Tiger. All about Tiger. He wins his first title this year at the Buick Invitational. From seven off the leaderboard going into the last day, he makes a birdie on the 18th (his first on the 18th in four tries), for a play-off with Olazabal and Green. It ended in the 2nd play-off hole.
Fed Express won in four sets over Baghdatis in the Australian Open, after losing the first set. Mauresmo on Saturday won her first Slam against Justine, who retired down 2-0 in the second set. Justine had stomach cramps. She lost the first set 1-6. The press scathing of Justine's retirement in the finals has not let down. One writer called it "disgraceful". Martina Hingis won the Aussie mixed doubles 6-3, 6-3.
Oh, Masha is seeded #1 at the Toray Pan Pacific in Tokyo, where she is defending champion.
Monday, January 30, 2006
Thursday, January 26, 2006
Bye Kim
It's bye-bye Kim Clijsters at the Australian Open. She was forced to withdraw because of an ankle injury while down 2-3 in the third set against Amelie Mauresmo. So it's Justine vs. Amelie.
Masha loses
Maria Gruntapova loses to Justine Henin in three sets after taking the first set 6-4. If Kim wins against Amelie in the other semifinal, Australian Open '06 will be the 45th Grand Slam where the two women finalists come from the same nation (in this case Belgium). Win or lose, Kim gets the #1 ranking again.
He says, She says
Former Sen. Sonny Osmeña described Gov. Garcia’s move (meet with barangay captains) as “ilad” (deception) and her trips to the different towns as “paigat-igat.”
Kay kadtong meeting niya kagahapon, ilad kadto kay si Governor Garcia maghisgut man ug projects apan mangutana ko, hasta karon unsa may iyang projects gyud nga matudlo nga iyang nahimo, pulos man lang yaw-yaw, wa man gihimo (That meeting was a sham. She would have kept talking about projects when, to date, she has not done anything).
Wa gyu’y bili. Yawyaw-yawyaw, yawyaw-yawyaw, unya paigat-igat, unya larga. Unya inig larga niya, saad ug mga projects.
Unya unsa ma’y nahitabo? Wala.
But then, Gov. Garcia says:
“I had not realized nga ang akong paigat-igat dunay nasakit nga laing igat. Naanad na man ta nianang iyang outlandish remarks. I will not even dignify the ranting of this lonely man."
Then again:
“It takes one (igat) to know one. Ang mga tawo ang pasulti-a, dili siya.”
Kay kadtong meeting niya kagahapon, ilad kadto kay si Governor Garcia maghisgut man ug projects apan mangutana ko, hasta karon unsa may iyang projects gyud nga matudlo nga iyang nahimo, pulos man lang yaw-yaw, wa man gihimo (That meeting was a sham. She would have kept talking about projects when, to date, she has not done anything).
Wa gyu’y bili. Yawyaw-yawyaw, yawyaw-yawyaw, unya paigat-igat, unya larga. Unya inig larga niya, saad ug mga projects.
Unya unsa ma’y nahitabo? Wala.
But then, Gov. Garcia says:
“I had not realized nga ang akong paigat-igat dunay nasakit nga laing igat. Naanad na man ta nianang iyang outlandish remarks. I will not even dignify the ranting of this lonely man."
Then again:
“It takes one (igat) to know one. Ang mga tawo ang pasulti-a, dili siya.”
Wednesday, January 25, 2006
Tennis updates
Unseeded seed-killer Marcos Baghdatis continues on to the semis against David Nalbandian.
No. 1 seed Lindsay Davenport lost to Justine Henin-Hardenne in three sets at the Australian Open. This loss could jeopardize her #1 ranking. Justine goes up against grunt-queen Masha in the first semifinals match (Maria won in two sets -- 1st set tie-break -- against Petrova).
Swiss miss Martina Hingis plays Kim Clijsters and Patty Schnyder goes up against Amelie Mauresmo today. Kim and Amelie may get the number one ranking if they win this tournament.
No. 1 seed Lindsay Davenport lost to Justine Henin-Hardenne in three sets at the Australian Open. This loss could jeopardize her #1 ranking. Justine goes up against grunt-queen Masha in the first semifinals match (Maria won in two sets -- 1st set tie-break -- against Petrova).
Swiss miss Martina Hingis plays Kim Clijsters and Patty Schnyder goes up against Amelie Mauresmo today. Kim and Amelie may get the number one ranking if they win this tournament.
Wednesday, January 18, 2006
In my book she's a hero, but a little weird. They ought to change the way they do things.
Texas Firefighter Gives Birth, Takes Exam
By PAM EASTON, Associated Press Writer Tue Jan 17, 11:05 PM ET
HOUSTON - A firefighter took a promotion exam just 12 hours after giving birth because of a state law requiring all promotion candidates to be tested at once.
Beda Kent gave birth Jan. 10, slept for a little more than two hours and popped some painkillers before taking the exam. She scored 104 out of 110 and expects to return from maternity leave in March as a captain with a $6,000 raise.
"I wanted that promotion," Kent said of the job she had sought for two years. "I feel I was overdue for this promotion."
When she was six months' pregnant, Kent learned the test would be given on Jan. 11 — just four days after her due date.
She asked if a proctor could administer the exam at the hospital if necessary, but was told there could be no exceptions, except for firefighters on active military duty.
Kent's doctor tried to induce labor on Jan. 4, but discovered doing so could cause complications and force a Caesarean birth, with a longer recovery that would take away from Kent's time to study.
After her daughter was born, Kent left the infant named Brina Sue at the hospital within hours. Houston Fire Chief Phil Boriskie had an ambulance on standby at the test site in case Kent needed it, she said. "After a while, it did get to be uncomfortable, and thank God they did give us 2 1/2 hours to take the test because I had to readjust and refocus," Kent said.
After the exam, Kent's insurance did not allow her to be readmitted to the hospital so she and her husband returned every four to five hours to nurse the new baby. "We made the best of it for the next 36 hours," Kent said.
"It was tough." Houston Fire Capt. Gilbert Bennett said the rules are intended to ensure that firefighters don't gain an unfair advantage by learning about the exam from test-takers, then taking it later.
But Bennett said the fire department would likely evaluate the regulation. "By all means, we want what is best for the child and the mom," he said.
Terese Floren, executive director of Women in the Fire Service Inc., acknowledged that the fire department was probably powerless because of the law, but said women shouldn't be forced to choose between having a family and a career.
Kent, who has worked for the Houston Fire Department for 12 years, opted to take the test because missing it would have meant waiting at least two years before the next promotion exam. But, she said, the department should accommodate those with legitimate medical excuses.
"The law said that they didn't have to, but they could have sent a proctor," Kent said. "The test is in a sealed envelope. It shouldn't have been a problem."
HOUSTON - A firefighter took a promotion exam just 12 hours after giving birth because of a state law requiring all promotion candidates to be tested at once.
Beda Kent gave birth Jan. 10, slept for a little more than two hours and popped some painkillers before taking the exam. She scored 104 out of 110 and expects to return from maternity leave in March as a captain with a $6,000 raise.
"I wanted that promotion," Kent said of the job she had sought for two years. "I feel I was overdue for this promotion."
When she was six months' pregnant, Kent learned the test would be given on Jan. 11 — just four days after her due date.
She asked if a proctor could administer the exam at the hospital if necessary, but was told there could be no exceptions, except for firefighters on active military duty.
Kent's doctor tried to induce labor on Jan. 4, but discovered doing so could cause complications and force a Caesarean birth, with a longer recovery that would take away from Kent's time to study.
After her daughter was born, Kent left the infant named Brina Sue at the hospital within hours. Houston Fire Chief Phil Boriskie had an ambulance on standby at the test site in case Kent needed it, she said. "After a while, it did get to be uncomfortable, and thank God they did give us 2 1/2 hours to take the test because I had to readjust and refocus," Kent said.
After the exam, Kent's insurance did not allow her to be readmitted to the hospital so she and her husband returned every four to five hours to nurse the new baby. "We made the best of it for the next 36 hours," Kent said.
"It was tough." Houston Fire Capt. Gilbert Bennett said the rules are intended to ensure that firefighters don't gain an unfair advantage by learning about the exam from test-takers, then taking it later.
But Bennett said the fire department would likely evaluate the regulation. "By all means, we want what is best for the child and the mom," he said.
Terese Floren, executive director of Women in the Fire Service Inc., acknowledged that the fire department was probably powerless because of the law, but said women shouldn't be forced to choose between having a family and a career.
Kent, who has worked for the Houston Fire Department for 12 years, opted to take the test because missing it would have meant waiting at least two years before the next promotion exam. But, she said, the department should accommodate those with legitimate medical excuses.
"The law said that they didn't have to, but they could have sent a proctor," Kent said. "The test is in a sealed envelope. It shouldn't have been a problem."
--http://news.yahoo.com/s/ap/20060118/ap_on_re_us/firefighter_childbirth
Tuesday, January 17, 2006
Hurray Petra Schneider!
Craig Neff in "Inside Olympic Sports" at SI.com says:
"... former East German swimmer Petra Schneider, an Olympic champion in 1980, recently told a German TV network that she wants her national record in the 400-meter individual medley nullified because it was aided by doping. How about some applause for Schneider for a show of integrity?
--http://sportsillustrated.cnn.com/2006/writers/craig_neff/01/16/hot.list/index.html
"... former East German swimmer Petra Schneider, an Olympic champion in 1980, recently told a German TV network that she wants her national record in the 400-meter individual medley nullified because it was aided by doping. How about some applause for Schneider for a show of integrity?
--http://sportsillustrated.cnn.com/2006/writers/craig_neff/01/16/hot.list/index.html
Friday, January 13, 2006
Golf update
Last week, Stuart Appleby went to win his third straight victory in the Mercedes Championships, this time around in a play-off with still-putting disaster Vijay Singh (he actually led one shot going into the last three holes). Tiger Woods did not play.
Michelle Wie shot a 79 at the first round of the Sony Open, happening in Hawaii, leaving her with very little hope of making the cut in his 4th attempt in the PGA. If she misses the cut, then she'll have more time to prepare for her first LPGA tournament in 2006, the Kraft Nabisco, which will be played March 30-April 2 at Mission Hills Country Club. Morgan Pressel gets to play too.
Michelle Wie shot a 79 at the first round of the Sony Open, happening in Hawaii, leaving her with very little hope of making the cut in his 4th attempt in the PGA. If she misses the cut, then she'll have more time to prepare for her first LPGA tournament in 2006, the Kraft Nabisco, which will be played March 30-April 2 at Mission Hills Country Club. Morgan Pressel gets to play too.
Wednesday, December 14, 2005
Only in the Philippines: A New President, by personal acclaim
AMID persistent reports of coup plots to oust President Gloria Macapagal-Arroyo, a retired general proclaimed himself president of a transition government shortly before midnight on Tuesday.
General Fortunato Abat described his action as peaceful takeover, even as he called on police and military forces to withdraw support from President Arroyo and "protect the sovereign right of the people."
The 80-year-old retired general made the announcement before an audience of about 300 people at the Club Filipino in the municipality of San Juan, in Metro Manila.
Arroyo, attending a summit of the 10-nation Association of Southeast Asian Nations in Kuala Lumpur, has been haunted by a monthslong drive to remove her from power, and coup rumors rose to a new crescendo in the days before her departure Sunday.
Addressing a news conference in Kuala Lumpur, the President declined to comment on the reported coup plot.
But security officials in Manila dismissed the supposed military takeover as "blind rumors" even as Philippine police chief General Arturo Lomibao on Tuesday placed police forces on a full alert status, convened the crisis committee, and directed the intelligence services to validate the reports.
Armed Forces Chief of Staff General Generoso Senga said the soldiers remained loyal to the Constitution and the chain of command.
Abat, a former Army chief and defense secretary, is convener of the right-wing Coalition for National Solidarity which has been calling on Arroyo to step down.
When the wiretaps scandal broke out in June, Abat called for the establishment of a civilian-military junta and offered himself to head it.
The 117,000-strong military has a history of unrest and played key roles in the ouster of dictator Ferdinand Marcos in 1986 and jailed former president Joseph Estrada in January 2001.
Two years ago, about 300 soldiers, led by young officers, occupied the ritzy Oakwood Hotel and a nearby shopping mall in the capital's financial district and rigged the area with bombs. They surrendered peacefully after about 20 hours.
The coup rumors have been swirling since June, when vote-rigging allegations against Arroyo prompted several cabinet members to resign and key political allies and left-wing groups to call for her resignation.
She survived an impeachment attempt in September when her majority allies in the House of Representatives junked three impeachment bids on a technicality. Opponents continue to call for her resignation and hold occasional small street protests.
--http://news.inq7.net/breaking/index.php?index=2&story_id=59883
General Fortunato Abat described his action as peaceful takeover, even as he called on police and military forces to withdraw support from President Arroyo and "protect the sovereign right of the people."
The 80-year-old retired general made the announcement before an audience of about 300 people at the Club Filipino in the municipality of San Juan, in Metro Manila.
Arroyo, attending a summit of the 10-nation Association of Southeast Asian Nations in Kuala Lumpur, has been haunted by a monthslong drive to remove her from power, and coup rumors rose to a new crescendo in the days before her departure Sunday.
Addressing a news conference in Kuala Lumpur, the President declined to comment on the reported coup plot.
But security officials in Manila dismissed the supposed military takeover as "blind rumors" even as Philippine police chief General Arturo Lomibao on Tuesday placed police forces on a full alert status, convened the crisis committee, and directed the intelligence services to validate the reports.
Armed Forces Chief of Staff General Generoso Senga said the soldiers remained loyal to the Constitution and the chain of command.
Abat, a former Army chief and defense secretary, is convener of the right-wing Coalition for National Solidarity which has been calling on Arroyo to step down.
When the wiretaps scandal broke out in June, Abat called for the establishment of a civilian-military junta and offered himself to head it.
The 117,000-strong military has a history of unrest and played key roles in the ouster of dictator Ferdinand Marcos in 1986 and jailed former president Joseph Estrada in January 2001.
Two years ago, about 300 soldiers, led by young officers, occupied the ritzy Oakwood Hotel and a nearby shopping mall in the capital's financial district and rigged the area with bombs. They surrendered peacefully after about 20 hours.
The coup rumors have been swirling since June, when vote-rigging allegations against Arroyo prompted several cabinet members to resign and key political allies and left-wing groups to call for her resignation.
She survived an impeachment attempt in September when her majority allies in the House of Representatives junked three impeachment bids on a technicality. Opponents continue to call for her resignation and hold occasional small street protests.
--http://news.inq7.net/breaking/index.php?index=2&story_id=59883
Tuesday, December 13, 2005
One more for the family (Stan Van Gundy)
Stan Van Gundy resigned as Miami Heat coach. The "legendary Pat Riley" will coach the Heat again. But what is amazing is Van Gundy's reason to "go home." Great!
from SI.com
from SI.com
Van Gundy has always professed to being a family-first man, someone who abhors road trips and the idea of spending holidays away from his wife and four children. He said that because of travel, games and practices, he would have seen his children at home only 49 days out of 170 this season.
"That's just not enough any more for me. It's just not enough," Van Gundy said. "I mean, it's been like that for my kids' entire lives. I've got a 14-year-old daughter and it started to hit me when I started thinking about her birthday, which was last month. I've got four more years left with her. Four. And then she'll be off to college and I'm just not willing to sacrifice any more of those four more years."
Van Gundy said he began wrestling with the balance between job and family during the preseason, and told Riley after the regular-season opener at Memphis that they needed to talk about the future.
"I can't believe people have that big a problem actually believing that someone would actually want to spend time with their family," Van Gundy said. "I don't know why that's so hard for people to buy into."
"That's just not enough any more for me. It's just not enough," Van Gundy said. "I mean, it's been like that for my kids' entire lives. I've got a 14-year-old daughter and it started to hit me when I started thinking about her birthday, which was last month. I've got four more years left with her. Four. And then she'll be off to college and I'm just not willing to sacrifice any more of those four more years."
Van Gundy said he began wrestling with the balance between job and family during the preseason, and told Riley after the regular-season opener at Memphis that they needed to talk about the future.
"I can't believe people have that big a problem actually believing that someone would actually want to spend time with their family," Van Gundy said. "I don't know why that's so hard for people to buy into."
Wednesday, December 07, 2005
Tiger wins his 7th PGA POY
Tiger wins his 7th PGA Player of the Year award. Go Tiger!
http://sportsillustrated.cnn.com/2005/golf/12/06/bc.glf.woods.award.ap/index.html
http://sportsillustrated.cnn.com/2005/golf/12/06/bc.glf.woods.award.ap/index.html
Monday, December 05, 2005
SI's Alan Shipnuck says it well
Alan Shipnuck says it well.
My Sportsman Choice: Jack Nicklaus
In 1980, Jack Nicklaus was honored by SI as Sportsman of the Year. The then-40-year-old Bear had just completed a season during which he won the U.S. Open and PGA Championship, quieting talk that his epic career was entering its twilight. That Sportsman was a celebration of his golf. Now Nicklaus deserves the award again, and it has nothing to do with birdies and bogies. In the past year no athlete has displayed more grace or humanity. Nicklaus has long been known not only as golf's greatest champion, but also its most dignified loser. As Jack has said his goodbyes this year it has been a reminder of how much he has meant to golf, and how much he will be missed.
Nicklaus's game may have rendered him a ceremonial golfer, but he can still command the spotlight. This year he stole the show at two of sports' grandest stages, Augusta National and the Old Course. His final Masters was particularly wrenching because only five weeks earlier Nicklaus's grandson Jake had drowned in a hot tub. Most athletes come into view during their youthful prime and then disappear before they fade away. But generations have grown up watching Nicklaus as he has evolved from overpowering prodigy to doting father to middle aged warrior to dignified elder statesman. We are in an era in which the game's best player has built a fortress around his inner-self, but throughout his life and career Nicklaus always let the public in. When he teared up striding his final fairway at the Masters, a nation cried along with him.
His final British Open was no less emotional. The putt of the year in golf may have been Nicklaus's birdie on his last hole at the Old Course, which was witnessed by dozens of players who ringed the green in a showing of appreciation and respect. You may not root for any of them, but Tiger Woods, Phil Mickelson and Ernie Els all have class, a precious commodity in pro sports. It's no accident that all of them grew up idolizing Nicklaus and have been mentored by him throughout their careers.
The true measure of Nicklaus is not his unprecedented 18 major championships, but his relevance in a sport that he has been shaping since 1960. In September, at the Presidents Cup, a U.S. team that has long been ripped for its apathy played its collective heart out for Capt. Jack, bringing him a victory that he claimed was the most satisfying moment of his career. A second Sportsman would be a nice way to end this momentous year. Only one other person has won two Sportsmans, and for a change wouldn't it be nice to see Jack tying one of Tiger's records, and not the other way around?
Wednesday, November 30, 2005
Impending storm
Rain was about to come. It poured a few minutes after these shots were taken. But it was short-lived.
Sunset at Bantayan Island
I was waiting for the Manila Bay sunset type all week. It came on Friday, but I was so far out into the water that I had no time to take a shot. I settled for these shots on other days.
Back again
Came back from Kota Beach, Sta. Fe, Bantayan. Took charge of a seminar. It was work. The sun and sand were too good to pass. I had my tan (burns, actually!)
Thursday, November 10, 2005
Tiger's 2005 golf year
Here's SI's Chris Lewis in Inside Golf ... The Year In Review: The Tour season's over, so time to hand out awards. He gives Tiger Woods 6 "awards" in 20 categories.
PLAYER OF THE YEAR: Annika Sorenstam and Tiger Woods (tie)
There's no arguing with two majors in a single year, but in 2005 two players got it done. Annika had three more total victories (9 vs. 6), but Tiger balanced the scales by virtue of the resurgence factor, bouncing back from his worst-ever season.
MOST MEMORABLE SHOT OF THE YEAR: Surprise! Tiger's chip-in at the 16th at Augusta
My favorite thing about the videotape is how the picture shudders after the ball drops in. Folks, that camera was fixed to the ground. The usually reserved Augusta patrons went so bonkers that the earth actually moved.
HAIRDO OF THE YEAR: Tiger's Presidents Cup leopard spots
Which leads directly to another category -- Unasked Question of the Year: Tiger, if you lost that bet, who won it?
UNSHAKEN LEGACY OF THE YEAR: Tiger's 2000
Watching how hard Woods had to work to earn two majors this year made the idea of winning three virtually inconceivable -- and therefore made his 2000 season even more mind-boggling. Woods hates it when we compare him to his old self, but he shouldn't blame us -- he's a victim of the magic he made five years ago.
FREAK OCCURRENCE OF THE YEAR: Notah Begay and Tom Pernice throttle friends (and playing partners) Tiger Woods and Vijay Singh at the Funai Classic
It was like Robin beating up Batman twice in the same comic book.
TOURNAMENT OF THE YEAR: The Masters
It wasn't just the pairing of the game's best player (Woods) and the only guy who rivals him in the category of Refusal to Give Up (DiMarco). It was the depths they rose from --Tiger putting off the 15th green on Thursday, and DiMarco finishing his third round on Sunday morning with a slew of bogeys. But most of all, it was the way it ended, with Tiger's tearful dedication of the victory to his ailing father. It was the most emotional we may ever see Woods, and retroactively seated the entire event in a more profound, almost mythic context.
PLAYER OF THE YEAR: Annika Sorenstam and Tiger Woods (tie)
There's no arguing with two majors in a single year, but in 2005 two players got it done. Annika had three more total victories (9 vs. 6), but Tiger balanced the scales by virtue of the resurgence factor, bouncing back from his worst-ever season.
MOST MEMORABLE SHOT OF THE YEAR: Surprise! Tiger's chip-in at the 16th at Augusta
My favorite thing about the videotape is how the picture shudders after the ball drops in. Folks, that camera was fixed to the ground. The usually reserved Augusta patrons went so bonkers that the earth actually moved.
HAIRDO OF THE YEAR: Tiger's Presidents Cup leopard spots
Which leads directly to another category -- Unasked Question of the Year: Tiger, if you lost that bet, who won it?
UNSHAKEN LEGACY OF THE YEAR: Tiger's 2000
Watching how hard Woods had to work to earn two majors this year made the idea of winning three virtually inconceivable -- and therefore made his 2000 season even more mind-boggling. Woods hates it when we compare him to his old self, but he shouldn't blame us -- he's a victim of the magic he made five years ago.
FREAK OCCURRENCE OF THE YEAR: Notah Begay and Tom Pernice throttle friends (and playing partners) Tiger Woods and Vijay Singh at the Funai Classic
It was like Robin beating up Batman twice in the same comic book.
TOURNAMENT OF THE YEAR: The Masters
It wasn't just the pairing of the game's best player (Woods) and the only guy who rivals him in the category of Refusal to Give Up (DiMarco). It was the depths they rose from --Tiger putting off the 15th green on Thursday, and DiMarco finishing his third round on Sunday morning with a slew of bogeys. But most of all, it was the way it ended, with Tiger's tearful dedication of the victory to his ailing father. It was the most emotional we may ever see Woods, and retroactively seated the entire event in a more profound, almost mythic context.
Keeping our fingers crossed
Experts: 12% VAT to unleash bull run, P52:$1
First posted 01:21am (Mla time) Nov 10, 2005
By Gil C. Cabacungan Jr.
Inquirer News Service
First posted 01:21am (Mla time) Nov 10, 2005
By Gil C. Cabacungan Jr.
Inquirer News Service
Editor's Note: Published on page A1 of the Nov. 10, 2005 issue of the Philippine Daily Inquirer
RAISING the value-added tax (VAT) rate from 10 percent to 12 percent by January next year will ignite a three-month rally of the peso and the stocks, according to market experts.
"Raising the VAT to 12 percent will solidify investors' view that this government is committed to putting its fiscal house in order and erase lingering doubts about the President's political resolve," said Jose Arnulfo "Wick" Veloso, treasurer of HSBC Philippines.
The British banking giant is the world's fifth largest in terms of assets.
"It will unleash a bull run across the board for at least three months," he said.
In the three-month burst of investor exuberance, Veloso expects the peso to hit the 52 to the dollar mark and interest rates on T-bills to go down by as much as one percentage point, or equivalent to P25 billion.
The VAT law, the centerpiece of President Gloria Macapagal-Arroyo's economic reform program, contains a provision empowering the President to raise the tax rate to 12 percent by Jan. 1 should the VAT collections as a percentage of the previous year's gross domestic product (GDP) exceed 2.8 percent or the national government deficit as a percentage of GDP exceed 1.5 percent.
Finance Secretary Margarito Teves had said that based on current performance, it was inevitable that Ms Arroyo would increase the tax rate. The tax is aimed at reducing the government's massive budget deficit.
'Flood of funds'
At the stock market, raising the VAT to 12 percent would jack up the Phisix, the key Philippine stock market barometer, by at least 25 percent to the 2,600 level or back to the bourse's peak in 1999, according to former Philippine Stock Exchange chair Wilson Sy.
"The move will unleash a flood of funds from portfolio managers hungry for a recovery play in the region. Investors will look at the Philippines in a different light," Sy said.
Largely because of the implementation of the expanded VAT on Nov. 1, Philippine stocks are now back on portfolio managers' radar screen after six years, according to Sy.
The stock market yesterday hit its highest level in eight months because of heavy foreign buying.
The imposition of the VAT on fuel and power and the increase in corporate income tax from 32 percent to 35 percent have buoyed up Swiss banking giant UBS' outlook on the Philippines.
It projects the peso to hit 54 by the end of the year and 53 by the end of the next. It also expects interest rates on Philippine foreign debt to drop nearly 2 percentage points.
Long ride on bull's back
The market euphoria could extend beyond three months, according to Veloso.
"After three months, investors would know by then whether the 12 percent VAT has translated to higher revenue collections. If it has, then the Philippines will be up for a very, very long ride on the back of the bulls."
Veloso said the market's exuberance could peak in the first full year of implementation of the 12 percent VAT when investors would have confirmed whether the tax was indeed the panacea for the government's chronic budget deficit.
"We expect a significant change in the market outlook, an inevitable upgrade in the country's credit rating," he said.
RAISING the value-added tax (VAT) rate from 10 percent to 12 percent by January next year will ignite a three-month rally of the peso and the stocks, according to market experts.
"Raising the VAT to 12 percent will solidify investors' view that this government is committed to putting its fiscal house in order and erase lingering doubts about the President's political resolve," said Jose Arnulfo "Wick" Veloso, treasurer of HSBC Philippines.
The British banking giant is the world's fifth largest in terms of assets.
"It will unleash a bull run across the board for at least three months," he said.
In the three-month burst of investor exuberance, Veloso expects the peso to hit the 52 to the dollar mark and interest rates on T-bills to go down by as much as one percentage point, or equivalent to P25 billion.
The VAT law, the centerpiece of President Gloria Macapagal-Arroyo's economic reform program, contains a provision empowering the President to raise the tax rate to 12 percent by Jan. 1 should the VAT collections as a percentage of the previous year's gross domestic product (GDP) exceed 2.8 percent or the national government deficit as a percentage of GDP exceed 1.5 percent.
Finance Secretary Margarito Teves had said that based on current performance, it was inevitable that Ms Arroyo would increase the tax rate. The tax is aimed at reducing the government's massive budget deficit.
'Flood of funds'
At the stock market, raising the VAT to 12 percent would jack up the Phisix, the key Philippine stock market barometer, by at least 25 percent to the 2,600 level or back to the bourse's peak in 1999, according to former Philippine Stock Exchange chair Wilson Sy.
"The move will unleash a flood of funds from portfolio managers hungry for a recovery play in the region. Investors will look at the Philippines in a different light," Sy said.
Largely because of the implementation of the expanded VAT on Nov. 1, Philippine stocks are now back on portfolio managers' radar screen after six years, according to Sy.
The stock market yesterday hit its highest level in eight months because of heavy foreign buying.
The imposition of the VAT on fuel and power and the increase in corporate income tax from 32 percent to 35 percent have buoyed up Swiss banking giant UBS' outlook on the Philippines.
It projects the peso to hit 54 by the end of the year and 53 by the end of the next. It also expects interest rates on Philippine foreign debt to drop nearly 2 percentage points.
Long ride on bull's back
The market euphoria could extend beyond three months, according to Veloso.
"After three months, investors would know by then whether the 12 percent VAT has translated to higher revenue collections. If it has, then the Philippines will be up for a very, very long ride on the back of the bulls."
Veloso said the market's exuberance could peak in the first full year of implementation of the 12 percent VAT when investors would have confirmed whether the tax was indeed the panacea for the government's chronic budget deficit.
"We expect a significant change in the market outlook, an inevitable upgrade in the country's credit rating," he said.
Wednesday, September 14, 2005
Singapore
I'll be in Singapore for two weeks beginning tomorrow. Let's see if I can spend time to do some blog while there. Training/workshop. Killer schedule
Updates
It's been a long time. Been busy with trips and other stuff that made blogging very difficult.
So what's up?
The Rossoneri: 6th (quotient) in Serie A (1-1); 3-1 win over Fenerbahce in their Champions League group stage opening game. They have new shirt designs this season.
Tiger is still number 1. That's for sure.
Masha lost to KimC at the semis of the US Open, who eventually won her first grand slam event against Mary Pierce. Davenport is still number 1, I think.
The US got back the Solheim.
PGMA sneeked past her impeachment complaint (158-51).
So what's up?
The Rossoneri: 6th (quotient) in Serie A (1-1); 3-1 win over Fenerbahce in their Champions League group stage opening game. They have new shirt designs this season.
Tiger is still number 1. That's for sure.
Masha lost to KimC at the semis of the US Open, who eventually won her first grand slam event against Mary Pierce. Davenport is still number 1, I think.
The US got back the Solheim.
PGMA sneeked past her impeachment complaint (158-51).
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