Philippines make clean sweep in Men’s and Women’s 3×3 Basketball PLAY LIST 02:43Philippines make clean sweep in Men’s and Women’s 3×3 Basketball06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold02:43Philippines make clean sweep in Men’s and Women’s 3×3 Basketball01:40Filipinos turn Taal Volcano ash, plastic trash into bricks01:32Taal Volcano watch: Island fissures steaming, lake water receding02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite 787 earthquakes recorded in 24 hours due to restive Taal Volcano The next Meralco game will be on Sept. 6 against sister team TNT KaTropa, and that game would mean a seat in the playoffs should the Bolts escape with a win.“Good thing is that all three of them will be back for our next game,” Black said as Allen Durham chipped in his share with 33 points 16 rebounds and seven assists. Chris Newsome and Reynel Hugnatan also finished in twin digits with a combined 33.Phoenix paraded a new import in Brandon Brown and almost hammered out a victory.But the Fuel Masters, who broke in Jeff Chan after acquiring the left-handed gunslinger from Rain or Shine just over a week ago, couldn’t hold on to a 77-62 lead late in the third quarter and went down for the fourth straight game after a 2-0 start.Brown, playing in lieu of the injured Eugene Phelps, finished with 38 points, while Chan wound up with 27 in his biggest offensive game of the season.ADVERTISEMENT PBA IMAGESShort on personnel but long in determination, Meralco rebounded from its first loss in the PBA Governors’ Cup on Friday night by pulling off what coach Norman Black feels is as the Bolts’ most satisfying win yet.“It was just an incredible effort from my guys tonight,” Black said after the Bolts—with three aces out of the roster—carved out a come-from-behind 107-104 win over Phoenix Petroleum to creep closer to a playoff berth at Smart Araneta Coliseum in Cubao.ADVERTISEMENT “We had to deal with a lot of adversities in this game and we really needed to get a win, especially after coming off a loss,” added the multi-titled coach, who didn’t mind playing his remaining players extended minutes with an 18-day break coming their way.Garvo Lanete fired 14 points in the third period and finished with 27, effectively plugging the holes created by the absence of Baser Amer and Mike Tolomia as the Bolts completed a rally from as big as 15 points down to rise to 5-1.FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’Amer, a prime candidate for the Most Improved Player of the year award who has stepped up to become the team’s best point guard, and Tolomia, whom Black described as his second best point guard, are both in Kuala Lumpur playing for Gilas Pilipinas in the Southeast Asian Games.Aside from his two guards, Black also missed his best defender in Cliff Hodge, which meant that the Bolts were “not strong defensively,” allowing Phoenix to nearly get away with a victory. Marcosian mode: Duterte threatens to arrest water execs ‘one night’ MOST READ Teen gunned down in Masbate Albay to send off disaster response team to Batangas 2 nabbed in Bicol drug stings Ai-Ai delas Alas on Jiro Manio: ‘Sana pinahalagahan niya ang naitulong ko’ LATEST STORIES 787 earthquakes recorded in 24 hours due to restive Taal Volcano SEA Game: Active PH Volcanoes ready to erupt End of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legend Brown, though, missed the potential game-tying basket as time expired.Sports Related Videospowered by AdSparcRead Next Vilma Santos, Luis Manzano warn public of fake account posing as her Don’t miss out on the latest news and information. View comments
World Bank loan– to support balance of payment shortfallsWith Guyana staring down the barrel of a deficit in its Balance of Payments, the Government has revealed its intentions to secure a US$35 million “soft loan” out of its US$90 million resource envelop with the World Bank.Finance Minister Winston Jordan speaking with the media on WednesdayAccording to Finance Minister Winston Jordan in an interview with the media on Wednesday, the money will go towards “support purposes” for the balance of payment, which has grown progressively worse over the past few years.“They’re potentially going to make a loan of US$20 million available to us, of which US$1.7 million we can advance over the next couple of months. And they’ll be looking to capacity building, providing technical and legal assistance in critical areas that we have.”“The petroleum commission, the department of energy, new laws as it relates petroleum taxation, governing PSAs (Production Sharing Agreements) and giving us bodies to put on the ground,” he said, adding that “on the other hand we’re expected to get, over the next two, three months, a $35 million soft loan for balance of payment support purposes… in the context of the US$90 million.”Balance of Payments is statistical data on a country’s fiscal transactions, including imports and exports. To therefore record a deficit, Guyana would have had to spend more on imports, among other things, that it derived from exports.According to the 2017 macro-economic report, Guyana’s overall balance of payment in the 2017 fiscal year showed a deficit of US$69.5 million. This is a hike when compared to US$53.3 million the previous year. And a breakdown of the figures shows stunning disparities.On the one hand, the current account shows a deficit of US$287.4 million for the year 2017. But in the previous fiscal year, the report notes, this was just US$12.4 million. The report admits that this is because of a negative balance on the merchandise trade account.“The further weakening was due to the negative balance on the merchandise trade account. Merchandise exports were slightly lower than projected, mainly on account of lower export earnings of gold and other exports in the last two months of the year,” the report states.Oil and gasAccording to Jordan, the bank’s support for the Balance of Payment is still under discussion. Meanwhile, Jordan also spoke about the support being provided by the World Bank specifically in the areas of oil and gas and education.“We’ve been discussing projects, specifically relating to oil and gas sector. They’re actual reengagement in Guyana on a longer term, because what we’re doing right now is a two-year programme. But they’re discussing a five year for the emerging oil and gas.“They’re also into education. As you know, they have two projects, actually three in education. Cause one has just finished, the University of Guyana. So we have one to build two secondary schools. And they’re into flood risk. So those are some of the areas that we’re being looking at down the road, all in the context of the green state development strategy. We discussed a lot on that.”According to Jordan, work on the two schools has started and the project is currently on going. He also noted that the President was invited, at his pleasure, to visit the World Bank to make a presentation on Guyana’s Green State Development Strategy.