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Dovish Powell lifts markets to historic highs
Last week, US equities reached new all-time highs, thereby lifting global stock markets. This came on the back of Federal Reserve (Fed) Chair Jerome Powell’s dovish policy statement. In that speech, Powell touted considerable progress in bringing down inflation, notwithstanding the bumps in the road toward the two percent target......»»
Stocks rebound as Wall Street bounces back
Local stocks bounced back yesterday to close the week on a positive note as the local bourse mirrored gains in the US market......»»
Bourse unwraps shorting rules
Bourse operator Philippine Stock Exchange Inc., or PSE, issues its approval yesterday for the immediate implementation of the Guidelines for Short Selling Transactions. PSE said critical components of securities borrowing and lending, or SBL provisions were also approved. Short selling can only function with an SBL program in place. PSE announces effectivity of short selling guidelines, other relevant SBL developments. Weak market buffer PSE announced SEC’s approval of offshore collateral for SBL in May 2023 while the Bureau of Internal Revenue accepted the filing and registration of the Global Master Securities Lending Agreement, or GMSLA, in September 2023. Short selling happens when a trader borrows shares and sells them in the hope that the price will fall after, so they can buy them back cheaper. The process can help traders profit from downturns in stocks and protect themselves from losses. “We are grateful to the SEC and BIR for their approvals on important regulatory aspects of SBL and short selling. This development brings us a step closer to the full adoption and implementation of these much-awaited programs,” PSE president and CEO Ramon Monzon said. The PSE also updated the eligible securities in its short selling guidelines to include members of the PSE midcap and PSE dividend yield indices. Initially, only securities comprising the PSE index and exchange traded funds, or ETFs, were considered eligible securities for short selling. The post Bourse unwraps shorting rules appeared first on Daily Tribune......»»
Stocks rebound on bargain hunting
The local stock market bounced back yesterday as the benchmark Philippine Stock Exchange index closed in the green, gaining 53.67 points or 0.89 percent to 6,094.71......»»
AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
Sell no casino
As a take-off point, let us quote Abraham Lincoln’s words on the legitimate object of government, viz., “It is to do for a community of people whatever they need to have done, but cannot do in their separate and individual capacities.” In the case of privatizing Pagcor down to some 45 casinos, it would appear that the “bargain of government spending” is framed along Adam Smith’s theory — “Give me this which I want and you shall have this which you want.” Privatization simply means removal of responsibilities, activities, or assets from the collective realm, but are there not “risks and rewards when we put public tasks into private hands?” All of a sudden — from out of the blue — this government plan to auction off Pagcor is quite disconcerting unless national survival has become a central concern. Rep. Rufus Rodriguez rightly questions, thus, “Why do we sell the goose that lays the golden egg?” Specially so since the agency’s forthcoming net gains are on the uptrend (i.e., P59 billion in 2022 and an estimated P75 billion by the end of this year). So far, the alibi of government is that by selling its casinos — lock, stock, and barrel — Pagcor’s role as “gaming regulator-cum-operator” becomes purely as regulator. In other words, there is that “revolving door problem” which should be avoided. Even granting that this could be a tenable argument for privatization — though never heard of — what would the backlash be? As far as the role of the Governance Commission for GOCCs is concerned, a public enterprise like Pagcor should only be privatized, if and only if, there’s a “government failure;” when it fails to generate revenues for the state; when it becomes reduced to a “non-performing asset;” when it shows “poor grades” in its Corporate Governance Scorecard. Thus, to privatize Pagcor absent these parameters should be interpreted as “implied contempt for government bureaucracy,” albeit misplaced. The sale of the casinos would fetch about P60 to P80 billion — practically within the same threshold of profit intake for any given year, give or take. In recent weeks, it’s as though the Senate’s over-fixated concerns with Pagcor were the POGOs (Philippine offshore gaming operators) alleged as fronts for human trafficking, kidnapping, other sorts of lawlessness. After privatizing the Pagcor casinos, will all these problems then go away? Bottom line, who in his right mind can say that Pagcor isn’t doing any better given that it contributes half of its revenues to the national coffers (i.e., in taxes) and mandated beneficiaries. It is said to be one of the government’s “staunch allies in nation building” and one of the biggest revenue generators. With the casinos out, who will shoulder the fiscal void created when “funded mandates” shift back to becoming unfunded? As a consequence of privatizing the casinos, there will be a number of national government agencies, local government units, non-government organizations, peoples’ organizations, a number of taxes, duties, licenses, fringe benefits — that taken together would no longer bring a “bundle of joy” to mandated beneficiaries who were allocated such subsidies over the years. The next thing that will ensue is the stark truth that Pagcor would cease to be a “responsible partner of the Filipino” — once privatization cuts the umbilical cord of subsidy dependence. In the next cycle, Pagcor would slide down from third place among GOCCS that remit the highest government contribution. As a rule, no GOCC belonging to so-called “billionaires club” should close shop without more justifiable grounds. In short, it should come last in privatization’s pecking order. There’s clearly no compelling reason to sell off the Pagcor casinos by public auction if the projected proceeds to be generated thereof are practically equivalent to the profit intake of any given year. Again, it escapes comprehension why only a handful of policy makers are against this self-inflicted move. The new pack of most-favored operators will quickly recoup their money without needing to gild the lily. What luck! The post Sell no casino appeared first on Daily Tribune......»»
Index rebounds amid bargain hunt
Bargain hunting fueled a recovery at the local bourse as it gained by 74.18 points or 1.17 percent on Wednesday to 6,410.09. Market sentiment received an added boost from the first half 2.9 percent growth in cash remittances, even though slightly missing the government’s target of 3 percent growth for the year. Philstocks Financial Assistant Research Manager Claire Alviar said many investors remained on the sidelines, with a net market value turnover of P3.78 billion, as investors awaited the policy meeting of the Bangko Sentral ng Pilipinas. Banks receive beating The banking sector was the sole loser, down by 0.18 percent while the mining sector led the gainers among the indices, increasing by 1.85 percent. For index members, Universal Robina Corporation emerged as a front-runner, gaining 4.96 percent to P124.90 while PLDT Inc. had the biggest loss, dropping by 2.06 percent to P1,234.00. The post Index rebounds amid bargain hunt appeared first on Daily Tribune......»»
Shares flock back abroad
Slowing inflation in May made investors turn to the United States anew, resulting in the negative close of most counters in the local bourse but the peso barely moved against the greenback. The Philippine Stock Exchange index shed 1.12 percent, or 73.2 points, to 6,434.06 points. All Shares followed with a decline of 0.87 percent, or 30.21 points, to 3,437.04 points. Most of the sectoral gauges also ended the day down, led by Services after it slipped by 2.04 percent. Trailing behind were Property, 1.59 percent; Holding Firms, 1.27 percent; Mining and Oil, 1.13 percent; and Financials, 0.55 percent Only the Industrial index managed to end with gains although minimal at 0.003 percent. Volume reached 1.16 billion shares amounting to P11.45 billion. Decliners led advancers at 118 to 72 while 41 shares were unchanged. “Investors pulled back into the US, as the latest inflation data showed that price pressures continued to slow down in May, fueling optimism that the Fed (Federal Reserve) may skip a rate hike in upcoming policy-setting meeting,” Luis Limlingan, Regina Capital Development Corp. head of sales, said. The US inflation rate posted its slowest since March 2021 when it decelerated to 4 percent on an annual basis in the fifth month this year compared to 4.9 percent in April. On a month-on-month basis, the rate of price increases jumped by 0.1 percent, slower than the 0.4 percent rise in the previous month. The post Shares flock back abroad appeared first on Daily Tribune......»»
Stocks bounce back on bargain hunting
The local stock market returned to its winning ways after back-to-back losses as investors hunted for bargains......»»
Stocks index down on profit-taking, peso almost unchanged
MANILA - Bargain hunting ended in the local bourse, resulting in the negative close of the main equities index on Wednesday, but the peso kept its footing against the US dollar.After several days of rally, the Philippine Stock Exchange index (PSEi) shed by 0.46 percent, or 3.....»»
Back-to-school big discounts on vivo smartphones, available at Shopee 8.8 Sale!
Back-to-school bargain hunters who need a brand-new cellphone in time for class opening should not miss out on the massive discounts from leading smartphone brand vivo at the Shopee 8.8 Sale......»»
Bargain hunting lifts PSEi back to 6,800 level
Stocks rallied back to the 6,800 level yesterday as trading maintained its upward bias throughout the session, lifted by bargain hunting on select blue chips......»»
Stocks back in the green on bargain hunting
Stocks traded on an upward bias from the get-go yesterday, as investors picked up bargain issues from last week’s selling spree......»»
PSEi slips on poor economic data
Bleak economic data dampened investors sentiment, which sent the local bourse back in the negative territory on Friday. The bellwether Philippine Stock Exchange index (PSEi) slipped 0.48 percent or 34.69 points to its intraday low of 7,238.46, while the broader All Shares dipped 0.19 percent or 8.46 points to close at 4,342.48. Philstocks Financial Inc. […].....»»
Stock market rises; PNB, SM Investments advance
The stock market bounced back Friday on bargain hunting, ignoring another tech-led rout on Wall Street overnight......»»
FIBA: Mighty Jimmy and the shot that introduced Gilas to the World
This story was originally published on Feb. 24, 2019 It’s Saturday night at Mall of Asia and the arena is absolutely rocking. Eternal basketball rivals in the Philippines and South Korea are delivering another classic. Gilas Pilipinas is down to the final minute of regulation against its longtime tormentor in the second of two semifinal games. The national team is up by two, 81-79. The Philippines is hosting the 2013 FIBA-Asia Championships where three tickets to the 2014 World Cup are at stake and the winner of this particular game gets one of those tickets. Given the rich history of both teams and what it would mean to the winner, this pivotal game has gone down the wire as everyone pretty much expected. Also knowing the history of both teams in international play, Gilas’ precarious two-point lead was not safe at all. A ghost was lurking in the background and a dreaded curse felt almost inevitable. Down to the final minute of the crucial grudge match between the Philippines and South Korea, guard Jimmy Alapag has the ball and a two-point lead. What he will do will help define not only his career but the legacy of the Gilas name as a national team. WAKE-UP CALL Even before the Philippines-Korea game, Gilas Pilipinas already had to go through one emotional game early in its homestand for the Asian Championships. In a preliminary round showdown against Chinese Taipei, the Filipinos collapsed in the fourth quarter, allowing the Taiwanese to steal a morale-boosting 84-79 win. In 2013, the relationship between the two countries hit a rough patch over the death of one Taiwanese fisherman. In an updated May 17 report by CNN’s Jethro Mullen, “Taiwan has reacted angrily after one of its fishermen was killed by a Philippine coast guard vessel.” Taiwan had frozen applications from OFWs seeking jobs in its territory and the government of then President Ma Ying-jeou demanded an apology, among other things, from the Philippines. While the national basketball teams of both countries never really had any prior animosity with each other, tension was naturally present as both teams squared off in Group A action. Gilas Pilipinas and Chinese-Taipei both entered the showdown with identical 2-0 records and the winner would take control of solo Group A lead heading into round 2. Taking a good lead into the fourth quarter, the Philippines was outscored by 18 in the last 10 minutes and the national team took its worst home loss in quite some time. “At the time, it was a huge game for us. We understood what was happening in Taipei during that particular time. We really wanted to win for what our kababayans were going through at that time,” guard Jimmy Alapag said on that first home loss in the 2013 Asian Championships. “We didn’t get the job done, and it was tough especially to lose a game like that, it was a very emotional and it was a game that we knew we needed,” he added. The crushing loss meant that the Philippines had little room for error in round 2. While Gilas didn’t have any world beaters lined up in the second round, anything less than a perfect run would have meant an early clash with Asia’s established powerhouse teams in the knockout stages. On the other side of the bracket, defending champion China, Iran, and South Korea were battling for position and were expected to finish in the top-3. That means if Gilas Pilipinas failed to finish no. 1 in its group, the national team would have faced one of those teams in the quarterfinals. Gilas picked up a crucial win over Qatar in the 6th of August and the day after, the Philippines got some help from those same Qataris as they beat Taipei in a close decision. At the end of round 2, all teams finished with identical win-loss records but Gilas Pilipinas would take over first place after all tiebreaks were considered, barely edging out Taipei. The Philippines ended up avoiding defending champion China, Iran, and South Korea and instead got Kazakhstan in the quarterfinals. No. 2 Taipei drew China and the third-running Qataris were matched up with the South Koreans. “I think that was the moment we grew up and grew closer. I think that was the lowest of the lows, just because of the atmosphere and what was going on between both countries. It kind of felt that we let our end of the bargain down, you know what I mean? We’re on our home soil and we didn’t take care of business. I think that was one of those moments where we had to really check ourselves and find a way to make it right,” forward Gabe Norwood said of the Taipei loss. “But it turned out to be a blessing in disguise. In tournaments like FIBA-Asia it’s important that you have short-term memory whether it was a win or a loss. We needed to let go of that game and continue to stay the course, keep our focus in the tournament,” Alapag added. On August 7, four days after Gilas lost to Taipei, the rift between the Philippines and Taiwan would reach a resolution and the latter country lifted its freeze hiring and other sanctions on the former. The Philippines also did issue on official apology over the death of the Taiwanese fisherman a couple of months prior and the National Bureau of Investigation in Manila recommended the pressing of homicide charges to erring members of the Philippine Coast Guard. DARK HISTORY If the word “rival” is to be defined as a, “person or group that tries to defeat or be more successful than another person or group” then sure, the Philippines and South Korea are rivals. Both countries are rivals in the Asian basketball scene and they have been going at it for a very long time. But if the word rival can also mean “equal” or “peer,” is the Philippines really a worthy basketball rival to South Korea? The Philippines’ history with South Korea in terms of basketball is dark. Very dark. Consider the most high-profile matches between the two countries and you’ll see that the Philippine national team is just not at the level of South Korea. Or at the very least, Koreans always seem to reach 120 percent of their potential when they play Filipinos and we barely bring out 80 percent of our abilities when matched up against our East Asian neighbors. The 1998 PBA Centennial team, arguably the greatest Philippine team ever assembled, was demolished by South Korea in the Asian Games. A national team set up for gold only settled for bronze. Speaking of a bronze medal game, the original Gilas Pilipinas team lost a podium finish to South Korea in the 2011 FIBA-Asia Championships. That team squandered a double-digit lead and collapsed late. Of course, who can forget the semifinals of the 2002 Asian Games in Busan when Olsen Racela had the chance to put the Philippines up four but missed two free throws. South Korea would win with a booming triple at the buzzer off a broken play and would later take down China to capture the gold medal. South Korea is the Philippines’ basketball nemesis for all intents and purposes. A worthy adversary that always seem to emerge victorious at our expense. Still, all that previous disappointment didn’t seem to bother Gilas Pilipinas six years ago. The team was not scared and instead, they were excited even. One factor to greatly consider was that fact that the game was in Manila. It makes all the difference to play at home. “We understood the bad history that we had with Korea. We haven’t been very successful with them in quite some time but we knew from Day 1 that if ever we got an opportunity to play them at home, then we have a great chance,” Alapag said. “Man, pre-game, it was just the focus. Everybody was up for the challenge, I don’t think anybody was really nervous, I think it was just the anxiety... we wanted to get out there and do it already,” Norwood added. Playing at home had its perks for sure, but it also had its drawbacks. For all the painful losses the Philippines suffered at the hands of South Korea, it would have been devastating if Gilas actually took a beating in Manila. Stakes were extra high in this particular chapter of this long, ongoing saga. “There was always pressure, it was something that we acknowledged early. Playing at home, it’s great having that support but at the same time, there is some added pressure because you wanna make sure that you make our home crowd proud of the team that they watch and ultimately, win games,” Alapag said, making sure to note that the national team knew of the disadvantages of playing at home even before the Korea game. “It was there but it was something that we acknowledged and we wanted to make sure that we took advantage of the opportunity playing at home,” he added. ALL FILIPINO, ALL HEART Once it was go time, the Philippines-South Korea game went about pretty normal, as you would expect any game from these two national teams. But even before halftime, an injury to Gilas center Marcus Douthit changed the complexion of the semifinals showdown. All of a sudden, the Philippines was without its anchor, without its best player. Sure, there were players on the Gilas bench that can come in and replace Douthit’s size but there was simply no one on the Gilas bench that can come in and replace his talent, production, and just overall presence. June Mar Fajardo was in that Gilas bench but it 2013, the would-be five-time PBA Most Valuable Player was just not at that level yet. It would have been easy for Gilas Pilipinas to fold like cheap furniture and succumb to the overwhelming pressure of trying to overcome South Korea to reach a stage very few Filipinos have reached before. Gilas didn’t fold and instead, the Douthit injury rallied the team even further. “Alam mo sa totoo lang, puso na lang yun eh. Nung nawala si Marcus talaga, sabi ni coach kailangan doble kayod tayo. Dahil sobrang dehado tayo kumbaga, wala na tayong import, wala tayong malaki,” forward Marc Pingris said. With Douthit gone, Ping ate up all of his minutes and worked by committee with guys like Ranidel De Ocampo and Japeth Aguilar to fill in the gaps. “As a player naman, kami nagusap-usap kami na kahit anong mangyari, lalaban kami. Yung time na yun, talagang patay kung patay,” Ping added. Despite losing its best player to an untimely injury, Gilas Pilipinas’ confidence in winning never wavered. With their collective backs against the wall, the Philippine national team played even better. Unlike the later iterations of Gilas Pilipinas, the 2013 team, aptly called Gilas 2.0, had the luxury of having actual preparation before the FIBA-Asia Championships. The amount of work that came before the tournament and the Korea game, the bond built over countless hours of training, all of that helped the national team avoid a monumental meltdown in front of a rabid Manila crowd. “We were such a close-knit team in terms of our chemistry, in terms of the talent that we had, so we felt confident even when Marcus went down early in the game. If you looked at our huddle, you had 11 more very confident guys, not just in themselves but more importantly, in each other,” Alapag said. “That just boiled down to the chemistry that we had. I don’t think any of us panicked, we were all confident in each other. We’ve all been into that situation with our PBA teams, having the ball in our hands and making a play. Knowing that we had five weapons on the floor that could make the winning play, I think it made us very confident and we were able to sustain our composure,” the former Gilas captain added. THE GHOST AND ITS CURSE Shin Dong Pa, Hur Jae, Lee Sang-min, Oh Se-Keun, TJ Moon, and Cho Sung-min are just some players from the South Korean national team that inflicted incredible damage to the Philippines over the course of decades. The dreaded Ghost of South Korea takes form in these players and its curse is to give Filipinos the most heart-crushing loss possible. In 2013, the Ghost was Kim Min-goo and his curse was to beat Gilas Pilipinas in Manila. Despite losing Marcus Douthit and trailing by three points at the break, the Philippines started to turn the tables in the second half. Gilas Pilipinas unleashed Jayson Castro and the Blur led a blazing offense in the third quarter, finding a way to take a 10-point lead over South Korea, the Philippines’ largest of the night. But as the dust settled and Gilas holding a 65-56 lead entering the final period, an ominous figure would make his presence felt. The Korean Ghost has arrived and his name was Kim Min-goo. His curse? Beat Gilas Pilipinas in Manila. Kim was 22 and a senior in college when he made the South Korean national basketball team as a backup shooter in 2013. In nine games in Manila, Kim would play well enough to make the tournament’s All-Star team, averaging 12.7 points, 4.1 rebounds, and 2.7 assists. He led Asian Championships with 25 three-point field goals, 10 came in the last two games and five came against Gilas Pilipinas. Kim drilled back-to-back triples to open the fourth quarter against the Philippines. Later, his fifth triple — a four-point play at that — pushed the Koreans to within a point, 72-73. South Korea would take over soon after as Lee Seung-jun dunked the basketball on a fastbreak. The Ghost has arrived and his curse is in effect. “Ako pumasok sa isip ko yun nung lumamang Korea, na putek ito na naman,” Pingris said. “Pero ang sabi ko, sayang yung opportunity, kaya naman eh. So sabi ni Jimmy samin, no matter what happens wag kami gi-give up. Pinaghirapan natin to at may goal tayo, this year aalis tayo,” he added, noting the team’s goal to get into Spain and compete with the world’s best national teams. Faced with the possibility of dealing with a devastating defeat, Gilas had enough mental fortitude to keep things going. Trust your system, trust your preparation, trust your crowd, trust your teammates, and more importantly, trust yourselves. “You’re never out of the game if you’re playing at home,” Norwood said as they stared a deficit late against their destined rivals. “I think that was our mindset, keep it close and just find a way,” he added. Jimmy Alapag found a way. BORN READY Down 73-75, Jimmy Alapag was under heavy duress when he let go of a three-pointer from the left wing just in front of his bench. It was good to go. The Philippines was back on top by one as Alapag somehow managed to get his team to snap out of an initial shock following Korea’s strong fourth-quarter rally. The stage is now set for a wild finish and Jimmy will star in the final act of what has been an incredible show by Gilas and South Korea. “In situations like that, as an athlete and as a pro, that’s the situations that you dream about,” Alapag said. “Those are shots that you practice when you were a kid. When the shot clock is winding down, to have an opportunity to knock down a shot. It’s a shot that I practiced thousands of times,” he added. After the Philippines and South Korea traded baskets for the lead, Alapag made perhaps the most underrated play in this crazy and emotional encounter between two basketball rivals. Tasked with inbounding the ball just near underneath his own basket, Alapag found his Talk ‘N Text teammate Ranidel De Ocampo for an open look at three. Swish. Gilas leads, 81-77, with 91 seconds to go. “Ranidel was my favorite target for a very, very long time in my career,” Alapag said on the play that most people probably don’t even remember. “Once I saw that he got open, I wanted to make sure that I gave him as great a pass as possible and Ranidel has been known for a long time to take care of the rest,” he added. THE EXORCIST “Yeah, I was right under the basket,” Gabe Norwood says with a laugh when asked if he remembers the shot that changed the course of Gilas Pilipinas as a national team. Late in the fourth quarter of what was essentially a heavyweight bout, the Philippines just landed two strong haymakers but South Korea would refuse to go down without a fight, beating the count of 10 each time. Down to the final minute of a crucial grudge match with a World Cup berth on the line, Jimmy Alapag had his hands on the basketball as Gilas would go to its halfcourt set. Jimmy will never let go of said basketball. Up two, Jimmy did what Olsen wished he could 11 years prior. Up two against South Korea in a pivotal semifinal game, Alapag received a screen from Marc Pingris, which was enough to momentarily shake off Kim Tae-sul. With some room, Alapag drifted to his left and let a three-point shot fly. Boom. Gilas leads, 84-79, with 54 seconds to go. The shot would later be remembered as the one that ended the Korean Curse, the one that finally exorcised the Ghost. “The first thought that came to my mind was don’t miss,” Jimmy said of the clutch jumper. “That last one, Ping sets a good screen and I got a clean look. It’s a shot that myself, and Jayson [Castro], and Larry [Fonacier], and Gary [David], and Jeff [Chan], all of us, we practice that shot time and time again after practice. So you know, it was a shot that I was confident in but in that moment, all you’re thinking about was don’t miss,” he added. It’s one thing to be confident in yourself and to be confidednt in your preparation. It’s a different thing to actually perform under such pressure. As soon as Alapag managed to shoot his shot, Gabe Norwood did what any other good teammate would do and got in position to get the offensive rebound. You know, just in case. Gabe got the ball alright, but he got it after it swished through the rim. “When he put the shot up, I tried to crash for the rebound but I basically knew that it was going in,” he said. “I had probably the best view, I was right under the basket. I think caught it after it went through too,” Norwood added. Alapag checked out moments later as the Philippines went to its defensive lineup in order to stop another Korean comeback. South Korea turned to its most effective shooter in Kim and as he rose up to try and answer Alapag’s triple, Norwood met him at the apex for the game’s most dramatic stop. Gabe blocked Kim and Gilas would finish things off with a final Marc Pingris basket on the other end. A historic 86-79 win was complete. “I still get chills thinking about it, to look up and see grown men just breaking down. My wife was trying to hold my kids and she was holding back tears. It was just an awesome moment, the bond that we had on that team, the stuff that we did to get prepare, I think we poured it all out in that game,” Norwood said on the monumental victory. “I think it probably didn’t hit me until the final buzzer sounded. Not just for me but for the entire team, when that final buzzer sounded, it was such a special group of guys and the fact that we could share that moment with not just with each other but the entire country, it’s something I’ll remember for the rest of my life,” Alapag added, savoring the moment of a Philippine win over Korea 28 years in the making. THE INTRODUCTION Gilas Pilipinas would lose to Iran the next day in the Finals of the 2013 FIBA-Asia Championships. The Philippines put up a fight but Hamed Haddadi would prove to be too powerful to stop. It would take another two years for Gilas to beat Iran but that didn’t really matter in the moment. The Philippines is headed to the World Championships for the first time in three decades. The Philippines has beaten South Korea and one singular shot has allowed the Gilas name to be known around the world. Jimmy wouldn’t say that though. At least not directly in that way. “For me, that shot was the biggest for my career. But really, it was our entire team. We’ve gone through so much and that was just one particular play that really culminated the entire game and all the contributions from other guys from Gabe’s defense, to Ping’s rebounding, to Japeth’s rim protecting, to Jayson and LA doing a lot of the legwork,” Alapag said. “Everybody had their part in contribution to the game. After the shot, after the buzzer sounded, it was just a very special moment for us as a team and for Philippine basketball to show that all of the sacrifices, all of the hard work, now it’s given an opportunity to re-introduce ourselves to the world,” he added. Jimmy wouldn’t say it, but his teammates would. That shot of his that beat South Korea in the 2013 FIBA-Asia Championships introduced the Gilas name to the world. It announced that the Philippines has finally arrived. Gilas’ breakthrough overtime win a year later in Spain against Senegal — a game Jimmy pretty much decided late as well — made it known that Filipinos are here to stay on the World stage. “I would say so, it got us to where we wanted to be in the World Cup. I think we shocked some people there as well. But just the work that went in, I think it showed the country that we can get back to where we want to be as long as you work together,” Norwood said. “Yung puso ni Jimmy, grabe naman. Makikita mo maliit pero gusto lang niya talaga manalo. Ang liit pero parang lion pag nagalit eh, nandoon yung tiwala namin sa kanya. Ano pa ba masasabi mo, Jimmy is Jimmy Alapag,” Pingris would add. [NOTES: At the time of original publishing, Gilas Pilipinas was fighting to make a return trip to the FIBA World Cup, this time in China in 2019. To secure its slot, the the Philippine national team needed to beat Kazakhstan in Astana plus a loss from Japan, Jordan, and/or Lebanon. One of the teams that can help Gilas is South Korea... ironically. Jimmy Alapag retired from national team play in 2014 and retired playing for good in 2016. He has since made himself a champion basketball coach in the ABL. Marc Pingris suffered an ACL injury in 2018 and is in the process of returning for his PBA team in the current 2019 season. Gabe Norwood is still in Gilas. He’s still an effective two-way weapon. He can still dunk and will stop your best player too.] [Updated Notes: The Philippines beat Kazakhstan to make the 2019 FIBA World Cup in China. Gilas got help from... South Korea. The Koreans beat Lebanon on the road, allowing Gilas to advance to the World Championships outright with a victory over Kazakhstan.] — Follow this writer on Twitter, @paullintag8.....»»
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