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Robinsons Bank no longer keen on issuing LTNCDs

ROBINSONS BANK Corp. said it may no longer tap its long-term negotiable certificates of deposit (LTNCD) program, as market players are now interested at parking their funds in shorter-term corporate bonds.
Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said the Gokongwei-led lender is reluctant to offer LTNCDs given that banks are now allowed to offer fixed-rate notes.
“Chances are we might not issue [LTNCDs] already,” Mr. Sarte said in a recent interview. “It… might be difficult to attract investors when banks are already issuing corporate bonds.”
In August, the Bangko Sentral ng Pilipinas (BSP) simplified the process for universal and commercial banks looking to raise funds via bonds through Circular No. 1010.
The relaxed regulations allowed lenders to issue fixed-rate bonds without having to secure central bank approval, a part of streamlined rules designed to deepen capital markets.
Prior to this, banks usually offer LTNCDs, which carry a tenor of at least more than five years to be tax-exempt. LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
The BSP allowed Robinsons Bank to raise P5 billion through LTNCDs, which can be done in multiple tranches. In July last year, the lender raised P1.78 billion through the first tranche, carrying an interest rate of 4.875% to be paid quarterly.
“We can still issue, but I think I have a meeting with the board to discuss the direction. My personal preference is to do bonds and not go to LTNCD because it’s limiting,” Mr. Sarte added.
Robinsons Bank is considering to issue corporate bonds, although it is still deciding on the issue size.
“Chances are we will go corporate bonds, which is now what the market is accepting, and where there are more institutional investors,” Mr. Sarte noted.
Metropolitan Bank & Trust Co., Bank of the Philippine Islands as well as UnionBank of the Philippines have recently peso-denominated instruments to diversify funding sources and expand its businesses. BDO Unibank, Inc. likewise will issue today its fixed-rate bonds amounting P35 billion.
Meanwhile, Security Bank Corp. and Philippine National Bank have also established their own peso-denominated bond programs worth P50 billion and P100 billion, respectively, to be issued through tranches.
The Gokongwei-led bank booked a P292.4-million net income in the nine months ended September, 32% higher than the P222.2 million recorded in the same period last year.
Robinsons Bank is licensed as a commercial lender and is the 19th biggest in the industry in asset terms as of end-September. — Karl Angelo N. Vidal

PSEi seen coasting as investors await 2018 results

THE BOURSE can be expected to coast at least through early this week, as investors await the release of listed firms’ 2018 financial results.
The Philippine Stock Exchange index (PSEi) shed 0.36% or 29.41 points to close at 8,070.89 last Friday. It fell by 0.9% or 73 points on a weekly basis, as most investors went on break for the Lunar New Year.
Net foreign buying persisted for the entire week, even as it was 38% less at P710 million on average, while average turnover plunged by a fifth to P7.47 billion.
“Despite the PSEi ending in the red this week, the uptrend is still intact. As a matter of fact, the pullback strengthens the rally as it keeps a cautionary sentiment and allows more investors to get back in,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a weekly market note on Friday.
Mr. Mangun cited earnings reports and foreign inflows as catalysts for the week, which could support the PSEi’s uptrend if they come out within expectations.
Globe Telecom, Inc. and Ayala Land, Inc. are scheduled to release their full-year 2018 financial reports on Feb. 12 and Feb. 15, respectively. These firms account for 10.4% of the PSEi basket, or 17% including parent Ayala Corp.
“However, if earnings disappoint or if foreign money ceases to flow in, we may continue to see it trade between 7,800 and 8,100 for the following weeks as it builds momentum to go higher in the longer term,” Mr. Mangun added.
Online brokerage 2TradeAsia.com said investors will be on the lookout for other catalysts now that the central bank — in its first monetary policy review for 2019 just last Thursday — has confirmed market expectations of steady interest rates. “With the status quo on interest rates already factored into prices, attention would switch to sequels on consumer price trend, starting with hints of higher February electricity generation charges and implementation of increased water tariffs from rebasing,” 2TradeAsia.com said in a weekly market note.
And while the proposed P3.757–trillion national budget for 2019 has finally bagged legislative ratification, some provisions of the spending plan could still be vetoed by President Rodrigo R. Duterte should they turn out to contain irregular appropriations. The House of Representatives has threatened to question such a veto before the Supreme Court.
Companies could also be weighing the timing of capital expenditures for the year in the light of the May 13 midterm elections and rains expected next semester. “(C)onsideration will be given by listed firms on their respective capex rollout, factoring-in project timeline extensions ahead of May’s local elections and seasonal rainy season in third quarter,” the online brokerage said.
Investors will also be watching MSCI’s Feb. 11 rebalancing to see if they should adjust portfolios.
Mr. Mangun placed market support at 7,900-8,000 and resistance at 8,100-8,300. — Arra B. Francia

Valentines Gift Ideas


“Crazy in Love Again,” the new feminine collection of Charriol for 2019, mixes the symbolic hearts and arrows dear to Cupid by giving a transgressive and ultra-trendy touch to rings, bracelets, necklaces and earrings, combining white topaz, rhodium silver 925 and steel cables. Charriol, exclusively distributed by Stores Specialists, Inc., has boutiques at Central Square in Bonifacio High Street Central, Gateway Mall, Greenbelt 5, Newport Mall, Podium, Power Plant Mall, Robinsons Magnolia, Robinsons Place Manila, Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Ayala Cebu, SM Mall of Asia, TriNoma, 158 Designers’ Boulevard (Alabang Town Center, Marquee Mall Pampanga), and Abreeza Mall Davao.
Swarovski’s new Valentine’s Day Collection takes its inspiration from a love cruise around the islands of Capri, Formentera, Portofino and Stromboli, with a seductive palette of soft nudes and pinks, clean lines and fresh interpretations of classic symbols of love. In the Philippines, Swarovski is available in Rustan’s Makati, Rustan’s Shangri-La, and Rustan’s Ayala Cebu and in boutiques at Newport Mall, Robinson’s Magnolia, TriNoma Mall, The Podium Mall, Power Plant Mall, Glorietta Mall, and SM Mall of Asia.
Have her wear your love on her wrist with the Carrera y Carrera Love Bracelet from Rustan’s.

Ayala Land gets lift after hiking stake in Laguna park

By Marissa Mae M. Ramos
Researcher
INVESTORS SNAPPED up Ayala Land, Inc. (ALI) shares last week following the disclosure of the developer’s plans to consolidate its interest in Prime Orion Philippines, Inc. (POPI) through Laguna Technopark, Inc. (LTI).
The property arm of the Ayala group was the second most actively traded stock in terms of value turnover. A total of P1.601 billion worth of 35.559 million shares were exchanged in the trading floor from Feb. 4-8, according to data from the Philippine Stock Exchange (PSE).
ALI’s share price closed at P45 apiece on Friday, 0.11% higher than its share price of P44.95 when the market closed the previous week.
Year to date, ALI’s share price rose by 8.96% from P41.30 on the first trading day of 2019.
“Ayala Land had been actively traded in the past week due to the news about its acquisition of shares in Laguna Technopark, Inc. (LTI) equivalent to 20% equity interest (previously owned by Mitsubishi Corp.) with a value of P800 million…” said Cristopher Adrian T. San Pedro, certified securities representative at Unicapital Securities, Inc.
ALI said it will then exchange the 20% equity interest in LTI for additional shares of stock in POPI consisting of 323.89 million common shares.
“This will strengthen POPI’s vision to be the leading real estate logistics and industrial estate developer and operator in the Philippines,” ALI said in the disclosure.
Charlene Ericka P. Reyes, officer-in-charge of trading and research at First Resources Management and Securities Corp., said the property giant sees the “strong potential” of POPI, which is expected to “complement ALI’s business strategies and may soon be one of the core contributors in the company’s income.”
“Meanwhile, I think the scheduled earnings release of the company is also much awaited by investors which contributed as well to the sentiment towards Ayala Land,” she added.
ALI first acquired Prime Orion in 2015 with an initial stake of 51.36%. In March 2018, the former increased its direct ownership of the latter to 63.9%.
Prime Orion is involved in real estate and property development. Aside from LTI, companies under Prime Orion include: Tutuban Properties, Inc., Ecozone Power Management, Inc., LCI Commercial Ventures, Inc., Orion Land, Inc., Orion Property Development, Inc., and FLT Prime Insurance Corp.
“Looking at the charts, the stock remains bullish with support at P42.85 and resistance at P45.75 with the possibility of testing P46.00 and P47.50 if it stays above P44.00 in the short term,” Mr. San Pedro said.
First Resources’ Ms. Reyes said she sees P44.40 as the first support level, and P43.20 as the next support level. “On the other hand, our first level resistance is at P45.70 [and] the next resistance is at P46.50,” she added.
ALI reported its net income attributable to parent climbed 17% to P20.78 billion in the January to September period, as gross revenues went up 21% to P119.68 billion.
“[Ayala Land] remains to have a solid recurring income base despite the threat of inflation and high interest rates last year,” Unicap’s Mr. San Pedro said.
In the medium to long term, he cited “influx of local and foreign residents for its residential and office space rentals, inflation and interest rate expectations, and the dollar-peso exchange rate” as key factors that might affect ALI’s performance at the bourse.

How PSEi member stocks performed — February 8, 2019

Here’s a quick glance at how PSEi stocks fared on Friday, February 8, 2019.
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Philippine Stock Exchange’s most active stocks by value turnover — February 8, 2019.
pseiactive020819

Palace wants Executive role in coco levy fund bill

By Arjay L. Balinbin
Reporter
PRESIDENT Rodrigo R. Duterte wants more safeguards and a stronger Executive role in the implementation of the P10-billion annual appropriation for the development of the coconut industry, Malacañang said on Saturday, explaining a bill on the coco levy fund vetoed by Mr. Duterte.
The proposed measure seeks to reconstitute the Governing Board of the Philippine Coconut Authority (PCA). Mr. Duterte wants Congress to “re-craft” the bill by providing “more safeguards to protect the taxpayers’ money and shield the levy funds from irregular and unlawful use,” Presidential Spokesperson Salvador S. Panelo said in a statement on Saturday, Feb. 9.
“While the President recognizes and commends the efforts of both Houses for their zealousness and selflessness in passing the measure, it is therefore with a heavy heart that he exercises his veto power pursuant to Article 6, Section 27, Paragraph 1 of the Constitution over the said bill, with the thought and confidence that the lawmakers can re-craft one that will provide more safeguards to protect the taxpayers’ money and shield the levy funds from irregular and unlawful use, as well as guarantee its proper management,” Mr. Panelo said.
Mr. Panelo said the grounds cited by the President for the veto are as follows:
“First, the PhP 10 Billion in annual appropriation for the development of an industry whose implementation is placed on an agency not required to seek approval from the Executive Branch is susceptible to corruption akin to creating pork barrel funds. The oversight functions over the Philippine Coconut Authority (PCA) [are] placed only with Congress. Specifically, the strengthened PCA Bill mentions of an oversight to be exercised by the Coconut Farmers and the Industry Oversight Committee to the exclusion of the Executive Branch.”
“Second, a reconstituted PCA is given various functions including but not limited to the sale, disposition, or dissolution of coco levy assets without checks and balances.”
“Such condition will diminish the ability of the Department of Justice, through the Office of the Solicitor-General in coordination with the Presidential Commission on Good Government, to act on cases relating to coco levy assets.”
“Third, the composition of the reconstituted 15-member PCA Board under the PCA Bill includes seven members coming from the private sector. A receipt of PhP10 Billion by the board from taxpayers’ money therefore translates to permitting private persons to influence the disbursement of public funds.”
“Finally, the PCA is set up like the Road Board which is heavily criticized for allegations of corruption and misappropriation of funds. The PCA Board, like the Road Board which disburses the Motor Vehicle User’s Charge, is given full authority to disburse PhP10 Billion every year in perpetuity without a terminal date, and subject only to review by Congress after six years.”
The President, through a letter, informed Senate President Vicente C. Sotto III last Friday, that he was vetoing the enrolled Senate Bill No. 1976/ House Bill No. 8522, entitled: “An Act to Further Strengthen the Philippine Coconut Authority (PCA), amending Presidential Decree No. 1468, otherwise known as the ‘Revised Coconut Industry Code,’ as amended, and appropriating funds thereof.”
The enrolled bill seeks to strengthen the PCA Governing Board with the appointment of four Cabinet secretaries, six representatives from among the coconut farmers and one from the coconut industry.
In her statement on Saturday, Senator Cynthia A. Villar, author and sponsor of the bill, said in part, “In the coming days, I hope to be enlightened more on why the President believes the measure lacked ‘vital safeguards’ and will work with him to improve this bill.”
“However this does not mean that all hopes are lost for our 3.5 million coconut farmers who have waited for decades to benefit from the coconut levy funds,” she also said.

TRAVEL: The placid Lake Sebu

By Carmencita A. Carillo
Correspondent
LAKE SEBU, SOUTH COTABATO — There is something mystical about Lake Sebu, but while I have always considered it part of my bucket list, and it was only a few hours away from my hometown, it took me several decades to finally visit the place.
And was I smitten.
The municipality of Lake Sebu in South Cotabato is a small place and minus the tourists, two people could occupy a hectare of the 42,450-hectare landscape given its 87,442 population as of the 2015 census.
The almost two-hour roadtrip from General Santos City to Koronadal, and then to Surallah and Lake Sebu is an exciting one as it will take you from two bustling cities to an almost-hidden gem.
Lake Sebu is virtually a bowl hidden by forests and mountains.
The Allah Valley, where Lake Sebu is located, has been recognized as a cultural landscape by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
Around 924.5 square kilometer of the area has been declared a protected landscape.
Lake Sebu is the biggest of the three lakes in the area, the others are Lake Seloton and Lake Lahit.
While eco-tourism is a main attraction here with the seven waterfalls and Southeast Asia’s tallest zipline at 600 feet above the ground, tilapia farmed in the lake and served up in 101 ways is an inescapable delight.
I was skeptical about having lunch on a boat that will take us around the lake since I have a very squeashy tummy. Lunch, of course, was everything tilapia — kinilaw, pinaputok, paksiw, even chicharon. Punta Isla Resort consumes 300 kilos of Tilapia daily for their various dishes.
On the boat, when we were a few meters from land, I realized that I did not have to worry about eating on board because the 354-hectare Lake Sebu is very placid.

Lake Sebu 2
Tilapia is served in many different ways in restaurants in Lake Sebu, including a crispy skin version called chicharon. — PHOTOS BY CARMENCITA A. CARILLO

This is home to the indigenous tribes of the T’bolis, Ubos, Tirurays and Manobos although some have married Ilocanos and illongos.
Our guide Angie Kuyan, a full-blooded T’boli, said only up to 65% of the population now are full-blooded while 22% are Ilonggos, 10% Ubos and 3% Muslims.
Most of Lake Sebu’s 3% Muslim population are actually T’bolis who have converted and are known as Balik Islam.
Ms. Kuyan, garbed in the T’boli traditional wear, narrates as we move along the gentle waters.
A tour of the lake is guaranteed to give you a breath of fresh air.
The lake, which has a dark green color as a result of the algae below and the reflection of the trees surrounding the lake, also refreshes the eyes and the other senses.
Most of the accounts of tourists about Lake Sebu are mostly on the street dancing and the fluvial parade during the Helobung Festival, which Angie said means unending happiness, in November. That would be a good time to visit if you want to join the festivities.
But if you want to experience the serenity offered by Lake Sebu and the warmth of its people, then come at any other time.
As you spend some time just sitting by the lake, you will realize that no matter how strong the rain is, the lake is unlikely to overflow because the water heads out to the seven waterfalls, the Allah River, and the Rio Grande de Mindanao.
It will be several decades more before I retire. But when I do, I know a place where I can just sit around, and be where the water is placid.

Court junks petition vs Cebu City’s Inayawan landfill rehab and closure

THE CLOSURE and rehabilitation of the Inayawan Sanitary Landfill in Cebu City can now proceed as planned after a regional trial court (RTC) junked a petition for a temporary restraining order and/or writ of preliminary prohibition filed by a construction company. “Even assuming that this court finds the application to be meritorious and grants the same, such order may not be enforced in the province of Cebu where the act sought to be enjoined is allegedly being committed,” reads a portion of the order of Judge Catherine P. Manodon of the RTC-Branch 104 in Quezon City. Expedition Construction Corp. asked the court to stop the Cebu City government from allowing another company, Full Advantage Phil. International Inc. (FAPII), to complete the contract for the closure and rehabilitation of the landfill. Expedition Construction alleged that the previous administration, led by former mayor Michael L. Rama, accepted their unsolicited proposal on the landfill rehabilitation in 2014. The city government under the current administration awarded the contract to FAPII. City of Cebu, through lawyers Joseph Bernaldez and Bernard Inocentes Garcia, denied the submission of an unsolicited proposal in 2014 for lack of knowledge sufficient to form a belief as to the truth. Mr. Garcia said the city government will now ask the court to dismiss the case. — The Freeman
Read more at https://goo.gl/KkPfFJ

Chinese in MRT scene to be recommended as ‘undesirable alien’

NATIONAL CAPITAL Region Police Office (NCRPO) Director Guillermo T. Eleazar said he will recommend placing the Chinese national who threw a drink at a police officer at the Metro Rail Transit-3 as an “undesirable alien.” “We will recommend for her to be considered as an ‘undesirable alien’ and it will be the basis of the Bureau of Immigration to process her deportation,” said Mr. Eleazar in a statement on Sunday. Chinese national Jiale Zhang, 23, threw her cup of taho at a policeman at MRT-3 Boni Station on Saturday after she was scolded for bringing the soya drink following the ban on liquids at any train stations. She was detained at the Mandaluyong Police Station and is facing complaints of direct assault, disobedience to a person in authority, and unjust vexation. “Tayo sa Pilipinas (Here in the Philippines), we have policies here, when we are in other countries, we also follow their existing rules and law….Respetuhin natin ang ating kapulisan (We must respect our police authorities),” said Mr. Eleazar. Sought for a comment, Bureau of Immigration Spokesperson Dana Krizia M. Sandoval told BusinessWorld in a phone message: “We will be coordinating with the DOTR (Department of Transportation) and the NCRPO for details about the case and will study possible actions against said foreigner.” — Vince Angelo C. Ferreras

Davao Oriental secures P650M loan from DBP for various projects

THE DAVAO Oriental provincial government has secured a P650 million loan from the government-run Development Bank of the Philippines to fund several “high-impact” projects. At the signing of the loan agreement Friday, Gov. Nelson L. Dayanghirang said the projects will help province improve its delivery of social services as well as pump-prime its economy. “Thank you for supporting our development programs. I know this is a significant amount but we assure you that it will be poured to worthy investments that would really help our constituents,” said Mr. Dayanghirang in a press statement released by the provincial government Saturday. The loan will be used for the following: improvement of the Provincial Tourism Complex with a budget of P160 million; P200 million to buy heavy equipment and construction of the motor pool; P240 million to build and rehabilitate multi-purpose buildings, centers, and hospitals; and the remainder will be for setting up potable water systems. DBP President Cecilia C. Borromeo, for her part, said, “I have heard a lot of good things about the beauty of this province –from white sand beaches to rich biodiversity. And it is only fitting to setup a tourism complex to support the efforts of the national government in further promoting Davao Oriental to local and foreign tourists alike.” Luis C. Bonguyan, former vice mayor of Davao City and a member of the DBP board of directors, told BusinessWorld that the loan package for the province “is among the biggest, if not the biggest that the bank has granted to local government units during the administration of President Rodrigo R. Duterte.” “Local government units like Davao Oriental need funding sources to ensure that their economy will grow better,” said Mr. Bonguyan. — Carmelito Q. Francisco

ROS stops Phoenix rise

By Michael Angelo S. Murillo
Senior Reporter
THE Rain or Shine Elasto Painters edged out the Phoenix Pulse Fuel Masters in their battle of league-leading teams in the PBA Philippine Cup on Sunday at the Smart Araneta Coliseum, winning, 98-94, in overtime.
Displaying anew their free-flowing attack with contributions coming from different directions, the Elasto Painters (6-1) held tough amid a stiff challenge to notch their fourth straight win in the season-opening Philippine Basketball Association tournament and overtaking the erstwhile undefeated Fuel Masters (5-1) at the top of the standings.
The two teams engaged in a slugfest to start the contest, at loggerheads at 17-all by the 5:02 mark of the opening quarter.
Rain or Shine though would have a stronger finish, outscoring Phoenix, 7-3, the rest of the period to go on top, 24-20.
The Elasto Painters sustained their control over the Fuel Masters to start the second frame.
They would hold a 33-26 advantage midway on the lead of big men Beau Belga and Raymond Almazan.
Jason Perkins and Calvin Abueva tried to rally back the Fuel Masters but the Elasto Painters would not budge to take a 45-36 lead at the break.
In the third period, Phoenix went on a ferocious rally, led by gunner Matthew Wright.
It pulled even at 56-all at the 5:45 mark.
Mr. Almazan though would string up six quick points after to start another Rain or Shine pullaway.
When the third-quarter smoke cleared, the Elasto Painters continued to hold sway, 70-61.
Phoenix opened the fourth quarter with a 4-0 run to narrow the gap at 70-65 in the opening two minutes.
Rain or Shine managed to keep its opponent at bay in the next six minutes but the Fuel Masters were undeterred, coming to within a point, 79-78, with 3:41 to go.
But much like what it has been doing all game long, the Elasto Painters would finds ways to extricate themselves from the bind, racing to an 83-78 lead with two minutes left on the game clock.
The Fuel Masters cut their deficit to three points a couple of times in the next minute but Gabe Norwood was able to answer for Rain or Shine each time.
The count stood at 87-82 with 57 seconds to go in favor of Rain or Shine.
Mr. Wright pushed Phoenix to within two points, 87-85, with a triple at the 47-second mark.
Mr. Norwood tried to add to their lead but his jumper was blocked by Mr. Abueva.
Phoenix sued for time with 21 seconds to go to set up a play.
It was a successful ploy as Mr. Perkins knotted the score at 87-all with 13 ticks left.
Rain or Shine had a chance to win the game but James Yap’s game-winning triple attempt failed to connect as regulation expired.
The dogfight continued in extra time with the two teams levelled at 92-all with two minutes to go.
Rey Nambatac broke the tie, 94-92, with 1:34 left off a lay-up before Mr. Almazan made it a four-point cushion, 96-92, with a pair of free throws with 53 seconds remaining.
Alex Mallari made it a two-point game, 96-94, with a lay-up with 35 seconds left.
Rain or Shine, however, was not to be denied a win as Mark Borboran, off a broken play, scored the basket with 12 seconds to go that sealed the win for the Elasto Painters.
Mr. Belga and Kris Rosales led Rain or Shine with 16 points apiece with Maverick Ahanmisi, Messrs. Almazan and Nambatac adding, 13, 12 and 10 points, respectively.
Mr. Perkins had a career-high 27 points for Phoenix with Messrs. Abueva and Wright adding 16 points apiece.
“It was another good win for us. But the thing about this was how we wanted it,” said winning coach Caloy Garcia in describing their victory.

George’s 45 tops Harden’s 42 as Thunder ground Rockets

LOS ANGELES — Paul George outgunned James Harden in a matchup of MVP candidates, and the Oklahoma City Thunder erased a 26-point deficit to escape with a 117-112 win over the host Houston Rockets on Saturday.
George finished with a game-high 45 points plus 11 rebounds, torching the Houston defense with six 3-pointers plus 15-for-18 free throws.
George’s four free throws inside the final four seconds sealed the win after Russell Westbrook slipped through the defense to convert a layup and give the Thunder the lead for good at 113-112 with 26.9 seconds left.
Westbrook matched an NBA record set by Wilt Chamberlain with his ninth consecutive triple-double: 21 points, 12 rebounds, and 11 assists. The Thunder posted a 53-39 edge on the glass.
Harden totaled 42 points, his 29th consecutive game with at least 30, but he missed a contested 3-pointer after Westbrook pushed the Thunder ahead.
Chris Paul nearly posted a triple-double (18 points, 10 rebounds, nine assists) in his strongest performance since his return from a hamstring injury.
The Thunder matched the Rockets’ 42-point second quarter with a 42-point third period, keyed by 7-for-12 3-point shooting. After committing just two turnovers in the first half, the Rockets had six in the third quarter and collapsed with 1-for-9 shooting from behind the arc.
Still, the Rockets led 86-79 before Thunder guard Dennis Schroder closed the frame with 11 consecutive points to pull Oklahoma City even at 90-all entering the fourth. Less than three minutes into the final frame, the Thunder led 98-92, and the Rockets were left scrambling.
Two runs sparked the Rockets’ run to their 26-point lead in the first half.
Westbrook pulled the Thunder even with a midrange bank shot at the 1:47 mark of the first quarter before Houston bridged the opening two frames with an 11-0 burst that featured treys from Iman Shumpert, making his Rockets debut, Gerald Green, and Austin Rivers.
When Paul capped that rally with a midrange jumper, the Rockets led 36-25, and Oklahoma City struggled to build momentum against its lackadaisical ball security and the Rockets’ perimeter shooting.
Houston had pushed its lead to 58-42 despite a mini-surge from Westbrook before landing what appeared to be a devastating blow: a 10-0 run that included 3-pointers from Paul and Harden plus three Harden free throws after Paul converted a technical assessed against George for protesting a call.
The Rockets were 12 of 24 from deep late in the first half before missing five consecutive 3-pointers, leave the door ajar for a comeback.
RAPTORS SURVIVE KNICKS IN GASOL’S DEBUT
Kyle Lowry scored a game-high 22 points and hit the 3-pointer with 7:03 remaining that gave the Toronto Raptors the lead for good Saturday night in a 104-99 win over the host New York Knicks.
Serge Ibaka registered a double-double (15 points and 13 rebounds) for the Raptors, who have the second-best record in the Eastern Conference (41-16) and have won four consecutive games. Danny Green scored 14 points and sank three straight 3-pointers in the fourth for Toronto. Norman Powell also had 14 points, while Kawhi Leonard (11) and Pascal Siakam (10) also scored in double figures.
Marc Gasol, playing his first game for the Raptors since he was acquired from the Memphis Grizzlies on Thursday, scored seven points and pulled down six rebounds in 19 minutes as a reserve. Gasol came off the bench for the first time since his rookie season in 2008-09.
Kevin Knox scored 20 points, and DeAndre Jordan posted a double-double with 10 points and 18 rebounds for the Knicks, who tied a franchise record by losing their 16th straight game. Mitchell Robinson scored 15 points, Kadeem Allen added 14 points and Dennis Smith Jr. chipped in with 13 points and six assists for New York, which has the worst record in the NBA (10-45) and has dropped 24 of 25 and 29 of its last 31 games.
Despite the vast difference in fortunes between the teams, the Knicks gave the Raptors all they could handle Saturday.
After Leonard opened the game with a 3-pointer, the Knicks scored the next 14 points. They also tied the game three times early in the fourth quarter before Robinson’s old-fashioned three-point play gave them an 86-85 lead — their first since a 38-36 advantage with 3:48 left in the second quarter.
But Lowry responded for the Raptors with his go-ahead three. After Jordan missed a pair of free throws, Green drained three 3-pointers during a 9-4 run — interrupted only by a pair of free throws and a layup from Allen — to give Toronto a 97-90 lead with 3:28 left.
The Knicks closed within 99-96 on Knox’s 3-pointer with 1:59 left. They had two chances to get within one, but Mario Hezonja and Smith each missed jumpers, and the Raptors iced the game by hitting five of their final six free throws. — Reuters

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