Advertisements


P23.8-b worth of provisions pared BDO& rsquo;s 9-month income to P16.6b

BDO Unibank Inc., the country’s largest bank controlled by the Sy family, said Monday net income in the first nine months declined 48 percent to P16.6 billion from P32.1 billion a year ago because of the upfront provisions amounting to P23.8 billion in anticipation of potential delinquencies amid the pandemic......»»

Category: sportsSource: abscbn abscbnOct 26th, 2020

FDC& rsquo;s net earnings increase 3% to P8.9b

Filinvest Development Corp., the listed holding company of the Gotianun family, said over the weekend nine-month net income climbed 3 percent to P8.9 billion from P8.6 billion in the same period last year, boosted by the robust performance of banking and power generation businesses......»»

Category: financeSource:  thestandardRelated NewsNov 16th, 2020

Security Bank booked P6.7B net income in 9 months; PSBank& rsquo;s earnings hit P1.33B

Security Bank Corp., the seventh-largest lender in terms of assets, said Friday net income declined 13 percent in the first nine months to P6.7 billion from P7.7 billion in the same period last year, as it increased provisions for credit losses amid the global health crisis......»»

Category: financeSource:  thestandardRelated NewsNov 13th, 2020

RCBC& rsquo;s net profit decreased 11% to P4b in 3rd quarter

Rizal Commercial Banking Corp., one of the country’s largest banks and a member of the Yuchengco Group of Companies, said Tuesday unaudited consolidated net income declined 11 percent in the first three quarters to P4 billion from P4.5 billion a year ago, as it increased provisions for possible loan losses because of the impact of the COVID-19 pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 10th, 2020

SM Investments recorded lower profit of P15.2b in nine months

Conglomerate SM Investments Corp. said Wednesday nine-month net income declined 54 percent to P15.2 billion from P33.1 billion in the same period last year as the group’s mall and banking businesses continued to reel from the effect of the pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 4th, 2020

Metrobank& rsquo;s income before provisions climbed 41% to P52.4B in nine months

Metropolitan Bank and Trust Company said Friday income before provisions climbed 41 percent to P52.4 billion in the first nine months from a year ago on the back of a 20-percent increase in revenues......»»

Category: financeSource:  thestandardRelated NewsOct 30th, 2020

Puregold& rsquo;s income rose 4% to P5.05b in first nine months

Grocery chain operator Puregold Price Club Inc. said Wednesday nine-month net income rose 4.1 percent to P5.05 billion from P4.55 billion in the same period last year on the back of a double-digit growth in sales......»»

Category: financeSource:  thestandardRelated NewsOct 29th, 2020

Coconut farmers are poorest agri people

Coconut farmers are now the poorest people in the agriculture sector, much poorer than when they were 30 years ago.  This was the assessment of Danny Carranza, a coconut farmer and member the Kilusan Para sa Tunay na Repormang Agraryo at Katarungang Panlipunan (Katarungan). (MB FILE, Keith Bacongco) Carranza blamed the coconut farmers’ poverty on the low copra prices, inability to intercrop and modernize, and now the COVID-19 pandemic, which isolates some of them who are living in far-flung areas.                “If you’re going to compare, we are much poorer now than we were back in 1990,” said Carranza. Carranza said the “crisis in coconut” that started in the 1990s was never resolved, but even worsened especially when farmers failed to diversify and intercrop before copra prices, dictated by world prices, crashed in 2019 and in the previous years.              “The price of copra is improving, reaching P16/kg from P8/kg last year, but that is still not enough,” Carranza said, adding that farmers’ income from a hectare of coconut plantation does not reach P10,000 anymore.            At present, about 95 percent of the 3.5 million hectares of coconut farms in the Philippines are meant to produce copra, which is the material for coconut oil manufacturing.  But with the collapse of the prices of coconut oil in the world market over the last two years, prices of copra have also dropped plunging farmers into deeper poverty. According to the Philippine Coconut Authority (PCA), prices of copra at farmgate as of October 15 stood at P21.86/kg, which is higher compared to P14.55/kg price level during the same day last year.           But Carranza said that it normally takes three to four years for coconut farmers to recover when a typhoon hits their plantation because coconut trees don’t recover fast. Several typhoons have devastated coconut trees lately.  “Farmers’ income is dictated by world prices, they don’t have enough funds to modernize their industry, and the government has failed to support them in the diversification of their coconut plantations,” Carranza said.  “Then things got worse because of climate change. And then, because of lockdown, a lot of farmers who live in far-flung areas were isolated and couldn’t deliver their produce,” he added.   In 2018, farmers working in coconut farms only received a daily nominal wage rate of P264, based on Philippine Statistics Authority (PSA) data.   To alleviate the current situation of coconut farmers, the Department of Agriculture (DA) has announced that it will soon distribute a P5,000 worth of assistance to coconut farmers, which will be withdrawn from the agency’s P24-billion stimulus package granted under ‘Bayanihan 2’. The problem, according to Carranza, is that the assistance may only benefit farmers who own 1 hectare of coconut plantations or less. The PCA is also setting aside a portion of its budget to finance on-farm and off-farm livelihood projects for coconut farmers such as intercropping and livestock. Meanwhile, Pambansang Kilusan ng Magbubukid sa Pilipinas (PKMP) Chairman Eduardo Mora said the legal team of Senator Bong Go pledged to help coconut farmers push for provisions that they want to be included in the Coco Levy Act, the proposed law that will pave the way for the release of the P100-billion coco levy fund.           “It was the office of Senator Bong Go that informed us that the senate version of Coco Levy Act was already passed in third and final reading. But his legal team also assured to help us in the congress version of the law, in bicameral, and in the drafting of the IRR [implementing rules and regulation] of the law,” Mora told Business Bulletin.         Mora’s group, which represents more than a hundred thousand coconut farmers in the country, has been calling for increased farmers’ representation in the planned coconut trust fund management committee.         Coconut farmers also don’t want the funds to be handled by PCA, Mora said.         Business Bulletin already sought for Agriculture Secretary William Dar’s reaction regarding the farmers’ opposition of the Coco Levy Act, but he hasn’t responded yet. .....»»

Category: lifestyleSource:  abscbnRelated NewsOct 24th, 2020

BPI& rsquo;s income down 22% to P17.2b in first nine months

Bank of the Philippine Islands, the third-largest lender in terms of assets, said Thursday it posted a 22.1-percent drop in net income in the first nine months to P17.17 billion from P22.03 billion in the same period last year, on higher provisions for loan losses in anticipation of increased non-performing loans amid the health crisis......»»

Category: financeSource:  thestandardRelated NewsOct 23rd, 2020

DSWD has distributed P83.6 B SAP subsidies

More than P83.6 billion worth of emergency cash subsidies have been disbursed to more than 13.98  family-beneficiaries of the second wave of aid under the Social Amelioration Program (SAP), the Department of Social Welfare and Development reported. The DSWD said as of October 21, 8 p.m., it has distributed over P83. 6 billion SAP 2 funds to around 13, 982, 425 low-income households.  The number of served beneficiaries is 98 percent of the 14.3 million low-income households targeted to receive the second wave of subsidies. “Batay sa datos kahapon, ika-21 ng Oktubre, umabot na sa higit P83.6 bilyon ang naipamahagi ng DSWD sa higit 13.98 milyon na pamilyang benepisyaryo ng SAP,” the DSWD said in a Facebook post.  (Based on the data yesterday, as of October 21, over P83.6 billion has been distributed by the DSWD to more than 13.98 billion family-beneficiaries of SAP.) The Department assured the public that the manual and digital payouts continue to serve the uncovered beneficiaries numbering to more than 317,000.  During the virtual “Laging Handa” briefing, DSWD Undersecretary Rene Glen Paje said they are exhausting all means to ensure that the second tranche distribution of the SAP will be completed within this month, as the agency is readying to implement programs under the Bayanihan to Recover as One Act or the Bayanihan 2. Among the programs and services that will be implemented by the DSWD under Republic Act  No. 11494 or Bayanihan 2 are the emergency subsidy to affected low-income households in areas under “granular lockdowns”;  Assistance to Individuals in Crisis Situation (AICS); distribution of food and non-food items; livelihood assistance grants (LAGs), and supplementary feeding program for day-care children. .....»»

Category: newsSource:  mb.com.phRelated NewsOct 22nd, 2020

DBP& rsquo;s net income fell 6% to P2.9b in 1st half

State-run Development Bank of the Philippines said Wednesday net income in the first half declined 6.45 percent to P2.9 billion from P3.1 billion a year ago, as the bank allotted higher provisions for credit losses amid the health crisis......»»

Category: financeSource:  thestandardRelated NewsSep 30th, 2020

Thailand Moves a Step Closer to Welcoming Back Foreign Tourists

Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»

Category: sportsSource:  abscbnRelated NewsSep 15th, 2020

Meralco rates lower by P0.0623/kwh in Sept. billing

Consumers of Manila Electric Company (Meralco) will benefit from a slight reduction of P0.0623 per kilowatt hour (kwh) in this September billing — summing up five straight months of tariff downtrends for this year. (MANILA BULLETIN) For end-users in the consumption threshold of 200 kilowatt hours (kwh), the average cost savings they will gain in this billing period will be P12, according to the utility firm. The overall rate billed this month is at P8.4288 per kwh versus the previous month’s P8.4911 per kwh. The generation charge, which accounts for the chunk of the cost components being passed on, had been pared by P0.0381 per kwh this month to P4.0860 per kwh from the previous billing cycle’s P4.1241 per kwh. Additionally, the transmission charge was on marginal decline of P0.0112 per kwh and that was mainly attributed to the lower ancillary services (AS) charges of the National Grid Corporation of the Philippines; while taxes and other charges incurred a net decrease of P0.0130 per kwh. Meralco emphasized one key factor that triggered rate reduction this September is its continuing move to invoke force majeure (FM) claims with its power suppliers. “This September, the force majeure claim totaled about P463 million, equivalent to customer savings of P0.1710 per kwh in the generation charge,” the utility firm noted. The company explained that if the FM claims had not been there, “the generation charge and the total rate would have increased by P0.13 and P0.14 per kwh, respectively.” Since March this year when Meralco has been persistently invoking FM claims under its power supply deals, the company was already able to generate P2.4 billion worth of savings that it has been passing on as rate reduction to customers via their electric bills. On supply procurement, Meralco indicated that it secured the lion’s share of 54.8-percent from its power supply agreements (PSAs) and that resulted in a decrease of P0.3032 per kwh on its charges. The fraction of supply sourced from its contracted independent power producers (IPPs) had been at 33.6-percent; and this went up by P0.0601 per kwh; while volume procured from the Wholesale Electricity Spot Market (WESM) stood at 11.6-percent and charges had been down by P0.0147 per kwh.The lower settlement prices in the spot market, it was noted, had been due to decrease in Luzon demand — given the re-enforcement of modified enhanced community quarantine (MECQ) in some areas last month, primarily in Metro Manila and neighboring provinces......»»

Category: newsSource:  mb.com.phRelated NewsSep 9th, 2020

After 30 years, a farmer now owns three gardens and provides jobs amid crisis, part 2

In part 1, Mary Ann Cogollo, a farmer from Iloilo, shares about how her 30-year gardening story began and evolved. Here, she talks about the hurdles she had to face that molded her for who she is today.   Trials behind the triumphs At the back of her success is an unsteady, challenging voyage that she had to endure. “It’s 30 years in the making and looking back to what I’ve been through and endured, my heart is full,” said Cogollo. Growing up, Camille, her eldest daughter, saw how she fell and risen many times, she says, “I witnessed how she carried the pails from our wells to water her plants, pull the weeds every day, carried potted plants to hide them because of the heavy storms, how she failed and endured everything, how she learned from her experiences, and how she managed to be a farmer, a gardener, and a mother to us.” A throwback photo of Cogollo taken in 1994 with her 5-year old daughter. Before the birth of the gardens, Cogollo had been gardening alone for 10 years. She did the propagation, watering, and application of fertilizers. It was a challenge for this gardener to find suppliers and to travel the plants from the city to their place, but the hardest to deal with is the weather. “Typhoons and extreme summer are two of the most difficult situations to handle as well as dealing with plant diseases and pests. I failed a lot, some of my plants weren’t a success, but I learned from them,” Cogollo added. Blooming profits The price for the plants in the flower farm ranges from P25 to P10,000 and up. On normal days, they get to sell hundreds of plants every month that differ based on the demand. Most of it is purchased by co-gardeners too. Cogollo said that this season has the highest sales so far to the point that they travel some plants to the other garden to fill the demand. When they opened last month, they were able to dispose of 3000 to 5000 pots, which allowed them to generate a minimum of 50k per day from all the gardens. A mother, farmer, and businesswoman As a mother of two, she lets her children participate in farmwork and immerse themselves in nature at a young age. As per Camille, Cogollo taught her how to plant when she was four and let her have her mini garden at home. Their youngest also helps in raising livestock since he was in grade six. “They let us oversee the farm the same way that my lolo did before. She’s taught me how to plant and to marcot, how to fertilize and water correctly, and educated me what plants can grow from cuttings and what plants need to be in full sun or in shade,” Camille added. Despite the crisis, Cogollo added that God still made a way to provide for her family and their farm workers. She finds herself staring at the sky and thanking God for not leaving her family and the families working for them after two months of farm closure. When many people began growing plants to improve lifestyle amid the crisis, her children told her, “Nay your dream is coming true, farming and gardening are taking its shape, gakatabo na nay (it’s finally happening).” Cogollo only hopes for the public to continue appreciating nature and to start growing plants.   Farming has been her life ever since. The life she chose is the same life lived by her parents and grandparents and according to her, to be able to help others while pursuing your passion is a blessing.  Current situation As the government implemented enhanced community quarantine (ECQ) to halt the spread of COVID-19, they had to close their gardens for two months. Since they only allow walk-ins and do not offer delivery services, they had no income from the garden. For Cogollo, those two months were the hardest; there were no landscaping projects but they had to give salaries to the employees every weekend. They thought of stopping their daily farm operations, but their musings brought them back to their primary goal, which is to provide the workers’ livelihood. They hired five more people who lost their jobs during those two months and didn’t stop propagating and maintaining the gardens. All smiles on her farm – As per Cogollo, the crisis allowed them to pause and see what they can do better. Living on a farm is an advantage because it’s COVID-free and their staff live nearby so they carry on with their daily work in the gardens and farm. Fortunately, after two months, a sudden increase in demand for plants began. The crisis has become as she calls it, “a ‘plantdemic’ for Ilonggos.” Their gardens re-opened for visitors when Iloilo was placed under GCQ (general community quarantine). From then on, the farm was amplified by different networks through social media and word of mouth. Despite their location, they were shocked that people kept visiting or asking about their gardens’ location. At some point, they were afraid due to the increasing numbers of visitors and of the risks it can entail that might harm their whole community. However, it was all worth it because according to Cogollo, “We know our dream is coming true. Farming/Gardening is taking shape.” They were also supposed to put up a garden café and park last May but due to these circumstances, things didn’t go as planned. In the future, they see the garden as a haven where people can stroll and appreciate and realize the beauty of nature. Photos from Dafalongs Flower Farm. For more information, visit the Dafalongs Flower Farms......»»

Category: sportsSource:  abscbnRelated NewsJul 30th, 2020

Income of Dubai& rsquo;s largest bank drops

Dubai, United Arab Emirates---Emirates NBD, Dubai’s largest bank, said on Monday its net profits plunged in the second quarter as it made huge provisions to counter the potential impact of the coronavirus crisis......»»

Category: financeSource:  thestandardRelated NewsJul 21st, 2020

Koepka among those who have to catch up in FedEx Cup

By DOUG FERGUSON AP Golf Writer The question was perplexing to Brooks Koepka, perhaps because it was missing specific context or because it takes a lot to make him worry. He was asked going into the RBC Heritage at Hilton Head if he felt any sense of urgency. “Urgency for what?” he replied. Koepka missed three months after a knee injury in October when he slipped on wet concrete at the CJ Cup in South Korea and had to withdraw. When he returned, he played five times — his only top-20 finish was a tie for 17th in Saudi Arabia — and then the COVID-19 pandemic shut down golf for three months. Having played only four PGA Tour events, he was No. 213 in the FedEx Cup standings. The only time he didn’t make it to East Lake for the FedEx Cup finale was in 2015, when he missed a month with an ankle injury. He finished 35th. Koepka was unaware that history is working against him this year. In the last 10 years, Jim Furyk is the only player to be outside the top 200 in the FedEx Cup standings with nine events remaining and reach the postseason. “I just go play golf, just keep doing what I’m doing,” Koepka said that day. “I feel like I’m playing good, so eventually it will come.” He closed with a 65 at Harbour Town to finish seventh and moved up 56 spots to No. 148. And then he withdrew the following week from the Travelers Championship out of caution when his caddie, Ricky Elliott, tested positive for the coronavirus. He returns to the Workday Charity Open this week having slipped seven spots to No. 155. Six tournaments are on the schedule between now and the start of the FedEx Cup playoffs. Furyk in 2016 turned it around with a runner-up finish at the U.S. Open. Only one major and one World Golf Championship remain on the schedule. Koepka has company in that regard. British Open champion Shane Lowry spent most of his time on the European Tour late last year and into the first month of 2020, so he has only seven starts on the PGA Tour and is at No. 148. C.T. Pan, who played in the Presidents Cup, has missed seven of nine cuts since January and is No. 182. Sergio Garcia is at No. 122. One week can change everything. Dustin Johnson, who missed the entire fall recovering from knee surgery, was off to a slow start before the pandemic and missed the cut at Colonial upon his return. Two weeks later, he won the Travelers Championship and moved up to No. 22. Koepka still has the World Golf Championship at TPC Southwind, where he won last year, and the PGA Championship, where he tries to become the first player to win three straight times in stroke play. There is time. Plus, he's not one to sweat such matters. BONES ON THE BAG Matt Fitzpatrick came over from England for the restart of the PGA Tour, and caddie Billy Foster stayed behind. The idea was for Fitzpatrick to get used to the protocols, and then Foster would join him for the World Golf Championship in Memphis, Tennessee, and the PGA Championship in San Francisco. Fitzpatrick used Cayce Kerr for three tournaments. And then he got an offer he couldn’t refuse for two weeks at Muirfield Village: Jim “Bones” Mackay, the longtime looper for Phil Mickelson who now does course commentary for NBC Sports. “I was absolutely shocked,” Fitzpatrick said. “Everyone knows his place in the game and how well he’s done. Even just walking around here, people are excited to see him back and on tour. For me, I was very taken aback.” It wasn’t an accident. Fitzpatrick has an endorsement with Workday, whose CEO knows Mackay and suggested he reach out to Fitzpatrick. They will be working together the next two weeks at the Workday Charity Open and the Memorial. LET’S PLAY TWO Muirfield Village is hosting different PGA Tour events in consecutive weeks, which hasn’t happened in 63 years. The last time was in 1957, when Roberto de Vicenzo won the All American Open against an 83-man field at Tam O’Shanter Club in Illinois. Dick Mayer won the World Championship of Golf on the same course a week later. That was the 10th straight season that the All American Open and World Championship of Golf were held at Tam O’Shanter in successive weeks. Lloyd Mangrum was the only player to win both events in the same year (1948). According to the PGA Tour, there was one other tournament held on the same course in back-to-back weeks. That was in 1956, when the Dallas Centennial Open and the Texas International Open were held at Preston Hollow to coincide with the 100-year anniversary of Dallas being founded. Both events were never played again. DRIVE ON Maybe some of the PGA Tour players should borrow the “Drive On” slogan from the LPGA Tour. That’s all they’ve been doing since the restart last month in Texas. Russell Knox drove his RV from the north Florida coast to Colonial, and then back toward the Atlantic coast to Hilton Head Island, South Carolina. From there, he and his wife went north to Connecticut to the Travelers Championship. At that point, they hired a driver (they were passengers) for the trip to Detroit, and now they’re in Ohio. But they had company. One of his closest friends on tour, Brian Stuard, also bought an RV. “We’ve been traveling along with him,” Stuard said. “Decided to do it and really enjoy it so far. Not sure if we’re going to continue to do that. Those were some long drives. But it’s worth it once you get it there.” And then there’s Viktor Hovland. The Norwegian played at Oklahoma State and still lives in Stillwater, so he decided to take the four-hour drive to Colonial. “Then I just kept on thinking, ‘Well, what if I just take my car to all these tournaments?’ I looked it up, it’s 16 hours to Hilton Head. It’s 13 hours to Connecticut. ... Yeah, been having a lot of fun so far.” He drove through the night from Fort Worth, Texas, to Hilton Head and didn’t feel great when he arrived. He took in some views from Connecticut to Detroit. “It’s really nice just driving through New York and Pennsylvania,” he said. “It’s really hilly and a lot of cool views on the way.” DIVOTS Matt Fitzpatrick is hopeful fans will return, especially for the Masters — not so much for him, but his parents. “I know my parents really want to come watch that one,” he said. ... The Senior British Open, canceled this year because of the COVID-19 pandemic, will remain at Sunningdale next year. ... After his victory in Detroit, Bryson DeChambeau was listed as the betting favorite over Rory McIlroy in the three majors this year. STAT OF THE WEEK The last three PGA Tour events were won by players from the top 10 in world — Webb Simpson (9) at Hilton Head, Dustin Johnson (6) at Hartford and Bryson DeChambeau (10) at Detroit. The last time that happened was in the summer of 2018 when Johnson (1) won the Canadian Open, Justin Thomas (3) won the Bridgestone Invitational and Brooks Koepka (4) won the PGA Championship. FINAL WORD “I’ll be devastated if I don’t play well.” — Charles Barkley on playing the American Century Championship for celebrities......»»

Category: sportsSource:  abscbnRelated NewsJul 8th, 2020

No paychecks for 11 big leaguers: advance larger than salary

By RONALD BLUM AP Baseball Writer NEW YORK (AP) — Grant Dayton will notice one glaring absence this season after he reports to the Atlanta Braves: his twice-a-month salary. He is among 11 major leaguers whose prorated pay for the abbreviated 60-game season amounts to less than the $286,500 advance already received by the 32-year-old left-hander. “It’s going to be weird not getting a paycheck,” he said Friday, “but we already got paid.” Dayton gave up the 6,776th and final home run of of last season's record total, to the New York Mets' Dominic Smith. To resume preparation for the new season he will drive Monday from his home in Winter Haven, Florida, to Atlanta with wife Cori, 2 1/2-year-old son Decker and nearly 6-month-old Nolan for Braves' workouts at Truist Park. After opening day was postponed because of the coronavirus pandemic, Major League Baseball and the players’ association agreed March 26 to a deal that called for teams to advance $170 million in salaries over the first 60 days of the season. Others who won’t get paychecks because of lower prorated salaries are Los Angeles Dodgers pitcher Jimmy Nelson and New York Yankees reliever Jonathan Holder ($277,778 each), Pittsburgh infielder Erik Gonzalez and Minnesota pitcher Matt Wisler ($268,519 apiece), Philadelphia catcher Andrew Knapp ($262,943), Chicago Cubs pitcher Jharel Cotton ($237,037), pitchers Collin McHugh of Boston, Ross Stripling of the Dodgers and Jesse Hahn of Kansas City ($222,222 each) and Milwaukee pitcher Freddy Peralta ($575,200). “My first reaction was, wow, if we don’t have any games this year, I’m going to get paid the same amount that Freddie Freeman’s getting paid, so that’s pretty cool,” Dayton said in a reference to his teammate, a four-time All-Star first baseman with a $22 million salary that was cut to about $8.15 million. “I knew that there was going to be a point that if we resume games, I wouldn't get paid. And I was OK with that because we still received significant amounts of money and we’re fine.” Each of the roughly 480 players with so-called “straight” contracts that call for a single salary received $286,500. The 769 players with “split” contracts that have a lower salary in the minor leagues — generally a younger group not yet eligible for arbitration — got either $16,500, $30,000 or $60,000, depending on their minor league pay level. Dayton, who has spent parts of three seasons in the majors, has a $655,000, one-year contract. His prorated salary for the short season will be $242,593, assuming the contagion does not cause more games to be canceled. The group won’t have to return any cash because the March deal states “in the event there is a 2020 championship season, any amounts advanced to individual players that cannot be recouped by clubs via payroll deduction during the 2020 season for any reason shall be reimbursed to clubs from the International Tax Fund at the conclusion of the 2020 season.” That tax fund is money collected from teams that exceeded their specified bonus pools to sign high-priced Latin American amateurs. “We’re blessed because we’re getting more money than the prorated amount,” Dayton said. Most of the group has relatively low salaries for arbitration-eligible players because of injuries that sidelined them and reduced their statistics. Nelson returned last June from shoulder surgery and was limited to three starts and seven relief appearances. McHugh missed September and the postseason with a sore right elbow and signed a deal with a $600,000 salary and $3.65 million in performance and roster bonuses. Cotton, Dayton, Hahn and Stripling all were interrupted by elbow surgery early in their careers, and Gonzalez missed more than half of last season after breaking his collarbone. Peralta has a low salary in 2020 as part of a $15.5 million, five-year contract he agreed to in March. Dayton was 0-1 with a 3.00 ERA in 14 relief appearances last year and is 1-3 with a 3.34 ERA in 68 big league games that included time with the Dodgers in 2016-17. He wonders how he will fare in arbitration next winter. “It's going to be a weird year and a short season, but I guess they’re going to have to treat it on paper like a real season, a championship season," he said. "And as far as contracts go in the future, they’re going to have to take the stats this year, which is kind of scary for a relief pitcher, to be honest because you have one bad game, it takes a whole year to get that back. The slow starters can't be slow starters anymore." Stripling, a financial adviser for B. Riley Wealth Management when he’s not playing baseball, negotiated a $2.1 million deal in January but was able to have $1.5 million designated as a signing bonus, which is protected and not reduced. Only the $600,000 specified as salary in the contract gets prorated. “It will be strange to receive no money or paychecks throughout the year,” he said. “I’m thankful for my background in finance, because I’m comfortable with my ability to budget. I do worry about the 10 other guys in my situation. Technically will be receiving zero income until next April. That’s a long time to budget ahead.” One option for players could be licensing money they are owed that had been retained for them by the union. “Our PA is offering a stipend of sorts for guys in similar situations,” Stripling said. “But I don’t know how much money or how often they can receive it. It also comes from our `war chest,′ which is money saved for salaries in case of a work stoppage in 2022. Most guys will try to avoid pulling money from that unless they are in dire situations.”.....»»

Category: sportsSource:  abscbnRelated NewsJun 27th, 2020

5 players withdraw, 1 tests positive, nerves frayed on virus

By DOUG FERGUSON AP Golf Writer Brooks Koepka and Webb Simpson were among five players who withdrew from the Travelers Championship, four of them out of a chain-reaction abundance of caution over the coronavirus that put the PGA Tour on notice. “The snowball is getting a little bit bigger,” Graeme McDowell told The Associated Press after withdrawing Wednesday because his longtime caddie, Ken Comboy, tested positive for the virus. The tour released results that showed three positive tests at the TPC River Highlands in Connecticut — Cameron Champ and the caddies for Koepka and McDowell. There were no positive tests on the Korn Ferry Tour event in Utah. As it enters the third week in its return from the COVID-19 pandemic that shut down golf for three months, the tour has administered 2,757 tests at PGA Tour and Korn Ferry Tour events in five states, with seven positive results. On the PGA Tour alone, there have been 1,382 tests and four positive results. “It's a low number on a percentage basis, but every number hurts,” PGA Tour Commissioner Jay Monahan said. “I think we all need to remind ourselves that we're all learning to live with this virus. "It's pretty clear that this virus isn't going anywhere.” Nick Watney was the first player to test positive last week at the RBC Heritage in Hilton Head Island, South Carolina, which was teeming with people on summer vacation. Champ tested positive on Tuesday at the Travelers and immediately withdrew. Four more players withdrew even with negative test results. Koepka said his caddie, Ricky Elliott, tested positive and then took another test that came back negative. No matter. He chose to withdraw, and was especially gutted that his younger brother, Chase Koepka, withdrew after earning a rare chance to play through a Monday qualifier. When his brother made it, Koepka arranged a house for him to stay in starting Tuesday, so he had his brother stay with him in the meantime. Then, the brothers played a practice round with McDowell and British Open champion Shane Lowry. Both Koepkas said they felt they should withdraw because they were in close contact with someone who tested positive. “I feel terrible for Chase,” Koepka said. “This course is made for him, he's playing as good as I've ever seen him. And I put him in that situation. It's one thing if I withdraw. He doesn't get this opportunity very often.” Simpson, who won the RBC Heritage last week with a record score that moved him to No. 5 in the world, withdrew when he learned a family member had tested positive. Monahan said the tour would continue, and that there was no set number of positive tests that would lead to golf shutting down again. “We feel like we're on a path that's going to allow us to continue to sustain our return to golf,” Monahan said. “But rest assured, there won't be many sleepless nights. When you're working in a world of uncertainty, these are the things you worry about.” Monahan sent a memo to players that outlined increased measures in its health and safety protocols. Those include testing players before and after they take charter flights. Swing coaches now face mandatory testing each week and will be considered part of the bubble, and the fitness trailer will be at tournaments to keep players from going to gyms. He also said the tour will no longer pay for players or caddies to be in self-isolation for positive tests if they have not followed the health and safety plan. “All of us have an extraordinary responsibility to follow these protocols,” Monahan said, adding he has been guilty at times as he adjusts to a new way of living. “For any individual that does not, there will be serious repercussions.” He did not say what the punishment would be. The tour does not publicize disciplinary actions or fines. McDowell says his caddie flew on a commercial flight that was packed from Dallas to Orlando, Florida, after he missed the cut at Colonial. That Monday, they went to a memorial service — along with Elliott, who grew up with McDowell in Northern Ireland, and McDowell's trainer — and then they all drove six hours to Hilton Head. “The problem is, people are out here passing tests when they could still have the virus,” McDowell said. “That’s what we’re learning. Ricky passed a test on Monday and he just failed it this morning.” The PGA Tour's return to tournaments started with a perfect record — 487 tests for players arriving at Colonial in Fort Worth, Texas; 98 players on the charter flight to South Carolina; 369 tests at Hilton Head Island. All came back negative. But there now has been four positive tests in the last six days, and Monahan said no one should be surprised if there are more next week in Detroit, or the following two weeks in Ohio. “I think this is the reality of what we're all living under,” he said. “We are doing everything we can to make that not be the case. But I don’t think anybody should be surprised. I’m certainly hopeful we won’t. But to be able to say that we’re going to not have any cases ... would be disingenuous because we're all learning as we're going.” McDowell said he would take two weeks off and hoped to return in July for the first of two weeks in Ohio. So much depends on the virus and whether it reaches a level that it's not prudent for golf to continue. “Do we shut down, start up in a month's time, two months' time? You come back and what's changed?” McDowell said. “I think the tour is doing a pretty good job. It's just so difficult to control everybody outside the gates. “We have to get through to the other side of this.”.....»»

Category: sportsSource:  abscbnRelated NewsJun 25th, 2020

& lsquo;DA chief hoodwinked on overpriced fertilizer& rsquo;

A national alliance of rural-based organizations has warned Agriculture Secretary William Dar that some of his underlings may have been deliberately feeding him wrong information on the retail price of urea fertilizer that led to the awarding last month of allegedly overpriced supply contracts worth P1.8 billion......»»

Category: newsSource:  thestandardRelated NewsJun 23rd, 2020

Berger a winner at Colonial, and PGA Tour feels like it, too

By DOUG FERGUSON AP Golf Writer FORT WORTH, Texas (AP) — The PGA Tour spent two months learning about the COVID-19 pandemic and trying to develop a safe plan to return, followed by another month hoping for the best. Commissioner Jay Monahan said his confidence in the plan came with a dose of uncertainty. “If we ... got into a situation where we were dealing with a number of positive tests, that's something — candidly — that I lost a lot of sleep over in the weeks that preceded coming,” Monahan said. Monahan felt every bit a winner as Daniel Berger at the Charles Schwab Challenge. The tour administered 487 tests for the new coronavirus at Colonial, and the results on all of them came back negative. On the golf course, a dozen of some of golf's best players — from Rory McIlroy to Justin Thomas, Xander Schauffele to Jordan Spieth — all had a chance going into the final round. “Listen, there is more work to be done,” Monahan said. “But this is a phenomenal start to our return.” It was a healthy return, except for a somewhat sickly finish. Berger made a 10-foot birdie putt on the 18th hole and heard the deafening silence of a big moment with no spectators allowed at Colonial. He got into a playoff when Collin Morikawa missed a 6-foot birdie putt for the win and Xander Schauffele missed his try from 25 feet. The playoff was held on the 17th hole, another reminder of how this week was different. Playoffs always start on the 18th hole because that's where the gallery is packed into the grandstands. With no fans allowed, and with the 17th tee right next to the clubhouse, off they went. Morikawa hit a deft chip to 3 feet. Berger chipped even closer from behind the green and rapped in his par. They presumably were headed to the 18th tee until Morikawa's 3-footer spun out, and Berger was the winner. Schauffele should have been in the playoff, but his 3-footer for par on the 17th in regulation dipped in the right side of the cup and spun out of the left side. Talk about a horrible horseshoe. “If there are fans and everything with the ‘oohs’ and ‘aahs,’ I’d probably be a little more (ticked) off,” Schauffele said. “Maybe that’s a good thing for me right now. But it was definitely weird." Justin Rose had an 18-foot birdie putt on the 18th that looked good all the way until it wasn't. He finished one behind along with Bryson DeChambeau and Jason Kokrak, who also missed birdie chances on the last hole. This isn't the first time Rose or anyone else has missed a big putt. It wasn't the first time Rose let out a gutteral moan from missing. It was just the first time he actually heard it. “If the crowd are there, their groans or cries, whatever it may be, would have drowned me out,” Rose said. “You suddenly realize you actually do make some noise sometimes yourself. And it surprised me a little bit there on 18.” There were reminders all week of no fans, but rarely why golf had been shut down since March 12 because of the rapid spread of COVID-19, a pandemic that canceled one major (British Open) and postponed the others until later in the year. “The only time I thought about it was when I was having to take the tests, and that was really it,” Keith Mitchell said. “Hopefully, nobody comes down with it and we can keep on playing.” Players on the charter to the next stop — Hilton Head on the South Carolina shore — had to swing by the pool area at Colonial after the third round for a saliva test. If negative, they board the plane and don't have to be tested at Hilton Head. Everyone else driving, flying commercial or flying private face another test when they arrive. Tony Finau learned a new skill beyond chipping and putting. He learned to spit for his test. “You just kind of roll your tongue around inside your mouth, and it seems to bring a little bit more, and also if you just lean your face down, it seems to come out a little easier,” he said. So few talking about the virus was an indication of how safe it felt. In this case, the week doesn't end until the next tournament begins. “I was asked, ‘What’s a successful week look like?' It means us getting to the RBC Heritage and having another successful week,” he said. “I feel very good about the setup there, and we're ready to go again." Monahan had said as the tour prepared to return that it was critical not to fall into a trap that all is well. He said he wouldn't feel comfortable until told he could be comfortable, and likely would mean a vaccine. Morikawa said being back to golf and being back to normal were different matters. “Just because we played one week doesn’t mean we can go party and go do everything else like we used to,” Morikawa said. “We still have to follow these guidelines and maintain safety and strict rules with how far we stay from each other because it’s still out there. “We just have to be cognizant of what’s around us and where we put ourselves, because we want the tour to keep playing......»»

Category: sportsSource:  abscbnRelated NewsJun 15th, 2020

Colonial spectators in bushes and temporary tents off course

By STEPHEN HAWKINS AP Sports Writer FORT WORTH, Texas (AP) — Max Butcher and his buddies felt as if they had front-row seats at Colonial, even in the bushes with no spectators allowed on the course. The group of five recent graduates from nearby TCU stood in a small gap between a row of shrubbery and a chain-link fence Saturday. They had a view of the fourth and fifth holes during the third round of the PGA Tour's first tournament in three months. “This is as good as it gets right now, and I can’t complain,” said Butcher, who has been in that spot multiple days this week. They had to push through gaps in the bushes to get to there but Jack Kurz, who stood next to Butcher, said the close-up view made it “almost better than getting a ticket." There were no tickets for anyone, not even for Colonial members. The PGA Tour isn't allowing spectators the first month back after the long hiatus because of the COVID-19 pandemic. Some of those members did have obstructed views from one of three temporary viewing areas set up in the yards of homes on the edge of the course. One was along the main road that leads to the clubhouse, and two others were near the 15th and 16th holes. One member watching Saturday from a raised tent across Colonial Parkway with partial views of parts of the second, third and fourth holes, called it “bittersweet.” The member, who didn’t want to give his name, wasn’t happy to be on the outside looking in, but was glad the tournament was being played three weeks after it was originally scheduled. He said others with him felt the same way. Held since 1946, Colonial is the longest-running PGA Tour event at the same venue. Cheers from a temporary grandstand erected in a backyard near the 16th tee box could be heard at the far end of the golf course. Nearby in another yard was another raised tent dubbed “Mockingbird Deck” — after the street name. When Corey Conners hit an approach to about 5 feet at No. 15 in the second round, he got quite a reaction from those outside spectators who could see it. “Yeah, it was pretty cool,” Conners said. “I know we’re used to getting applause and whatnot, and cheers when we hit good shots. So yeah, that felt nice. It was definitely different because that’s not happening really anywhere else on the golf course. So it put a smile on my face for sure." Jordan Spieth noticed people peeking through the fence by the No. 1 green and behind the second tee, where some rode up on their bikes. The Dallas native who attended the Colonial at times growing up was asked if he would ever try to sneak on a course. “I wouldn’t try and sneak on. I don’t think that’s going to go well for you,” Spieth said. “But certainly try and get a view." One man did get through the fence in a corner near those bushes beyond the fourth green Friday and watched some golf before he was forced to leave. Everyone stayed outside the fence there Saturday, with Butcher and his buddies among about a dozen spectators watching the holes that are part of Colonial's “Horrible Horseshoe” — including that long par-3 fourth hole and the difficult No. 5 hole that runs parallel to the Trinity River. The TCU grads were directly behind the fifth tee box, only a few feet from the players. “They definitely give us a reaction, they definitely are willing to talk to us and they like having us here even though you can’t have fans on the course right now," said Butcher, who had a ball tossed to him Friday from Sebatian Munoz, the No. 9 player in the world. Chris Zelda, standing in the shade not far from that group, has lived in Fort Worth for 33 years and has been going to the Colonial that whole time. He missed only one day in his unusual viewing spot this week, and planned to be there again Sunday to watch all the groups go by before going home to watch the rest on television. “Under the circumstances, I’m not disappointed at all. I think the way that this whole thing has been handled has been great,” he said. “I’m just glad these guys came, and I think they were ready to come and I think there’s people who were ready to come out and see it.” Including the guy who brought his six-foot ladder to get a view during the first round. “I saw him get his ladder out, I thought he was going to go do some work on the condos down there or something,” Zelda said......»»

Category: sportsSource:  abscbnRelated NewsJun 14th, 2020