the virus and/or changes in the sources of supply.”

Covid-19 has infected more than 92,000 worldwide and killed more than 3,200 people, according to the World Health Organization (WHO).

Separately, Nomura Global Research slashed its 2020 gross domestic product (GDP) growth projection for the Philippines to 6% from 6.4% previously to account for the impact of the outbreak on tourism.

In an update to its report “Anchor Report: How the Coronavirus Covid-19 will impact the world economy” published Thursday, Nomura said the Philippine economy will likely expand by 5.1% in the first quarter with a “more material impact” likely being felt in the first three months of the year.

However, this is expected to bounce back to 6% levels starting in the second quarter, to about 6.1%, lower than its earlier projection of 6.5%.

“In our new base case, we cut further our 2020 growth forecast to 6% from 6.4% (for the Philippines), which now only represents a slight improvement from 2019’s 5.9%,” according to the report.

The government targets 2020 GDP growth of 6.5-7.5%.

It noted that China and South Korea account for 21.1% and 24.1% of Philippine tourist arrivals, respectively.

For the third and fourth quarters, Nomura maintained its previous forecasts of 6.5% and 6.4%, respectively, as it expects a rebound in the second half driven by fiscal stimulus to boost public consumption, particularly infrastructure spending.

The report also downgraded growth forecasts for the global economy to 2.7% from 3.1% previously, China to 5% from 5.5%, Hong Kong to contract by 2.3% from the previous 1.1% projected decline, Singapore to be stagnant at 0% from growth of 0.3% , South Korea to 1.4% from 1.8% and Thailand to 1.4% from 1.9%.

The projections assume that China’s lockdown will only last until this month while the outbreak spreads in several countries to the point where the World Health Organization declares a pandemic.

“The most effective immediate policy response is not monetary or fiscal policies; it’s health security controls. If health security controls fail to contain the spread of Covid-19, financial markets may soon have to accept that a global recession is a forgone conclusion,” it said. — Jenina P. Ibañez, Beatrice M. Laforga

Factory output decline persists in Jan.

FACTORY OUTPUT deteriorated for a 14th consecutive month in January though the rate of decline slowed, the Philippine Statistics Authority (PSA) said.

Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries (MISSI), indicate that factory output — as measured by the Volume of Production index (VoPI) — contracted by 1.6% year-on-year in January, following revised declines of 9.1% in December and 4.2% in January 2019.

Factory output has been declining since December 2018, extending the losing streak to 14 months.

The IHS Markit Philippine Manufacturing Purchasing Managers’ Index (PMI) — a measure of purchasing activity, which is a leading indicator of manufacturing activity — increased that month to 52.1 from December’s 51.7. A reading above 50 signals expected improvement in purchasing activity, while a score below 50 indicates deterioration.

The PSA reported year-on-year declines in 11 out of 20 major industry groups in January, of which eight were in the double digits. These were wood and wood products (-42.6%); petroleum products (-39.7%); basic metals (-23.8%); miscellaneous manufactures (-23.2%); tobacco products (-18.3%); paper and paper products (-14.3%); textiles (-11.5%); and furniture and fixtures (-11.3%).

Average capacity utilization was estimated at 84.4%, with 12 of the 20 sectors registering capacity utilization rates of at least 80%.

“Normally in January, factories are usually (building up) inventory to prepare for their projected output in the next few months,” Federation of Philippine Industries (FPI) Chairman Jesus L. Arranza said in a phone interview, noting that the decline was “expected.”

Mr. Arranza added that domestic demand for manufactured products does not seem to be affected by the coronavirus (Covid-19) outbreak.

“A lot of people are still in the supermarkets or in the malls. Similarly, we did not receive any report from our members who slowed their manufacturing activity. Despite the Covid-19 scare, their workers continue to go to work,” Mr. Arranza said.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort added that the decline in manufacturing production in January was expected, but noted that it “improved” from a year earlier.

“The VoPI in January may have continued to decline year-on-year by 1.6%, but it already eased/somewhat improved vs. the 4.2% decline (in January 2019),” Mr. Ricafort said in an e-mail.

“It is interesting to note that volume of net sales index as of January 2020 grew by 5.9% year-on-year versus the 0.6% decline a year earlier,” Mr. Ricafort said, referring to another measure in the MISSI report.

The economist added the negative sentiment in global manufacturing carrying over from the US-China trade war has “somewhat eased” following the signing of the so-called “phase one” deal in January that may indicate normalization in trade relations.

Nevertheless, concerns over the Covid-19 outbreak may have offset gains in factory output for the month.

“[Concerns that] Covid-19 could spread to other countries… could further slow global economic growth, global trade, and global manufacturing activities, on top of the global economic slowdown and manufacturing already brought about by the lingering US-China trade war,” he said.

In a statement, the National Economic and Development Authority (NEDA) said that lingering concerns over the outbreak are affecting tourism and travel in the Philippines, which could dampen production of consumer-related manufactures such as food and beverages.

“Intensifying government action to monitor and implement mitigating measures will temper the potential negative impact of the Covid-19 on the manufacturing industry,” Socioeconomic Planning Secretary Ernesto M. Pernia was quoted as saying in the statement.

NEDA expects that the production of intermediate goods to overseas market will also be affected.

“Government needs to work closely with the industry in crafting and implementing strategies to effectively mitigate the possible impacts of Covid-19 on production,” Mr. Pernia said.

“For the coming months, the biggest catalysts or factors for Philippine manufacturing are the increased government spending or catch-up spending especially on infrastructure that may have positive effects in terms of higher demand for suppliers and other related manufacturing industries,” RCBC’s Mr. Ricafort said.

However, these gains could be offset by “lingering coronavirus concerns” that may slow down growth in manufacturing, exports, and the global economic output in general.

“In terms of slower demand for Philippine exports… [this] would also reflect some slowdown in the affected local manufacturing industries in the supply or production chain,” Mr. Ricafort said.

Mr. Ricafort added the suspended operations in some of China’s factories could “potentially cause some disruptions” in the global supply chain, including those for Philippine manufacturers that rely on imported raw materials and other inputs from China.

FPI’s Mr. Arranza said factory output is expected to recover within the year on the back of increased consumer demand. — Carmina Angelica V. Olano

Fitch Solutions sees ‘demand surge’ buoying energy sector

FITCH SOLUTIONS Country Risks & Industry Research (Fitch Solutions) said the proposed executive order (EO) to permit nuclear power as an energy source suggests “upside” for the entire energy sector in the form of a near-term demand surge for power.

Fitch Solutions said in a note Thursday that nuclear power being “successfully reintroduced” into the country’s energy mix will post a “substantial upside risk” to its forecast for the energy sector.

Energy Secretary Alfonso G. Cusi submitted late last month to President Rodrigo R. Duterte a draft executive order that will allow the use of nuclear energy as a power source. Palace officials said the document is now with the President for review.

“There is substantial upside risk to our forecasts for the Philippine’s energy sector if nuclear is successfully reintroduced into the country’s energy mix, assuming that adequate resources are allocated for it,” according to the note.

However, it said it will maintain its current assumption that no nuclear capacity will go live over the next decade since there were no details available yet on the contents of the EO or when it will be signed.

“At present, we maintain our forecasts… given that there are still significant uncertainties surrounding this such as high capital costs, safety considerations and long lead times, but we may seek to revise it if there is more concrete project development in the sector going forward,” it added.

Fitch Solutions said the use of nuclear energy can be an “effective way” to meet the expected demand surge since it has a “high capacity factor as a baseload resource,” while coal-generated energy continues to face opposition on environmental concerns.

“We stress that Philippines is set to see a power demand surge over the coming years driven by strong macroeconomic and demographic growth, along with government goal to achieve a 100% electrification rate by 2022 under the Total Electrification Programme (TEP),” it said.

It also said that in the past, foreign suppliers of nuclear equipment have expressed interest in the Philippines, including companies from the US, Japan, Russia, France and South Korea.

Recently, Fitch Solutions noted that some developments in the nuclear sector have included studies to operate the mothballed Bataan Nuclear Power Plant.

In October, the United Nations International Atomic Energy Agency (IAEA) submitted a positive assessment of the Philippines’ preparedness for nuclear power and made several recommendations for the government if it proceeds.

The Energy department has prepared a national development plan for the industry pending the preparation of appropriate legislation and consultations. — Beatrice M. Laforga

DoTr sees no delay to subway from Japan coronavirus disruptions

THE Department of Transportation (DoTr) said Thursday it will proceed with the implementation of the first phase of the Metro Manila Subway Project, and expects no disruption to the timetable in the form of delayed deliveries from Japanese suppliers due to the coronavirus outbreak in Japan.

Parts of the line are scheduled for operations next year, relying mostly on Japanese contractors for building supplies and train equipment.

In a statement, the DoTr said Secretary Arthur P. Tugade met with Economic Minister Masahiro Nakata of the Japanese embassy, Japan International Cooperation Agency (JICA) Senior Representative Kiyo Kawabuchi, Shimizu Corp. representative Monichiro Tsuchiya and EEI Corp. President and CEO Roberto Jose L. Castillo.

The DoTr said they tackled the progress made in bringing the Japanese-supplied tunnel boring machines into operation, after they arrived disassembled last month.

“In the meeting, Secretary Tugade reiterated the DoTr’s desire to deliver the Metro Manila Subway Project by 2021, as committed, despite the coronavirus outbreak in Japan,” the department said.

“We will not stop because of the coronavirus — we will not stop working,” Mr. Tugade was quoted as saying.

The first phase of the project will be built by Japanese consortium Shimizu Joint Venture (consisting of Shimizu Corp., Fujita Corp., Takenaka Civil Engineering Co., Ltd. and EEI Corp.), which the DoTr signed a P51-billion contract with in February last year. The contract also includes the construction of the subway’s depot and the Philippine Railways Institute.

The DoTr said that the completion deadline for the assembly of the tunnel boring machines, which were delivered disassembled last month, has been moved from July to June on Mr. Tugade’s orders.

A tunnel boring machine automates the digging process by reinforcing the tunnel as it digs, reducing the need for a separate operation to shore up the tunnel wall to prevent the works from collapsing.

Undersecretary for Railways Timothy John R. Batan has said that the target was to begin tunneling works within the year.

The government broke ground on the first three stations (Quirino Highway, Tandang Sora and North Avenue) of the subway project in February last year.

The Philippines and Japan signed in March 2018 the first tranche of the P355.6-billion loan for the Metro Manila subway project.

Full operations on the 36-kilometer line are scheduled for 2025. — Arjay L. Balinbin

Business groups back prompt passage of CITIRA

TEN business and professional organizations asked the 18th Congress to approve the measure lowering the corporate income tax and streamlining fiscal incentives.

Senate Bill No. 1357, sponsored by Senator Pilar Juliana S. Cayetano, proposes to gradually reduce the corporate income tax to 20% by 2029, from the current 30%, which is the highest rate in Southeast Asia.

“The scheduled CIT (corporate income tax) rate reduction is fixed for the first five years to reduce uncertainty, which is detrimental to doing business,” the groups said in a joint statement Thursday.

It was signed by the Anvil Business Club, Bankers Association of the Philippines, Federation of Filipino Chinese Chambers of Commerce and Industry, Financial Executives Institute of the Philippines, Foundation for Economic Freedom, Management Association of the Philippines, Makati Business Club, Organization of Socialized Housing Developers of the Philippines, Subdivision and Housing Developers Association and University of the Philippines School of Economics Alumni Association.

The measure also grants an income tax holiday of two to four years. After this, companies will have to pay a special corporate income tax of 8% this year; 9% in 2021; and 10% in 2022 based on gross income earned (GIE), in lieu of all national and local taxes.

At present, companies enjoy a four to six-year income tax holiday, and afterwards have to pay 5% GIE.

The bill also provides a 2-7 year transition period for registered businesses currently availing of the 5% GIE.

“An extended transition period of seven years is provided to certain firms under the gross income earned (GIE) tax regime to adjust their operations and prevent dislocation,” the groups also said.

They also support the move to keep in place the one-stop shop approach for registered enterprises.

The groups said the proposed Corporate Income Tax and Incentives Reform Act (CITIRA) now in the Senate will “help create an enabling environment for Filipino businesses, generate quality jobs, and spur growth that is felt throughout the entire archipelago.”

They asked the Senate and the House of Representatives to move “quickly and decisively,” putting an end to the uncertainty that has lingered since the proposal was made in the 17th Congress.

The bill is being discussed at plenary level in the Senate, which has one week left before it adjourns for its March 14-May 4 break.

Senate President Vicente C. Sotto III has said the measure may be set aside, should the ongoing coronavirus outbreak require the Senate to come up with emergency legislation.

CITIRA forms part of the administration’s comprehensive tax reform program, alongside proposals to simplify the tax structure for financial instruments, provide a uniform framework for real property valuation and assessment and increase the government share from mining revenue.

The government has so far enacted a tax measure that slashed personal income tax rates and increased or added levies on several goods and services — the main component of the tax reform package — and one that grants an estate tax amnesty and an amnesty on delinquent accounts left unpaid even after final assessment. It has also increased excise taxes on alcoholic beverages and conventional and electronic cigarettes. — Charmaine A. Tadalan

Beermen and Hotshots kick off PBA Season 45

By Michael Angelo S. Murillo
Senior Reporter

THE PHILIPPINE Basketball Association rolls off for Season 45 on Sunday with the San Miguel Beermen and Magnolia Hotshots Pambansang Manok kicking off the season-opening Philippine Cup at the Smart Araneta Coliseum.

The lone game on opening day, the Beermen-Hotshots tiff is a rematch of last season’s All-Filipino finals, which San Miguel took, 4-1, that gave it a fifth straight tournament title.

In the about-to-start competition the Beermen go for a sixth straight Philippine Cup crown albeit sans a major piece in five-time league most valuable player June Mar Fajardo, who is expected to miss considerable time after injuring his leg and undergoing surgery in the offseason.

Also suffering injuries in the lead-up for San Miguel were Terrence Romeo and Marcio Lassiter.

With key cogs missing, the Beermen struggled in the preseason pocket tournament they were part in, losing all three of their matches.

They also made known that they are still trying to find someone who could ably fill up the void left by Mr. Fajardo, who was a catalyst for them on both ends of the court.

But despite the not-so-ideal spot they are made to begin their campaign, the Beermen expressed readiness to start another title defense and vowed to do their best all tournament long and give what their supporters and fans what they deserve.

“We definitely learned a lot in the preseason and we know where we are at heading into the All-Filipino tournament. We are going to make the adjustments and come up with a game plan that suits what we have,” said San Miguel coach Leo Austria in the lead-up.

“I had the chance to work with the players that we have, both old and new, and experimented a little bit. So we’ll see,” he added.

Magnolia, meanwhile, is out to make another spirited run in the Philippine Cup after going one win short of winning it all in the finals last year.

They are using the stinging experience as further motivation this season.

“It’s still in our minds (the finals lost last year). We came so close and it’s one of our motivations coming into the tournament,” said Magnolia coach Chito Victorlero.

To help them in their cause, the Hotshots acquired forward Jackson Corpuz in a trade in the offseason while midseason acquisition last year Chris Banchero had a full training in the offseason with the team.

They are seen to provide motor for the squad alongside mainstays Paul Lee, Ian Sangalang, Mark Barroca, Jio Jalalon and Mark Pingris.

The San Miguel-Magnolia game tips off at 7:30 p.m.

Prior to it the Annual PBA Leo Awards will take place where the top individual performers last year will be honored.

Among the awards to be given in the Leos are MVP, mythical selections, rookie of the year, most improved player, defensive player and team and sportsmanship, among others.

Meanwhile, to allay fears over the coronavirus disease 2019 (COVID-19), the PBA assured that they have put up measures to ensure the safety of everybody going to the games.

The league said it had already coordinated with the venues to have, among other things, medical supplies like thermometer scan, hand sanitizer and alcohol on hand.

PHL battles Greece in Davis Cup World Group II playoffs

By Michael Angelo S. Murillo
Senior Reporter

THE Philippines will be in Davis Cup action today, taking on World No. 6 Stefanos Tsitsipas and a heavily favored Greece side at the Philippine Columbian Association’s Plaza Dilao courts in Paco, Manila.

The Filipino netters, composed of Francis Casey Alcantara, Jeson Petrombon, Ruben Gonzales, AJ Lim and Eric Olivarez, Jr., with Chris Cuarto as non-playing captain, know they are up against a tough challenge against the Greeks in their Davis Cup World Group II playoffs but is not allowing it to deter them from going all out and giving hometown fans something to cheer for and support.

“We know they are tough especially with a world-class player like Stefanos Tsitsipas. But we will do our best to make the country proud,” said Mr. Alcantara, who is a Southeast Asian Games gold medallist.

The Filipinos hope that playing here at home will work for them even as they enjoined tennis fans here to go out and support them in their games.

Meanwhile for Mr. Tsitsipas, who recently played world number one Novak Djokovic at the finals of the Dubai Tennis Championship, it will be all business for them despite their team installed as a huge favorite over the Philippines.

“I will try to represent my country as best as possible,” said Mr. Tsitsipas, 21, who also has five world titles under his belt.

Joining Mr. Tsitipas in the Greek squad are his younger brother, Petros, Michael Pervolarakis and Markos Kalovelonis, with Dimitris Chatzinikolaou as skipper.

Incidentally, the Philippines-Greece match marks the first time that Filipinos will tackle a non-Asian nation since they battled the Swedes in the World Cup qualifier in 1991.

As of this writing, the draw for the matches was set to be made.

The first two singles matches are scheduled today with the doubles and the last two reverse singles tomorrow.

WWA: Pro wrestlers set for Philippine visit this month

By Michael Angelo S. Murillo
Senior Reporter

LOCAL FANS of professional wrestling are in for a treat this month as a newly formed promotion is set to make the Philippines its first publicity tour stop.

KnocX Pro and RED Boxing International recently forged a groundbreaking partnership to form World Wrestling Asia (WWA) to further cultivate interest in pro wrestling in this part of the world.

In line with this, World Wrestling Asia will bring in pro wrestling Hall of Famer Rikishi, Reno “Black Pearl” Anoa’i and James “Maverick” Rikiel to hold clinics beginning March 15 throughout the Philippines for local, aspiring, professional wrestlers.

Following the publicity tour, World Wrestling Asia will host a “Road To The Philippines” show in Los Angeles, California, which will be broadcast live in order to build awareness and anticipation for the ensuing WWA tour of the Philippines in August 2020.

KnokX Pro and RED Boxing International said that through the WWA they want to show their commitment to fostering local talent, putting on one-of- a-kind spectacles for underserved markets, and reinventing the professional wrestling landscape in Asia.

KnokX Pro is founded by professional wrestlers Anoa’i (CEO) and Rikishi (President), both of the famed Samoan Dynasty, while RED Boxing International is the brainchild of boxing promoter Rey “Cacoi” Almirante Rodis.

Rookies Nisperos, Doromal key in Lady Eagles’ title defense

By Michael Angelo S. Murillo
Senior Reporter

ATENEO Lady Eagles rookies Faith Nisperos and Roma Mae Doromal made their University Athletic Association of the Philippines seniors debut on Wednesday and the team came away impressed with their performance and deemed them as important pieces as they try to defend their title in Season 82.

Drew much noise in the lead-up to the just-started UAAP season because of their skills set and reputation in the juniors tournament, Nisperos and Doromal did not disappoint in their maiden outing for the Lady Eagles, chipping in their fair share in Ateneo’s domination of the University of the Philippines Fighting Maroons, 25-13, 25-17 and 25-23.

Outside hitter Nisperos proved to be a steady source of points as billed, finishing with 10 points in her first game, while libero Doromal was capable in alternating play with veteran Dani Ravena.

“Faith and Roma were big factors for us in this win. We really hope that this blessing we got from them continues in our remaining games,” said Ateneo coach Oliver Almadro after their first victory.

He went on to say that he liked what he saw but reiterated that as rookies, Nisperos and Doromal still have to continue improving their game in relation to what the team wants to achieve.

“I’m happy that Faith was finally able to play for us in the seniors. I just told her to continue improving, not only making a lot of points but also helping her teammates improve in doing their jobs,” said Mr. Almadro of Nisperos, a juniors champion and most valuable player while playing for the Nazareth School of National University.

On Doromal, a teammate of Nisperos in high school, the Ateneo coach said, “I’m satisfied with Roma’s performance a while ago and of course being a rookie she still needs to improve. But I have confidence in her that she will never stop until she perfects her skills.”

Against UP, Ateneo was dominant, never allowing the Maroons to get their game going.

Senior Kat Tolentino led the way for the Lady Eagles with 15 points with Jules Samonte adding 10 of her own.

The returning Jhoana Maraguinot scored four points in her UAAP return.

The Lady Eagles next play rivals De La Salle Lady Spikers on March 7 at the Mall of Asia Arena.

Navy’s George Oconer out to extend Ronda Pilipinas reign in next year’s edition

VIGAN — The triumphant George Oconer and Standard Insurance-Navy are looking to extend their reign when the LBC Ronda Pilipinas goes to Mindanao next year.

Mr. Oconer, 28, emerged as the new Ronda champion while the Navymen ran away with their sixth team crown in a row in the 10-stage 10th anniversary race that started in Sorsogon on Feb. 23 and concluded in Vigan City on Wednesday.

It was the first title for Mr. Oconer after starting his career in the LBC Ronda Pilipinas where he finished an impressive third as a wide-eyed 19-year-old son of two-time Olympian Norberto.

“I hope to defend my title next year,” said Mr. Oconer.

Mr. Oconer bested a field that included former Ronda winners Santy Barnachea (2011, 2015) of Scratch It, Mark Galedo (2012) of 7Eleven Cliqq-Air21 by Roadbike Philippines, Reimon Lapaza (2014) of Celeste Cycles and Standard teammates Jan Paul Morales (2016, 2017) and Ronald Oranza (2018).

The Navymen were even more impressive as they took their sixth crown by almost half an hour over two continental teams — 7Eleven and youth-laden Go for Gold — and a seasoned Bicycology-Army.

And with an almost intact lineup composed of Ronald Lomotos, John Mark Camingao, Junrey Navarra and El Joshua Carino, Standard is already a heavy favorite to reign supreme anew in the 11th edition of this annual event considered as the biggest cycling race in the country.

LBC Ronda Pilipinas chairman Moe Chulani and project director Bernadette Guerrero announced during the awarding ceremony at the Vigan Convention Center Wednesday night that the race, presented by LBC and supported by the Manny V. Pangilinan Foundation, will return to Mindanao starting in Tagum, Davao del Norte.

“Yes, the 11th LBC Ronda Pilipinas edition will start in Tagum and will pass by the Davao region, Cagayan de Oro and Bukidnon,” said Mr. Chulani.

Anything can happen

A series of unfortunate events helped the Celtics snatch defeat from the throes of victory the other day. They appeared to be coasting along at home, taking the first quarter by five points, the second by eight, and the third by four against the seemingly disinterested Nets, holders of a dubious streak of four losses. And then, for some reason, fate conspired against them. Even with the visitors keeping just one starter on the court, they found their otherwise-comfortable lead (which went up to as high as 21) being whittled down methodically — until they had none at the buzzer, and until they couldn’t forge one in overtime.

Perhaps the Celtics wouldn’t have been victimized by the bizarre turn of events had they been able to rely on a full complement. Instead, they began the match with leading scorer Jayson Tatum in the sidelines due to an illness, and with fellow All-Star Kemba Walker on a minutes restriction that compelled him to sit out the entire extra period. The likewise lost starters Gordon Hayward and Jaylen Brown to injury, forcing them to regroup from the shock of coughing up an evident triumph with the likes of Javonte Green, Semi Ojeleye, Carsen Edwards, and Brad Wanamaker on the court.

That said, it wasn’t as if the Celtics faced stiff opposition. In fact, the Nets played the payoff period and overtime with only Caris LeVert from the First Five. For some reason, however, he managed to shake off a hitherto-iffy effort and make like Michael Jordan while surrounded by such notables as Rodions Kurucs, Timothy Luwawu-Cabarrot, Chris Chiozza, and the Player Formerly Known as DeAndre Jordan. Simply put, he was unconscious while spearheading the improbable comeback. He scored every which way, never mind that everybody and his mother knew his intentions. It’s telling that his only misses were a layin and three free throws, and that, with a tie to force an extra period in the offing, he calmly sank Points Number 38, 39, and 40 after being fouled on a trey attempt with 0.2 tick left on the game clock.

LeVert would go on to score every single one of the Nets’ 11 points in overtime, winding up with 37 after the third to outscore the Celtics all by himself. And so dominant was he that decommissioned teammate Kevin Durant could not help but publicly praise his work as “magnificent.” And it was — with no small measure of help from his opponents, who were initially cocky, then complacent, then lackadaisical, then desperate, and then deflated. All and sundry knew he would shoot given the lack of viable alternatives, and yet very rarely was he double-teamed. And instead of just letting him take a contested trey at the end of regulation, supposed defensive ace Marcus Smart was anything but smart, fouling him on an ill-advised reach-in to send him to the stripe for the tying charities. No wonder head coach Brad Stevens was incensed in the aftermath of the loss.

Things were back to normal yesterday. The Celtics won against the lowly Cavaliers, though not before getting a scare while undermanned. The Nets lost against the gritty Grizzlies, with LeVert posting a mortal 14 markers on six-of-19 shooting. All is right in the world once more. The way it shook the other day, though, is now part of history, and, if nothing else, proves that anything can happen in the NBA.

 

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.

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